4th Quarter and Complete Year 2025 Service Emphasizes
4th Quarter 2025 Operational and Financial Emphasizes
Complete Year 2025 Operational and Financial Emphasizes
4th Quarter 2025 Financial Outcomes
Overall Earnings
Gross Earnings and Gross Margin
Gross revenue in the 4th quarter of 2025 was RMB55.1 million (US$ 7.9 million), compared to RMB1.18 billion in the 3rd quarter of 2025 and RMB789.7 million in the 4th quarter of 2024.
Gross margin was 0.3% in the 4th quarter of 2025, compared to 7.3% in the 3rd quarter of 2025 and 3.8% in the 4th quarter of 2024. The consecutive reduction was mostly due to a greater system expense of items offered, while the year-over-year reduction was primarily due to the reduction in the typical asking price of solar modules.
Loss from Operations and Operating Margin
Loss from operations in the 4th quarter of 2025 was RMB3.26 billion (US$ 465.7 million), compared to loss from operations of RMB1.40 billion in the 3rd quarter of 2025 and loss from operations of RMB1.94 billion in the 4th quarter of 2024. The consecutive and year-over-year boosts were mostly attributable to the reduction in our gross margin in the 4th quarter of 2025.
Operating loss margin was 18.6% in the 4th quarter of 2025, compared to operating loss margin of 8.7% in the 3rd quarter of 2025 and running loss margin of 9.4% in the 4th quarter of 2024.
Overall operating costs in the 4th quarter of 2025 were RMB3.31 billion (US$ 473.6 million), representing a boost of 28.0% from RMB2.59 billion in the 3rd quarter of 2025 and a boost of 21.2% from RMB2.73 billion in the 4th quarter of 2024. The consecutive and year-over-year boosts were mostly due to a boost in the problems of long-lived properties in the 4th quarter of 2025.
Overall operating costs represented 18.9% of overall earnings in the 4th quarter of 2025, compared to 16.0% in the 3rd quarter of 2025 and 13.2% in the 4th quarter of 2024.
Interest Costs and Interest Earnings
Interest costs were RMB359.0 million (US$ 51.3 million), and interest earnings was RMB129.3 million (US$ 18.5 million) in the 4th quarter of 2025.
Aid Earnings
Aid earnings in the 4th quarter of 2025 was RMB240.4 million (US$ 34.4 million), compared to RMB358.6 million in the 3rd quarter of 2025 and RMB900.1 million in the 4th quarter of 2024. The consecutive and year-over-year declines were mostly attributable to the declines in money invoice of rewards connected to the Business’s organization operations.
Exchange Loss/Gain and Modification in Fair Worth of Forex Derivatives
Modification in Fair Worth of Long-lasting Financial Investment
The Business acknowledged a loss from the modification in reasonable worth of long-lasting financial investment of RMB23.7 million (US$ 3.4 million) in the 4th quarter of 2025, compared to a gain of RMB60.7 million in the 3rd quarter of 2025 and a gain of RMB332.3 million in the 4th quarter of 2024. The consecutive and year-over-year modifications were mostly due to the declines in the reasonable worth of a number of solar innovation business we purchased.
Other Income/Loss, Net
Net other earnings in the 4th quarter of 2025 was RMB26.0 million (US$ 3.7 million), compared to net other loss of RMB121.1 million in the 3rd quarter of 2025 and net other loss of RMB758.4 million in the 4th quarter of 2024. The consecutive and year-over-year modifications were primarily due to the modifications in the reasonable worth of monetary instruments in the 4th quarter of 2025.
Equity in Loss/Income of Affiliated Business
Earnings Tax Advantage
The Business tape-recorded an earnings tax advantage of RMB1.04 billion (US$ 148.9 million) in the 4th quarter of 2025, compared to earnings tax advantage of RMB191.6 million in the 3rd quarter of 2025 and earnings tax advantage of RMB580.5 million in the 4th quarter of 2024.
Bottom Line Attributable to Non-Controlling Interests
Bottom Line and Losses per Share
Bottom line attributable to JinkoSolar Holding Co., Ltd.’s normal investors was RMB1.50 billion (US$ 214.5 million) in the 4th quarter of 2025, compared to bottom line attributable to JinkoSolar Holding Co., Ltd.’s normal investors of RMB749.8 million in the 3rd quarter of 2025 and RMB476.7 million in the 4th quarter of 2024.
Complete Year 2025 Financial Outcomes
Overall Earnings
Overall earnings for complete year 2025 were RMB65.50 billion (US$ 9.37 billion), representing a reduction of 29.0% from RMB92.26 billion for complete year 2024. The reduction in overall earnings was primarily attributable to the reduction in typical asking price of solar modules.
Gross Earnings and Gross Margin
Gross revenue for complete year 2025 was RMB1.41 billion (US$ 201.7 million), a reduction of 86.0% from RMB10.06 billion for complete year 2024. The year-over-year reduction was primarily attributable to the reduction in typical asking price of solar modules in 2025.
Gross margin was 2.2% for complete year 2025, compared to 10.9% for complete year 2024. The year-over-year reduction was primarily attributable to the reduction in typical asking price of solar modules.
Loss from Operations and Operating Margin
Loss from operations for complete year 2025 was RMB8.91 billion (US$ 1.27 billion), compared to loss from operations of RMB3.34 billion for complete year 2024. Running loss margin for complete year 2025 was 13.6%, compared to operating loss margin of 3.6% for complete year 2024.
Interest Costs and Interest Earnings
Interest costs were RMB1.36 billion (US$ 194.5 million), and interest earnings was RMB504.1 million (US$ 72.1 million) for the complete year 2025.
Net interest costs for complete year 2025 was RMB856.0 million (US$ 122.4 million), a boost of 17.5% from RMB728.4 million for complete year 2024. The boost was primarily due to a boost in interest-bearing financial obligations in 2025.
Aid Earnings
Aid earnings for complete year 2025 was RMB1.15 billion (US$ 164.0 million), compared to RMB2.45 billion for complete year 2024. The year-over-year reduction was primarily attributable to a reduction in the money invoice of rewards to the Business’s organization operations.
Exchange Loss/Gain and Modification in Fair Worth of Forex Derivatives
Modification in Fair Worth of Long-lasting Financial Investment
Other Loss/Income, net
Net other loss for complete year 2025 was RMB512.9 million (US$ 73.3 million), compared to net other earnings of RMB796.3 million for complete year 2024. The reduction was mostly due to earnings produced from the disposal of a wholly-owned subsidiary in 2024.
Equity in Loss of Affiliated Business
Earnings Tax Advantage/ Expenditure, Internet
The Business acknowledged an earnings tax advantage of RMB2.22 billion (US$ 317.6 million) in 2025, compared to an earnings tax expenditure of RMB69.4 million in 2024.
Net Loss/Income and Losses/ Revenues per Share
Bottom line attributable to JinkoSolar Holding Co., Ltd.’s normal investors in 2025 was RMB4.45 billion (US$ 635.6 million), compared to an earnings attributable to JinkoSolar Holding Co., Ltd.’s normal investors of RMB54.5 million in 2024.
Monetary Position
Since December 31, 2025, the Business had RMB22.94 billion (US$ 3.28 billion) in money, money equivalents, and limited money, compared to RMB27.74 billion since December 31, 2024.
Since December 31, 2025, the Business’s receivables were RMB13.59 billion (US$ 1.94 billion), compared to RMB14.07 billion since December 31, 2024.
Since December 31, 2025, the Business’s stocks were RMB14.48 billion (US$ 2.07 billion), compared to RMB12.51 billion since December 31, 2024.
Since December 31, 2025, the Business’s overall interest-bearing financial obligations were RMB47.01 billion (US$ 6.72 billion), compared to RMB40.59 billion since December 31, 2024.
Operations and Service Outlook Emphasizes
Very First Quarter and Complete Year 2026 Assistance
The Business’s organization outlook is based upon management’s present views and price quotes with regard to market conditions, production capability, the Business’s order book and the worldwide financial environment. This outlook undergoes unpredictability on last consumer need and sale schedules. Management’s views and price quotes undergo alter without notification.
For the very first quarter of 2026, the Business anticipates its module deliveries to be in the variety of 13.0 GW to 14.0 GW.
For complete year 2026, the Business approximates its module deliveries to be in the variety of 75.0 GW to 85.0 GW.
For complete year 2026, the Business anticipates its ESS deliveries to be more than doubled year-over-year.
Solar Products Production Capability
The Business anticipates its yearly integrated production capability to be 100GW, consisting of 14 GW overseas, by the end of 2026, by the end of 2026.
Current Service Advancements
Teleconference Details
JinkoSolar’s management will host an incomes teleconference on Thursday, April 16, 2026 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/ Hong Kong the exact same day).
Please sign up in advance of the conference utilizing the link offered listed below. Upon signing up, you will be offered with individual dial-in numbers, passcode and distinct gain access to PIN by a calendar welcome.
Individual Online Registration: https://s1.c-conf.com/diamondpass/10054051-xbgjcl.html
It will immediately direct you to the registration page of “JinkoSolar 4th Quarter and Complete Year 2025 Revenues Teleconference”, where you might fill out your information for RSVP.
In the 10 minutes prior to the call start time, you might utilize the conference gain access to info (consisting of dial-in number( s), passcode and distinct gain access to PIN) offered in the calendar welcome that you have actually gotten following your pre-registration.
A telephone replay of the call will be readily available 2 hours after the conclusion of the teleconference through 23:59 U.S. Eastern Time, April 23, 2026. The dial-in information for the replay are as follows:
International: +61 7 3107 6325
U.S.: +1 855 883 1031
Passcode: 10054051
In addition, a live and archived webcast of the teleconference will be readily available on the Financier Relations area of JinkoSolar’s site at http://www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
To discover more, please see: www.jinkosolar.com
Currency Benefit Translation
Safe Harbor Declaration
For financier and media queries, please contact:
Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: [email protected]
In the U.S.:
Email: [email protected]
SOURCE JinkoSolar Holding Co., Ltd.