JinkoSolar reported revenue of $9.37 billion for full year 2025, declining 29 percent from $13.20 billion in 2024, as falling solar module prices impacted overall performance.
Gross profit of JinkoSolar dropped sharply by 86 percent to $201.7 million, with gross margin shrinking to 2.2 percent from 10.9 percent a year earlier.
Operating loss of JinkoSolar widened to $1.27 billion, compared with $478 million in 2024, pushing operating loss margin to 13.6 percent.
Total operating expenses of JinkoSolar declined 23 percent to $1.48 billion, supported by lower shipping and employee costs, but still rose as a share of revenue to 15.8 percent.
Subsidy income fell to $164 million, reflecting reduced government incentives.
JinkoSolar Q4 2025 Results
JinkoSolar reported revenues of $2.50 billion in Q4 2025, rising 8.3 percent sequentially from $2.31 billion in Q3 but declining 15.2 percent from $2.95 billion in Q4 2024 due to lower solar module prices.
Shipment growth supported quarterly revenue, but profitability weakened sharply. Gross profit fell to $7.9 million from $168 million in Q3, with gross margin collapsing to 0.3 percent from 7.3 percent.
Operating loss widened to $465.7 million, compared with $200 million in Q3, pushing operating loss margin to 18.6 percent.
Operating expenses increased 28 percent to $473.6 million, driven by higher asset impairment. Subsidy income declined significantly to $34.4 million.
JinkoSolar Module Performance
JinkoSolar’s module business in 2025 demonstrated global leadership in shipments despite significant pricing pressure. The company shipped 86 GW of solar modules in 2025, maintaining its position as the world’s largest module supplier for the seventh consecutive year. In Q4 2025, module shipments reached 24.2 GW, increasing 20.9 percent sequentially, reflecting resilient demand.
Cumulative module deliveries surpassed 390 GW, with the Tiger Neo series exceeding 220 GW, making it the best-selling module platform globally. The company advanced technology leadership, achieving 27.79 percent efficiency for N-type TOPCon cells and a 34.76 percent efficiency record for TOPCon-based perovskite tandem cells.
Looking ahead, JinkoSolar expects module shipments of 13–14 GW in Q1 2026 and 75–85 GW for full year 2026. The company anticipates more stable module pricing as supply-demand dynamics improve and high-efficiency products gain premium traction. It also plans to expand integrated production capacity to 100 GW by end-2026, including 14 GW overseas, while scaling next-generation products such as Tiger Neo 3.0 and increasing shipments of high-efficiency modules above 640 W.
BABURAJAN KIZHAKEDATH
