JinkoSolar Holding Co., Ltd. has reported RMB 12.36 billion (US$1.82 billion) in revenue for the second quarter of 2026, up 0.9% sequentially but down 31.3% year-on-year, amid continued pricing and profitability pressures across the photovoltaic industry.
The company shipped 15.96 GW of solar modules during the quarter, representing a 16.7% increase from the previous quarter and a 34.4% decline from the same period last year. First-half module shipments reached 29.6 GW, with approximately 70% delivered to overseas markets.
JinkoSolar recorded a gross profit of RMB 513.1 million, compared with RMB 1.02 billion in Q1 2026 and RMB 526.5 million in Q2 2025. Gross margin stood at 4.2%, compared with 8.3% in the previous quarter and 2.9% a year earlier.
The company reported a net loss attributable to ordinary shareholders of RMB 697.3 million, compared with a net loss of RMB 463.5 million in Q1 2026 and RMB 876.4 million in Q2 2025. Adjusted net loss stood at RMB 910.8 million, compared with RMB 549.3 million in Q1.
JinkoSolar Crosses 420 GW Cumulative Module Shipments
JinkoSolar said its cumulative solar module shipments exceeded 420 GW by the end of the second quarter, making it the first module manufacturer to reach the milestone. Shipments of its Tiger Neo series also surpassed 250 GW, making it the company’s best-selling module series.
In June 2026, the company launched its next-generation Tiger Neo 5.0 modules, achieving a power output of more than 700 W and module efficiency of up to 25.91%.
JinkoSolar expects to have more than 40 GW of TOPCon 3.0 production capacity by the end of 2026. Its total annual integrated production capacity is expected to reach approximately 100 GW, including around 14 GW from overseas facilities, by year-end.
Energy Storage Business Expands
JinkoSolar’s energy storage systems (ESS) business continued to grow, with first-half shipments increasing significantly year-on-year and gross margin improving.
The company expects full-year 2026 ESS shipments to more than double from the previous year. JinkoSolar said revenue recognition from the business remains in a ramp-up phase as project deliveries increase.
The company is also expanding its solar-plus-storage offerings through Sunny 365, an integrated solution designed for retail, AIDC and manufacturing applications.
JinkoSolar Adjusts 2026 Module Shipment Guidance
JinkoSolar has revised its full-year 2026 module shipment guidance to 60 GW–70 GW, reflecting its focus on balancing shipment volumes with profitability, cash flow and order quality.
For the third quarter, the company expects module shipments of 15 GW–17 GW, while high-efficiency products are expected to account for more than 60% of full-year shipments.
JinkoSolar said the photovoltaic industry is increasingly shifting from a focus on production capacity and shipment volumes toward effective supply, product value and earnings quality.
The company also highlighted China’s mandatory national energy efficiency standard for modules and inverters, released in July 2026 and scheduled to take effect in January 2027. JinkoSolar expects its high-efficiency products to meet the applicable Level 1 energy-efficiency requirements.
Strategic Investments and Financial Position
During Q2 2026, JinkoSolar and investment funds in which it participates completed strategic investments across 13 projects covering renewable energy, advanced materials, artificial intelligence and other emerging technologies.
During the first half of the year, the company disposed of a substantial portion of its stake in LAPLACE Renewable Energy Technology Co., Ltd., generating more than RMB 300 million in cash proceeds. The cumulative realised gain from the investment exceeded RMB 250 million.
JinkoSolar also reported that portfolio company Hangzhou Gold Electronic Equipment Co., Ltd. completed its public listing during the quarter.
As of June 30, 2026, JinkoSolar held RMB 16.94 billion in cash, cash equivalents and restricted cash, down from RMB 22.81 billion at the end of March. Net accounts receivable stood at RMB 12.61 billion, while inventories were RMB 16.47 billion.
Total interest-bearing debt stood at RMB 44.90 billion, compared with RMB 47.27 billion at the end of Q1 2026.
Focus on Higher-Efficiency Products
JinkoSolar CEO Dimi Du said module shipments increased sequentially during the quarter, while the company continued to face pressure from changing supply-demand conditions, pricing and industry profitability.
The company said it is responding by optimising its order book and geographic mix, managing production utilisation and increasing the proportion of high-efficiency products in its shipments.
JinkoSolar said its strategy going forward will focus on balancing shipment growth with profitability, cash flow and order quality, while continuing to expand its solar manufacturing and energy storage businesses.
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