JinkoSolar Announces Second and Third Quarter 2025 Financial Results
JinkoSolar (NYSE: JKS) reported unaudited results for Q2 and Q3 2025, announcing Q3 revenue of RMB16.16 billion (US$2.27B), Q3 gross profit of RMB1.18 billion (US$166.0M) and Q3 gross margin of 7.3%. Q3 shipments were 21,570 MW (20,014 MW modules). Cumulative module shipments reached 370 GW and Tiger Neo series surpassed 200 GW. Q3 net loss attributable to ordinary shareholders was RMB749.8M (US$105.3M); adjusted Q3 net loss was RMB373.1M (US$52.4M). Mass-produced TOPCon cell efficiency reached 27.2–27.4%. ESS orderbook visibility for 2025 exceeds 90%; full-year 2025 shipment guidance is 85–100 GW and ESS ~6 GWh.
JinkoSolar (NYSE: JKS) ha riportato risultati non auditati per il secondo e il terzo trimestre del 2025, annunciando un fatturato del terzo trimestre di RMB16,16 miliardi (US$2,27 miliardi), un utile lordo del terzo trimestre di RMB1,18 miliardi (US$166,0 milioni) e una marginalità lorda del 7,3%. Le spedizioni del terzo trimestre ammontavano a 21.570 MW (20.014 MW moduli). Le spedizioni cumulate di moduli hanno raggiunto 370 GW e la serie Tiger Neo ha superato 200 GW. La perdita netta attribuibile agli azionisti ordinari del terzo trimestre è stata RMB749,8 milioni (US$105,3 milioni); la perdita netta rettificata del terzo trimestre è stata RMB373,1 milioni (US$52,4 milioni). L’efficienza delle celle TOPCon prodotte in serie ha raggiunto 27,2–27,4%. La visibilità dell’ordine ESS per il 2025 supera 90%; la guidance delle spedizioni per l’intero 2025 è tra 85–100 GW e ESS circa 6 GWh.
JinkoSolar (NYSE: JKS) informó resultados no auditados para el 2T y 3T de 2025, anunciando ingresos del tercer trimestre de RMB16,16 mil millones (US$2,27 mil millones), una ganancia bruta del tercer trimestre de RMB1,18 mil millones (US$166,0 millones) y un margen bruto del 7,3%. Los envíos del tercer trimestre fueron de 21.570 MW (20.014 MW en módulos). Los envíos acumulados de módulos alcanzaron 370 GW y la serie Tiger Neo superó 200 GW. La pérdida neta atribuible a los accionistas comunes del tercer trimestre fue de RMB749,8 millones (US$105,3 millones); la pérdida neta ajustada del tercer trimestre fue de RMB373,1 millones (US$52,4 millones). La eficiencia de las celdas TOPCon de producción en masa alcanzó 27,2–27,4%. La visibilidad del libro de pedidos ESS para 2025 supera el 90%; la orientación de envíos para todo 2025 es 85–100 GW y ESS ~6 GWh.
JinkoSolar (NYSE: JKS)가 2025년 2분기 및 3분기에 대한 감사되지 않은 실적을 발표했으며, 3분기 매출은 RMB16.16십억(미 USD 2.27십억), 3분기 총이익은 RMB1.18십억(미 USD 166.0백만), 3분기 총마진은 7.3% 이라고 발표했습니다. 3분기 출하는 21,570 MW(모듈 20,014 MW)였고, 누적 모듈 출하는 370 GW, Tiger Neo 시리즈는 200 GW를 돌파했습니다. 3분기 보통주 자주주에 귀속되는 순손실은 RMB749.8백만(미 USD 105.3백만); 조정된 3분기 순손실은 RMB373.1백만(미 USD 52.4백만) 이었습니다. 대량 생산 TOPCon 셀 효율은 27.2–27.4%에 도달했습니다. 2025년 ESS 주문잔고 가시성은 90%를 초과합니다; 2025년 연간 선적 가이던스는 85–100 GW이며 ESS 약 6 GWh입니다.
JinkoSolar (NYSE : JKS) a publié des résultats non audités pour le 2e et le 3e trimestres 2025, en annonçant un chiffre d'affaires du 3e trimestre de RMB16,16 milliards (US$2,27 milliards), un bénéfice brut du 3e trimestre de RMB1,18 milliard (US$166,0 millions) et une marge brute de 7,3%. Les expéditions du 3e trimestre s'élevaient à 21 570 MW (20 014 MW de modules). Les expéditions cumulées de modules ont atteint 370 GW et la série Tiger Neo a dépassé 200 GW. La perte nette attribuable aux actionnaires ordinaires du 3e trimestre a été de RMB749,8 millions (US$105,3 millions); la perte nette ajustée du 3e trimestre a été de RMB373,1 millions (US$52,4 millions). L'efficacité des cellules TOPCon produites en série a atteint 27,2–27,4%. La visibilité du carnet de commandes ESS pour 2025 dépasse 90%; l'orientation des expéditions pour l'ensemble de 2025 est de 85–100 GW et ESS environ 6 GWh.
JinkoSolar (NYSE: JKS) veröffentlichte ungeprüfte Ergebnisse für Q2 und Q3 2025 und meldete für Q3 einen Umsatz von RMB16,16 Milliarden (US$2,27 Milliarden), einen Bruttogewinn von RMB1,18 Milliarden (US$166,0 Millionen) und eine Bruttomarge von 7,3%. Die Lieferungen im Q3 betrugen 21.570 MW (20.014 MW Module). Die kumulierten Modulleistungen erreichten 370 GW und die Tiger Neo-Serie überschritt 200 GW. Der auf Stammaktionäre entfallende Nettogewinn/Nettoverlust für Q3 betrug RMB749,8 Mio. (US$105,3 Mio.); der bereinigte Nettogewinn/Nettoverlust für Q3 betrug RMB373,1 Mio. (US$52,4 Mio.). Die Massenproduktion der TOPCon-Zellen erreichte 27,2–27,4%. Die ESS-Bestellbuch-Transparenz für 2025 liegt über 90%; die Jahresprognose für 2025 liegt bei 85–100 GW und ESS ca. 6 GWh.
JinkoSolar (NYSE: JKS) أصدرت نتائج غير مدققة للربعين الثاني والثالث من 2025، معلنة عن إيرادات الربع الثالث قدرها تريليون RMB16.16 مليار (0. US$2.27 مليار)، و< b>ربح إجمالي للربع الثالث قدره RMB1.18 مليار (US$166.0 مليون) وهامش إجمالي قدره 7.3%. كانت شحنات الربع الثالث 21,570 MW (20,014 MW للوحدات النمطية). وصلت الشحنات التراكمية للوحدات إلى 370 GW وبلغت سلسلة Tiger Neo أكثر من 200 GW. كانت الخسارة الصافية العائدة للمساهمين العاديين في الربع الثالث RMB749.8 مليون (US$105.3 مليون)؛ وكانت الخسارة الصافية المعدلة للربع الثالث RMB373.1 مليون (US$52.4 مليون). بلغت كفاءة خلايا TOPCon واسعة الإنتاج 27.2–27.4%. وجودة أمر ESS لسنة 2025 تتجاوز 90%; وتوجيه الشحنات للسنة الكاملة 2025 هو 85–100 GW وESS تقربياً 6 GWh.
- Cumulative module shipments reached 370 GW
- Tiger Neo cumulative shipments surpassed 200 GW
- Q3 gross profit improved to RMB1.18B (7.3% margin)
- Mass-produced TOPCon cell efficiency at 27.2–27.4%
- ESS orderbook visibility for 2025 > 90%
- Company raised MSCI ESG rating to A
- Q3 total revenues declined 10.2% sequentially to RMB16.16B
- Q3 shipments down 18.4% sequentially to 21,570 MW
- Q3 net loss attributable to shareholders of RMB749.8M
- Year‑over‑year revenue decline of 34.1% in Q3
Insights
Mixed quarter: sequential margin recovery but continuing year‑over‑year revenue decline and GAAP losses; guidance remains shipment‑driven.
Revenue fell to
The company reported a net loss attributable to ordinary shareholders of
Key dependencies and risks include sustained selling‑price pressure (year‑over‑year ASP declines noted), the magnitude and timing of cost reductions (unit cost improvements cited), and the realization of energy storage growth where orderbook visibility exceeds
Concrete near‑term items to watch are management's full‑year shipment range of
SHANGRAO,
Third Quarter 2025 Business Highlights
- Total module shipments for the third quarter were approximately 20GW, with over
65% shipped to overseas markets. - By the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 370 GW of solar modules, with total cumulative shipments of Tiger Neo series surpassing 200 GW, the best-selling module series in history.
- Mass-produced cell efficiency for high-efficiency TOPCon products reached
27.2% to27.4% . - We started to deliver certain high efficiency modules series with power output exceeding 640W, which carry a price premium over conventional series.
- Orderbook visibility for energy storage system (ESS) in 2025 exceeds
90% . - Our MSCI ESG rating has been upgraded to "A", the highest level among mainstream PV companies.
Third Quarter 2025 Operational and Financial Highlights
- Quarterly shipments were 21,570 MW (20,014 MW for solar modules and 1,556 MW for cells and wafers), down
18.4% sequentially and16.7% year-over-year. - Total revenues were
RMB16.16 billion (US ), down$2.27 billion 10.2% sequentially and34.1% year-over-year. - Gross profit was
RMB1.18 billion (US ), up$166.0 million 124.5% sequentially and down69.3% year-over-year. - Gross profit margin was
7.3% , compared with gross profit margin of2.9% in Q2 2025 and gross profit margin of15.7% in Q3 2024. - Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB749.8 million (US ), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of$105.3 million RMB876.4 million in Q2 2025 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB22.5 million in Q3 2024. - Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB373.1 million (US ), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of$52.4 million RMB856.4 million in Q2 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB103.9 million in Q3 2024. - Basic and diluted losses per ordinary share were
RMB3.58 (US ) and$0.50 RMB3.58 (US ), respectively. This translates into basic and diluted losses per ADS of$0.50 RMB14.32 (US ) and$2.01 RMB14.32 (US ), respectively.$2.01
Second Quarter 2025 Operational and Financial Highlights
- Quarterly shipments were 26,446 MW (24,334 MW for solar modules and 2,111 MW for cells and wafers), up
38.2% sequentially and4.5% year-over-year. - Total revenues were
RMB17.99 billion (US ), up$2.51 billion 29.9% sequentially and down25.2% year-over-year. - Gross profit was
RMB526.5 million (US ), compared with gross loss of$73.5 million RMB352.9 million in Q1 2025 and gross profit ofRMB2.68 billion in Q2 2024. - Gross profit margin was
2.9% , compared with gross loss margin of2.5% in Q1 2025 and gross profit margin of11.1% in Q2 2024. - Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB876.4 million (US .3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of$122 RMB1.32 billion in Q1 2025 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB100.7 million in Q2 2024. - Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
RMB856.4 million (US .5 million), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of$119 RMB1.07 billion in Q1 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders ofRMB378.5 million in Q2 2024. - Basic and diluted losses per ordinary share were
RMB4.20 (US ) and$0.59 RMB4.20 (US ), respectively. This translates into basic and diluted losses per ADS of$0.59 RMB16.82 (US ) and$2.35 RMB16.82 (US ), respectively.$2.35
Mr. Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, commented, "In the first three quarters of 2025, our global module shipments totaled 61.9 GW, once again ranking No.1 worldwide. Driven by our outstanding product performance and strong presence in high-value overseas markets, gross margin improved significantly sequentially for two consecutive quarters, reaching
We continue to keep our module utilization rates at a reasonable level in the second and third quarters. Since the third quarter, prices of polysilicon, wafers, and cells have all risen, and module prices trended upward in
The technology upgrade toward high-power production capacity is accelerating industry consolidation. This technology upgrade also meets end-customers demand for high-power products and higher investment returns. We have made steady progress in high-power products upgrades in the third quarter and already delivered some high-power products at a premium of 1-2 US cents per watt, and expect high-power products to account for more than
In
The global supply chain is reshaping, and technological upgrades are accelerating high-quality development of the industry. With strong technological capabilities, long-term reliability, and global diversification of our energy storage business, we are well positioned to further strengthen our competitiveness and benefit from the next upward cycle in the industry.
Looking forward, we will continue to respond actively to the industry's call for rational development and proactively adapt to changes in overseas policies to ensure sustainable supply for our customers. We will keep strengthening our competitive advantages in technology and global operations and balance scale and profitability to consolidate our industry-leading position. We expect total shipments to be between 85 GW and 100 GW for the full year of 2025, and ESS shipments to be approximately 6 GWh for the full year 2025."
Third Quarter 2025 Financial Results
Total Revenues
Total revenues in the third quarter of 2025 were
Gross Profit and Gross Margin
Gross profit in the third quarter of 2025 was
Gross profit margin was
Loss/Income from Operations and Operating Margin
Loss from operations in the third quarter of 2025 was
Operating loss margin was
Total operating expenses in the third quarter of 2025 were
Total operating expenses accounted for
Interest Expenses and Interest Income
Interest expenses were
Net interest expenses in the third quarter of 2025 were
Subsidy Income
Subsidy income in the third quarter of 2025 was
Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of
Change in Fair Value of Long-term Investment
The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of September 30, 2025, the Company had
The Company recognized a gain from the change in fair value of long-term investment of
Oth er Lo ss/ Income , N et
Net other loss in the third quarter of 2025 was
E quity in Income/ Loss of Affili ated Companies
The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in income of affiliated companies of
Income Tax Benefit/Expense
The Company recorded an income tax benefit of
Net Loss A ttributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to
Net Loss/Income and Losses/Earnings per Share
Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Basic and diluted losses per ordinary share were
Financial Position
As of September 30, 2025, the Company had
As of September 30, 2025, the Company's accounts receivables were
As of September 30, 2025, the Company's inventories were
As of September 30, 2025, the Company's total interest-bearing debts were
Second Quarter 2025 Financial Results
Total Revenues
Total revenues in the second quarter of 2025 were
Gross Profit/Loss and Gross Margin
Gross profit in the second quarter of 2025 was
Gross profit margin was
Loss from Operations and Operating L oss Margin
Loss from operations in the second quarter of 2025 was
Operating loss margin was
Total operating expenses in the second quarter of 2025 were
Total operating expenses accounted for
Interest Expenses and Interest Income
Interest expenses were
Net interest expenses in the second quarter of 2025 were
Subsidy Income
Subsidy income in the second quarter of 2025 was
Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of
Change in Fair Value of Long-term Investment
The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of June 30, 2025, the Company had
The Company recognized a gain from the change in fair value of long-term investment of
Oth er Lo ss/ Income , N et
Net other loss in the second quarter of 2025 was
E quity in Loss of Affili ated Companies
The Company indirectly holds certain equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of
Income Tax Benefit/Expense
The Company recorded an income tax benefit of
Net Loss A ttributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to
Net Loss and Losses per Share
Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
Basic and diluted losses per ordinary share were
Operations and Business Outlook Highlights
Fourth Quarter and Full Year 2025 Guidance
The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2025, the Company expects its total shipments (including solar modules, cells and wafers) to be in the range of 18.0 GW to 33.0 GW.
For full year 2025, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 85.0 GW to 100.0 GW.
For full year 2025, the Company expects its ESS shipments to be approximately 6 GWh.
Solar Products Production Capacity
The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025.
Recent Business Developments
- In May 2025, JinkoSolar entered into a Memorandum of Agreement with SolarToday to distribute the SunGiga All-in-One products in the Benelux,
Romania ,Greece ,Germany , andTurkey . - In May 2025, EAGLE® Preserve, JinkoSolar's proprietary takeback-and-recycling program for end-of-life solar modules in the
U.S. , became the very-first such stewardship program to receive the approval of theWashington State Department of Ecology. - In June 2025, JinkoSolar was recognized as Top Performer across all seven reliability categories in the 2025 PV Module Reliability Scorecard published by Kiwa PVEL.
- In June 2025, JinkoSolar was recognized as Overall Highest Achiever in Renewable Energy Testing Center's 2025 PV Module Index Report.
- In June 2025, JinkoSolar's board of directors declared a cash dividend of
US per ordinary share of$0.32 5US each of the Company, or$0.00 002US per ADS.$1.30 - In June 2025, Jiangxi Jinko in its capacity as Chair of the Finance Task Force of the Global Solar Council (GSC), officially released "How to Finance Solar for All?" during the London Climate Week 2025.
- In June 2025, JinkoSolar announced the successful delivery of its high-efficiency Tiger Neo modules to support the construction of
Spain's newly inauguratedSegovia solar cluster. - In July 2025, JinkoSolar's EAGLE® G6R residential PV module was honored as a 2025 Sustainable Product of the Year by Green Builder® Media.
- In July 2025, JinkoSolar announced the successful commissioning of 21.6 MWh of Energy Storage Systems supplied to Distributed Energy Infrastructure (DEI).
- In August 2025, Jiangxi Jinko published its unaudited consolidated financial results as of and for the six months ended June 30, 2025.
- In August 2025, JinkoSolar announced business highlights for the first half of 2025.
- In September 2025, JinkoSolar completed the sale of 300,156,075 A shares of Jiangxi Jinko.
- In October 2025, JinkoSolar announced module supply to Trinity Energy for a Costco Warehouse in the
State of Washington . - In October 2025, Jiangxi Jinko announces third quarter 2025 unaudited financial results.
Conference Call Information
JinkoSolar's management will host an earnings conference call on Monday, November 17, 2025 at 7:30 a.m.
Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10050807-ki8u7y.html
It will automatically direct you to the registration page of "JinkoSolar Second and Third Quarter 2025 Earnings Conference Call", where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59
International: +61 7 3107 6325
U.S.: +1 855 883 1031
Passcode: 10050813
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in
JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
For investor and media inquiries, please contact:
In
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the
Ms. Linda Bergkamp
Christensen,
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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JINKOSOLAR HOLDING CO., LTD. |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except ADS and Share data) |
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For the quarter ended |
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For the nine months ended |
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Sep 30, 2024 |
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Jun 30, 2025 |
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Sep 30, 2025 |
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Sep 30, 2024 |
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Sep 30, 2025 |
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|
RMB'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
Revenues |
24,508,244 |
|
17,988,725 |
|
16,158,497 |
|
2,269,771 |
|
71,605,572 |
|
47,990,862 |
|
6,741,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(20,652,556) |
|
(17,462,264) |
|
(14,976,562) |
|
(2,103,745) |
|
(62,338,117) |
|
(46,635,340) |
|
(6,550,827) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
3,855,688 |
|
526,461 |
|
1,181,935 |
|
166,026 |
|
9,267,455 |
|
1,355,522 |
|
190,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
(2,172,100) |
|
(1,227,267) |
|
(999,538) |
|
(140,404) |
|
(5,435,558) |
|
(3,372,216) |
|
(473,692) |
|
General and administrative |
(1,175,798) |
|
(401,761) |
|
(775,946) |
|
(108,996) |
|
(3,684,972) |
|
(2,392,772) |
|
(336,111) |
|
Research and development |
(208,668) |
|
(251,598) |
|
(255,721) |
|
(35,921) |
|
(664,490) |
|
(659,121) |
|
(92,586) |
|
Impairment of long-lived assets |
(223,588) |
|
(24,536) |
|
(555,439) |
|
(78,022) |
|
(884,552) |
|
(579,975) |
|
(81,469) |
|
Total operating expenses |
(3,780,154) |
|
(1,905,162) |
|
(2,586,644) |
|
(363,343) |
|
(10,669,572) |
|
(7,004,084) |
|
(983,858) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from operations |
75,534 |
|
(1,378,701) |
|
(1,404,709) |
|
(197,317) |
|
(1,402,117) |
|
(5,648,562) |
|
(793,448) |
|
Interest expenses |
(300,935) |
|
(332,800) |
|
(326,757) |
|
(45,900) |
|
(795,566) |
|
(1,001,159) |
|
(140,633) |
|
Interest income |
98,790 |
|
145,540 |
|
124,972 |
|
17,555 |
|
301,431 |
|
374,840 |
|
52,654 |
|
Subsidy income |
431,753 |
|
12,033 |
|
358,573 |
|
50,368 |
|
1,548,621 |
|
906,562 |
|
127,344 |
|
Exchange gain/(loss),net |
(203,999) |
|
276,686 |
|
(123,417) |
|
(17,336) |
|
169,737 |
|
288,954 |
|
40,589 |
|
Change in fair value of foreign exchange derivatives |
(47,912) |
|
(184,345) |
|
124,267 |
|
17,456 |
|
23,052 |
|
(74,785) |
|
(10,505) |
|
Change in fair value of Long-term Investment |
30,772 |
|
42,301 |
|
60,677 |
|
8,523 |
|
(168,778) |
|
56,823 |
|
7,982 |
|
Change in fair value of convertible senior notes |
- |
|
- |
|
- |
|
- |
|
323,474 |
|
- |
|
- |
|
Other (loss)/income, net |
73,632 |
|
(199,219) |
|
(121,059) |
|
(17,005) |
|
1,554,684 |
|
(538,896) |
|
(75,698) |
|
(Loss)/Income before income taxes |
157,635 |
|
(1,618,505) |
|
(1,307,453) |
|
(183,656) |
|
1,554,538 |
|
(5,636,223) |
|
(791,715) |
|
Income tax benefits/(expenses) |
(148,460) |
|
288,768 |
|
191,635 |
|
26,919 |
|
(649,977) |
|
1,179,882 |
|
165,737 |
|
Equity in (loss)/income of affiliated companies |
(3,389) |
|
(70,873) |
|
2,919 |
|
410 |
|
(57,852) |
|
(114,026) |
|
(16,017) |
|
Net (loss)/income |
5,786 |
|
(1,400,610) |
|
(1,112,899) |
|
(156,327) |
|
846,709 |
|
(4,570,367) |
|
(641,995) |
|
Less: Net loss/(income) attributable to non-controlling |
38,960 |
|
546,626 |
|
385,798 |
|
54,193 |
|
(293,218) |
|
1,688,478 |
|
237,179 |
|
Less: Accretion to redemption value of redeemable non- |
(22,214) |
|
(22,438) |
|
(22,685) |
|
(3,187) |
|
(22,214) |
|
(63,197) |
|
(8,877) |
|
Net (loss)/income attributable to JinkoSolar
|
22,532 |
|
(876,422) |
|
(749,786) |
|
(105,321) |
|
531,277 |
|
(2,945,086) |
|
(413,693) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.11 |
|
(4.20) |
|
(3.58) |
|
(0.50) |
|
2.54 |
|
(14.15) |
|
(1.99) |
|
Diluted |
0.11 |
|
(4.20) |
|
(3.58) |
|
(0.50) |
|
0.99 |
|
(14.15) |
|
(1.99) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
0.44 |
|
(16.82) |
|
(14.32) |
|
(2.01) |
|
10.15 |
|
(56.62) |
|
(7.95) |
|
Diluted |
0.44 |
|
(16.82) |
|
(14.32) |
|
(2.01) |
|
3.96 |
|
(56.62) |
|
(7.95) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
204,902,909 |
|
208,496,117 |
|
209,429,353 |
|
209,429,353 |
|
209,393,151 |
|
208,069,900 |
|
208,069,900 |
|
Diluted |
204,962,646 |
|
208,496,117 |
|
209,429,353 |
|
209,429,353 |
|
213,914,994 |
|
208,069,900 |
|
208,069,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
51,225,727 |
|
52,124,029 |
|
52,357,338 |
|
52,357,338 |
|
52,348,288 |
|
52,017,475 |
|
52,017,475 |
|
Diluted |
51,240,662 |
|
52,124,029 |
|
52,357,338 |
|
52,357,338 |
|
53,478,749 |
|
52,017,475 |
|
52,017,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
5,786 |
|
(1,400,610) |
|
(1,112,899) |
|
(156,327) |
|
846,709 |
|
(4,570,367) |
|
(641,995) |
|
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized income on available-for-sale securities |
- |
|
15,323 |
|
- |
|
- |
|
- |
|
15,323 |
|
2,152 |
|
-Foreign currency translation adjustments |
(123,210) |
|
1,172 |
|
(17,383) |
|
(2,441) |
|
(290,603) |
|
(16,115) |
|
(2,264) |
|
Comprehensive (loss)/income |
(117,424) |
|
(1,384,115) |
|
(1,130,282) |
|
(158,768) |
|
556,106 |
|
(4,571,159) |
|
(642,106) |
|
Less: Comprehensive (income)/loss attributable to non- |
77,293 |
|
(584,290) |
|
(392,388) |
|
(55,118) |
|
(262,164) |
|
(1,687,358) |
|
(237,022) |
|
Comprehensive (loss)/income attributable to JinkoSolar |
(40,131) |
|
(1,968,405) |
|
(1,522,670) |
|
(213,886) |
|
293,942 |
|
(6,258,517) |
|
(879,128) |
|
JINKOSOLAR HOLDING CO., LTD. |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(in thousands) |
|||||
|
|
Dec 31, 2024 |
|
Sep 30, 2025 |
||
|
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,cash equivalents, and restricted cash |
27,737,976 |
|
23,440,345 |
|
3,292,646 |
|
Restricted short-term investments and short-term investments |
3,901,442 |
|
5,212,183 |
|
732,151 |
|
Accounts receivable, net |
14,065,558 |
|
15,034,067 |
|
2,111,823 |
|
Notes receivable, net |
3,333,377 |
|
2,970,474 |
|
417,260 |
|
Advances to suppliers, net |
2,654,149 |
|
1,419,475 |
|
199,392 |
|
Inventories, net |
12,509,422 |
|
14,939,226 |
|
2,098,501 |
|
Foreign exchange forward contract receivables |
115,220 |
|
243,622 |
|
34,221 |
|
Prepayments and other current assets, net |
4,490,411 |
|
6,697,546 |
|
940,799 |
|
Held-for-sale assets |
57,502 |
|
- |
|
- |
|
Total current assets |
68,865,057 |
|
69,956,938 |
|
9,826,793 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Restricted long-term investments |
1,328,201 |
|
1,431,612 |
|
201,097 |
|
Long-term investments |
1,870,253 |
|
1,778,488 |
|
249,823 |
|
Property, plant and equipment, net |
44,800,692 |
|
39,726,082 |
|
5,580,290 |
|
Land use rights, net |
1,838,015 |
|
1,797,410 |
|
252,481 |
|
Intangible assets, net |
461,955 |
|
483,768 |
|
67,954 |
|
Right-of-use assets, net |
448,555 |
|
279,302 |
|
39,233 |
|
Deferred tax assets |
2,641,397 |
|
2,757,101 |
|
387,288 |
|
Advances to suppliers to be utilised beyond one year |
520,376 |
|
274,502 |
|
38,559 |
|
Other assets, net |
1,954,935 |
|
2,182,216 |
|
306,534 |
|
Available-for-sale securities-non-current |
150,922 |
|
174,889 |
|
24,567 |
|
Total non-current assets |
56,015,301 |
|
50,885,370 |
|
7,147,826 |
|
|
|
|
|
|
|
|
Total assets |
124,880,358 |
|
120,842,308 |
|
16,974,619 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
11,038,668 |
|
14,076,092 |
|
1,977,257 |
|
Notes payable |
11,189,801 |
|
7,725,290 |
|
1,085,165 |
|
Accrued payroll and welfare expenses |
2,779,196 |
|
2,319,132 |
|
325,767 |
|
Advances from customers |
5,088,596 |
|
4,681,284 |
|
657,576 |
|
Income tax payables |
703,498 |
|
673,303 |
|
94,578 |
|
Other payables and accruals |
16,583,912 |
|
13,463,080 |
|
1,891,147 |
|
Foreign exchange forward derivatives payables |
20,789 |
|
109,864 |
|
15,433 |
|
Lease liabilities - current |
145,663 |
|
83,694 |
|
11,756 |
|
Short-term borrowings, including current portion of long-term |
6,933,899 |
|
10,797,984 |
|
1,516,784 |
|
Total current liabilities |
54,484,022 |
|
53,929,723 |
|
7,575,463 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
20,643,272 |
|
19,985,166 |
|
2,807,300 |
|
Convertible notes |
8,605,579 |
|
10,534,627 |
|
1,479,790 |
|
Accrued warranty costs - non current |
2,136,192 |
|
1,687,141 |
|
236,991 |
|
Lease liabilities-noncurrent |
330,740 |
|
243,922 |
|
34,264 |
|
Deferred tax liability |
56,718 |
|
57,563 |
|
8,086 |
|
Long-term Payables |
4,387,864 |
|
4,287,388 |
|
602,246 |
|
Total non-current liabilities |
36,160,365 |
|
36,795,807 |
|
5,168,677 |
|
|
|
|
|
|
|
|
Total liabilities |
90,644,387 |
|
90,725,530 |
|
12,744,140 |
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
1,535,926 |
|
1,522,373 |
|
213,846 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Total JinkoSolar Holding Co., Ltd. shareholders' equity |
19,898,909 |
|
17,095,703 |
|
2,401,420 |
|
|
|
|
|
|
|
|
Non-controlling interests |
12,801,136 |
|
11,498,702 |
|
1,615,213 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
32,700,045 |
|
28,594,405 |
|
4,016,633 |
|
|
|
|
|
|
|
|
Total liabilities, non-controlling interest and shareholders' equity |
124,880,358 |
|
120,842,308 |
|
16,974,619 |
|
JINKOSOLAR HOLDING CO., LTD. |
|||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||
|
(in thousands, except ADS and Share data) |
|||||||||||||
|
|
For the quarter ended |
|
For the six months ended |
||||||||||
|
|
Jun 30, 2024 |
|
Mar 31, 2025 |
|
Jun 30, 2025 |
|
Jun 30, 2024 |
|
Jun 30, 2025 |
||||
|
|
RMB'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
Revenues |
24,053,049 |
|
13,843,640 |
|
17,988,725 |
|
2,511,129 |
|
47,097,329 |
|
31,832,365 |
|
4,443,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(21,376,366) |
|
(14,196,514) |
|
(17,462,264) |
|
(2,437,638) |
|
(41,685,562) |
|
(31,658,778) |
|
(4,419,395) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
2,676,683 |
|
(352,874) |
|
526,461 |
|
73,491 |
|
5,411,767 |
|
173,587 |
|
24,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
(1,797,061) |
|
(1,145,411) |
|
(1,227,267) |
|
(171,320) |
|
(3,263,458) |
|
(2,372,678) |
|
(331,213) |
|
General and administrative |
(1,141,307) |
|
(1,215,065) |
|
(401,761) |
|
(56,084) |
|
(2,509,174) |
|
(1,616,826) |
|
(225,700) |
|
Research and development |
(215,394) |
|
(151,802) |
|
(251,598) |
|
(35,122) |
|
(455,822) |
|
(403,400) |
|
(56,312) |
|
Impairment of long-lived assets |
(660,964) |
|
- |
|
(24,536) |
|
(3,425) |
|
(660,964) |
|
(24,536) |
|
(3,425) |
|
Total operating expenses |
(3,814,726) |
|
(2,512,278) |
|
(1,905,162) |
|
(265,951) |
|
(6,889,418) |
|
(4,417,440) |
|
(616,650) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,138,043) |
|
(2,865,152) |
|
(1,378,701) |
|
(192,460) |
|
(1,477,651) |
|
(4,243,853) |
|
(592,418) |
|
Interest expenses |
(212,897) |
|
(341,604) |
|
(332,800) |
|
(46,457) |
|
(494,630) |
|
(674,403) |
|
(94,143) |
|
Interest income |
107,740 |
|
104,329 |
|
145,540 |
|
20,317 |
|
202,640 |
|
249,869 |
|
34,880 |
|
Subsidy income |
885,024 |
|
535,957 |
|
12,033 |
|
1,680 |
|
1,116,868 |
|
547,990 |
|
76,496 |
|
Exchange gain,net |
247,726 |
|
135,686 |
|
276,686 |
|
38,624 |
|
373,736 |
|
412,371 |
|
57,565 |
|
Change in fair value of foreign exchange derivatives |
57,250 |
|
(14,706) |
|
(184,345) |
|
(25,734) |
|
70,964 |
|
(199,052) |
|
(27,787) |
|
Change in fair value of Long-term Investment |
(144,222) |
|
(46,155) |
|
42,301 |
|
5,905 |
|
(199,550) |
|
(3,855) |
|
(538) |
|
Change in fair value of convertible senior notes |
12,791 |
|
- |
|
- |
|
- |
|
323,474 |
|
- |
|
- |
|
Other (loss)/income, net |
157,574 |
|
(218,618) |
|
(199,219) |
|
(27,810) |
|
1,481,051 |
|
(417,837) |
|
(58,327) |
|
(Loss)/income before income taxes |
(27,057) |
|
(2,710,263) |
|
(1,618,505) |
|
(225,935) |
|
1,396,902 |
|
(4,328,770) |
|
(604,272) |
|
Income tax benefits/(expenses) |
(24,799) |
|
699,479 |
|
288,768 |
|
40,310 |
|
(501,518) |
|
988,247 |
|
137,954 |
|
Equity in loss of affiliated companies |
(67,644) |
|
(46,072) |
|
(70,873) |
|
(9,893) |
|
(54,463) |
|
(116,946) |
|
(16,325) |
|
Net (loss)/income |
(119,500) |
|
(2,056,856) |
|
(1,400,610) |
|
(195,518) |
|
840,921 |
|
(3,457,469) |
|
(482,643) |
|
Less: Net loss/(income) attributable to non-controlling |
18,847 |
|
756,054 |
|
546,626 |
|
76,306 |
|
(332,178) |
|
1,302,680 |
|
181,847 |
|
Less: Accretion to redemption value of redeemable non- |
- |
|
(18,074) |
|
(22,438) |
|
(3,132) |
|
- |
|
(40,512) |
|
(5,655) |
|
Net (loss)/income attributable to JinkoSolar
|
(100,653) |
|
(1,318,876) |
|
(876,422) |
|
(122,344) |
|
508,743 |
|
(2,195,301) |
|
(306,451) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(0.48) |
|
(6.40) |
|
(4.20) |
|
(0.59) |
|
2.40 |
|
(10.59) |
|
(1.48) |
|
Diluted |
(0.53) |
|
(6.40) |
|
(4.20) |
|
(0.59) |
|
0.87 |
|
(10.59) |
|
(1.48) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable to JinkoSolar Holding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(1.94) |
|
(25.58) |
|
(16.82) |
|
(2.35) |
|
9.62 |
|
(42.34) |
|
(5.91) |
|
Diluted |
(2.12) |
|
(25.58) |
|
(16.82) |
|
(2.35) |
|
3.48 |
|
(42.34) |
|
(5.91) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
208,076,672 |
|
206,249,285 |
|
208,496,117 |
|
208,496,117 |
|
211,662,944 |
|
207,378,908 |
|
207,378,908 |
|
Diluted |
209,869,918 |
|
206,249,285 |
|
208,496,117 |
|
208,496,117 |
|
219,563,068 |
|
207,378,908 |
|
207,378,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
52,019,168 |
|
51,562,321 |
|
52,124,029 |
|
52,124,029 |
|
52,915,736 |
|
51,844,727 |
|
51,844,727 |
|
Diluted |
52,467,479 |
|
51,562,321 |
|
52,124,029 |
|
52,124,029 |
|
54,890,767 |
|
51,844,727 |
|
51,844,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
(119,500) |
|
(2,056,856) |
|
(1,400,610) |
|
(195,518) |
|
840,921 |
|
(3,457,469) |
|
(482,643) |
|
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized income on available-for-sale securities |
- |
|
- |
|
15,323 |
|
2,139 |
|
- |
|
15,323 |
|
2,139 |
|
-Foreign currency translation adjustments |
9,874 |
|
96 |
|
1,172 |
|
165 |
|
(167,393) |
|
1,268 |
|
177 |
|
-Change in the instrument-specific credit risk |
- |
|
- |
|
- |
|
- |
|
421 |
|
- |
|
- |
|
Comprehensive (loss)/income |
(109,626) |
|
(2,056,760) |
|
(1,384,115) |
|
(193,214) |
|
673,949 |
|
(3,440,878) |
|
(480,327) |
|
Less: Comprehensive (income)/loss attributable to |
9,056 |
|
(710,680) |
|
(584,290) |
|
(81,564) |
|
(339,461) |
|
(1,294,970) |
|
(180,771) |
|
Comprehensive (loss)/income attributable to JinkoSolar |
(100,570) |
|
(2,767,440) |
|
(1,968,405) |
|
(274,778) |
|
334,488 |
|
(4,735,848) |
|
(661,098) |
|
JINKOSOLAR HOLDING CO., LTD. |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(in thousands) |
|||||
|
|
Dec 31, 2024 |
|
Jun 30, 2025 |
||
|
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,cash equivalents, and restricted cash |
27,737,976 |
|
24,317,251 |
|
3,394,558 |
|
Restricted short-term investments and short-term investments |
3,901,442 |
|
5,649,520 |
|
788,643 |
|
Accounts receivable, net |
14,065,558 |
|
15,077,672 |
|
2,104,762 |
|
Notes receivable, net |
3,333,377 |
|
3,344,999 |
|
466,944 |
|
Advances to suppliers, net |
2,654,149 |
|
936,138 |
|
130,680 |
|
Inventories, net |
12,509,422 |
|
12,889,319 |
|
1,799,280 |
|
Foreign exchange forward contract receivables |
115,220 |
|
99,075 |
|
13,830 |
|
Prepayments and other current assets, net |
4,490,411 |
|
6,068,103 |
|
847,075 |
|
Held-for-sale assets |
57,502 |
|
- |
|
- |
|
Total current assets |
68,865,057 |
|
68,382,077 |
|
9,545,772 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Restricted long-term investments |
1,328,201 |
|
1,349,622 |
|
188,400 |
|
Long-term investments |
1,870,253 |
|
1,662,657 |
|
232,098 |
|
Property, plant and equipment, net |
44,800,692 |
|
42,017,027 |
|
5,865,351 |
|
Land use rights, net |
1,838,015 |
|
1,817,773 |
|
253,751 |
|
Intangible assets, net |
461,955 |
|
489,148 |
|
68,282 |
|
Right-of-use assets, net |
448,555 |
|
375,615 |
|
52,434 |
|
Deferred tax assets |
2,641,397 |
|
2,806,908 |
|
391,829 |
|
Advances to suppliers to be utilised beyond one year |
520,376 |
|
504,908 |
|
70,482 |
|
Other assets, net |
1,954,935 |
|
2,040,443 |
|
284,835 |
|
Available-for-sale securities-non-current |
150,922 |
|
174,889 |
|
24,414 |
|
Total non-current assets |
56,015,301 |
|
53,238,990 |
|
7,431,876 |
|
|
|
|
|
|
|
|
Total assets |
124,880,358 |
|
121,621,067 |
|
16,977,648 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
11,038,668 |
|
13,100,111 |
|
1,828,705 |
|
Notes payable |
11,189,801 |
|
6,118,333 |
|
854,086 |
|
Accrued payroll and welfare expenses |
2,779,196 |
|
2,367,950 |
|
330,553 |
|
Advances from customers |
5,088,596 |
|
4,286,263 |
|
598,339 |
|
Income tax payables |
703,498 |
|
623,284 |
|
87,007 |
|
Other payables and accruals |
16,583,912 |
|
14,832,917 |
|
2,070,596 |
|
Foreign exchange forward derivatives payables |
20,789 |
|
195,680 |
|
27,316 |
|
Lease liabilities - current |
145,663 |
|
100,868 |
|
14,081 |
|
Short-term borrowings, including current portion of long-term |
6,933,899 |
|
11,177,190 |
|
1,560,276 |
|
Total current liabilities |
54,484,022 |
|
52,802,596 |
|
7,370,959 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
20,643,272 |
|
22,130,466 |
|
3,089,294 |
|
Convertible notes |
8,605,579 |
|
10,479,055 |
|
1,462,820 |
|
Accrued warranty costs - non current |
2,136,192 |
|
1,853,834 |
|
258,785 |
|
Lease liabilities-noncurrent |
330,740 |
|
329,739 |
|
46,030 |
|
Deferred tax liability |
56,718 |
|
56,718 |
|
7,918 |
|
Long-term Payables |
4,387,864 |
|
4,247,439 |
|
592,920 |
|
Total non-current liabilities |
36,160,365 |
|
39,097,251 |
|
5,457,767 |
|
|
|
|
|
|
|
|
Total liabilities |
90,644,387 |
|
91,899,847 |
|
12,828,726 |
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
1,535,926 |
|
1,499,688 |
|
209,348 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Total JinkoSolar Holding Co., Ltd. shareholders' equity |
19,898,909 |
|
17,100,949 |
|
2,387,200 |
|
|
|
|
|
|
|
|
Non-controlling interests |
12,801,136 |
|
11,120,583 |
|
1,552,374 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
32,700,045 |
|
28,221,532 |
|
3,939,574 |
|
|
|
|
|
|
|
|
Total liabilities, non-controlling interest and shareholders' equity |
124,880,358 |
|
121,621,067 |
|
16,977,648 |
|
|
|
|
|
|
|
View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-and-third-quarter-2025-financial-results-302617065.html
SOURCE JinkoSolar Holding Co., Ltd.
FAQ
What did JinkoSolar (JKS) report for Q3 2025 revenue and gross margin?
How many GW did JinkoSolar ship in Q3 2025 and what were module shipments?
What was JinkoSolar's Q3 2025 net loss and adjusted net loss (JKS)?
What guidance did JinkoSolar give for full‑year 2025 shipments and ESS volumes?
What technological milestones did JinkoSolar announce in Q3 2025 (JKS)?
How did JinkoSolar's ESS business perform through Q3 2025?
