On April 16, JinkoSolar released an announcement disclosing its financial results for the fourth quarter and full year of 2025, while simultaneously providing its latest forecast for module shipments for Q1 2026 and the full year.
Module Shipments Firmly Maintain Top Position, While Price Declines Put Pressure on Profits
According to the announcement, JinkoSolar's annual shipment volume of solar modules reached 86 GW in 2025. Although this represents a year-over-year decrease of 7.3%, the full-year shipment volume still ranks first in the industry.
Affected by factors such as the decline in the average selling price of solar modules, the company's total annual revenue was 65.5 billion RMB, a year-over-year decrease of 29.0%. In terms of profitability, the company's full-year gross profit was 1.41 billion RMB, down 86% year-over-year, with the gross margin dropping from 10.9% in 2024 to 2.2%. Furthermore, the net loss attributable to the company's ordinary shareholders reached 4.45 billion RMB, with its operating performance turning from a profit into a loss year-over-year.
Looking at the single quarter, in Q4 2025, the company's solar module shipments reached 24.2 GW, representing a quarter-over-quarter increase of 20.9% and a year-over-year decrease of 4.0%. The quarter achieved an operating revenue of 17.51 billion RMB, an increase of 8.3% quarter-over-quarter and a decrease of 15.2% year-over-year.
The quarter-over-quarter revenue growth was primarily driven by the increase in solar module shipments, while the year-over-year decline was attributed to the lower average selling price of the modules. Impacted by the rising unit cost of products sold and the declining selling price of modules, the gross margin for the fourth quarter was 0.3%.
Q1 2026 Module Shipments Forecasted at 13-14 GW
Looking ahead to 2026, JinkoSolar expects its full-year module shipments to be between 75 GW and 85 GW, of which the module shipments for the first quarter of 2026 will range between 13 GW and 14 GW.
In terms of capacity planning, JinkoSolar projects that its integrated production capacity will reach approximately 100 GW by the end of 2026, which includes 14 GW of overseas integrated capacity.
In addition, JinkoSolar's management stated that alongside continuously promoting module product upgrades and technological breakthroughs, the company is also steadily expanding its overseas market for energy storage products. It is expected that the shipment volume of energy storage systems will more than double in 2026, becoming a vital engine for driving overall profitability improvement.
High-End Products Accelerate the Release of Premium Pricing Power
JinkoSolar believes that the industry is currently entering a new phase of price recovery and order normalization. Driven by the rising prices of bulk commodities such as silver, coupled with the effective stimulation of module export demand following the cancellation of the export tax rebate policy, module prices have already rebounded sequentially from the fourth quarter of last year. JinkoSolar anticipates that as the industry's competitive order gradually standardizes and supply-demand dynamics marginally improve, overall module prices are expected to remain relatively stable.
Meanwhile, JinkoSolar is strengthening its own profitability through technological iteration and product mix optimization. As of the end of 2025, the company's N-type TOPCon cell laboratory efficiency had reached 27.79%, and its N-type TOPCon perovskite tandem cell efficiency had also broken through to 34.76%.
On the product front, high-power and differentiated products possess strong premium pricing capabilities. In Q4 2025, the shipment volume of high-power solar modules exceeding 640W increased to 3 GW. As the Tiger Neo 3 series products, which feature a maximum power of up to 670W, gradually ramp up in volume, their high-performance advantages and premium pricing capabilities will be released at an accelerated pace.
Furthermore, facing the cost challenges brought about by rising silver prices, the progress of the "silver-coated copper" technology developed by the company is meeting expectations. It is projected to achieve large-scale mass production in 2026, thereby effectively hedging against raw material cost pressures.
Source：EnergyTrend