JinkoSolar reports significant losses in first quarter of 2025

In Shangrao, China, JinkoSolar Holding Co., Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission on April 29, 2025. Alongside this filing, the company released its unaudited financial results for the first quarter of 2025, which indicated a substantial net loss of US$181.7 million. This notable downturn was attributed to a decrease in revenues and gross margins when compared to both the previous quarter and the same quarter the prior year. In the first quarter of 2025, JinkoSolar faced a 33.0% decline in total revenues, reporting RMB13.84 billion (approximately US$1.91 billion), as well as a considerable loss from operations of RMB2.87 billion (US$394.8 million). Despite these losses, the company's solar module shipments totaled 17.5 GW, maintaining its position as a leader in the industry. Additionally, the efficiency of their perovskite tandem solar cell based on TOPCon technology reached a record 34.22% by March 31, 2025, showcasing advancements in their technological capabilities. Furthermore, the operational highlights revealed that the company's annual production capacity is projected to reach 120.0 GW for mono wafers, 95.0 GW for solar cells, and 130.0 GW for solar modules by the end of 2025. JinkoSolar anticipates that their production capacity for third-generation TOPCon modules will fall between 40.0 GW to 50.0 GW. The company aims to adjust its market strategies and supply chain management to better respond to market demand and maintain its leading competitive edge. Overall, while the financial figures are concerning, the ongoing investment into technology and production capacity positions JinkoSolar for potential recovery as they adapt to shifting market conditions and seek to regain profitability.