JKSNYSESemiconductors & Related DevicesUS GAAP · USD

JinkoSolar Holding Co., Ltd.

JinkoSolar Holding Co., Ltd. is a holding company with its industrial core in Jinko Solar Co., Ltd., which designs, manufactures, and sells solar modules and related photovoltaic products. It operates through a global production and sales footprint spanning China and many overseas markets, and it also holds strategic investments in renewable energy and other emerging technologies.

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Revenue65.5bn USD
+16,063.5 %y/y
Operating profit (EBIT)-8,905m USD
−166.3 %y/y
EBIT margin-13.6%
+811.8 ppy/y
Net income-4,445m USD
−8,250.2 %y/y
Free cash flow-2,104m USD
−127.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20020406080bn USD2020: 35.1 bn USD2020: EBIT 1.8 bn USD20202021: 40.8 bn USD2021: EBIT 1.1 bn USD20212022: 0.33 bn USD2022: EBIT 0.43 bn USD20222023: 0.37 bn USD2023: EBIT 6.1 bn USD20232024: 0.41 bn USD2024: EBIT -3.3 bn USD20242025: 65.5 bn USD2025: EBIT -8.9 bn USD202565.5-8.9
RevenueOperating profit (EBIT)

Business

Share of revenue
Solar modules85 %

Photovoltaic modules sold into utility, commercial, and residential solar projects.

Solar solutions and services10 %

Project-facing solutions and services tied to solar product deployment and use.

Strategic investments5 %

Equity and other investments in renewable energy and emerging technologies.

Customers

JinkoSolar sells to a diversified mix of utility-scale developers, commercial buyers, and residential customers that deploy solar power systems. The company also serves channel partners and project customers across many countries, with demand tied to solar installation activity and power-generation economics.

Utility-scale developers

Buy large volumes of modules for solar farms and grid-connected power projects.

Commercial and industrial customers

Purchase solar products and solutions for factory, warehouse, and business-site installations.

Residential customers

Buy modules and related systems for rooftop and home solar adoption.

Distributors and channel partners

Source modules for resale and local project delivery in multiple countries.

Strategy

JinkoSolar’s strategy centers on scaling its solar manufacturing and distribution platform while keeping a global customer base across utility, commercial, and residential markets. A second strategic pillar is deploying capital into renewable energy and frontier technologies, using the industrial business as a base for identifying and commercializing new opportunities.

Scale global solar manufacturing and salesShort term

Large installed capacity and a wide sales network support access to major solar markets.

Diversify demand across customer types and countriesMedium term

A broad customer base helps reduce dependence on any one market or project cycle.

Build optionality through strategic investmentsLong term

Investment in emerging technologies can create additional value beyond solar manufacturing.

Geography

The business is anchored in China but is structured as a global solar platform with manufacturing, subsidiaries, and sales teams across Asia, Europe, the Americas, and the Middle East. Reported customer reach includes the United States, Japan, Germany, the United Kingdom, Latin America, and other markets, making demand and execution dependent on international trade flows, local solar policy, and logistics.

Risks

The company is exposed to pricing pressure, cyclicality, and project timing in the global solar industry, where demand can shift with policy, interest rates, and supply-demand balance. Its international manufacturing and sales network also creates exposure to tariffs, trade restrictions, shipping disruption, and currency volatility, while investment holdings add mark-to-market and valuation risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Solar pricing pressure1Trade and tariff exposure2Policy and permitting dependence3Fair-value and investment volatility4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Solar pricing pressureImpact: HighLikelihood: High

    Module businesses face industrywide pricing swings when capacity or demand changes.

    Exposure: Solar modules and related products

  2. Trade and tariff exposureImpact: HighLikelihood: High

    The company sells across many countries and relies on cross-border manufacturing flows.

    ExposureUnited StatesEuropeOther export markets
  3. Policy and permitting dependenceImpact: MediumLikelihood: High

    Solar demand depends on incentives, grid rules, and project approvals in each market.

    Exposure: Utility-scale and commercial projects

  4. Fair-value and investment volatilityImpact: MediumLikelihood: Medium

    Strategic investments can generate unrealized gains or losses in reported earnings.

    Exposure: Long-term investments and frontier technology stakes

Accounting

Judgemental items
Fair-value measurement

The company reported fair-value gains or losses on long-term investments and convertible notes.

Impact: Can create non-operating volatility in net income

Inventory valuation

Large inventory balances in a solar manufacturing business face price and obsolescence risk.

Impact: May require write-downs if module prices fall or products age

Receivables collectability

Global sales to project customers can involve timing and counterparty risk.

Impact: Allowance estimates affect reported assets and earnings

Long-lived asset impairment

Manufacturing assets and production facilities depend on utilization and market conditions.

Impact: Could lead to non-cash charges if asset values decline

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Last updated: 28/09/2026