JinkoSolar’s Q4 Revenue Drops 37% YoY Due to Lower Module Prices

Quarterly shipments of solar modules, cells, and wafers were down 5% YoY

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China-based solar cell and module manufacturer JinkoSolar’s revenue dipped 37.1% year-over-year (YoY) to RMB20.65 billion (~$2.83 billion) in the fourth quarter (Q4) of 2024, primarily due to a decline in the average selling price of solar modules caused by an industry-wide supply-demand imbalance.

Adjusted net loss for the quarter was RMB381.3 million (~$52.2 million), compared with net income of RMB462.7 million (~$63.4 million) in Q4 2023. Falling module prices, increased cost pressures, and overall unfavorable market conditions drove the decline in profitability.

The losses per ordinary share were RMB2.31 ($0.32), compared to a profit of RMB0.14 ($0.02) in Q4 2023. Gross margin declined to 3.6% from 12.5% in Q4 2023, reflecting the ongoing market-wide price reductions and rising cost pressures.

Quarterly shipments were 26,462 MW (25,221 MW for solar modules and 1,241 MW for cells and wafers), down 5.0% YoY, primarily due to weak market demand and intense price competition.

Xiande Li, Chairman and CEO of JinkoSolar, noted that the ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as eliminating obsolete production capacity, the company’s profitability dropped significantly YoY.

He also said that as over 50% of modules were shipped to the domestic market where prices were lower, and the proportion of higher-price overseas orders declined sequentially, module delivery prices and profits decreased sequentially.

Li added that intensified supply and demand imbalances led to a downward trend in end product prices, pressuring profits in all segments of the industrial chain. In an effort to steer the industry back to healthy development, national authorities took steps to resolve the structural imbalances between supply and demand with the participation of industry associations and manufacturers.

In November, state departments announced policies to raise entry barriers for new manufacturing capacities, reduce export tax rebates, and implement other measures. In December, leading solar enterprises signed a self-discipline pledge to limit low-price competition and reduce production.

Full Year 2024

For the full year 2024, JinkoSolar’s revenue dropped 22.3% YoY to RMB92.26 billion (~$12.64 billion), largely driven by the decrease in module prices due to oversupply and competitive pricing pressures.

Adjusted net income for the year was RMB571.4 million ($78.3 million), an 86% YoY decline from RMB4.07 billion ($557.7 million). The substantial drop in profitability was mainly due to lower revenue and increased cost burdens, including production inefficiencies and the impact of a fire accident in Shanxi Province, which resulted in asset impairments.

The losses per ordinary share were RMB1.25 ($0.17), compared to a profit of RMB15.23 ($2.09) per share in 2023. Gross margin was 10.9%, compared with 16.0% in 2023, reflecting the broader industry trend of price reductions and the structural imbalance between supply and demand.

Despite these challenges, annual shipments increased to 99,596 MW (92,873 MW for solar modules and 6,723 MW for cells and wafers), up 19.2% YoY, driven by growing global demand for solar energy solutions.

Outlook for 2025

The company expects its module shipments to range from 16 GW to 18 GW in Q1 of the current year. Jinko estimates its module shipments to range from 85 GW to 100 GW for the full year 2025.

It also expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120 GW, 95 GW, and 130 GW, respectively, by the end of this year.

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