JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2025 Earnings Presentation
15 slides from JinkoSolar's earnings presentation, Apr 16, 2026
Slide 1: Q4 2025 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q4 2025 EARNINGS CALL PRESENTATION APRIL 16, 2026
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis
Slide 3: Q4 2025 financial highlights
Q4 2025 financial highlights Quarterly solar modules shipments were 24,954 MW, up 24.7% QoQ and down 1.1% YoY. Total revenues were US$2.5 billion, up 8.3% QoQ and down 15.2% YoY. Gross margin was 0.3%, compared with of 7.3% in Q3 2025, and 3.8% in Q4 2024. (1) Adjusted net loss attributable to Jinko
Slide 4: FY2025 financial highlights
FY2025 financial highlights Annual solar modules shipments were 86,806 MW, down 6.5% YoY. Total revenues were US$9.37 billion, down 29.0% YoY. Gross margin of 2.2%, compared with 10.9% in full year of 2024. (1) Adjusted net loss attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was
Slide 5: Q4 Business highlights
Q4 Business highlights 1 Module shipments for full year 2025 were 86.8 GW, ranking first in the industry. By the end of the fourth quarter, we became the first module manufacturer in the world to deliver a total 2 of over 390 GW solar modules, with total shipments of the Tiger Neo series surpassing
Slide 6: Leading the industry through technological innovation, product competitiveness, and integrated PV+ESS capabilities
Leading the industry through technological innovation, product competitiveness, and integrated PV+ESS capabilities TOPCon pioneer and emerging force in energy storage Continuous technological breakthroughs 2025 global module shipments totaled 86.8GW, ranking No.1 Set 32 world Over 700 records for PV
Slide 7: Optimized global footprint and capabilities
Optimized global footprint and capabilities 100GW of integrated production capacity globally, with 14GW overseas. Optimized global manufacturing and supply chain footprint to adapt to diverse market policies and customer needs Shanxi N-type Super Factory • Deep integration of AI, cloud computing, bi
Slide 8: PV+ESS enhancing strategic competitiveness
PV+ESS enhancing strategic competitiveness Second growth engine: energy storage business Deepening penetration into high-value markets 5.2GWh 2025 ESS shipments(POD) 280MWh grid-scale Jinko ESS up nearly 400% YoY to deployed in the UK, one of the 5.2GWh ,while our presence largest battery storage
Slide 9: 1Q and FY2026 Guidance
1Q and FY2026 Guidance Module Shipments Production Capacity • FY2026 module shipments to be 75~ 75~85GW ~100 FY2026 integrated production capacity to reach approximately 100 GW, including 85GW • 1Q2026 modules shipments to be 13~14GW GW 14 GW overseas, by the end of 2026. • Products exceeding 640W+
Slide 10: Quarterly financial highlights
Quarterly financial highlights Revenue and total module shipments Gross profit (loss) and gross (loss) margin 25,000 25,221 24,334 24,954 20,000 20,014 17,504 15,000 7.3% 10,000 3.8% 2.9% 2,829 2,511 2,503 2,270 0.3% 1,908 5,000 108 8 (2.5%) 166 74 – Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (49) Q4 2
Slide 11: Annual financial highlights
Annual financial highlights Revenue and module shipments Gross profit and gross margin 92.9 16,000 86.8 1,378 14,000 12,639 12,000 9,366 10,000 10.9% 8,000 6,000 4,000 202 2,000 2.2% – 2024 2025 2024 2025 Gross margin Gross profit (US$mn) Revenue (US$mn) Module shipments (1) Adjusted net income（loss
Slide 12: Income statement summary
Income statement summary Quarterly (US$mn) Change by RMB Annually (US$mn) Change by RMB Q4 2024 Q3 2025 Q4 2025 QoQ change YoY change FY2024A FY2025A YoY change Total module 25,221 MW 20,014 MW 24,954MW 24.7% (1.1%) 92.9GW 86.8GW (6.5%) shipments Revenue 2,829 2,270 2,503 8.3% (15.2%) 12,639 9,366 (
Slide 13: Balance sheet summary
Balance sheet summary (US$mn) Q4 2024 Q3 2025 Q4 2025 Cash and restricted cash 3,800 3,293 3,280 Accounts and notes receivable 2,384 2,529 2,469 Inventories 1,714 2,099 2,071 Net PPE 6,138 5,580 5,240 Total assets 17,109 16,975 17,306 Total debt (1) 5,561 6,399 6,722 Short-term debt (2) 970 1,529 1,
Slide 14: Appendix—Adjusted net income reconciliation
Appendix—Adjusted net income reconciliation (RMB in thousands) 2025Q4 FY2025 -1,500,006 -4,445,094 Net income(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders - -144,779 Change in fair value of convertible senior notes -77,141 -70,896 Change in fair value of Long-term Inves
Slide 15: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com hy are