JinkoSolar's Subsidiary, Jinko Solar Co., Ltd., Announces Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

JinkoSolar (NYSE: JKS) said its majority-owned subsidiary Jiangxi Jinko released unaudited PRC GAAP results for the third quarter ended September 30, 2025. Key figures: Q3 revenue RMB 16.16B (down 34.11% year-over-year), Q3 net loss attributable RMB 1.01B, and nine-month net loss attributable RMB 3.92B. Total assets were RMB 117.20B as of September 30, 2025, while total equity attributable to the parent fell to RMB 28.39B (down 12.14% vs. Dec 31, 2024). Jiangxi Jinko reported negative operating cash flow for the nine months (RMB 1.34B used) and a weighted average ROE of (12.92%) for the nine months. JinkoSolar owns approximately 55.59% of Jiangxi Jinko. Investors are cautioned that these are PRC GAAP, unaudited figures and differ from JinkoSolar consolidated US GAAP results.

Positive

• Total assets of RMB 117.20B as of September 30, 2025
• Company ownership: JinkoSolar holds 55.59% equity in Jiangxi Jinko
• R&D spending at 4.17% of Q3 operating revenue

Negative

• Q3 total operating revenue down 34.11% year-over-year
• Q3 net loss attributable RMB 1.01B
• Nine-month net loss attributable RMB 3.92B
• Total equity attributable to parent down 12.14% vs. Dec 31, 2024
• Nine-month net cash used in operating activities RMB 1.34B (increase 267.83%)
• Weighted average ROE (nine months) of (12.92%)

Insights

Financial analyst

Jiangxi Jinko shows material revenue decline and sizeable losses in Q3 2025, reducing parent equity.

The operating model is a manufacturing and selling subsidiary whose Q3 2025 results show total operating revenue of 16,154,763,616.53 RMB, down 34.11% versus Q3 2024, and a net loss attributable to owners of the parent of (1,011,528,837.55) RMB for the quarter and (3,920,337,446.24) RMB year‑to‑date. Total assets declined to 117,198,376,908.76 RMB and total equity attributable to the parent fell 12.14% to 28,387,712,706.39 RMB as of September 30, 2025.

Key dependencies and risks are clear from the disclosed items: shrinking revenue, recurring net losses (including larger adjusted losses excluding non‑recurring items), and negative operating cash use of (1,341,418,982.62) RMB for the nine months. The report is prepared under PRC GAAP for the subsidiary only and differs from consolidated US GAAP results and consolidation scope; this limits direct comparability and increases interpretation risk.

Concrete items to watch over the next reporting cycle include the subsidiary’s revenue trend and whether quarterly net losses narrow, changes in net cash from operating activities, and any reconciliation items between the Jiangxi Jinko PRC GAAP figures and the group’s consolidated US GAAP results. A sensible horizon for observing meaningful change is the next quarter and the full year end of 2025.

SHANGRAO, China, Oct. 30, 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, Jinko Solar Co., Ltd. ("Jiangxi Jinko"), has published its unaudited consolidated financial results as of and for the third quarter ended September 30, 2025 (the "Jiangxi Jinko Third Quarter 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 Third Quarter Financial Results is set forth below.

	As of September 30, 2025	As of December 31, 2024	Change
	(RMB)	(RMB)	( %)
Total assets	117,198,376,908.76	121,109,877,893.38	(3.23)
Total equity attributable to the parent company	28,387,712,706.39	32,309,559,923.40	(12.14)

 

	For the Three Months Ended September 30, 2025	Change Compared to the Three Months Ended September 30, 2024	For the Nine Months Ended September 30, 2025	Change Compared to the Nine Months Ended September 30, 2024
	(RMB)	( %)	(RMB)	( %)
Total operating revenue	16,154,763,616.53	(34.11)	47,986,042,016.95	(33.14)
Profit/(loss) before income taxes	(1,290,920,103.26)	N/A	(5,506,731,309.65)	(437.87)
Net profit/(loss) attributable to owners of parent company	(1,011,528,837.55)	(6,900.55)	(3,920,337,446.24)	(422.67)
Net profit/(loss) attributable to owners of the parent company, excluding non- recurring gains and losses	(1,367,797,602.64)	(628.15)	(4,543,235,994.43)	(1,053.61)
Net cash used in operating activities	N/A	N/A	(1,341,418,982.62)	267.83
Weighted average return on equity (%)	(3.50)	Decreased by 3.54	(12.92)	Decreased by 16.47
Basic earnings/(loss) per share (RMB/share)	(0.10)	(10,100.00)	(0.39)	(425.00)
Diluted earnings/(loss) per share (RMB/share)	(0.10)	(10,100.00)	(0.39)	(425.00)
Research and development expenditure as a percentage of total operating revenue (%)	4.17	Increased by 0.58	3.85	Decreased by 1.18

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

The Jiangxi Jinko Third Quarter Financial Results differ from JinkoSolar's consolidated financial results (the "Consolidated Financials"), due to (i) differences in consolidation scope, as the Jiangxi Jinko Third Quarter 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 Third Quarter Financial Results and the Consolidated Financials. Specifically, the Jiangxi Jinko Third Quarter 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 Third Quarter 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 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

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-third-quarter-2025-unaudited-financial-results-302599724.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What were Jiangxi Jinko's reported Q3 2025 revenues and net loss according to the October 30, 2025 release for JKS?

Jiangxi Jinko reported Q3 2025 revenue RMB 16.15B and a Q3 net loss attributable RMB 1.01B.

How did JinkoSolar's Jiangxi Jinko nine-month 2025 revenue change year-over-year for JKS shareholders?

Nine-month operating revenue was RMB 47.99B, down 33.14% versus the prior year period.

What was the impact on JKS parent-equity from Jiangxi Jinko as of September 30, 2025?

Total equity attributable to the parent at Jiangxi Jinko was RMB 28.39B, down 12.14% from December 31, 2024.

Did Jiangxi Jinko report positive operating cash flow for the first nine months of 2025 in the JKS update?

No; Jiangxi Jinko reported net cash used in operating activities of RMB 1.34B for the nine months.

Are Jiangxi Jinko's Q3 2025 results directly comparable to JinkoSolar consolidated results (JKS)?

No; the results are unaudited, prepared under PRC GAAP, and differ from JinkoSolar consolidated US GAAP financials.