JinkoSolar Holding Co., Ltd. (NYSE:JKS) reported mixed second- and third-quarter 2025 results, as weak module pricing continued to weigh on margins.
However, the stock moved higher after the release, as investors responded to improving quarter-over-quarter profitability and rising momentum in the company’s energy-storage business.
Third-quarter adjusted EPS of $(1.00) beat the $(1.60) estimate, while revenue of $2.27 billion missed expectations of $2.514 billion.
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In the second quarter, adjusted EPS of $(2.29) missed the $(1.91) forecast, and revenue of $2.511 billion topped the $2.432 billion estimate.
Third-Quarter 2025 Results
Third-quarter revenue fell 34.1% year over year to 16.16 billion Chinese yuan, with shipments down 16.7% to 21,570 MW. Gross margin improved to 7.3% from 2.9% in the second quarter.
Net loss attributable to shareholders was 749.8 million yuan, and the adjusted net loss narrowed to 373.1 million yuan. Loss per ADS was 14.32 yuan.
Cash, cash equivalents, and restricted cash totaled 23.44 billion yuan, while interest-bearing debt amounted to 45.55 billion yuan. Inventories increased to 14.94 billion. The company completed the sale of 300,156,075 A shares of Jiangxi Jinko in September.
Second-Quarter 2025 Results
Second-quarter revenue declined 25.2% year over year but rose sequentially on higher shipments of 26,446 MW. Gross margin was 2.9%.
Net loss attributable to shareholders was 876.4 million yuan, and adjusted net loss was 856.4 million yuan. Loss per ADS was 16.82 yuan. In June, the board declared a dividend of 32.5 cents per ordinary share, or $1.30 per ADS.
Operational and Strategic Update
The company delivered 61.9 GW of modules through the first three quarters and surpassed 370 GW of cumulative global shipments. Tiger Neo cumulative shipments exceeded 200 GW. Mass-produced TOPCon cell efficiency reached 27.2% to 27.4%. JinkoSolar began delivering modules exceeding 640W, which carried a premium of 1 to 2 US cents per watt. Energy storage system (ESS) shipments exceeded 3.3 GWh, and 2025 order visibility surpassed 90%.
Chairman and CEO Xiande Li said, “With scale efficiency and competitiveness improving, we expect our energy storage business to become our second growth engine and contribute to our profit in 2026.”
He further said, “In the first three quarters of 2025, our global module shipments totaled 61.9 GW, once again ranking No.1 worldwide,” citing sequential margin gains and rising ESS profitability. He said “the global supply chain is reshaping,” adding that high-power products delivered in the third quarter carried “a premium of 1-2 US cents per watt.”
Outlook
JinkoSolar expects fourth-quarter shipments of 18 GW to 33 GW and full-year 2025 shipments of 85 GW to 100 GW, including about 6 GWh of ESS shipments.
The company expects year-end production capacity of 120 GW of mono wafer, 95 GW of solar cell and 130 GW of module output.
Price Action: JKS shares were trading higher by 16.24% to $31.43 at last check Monday.
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