Financial Statements — JKS
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Cash & Equivalents | 20.01 | 25.05 | 2.26 | 10.24 | 8.32 | 7.48 | 5.65 |
| Short-term Investments | 0.60 | 0.93 | 0.14 | 0.00 | 0.15 | 0.57 | -- |
| Accounts Receivable | -- | -- | -- | 2.42 | 1.17 | 4.53 | 0.76 |
| Inventory | 14.48 | 12.51 | 18.22 | 17.45 | 13.25 | 8.38 | 0.84 |
| Total Current Assets | 68.81 | 68.87 | 11.68 | 68.33 | 45.52 | 33.68 | 31.69 |
| Property, Plant & Equipment | 35.80 | 41.85 | 5.81 | 4.68 | 3.13 | 1.91 | 1.47 |
| Intangible Assets | 0.06 | 0.46 | 0.57 | 0.08 | 0.06 | 0.04 | 0.04 |
| Total Non-current Assets | 52.21 | 7.67 | 7.45 | 5.85 | 27.46 | 3.00 | 16.16 |
| Total Assets | 17.31 | 124.88 | 135.83 | 15.75 | 72.98 | 53.23 | 47.84 |
| Accounts Payable | -- | -- | -- | 10.38 | 1.07 | 0.68 | 4.95 |
| Short-term Debt | 10.66 | 6.93 | 13.58 | 12.42 | 13.34 | 8.24 | 9.05 |
| Total Current Liabilities | 55.04 | 54.48 | 81.06 | 9.41 | 45.46 | 31.22 | 31.28 |
| Long-term Debt | -- | -- | 13.93 | 15.13 | 11.27 | 7.98 | 2.12 |
| Total Non-current Liabilities | 5.49 | 36.16 | 21.24 | 16.72 | 13.24 | 1.38 | 4.13 |
| Total Liabilities | 13.36 | 90.64 | 102.30 | 81.66 | 58.70 | 40.24 | 5.09 |
| Total Stockholder Equity | 2.25 | 19.90 | 20.16 | 16.34 | 11.05 | 1.53 | 9.30 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Total Revenue | 9.37 | 92.26 | 118.68 | 83.13 | 40.83 | 5.38 | 29.75 |
| Cost of Revenue | 64.09 | 82.20 | 99.63 | 70.85 | 34.17 | 28.96 | 0.02 |
| Gross Profit | 1.41 | 10.06 | 19.05 | 12.28 | 6.66 | 6.17 | 5.43 |
| Research & Development | 0.13 | 0.92 | 0.13 | 0.72 | 0.46 | 0.39 | 0.05 |
| Selling, General & Admin | 3.30 | 4.60 | 4.58 | 3.51 | 1.96 | 0.22 | 1.06 |
| Total Operating Expenses | 1.48 | 13.40 | 12.96 | 1.72 | 5.56 | 4.39 | 3.70 |
| Operating Income | (8.91) | (3.34) | 6.09 | 0.06 | 1.10 | 1.78 | 0.25 |
| Interest Expense | -- | -- | 1.17 | 0.16 | 0.88 | 0.71 | 0.61 |
| Pretax Income | (1.31) | 0.26 | 1.05 | 0.29 | 1.09 | 0.09 | 0.18 |
| Tax Provision | (2.22) | 0.01 | 1.26 | 0.09 | 0.03 | 0.03 | 0.04 |
| Net Income | (0.64) | 0.05 | 0.49 | 0.09 | 0.11 | 0.04 | 0.13 |
| Basic EPS | (21.33) | 0.04 | 2.34 | 0.45 | 0.59 | 0.20 | 0.76 |
| Diluted EPS | (21.33) | (0.17) | 2.15 | 0.45 | 0.31 | (0.21) | 0.70 |
Cash Flow Statement
(in billions USD)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 | FY
2019 |
|---|
| Operating Cash Flow | 0.15 | 16.85 | 1.95 | (0.84) | 0.07 | 0.09 | 0.20 |
| Capital Expenditures | 3.19 | 9.09 | 2.15 | 12.25 | 8.65 | 4.06 | 0.47 |
| Free Cash Flow* | (3.03) | 7.76 | (0.21) | (13.09) | (8.59) | (3.96) | (0.27) |
| Investing Cash Flow | (0.77) | (2.90) | (2.14) | (1.78) | (11.31) | (4.92) | (0.87) |
| Financing Cash Flow | (0.11) | (0.86) | 1.22 | 2.90 | 1.89 | 0.97 | 1.06 |
* Derived from reported values
