Jinko Solar (688223) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 65.49 billion, down 29.18% year-over-year; net profit attributable to shareholders was -RMB 6.88 billion, a sharp decline from a profit of RMB 98.93 million in 2024, mainly due to intensified competition and falling product prices.

• Operating cash flow dropped 74.57% year-over-year to RMB 2.00 billion, reflecting reduced cash collection from sales.

• The company maintained its global leadership in shipment volume, with 86.8GW of modules shipped, ranking first in the industry for the seventh consecutive year.

Financial highlights

• Gross margin for photovoltaic products fell by 8.27 percentage points year-over-year to -0.82%.

• Net assets attributable to shareholders at year-end were RMB 25.38 billion, down 21.46% from the previous year.

• Basic and diluted EPS were both -0.69, a decrease of 7,000% year-over-year.

• R&D investment was RMB 2.53 billion, accounting for 3.87% of revenue, down 0.9 percentage points year-over-year.

• Asset impairment losses reached RMB 2.45 billion, mainly due to long-term asset write-downs.

Outlook and guidance

• 2026 shipment target for modules is 75–85GW, with a goal to double energy storage system shipments year-over-year.

• The company will focus on N-type technology iteration, cost reduction, and expanding high-value product sales in both traditional and emerging markets.

• Strategic emphasis on R&D, digital transformation, and global expansion of energy storage business.