Jinko Solar 2025 Annual Results: What the Energy Storage Business Reveals

Key takeaways

• JinkoSolar reported a consolidated net loss of US$1.02 billion (RMB 7.11 B) in FY2025, reversing a marginal profit in 2024. Of this, US$635.6 million was attributable to JinkoSolar shareholders. Gross margin collapsed to 2.2% from 10.9%, driven by falling solar module prices across the industry.
• The company disclosed 17 GWh of energy storage system integration (pack) capacity and 5 GWh of battery cell capacity as of year-end 2025 — a notable level of detail on the ESS business within the 20-F.
• ESS shipments “increased significantly” year-on-year according to the filing, but no ESS revenue figure is disclosed — energy storage is not broken out as a separate segment or product line. All ESS revenue is embedded within the 95.5% photovoltaic products category.
• Jinko was recognized as a BloombergNEF Tier 1 energy storage provider (Q1 2026 list) and won the Tier 1 Battery Storage Award at Net-Zero Europe 2025 — important credibility milestones for a company still establishing its ESS brand.
• The Suntera and Sungiga product lines obtained comprehensive international certifications covering safety, performance, EMC, transportation, and fire safety in 2025, while the SUNTERA 3.44 MWh liquid-cooled system completed ISO 14067 carbon footprint certification.

1. Headline numbers

JinkoSolar reported total revenue of RMB 65.50 billion (US$9.37 billion) for the year ended December 31, 2025, down 29.0% from RMB 92.26 billion in 2024. The decline was driven by a sharp drop in average selling prices for solar modules amid persistent industry-wide overcapacity.

The total consolidated net loss was RMB 7.11 billion (US$1.02 billion), of which RMB 4.45 billion (US$635.6 million) was attributable to JinkoSolar shareholders — the remainder absorbed by non-controlling interests in subsidiaries. In 2024, the comparable figures were a modest total net income of RMB 13.5 million, with RMB 54.5 million attributable to shareholders. Gross margin fell from 10.9% to 2.2%, with cost of revenues declining 22% — not enough to offset the steeper revenue drop.

Metric	FY2025	FY2024	Change
Revenue	RMB 65.50 B (US$9.37 B)	RMB 92.26 B	-29.0 %
Gross profit	RMB 1.41 B (US$201.7 M)	RMB 10.06 B	-86.0 %
Gross margin	2.2 %	10.9 %	-8.7 pp
Operating loss	RMB 8.91 B (US$1.27 B)	RMB 3.34 B	Widened
Net loss (consolidated)	RMB 7.11 B (US$1.02 B)	RMB 13.5 M profit	Turned negative
R&D spending	RMB 896.9 M (US$128.3 M)	RMB 920.5 M	-2.6 %
Employees	26,409	33,830	-21.9 %

R&D spending declined modestly to RMB 896.9 million (US$128.3 million) from RMB 920.5 million in 2024, even as headcount was cut by over 7,400. The company had 2,184 R&D staff and 3,559 granted patents at year-end.

2. What the 20-F discloses about energy storage

JinkoSolar operates as a single reportable segment — vertically integrated solar power products. Unlike pure-play battery manufacturers such as CATL or EVE Energy, which report ESS shipments, ESS revenue, and ESS gross margins separately, Jinko’s energy storage business is subsumed within the broader financial results.

The revenue breakdown in the 20-F is:

Product	FY2025 Revenue	% of Total
Sale of photovoltaic products	US$8.94 B (RMB 62.53 B)	95.5 %
Sales of other solar materials	US$424.7 M (RMB 2.97 B)	4.5 %
Total	US$9.37 B	100.0 %

Energy storage systems are included within “sale of photovoltaic products” and are not separately itemized. This means we cannot determine ESS revenue, ESS gross margin, or ESS average selling prices from the public filings.

What the 20-F does disclose about ESS in the business overview section:

• The company launched its energy storage system business in 2022
• It offers residential, commercial and industrial (C&I), and utility-scale energy storage systems
• Full-year ESS shipments in 2025 “increased significantly” versus 2024, achieving targets set at the beginning of the year
• As of December 31, 2025, Jinko had 17 GWh of system integration (pack) capacity and 5 GWh of battery cell capacity
• The company expanded its overseas ESS presence during the year

This is meaningful progress for a business that is only three years old, but the lack of financial granularity makes it difficult to assess how profitable — or unprofitable — the storage business is on its own.

3. ESS capacity: 17 GWh pack, 5 GWh cell

The most concrete ESS data point in the 20-F is capacity. As of year-end 2025, Jinko disclosed:

• 17 GWh of system integration (pack) capacity
• 5 GWh of battery cell capacity

To put this in context: CATL has 772 GWh of total lithium battery capacity (covering both EV and ESS), and EVE Energy is building toward 260 GWh across all segments. Jinko’s 17 GWh of pack capacity positions it as a mid-sized ESS system integrator — meaningful but far from the leaders in raw scale.

The more interesting number is the 5 GWh of in-house cell capacity. Most solar companies entering the ESS market source cells externally from established battery manufacturers. Jinko’s decision to build its own cell manufacturing — through subsidiaries like Jiangxi Jinko Energy Storage Co., Ltd. (incorporated May 2022), Zhejiang Jinko Battery Cell Co., Ltd. (incorporated August 2025), and Jinko Energy Storage Technology Co., Ltd. (incorporated December 2022) — signals a deeper commitment to vertical integration in storage, mirroring its approach in solar.

The ESS manufacturing facility in Haining, Zhejiang Province received ISO 9001 Quality Management System certification in 2025, and was included in Jiaxing City’s 2025 Green Factory List.

4. ESS product developments

Jinko’s ESS product portfolio centers on two brands: Suntera (utility-scale and C&I liquid-cooled systems) and Sungiga (large-scale solutions).

Key product milestones disclosed in the 2025 20-F include:

Certifications

The Suntera and Sungiga product series obtained comprehensive international certifications during 2025 covering safety, performance, EMC, transportation, and fire safety. The SUNTERA 3.44 MWh liquid-cooled energy storage system completed life-cycle carbon footprint assessment and received ISO 14067 certification from TUV Rheinland — a differentiated capability as European regulations increasingly require carbon footprint documentation for battery systems.

BloombergNEF Tier 1

In February 2026, Jinko ESS was recognized as a Tier 1 energy storage provider on BloombergNEF’s “Energy Storage Tier 1 List for Q1 2026.” This is a credibility signal for utility-scale project developers and financiers who rely on the Tier 1 designation for bankability assessments.

Net-Zero Europe 2025

Jinko ESS won the Tier 1 Battery Storage Award at Net-Zero Europe 2025 for outstanding product performance, safety standards, and market influence.

Project delivery

In July 2025, Jinko announced the successful commissioning of 21.6 MWh of energy storage systems supplied to Distributed Energy Infrastructure (DEI) through the Massachusetts SMART (Solar Massachusetts Renewable Target) program.

5. Geographic revenue and ESS market positioning

JinkoSolar’s overall geographic revenue breakdown for FY2025:

Region	Revenue (US$ M)	% of Total
China	3,230.1	34.5 %
The Americas	1,759.4	18.8 %
Asia Pacific	1,921.4	20.5 %
Europe	1,231.0	13.1 %
Rest of the world	1,224.0	13.1 %

Overseas markets accounted for 65.5% of total revenue, slightly down from 66.2% in 2024. The filing notes that Jinko has entered into framework agreements and distribution agreements for ESS supply with “various power suppliers and distributors in China and worldwide, including in the Middle East and East Africa, Southeast Asia, North America, Australia, Japan, Europe and Latin America.”

The company specifically highlighted that its overseas ESS presence “continued to expand” in 2025. For a solar company leveraging its existing global sales network — with teams in over 20 countries and relationships with 8,700 customers — the cross-selling opportunity for storage is substantial.

6. The solar downturn and what it means for ESS

Jinko’s FY2025 results must be read in the context of a severe solar industry downturn. The 20-F is candid about the environment: “persistent excess capacity, intensified price competition, supply chain price volatility, trade protection measures, geopolitical uncertainties and grid connection bottlenecks.”

Solar module production capacity is:

Component	FY2025 Capacity	FY2024 Capacity
Mono wafers	120.0 GW	120.0 GW
Solar cells	95.0 GW	95.0 GW
Solar modules	130.0 GW	130.0 GW

Notably, Jinko held capacity flat year-on-year and stated it is “taking a more cautious approach to capacity expansion in 2026 and do not expect to add capacity besides upgrades to TOPCon technology.”

This matters for the ESS business in two ways. First, the company’s financial distress — a US$1.02 billion consolidated net loss, operating cash flow collapsed to RMB 1.08 billion from RMB 16.85 billion — constrains the capital available to invest in scaling ESS manufacturing. Capital expenditure fell 65% to RMB 3.30 billion (US$471.9 million) from RMB 9.37 billion in 2024.

Second, ESS is increasingly positioned as a diversification hedge. The 20-F explicitly states Jinko is focused on “expanding our energy storage business, to enhance our competitiveness in an evolving industry environment.” When core solar margins are 2.2%, building a storage business that can capture incremental margin on integrated solar-plus-storage projects becomes strategically critical.

7. ESG and sustainability

Jinko’s ESG profile saw a notable upgrade during 2025:

• MSCI ESG rating: upgraded to A (from BBB, as of November 2025)
• ISO 14064 greenhouse gas verification completed via TUV Rheinland
• 15 products achieved ISO 14067 carbon footprint certification, including the SUNTERA 3.44 MWh ESS
• ESS manufacturing facility in Haining included in Jiaxing City’s 2025 Green Factory List
• One manufacturing factory certified as a National Green Factory in China
• CDP: rated Class A enterprise
• TUV SUD forced labor verification and traceability capability assessment completed for Jinko ESS in 2025

The MSCI upgrade to A is significant for institutional investors and project financiers. The ESS-specific carbon footprint certifications are forward-looking — the EU Battery Regulation will require carbon footprint declarations for industrial batteries (including ESS) starting in 2025-2026, and having ISO 14067 documentation in place early is a competitive advantage for European market access.

8. What to watch

Several points from the annual report are worth monitoring:

ESS transparency is the biggest gap. Jinko does not break out ESS revenue, shipments in GWh, or segment margins. Until it does, the market cannot properly value the storage business. Competitors like CATL and EVE Energy provide detailed ESS financial disclosures that allow direct comparison — Jinko’s single-segment reporting obscures what could be a positive story. If ESS shipments truly “increased significantly,” quantifying that growth would likely help the investment case.

The financial position constrains investment. With a consolidated net loss of US$1.02 billion, operating cash flow of just RMB 1.08 billion (down 94% from 2024), and capital expenditure already cut 65%, Jinko has limited room to aggressively scale ESS capacity. The 17 GWh of pack capacity and 5 GWh of cell capacity are modest compared to dedicated ESS manufacturers. How quickly Jinko can scale will depend on whether the solar market recovers and restores the cash generation needed to fund ESS expansion.

The cross-selling opportunity is real but unproven. Jinko has 8,700 customers across nearly 200 countries, sales teams in over 20 countries, and deep relationships with utility-scale solar developers — exactly the buyers who also need storage. The strategic logic of solar-plus-storage bundling is sound, and the company’s global footprint gives it distribution advantages that pure-play ESS startups lack. Whether this translates into GWh-scale ESS orders remains to be demonstrated in the financials.

BloombergNEF Tier 1 is a critical credential. For utility-scale projects, bankability matters as much as technical specs. Reaching Tier 1 status in Q1 2026 — just three years after launching the ESS business — removes a significant barrier to being shortlisted on large projects. The next question is whether Jinko can convert this credibility into backlog.

Tariffs and trade policy add complexity. Jinko is heavily exposed to U.S.-China trade tensions on the solar side (18.8% of revenue from the Americas in 2025). How tariff policies evolve for battery storage systems — which currently face different trade dynamics than solar modules — could either help or hinder Jinko’s ESS business in Western markets.

9. Sources

All data in this article is sourced from JinkoSolar Holding Co., Ltd.’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission.

• JinkoSolar 20-F FY2025 (SEC Filing) — Full annual report filed with the SEC
• Jinko ESS Manufacturer Profile — BESS Manufacturers directory page
• Exchange rate used in the 20-F: RMB 6.9931 to US$1.00 (noon buying rate as of December 31, 2025)