XIAMEN, China, Nov. 17, 2025 /PRNewswire/ — “The transaction process and fund escrow mechanism on the EPWK International platform are truly reassuring. Not having to worry about receiving payments after completing a project is crucial for freelancers,” shared Sarah Jenkins, a graphic designer and service provider on EPWK International from the United States.

This “trust,” established by the platform’s safeguard mechanisms, is not only the foundation for individual choices but has also become the cornerstone driving the efficient global flow of creative resources. As a global creative transaction platform launched by EPWK (Nasdaq: EPWK), EPWK International (intl.epwk.com) is committed to extending this trust framework to the global market. By integrating full-chain functions—including task posting, talent recommendation, fund escrow, service marketplace, case study, and messaging—the platform has built a closed-loop environment for creative service transactions. Currently, the international version operates primarily in English, focusing on key markets such as Europe, the United States, and Southeast Asia, with plans to introduce multi-language versions in the future. These efforts aim to continuously optimize the access and collaboration experience for global users, truly realizing the vision of “enabling businesses to efficiently connect with creative talent worldwide.”

Elevating our perspective to a broader strategic landscape, the creative services industry is now witnessing dual opportunities of an “efficiency revolution” and a “value upgrade” as AI technology reshapes industries. As China’s first digital intelligent creative services platform listed in the U.S., EPWK is focused on building a “global creative resource router” — a strategic vision to create a business ecosystem centered on creativity, driven by technology, and spanning global markets. Through continuous technological innovation and product iteration, the platform not only injects intelligent momentum into creative services but also builds a bridge for global creative talent to realize their aspirations, opening a new chapter in the intelligent service ecosystem.

Technology as Foundation: Patented Achievements Build Core Barriers for an Intelligent Platform

Our confidence in technological innovation stems from sustained R&D investment and deep industry expertise. Since its founding in 2011, EPWK has consistently placed technology R&D at the heart of its strategy, accumulating 179 copyrights for technological achievements — including 137 software copyrights — covering core areas such as talent recommendation, transaction matching, copyright notarization, and electronic contracts. In terms of patents, the platform has applied for 17, with 9 already granted, placing its technical capabilities at the forefront of the industry.

These technological achievements are deeply integrated into every aspect of the platform’s operations. Among them, the personalized intelligent task recommendation engine, powered by two core patents – the “Task Recommendation Method Based on a Three-Party Graph of Service Provider-Task-Tag” and the “Task Recommendation Method Using an Implicit Factor Model with Correction Vectors” – precisely addresses two major industry pain points: “inefficient supply-demand matching” and the “cold start problem for new users,” significantly enhancing both platform matching efficiency and user experience.

Supported by this robust technological foundation, the platform has achieved leapfrog growth in operational efficiency and scale. Data shows that between 2019 and June 30, 2024, EPWK platform cumulatively completed 4.6 million projects, with Gross Merchandise Volume (GMV) exceeding $1.67 billion, ranking among the top crowdsourcing platforms in China. These achievements not only validate the practical results of technology transformation but also demonstrate the platform’s comprehensive strength in intelligent matching, transaction security, and AI application.

Throughout the development of its technological architecture, EPWK has consistently adhered to a clear philosophy: the fundamental value of every patent and copyright lies in its ability to solve real-world industry challenges. Rather than pursuing technological sophistication for its own sake, the platform is committed to ensuring that technology genuinely serves its users — ultimately achieving the core objective of helping businesses source services with greater ease and enabling service providers to secure projects more efficiently.

Product Matrix: AI-Driven Construction of a Full-Service Ecosystem

Leveraging a solid technological foundation, EPWK has developed multiple industry-specific products. Among them, “VIP-Client Priority” focuses on precised empowerment, while the “EPWK AI Assistant” specializes in intelligent efficiency. Together, they form a smart ecosystem that comprehensively covers all scenarios in enterprise services.

As a membership service system specifically designed for service providers, “VIP-Client Priority” focuses on “precise opportunity matching & enhanced brand exposure & professional service support,” directly addressing the key challenges faced by creative professionals: lack of orders, limited resources, and growth difficulties.

The practical experience of platform service providers fully demonstrates its empowering value. Wu Jianqun, founder of Wenzhou Saite Network Information Service Co., Ltd., stated: “The ecosystem alliance built by the platform allows employers and service providers to freely switch roles, creating more possibilities for innovative collaboration.” Liu Kuisong, founder of Hangzhou Qingyin Technology Co., Ltd., emphasized: “The platform’s standardized service system and efficient communication mechanisms provide solid assurance for the high-quality delivery of projects.” This feedback collectively confirms the significant effectiveness of “VIP-Client Priority” in fostering talent growth.

Building on the successful experience in the domestic market, EPWK International (intl.epwk.com) has launched a new membership service system. Through its three-tier membership structure (Basic, VIP, SVIP), it aims to build a more efficient and equitable international online work community. This represents a key component of the “Global Creative Resource Router” strategy, designed to enhance the global connectivity efficiency of the platform ecosystem through a layered and refined benefits system.

In terms of AI technology integration, EPWK actively embraces cutting-edge technologies. The platform has introduced the “EPWK AI Assistant” by integrating professional large language models, enabling intelligent upgrades across the entire creative transaction process. By deeply leveraging capabilities from models like DeepSeek, the platform has developed a smart assistant with multiple practical functions: 

• Its AI dialogue interaction feature helps employers systematically clarify and standardize task requirements, improving demand clarity and publishing efficiency from the source while reducing communication errors.
• The smart publishing function can generate task templates with one click, significantly simplifying operational processes and reducing employers’ time costs.

This tool effectively addresses pain points such as “vague requirement descriptions” and “cumbersome publishing procedures,” noticeably accelerating task posting and matching speed.

Looking ahead, EPWK will continue to deepen the application of AI technologies. Building on the existing AI Assistant, the company plans to further develop AIGC content generation tools, with a focus on advancing the R&D and adoption of SaaS-based enterprise AI solutions. By concentrating on core scenarios such as creative ideation, marketing copywriting, design assistance, and video production, EPWK aims to provide SMEs with smarter and more user-friendly digital solutions. This strategic move will not only significantly lower the technical barrier for users but also establish a more solid foundation for the “Global Creative Resource Router.”

Ecological Win-Win: From Technology Empowerment to Value Co-Creation

The ultimate goal of EPWK’s intelligent service ecosystem is to achieve “value co-creation.” Through a three-dimensional support system encompassing “capability enhancement, opportunity acquisition, and rights protection”, the platform enables every participant to find their growth path within the ecosystem.

The core value of this model lies in breaking geographical barriers and achieving global optimization of resource allocation. Chen Zhangping, an entrepreneur from Quanzhou, Fujian, who has published multiple technical demands on the EPWK platform, deeply resonates with this. He noted that the platform enables SMEs like his to directly connect with high-quality talent nationwide and even globally. What was once limited to seeking support locally has now evolved into having diverse options, creating more possibilities for entrepreneurial development. This vividly reflects the value of the “Global Creative Resource Router.”

In the dimension of capability enhancement, while optimizing the employer experience, the value of the “EPWK AI Assistant” also extends to the service provider community, acting as a “personal coach” for creative talent. It offers personalized learning paths and skill training for service providers at different stages through intelligent dialogue interaction: 

• Before taking on projects, service providers can use the AI Assistant to simulate client communication scenarios, enhancing their demand analysis and solution design capabilities.
• During task execution, they can obtain real-time professional knowledge and skill guidance through conversational AI, systematically improving their expertise.
• After project delivery, AI-powered feedback helps optimize their portfolios and personal resumes.

This model of “learning through practice, growing through dialogue” enables creative professionals to continuously enhance their core competitiveness and achieve sustainable career development.

In the dimension of opportunity acquisition, the personalized intelligent task recommendation engine and the VIP-Client Priority membership create a synergistic effect: new service providers gain initial opportunities through the “cold start” mechanism, while mature teams connect with high-value orders to achieve business breakthroughs. A prime example is Sanzhijuxin (Xiamen) Technology Co., Ltd., which successfully secured cross-border orders through platform recommendations, accomplishing the leap from local services to global operations.

In the dimension of rights protection, the platform has established a triple-layered safeguard system comprising “fund escrow & copyright protection & dispute mediation”, ensuring transaction security and intellectual property protection. This enables creative professionals to pursue “online entrepreneurship” with peace of mind.

From “technology empowerment” to “platform aggregation”, and from “tool support” to “ecosystem co-creation”, EPWK has always centered on “creating value for users.” It transforms AI technology into an accessible driver of innovation and cultivates the platform as fertile ground where dreams can take root and flourish. Moving forward, EPWK will continue to deepen its “Global Creative Resource Router” strategy. Through a more open architecture, smarter experiences, and a more robust system, it will collaborate with global creative talent to chart a new landscape for enterprise services — enabling creative resources to flow efficiently and share value across the world.

SHANGRAO, China, Nov. 17, 2025 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the second quarter ended June 30, 2025 and third quarter ended September 30, 2025.

Third Quarter 2025 Business Highlights

• Total module shipments for the third quarter were approximately 20GW, with over 65% shipped to overseas markets. 
• By the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 370 GW of solar modules, with total cumulative shipments of Tiger Neo series surpassing 200 GW, the best-selling module series in history.
• Mass-produced cell efficiency for high-efficiency TOPCon products reached 27.2% to 27.4%.
• We started to deliver certain high efficiency modules series with power output exceeding 640W, which carry a price premium over conventional series.
• Orderbook visibility for energy storage system (ESS) in 2025 exceeds 90%.
• Our MSCI ESG rating has been upgraded to “A”, the highest level among mainstream PV companies.

Third Quarter 2025 Operational and Financial Highlights

• Quarterly shipments were 21,570 MW (20,014 MW for solar modules and 1,556 MW for cells and wafers), down 18.4% sequentially and 16.7% year-over-year.
• Total revenues were RMB16.16 billion (US$2.27 billion), down 10.2% sequentially and 34.1% year-over-year.
• Gross profit was RMB1.18 billion (US$166.0 million), up 124.5% sequentially and down 69.3% year-over-year.
• Gross profit margin was 7.3%, compared with gross profit margin of 2.9% in Q2 2025 and gross profit margin of 15.7% in Q3 2024.
• Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB749.8 million (US$105.3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB876.4 million in Q2 2025 and net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in Q3 2024.
• Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB373.1 million (US$52.4 million), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB856.4 million in Q2 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in Q3 2024. 
• Basic and diluted losses per ordinary share were RMB3.58 (US$0.50) and RMB3.58 (US$0.50), respectively. This translates into basic and diluted losses per ADS of RMB14.32 (US$2.01) and RMB14.32 (US$2.01), respectively.

Second Quarter 2025 Operational and Financial Highlights

• Quarterly shipments were 26,446 MW (24,334 MW for solar modules and 2,111 MW for cells and wafers), up 38.2% sequentially and 4.5% year-over-year.
• Total revenues were RMB17.99 billion (US$2.51 billion), up 29.9% sequentially and down 25.2% year-over-year.
• Gross profit was RMB526.5 million (US$73.5 million), compared with gross loss of RMB352.9 million in Q1 2025 and gross profit of RMB2.68 billion in Q2 2024.
• Gross profit margin was 2.9%, compared with gross loss margin of 2.5% in Q1 2025 and gross profit margin of 11.1% in Q2 2024.
• Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB876.4 million (US$122.3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB1.32 billion in Q1 2025 and net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB100.7 million in Q2 2024.
• Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB856.4 million (US$119.5 million), which excludes the impact of (i) the change in fair value of convertible notes issued by us in 2023, (ii) the change in fair value of long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB1.07 billion in Q1 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB378.5 million in Q2 2024. 
• Basic and diluted losses per ordinary share were RMB4.20 (US$0.59) and RMB4.20 (US$0.59), respectively. This translates into basic and diluted losses per ADS of RMB16.82 (US$2.35) and RMB16.82 (US$2.35), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “In the first three quarters of 2025, our global module shipments totaled 61.9 GW, once again ranking No.1 worldwide. Driven by our outstanding product performance and strong presence in high-value overseas markets, gross margin improved significantly sequentially for two consecutive quarters, reaching 2.9% in the second quarter and 7.3% in the third quarter. Our net loss was US$122.3 million in the second quarter and US$105.3 million in the third quarter, both narrowing sequentially. We are pleased to see that our intensive efforts devoted to R&D for energy storage business in the past two years started to bear fruit gradually. In the first three quarters, our cumulative ESS shipments exceeded 3.3 GWh, representing significant growth since the second quarter. This, combined with our rising market share in overseas markets, has helped the profitability of our energy storage business to improve noticeably. With scale efficiency and competitiveness improving, we expect our energy storage business to become our second growth engine and contribute to our profit in 2026.

We continue to keep our module utilization rates at a reasonable level in the second and third quarters. Since the third quarter, prices of polysilicon, wafers, and cells have all risen, and module prices trended upward in China and overseas.

The technology upgrade toward high-power production capacity is accelerating industry consolidation. This technology upgrade also meets end-customers demand for high-power products and higher investment returns. We have made steady progress in high-power products upgrades in the third quarter and already delivered some high-power products at a premium of 1-2 US cents per watt, and expect high-power products to account for more than 60% of our total module shipments in 2026.

In China, market-oriented reforms are improving the economics of many energy storage projects while demand is increasing in Europe, Asia Pacific, Middle East and Latin America because of improving economics and the global energy transition. In the U.S, the rapid expansion of AI data centers is straining domestic electricity supply, making solar+storage a safe and easy-to-deploy solution. We expect global demand for energy storage to experience significant growth, further validating our strategic decision to invest in the energy storage business and build a long-term competitive advantage with localized, one-stop, solar+storage solutions. As a leading enterprise in the PV sector, we possess long-established advantages in channels, brand reputation, and customer resources. We currently have 12 GWh of pack capacity and 5 GWh of battery cell capacity, and focus on high-margin overseas markets, particularly utility-scale and industrial and commercial projects.

The global supply chain is reshaping, and technological upgrades are accelerating high-quality development of the industry. With strong technological capabilities, long-term reliability, and global diversification of our energy storage business, we are well positioned to further strengthen our competitiveness and benefit from the next upward cycle in the industry.

Looking forward, we will continue to respond actively to the industry’s call for rational development and proactively adapt to changes in overseas policies to ensure sustainable supply for our customers. We will keep strengthening our competitive advantages in technology and global operations and balance scale and profitability to consolidate our industry-leading position. We expect total shipments to be between 85 GW and 100 GW for the full year of 2025, and ESS shipments to be approximately 6 GWh for the full year 2025.” 

Third Quarter 2025 Financial Results

Total Revenues

Total revenues in the third quarter of 2025 were RMB16.16 billion (US$2.27 billion), representing a decrease of 10.2% from RMB17.99 billion in the second quarter of 2025 and a decrease of 34.1% from RMB24.51 billion in the third quarter of 2024. The sequential decrease was mainly due to a decrease in the shipment of solar modules, and the year-over-year decrease was primarily due to a decrease in the average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2025 was RMB1.18 billion (US$166.0 million), compared with gross profit of RMB526.5 million in the second quarter of 2025 and gross profit of RMB3.86 billion in the third quarter of 2024. 

Gross profit margin was 7.3% in the third quarter of 2025, compared with gross profit margin of 2.9% in the second quarter of 2025 and gross profit margin of 15.7% in the third quarter of 2024. The sequential improvement was primarily due to a lower unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

Loss/Income from Operations and Operating Margin

Loss from operations in the third quarter of 2025 was RMB1.40 billion (US$197.3 million), compared with loss from operations of RMB1.38 billion in the second quarter of 2025 and income from operations of RMB75.5 million in the third quarter of 2024. The sequential and year-over-year changes were primarily attributable to the changes in our revenues and gross margin in the third quarter of 2025.

Operating loss margin was 8.7% in the third quarter of 2025, compared with operating loss margin of 7.7% in the second quarter of 2025 and operating profit margin of 0.3% in the third quarter of 2024.

Total operating expenses in the third quarter of 2025 were RMB2.59 billion (US$363.3 million), representing an increase of 35.8% from RMB1.91 billion in the second quarter of 2025 and a decrease of 31.6% from RMB3.78 billion in the third quarter of 2024. The sequential increase was primarily due to an increase in the impairment of long-lived assets, while the year-over-year decrease was mainly due to a decrease in shipping cost as the shipment of solar modules decreased and the average freight rate declined during the third quarter of 2025.

Total operating expenses accounted for 16.0% of total revenues in the third quarter of 2025, compared to 10.6% in the second quarter of 2025 and 15.4% in the third quarter of 2024.

Interest Expenses and Interest Income

Interest expenses were RMB326.8 million (US$45.9 million), and interest income was RMB125.0 million (US$17.6 million) in the third quarter of 2025.

Net interest expenses in the third quarter of 2025 were RMB201.8 million (US$28.3 million), representing an increase of 7.8% from RMB187.3 million in the second quarter of 2025 and a decrease of 0.2% from RMB202.1 million in the third quarter of 2024. The sequential increase was primarily due to a decrease of interest income during the third quarter of 2025.

Subsidy Income

Subsidy income in the third quarter of 2025 was RMB358.6 million (US$50.4 million), compared with RMB12.0 million in the second quarter of 2025 and RMB431.8 million in the third quarter of 2024. The sequential and year-over-year changes were primarily attributable to the changes in cash receipt of incentives related to the Company’s business operations.

Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB0.9 million (US$0.1 million) in the third quarter of 2025, compared to a net exchange gain of RMB92.3 million in the second quarter of 2025 and a net exchange loss of RMB251.9 million in the third quarter of 2024. The sequential and year-over-year changes were mainly attributable to fluctuations in the exchange rate of US dollars against RMB in the third quarter of 2025.

Change in Fair Value of Long-term Investment

The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of September 30, 2025, the Company had RMB1.15 billion (US$161.4 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.06 billion as of June 30, 2025.

The Company recognized a gain from the change in fair value of long-term investment of RMB60.7 million (US$8.5 million) in the third quarter of 2025, compared with a gain of RMB42.3 million in the second quarter of 2025 and a gain of RMB30.8 million in the third quarter of 2024. The sequential and year-over-year changes were primarily due to the changes in the fair value of several solar technology companies we invested in.

Other Loss/Income, Net 

Net other loss in the third quarter of 2025 was RMB121.1 million (US$17.0 million), compared with net other loss of RMB199.2 million in the second quarter of 2025 and net other income of RMB73.6 million in the third quarter of 2024. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the third quarter of 2025.

Equity in Income/Loss of Affiliated Companies

The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in income of affiliated companies of RMB2.9 million (US$0.4 million) in the third quarter of 2025, compared with equity in loss of affiliated companies of RMB70.9 million in the second quarter of 2025 and RMB3.4 million in the third quarter of 2024. The fluctuations in equity in loss or income of affiliated companies primarily arose from the changes in net losses or gains incurred by the affiliated companies.

Income Tax Benefit/Expense

The Company recorded an income tax benefit of RMB191.6 million (US$26.9 million) in the third quarter of 2025, compared with income tax benefit of RMB288.8 million in the second quarter of 2025 and income tax expense of RMB148.5 million in the third quarter of 2024.

Net Loss Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB385.8 million (US$54.2 million) in the third quarter of 2025, compared with net loss attributable to non-controlling interests of RMB546.6 million in the second quarter of 2025 and net loss attributable to non-controlling interests of RMB39.0 million in the third quarter of 2024. The sequential and year-over-year changes were mainly attributable to the changes in net loss of Jinko Solar Co., Ltd. (“Jiangxi Jinko”), the Company’s majority-owned principal operating subsidiary.

Net Loss/Income and Losses/Earnings per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB749.8 million (US$105.3 million) in the third quarter of 2025, compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB876.4 million in the second quarter of 2025 and net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB22.5 million in the third quarter of 2024.

Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB373.13 million (US$52.4 million) in the third quarter of 2025, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB856.4 million in the second quarter of 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB103.9 million in the third quarter of 2024.

Basic and diluted losses per ordinary share were RMB3.58 (US$0.50) and RMB3.58 (US$0.50), respectively, in the third quarter of 2025, compared to basic and diluted losses per ordinary share of RMB4.20 and RMB4.20, respectively, in the second quarter of 2025, and basic and diluted earnings per ordinary share of RMB0.11 and RMB0.11, respectively, in the third quarter of 2024. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB14.32 (US$2.01) and RMB14.32 (US$2.01), respectively, in the third quarter of 2025; basic and diluted losses per ADS of RMB16.82 and RMB16.82, respectively, in the second quarter of 2025; and basic and diluted earnings per ADS of RMB0.44 and RMB0.44, respectively, in the third quarter of 2024.

Financial Position

As of September 30, 2025, the Company had RMB23.44 billion (US$3.29 billion) in cash, cash equivalents, and restricted cash, compared with RMB24.32 billion as of June 30, 2025.

As of September 30, 2025, the Company’s accounts receivables were RMB15.03 billion (US$2.11 billion), compared with RMB15.08 billion as of June 30, 2025.

As of September 30, 2025, the Company’s inventories were RMB14.94 billion (US$2.10 billion), compared with RMB12.89 billion as of June 30, 2025.

As of September 30, 2025, the Company’s total interest-bearing debts were RMB45.55 billion (US$6.40 billion), compared with RMB48.12 billion as of June 30, 2025.

Second Quarter 2025 Financial Results

Total Revenues

Total revenues in the second quarter of 2025 were RMB17.99 billion (US$2.51 billion), representing an increase of 29.9% from RMB13.84 billion in the first quarter of 2025 and a decrease of 25.2% from RMB24.05 billion in the second quarter of 2024. The sequential increase was primarily due to an increase in the shipment of solar modules, while the year-over-year decrease was mainly due to a decrease in the average selling price of solar modules.

Gross Profit/Loss and Gross Margin

Gross profit in the second quarter of 2025 was RMB526.5 million (US$73.5 million), compared with gross loss of RMB352.9 million in the first quarter of 2025 and gross profit of RMB2.68 billion in the second quarter of 2024.

Gross profit margin was 2.9% in the second quarter of 2025, compared with gross loss margin of 2.5% in the first quarter of 2025 and gross profit margin of 11.1% in the second quarter of 2024. The sequential improvement was mainly due to a lower unit cost of products sold, while the year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

Loss from Operations and Operating Loss Margin

Loss from operations in the second quarter of 2025 was RMB1.38 billion (US$192.5 million), compared with RMB2.87 billion in the first quarter of 2025 and RMB1.14 billion in the second quarter of 2024. The sequential decrease and the year-over-year increase were primarily attributable to the changes in our revenues and gross margin.

Operating loss margin was 7.7% in the second quarter of 2025, compared with 20.7% in the first quarter of 2025 and 4.7% in the second quarter of 2024.

Total operating expenses in the second quarter of 2025 were RMB1.91 billion (US$266.0 million), representing a decrease of 24.2% from RMB2.51 billion in the first quarter of 2025 and a decrease of 50.1% from RMB3.81 billion in the second quarter of 2024. The sequential decrease was primarily due to the reduced expected credit loss expense in the second quarter of 2025, while the year-over-year decrease was mainly due to (i) a decrease in the impairment of long-lived assets, (ii) reduced expected credit loss expense, and (iii) decreased shipping cost as the average freight rate declined during the second quarter of 2025.

Total operating expenses accounted for 10.6% of total revenues in the second quarter of 2025, compared to 18.1% in the first quarter of 2025 and 15.9% in the second quarter of 2024.

Interest Expenses and Interest Income

Interest expenses were RMB332.8 million (US$46.5 million), and interest income was RMB145.5 million (US$20.3 million) in the second quarter of 2025.

Net interest expenses in the second quarter of 2025 were RMB187.3 million (US$26.1 million), representing a decrease of 21.1% from RMB237.3 million in the first quarter of 2025 and an increase of 78.1% from RMB105.2 million in the second quarter of 2024. The sequential decrease was primarily attributable to increased interest income, while the year-over-year increase was mainly due to an increase in interest-bearing debts during the second quarter of 2025.

Subsidy Income

Subsidy income in the second quarter of 2025 was RMB12.0 million (US$1.7 million), compared with RMB536.0 million in the first quarter of 2025 and RMB885.0 million in the second quarter of 2024. The sequential and year-over-year decreases were primarily attributable to reduced cash receipt of incentives related to the Company’s business operations.

Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB92.3 million (US$12.9 million) in the second quarter of 2025, compared to RMB121.0 million in the first quarter of 2025 and RMB305.0 million in the second quarter of 2024. The sequential and year-over-year decreases were mainly attributable to fluctuations in the exchange rate of US dollars against RMB.

Change in Fair Value of Long-term Investment

The Company holds certain equity interests in several solar technology companies in the photovoltaic industry, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of June 30, 2025, the Company had RMB1.06 billion (US$147.4 million) in available-for-sale securities and long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities), compared with RMB1.00 billion as of March 31, 2025.

The Company recognized a gain from the change in fair value of long-term investment of RMB42.3 million (US$5.9 million) in the second quarter of 2025, compared with a loss of RMB46.2 million in the first quarter of 2025 and a loss of RMB144.2 million in the second quarter of 2024. The sequential and year-over-year changes were primarily due to increases in the fair value of several solar technology companies we invested in.

Other Loss/Income, Net 

Net other loss in the second quarter of 2025 was RMB199.2 million (US$27.8 million), compared with net other loss of RMB218.6 million in the first quarter of 2025 and net other income of RMB157.6 million in the second quarter of 2024. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the second quarter of 2025.

Equity in Loss of Affiliated Companies

The Company indirectly holds certain equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB70.9 million (US$9.9 million) in the second quarter of 2025, compared with equity in loss of affiliated companies of RMB46.1 million in the first quarter of 2025 and RMB67.6 million in the second quarter of 2024. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net losses incurred by the affiliated companies.

Income Tax Benefit/Expense

The Company recorded an income tax benefit of RMB288.8 million (US$40.3 million) in the second quarter of 2025, compared with income tax benefit of RMB699.5 million in the first quarter of 2025 and income tax expense of RMB24.8 million in the second quarter of 2024.

Net Loss Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB546.6 million (US$76.3 million) in the second quarter of 2025, compared with net loss attributable to non-controlling interests of RMB756.1 million in the first quarter of 2025 and net loss attributable to non-controlling interests of RMB18.8 million in the second quarter of 2024. The sequential and year-over-year changes were mainly attributable to the changes in net loss of Jiangxi Jinko, the Company’s majority-owned principal operating subsidiary.

Net Loss and Losses per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB876.4 million (US$122.3 million) in the second quarter of 2025, compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB1.32 billion in the first quarter of 2025 and net loss attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB100.7 million in the second quarter of 2024.

Excluding the impact of (i) the change in fair value of the convertible notes issued by us in 2023, (ii) the change in fair value of the long-term investment, (iii) share-based compensation expenses, and (iv) the impairment of long-lived assets, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB856.4 million (US$119.5 million) in the second quarter of 2025, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB1.07 billion in the first quarter of 2025 and adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB378.5 million in the second quarter of 2024.

Basic and diluted losses per ordinary share were RMB4.20 (US$0.59) and RMB4.20 (US$0.59), respectively, in the second quarter of 2025, compared to basic and diluted losses per ordinary share of RMB6.40 and RMB6.40, respectively, in the first quarter of 2025, and basic and diluted losses per ordinary share of RMB0.48 and RMB0.53, respectively, in the second quarter of 2024. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB16.82 (US$2.35) and RMB16.82 (US$2.35), respectively, in the second quarter of 2025; basic and diluted losses per ADS of RMB25.58 and RMB25.58, respectively, in the first quarter of 2025; and basic and diluted losses per ADS of RMB1.94 and RMB2.12, respectively, in the second quarter of 2024.

Operations and Business Outlook Highlights

Fourth Quarter and Full Year 2025 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the fourth quarter of 2025, the Company expects its total shipments (including solar modules, cells and wafers) to be in the range of 18.0 GW to 33.0 GW.

For full year 2025, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 85.0 GW to 100.0 GW.

For full year 2025, the Company expects its ESS shipments to be approximately 6 GWh.

Solar Products Production Capacity

The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2025.

Recent Business Developments 

• In May 2025, JinkoSolar entered into a Memorandum of Agreement with SolarToday to distribute the SunGiga All-in-One products in the Benelux, Romania, Greece, Germany, and Turkey.
• In May 2025, EAGLE® Preserve, JinkoSolar’s proprietary takeback-and-recycling program for end-of-life solar modules in the U.S., became the very-first such stewardship program to receive the approval of the Washington State Department of Ecology.
• In June 2025, JinkoSolar was recognized as Top Performer across all seven reliability categories in the 2025 PV Module Reliability Scorecard published by Kiwa PVEL.
• In June 2025, JinkoSolar was recognized as Overall Highest Achiever in Renewable Energy Testing Center’s 2025 PV Module Index Report.
• In June 2025, JinkoSolar’s board of directors declared a cash dividend of US$0.325 per ordinary share of US$0.00002 each of the Company, or US$1.30 per ADS.
• In June 2025, Jiangxi Jinko in its capacity as Chair of the Finance Task Force of the Global Solar Council (GSC), officially released “How to Finance Solar for All?” during the London Climate Week 2025.
• In June 2025, JinkoSolar announced the successful delivery of its high-efficiency Tiger Neo modules to support the construction of Spain’s newly inaugurated Segovia solar cluster.
• In July 2025, JinkoSolar’s EAGLE® G6R residential PV module was honored as a 2025 Sustainable Product of the Year by Green Builder® Media.
• In July 2025, JinkoSolar announced the successful commissioning of 21.6 MWh of Energy Storage Systems supplied to Distributed Energy Infrastructure (DEI).
• In August 2025, Jiangxi Jinko published its unaudited consolidated financial results as of and for the six months ended June 30, 2025.
• In August 2025, JinkoSolar announced business highlights for the first half of 2025.
• In September 2025, JinkoSolar completed the sale of 300,156,075 A shares of Jiangxi Jinko.
• In October 2025, JinkoSolar announced module supply to Trinity Energy for a Costco Warehouse in the State of Washington.
• In October 2025, Jiangxi Jinko announces third quarter 2025 unaudited financial results.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Monday, November 17, 2025 at 7:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10050807-ki8u7y.html

It will automatically direct you to the registration page of “JinkoSolar Second and Third Quarter 2025 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 24, 2025. The dial-in details for the replay are as follows:

International:  +61 7 3107 6325  
U.S.:       +1 855 883 1031  
Passcode:      10050813

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in 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 and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales 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 September 30, 2025.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rates in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2025 and September 30, 2025, which was RMB7.1636 to US$1.00 and RMB7.1190 to US$1.00, respectively. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

CMC20 brings institutional-grade, single-trade access to diversified crypto portfolios

NEW YORK, Nov. 17, 2025 /PRNewswire/ — CoinMarketCap, the world’s leading cryptocurrency data platform, today announced CoinMarketCap 20 DTF (CMC20), the first DeFi-enabled tradable crypto index token on BNB Chain. Built on Reserve, a platform for creating Decentralized Token Folios (DTFs), onchain portfolios that bundle multiple crypto assets into a single token, CMC20 tracks the top 20 cryptocurrencies by market capitalization, giving retail and institutional investors a simple, single-trade way to access diversified crypto market exposure.

Deployed by Lista DAO, CMC20 combines the transparency of DeFi with the characteristics of traditional institutional-grade indexes. As the first tradable index token native to BNB Chain, CMC20 brings sophisticated portfolio exposure tools to one of crypto’s largest ecosystems. The token enables permissionless 24/7 minting and redemption, while supporting spot listings across CEXs, DEXs, wallets & platforms, futures tracking, and integration into advanced trading strategies.

“The crypto market has over 27 million tokens, with 50,000 new launches daily. Investors need what traditional markets have had for decades – a clear, investable benchmark,” said Rush Luton, CEO of CoinMarketCap. “CMC20 serves as crypto’s version to the S&P 500, delivering diversified exposure to crypto’s largest, most liquid assets in a single trade, backed by transparent methodology and permissionless infrastructure.

By partnering with Reserve and Lista DAO to launch the first index token on BNB Chain, CMC20 brings institutional-grade products to one of the world’s most active blockchain ecosystems.”

Unlike reference-only indexes, CMC20 is purpose-built for active use across the crypto ecosystem. Monthly rebalancing maintains exposure to the 20 largest cryptocurrencies, excluding stablecoins, wrapped assets, and tokens with limited investability. The methodology captures growth across Layer-1 blockchains, exchange tokens, infrastructure projects, DeFi protocols, and emerging sectors, delivering broader market representation than BTC-ETH-only products.

CMC20’s DeFi-native architecture on BNB Chain enables use cases unavailable to traditional index products. Institutional investors can incorporate the token into delta-neutral strategies, collateralized lending, and automated portfolio rebalancing. Retail traders benefit from simplified exposure management and lower transaction costs than when manually constructing diversified portfolios. Exchange listings enable both spot trading and derivatives products, while the underlying assets remain verifiable onchain.

Reserve’s infrastructure ensures transparent collateralization and redemption mechanics. Users can mint CMC20 by depositing the underlying basket of tokens or redeem CMC20 for its constituent assets at any time, maintaining tight tracking to index value.

“CMC20 showcases what is unlocked by crypto and Defi infrastructure,” said Thomas Mattimore, CEO of ABC Labs and Core Contributor at Reserve. “For the first time, anyone can easily get exposure to market-cap weighted index of the top 20 assets in crypto. This is the blueprint for how next-generation financial products will be built.”. 

CMC20 is launching with full ecosystem support on BNB Chain and is available for trading on PancakeSwap and mintable on the Reserve dapp. CoinMarketCap is actively partnering with DeFi protocols, centralized exchanges, and fintechs to increase CMC20’s utility, enabling lending products and yield-generation mechanisms for CMC20 holders and expanding distribution beyond DeFi.

Institutional inquiries and partnership opportunities can be directed to: institutional@coinmarketcap.com

For complete index methodology, real-time holdings data, and integration documentation, visit: https://coinmarketcap.com/charts/cmc20/

About CoinMarketCap

CoinMarketCap stands as the Home of Crypto. With over 880 million monthly page views and 14 million tracked cryptocurrencies, CoinMarketCap drives the industry forward by organizing and delivering comprehensive crypto intelligence. Major media outlets including Forbes, Bloomberg, CNBC, and The Wall Street Journal, rely on CoinMarketCap as their primary source for crypto data.

About Reserve

Reserve is a free, permissionless platform to create, own, and govern DTFs (Decentralized Token Folios), index products and asset-backed currencies launched on its protocols. Reserve’s mission is to create a more accessible financial system through decentralized index technology, allowing anyone to build and manage token baskets that work like traditional ETFs but with the benefits of blockchain.

About Lista Dao

Lista DAO is the leading BNBFi protocol on BNB Chain, offering overcollateralized decentralized stablecoin (CDP), BNB LST, Lista Lending and innovative solutions that allow users to earn rewards from Binance Launchpool, Megadrop, and HODLer Airdrops. As the first to have DeFi BNB recognized for Binance Launchpool, Lista DAO has achieved a TVL growth of 1,000% year-to-date, reaching $4.5B, making it the biggest protocol on BNB by TVL.

SHANGHAI, Nov. 17, 2025 /PRNewswire/ — H World Group Limited (NASDAQ: HTHT; HKEX: 01179), one of the world’s leading hospitality groups, delivered strong third-quarter results for 2025, with continued momentum across its asset-light expansion, loyalty ecosystem, and digital capabilities.

A Hanting Hotel room, H World’s flagship economy brand

Asset-light Strategy Continues to Drive High-quality Growth

Hotel GMV reached RMB 30.6 billion, up 17.5% year-on-year, while total revenue grew 8.1% year-on-year to RMB 7.0 billion. Revenue from manachised and franchised hotels rose 27.2% to RMB 3.3 billion, underscoring the strength of the Company’s asset-light model and sustained franchise demand.

Adjusted EBITDA increased to RMB 2.5 billion, compared with RMB 2.1 billion in the same period last year. The improvement reflects stronger operating efficiency, healthier margins, and the Group’s continued ability to convert top-line growth into solid operating performance.

Jin Hui, CEO of H World Group, said: “In the third quarter, our asset-light strategy and strong network expansion helped drive revenue above the high end of our guidance and support healthy operating profit growth. With more than 2,000 hotels opened year-to-date, we remain firmly on track to reach our target of 2,300 gross openings in 2025.”

Expanding Loyalty, Scale, and Brand Strength

H Rewards, the Group’s loyalty program, surpassed 300 million members, making it one of the largest hotel loyalty ecosystems in the world.

Members booked 66 million room nights in the third quarter, up 19.7% year-on-year, underscoring rising engagement and growing trust in the Group’s brands and digital platforms.

H World continues to advance its multi-brand strategy, with leading performance across the economy, midscale, and upper-midscale segments. Flagship brands such as Hanting, JI Hotel, Orange Hotel, Crystal Orange, and IntercityHotel remain key drivers of domestic and international network growth.

As of September 30, 2025, H World operated 12,702 hotels with 1,246,240 rooms globally. The Group opened 749 hotels in Q3 and expanded its presence across 89 additional Chinese cities year-on-year.

H World remains optimistic about long-term growth prospects in China and abroad, supported by strong franchise demand, a deeply scalable digital infrastructure, and a resilient membership ecosystem.

For the full release please visit: https://ir.hworld.com/

About H World Group Limited

Headquartered in China, H World Group Limited (NASDAQ: HTHT; HK: 01179) is a leading global hospitality company with a diversified portfolio including Steigenberger Icons, Steigenberger Hotels & Resorts, MAXX, HanTing, JI Hotel, Crystal Orange Hotel, among others. The Group emphasizes asset-light operations, digital innovation, and strategic brand development to drive sustainable international growth.

For more information, please visit H World’s website: https://ir.hworld.com/

H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

For media inquiry, please contact:
Lihuan Wang media@hworld.com
Zheming Xing zheming@taskforce-china.cn