JinkoSolar Holding Co., Ltd. (NYSE: JKS)

JinkoSolar Holding Co., Ltd. is a global leader in the photovoltaic industry, headquartered in China, engaged in the vertical integration of solar products from silicon wafers to solar cells and solar modules, and also provides energy storage solutions. The company operates more than 10 production facilities worldwide and maintains over 20 overseas subsidiaries in regions such as Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico and other countries. Its global sales network spans China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India. By the end of 2025, JinkoSolar had delivered a cumulative total of over 390 GW of solar modules, with the N type Tiger Neo series accounting for more than 220 GW of that volume.

The company generates revenue primarily from the sale of solar modules, solar cells, silicon wafers and energy storage systems. In 2025, sales of photovoltaic products represented 95.5% of total revenues, while other solar materials contributed the remaining 4.5%. Annual module shipments reached approximately 86.8 GW in 2025, with the N type Tiger Neo series representing over 99% of those shipments. In the same year, the company reported solar module shipments of 78,519.8 MW in 2023, 92,873.3 MW in 2024 and 86,805.5 MW in 2025. Revenue from energy storage systems is growing as the company expands its residential, commercial and utility scale offerings, and by the end of 2025 it had 17 GWh of system integration capacity and 5 GWh of battery cell capacity.

The company operates through the following segments:

• Solar Modules: This segment manufactures and sells solar panels under the JinkoSolar brand and on an OEM basis, focusing on high power N type TOPCon modules such as the Tiger Neo series. It also produces bifacial modules and high power designs that exceed 650 W output.

• Solar Cells: This segment produces monocrystalline solar cells, including P type and N type variants, with mass production conversion efficiencies exceeding 26% for N type cells in 2025. The segment’s N type TOPCon cells achieved a maximum conversion efficiency of 27.79% in November 2025, and perovskite silicon tandem cells reached 34.76% in the same year.

• Silicon Wafers: This segment supplies monocrystalline and multicrystalline silicon wafers, utilizing advanced crystal pulling and wafer slicing technologies to reduce thickness and cost. As of December 31 2025, the company’s annual production capacity for mono wafers was 120.0 GW, for solar cells 95.0 GW and for solar modules 130.0 GW.

• Energy Storage: This segment develops and sells residential, commercial and utility scale energy storage systems, including liquid cooled and air cooled battery solutions. The segment’s product lines have obtained international certifications covering safety, performance, EMC, transportation and fire safety, and its Suntera and Sungiga series were recognized as Tier 1 battery storage providers by Bloomberg NEF in early 2026.

JinkoSolar holds a leading position in the global PV market, competing with major integrated manufacturers such as Longi Green Energy Technology, Trina Solar, Canadian Solar and JA Solar. Its competitive advantages stem from a fully integrated value chain, industry leading conversion efficiencies, a expansive global manufacturing and sales network, strong R&D capabilities and a robust patent portfolio that supports cost effective production. The company was ranked No.1 in the Global Solar Module Manufacturers Ranking 2025 by Wood Mackenzie and recognized as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance.

The company serves a diverse customer base that includes utility scale developers, EPC contractors, distributed generation customers, distributors and system integrators. It has over 8,700 customers in nearly 200 countries and regions, with sales split roughly 34.5% in China and 65.5% outside China in 2025. Specific customers mentioned in the filing include Nyox Srl, an Italian renewable energy solutions provider, and Distributed Energy Infrastructure (DEI) in the United States for energy storage projects. JinkoSolar also supplies modules to various project developers and system integrators across Europe, the Americas and Asia Pacific.