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- **Gross Margin Recovery**: Q3 2025 gross margin improved to 7.3%, driven by cost reductions and high-value ESS projects.
- **ESS Explosion**: ESS shipments to double to 6 GWh in 2025, with >100% growth in 2026 targeting 12 GWh, 70-80% in high-margin markets.
- **High-Power Dominance**: 60%+ of module shipments to be high-power (670W+) by 2026, commanding $0.01-0.02 premium.
- **Cash Flow Turnaround**: Full-year 2025 operating cash flow positive, with $340 million Q3 inflow and $3.3 billion cash balance.

**【CEO Summary Section】**
- Global module shipments reached 61.9 GW in Q3 2025, maintaining #1 global ranking. Gross margin improved sequentially to 7.3% in Q3, driven by cost reductions and high-value market focus.
- Energy storage system (ESS) shipments totaled 3.3 GWhH cumulatively, with Q3 ESS revenue recognition lagging due to project timelines. ESS shipments expected to double to 6 GWh in 2025 and grow >100% in 2026.
- High-power Tiger Neo 3.0 modules (up to 670W) achieved $0.01-0.02 premium over conventional products, with 60%+ of shipments expected to be high-power by 2026.
- China's market-oriented energy storage reforms and global AI data center demand are key growth drivers for ESS.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $2.27 billion (down 10% QoQ, 34% YoY) due to lower module ASPs. Gross margin: 7.3% (up 4.4ppts QoQ, down 1.7ppts YoY). Operating expenses: $363 million (up 36% QoQ, down 32% YoY) due to asset impairments.
- Operating cash flow: $340 million (Q3) with full-year positive cash flow expected. AR turnover days: 105 (up from 97 Q2), inventory turnover days: 90 (up from 66 Q2).
- Total debt: $6.4 billion (down $0.3 billion QoQ). Net debt: $3.1 billion (down $0.2 billion QoQ). Cash: $3.3 billion (flat QoQ).

**【Q&A Key Highlights】**
- **Gross Margin Comparison**: Jinko's 7.3% Q3 gross margin vs. Canadian Solar's 15% reflects higher ESS revenue contribution (10-15% of total revenue in 2026). ESS gross margin expected to reach 15-20%.
- **ESS Growth**: 2026 shipments to double to 12 GWh, with 70-80% targeting high-margin U.S., Europe, and APAC. U.S. ESS projects in pipeline with FERC compliance discussions.
- **Solar Module Demand**: 2026 global PV demand expected flat YoY (700 GW production), with China shipments ~250 GW. High-power modules (60%+ of shipments) to drive premium pricing.
- **CapEx & Buybacks**: 2025 CapEx: RMB 5 billion for TOPCon upgrades. 2026 CapEx flat. Buybacks: $100 million+ annual target, with $170 million available post-China repatriation.

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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

JKS

JKS fundamentals

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