Jinko Solar 2025 Annual Results: 17 GWh ESS Capacity, BNEF Tier 1, Net Loss for the Year

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.
• 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.
• 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 2.6% 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

The ESS business was launched in 2022. Because no ESS revenue or margin is given, the profitability of the storage business cannot be determined from the filing.

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

For comparison, 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.

The 5 GWh of cell capacity is in-house. Cell manufacturing is carried out through subsidiaries including 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).

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.

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.”

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 stated that its overseas ESS presence “continued to expand” in 2025. It reports sales teams in over 20 countries and relationships with 8,700 customers.

6. Solar industry conditions described in the filing

The 20-F describes the operating environment as one of “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

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.”

Alongside the US$1.02 billion consolidated net loss, operating cash flow fell to RMB 1.08 billion from RMB 16.85 billion, and capital expenditure fell 65% to RMB 3.30 billion (US$471.9 million) from RMB 9.37 billion in 2024.

On strategy, the 20-F states that Jinko is focused on “expanding our energy storage business, to enhance our competitiveness in an evolving industry environment.”

7. ESG and sustainability

ESG ratings and certifications reported for 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 EU Battery Regulation requires carbon footprint declarations for industrial batteries, including ESS, from 2025-2026.

8. What to watch

The following points are drawn from the annual report:

ESS is not broken out in the financial disclosures. Jinko does not report ESS revenue, shipments in GWh, or segment margins. CATL and EVE Energy report ESS financials separately; Jinko reports as a single segment. The filing states ESS shipments “increased significantly” without giving a figure.

Financial position and capital expenditure. The consolidated net loss was US$1.02 billion, operating cash flow was RMB 1.08 billion (down 94% from 2024), and capital expenditure was cut 65%. Disclosed ESS capacity is 17 GWh of pack capacity and 5 GWh of cell capacity. The filing gives no ESS capacity expansion target.

Customer base and sales network. Jinko reports 8,700 customers across nearly 200 countries and sales teams in over 20 countries. ESS orders resulting from that network are not quantified in the filing.

BloombergNEF Tier 1 listing. Jinko ESS appeared on the BloombergNEF Energy Storage Tier 1 List for Q1 2026, three years after the ESS business was launched in 2022. No ESS backlog figure is disclosed.

Trade policy exposure. The Americas accounted for 18.8% of revenue in 2025, and the 20-F lists trade protection measures among the risks to the business. No ESS-specific tariff exposure is quantified in the filing.

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)