JinkoSolar (NYSE:JKS) executives said the global photovoltaic (PV) market remained volatile in 2025 amid supply-demand imbalances and a shifting trade environment, pressuring profitability across the solar value chain even as the company maintained its position as the world’s largest module shipper.
Management cites pricing pressure and fourth-quarter headwinds
Chairman and CEO Li Xiande said JinkoSolar focused on disciplined operations and technology leadership during a difficult year marked by “persistently low module prices,” a product mix still in transition toward higher-efficiency products, and efforts to eliminate outdated production capacity. For full-year 2025, the company shipped 86 gigawatts (GW) of modules, “ranking first globally for the seventh consecutive year,” according to Li’s prepared remarks translated by Investor Relations head Stella Wang.
Energy storage positioned as “second growth engine”
Li highlighted energy storage as a key part of the company’s transition from a product supplier to an “integrated energy solutions provider.” He said energy storage system (ESS) shipments rose significantly year-over-year to 5.2 GWh in 2025, with a portion recognized as revenue during the year, and he expressed confidence that deeper penetration into high-value markets could drive ESS shipment growth in 2026.
In subsequent Q&A, CEO of JinkoSolar Co., Ltd. Haiyun Cao (referred to as Charlie) provided additional color on regional emphasis, saying China represented a relatively small share of the company’s storage business and that focus areas included Europe, Latin America, the Middle East, and Asia-Pacific. He also said the company was “actively in early stage” discussions with potential customers tied to AI data centers and “hopefully” could finalize some deals by the end of the year. Cao estimated ESS gross margin in a 10% to 15% range, while noting industry exposure to lithium price increases.
Wang added that BloombergNEF’s latest global energy storage Tier 1 list for the first quarter of 2026 recognized JinkoSolar as a Tier 1 provider for the eighth consecutive quarter.
Technology, product upgrades, and manufacturing footprint
Li said the company continued to push technology upgrades in N-type TOPCon and next-generation cells. Wang said that as of the end of 2025, JinkoSolar’s maximum lab efficiency for N-type TOPCon cells reached 27.79%, while its TOPCon-based perovskite tandem cell reached 34.76%. She added that the company held over 700 TOPCon patents by the end of the fourth quarter and is partnering with XtalPi to apply AI in perovskite tandem R&D to accelerate commercialization.
On product mix, Wang said fourth-quarter shipments of modules exceeding 640 watts increased sequentially to about 3 GW and carried a $0.01 premium versus conventional products. She said the third generation of the Tiger Neo series is expected to scale in 2026, with maximum output cited at 670 watts.
Li also discussed manufacturing and cost initiatives, including supply chain optimization, smart manufacturing, and progress on “silver-coated copper” technology, which Wang said is expected to ramp at large scale in 2026. Li pointed to “lighthouse” smart factory efforts, including a Shanxi facility, as helping improve efficiency and cost competitiveness.
On global manufacturing, Wang said JinkoSolar’s 2 GW N-type module facility in the U.S. maintained high utilization rates as the company strengthened local manufacturing and services.
Financial results: shipments up in Q4, margins compressed; operating cash flow positive
CFO Pan Li said the company delivered a “challenging fourth quarter” with a 20.9% sequential increase in solar module shipments and a slight sequential revenue increase, while operating efficiency improved. Li reported operating cash flow of approximately $470 million in the fourth quarter and $280 million for full-year 2025, meeting the company’s target for positive operating cash flow for the year. He said the company expects operating cash flow to remain positive in 2026.
For the fourth quarter, Pan Li reported:
- Total revenue: $2.5 billion, up 8.3% sequentially and down 15% year-over-year, with the year-over-year decline attributed mainly to lower module average selling prices (ASPs).
- Gross margin: 0.3%, down from 7.3% in the third quarter of 2025 and 3.8% in the prior-year quarter.
- Operating expenses: CNY 473.6 million, up 28% sequentially and 21% year-over-year, driven mainly by increased impairment of long-lived assets.
- Operating loss margin: 18.6%, compared with 8.7% in the third quarter.
For full-year 2025, Pan Li said total module shipments were 86 GW, down 7.3% year-over-year. He reported total revenues of about CNY 9.4 billion, down 29% year-over-year, primarily due to lower module ASPs. Gross margin for the year was 2.2%, down from 10.9% in 2024, and operating loss margin was 13.6% versus 3.6% in 2024.
Pan Li also provided an adjusted net loss measure excluding several items, stating that adjusted net loss attributable to ordinary shareholders was about $408 million in 2025, excluding changes in fair value of convertible notes and investments, share-based compensation, a fire incident-related net loss in 2024, and impairment of long-lived assets.
On the balance sheet, Pan Li said cash and cash equivalents were RMB 3.3 billion at quarter-end. He also cited improved working capital metrics, including accounts receivable turnover days of 94 versus 105 in the third quarter, and inventory turnover days of 75 versus 90. Total debt was about CNY 6.7 billion at quarter-end, with net debt of CNY 3.44 billion.
During Q&A on margin pressures, Cao said that if key factors had not changed, fourth-quarter margin “should be stable or maybe a little bit higher.” He identified commodities—particularly silver—as the largest headwind, citing a market price increase of “250%-300%,” followed by RMB appreciation. He said polysilicon prices were “a little bit higher in Q4” but not a significant impact.
2026 outlook: capacity growth, shipments guidance, and pricing commentary
Li provided shipment and capacity guidance, saying JinkoSolar expects integrated production capacity to reach approximately 100 GW by the end of 2026, including 14 GW from overseas facilities. The company guided to module shipments of 13 GW to 14 GW for the first quarter of 2026 and 75 GW to 85 GW for full-year 2026.
Executives also discussed pricing trends. Li said that, since the fourth quarter, policy measures have helped normalize competition and push module prices “back to reasonable levels,” and that module prices rebounded sequentially in the first quarter of 2026. In response to analyst questions, Cao said he expects ASPs to “improve gradually” quarter by quarter, citing both market pricing recovery and the ramp of higher-efficiency products, but he declined to provide detailed forward ASP guidance. He did say market pricing varies by region and product and is “roughly in the range of… $11.5-$14.”
On geographic mix, Wang said overseas markets accounted for about 60% of 2025 module shipments, with Asia-Pacific and emerging markets together at nearly 40%, and the U.S. at approximately 5%. Cao said he expects China’s share of JinkoSolar’s shipments to decline to about 30% in 2026 as the company seeks to lower exposure to the domestic market.
Cao also addressed several investor topics, including:
- Perovskite commercialization: He said moving from lab results to mass production could take “maybe 3-5 years,” and is “not in the near term.”
- U.S. shipments: He said JinkoSolar expects U.S. shipments to be 5%-10% of total shipments in 2026, citing challenges related to solar cell supply.
- Litigation: Cao said the company does not expect disruptions from First Solar-related litigation, adding that JinkoSolar does not believe it infringes relevant patents and is “confident” there will be no operational impact in the U.S.
- Capex and depreciation: He said 2025 depreciation was roughly $1 billion and 2025 capex was also roughly $1 billion. For 2026, he said capex is expected to be about RMB 5 billion (roughly $700 million), reflecting that major investments were made in 2025 to upgrade about 40 GW of capacity.
- Shareholder returns: Cao said the company intends to continue a combination of share purchases and dividends, and referenced potential shareholder returns “maybe in a range of $50 million-$100 million a year,” while also discussing capital allocation toward investments.
About JinkoSolar (NYSE:JKS)
JinkoSolar Holding Co, Ltd. (NYSE: JKS) is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world’s largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.
JinkoSolar’s product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.
