Jinko Solar (688223) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 47.99 billion, down 33.14% year-over-year, mainly due to falling photovoltaic (PV) module prices.

• Net loss attributable to shareholders was RMB 3.92 billion, a sharp decline from a profit of RMB 1.21 billion in the same period last year.

• PV module shipments reached 61.85GW for January–September 2025, with average delivery prices improving sequentially and operational cash flow showing improvement.

Financial highlights

• Operating income for Q3 2025 was RMB 16.15 billion, down 34.11% year-over-year.

• Gross margin and profitability declined significantly due to intensified market competition and continued price drops in PV products.

• Basic and diluted EPS for the first nine months was -0.39 RMB, compared to 0.12 RMB last year.

• R&D investment for the period was RMB 1.85 billion, down 48.78% year-over-year.

Outlook and guidance

• The company plans to continue focusing on high-efficiency capacity upgrades and supply-side reforms to maintain industry leadership.

• Future performance may be affected by changes in customer demand, industry policy, and global trade environment.