China-headquartered solar cell and module manufacturer JinkoSolar posted revenue of RMB12.36 billion (~$1.85 billion) in the second quarter (Q2) of 2026, down 31.3% year-over-year (YoY) from RMB17.99 billion (~$2.7 billion) and below the analyst estimates of RMB15.73 billion (~$2.34 billion).

Profit after tax (PAT) stood at a negative RMB697.25 million (~$104.6 million), improving 20.4% YoY from a negative RMB876.42 million (~$131.5 million).

Earnings per share (EPS) came in at a negative RMB3.3 (~$0.5), compared with RMB4.2 (~$0.63) in Q2 2025. JinkoSolar reported a loss per American Depositary Share of RMB13.19 (~$1.98), in line with analysts’ expectations.

Dimi Du, CEO JinkoSolar Holding, JinkoSolar’s parent company, said supply-demand imbalances and changes in domestic and overseas policies continued to pressure solar prices and industry profitability. Higher costs from ramping high-efficiency products and deliveries of certain low-value orders also weighed on margins. The company is optimizing its order book and geographic mix, managing utilization rates, increasing the share of high-efficiency products, and deploying cost-reduction technologies.

JinkoSolar posted revenue of RMB12.25 billion (~$1.78 billion) in Q1 2026, down 11.5% YoY from RMB13.84 billion (~$2 billion).

1H 2026

JinkoSolar’s first half (1H) revenue came in at RMB24.61 billion (~$3.69 billion), down 22.7% YoY compared with RMB31.83 billion (~$4.77 billion).

PAT stood at RMB1.16 billion (~$174.1 million), improving 47.1% YoY from a negative RMB2.20 billion (~$329.3 million).

EPS came in at a negative RMB5.52 (~$0.83), compared with a negative RMB10.59 (~$1.59) in 1H 2025.

Business Updates

During Q2 2026, JinkoSolar completed the sale of a 75.1% stake in Jinko Solar (U.S.) Industries to FH Capital, retaining a 24.9% minority interest.

The company also launched its Tiger Neo 5.0 TOPCon module, which offers power output exceeding 700 W and module efficiency of up to 25.91%.

JinkoSolar’s cumulative module shipments surpassed 420 GW, while shipments of its Tiger Neo series crossed 250 GW.

It expanded its energy storage business, reporting higher energy storage system shipments during 1H 2026. JinkoSolar also introduced Sunny 365, an integrated solar-plus-storage solution targeting retail, artificial intelligence data centers, and manufacturing facilities.

Gener Miao, Chief Marketing Officer, said the company expects module average selling prices to improve in Q3, supported by higher spot-market prices and a larger share of premium Tiger Neo 3.0 modules. He added that JinkoSolar is prioritizing higher-value markets and products rather than competing for low-priced orders.

Outlook

The company expects full-year energy storage system shipments to more than double year over year. It revised its 2026 module shipment guidance to 60 GW to 70 GW and expects Q3 shipments to range between 15 GW and 17 GW.

Annual integrated production capacity is expected to reach approximately 100 GW by the end of 2026, including about 14 GW of overseas capacity.

High-efficiency products are projected to account for more than 60% of full-year module shipments, while TOPCon 3.0 production capacity is projected to exceed 40 GW by the end of 2026.

Du said JinkoSolar is placing greater emphasis on profitability, cash flow, and order quality over shipment volumes. Miao expects global module demand to be around 600 GW or slightly lower in 2026 and to recover to approximately 600 GW to 650 GW in 2027, supported by an improvement in China’s utility-scale market.

Charlie Cao, CEO, said production costs for Tiger Neo 3.0 are expected to decline in Q3 as newly ramped capacity reaches full operation and input costs moderate. Together with an expected improvement in module selling prices, the company expects a moderate sequential recovery in gross margin.

JinkoSolar will follow an asset-light strategy for energy storage. The company has approximately 5 GWh of battery cell capacity and 20 GWh of battery pack capacity, with no current plans for further capacity expansion. It will focus on solutions, technology, branding, marketing, and technical services while partnering with suppliers.