Jinko Solar (688223) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was ¥31.83 billion, down 32.63% year-over-year due to intensified competition and falling photovoltaic (PV) product prices.

• Net loss attributable to shareholders was ¥2.91 billion, a decrease of 342.38% compared to the same period last year.

• Cash flow from operating activities was negative ¥3.81 billion, reflecting reduced collections from sales.

• The company maintained global leadership in PV module shipments, with 41.84GW shipped in H1 2025.

Financial highlights

• Operating income: ¥31.83 billion, down 32.63% year-over-year.

• Net loss: ¥2.91 billion attributable to shareholders, compared to a profit of ¥1.2 billion last year.

• Gross margin and operating profit both declined sharply due to price pressure.

• Basic and diluted EPS: -¥0.29, down from ¥0.12 and ¥0.11, respectively.

• R&D expenses: ¥1.18 billion, 3.69% of revenue, down from 5.78% last year.

• Total assets: ¥119.10 billion; net assets attributable to shareholders: ¥29.40 billion.

Outlook and guidance

• Q3 2025 module shipment guidance: 20–23GW.

• The company expects continued industry volatility but sees long-term growth potential as global PV penetration rises.

• Ongoing focus on technology upgrades, cost control, and global market expansion.