JinkoSolar Holding (NYSE:JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
The results underscore a period of immense operational scale countered by severe macroeconomic headwinds and aggressive price competition within the solar industry.
For the full year 2025, JinkoSolar reported total revenue of RMB65.50 billion (US$9.37 billion).
In the fourth quarter, revenue reached RMB17.51 billion (US$2.50 billion).
Despite maintaining its position as a volume leader—shipping 86.06 GW of modules for the full year and 24.2 GW in the fourth quarter alone—the company’s profitability was hit hard by plummeting average selling prices.
Q4 gross margin fell to 0.3%, bringing the full-year gross margin to just 2.2%.
The margin compression led to a significant bottom-line impact.
JinkoSolar reported a net loss attributable to ordinary shareholders of RMB1.50 billion for the fourth quarter, contributing to a total fiscal 2025 net loss of RMB4.45 billion.
Management noted that while demand remains robust globally, the rapid expansion of industry-wide capacity has led to a temporary oversupply, forcing manufacturers to navigate a low-price environment.
Technologically, the company remains a frontrunner.
During the year, JinkoSolar achieved a record-breaking conversion efficiency of 34.76% for its silicon-based perovskite tandem solar cell.
The company continues to transition its capacity toward advanced N-type cells, which offer superior efficiency and lower degradation compared to legacy technologies.
Looking ahead, JinkoSolar provided a cautious yet ambitious outlook for 2026.
The company expects to reach a production capacity of approximately 100 GW across its integrated chain and has set a full-year 2026 shipment guidance of 75 GW to 85 GW.