JinkoSolar’s 2024 results show a company with global scale but sharply weaker profitability: module shipments approached 92.9 GW, while revenue fell to RMB92.26 billion and gross margin declined to 10.9%. The figures below distinguish shipments from installations, nameplate capacity from output, revenue mix from unit mix, and observed results from management forecasts.
Key JinkoSolar Statistics
The most quotable JinkoSolar figures span operations, finance, manufacturing and technology:
- In full-year 2024, JinkoSolar shipped 92,873 MW of solar modules worldwide, a company-reported shipment measure rather than installed capacity.
- In full-year 2024, total shipments reached 99,596 MW worldwide, including modules, cells and wafers.
- During 2024, annual total shipments increased 19.2% year over year worldwide.
- By December 31, 2024, cumulative module shipments exceeded 300 GW worldwide, representing company shipments rather than operating projects.
- As of December 31, 2024, more than 6,400 module customers were reported across over 190 countries and regions.
- In full-year 2024, JinkoSolar reported RMB92.26 billion in consolidated revenue, down 22.3% from 2023.
- In full-year 2024, gross margin was 10.9%, compared with 16.0% in 2023.
- In full-year 2024, net income attributable to ordinary shareholders was RMB57.5 million, down 98.3% year over year.
- At December 31, 2024, annual nameplate capacity was 120 GW for wafers, 95 GW for cells and 130 GW for modules worldwide.
- By December 31, 2024, cumulative N-type product shipments exceeded 140 GW worldwide.
- In full-year 2024, Tiger Neo N-type modules represented nearly 90% of module shipments worldwide.
- In Q2 2024, mass-produced 182 mm TOPCon cell efficiency exceeded 26.1% in JinkoSolar production technology.
- In full-year 2024, solar modules represented 96.5% of consolidated revenue, while solar cells represented 0.9%.
- In full-year 2024, sales outside China generated 66.2% of revenue, compared with 33.8% from domestic sales.
- At December 31, 2024, cash, cash equivalents and restricted cash for continuing operations totaled RMB27.74 billion.
- In Q2 2024, module shipments were 23.8 GW, up 34.1% year over year.
- For full-year 2025, management estimated module shipments of 85.0–100.0 GW, a forecast issued in December 2024 rather than an observed result.
Contents
- Shipments, customers and global reach
- Revenue, profit and margin data
- Manufacturing capacity and footprint
- Module technology and product mix
- Sales geography, investment and financial resources
- Quarterly trends and forward-looking guidance
JinkoSolar Shipments, Customers and Global Market Reach
JinkoSolar reported 92,873 MW of module shipments in full-year 2024. That measure excludes the company’s separate cell and wafer shipments, so it should not be read as installations or deployed operating capacity. JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
Total 2024 shipments were 99,596 MW, including 6,723 MW of cells and wafers. Total shipments increased 19.2% year over year, while module shipments alone increased 18.3% to approximately 92.9 GW; the detailed reported module figure is 92,873 MW.
These are company-reported comparisons for JinkoSolar worldwide. JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
The company’s reported reach included more than 300 GW of cumulative module shipments through December 31, 2024. It also reported more than 6,400 solar-module customers in over 190 countries and regions; the customer population includes distributors, project developers and EPC providers, and the counts are company-reported minimums. JinkoSolar Holding Co., Ltd. Form 20-F for the year ended December 31, 2024
Quarterly shipment data shows the pace was not uniform:
| Period | Shipment measure | Reported result |
|---|---|---|
| Q2 2024 | Module shipments | 23.8 GW, up 34.1% year over year |
| Q4 2024 | Total shipments | 26,462 MW |
| Q4 2024 | Module shipments | 25,221 MW |
| Q4 2024 | Cell and wafer shipments | 1,241 MW |
Q2 cumulative module shipments reached 260 GW by the end of Q2 2024, while Q4 total shipments included modules, cells and wafers and therefore are not directly interchangeable with the cumulative module measure. JinkoSolar Announces Second Quarter 2024 Financial Results JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
JinkoSolar Revenue, Profit and Margin Statistics
JinkoSolar’s 2024 financial results combined higher shipment volume with lower revenue and profitability. Consolidated revenue was RMB92.26 billion, down 22.3% year over year, while gross profit was RMB10.01 billion, down 47.4%.
| Consolidated measure | 2024 | 2023 or comparison |
|---|---|---|
| Revenue | RMB92.26 billion | Down 22.3% year over year |
| Gross profit | RMB10.01 billion | Down 47.4% year over year |
| Gross margin | 10.9% | 16.0% in 2023 |
| Operating result | RMB3.42 billion loss | RMB6.09 billion operating income in 2023 |
| Operating margin | 3.7% loss margin | 5.1% profit margin in 2023 |
The company attributed the revenue decline mainly to lower module average selling price. Net income attributable to ordinary shareholders was RMB57.5 million in 2024, down 98.3% year over year, while adjusted net income attributable to ordinary shareholders was RMB571.4 million; the adjusted measure excludes specified fair-value, share-based compensation, fire-loss and impairment effects. JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
The fourth quarter was weaker than the full-year average. Q4 2024 revenue was RMB20.65 billion, down 37.1% year over year and 15.7% sequentially; gross profit was RMB747.4 million, down 81.7% year over year, and net loss attributable to ordinary shareholders was RMB473.7 million.
Q4 gross margin was 3.6%, compared with 15.7% in Q3 2024 and 12.5% in Q4 2023. The margin figures are consolidated quarterly measures and should not be confused with module-level margins. JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
JinkoSolar Manufacturing Capacity and Production Footprint
At December 31, 2024, JinkoSolar reported integrated annual nameplate capacity of 120 GW for monocrystalline wafers, 95 GW for solar cells and 130 GW for solar modules. Nameplate capacity describes designed annual capability, not actual output or utilization.
| Year-end | Monocrystalline wafers | Solar cells | Solar modules |
|---|---|---|---|
| 2022 | 65 GW | 55 GW | 70 GW |
| 2023 | 85 GW | 90 GW | 110 GW |
| 2024 | 120 GW | 95 GW | 130 GW |
The reported capacity series shows expansion across all three stages, but it does not provide utilization rates. Phase I of the Shanxi Integrated Base began production in March 2024 with 14 GW of capacity and was reported fully operational by year-end. JinkoSolar Holding Co., Ltd. Form 20-F for the year ended December 31, 2024
JinkoSolar also reported over 10 production facilities and 20 overseas subsidiaries at year-end 2024. Its regional capacity included over 10 GW of N-type integrated capacity in Southeast Asia and 2 GW of N-type module capacity in the United States, with the U.S. operations described as operating near full capacity.
A Saudi Arabian joint-venture facility was designed for 10 GW of N-type cell and module capacity. This was a plan announced in 2024, with management expecting operations in the second half of 2026; it is forecast capacity, not operating capacity. JinkoSolar Holding Co., Ltd. Form 20-F for the year ended December 31, 2024
JinkoSolar Module Technology, Efficiency and Product Mix
N-type products were a major part of JinkoSolar’s reported technology mix. Cumulative N-type product shipments exceeded 140 GW through December 31, 2024, and Tiger Neo N-type modules represented nearly 90% of 2024 module shipments; the latter is an approximate company figure.
In Q2 2024, mass-produced 182 mm TOPCon cell efficiency exceeded 26.1%. That is a production-technology result, not a guarantee for every commercial product or field installation.
JinkoSolar also reported 33.24% laboratory efficiency for an N-type TOPCon-based perovskite tandem cell in Q2 2024.
A later result, independently tested in January 2025, reached 33.84% conversion efficiency for an N-type TOPCon-perovskite tandem cell. It was a cell result rather than a commercial module rating, and JinkoSolar said it marked its 27th world record for PV efficiency and power output; that count is the company’s characterization. JinkoSolar Announces Second Quarter 2024 Financial Results JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results
The 2024 revenue mix was heavily concentrated in modules:
- Solar modules represented 96.5% of consolidated revenue.
- Solar cells represented 0.9% of consolidated revenue.
- Silicon wafers represented 0.1% of consolidated revenue.
These are revenue shares, not unit shipment shares. JinkoSolar reported that it began producing and selling solar cells and modules in the second half of 2009. JinkoSolar Holding Co., Ltd. Form 20-F for the year ended December 31, 2024
JinkoSolar Sales Geography, Investment and Financial Resources
JinkoSolar’s 2024 revenue was more internationally distributed than domestically concentrated. Domestic sales generated 33.8% of revenue, while sales outside China generated 66.2%; these are company-defined revenue shares rather than direct measures of end-market installations.
Direct sales geography provides two additional reported shares:
| Revenue geography | Share of total revenue in 2024 | Definition |
|---|---|---|
| China domestic | 33.8% | Domestic-sales share |
| Outside China | 66.2% | Overseas-sales share |
| Americas, direct sales | 24.4% | Direct-sales geography |
| Europe, direct sales | 14.8% | Direct-sales geography |
At December 31, 2024, JinkoSolar held RMB1.05 billion in long-term investments. The company held a 20% equity interest in Sweihan PV Power Company and a 9% interest in Xinte Ltd.; those ownership percentages do not measure operating control.
JinkoSolar recorded RMB177.0 million of equity loss from affiliated companies in 2024. Capital commitments totaled RMB12.11 billion at December 31, 2024, including RMB4.01 billion due in 2025; commitments are contractual amounts, not necessarily cash already paid. JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results JinkoSolar Holding Co., Ltd. Form 20-F for the year ended December 31, 2024
Financial resources at year-end included RMB89.91 billion of total available credit facilities, of which RMB43.6 billion was drawn down. Cash, cash equivalents and restricted cash for continuing operations totaled RMB27.74 billion.
Long-term borrowings excluding current portions were RMB20.64 billion and carried an average annual interest rate of 2.7%. This borrowing figure excludes the current portion of long-term bank borrowings and failed sale-leaseback financing. JinkoSolar Holding Co., Ltd. Form 20-F for the year ended December 31, 2024
JinkoSolar Quarterly Trends and Forward-Looking Shipment Guidance
Q2 2024 revenue was RMB24.05 billion, up 4.4% sequentially but down 21.6% year over year. Gross profit was RMB2.68 billion, compared with RMB2.74 billion in Q1 2024 and RMB4.78 billion in Q2 2023, while gross margin was 11.1%, versus 11.9% and 15.6% in those comparison periods.
Q2 operating expenses were RMB3.81 billion, equal to 15.9% of revenue, including effects associated with the Shanxi fire write-off. Net interest expense was RMB105.2 million, down 43.7% sequentially and 49.6% year over year.
Subsidy income reached RMB885.0 million in Q2 2024, compared with RMB231.8 million in Q1 2024 and RMB292.4 million in Q2 2023. The company noted that timing reflected cash receipts of business-operation incentives, so the quarterly figures should not be treated as a recurring operating-rate measure. JinkoSolar Announces Second Quarter 2024 Financial Results
Management guidance changed as the reporting year progressed:
| Guidance period | Issued | Forecast |
|---|---|---|
| Q3 2024 module shipments | Q2 2024 release | 23.0–25.0 GW |
| Full-year 2024 module shipments | Q2 2024 release | 100.0–110.0 GW |
| Q1 2025 module shipments | December 2024 release | 16.0–18.0 GW |
| Full-year 2025 module shipments | December 2024 release | 85.0–100.0 GW |
The earlier full-year 2024 guidance of 100.0–110.0 GW was higher than the subsequently reported actual 2024 module shipments of 92,873 MW. Guidance is management’s forecast and is subject to demand, scheduling and other uncertainty; it is not an observed shipment result.
For the end of 2025, management expected annual capacity of 120 GW for monocrystalline wafers, 95 GW for cells and 130 GW for modules, with no additions expected besides TOPCon upgrades according to the filing. These were capacity expectations issued in December 2024, not measured end-2025 operating figures. JinkoSolar Announces Second Quarter 2024 Financial Results JinkoSolar Announces Fourth Quarter and Full Year 2024 Financial Results