China-based solar cell and module manufacturer JinkoSolar‘s revenue dipped 34.1% year-over-year (YoY) to RMB16.16 billion (~$2.27 billion) in the third quarter (Q3) of 2025, primarily due to a decline in the average selling price of solar modules.

Adjusted net loss attributable was RMB373.1 million (~$52.49 million), compared to adjusted net income of RMB103.9 million (~$14.61 million) in Q3 2024. This excludes the impact of changes in the fair value of convertible notes issued by us in 2023, changes in the fair value of long-term investments, share-based compensation expenses, and impairment of long-lived assets.

The losses per ordinary share were RMB3.58 (~$0.50), compared to a profit of RMB0.11 (~$0.015) in Q3 2024.

Xiande Li, Chairman and Chief Executive Officer of JinkoSolar, commented that in the first three quarters of 2025, the company’s global module shipments totaled 61.9 GW. He said the company’s strong product performance and expanding presence in high-value overseas markets drove gross margin improvements for two consecutive quarters, reaching 2 7.3% in the third quarter.

In the first three quarters, cumulative ESS shipments exceeded 3.3 GWh, representing significant growth since the second quarter. This, combined with the company’s increasing market share in overseas markets, has significantly improved the profitability of the energy storage business.

He added that, as scale efficiency and competitiveness improve, they expect the energy storage segment to become their second growth engine and to contribute to profits in 2026.

Looking ahead, Li said JinkoSolar expects 10–15% of total revenue to come from ESS, supported by healthy gross margins and positive net profitability.

The company is confident that as economies of scale accelerate and competitiveness continues to improve, its energy storage business will more than double next year. Li noted that revenue contribution from the segment is expected to increase significantly and become a major driver of overall gross margin expansion. During the second and third quarters, the company maintained module utilization rates at reasonable levels. Since the third quarter, prices of polysilicon, wafers, and cells have all risen, and module prices have shown an upward trend.

According to Li, bidding rules across provinces in China remain in the implementation phase, meaning central and state-owned enterprises need additional time to reassess IRR expectations and adjust business models for downstream projects. As a result, demand may take time to materialize fully. However, he pointed out that the raw material segment is showing positive signs, with rising input prices supporting higher module prices in overseas markets as well.

He also noted that with China’s market-based electricity reform removing mandatory energy storage requirements, the sector is now accelerating its transition toward market-oriented development. With an increasing spread between peak and off-peak electricity pricing and the rollout of capacity pricing and compensation policies, independent energy storage projects across multiple provinces are now capable of generating solid economic returns.

Globally, Li said, energy storage demand is rising across Europe, Asia Pacific, the Middle East, and Latin America, driven by improving economics and the broader energy transition. In the U.S., the rapid growth of AI data centers has created unprecedented electricity demand. As these facilities strain domestic supply, solar-plus-storage has emerged as a safer and faster-to-deploy solution. Li said this trend validates the company’s strategic decision to invest heavily in the energy storage business, enabling it to build long-term competitive advantages.

In the U.S., Li noted that several major technology companies are already deploying co-located or nearby solar-plus-storage systems at their data centers to meet rapidly increasing power needs. He said that renewable energy, paired with storage, has become an investable and accelerating trend, and the company remains optimistic about the long-term U.S. outlook.

Although trade policies introduce some manufacturing constraints, Li said the company has proactively adjusted its supply chain in response, ensuring long-term stable solutions for U.S. customers. He noted ongoing discussions with potential investors regarding the possible transition of certain U.S. module manufacturing facilities to non-FEOC entities, adding that updates would be provided if the developments progress.

JinkoSolar announced that it has reached a global settlement regarding ongoing patent disputes and related legal proceedings with fellow China-based solar module and cell manufacturer LONGi Green Energy Technology.

Outlook

The company expects its total shipments, including solar modules, cells, and wafers, to be in the range of 18 GW to 33 GW for the fourth quarter of 2025.

For the full year 2025, the company estimates total shipments in the range of 85 GW to 100 GW.

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

JinkoSolar was the leading supplier in 2024, accounting for 15.7% of the modules shipped to India, according to Mercom’s India Solar Market Leaderboard 2025.