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Mar 31, 2025
JinkoSolar Q1 2025 Earnings Report
Announced First Quarter 2025 Financial Results
Key Takeaways
JinkoSolar reported a significant decline in financial results for the first quarter of 2025, with revenues decreasing by 39.9% year-over-year and resulting in a gross loss and net loss, driven primarily by lower average selling prices of solar modules and challenging market conditions.
Total revenues in Q1 2025 were US$1.91 billion, a decrease of 39.9% year-over-year.
The company reported a gross loss of US$48.6 million and a net loss attributable to ordinary shareholders of US$181.7 million.
Module shipments reached 17.5 GW in Q1 2025, despite a challenging market environment with pressure on profit margins.
JinkoSolar provided Q2 2025 module shipment guidance of 20.0 GW to 25.0 GW and full-year 2025 guidance of 85.0 GW to 100.0 GW.
Forward Guidance
JinkoSolar expects module shipments to increase sequentially in Q2 2025 and provided full-year guidance. The company anticipates increasing production capacity by the end of 2025 and sees growth potential in the energy storage market.
Positive Outlook
- Q2 2025 module shipments expected to increase to 20.0 GW - 25.0 GW.
- Full year 2025 module shipment guidance set at 85.0 GW - 100.0 GW.
- Expected significant increase in production capacity for mono wafers, solar cells, and modules by end of 2025.
- Strong order book visibility, exceeding 80% in Indo-Pacific and Middle East and Africa regions.
- Energy storage shipments expected to reach around 6 GWh for the full year 2025, with strong order confirmation.
Challenges Ahead
- Market uncertainty persists due to changes in international trade policies.
- Continued pressure on prices across the solar industrial chain.
- Profit margins remain challenged in the integrated solar supply chain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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