JinkoSolar Blames Trade Policy Uncertainty For Demand Disruption, Margin Pressure

JinkoSolar Holding Co JKS stock slipped on Tuesday after the company posted mixed first-quarter 2025 results.

The solar module manufacturer’s revenue decreased 39.9% year-over-year to $1.908 billion, beating the analyst consensus estimate of $1.89 billion. Adjusted loss per ADS of $2.86 missed the analyst consensus loss estimate of $1.38.

Quarterly shipments totaled 19,130 MW—comprising 17,504 MW of solar modules and 1,626 MW of cells and wafers—representing a 12.7% decline compared to last year.

First-quarter 2025 module shipments reached 17.5 GW, the highest in the industry.

The company posted a gross loss of RMB352.9 million ($48.6 million), with the margin falling to -2.5% due to lower solar module prices, compared to 11.9% a year earlier.

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Operating loss rose to RMB2.87 billion ($394.8 million), up from RMB339.6 million a year ago. Operating loss margin widened to –20.7%, compared to –1.5% a year ago.

As of March 31, 2025, the company had RMB27.38B ($3.77B) in cash, RMB12.79B in receivables, RMB13.26B in inventory, and RMB46.54B in debt.

As of March 31, 2025, the company had RMB27.38 billion ($3.77 billion) in cash, RMB12.79 billion in receivables, RMB13.26 billion in inventory, and RMB46.54 billion in debt.

JinkoSolar’s 2025 order visibility stands at 60–70% overall, surpassing 80% in the Indo-Pacific and MEA regions. Its N-type TOPCon tandem solar cell set a new efficiency record of 34.22%.

Q2 Guidance: JinkoSolar expects module shipments to range between 20.0 GW and 25.0 GW, reflecting current market demand and order visibility.

2025 Outlook: Module shipments are projected between 85.0 GW and 100.0 GW.

Annual production capacity is expected to reach 120.0 GW for mono wafers, 95.0 GW for solar cells, and 130.0 GW for modules by year-end.

“Prices across the main segments of the solar industrial chain were low in the first quarter. This, combined with disruptions in demand caused by changes in international trade policies, pressured profit margins in each segment of the integrated solar supply chain. Despite this challenging market environment, we fulfilled our delivery commitments to customers and reduced costs through supply chain optimization, adjustments to production and operation plans, and other measures,” commented Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer

“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.”

Price Action: JKS stock traded lower by 6.43% at $16.52 at the last check on Tuesday.

Photo by Robert Way via Shutterstock