光伏市占率第一，晶科能源前三季逆势亏损45亿元，为何？

Core Viewpoint - JinkoSolar reported a significant decline in revenue and net profit for Q3 2025, indicating ongoing challenges in the photovoltaic industry despite maintaining its position as the global leader in module shipments [1][3][4]. Financial Performance - In Q3 2025, JinkoSolar achieved revenue of 16.154 billion yuan, a year-on-year decrease of 34.11%, and a non-GAAP net profit of -1.367 billion yuan, down 628.15% [1]. - For the first three quarters, the company reported total revenue of 47.986 billion yuan, a decline of 33.14%, and a non-GAAP net profit of -4.543 billion yuan, down 1053.61% [1]. - The company maintained a total shipment of photovoltaic products at 67.15 GW, with module shipments at 61.85 GW, retaining the top global position in module shipments [3]. Cost Management - JinkoSolar's sales expenses were 1.446 billion yuan, a slight decrease of 1.7%, while management expenses were 1.632 billion yuan, down 30.25% [5]. - Financial expenses were 626 million yuan, a decrease of 4.13%, but R&D expenses increased slightly by 1.09% to 649 million yuan [5]. - The inability to significantly reduce costs amidst a revenue drop exceeding 30% has contributed to the widening losses [6]. Market Dynamics - The introduction of new pricing mechanisms has led to a cautious stance from end-users, with new installations in August dropping by 55% year-on-year and 33% month-on-month [7]. - JinkoSolar noted that the clarity of policies and pricing mechanisms requires time for market adjustment, impacting demand release [8]. - The industry is beginning to see positive effects from efforts to reduce overcapacity, but the benefits will take time to materialize [8]. Industry Trends - Prices for upstream materials like polysilicon and silicon wafers have shown significant increases, with polysilicon prices rising by 56% from the bottom [10]. - The average prices for silicon wafers and TOPCon cells have also increased, indicating a potential recovery in the supply chain [10]. - JinkoSolar's gross margin improved by 4.77 percentage points quarter-on-quarter, and the management expressed confidence in achieving positive operating cash flow for the year [10].