SHANGRAO, China, Nov. 17, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar”), a leading global solar module manufacturer, announced its unaudited financial results for the second quarter (Q2) ending June 30, 2025 and third quarter (Q3) ending September 30, 2025.

Key Business Highlights for Q3 2025

• Module Shipments: Approximately 20 GW, with over 65% shipped internationally.
• Cumulative Shipments: JinkoSolar became the first manufacturer to deliver 370 GW of solar modules worldwide. The Tiger Neo series surpassed 200 GW in cumulative shipments, making it the best-selling module series in history.
• High-Efficiency Cells: TOPCon cell efficiency reached 27.2% to 27.4%, while select high-efficiency modules now exceed 640W, commanding a price premium.
• Energy Storage: Order visibility for energy storage systems (ESS) in 2025 exceeds 90%.
• Sustainability: MSCI ESG rating upgraded to “A”, the highest among mainstream PV companies.

Operational and Financial Highlights

• Q3 2025 Shipments: 21,570 MW (20,014 MW of solar modules; 1,556 MW of cells and wafers), down 18.4% sequentially and 16.7% year-over-year.
• Revenue: RMB16.16 billion (US$2.27 billion), down 10.2% sequentially and 34.1% year-over-year.
• Gross Profit: RMB1.18 billion (US$166 million), up 124.5% sequentially, with a gross margin of 7.3%.
• Net Loss: RMB749.8 million (US$105.3 million), improved from RMB876.4 million in Q2 2025.
• Adjusted Net Loss: RMB373.1 million (US$52.4 million), excluding certain one-time impacts.

For comparison, Q2 2025 revenues were RMB17.99 billion (US$2.51 billion), with a gross profit of RMB526.5 million (US$73.5 million) and net loss of RMB876.4 million (US$122.3 million).

CEO Commentary

Mr. Xiande Li, Chairman and CEO, stated:

“In the first three quarters of 2025, our global module shipments totaled 61.9 GW, maintaining our No.1 worldwide ranking. Sequential gross margin improvements reflect strong performance in high-value overseas markets. Our R&D in energy storage is beginning to pay off, with cumulative ESS shipments exceeding 3.3 GWh. Looking ahead, we expect energy storage to become our second growth engine, contributing significantly to profits in 2026.”

He added that high-power modules will account for over 60% of total shipments in 2026, and rising global demand for solar+storage solutions, particularly in utility-scale and industrial markets, will drive long-term growth.

Financial Position

As of September 30, 2025:

• Cash & Equivalents: RMB23.44 billion (US$3.29 billion)
• Accounts Receivable: RMB15.03 billion (US$2.11 billion)
• Inventories: RMB14.94 billion (US$2.10 billion)
• Interest-Bearing Debt: RMB45.55 billion (US$6.40 billion)

Outlook

• Q4 2025 Shipments: 18–33 GW
• Full-Year 2025 Shipments: 85–100 GW
• Full-Year ESS Shipments: ~6 GWh
• Production Capacity by End of 2025: 120 GW (mono wafer), 95 GW (solar cell), 130 GW (solar module)

Recent Developments

• Expansion of global distribution agreements in Europe and Asia.
• Recognition for module reliability and sustainable product innovation.
• Dividend declaration of US$0.325 per ordinary share (US$1.30 per ADS).
• Successful delivery of high-efficiency Tiger Neo modules for major international projects.

Conference Call Information

JinkoSolar will host an earnings call on Nov. 17, 2025, at 7:30 a.m. ET. Participants may register online to receive dial-in details. A replay will be available until Nov. 24, 2025.

About JinkoSolar:
JinkoSolar is one of the world’s largest and most innovative solar module manufacturers, serving utility, commercial, and residential customers across more than 20 countries with over 10 production facilities globally.

For more information, visit www.jinkosolar.com.