JinkoSolar Announces First Quarter 2025 Financial Results

Rhea-AI Summary

JinkoSolar reported challenging Q1 2025 financial results, with module shipments reaching 17.5 GW and revenues of US$1.91 billion. The company experienced significant declines, posting a net loss of US$181.7 million amid lower module prices and trade policy disruptions.

Key highlights:

• Total shipments: 19,130 MW (17,504 MW modules, 1,626 MW cells/wafers)
• Revenue decreased 33.0% quarterly and 39.9% yearly
• Gross loss margin: 2.5%, down from 3.8% profit in Q4 2024
• Order book visibility: 60-70% for 2025

Notable achievements include becoming the first manufacturer to deliver over 320 GW solar modules globally and setting a new record 34.22% conversion efficiency for N-type TOPCon-based perovskite tandem solar cells. The company expects 2025 module shipments between 85.0-100.0 GW and plans to expand production capacity for mono wafers to 120.0 GW, solar cells to 95.0 GW, and modules to 130.0 GW by year-end.

Positive

• Record 34.22% conversion efficiency achieved for N-type TOPCon-based perovskite tandem solar cell
• First manufacturer to deliver over 320 GW solar modules globally
• Strong order book visibility: 60-70% overall, >80% in Indo-Pacific and MEA regions
• Energy storage shipments exceeded 300 MWh in Q1, with 6 GWh expected for full year 2025
• Recognized as Tier 1 energy storage provider by BNEF for fourth consecutive quarter
• Production capacity expansion: 120 GW for mono wafers, 95 GW for cells, 130 GW for modules by end-2025

Negative

• Net loss of $181.7M in Q1 2025, compared to net income of RMB609.4M in Q1 2024
• Gross loss of $48.6M with -2.5% margin, down from 11.9% profit margin in Q1 2024
• Module shipments down 27.7% sequentially and 12.7% year-over-year
• Total revenues decreased 39.9% year-over-year to $1.91B
• Operating loss margin worsened to -20.7% from -1.5% in Q1 2024
• Significant decline in higher-price overseas orders and U.S. market shipments

Insights

Solar Energy Financial Analyst

JinkoSolar reports substantial Q1 losses with negative gross margins despite maintaining industry-leading shipment volumes amid severe pricing pressures.

JinkoSolar's Q1 2025 results reveal significant financial deterioration across all key metrics. The company reported a net loss of $181.7 million, a stark reversal from the $609.4 million profit in Q1 2024. Revenue declined 39.9% year-over-year to $1.91 billion, while gross margin turned negative at -2.5% compared to +11.9% a year ago.

The negative gross margin is particularly concerning as it indicates JinkoSolar is selling products below cost - an unsustainable position that requires either market pricing recovery or further cost reductions. Operating loss margin expanded dramatically to -20.7% from -1.5% in Q1 2024.

These financial challenges stem from persistently low prices across the solar supply chain combined with demand disruptions from international trade policy changes. Management specifically cited reduced shipments to the US market and declining higher-priced overseas orders as contributing factors.

Despite these headwinds, JinkoSolar maintained its industry leadership in volume with module shipments of 17.5 GW and surpassed the milestone of 320 GW in cumulative deliveries. The company's order book visibility remains substantial at 60-70% overall, with Indo-Pacific and Middle East/Africa regions exceeding 80%.

On the technology front, mass production cell efficiency for third-generation TOPCon products exceeded 26.6%, and the company achieved a record 34.22% efficiency for perovskite tandem solar cells. The energy storage business shows promising growth, with Q1 shipments exceeding 300 MWh and full-year projections of 6 GWh.

Management noted some pricing stabilization in China's domestic market, with bidding prices recovering to more rational levels from January to March. For Q2 2025, JinkoSolar projects module shipments of 20-25 GW, maintaining its 85-100 GW guidance for full-year 2025 despite current profitability challenges.

SHANGRAO, China, April 29, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Business Highlights

• Module shipments for the first quarter 2025 were 17.5 GW, ranking first in the industry.
• At the end of the first quarter, we became the first module manufacturer in the world to have delivered a total of over 320 GW solar modules, covering nearly 200 countries and regions.
• Our order book visibility for 2025 currently stands at 60% to 70% overall, with visibility in the Indo-Pacific and the Middle East and Africa regions exceeding 80%.
• Our N-type TOPCon-based perovskite tandem solar cell set a new record conversion efficiency of 34.22%.
• We were recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF) for the fourth consecutive quarter.

First Quarter 2025 Operational and Financial Highlights

• Quarterly shipments were 19,130 MW (17,504 MW for solar modules and 1,626 MW for cells and wafers), down 27.7% sequentially and 12.7% year-over-year.
• Total revenues were RMB13.84 billion (US$1.91 billion), down 33.0% sequentially and 39.9% year-over-year.
• Gross loss was RMB352.9 million (US$48.6 million), down 144.7% sequentially and 112.9% year-over-year.
• Gross loss margin was 2.5%, compared with gross profit margin of 3.8% in Q4 2024 and gross profit margin of 11.9% in Q1 2024.
• Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.32 billion (US$181.7 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB476.7 million in Q4 2024 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB609.4 million in Q1 2024.
• Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.07 billion (US$147.4 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, and (iii) share-based compensation expenses, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB430.8 million in Q4 2024 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB470.3 million in Q1 2024.
• Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) and RMB6.40 (US$0.88), respectively. This translates into basic and diluted losses per ADS of RMB25.58 (US$3.53) and RMB25.58 (US$3.53), respectively.

Mr. Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, commented, "Module shipments reached 17.5 GW, with revenues of US$1.91 billion, for the first quarter of 2025. Prices across the main segments of the solar industrial chain were low in the first quarter. This, combined with disruptions in demand caused by changes in international trade policies, pressured profit margins in each segment of the integrated solar supply chain. Despite this challenging market environment, we fulfilled our delivery commitments to customers and reduced costs through supply chain optimization, adjustments to production and operation plans, and other measures. Due to a year-over-year decline in shipments to the U.S. market and a continued decline in higher-price overseas orders, our module prices and profitability decreased both year-over-year and sequentially. Net loss was US$181.7 million for the first quarter of 2025.

According to data from the National Environment Administration, new installations in China in the first quarter amounted to 59.7 GW, an increase of 31% year-over-year. Resilience was seen in domestic demand despite the high comparison base in 2024. Market self-regulation and high-quality development initiatives by manufacturers became gradually effective. From January to March, average monthly bidding prices for solar modules steadily recovered in the domestic market, returning to a more rational level. Recent changes in international trade policies, such as reciprocal tariffs in the United States, have brought some disruption to the PV industry. In response to these challenges, we have flexibly adjusted our supply chain strategy and regional shipment mix, while maintaining close communication and negotiation with our customers. Relying on our extensive market insights and efficient execution, we remain committed to meeting customer demands for our highly efficient and reliable products, maintaining operational continuity while adapting to market dynamics. Currently, the visibility of our order book stands at 60% to 70%, with Indo-Pacific and Middle East and Africa regions exceeding 80%.

By the end of the first quarter, the mass production cell efficiency for our third-generation TOPCon products exceeded 26.6%. We continued to upgrade existing TOPCon capacity with the introduction of technologies such as half-cell passivation, MAX, and 20BB. We expect the power of our third-generation TOPCon products to have a 20 Wp to 30 Wp advantage compared to previous-generation TOPCon products in the industry. Meanwhile, we continued to achieve breakthroughs in our R&D. By the end of the first quarter, our laboratory efficiency for perovskite tandem solar cell based on TOPCon reached 34.22%, once again setting a new record.

Our investments in R&D, manufacturing, and after-sale service capabilities in energy storage are gradually showing results. In the first quarter, shipments of energy storage systems exceeded 300 MWh, a substantial year-over-year increase. We expect energy storage shipments to be around 6 GWh for the full year 2025, with the overseas market as our strategic priority.  So far, confirmed orders for energy storage systems account for 50% to 60%, with an additional 20% to 30% showing strong potential for signing. Leveraging our leading position in the PV industry, we will proactively explore innovative business models that integrate solar and storage solutions, providing high-efficiency and smart green energy solutions to global clients and contributing to the sustainable development of global energy.

We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, with annual production capacity of our third-generation TOPCon modules to reach 40.0 GW to 50.0 GW by the end of 2025. We expect module shipments to be between 20.0 GW and 25.0 GW in the second quarter of 2025, and between 85.0 GW and 100.0 GW for the full year 2025. We will actively respond to changes in market demand and policy, continuously optimize market strategies and supply chain management, and consistently improve technology and product competitiveness, to maintain a leading position in the industry."

First Quarter 2025 Financial Results

Total Revenues

Total revenues in the first quarter of 2025 were RMB13.84 billion (US$1.91 billion), a decrease of 33.0% from RMB20.65 billion in the fourth quarter of 2024 and a decrease of 39.9% from RMB23.04 billion in the first quarter of 2024. The sequential decrease was primarily due to a decrease in the shipment of solar modules, and the year-over-year decrease was mainly due to a decrease in average selling price of solar modules.

Gross Loss/ Profit and Gross Margin

Gross loss in the first quarter of 2025 was RMB352.9 million (US$48.6 million), compared with gross profit of RMB789.7 million in the fourth quarter of 2024 and gross profit of RMB2.74 billion in the first quarter of 2024. 

Gross loss margin was 2.5% in the first quarter of 2025, compared with gross profit margin of 3.8% in the fourth quarter of 2024 and gross profit margin of 11.9% in the first quarter of 2024. The sequential and year-over-year decreases were mainly due to the decrease in average selling price of solar modules.

Loss from Operations and Operating Loss Margin

Loss from operations in the first quarter of 2025 was RMB2.87 billion (US$394.8 million), compared with RMB1.94 billion in the fourth quarter of 2024 and RMB339.6 million in the first quarter of 2024, primarily attributable to the decreases in our revenues and gross margin in the first quarter of 2025.

Operating loss margin was 20.7% in the first quarter of 2025, compared with 9.4% in the fourth quarter of 2024 and 1.5% in the first quarter of 2024.

Total operating expenses in the first quarter of 2025 were RMB2.51 billion (US$346.2 million), a decrease of 8.1% from RMB2.73 billion in the fourth quarter of 2024 and a decrease of 18.3% from RMB3.07 billion in the first quarter of 2024. The sequential decrease was mainly due to (i) the decrease in the impairment of long-lived assets and (ii) the decrease in loss resulted from disposal of long-lived assets, and the year-over-year decrease was primarily due to the decrease in shipping cost as the shipment of solar modules decreased.

Total operating expenses accounted for 18.1% of total revenues in the first quarter of 2025, compared to 13.2% in the fourth quarter of 2024 and 13.3% in the first quarter of 2024.

Interest Expenses and Interest Income

Interest expenses were RMB341.6 million (US$47.1 million), and interest income was RMB104.3 million (US$14.4 million) in the first quarter of 2025.

Net interest expenses in the first quarter of 2025 were RMB237.3 million (US$32.7 million), an increase of 1.3% from RMB234.3 million in the fourth quarter of 2024 and an increase of 27.0% from RMB186.8 million in the first quarter of 2024. The sequential and year-over-year increases were due to the increase in interest-bearing debts in the first quarter of 2025.

Subsidy Income

Subsidy income in the first quarter of 2025 was RMB536.0 million (US$73.9 million), compared with RMB900.1 million in the fourth quarter of 2024 and RMB231.8 million in the first quarter of 2024. The sequential and year-over-year changes were primarily attributable to the changes in cash receipt of incentives related to the Company's business operations.

Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB121.0 million (US$16.7 million) in the first quarter of 2025, compared to RMB408.2 million in the fourth quarter of 2024 and RMB139.7 million in the first quarter of 2024. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuations of US dollars against RMB in the first quarter of 2025.

Change in Fair Value of Convertible Senior Notes

The Company issued US$85.0 million of 4.5% convertible senior notes (the "Notes") due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e., Binomial Model. All the Notes with the principal amount at issuance of US$85.0 million have been converted into ordinary shares of the Company in the second quarter of 2024.

Change in fair value of convertible senior notes was nil in the first quarter of 2025, compared to nil in the fourth quarter of 2024 and a gain of RMB310.7 million in the first quarter of 2024.

Change in Fair Value of Long-term Investment

The Company invested in equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of March 31, 2025, the Company had RMB1.00 billion (US$138.0 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.05 billion as of December 31, 2024.

The Company recognized a loss from the change in fair value of long-term investment of RMB46.2 million (US$6.4 million) in the first quarter of 2025, compared with a gain of RMB332.3 million in the fourth quarter of 2024 and a loss of RMB55.3 million in the first quarter of 2024. The sequential and year-over-year changes were primarily due to the changes in the fair value of several solar technology companies we invested in.

Other Loss/Income, Net

Net other loss in the first quarter of 2025 was RMB218.6 million (US$30.1 million), compared with net other loss of RMB758.4 million in the fourth quarter of 2024 and net other income of RMB1.32 billion in the first quarter of 2024. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the first quarter of 2025.

Equity in Loss/Income of Affiliated Companies

The Company indirectly holds equity interests in several affiliated companies engaged in solar business, including Sweihan PV Power Company P.J.S.C, Inner Mongolia Xinte Silicon Material Co., Ltd., and Sichuan Yongxiang Technology Co., Ltd., etc., which were accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB46.1 million (US$6.3 million) in the first quarter of 2025, compared with equity in loss of affiliated companies of RMB119.2 million in the fourth quarter of 2024 and equity in income of affiliated companies of RMB13.2 million in the first quarter of 2024. The fluctuations in equity in loss or income of affiliated companies primarily arose from the changes in net losses or gains incurred by the affiliated companies.

Income Tax Benefit/Expense

The Company recorded an income tax benefit of RMB699.5 million (US$96.4 million) in the first quarter of 2025, compared with income tax benefit of RMB580.5 million in the fourth quarter of 2024 and income tax expense of RMB476.7 million in the first quarter of 2024.

Net Loss/Income Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB756.1 million (US$104.2 million) in the first quarter of 2025, compared with net loss attributable to non-controlling interests of RMB370.2 million in the fourth quarter of 2024 and net income attributable to non-controlling interests of RMB351.0 million in the first quarter of 2024. The sequential and year-over-year changes were mainly attributable to the changes in net loss or income of the Company's majority-owned principal operating subsidiary, Jinko Solar Co., Ltd.

Net Loss/Income and Losses/Earnings per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.32 billion (US$181.7 million) in the first quarter of 2025, compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB476.7 million in the fourth quarter of 2024 and net income attributable to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB609.4 million in the first quarter of 2024. 

Excluding the impact of (i) the change in fair value of the convertible senior notes, (ii) the change in fair value of the long-term investment, and(iii) share-based compensation expenses, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.07 billion (US$147.4 million) in the first quarter of 2025, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB430.8 million in the fourth quarter of 2024 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB470.3 million in the first quarter of 2024.

Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) and RMB6.40 (US$0.88), respectively, in the first quarter of 2025, compared to basic and diluted losses per ordinary share of RMB2.32 and RMB2.32, respectively, in the fourth quarter of 2024, and basic and diluted earnings per ordinary share of RMB2.82 and RMB1.34, respectively, in the first quarter of 2024. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB25.58 (US$3.53) and RMB25.58 (US$3.53), respectively, in the first quarter of 2025; basic and diluted losses per ADS of RMB9.28 and RMB9.28, respectively, in the fourth quarter of 2024; and basic and diluted earnings per ADS of RMB11.28 and RMB5.36, respectively, in the first quarter of 2024.

Financial Position

As of March 31, 2025, the Company had RMB27.38 billion (US$3.77 billion) in cash, cash equivalents, and restricted cash, compared with RMB27.74 billion as of December 31, 2024.

As of March 31, 2025, the Company's accounts receivables were RMB12.79 billion (US$1.76 billion), compared with RMB14.07 billion as of December 31, 2024.

As of March 31, 2025, the Company's inventories were RMB13.26 billion (US$1.83 billion), compared with RMB12.51 billion as of December 31, 2024.

As of March 31, 2025, the Company's total interest-bearing debts were RMB46.54 billion (US$6.41 billion), compared with RMB40.59 billion as of December 31, 2024.

First Quarter 2025 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 19,130 MW in the first quarter of 2025, including 17,504 MW for solar module shipments and 1,626 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

Second Quarter and Full Year 2025 Guidance

The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.

For the second quarter of 2025, the Company expects its module shipments to be in the range of 20.0 GW to 25.0 GW.

For full year 2025, the Company estimates its module shipments to be in the range of 85.0 GW to 100.0 GW.

Solar Products Production Capacity

The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025.

Recent Business Developments

• In April 2025, we once again topped the PV Tech 2025 Q1 ModuleTech Bankability Report with "AAA" rating.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Tuesday, April 29, 2025 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10046840-w4216t.html

It will automatically direct you to the registration page of "JinkoSolar First Quarter 2025 Earnings Conference Call", where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 6, 2025. The dial-in details for the replay are as follows:

International:  +61 7 3107 6325  
U.S.:       +1 855 883 1031  
Passcode:      10046840

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of March 31, 2025.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of March 31, 2025, which was RMB7.2567 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

 

 

 

JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except ADS and Share data)
	For the quarter ended
	Mar 31, 2024		Dec 31, 2024		Mar 31, 2025
	RMB'000		RMB'000		RMB'000		USD'000
Revenues	23,044,280		20,650,730		13,843,640		1,907,704
Cost of revenues	(20,309,195)		(19,861,074)		(14,196,514)		(1,956,332)
Gross (loss)/profit	2,735,085		789,656		(352,874)		(48,628)
Operating expenses:
Selling and marketing	(1,466,397)		(1,205,849)		(1,145,411)		(157,842)
General and administrative	(1,367,868)		(912,728)		(1,215,065)		(167,440)
Research and development	(240,428)		(256,054)		(151,802)		(20,919)
Impairment of long-lived assets	-		(357,616)		-		-
Total operating expenses	(3,074,693)		(2,732,247)		(2,512,278)		(346,201)
Loss from operations	(339,608)		(1,942,591)		(2,865,152)		(394,829)
Interest expenses	(281,733)		(347,514)		(341,604)		(47,074)
Interest income	94,900		113,255		104,329		14,377
Subsidy income	231,844		900,142		535,957		73,857
Exchange gain/(loss),net	126,010		314,627		135,686		18,698
Change in fair value of foreign exchange derivatives	13,714		93,602		(14,706)		(2,027)
Change in fair value of Long-term Investment	(55,328)		332,270		(46,155)		(6,360)
Change in fair value of convertible senior notes	310,683		-		-		-
Other income/(loss), net	1,323,478		(758,388)		(218,618)		(30,127)
(Loss)/Income before income taxes	1,423,960		(1,294,597)		(2,710,263)		(373,485)
Income tax benefits/(expenses)	(476,718)		580,537		699,479		96,391
Equity in (loss)/income of affiliated companies	13,181		(119,161)		(46,072)		(6,349)
Net (loss)/income	960,423		(833,221)		(2,056,856)		(283,443)
Less: Net loss/(income) attributable to non-controlling           interests	(351,025)		370,197		756,054		104,187
Less: Accretion to redemption value of redeemable non-controlling interests	-		(13,712)		(18,074)		(2,491)
Net (loss)/income attributable to JinkoSolar  Holding Co., Ltd.'s ordinary shareholders	609,398		(476,736)		(1,318,876)		(181,747)
Net (loss)/income attributable to JinkoSolar Holding Co., Ltd.'s  ordinary shareholders per share:
Basic	2.82		(2.32)		(6.40)		(0.88)
Diluted	1.34		(2.32)		(6.40)		(0.88)
Net (loss)/income attributable to JinkoSolar Holding Co., Ltd.'s    ordinary shareholders per ADS:
Basic	11.28		(9.28)		(25.58)		(3.53)
Diluted	5.36		(9.28)		(25.58)		(3.53)
Weighted average ordinary shares outstanding:
Basic	216,001,414		205,490,103		206,249,285		206,249,285
Diluted	223,646,269		205,490,103		206,249,285		206,249,285
Weighted average ADS outstanding:
Basic	54,000,353		51,372,526		51,562,321		51,562,321
Diluted	55,911,567		51,372,526		51,562,321		51,562,321
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net (loss)/income	960,423		(833,221)		(2,056,856)		(283,443)
Other comprehensive income/(loss):
-Unrealized loss on available-for-sale securities	-		(10,212)		-		-
-Foreign currency translation adjustments	(177,267)		196,740		96		14
-Change in the instrument-specific credit risk	421		-		-		-
Comprehensive (loss)/income	783,577		(646,693)		(2,056,760)		(283,429)
Less: Comprehensive (loss)/income attributable to non-controlling interests	(348,517)		308,358		(710,680)		(97,934)
Comprehensive (loss)/income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders	435,060		(338,335)		(2,767,440)		(381,363)

 

 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	Dec 31, 2024		Mar 31, 2025
	RMB'000		RMB'000		USD'000
ASSETS
Current assets:
Cash,cash equivalents, and restricted cash	27,737,976		27,382,593		3,773,422
Restricted short-term investments and short-term investments	3,901,442		4,299,317		592,462
Accounts receivable, net	14,065,558		12,785,912		1,761,946
Notes receivable, net	3,333,377		3,001,864		413,668
Advances to suppliers, net	2,654,149		1,908,971		263,064
Inventories, net	12,509,422		13,258,752		1,827,105
Foreign exchange forward contract receivables	115,220		78,316		10,792
Prepayments and other current assets, net	4,490,411		4,568,566		629,565
Held-for-sale assets	57,502		39,677		5,468
Total current assets	68,865,057		67,323,968		9,277,492
Non-current assets:
Restricted long-term investments	1,328,201		1,199,030		165,231
Long-term investments	1,870,253		1,753,561		241,647
Property, plant and equipment, net	44,800,692		43,869,500		6,045,379
Land use rights, net	1,838,015		1,827,696		251,863
Intangible assets, net	461,955		463,060		63,811
Right-of-use assets, net	448,555		419,872		57,860
Deferred tax assets	2,641,397		2,876,008		396,325
Advances to suppliers to be utilised beyond one year	520,376		514,388		70,885
Other assets, net	1,954,935		1,853,411		255,407
Available-for-sale securities-non-current	150,922		150,922		20,798
Total non-current assets	56,015,301		54,927,448		7,569,206
Total assets	124,880,358		122,251,416		16,846,698
LIABILITIES
Current liabilities:
Accounts payable	11,038,668		11,406,669		1,571,881
Notes payable	11,189,801		6,050,240		833,746
Accrued payroll and welfare expenses	2,779,196		2,609,321		359,574
Advances from customers	5,088,596		5,460,934		752,537
Income tax payables	703,498		75,543		10,410
Other payables and accruals	16,583,912		15,956,089		2,198,808
Foreign exchange forward derivatives payables	20,789		64,938		8,949
Lease liabilities - current	145,663		102,948		14,187
Short-term borrowings, including current portion of long-term borrowings, and failed sale-leaseback financing	6,933,899		9,004,600		1,240,867
Total current liabilities	54,484,022		50,731,282		6,990,959
Non-current liabilities:
Long-term borrowings	20,643,272		22,643,412		3,120,346
Convertible notes	8,605,579		10,459,913		1,441,415
Accrued warranty costs - non current	2,136,192		1,962,385		270,424
Lease liabilities-noncurrent	330,740		356,848		49,175
Deferred tax liability	56,718		56,718		7,816
Long-term Payables	4,387,864		4,423,068		609,515
Total non-current liabilities	36,160,365		39,902,344		5,498,691
Total liabilities	90,644,387		90,633,626		12,489,650
Mezzanine Equity
Redeemable non-controlling interests	1,535,926		1,554,000		214,147
SHAREHOLDERS' EQUITY
Total JinkoSolar Holding Co., Ltd. shareholders' equity	19,898,909		18,403,180		2,536,026
Non-controlling interests	12,801,136		11,660,610		1,606,875
Total shareholders' equity	32,700,045		30,063,790		4,142,901
Total liabilities, non-controlling interest and shareholders' equity	124,880,358		122,251,416		16,846,698

 

 

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2025-financial-results-302441209.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What caused JinkoSolar (JKS) Q1 2025 net loss of $181.7 million?

JinkoSolar's Q1 2025 net loss was primarily due to low prices across the solar industry, reduced U.S. market shipments, declining higher-price overseas orders, and decreased module prices. The company reported a gross loss margin of 2.5%, compared to a positive 11.9% margin in Q1 2024.

How many solar modules did JinkoSolar (JKS) ship in Q1 2025?

JinkoSolar shipped 17.5 GW of solar modules in Q1 2025, with total shipments of 19,130 MW including cells and wafers. This represents a 27.7% decrease from the previous quarter and a 12.7% decrease year-over-year.

What is JinkoSolar's (JKS) energy storage outlook for 2025?

JinkoSolar expects energy storage shipments to reach 6 GWh in 2025, with 50-60% of orders already confirmed and 20-30% showing strong signing potential. Q1 2025 energy storage shipments exceeded 300 MWh, showing substantial year-over-year growth.

What are JinkoSolar's (JKS) module shipment targets for 2025?

JinkoSolar projects module shipments of 20.0-25.0 GW for Q2 2025 and 85.0-100.0 GW for full-year 2025. The company's order book visibility stands at 60-70% overall, with Indo-Pacific and Middle East/Africa regions exceeding 80%.

What technological achievements did JinkoSolar (JKS) report in Q1 2025?

JinkoSolar achieved a record 34.22% conversion efficiency for their N-type TOPCon-based perovskite tandem solar cell. Their mass production cell efficiency for third-generation TOPCon products exceeded 26.6%, with 20-30 Wp power advantage over previous-generation products.