Q1 2026 JinkoSolar Holding Co Ltd Earnings Call Transcript
Key Points
- JinkoSolar Holding Co Ltd (JKS) maintained its position as the global leader in module shipments for the seventh consecutive year, with total shipments reaching 86 gigawatts in 2025.
- The company's energy storage business experienced rapid growth, with shipments of energy storage systems (ESS) growing significantly year over year to 5.2 gigawatts in 2025.
- JinkoSolar's technological advancements continue to lead the industry, with the maximum lab efficiency of their n-type TOPCon cells reaching 27.99% and conversion efficiency of their perovskite tandem cell reaching 34.76%.
- The company is actively expanding its global manufacturing and supply chain footprint, with a 2 gigawatt N-type module facility in the US maintaining high utilization rates.
- JinkoSolar is recognized as a Tier 1 energy storage provider for the eighth consecutive quarter and achieved the highest S&P Global CSE score among PV module companies.
- JinkoSolar incurred a net loss for the full year 2025, with gross margin decreasing sequentially in the fourth quarter due to rising costs of raw materials and foreign exchange rate fluctuations.
- Total revenues for 2025 were down 29% year over year, primarily due to a decrease in the average selling price of solar modules.
- Operating expenses increased significantly in the fourth quarter of 2025, up 28% sequentially and 21% year-over-year, mainly due to an increase in the impairment of long-lived assets.
- The company's operating loss margin for the full year of 2025 was 13.6%, compared with 3.6% for the full year of 2024.
- JinkoSolar faces challenges in the US market due to ongoing patent litigation with First Solar, although they do not expect any disruption to their business operations.
Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co Limited's fourth-quarter 2025 earnings conference call. (Operator Instructions)
As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host today, for today's call, Ms. Stella Wang, JinkoSolar's Investor Relations. Please proceed, Stella.
Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's fourth-quarter 2025 earnings conference call. The company's results were released earlier today and available on the company's IR website at www.jinkosolar.com as well as on Newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.
On the call today from JinkoSolar are Mr. Xiande Li, Chairman and CEO of JinkoSolar Holding Company Limited; Mr. Pan Li, CFO of JinkoSolar Holding
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
