JinkoSolar Holding Co., Ltd. (JKS): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of one of the world's biggest solar manufacturers right now, and honestly, the strategy is crystal clear: it's all about owning the N-type TOPCon transition at scale. Forget abstract concepts; this operation is built on vertical integration boasting 130 GW module capacity by the close of 2025, pushing cell efficiencies up to 27.4%, all while sitting on a war chest of $3.77 billion in cash as of Q1 2025. If you want to see exactly how they convert that tech lead and massive capacity into revenue streams from utility projects and Energy Storage System shipments, you need to look at the full nine blocks below. It's a masterclass in industrial execution, so let's break down the canvas you need to see.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps JinkoSolar Holding Co., Ltd. (JKS) running at scale, which is massive-think 41.8 GW shipped in the first half of 2025 alone. These aren't just casual acquaintances; these are deep, structural relationships that secure materials, finance projects, and push technology forward.

Global Distributors and Installers

JinkoSolar Holding Co., Ltd. relies on a vast global network to move its modules, with over 60% of its H1 2025 module shipments going to overseas markets. This requires strong local allies.

• Jinko Solar, Denmark, signed an agreement with SolarToday to distribute the SunGiga All-in-One energy storage products across key European territories: Benelux, Romania, Greece, Germany, and Turkey.
• JinkoSolar Holding Co., Ltd. maintains a global sales network with teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam, and India, as of March 31, 2025.
• The company has over 20 overseas subsidiaries globally, including in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, and Mexico.

Raw Material Suppliers for Polysilicon and Components

Securing high-quality inputs is non-negotiable when you're aiming to ship between 85.0 GW and 100.0 GW for the full year 2025. Vertical integration is key, but external supply agreements still matter for volume certainty.

Here's a look at some of the structural supply agreements that underpin JinkoSolar Holding Co., Ltd.'s production capacity, which is expected to reach 130.0 GW for solar modules by the end of 2025:

Partner	Material/Project	Volume/Stake Detail	Term/Status Context
Wacker Chemie AG (Wacker)	Polysilicon Supply	Over 70,000 metric tons	Agreement runs from September 2021 to December 2026
Tongwei Co., Ltd. (Tongwei)	High-Purity Crystalline Silicon Project	JinkoSolar Holding Co., Ltd. to own 35% equity stake	Joint investment for 45,000 tons annual capacity
Tongwei Co., Ltd. (Tongwei)	Silicon Wafer Project	Tongwei to hold 30% equity stake	Joint investment for 15 GW annual production capacity

Financial Institutions for Project Financing and Bankability Ratings

Project developers and financial backers need confidence, and JinkoSolar Holding Co., Ltd. has earned a top-tier rating, which simplifies securing project financing immensely. That's the real value here.

JinkoSolar Holding Co., Ltd. was ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance (BloombergNEF).

• JinkoSolar Holding Co., Ltd. was the only solar module company to receive a 100% bankability rating in that survey.
• This rating is a key reference for financial institutions assessing credit risks for solar projects.

Technology Partners for Advanced Cell and Module Development

Innovation partnerships are crucial for maintaining the technology lead, especially as JinkoSolar Holding Co., Ltd. pushes its N-type TOPCon cells to new heights. They just set a world record efficiency of 27.79% for an advanced cell.

Key collaborations driving this R&D include:

• Collaboration with DKEM on technological innovation for high-efficiency solar cell metallization paste and low-silver/silver-free metallization technologies.
• The June 2025 record efficiency of 27.02% for the 182 N-type TOPCon cell was achieved with the help of unspecified research and development partners.

Strategic Alliances for Energy Storage System (ESS) Integration

The push into integrated solar plus storage solutions is a major focus, leading to significant framework agreements for Battery Energy Storage Systems (BESS).

The scale of these ESS alliances is substantial:

Partner	Focus Area	Deal Size/Scope	Geographic Focus
METLEN	Utility-scale BESS deployment	Framework agreement for over 3 GWh of projects	Chile and European markets
SolarToday	SunGiga All-in-One distribution	Memorandum of Agreement (MoA)	Benelux, Romania, Greece, Germany, and Turkey
Long-standing Regional Partner	SunGiga G2 distribution	New 20 MWh distribution arrangement	Middle East (C&I demand)

The METLEN partnership builds upon a successful 1.6 GWh project currently underway in Chile, with Jinko ESS supplying G2 Utility systems for delivery by Q4 2025. Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Key Activities

You're looking at the core engine room of JinkoSolar Holding Co., Ltd., the activities that translate their technology into market dominance. This isn't just about making solar panels; it's about massive scale, relentless technical advancement, and global logistics.

Mass production of solar modules, cells, and wafers

JinkoSolar Holding Co., Ltd. operates at an immense scale, which is a key activity for maintaining its position as a top-tier supplier. The company's vertical integration means they control the process from the raw silicon wafer up to the final module assembly. For the full year 2025, JinkoSolar projects its total shipments, which include solar modules, cells, and wafers, to be in the range of 85.0 GW to 100.0 GW. This production push is supported by targeted capacity expansion; by the end of 2025, the expected annual production capacity is set at 120.0 GW for mono wafer, 95.0 GW for solar cells, and 130.0 GW for solar modules. Just looking at the third quarter of 2025, JinkoSolar Holding Co., Ltd. shipped 20,014 MW of solar modules and 1,556 MW of cells and wafers, totaling 21,570 MW for the quarter. The cumulative total of solar modules delivered worldwide surpassed 370 GW by the end of Q3 2025. That's a lot of glass and silicon moving through the system.

Continuous R&D in N-type TOPCon and perovskite technology

The company's R&D activity is focused on pushing the efficiency envelope, particularly with N-type Tunnel Oxide Passivated Contact (TOPCon) technology and its integration with perovskite. This is where JinkoSolar Holding Co., Ltd. tries to secure a technology premium. By the end of the first half of 2025, mass-produced TOPCon cells already exceeded 26.5% efficiency, with the high-efficiency series hitting 27.1%. By the third quarter, mass-produced cell efficiency for high-efficiency TOPCon products reached 27.2% to 27.4%. The Tiger Neo 3.0 modules, which incorporate these advancements, are achieving module efficiencies of 24.8% and power outputs up to 670W. On the next-generation front, JinkoSolar Holding Co., Ltd. announced a record conversion efficiency of 34.76% for its N-type TOPCon-based perovskite tandem solar cell in late November 2025, a significant milestone for tandem technology. This follows an earlier record of 34.22%, which broke the world record for the 28th time for this cell type.

Global sales, marketing, and supply chain management

Moving that volume requires a sophisticated global sales and supply chain operation. JinkoSolar Holding Co., Ltd. is clearly geared toward international markets, as over 60% of its module shipments in the first half of 2025 went overseas. Even in the third quarter, overseas markets accounted for more than 55% of module shipments. To manage this, the company is executing its Global Manufacturing 2.0 strategy, which involves cooperating with local partners to develop regional supply chains. Visibility into future sales is also strong; at the end of the first quarter of 2025, order book visibility stood at 60% to 70% overall, with key regions like the Indo-Pacific and the Middle East and Africa (MEA) exceeding 80% visibility. The company believes industry consolidation will favor Tier 1 players like itself, allowing it to maintain or grow market share.

Managing a vast, vertically integrated manufacturing base

The physical management of this integrated base is a core activity. JinkoSolar Holding Co., Ltd. is heavily invested in scaling its high-efficiency production lines. By the end of 2025, the company expects its annual production capacity for third-generation TOPCon modules to reach between 40.0 GW and 50.0 GW. The focus is clearly on the high-power products; management anticipates that modules with a mainstream power output exceeding 640 Wp will constitute 40-50% of total capacity by the close of 2025, with a goal for 60% or more of shipments to be high-power modules by 2026. Furthermore, JinkoSolar Holding Co., Ltd. is actively growing its Energy Storage Systems (ESS) segment, projecting full-year 2025 ESS shipments to hit approximately 6 GWh.

Securing large-scale utility and commercial project contracts

Winning major contracts validates the technology and secures revenue streams. JinkoSolar Holding Co., Ltd. has landed significant deals for its high-efficiency modules. For instance, in April 2025, the company announced it would supply 1.75 GW of N-type TOPCon modules for two projects in Saudi Arabia (AHK2 at 500MW and MAS at 1250MW). In May 2025, JinkoSolar signed an agreement to supply modules for the 100 MW Gobustan solar project in Azerbaijan. The ESS division is also active, signing a 15 MWh utility-scale energy storage project in Slovenia in December 2025. The company's total ESS shipments for the first three quarters of 2025 reached 3.3 GWh, tracking toward the 6 GWh full-year target.

Here's a quick look at some key operational metrics for JinkoSolar Holding Co., Ltd. as of late 2025:

Metric	Value (End of 2025 Projection / Q3 2025 Actual)
Projected Annual Module Capacity	130.0 GW
Projected Full Year 2025 Shipments (Total)	85.0 GW to 100.0 GW
Q3 2025 Module Shipments	20,014 MW
Cumulative Module Shipments (Total)	370 GW (by end of Q3 2025)
Mass-Produced TOPCon Cell Efficiency (Q3 2025)	27.2% to 27.4%
TOPCon-Perovskite Tandem Cell Record Efficiency	34.76% (Latest announced)
Projected TOPCon Module Capacity (End of 2025)	40.0 GW to 50.0 GW
Projected Full Year 2025 ESS Shipments	Approx. 6 GWh

Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Key Resources

You're looking at the core assets JinkoSolar Holding Co., Ltd. relies on to power its global operations as of late 2025. These aren't just line items; they are the tangible and intangible advantages that set the stage for their market position.

The foundation of JinkoSolar Holding Co., Ltd.'s manufacturing strength is its massive, self-sufficient production base. This vertical integration means they control more of the supply chain, which is a big deal when costs are fluctuating.

Resource Category	Capacity/Metric	Target/Value (End of 2025)
Module Production Capacity	Annual Capacity	130 GW
Solar Cell Production Capacity	Annual Capacity	95.0 GW
Mono Wafer Production Capacity	Annual Capacity	120.0 GW
Third-Generation TOPCon Module Capacity	Annual Capacity	40.0 GW to 50.0 GW

Technology is definitely a key differentiator here. JinkoSolar Holding Co., Ltd. is leaning heavily on its proprietary N-type Tunnel Oxide Passivated Contact (TOPCon) technology, primarily seen in the Tiger Neo series. They are pushing the efficiency envelope, which translates directly to better product performance for customers.

• Laboratory conversion efficiency for N-type TOPCon cells reached 27.02% as of the first half of 2025.
• Mass-produced TOPCon cells exceeded 26.5% efficiency by mid-2025.
• The company's laboratory efficiency for perovskite tandem solar cell based on TOPCon hit 34.22% by the end of Q1 2025.
• By the end of 2025, 40-50% of total capacity is projected to feature mainstream power output exceeding 640 Wp.
• JinkoSolar Holding Co., Ltd. holds an extensive intellectual property portfolio, including a stated 462 authorized TOPCon patents.

To move that massive volume of product, you need boots on the ground everywhere. JinkoSolar Holding Co., Ltd. has built out a significant global footprint to service international demand, which accounted for over 60% of module shipments in the first half of 2025.

Here's a snapshot of their international presence as of mid-to-late 2025:

• Number of overseas subsidiaries: Over 20.
• Sales teams cover regions including China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam, and India as of June 30, 2025.

Financially, liquidity matters, especially in a capital-intensive industry. JinkoSolar Holding Co., Ltd. maintained a solid cash position to weather market volatility.

As of March 31, 2025 (Q1 2025), the balance sheet showed:

• Cash, cash equivalents, and restricted cash: US$3.77 billion.
• Total interest-bearing debt: US$6.41 billion as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose JinkoSolar Holding Co., Ltd. (JKS) products over the competition in late 2025. It really boils down to pushing the physical limits of solar technology while backing it up with massive scale and proven reliability.

The first big draw is the industry-leading high-efficiency modules. JinkoSolar Holding Co., Ltd. (JKS) is consistently setting new benchmarks in cell technology. They've pushed the conversion efficiency of their mass-produced TOPCon (Tunnel Oxide Passivated Contact) cells to a range of 27.2%-27.4%. This relentless focus on efficiency directly translates to more power from less roof space or land area for your projects.

This efficiency powers the high-power output modules. Take the Tiger Neo 3.0 series, for example. This flagship line delivers front-side power output up to 670W. That's a significant jump, making system design simpler and often reducing Balance of System (BOS) costs. Here's a quick look at what that top-tier module offers:

Tiger Neo 3.0 Key Metric	Value
Maximum Front Side Power Output	670W
Mass-Production Module Efficiency	Up to 24.8%
Bifaciality Factor	Up to 85% ±5%
Power Temperature Coefficient	-0.26%/°C

Beyond just panels, JinkoSolar Holding Co., Ltd. (JKS) offers comprehensive solar-plus-storage solutions (ESS). They aren't just a module maker anymore; they are integrating energy storage to provide complete energy certainty. They've launched systems like the Jinko Dolphin SunGiga G2Plus, which is a liquid-cooled system offering 520kWh capacity, and the DCB-6250, a 6.25 MWh DC block for utility scale. For smaller commercial needs, they have systems like the SunGiga 261kWh. The company expects its full-year 2025 ESS shipments to reach approximately 6 GWh.

The value proposition is heavily reinforced by global bankability and a proven track record. You need to know the company you partner with will be around for the 30-year warranty period. JinkoSolar Holding Co., Ltd. (JKS) has achieved a cumulative total of 370 GW of solar module shipments by the end of the third quarter of 2025. That's a massive deployment base, which builds serious confidence in their long-term stability and product performance across diverse global sites.

Finally, the technology itself offers tangible performance benefits, especially concerning longevity and heat. The Tiger Neo 3.0 series is engineered for lower degradation and better performance in high-temperature environments. The degradation profile is extremely tight: ultra-low first-year degradation of less than 1% and an annual linear degradation rate of just 0.35%. This is coupled with an industry-leading power temperature coefficient of -0.26%/°C, meaning power loss in hot climates is significantly mitigated compared to older tech.

You can see the commitment to long-term value here:

• Guaranteed minimum of 88.85% of original power output after 30 years.
• Superior low-light performance, achieving approximately 3% higher relative efficiency than BC alternatives under low irradiance.
• The Tiger Neo series has shown up to a 7.10% increase in energy yield per watt versus BC technology in field tests.

Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Customer Relationships

JinkoSolar Holding Co., Ltd. (JKS) structures its customer relationships to serve a diversified international utility, commercial, and residential customer base. The approach shifts based on the customer's scale and need for integrated solutions, moving from high-touch service for large projects to more transactional interactions for component sales.

Dedicated account management for large utility-scale customers is crucial, especially as JinkoSolar Holding Co., Ltd. (JKS) pushes integrated Photovoltaic (PV) and Battery Energy Storage Systems (BESS) solutions. Utility customers are increasingly seeking bankable, end-to-end solutions that offer protection against price volatility and curtailment. For instance, JinkoSolar Holding Co., Ltd. (JKS) secured a contract in May 2025 to supply an 84MWh BESS for ACLE Services' facilities in Australia, a project expected to complete by mid-2025, indicating deep engagement with utility-scale infrastructure providers.

The company supports its global reach with localized sales and technical support via overseas subsidiaries. As of June 30, 2025, JinkoSolar Holding Co., Ltd. (JKS) maintained over 20 overseas subsidiaries across key markets. This local presence supports a global sales network with dedicated teams in numerous countries, helping to emphasize the delivery of high-quality, dependable products tailored to specific regional customer needs, such as those in Europe.

You can see the geographic footprint supporting this localized approach:

Metric	Value as of Mid-2025	Context
Total Overseas Subsidiaries	Over 20	As of June 30, 2025, including locations like Japan, Germany, and the US.
Module Shipments Overseas (H1 2025)	Over 60%	Percentage of total module shipments going to overseas markets in the first half of 2025.
Module Shipments Overseas (Q3 2025)	More than 55%	Percentage of Q3 2025 shipments directed to high-value overseas markets.
Global Sales Network Teams	Present in China, US, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, UAE, Netherlands, Vietnam, and India	Global sales presence as of September 30, 2025.

Relationships with distributors and Engineering, Procurement, and Construction (EPC) firms often lean toward transactional relationships for volume, though JinkoSolar Holding Co., Ltd. (JKS) actively collaborates with them to drive market growth. The company's focus on high-power modules like the Tiger Neo 3.0, with front side power up to 650Wp - 670Wp, is designed to gain traction in both the utility market and the distributed generation (DG) sector, which relies heavily on these channel partners.

For volume certainty, JinkoSolar Holding Co., Ltd. (JKS) secures long-term supply agreements. As of the first quarter of 2025, the overall order book visibility for the full year stood between 60% to 70% globally. For specific, high-priority regions like the Indo-Pacific and the Middle East and Africa (MEA), visibility exceeded 80%. This visibility helps manage production capacity, which is projected to reach 130.0 GW for solar modules by the end of 2025.

The company uses digital platforms for product information and after-sales service, though specific usage metrics aren't public. The commitment to service is evidenced by Jinko ESS winning the Tier 1 Battery Storage Award at Net Zero Europe 2025. Furthermore, the integrated storage business is growing; ESS shipments reached 3.3 GWh in the first three quarters of 2025, with a full-year 2025 expectation of approximately 6 GWh.

Here's a quick look at the storage system engagement:

• ESS Shipments (YTD Q3 2025): 3.3 GWh.
• ESS Shipments Guidance (Full Year 2025): Approximately 6 GWh.
• Target ESS Revenue Contribution (2026): 10-15% of total revenues.

If onboarding for complex integrated projects takes longer than expected, project delays could strain working capital, so managing EPC timelines is defintely key. Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Channels

You're looking at how JinkoSolar Holding Co., Ltd. gets its massive volume of solar products-projected to be between 85.0 GW and 100.0 GW in module shipments for the full year 2025-into the hands of customers globally. It's a multi-pronged approach, balancing direct engagement for big deals with broad distribution for market penetration.

Direct sales teams for utility and large commercial projects

JinkoSolar Holding Co., Ltd. maintains dedicated, in-house sales teams to handle the utility-scale and large commercial projects, which often require complex integration and long-term service agreements. As of June 30, 2025, their global sales network included dedicated teams in key regions like China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam, and India. This direct channel is crucial for moving high volumes, evidenced by their cumulative module shipments reaching approximately 350 GW by June 30, 2025, serving nearly 200 countries and regions worldwide. For the first half of 2025, over 60% of module shipments went to these overseas markets, indicating the direct sales force's success outside of China. Furthermore, their high-efficiency Tiger Neo series modules, which accounted for 98% of module sales in Q1 2025, often command a price premium that is better managed through direct negotiation.

Global network of third-party distributors and wholesalers

To reach the fragmented commercial and residential (DG sector) markets, JinkoSolar Holding Co., Ltd. relies heavily on a broad network of third-party distributors and wholesalers. This channel helps them efficiently cover the vast number of smaller customers. A concrete example of expanding this channel came in May 2025, when JinkoSolar entered a Memorandum of Agreement with SolarToday specifically to distribute the SunGiga All-in-One products across the Benelux region, Romania, Greece, Germany, and Turkey. This strategy supports their overall goal of reaching approximately 4000 customers globally as of the first half of 2025.

Over 10 global production facilities for localized supply

A core part of the channel strategy is localized supply to mitigate trade risks and reduce logistics costs, which is especially important given the global nature of their sales, with over 65% of Q3 2025 module shipments going overseas. JinkoSolar Holding Co., Ltd. operates more than 10 globalized manufacturing bases across China, the United States, Southeast Asia, and the Middle East as of June 30, 2025. This physical footprint directly supports their capacity targets.

Here's a look at the planned capacity supporting this global supply chain by the end of 2025:

Production Stage	Expected Annual Capacity (End of 2025)	High-Efficiency Capacity (as of June 30, 2025)
Mono Wafer	120.0 GW	N/A
Solar Cell	95.0 GW	Over 20 GW (High-efficiency)
Solar Module	130.0 GW	40%~50% of total capacity expected to be mainstream power output over 640 Wp

Overseas subsidiaries in key markets like the US, Germany, and Japan

To manage these international operations and sales efforts effectively, JinkoSolar Holding Co., Ltd. has established a significant physical presence through overseas subsidiaries. As of June 30, 2025, they had over 20 such entities. Key locations mentioned include Japan, Germany, the United States, Italy, Switzerland, Mexico, South Korea, Vietnam, India, and Turkey. This structure helps them navigate local regulatory environments and provide better after-sales support.

The list of countries where JinkoSolar Holding Co., Ltd. distributes products and sells solutions as of June 30, 2025, is extensive:

• China
• The United States
• Japan
• Germany
• The United Kingdom
• Chile
• South Africa
• India
• Mexico
• Brazil
• The United Arab Emirates
• Italy
• Spain
• France
• Belgium
• Netherlands
• Poland
• Austria
• Switzerland
• Greece

Online presence for product specifications and brand building

While the primary sales are driven by the direct teams and distributors, the online presence is vital for brand credibility and providing technical specifications. JinkoSolar Holding Co., Ltd. leverages its digital footprint to reinforce its leadership, such as being recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance (BNEF) for the fourth consecutive quarter in Q1 2025. Their continued R&D success, including setting a lab record efficiency of 34.22% for their perovskite tandem solar cell by the end of Q1 2025, is communicated online to build confidence with large-scale buyers who rely on technical superiority.

Finance: draft 13-week cash view by Friday.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Customer Segments

You're looking at how JinkoSolar Holding Co., Ltd. (JKS) divides up its global customer base as of late 2025. Honestly, the numbers show a clear pivot toward large-scale, high-margin international projects, especially with their energy storage push.

International utility-scale power plant developers and Independent power producers (IPPs) and EPC contractors represent a core focus, particularly when paired with their Energy Storage System (ESS) offerings. JinkoSolar Holding Co., Ltd. explicitly states a focus on high-margin overseas markets, especially utility-scale projects, for its ESS business. The company expects its total ESS shipments for the full year 2025 to be approximately 6 GWh. For context, they shipped 3.3 GWh of BESS in the first nine months of 2025. Furthermore, module shipments to overseas markets were substantial, accounting for over 65% of the approximately 20 GW of solar modules shipped in the third quarter of 2025.

For Commercial and industrial (C&I) rooftop project owners, the focus mirrors the utility segment's international push. JinkoSolar Holding Co., Ltd. targets these industrial and commercial projects overseas with its ESS solutions. Looking specifically at the Gulf Cooperation Council (GCC) region, JinkoSolar aimed for over 700 MW in combined rooftop, industrial, and ground mount systems for 2025.

The Emerging markets in Indo-Pacific and Middle East/Africa show strong commitment, evidenced by order book visibility. In the first quarter of 2025, order book visibility for the Indo-Pacific and the Middle East and Africa (MEA) regions exceeded 80%. JinkoSolar Holding Co., Ltd. distributes its products across several key emerging regions, including South Africa, India, Mexico, and Brazil, alongside the Middle East presence in the UAE.

For Residential solar installers and homeowners (via distributors), the approach is more channel-based, supporting the broader international sales network. JinkoSolar Holding Co., Ltd. maintains a global sales network with teams in numerous countries, serving a customer base that includes residential clients alongside utility and C&I segments. The company entered into a Memorandum of Agreement in May 2025 with SolarToday to distribute its SunGiga All-in-One products in European markets like Benelux, Romania, Greece, Germany, and Turkey, which often involves residential and smaller commercial channels.

Here's a quick look at the scale of JinkoSolar Holding Co., Ltd.'s engagement with these segments based on recent shipment data:

Metric	Value (Late 2025 Data)	Reference Segment/Market
FY 2025 Module Shipment Estimate (Total)	85.0 GW to 100.0 GW	Overall Customer Base
Q3 2025 Overseas Module Shipments	Over 65%	International Utility/C&I
FY 2025 ESS Shipment Target	Approximately 6 GWh	Utility-scale and C&I Projects
Q1 2025 Order Visibility (Indo-Pacific/MEA)	Exceeded 80%	Emerging Markets
GCC Target (Rooftop/Industrial) for 2025	Over 700 MW	C&I and Emerging Markets

The company's total module shipments for the first half of 2025 reached 41.8 GW, with over 60% going overseas. By the end of the third quarter, JinkoSolar Holding Co., Ltd. became the first module manufacturer globally to deliver a cumulative total of 370 GW of solar modules.

JinkoSolar Holding Co., Ltd. distributes its solar products and solutions to a customer base spanning China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, and Greece.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Cost Structure

You're looking at the hard costs JinkoSolar Holding Co., Ltd. faces to keep those Tiger Neo modules rolling out globally. It's a capital-intensive game, and the numbers from late 2025 show where the money is going.

High Cost of Goods Sold (COGS) Driven by Raw Material Procurement

The cost of making the product is the biggest chunk, which you see reflected in the gross margin performance. While raw material costs, like for silicon wafers, are noted as increasing, the sequential improvement in gross margin suggests better cost management or pricing power on premium products.

Here's how the gross margin looked across the recent quarters:

Period	Gross Profit Margin	Gross Profit Amount (RMB)
Q3 2025	7.3%	1.18 billion
Q2 2025	2.9%	526.5 million
Q1 2025	-2.5% (Gross Loss Margin)	-352.9 million
Q3 2024	15.7%	3.86 billion

The sequential improvement in gross margin from Q2 2025 to Q3 2025 was primarily due to a lower unit cost of products sold. Still, the Q3 2025 margin of 7.3% is far off the Q3 2024 level of 15.7%, showing the persistent pressure on product pricing, which directly relates to input costs.

Significant Capital Expenditure for Capacity Expansion and Technology Upgrades

JinkoSolar Holding Co., Ltd. continues to invest heavily in its manufacturing base, though the focus has shifted. Capital expenditures were around RMB 5 billion in 2024, and the expectation for 2025 was for CapEx to be flat compared to 2024, emphasizing technology upgrades over sheer capacity expansion.

The planned capacity by the end of 2025 reflects this scale:

• Mono wafer production capacity: Expected to reach 120.0 GW.
• Solar cell production capacity: Expected to reach 95.0 GW.
• Solar module production capacity: Expected to reach 130.0 GW.

Of the module capacity, 40 GW to 50 GW is earmarked for the third-generation TOPCon products as of early 2025 guidance.

Operating Expenses

Total operating expenses for JinkoSolar Holding Co., Ltd. in the third quarter of 2025 hit RMB 2.59 billion (US$363.3 million). That figure is over the RMB 2.5 billion threshold you asked about. This represented a sequential increase of 35.8% from Q2 2025, but a year-over-year decrease of 31.6% compared to Q3 2024's operating expenses of RMB 3.78 billion.

The sequential jump in Q3 2025 operating expenses was primarily due to an increase in the impairment of long-lived assets.

R&D Investment to Maintain Technology Leadership

Maintaining the lead in cell efficiency, especially with TOPCon technology, requires consistent R&D spending. While JinkoSolar Holding Co., Ltd.'s consolidated R&D spend isn't broken out easily, the subsidiary Jiangxi Jinko reported R&D expenditure as a percentage of total operating revenue:

• H1 2025 R&D as % of Revenue: 3.69%.
• Q3 2025 R&D as % of Revenue (Jiangxi Jinko): 4.17%.

This investment supports technology milestones, such as mass-produced cell efficiency for high-efficiency TOPCon products reaching 27.2% to 27.4% in Q3 2025.

Global Logistics and Shipping Costs for Overseas Shipments

Logistics costs are a variable but significant component, especially given the global sales mix. In Q3 2025, over 65% of module shipments went to overseas markets. The cost impact is visible in the operating expense comparison:

The year-over-year decrease in Q3 2025 operating expenses was mainly due to a decrease in shipping cost because the average freight rate declined during the quarter. Similarly, the year-over-year decrease in operating expenses for Q2 2025 was also attributed to a decline in the average freight rate.

Q3 2025 module shipments were approximately 20 GW.

JinkoSolar Holding Co., Ltd. (JKS) - Canvas Business Model: Revenue Streams

You're looking at where JinkoSolar Holding Co., Ltd. (JKS) actually brings in the money, and it's still overwhelmingly about moving physical product, though the mix is shifting.

The main engine remains the Sale of solar modules. For the third quarter of 2025, the majority-owned subsidiary reported total operating revenue of approximately RMB 16.16 billion. That's the big one, even though the year-over-year comparison showed a decline of 34.11% for that quarter, based on the PRC GAAP figures you're reviewing. It's a volume game, and they shipped about 20 GW of modules in Q3 alone.

Also contributing to the top line is the Sale of solar cells and wafers to other manufacturers. In Q3 2025, total shipments were 21,570 MW, and of that, 1,556 MW was specifically for cells and wafers. This shows they are still feeding the broader supply chain, even as they focus on their own integrated product.

The Energy Storage Systems (ESS) segment is growing fast, which is where you see future revenue diversification. The shipment guidance for the full year 2025 is set at 6 GWh. To give you context on the current pace, year-to-date shipments through Q3 2025 totaled 3.3 GWh. Honestly, the profitability in ESS is improving, especially outside of China. It's a key area to watch.

Revenue from high-efficiency modules carrying a price premium is a strategic focus, not just a volume play. They started delivering certain high-efficiency series with power output exceeding 640Wp in Q3 2025. The underlying technology is strong; mass-produced cell efficiency for their TOPCon products hit 27.2% to 27.4%. By the end of 2025, they expect capacity for these high-power products (640Wp+) to make up 40~50% of their total capacity.

Finally, there's the Service and maintenance revenue, which remains a minor stream compared to the hardware sales. It's definitely there, supporting long-term customer relationships, but it won't move the needle on quarterly results like a big module delivery will.

Here's a quick look at how the key operational metrics stack up for Q3 2025:

Revenue/Shipment Component	Q3 2025 Metric	Context/Period
Total Operating Revenue (Subsidiary)	RMB 16.16 billion	Q3 2025 (PRC GAAP)
Total Module Shipments	Approx. 20 GW	Q3 2025
Cells and Wafers Shipments	1,556 MW	Q3 2025
ESS Shipment Guidance	6 GWh	Full Year 2025 Estimate (2025E)
ESS Shipments Year-to-Date	3.3 GWh	Q1-Q3 2025
High-Efficiency Capacity Target	40~50%	Overall Capacity by End of 2025

You can see the revenue streams are heavily weighted toward the core product, but the underlying technology mix is changing to capture better pricing, and the ESS segment is definitely building out its base. The focus on overseas markets is also clear, with over 65% of Q3 modules going abroad. This geographic split defintely impacts the realized average selling price (ASP).

The key revenue drivers and associated performance indicators include:

• Module Sales: Q3 2025 revenue of RMB 16.16 billion.
• Module Shipments: Totaled approximately 20 GW in Q3 2025.
• High-Efficiency Modules: Power output exceeding 640Wp being delivered.
• ESS Shipments: Guidance for 2025 is 6 GWh.
• Cell/Wafer Sales: Accounted for 1,556 MW of Q3 2025 shipments.

Finance: draft 13-week cash view by Friday.