JinkoSolar Holding Co., Ltd. (NYSE: JKS) experienced a significant pre-market plunge of 5.95% following the release of its fourth quarter and full year 2025 financial results, which revealed a substantial widening of losses and a dramatic contraction in profitability.

The company reported a net loss attributable to ordinary shareholders of RMB 1.50 billion (US$214.5 million) for the fourth quarter of 2025, significantly worse than the RMB 749.8 million loss in the previous quarter. Gross margin collapsed to 0.3%, down from 7.3% in Q3 2025, pressured by rising costs of raw materials like polysilicon and silver, as well as foreign exchange rate fluctuations. The results missed analyst consensus estimates for both earnings per share and revenue.

For the full year 2025, JinkoSolar reported a net loss of RMB 4.45 billion (US$635.6 million) as revenues fell 29.0% year-over-year to RMB 65.50 billion. Management acknowledged that persistently low module prices and structural imbalances in the global photovoltaic industry negatively impacted financial performance across the industrial chain.