Jinko Solar (688223) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 13.84 billion, down 40.03% year-over-year due to lower photovoltaic module prices.

• Net loss attributable to shareholders was RMB -1.39 billion, compared to a profit of RMB 1.18 billion in Q1 2024.

• Total shipments reached 19,130MW, down 12.68% year-over-year; module shipments were 17,504MW.

• The company remains focused on technology upgrades and maintaining industry leadership despite market headwinds.

Financial highlights

• Operating cash flow was negative RMB 2.62 billion, compared to positive RMB 1.17 billion a year ago.

• Basic and diluted EPS were both -0.14, versus 0.12 and 0.11 in Q1 2024.

• Gross margin and profitability declined sharply due to industry-wide price pressure.

• R&D investment was RMB 496 million, down 63.17% year-over-year.

Outlook and guidance

• Q2 2025 module shipment guidance is 20GW to 25GW, subject to market and policy changes.

• Management warns of continued uncertainty from global demand, policy, and trade environment.