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Sep 30, 2025
JinkoSolar Q3 2025 Earnings Report
JinkoSolar reported a Q3 net loss as revenues declined and gross margins improved sequentially.
Key Takeaways
JinkoSolar posted a net loss of $105.3 million for Q3 2025, with revenues dropping to $2.27 billion. However, the company saw improved gross profitability and continued high demand for high-efficiency solar modules, strengthening its market position.
Forward Guidance
JinkoSolar expects full-year 2025 shipments between 85 GW and 100 GW and energy storage shipments of around 6 GWh, anticipating stronger profitability in 2026.
Positive Outlook
- ESS orderbook visibility exceeds 90% for 2025
- High-efficiency modules now exceed 640W and carry a price premium
- Gross margin improved sequentially for two consecutive quarters
- Cumulative ESS shipments exceeded 3.3 GWh in first 9 months
- Energy storage expected to become second growth engine in 2026
Challenges Ahead
- Total revenues declined 34.1% YoY
- Net income swung from profit to loss YoY
- Operating expenses increased sequentially due to asset impairment
- Module shipment volumes decreased QoQ
Historical Earnings Impact
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Avg. Return Before/After Earnings
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