JinkoSolar Swings To Q1 Loss On Lower Shipments, Weak Prices

JinkoSolar Holding Co. reported a sharp drop in first-quarter revenue and swung to a net loss as weak pricing and lower shipments weighed on margins, the company said in its latest financial results.

Revenue for the quarter ended March 31 fell 33% sequentially to RMB13.84 billion (US$1.91 billion), down from RMB20.65 billion in Q4 2024 and 39.9% lower than RMB23.04 billion a year earlier. The decline was attributed to lower module shipments and a sharp year-on-year decrease in average selling prices.  The company posted a gross loss of RMB352.9 million (US$48.6 million), compared to a gross profit in the prior periods. Gross margin stood at negative 2.5%, down from a positive margin of 3.8% in Q4 and 11.9% in Q1 2024.

Company Faces Net Loss

According to the company’s quarterly results. “The Net loss attributable to ordinary shareholders widened to RMB1.32 billion (US$181.7 million), compared to a loss of RMB476.7 million in Q4 and a profit of RMB609.4 million in the year-ago quarter. On an adjusted basis, which excludes fair value changes in convertible notes, long-term investments, and share-based expenses, the net loss was RMB1.07 billion (US$147.4 million), compared to an adjusted loss of RMB430.8 million in Q4 and a profit of RMB470.3 million in Q1 2024.”

Shipments and Market Conditions

Additionally,  “The company’s adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.07 billion (US$147.4 million), which excludes the impact of (i) the change in fair value of convertible senior notes, (ii) the change in fair value of long-term investment, and (iii) share-based compensation expenses, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB430.8 million in Q4 2024 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB470.3 million in Q1 2024.

Company’s Shipment

Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, mentioned, “Company’s module shipments reached 17.5 GW, with revenues of US$1.91 billion, for the first quarter of 2025. Prices across the main segments of the solar industrial chain were low in the first quarter. This, combined with disruptions in demand caused by changes in international trade policies, pressured profit margins in each segment of the integrated solar supply chain.” 

He added, “Despite this challenging market environment, we fulfilled our delivery commitments to customers and reduced costs through supply chain optimization, adjustments to production and operation plans, and other measures. Due to a year-over-year decline in shipments to the U.S. market and a continued decline in higher-price overseas orders, our module prices and profitability decreased both year-over-year and sequentially. Net loss was US$181.7 million for the first quarter of 2025.”

According to data from the National Environment Administration in China, new installations in China in the first quarter amounted to 59.7 GW, an increase of 31% year-over-year. Resilience was seen in domestic demand despite the high comparison base in 2024. Market self-regulation and high-quality development initiatives by manufacturers became gradually effective. 

Additionally, the data revealed, “From January to March, average monthly bidding prices for solar modules steadily recovered in the domestic market, returning to a more rational level. Recent changes in international trade policies, such as reciprocal tariffs in the United States, have brought some disruption to the PV industry.”

The company further shared, “Currently, the visibility of our order book stands at 60% to 70%, with Indo-Pacific and Middle East and Africa regions exceeding 80%.”

Energy Storage and Capacity Expansion

Xiande Li said, “We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 95.0 GW, and 130.0 GW, respectively, with an annual production capacity of our third-generation TOPCon modules to reach 40.0 GW to 50.0 GW by the end of 2025.”

He added, “We expect module shipments to be between 20.0 GW and 25.0 GW in the second quarter of 2025, and between 85.0 GW and 100.0 GW for the full year 2025. We will actively respond to changes in market demand and policy, continuously optimize market strategies and supply chain management, and consistently improve technology and product competitiveness, to maintain a leading position in the industry.”