China-based solar cell and module manufacturer JinkoSolar posted a revenue of RMB17.51 billion (~$2.56 billion) in the fourth quarter (Q4) of 2025, down 15.2% year-over-year (YoY) from RMB20.65 billion (~$3.03 billion), mainly due to the decrease in the average selling price of solar modules.

The company’s net loss widened to RMB1.5 billion (~$219.93 million) from RMB476.6 million (~$69.88 million).

Loss from operations in Q4 2025 was RMB3.26 billion (~$477.9 million), compared with a loss of RMB1.94 billion (~$284.45 million) during the same period last year.

Total operating expenses in Q4 2025 were RMB3.31 billion (~$473.6 million), representing an increase of 21.2% from RMB2.73 billion (~$400.28 million) during the same period the previous year. The increase was primarily due to higher impairment charges for long-lived assets in Q4 2025.

The earnings per share fell to a loss of RMB7.16 (~$1.02) from RMB2.32 (~$0.34).

Full Year 2025

For the year 2025, the company posted revenue of RMB65.5 billion (~$9.61 billion), down 29% from RMB92.26 billion (~$13.53 billion) the year before.

The net loss for the year widened to RMB4.5 billion (~$659.81 million) from RMB54.5 million (~$7.99 million) the year before.

Loss from operations for 2025 was RMB8.91 billion (~$1.27 billion), compared with RMB3.34 billion (~$489.72 million) for 2024.

Total operating expenses for 2025 were RMB10.32 billion (~$ 1.48 billion), a decrease of 23% from RMB13.4 billion (~$1.96 billion) in 2024.

The decrease in total operating expenses was primarily due to lower shipping costs, driven by lower solar module shipment volumes and a decline in the average freight rate in 2025, as well as lower employee compensation costs.

As of December 31, 2025, Jinko had RMB22.94 billion (~$3.28 billion) in cash, cash equivalents, and restricted cash, compared with RMB27.74 billion (~$4.07 billion) as of December 31, 2024.

Co-Founder, Chief Executive Officer, and Chairman at Jinko Solar, Xiande Li, said, “For 2025, total module shipments reached 86 GW, ranking first globally for the seventh consecutive year. Impacted by persistently low module prices, the elimination of obsolete production capacity, an evolving product mix, and the ramp-up of high-efficiency products, we incurred a net loss for the full year. In Q4 2025, gross margin decreased sequentially, and our net loss expanded due to rising cost of raw materials such as polysilicon and silver, as well as foreign exchange rate fluctuations.”

“However, our energy storage business maintained its rapid growth trajectory, marking an important step in our ongoing transformation into an integrated energy solutions provider,” Li added.

Haiyun Cao, Director, said, “For the next year and long term, we are very optimistic. If you look at the conflict in the Middle East, I think more and more countries, including China, are increasingly determined to push for renewable energy. Energy independence and security will become priorities for a lot of governments.”

He said the company’s shipments are substantial and will be impacted by the conflict in the region.

Operational Highlights

Total shipments were 26 GW in Q4 2025, with solar modules accounting for nearly 93% of the mix. The module shipments for 2025 stood at 86 GW, down 7.3% YoY.

Geographically, the overseas market remained the primary driver for the company, accounting for about 60% of total module shipments in 2025. The company capitalized on growing demand across Asia-Pacific and emerging markets, which together accounted for nearly 40% of the total. Shipments to the U.S. accounted for approximately 5%.

By the end of Q4 2025, Jinko Solar became the first module manufacturer in the world to deliver over 390 GW of solar modules, with shipments of the Tiger Neo series surpassing 220 GW.

In Q4, shipments of high-efficiency products exceeding 640W+ increased to approximately 3 GW, at a $0.01 premium over conventional products.

By the end of 2025, the maximum laboratory conversion efficiency of its N-type TOPCon cells reached 27.79%, while its N-type TOPCon-based perovskite tandem solar cell achieved a new conversion efficiency record of 34.76%.

The company’s shipments of energy storage systems grew significantly YoY to 5.2 GW in 2025, with approximately 1.7 GWh recognized as revenue.

Outlook for 2026

For Q1 2026, the company expects module shipments of 13-14 GW, and for the full year, it estimates shipments of 75-85 GW.

“We expect annual integrated production capacity to reach approximately 100 GW by the end of 2026, including 14 GW from overseas facilities. Looking ahead to 2026, we will continue to deepen penetration into high-value markets and explore application scenarios, including zero-carbon industrial parks and data centers,” said Li.

For 2026, the company expects its energy storage system shipments to more than double YoY.

JinkoSolar‘s revenue dipped 34.1% YoY to RMB16.16 billion (~$2.27 billion) in Q3 2025.