China-based solar cell and module manufacturer JinkoSolar’s revenue for the first quarter (Q1) of 2025 dropped 39.9% year-over-year to RMB13.84 billion (~ $1.91 billion) but slightly exceeded market expectations. Revenue dipped 33% quarter-over-quarter.

The company recorded a net loss of RMB1.32 billion (~$181.7 million) in Q1 2025, compared to a net profit of RMB609.4 million (~$84.39 million) in the same quarter last year.

The adjusted net loss attributable to shareholders stood at RMB1.07 billion (~$147.4 million).

The loss per share amounted to RMB6.40 (~$0.88).

Operating loss for Q1 2025 stood at RMB2.87 billion (~$394.8 million), with an operating margin of 20.7%. Total operating expenses stood at RMB2.51 billion (~$346.2 million).

As of March 31, 2025, JinkoSolar reported cash and cash equivalents of RMB27.38 billion (~$3.77 billion), accounts receivable of RMB12.79 billion (~$1.76 billion), and inventories worth RMB13.26 billion (~$1.83 billion).

The company’s total interest-bearing debt stood at RMB46.54 billion (~$6.41 billion). It had total assets of RMB122.25 billion ($16.85 billion), liabilities of RMB90.63 billion (~$12.49 billion), and shareholders’ equity of RMB30.06 billion (~$4.14 billion).

Xiande Li, Chairman and CEO of JinkoSolar, attributed the quarter’s losses to persistently low prices across the solar value chain and disruptions in trade policy, particularly affecting shipments to higher-priced markets such as the U.S.

“Despite this challenging market environment, we fulfilled our delivery commitments to customers and reduced costs through supply chain optimization, production and operation plans adjustments, and other measures,” he said.

About the impact of the U.S. tariffs on solar imports, Haiyun Cao, Finance Director, said the tariffs are preliminary, and there remains uncertainty with a sunset determination after 12 months. “We are exploring different options to provide more certainty and competitiveness in costs. We remain committed to the U.S. market through joint ventures in the Middle East and local operations in the U.S.”

Total shipments for Q1 2025 reached 19,130 MW, consisting of 17,504 MW of solar modules and 1,626 MW of cells and wafers, a 12.7% YoY decline.

Energy storage shipments exceeded 300 MWh during the quarter, with full-year guidance maintained at around 6 GWh.

Li said market demand in China remained robust, with 59.7 GW of new solar capacity installed in Q1, a 31% YoY increase. The company reported 60% to 70% of order book visibility globally and over 80% in the Indo-Pacific, Middle East, and Africa regions.

Outlook for 2025

JinkoSolar expects Q2 2025 module shipments to range between 20 GW and 25 GW and full-year shipments to reach 85 GW to 100 GW. The company aims to achieve a year-end production capacity of 120 GW for mono wafers, 95 GW for solar cells, 130 GW for solar modules, and 40 GW to 50 GW for third-generation TOPCon modules.

Cao said, “We expect margins to improve slightly in Q2 as module prices trend upward. By the second half of the year, we anticipate stability and potential improvement, as the current situation is unsustainable for top-tier companies.”

The company’s revenue dipped 37.1% YoY to RMB20.65 billion (~$2.83 billion) in the fourth quarter of 2024, primarily due to a decline in the average selling price of solar modules caused by an industry-wide supply-demand imbalance.