JinkoSolar posts a loss but energy storage business expected to double in 2026

Chinese major JinkoSolar announced its fourth quarter and full year results for 2025, posting significant losses as expected, but energy storage continues to show positive signs for those in the business.

JinkoSolar reported a 2025 net loss of CNY 4.45 billion (USD 651m) as opposed to a small profit of CNY 54.5 million in 2024. It again shipped the most solar modules of any manufacturer at 86 GW, just over 7.3% less than in 2024.

“Facing persistently low module prices, the elimination of obsolete production capacity, and a still-evolving product mix, we incurred a net loss for the full year,” explained Chairman and Chief Executive of JinkoSolar Holdings, Xiande Li, the global parent company

The Jinko ESS-branded energy storage (ESS) business, though, remains in growth, with the company noting it expects 2026 shipments to more than double.

In prepared statements for the earnings call, Chairman Li spoke about the segment:

“However, our energy storage business maintained its rapid growth trajectory, marking an important step in our ongoing transformation into an integrated energy solutions provider. Shipments of ESS grew significantly year-over-year to 5.2 GWh in 2025 with approximately 1.7 GWh recognized as revenue. Our deepening penetration into high-value markets is expected to more than double ESS shipments in 2026, serving as a primary driver for enhancing our profitability profile.”

He went on, noting 10 GWh of signed or highly expected orders, saying

“We view our energy storage business as a strategically vital second growth engine. We continue to strengthen our R&D for our core technologies, enhance our system solution capabilities and improve localized customer service and life cycle support […] Currently, our signed and high-potential ESS orders exceeded 10 GWh in total.

During the earnings calls, a question was asked about ESS and where regional growth would be, and if AI data-centers were part of the picture.

Haiyun Cao, CEO of the JinkoSolar business, replied, according to the posted transcript, that China is a small portion of its ESS sales overall.

“For the storage ESS business and AIDC, it definitely is a very hot topic, and we are actively in early stage discussion with a few potential customers. And we hope we are able to finalize some deals by the end of this year. And for the storage shipment by regions and China really take our small percentage and it’s roughly 10% to 15%. Our focus will be Europe, Latin Americas and some projects from Middle East and Asia Pacific regions. So that’s the breakdown. And the U.S., last year, we shipped around 600 MWh, and we are building — solidify our teams and hopefully, we can make significant breakthrough in the U.S. market in 2026 as well.”