JinkoSolar Holding Co., Ltd. reported its unaudited results for the second quarter ended June 30, 2025 and the third quarter ended September 30, 2025 on November 17, 2025. Total revenue fell to RMB 16.16 billion (US$2.27 billion) in Q3, a 4.5% sequential decline and a 23% drop from the same period in 2024, reflecting a broader price erosion in the solar module market. Gross profit rose to RMB 1.18 billion (US$166 million) in Q3, giving a gross margin of 7.3% versus 2.9% in Q2, driven by a lower unit cost of goods sold and a higher mix of high‑power, TOPCon modules that command a 1–2 cent per watt premium.
The revenue decline is largely attributable to a 15% drop in the average selling price of standard modules, while the sequential margin expansion comes from a 12% reduction in raw‑material and manufacturing costs and a 5% increase in the proportion of high‑efficiency modules sold. High‑power modules, which exceed 640 W, not only command a price premium but also improve the company’s overall cost structure because they require fewer cells per watt, thereby reducing material and labor costs per unit of output.
Net loss attributable to ordinary shareholders narrowed to RMB 749.8 million (US$105.3 million) in Q3 from RMB 876.4 million (US$122.3 million) in Q2. The earlier article mistakenly reported loss from operations; the corrected figures reflect the company’s consolidated loss after accounting for interest, taxes, and non‑cash items. The loss persists because the company continues to invest heavily in capacity expansion and R&D for next‑generation TOPCon technology, which generates significant capital expenditures that are not fully offset by the margin gains in the short term.
Global module shipments reached 61.9 GW for the first three quarters of 2025, maintaining JinkoSolar’s No. 1 ranking worldwide. Energy‑storage system (ESS) shipments totaled 3.3 GWh YTD, up 4.5% YoY, underscoring the growing importance of the ESS business as a second growth engine. The company’s focus on high‑power modules and overseas markets—particularly in Europe, Asia‑Pacific, and the Middle East—has helped sustain shipment volumes even as average prices fall.
Management reiterated confidence in the 2025 outlook, guiding total module shipments between 85 GW and 100 GW and ESS shipments of approximately 6 GWh. The guidance reflects expectations of continued demand for high‑efficiency modules in commercial and utility‑scale projects, while the ESS target signals a strategic push into the rapidly expanding storage market. The company also highlighted its recent MSCI ESG rating upgrade to “A,” reinforcing its commitment to sustainable operations and investor confidence.
The results illustrate a company balancing short‑term headwinds—price erosion and a net loss—with long‑term growth opportunities. Sequential margin expansion demonstrates effective cost control and pricing power in the high‑power segment, while the steady shipment growth and robust ESS expansion position JinkoSolar to capture market share as the industry consolidates. The company’s investment in capacity and technology, coupled with a strong ESG profile, suggests a resilient trajectory despite the current loss‑making phase.
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