Solar Module Shipments, Revenue Down for Jinko in Q1
Citing ongoing trade disruption and decreased shipments to the U.S., Chinese module supplier Jinko on Tuesday reported a net loss of $181.7 million for the first quarter of 2025.
The company shipped more than 19 GW of modules, cells and wafers in the first three months of the year, down 27.7% from the previous quarter and 12.7% from the first quarter of 2024. Total revenues of $1.91 billion represented a drop of 33% from the previous quarter and 39.9% from a year earlier.
Low prices and decreased demand driven by international trade policies “pressured profit margins” in all segments of the supply chain over Q1, according to Jinko’s Chairman and CEO Xiande Li.
“Due to a year-over-year decline in shipments to the U.S. market and a continued decline in higher-price overseas orders, our module prices and profitability decreased both year-over-year and sequentially,” Li said.
In response to the disruption of reciprocal tariffs, Li said Jinko, which has 10 GW of manufacturing capacity across Southeast Asia, has “flexibly adjusted our supply chain strategy and regional shipment mix.”
The expansion of Jinko’s Florida plant to 2 GW of n-type capacity is now complete, according to the earnings presentation, and the “largest overseas n-type production facility” is steadily progressing in Saudi Arabia. That facility will produce 10 GW each of cells and modules annually when it starts operations in the second half of 2026.
The company is making the overseas market its “strategic priority” for its energy storage business. Battery shipments totaled 300 MWh in the first quarter, a “substantial” increase from this time last year, and Jinko expects to ship around 6 GWh worth by the end of 2025, leveraging its PV customer base to offer integrated solar-and-storage options.
The company anticipates shipping between 20 and 25 GW of modules in the second quarter and between 85 and 100 GW for all of 2025. Jinko shipped a total of 92.9 GW in 2024.
Installations were up 31% in China year-over-year in the first quarter, and the average monthly bids for modules are “returning to a more rational level.”, which Li attributed to “market self-regulation and high-quality development initiatives.”
Reporting by Colt Shaw, cshaw@opisnet.com
Editing by Jordan Godwin, jgodwin@opisnet.com
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