China's JinkoSolar Q3 revenue drops on lower solar module prices

JinkoSolar Holding

17/11/2025 12:17

Overview

JinkoSolar Q3 revenue falls 34.1% yr/yr due to lower solar module prices

Net loss for Q3 narrows to RMB749.8 mln from Q2's RMB876.4 mln

Gross profit margin improves to 7.3% in Q3 from 2.9% in Q2

Outlook

JinkoSolar expects full-year 2025 shipments between 85 GW and 100 GW

Company anticipates 2025 ESS shipments to be approximately 6 GWh

JinkoSolar projects 2025 production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively

Result Drivers

SHIPMENT DECLINE - Q3 saw a decrease in solar module shipments, impacting total revenues

GROSS MARGIN IMPROVEMENT - Sequential improvement in gross margin due to lower unit costs

ENERGY STORAGE GROWTH - Significant growth in energy storage business improved profitability

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
RMB 16.16 bln (US$2.27 billion)
Q3 Net Income
-RMB 749.80 mln
Q3 Gross Margin
7.30%
Q3 Gross Profit
RMB 1.18 bln
Q3 Income from Operations
-RMB 1.40 bln
Q3 Operating Expenses
RMB 2.59 bln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

Wall Street's median 12-month price target for JinkoSolar Holding Co Ltd is $20.00, about 35.2% below its November 14 closing price of $27.04

Press Release: ID:nPn95hSgJa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)