JinkoSolar Holding Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 16 GW module shipments and a sequential gross margin decline to 4.2%, with profitability pressured by ramp-up costs and low-value orders. Full-year shipment guidance was reduced to 60–70 GW, focusing on high-efficiency products and cash flow, while strategic investments and asset-light storage drive long-term value.
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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 ASPs and rising costs. Energy storage shipments surged, and 2026 guidance targets stable volumes, higher overseas share, and improved profitability, with continued investment in technology and shareholder returns.
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Module shipments led globally with 61.9 GW YTD, while gross margin improved to 7.3% in Q3. Energy storage shipments and profitability rose, with ESS revenue set to double in 2026. Full-year shipments are guided at 85–100 GW, and industry consolidation is expected to benefit leading players.
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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.