First Loss in a Decade, $7 Billion Photovoltaic Leader JinkoSolar's General Manager Resigns

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Reporter | Cao Enhui

Editor | Zheng Shifeng Zhang Weixian

The general manager position of Jinko Solar (688223.SH), a leading photovoltaic company with a market value exceeding 70 billion yuan, has changed.

On the evening of March 16, Jinko Solar announced that Chen Kangping resigned from his roles as general manager and related positions at subsidiaries due to work adjustments and was elected vice chairman of the company; former CFO Cao Haiyun took over as general manager, Jiang Rui was appointed vice general manager, and Chang Chen became CFO.

According to the announcement, after resigning as general manager, Chen Kangping will still serve as a director and member of the Strategic and Sustainable Development Committee of the board.

A reporter from 21st Century Business Herald learned that Chen Kangping is one of the core founders of Jinko Solar and is the brother-in-law of Chairman Li Xiande. His work history shows that since joining Jinko Solar in 2007, Chen Kangping has served as the company's general manager for over ten years.

Jinko Solar responded that this personnel adjustment is a normal governance and management upgrade and does not involve changes to the actual controller or board members.

As of the announcement date, Chen Kangping held about 8.41% of Jinko Solar's shares and, together with Li Xiande and Li Xianhua, acts as the company's actual controller.

The newly appointed general manager, Cao Haiyun, has extensive experience in finance and operations management. Since 2021, he has served as vice president and CFO of Jinko Solar.

Undeniably, the personnel change in the general manager position has attracted industry attention. On one hand, as one of Jinko Solar’s "key figures," Chen Kangping’s move to vice chairman somewhat diminishes his operational role; on the other hand, after experiencing its first loss in nearly a decade in 2025, Jinko Solar faces pressure to improve its business performance this year. Will this leadership change bring new vitality?

A 21st Century Business Herald reporter noted that the photovoltaic industry is currently at a cyclical bottom stage, with most PV companies under significant operational pressure and in loss-making situations.

As one of the most profitable companies in the PV module sector, Jinko Solar also faced huge losses in 2025.

According to the company's earnings forecast, in 2025, Jinko Solar achieved total revenue of 65.492 billion yuan, a 29.18% decrease from the previous year; net profit attributable to the parent company was -6.786 billion yuan, turning from profit to loss. Regarding the decline, Jinko Solar stated that last year, global PV industry chain prices fluctuated more intensely, coupled with trade protection policies in overseas markets, which generally pressured the profitability of all segments of PV module integration.

Although the company launched new products and promoted capacity upgrades in 2025, and its energy storage business grew rapidly, the overall low prices of PV modules meant that high-power product shipment ratios remained low. Additionally, based on prudence, the company conducted impairment tests on long-term assets showing signs of impairment, which impacted performance and contributed to the overall operating loss for the year.

As of noon on March 17, Jinko Solar's stock price was 7.57 yuan per share, with a latest market value of 77.7 billion yuan.

		

		

		

		

		

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