JinkoSolar Holding Co., Ltd. disclosed preliminary unaudited consolidated results for its subsidiary Jiangxi Jinko for the year ended December 31, 2025. Revenue fell 29.18% to RMB65.49 billion, a sharp decline from RMB92.26 billion in 2024, reflecting the severe price erosion in the solar‑module market.
The company posted a net loss of RMB6.79 billion, reversing the RMB98.9 million profit reported in 2024. Operating loss of RMB9.11 billion and loss before income taxes of the same amount underscore the margin compression caused by the price war and oversupply of modules.
Return on equity turned negative at –23.49% and basic earnings per share were –RMB0.68, the first negative EPS in the company’s history. Cash and cash equivalents stood at RMB3.3 billion, and operating cash flow was positive at RMB340 million in Q3 2025, giving the firm a liquidity cushion to fund cost‑control and capacity‑upgrade initiatives.
Management attributed the loss primarily to the steep decline in the average selling price of solar modules, a trend that has eroded gross margins from 10.9% in 2024 to a lower level in 2025. The company’s Energy Storage System (ESS) business, which is expected to become a significant growth driver, is positioned to offset some of the headwinds in the module segment.
Investors reacted negatively to the results, citing the revenue contraction and the swing from a profit to a substantial loss as key concerns. The announcement highlights the ongoing pricing volatility in the solar‑module market and underscores the need for JinkoSolar to accelerate its shift toward higher‑margin ESS and high‑value overseas markets.
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