Vertically integrated Chinese solar PV manufacturer JinkoSolar Holding achieved its Q1 2025 solar module shipment target with 17.5 GW delivered. However, declining prices weighed heavily on its profitability, widening the company’s net loss to RMB 1.32 billion ($181.7 million) from RMB 476.7 million in the previous quarter.
JinkoSolar’s Q1 revenues dropped by 33% quarter-on-quarter (QoQ) and 39.9% year-on-year (YoY) to RMB 13.84 billion ($1.91 billion), as shipments fell by 27.7% and 12.7% respectively, with lower prices further impacting the top line.
While it reported gross profit of RMB 789.7 million in Q4 2024, JinkoSolar suffered a gross loss of RMB 352.9 million ($48.6 million) during the reporting quarter.
JinkoSolar Chairman and CEO Xiande Li explained that the company’s module prices and profitability decreased both year-on-year (YoY) and sequentially owing to decline in shipments to the US market and continued decline in higher-price overseas orders.
“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,” added Li.
JinkoSolar said it reduced costs through supply chain optimization, adjustments to production and operation plans, among other measures.
Shipments
In Q1 2025, APAC region was the largest destination for JinkoSolar’s modules while it reported 150% QoQ and nearly 10% YoY increase in shipments to the Indo-Pacific region. North America accounted for around 5% of its module shipments.
In Q2 2025, JinkoSolar plans to ship 20 GW to 25 GW solar modules while reiterating its annual guidance between 85 GW and 100 GW. Li said that the current visibility of its order book stands at 60% to 70% with Indo-Pacific and Middle East and Africa regions exceeding 80%.
It does not plan to expand its annual production capacity that according to its 2024 Annual Report stood at 120 GW for mono wafers, 95 GW for solar cells and 130 GW for modules, as on December 31, 2024.
The annual production capacity of its 3rd generation TOPCon modules is targeted to reach 40 GW to 50 GW in the overall module capacity by 2025-end. These modules, it says, are expected to have a 20 W to 30 W advantage compared to previous generation TOPCon products.
