JinkoSolar Holding Company Limited (JKS) financial statements
JinkoSolar Holding Company Limited reported revenue of 65.5B CNY in fiscal 2025, up 13.2% a year over 9 years.
Net income was -4.4B CNY and the operating margin -13.6%, against 6.3% in 2016.
Free cash flow was -2.1B CNY.
The diluted share count rose 60% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CNY).
Income statement
Fiscal years, in CNY, from JinkoSolar Holding Company Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 21.4B CNY | 26.5B CNY | 25.0B CNY | 29.7B CNY | 35.1B CNY | 40.8B CNY | 83.1B CNY | 118.7B CNY | 92.3B CNY | 65.5B CNY |
| Cost of revenue | 17.5B CNY | 23.5B CNY | 21.5B CNY | 24.3B CNY | 29.0B CNY | 34.2B CNY | 70.8B CNY | 99.6B CNY | 82.2B CNY | 64.1B CNY |
| Gross profit | 3.9B CNY | 3.0B CNY | 3.5B CNY | 5.4B CNY | 6.2B CNY | 6.7B CNY | 12.3B CNY | 19.0B CNY | 10.1B CNY | 1.4B CNY |
| Research and development | 181M CNY | 294M CNY | 367M CNY | 324M CNY | 389M CNY | 462M CNY | 725M CNY | 912M CNY | 921M CNY | 897M CNY |
| Selling, general and admin | 2.2B CNY | 2.4B CNY | 2.5B CNY | 3.3B CNY | 3.9B CNY | 4.8B CNY | 10.8B CNY | 11.4B CNY | 11.2B CNY | 7.8B CNY |
| Operating income | 1.3B CNY | 325M CNY | 645M CNY | 1.7B CNY | 1.8B CNY | 1.1B CNY | 429M CNY | 6.1B CNY | -3.3B CNY | -8.9B CNY |
| Interest expense | 410M CNY | 322M CNY | 429M CNY | 606M CNY | 676M CNY | 838M CNY | 1.1B CNY | 1.2B CNY | 1.1B CNY | 1.4B CNY |
| Pre-tax income | 1.2B CNY | 149M CNY | 407M CNY | 1.3B CNY | 566M CNY | 1.1B CNY | 2.0B CNY | 7.5B CNY | 260M CNY | -9.2B CNY |
| Income tax | 257M CNY | 5M CNY | 4M CNY | 278M CNY | 178M CNY | 194M CNY | 605M CNY | 1.3B CNY | 69M CNY | -2.2B CNY |
| Net income | 1.8B CNY | 142M CNY | 406M CNY | 899M CNY | 230M CNY | 721M CNY | 621M CNY | 3.4B CNY | 55M CNY | -4.4B CNY |
| EPS (diluted) | — | 1.08 CNY | 2.63 CNY | 4.85 CNY | -1.36 CNY | 2.01 CNY | 3.10 CNY | 15.23 CNY | -1.27 CNY | -21.33 CNY |
| Diluted shares | 131M | 132M | 155M | 167M | 171M | 206M | 200M | 226M | 210M | 208M |
| Gross margin | 18.1% | 11.3% | 14.0% | 18.3% | 17.6% | 16.3% | 14.8% | 16.0% | 10.9% | 2.2% |
| Operating margin | 6.3% | 1.2% | 2.6% | 5.8% | 5.1% | 2.7% | 0.5% | 5.1% | -3.6% | -13.6% |
| Net margin | 8.5% | 0.5% | 1.6% | 3.0% | 0.7% | 1.8% | 0.7% | 2.9% | 0.1% | -6.8% |
Balance sheet
Fiscal years, in CNY, from JinkoSolar Holding Company Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 2.6B CNY | 1.9B CNY | 3.1B CNY | 5.7B CNY | 8.1B CNY | 8.5B CNY | 10.2B CNY | 17.1B CNY | 26.0B CNY | 24.2B CNY |
| Receivables | 4.8B CNY | 4.5B CNY | 5.4B CNY | 5.3B CNY | 4.5B CNY | 7.5B CNY | 16.7B CNY | — | — | — |
| Inventory | 4.5B CNY | 4.3B CNY | 5.7B CNY | 5.8B CNY | 8.4B CNY | 13.3B CNY | 17.5B CNY | 18.2B CNY | 12.5B CNY | 14.5B CNY |
| Total current assets | 19.7B CNY | 19.6B CNY | 22.9B CNY | 31.7B CNY | 33.7B CNY | 45.5B CNY | 68.3B CNY | 82.9B CNY | 68.9B CNY | 68.8B CNY |
| Property, plant and equipment | 4.7B CNY | 6.7B CNY | 8.3B CNY | 10.2B CNY | 12.5B CNY | 20.0B CNY | 32.3B CNY | 37.4B CNY | 41.8B CNY | 35.8B CNY |
| Total assets | 26.1B CNY | 28.6B CNY | 35.9B CNY | 47.8B CNY | 53.2B CNY | 73.0B CNY | 108.7B CNY | 135.8B CNY | 124.9B CNY | 121.0B CNY |
| Total current liabilities | 18.4B CNY | 20.0B CNY | 24.1B CNY | 31.3B CNY | 31.2B CNY | 45.5B CNY | 64.9B CNY | 81.1B CNY | 54.5B CNY | 55.0B CNY |
| Long-term debt | 489M CNY | 380M CNY | 2.0B CNY | — | — | — | — | — | — | — |
| Total liabilities | 19.6B CNY | 21.9B CNY | 27.4B CNY | 35.4B CNY | 40.2B CNY | 58.7B CNY | 81.7B CNY | 102.3B CNY | 90.6B CNY | 93.5B CNY |
| Shareholders' equity | 6.5B CNY | 6.7B CNY | 7.8B CNY | 9.3B CNY | 10.0B CNY | 11.0B CNY | 16.3B CNY | 20.2B CNY | 19.9B CNY | 15.7B CNY |
| Net debt | -2.0B CNY | -1.5B CNY | -1.1B CNY | -5.4B CNY | -7.5B CNY | -8.3B CNY | -10.2B CNY | -16.1B CNY | -25.1B CNY | -9.4B CNY |
Cash flow
Fiscal years, in CNY, from JinkoSolar Holding Company Limited's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.8B CNY | -177M CNY | 615M CNY | 1.4B CNY | 591M CNY | 431M CNY | -5.8B CNY | 13.8B CNY | 16.9B CNY | 1.1B CNY |
| Capital spending | 2.0B CNY | 2.2B CNY | 2.4B CNY | 3.3B CNY | 4.1B CNY | 8.7B CNY | 12.3B CNY | 15.7B CNY | 9.1B CNY | 3.2B CNY |
| Free cash flow | -3.8B CNY | -2.4B CNY | -1.8B CNY | -1.9B CNY | -3.5B CNY | -8.2B CNY | -18.1B CNY | -1.8B CNY | 7.8B CNY | -2.1B CNY |
| Stock-based compensation | 203M CNY | 65M CNY | 29M CNY | 5M CNY | 923,000 CNY | 10M CNY | 1.0B CNY | 863M CNY | 366M CNY | 226M CNY |
| Net borrowing | -800M CNY | 298M CNY | 0 CNY | — | — | — | — | — | — | — |
| Free cash flow margin | -17.7% | -8.9% | -7.2% | -6.3% | -9.9% | -20.1% | -21.7% | -1.5% | 8.4% | -3.2% |
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Open JKS in InvestinglyQuestions
What was JinkoSolar Holding Company Limited's revenue in 2025?
65.5B CNY in fiscal 2025, from its 10-K filing.
How much free cash flow does JinkoSolar Holding Company Limited generate?
-2.1B CNY in fiscal 2025 (operating cash flow minus capital spending).
From JinkoSolar Holding Company Limited's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.