JKS

Image source: The Motley Fool. Wednesday, Aug. 26, 2026 at 8:30 a.m. ET Investor Relations Manager - Stella Wang Chief Executive Officer - Dimi Du Chief Marketing Officer - Gener Miao Chief Financial Officer - Pan Li CEO of JinkoSolar Company Limited - Charlie Cao Operator: Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Company Limited Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Stella Wang, JinkoSolar's Investor Relations Manager. Please proceed, Stella. Stella Wang: Thank you, operator. Hello, everyone, and thank you for joining us today for JinkoSolar's Second Quarter 2026 Earnings Conference Call. The company's results were released earlier today and available on the company's IR website at ir.jinkosolar.com as well as on Newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website. On the call today from JinkoSolar are Mr. Dimi Du, CEO of JinkoSolar Holding Company Limited; Mr. Gener Miao, CMO of JinkoSolar Company Limited; Mr. Pan Li, CFO of JinkoSolar Holding Company Limited; and Mr. Charlie Cao, CEO of JinkoSolar Company Limited. Mr. Du will discuss JinkoSolar's business operations and the company highlights, followed by Mr. Miao, who will provide an update on sales and marketing; and then Mr. Pan Li, who will go through the financials. Management will be available to answer questions during the Q&A session. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements, except as required under the applicable law. It's now my pleasure to turn the call over to Mr. Dimi Du, CEO of JinkoSolar. Please go ahead, Dimi. Wei Du: Hello, everyone. This is Dimi Du, and thank you for joining JinkoSolar's Second Quarter 2026 Earnings Call. It is an honor to take the role of CEO. I appreciate the trust the Board of Directors and management team have placed in me. [ Gaining ] this milestone of our 20th anniversary as we embark on the next stage of development. I look forward to working closely together to further enhance our operating performance and strategic execution to drive sustainable high-quality growth. I will begin by reviewing our operational performance in the second quarter and then outline our key priorities going forward. In the second quarter, module shipments increased sequentially to approximately 16 gigawatts. Supply and demand imbalances across the PV industry remain dynamic. These pressures were further compounded by shifts in domestic and overseas policies with prices across the supply chain and industry profitability remaining under pressure. At the cost of ramping up, our high-efficiency products remained evaluated during the quarter, together with the impact of delivering certain low-value orders, gross margin decreased sequentially during the quarter, while our net loss expanded. Facing this operating pressure, we optimized our order book and geographic mix, rationally manage utilization rates and continue to expand the proportion of high-efficiency products within shipments while introducing technologies that lower costs. These measures are driving a gradual recovery in profitability. The underlying pattern of TV industry competition is gradually shifting from capacity and shipment scale to effective supply, product value and earnings quality. The mandatory new national standard on energy efficiency for modules and inverters released in July will take effect in January 2027. The new standard set level 3 energy efficiency as a minimum threshold for market access. Products that fail to meet the minimum thresholds will not be permitted for production or sales, placing high-efficiency products in a stronger position for large-scale renewable energy project tenders. Meanwhile, the implementation of market-based pricing for renewable power is pushing customers to increasingly focusing on energy yield, reliability and the lifetime value of modules. These changes are beneficiary to industry leaders with advanced manufacturing capacity, technological expertise, global delivery and long-term service capabilities, which will accelerate the phaseout of inefficient production capacity. By the end of 2026, we expect to have more than 40 gigawatts of TOPCon 3.0 production capacity. Based on the new standard thresholds, these products are expected to meet Level 1 energy efficiency requirements and strengthen our annualized production capacity for high-efficiency products to lead the industry. We continue to advance our product portfolio and build a solid base for next-generation technologies based on our TOPCon technology road map. In June, we unveiled our newest next-generation TOPCon Tiger Neo 5.0 modules. By optimizing multiple core technologies, the TOPCon Tiger Neo 5.0 achieved mass produced efficiency of 25.91% and power output of over 700 watts, setting a new benchmark for TOPCon product performance once again. ESS shipments in the first half of the year were 3.1 gigawatt hour, increased significantly year-over-year. Benefiting from our presence in high-value market, gross margin improved year-over-year in the first half of 2026. Due to uncertainties in timing of project delivery and other factors, recognized revenue remains in ramp-up stage. Approximately 1.5 gigawatt hour were recognized in revenue in first half, including more than 1 gigawatt hour in the second quarter as project deliveries increase alongside ongoing enhancement of our in-house PCS, EMS and other capabilities, we will continue to boost efficiency of both revenue recognition and profit realization, driving high-quality growth for our ESS business. Now I will move on to our guidance for the third quarter and full year of 2026. We expect our annual integrated production capacity to reach approximately 100 gigawatts by year-end 2026, including approximately 14 gigawatts from overseas facilities. Considering demand dynamics in certain markets, we will place greater emphasis on balancing shipment volume, profitability, cash flow and order quality going forward and adjusting guidance for full year 2026 module shipments to between 60 gigawatts and 70 gigawatts and high-efficiency products accounting for over 60%. We expect module shipments to between 15 gigawatts and 17 gigawatts in first quarter of 2026. For full year 2026, we expect our energy storage system shipments to more than double year-over-year. As we continue to strengthen the competitiveness of our core solar and energy storage businesses, we are also building an investment platform through disciplined capital allocation and professional investment management that will act as a complementary driver for long-term value creation. Over the past several years, leveraging our deep industry expertise and long-term perspective on technological trends, we have made disciplined and selective investments directly or through fund platforms, focusing on strategic synergies, technological innovation and long-term value creation. Our earlier investment primarily focused on solar and energy storage value chain. In recent years, as AI drives demand for computing power and electricity demand, we have selectively expanded our investment scope to the AI ecosystem and other frontier technologies. To date, we have invested in more than 40 companies in total. As of June 30, 2026, we have invested an aggregate of approximately RMB 1.86 billion in cash. The original cash cost of the investments remaining in our portfolio is approximately RMB 1.5 billion with a fair value of approximately RMB 1.99 billion as of the same date. Our investment portfolio has generated cumulative value appreciation of approximately RMB 880 million, comprising of approximately RMB 410 million in realized gain from exit and approximately RMB 470 million in unrealized fair value from remaining investments in the portfolio. During the first half of 2026, our portfolio generated gains of approximately RMB 490 million, comprising approximately RMB 110 million in realized gains and approximately RMB 380 million in unrealized fair value gains. In the first half of 2026, we divested a substantial portion of our equity interest in LAPLACE Renewable Energy Technology Company Limited, receiving over RMB 300 million in cash proceeds. Since our initial investment in LAPLACE, the cumulative realized gain on this disposal exceeded RMB 250 million. This gain was recognized over multiple periods through fair value adjustments following its IPO in late 2024 with over RMB 100 million recorded in change in fair value of long-term investments upon settlement in the first half of 2026. In addition, Hangzhou Gold Electronic Equipment Company Limited successfully completed its listing on ChiNext market of Shenzhen Stock Exchange during the second quarter, creating an additional pathway for future value realization. Looking ahead, we will continue to maintain a disciplined approach to capital allocation, supporting the long-term development of our core solar and energy storage business will remain our top priority. At the same time, we will continue to evaluate our existing strategic investments based on the operating performance strategic synergies and the long-term value creation potential of each portfolio company while remaining disciplined and selective in pursuing new opportunities. Through strengthening our core businesses, realizing portfolio value and improving capital utilization efficiency, we remain committed to creating sustainable long-term value for our shareholders. This concludes my remarks. I will now turn the call over to Gener. Gener Miao: Thanks, Dimi. Total shipments were 36.9 gigawatts in the first half with total market shipment accounting for over 90%, leveraging sales network covering nearly 200 countries and regions and 35 service centers globally. We continue to optimize our geographic mix and the customer structure overseas. In the first half shipment to the overseas markets accounted for over 70%, mainly across Asia Pacific, Europe and emerging markets. In the second quarter, the proportion of high-efficiency product shipments improved sequentially. Our Tiger Neo 3.0 series continue to command a premium of approximately USD 0.1 per watt over conventional products. We also began to ship a small number of scenario-based product in the second quarter and gradually plan to increase deliveries in the second half. Those products already command a premium of approximately USD 0.5 to USD 0.1 per watt over conventional products. Following the launch of AIDC and other scenario-based module products in the first quarter, we recently released the Sunny 365 smart solar storage system. This comprehensive series of integrated PV storage solutions cover several scenarios such as retail, supermarkets, AIDC and manufacturing sectors. Especially the AIDC solution is built around our Tiger Neo 3.0 module platform technology and the SunTera energy storage system, capable of meeting the demand from data center for power supply reliability, energy economics and sustainable low-carbon development through the coordinated control of energy storage system, PCS, EMS and smart operations and maintenance. We recently received the highest AAA bankability rating in the Q2 2026 bankability rating report for module manufacturers released by PV Tech. Since first participating in the evaluation in 2014, we have maintained a grade rating for 12 consecutive years. Also, we were recognized as a Tier 1 energy storage provider by BNEF for the 10th consecutive quarter. These ratings reinforce our bankability project implementation capabilities and long-term delivery capabilities for the international market. Impacted by the market-based pricing mechanism for renewable energy and the pace of project investment, domestic installation demand has slowed. Yet, we observed the positive signs of shifting structural demand with national level large-scale renewable energy-based projects lead by the central and state-owned enterprises, maintaining a steady pace of progress. The share of tenders for high-efficiency modules has increased significantly in the centralized procurement and the criteria has shifted from simply pursuing lowest bidding price to greater emphasize on module efficiency, life cycle power generation performance, reliability and long-term delivery capability. High-efficiency modules have already commanded a reasonable premium in tenders. At the same time, the distributed generation market is transitioning from scale-driven growth towards a focus on scenarios and operational value. Brand reputation, channel, local services and scenario adaptabilities are becoming increasingly critical. This trend benefits enterprises with global channel, established brands and differentiated products, which enable conversion of technology and product power into more stable price relationship and product value. Looking forward to 2027, as electricity pricing marketization policies are gradually absorbed and mechanism-based pricing and project ROI models become clear, several projects that were delayed due to insufficient returns are expected to gradually resume. Large-scale renewable energy-based products, direct green power connection and distributed scenario-based application will continue to drive domestic demand. The overseas market is expected to maintain some growth resilience, benefiting from energy security, growing power demand and improved solar plus storage economics. Leveraging our global sales network, leading high-efficiency products and continuously expanding solar plus storage solutions, we will capitalize on the opportunities arising from change in demand structure and expanding application scenarios. We will continue to optimize our market and product mix and leverage our technological advantages to strengthen our presence in high-value markets, enhance product value and improve the quality of our operations. With that, I will turn the call over to Pan. Mengmeng Li: Thank you, Gener. Leveraging our leading position and high-efficiency products, we optimized our sales mix during the quarter, resulting in gross margin reaching 4.2%, up 1.3 percentage points year-over-year. We also continue to optimize our capital structure and cash flow management and generated positive operating cash flow during the period, a significant improvement compared to last quarter. Our asset to liability ratio declined by approximately [ 1.5 ] percentage points from the beginning of the year. For the remainder of the year, our focus will be on balancing scale and earnings quality while carefully controlling cash flow. We expect full year operating cash flow to improve compared to '25. Looking at our second quarter financials in more detail. Total revenue was $1.82 billion, up 0.9% sequentially and down 31% year-over-year. The sequential and year-over-year changes were mainly due to the fluctuation in the shipment volume of modules. Gross margin was 4.2% compared with 8.3% in the first quarter and 2.9% in the second quarter last year. The sequential decrease was mainly due to lower average selling price of solar modules, while the year-over-year increase was primarily due to a higher ASP. Total operating expenses were $287 million, up 21% sequentially and 2% year-over-year. The sequential and year-over-year increases were mainly due to higher expected credit losses in the second quarter this year. Operating expenses accounted for 15.8% of total revenues compared to 13.1% in the first quarter this year and 10.6% in the second quarter last year. Operating loss margin was 11.6% compared with 4.8% in the first quarter this year and 7.7% in the second quarter last year. Moving to the balance sheet. At the end of second quarter, our cash and cash equivalents were about $2.5 billion compared with about $3.3 billion at the end of the first quarter this year. AR turnover days was 113 days compared with 128 days in the first quarter of '26. Inventory turnover was 125 days compared to 142 days in the first quarter this year. At the end of the second quarter, total debt was about $6.6 billion compared to about $6.8 billion at the end of the first quarter of '26. Net debt was $4.1 billion compared to $3.5 billion at the end of the first quarter of '26. This concludes our prepared remarks. We are now happy to take your questions. Operator, please proceed. Operator: [Operator Instructions] Your first question comes from Brian Lee with Goldman Sachs & Company. Tyler Bisset: This is Tyler Bisset on for Brian. ASPs declined pretty meaningfully sequentially. So curious how you're viewing ASPs so far in Q3? And how much of an impact you could see from greater shipments of Tiger Neo 3.0 modules? Gener Miao: So yes, for the ASP side, we are expect -- firstly, apple-to-apple, we are expecting the price goes up a little bit in Q3. And if we look into the average prices, it will go up as well because the first reason is because from the current market situation, the price is going up because of different reasons, the spot market goes up. So most of the DG prices are following the spot market. So we are expecting the price of Q2 goes up. The second reason is because the mix of different products. Our 3.0 product, which is a premium product ratio in Q3 will be definitely higher than Q2, which will be helpful to lift up the ASP in Q3 as well. Tyler Bisset: Super helpful. And we have seen pricing for wafers and cells increase pretty meaningfully over the past months. We've also seen futures prices for poly also increasing following some industry self-regulation. So I wanted to see how you're thinking about your input costs over the near term and whether you're expecting any impacts from some of these recent moves in input costs? Haiyun Cao: So you are talking about the increased cost. So -- we believe it's a kind of healthy rebound, including polysilicon glasses and a couple of materials. And that is why I think we -- in repair and increased the module price. We don't believe this is going to have negative impact on the customer side. And if you look at the landscape and the solar is the cheapest energy sources. And now there's a huge demand for storage and solar plus storage will be the dominator of the energy diversification for most of the ratings. Tyler Bisset: Okay. And just one more from us. Can you provide any more details on how you're balancing shipment volumes and profitability and how that weighed on your shipment volume guidance for the year? Like are there certain markets that you are prioritizing or deemphasizing? Haiyun Cao: We guided down the shipments, right, to 60 to 70. That's a clear message. And we don't believe it's the right time to focus on the scale and the profitability and the operating cash flow is the key. So we do a lot of optimization of the structures, not only the market as well as the products and efficiencies even our employee resources. And particularly, if you look at 2026 and the demand in China is 30% to 40% more than last year. So definitely, we have less and less exposure in China, and China is still relatively competitive and pricing is one of the lowest markets. But what we are doing is not only the country by country as well as the customer by customer. And on top of that, because we are rolling out the Tiger Neo 3, that is one of the key markets and targeting the residential markets and particularly for the premium markets, including United, including Europe. So that is one of the area we'd like to penetrate more market share and to get relatively good probabilities. So I'd just like to take the opportunity to -- I think the investor on the call and this quarterly meeting, earnings release are relatively different. And if you look at the JKS and the U.S. companies, we like to reposition the company's strategies. And firstly, JKS is kind of the [indiscernible] shareholders of Jinko China, the company, which is the focus on integration of the solar plus storage. But now JKS has more capabilities in the last 5 years, we built up a very, very strong strategic investment teams and invest dozens of investments, a lot of investments are very, very successful. And in the last 5 years, we focus on solar storage related upstream, downstream kind of the very high-growth potential companies to make the financial investment and to get the investment returns and as well as get some synergies for Jinko China. On top of that, because China is more kind of more competitive on the new technology like the AI content and computing, robotics and the team is shifting the focus to more kind of strategic broad industries, particularly the next generation. So we think the JKS is kind of shifting to both. One is the controlling of the Jinko China and focus on renewable energy. And on top of that, the JKS and the U.S. companies were shifting more capabilities to invest on the high-growth opportunities. China is the second most powerful country. There's a lot of massive opportunities, and we are able to -- our teams are able to take the advantage. So we would like to invest gradually to have the communication with our IR teams. And to understand what is the progress, particularly for the strategic investment we are planning and we have made, which we believe will be get a very strong return for the JKS in the next 2 or 3 years. And again, we think it's good for the valuation of JKS. If you look at purely the China which is U.S., there's a very big valuation gap in the U.S. is just 20%, 30% valuation. And plus we have a lot of portfolio investments and unique investment, which we are able to monetize. And so I'd like to take the opportunity to bring this key topic and have the investors understand, okay, what we are going to do and in the future. Operator: Your next question comes from Phil Shen with ROTH Capital Partners. Philip Shen: Dimi, nice to meet you. Congratulations on the new position. I wanted to check in with you guys on the Section 232. Specifically, given your recent transition and sale of your U.S. assets to FH Capital, can you talk about the impacts of the 232 on that JV? What kind of -- how do you expect module pricing to be impacted? And then ultimately, do you expect the landscape of manufacturers to shift as a result of the Section 232? Haiyun Cao: In general, we believe it's kind of very good for Jinko's strategy to invest our manufacturing shifting to entities in the United States. And specifically, I think JV because we are the financial minority investors, we are not in a position to discuss the plan for the joint ventures because the majority shareholders take the leadership, and we are not involved in any operations. But for the 232, in general, we believe that is consistent with Trump administration to bring manufacturing back to the United States, not only the module capacity as well as the wafer polysilicon and the solar cell capabilities. And we have expectation anticipation that 232 will be coming in the early year, but it's come a little bit late, but we have some kind of diversified the potential supply chain to minimize the impact. But anyway, we believe that is going to be increased the cost of the solar modules. That is going to have the impact to the solar development cost. But we believe because of the it's a little bit significant increase for the potential solar module price, but it does not have a significant impact for the solar farm investment returns given the U.S. PPA prices in recent years, gradually increased to a relative competitive but a little bit higher level. So back to your question, and we think it's anticipated, but it's a little bit exceeding expectation because the input price tax rate is a little bit higher, but it's not so high to make the industry demand dramatically go down. We still believe U.S. is a good market in the next few years. And Jinko has minority interest and the joint venture will penetrate the U.S. market to take the opportunity in the U.S. market. Philip Shen: Okay. Charlie. So would you expect pricing to kind of go to $0.42, $0.44 in the U.S.? You guys are a JV minority owner now, but I got to imagine you have some views on pricing. So what's your sense of where module pricing goes in the U.S. Haiyun Cao: If I look at the minimum price [ 38 ] right, 15% tariff, I think the market is evaluating the potential impact and customers evaluating how they are going to proceed their project plan. And I think we don't have definitive answer from customers, but the initial feedback is that most project will continue even under the kind of 232 policy disruptions. That is my initial preliminary information. Philip Shen: Okay. Great. That's very helpful. And then as it relates to -- you just mentioned 2 elements of the 232, the minimum import price and then the 15% ad valorem tariff. There's also a third part, which is the tariff rebate program that is based on U.S. CapEx. Would you expect your JV to qualify for that tariff rebate program? Haiyun Cao: It's still the JV question. I'm not in a position. But based on interpretation of policy, my understanding is first is the kind of new capacity expansion. Secondly, it should include wafer cell and maybe polysilicon, right? It's a new capacity addition. It's not included. The solar module is not included. And it looks like it's targeting for the wafer cell and as well as polysilicon. Philip Shen: Right. That's true. It's based on new capacity, but it can support manufacturers to expand capacity. So okay, I'll pass it on. Operator: Your next question comes from Rajiv Chaudhri with Sunsara Capital. Rajiv Chaudhri: I have a few questions. Starting with -- can you calibrate for us the size of the market that you expect globally this year in 2026 and then break it down between the total size in China and international? Gener Miao: So you mean the 2026 total demand, right? Rajiv Chaudhri: Yes. Gener Miao: So I think 2026, we are expecting a low year because of the sharp drop of the China domestic demand. If you are looking number-wise, we are thinking roughly module side, it will be roughly 600 gigawatts or slightly below that. That will be our expectations. And if you break them into different categories, you will find out, for example, in China, you will find out it is mainly the demand disappear from the utility market, but the distribution market are still strong or robust during the first half. And if you look at the non-China market demand, you will find out the European market had some up and downs during the first half. But if we look into the total numbers because of the first quarter rush of the VAT policy change in China, most of the non-China demand is almost in line with the expectations, even slightly higher than last year. So that's what we had for the first half and our expectation for this year. And for next year, we believe there will be some recovery in the utility market in China. So we are expecting a better 2027 demand than 2026. So if you want to quantify that, we will look at roughly something between 600 to 650 gigawatts in 2027 versus around 600 gigawatts or slightly below 600 gigawatts in 2026. Rajiv Chaudhri: Okay. So if the 2026 is around 600, that means that you're now looking at your market share globally going down from last year because your market share would be about 11%, right? Gener Miao: Yes. There are some reasons behind it, right? First one is we call access market is reducing, right? So there are certain sizable market is introducing more and more strict barriers, trade barriers or policy barriers, which is not easy to access, right? So the second reason is because the competition across the manufacturers, where some of the Tier 3, Tier 2 players, they are playing low price strategy, sacrificing the quality, et cetera, to attack the market or protect their own cash flow, which is not what Jinko can do. So Jinko is still taking care of the long-term reputation and the quality. So that's why we have to give up some of the low-priced steel and protect our own interest. Rajiv Chaudhri: So breaking it down, when you said about some markets becoming less easy to access, I assume you're talking primarily about the United States. Can you give us a sense of what you expect out of that 65 million gigawatts that you expect this year, roughly what percentage will be the U.S.? And what you think going forward longer term, your U.S. sales will be as a percentage? Gener Miao: Yes. Sorry to jump in, but not only U.S. Even, for example, Europe, they have this kind of rules asking for all the EU-funded projects or financed projects cannot use China-based or Chinese factor factories. So for India, it's a kind of technical barrier, but for Chinese China-based manufacturing is not accessible at all as well, together with some other mid or small size of the market as well like Turkey, like other markets. So I won't name all of them. But definitely, U.S. is one of them or one of the big ones, but it's not the only one, just many more because of different reasons, geopolitical or securities. Rajiv Chaudhri: I see. Okay. Moving on to another question about credit losses. Can you elaborate on what you mean by that and what happened actually in the second quarter? Haiyun Cao: Rajiv, [indiscernible] credit loss for accounts receivable [indiscernible]? Rajiv Chaudhri: Yes. Can you just give us more details on that? Haiyun Cao: So you mean kind of provision or whatever you are looking at, right? Rajiv Chaudhri: Yes. You mentioned in your comments that one of the reasons for higher operating expenses in the second quarter was that you experienced some credit losses. And I was just looking for some elaboration. Was it some particular customers who went delinquent? Haiyun Cao: So Rajiv, [indiscernible]. But based on my understanding, it's kind of we didn't have any kind of deteriorated credit from customers and it's kind of accounting perspective based on the agents. And actually, if you look at the operating cash flow, we delivered positive RMB 600 million in the first half year. And the healthy operating cash flow is one of the key focus from management perspective, and we don't see any significant bad [ debts ] or whatever from a customer perspective. Rajiv Chaudhri: Okay. Another question is on -- you mentioned that the cost of production of the newer product line, the 3.0 remained elevated. Can you explain some of the reasons why? Because we were expecting actually the cost to start to come down as you ramped up. What happened? Haiyun Cao: The second quarter, we ramp up the new facility, the Tiger Neo 3 and ramping up typically, the cost is relatively higher. On top of that, in the second quarter, because the first quarter, the raw material cost, the shiver cost is relatively higher. So carry forward to the second quarter, the cost is relatively higher. But it's a kind of a combination of 2 factors together to result the relatively higher cost. But we expect the cost will be lower in the third quarter with the capacity reaching to full operational status as well as the input cost is relatively lower compared to the second quarter. Rajiv Chaudhri: So -- and given that you're expecting the ASPs also to be up in the third quarter, are you suggesting that gross margin could bounce up quite nicely in the third quarter? Haiyun Cao: We did expect gross margin moderate improvement in the third quarter. Rajiv Chaudhri: Okay. And can you also talk a little bit about the Mr. Xiande Li stepping down from the CEO's position. This is obviously a tough time for the company. Can you just elaborate on why he's chosen to do it at this time? Haiyun Cao: I think Xiande Li, our Chairman, is the founder, is always focused on the strategic long-term vision, and I don't believe there's any change because of the change of the Chief Executive Officer because JKS is a controlling shareholder of Jinko China. And so the key business of JKS on top of the controlling shareholder of Jinko China, that is the primary entity to operate the business. And the Chairman believes this is the right time JKS on top of the controlling shareholder business and doing the strategic investment because our Chairman built up the teams strategic investment teams and 5 years ago, there is a strong track record in the last 5 years, and it is the right time to catch up the massive opportunities in China, not only in the last 5 years, there's a solar and storage investment opportunity as well as AI, robotics, quantum computing, a lot of investment opportunities. So that is why I think I just like -- I think I talked about in the beginning of the conference call, and we like to invest to have take the time to understand what we have done in the last 5 years for strategic investment, over investment cash out maybe 60%. And there is a very good investment opportunity the team have invested, including the recent large model, the AI model, maybe you heard from the news, and we believe there will be a good opportunity to take to make investment return through the strategic investment platform. Rajiv Chaudhri: Okay. Moving on to capital spending. Can you tell us what the capital spending plan is for this year and how you're thinking about 2027? Obviously, you're running well below the 100 gigawatt capacity that you have. Should we expect basically very little capital spending in the next 2 years? Haiyun Cao: Yes, correct. There will be very, very small minimum and minor upgrades, and we don't expect any significant investment. Even if we want to do some -- in the future, we do the local manufacturing in the key countries out of China for the local market, we will do through the joint venture structures that will minimize our CapEx as well. That is depending on if the market is getting rebound. So back to your question, I don't believe it is significant and should be very small on the maintenance CapEx in the next 2 years. Rajiv Chaudhri: So is the $5 billion number of maintenance CapEx or even less than that? Haiyun Cao: It should be significantly lower, maybe $500 million or maybe $1 billion, and it should be very, very small. Rajiv Chaudhri: I see. Okay. And how much CapEx is required in the storage business? Haiyun Cao: Storage, we don't have capacity plan. But currently, we have roughly 5 gigawatts battery cell and 20 gigawatt battery pack. We don't have plan to do the capacity expansion. And we would like to take the light approach and partner with different suppliers. And the key element -- key part is the solution for AIDC for different tastes, different projects and the technical branding and marketing capability and the technical services that will be the key investment, but the investment on the -- I think the team [indiscernible]. Rajiv Chaudhri: I see. Okay. So your business model in storage is basically an asset-light model? Haiyun Cao: Yes, yes. Rajiv Chaudhri: Yes. Now going back to module market share, do you think that in the second quarter also you were #1 in the world? Haiyun Cao: Yes, in the first half year, and we are -- I think we are still #1, that is our target. And the key is we need to get through the cycles and we develop our capabilities and the volume does not show any capabilities. Capabilities shows we are able to have more good planning and we make sure we have more capabilities to select different customers and different markets and branding and marketing activities and they start, we don't believe the [indiscernible] will see something. Rajiv Chaudhri: Okay. So at what level do you think your -- given that some markets are becoming more difficult, as Gener mentioned, at what level do you think your market share globally bottoms out? At the peak, it was around 15% roughly the last couple of years ago. And now you're heading towards 11% to 12%. Where do you think that number bottoms out? Haiyun Cao: Frankly, I don't have a target number, but I think 10% is a reasonable number for current stage. But the markets pick up, we think we have -- we should be ready to get more market share. Operator: The next question comes from Alan Lau with Jefferies. Alan Lau: Also, congratulations Dimi to become the CEO of the company. So I would like to follow up on a couple of stuff. First of all, the Section 232, I heard there are already quite significant inventory in the U.S. like BNEF is quoting close to 100 gigawatts. I'm not sure if you are aware of it. And we would like to know how much inventory we have to get prepared for the policy change? Haiyun Cao: We did have preparations and -- but it's based on the short-term sales contract, right, in the next 2 or 3 months. And typically, we will be doing some kind of purchase agreement. And -- but because there's still a sufficient time, right, 2 or 3 months, and we will purchase on a regular basis. And we believe because the cost structure is a little bit high, and we believe the market are able to absorb the potential cost increase. Alan Lau: Understood. So how much inventory in the market do you see? Haiyun Cao: We don't have the information. You mean the module, right? Alan Lau: Yes, yes, yes. Gener Miao: I think you can track the customer data, maybe 2, 3 months later, you will see the U.S. customer data. So it will have a better understanding about how many or how much megawatt has been imported. Alan Lau: Understood. Understood. So also heard some feedback on the Section 337 investigation regarding to the TOPCon patent. I wonder if -- how do you see it? And is it affecting any of the TOPCon sales in the U.S.? Haiyun Cao: Is that the First Solar penalties? Alan Lau: Yes, patent case and also the Section 337 investigation and yes, there's some feedback suggesting that -- yes, this might impact or this might create some problems for selling TOPCon into the U.S. market. Haiyun Cao: I didn't hear the information or any update. But again, based on our internal, external teams, and we are quite confident in our patent capabilities, and we don't see any disruption for Jinko so far. Alan Lau: Understood. So -- and regarding the strategic cooperation with one of the U.S. major players, I wonder if you might share the progress on that front? Like is there updates or -- because there's a recent announcement of a $10 billion of investment into building solar capacities by that largest player in the ESS. So wonder if what the progress of our discussion with that player? Haiyun Cao: We didn't have any progress so far. If any significant improvement we were any progress I think we may take the news but globalization is our strategy is cooperation with different partners, not only in the United States in different countries is what are the key area we would like to take and explore the different opportunities. And if we reach to significant progress, we definitely will share the news. Alan Lau: Understood. So my last question is on the ESS business. So I think in the last quarter, in the PowerPoint, it showed around 1.42 gigawatt hour of ESS shipment POD, while in this quarter, it seems the number is revised or I'm not sure if the way of calculating the shipments is different, but it seems that Q1 has a lower number of shipments, whereas Q2, there's 1 gigawatt hour plus shipment. And it seems the company is reiterating its annual target. So does it mean that in second half, there will be close to 8 gigawatt hour of shipment? Haiyun Cao: It's second half year loaded and because a lot of projects we shipped, but we need to go through different stage, including testing, commissioning and particularly for the large-scale ESS project. And we have the confidence that we are able to achieve our guidance by the end of the year. And if you look into next year and second, third quarter should be -- we are able to recognize maybe 3 to 4 gigawatt hours a quarter next quarter. Alan Lau: Understood. So how much was shipped in the first quarter because it seems there's a change in the method of calculation or what? Haiyun Cao: First half, we shipped, I think, 3 gigawatt hours. And again, last year, we shipped, I think, over 5 gigawatt hours. But last year, we look at just 1 gigawatt hours. So there is a gap for gigawatts carry forward into this year. Anyway, [indiscernible]. Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect. Before you buy stock in JinkoSolar, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and JinkoSolar wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. JinkoSolar (JKS) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares dropped 4.63% in premarket trading after the solar module manufacturer reported second-quarter results that fell short of analysts’ expectations for both earnings and revenue. The company recorded an adjusted loss of RMB13.19 ($1.94) per ADS, considerably wider than the consensus forecast for a loss of RMB6.09. Revenue declined 31.3% year-over-year to RMB12.36 billion ($1.82 billion), compared with RMB17.99 billion in the second quarter of 2025. The result was also well below the analyst consensus estimate of RMB15.73 billion. JinkoSolar shipped 15,961 MW of modules during the second quarter, representing a 34.4% decline from the same period last year. Profitability also came under pressure, with gross margin falling to 4.2% from 8.3% in the first quarter of 2026. The company attributed the contraction primarily to lower average selling prices for solar modules and elevated expenses associated with increasing production of its higher-efficiency products. CEO Dimi Du noted that “the cost of ramping up production of our high-efficiency products remained elevated during the quarter and impacted our gross margin and bottom line when combined with the delivery of certain low-value orders.” For the third quarter of 2026, JinkoSolar expects module shipments of between 15.0 GW and 17.0 GW. The company also revised its full-year 2026 module shipment guidance to between 60.0 GW and 70.0 GW. The midpoint of 65.0 GW represents a reduction from its previous expectations. JinkoSolar expects higher-efficiency products to account for more than 60% of total module shipments during the year as it continues shifting its product portfolio towards more advanced technologies. While the core solar module business faced weaker revenue, shipments and margins, JinkoSolar reported more encouraging trends within its energy storage system operations. ESS shipments increased significantly year-over-year during the first half of 2026, accompanied by an improvement in gross margins. The company expects full-year energy storage system shipments to more than double compared with 2025, potentially providing an increasingly important source of growth as challenging pricing conditions continue to affect the solar module market. The combination of a wider-than-expected quarterly loss, a sizeable revenue miss and reduced shipment expectations weighed on JinkoSolar shares, despite signs of progress within its energy storage business. JinkoSolar Holding Co stock price

SHANGRAO, China, Aug. 26, 2026 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in clean energy technology, today announced its unaudited financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Business Highlights Core Solar and Energy Storage Business Highlights Total module shipments for the first half of 2026 were 29.6 GW, with approximately 70% shipped to overseas markets. By the end of the second quarter, we became the first module manufacturer in the world to have delivered a total of over 420 GW of solar modules, with total shipments of the Tiger Neo series surpassing 250 GW, making it the best-selling module series in our history. In June 2026, we set new performance benchmarks for our TOPCon modules with the launch of the next-generation Tiger Neo 5.0 module, featuring power output of over 700 W and module efficiency of up to 25.91%. Shipments of energy storage system for the first half of 2026 increased significantly year-over-year, accompanied by an expansion in gross margin. Strategic Investment Highlights During the second quarter, the Company, together with investment funds in which it participates, completed strategic investments across 13 projects in renewable energy, advanced materials, AI, and other frontier technologies. During the first half of 2026, the Company disposed of a substantial portion of its equity interest in LAPLACE Renewable Energy Technology Co., Ltd., generating over RMB300 million in cash proceeds. Since our initial investment, the cumulative realized gain on this disposal (net of cost and transaction fees) exceeded RMB250 million. This gain was recognized over multiple periods through fair value adjustments following its IPO in late 2024, with over RMB100 million recorded in change in fair value of long-term investment upon settlement in the first half of 2026. Additionally, our portfolio company, Hangzhou Gold Electronic Equipment Co., Ltd., successfully completed its public listing during the second quarter, marking an important milestone in the development of our strategic investment portfolio. Second Quarter 2026 Operational and Financial Highlights Quarterly shipments of solar modules were 15,961 MW, up 16.7% sequentially and down 34.4% year-over-year. Total revenues were RMB12.36 billion (US$1.82 billion), up 0.9% sequentially and down 31.3% year-over-year. Gross profit was RMB 513.1 million (US$75.6 million), down 49.6% sequentially and 2.5% year-over-year. Gross profit margin was 4.2%, compared with gross profit margin of 8.3% in Q1 2026 and gross profit margin of 2.9% in Q2 2025. Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB697.3 million (US$102.8 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB463.5 million in Q1 2026 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB876.4 million in Q2 2025. Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB910.8 million (US$134.2 million), which excludes the impact of (i) the change in fair value of long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share-based compensation expenses, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB549.3 million in Q1 2026 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB856.4 million in Q2 2025. Basic and diluted losses per ordinary share were RMB3.30 (US$0.49) and RMB3.30 (US$0.49), respectively. This translates into basic and diluted losses per ADS of RMB13.19 (US$1.94) and RMB13.19 (US$1.94), respectively. Mr. Dimi Du, JinkoSolar's Chief Executive Officer, commented, "Module shipments increased sequentially to approximately 16 GW during the quarter, bringing first half module shipments to approximately 29.6 GW, once again at the forefront of industry. By the end of the second quarter, cumulative shipments of our high-efficiency N-type Tiger Neo series surpassed 250 GW, making it the best-selling module series in our history. Leveraging a sales network covering nearly 200 countries and regions and 35 service centers globally, shipments to overseas markets accounted for around 70% of the first half total. Supply and demand across the PV industry remain dynamic and with policy shifts in both domestic and overseas markets, prices along the supply chain and industry profitability continued to be under pressure. The cost of ramping up production of our high-efficiency products remained elevated during the quarter and impacted our gross margin and bottom line when combined with the delivery of certain low-value orders. In response, we optimized our order book and geographic mix, managed utilization rates, and continued to increase the proportion of high-efficiency products within our total shipments while introducing technologies that lower costs. The PV industry is gradually shifting its focus from production capacity and shipment scale toward effective supply, product value, and earnings quality. The mandatory national energy efficiency standard for modules and inverters, released in July 2026, will take effect in January 2027 and sets minimum energy efficiency thresholds for market access. We are already seeing this shift in customer behavior, with the share of tenders for high-efficiency modules increasing significantly which also command a premium. The distributed PV market is likewise transitioning from scale-driven growth toward scenario-based and operational value. We believe these changes will benefit industry leaders such as ourselves, allowing us to capitalize on our advanced manufacturing capacity, technological expertise, established brands and global delivery capabilities. We expect to have more than 40 GW of TOPCon 3.0 production capacity by the end of 2026. Based on the current standard requirements, the relevant products are expected to meet the Level 1 energy-efficiency requirements. In June, we unveiled our next-generation Tiger Neo 5.0 modules, which, through the optimization of multiple core technologies, achieved mass-produced efficiency of 25.91% and power output of over 700 W, once again setting a new benchmark for TOPCon product performance. We are also extending our technology into scenario-based applications, most recently through Sunny 365, a suite of integrated solar-plus-storage solutions designed for retail, AIDC and manufacturing scenarios. Our energy storage systems (ESS) business maintained its momentum, with shipments in the first half of the year increasing significantly year-over-year and gross margin improving year-over-year. Given uncertainties in the timing of project delivery and other factors, recognized revenue remains in the ramp-up stage. As project deliveries increase, alongside the ongoing enhancement of our proprietary PCS, EMS and other capabilities, we expect to improve the recognition contribution and profit realization and to drive higher-quality growth in this business. Alongside our core businesses, we are building an investment platform as a complementary driver of long-term value creation. Over the past several years, we have made selective investments in more than 40 projects through direct investments and investment funds in which we participate, initially focusing on the solar and energy storage value chains and more recently extending into AI and other frontier technologies. During the first half of 2026, we divested a substantial portion of our equity interest in LAPLACE Renewable Energy Technology Co., Ltd., generating cash proceeds of over RMB300 million, while Hangzhou Gold Electronic Equipment Co., Ltd., one of our portfolio companies, successfully completed its listing on the ChiNext Market of the Shenzhen Stock Exchange. These milestones demonstrate the progress we are making in realizing value from our investment portfolio. We will continue to allocate capital prudently, with the long-term development of our core solar and energy storage businesses remaining our top priority, while selectively pursuing strategic investments that can support sustainable long-term value creation. Looking ahead, we expect our annual integrated production capacity to reach approximately 100 GW by year-end 2026, including approximately 14 GW from overseas facilities. Considering demand dynamics in certain markets, we will place greater emphasis on balancing shipment volume, profitability, cash flow and order quality, and are adjusting our full year 2026 module shipment guidance to between 60 GW and 70 GW, with high-efficiency products accounting for over 60% of the total shipments. For the third quarter of 2026, we expect module shipments to be between 15 GW and 17 GW." Second Quarter 2026 Financial Results Total Revenues Total revenues in the second quarter of 2026 were RMB12.36 billion (US$1.82 billion), representing an increase of 0.9% from RMB12.25 billion in the first quarter of 2026 and a decrease of 31.3% from RMB17.99 billion in the second quarter of 2025. The sequential and year-over-year changes were mainly due to the fluctuations in the shipment volume of solar modules. Gross Profit and Gross Margin Gross profit in the second quarter of 2026 was RMB513.1 million (US$75.6 million), compared with gross profit of RMB1.02 billion in the first quarter of 2026 and gross profit of RMB526.5 million in the second quarter of 2025. Gross profit margin was 4.2% in the second quarter of 2026, compared with gross profit margin of 8.3% in the first quarter of 2026 and gross profit margin of 2.9% in the second quarter of 2025. The sequential decrease was mainly due to a lower average selling price of solar modules, while the year-over-year increase was primarily due to the higher average selling price of solar modules, partially offset by a higher unit cost of products sold. Loss from Operations and Operating Margin Loss from operations in the second quarter of 2026 was RMB1.44 billion (US$211.7 million), compared with loss from operations of RMB588.2 million in the first quarter of 2026 and loss from operations of RMB1.38 billion in the second quarter of 2025. The sequential increase was primarily attributable to the decrease in our gross margin in the second quarter of 2026, while the year-over-year increase was primarily due to the increase in our operating expenses in the second quarter of 2026. Operating loss margin was 11.6% in the second quarter of 2026, compared with operating loss margin of 4.8% in the first quarter of 2026 and operating loss margin of 7.7% in the second quarter of 2025. Total operating expenses in the second quarter of 2026 were RMB1.95 billion (US$287.3 million), representing an increase of 21.3% from RMB1.61 billion in the first quarter of 2026 and an increase of 2.3% from RMB1.91 billion in the second quarter of 2025. The sequential and year-over-year increases were primarily due to higher expected credit losses in the second quarter of 2026. Total operating expenses accounted for 15.8% of total revenues in the second quarter of 2026, compared to 13.1% in the first quarter of 2026 and 10.6% in the second quarter of 2025. Interest Expenses and Interest Income Interest expenses were RMB386.9 million (US$57.0 million), and interest income was RMB113.6 million (US$16.7 million) in the second quarter of 2026. Net interest expenses in the second quarter of 2026 were RMB273.3 million (US$40.3 million), representing an increase of 0.9% from RMB270.7 million in the first quarter of 2026 and an increase of 45.9% from RMB187.3 million in the second quarter of 2025. The year-over-year increase was primarily attributable to new lease liabilities recognized in connection with lease contracts executed in late 2025. Subsidy Income Subsidy income in the second quarter of 2026 was RMB201.8 million (US$29.7 million), compared with RMB331.9 million in the first quarter of 2026 and RMB12.0 million in the second quarter of 2025. The sequential and year-over-year changes were primarily attributable to the changes in government grants related to income. Exchange Loss/Gain The Company recorded a net exchange loss of RMB325.4 million (US$48.0 million) in the second quarter of 2026, compared to a net exchange loss of RMB482.8 million in the first quarter of 2026 and a net exchange gain of RMB276.7 million in the second quarter of 2025. The sequential and year-over-year changes were mainly attributable to fluctuations in the exchange rates of the US dollar and euro against RMB in the second quarter of 2026. Change in Fair Value of Forward Contracts and Commodity Futures The Company recorded a net loss from change in fair value of forward contracts and commodity futures of RMB48.4 million (US$7.1 million) in the second quarter of 2026, compared to a net loss of RMB354.7 million in the first quarter of 2026 and a net loss of RMB178.8 million in the second quarter of 2025. The sequential improvement was mainly due to the decrease of loss from change in fair value of commodity futures in the second quarter of 2026, while the year-over-year improvement was primarily due to the decrease of loss from change in fair value of forward contracts in the second quarter of 2026. Change in Fair Value of Long-term Investment The Company holds certain equity interests in several companies operating across the photovoltaic, energy storage, and artificial intelligence sectors, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of June 30, 2026, the Company had RMB1.99 billion (US$294.0 million) in long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities) and available-for-sale securities, compared with RMB1.10 billion as of March 31, 2026. The Company recognized a gain from change in fair value of long-term investment of RMB 370.3 million (US$54.6 million) in the second quarter of 2026, compared with a gain of RMB124.4 million in the first quarter of 2026 and a gain of RMB42.3 million in the second quarter of 2025. The sequential and year-over-year improvements were primarily due to fair value gains from a previously invested company that went public in the second quarter of 2026, reflecting both post-IPO share price appreciation on the original investment and the incremental fair value from additional investments made during the second quarter of 2026. Other Loss/Income, Net Net other loss in the second quarter of 2026 was RMB23.9 million (US$3.5million), compared with net other income of RMB34.9 million in the first quarter of 2026 and net other loss of RMB204.7 million in the second quarter of 2025. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the second quarter of 2026. Gain from disposal of a subsidiary On May 31, 2026, we completed the transfer of 75.1% equity interest in Jinko Solar (U.S.) Industries Inc. to FH JKV Holdings Limited for total cash consideration of RMB1.31 billion (US$191.5 million). The transaction resulted in a pre-tax disposal gain of approximately RMB236.6 million (US$34.9 million). Effective upon closing, the subsidiary's financial results are no longer consolidated in our financial statements, and our retained 24.9% equity interest is subsequently measured and recognized using the equity method. Equity in Loss of Affiliated Companies The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB78.6 million (US$11.6 million) in the second quarter of 2026, compared with equity in loss of affiliated companies of RMB54.5 million in the first quarter of 2026 and equity in loss of affiliated companies of RMB70.9 million in the second quarter of 2025. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net losses incurred by the affiliated companies. Income Tax Benefit The Company recorded an income tax benefit of RMB163.7 million (US$24.1 million) in the second quarter of 2026, compared with income tax benefit of RMB379.3 million in the first quarter of 2026 and income tax benefit of RMB288.8 million in the second quarter of 2025. Net Loss Attributable to Non-Controlling Interests Net loss attributable to non-controlling interests amounted to RMB569.9 million (US$84.0million) in the second quarter of 2026, compared with net loss attributable to non-controlling interests of RMB449.4 million in the first quarter of 2026 and net loss attributable to non-controlling interests of RMB546.6 million in the second quarter of 2025. The sequential and year-over-year changes were mainly attributable to the fluctuations in net loss of Jiangxi Jinko, the Company's majority-owned principal operating subsidiary. Net Loss and Losses per Share Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB697.3 million (US$102.8 million) in the second quarter of 2026, compared with net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB463.5 million in the first quarter of 2026 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB876.4 million in the second quarter of 2025. Excluding the impact of (i) the change in fair value of the long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share-based compensation expenses, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB910.8 million (US$134.2 million) in the second quarter of 2026, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB549.3 million in the first quarter of 2026 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB856.4 million in the second quarter of 2025. Basic and diluted losses per ordinary share were RMB3.30 (US$0.49) and RMB3.30 (US$0.49), respectively, in the second quarter of 2026, compared to basic and diluted losses per ordinary share of RMB2.21 and RMB2.21, respectively, in the first quarter of 2026, and basic and diluted losses per ordinary share of RMB4.20 and RMB4.20, respectively, in the second quarter of 2025. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB13.19 (US$1.94) and RMB13.19 (US$1.94), respectively, in the second quarter of 2026; basic and diluted losses per ADS of RMB8.85 and RMB8.85, respectively, in the first quarter of 2026; and basic and diluted losses per ADS of RMB16.82 and RMB16.82, respectively, in the second quarter of 2025. Financial Position As of June 30, 2026, the Company had RMB16.94 billion (US$2.50 billion) in cash, cash equivalents, and restricted cash, compared with RMB22.81 billion as of March 31, 2026. As of June 30, 2026, the Company's net accounts receivable was RMB12.61 billion (US$1.86 billion), compared with RMB13.77 billion as of March 31, 2026. As of June 30, 2026, the Company's inventories were RMB16.47 billion (US$2.43 billion), compared with RMB17.71 billion as of March 31, 2026. As of June 30, 2026, the Company's total interest-bearing debts were RMB44.90 billion (US$ 6.62 billion), compared with RMB47.27 billion as of March 31, 2026. Operations and Business Outlook Highlights Third Quarter and Full Year 2026 Guidance The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice. For the third quarter of 2026, the Company expects its module shipments to be in the range of 15.0 GW to 17.0 GW. Taking into account changes in demand in certain markets, as well as the Company's increased focus on balancing shipment volume with profitability, cash flow and order quality, the Company now expects its full-year 2026 module shipments to be in the range of 60.0 GW to 70.0 GW. For full year 2026, the Company expects its ESS shipments to be more than doubled year-over-year. Solar Products Production Capacity The Company expects its annual integrated production capacity to reach approximately 100 GW, including approximately 14 GW from overseas facilities, by the end of 2026. Recent Business Developments In June 2026, JinkoSolar's board of directors declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the Company, or US$1.50 per ADS. In June 2026, JinkoSolar was recognized as an Overall Highest Achiever in the 2026 PV Module Index (PVMI) Report, published by RETC, part of the VDE Group. In June 2026, JinkoSolar's Tiger Neo 3.0 modules achieved TÜV Rheinland's "A+ Shading Score" under the PfG 2926/05.25 test methodology, while also successfully completing advanced hail resistance verification according to VKF standards. Conference Call Information JinkoSolar's management will host an earnings conference call on Wednesday, August 26, 2026 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day). Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite. Participant Online Registration: https://s1.c-conf.com/diamondpass/10056808-i852sd.html It will automatically direct you to the registration page of "JinkoSolar Second Quarter 2026 Earnings Conference Call", where you may fill in your details for RSVP. In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration. A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 2, 2026. The dial-in details for the replay are as follows: Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com. About JinkoSolar Holding Co., Ltd. JinkoSolar (NYSE: JKS) is a global leader in clean energy technology. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions. JinkoSolar had over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026. To find out more, please see: www.jinkosolar.com Currency Convenience Translation The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rates in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2026, which was RMB6.7851 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi. Safe Harbor Statement This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. For investor and media inquiries, please contact: In China:Ms. Stella WangJinkoSolar Holding Co., Ltd.Tel: +86 21-5180-8777 ext.7806Email: [email protected] Mr. Christian ArnellChristensenTel: +852 2117 0861Email: [email protected] In the U.S.:Email: [email protected] View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2026-financial-results-302860485.html

This article first appeared on GuruFocus. Total Revenue: RMB1.82 billion in Q2 2026, up 0.9% sequentially and down 31% year-over-year. Gross Margin: 4.2% in Q2 2026, down from 8.3% in Q1 2026 but up from 2.9% in Q2 2025. Operating Expenses: RMB287 million in Q2 2026, up 21% sequentially and 2% year-over-year. Operating Loss Margin: 11.6% in Q2 2026, compared with 4.8% in Q1 2026 and 7.7% in Q2 2025. Module Shipments: Approximately 16 GW in Q2 2026; total shipments were 32.9 GW in the first half of 2026. Energy Storage System (ESS) Shipments: 3.1 GWh in the first half of 2026, with approximately 1.5 GWh recognized as revenue. Cash and Cash Equivalents: Approximately RMB2.5 billion at the end of Q2 2026, compared with RMB3.3 billion at the end of Q1 2026. Total Debt: Approximately RMB6.6 billion at the end of Q2 2026, compared with RMB6.8 billion at the end of Q1 2026. Net Debt: RMB4.1 billion at the end of Q2 2026, compared with RMB3.5 billion at the end of Q1 2026. Accounts Receivable Turnover Days: 113 days in Q2 2026, compared with 128 days in Q1 2026. Inventory Turnover Days: 125 days in Q2 2026, compared with 145 days in Q1 2026. Warning! GuruFocus has detected 7 Warning Signs with JKS. Is JKS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. JinkoSolar Holding Co Ltd (NYSE:JKS) maintained its position as the world's number one module shipper in the first half of 2026, with total shipments of 32.9 GW and a strong overseas market presence accounting for over 70% of shipments. The company is advancing its product portfolio with the launch of the next-generation Tiger Neo 5.0 modules, achieving a mass-produced efficiency of 25.91% and power outputs exceeding 700 watts, setting new industry benchmarks. JinkoSolar Holding Co Ltd (NYSE:JKS) has a robust strategic investment portfolio, with cumulative value appreciation of approximately RMB880 million, including realized gains of RMB410 million and unrealized gains of RMB470 million, demonstrating successful capital allocation. The company's energy storage system (ESS) business is growing rapidly, with first-half shipments of 3.1 GWh, a significant year-over-year increase, and gross margins improving in high-value markets. JinkoSolar Holding Co Ltd (NYSE:JKS) expects a moderate improvement in gross margin in the third quarter of 2026, driven by higher ASPs from an improved product mix and lower input costs as new capacity ramps up. The company has a strong balance sheet with positive operating cash flow in the second quarter, a decline in asset-to-liability ratio by 1.5 percentage points, and improved inventory and AR turnover days. JinkoSolar Holding Co Ltd (NYSE:JKS) is well-positioned for future regulatory changes, with its TOPCon 3.0 products expected to meet Level 1 energy efficiency standards, which will phase out inefficient competitors. The company's global brand strength is reinforced by receiving the highest AAA bankability rating from PV Tech and being recognized as a Tier 1 energy storage provider by BNEF for the 10th consecutive quarter. JinkoSolar Holding Co Ltd (NYSE:JKS) experienced a sequential decrease in gross margin to 4.2% in the second quarter of 2026, down from 8.3% in the first quarter, due to lower average selling prices of solar modules. The company's net loss expanded in the second quarter, with operating loss margin widening to 11.6% from 4.8% in the previous quarter, reflecting ongoing industry supply-demand imbalances and pricing pressures. JinkoSolar Holding Co Ltd (NYSE:JKS) reduced its full-year 2026 module shipment guidance to between 60 GW and 70 GW, down from previous expectations, as it prioritizes profitability and cash flow over volume growth. The company faces significant market access barriers in key regions such as the US, Europe, and India due to trade policies and geopolitical tensions, limiting its addressable market and growth potential. Higher expected credit losses in the second quarter contributed to a 21% sequential increase in operating expenses, impacting overall profitability. JinkoSolar Holding Co Ltd (NYSE:JKS) is experiencing elevated production costs during the ramp-up of its new Tiger Neo 3.0 facilities, which negatively affected margins in the second quarter. The domestic Chinese market demand has slowed sharply due to policy changes, with installation demand expected to drop 30-40% year-over-year, pressuring the company's sales in its home market. The company's cash and cash equivalents decreased to RMB2.5 billion at the end of the second quarter, down from RMB3.3 billion at the end of the first quarter, while net debt increased to RMB4.1 billion. Q: Can you elaborate on the reasons for the sequential decline in gross margin and the increase in net loss during Q2 2026? What measures are being taken to address this?A: Dimi Du, CEO, explained that the decline was due to ongoing supply-demand imbalances, policy shifts, and the cost of ramping up high-efficiency products like Tiger Neo 3.0. The company is optimizing its order book and geographic mix, rationally managing utilization rates, and expanding the proportion of high-efficiency products to drive a gradual recovery in profitability. Q: How is JinkoSolar balancing shipment volumes with profitability, and why was the full-year 2026 module shipment guidance adjusted to 60-70 GW?A: Management stated that the focus has shifted from scale to profitability and operating cash flow. They are optimizing structures across markets, products, and resources, reducing exposure to low-margin markets like China, and targeting premium markets such as the US and Europe with Tiger Neo 3.0 products to improve earnings quality. Q: What is the outlook for module ASPs in Q3 2026, and how will the product mix impact pricing?A: Gener Miao, Deputy General Manager, expects ASPs to increase slightly in Q3 due to rising spot market prices and a higher proportion of premium Tiger Neo 3.0 products in the shipment mix, which command a premium over conventional products. Q: How does the company view the recent increases in input costs for wafers, cells, and polysilicon?A: Management views the cost increases as a healthy industry rebound that supports higher module prices. They believe it will not negatively impact customer demand, as solar remains the cheapest energy source, and the demand for solar-plus-storage solutions continues to grow. Q: What is the expected impact of the US Section 232 tariffs on JinkoSolar's business and the US market?A: Haiyun Cao, Director, stated that the tariffs are consistent with the administration's goal of bringing manufacturing back to the US. While they will increase module costs, the impact on solar farm investment returns is expected to be manageable given higher PPA prices. The company has diversified its supply chain to minimize disruption and remains confident in the US market's long-term potential. Q: Can you provide details on the company's strategic investment portfolio and its contribution to value creation?A: Dimi Du highlighted that JinkoSolar has invested in over 40 companies, with an aggregate cash investment of RMB1.86 billion. The portfolio has generated cumulative value appreciation of approximately RMB880 million, including realized gains and unrealized fair value gains. The company is expanding its investment scope to include AI and frontier technologies, positioning itself for long-term value creation. Q: What is the company's expectation for global solar module demand in 2026 and 2027?A: Gener Miao expects 2026 global demand to be around 600 GW or slightly below, due to a sharp drop in Chinese domestic demand. However, 2027 is expected to see recovery, with demand projected between 600-650 GW, driven by the resumption of delayed projects and continued growth in overseas markets. Q: How is the company addressing the higher operating expenses related to credit losses in Q2 2026?A: Management clarified that the increase in expected credit losses was due to accounting aging provisions, not a deterioration in customer credit. They emphasized a healthy operating cash flow of RMB600 million in the first half and no significant bad debts, with a continued focus on cash flow management. Q: What are the capital expenditure plans for 2026 and 2027, and how will they impact the company's financials?A: Management expects minimal capital expenditure, limited to maintenance and minor upgrades, with spending potentially as low as RMB500 million to RMB1 billion annually. Future capacity expansions, if any, will be pursued through joint ventures to minimize CapEx and preserve cash flow. Q: Can you provide an update on the energy storage system (ESS) business and its shipment outlook?A: Haiyun Cao noted that ESS shipments in the first half were 3.1 GWh, with revenue recognition ramping up. The company is confident in achieving its full-year target of more than doubling shipments year-over-year, with a second-half-loaded schedule and expectations of recognizing 3-4 GWh per quarter in the coming quarters. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in JinkoSolar Holding Company Limited? Here are five stocks we like better. Profitability remained under pressure: Second-quarter revenue fell 31% year over year to $1.82 billion, while gross margin declined to 4.2% due largely to lower module selling prices. Cash and cash equivalents also fell to $2.5 billion, although operating cash flow was positive and working-capital metrics improved. JinkoSolar lowered its shipment outlook to 60–70 GW for 2026 as it prioritizes profitability, cash flow and higher-value markets over shipment volume. More than 60% of shipments are expected to be high-efficiency products, supported by expanded TOPCon 3.0 capacity and the new Tiger Neo 5.0 modules. Energy storage is becoming a larger growth area: First-half shipments reached 3.1 GWh, and the company expects full-year shipments to more than double from 2025 levels. JinkoSolar plans to maintain an asset-light strategy, focusing on solutions and services rather than expanding battery manufacturing capacity. The Solar Stock Battle: Is Daqo or JinkoSolar Your Next Big Win? JinkoSolar (NYSE:JKS) reported second-quarter 2026 module shipments of approximately 16 GW, while management said persistent supply-demand imbalances, policy changes and pricing pressure across the photovoltaic supply chain continued to weigh on profitability. Chief Executive Officer Dimi Xu, who said he was honored to assume the CEO role during the company’s 20th anniversary year, said JinkoSolar is shifting its focus from shipment scale toward effective supply, product value, profitability and cash flow. The company said it is optimizing its order book, geographic sales mix and manufacturing utilization while increasing the proportion of high-efficiency products in its deliveries. → What Rising Delivery Forecasts Say About Rivian's Stock Prospects Why Did the JinkoSolar Stock Price Rally 45%? Revenue was $1.82 billion in the second quarter, up 0.9% from the prior quarter but down 31% from a year earlier. JinkoSolar attributed the changes primarily to fluctuations in module shipment volume. Gross margin was 4.2%, compared with 8.3% in the first quarter and 2.9% in the year-earlier period. Chief Financial Officer Pan Li said the sequential decline reflected lower average selling prices for solar modules, while the year-over-year improvement was mainly due to higher average selling prices versus the second quarter of 2025. → NVIDIA Reveals $21 Billion SpaceX Stake: Signal of Confidence or Circular Financing? Operating expenses rose to $287 million, up 21% sequentially and 2% year over year, principally because of higher expected credit losses, according to Li. Operating loss margin was 11.6%, compared with 4.8% in the prior quarter and 7.7% a year earlier. Li said the company generated positive operating cash flow during the period and expects full-year operating cash flow to improve from 2025. Accounts receivable turnover improved to 113 days from 128 days in the first quarter, while inventory turnover improved to 125 days from 142 days. Cash and cash equivalents were approximately $2.5 billion at June 30, down from $3.3 billion at the end of the first quarter. Total debt declined to about $6.6 billion from $6.8 billion. Net debt increased to $4.1 billion from $3.5 billion. The company’s asset-to-liability ratio declined by roughly 1.5 percentage points from the start of the year. → Berkshire Boosts Its Bet: This AI Hyperscaler Is Now a Top-3 Holding Xu said JinkoSolar expects to have more than 40 GW of TOPCon 3.0 production capacity by the end of 2026. Under new national energy-efficiency standards scheduled to take effect in January 2027, the company expects those products to meet level 1 energy-efficiency requirements. The company in June introduced its Tiger Neo 5.0 modules, which Xu said achieved mass-produced efficiency of 25.91% and power output exceeding 700 watts. Chief Marketing Officer Gener Miao said Tiger Neo 3.0 products maintained a premium of about $0.01 per watt over conventional modules, while newer scenario-based products began shipping in small quantities during the second quarter and carried premiums of roughly $0.005 to $0.01 per watt. Management reduced its full-year module shipment outlook to between 60 GW and 70 GW, with high-efficiency products expected to account for more than 60% of shipments. Third-quarter module shipments are projected at 15 GW to 17 GW. Charlie Cao, CEO of JinkoSolar Co., said the revised outlook reflected a decision to prioritize profitability, operating cash flow and order quality rather than scale. He said domestic Chinese demand in 2026 is expected to be 30% to 40% below last year’s level, and JinkoSolar is reducing its exposure to China’s highly competitive, low-price market while targeting higher-value markets including the United States and Europe. Management said it expects module average selling prices to rise in the third quarter, supported by higher spot-market pricing and a larger mix of Tiger Neo 3.0 products. Cao also said gross margin should show a moderate improvement as new facilities reach fuller operating status and input costs decline from second-quarter levels. Energy storage system shipments reached 3.1 GWh in the first half, rising significantly from a year earlier. About 1.5 GWh was recognized as revenue during the period, including more than 1 GWh in the second quarter, as project delivery timing, testing and commissioning affected revenue recognition. JinkoSolar expects full-year energy storage shipments to more than double year over year. Cao said the company expects a second-half-heavy delivery schedule and remains confident it can achieve its annual target. The company is pursuing an asset-light storage strategy, with roughly 5 GW of battery-cell capacity and 20 GW of battery-pack capacity currently in place, and no expansion plans. Management said its storage investment focus will be on solutions, technical services, branding and sales capabilities rather than additional equipment. Xu said JinkoSolar has invested in more than 40 companies through direct investments and fund platforms, initially focused on solar and energy storage and more recently expanded to areas including artificial intelligence and other frontier technologies. As of June 30, the company had invested approximately RMB1.86 billion in cash, with its remaining portfolio carrying an original cash cost of about RMB1.5 billion and a fair value of approximately RMB1.99 billion. The portfolio generated gains of approximately RMB490 million during the first half, including RMB110 million in realized gains and RMB380 million in unrealized fair-value gains. JinkoSolar also divested a substantial portion of its LAPLACE Renewable Energy Technology investment, receiving more than RMB300 million in cash proceeds. Cao said the company expects only limited maintenance capital expenditures during the next two years and does not anticipate significant new investment in production capacity. Any future overseas manufacturing expansion, he said, would likely use joint-venture structures to limit capital requirements. JinkoSolar Holding Co, Ltd. (NYSE: JKS) is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world's largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers. JinkoSolar's product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "JinkoSolar Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SHANGRAO, China, Aug. 14, 2026 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in clean energy technology, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2026 before the open of U.S. markets on Wednesday, August 26, 2026. JinkoSolar's management will host an earnings conference call on Wednesday, August 26, 2026 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day). Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite. Participant Online Registration: https://s1.c-conf.com/diamondpass/10056808-i852sd.html It will automatically direct you to the registration page of "JinkoSolar Second Quarter 2026 Earnings Conference Call", where you may fill in your details for RSVP. In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration. A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 2, 2026. The dial-in details for the replay are as follows: Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com. About JinkoSolar Holding Co., Ltd. JinkoSolar (NYSE: JKS) is a global leader in clean energy technology. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions. JinkoSolar had over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of March 31, 2026. To find out more, please see: www.jinkosolar.com Safe Harbor Statement This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. For investor and media inquiries, please contact: In China: Ms. Stella WangJinkoSolar Holding Co., Ltd.Tel: +86 21-5180-8777 ext.7806Email: [email protected] Mr. Christian ArnellChristensenTel: +852 2117 0861Email: [email protected] In the U.S.: Email: [email protected] View original content:https://www.prnewswire.com/news-releases/jinkosolar-to-report-second-quarter-2026-results-on-august-26-2026-302851815.html

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. The revised US$24 price target for JinkoSolar Holding puts a fresh number on an already closely watched story. Analysts linking this target to their recent updates describe a mix of cautious optimism and restraint, with the new figure reflecting updated earnings models while still flagging execution risks and uneven past results. As you read on, you will see how this evolving price target fits into the broader analyst narrative and what it may mean for tracking JinkoSolar from here. Stay updated as the Fair Value for JinkoSolar Holding shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on JinkoSolar Holding. UBS lifted its JinkoSolar price target to US$24 from US$23 after updating its model following the Q1 earnings report, indicating that the firm sees the new information as supportive of its current Neutral stance rather than a reason to step away. The recent upgrade at Freedom Broker points to interest in JinkoSolar's positioning, with the firm highlighting reasons to move its rating higher. Some investors may read this as a vote of confidence in the stock's potential if execution lines up with expectations. Roth Capital remains on the sidelines after JinkoSolar's Q4 miss, underscoring that at least one research house is focused on execution risk and is hesitant to shift to a more positive view until results align more consistently with forecasts. UBS, despite raising its target to US$24, continues to carry a Neutral rating, which indicates that the updated valuation still comes with reservations around risk, rather than a clear tilt toward a positive or negative call. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives! We've flagged 2 risks for JinkoSolar Holding. See which could impact your investment. The model fair value estimate for JinkoSolar Holding remains at US$31.03 with no change in this update. Forecast CN¥ revenue growth stays at 16.24% in the current assumptions. Projected CN¥ net profit margin remains around 2.06%, with only minor rounding differences. The future P/E assumption moves from 8.08x to 8.12x in the latest model run. The discount rate is effectively stable at 13.82%, with only a small rounding adjustment. Narratives connect JinkoSolar Holding's business story to analyst forecasts and fair value estimates, so you can see how key events feed into the numbers. They update as new data, guidance, and risks are added over time. Head over to the Simply Wall St Community and follow the Narrative on JinkoSolar Holding to stay up to date on: How JinkoSolar is focusing on cost reduction, supply chain optimization, and regional shipment mix to support its margin profile. The role of high efficiency TOPCon products, R&D progress, and the growing energy storage systems business in the revenue story. Key risks from trade policy changes, tariffs, competition, and supply demand imbalances that could pressure shipments, pricing, and profitability. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include JKS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. JinkoSolar Holding (NYSE:JKS) has drawn investor attention after a mixed run in the stock, with a gain over the past month but declines over the past 3 months, year to date, and the past 3 years. The company, headquartered in China and listed in the US, focuses on designing and producing photovoltaic products, including solar modules, silicon wafers, and solar cells. It also offers solar system integration, EPC services, and energy storage solutions. JinkoSolar reports annual revenue of CN¥63,903.054 and a net loss of CN¥3,589.732, with annual revenue growth of 14.79% and annual net income growth described as very large. Its current market capitalization stands at about US$1.29b. See our latest analysis for JinkoSolar Holding. At a share price of US$23.70, JinkoSolar has delivered a 10.96% 1-month share price return. The 1-year total shareholder return of 32.88% contrasts with weaker multi-year performance, suggesting that momentum has picked up recently after a tougher stretch. If you are looking beyond solar and want to see what else is powering the energy transition, this is a good moment to scan 35 power grid technology and infrastructure stocks With JinkoSolar trading at US$23.70 and sitting at a reported 58% discount to one intrinsic estimate, plus a value score of 5, investors have to ask: is this a genuine opportunity, or is the market already accounting for potential future growth? Against the last close at $23.70, the most followed narrative points to a fair value of $35.23, built on detailed revenue and margin assumptions. Read the complete narrative. Read the complete narrative. Want to see what is behind that valuation gap? The narrative focuses on rapid revenue expansion, a sharp profit swing, and a future earnings multiple that differs significantly from today. The full story connects these factors into one clear fair value path. Result: Fair Value of $35.23 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this hinges on trade policy and pricing holding up, because weaker overseas demand and lower module prices could quickly challenge those upbeat assumptions. Find out about the key risks to this JinkoSolar Holding narrative. With mixed signals on value, growth, and risk, how confident are you in the current story, and how quickly do you want to firm up your view? To see how the concerns stack up against the potential upside, walk through the 3 key rewards and 2 important warning signs If you stop here, you risk missing companies that better fit your goals. Widen your options and use fresh ideas to stress test your thinking. Target resilient compounding potential by scanning 12 dividend fortresses that focus on income strength alongside durability. Spot potential value gaps quickly by reviewing 51 high quality undervalued stocks that pair solid cash flows with balance sheet support. Prioritize capital preservation by checking 65 resilient stocks with low risk scores designed to keep overall risk in tighter bounds. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include JKS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Operational ramp: JinkoSolar shipped 13.7 GW in Q1 (over 80% to overseas markets) and said its Tiger Neo modules averaged 655–660 W, with capacity for >650 W products expected to exceed 40 GW by year-end and high‑efficiency modules targeted to account for >60% of 2026 shipments. Financial improvement: Gross margin widened to 8.3% (from 0.3% in Q4) as gross profit rose 17x sequentially and adjusted net loss narrowed to about CNY 9.6 million, although GAAP net loss remained CNY 667.2 million and total revenue declined year‑over‑year. Guidance, storage growth & risks: Management guided Q2 shipments of 14–16 GW and full‑year 75–85 GW, expects ESS volumes to more than double in 2026 (targeting ~10 GWh with ~15% gross margin), but warned of logistics and regulatory headwinds—including a U.S. Section 232 probe—while pursuing a U.S. joint‑venture manufacturing route. Interested in JinkoSolar Holding Company Limited? Here are five stocks we like better. The Solar Stock Battle: Is Daqo or JinkoSolar Your Next Big Win? JinkoSolar (NYSE:JKS) reported first-quarter 2026 results highlighted by improving profitability trends alongside continued growth in overseas shipments and a ramp in its latest high-efficiency product platform. Management also discussed logistics headwinds tied to geopolitical disruptions, an expanding energy storage business, and expectations for stronger shipments and margins in the second half of the year. Chairman and CEO Xiande Li said total module shipments were 13.7 gigawatts (GW) in the first quarter, “ranking first in the industry,” with more than 80% shipped to overseas markets. Li said JinkoSolar closed the quarter as “the world’s first module manufacturer to surpass 400 GW in cumulative deliveries,” adding that the company’s Tiger Neo series contributed about 240 GW of that total. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Why Did the JinkoSolar Stock Price Rally 45%? Li said module prices rebounded sequentially amid improved supply-demand dynamics, “especially from overseas,” which helped lift the company’s sequential operating performance. He added that “recent geopolitical disruptions have impacted key logistics lines,” creating temporary pressure on shipping costs and delivery schedules, while also elevating global focus on energy security. According to Li, the company is seeing momentum for solar-plus-storage adoption among commercial, industrial, residential, and utility customers. Li also pointed to regulatory guidance in China issued April 17 that he said strengthens regulation on competition across the solar industry, which management believes could support “a more rational competitive environment” and improve supply-demand dynamics. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Li said the company’s third-generation Tiger Neo modules reached an average power output of 655 watts to 660 watts peak by the end of the quarter. He said JinkoSolar expects production capacity for products above 650 watts peak to exceed 40 GW by the end of the year, and that as the ramp progresses and economies of scale build in the second half, “we expect the cost structure to continue to improve.” Li added that high-efficiency products above 640 watts accounted for nearly 25% of first-quarter shipments and carry a premium, which he attributed to product iteration and upgrades. He also said the company is making progress in mass production of silver-coated copper technology, describing its pace and scale as industry-leading. → Did Qualcomm Just Put Apple in Check? Chief Marketing Officer Gener Miao said non-China markets represented over 80% of shipments in the quarter, primarily Europe, Asia Pacific, and emerging markets, while shipments to the U.S. were about 4%. For the full year, Miao said overseas markets are expected to remain the primary growth driver as domestic demand faces “temporary pressure.” Miao said the mix of high-efficiency products continued to rise sequentially and included “a small amount” of Tiger Neo 3.0 deliveries. He added that high-efficiency products commanded a premium of approximately $0.01 over conventional products and that, with capacity ramping, the company expects high-efficiency shipments to account for over 60% of total shipments for the full year. To address what he described as increasingly “scenario-based” PV demand, Miao said JinkoSolar launched specialized modules in the first quarter including anti-glare, fire-resistant, dust-resistant, and AIDC modules aimed at premium applications with higher specifications. He said the products have drawn market interest and positive customer feedback. Miao also cited rising global computing power demand and said data centers are becoming a major new category of power consumption. As an example of recent progress, Miao said JinkoSolar supplied Tiger Neo modules to a “world-leading solar-plus-storage benchmark project” in the Middle East that integrates energy and computing applications. Li said first-quarter energy storage system (ESS) shipments on a POD basis were about 1.42 gigawatt-hours (GWh), with around 520 megawatt-hours (MWh) recognized as revenue. He said a higher contribution from overseas markets such as Europe and the U.S. improved market mix and drove a sequential improvement in gross margin, though he noted a lag in revenue recognition for some projects meant profit contribution “has yet to be fully realized.” Li said the company expects ESS shipments to “more than double year-over-year in 2026,” as it focuses on optimizing capacity and supply chain footprint and prioritizing high-value markets. During Q&A, CEO Charlie Cao said the company is trying to minimize China exposure in ESS, describing China at “roughly 10%–15%,” with the remaining mix spread across Europe, Asia-Pacific, the Middle East, Latin America, and some expected U.S. shipments. On margins, Cao said Europe and the U.S. are “relatively higher,” while “other regions” are “roughly 10%–15%.” He also said the company expects “10 GWh shipments this year with roughly a 15% gross margin,” and confirmed that expectation factors in increasing lithium carbonate costs. Chief Financial Officer Tan Yi said the company delivered “steadily improving financial results” driven by high-performance products and a larger footprint in high-value markets. Tan said gross profit increased “17x sequentially and four-fold year-over-year,” with gross margin expanding by 8 percentage points sequentially and 10.8 percentage points year-over-year. He also said operating loss margin improved both sequentially and year-over-year. For the quarter, Tan reported total revenue of CNY 1.78 billion, down 13% sequentially and down 11.5% year-over-year, which he attributed primarily to lower solar module shipment volumes. Gross margin was 8.3%, compared with 0.3% in the fourth quarter of 2025 and a gross loss margin of 2.5% in the first quarter of 2025. Tan said the improvement was primarily due to higher average selling prices for solar modules. Total operating expenses were about CNY 233 million, down 51.5% sequentially and down 36% year-over-year. Tan attributed the sequential decrease primarily to impairment of long-lived assets recorded in the fourth quarter, and the year-over-year decrease mainly to lower expected credit losses. Tan said operating expenses were 13.1% of revenue, compared with 18.9% in the prior quarter and 18.1% a year earlier. Operating loss margin was 4.8%, compared with 18.6% in the fourth quarter of 2025 and 20.7% in the first quarter of 2025. Excluding changes in fair value of convertible notes issued in 2023, changes in fair value of long-term investments, and share-based compensation, Tan said adjusted net loss attributable to ordinary shareholders was about CNY 9.6 million in the first quarter, compared with CNY 119.8 million in the first quarter last year and CNY 147.4 million in the prior quarter. On a GAAP basis, Tan said net loss attributable to ordinary shareholders was CNY 667.2 million, compared with CNY 214.5 million in the fourth quarter of 2025 and CNY 181.7 million in the first quarter of 2025. Li provided shipment guidance of 14 GW to 16 GW for the second quarter and 75 GW to 85 GW for full-year 2026, with high-efficiency products expected to account for over 60% of shipments. He also said JinkoSolar expects annual integrated production capacity to reach about 100 GW by year-end, including 14 GW from overseas facilities. In response to a question about margin outlook, Cao said he expects second-quarter gross margin to be “relatively stable,” citing the need to manage impacts from older orders, while adding that the company expects gross margin in the second half to “jump” compared with the first half as new capacity and cost optimization take hold. Asked about the implied increase in shipment run-rate in the second half to meet full-year guidance, Cao and Miao pointed to several factors, including expected second-half implementation of projects in China, strong demand for Tiger Neo 3.0 products, and the company’s view that it is in a good position to take market share from peers. Cao also said a priority is improving profitability and being “more selective.” On demand trends, Miao said the second-quarter slowdown was expected after a rush in late first quarter tied to a China VAT policy change. Looking to the second half, he said the company is “optimistic” for three reasons: Energy security focus following conflict in the Middle East, which he said could trigger more demand for renewables and batteries. Rising demand tied to AIDC, with projects combining renewables and data centers “all over the world.” Resilient C&I and distributed generation demand, including in emerging markets. Miao added that the company expects China demand to fall roughly 20% year-over-year in 2026 due to a strong prior-year comparison, while non-China demand could increase roughly 10%, implying an overall 5% to 10% decline in 2026 demand versus 2025, with the second half stronger than the first half. During Q&A, Cao addressed U.S.-related topics including a Section 232 investigation on polysilicon and FEOC compliance. He said the company did not know the timetable for Section 232 outcomes and said JinkoSolar has “Plan B” given its supplier arrangements. On U.S. manufacturing, he said the company has manufacturing in the U.S. and expects to “convert” to a joint venture manufacturing setup “very soon by the end of second quarter,” adding that the joint venture investor is a Chinese investor that he said is compliant with relevant regulations. Cao also referenced potential export restrictions on solar equipment discussed in public media, but said the company had not received final confirmations or signed documents. Cao also said the company’s R&D team has made preparations for space-based solar panels across different technologies and that it has made progress on silicon-based technology for space testing, with a target to have samples ready by the end of the second quarter for potential testing with space companies, though he said launch timing was not determined. JinkoSolar Holding Co, Ltd. (NYSE: JKS) is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world's largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers. JinkoSolar's product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series. The article "JinkoSolar Q1 Earnings Call Highlights" was originally published by MarketBeat.