JinkoSolar, a leading player in the photovoltaic industry, has recently announced a significant forecast for its financial performance in 2025. According to the preliminary calculations by the company’s finance department, it expects a net loss attributable to its parent company in the range of 69 billion to 59 billion yuan. This contrasts sharply with the previous year, when the company reported a net profit of 0.99 billion yuan, indicating a substantial shift from profit to loss.
Founded in 2006 and based in Shangrao, Jiangxi Province, JinkoSolar has a registered capital of approximately 10 billion yuan. The company specializes in the research, production, and sales of solar photovoltaic modules, cells, and silicon wafers, with its primary focus on solar photovoltaic components.
In terms of ownership structure, JinkoSolar’s largest shareholder is JinkoSolar Investment Co., Ltd., which holds a 55.59% stake. The company’s actual controllers are individuals Li Xiande, Chen Kangping, and Li Xianhua.
Financial data reveals that for the first three quarters of 2025, JinkoSolar reported an operating revenue of 47.986 billion yuan, a decline of 33.14% year-on-year. The net profit attributable to the parent company showed a loss of 39.2 billion yuan, down 422.67% compared to the same period last year, reflecting a significant increase in losses. As of September 30, 2025, the company reported total assets of 1171.98 billion yuan and total liabilities of 872.93 billion yuan, leading to a debt-to-asset ratio of approximately 74.48%.
JinkoSolar’s projected losses for 2025 are expected to worsen, with the first three quarters reflecting losses of -13.9 billion yuan, -29.09 billion yuan, and -39.2 billion yuan respectively. The latest annual forecast indicates that the total loss for the year could exceed 59 billion yuan, with the fourth quarter alone anticipated to contribute over 20 billion yuan to the losses.
Regarding the reasons behind this expected performance, JinkoSolar cited increased fluctuations in the global photovoltaic supply chain prices and disruptions caused by trade protection policies in overseas markets, which have put pressure on profit margins across the integrated photovoltaic component segments.
Specifically, during the reporting period, the overall price of photovoltaic modules remained low, and the shipment ratio of the company’s high-power products was relatively low. Additionally, following a cautious approach, the company conducted impairment tests on long-term assets that showed signs of potential impairment. A careful evaluation led to the recognition of asset impairment provisions in accordance with corporate accounting standards, which is expected to impact the company’s financial performance.
In a recent credit rating report, Oriental Jincheng maintained JinkoSolar’s main credit rating at AA+ with a stable outlook. The report also noted the intense price competition in the photovoltaic industry. The strong demand for installations globally is expected to boost JinkoSolar’s module sales in 2024; however, the ongoing supply-demand imbalance is likely to lead to significant price declines, putting pressure on the company’s profitability.
Furthermore, JinkoSolar’s high proportion of foreign sales, mainly settled in foreign currencies like US dollars and euros, exposes it to risks associated with currency fluctuations, geopolitical tensions, and trade protection policies, which could lead to operational losses abroad.
According to Pacific Securities, the photovoltaic industry has experienced severe overcapacity since 2024, resulting in continuous price declines and ongoing losses across the sector. In this environment, there is a growing focus on mitigating “involutionary” competition. In the first half of 2025, the industry is expected to continue facing challenges, with prices remaining subdued, and both first- and second-tier companies experiencing losses. However, as anti-involution measures take effect around mid-2025, competition may moderate, leading to a price recovery to 52 yuan/kg.
At the beginning of 2025, the National Development and Reform Commission issued a notice aimed at deepening the market-oriented reform of renewable energy tariffs to promote high-quality development in the sector. Following the implementation of this notice, there has been a noticeable slowdown in the demand for new photovoltaic installations in China from January to May 2025. Market analysts hold a cautious outlook for photovoltaic installation demand in 2026, predicting possible negative growth.
In terms of outstanding debt, JinkoSolar has one active bond, the “Jinko Convertible Bond,” with an outstanding scale of 10 billion yuan and a coupon rate of 0.6%, maturing in April 2029.
As of today’s market close, JinkoSolar’s shares hit the daily limit, trading at 6.9 yuan, with a transaction volume of 37.68 billion yuan and a turnover rate of 5.75%.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/jinko-solar-projects-over-5-9-billion-yuan-loss-for-2025-amid-intensifying-industry-challenges/
