JinkoSolar Holding Co., Ltd., a leading global solar module manufacturer known for its innovation, has released its unaudited financial results for the first quarter of 2025, ending March 31.
First Quarter 2025 Business Highlights
- Module shipments for the first quarter 2025 were 17.5 GW, ranking first in the industry.
- At the end of the first quarter, we became the first module manufacturer in the world to have delivered a total of over 320 GW solar modules, covering nearly 200 countries and regions.
- Our order book visibility for 2025 currently stands at 60% to 70% overall, with visibility in the Indo-Pacific and the Middle East and Africa regions exceeding 80%.
- Our N-type TOPCon-based perovskite tandem solar cell set a new record conversion efficiency of 34.22%.
- We were recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF) for the fourth consecutive quarter.
First Quarter 2025 Operational and Financial Highlights
- Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) and RMB6.40 (US$0.88), respectively. This translates into basic and diluted losses per ADS of RMB25.58 (US$3.53) and RMB25.58 (US$3.53), respectively.
- Quarterly shipments were 19,130 MW (17,504 MW for solar modules and 1,626 MW for cells and wafers), down 27.7% sequentially and 12.7% year-over-year.
- Total revenues were RMB13.84 billion (US$1.91 billion), down 33.0% sequentially and 39.9% year-over-year.
- Gross loss was RMB352.9 million (US$48.6 million), down 144.7% sequentially and 112.9% year-over-year.
- Gross loss margin was 2.5%, compared with gross profit margin of 3.8% in Q4 2024 and gross profit margin of 11.9% in Q1 2024.
- Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.32 billion (US$181.7 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB476.7 million in Q4 2024 and net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB609.4 million in Q1 2024.
- Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.07 billion (US$147.4 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, and (iii) share-based compensation expenses, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB430.8 million in Q4 2024 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB470.3 million in Q1 2024.
- Basic and diluted losses per ordinary share were RMB6.40 (US$0.88) and RMB6.40 (US$0.88), respectively. This translates into basic and diluted losses per ADS of RMB25.58 (US$3.53) and RMB25.58 (US$3.53), respectively.
Mr. Xiande Li, Chairman and CEO of JinkoSolar, reported that the company shipped 17.5 GW of modules and generated US$1.91 billion in revenue during the first quarter of 2025. He noted that low prices across the solar value chain and demand disruptions from shifts in international trade policies negatively impacted profit margins. Despite these challenges, JinkoSolar met its delivery commitments and implemented cost-saving strategies, including supply chain optimization and operational adjustments. However, a year-over-year decline in U.S. shipments and a continued drop in higher-priced overseas orders led to decreased module prices and profitability. The company posted a net loss of US$181.7 million for the quarter.
In Q1 2025, China added 59.7 GW of new solar capacity, up 31% YoY, driven by strong domestic demand and improved market stability. JinkoSolar adapted to trade policy shifts by adjusting its supply chain and regional focus, with 60–70% order visibility globally and over 80% in Indo-Pacific and MEA regions.
The company’s third-gen TOPCon cells achieved over 26.6% production efficiency, with power gains of 20–30 Wp over prior models. Lab efficiency for its perovskite-TOPCon tandem cell reached a record 34.22%, reflecting continued R&D progress.
JinkoSolar’s strategic investments in R&D, manufacturing, and after-sales for energy storage are yielding results, with Q1 2025 shipments exceeding 300 MWh—a strong year-over-year rise. The company targets 6 GWh in shipments for 2025, focusing on overseas markets. Confirmed orders cover 50–60%, with an additional 20–30% likely. JinkoSolar aims to integrate solar and storage for smarter global energy solutions.
JinkoSolar projects its 2025 year-end production capacities to reach 120 GW for mono wafers, 95 GW for cells, and 130 GW for modules, including 40–50 GW for third-generation TOPCon modules. Module shipments are expected to total 20–25 GW in Q2 and 85–100 GW for the full year. The company will continue refining strategy, supply chain, and technology to stay industry-leading.
