Core Viewpoint - JinkoSolar reported its financial results for Q2 and Q3 2025, highlighting a decline in revenues and net losses, while also showcasing improvements in gross profit margins and operational efficiencies. The company remains a leader in global solar module shipments and is focusing on expanding its energy storage business as a second growth engine. Financial Performance - Total revenues for Q3 2025 were RMB16.16 billion (US$2.27 billion), down 10.2% sequentially and 34.1% year-over-year [12] - Gross profit for Q3 2025 was RMB1.18 billion (US$166.0 million), up 124.5% sequentially but down 69.3% year-over-year, with a gross profit margin of 7.3% [13] - Net loss attributable to ordinary shareholders in Q3 2025 was RMB749.8 million (US$105.3 million), an improvement from RMB876.4 million in Q2 2025 [28] - Adjusted net loss for Q3 2025 was RMB373.1 million (US$52.4 million), compared to RMB856.4 million in Q2 2025 [29] Operational Highlights - Global module shipments reached 61.9 GW in the first three quarters of 2025, maintaining the number one position worldwide [5] - Q3 2025 module shipments were approximately 20 GW, with over 65% shipped to overseas markets [5] - The company became the first module manufacturer to deliver a total of 370 GW of solar modules by the end of Q3 2025 [5] - Cumulative shipments of the Tiger Neo series surpassed 200 GW, marking it as the best-selling module series in history [5] Energy Storage Business - Orderbook visibility for energy storage systems (ESS) in 2025 exceeds 90% [5] - Cumulative ESS shipments exceeded 3.3 GWh in the first three quarters of 2025, indicating significant growth [6] - The company expects its energy storage business to become a second growth engine contributing to profits in 2026 [6] Market Trends and Strategy - The technology upgrade towards high-power production is accelerating industry consolidation, with high-power products expected to account for over 60% of total module shipments in 2026 [8] - Global demand for energy storage is anticipated to grow significantly, driven by improving economics and the global energy transition [9] - The company is focusing on high-margin overseas markets, particularly utility-scale and industrial projects [9] Future Outlook - For Q4 2025, total shipments are expected to be between 18.0 GW and 33.0 GW, with full-year shipments projected between 85 GW and 100 GW [55] - ESS shipments for the full year 2025 are expected to be approximately 6 GWh [55] - The company aims to reach annual production capacities of 120 GW for mono wafers, 95 GW for solar cells, and 130 GW for solar modules by the end of 2025 [56]