- JinkoSolar recorded module shipments of 86.05 GW in 2025, becoming the first solar manufacturer to surpass 400 GW in cumulative module deliveries worldwide.
- Gross margin rebounded to 8.3% in Q1 2026 from just 0.3% in the previous quarter, reflecting a stronger focus on premium high efficiency products.
- More than 60% of projected 2026 shipments will comprise high power modules above 640 W, underscoring the company’s move toward higher value market segments.
Global solar manufacturer JinkoSolar is accelerating its transition toward premium, high efficiency solar products, according to its 2025 Annual Report and first quarter 2026 earnings results. The strategy marks a shift away from high volume, low margin module sales as the company seeks to improve profitability amid ongoing industry pricing pressures.
During 2025, JinkoSolar shipped 86.05 GW of solar modules, maintaining its position among the world’s leading module suppliers. The company also achieved a major industry milestone, becoming the first solar manufacturer to exceed 400 GW in cumulative module deliveries globally.
Despite strong shipment volumes, challenging market conditions weighed heavily on financial performance. Annual revenue reached RMB50 billion (US$9.37 billion), while the company reported a net loss attributable to shareholders of RMB4.5 billion (US$635.6 million), reflecting persistent margin compression across the global solar sector.
JinkoSolar continued to strengthen its technological leadership during the year, setting new efficiency records for N type TOPCon solar cells at 27.79% and TOPCon perovskite tandem cells at 34.76%.
The first quarter of 2026 provided early signs that the company’s premium product strategy is beginning to deliver results. Module shipments declined to 13.7 GW, with more than 80% of volumes shipped to international markets. Revenue fell sequentially by 30% to RMB12.25 billion (US$1.78 billion), largely due to lower shipment volumes.
However, profitability improved significantly. Gross profit increased to RMB1.02 billion (US$147.7 million), resulting in a gross margin of 8.3%, compared with just 0.3% in the fourth quarter of 2025. The company’s net loss narrowed substantially to RMB463.5 million (US$67.2 million), down from RMB1.5 billion in the preceding quarter.
The company’s energy storage business also delivered strong growth, with energy storage system shipments increasing by more than 350% year on year, driven primarily by demand from international markets.
JinkoSolar expects full year 2026 module shipments to range between 75 GW and 85 GW. The company forecasts that more than 60% of total shipments will consist of high power modules exceeding 640 W, including products from its premium Tiger Neo 3.0 portfolio.
To support future growth, JinkoSolar plans to expand its integrated global manufacturing capacity to 100 GW by the end of 2026, reinforcing its position in the increasingly competitive global solar market.
Author: Bryan Groenendaal
