Jinko’s Unit Posts Loss As Shipment Goals Stay Intact Worldwide

• Jiangxi Jinko booked a first-half loss amid price pressure, while parent JinkoSolar reiterated its 2025 shipment targets.

Price wars continue to sting manufacturers. JinkoSolar’s principal operating subsidiary, Jiangxi Jinko, reported a first-half loss as revenue weakened and margins compressed—another data point in a punishing year for upstream solar. Even so, the parent company reaffirmed its 2025 shipment guidance, signaling confidence in demand and execution despite a difficult pricing backdrop.

The mixed picture mirrors broader industry strains: fierce competition across polysilicon, wafers, cells, and modules; capex aftershocks from the last expansion cycle; and policy shifts that have complicated procurement in key markets. Companies with the balance sheet to lean into high-efficiency products and tighten costs are better placed to ride out volatility—even if near-term earnings remain choppy. Recent sector reports show losses widening for many Chinese producers as module ASPs fell below cash costs in parts of the first half.

For buyers, there’s a trade-off. Ultra-low prices help project economics, but they can foreshadow supplier stress—exactly the scenario developers and lenders try to avoid. That’s pushing procurement teams to emphasize warranty strength, bankability, and long-term service commitments, not just dollars per watt. If shipment targets hold and pricing stabilizes, the second half could bring steadier operations for tier-one brands.

Eyes now turn to utilization rates, product mix (including N-type TOPCon and emerging tandem roadmaps), and any signs of consolidation that could reset industry margins to sustainable levels. For now, Jinko’s stance is clear: lean into scale and efficiency while riding out the trough.