According to EnergyTrend, on February 27, JinkoSolar released its preliminary earnings announcement. The company achieved operating revenue of approximately 65.492 billion yuan in 2025, a year-on-year decrease of 29.18%. Net loss attributable to shareholders of the parent company was approximately 6.786 billion yuan, compared with a profit of 98.9276 million yuan in the same period last year.
The announcement stated that the loss was mainly affected by multiple factors. In 2025, intensified price fluctuations across the global photovoltaic industry chain and disruptions from overseas trade protection policies generally pressured profitability across all integrated PV module segments.Coupled with low module prices, a relatively low shipment share of the company’s high-power products, and provisions for impairment of long-term assets, these factors collectively resulted in an annual operating loss.
Regarding the main reasons for changes of more than 30% in major indicators, JinkoSolar stated that during the reporting period, the company’s operating profit decreased by 1,248.29% year-on-year, and net profit attributable to shareholders of the parent company decreased by 6,959.50% year-on-year, mainly due to the decline in main business profit caused by falling prices of photovoltaic products.
Notably, facing industry volatility, JinkoSolar adhered to technology leadership, launched the new-generation Tiger Neo 3 high-efficiency module products, continuously promoted capacity and technology upgrades, and rapidly developed its energy storage business,achieving remarkable synergy advantages between PV and energy storage.
The results of its technology layout have initially emerged. On February 26, during an investor relations activity, JinkoSolar stated thatrecently, with the rise in silver prices and lower export tax rebates, the company’s domestic and overseas module quotations have risen significantly, with an average increase of about 30%–40% compared with previous lows. This confirms strong market demand for the high-efficiency, high-performance Tiger Neo 3 productsand the company’s pricing power for high-efficiency products.
From an industry trend perspective, high-power, high-efficiency modules have become mainstream. According to incomplete statistics from EnergyTrend, the scale of PV module bidding in January 2026 was approximately 8.46 GW, of which Huadian Group’s 8 GW module centralized procurement project accounted for 94.6%, including 6 GW requiring N-type high-efficiency modules with conversion efficiency ≥ 23.8%.
Among the 8.46 GW bidding projects in the month,the volume explicitly designated for N-type modules reached 8.24 GW, accounting for as high as 97.5%, showcing continuously rising demand for high-efficiency modules.
In response, JinkoSolar stated that high-power modules can improve power station efficiency, reduce the levelized cost of electricity, and accelerate the clearance of outdated capacity. The company’s Tiger Neo 3 module has a maximum power of 670 W and a conversion efficiency of 24.8%. The shipment share of high-power products of 640 W and above is expected to reach 60% in 2026, which is expected to capture opportunities from the high-quality development of the industry.
Source：EnergyTrend
