What does JinkoSolar Holding do and what are its main business segments?

What is JinkoSolar Holding's gross profit margin?

What is JinkoSolar Holding's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for JinkoSolar Holding year over year?

What factors drove the changes in JinkoSolar Holding's revenue and profit?

What were the key takeaways from JinkoSolar Holding's earnings call?

What guidance did JinkoSolar Holding's management provide for the next earnings period?

What were the key takeaways from JinkoSolar Holding’s earnings call?

- **Market Leadership**: 61.9 GW module shipments (Q1-Q3) and 3.3 GWhH ESS shipments, #1 global module supplier.
- **Margin Recovery**: Q3 gross margin 7.3% (up 4.4ppt QoQ), ESS to drive 10-15% revenue in 2026 with 15-20% gross margin.
- **High-Power Growth**: 670W Tiger Neo 3.0 modules to account for 60%+ of shipments by 2026, with 1-2 USD/W premium.
- **U.S. Expansion**: Florida manufacturing investment to comply with FERC rules, targeting 70-80% ESS revenue outside China.
- **Cash Flow & Buyback**: Q3 operating cash flow $340 million, $100+ million annual buyback commitment.

**【CEO Summary Section】**
- Global module shipments reached 61.9 GW in the first 3 quarters, maintaining #1 global ranking. Gross margin improved sequentially to 7.3% in Q3, driven by cost reductions and high-power product premiums.
- Energy Storage Systems (ESS) shipments totaled 3.3 GWhH in Q3, with full-year guidance of 6 GWhH. ESS revenue is expected to double in 2026, contributing significantly to gross margin expansion.
- High-power Tiger Neo 3.0 modules (up to 670W) achieved 1-2 USD/W premium, accounting for 60%+ of shipments by 2026. ESS manufacturing capacity expanded to 12 GWhH (pack) and 5 GWhH (cell).
- China's market-oriented energy storage policies and global AI data center demand are key growth drivers. U.S. module shipments stabilized at 1.3 GWQ in Q3.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $2.27 billion (down 10% QoQ, 34% YoY). Gross margin: 7.3% (up 4.4ppt QoQ). Operating loss: $363 million (16% of revenue).
- Operating cash flow: $340 million (Q3) → positive full-year. AR turnover days: 105 (Q3), inventory turnover: 90 days.
- 2025 full-year module/wafer shipments: 85-90 GW. ESS shipments: 6 GWhH. 2026 ESS revenue target: 10-15% of total revenue with 15-20% gross margin.

**【Q&A Key Highlights】**
- **Gross Margin Comparison**: Jinko's 7.3% Q3 gross margin vs. peers reflects higher ESS contribution (10-15% revenue in 2026). ESS gross margin target: 15-20%.
- **U.S. Market Strategy**: Investing in Florida manufacturing to comply with FERC rules. U.S. ESS orders pipeline growing, targeting 70-80% of ESS revenue outside China.
- **CapEx & Buyback**: 2025 CapEx: RMB 5 billion. 2026: flat at RMB 5 billion for high-power module upgrades. Buyback program: $100 million+ annual commitment, $170-180 million allocated for 2025 share repurchases.
- **2026 Outlook**: PV demand flat YoY (China policy-driven contraction offset by global growth). ESS shipments to double in 2026. High-power modules to account for 60%+ of shipments by end-2026.


JinkoSolar Holding Co., Ltd.(JKS)-20251117-2025 Q3 Earnings call transcript

- **Q1 2025 Results**: $1.91B revenue, $180M net loss due to U.S. market decline and lower ASPs. China installations up 31% YoY to 59.7 GW.
- **Technology Lead**: 3rd-gen TOPCon cells at 26.6% efficiency, 34.22% lab record for perovskite-TOPCon tandem cells.
- **Storage Growth**: 6 GWh ESS shipments targeted for 2025, with 5-10% gross margin.
- **U.S. Strategy**: 5-10% shipment mix, focusing on MEA joint ventures amid trade barriers.
- **Share Buyback**: $100M+ repurchase to capitalize on undervaluation.


**【CEO Key Highlights】**
- Q1 2025 module shipments reached 17.5 GW, generating $1.91 billion in revenue. Net loss was $180 million due to lower ASPs and U.S. market decline.
- China installations grew 31% YoY to 59.7 GW, with domestic module prices stabilizing. Order visibility stands at 60-70%, with Indo-Pacific and MEA exceeding 80%.
- 3rd-gen TOPCon cells achieved 26.6% efficiency, with 20-30W peak power advantage over prior-gen products. R&D milestone: 34.22% lab efficiency for perovskite-TOPCon tandem cells.
- Full-year 2025 guidance: 85-100 GW module shipments, 40-50 GW 3rd-gen TOPCon capacity, and 6 GWh ESS shipments.

**【CMO Market Insights】**
- Q1 2025 total shipments 19.1 GW (90% modules). Overseas shipments accounted for 70%, with Indo-Pacific +100% YoY and North Asia +20% YoY growth.
- 3rd-gen high-power TOPCon modules (>650Wp) dominate demand, driven by lower degradation and higher reliability. U.S. shipments remain at 5% of total due to trade barriers.
- ESS shipments reached 300 MWh in Q1, targeting 6 GWh for 2025. Bloomberg Tier 1 recognition underscores storage solution reliability.

**【CFO Financial Summary】**
- Q1 2025 revenue $1.9 billion (-40% YoY, -33% QoQ). Gross margin declined due to lower module ASPs.
- Operating expenses $350 million (-18% YoY), with cash reserves at $3.77 billion (vs. $2.44B Q1 2024).
- Net debt $2.6 billion, asset-liability ratio 74%, reflecting strong liquidity management.

**【Q&A Key Takeaways】**
- **Margins & ESS**: ESS gross margin target 5-10%. Q2 module prices stabilizing; 2H 2025 gross margin recovery expected.
- **U.S. Strategy**: 5-10% shipment mix for 2025, focusing on joint ventures in MEA. Tariffs limit near-term U.S. cell production.
- **Share Buyback**: $100M+ repurchase plan underway, driven by undervaluation and cash surplus.
- **Market Share**: 85-100 GW shipments (2025) reflect selective customer focus; long-term 20%+ market share target.


JinkoSolar Holding (JKS)-29 Apr 25-2025 Q1 Earnings call transcript

- **Record Shipments, Margins Under Pressure**: 2024 module shipments hit 93 GW (+18.3% YoY), but gross margin fell to 10.9% due to price declines. Q4 net loss of $64.9M reflects industry-wide challenges.
- **N-Type Technology Lead**: 26.5% cell efficiency and 462 granted TOPCon patents reinforce competitive edge. Third-gen Tiger Neo production to scale by end-2025.
- **2025 Outlook**: Cautious capex, 85-100 GW shipment guidance, and focus on cost control. Q1 gross margin expected lower than Q4, with improvement in Q2.
- **U.S. Market Strategy**: Full utilization of U.S. factory and alternative supply chains mitigate AD/CVD tariff impact. 2025 shipments dependent on policy clarity.
- **Financial Resilience**: $3.8B cash reserves and improved working capital metrics provide liquidity buffer for industry consolidation.


**【CEO Summary Section】**
- **2024 Annual Performance**: Module shipments reached 93 GW (up 18.3% YoY), ranking first globally. However, gross margin dropped to 10.9% (vs. 16% in 2023) due to price declines and supply-demand imbalance. Net income fell 98% YoY to $7.9 million.
- **Q4 2024 Results**: Shipments of 25.2 GW matched guidance, but 50%+ domestic shipments (lower ASP) caused Q4 gross margin to plummet to 3.6% (vs. 15.7% Q3). Net loss was $64.9 million.
- **Technology Leadership**: N-type cell efficiency reached 26.5% (26.7% on top lines), with third-gen Tiger Neo production starting and full-scale by end-2025. 462 granted TOPCon patents reinforce IP portfolio.
- **2025 Outlook**: Cautious capex, no new capacity beyond TOPCon upgrades. Shipments guided at 16-18 GW Q1 and 85-100 GW full-year. Target 27%+ N-type cell efficiency by year-end.

**【CMO Sales & Marketing】**
- **Market Share**: 6th consecutive year as global module shipment leader (93 GW annual, 26.5 GW Q4). 95%+ shipments of N-type Tiger Neo series in Q4, 90%+ full-year.
- **Geographic Mix**: 60% exports (Europe, India, MEA), 8% to North America. 300 GW+ cumulative shipments across 200+ countries.
- **Industry Recognition**: Ranked #1 in Wood Mackenzie's 2025 Solar Module Manufacturing report and only company with 100% bankability rating in Bloomberg's 2024 survey.

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: 
  - Revenue: $2.83B (down 15.7% QoQ, 37% YoY)
  - Gross Margin: 3.6% (vs. 15.7% Q3, 12.5% Q4'23)
  - Operating Expenses: $380M (down 26% QoQ, flat YoY)
  - Cash & Equivalents: $3.8B (up from $3.2B Q3)
- **2024 Full-Year**: 
  - Revenue: $12.64B (down 22% YoY)
  - Gross Profit: $1.4B (down 47% YoY)
  - Operating Loss Margin: 3.7% (vs. 5% profit margin in 2023)
- **Balance Sheet**: Debt at $5.56B (up from $4.38B end-2023), net debt $1.76B. AR turnover days improved to 80 (from 90 Q3), inventory turnover to 57 days (66 Q3).

**【Q&A Key Takeaways】**
1. **U.S. Tariffs & Shipments**: 
   - AD/CVD tariffs not impacting margins due to U.S. factory utilization (2GW capacity at full run-rate) and alternative supply chains.
   - 2025 U.S. shipments expected in "reasonable range" but dependent on policy clarity.
2. **Profitability Outlook**: 
   - Q1 2025 gross margin expected lower than Q4 (due to low ASP contracts), improving in Q2 with demand recovery.
   - 2025 CapEx ~RMB4-5B (down from 2024 levels), focused on TOPCon upgrades.
3. **Saudi Arabia Expansion**: 
   - Groundbreaking expected Q2 2025, full operation by end-2026. Orders under discussion but no material contribution in 2025.
4. **Free Cash Flow**: 
   - Target positive operating cash flow in 2025, but free cash flow may remain negative due to CapEx.
5. **Share Buyback**: 
   - $200M total shareholder returns (dividends + buybacks) planned for 2025. Buybacks likely after Q1 earnings release due to limited trading window.


Actual																	0.6501	1.1521	1.0176	0.1103	0.1477	0.8865	0.0494	0.6721	0.0946	-0.4701	0.3851	2.0693	2.3292	3.5177	3.3153	1.2285	1.1681	0.2421	0.0733	-1.0108	-3.5331	-1.5695	-0.9986	-1.487
Forecast																	0.9959	0.6508	0.7305	0.4083	-0.0221	-0.1596	-0.0281	0.9008	0.6127	0.0333	0.6827	1.1826	0.4951	1.582	1.4387	2.5572	0.1018	-0.1502	-0.7337	-0.4128	-0.9758	-3.2509	-2.014	-0.8915
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-34.72%	+77.03%	+39.30%	-72.99%	+768.33%	+655.45%	+275.80%	-25.39%	-84.56%	-1511.71%	-43.59%	+74.98%	+370.45%	+122.36%	+130.44%	-51.96%	+1047.45%	+261.19%	+109.99%	-144.86%	-262.07%	+51.72%	+50.42%	-66.80%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	1.20B	1.15B	1.24B	1.45B	1.19B	1.22B	1.31B	2.58B	2.33B	2.88B	2.74B	4.45B	3.43B	4.23B	4.37B	4.69B	3.20B	3.23B	3.54B	2.81B	1.91B	2.52B	2.26B	2.90B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	1.02B	1.12B	1.29B	1.38B	1.18B	1.20B	1.27B	2.15B	2.06B	2.36B	2.51B	3.61B	3.24B	3.85B	4.18B	4.37B	3.36B	3.90B	3.18B	3.22B	2.07B	2.63B	2.72B	2.73B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+17.45%	+2.34%	-4.16%	+5.27%	+0.99%	+2.06%	+3.45%	+19.80%	+12.94%	+21.82%	+9.20%	+23.21%	+5.61%	+10.04%	+4.53%	+7.30%	-4.81%	-17.32%	+11.30%	-12.57%	-7.71%	-4.23%	-16.74%	+6.25%

JKS

JKS fundamentals

JKS Q4 2025 Earnings

Earnings Call

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JKS

JKS fundamentals

JKS Q4 2025 Earnings

Earnings Call

JKS Earnings Call Summary for Q4/2025Upcoming8:00 AM on Apr 16, 2026

JKS Earnings Call Summary for Q3/20257:30 AM on Nov 17, 2025

JKS Earnings Call Summary for Q2/2025 Mar 31, 2026

JKS Earnings Call Summary for Q1/20258:30 AM on Apr 29, 2025

JKS Earnings Call Summary for Q4/20248:00 AM on Mar 26, 2025

You can ask Aime