JinkoSolar Holding Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 13.7 GW module shipments, strong overseas demand, and a rebound in gross margin to 8.3%. High-efficiency products and ESS drove profitability, with full-year shipments guided at 75-85 GW and stable-to-improving margins expected in H2.
Fiscal Year 2025
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Module shipments led the industry in 2025, but net loss widened due to low prices and rising costs. Energy storage shipments surged and are set to double in 2026, with a focus on high-value overseas markets and high-efficiency products.
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Module shipments led globally with 61.9 GW YTD, gross margin improved to 7.3% in Q3, and ESS shipments exceeded 3.3 GWh. Full-year 2025 guidance targets 85-100 GW total shipments and 6 GWh ESS, with strong growth and margin expansion expected in energy storage next year.
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Gross margin improved to 7.3% in Q3 2025 as net loss narrowed and energy storage shipments surged. Full-year shipments are guided at 85–100 GW, with ESS revenue set to double in 2026. CapEx remains steady, and shareholder returns include buybacks and dividends.
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Q1 2025 saw 17.5 GW module shipments and $1.91B revenue, but a $180M net loss due to lower prices and margins. Guidance for 2025 includes 85-100 GW module shipments, 6 GWh ESS, and at least $100M in share buybacks and dividends.
Fiscal Year 2024
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Record annual module shipments and global leadership were achieved, but profitability dropped sharply due to price declines and industry imbalances. Guidance for 2025 is cautious, with lower CapEx and a focus on technology upgrades, while cash reserves and asset structure remain strong.
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Revenue rose 2% sequentially but fell 23% year-over-year, with gross margin at 5.7% and net income of $3.2 million. Shipments reached 25.9GW, and FY 2024 guidance is 90GW-100GW. Industry faces price pressure, but cost control and global expansion support resilience.
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Q2 2024 saw 34% year-over-year shipment growth and $3.3B in revenue, with gross margin at 11.1% and adjusted net income of $52M. Full-year shipment guidance is 100-110 GW, and a major Saudi JV is set for 2026. Industry faces oversupply, but cost controls and global expansion support resilience.