JinkoSolar's Subsidiary, Jinko Solar Co., Ltd., Announces Certain Preliminary Unaudited Financial Results for Full Year 2025

Rhea-AI Summary

JinkoSolar (NYSE: JKS) disclosed preliminary unaudited 2025 results for majority-owned subsidiary Jiangxi Jinko (PRC GAAP). Revenue fell to RMB65.49 billion (‑29.18% YoY) and preliminary net loss attributable to shareholders was RMB6.79 billion for 2025. Operating loss was RMB9.11 billion and weighted average ROE was (23.49%). Total assets were RMB119.16 billion and equity attributable to parent declined ~21.19% to RMB25.46 billion. Results are unaudited, prepared under PRC GAAP, and differ from JinkoSolar consolidated U.S. GAAP figures; JinkoSolar holds ~55.59% of Jiangxi Jinko.

Positive

• Revenue of RMB65.49 billion provides scale in PV manufacturing
• JinkoSolar ownership at approximately 55.59% of Jiangxi Jinko
• Total assets remain substantial at RMB119.16 billion

Negative

• Total operating revenue down 29.18% YoY
• Preliminary net loss attributable to shareholders of RMB6.79 billion
• Operating loss of RMB9.11 billion
• Equity attributable to parent declined 21.19% to RMB25.46 billion
• Weighted average ROE swung to (23.49%)

Key Figures

FY25 operating revenue: RMB65,491,917,400 FY25 net loss: RMB6,785,932,400 FY25 net loss excl. non‑recurring: RMB7,643,186,700 +5 more

8 metrics

FY25 operating revenue RMB65,491,917,400 Jiangxi Jinko, full year 2025, down 29.18% vs 2024

FY25 net loss RMB6,785,932,400 Net loss attributable to owners of parent company, 2025

FY25 net loss excl. non‑recurring RMB7,643,186,700 Net loss attributable to owners, excluding non‑recurring, 2025

Total assets RMB119,158,905,900 Jiangxi Jinko as of December 31, 2025

Total equity RMB25,461,709,900 Equity attributable to parent, Dec 31, 2025, down 21.19% YoY

Operating loss RMB9,105,563,400 Jiangxi Jinko operating profit/(loss) for full year 2025

Weighted avg ROE -23.49% Jiangxi Jinko 2025 weighted average return on equity

Basic EPS RMB-0.68 per share Basic earnings/(loss) per share for 2025

Market Reality Check

Price: $26.46 Vol: Volume 483,364 is below 2...

normal vol

$26.46 Last Close

Volume Volume 483,364 is below 20-day average 612,512 (relative volume 0.79x). normal

Technical Shares at 26.46 are trading above 200-day MA of 24.19, despite weak 2025 subsidiary results.

Peers on Argus

JKS fell 2.65% while peers were mixed: CSIQ +0.91%, TOYO +1.26%, but SHLS -3.05%...

1 Down

JKS fell 2.65% while peers were mixed: CSIQ +0.91%, TOYO +1.26%, but SHLS -3.05%, SEDG -0.81%, ARRY -7.26%, indicating multiple solar names moved, several in the same (down) direction.

Previous Earnings Reports

5 past events · Latest: Jan 21 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	FY25 loss estimates	Negative	-2.3%	Subsidiary guided to multi-billion RMB net loss under PRC GAAP.
Nov 17	Q2–Q3 2025 results	Neutral	+13.1%	Reported Q3 2025 losses but highlighted shipments, efficiency and 2025 guidance.
Oct 30	Q3 2025 Jiangxi results	Negative	-3.3%	Jiangxi Jinko posted Q3 and nine‑month losses with weaker equity and cash flow.
Aug 27	H1 2025 Jiangxi results	Negative	-4.7%	Half‑year results showed revenue drop, large net loss and weaker cash flow.
Apr 29	Q1 2025 results	Negative	-3.9%	Q1 2025 losses amid lower module prices and policy disruptions.

Pattern Detected

Earnings-related updates, especially around Jiangxi Jinko, have often highlighted losses and operational pressure, with the stock typically reacting negatively, though one quarterly report saw a strong positive move.

Recent Company History

Over the past year, JinkoSolar has repeatedly reported challenging financial trends, including Q1 2025 losses, H1 2025 deterioration at Jiangxi Jinko, and continued net losses in Q3 2025. Earnings or subsidiary financial disclosures on Apr 29, 2025, Aug 27, 2025, Oct 30, 2025, Nov 17, 2025, and Jan 21, 2026 largely coincided with share price declines. Today’s full-year 2025 preliminary PRC GAAP figures for Jiangxi Jinko extend this narrative of margin compression and equity erosion at the core operating subsidiary.

Historical Comparison

-0.2% avg move · In the past year, JKS posted 5 earnings‑tagged releases with an average move of -0.23%. Today’s full...

earnings

-0.2%

Average Historical Move earnings

In the past year, JKS posted 5 earnings‑tagged releases with an average move of -0.23%. Today’s full‑year 2025 Jiangxi Jinko loss update continues the same loss‑focused earnings narrative.

Earnings disclosures progressed from Q1 2025 consolidated losses to escalating H1 and Q3 2025 Jiangxi Jinko losses, followed by January estimates and now full‑year 2025 preliminary subsidiary results under PRC GAAP.

Market Pulse Summary

This announcement details Jiangxi Jinko’s preliminary FY25 PRC GAAP results, showing revenue of RMB6...

Analysis

This announcement details Jiangxi Jinko’s preliminary FY25 PRC GAAP results, showing revenue of RMB65.49B and a substantial net loss of RMB6.79B, driven by lower photovoltaic selling prices and reduced profitability. Total equity declined to RMB25.46B with ROE at -23.49%. Compared with earlier 2025 earnings updates, it confirms ongoing pressure at the core subsidiary. Investors may watch upcoming audited figures and consolidated US GAAP results for further clarity on trends.

Key Terms

PRC GAAP, accounting principles generally accepted in the United States, basic earnings/(loss) per share, weighted average return on equity

4 terms

PRC GAAP financial

"prepared in accordance with accounting principles generally accepted in the People's Republic of China (the "PRC GAAP")"

PRC GAAP is the set of accounting rules used by companies operating in the People’s Republic of China to prepare financial statements. It determines how revenue, expenses, assets and liabilities are measured and reported, and can differ from U.S. GAAP or IFRS in ways that change reported profit or asset values—like using a different measuring tape. Investors care because those differences affect comparability, risk assessment and valuation when comparing companies across jurisdictions.

accounting principles generally accepted in the United States financial

"the Consolidated Financials are prepared in accordance with accounting principles generally accepted in the United States"

A standard set of rules and procedures U.S. companies use to prepare their financial statements so numbers are reported consistently and can be compared across businesses. Like a shared recipe or language for financial reports, these principles make it easier for investors to understand a company’s revenue, expenses, assets and liabilities, judge its performance and risk, and make more informed investment decisions.

basic earnings/(loss) per share financial

"Basic earnings/(loss) per share (RMB/share) | (0.68) | 0.01 | (6,900.00)"

Net profit or loss for a reporting period divided by the average number of ordinary shares outstanding, giving the amount of income (or loss) attributable to each share. Think of it as how big a slice of the company’s profit pie each share would get; it matters to investors because it shows per‑share profitability and is a basic measure used to compare companies, track performance over time, and value shares.

weighted average return on equity financial

"Weighted average return on equity (%) | (23.49) | 0.30 | Decreased by 23.79"

Weighted average return on equity is a single measure that combines the profitability of different business units, subsidiaries, or time periods by giving each one a size-based weight—usually the amount of shareholder equity tied up in that unit or period. It tells investors the overall rate at which a company is generating profit from the shareholders’ capital, with larger parts of the business carrying more influence, much like averaging grades where larger projects count for more.

AI-generated analysis. Not financial advice.

SHANGRAO, China, Feb. 27, 2026 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in clean energy technology, today announced that its majority-owned principal operating subsidiary, Jinko Solar Co., Ltd. ("Jiangxi Jinko"), published certain preliminary unaudited consolidated financial results as of and for the full year ended December 31, 2025 (the "Jiangxi Jinko Preliminary Unaudited Financial Results"), prepared in accordance with accounting principles generally accepted in the People's Republic of China (the "PRC GAAP").

For full year 2025, (i) the preliminary unaudited revenues of Jiangxi Jinko were RMB65.49 billion, a decrease of 29.18% year-on-year, (ii) the preliminary unaudited net loss attributable to shareholders of Jiangxi Jinko was RMB6.79 billion, compared to net profit attributable to the shareholders of Jiangxi Jinko of RMB98.9 million in 2024, and (iii) the preliminary unaudited net loss attributable to shareholders of Jiangxi Jinko, excluding non-recurring gains and losses, was RMB7.64 billion. These results were primarily attributable to a decline in the profitability of Jiangxi Jinko's main business due to a fall in the selling prices of its photovoltaic products.

A summary of key financial data from the Jiangxi Jinko Preliminary Unaudited Financial Results is set forth below.

	As of December 31, 2025	As of December 31, 2024	Change
	(RMB)	(RMB)	( %)
	(unaudited)	(audited)
Total assets	119,158,905,900	121,109,877,900	(1.61)
Total equity attributable to  parent company	25,461,709,900	32,309,559,900	(21.19)

 

	For the Full Year Ended December  31, 2025	For the Full Year Ended December  31, 2024	Change Compared to Full Year  Ended December 31, 2024
	(RMB)	(RMB)	( %)
	(unaudited)	(audited)
Total operating revenue	65,491,917,400	92,471,327,200	(29.18)
Operating profit/(loss)	(9,105,563,400)	792,964,200	(1,248.29)
Loss before income taxes	(9,108,627,100)	(77,056,600)	N/A
Net profit/(loss) attributable to owners of parent company	(6,785,932,400)	98,927,600	(6,959.50)
Net loss attributable to owners of parent company, excluding non- recurring gains and losses	(7,643,186,700)	(932,295,600)	N/A
Weighted average return on equity (%)	(23.49)	0.30	Decreased by 23.79
Basic earnings/(loss)  per share (RMB/share)	(0.68)	0.01	(6,900.00)

 

Jiangxi Jinko Preliminary Unaudited Financial Results are unaudited and are subject to change upon the completion of the audit process for full year 2025. Jiangxi Jinko Preliminary Unaudited Financial Results should not be viewed as a substitute for the full financial statements of Jiangxi Jinko prepared in accordance with PRC GAAP.

Jiangxi Jinko Preliminary Unaudited Financial Results differ from JinkoSolar's consolidated financial results (the "Consolidated Financials"), due to (i) the consolidation scope of the Jiangxi Jinko Preliminary Unaudited Financial Results differing from that of the Consolidated Financials as the former are prepared solely for Jiangxi Jinko, whereas the Consolidated Financials also include financial statements from JinkoSolar and its other subsidiaries, and (ii) differences in accounting standards and principles used to prepare the Jiangxi Jinko Preliminary Unaudited Financial Results and the Consolidated Financials. Specifically, the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared in accordance with PRC GAAP, whereas the Consolidated Financials are prepared in accordance with accounting principles generally accepted in the United States. As such, investors in JinkoSolar should exercise caution when reviewing the Jiangxi Jinko Preliminary Unaudited Financial Results included in this press release and are advised not to base their investment decisions solely on such preliminary unaudited financial results.

JinkoSolar currently owns approximately 55.59% equity interest in Jiangxi Jinko.

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 China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2025.

To find out more, please see: www.jinkosolar.com 

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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, " "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd. 
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Christian Arnell
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com

In the U.S.:

Email: jinko@christensencomms.com

 

View original content:https://www.prnewswire.com/news-releases/jinkosolars-subsidiary-jinko-solar-co-ltd-announces-certain-preliminary-unaudited-financial-results-for-full-year-2025-302699600.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What were Jiangxi Jinko's preliminary 2025 revenues reported by JinkoSolar (JKS)?

The preliminary 2025 revenue was RMB65.49 billion, down 29.18% year‑over‑year. According to the company, the decline reflects lower selling prices for photovoltaic products and reduced profitability in its main business segments during 2025.

How large was Jiangxi Jinko's preliminary net loss for full year 2025 reported under PRC GAAP?

Jiangxi Jinko reported a preliminary net loss attributable to shareholders of RMB6.79 billion for 2025. According to the company, this compares with a RMB98.9 million net profit in 2024 and primarily stems from falling product selling prices.

What operating loss and EPS did Jiangxi Jinko report in the 2025 preliminary results (JKS)?

The preliminary operating loss was RMB9.11 billion and basic EPS was RMB(0.68) per share for 2025. According to the company, these unaudited figures reflect weaker margins and are subject to change after audit.

How did Jiangxi Jinko's equity and ROE change in the preliminary 2025 results disclosed by JKS?

Equity attributable to parent fell to RMB25.46 billion (a 21.19% decline) and weighted average ROE was (23.49%). According to the company, these movements reflect the reported net loss and lower retained earnings in 2025.

Are Jiangxi Jinko's preliminary 2025 results identical to JinkoSolar consolidated results (JKS)?

No — the preliminary results are prepared under PRC GAAP for Jiangxi Jinko only and differ from JinkoSolar consolidated U.S. GAAP figures. According to the company, consolidation scope and accounting standards cause the differences, and the figures remain unaudited.