Comprehensive review: In 2025, JinkoSolar achieved an operating income of 65.492 billion yuan, a year-on-year decline of 29.18%; Net profit attributable to parent company -68. In the extreme environment where the price of PV modules fell to the historical freezing point and the industry lost blood in an all-round way, Jinko relied on 86. However, the burden of high debt left by radical expansion became increasingly heavy, and the capacity utilization rate of the three major links was at a historical low; Revenue from high-margin markets in North America and Europe has fallen sharply, and overseas structural advantages have narrowed sharply. High-power component technology and global channels are the core tools for Jinko to cross the cycle, but whether it can hold the bottom line of profit under the double attack of ultra-low prices in the domestic industry and tariff barriers in the United States will be the key to determine its fate in 2026.
Figures 1 and 2: JinkoSolar's Revenue and Profit Trends
in 2025 Data Source: Digital New Energy DataBM. In 2025, JinkoSolar's module shipments reached 86.8GW, representing a year-on-year decrease of 6.53%. Even in the context of industry average price falling to freezing point and fierce competition, Jingke still surpasses Longji Green Energy (86.58 GW), Jingao Technology (69.56 GW), Trina Solar Energy (67.88 GW) and Tongwei Shares (about 43. Jinko's shipments have jumped from less than 1GW to more than 86GW, an increase of more than 100 times in 15 years, and the barriers to competition in terms of customer resources, global delivery network and production scheduling capabilities have built a deep moat. It is not accidental that the shipment volume has been ranked first for many years, but also the result of Jinko's long-term deep cultivation of global channels. In the extreme environment of price war to compress profits in an all-round way, scale advantage means that there is more room to dilute costs, which is the most powerful "quantity-based advantage" to cross the cold winter of the industry.
Figure 3: JinkoSolar component shipments peak and fall
in 2025 Data source: Digital New Energy DataBM. Com
(2) Global layout Deep channel coverage Leading peers
in 2025. Jingke's overseas revenue reached 42.873 billion yuan, accounting for 65% of the total revenue. In contrast, Longji Green Energy accounted for 44.7%, Jingao 55.4% and Tianhe 51. Jingke Energy's global sales network covers more than 200 countries and regions, and has established localized operation and delivery systems in the United States, Europe, Southeast Asia, the Middle East, Africa and other markets. Customer resources are highly diversified and sticky. Although Jingke is mired in losses in the domestic market, thanks to this global layout, it can still maintain some profitability through the overseas premium market. Although the revenue of North America and Europe declined synchronously in 2025, its global layout is still an important support for anti-cyclical compared with enterprises that rely solely on the domestic market.
Table 1: Information
on overseas operation of PV products of major component enterprises in 2025 Source: Digital New Energy DataBM. Com
(III) Increase in R & D investment against the trend High-power technology will lead the frontier
in 2025. The R & D cost of Jingke Energy reached 879 million yuan, an increase of 22.25% over the previous year (719 million yuan in 2024), and the R & D cost rate rose to 1.34%, reversing the decline to 0 in 2024. The focus is on the efficiency improvement and engineering optimization of high-power N-type TOPCon modules. The efficiency of Jinko Tiger Neo series components continues to set new records, and 600W + high-power components have been delivered in mass production. Under the TOPCon technology route, Jinko's research on the back efficiency of double-sided modules and mainstream perovskite stacks has achieved results, and high-power products have won a differentiated premium for Jinko Energy in Europe, the Middle East and emerging markets, which is the technical bottom card for Jinko Energy to maintain its relative competitiveness in the price war.
Figure 4: Increase
in R & D expenses of JinkoSolar in 2025 Data source: Digital New Energy DataBM. In 2025, the energy storage business of JinkoSolar experienced a big explosion, and the second growth curve became more and more shaped. In the first quarter of 2026, the gross profit margin of the sector continued to rise, reaching about 16%. According to the business plan, energy storage shipments are expected to exceed 10g Wh in 2026, and the path for energy storage to grow into the core second growth curve of the company besides photovoltaic is more clear.
2. Analysis of
insufficient operation (1) The heavy cost
of radical expansion of high debt and high interest In recent years, JinkoSolar has continued to expand production on a large scale. In 2018, silicon wafer production capacity, battery production capacity and module production capacity were 11.18 GW, 5.82 GW and 8.56 GW (effective capacity, the same below), respectively, reaching 128.47 GW, 119.17 GW and 150.25 GW in 2025. The average annual growth rate is 41.7%, 53.9% and 50% respectively. Radical expansion brings not only the rapid enlargement of production capacity, but also the heavy burden of wealth.
Figure 5: JinkoSolar PV Industry Chain Capacity Trend
Data Source: Digital New Energy DataBM. Com
The asset-liability ratio rose from 50.91% in 2020 to 72% in 2025. Expansion to 2025 28.In 2025, the net profit loss of Jinko's parent company was 68.High debt not only squeezed the profit margin, but also restricted the flexibility of future price reduction and capacity allocation. If the bottom of the industry continues to extend, the pressure of debt repayment will become the biggest internal risk restricting Jingke's living space.
Figure 6: JinkoSolar's Interest Rate and Debt Ratio Are High
Source: Digital New Energy DataBM. Com
(II) Serious Overcapacity
In 2025, the capacity utilization rate of Jinko's three major production links fell to a historical low level: the capacity utilization rate of silicon wafers was only 58.1% (57.9% in 2024), and the capacity utilization rate of batteries was 70.0% (78.6% in 2024). The component capacity utilization rate was 55.8% (67% in 2024). The rapid expansion of production capacity and the slowdown of demand growth led to a large number of fixed assets depreciation idling and high unit production costs, which continued to drag down profits. More noteworthy is that by the end of 2025, Jingke still has more than 100GW photovoltaic products (cells, components, etc.) Under construction in Shanxi, and its production capacity has not yet reached production capacity. Under the background of overall overcapacity in the industry and no timetable for capacity removal, the release of new capacity will further aggravate the internal digestion pressure, and the mismatch between capacity and market rhythm will be difficult to effectively repair in the short term.
Figure 7: Capacity utilization rate of JinkoSolar's photovoltaic products declines
Source: Digital New Energy DataBM. Com
(III) High-margin market revenue in North America and Europe declines Overseas structural advantages decline
In 2025, The revenue in North American market was RMB12.297 billion, with a significant year-on-year decrease of 45.2%, and the gross profit margin dropped sharply from 26.21% to 15.96%; the revenue in European market was RMB8.603 billion, with a year-on-year decrease of 37.2%, and the gross profit margin dropped slightly from 7.35% to 6. The simultaneous decline of the two high gross profit regions is a signal of the grim overseas business. The direct reason for the decline in North America lies in the escalation of the anti-circumvention investigation of photovoltaic products in Southeast Asia by the United States in 2024, the addition of a new round of tariff barriers (some tax rates exceed 100% in 2025), and the intense pressure on Jinko's business in the United States. Europe is facing multiple pressures from the rise of local supply substitution, intensified price competition and slowing market demand growth. Overseas high premium market used to be the "ballast stone" for Jingke to resist domestic losses, but with the decline of income and gross interest rate in the two core regions, this buffer effect is rapidly weakening, and the sustainability of future profit repair is uncertain.
Figure 8: Operation Trend
of JinkoSolar in Europe and America Data Source: Digital New Energy DataBM. Com
III. Market outlook: High-power modules are the key to breaking the situation, and the risk of overseas uncertainty increases
. Jinko Tiger Neo N-type TOPCon modules have formed strong competitiveness in the 600W + power range, and the efficiency of large-scale production has reached 24. High-power modules have higher value per watt. It has a certain premium ability in Europe, the Middle East, Australia and other markets that attach importance to power generation, which can enhance Jingke's competitive advantage in maintaining differentiation in the price war. With the further iteration of TOPCon technology and the acceleration of commercial exploration of perovskite stack technology, Jingke is expected to take the lead in laying out the next generation of product nodes by virtue of technology accumulation. At present, the biggest overseas risk facing Jingke comes from the continued contraction of the US market. In 2025, the United States has imposed severe tariff measures on Chinese photovoltaic products and Southeast Asian transit products, which constitutes a substantial market barrier to Jingke. In May 2026, JinkoSolar announced the sale of JinkoSolar's US plants. 75. In addition, multiple overseas risks, such as anti-dumping investigations in Europe, currency risks in emerging markets, and capacity games in Southeast Asia, all pose challenges to the sustainability of JinkoSolar's globalization strategy. The resonance between internal high debt and external market uncertainty is the key variable affecting the profit trend of Jingke Energy in 2026. In addition, the energy storage business will continue to develop, considering the volume and the current low profit level, the overall contribution is expected to be limited.
On the whole, JinkoSolar, with "the first shipment volume" as the shield, has maintained its scale and channel position in the deepest winter of the industry; with "high power technology" as the spear, it has maintained a certain frontier advantage in the product iteration competition. However, the financial burden left by expansion, the structural dilemma of overcapacity and the strategic contraction of the North American market constitute the three most difficult barriers to break through in 2026. From the perspective of operation in the first quarter of 2026, the proportion of high-power component shipments is only one quarter, which is still far from the target of 60% for the whole year, and the large exchange loss also slows down the pace of JinkoSolar's turnaround; the energy storage system shipments are good, with high gross profit, but the overall volume is low, and the contribution to profit recovery is limited. In 2026, the operating performance of Jingke Energy is uncertain, and the annual profit pressure is huge.
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