JinkoSolar Holding Co., Ltd.

Q4 2025 revenue was $2.5 billion, up 8.3% sequentially and down 15% year over year. Q4 gross margin was 0.3%, versus 7.3% in Q3 and 3.8% in Q4 2024. Total operating expenses were $473.6 million, up 28% sequentially and 21% year over year, and operating loss margin was 18.6% versus 8.7% in Q3. Full-year 2025 module shipments were 86 GW, down 7.3% year over year; full-year revenue was about $9.4 billion, down 29%; gross profit was $201 million, down 86%; and gross margin was 2.2% versus 10.9% in 2024. Operating cash flow was about $470 million in Q4 and $280 million for the full year, and management said it hit its target of positive full-year operating cash flow. For 2026, JinkoSolar guided module shipments of 13 GW to 14 GW in Q4 2026 and 75 GW to 85 GW for full-year 2026, and said integrated production capacity should reach about 100 GW by year-end, including 14 GW overseas. Management also said 2026 CapEx should be roughly RMB 5 billion, or about $700 million, down from roughly $1 billion in 2025.

Xiande Li framed 2025 as a difficult year for the global PV industry because of structural imbalance, low prices, and shifting trade conditions, but emphasized that JinkoSolar kept discipline and advanced its n-type TOPCon leadership. He highlighted technology upgrades, high-efficiency product mix improvement, and ESS as a strategic second growth engine, saying the company is moving toward integrated solar-plus-storage solutions. His tone was cautious on near-term industry volatility but constructive on longer-term demand from energy security, data centers, and policy support.

The CFO highlighted the main financial pressure points in Q4: higher raw material costs, especially silver, RMB appreciation, and a smaller impact from polysilicon, which drove gross margin down to 0.3%. He noted operating cash flow of about $470 million in Q4 and $280 million for the full year, with full-year 2025 operating cash flow turning positive as planned. On the balance sheet, cash and cash equivalents were $3.3 billion at quarter-end, debt was about $6.7 billion, and net debt was $3.44 billion; he also said AR days improved to 94 from 105 and inventory days to 75 from 90. For 2026, he said depreciation was roughly $1 billion in 2025, CapEx was roughly $1 billion in 2025, and CapEx should drop to about RMB 5 billion, or roughly $700 million, with no additional investment plan beyond paying supplier obligations.

Analysts pressed on Q1/Q2 pricing, gross margin cadence, and whether ASPs could rise to $0.11 or $0.12; management declined to give detailed ASP guidance but said prices should improve quarter by quarter and that market pricing has rebounded over the last 3 to 5 months. On Q4 margin pressure, management said silver was the biggest headwind, followed by FX, while polysilicon was a smaller factor. Questions also focused on U.S. shipments, First Solar litigation, and the U.S. local-manufacturing plan: management said it does not expect U.S. business disruption from the patent dispute, expects U.S. shipments to be 5% to 10% in 2026, and said a Florida-related financing process is in final negotiation stages. On ESS, management said target markets are mainly Europe, Latin America, the Middle East, and Asia Pacific, with U.S. traction building, and it estimated ESS gross margin at 10% to 15%.