Q4: Jinko’s Solar Shipments Drop, Revenue Falls 37.1% YoY

JinkoSolar Holding Co., Ltd. (JinkoSolar), a solar module manufacturer, has released its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The company reported an 18.3% year-over-year (YoY) increase in module shipments for the full year, reaching 92.9 GW.

During its earnings call, JinkoSolar revealed that 60% of its modules were shipped overseas, primarily to Europe, India, the Pacific, and the Middle East & Africa. Shipments to North America accounted for around 8%, aligning with the company’s expectations.

Q4 2024 Operational and Financial Highlights

JinkoSolar’s quarterly shipments totaled 26,462 MW, including 25,221 MW for solar modules and 1,241 MW for cells and wafers. This represented a 2.1% sequential increase but a 5.0% YoY decline. The company’s total revenue for the quarter stood at RMB 20.65 billion (US$2.83 billion), marking a 15.7% sequential decline and a 37.1% YoY decrease. Gross profit was RMB 747.4 million (US$102.4 million), down 80.6% sequentially and 81.7% YoY, while gross margin fell to 3.6%, compared to 15.7% in Q3 2024 and 12.5% in Q4 2023.

JinkoSolar reported a net loss of RMB 473.7 million (US$64.9 million), compared to a net income of RMB 22.5 million in Q3 2024 and RMB 29.3 million in Q4 2023. Despite the challenging financial performance, the company announced that by the end of Q4 2024, it had become one of the first module manufacturers to surpass 300 GW in total solar module deliveries. It also noted that the mass production efficiency of N-type TOPCon cells reached approximately 26.5%, and the company had been granted 462 TOPCon patents.

Full-Year 2024 Operational and Financial Highlights

For the full year 2024, JinkoSolar’s annual shipments reached 99,596 MW, including 92,873 MW for solar modules and 6,723 MW for cells and wafers, reflecting a 19.2% YoY increase. However, total revenue declined 22.3% YoY to RMB 92.26 billion (US$12.64 billion), while gross profit fell 47.4% YoY to RMB 10.01 billion (US$1.37 billion). The company’s gross margin dropped to 10.9%, compared to 16.0% in 2023.

JinkoSolar reported a loss from operations of RMB 3.42 billion (US$469.1 million), a significant decline compared to an operating income of RMB 6.09 billion in 2023. Additionally, net income attributable to shareholders fell 98.3% YoY, amounting to RMB 57.5 million (US$7.9 million).

CEO’s Statement

Xiande Li, JinkoSolar’s Chairman, and CEO, stated, “Despite a challenging 2024, the company delivered resilient results due to its leadership in N-type TOPCon technology, strong patent portfolio, and global sales and manufacturing network.

He added, “the ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as the elimination of obsolete production capacity, our profitability dropped significantly year-on-year. Gross margin was 10.9% in 2024, compared to 16.0% in 2023 and net income was US$7.9 million. Module shipments were 25.2 GW in the fourth quarter, in line with our guidance. As over 50% of modules were shipped to the domestic market where prices were lower, and the proportion of higher-price overseas orders declined sequentially, both module delivery prices and profits decreased sequentially. Gross margin was 3.6% in the fourth quarter, compared to 15.7% in the third quarter, and net loss was US$64.9 million in the fourth quarter.”

Industry Outlook and Future Plans

JinkoSolar highlighted that the global PV industry maintained strong growth in 2024. It added, “China installed 277 GW of new solar capacity, representing a 28% YoY increase and setting a record high. Meanwhile, China’s module exports reached 236 GW, up 13% YoY. Despite this growth, intensified supply-demand imbalances drove end-product price declines, exerting pressure on profits across the solar industry.”

By the end of Q4 2024, JinkoSolar’s average mass-produced N-type cell efficiency had reached nearly 26.5%, with top-performing production lines exceeding 26.7%. The company is also taking steps to phase out outdated production capacity while expanding its global manufacturing presence. At its Shanxi N-type Super Factory, efforts are underway to reduce costs and improve efficiency through automation and process optimization. Meanwhile, its 2 GW N-type module production facility in the U.S. is operating near full capacity, and its Saudi project is progressing steadily.