Jinkosolar Holdings Co

The grade, in three tenses

Headline 3.4 out of ten, 8 of 9 metrics filed and 1 estimated: past 5.6 out of ten, present 2.4 out of ten, future 2.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.2 out of ten. +12% a year over 9 filed years; profitable in 8 of 9. 52nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.9 out of ten. Share count grew 1.3% a year. 0% of cash flow returned. Insiders: 4 sales, 1 purchases. 29th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 2.8 out of ten. ROE -17%: lost 17¢ per shareholder dollar. Leverage 78%: owes 78¢ per asset dollar. 28th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.3 out of ten. bottom 33% of 97 in its family; net margin -6.8%. 33rd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 0.1 out of ten. CrossAssetData estimate 0.1/10, confidence 35 of 100 (one part). 1st percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 2.6 out of ten. bottom 26% of 94 in its family for room to expand. 26th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 2.3 out of ten. bottom 23% of 93 in its family for growth drivers. 23rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 1.3 out of ten. bottom 13% of 88 in its family for expectations against reality. 13th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-29 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form SCHEDULE 13D/A, 2026-10-01. Filings on record since 2010. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-29.

The people

Xiande Li founded JinkoSolar and is its chairman and chief executive. He also chairs Jinko Solar Co., Ltd., the group's main operating company, and Jinko Power Technology Co., Ltd. Before founding the company he was marketing manager at Zhejiang Yuhuan Solar Energy Source Co., Ltd. and then ran marketing and operations at ReneSola from 2005 to 2006. His brother Xianhua Li, the other founder, is a director; he ran the Yuhuan solar company's factory from 2000 to 2006 and was JinkoSolar's vice president from June 2006 to March 2020. [1, 2, 3, 4, 5, 6]

Haiyun (Charlie) Cao, a director since December 2020, is chief executive of Jinko Solar Co., Ltd. (called Jiangxi Jinko in the filing). He was JinkoSolar's chief financial officer from September 2014 to May 2021, after serving as a senior audit manager at PricewaterhouseCoopers from 2002 to 2012. Mengmeng (Pan) Li has been chief financial officer since May 2021; he joined in July 2017 as senior internal audit manager, and from 2010 to 2015 was an internal audit manager at Canadian Solar, which the filing names as a competitor. [7, 8, 2, 9, 10, 11]

Three independent directors complete the board: Wing Keong Siew, a director since May 2008, who once ran the Asian businesses of Fairchild Systems, Mentor Graphics and Compaq before a career in private equity; Steven Markscheid, since September 2009, who led GE Capital's business development in China and Asia Pacific; and Gang Chu, since August 2024, chief operating officer of China International Capital Corporation from 2015 to 2024. The founder holds the largest stake: Xiande Li beneficially owns 21.0% of the shares, and the directors and officers together 27.3%. [12, 13, 14, 15, 16, 17, 18, 19]

JinkoSolar counted 26,409 full-time employees at the end of 2025, down from 33,830 a year earlier and 57,397 at the end of 2023; the filing puts the latest cut down to a strategic adjustment of its production and organizational structure. Of the 26,409, 15,927 work in manufacturing, 2,158 in research and development, 766 in sales and marketing and 7,558 in administration, the vast majority in China. The filing estimates the social insurance and housing fund contributions it has left unpaid at RMB1.97 billion (US$281.7 million) at the end of 2025, because it contributed on the local minimum wage rather than on actual salaries as required. [20, 21, 22, 23]

How it operates

JinkoSolar makes solar panels, which the industry calls modules, and the parts inside them. It is vertically integrated, meaning it runs every step itself, from silicon wafers to solar cells to finished modules. It sells most modules under its own JinkoSolar brand and a small portion under other companies' names (OEM), sells the wafers and cells it does not use, and since 2022 has also sold energy storage systems. In 2025 it shipped about 86.8 gigawatts (GW) of modules; its N-type Tiger Neo series, built on a cell design called TOPCon, made up over 99% of them. [24, 25, 26, 27]

Its buyers are utility-scale developers, engineering, procurement and construction (EPC) contractors and distributed-generation customers; for modules, distributors, project developers and system integrators. At the end of 2025 it counted over 8,700 customers in nearly 200 countries and regions. No customer reached a tenth of revenue: the largest group customer took 3.0% in 2025 and the top five together 12.5%. Most overseas buyers pay in full within 90 days; Chinese buyers typically pay 90% to 95% within 180 days of delivery and the rest after a retention period of one to two years once their project is running. [28, 29, 30, 31, 32, 33]

The company reports in Chinese yuan (renminbi). Of 2025 revenue of RMB65.50 billion (US$9.37 billion), China brought in 22.6 billion yuan, 34.5%; Asia Pacific 13.4 billion, 20.5%, up from 1.8 billion; the Americas 12.3 billion, 18.8%, down 45.4%; Europe 8.6 billion, 13.1%; and the rest of the world 8.6 billion, 13.1%, down 63.0%. Direct sales into the United States made up 14.4% of revenue, after 18.1% in 2024. [34, 35, 36]

It owns most of its factories, the greater part in China: Shangrao in Jiangxi, Haining and Yuhuan in Zhejiang, Hefei in Anhui, Xining in Qinghai, Chuxiong in Yunnan and Taiyuan in Shanxi, plus plants in the United States and Vietnam. Its largest project, a 56 GW wafer, cell and module base in Shanxi announced in May 2023, had its second phase fully running by the end of 2025. At that date it could make 120.0 GW of wafers, 95.0 GW of cells and 130.0 GW of modules a year; 14 GW of integrated capacity sat overseas, including 2 GW of module capacity in the United States. Its first American factory, in Jacksonville, Florida, came with a 2018 agreement to supply NextEra up to 2,750 MW of modules. [37, 38, 39, 40, 41, 42, 43, 44]

Its main raw material is virgin polysilicon, over 90.0% of its silicon purchases by value. Buying is concentrated where selling is not: the five largest supplier groups provided 85.2% of silicon purchases in 2025, the largest alone 28.8%, and 79.79% came from Chinese suppliers. Its supply contracts generally require paying ahead, and it had RMB1.93 billion (US$276.2 million) of advances to suppliers at the end of 2025. Metallic pastes, glass, aluminum frames and other materials are bought from third parties month by month. [45, 46, 47, 48, 49, 50]

The specifics

JinkoSolar began operating in June 2006 through Jiangxi Desun Energy, was incorporated in the Cayman Islands in 2007 and listed on the New York Stock Exchange in May 2010. Its principal operating subsidiary, Jinko Solar Co., Ltd. (Jiangxi Jinko), has been listed on the STAR Market of the Shanghai Stock Exchange since January 2022, and JinkoSolar owns about 54.16% of it. It sold its Chinese solar power plant business in November 2016 and its Xinjiang subsidiary in February 2024, and says it no longer operates in Xinjiang. [51, 52, 53, 2, 54, 55]

In its own telling, its edge is cell efficiency, the share of sunlight a cell turns into electricity. Its mass-produced N-type cells reached 26.6% by the end of 2025; in November 2025 one of its TOPCon cells reached 27.79%, which it calls a world record, and a perovskite-silicon tandem cell reached 34.76%. It protects this with patents, 1,484 granted on TOPCon alone at the end of 2025, and has licensed some: in January 2024 an affiliate licensed N-type TOPCon patents to one of the world's ten largest module makers. Research and development cost 896.9 million yuan in 2025. [56, 57, 58, 59, 60]

It names its rivals: Longi Green Energy Technology, Trina Solar, Canadian Solar and JA Solar, with makers further up and down the chain, such as Tongwei and Astronergy, moving into the same steps. It warns that rivals' back-contact (BC) cells may offer better efficiency in premium products, and that Chinese competitors building plants in Southeast Asia and the United States have made competition overseas more intense. [11, 61, 62]

Trade rules shape where it can sell. American anti-dumping and countervailing duties have applied to Chinese solar cells and modules since 2011, and in June 2025 the Commerce Department issued final duty orders on cells from Cambodia, Malaysia, Thailand and Vietnam. US customs has detained some of its shipments under the Uyghur Forced Labor Prevention Act and an order against Hoshine Silicon, releasing them after reviewing its documents, and in May 2023 federal agents searched its Jacksonville plant and San Francisco office. A fire in a Shanxi wafer and cell workshop in April 2024 caused losses the company estimates at about RMB0.67 billion. [63, 64, 65, 66, 67, 68, 69]

What drives growth, line by line

Sale of Photovoltaic Products. Nearly all of revenue: 62.5 billion yuan in 2025, 95.5% of the total, down 30.5% from 90.0 billion. The filing puts the fall primarily down to a lower average selling price for modules. Volume slipped far less, from 92,873.3 MW of modules sold in 2024 to 86,805.5 MW. [34, 70, 71]

Other Solar Material. The small remainder: 3.0 billion yuan, 4.5% of revenue, up 31.1% from 2.3 billion. The filing describes these as sales of raw and auxiliary materials and does not explain the rise. [34, 72]

For the company as a whole, revenue fell 29.0% to RMB65.50 billion, the second yearly fall after 118.7 billion yuan in 2023. The filing blames continued oversupply and price pressure across the solar supply chain and a shifting trade climate in some overseas markets, with module prices low all year. Gross margin shrank from 10.9% to 2.2%; after impairment charges of RMB1.66 billion, mostly on production equipment made obsolete, the net loss attributable to JinkoSolar's shareholders was RMB4.45 billion (US$635.6 million). [73, 60, 74, 75, 76, 77]

What comes next, in the company's own words: a more cautious approach to capacity in 2026, adding none beyond upgrades to its TOPCon lines, and integrated capacity of about 100 GW expected by the end of 2026, 14 GW of it overseas. In storage it had 17 GWh of battery pack capacity and 5 GWh of battery cell capacity at the end of 2025, and says its 2025 storage shipments rose significantly on 2024. [78, 79, 80]

What the desk infers (inferred, not filed)

• The New York-listed JinkoSolar works in practice as a holding company: nearly the whole operating business, its American and German selling arms included, sits under the Shanghai-listed Jiangxi Jinko, of which it owns just over half, so a large part of each year's result belongs to Jiangxi Jinko's other shareholders. Because: The filing calls Jiangxi Jinko its principal operating subsidiary, listed on the STAR Market, and puts its stake at about 54.16%. [2] Its table of major subsidiaries shows JinkoSolar (U.S.) Inc. and JinkoSolar GmbH held at the same 55.8% as Jiangxi Jinko itself, the mark of companies owned through it. [81, 82, 83] Of the 2025 net loss of RMB7.11 billion, RMB4.45 billion was attributable to JinkoSolar's own shareholders. [84, 77] Its chairman chairs Jinko Solar Co., Ltd., and one of its directors is that company's chief executive. [1, 7] Confidence 75 of 100. Wrong if: A filing showing that most of the group's manufacturing or sales sits in subsidiaries JinkoSolar owns outside Jiangxi Jinko, or that its stake in Jiangxi Jinko has risen close to full ownership.
• Most of what JinkoSolar sells in the United States is still made abroad and shipped in, so its American business rests on clearing customs and duty rules rather than on its own American plant. Because: Direct sales into the United States were 14.4% of 2025 revenue. [36] Its module capacity in the United States was 2 GW at the end of 2025, against about 86.8 GW of modules shipped in the year and 130.0 GW of module capacity in all. [43, 26, 42] The filing says some of its products imported into the United States may be detained by customs, and that its cells and modules have faced American anti-dumping and countervailing duties. [66, 63] Confidence 60 of 100. Wrong if: A filing showing that most of its American sales come from modules assembled in its own US factory.
• JinkoSolar sets few of its own prices: its margin is the gap between what polysilicon costs and what modules fetch, both set by an oversupplied market, and in 2025 the module price fell faster than its costs. Because: Revenue fell 29.0% on a lower average module price, while cost of revenues fell only 22.0% on cheaper raw materials. [73, 85] Virgin polysilicon is over 90.0% of its silicon purchases, and five supplier groups provide 85.2% of them. [45, 48] The filing says module prices are influenced by polysilicon prices, supply and demand and the competitive landscape. [86] Confidence 70 of 100. Wrong if: A year in which its gross margin widens while module and polysilicon prices both fall, showing it can hold its price against the market.

Sources

1. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Xiande Li is a founder of our company, the chairman of our board of directors and our chief executive officer. He is also the chairman of the board of directors of both Jinko Solar Co., Ltd. (688223.SH) and Jinko Power Technology Co., Ltd. (601778.SH).”
2. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: ““Jiangxi Jinko” refers to Jinko Solar Co., Ltd., our majority-owned principal operating subsidiary incorporated in the PRC, whose shares are listed on the STAR Market of the Shanghai Stock Exchange, in which we own approximately 54.16% equity interest”
3. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Prior to founding our company, he served as the marketing manager at Zhejiang Yuhuan Solar Energy Source Co., Ltd. from 2003 to 2004”
4. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “From 2005 to 2006, he was the chief operations supervisor of ReneSola, a related company listed on the AIM market of the London Stock Exchange in 2006, then dual listed on the NYSE in 2008, where he was in charge of marketing and operation management. Mr. Li is a brother of Mr. Xianhua Li.”
5. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Xianhua Li is a founder and director of our company. He is also a director of Jinko Solar Co., Ltd. (688223.SH) and a director of Jinko Power Technology Co., Ltd. (601778.SH). He was our vice president from June 2006 to March 2020.”
6. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “From 2000 to 2006, he was the factory director of Zhejiang Yuhuan Solar Energy Source Co., Ltd., where he was responsible for managing its research and development activities.”
7. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Haiyun (Charlie) Cao has been our director since December 2020. He is also a director and the Chief Executive Officer of Jinko Solar Co., Ltd. (688223.SH)”
8. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “He was our chief financial officer from September 2014 to May 2021 and our financial controller from February 2012 to September 2014. Prior to joining us, Mr. Cao served as a senior audit manager at PricewaterhouseCoopers from 2002 to 2012.”
9. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Mengmeng (Pan) Li has been our chief financial officer since May 2021. He was our deputy director of finance since 2021. Before that, he served as the senior internal audit manager of the Company from July 2017 to 2021.”
10. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “an internal audit manager of Canadian Solar Inc., a Nasdaq listed company, from 2010 to 2015.”
11. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “we mainly compete with both integrated and specialized manufacturers of solar power products, such as Longi Green Energy Technology Co., Ltd., Trina Solar Ltd., Canadian Solar Inc. and JA Solar Holdings Co., Ltd., in a continuously evolving industry. Recently, some upstream polysilicon manufacturers and downstream manufacturers, such as Tongwei and Astronergy, have also established or expanded their silicon ingots, silicon wafer, solar cell and solar module production operations.”
12. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Wing Keong Siew has been a director of our company since May 2008. Mr. Siew has been in venture capital/private equity management since 1989”
13. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Before joining the investment service industry, he was managing three high-technology multinational companies in Asia between 1978 to 1989, being the General Manager of Fairchild Systems for Asia, the Managing Director of Mentor Graphics Asia Pacific and the Managing Director of Compaq Computer Asia Corporation.”
14. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Steven Markscheid has been an independent director of the Company since September 15, 2009.”
15. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “During his time with GE, he led GE Capital’s business development activities in China and Asia Pacific, primarily acquisitions and direct investments.”
16. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Mr. Gang Chu has been an independent director of our company since August 2024. Mr. Gang Chu served as the chief operating officer and a member of the management committee of China International Capital Corporation Limited (“CICC”) from March 2015 to February 2024.”
17. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Xiande Li(3)(7) 44,066,758 21.0”
18. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “All Directors and Executive Officers as a group 57,225,506 27.3”
19. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Wing Keong Siew 75 Independent director Steven Markscheid 72 Independent director Gang Chu 62 Independent director”
20. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “As of December 31, 2023, 2024 and 2025, we had a total of 57,397, 33,830 and 26,409 employees, respectively. The decrease in our number of employees in 2025 was primarily due to the strategic adjustment of our production structure and organizational structure optimization.”
21. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “As of December 31, 2025, we had 26,409 full-time employees, including 15,927 in manufacturing, 2,158 in research and development, 766 in sales and marketing and 7,558 in administration. The vast majority of our employees are located in China”
22. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We estimate the aggregate amount of unpaid social security benefits and housing funds to be RMB1.60 billion, RMB1.88 billion and RMB1.97 billion (US$281.7 million), respectively, as of December 31, 2023, 2024 and 2025.”
23. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In line with local customary practices, we have made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of the employees’ actual salaries as required, and have not made full contribution to the housing funds.”
24. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We have built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar cells and solar modules. We sell most of our solar modules under our own “JinkoSolar” brand, with a small portion of solar modules sold on an OEM basis. We also sell silicon wafers and solar cells that are not utilized in our solar module production.”
25. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We launched our energy storage system business in 2022.”
26. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2025, our annual module shipments reached approximately 86.8 GW. Our N-type Tiger Neo series accounted for over 99% of our total module shipments in 2025.”
27. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In November 2021, we launched the Tiger Neo product series based on N-type TOPCon cell technology”
28. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In addition, we have expanded into energy storage business and offered our products to a diverse global customer base, including utility-scale developers, EPC contractors and distributed generation customers.”
29. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In addition, as of December 31, 2025, we had an aggregate of over 8,700 customers in near 200 countries and regions for our solar modules and energy storage systems.”
30. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2023, 2024 and 2025, sales to our top five group customers represented 16.8% and 18.6% and 12.5% of our total revenue, respectively, with the largest group customer accounting for 5.1%, 7.7% and 3.0% of our total revenue in the same periods.”
31. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our customers for solar modules include distributors, project developers and system integrators.”
32. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Most of our overseas’ customers are allowed to make full payment within 90 days. Our domestic customers typically make 90%-95% of the purchase price within 180 days after delivery, with the remaining balance settled upon the expiry of a retainage period ranging from one to two years after the relevant customer’s solar project commences normal operation.”
33. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “None of our customers accounted for more than 10% of our total revenues in 2023, 2024 and 2025.”
34. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
35. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our revenues were RMB118.68 billion, RMB92.26 billion and RMB65.50 billion (US$9.37 billion) in 2023, 2024 and 2025, respectively.”
36. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our direct sales to the U.S. market accounted for 8.5%, 18.1% and 14.4% of our total revenues in 2023, 2024 and 2025, respectively.”
37. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Except as otherwise indicated, we own the facilities that have been completed and are under construction (including major equipment) and hold the right to use the relevant land for the durations described below”
38. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2025, our facilities in Shangrao, Jiangxi Province, Haining, Zhejiang Province, Yuhuan, Zhejiang Province, Hefei, Anhui Province, Xining, Qinghai Province, Chuxiong, Yunnan Province, Taiyuan, Shanxi Province, U.S. and Vietnam received the SGS ISO50001 certification.”
39. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We also operate manufacturing facilities in the United States and Vietnam.”
40. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In May 2023, we announced the construction of a major production base of 56 GW integrated wafer-cell-module capacity in Shanxi (the “Shanxi Integrated Base”)”
41. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “By the end of December 2025, Shanxi Phase II project were fully operational.”
42. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our annual production capacity for mono wafers, solar cells and solar modules as of December 31, 2025 was 120.0 GW, 95.0 GW and 130.0 GW, respectively.”
43. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “By the end of 2025, we had 14 GW of N-type integrated capacity overseas, including 2 GW of N-type module production capacity in the United States.”
44. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In January 2018, we entered into a master solar module supply agreement (the “Master Agreement”) with NextEra Energy, Inc., or NextEra. Under the Master Agreement, as amended in March 2018, we agreed to supply NextEra up to 2,750 MW of high-efficiency solar modules over four years. In conjunction with the Master Agreement, we established our first U.S. factory in Jacksonville, Florida”
45. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In each of 2023, 2024 and 2025, virgin polysilicon accounted for over 90.0% of our total silicon raw material purchases by value.”
46. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2025, purchases from foreign suppliers and domestic suppliers accounted for 20.21% and 79.79% of our total silicon raw material purchases, respectively.”
47. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2025, three of our group suppliers individually accounted for more than 10.0%, and our largest group supplier accounted for 28.8% of our total silicon purchases by value.”
48. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2023, 2024 and 2025, our five largest group suppliers accounted for 83.1%, 83.8% and 85.2%, respectively, of our total silicon purchases by value.”
49. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our supply contracts generally include prepayment obligations for the procurement of silicon raw materials. As of December 31, 2025, we had RMB1.93 billion (US$276.2 million) of advances to suppliers.”
50. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We procure metallic pastes from third parties under monthly contracts. In addition, we use EVA, tempered glass, aluminum frames and other raw materials in our solar module production process. We procure these materials from third parties on a monthly basis.”
51. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We commenced our operations in June 2006 through our then consolidated subsidiary Jiangxi Desun Energy Co., Ltd. Our Company was incorporated as a limited liability company in the Cayman Islands on August 3, 2007.”
52. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We completed our initial public offering on the New York Stock Exchange in May 2010.”
53. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In January 2022, Jiangxi Jinko completed its initial public offering and listing on the STAR Market of the Shanghai Stock Exchange.”
54. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In November 2016, we disposed of our downstream solar power project business in China.”
55. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In February 2024, we completed the disposal of 100% equity interest in Xinjiang Shibang Solar Energy Technology Co., Ltd. (formerly known as Xinjiang Jinko Solar Co., Ltd.), and no longer have any business operations in Xinjiang.”
56. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “By the end of 2023, 2024 and 2025, the mass production conversion efficiency rate of our N-type monocrystalline solar cells was 25.8%, 26.2% and 26.6%, respectively.”
57. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In November 2025, we set a new world record of 27.79% for our high-efficiency advanced N-type TOPCon cell. And our perovskite tandem solar cell based on N-type TOPCon set new record once again with a conversion efficiency of 34.76%.”
58. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “As of December 31, 2025, we had 2,184 R&D staff and had built a strong patent portfolio, including 1,484 granted TOPCon patents, making us one of the world’s leading holders of TOPCon-related patents.”
59. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In January 2024, our affiliated company granted rights to certain of its N-type TOPCon-related patents to one of the top ten solar module companies in the world with reasonable license fee arrangement”
60. The record on this page: the filed annual figures (EDGAR's company facts)
61. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In addition, certain competitors have introduced or are expanding differentiated cell technologies, including back-contact (BC) cell technology and other high-efficiency product platforms, which may offer improved conversion efficiency, power output or product performance characteristics.”
62. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Furthermore, some Chinese competitors have built new production capacity overseas, including in Southeast Asia and the United States, to expand their sales and marketing operations, which has intensified the competition in overseas markets.”
63. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Since 2011, the U.S. Department of Commerce (the “DOC”) has initiated anti-dumping (“AD”) and countervailing duty (“CVD”) investigations on crystalline silicon photovoltaic (“PV”) cells and modules imported from Mainland China, imposing cash deposits on relevant solar products.”
64. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In May 2024, the DOC initiated AD and CVD investigations on solar cells (whether or not assembled into modules) imported from Cambodia, Malaysia, Thailand, and Vietnam. In June 2025, the DOC issued the final AD/CVD duty orders.”
65. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “the Withhold Release Order against Hoshine Silicon Industry Co. Ltd. (“Hoshine WRO”), issued by CBP on 24 June 2021, which instructed personnel at all U.S. ports of entry to immediately begin detaining relevant products; and (b) the Uyghur Forced Labor Prevention Act (the “UFLPA”)”
66. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Due to impact of Hoshine WRO and UFLPA, some of our products imported into the United States may be detained by CBP from time to time. We have submitted documents requested by CBP for the admissibility of the detained shipments. After reviewing our submissions, CBP progressively released the detained shipments”
67. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “For example, on May 8, 2023, U.S. government agents conducted searches pursuant to the search warrants at our production plant in Jacksonville, Florida and our office in San Francisco, California.”
68. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “On April 26, 2024, a fire accident occurred in one of our wafer slicing and solar cell manufacturing workshops in Shanxi Province, China (the “Fire Accident”).”
69. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “we estimate that the overall losses caused by the Fire Accident amount to approximately RMB0.67 billion.”
70. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our revenue from sales of photovoltaic products decreased by 30.5% from RMB89.99 billion in 2024 to RMB62.53 billion (US$8.94 billion) in 2025, primarily due to a decrease in average selling price of solar modules compared to 2024.”
71. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “In 2023, 2024 and 2025, we sold solar modules of 78,519.8 MW, 92,873.3 MW and 86,805.5 MW, respectively.”
72. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We also derive a small portion of revenues from the sales of other solar materials, including raw materials and auxiliary materials, and the sales of our solar power plants.”
73. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our revenues decreased by 29.0% from RMB92.26 billion in 2024 to RMB65.50 billion (US$9.37 billion) in 2025, primarily due to a decrease in average selling price of solar modules compared to 2024.”
74. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our operating results for 2025 were affected by continued supply-demand imbalances and pricing pressure across the photovoltaic value chain, along with a shifting trade environment in certain overseas markets. Module prices remained at a relatively low level throughout the year.”
75. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our gross margin decreased from 10.9% in 2024 to 2.2% in 2025, primarily due to a decrease in average selling price of solar modules compared to 2024.”
76. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our impairment of long-lived assets increased by 33.8% from RMB1.24 billion in 2024 to RMB1.66 billion (US$237.7 million) in 2025. Our impairment of long-lived assets in 2025 was primarily attributable to the obsolescence of certain production equipment”
77. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “our net loss attributable to JinkoSolar Holding Co., Ltd. was RMB4.45 billion (US$635.6 million) in 2025”
78. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We are taking a more cautious approach to capacity expansion in 2026 and do not expect to add capacity besides upgrades to TOPCon technology. We expect annual integrated production capacity to reach approximately 100 GW by the end of 2026, including 14 GW from overseas facilities.”
79. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “By the end of 2025, we had 17 GWh of system integration (pack) capacity and 5 GWh of battery cell capacity.”
80. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our full-year energy storage system shipments in 2025 increased significantly as compared with 2024”
81. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Jinko Solar Co., Ltd. (“Jiangxi Jinko”) (Note 25) December 13, 2006 PRC 55.8”
82. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “JinkoSolar GmbH (“Jinko GmbH”) April 1, 2010 Germany 55.8”
83. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “JinkoSolar (U.S.) Inc. (“Jinko US”) August 19, 2010 USA 55.8”
84. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “We had net income of RMB6.45 billion, RMB13.5 million in 2023, 2024, respectively and a net loss of RMB7.11 billion (US$1.02 billion) in 2025.”
85. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “Our cost of revenues decreased by 22.0% from RMB82.20 billion in 2024 to RMB64.09 billion (US$9.16 billion) in 2025, primarily due to a decrease in the cost of raw materials compared to 2024.”
86. Jinkosolar Holdings Co, Form 20-F filed 2026-04-29: “The price of our solar modules is influenced by a variety of factors, including polysilicon prices, supply and demand conditions, the competitive landscape and processing technologies.”

Where the revenue comes from

Product and service lines in fiscal 2025: Sale of Photovoltaic Products 96%, Other Solar Material 5%. By geography: China 35%, Asia Pacific 21%, The Americas 19%, Europe 13%, Rest of the world 13%. As tagged in its annual report (Form 20-F, filed 2026-04-29).

Who runs it

Du, Wei (Chief Executive Officer); Li, Xiande (Chief Executive Officer); Li, Mengmeng (Chief Financial Officer); Markscheid, Stephen (director); Siew, Wing Keong (director); Li, Xianhua (director); Cao, Haiyun (director); Chu, Gang (director). 8 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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