晶科能源三季报出炉：归母减亏，毛利率转正

Core Viewpoint - JinkoSolar reported a significant improvement in its financial performance for Q3 2025, with a notable reduction in net losses and a positive shift in gross margin, indicating a potential turnaround in profitability [1] Financial Performance - Revenue for the first three quarters reached 47.986 billion yuan, with a net loss attributable to shareholders of 3.92 billion yuan, showing a quarter-on-quarter reduction in losses by 0.508 billion yuan [1] - The gross margin turned positive, increasing by 4.77 percentage points quarter-on-quarter [1] - Operating cash flow improved significantly, reaching 2.471 billion yuan in Q3, compared to a negative 3.812 billion yuan in the first half of the year [1] Operational Highlights - The net loss attributable to shareholders in Q3 narrowed to 1.011 billion yuan from 1.519 billion yuan in Q2, marking a 33% reduction in losses [1] - JinkoSolar has established over 20 GW of high-power capacity, with expectations to achieve 40-50 GW of advanced capacity by year-end [1] - The Tiger Neo 3.0 product is expected to command a premium of around 10%, which will further enhance gross margins [1] Future Outlook - With the release of advanced capacity and expansion into high-priced overseas markets, JinkoSolar is positioned to potentially achieve profitability at an industry turning point [1]