JinkoSolar Holding Co., Ltd. reported fourth‑quarter 2025 revenue of $2.50 billion, an 8.3% increase from the $2.31 billion earned in Q3 2025 and a 15.2% decline from the $2.65 billion recorded in the same quarter of 2024. The sequential rise reflects stronger demand in the company’s core module business, while the year‑over‑year drop underscores the persistent price pressure in the global photovoltaic market.
The company posted a net loss of $214.5 million, or $1.02 per ordinary share, compared with a $476.7 million loss in Q4 2024 and a $749.8 million loss in Q3 2025. Adjusted net loss was $119.8 million, driven by higher operating expenses and a 0.3% gross margin. The loss per share figure aligns with the company’s reported RMB 7.16 (US$1.02) loss per ordinary share for the quarter.
Gross margin contracted to 0.3% in Q4 2025, the lowest level in the company’s history. The compression is attributed to a combination of higher unit costs of products sold and a decline in the average selling price of solar modules, reflecting intense pricing competition and an oversupplied market. The margin squeeze has eroded profitability despite sequential revenue growth.
Quarterly solar module shipments increased 20.9% from the 20.1 GW shipped in Q3 2025 to 24.2 GW in Q4 2025, yet shipments were 4.0% lower than the 25.2 GW shipped a year earlier. The sequential gain is driven by strong demand in the company’s high‑efficiency module lines, while the year‑over‑year decline highlights the broader slowdown in global module demand and the impact of price erosion.
Investors reacted negatively to the results, citing the near‑zero gross margin and the significant net loss as key concerns. Management emphasized the continued pressure on module prices and the need to control costs, while noting that the energy‑storage business remains a growth tailwind. The earnings release signals a challenging short‑term environment for module profitability but also highlights the company’s strategic pivot toward integrated energy solutions.
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