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      JinkoSolar Announces Second and Third Quarter 2025 Financial Results


      News provided by

      Jinko Holdings Limited

      Nov 17, 2025, 07:04 ET

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      SHANGRAO, China, Nov. 17, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the second quarter ended June 30, 2025 and third quarter ended September 30, 2025.

      Third Quarter 2025 Business Highlights

      • Total module shipments for the third quarter were approximately 20GW, with over 65% shipped to overseas markets. 
      • By the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 370 GW of solar modules, with total cumulative shipments of Tiger Neo series surpassing 200 GW, the best-selling module series in history.
      • Mass-produced cell efficiency for high-efficiency TOPCon products reached 27.2% to 27.4%.
      • We started to deliver certain high efficiency modules series with power output exceeding 640W, which carry a price premium over conventional series.
      • Orderbook visibility for energy storage system (ESS) in 2025 exceeds 90%.
      • Our MSCI ESG rating has been upgraded to "A", the highest level among mainstream PV companies.

      Third Quarter 2025 Operational and Financial Highlights

      • Quarterly shipments were 21,570 MW (20,014 MW for solar modules and 1,556 MW for cells and wafers), down 18.4% sequentially and 16.7% year-over-year.
      • Total revenues were RMB16.16 billion (US$2.27 billion), down 10.2% sequentially and 34.1% year-over-year.
      • Gross profit was RMB1.18 billion (US$166.0 million), up 124.5% sequentially and down 69.3% year-over-year.
      • Gross profit margin was 7.3%, compared with gross profit margin of 2.9% in Q2 2025 and gross profit margin of 15.7% in Q3 2024.
      • Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB749.8 million (US$105.3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB876.4 million in Q2 2025 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB22.5 million in Q3 2024.
      • Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB373.1 million (US$52.4 million), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB856.4 million in Q2 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB103.9 million in Q3 2024. 
      • Basic and diluted losses per ordinary share were RMB3.58 (US$0.50) and RMB3.58 (US$0.50), respectively. This translates into basic and diluted losses per ADS of RMB14.32 (US$2.01) and RMB14.32 (US$2.01), respectively.

      Second Quarter 2025 Operational and Financial Highlights

      • Quarterly shipments were 26,446 MW (24,334 MW for solar modules and 2,111 MW for cells and wafers), up 38.2% sequentially and 4.5% year-over-year.
      • Total revenues were RMB17.99 billion (US$2.51 billion), up 29.9% sequentially and down 25.2% year-over-year.
      • Gross profit was RMB526.5 million (US$73.5 million), compared with gross loss of RMB352.9 million in Q1 2025 and gross profit of RMB2.68 billion in Q2 2024.
      • Gross profit margin was 2.9%, compared with gross loss margin of 2.5% in Q1 2025 and gross profit margin of 11.1% in Q2 2024.
      • Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB876.4 million (US$122.3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB1.32 billion in Q1 2025 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB100.7 million in Q2 2024.
      • Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB856.4 million (US$119.5 million), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB1.07 billion in Q1 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB378.5 million in Q2 2024. 
      • Basic and diluted losses per ordinary share were RMB4.20 (US$0.59) and RMB4.20 (US$0.59), respectively. This translates into basic and diluted losses per ADS of RMB16.82 (US$2.35) and RMB16.82 (US$2.35), respectively.

      Mr. Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, commented, "In the first three quarters of 2025, our global module shipments totaled 61.9 GW, once again ranking No.1 worldwide. Driven by our outstanding product performance and strong presence in high-value overseas markets, gross margin improved significantly sequentially for two consecutive quarters, reaching 2.9% in the second quarter and 7.3% in the third quarter. Our net loss was US$122.3 million in the second quarter and US$105.3 million in the third quarter, both narrowing sequentially. We are pleased to see that our intensive efforts devoted to R&D for energy storage business in the past two years started to bear fruit gradually. In the first three quarters, our cumulative ESS shipments exceeded 3.3 GWh, representing significant growth since the second quarter. This, combined with our rising market share in overseas markets, has helped the profitability of our energy storage business to improve noticeably. 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.

      We continue to keep our module utilization rates at a reasonable level in the second and third quarters. Since the third quarter, prices of polysilicon, wafers, and cells have all risen, and module prices trended upward in China and overseas.

      The technology upgrade toward high-power production capacity is accelerating industry consolidation. This technology upgrade also meets end-customers demand for high-power products and higher investment returns. We have made steady progress in high-power products upgrades in the third quarter and already delivered some high-power products at a premium of 1-2 US cents per watt, and expect high-power products to account for more than 60% of our total module shipments in 2026.

      In China, market-oriented reforms are improving the economics of many energy storage projects while demand is increasing in Europe, Asia Pacific, Middle East and Latin America because of improving economics and the global energy transition. In the U.S, the rapid expansion of AI data centers is straining domestic electricity supply, making solar+storage a safe and easy-to-deploy solution. We expect global demand for energy storage to experience significant growth, further validating our strategic decision to invest in the energy storage business and build a long-term competitive advantage with localized, one-stop, solar+storage solutions. As a leading enterprise in the PV sector, we possess long-established advantages in channels, brand reputation, and customer resources. We currently have 12 GWh of pack capacity and 5 GWh of battery cell capacity, and focus on high-margin overseas markets, particularly utility-scale and industrial and commercial projects.

      The global supply chain is reshaping, and technological upgrades are accelerating high-quality development of the industry. With strong technological capabilities, long-term reliability, and global diversification of our energy storage business, we are well positioned to further strengthen our competitiveness and benefit from the next upward cycle in the industry.

      Looking forward, we will continue to respond actively to the industry's call for rational development and proactively adapt to changes in overseas policies to ensure sustainable supply for our customers. We will keep strengthening our competitive advantages in technology and global operations and balance scale and profitability to consolidate our industry-leading position. We expect total shipments to be between 85 GW and 100 GW for the full year of 2025, and ESS shipments to be approximately 6 GWh for the full year 2025." 

      Third Quarter 2025 Financial Results

      Total Revenues

      Total revenues in the third quarter of 2025 were RMB16.16 billion (US$2.27 billion), representing a decrease of 10.2% from RMB17.99 billion in the second quarter of 2025 and a decrease of 34.1% from RMB24.51 billion in the third quarter of 2024. The sequential decrease was mainly due to a decrease in the shipment of solar modules, and the year-over-year decrease was primarily due to a decrease in the average selling price of solar modules.

      Gross Profit and Gross Margin

      Gross profit in the third quarter of 2025 was RMB1.18 billion (US$166.0 million), compared with gross profit of RMB526.5 million in the second quarter of 2025 and gross profit of RMB3.86 billion in the third quarter of 2024. 

      Gross profit margin was 7.3% in the third quarter of 2025, compared with gross profit margin of 2.9% in the second quarter of 2025 and gross profit margin of 15.7% in the third quarter of 2024. The sequential improvement was primarily due to a lower unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

      Loss/Income from Operations and Operating Margin

      Loss from operations in the third quarter of 2025 was RMB1.40 billion (US$197.3 million), compared with loss from operations of RMB1.38 billion in the second quarter of 2025 and income from operations of RMB75.5 million in the third quarter of 2024. The sequential and year-over-year changes were primarily attributable to the changes in our revenues and gross margin in the third quarter of 2025.

      Operating loss margin was 8.7% in the third quarter of 2025, compared with operating loss margin of 7.7% in the second quarter of 2025 and operating profit margin of 0.3% in the third quarter of 2024.

      Total operating expenses in the third quarter of 2025 were RMB2.59 billion (US$363.3 million), representing an increase of 35.8% from RMB1.91 billion in the second quarter of 2025 and a decrease of 31.6% from RMB3.78 billion in the third quarter of 2024. The sequential increase was primarily due to an increase in the impairment of long-lived assets, while the year-over-year decrease was mainly due to a decrease in shipping cost as the shipment of solar modules decreased and the average freight rate declined during the third quarter of 2025.

      Total operating expenses accounted for 16.0% of total revenues in the third quarter of 2025, compared to 10.6% in the second quarter of 2025 and 15.4% in the third quarter of 2024.

      Interest Expenses and Interest Income

      Interest expenses were RMB326.8 million (US$45.9 million), and interest income was RMB125.0 million (US$17.6 million) in the third quarter of 2025.

      Net interest expenses in the third quarter of 2025 were RMB201.8 million (US$28.3 million), representing an increase of 7.8% from RMB187.3 million in the second quarter of 2025 and a decrease of 0.2% from RMB202.1 million in the third quarter of 2024. The sequential increase was primarily due to a decrease of interest income during the third quarter of 2025.

      Subsidy Income

      Subsidy income in the third quarter of 2025 was RMB358.6 million (US$50.4 million), compared with RMB12.0 million in the second quarter of 2025 and RMB431.8 million in the third quarter of 2024. The sequential and year-over-year changes were primarily attributable to the changes in cash receipt of incentives related to the Company's business operations.

      Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives

      The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB0.9 million (US$0.1 million) in the third quarter of 2025, compared to a net exchange gain of RMB92.3 million in the second quarter of 2025 and a net exchange loss of RMB251.9 million in the third quarter of 2024. The sequential and year-over-year changes were mainly attributable to fluctuations in the exchange rate of US dollars against RMB in the third quarter of 2025.

      Change in Fair Value of Long-term Investment

      The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of September 30, 2025, the Company had RMB1.15 billion (US$161.4 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.06 billion as of June 30, 2025.

      The Company recognized a gain from the change in fair value of long-term investment of RMB60.7 million (US$8.5 million) in the third quarter of 2025, compared with a gain of RMB42.3 million in the second quarter of 2025 and a gain of RMB30.8 million in the third quarter of 2024. The sequential and year-over-year changes were primarily due to the changes in the fair value of several solar technology companies we invested in.

      Other Loss/Income , Net 

      Net other loss in the third quarter of 2025 was RMB121.1 million (US$17.0 million), compared with net other loss of RMB199.2 million in the second quarter of 2025 and net other income of RMB73.6 million in the third quarter of 2024. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the third quarter of 2025.

      Equity in Income/Loss of Affiliated Companies

      The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in income of affiliated companies of RMB2.9 million (US$0.4 million) in the third quarter of 2025, compared with equity in loss of affiliated companies of RMB70.9 million in the second quarter of 2025 and RMB3.4 million in the third quarter of 2024. The fluctuations in equity in loss or income of affiliated companies primarily arose from the changes in net losses or gains incurred by the affiliated companies.

      Income Tax Benefit/Expense

      The Company recorded an income tax benefit of RMB191.6 million (US$26.9 million) in the third quarter of 2025, compared with income tax benefit of RMB288.8 million in the second quarter of 2025 and income tax expense of RMB148.5 million in the third quarter of 2024.

      Net Loss Attributable to Non-Controlling Interests

      Net loss attributable to non-controlling interests amounted to RMB385.8 million (US$54.2 million) in the third quarter of 2025, compared with net loss attributable to non-controlling interests of RMB546.6 million in the second quarter of 2025 and net loss attributable to non-controlling interests of RMB39.0 million in the third quarter of 2024. The sequential and year-over-year changes were mainly attributable to the changes in net loss of Jinko Solar Co., Ltd. ("Jiangxi Jinko"), the Company's majority-owned principal operating subsidiary.

      Net Loss/Income and Losses/Earnings per Share

      Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB749.8 million (US$105.3 million) in the third quarter of 2025, compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB876.4 million in the second quarter of 2025 and net income attributable to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB22.5 million in the third quarter of 2024.

      Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB373.13 million (US$52.4 million) in the third quarter of 2025, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB856.4 million in the second quarter of 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB103.9 million in the third quarter of 2024.

      Basic and diluted losses per ordinary share were RMB3.58 (US$0.50) and RMB3.58 (US$0.50), respectively, in the third quarter of 2025, compared to basic and diluted losses per ordinary share of RMB4.20 and RMB4.20, respectively, in the second quarter of 2025, and basic and diluted earnings per ordinary share of RMB0.11 and RMB0.11, respectively, in the third quarter of 2024. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB14.32 (US$2.01) and RMB14.32 (US$2.01), respectively, in the third quarter of 2025; basic and diluted losses per ADS of RMB16.82 and RMB16.82, respectively, in the second quarter of 2025; and basic and diluted earnings per ADS of RMB0.44 and RMB0.44, respectively, in the third quarter of 2024.

      Financial Position

      As of September 30, 2025, the Company had RMB23.44 billion (US$3.29 billion) in cash, cash equivalents, and restricted cash, compared with RMB24.32 billion as of June 30, 2025.

      As of September 30, 2025, the Company's accounts receivables were RMB15.03 billion (US$2.11 billion), compared with RMB15.08 billion as of June 30, 2025.

      As of September 30, 2025, the Company's inventories were RMB14.94 billion (US$2.10 billion), compared with RMB12.89 billion as of June 30, 2025.

      As of September 30, 2025, the Company's total interest-bearing debts were RMB45.55 billion (US$6.40 billion), compared with RMB48.12 billion as of June 30, 2025.

      Second Quarter 2025 Financial Results

      Total Revenues

      Total revenues in the second quarter of 2025 were RMB17.99 billion (US$2.51 billion), representing an increase of 29.9% from RMB13.84 billion in the first quarter of 2025 and a decrease of 25.2% from RMB24.05 billion in the second quarter of 2024. The sequential increase was primarily due to an increase in the shipment of solar modules, while the year-over-year decrease was mainly due to a decrease in the average selling price of solar modules.

      Gross Profit/Loss and Gross Margin

      Gross profit in the second quarter of 2025 was RMB526.5 million (US$73.5 million), compared with gross loss of RMB352.9 million in the first quarter of 2025 and gross profit of RMB2.68 billion in the second quarter of 2024.

      Gross profit margin was 2.9% in the second quarter of 2025, compared with gross loss margin of 2.5% in the first quarter of 2025 and gross profit margin of 11.1% in the second quarter of 2024. The sequential improvement was mainly due to a lower unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

      Loss from Operations and Operating Loss Margin

      Loss from operations in the second quarter of 2025 was RMB1.38 billion (US$192.5 million), compared with RMB2.87 billion in the first quarter of 2025 and RMB1.14 billion in the second quarter of 2024. The sequential decrease and the year-over-year increase were primarily attributable to the changes in our revenues and gross margin.

      Operating loss margin was 7.7% in the second quarter of 2025, compared with 20.7% in the first quarter of 2025 and 4.7% in the second quarter of 2024.

      Total operating expenses in the second quarter of 2025 were RMB1.91 billion (US$266.0 million), representing a decrease of 24.2% from RMB2.51 billion in the first quarter of 2025 and a decrease of 50.1% from RMB3.81 billion in the second quarter of 2024. The sequential decrease was primarily due to the reduced expected credit loss expense in the second quarter of 2025, while the year-over-year decrease was mainly due to (i) a decrease in the impairment of long-lived assets, (ii) reduced expected credit loss expense, and (iii) decreased shipping cost as the average freight rate declined during the second quarter of 2025.

      Total operating expenses accounted for 10.6% of total revenues in the second quarter of 2025, compared to 18.1% in the first quarter of 2025 and 15.9% in the second quarter of 2024.

      Interest Expenses and Interest Income

      Interest expenses were RMB332.8 million (US$46.5 million), and interest income was RMB145.5 million (US$20.3 million) in the second quarter of 2025.

      Net interest expenses in the second quarter of 2025 were RMB187.3 million (US$26.1 million), representing a decrease of 21.1% from RMB237.3 million in the first quarter of 2025 and an increase of 78.1% from RMB105.2 million in the second quarter of 2024. The sequential decrease was primarily attributable to increased interest income, while the year-over-year increase was mainly due to an increase in interest-bearing debts during the second quarter of 2025.

      Subsidy Income

      Subsidy income in the second quarter of 2025 was RMB12.0 million (US$1.7 million), compared with RMB536.0 million in the first quarter of 2025 and RMB885.0 million in the second quarter of 2024. The sequential and year-over-year decreases were primarily attributable to reduced cash receipt of incentives related to the Company's business operations.

      Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives

      The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB92.3 million (US$12.9 million) in the second quarter of 2025, compared to RMB121.0 million in the first quarter of 2025 and RMB305.0 million in the second quarter of 2024. The sequential and year-over-year decreases were mainly attributable to fluctuations in the exchange rate of US dollars against RMB.

      Change in Fair Value of Long-term Investment

      The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of June 30, 2025, the Company had RMB1.06 billion (US$147.4 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.00 billion as of March 31, 2025.

      The Company recognized a gain from the change in fair value of long-term investment of RMB42.3 million (US$5.9 million) in the second quarter of 2025, compared with a loss of RMB46.2 million in the first quarter of 2025 and a loss of RMB144.2 million in the second quarter of 2024. The sequential and year-over-year changes were primarily due to increases in the fair value of several solar technology companies we invested in.

      Other Loss/Income, Net 

      Net other loss in the second quarter of 2025 was RMB199.2 million (US$27.8 million), compared with net other loss of RMB218.6 million in the first quarter of 2025 and net other income of RMB157.6 million in the second quarter of 2024. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the second quarter of 2025.

      Equity in Loss of Affiliated Companies

      The Company indirectly holds certain equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB70.9 million (US$9.9 million) in the second quarter of 2025, compared with equity in loss of affiliated companies of RMB46.1 million in the first quarter of 2025 and RMB67.6 million in the second quarter of 2024. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net losses incurred by the affiliated companies.

      Income Tax Benefit/Expense

      The Company recorded an income tax benefit of RMB288.8 million (US$40.3 million) in the second quarter of 2025, compared with income tax benefit of RMB699.5 million in the first quarter of 2025 and income tax expense of RMB24.8 million in the second quarter of 2024.

      Net Loss Attributable to Non-Controlling Interests

      Net loss attributable to non-controlling interests amounted to RMB546.6 million (US$76.3 million) in the second quarter of 2025, compared with net loss attributable to non-controlling interests of RMB756.1 million in the first quarter of 2025 and net loss attributable to non-controlling interests of RMB18.8 million in the second quarter of 2024. The sequential and year-over-year changes were mainly attributable to the changes in net loss of Jiangxi Jinko, the Company's majority-owned principal operating subsidiary.

      Net Loss and Losses per Share

      Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB876.4 million (US$122.3 million) in the second quarter of 2025, compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB1.32 billion in the first quarter of 2025 and net loss attributable to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB100.7 million in the second quarter of 2024.

      Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB856.4 million (US$119.5 million) in the second quarter of 2025, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB1.07 billion in the first quarter of 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB378.5 million in the second quarter of 2024.

      Basic and diluted losses per ordinary share were RMB4.20 (US$0.59) and RMB4.20 (US$0.59), respectively, in the second quarter of 2025, compared to basic and diluted losses per ordinary share of RMB6.40 and RMB6.40, respectively, in the first quarter of 2025, and basic and diluted losses per ordinary share of RMB0.48 and RMB0.53, respectively, in the second quarter of 2024. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB16.82 (US$2.35) and RMB16.82 (US$2.35), respectively, in the second quarter of 2025; basic and diluted losses per ADS of RMB25.58 and RMB25.58, respectively, in the first quarter of 2025; and basic and diluted losses per ADS of RMB1.94 and RMB2.12, respectively, in the second quarter of 2024.

      Operations and Business Outlook Highlights

      Fourth Quarter and Full Year 2025 Guidance

      The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.

      For the fourth quarter of 2025, the Company expects its total shipments (including solar modules, cells and wafers) to be in the range of 18.0 GW to 33.0 GW.

      For full year 2025, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 85.0 GW to 100.0 GW.

      For full year 2025, the Company expects its ESS shipments to be approximately 6 GWh.

      Solar Products Production Capacity

      The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025.

      Recent Business Developments 

      • In May 2025, JinkoSolar entered into a Memorandum of Agreement with SolarToday to distribute the SunGiga All-in-One products in the Benelux, Romania, Greece, Germany, and Turkey.
      • In May 2025, EAGLE® Preserve, JinkoSolar's proprietary takeback-and-recycling program for end-of-life solar modules in the U.S., became the very-first such stewardship program to receive the approval of the Washington State Department of Ecology.
      • In June 2025, JinkoSolar was recognized as Top Performer across all seven reliability categories in the 2025 PV Module Reliability Scorecard published by Kiwa PVEL.
      • In June 2025, JinkoSolar was recognized as Overall Highest Achiever in Renewable Energy Testing Center's 2025 PV Module Index Report.
      • In June 2025, JinkoSolar's board of directors declared a cash dividend of US$0.325 per ordinary share of US$0.00002 each of the Company, or US$1.30 per ADS.
      • In June 2025, Jiangxi Jinko in its capacity as Chair of the Finance Task Force of the Global Solar Council (GSC), officially released "How to Finance Solar for All?" during the London Climate Week 2025.
      • In June 2025, JinkoSolar announced the successful delivery of its high-efficiency Tiger Neo modules to support the construction of Spain's newly inaugurated Segovia solar cluster.
      • In July 2025, JinkoSolar's EAGLE® G6R residential PV module was honored as a 2025 Sustainable Product of the Year by Green Builder® Media.
      • In July 2025, JinkoSolar announced the successful commissioning of 21.6 MWh of Energy Storage Systems supplied to Distributed Energy Infrastructure (DEI).
      • In August 2025, Jiangxi Jinko published its unaudited consolidated financial results as of and for the six months ended June 30, 2025.
      • In August 2025, JinkoSolar announced business highlights for the first half of 2025.
      • In September 2025, JinkoSolar completed the sale of 300,156,075 A shares of Jiangxi Jinko.
      • In October 2025, JinkoSolar announced module supply to Trinity Energy for a Costco Warehouse in the State of Washington.
      • In October 2025, Jiangxi Jinko announces third quarter 2025 unaudited financial results.

      Conference Call Information

      JinkoSolar's management will host an earnings conference call on Monday, November 17, 2025 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

      Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

      Participant Online Registration: https://s1.c-conf.com/diamondpass/10050807-ki8u7y.html

      It will automatically direct you to the registration page of "JinkoSolar Second and Third Quarter 2025 Earnings Conference Call", where you may fill in your details for RSVP.

      In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

      A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 24, 2025. The dial-in details for the replay are as follows:

      International:  +61 7 3107 6325  
      U.S.:       +1 855 883 1031  
      Passcode:      10050813

      Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com.

      About JinkoSolar Holding Co., Ltd.

      JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

      JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2025.

      To find out more, please see: www.jinkosolar.com

      Currency Convenience Translation

      The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rates in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2025 and September 30, 2025, which was RMB7.1636 to US$1.00 and RMB7.1190 to US$1.00, respectively. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

      Safe Harbor Statement

      This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

      For investor and media inquiries, please contact:

      In China:
      Ms. Stella Wang
      JinkoSolar Holding Co., Ltd.
      Tel: +86 21-5180-8777 ext.7806
      Email: [email protected]

      Mr. Rene Vanguestaine
      Christensen
      Tel: +86 178 1749 0483
      Email: [email protected]

      In the U.S.:
      Ms. Linda Bergkamp
      Christensen, Scottsdale, Arizona
      Tel: +1-480-614-3004
      Email: [email protected]

      JINKOSOLAR HOLDING CO., LTD. 

      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

      (in thousands, except ADS and Share data)

       

      For the quarter ended

       

      For the nine months ended     

       

      Sep 30, 2024

       

      Jun 30, 2025

       

      Sep 30, 2025

       

      Sep 30, 2024

       

      Sep 30, 2025

       

      RMB'000

       

      RMB'000

       

      RMB'000

       

      USD'000

       

      RMB'000

       

      RMB'000

       

      USD'000

       Revenues 

      24,508,244

       

      17,988,725

       

      16,158,497

       

      2,269,771

       

      71,605,572

       

      47,990,862

       

      6,741,237

                                 

       Cost of revenues 

      (20,652,556)

       

      (17,462,264)

       

      (14,976,562)

       

      (2,103,745)

       

      (62,338,117)

       

      (46,635,340)

       

      (6,550,827)

                                 

       Gross profit 

      3,855,688

       

      526,461

       

      1,181,935

       

      166,026

       

      9,267,455

       

      1,355,522

       

      190,410

                                 

       Operating expenses: 

                               

         Selling and marketing 

      (2,172,100)

       

      (1,227,267)

       

      (999,538)

       

      (140,404)

       

      (5,435,558)

       

      (3,372,216)

       

      (473,692)

         General and administrative 

      (1,175,798)

       

      (401,761)

       

      (775,946)

       

      (108,996)

       

      (3,684,972)

       

      (2,392,772)

       

      (336,111)

         Research and development 

      (208,668)

       

      (251,598)

       

      (255,721)

       

      (35,921)

       

      (664,490)

       

      (659,121)

       

      (92,586)

         Impairment of long-lived assets 

      (223,588)

       

      (24,536)

       

      (555,439)

       

      (78,022)

       

      (884,552)

       

      (579,975)

       

      (81,469)

       Total operating expenses 

      (3,780,154)

       

      (1,905,162)

       

      (2,586,644)

       

      (363,343)

       

      (10,669,572)

       

      (7,004,084)

       

      (983,858)

                                 

       (Loss)/income from operations 

      75,534

       

      (1,378,701)

       

      (1,404,709)

       

      (197,317)

       

      (1,402,117)

       

      (5,648,562)

       

      (793,448)

       Interest expenses 

      (300,935)

       

      (332,800)

       

      (326,757)

       

      (45,900)

       

      (795,566)

       

      (1,001,159)

       

      (140,633)

       Interest income 

      98,790

       

      145,540

       

      124,972

       

      17,555

       

      301,431

       

      374,840

       

      52,654

       Subsidy income 

      431,753

       

      12,033

       

      358,573

       

      50,368

       

      1,548,621

       

      906,562

       

      127,344

       Exchange gain/(loss),net 

      (203,999)

       

      276,686

       

      (123,417)

       

      (17,336)

       

      169,737

       

      288,954

       

      40,589

       Change in fair value of foreign exchange derivatives 

      (47,912)

       

      (184,345)

       

      124,267

       

      17,456

       

      23,052

       

      (74,785)

       

      (10,505)

       Change in fair value of Long-term Investment 

      30,772

       

      42,301

       

      60,677

       

      8,523

       

      (168,778)

       

      56,823

       

      7,982

       Change in fair value of convertible senior notes 

      -

       

      -

       

      -

       

      -

       

      323,474

       

      -

       

      -

       Other (loss)/income, net 

      73,632

       

      (199,219)

       

      (121,059)

       

      (17,005)

       

      1,554,684

       

      (538,896)

       

      (75,698)

      (Loss)/Income before income taxes

      157,635

       

      (1,618,505)

       

      (1,307,453)

       

      (183,656)

       

      1,554,538

       

      (5,636,223)

       

      (791,715)

       Income tax benefits/(expenses) 

      (148,460)

       

      288,768

       

      191,635

       

      26,919

       

      (649,977)

       

      1,179,882

       

      165,737

       Equity in (loss)/income of affiliated companies 

      (3,389)

       

      (70,873)

       

      2,919

       

      410

       

      (57,852)

       

      (114,026)

       

      (16,017)

       Net (loss)/income 

      5,786

       

      (1,400,610)

       

      (1,112,899)

       

      (156,327)

       

      846,709

       

      (4,570,367)

       

      (641,995)

       Less: Net loss/(income) attributable to non-controlling
      interests 

      38,960

       

      546,626

       

      385,798

       

      54,193

       

      (293,218)

       

      1,688,478

       

      237,179

       Less: Accretion to redemption value of redeemable non-
      controlling interests  

      (22,214)

       

      (22,438)

       

      (22,685)

       

      (3,187)

       

      (22,214)

       

      (63,197)

       

      (8,877)

       Net (loss)/income attributable to JinkoSolar
       Holding Co., Ltd.'s ordinary shareholders 

      22,532

       

      (876,422)

       

      (749,786)

       

      (105,321)

       

      531,277

       

      (2,945,086)

       

      (413,693)

                                 

       Net (loss)/income attributable to JinkoSolar Holding
      Co., Ltd.'s
       ordinary shareholders per share: 

                               

         Basic 

      0.11

       

      (4.20)

       

      (3.58)

       

      (0.50)

       

      2.54

       

      (14.15)

       

      (1.99)

         Diluted 

      0.11

       

      (4.20)

       

      (3.58)

       

      (0.50)

       

      0.99

       

      (14.15)

       

      (1.99)

                                 

       Net (loss)/income attributable to JinkoSolar Holding
      Co., Ltd.'s
         ordinary shareholders per ADS: 

                               

         Basic 

      0.44

       

      (16.82)

       

      (14.32)

       

      (2.01)

       

      10.15

       

      (56.62)

       

      (7.95)

         Diluted 

      0.44

       

      (16.82)

       

      (14.32)

       

      (2.01)

       

      3.96

       

      (56.62)

       

      (7.95)

                                 

       Weighted average ordinary shares outstanding: 

                               

         Basic 

      204,902,909

       

      208,496,117

       

      209,429,353

       

      209,429,353

       

      209,393,151

       

      208,069,900

       

      208,069,900

         Diluted 

      204,962,646

       

      208,496,117

       

      209,429,353

       

      209,429,353

       

      213,914,994

       

      208,069,900

       

      208,069,900

                                 

       Weighted average ADS outstanding: 

                               

         Basic 

      51,225,727

       

      52,124,029

       

      52,357,338

       

      52,357,338

       

      52,348,288

       

      52,017,475

       

      52,017,475

         Diluted 

      51,240,662

       

      52,124,029

       

      52,357,338

       

      52,357,338

       

      53,478,749

       

      52,017,475

       

      52,017,475

                                 

      UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                 

       Net (loss)/income 

      5,786

       

      (1,400,610)

       

      (1,112,899)

       

      (156,327)

       

      846,709

       

      (4,570,367)

       

      (641,995)

       Other comprehensive (loss)/income: 

                               

         -Unrealized income on available-for-sale securities 

      -

       

      15,323

       

      -

       

      -

       

      -

       

      15,323

       

      2,152

         -Foreign currency translation adjustments 

      (123,210)

       

      1,172

       

      (17,383)

       

      (2,441)

       

      (290,603)

       

      (16,115)

       

      (2,264)

       Comprehensive (loss)/income 

      (117,424)

       

      (1,384,115)

       

      (1,130,282)

       

      (158,768)

       

      556,106

       

      (4,571,159)

       

      (642,106)

       Less: Comprehensive (income)/loss attributable to non-
      controlling interests 

      77,293

       

      (584,290)

       

      (392,388)

       

      (55,118)

       

      (262,164)

       

      (1,687,358)

       

      (237,022)

       Comprehensive (loss)/income attributable to JinkoSolar
      Holding Co., Ltd.'s ordinary shareholders 

      (40,131)

       

      (1,968,405)

       

      (1,522,670)

       

      (213,886)

       

      293,942

       

      (6,258,517)

       

      (879,128)

      JINKOSOLAR HOLDING CO., LTD. 

      UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

      (in thousands)

       

      Dec 31, 2024

       

      Sep 30, 2025

       

      RMB'000

       

      RMB'000

       

      USD'000

      ASSETS

               

      Current assets:

               

        Cash,cash equivalents, and restricted cash

      27,737,976

       

      23,440,345

       

      3,292,646

        Restricted short-term investments and short-term investments

      3,901,442

       

      5,212,183

       

      732,151

        Accounts receivable, net 

      14,065,558

       

      15,034,067

       

      2,111,823

        Notes receivable, net 

      3,333,377

       

      2,970,474

       

      417,260

        Advances to suppliers, net 

      2,654,149

       

      1,419,475

       

      199,392

        Inventories, net

      12,509,422

       

      14,939,226

       

      2,098,501

        Foreign exchange forward contract receivables

      115,220

       

      243,622

       

      34,221

        Prepayments and other current assets, net 

      4,490,411

       

      6,697,546

       

      940,799

        Held-for-sale assets

      57,502

       

      -

       

      -

      Total current assets

      68,865,057

       

      69,956,938

       

      9,826,793

                 

      Non-current assets:

               

        Restricted long-term investments

      1,328,201

       

      1,431,612

       

      201,097

        Long-term investments

      1,870,253

       

      1,778,488

       

      249,823

        Property, plant and equipment, net

      44,800,692

       

      39,726,082

       

      5,580,290

        Land use rights, net

      1,838,015

       

      1,797,410

       

      252,481

        Intangible assets, net

      461,955

       

      483,768

       

      67,954

        Right-of-use assets, net

      448,555

       

      279,302

       

      39,233

        Deferred tax assets 

      2,641,397

       

      2,757,101

       

      387,288

        Advances to suppliers to be utilised beyond one year

      520,376

       

      274,502

       

      38,559

        Other assets, net 

      1,954,935

       

      2,182,216

       

      306,534

        Available-for-sale securities-non-current

      150,922

       

      174,889

       

      24,567

      Total non-current assets

      56,015,301

       

      50,885,370

       

      7,147,826

                 

      Total assets

      124,880,358

       

      120,842,308

       

      16,974,619

                 

      LIABILITIES

               

      Current liabilities:

               

        Accounts payable 

      11,038,668

       

      14,076,092

       

      1,977,257

        Notes payable 

      11,189,801

       

      7,725,290

       

      1,085,165

        Accrued payroll and welfare expenses

      2,779,196

       

      2,319,132

       

      325,767

        Advances from customers

      5,088,596

       

      4,681,284

       

      657,576

        Income tax payables

      703,498

       

      673,303

       

      94,578

        Other payables and accruals

      16,583,912

       

      13,463,080

       

      1,891,147

        Foreign exchange forward derivatives payables

      20,789

       

      109,864

       

      15,433

        Lease liabilities - current

      145,663

       

      83,694

       

      11,756

       Short-term borrowings, including current portion of long-term
      borrowings, and failed sale-leaseback financing

      6,933,899

       

      10,797,984

       

      1,516,784

      Total current liabilities

      54,484,022

       

      53,929,723

       

      7,575,463

                 

      Non-current liabilities:

               

        Long-term borrowings

      20,643,272

       

      19,985,166

       

      2,807,300

        Convertible notes

      8,605,579

       

      10,534,627

       

      1,479,790

        Accrued warranty costs - non current

      2,136,192

       

      1,687,141

       

      236,991

        Lease liabilities-noncurrent

      330,740

       

      243,922

       

      34,264

        Deferred tax liability

      56,718

       

      57,563

       

      8,086

        Long-term Payables

      4,387,864

       

      4,287,388

       

      602,246

      Total non-current liabilities

      36,160,365

       

      36,795,807

       

      5,168,677

                 

      Total liabilities

      90,644,387

       

      90,725,530

       

      12,744,140

                 

      MEZZANINE EQUITY

               

      Redeemable non-controlling interests

      1,535,926

       

      1,522,373

       

      213,846

                 

      SHAREHOLDERS' EQUITY

               

      Total JinkoSolar Holding Co., Ltd. shareholders' equity

      19,898,909

       

      17,095,703

       

      2,401,420

                 

      Non-controlling interests

      12,801,136

       

      11,498,702

       

      1,615,213

                 

      Total shareholders' equity

      32,700,045

       

      28,594,405

       

      4,016,633

                 

      Total liabilities, non-controlling interest and shareholders' equity 

      124,880,358

       

      120,842,308

       

      16,974,619

      JINKOSOLAR HOLDING CO., LTD. 

      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

      (in thousands, except ADS and Share data)

       

      For the quarter ended

       

      For the six months ended     

       

      Jun 30, 2024

       

      Mar 31, 2025

       

      Jun 30, 2025

       

      Jun 30, 2024

       

      Jun 30, 2025

       

      RMB'000

       

      RMB'000

       

      RMB'000

       

      USD'000

       

      RMB'000

       

      RMB'000

       

      USD'000

       Revenues 

      24,053,049

       

      13,843,640

       

      17,988,725

       

      2,511,129

       

      47,097,329

       

      31,832,365

       

      4,443,627

                                 

       Cost of revenues 

      (21,376,366)

       

      (14,196,514)

       

      (17,462,264)

       

      (2,437,638)

       

      (41,685,562)

       

      (31,658,778)

       

      (4,419,395)

                                 

       Gross profit 

      2,676,683

       

      (352,874)

       

      526,461

       

      73,491

       

      5,411,767

       

      173,587

       

      24,232

                                 

       Operating expenses: 

                               

         Selling and marketing 

      (1,797,061)

       

      (1,145,411)

       

      (1,227,267)

       

      (171,320)

       

      (3,263,458)

       

      (2,372,678)

       

      (331,213)

         General and administrative 

      (1,141,307)

       

      (1,215,065)

       

      (401,761)

       

      (56,084)

       

      (2,509,174)

       

      (1,616,826)

       

      (225,700)

         Research and development 

      (215,394)

       

      (151,802)

       

      (251,598)

       

      (35,122)

       

      (455,822)

       

      (403,400)

       

      (56,312)

         Impairment of long-lived assets 

      (660,964)

       

      -

       

      (24,536)

       

      (3,425)

       

      (660,964)

       

      (24,536)

       

      (3,425)

       Total operating expenses 

      (3,814,726)

       

      (2,512,278)

       

      (1,905,162)

       

      (265,951)

       

      (6,889,418)

       

      (4,417,440)

       

      (616,650)

                                 

       Loss from operations 

      (1,138,043)

       

      (2,865,152)

       

      (1,378,701)

       

      (192,460)

       

      (1,477,651)

       

      (4,243,853)

       

      (592,418)

       Interest expenses 

      (212,897)

       

      (341,604)

       

      (332,800)

       

      (46,457)

       

      (494,630)

       

      (674,403)

       

      (94,143)

       Interest income 

      107,740

       

      104,329

       

      145,540

       

      20,317

       

      202,640

       

      249,869

       

      34,880

       Subsidy income 

      885,024

       

      535,957

       

      12,033

       

      1,680

       

      1,116,868

       

      547,990

       

      76,496

       Exchange gain,net 

      247,726

       

      135,686

       

      276,686

       

      38,624

       

      373,736

       

      412,371

       

      57,565

       Change in fair value of foreign exchange derivatives 

      57,250

       

      (14,706)

       

      (184,345)

       

      (25,734)

       

      70,964

       

      (199,052)

       

      (27,787)

       Change in fair value of Long-term Investment 

      (144,222)

       

      (46,155)

       

      42,301

       

      5,905

       

      (199,550)

       

      (3,855)

       

      (538)

       Change in fair value of convertible senior notes 

      12,791

       

      -

       

      -

       

      -

       

      323,474

       

      -

       

      -

       Other (loss)/income, net 

      157,574

       

      (218,618)

       

      (199,219)

       

      (27,810)

       

      1,481,051

       

      (417,837)

       

      (58,327)

      (Loss)/income before income taxes

      (27,057)

       

      (2,710,263)

       

      (1,618,505)

       

      (225,935)

       

      1,396,902

       

      (4,328,770)

       

      (604,272)

       Income tax benefits/(expenses) 

      (24,799)

       

      699,479

       

      288,768

       

      40,310

       

      (501,518)

       

      988,247

       

      137,954

       Equity in loss of affiliated companies 

      (67,644)

       

      (46,072)

       

      (70,873)

       

      (9,893)

       

      (54,463)

       

      (116,946)

       

      (16,325)

       Net (loss)/income 

      (119,500)

       

      (2,056,856)

       

      (1,400,610)

       

      (195,518)

       

      840,921

       

      (3,457,469)

       

      (482,643)

       Less: Net loss/(income) attributable to non-controlling
      interests 

      18,847

       

      756,054

       

      546,626

       

      76,306

       

      (332,178)

       

      1,302,680

       

      181,847

       Less: Accretion to redemption value of redeemable non-
      controlling interests  

      -

       

      (18,074)

       

      (22,438)

       

      (3,132)

       

      -

       

      (40,512)

       

      (5,655)

       Net (loss)/income attributable to JinkoSolar
       Holding Co., Ltd.'s ordinary shareholders 

      (100,653)

       

      (1,318,876)

       

      (876,422)

       

      (122,344)

       

      508,743

       

      (2,195,301)

       

      (306,451)

                                 

       Net (loss)/income attributable to JinkoSolar Holding
      Co., Ltd.'s
       ordinary shareholders per share: 

                               

         Basic 

      (0.48)

       

      (6.40)

       

      (4.20)

       

      (0.59)

       

      2.40

       

      (10.59)

       

      (1.48)

         Diluted 

      (0.53)

       

      (6.40)

       

      (4.20)

       

      (0.59)

       

      0.87

       

      (10.59)

       

      (1.48)

                                 

       Net (loss)/income attributable to JinkoSolar Holding
      Co., Ltd.'s
         ordinary shareholders per ADS: 

                               

         Basic 

      (1.94)

       

      (25.58)

       

      (16.82)

       

      (2.35)

       

      9.62

       

      (42.34)

       

      (5.91)

         Diluted 

      (2.12)

       

      (25.58)

       

      (16.82)

       

      (2.35)

       

      3.48

       

      (42.34)

       

      (5.91)

                                 

       Weighted average ordinary shares outstanding: 

                               

         Basic 

      208,076,672

       

      206,249,285

       

      208,496,117

       

      208,496,117

       

      211,662,944

       

      207,378,908

       

      207,378,908

         Diluted 

      209,869,918

       

      206,249,285

       

      208,496,117

       

      208,496,117

       

      219,563,068

       

      207,378,908

       

      207,378,908

                                 

       Weighted average ADS outstanding: 

                               

         Basic 

      52,019,168

       

      51,562,321

       

      52,124,029

       

      52,124,029

       

      52,915,736

       

      51,844,727

       

      51,844,727

         Diluted 

      52,467,479

       

      51,562,321

       

      52,124,029

       

      52,124,029

       

      54,890,767

       

      51,844,727

       

      51,844,727

                                 

      UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                 

       Net (loss)/income 

      (119,500)

       

      (2,056,856)

       

      (1,400,610)

       

      (195,518)

       

      840,921

       

      (3,457,469)

       

      (482,643)

       Other comprehensive (loss)/income: 

                               

         -Unrealized income on available-for-sale securities 

      -

       

      -

       

      15,323

       

      2,139

       

      -

       

      15,323

       

      2,139

         -Foreign currency translation adjustments 

      9,874

       

      96

       

      1,172

       

      165

       

      (167,393)

       

      1,268

       

      177

         -Change in the instrument-specific credit risk 

      -

       

      -

       

      -

       

      -

       

      421

       

      -

       

      -

       Comprehensive (loss)/income 

      (109,626)

       

      (2,056,760)

       

      (1,384,115)

       

      (193,214)

       

      673,949

       

      (3,440,878)

       

      (480,327)

       Less: Comprehensive (income)/loss attributable to
      non-controlling interests 

      9,056

       

      (710,680)

       

      (584,290)

       

      (81,564)

       

      (339,461)

       

      (1,294,970)

       

      (180,771)

       Comprehensive (loss)/income attributable to JinkoSolar
      Holding Co., Ltd.'s ordinary shareholders 

      (100,570)

       

      (2,767,440)

       

      (1,968,405)

       

      (274,778)

       

      334,488

       

      (4,735,848)

       

      (661,098)

      JINKOSOLAR HOLDING CO., LTD. 

      UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

      (in thousands)

       

      Dec 31, 2024

       

      Jun 30, 2025

       

      RMB'000

       

      RMB'000

       

      USD'000

      ASSETS

               

      Current assets:

               

        Cash,cash equivalents, and restricted cash

      27,737,976

       

      24,317,251

       

      3,394,558

        Restricted short-term investments and short-term investments

      3,901,442

       

      5,649,520

       

      788,643

        Accounts receivable, net 

      14,065,558

       

      15,077,672

       

      2,104,762

        Notes receivable, net 

      3,333,377

       

      3,344,999

       

      466,944

        Advances to suppliers, net 

      2,654,149

       

      936,138

       

      130,680

        Inventories, net

      12,509,422

       

      12,889,319

       

      1,799,280

        Foreign exchange forward contract receivables

      115,220

       

      99,075

       

      13,830

        Prepayments and other current assets, net 

      4,490,411

       

      6,068,103

       

      847,075

        Held-for-sale assets

      57,502

       

      -

       

      -

      Total current assets

      68,865,057

       

      68,382,077

       

      9,545,772

                 

      Non-current assets:

               

        Restricted long-term investments

      1,328,201

       

      1,349,622

       

      188,400

        Long-term investments

      1,870,253

       

      1,662,657

       

      232,098

        Property, plant and equipment, net

      44,800,692

       

      42,017,027

       

      5,865,351

        Land use rights, net

      1,838,015

       

      1,817,773

       

      253,751

        Intangible assets, net

      461,955

       

      489,148

       

      68,282

        Right-of-use assets, net

      448,555

       

      375,615

       

      52,434

        Deferred tax assets 

      2,641,397

       

      2,806,908

       

      391,829

        Advances to suppliers to be utilised beyond one year

      520,376

       

      504,908

       

      70,482

        Other assets, net 

      1,954,935

       

      2,040,443

       

      284,835

        Available-for-sale securities-non-current

      150,922

       

      174,889

       

      24,414

      Total non-current assets

      56,015,301

       

      53,238,990

       

      7,431,876

                 

      Total assets

      124,880,358

       

      121,621,067

       

      16,977,648

                 

      LIABILITIES

               

      Current liabilities:

               

        Accounts payable 

      11,038,668

       

      13,100,111

       

      1,828,705

        Notes payable 

      11,189,801

       

      6,118,333

       

      854,086

        Accrued payroll and welfare expenses

      2,779,196

       

      2,367,950

       

      330,553

        Advances from customers

      5,088,596

       

      4,286,263

       

      598,339

        Income tax payables

      703,498

       

      623,284

       

      87,007

        Other payables and accruals

      16,583,912

       

      14,832,917

       

      2,070,596

        Foreign exchange forward derivatives payables

      20,789

       

      195,680

       

      27,316

        Lease liabilities - current

      145,663

       

      100,868

       

      14,081

       Short-term borrowings, including current portion of long-term
      borrowings, and failed sale-leaseback financing

      6,933,899

       

      11,177,190

       

      1,560,276

      Total current liabilities

      54,484,022

       

      52,802,596

       

      7,370,959

                 

      Non-current liabilities:

               

        Long-term borrowings

      20,643,272

       

      22,130,466

       

      3,089,294

        Convertible notes

      8,605,579

       

      10,479,055

       

      1,462,820

        Accrued warranty costs - non current

      2,136,192

       

      1,853,834

       

      258,785

        Lease liabilities-noncurrent

      330,740

       

      329,739

       

      46,030

        Deferred tax liability

      56,718

       

      56,718

       

      7,918

        Long-term Payables

      4,387,864

       

      4,247,439

       

      592,920

      Total non-current liabilities

      36,160,365

       

      39,097,251

       

      5,457,767

                 

      Total liabilities

      90,644,387

       

      91,899,847

       

      12,828,726

                 

      MEZZANINE EQUITY

               

      Redeemable non-controlling interests

      1,535,926

       

      1,499,688

       

      209,348

                 

      SHAREHOLDERS' EQUITY

               

      Total JinkoSolar Holding Co., Ltd. shareholders' equity

      19,898,909

       

      17,100,949

       

      2,387,200

                 

      Non-controlling interests

      12,801,136

       

      11,120,583

       

      1,552,374

                 

      Total shareholders' equity

      32,700,045

       

      28,221,532

       

      3,939,574

                 

      Total liabilities, non-controlling interest and shareholders' equity 

      124,880,358

       

      121,621,067

       

      16,977,648

                 

      SOURCE JinkoSolar Holding Co., Ltd.

      Modal title

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