JinkoSolar (JKS) Q2 2025 earnings summary

Executive summary

• Global module shipments reached 61.9 GW in the first three quarters of 2025, maintaining the No.1 worldwide ranking, with cumulative shipments at 370 GW and Tiger Neo series surpassing 200 GW.

• Q2 2025 saw a strong sequential rebound in shipments and profitability, while Q3 2025 experienced a decline in shipments and revenue but a significant improvement in gross margin and narrowing of net losses.

• Energy storage system (ESS) shipments exceeded 3.3 GWh in the first three quarters, with over 90% of the 2025 orderbook secured and profitability improving.

• High-power product upgrades advanced, with premium pricing and expected to account for over 60% of shipments in 2026.

• MSCI ESG rating upgraded to "A", the highest among mainstream PV companies.

Financial highlights

• Q3 2025 revenue was $2.27 billion, down 10% sequentially and 34% year-over-year, with Q2 2025 revenue at $2.51 billion, up 30% sequentially but down 25% year-over-year.

• Q3 2025 gross margin was 7.3%, up from 2.9% in Q2, driven by lower unit costs.

• Q3 2025 net loss attributable to shareholders was $105.3 million, improved from $122.3 million in Q2; adjusted net loss narrowed to $52.4 million in Q3.

• Operating cash flow was $340 million in Q3, with cash and equivalents at $3.29 billion and net debt at $3.1 billion.

• EBITDA improved sequentially, reaching $169.4 million in Q3 2025.

Outlook and guidance

• Full-year 2025 total shipments (modules, cells, wafers) expected between 85–100 GW; ESS shipments to reach 6 GWh.

• Q4 2025 total shipments guidance: 18–33 GW.

• ESS business expected to more than double in 2026, with revenue contribution rising to 10–15% and gross margin of 15–20%.

• High-power products expected to account for over 60% of total module shipments in 2026.

• Annual production capacity by end of 2025: mono wafer 120 GW, solar cell 95 GW, solar module 130 GW.