If you were wondering why JinkoSolar Holding Co., Ltd. (JKS) shares were having a rough Friday, look no further than a grim financial preview from its most important piece. The solar company's stock took a notable dive after it released some preliminary, and frankly ugly, numbers for its majority-owned subsidiary, Jiangxi Jinko.

Think of it as getting a peek at the report card for the star student in the family, only to find out they're suddenly failing. The unaudited figures for the full year 2025 show Jiangxi Jinko's total revenue cratered to about 65.49 billion yuan (roughly $9.57 billion). That's a sharp 29.2% drop from the 92.47 billion yuan it posted in 2024. But the real kicker is on the bottom line: the subsidiary swung from a net profit of 98.9 million yuan last year to a net loss of 6.79 billion yuan this year. For those keeping score at home, that's a negative reversal of nearly 7,000%. Excluding one-time items, the loss was even deeper at 7.64 billion yuan.

So, what happened? It's a classic story of prices going the wrong way. The company pointed directly to "falling prices for photovoltaic products" as the culprit. This pricing pressure was so severe that it turned an operating profit of 793 million yuan in 2024 into an operating loss of a whopping 9.11 billion yuan for 2025. The equity attributable to the parent company also shrank by over 21%.

Now, a couple of important caveats here. JinkoSolar, which owns about 55.6% of Jiangxi Jinko, was quick to note that these are preliminary, unaudited numbers and they could change. They also remind everyone that this is just for the subsidiary; the consolidated financials for the whole JinkoSolar group, prepared under U.S. accounting rules, are a different beast. But let's be real—when the engine of your business sputters like this, the market is going to notice.

And notice it did. The stock's technical picture isn't painting a pretty picture either. As of this move, JinkoSolar shares were trading below their 20-day, 50-day, and 100-day simple moving averages. That's typically a sign that near-term bearish sentiment has the upper hand. It was still hanging above its 200-day average, but the overall message from the charts is one of weak momentum.

All eyes now turn to the parent company's official report card. JinkoSolar is scheduled to release its next financial update on March 25, 2026. The current analyst consensus expects a loss per share, though a smaller one than the year before, and a slight dip in revenue. The stock carries an average analyst rating of Hold with a price target around $28.62. Recent moves by firms like Roth Capital (maintaining Neutral but raising their target) and Goldman Sachs (sticking with Sell but also raising targets) suggest a cautious, wait-and-see approach is the prevailing mood on Wall Street.

In the end, Friday's drop is a stark reminder of the brutal competitiveness in the solar sector. When prices for the core product fall, even the big players can feel the pain almost instantly. Investors will be watching closely to see if this is a temporary rough patch for Jiangxi Jinko or a sign of deeper challenges for the solar giant as a whole.