JinkoSolar 2025 Revenue Falls 29% to RMB65.5 Billion as Margin Collapses
JinkoSolar shipped 86 GW of modules in 2025, maintaining its industry-leading position and achieving a perovskite tandem cell conversion record of 34.76% with over 700 TOPCon patents granted. Full-year revenue fell 29% to RMB65.5 billion while gross margin plunged to 2.2%, resulting in a RMB4.45 billion net loss.
1. Shipments and Technological Milestones
JinkoSolar shipped 86 GW of modules in 2025, ranking first globally for the seventh consecutive year. It delivered over 390 GW of total modules to date, with the Tiger Neo series surpassing 220 GW, and achieved a perovskite tandem solar cell conversion efficiency record of 34.76% alongside more than 700 granted TOPCon patents.
2. Fourth Quarter Results
In Q4 2025, module shipments reached 24,204 MW, up 20.9% sequentially and down 4.0% year-over-year. Revenues rose 8.3% sequentially to RMB17.51 billion, but gross profit plunged 95.3% sequentially to RMB55.1 million, yielding a 0.3% margin and a net loss of RMB1.50 billion.
3. Full Year Financial Overview
For full-year 2025, revenues fell 29.0% to RMB65.50 billion and gross profit dropped 86.0% to RMB1.41 billion, resulting in a 2.2% margin. The company recorded a RMB4.45 billion net loss and an adjusted net loss of RMB3.14 billion after excluding fair value changes, impairment of assets, and share-based compensation.