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Jinko Solar Reports Record Shipments Amid Margin Pressure and Global Expansion

Jinko Solar, the world’s largest solar module manufacturer, reported record shipments of 99.6GW in 2024, reflecting a 19.2% YoY growth. However, falling module prices (down 35% YoY) significantly impacted its financial performance. The company’s total sales dropped 22.3% YoY to RMB92.3 billion (US$12.64 billion), while gross profit plunged 49% YoY. Jinko Solar's gross margin declined from 16.0% in 2023 to just 10.9% in 2024, with an even sharper fall in Q4 2024 (3.6% vs. 12.5% in Q4 2023). As a result, adjusted net income fell 85% YoY to RMB571 million (US$78 million).

Despite these financial setbacks, Jinko continues to invest heavily in R&D, achieving an average cell efficiency of 26.5% in Q4 2024, with a target of 27.0% by end-2025. In January 2025, the company made a significant breakthrough in N-type TOPCon-based perovskite tandem solar cells, achieving a record 33.84?ficiency, as independently verified by the Chinese Academy of Sciences.

Looking ahead, Jinko forecasts 2025 shipments of 85-100GW, indicating a cautious approach following 2024’s record sales. The company plans to expand its module manufacturing capacity to 130GW by the end of 2025, though factory utilization is expected to hover around 70%.

Jinko Solar is also strengthening its global manufacturing presence, partnering with Saudi Arabia’s PIF and Vision Industries to build a 10GW solar cell and module factory, set for completion in 2H 2026. This follows the commissioning of a 2GW solar module factory in Florida, US, in 2024.

While analysts expect global solar installations to reach 700GW in 2025 (up from 600GW in 2024), a pause in capital expenditure on capacity expansion is seen as strategic, given the sharp price declines in the last two years.