JinkoSolar Holding (NYSE:JKS) shares traded cautiously Wednesday after its principal operating subsidiary, Jiangxi Jinko, issued a preliminary estimate projecting a massive net loss for the 2025 fiscal year.
The subsidiary, in which JinkoSolar holds a 55.59% equity interest, estimated a net loss attributable to shareholders of between RMB 5.90 billion and RMB 6.90 billion ($815M to $954M) under PRC GAAP.
When excluding extraordinary gains and losses, the projected deficit widens to as much as RMB 7.80 billion.
The figures underscore a brutal year for the global solar industry, which has been plagued by a persistent supply-demand imbalance and a sharp decline in the average selling price (ASP) of solar modules.
Despite the heavy subsidiary losses, JinkoSolar has signaled signs of stabilization in recent months.
In its third-quarter report, the parent company noted that gross margins had begun to recover—climbing to 7.3% from a low of 2.9% in Q2—driven by a significant shift toward high-efficiency N-type TOPCon modules and a doubling of shipments to the higher-margin U.S. market.
Additionally, JinkoSolar's growing energy storage business (ESS) is expected to contribute up to 15% of total revenue in 2026, potentially providing a much-needed buffer against volatile module pricing.