JinkoSolar Holding Co., Ltd. (NYSE: $JKS), a solar module manufacturer based in Shanghai, China, released its Q3, fiscal 2025 results on Monday, November 17, 2025. The company has been listed on the NYSE since 2010.
Q3 Results
Third quarter revenue fell 34.1% YoY to RMB16.16 billion (US$2.27 billion). Meanwhile, quarterly shipments came in at 21,570 MW, down 16.7% YoY. Gross profit came in at RMB1.18 billion (US$166.0 million), a 69.3% YoY decline. The company reported a gross profit margin of 7.3%, compared to a gross profit margin of 15.7% in 2024.
JinkoSolar reported a net loss of RMB749.8 million (US$105.3 million) compared to a net income of RMB22.5 million in Q3 2024. The company reported an adjusted net loss of RMB373.1 million (US$52.4 million) compared to a net income of RMB103.9 million in Q3 2024.
It reported a diluted loss per share of RMB3.58 (US$0.50), which translated to a diluted loss per ADS of RMB14.32 (US$2.01).
Other Financial Highlights
The company reported total module shipments of around 20GW in Q3, with over 65% of shipments to overseas markets. The company became the first module manufacturer worldwide to deliver a total of 370GW of solar modules, with the cumulative shipment of Tiger Neo series modules exceeding 200GW.
Their mass-produced high-efficiency TOPCon products hit 27.2% to 27.4%. The company also revealed that they had started to deliver certain high-efficiency modules with a power output of over 640W, which come at a price premium. Their orderbook visibility for energy storage systems (ESS) exceeded 90% in 2025. The company also now has an MSCI ESG rating of A, which is the highest of all mainstream PV companies.
In late October 2205, JinkoSolar also revealed that it had supplied around 1,000 EAGLE® G6 modules, which were installed at Costco in Richland, Washington.
JinkoSolar Full-Year Forecast
For the full year, JinkSolar expects to ship out 85 to 100 GW of capacity. Its targets are ~6 GWh ESS shipments for 2025, and it forecasts it will shift to >60% high power module share in 2026.
JinkoSolar (JKS) Stock Performance
Despite the revenue dip year over year, JinkoSolar ADS stock rose 13.35% to $30.65 as of 3:55:02 PM in New York. Year to date, the stock is up 22.98%, while over the past 12 months, the stock is up 46.39%.
One analyst remains cautious about the future of the stock, giving it a moderate sell rating. The analyst forecast a price of $18, which is a 41.04% downside based on the most recent price. They
Is Now The Time To Buy JinkoSolar (JKS)
During the earnings call, JinkoSolar revealed that it would focus on the rising demand for high-power products. It is seeking to ramp up production of third-generation TOPCon products that offer high efficiency and performance.
That is expected to boost revenue via premium pricing. Additionally, it is expanding its footprint in the energy storage systems (ESS) business, which has seen a massive increase in shipments in overseas markets.
One narrative that is widely followed is that JinkoSolar is undervalued, and its fair value is around $37.42. This massive gap has caught the attention of investors, which explains its recent upward movement.
For instance, it has an Enterprise Value/Revenue ratio of 0.3, which signals it is undervalued. Additionally, it has an Enterprise Value/EBITDA ratio of 7.12 and a Price/Sales ratio of 0.12, which is quite cheap. This is in sharp contrast to peer First Solar, Inc. (FSLR), which has an Enterprise Value/Revenue ratio of 5.15, an Enterprise Value/EBITDA ratio of 12.80, and a Price/Sales ratio of 5.39.
However, investors are still cautious due to the US-China trade war. Despite this, with the company diversifying into ESS and high-efficiency modules, adding JKS to your portfolio could potentially be a great buy.
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