JinkoSolar Announces Second and Third Quarter 2025 Financial Results
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Third Quarter 2025 Business Highlights
- Total module shipments for the third quarter were approximately 20GW, with over 65% shipped to overseas markets.
- By the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 370 GW of solar modules, with total cumulative shipments of
Tiger Neo series surpassing 200 GW, the best-selling module series in history. - Mass-produced cell efficiency for high-efficiency TOPCon products reached 27.2% to 27.4%.
- We started to deliver certain high efficiency modules series with power output exceeding 640W, which carry a price premium over conventional series.
- Orderbook visibility for energy storage system (ESS) in 2025 exceeds 90%.
- Our MSCI ESG rating has been upgraded to "A", the highest level among mainstream PV companies.
Third Quarter 2025 Operational and Financial Highlights
- Quarterly shipments were 21,570 MW (20,014 MW for solar modules and 1,556 MW for cells and wafers), down 18.4% sequentially and 16.7% year-over-year.
- Total revenues were
RMB16.16 billion (US$2.27 billion ), down 10.2% sequentially and 34.1% year-over-year. - Gross profit was
RMB1.18 billion (US$166.0 million ), up 124.5% sequentially and down 69.3% year-over-year. - Gross profit margin was 7.3%, compared with gross profit margin of 2.9% in Q2 2025 and gross profit margin of 15.7% in Q3 2024.
- Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB749.8 million (US$105.3 million ), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB876.4 million in Q2 2025 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB22.5 million in Q3 2024. - Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB373.1 million (US$52.4 million ), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB856.4 million in Q2 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB103.9 million in Q3 2024. - Basic and diluted losses per ordinary share were
RMB3.58 (US$0.50 ) andRMB3.58 (US$0.50 ), respectively. This translates into basic and diluted losses per ADS ofRMB14.32 (US$2.01 ) andRMB14.32 (US$2.01 ), respectively.
Second Quarter 2025 Operational and Financial Highlights
- Quarterly shipments were 26,446 MW (24,334 MW for solar modules and 2,111 MW for cells and wafers), up 38.2% sequentially and 4.5% year-over-year.
- Total revenues were
RMB17.99 billion (US$2.51 billion ), up 29.9% sequentially and down 25.2% year-over-year. - Gross profit was
RMB526.5 million (US$73.5 million ), compared with gross loss ofRMB352.9 million in Q1 2025 and gross profit ofRMB2.68 billion in Q2 2024. - Gross profit margin was 2.9%, compared with gross loss margin of 2.5% in Q1 2025 and gross profit margin of 11.1% in Q2 2024.
- Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB876.4 million (US$122 .3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB1.32 billion in Q1 2025 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB100.7 million in Q2 2024. - Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB856.4 million (US$119 .5 million), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB1.07 billion in Q1 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB378.5 million in Q2 2024. - Basic and diluted losses per ordinary share were
RMB4.20 (US$0.59 ) andRMB4.20 (US$0.59 ), respectively. This translates into basic and diluted losses per ADS ofRMB16.82 (US$2.35 ) andRMB16.82 (US$2.35 ), respectively.
Mr.
We continue to keep our module utilization rates at a reasonable level in the second and third quarters. Since the third quarter, prices of polysilicon, wafers, and cells have all risen, and module prices trended upward in
The technology upgrade toward high-power production capacity is accelerating industry consolidation. This technology upgrade also meets end-customers demand for high-power products and higher investment returns. We have made steady progress in high-power products upgrades in the third quarter and already delivered some high-power products at a premium of 1-2 US cents per watt, and expect high-power products to account for more than 60% of our total module shipments in 2026.
In
The global supply chain is reshaping, and technological upgrades are accelerating high-quality development of the industry. With strong technological capabilities, long-term reliability, and global diversification of our energy storage business, we are well positioned to further strengthen our competitiveness and benefit from the next upward cycle in the industry.
Looking forward, we will continue to respond actively to the industry's call for rational development and proactively adapt to changes in overseas policies to ensure sustainable supply for our customers. We will keep strengthening our competitive advantages in technology and global operations and balance scale and profitability to consolidate our industry-leading position. We expect total shipments to be between 85 GW and 100 GW for the full year of 2025, and ESS shipments to be approximately 6 GWh for the full year 2025."
Third Quarter 2025 Financial Results
Total Revenues
Total revenues in the third quarter of 2025 were
Gross Profit and Gross Margin
Gross profit in the third quarter of 2025 was
Gross profit margin was 7.3% in the third quarter of 2025, compared with gross profit margin of 2.9% in the second quarter of 2025 and gross profit margin of 15.7% in the third quarter of 2024. The sequential improvement was primarily due to a lower unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.
Loss/Income from Operations and Operating Margin
Loss from operations in the third quarter of 2025 was
Operating loss margin was 8.7% in the third quarter of 2025, compared with operating loss margin of 7.7% in the second quarter of 2025 and operating profit margin of 0.3% in the third quarter of 2024.
Total operating expenses in the third quarter of 2025 were
Total operating expenses accounted for 16.0% of total revenues in the third quarter of 2025, compared to 10.6% in the second quarter of 2025 and 15.4% in the third quarter of 2024.
Interest Expenses and Interest Income
Interest expenses were
Net interest expenses in the third quarter of 2025 were
Subsidy Income
Subsidy income in the third quarter of 2025 was
Exchange Gain/Loss 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
Change in Fair Value of Long-term Investment
The Company holds certain 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
The Company recognized a gain from the change in fair value of long-term investment of
Oth er Lo ss/ Income , N et
Net other loss in the third quarter of 2025 was
E quity in Income/ Loss of Affili ated Companies
The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in income of affiliated companies of
Income Tax Benefit/Expense
The Company recorded an income tax benefit of
Net Loss A ttributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to
Net Loss/Income and Losses/Earnings per Share
Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Basic and diluted losses per ordinary share were
Financial Position
As of
As of
As of
As of
Second Quarter 2025 Financial Results
Total Revenues
Total revenues in the second quarter of 2025 were
Gross Profit/Loss and Gross Margin
Gross profit in the second quarter of 2025 was
Gross profit margin was 2.9% in the second quarter of 2025, compared with gross loss margin of 2.5% in the first quarter of 2025 and gross profit margin of 11.1% in the second quarter of 2024. The sequential improvement was mainly due to a lower unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.
Loss from Operations and Operating L oss Margin
Loss from operations in the second quarter of 2025 was
Operating loss margin was 7.7% in the second quarter of 2025, compared with 20.7% in the first quarter of 2025 and 4.7% in the second quarter of 2024.
Total operating expenses in the second quarter of 2025 were
Total operating expenses accounted for 10.6% of total revenues in the second quarter of 2025, compared to 18.1% in the first quarter of 2025 and 15.9% in the second quarter of 2024.
Interest Expenses and Interest Income
Interest expenses were
Net interest expenses in the second quarter of 2025 were
Subsidy Income
Subsidy income in the second quarter of 2025 was
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
Change in Fair Value of Long-term Investment
The Company holds certain 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
The Company recognized a gain from the change in fair value of long-term investment of
Oth er Lo ss/ Income , N et
Net other loss in the second quarter of 2025 was
E quity in Loss of Affili ated Companies
The Company indirectly holds certain equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of
Income Tax Benefit/Expense
The Company recorded an income tax benefit of
Net Loss A ttributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to
Net Loss and Losses per Share
Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Basic and diluted losses per ordinary share were
Operations and Business Outlook Highlights
Fourth 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 fourth quarter of 2025, the Company expects its total shipments (including solar modules, cells and wafers) to be in the range of 18.0 GW to 33.0 GW.
For full year 2025, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 85.0 GW to 100.0 GW.
For full year 2025, the Company expects its ESS shipments to be approximately 6 GWh.
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
May 2025 , JinkoSolar entered into a Memorandum of Agreement with SolarToday to distribute the SunGiga All-in-One products in the Benelux,Romania ,Greece ,Germany , andTurkey . - In
May 2025 , EAGLE® Preserve, JinkoSolar's proprietary takeback-and-recycling program for end-of-life solar modules in theU.S. , became the very-first such stewardship program to receive the approval of the Washington State Department of Ecology. - In
June 2025 , JinkoSolar was recognized as Top Performer across all seven reliability categories in the 2025 PV Module Reliability Scorecard published by Kiwa PVEL. - In
June 2025 , JinkoSolar was recognized as Overall Highest Achiever in Renewable Energy Testing Center's 2025 PV Module Index Report. - In
June 2025 , JinkoSolar's board of directors declared a cash dividend ofUS$0.325 per ordinary share ofUS$0.00002 each of the Company, orUS$1.30 per ADS. - In
June 2025 , Jiangxi Jinko in its capacity as Chair of the Finance Task Force of the Global Solar Council (GSC), officially released "How to Finance Solar for All?" during the London Climate Week 2025. - In
June 2025 , JinkoSolar announced the successful delivery of its high-efficiencyTiger Neo modules to support the construction ofSpain's newly inauguratedSegovia solar cluster. - In
July 2025 , JinkoSolar's EAGLE® G6R residential PV module was honored as a 2025 Sustainable Product of the Year by Green Builder® Media. - In
July 2025 , JinkoSolar announced the successful commissioning of 21.6 MWh of Energy Storage Systems supplied to Distributed Energy Infrastructure (DEI). - In
August 2025 , Jiangxi Jinko published its unaudited consolidated financial results as of and for the six months endedJune 30, 2025 . - In
August 2025 , JinkoSolar announced business highlights for the first half of 2025. - In
September 2025 , JinkoSolar completed the sale of 300,156,075 A shares of Jiangxi Jinko. - In
October 2025 , JinkoSolar announced module supply to Trinity Energy for a Costco Warehouse in theState of Washington . - In
October 2025 , Jiangxi Jinko announces third quarter 2025 unaudited financial results.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
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/10050807-ki8u7y.html
It will automatically direct you to the registration page of "JinkoSolar Second and Third 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
International: +61 7 3107 6325
U.S.: +1 855 883 1031
Passcode: 10050813
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
JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into
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
For investor and media inquiries, please contact:
In
Ms.
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: [email protected]
Mr.
Christensen
Tel: +86 178 1749 0483
Email: [email protected]
In the
Ms.
Christensen,
Tel: +1-480-614-3004
Email: [email protected]
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JINKOSOLAR HOLDING CO., LTD. |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||
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(in thousands, except ADS and Share data) |
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For the quarter ended |
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For the nine months ended |
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RMB'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
Revenues |
24,508,244 |
|
17,988,725 |
|
16,158,497 |
|
2,269,771 |
|
71,605,572 |
|
47,990,862 |
|
6,741,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Cost of revenues |
(20,652,556) |
|
(17,462,264) |
|
(14,976,562) |
|
(2,103,745) |
|
(62,338,117) |
|
(46,635,340) |
|
(6,550,827) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
3,855,688 |
|
526,461 |
|
1,181,935 |
|
166,026 |
|
9,267,455 |
|
1,355,522 |
|
190,410 |
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Operating expenses: |
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|
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|
|
|
|
|
|
|
|
|
|
Selling and marketing |
(2,172,100) |
|
(1,227,267) |
|
(999,538) |
|
(140,404) |
|
(5,435,558) |
|
(3,372,216) |
|
(473,692) |
|
General and administrative |
(1,175,798) |
|
(401,761) |
|
(775,946) |
|
(108,996) |
|
(3,684,972) |
|
(2,392,772) |
|
(336,111) |
|
Research and development |
(208,668) |
|
(251,598) |
|
(255,721) |
|
(35,921) |
|
(664,490) |
|
(659,121) |
|
(92,586) |
|
Impairment of long-lived assets |
(223,588) |
|
(24,536) |
|
(555,439) |
|
(78,022) |
|
(884,552) |
|
(579,975) |
|
(81,469) |
|
Total operating expenses |
(3,780,154) |
|
(1,905,162) |
|
(2,586,644) |
|
(363,343) |
|
(10,669,572) |
|
(7,004,084) |
|
(983,858) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from operations |
75,534 |
|
(1,378,701) |
|
(1,404,709) |
|
(197,317) |
|
(1,402,117) |
|
(5,648,562) |
|
(793,448) |
|
Interest expenses |
(300,935) |
|
(332,800) |
|
(326,757) |
|
(45,900) |
|
(795,566) |
|
(1,001,159) |
|
(140,633) |
|
Interest income |
98,790 |
|
145,540 |
|
124,972 |
|
17,555 |
|
301,431 |
|
374,840 |
|
52,654 |
|
Subsidy income |
431,753 |
|
12,033 |
|
358,573 |
|
50,368 |
|
1,548,621 |
|
906,562 |
|
127,344 |
|
Exchange gain/(loss),net |
(203,999) |
|
276,686 |
|
(123,417) |
|
(17,336) |
|
169,737 |
|
288,954 |
|
40,589 |
|
Change in fair value of foreign exchange derivatives |
(47,912) |
|
(184,345) |
|
124,267 |
|
17,456 |
|
23,052 |
|
(74,785) |
|
(10,505) |
|
Change in fair value of Long-term Investment |
30,772 |
|
42,301 |
|
60,677 |
|
8,523 |
|
(168,778) |
|
56,823 |
|
7,982 |
|
Change in fair value of convertible senior notes |
- |
|
- |
|
- |
|
- |
|
323,474 |
|
- |
|
- |
|
Other (loss)/income, net |
73,632 |
|
(199,219) |
|
(121,059) |
|
(17,005) |
|
1,554,684 |
|
(538,896) |
|
(75,698) |
|
(Loss)/Income before income taxes |
157,635 |
|
(1,618,505) |
|
(1,307,453) |
|
(183,656) |
|
1,554,538 |
|
(5,636,223) |
|
(791,715) |
|
Income tax benefits/(expenses) |
(148,460) |
|
288,768 |
|
191,635 |
|
26,919 |
|
(649,977) |
|
1,179,882 |
|
165,737 |
|
Equity in (loss)/income of affiliated companies |
(3,389) |
|
(70,873) |
|
2,919 |
|
410 |
|
(57,852) |
|
(114,026) |
|
(16,017) |
|
Net (loss)/income |
5,786 |
|
(1,400,610) |
|
(1,112,899) |
|
(156,327) |
|
846,709 |
|
(4,570,367) |
|
(641,995) |
|
Less: Net loss/(income) attributable to non-controlling |
38,960 |
|
546,626 |
|
385,798 |
|
54,193 |
|
(293,218) |
|
1,688,478 |
|
237,179 |
|
Less: Accretion to redemption value of redeemable non- |
(22,214) |
|
(22,438) |
|
(22,685) |
|
(3,187) |
|
(22,214) |
|
(63,197) |
|
(8,877) |
|
Net (loss)/income attributable to JinkoSolar
|
22,532 |
|
(876,422) |
|
(749,786) |
|
(105,321) |
|
531,277 |
|
(2,945,086) |
|
(413,693) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.11 |
|
(4.20) |
|
(3.58) |
|
(0.50) |
|
2.54 |
|
(14.15) |
|
(1.99) |
|
Diluted |
0.11 |
|
(4.20) |
|
(3.58) |
|
(0.50) |
|
0.99 |
|
(14.15) |
|
(1.99) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.44 |
|
(16.82) |
|
(14.32) |
|
(2.01) |
|
10.15 |
|
(56.62) |
|
(7.95) |
|
Diluted |
0.44 |
|
(16.82) |
|
(14.32) |
|
(2.01) |
|
3.96 |
|
(56.62) |
|
(7.95) |
|
|
|
|
|
|
|
|
|
|
|
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|
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
204,902,909 |
|
208,496,117 |
|
209,429,353 |
|
209,429,353 |
|
209,393,151 |
|
208,069,900 |
|
208,069,900 |
|
Diluted |
204,962,646 |
|
208,496,117 |
|
209,429,353 |
|
209,429,353 |
|
213,914,994 |
|
208,069,900 |
|
208,069,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
51,225,727 |
|
52,124,029 |
|
52,357,338 |
|
52,357,338 |
|
52,348,288 |
|
52,017,475 |
|
52,017,475 |
|
Diluted |
51,240,662 |
|
52,124,029 |
|
52,357,338 |
|
52,357,338 |
|
53,478,749 |
|
52,017,475 |
|
52,017,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
5,786 |
|
(1,400,610) |
|
(1,112,899) |
|
(156,327) |
|
846,709 |
|
(4,570,367) |
|
(641,995) |
|
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized income on available-for-sale securities |
- |
|
15,323 |
|
- |
|
- |
|
- |
|
15,323 |
|
2,152 |
|
-Foreign currency translation adjustments |
(123,210) |
|
1,172 |
|
(17,383) |
|
(2,441) |
|
(290,603) |
|
(16,115) |
|
(2,264) |
|
Comprehensive (loss)/income |
(117,424) |
|
(1,384,115) |
|
(1,130,282) |
|
(158,768) |
|
556,106 |
|
(4,571,159) |
|
(642,106) |
|
Less: Comprehensive (income)/loss attributable to non- |
77,293 |
|
(584,290) |
|
(392,388) |
|
(55,118) |
|
(262,164) |
|
(1,687,358) |
|
(237,022) |
|
Comprehensive (loss)/income attributable to JinkoSolar |
(40,131) |
|
(1,968,405) |
|
(1,522,670) |
|
(213,886) |
|
293,942 |
|
(6,258,517) |
|
(879,128) |
|
JINKOSOLAR HOLDING CO., LTD. |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(in thousands) |
|||||
|
|
|
|
|
||
|
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,cash equivalents, and restricted cash |
27,737,976 |
|
23,440,345 |
|
3,292,646 |
|
Restricted short-term investments and short-term investments |
3,901,442 |
|
5,212,183 |
|
732,151 |
|
Accounts receivable, net |
14,065,558 |
|
15,034,067 |
|
2,111,823 |
|
Notes receivable, net |
3,333,377 |
|
2,970,474 |
|
417,260 |
|
Advances to suppliers, net |
2,654,149 |
|
1,419,475 |
|
199,392 |
|
Inventories, net |
12,509,422 |
|
14,939,226 |
|
2,098,501 |
|
Foreign exchange forward contract receivables |
115,220 |
|
243,622 |
|
34,221 |
|
Prepayments and other current assets, net |
4,490,411 |
|
6,697,546 |
|
940,799 |
|
Held-for-sale assets |
57,502 |
|
- |
|
- |
|
Total current assets |
68,865,057 |
|
69,956,938 |
|
9,826,793 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Restricted long-term investments |
1,328,201 |
|
1,431,612 |
|
201,097 |
|
Long-term investments |
1,870,253 |
|
1,778,488 |
|
249,823 |
|
Property, plant and equipment, net |
44,800,692 |
|
39,726,082 |
|
5,580,290 |
|
Land use rights, net |
1,838,015 |
|
1,797,410 |
|
252,481 |
|
Intangible assets, net |
461,955 |
|
483,768 |
|
67,954 |
|
Right-of-use assets, net |
448,555 |
|
279,302 |
|
39,233 |
|
Deferred tax assets |
2,641,397 |
|
2,757,101 |
|
387,288 |
|
Advances to suppliers to be utilised beyond one year |
520,376 |
|
274,502 |
|
38,559 |
|
Other assets, net |
1,954,935 |
|
2,182,216 |
|
306,534 |
|
Available-for-sale securities-non-current |
150,922 |
|
174,889 |
|
24,567 |
|
Total non-current assets |
56,015,301 |
|
50,885,370 |
|
7,147,826 |
|
|
|
|
|
|
|
|
Total assets |
124,880,358 |
|
120,842,308 |
|
16,974,619 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
11,038,668 |
|
14,076,092 |
|
1,977,257 |
|
Notes payable |
11,189,801 |
|
7,725,290 |
|
1,085,165 |
|
Accrued payroll and welfare expenses |
2,779,196 |
|
2,319,132 |
|
325,767 |
|
Advances from customers |
5,088,596 |
|
4,681,284 |
|
657,576 |
|
Income tax payables |
703,498 |
|
673,303 |
|
94,578 |
|
Other payables and accruals |
16,583,912 |
|
13,463,080 |
|
1,891,147 |
|
Foreign exchange forward derivatives payables |
20,789 |
|
109,864 |
|
15,433 |
|
Lease liabilities - current |
145,663 |
|
83,694 |
|
11,756 |
|
Short-term borrowings, including current portion of long-term |
6,933,899 |
|
10,797,984 |
|
1,516,784 |
|
Total current liabilities |
54,484,022 |
|
53,929,723 |
|
7,575,463 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
20,643,272 |
|
19,985,166 |
|
2,807,300 |
|
Convertible notes |
8,605,579 |
|
10,534,627 |
|
1,479,790 |
|
Accrued warranty costs - non current |
2,136,192 |
|
1,687,141 |
|
236,991 |
|
Lease liabilities-noncurrent |
330,740 |
|
243,922 |
|
34,264 |
|
Deferred tax liability |
56,718 |
|
57,563 |
|
8,086 |
|
Long-term Payables |
4,387,864 |
|
4,287,388 |
|
602,246 |
|
Total non-current liabilities |
36,160,365 |
|
36,795,807 |
|
5,168,677 |
|
|
|
|
|
|
|
|
Total liabilities |
90,644,387 |
|
90,725,530 |
|
12,744,140 |
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
1,535,926 |
|
1,522,373 |
|
213,846 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Total JinkoSolar Holding Co., Ltd. shareholders' equity |
19,898,909 |
|
17,095,703 |
|
2,401,420 |
|
|
|
|
|
|
|
|
Non-controlling interests |
12,801,136 |
|
11,498,702 |
|
1,615,213 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
32,700,045 |
|
28,594,405 |
|
4,016,633 |
|
|
|
|
|
|
|
|
Total liabilities, non-controlling interest and shareholders' equity |
124,880,358 |
|
120,842,308 |
|
16,974,619 |
|
JINKOSOLAR HOLDING CO., LTD. |
|||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||
|
(in thousands, except ADS and Share data) |
|||||||||||||
|
|
For the quarter ended |
|
For the six months ended |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
RMB'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
Revenues |
24,053,049 |
|
13,843,640 |
|
17,988,725 |
|
2,511,129 |
|
47,097,329 |
|
31,832,365 |
|
4,443,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(21,376,366) |
|
(14,196,514) |
|
(17,462,264) |
|
(2,437,638) |
|
(41,685,562) |
|
(31,658,778) |
|
(4,419,395) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
2,676,683 |
|
(352,874) |
|
526,461 |
|
73,491 |
|
5,411,767 |
|
173,587 |
|
24,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
(1,797,061) |
|
(1,145,411) |
|
(1,227,267) |
|
(171,320) |
|
(3,263,458) |
|
(2,372,678) |
|
(331,213) |
|
General and administrative |
(1,141,307) |
|
(1,215,065) |
|
(401,761) |
|
(56,084) |
|
(2,509,174) |
|
(1,616,826) |
|
(225,700) |
|
Research and development |
(215,394) |
|
(151,802) |
|
(251,598) |
|
(35,122) |
|
(455,822) |
|
(403,400) |
|
(56,312) |
|
Impairment of long-lived assets |
(660,964) |
|
- |
|
(24,536) |
|
(3,425) |
|
(660,964) |
|
(24,536) |
|
(3,425) |
|
Total operating expenses |
(3,814,726) |
|
(2,512,278) |
|
(1,905,162) |
|
(265,951) |
|
(6,889,418) |
|
(4,417,440) |
|
(616,650) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,138,043) |
|
(2,865,152) |
|
(1,378,701) |
|
(192,460) |
|
(1,477,651) |
|
(4,243,853) |
|
(592,418) |
|
Interest expenses |
(212,897) |
|
(341,604) |
|
(332,800) |
|
(46,457) |
|
(494,630) |
|
(674,403) |
|
(94,143) |
|
Interest income |
107,740 |
|
104,329 |
|
145,540 |
|
20,317 |
|
202,640 |
|
249,869 |
|
34,880 |
|
Subsidy income |
885,024 |
|
535,957 |
|
12,033 |
|
1,680 |
|
1,116,868 |
|
547,990 |
|
76,496 |
|
Exchange gain,net |
247,726 |
|
135,686 |
|
276,686 |
|
38,624 |
|
373,736 |
|
412,371 |
|
57,565 |
|
Change in fair value of foreign exchange derivatives |
57,250 |
|
(14,706) |
|
(184,345) |
|
(25,734) |
|
70,964 |
|
(199,052) |
|
(27,787) |
|
Change in fair value of Long-term Investment |
(144,222) |
|
(46,155) |
|
42,301 |
|
5,905 |
|
(199,550) |
|
(3,855) |
|
(538) |
|
Change in fair value of convertible senior notes |
12,791 |
|
- |
|
- |
|
- |
|
323,474 |
|
- |
|
- |
|
Other (loss)/income, net |
157,574 |
|
(218,618) |
|
(199,219) |
|
(27,810) |
|
1,481,051 |
|
(417,837) |
|
(58,327) |
|
(Loss)/income before income taxes |
(27,057) |
|
(2,710,263) |
|
(1,618,505) |
|
(225,935) |
|
1,396,902 |
|
(4,328,770) |
|
(604,272) |
|
Income tax benefits/(expenses) |
(24,799) |
|
699,479 |
|
288,768 |
|
40,310 |
|
(501,518) |
|
988,247 |
|
137,954 |
|
Equity in loss of affiliated companies |
(67,644) |
|
(46,072) |
|
(70,873) |
|
(9,893) |
|
(54,463) |
|
(116,946) |
|
(16,325) |
|
Net (loss)/income |
(119,500) |
|
(2,056,856) |
|
(1,400,610) |
|
(195,518) |
|
840,921 |
|
(3,457,469) |
|
(482,643) |
|
Less: Net loss/(income) attributable to non-controlling |
18,847 |
|
756,054 |
|
546,626 |
|
76,306 |
|
(332,178) |
|
1,302,680 |
|
181,847 |
|
Less: Accretion to redemption value of redeemable non- |
- |
|
(18,074) |
|
(22,438) |
|
(3,132) |
|
- |
|
(40,512) |
|
(5,655) |
|
Net (loss)/income attributable to JinkoSolar
|
(100,653) |
|
(1,318,876) |
|
(876,422) |
|
(122,344) |
|
508,743 |
|
(2,195,301) |
|
(306,451) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.48) |
|
(6.40) |
|
(4.20) |
|
(0.59) |
|
2.40 |
|
(10.59) |
|
(1.48) |
|
Diluted |
(0.53) |
|
(6.40) |
|
(4.20) |
|
(0.59) |
|
0.87 |
|
(10.59) |
|
(1.48) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(1.94) |
|
(25.58) |
|
(16.82) |
|
(2.35) |
|
9.62 |
|
(42.34) |
|
(5.91) |
|
Diluted |
(2.12) |
|
(25.58) |
|
(16.82) |
|
(2.35) |
|
3.48 |
|
(42.34) |
|
(5.91) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
208,076,672 |
|
206,249,285 |
|
208,496,117 |
|
208,496,117 |
|
211,662,944 |
|
207,378,908 |
|
207,378,908 |
|
Diluted |
209,869,918 |
|
206,249,285 |
|
208,496,117 |
|
208,496,117 |
|
219,563,068 |
|
207,378,908 |
|
207,378,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
52,019,168 |
|
51,562,321 |
|
52,124,029 |
|
52,124,029 |
|
52,915,736 |
|
51,844,727 |
|
51,844,727 |
|
Diluted |
52,467,479 |
|
51,562,321 |
|
52,124,029 |
|
52,124,029 |
|
54,890,767 |
|
51,844,727 |
|
51,844,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
(119,500) |
|
(2,056,856) |
|
(1,400,610) |
|
(195,518) |
|
840,921 |
|
(3,457,469) |
|
(482,643) |
|
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized income on available-for-sale securities |
- |
|
- |
|
15,323 |
|
2,139 |
|
- |
|
15,323 |
|
2,139 |
|
-Foreign currency translation adjustments |
9,874 |
|
96 |
|
1,172 |
|
165 |
|
(167,393) |
|
1,268 |
|
177 |
|
-Change in the instrument-specific credit risk |
- |
|
- |
|
- |
|
- |
|
421 |
|
- |
|
- |
|
Comprehensive (loss)/income |
(109,626) |
|
(2,056,760) |
|
(1,384,115) |
|
(193,214) |
|
673,949 |
|
(3,440,878) |
|
(480,327) |
|
Less: Comprehensive (income)/loss attributable to |
9,056 |
|
(710,680) |
|
(584,290) |
|
(81,564) |
|
(339,461) |
|
(1,294,970) |
|
(180,771) |
|
Comprehensive (loss)/income attributable to JinkoSolar |
(100,570) |
|
(2,767,440) |
|
(1,968,405) |
|
(274,778) |
|
334,488 |
|
(4,735,848) |
|
(661,098) |
|
JINKOSOLAR HOLDING CO., LTD. |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(in thousands) |
|||||
|
|
Dec 31, 2024 |
|
Jun 30, 2025 |
||
|
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,cash equivalents, and restricted cash |
27,737,976 |
|
24,317,251 |
|
3,394,558 |
|
Restricted short-term investments and short-term investments |
3,901,442 |
|
5,649,520 |
|
788,643 |
|
Accounts receivable, net |
14,065,558 |
|
15,077,672 |
|
2,104,762 |
|
Notes receivable, net |
3,333,377 |
|
3,344,999 |
|
466,944 |
|
Advances to suppliers, net |
2,654,149 |
|
936,138 |
|
130,680 |
|
Inventories, net |
12,509,422 |
|
12,889,319 |
|
1,799,280 |
|
Foreign exchange forward contract receivables |
115,220 |
|
99,075 |
|
13,830 |
|
Prepayments and other current assets, net |
4,490,411 |
|
6,068,103 |
|
847,075 |
|
Held-for-sale assets |
57,502 |
|
- |
|
- |
|
Total current assets |
68,865,057 |
|
68,382,077 |
|
9,545,772 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Restricted long-term investments |
1,328,201 |
|
1,349,622 |
|
188,400 |
|
Long-term investments |
1,870,253 |
|
1,662,657 |
|
232,098 |
|
Property, plant and equipment, net |
44,800,692 |
|
42,017,027 |
|
5,865,351 |
|
Land use rights, net |
1,838,015 |
|
1,817,773 |
|
253,751 |
|
Intangible assets, net |
461,955 |
|
489,148 |
|
68,282 |
|
Right-of-use assets, net |
448,555 |
|
375,615 |
|
52,434 |
|
Deferred tax assets |
2,641,397 |
|
2,806,908 |
|
391,829 |
|
Advances to suppliers to be utilised beyond one year |
520,376 |
|
504,908 |
|
70,482 |
|
Other assets, net |
1,954,935 |
|
2,040,443 |
|
284,835 |
|
Available-for-sale securities-non-current |
150,922 |
|
174,889 |
|
24,414 |
|
Total non-current assets |
56,015,301 |
|
53,238,990 |
|
7,431,876 |
|
|
|
|
|
|
|
|
Total assets |
124,880,358 |
|
121,621,067 |
|
16,977,648 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
11,038,668 |
|
13,100,111 |
|
1,828,705 |
|
Notes payable |
11,189,801 |
|
6,118,333 |
|
854,086 |
|
Accrued payroll and welfare expenses |
2,779,196 |
|
2,367,950 |
|
330,553 |
|
Advances from customers |
5,088,596 |
|
4,286,263 |
|
598,339 |
|
Income tax payables |
703,498 |
|
623,284 |
|
87,007 |
|
Other payables and accruals |
16,583,912 |
|
14,832,917 |
|
2,070,596 |
|
Foreign exchange forward derivatives payables |
20,789 |
|
195,680 |
|
27,316 |
|
Lease liabilities - current |
145,663 |
|
100,868 |
|
14,081 |
|
Short-term borrowings, including current portion of long-term |
6,933,899 |
|
11,177,190 |
|
1,560,276 |
|
Total current liabilities |
54,484,022 |
|
52,802,596 |
|
7,370,959 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
20,643,272 |
|
22,130,466 |
|
3,089,294 |
|
Convertible notes |
8,605,579 |
|
10,479,055 |
|
1,462,820 |
|
Accrued warranty costs - non current |
2,136,192 |
|
1,853,834 |
|
258,785 |
|
Lease liabilities-noncurrent |
330,740 |
|
329,739 |
|
46,030 |
|
Deferred tax liability |
56,718 |
|
56,718 |
|
7,918 |
|
Long-term Payables |
4,387,864 |
|
4,247,439 |
|
592,920 |
|
Total non-current liabilities |
36,160,365 |
|
39,097,251 |
|
5,457,767 |
|
|
|
|
|
|
|
|
Total liabilities |
90,644,387 |
|
91,899,847 |
|
12,828,726 |
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
1,535,926 |
|
1,499,688 |
|
209,348 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Total JinkoSolar Holding Co., Ltd. shareholders' equity |
19,898,909 |
|
17,100,949 |
|
2,387,200 |
|
|
|
|
|
|
|
|
Non-controlling interests |
12,801,136 |
|
11,120,583 |
|
1,552,374 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
32,700,045 |
|
28,221,532 |
|
3,939,574 |
|
|
|
|
|
|
|
|
Total liabilities, non-controlling interest and shareholders' equity |
124,880,358 |
|
121,621,067 |
|
16,977,648 |
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-and-third-quarter-2025-financial-results-302617065.html
SOURCE JinkoSolar Holding Co., Ltd.
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