JinkoSolar's Subsidiary, Jinko Solar Co., Ltd., Announces Half Year 2025 Unaudited Financial Results

Rhea-AI Summary

JinkoSolar's (NYSE: JKS) subsidiary Jinko Solar Co., Ltd. released its unaudited financial results for H1 2025, showing significant challenges. The company reported total operating revenue of RMB 31.83 billion, down from RMB 47.25 billion in H1 2024. Notable declines include a net loss of RMB 2.91 billion compared to a profit of RMB 1.20 billion in the same period last year.

Key metrics show deteriorating performance with operating cash flow declining to negative RMB 3.81 billion from negative RMB 1.62 billion year-over-year. The company's R&D expenditure as a percentage of revenue decreased to 3.69% from 5.78%. JinkoSolar maintains a 58.59% equity interest in Jiangxi Jinko.

Positive

• Maintained substantial total assets of RMB 119.1 billion
• Significant equity base of RMB 29.4 billion maintained despite losses
• Continued R&D investment at 3.69% of revenue

Negative

• 32.6% year-over-year decline in operating revenue to RMB 31.83 billion
• Net loss of RMB 2.91 billion compared to RMB 1.20 billion profit in H1 2024
• Operating cash flow deteriorated to negative RMB 3.81 billion
• Return on equity dropped to -9.43% from 3.43% year-over-year
• R&D spending as percentage of revenue decreased from 5.78% to 3.69%

Insights

Solar Industry Financial Analyst

JinkoSolar's subsidiary reports substantial losses in H1 2025, with revenue falling 33% and shifting from profit to a $2.9B RMB loss.

The financial results for Jiangxi Jinko, JinkoSolar's primary operating subsidiary (58.59% owned), reveal a concerning performance deterioration in the first half of 2025. Total operating revenue plummeted by 32.6% year-over-year to 31.83 billion RMB, down from 47.25 billion RMB in H1 2024. More alarmingly, the company swung from a profit of 1.20 billion RMB to a substantial net loss of 2.91 billion RMB attributable to parent company owners.

This earnings collapse is reflected in the basic EPS, which fell from 0.12 RMB per share to -0.29 RMB. The company's operating cash flow worsened significantly, with net cash used in operations increasing by 135% to 3.81 billion RMB. The weighted average return on equity turned negative at -9.43%, compared to a positive 3.43% in the same period last year.

The financial deterioration extends beyond just operational challenges. The total equity attributable to the parent company declined by nearly 3 billion RMB in just six months, representing a 9% reduction in shareholder value. Interestingly, R&D expenditure as a percentage of revenue decreased to 3.69% from 5.78%, suggesting potential cost-cutting measures that might impact future innovation capacity.

These results reflect the broader challenges facing the solar industry, including pricing pressures, overcapacity, and reduced margins. The substantial decline across all key financial metrics signals serious headwinds for JinkoSolar's core operations, which likely explains the significant contraction in equity value observed during this period.

SHANGRAO, China, Aug. 27, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its majority-owned principal operating subsidiary, JinkoSolar Co., Ltd. ("Jiangxi Jinko"), has published its unaudited consolidated financial results as of and for the six months ended June 30, 2025 (the "Jiangxi Jinko Unaudited Interim Financial Results"), prepared in accordance with accounting principles generally accepted in the People's Republic of China ("PRC GAAP").

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

	As of June 30, 2025	As of December 31, 2024
	(RMB)	(RMB)
Total assets	119,099,575,414.00	121,109,877,893.38
Total equity attributable to the parent company	29,404,425,656.68	32,309,559,923.40
	For the Six Months Ended June 30, 2025	For the Six Months Ended June 30, 2024
	(RMB)	(RMB)
Total operating revenue	31,831,278,400.42	47,251,388,310.64
Profit/(loss) before income taxes	(4,215,811,206.39)	1,650,453,036.73
Net profit/(loss) attributable to owners of parent company	(2,908,808,608.69)	1,200,081,350.66
Net profit/(loss) attributable to owners of the parent company, excluding non- recurring gains and losses	(3,175,438,391.79)	217,446,481.95
Net cash used in operating activities	(3,812,296,112.09)	(1,619,447,739.22)
Weighted average return on equity (%)	(9.43)	3.43
Basic earnings/(loss) per share (RMB/share)	(0.29)	0.12
Diluted earnings/(loss) per share (RMB/share)	(0.29)	0.11
Research and development expenditure as a percentage of total operating revenue (%)	3.69	5.78

You can obtain a complete copy of Jiangxi Jinko Unaudited Interim Financial Results included in Jiangxi Jinko's 2025 interim report through the Shanghai Stock Exchange's website at www.sse.com.cn. 

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

JinkoSolar currently owns approximately 58.59% 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 June 30, 2025.

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

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. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com 

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

View original content:https://www.prnewswire.com/news-releases/jinkosolars-subsidiary-jinko-solar-co-ltd-announces-half-year-2025-unaudited-financial-results-302539914.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What were JinkoSolar's (JKS) key financial results for H1 2025?

JinkoSolar's subsidiary reported a net loss of RMB 2.91 billion on revenue of RMB 31.83 billion, with operating cash flow at negative RMB 3.81 billion.

How did JKS's H1 2025 performance compare to H1 2024?

Performance declined significantly with revenue dropping 32.6% year-over-year and a net loss of RMB 2.91 billion compared to a profit of RMB 1.20 billion in H1 2024.

What is JinkoSolar's ownership stake in Jiangxi Jinko?

JinkoSolar owns approximately 58.59% equity interest in Jiangxi Jinko.

What was JKS's return on equity in H1 2025?

The weighted average return on equity was -9.43%, down from 3.43% in H1 2024.

How much did JinkoSolar invest in R&D during H1 2025?

R&D expenditure was 3.69% of total operating revenue, down from 5.78% in H1 2024.