# JinkoSolar Co. Ltd. A (688223.SHG)

Canonical: https://gigainvestors.com/s/688223.SHG

Analysis as of: 2026-10-16T07:37:15.895Z. Financial observations: FY2019–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 3.62 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 1.08×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.07×

- FY2022: 0.05×

- FY2023: 0.09×

- FY2024: 0.03×

- FY2025: -0.07×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 13.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 30.8%

- ROIC, second-lowest year: 8.7%

- Typical minus recent gross margin: 13.8 pp

- Typical gross margin (annual median): 13.2%

- Recent gross margin (lower of latest and 3-year median): -0.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.7%

- ROIC including acquisitions, ten-year median: -4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 40.8%

- FY2020: 39.1%

- FY2021: 30.8%

- FY2022: 19.5%

- FY2023: 35.0%

- FY2024: 8.7%

- FY2025: -13.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 3.1B

- Net income, five-year total: CNY 4.7B

- Return on incremental invested capital: -18.1%

- Working capital / revenue, annual change: 0.9 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -2.89×

- FY2022: 0.96×

- FY2023: 0.99×

- FY2024: -14.22×

- FY2025: 0.34×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 39.1% vs 8.7%

- Per-share earnings: 0.14 to 0.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.5%

- Diluted shares, 5-year annual growth: 4.5%

- Per-share value growth: -48.5%

- Per-share value change: CNY -0.13

- Per-share value, starting three-year median: CNY 0.14

- Per-share value, ending three-year median: CNY 0.01

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 6.3%

- Buyback history: 2 years

- ROIC, first three-year median: 39.1%

- ROIC, last three-year median: 8.7%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.17

- FY2020: CNY 0.13

- FY2021: CNY 0.14

- FY2022: CNY 0.27

- FY2023: CNY 0.73

- FY2024: CNY 0.01

- FY2025: CNY -0.69

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 1.38×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -2.4%

- FY2020: -2.9%

- FY2021: -2.9%

- FY2022: -1.1%

- FY2023: -13.2%

- FY2024: -6.4%

- FY2025: -7.5%

## Holders

## Price story

Down 79% since Jul 2022 · sales -29.2%

Story as of 2026-10-16T10:00:08.906Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -29.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 29B 

- FY2020: CNY 34B 

- FY2021: CNY 41B 

- FY2022: CNY 83B 

- FY2023: CNY 119B 

- FY2024: CNY 92B 

- FY2025: CNY 65B 

### Gross margin · FY2024

gross margin 7.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 19.9% 

- FY2020: 14.9% 

- FY2021: 13.4% 

- FY2022: 10.4% 

- FY2023: 13.2% 

- FY2024: 7.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in solar; annual sales are CNY 65.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2025: revenue 65491869060.27; grossProfit -389917466.22; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688223.SHG: Jinko Solar Co., Ltd. engages in the research, development, manufacturing, and sale of photovoltaic products and clean energy solutions in China, Europe, America, the Asia Pacific, and internationally. The company offers Tiger Neo 3.0, a photovoltaic module for power generation; liquid cooling energy storage system; and energy solutions, such as residential house roof, industrial and commercial distribution, and surface power plants, as well as half-cell and bifacial technology. It also provides silicon wafers, pulling rods, and batteries; photovoltaic cells; and battery components. It exports its products. The company was founded in 2006 and is headquartered in Shanghai, China. Jinko Solar Co., Ltd. is a subsidiary of JinkoSolar Investment Limited.

### Why customers stay

It earns 30.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2023: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2024: grossProfit / revenue = 7.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2025: grossProfit / revenue = -0.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); 7-year return on capital observations [[2019,0.40786329138885224],[2020,0.39098594218895366],[2021,0.3081022844875187],[2022,0.1945955723261308],[2023,0.3497121114470768],[2024,0.08739773975079386],[2025,-0.13791525073454436]]; median 0.3081022844875187. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2020: growth capex 1674934104.804875; upkeep 2328850870.965125; owner earnings 19345532.35487497. Growth capex / owner earnings = 86.57989214666406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2022: growth capex 12010209550.17; upkeep 2894683071.66; owner earnings 2832484350.406. Growth capex / owner earnings = 4.240168016620636.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); FY2023: growth capex 12497959291.029999; upkeep 7860286301.06; owner earnings 7330489795.844. Growth capex / owner earnings = 1.7049282707024136.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); Dividend observations: [[2019,260684286.3],[2020,237270645.51],[2021,387762692.5],[2022,655575136.13],[2023,1199709251],[2024,2600982832.6],[2025,778180157.06]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688223.SHG SharesStats.PercentInsiders = 64.08500000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:15.895Z); Closing price 3.62 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 6.566781787485695; price multiple 0.5512593713557877. FY2025 cash earnings/share -0.23643190772605466. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2022-01: CNY 10.51 per share

- 2022-02: CNY 12.50 per share

- 2022-03: CNY 12.26 per share

- 2022-04: CNY 12.67 per share

- 2022-05: CNY 13.95 per share

- 2022-06: CNY 14.93 per share

- 2022-07: CNY 17.38 per share

- 2022-08: CNY 16.70 per share

- 2022-09: CNY 16.67 per share

- 2022-10: CNY 16.30 per share

- 2022-11: CNY 15.08 per share

- 2022-12: CNY 14.65 per share

- 2023-01: CNY 15.50 per share

- 2023-02: CNY 15.55 per share

- 2023-03: CNY 13.93 per share

- 2023-04: CNY 12.52 per share

- 2023-05: CNY 12.73 per share

- 2023-06: CNY 14.06 per share

- 2023-07: CNY 12.43 per share

- 2023-08: CNY 10.76 per share

- 2023-09: CNY 10.10 per share

- 2023-10: CNY 9.48 per share

- 2023-11: CNY 8.88 per share

- 2023-12: CNY 8.86 per share

- 2024-01: CNY 7.94 per share

- 2024-02: CNY 8.83 per share

- 2024-03: CNY 8.28 per share

- 2024-04: CNY 7.57 per share

- 2024-05: CNY 8.15 per share

- 2024-06: CNY 7.10 per share

- 2024-07: CNY 7.31 per share

- 2024-08: CNY 7.19 per share

- 2024-09: CNY 8.81 per share

- 2024-10: CNY 9.47 per share

- 2024-11: CNY 8.75 per share

- 2024-12: CNY 7.11 per share

- 2025-01: CNY 6.12 per share

- 2025-02: CNY 6.90 per share

- 2025-03: CNY 6.48 per share

- 2025-04: CNY 5.48 per share

- 2025-05: CNY 5.20 per share

- 2025-06: CNY 5.19 per share

- 2025-07: CNY 5.23 per share

- 2025-08: CNY 5.67 per share

- 2025-09: CNY 5.56 per share

- 2025-10: CNY 5.81 per share

- 2025-11: CNY 5.63 per share

- 2025-12: CNY 5.64 per share

- 2026-01: CNY 6.33 per share

- 2026-02: CNY 7.54 per share

- 2026-03: CNY 6.51 per share

- 2026-04: CNY 6.65 per share

- 2026-05: CNY 5.86 per share

- 2026-06: CNY 4.75 per share

- 2026-07: CNY 4.34 per share

- 2026-08: CNY 4.11 per share

- 2026-09: CNY 3.83 per share

- 2026-10: CNY 3.76 per share

## Annual estimated value (CNY per share)

- FY2023: low CNY 2.58 per share, central CNY 2.59 per share, high CNY 2.61 per share

- FY2024: low CNY 2.93 per share, central CNY 2.94 per share, high CNY 2.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.