Jinko Solar recently released a record of investor relations activities. It mentioned that the company's energy storage system product deliveries reached 5.2 GWh in 2025, a year-on-year increase of 384%, with overseas sales accounting for over 80%. The synergy between photovoltaic and storage is becoming prominent, accelerating the company's transformation into an integrated photovoltaic-storage comprehensive energy solutions provider.
As a global leader in photovoltaics, Jinko Solar achieved module shipments of 86.8 GW in 2025, marking the seventh time it has claimed the title of global module shipment champion. Its cumulative shipments surpassed the 400 GW milestone in the first quarter of this year. However, due to persistently low prices in the global photovoltaic industry chain, tightening overseas trade policies, and the exit of outdated capacity, the proportion of high-power product shipments still needs further improvement, leading to an annual performance loss.
The 2025 annual report shows that Jinko Solar achieved revenue of 65.492 billion yuan, a decrease of 29.18% year-on-year. Net profit attributable to shareholders was -6.882 billion yuan, turning from profit to loss year-on-year. Details regarding shipments of the energy storage business were not disclosed in the annual report.
This investor relations activity record provides detailed information, stating that the company's energy storage system product deliveries reached 5.2 GWh in 2025, a year-on-year increase of 384%, with overseas sales exceeding 80%. This demonstrates that Jinko Solar's energy storage system products have begun scaling up and are becoming a significant driver of revenue growth with a high-speed growth trend.
Simultaneously, Jinko Solar indicated that in the first quarter of this year, the company's energy storage system shipments continued to maintain rapid year-on-year growth. Product deliveries reached 1.42 GWh, with 523 MWh recognized as revenue. The gross margin improved significantly compared to the previous quarter. The gross margin for the energy storage business in the first quarter was approximately 16%. Due to delays in revenue recognition for some orders, the recognized volume in the first quarter remained relatively low, and the energy storage business overall still incurred a certain loss.
Driven by factors such as the US-Iran conflict, energy storage demand in Europe and other overseas markets has increased. The company's energy storage business primarily focuses on overseas markets, with overseas sales accounting for over 80%. The target for full-year 2026 energy storage system shipments is to more than double, with both business scale and profit contribution showing positive trends.
In the field of data center photovoltaic-storage, the company has confirmed its participation as a module supplier in the world's largest integrated photovoltaic-storage + AIDC project in the Middle East, supplying 2 GW of photovoltaic modules. Related deliveries will be completed progressively this year. Regarding energy storage, the company is conducting preliminary technical solution explorations with potential clients in China and overseas, with breakthroughs expected this year.