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JinkoSolar Holding Co Ltd
JinkoSolar Holding Co., Ltd. is a prominent player in the global solar industry, known for its comprehensive approach to harnessing solar energy. Founded with a mission to provide clean, efficient, and affordable solar power, JinkoSolar has grown to become one of the largest solar module manufacturers in the world. The company has cultivated a robust production and supply chain network, enabling it to innovate and produce high-quality photovoltaic products. From its vertically integrated business model that spans across silicon ingot casting, wafering, solar cell production, and module assembly, JinkoSolar ensures a streamlined operation that reduces costs and enhances competitive advantage. This seamless integration allows JinkoSolar to maintain stringent quality controls and scale operations effectively to meet the rising demand for renewable energy sources globally.
JinkoSolar's financial performance is driven largely by an ever-increasing roster of global clients who seek efficient and sustainable energy solutions. The company generates revenue primarily through the sale of its solar modules to a diversified customer base, including utility-scale developers, commercial and residential installers, as well as international independent power producers. Additionally, its commitment to research and development has positioned JinkoSolar to continually improve product efficiency, thereby attracting new markets and reinforcing its brand on the international stage. Through strategic partnerships and a forward-looking focus on innovation, JinkoSolar not only captures value from immediate sales but also invests in the future of solar technology—solidifying its stature as an enduring leader in the transition towards clean energy.
JinkoSolar Holding Co., Ltd. is a prominent player in the global solar industry, known for its comprehensive approach to harnessing solar energy. Founded with a mission to provide clean, efficient, and affordable solar power, JinkoSolar has grown to become one of the largest solar module manufacturers in the world. The company has cultivated a robust production and supply chain network, enabling it to innovate and produce high-quality photovoltaic products. From its vertically integrated business model that spans across silicon ingot casting, wafering, solar cell production, and module assembly, JinkoSolar ensures a streamlined operation that reduces costs and enhances competitive advantage. This seamless integration allows JinkoSolar to maintain stringent quality controls and scale operations effectively to meet the rising demand for renewable energy sources globally.
JinkoSolar's financial performance is driven largely by an ever-increasing roster of global clients who seek efficient and sustainable energy solutions. The company generates revenue primarily through the sale of its solar modules to a diversified customer base, including utility-scale developers, commercial and residential installers, as well as international independent power producers. Additionally, its commitment to research and development has positioned JinkoSolar to continually improve product efficiency, thereby attracting new markets and reinforcing its brand on the international stage. Through strategic partnerships and a forward-looking focus on innovation, JinkoSolar not only captures value from immediate sales but also invests in the future of solar technology—solidifying its stature as an enduring leader in the transition towards clean energy.
Shipments Leadership: JinkoSolar shipped 61.9 GW of modules in the first three quarters of 2025, maintaining its #1 global position.
Margin Recovery: Gross margin improved for two consecutive quarters, rising from 2.9% in Q2 to 7.3% in Q3. Net losses narrowed sequentially.
ESS Growth: Energy storage system (ESS) shipments totaled 3.3 GWh year-to-date, with profitability in ESS improving and expectations for shipments to double in 2026.
Revenue Decline: Q3 revenue was $2.27B, down 10% sequentially and 34% YoY, mainly due to lower module shipments and ASP declines.
Positive Cash Flow: Q3 operating cash flow was $340M, up significantly QoQ, and management expects full-year 2025 operating cash flow to be positive.
2025 Guidance: Total shipments for full year expected between 85 GW to 500 GW, with ESS shipments forecast at 6 GWh.
Buyback & Dividends: Company plans to spend at least $100M on share buybacks in 2025, alongside $50–$60M in dividends, using proceeds from asset monetization.
Industry Outlook: Global PV demand expected to be flat in 2026, but BEV/ESS installations to rise at least 25% YoY, with Jinko targeting higher-value markets and premium products.