On the evening of October 30th, global photovoltaic leader Jinko Solar Co., Ltd. (688223.SH) disclosed its financial report for the third quarter of 2025. Against the backdrop of deepening industry supply-side reforms and rising silicon material prices, the company achieved significant operational improvements, leveraging its excellent product performance and leading presence in high-value overseas markets. During the reporting period, the company reported revenue of RMB 47.986 billion, with a substantial narrowing of its net loss attributable to shareholders. Despite recognizing impairment losses of over RMB 500 million on older equipment, the net loss narrowed sequentially by RMB 508 million. Gross margin turned positive for the first time since the industry adjustment began this year, increasing by 4.77 percentage points quarter-on-quarter and marking the second consecutive quarter of sequential improvement. Operating cash flow improved significantly to RMB 2.471 billion in Q3. The simultaneous improvement in core financial indicators demonstrates operational resilience, and the company is confident in achieving positive full-year operating cash flow.
Shipments Maintain Global Leadership, Proportion of High-Power Products Continues to Increase
During the reporting period, the company fully leveraged its advantages in superior product performance and its leading layout in high-value overseas markets, continuously consolidating its leading position in global shipments. From January to September 2025, the company achieved total PV module shipments of 61.85 GW, maintaining its industry position as the global leader in module shipments. Benefiting from the rapid scaling of high-power, high-efficiency module products, the company’s average module selling price increased sequentially, effectively offsetting pressure from industry price fluctuations and contributing to the continuous recovery in profitability and the sequential improvement in operating cash flow.
Regarding product structure, the company continues to advance the large-scale application and continuous innovation of N-type TOPCon technology. By Q3 2025, the company had established over 20 GW of high-power production capacity. Among these, the new-generation Tiger Neo 3.0 module contributed significantly. This product, equipped with 27%-efficiency TOPCon cells, achieves a power output of 670W and a module efficiency of 24.8%. Its 85% bifaciality is 10 percentage points higher than mainstream BC modules in the industry, making it favored in markets with high temperatures and high irradiance, such as the Middle East. It is reported that the cumulative global shipments of the Tiger Neo series modules have reached 200 GW, making it one of the best-selling modules in the PV industry, fully demonstrating its strong market acceptance and technological leadership.
Energy Storage Business Grows Rapidly, Full-Year Targets Progressing Steadily
In addition to its core module business, the company continues to refine its energy storage business, focusing on key segments such as commercial & industrial and large-scale storage power stations. This second growth curve has entered a phase of rapid growth. For the first three quarters of 2025, the company is steadily progressing towards its full-year shipment target of 6 GWh. This growth is attributed to the company’s technological accumulation in the energy storage field, its globally influential and competitive brand, and its rapid penetration into overseas energy storage markets like Japan and Europe.
Recently, Jinko Solar has been frequently active in energy storage. In September, the company signed a cooperation agreement with a renowned Japanese industrial enterprise, planning to deliver 21 sets of SunGiga 215kWh commercial & industrial liquid-cooled energy storage systems, with a total project scale of 4.515 MWh. In October, it announced the complete delivery of a customized energy storage system with a nominal capacity of 123.8 MWh for Athens International Airport, with on-site commissioning and acceptance testing already initiated. The synergy between solar and storage is further unlocking growth potential.
Regarding its development in the next phase, Jinko Solar stated that it will continue to actively respond to supply-side structural reforms and reasonably control its operational rates. Simultaneously, the company is accelerating the upgrade and transformation of its high-efficiency production capacity, striving to maintain its industry leadership and contribute to the high-quality development of the industry.
