JinkoSolar shares rise 3% as third quarter losses narrow
SHANGRAO, China - On Monday, JinkoSolar Holding Co., Ltd. (NYSE:JKS) reported narrowing losses for the third quarter of 2025, with gross margin improving significantly despite continued revenue challenges in the global solar market.
The solar module manufacturer’s shares climbed 3.48% in pre-market trading after the results.
The company posted a third-quarter adjusted net loss of RMB373.1 million (-$52.4 million) or RMB14.32 (-$2.01) per ADS, which was better than analyst estimates of RMB18.14 per ADS. Revenue came in at RMB16.16 billion ($2.27 billion), down 34.1% YoY and 10.2% sequentially, falling short of the consensus estimate of RMB20.39 billion.
Gross margin improved to 7.3% in the third quarter, up significantly from 2.9% in the second quarter, though still below the 15.7% reported in the same period last year. The sequential improvement was primarily attributed to lower unit production costs.
"Driven by our outstanding product performance and strong presence in high-value overseas markets, gross margin improved significantly sequentially for two consecutive quarters," said Mr. Xiande Li, JinkoSolar’s Chairman and CEO. "Our net loss was $105.3 million in the third quarter, narrowing from the previous quarter."
Total shipments for the quarter were 21,570 MW, with over 65% shipped to overseas markets. The company maintained its position as the world’s leading module manufacturer, with cumulative shipments reaching 370 GW, including over 200 GW of its Tiger Neo series.
JinkoSolar’s energy storage business is showing promising growth, with shipments exceeding 3.3 GWh in the first nine months of 2025. Management expects this segment to become a "second growth engine" and contribute to profits by 2026.
For the fourth quarter, the company expects total shipments between 18.0 GW and 33.0 GW. JinkoSolar maintained its full-year 2025 shipment guidance of 85.0 GW to 100.0 GW for solar products and approximately 6 GWh for energy storage systems.
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