JinkoSolar Holding Co., Ltd. (JKS): Financial results for Q2 2026
JinkoSolar Holding Co., Ltd. (JKS) furnished an SEC Form 6-K — earnings release. Exhibit 99.2 JinkoSolar Announces Second Quarter 2026 Financial Results 08/26/2026 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 fi
How this was made
The 30-second read
Why it matters
The earnings miss and widening net loss signal short‑term weakness, but progress in high‑efficiency modules and storage may offer a longer‑term catalyst.
Market read
JinkoSolar's earnings provide fresh data on solar module demand, margins, and strategic moves, influencing renewable sector sentiment.
What to watch
New TOPCon efficiency standards and the Tiger Neo 5.0 launch may improve future margins.
Q2 2026 revenue rose 0.9% sequentially to RMB12.36 billion (US$1.82 billion), while gross margin fell to 4.2% and net loss attributable to ordinary shareholders widened sequentially to RMB697.3 million (US$102.8 million).
Sequential module shipment growth and modest revenue growth were outweighed by a sharp gross-margin decline, a larger operating loss, higher operating expenses and a wider adjusted net loss. Management reduced full-year module shipment guidance to 60.0 GW to 70.0 GW while emphasizing profitability, cash flow and order quality.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Solar module shipmentsother | 15,961 MW | up 16.7% sequentially | down 34.4% year-over-year |
| First half solar module shipmentsother | 29.6 GW | – | – |
| Total revenuesother | RMB12.36 billion (US$1.82 billion) | an increase of 0.9% | a decrease of 31.3% |
| Cost of revenuesother | (11,843,858) RMB'000 | – | – |
| Gross profitother | RMB513.1 million (US$75.6 million) | down 49.6% sequentially | down 2.5% year-over-year |
| Gross profit marginother | 4.2% | – | – |
| Selling and marketing expensesother | (939,426) RMB'000 | – | – |
| General and administrative expensesother | (767,565) RMB'000 | – | – |
| Research and development expensesother | (231,363) RMB'000 | – | – |
| Impairment of long-lived assetsother | (11,145) RMB'000 | – | – |
| Total operating expensesother | RMB1.95 billion (US$287.3 million) | an increase of 21.3% | an increase of 2.3% |
| Total operating expenses as a percentage of total revenuesother | 15.8% | – | – |
| Loss from operationsother | RMB1.44 billion (US$211.7 million) | – | – |
| Operating loss marginother | 11.6% | – | – |
| Interest expensesother | RMB386.9 million (US$57.0 million) | – | – |
| Interest incomeother | RMB113.6 million (US$16.7 million) | – | – |
| Net interest expensesother | RMB273.3 million (US$40.3 million) | an increase of 0.9% | an increase of 45.9% |
| Subsidy incomeother | RMB201.8 million (US$29.7 million) | – | – |
| Net exchange lossother | RMB325.4 million (US$48.0 million) | – | – |
| Net loss from change in fair value of forward contracts and commodity futuresother | RMB48.4 million (US$7.1 million) | – | – |
| Gain from change in fair value of long-term investmentother | RMB370.3 million (US$54.6 million) | – | – |
| Net other lossother | RMB23.9 million (US$3.5million) | – | – |
| Gain from disposal of a subsidiaryother | approximately RMB236.6 million (US$34.9 million) | – | – |
| Equity in loss of affiliated companiesother | RMB78.6 million (US$11.6 million) | – | – |
| Income tax benefitother | RMB163.7 million (US$24.1 million) | – | – |
| Net lossother | (1,213,576) RMB'000 | – | – |
| Net loss attributable to non-controlling interestsother | RMB569.9 million (US$84.0million) | – | – |
| Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholdersother | RMB697.3 million (US$102.8 million) | – | – |
| Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholdersnon-GAAP | RMB910.8 million (US$134.2 million) | – | – |
| Basic loss per ordinary shareother | RMB3.30 (US$0.49) | – | – |
| Diluted loss per ordinary shareother | RMB3.30 (US$0.49) | – | – |
| Basic loss per ADSother | RMB13.19 (US$1.94) | – | – |
| Diluted loss per ADSother | RMB13.19 (US$1.94) | – | – |
Third Quarter and Full Year 2026 outlook
- NoteThird quarter of 2026 module shipments: 15.0 GW to 17.0 GW
- NoteFull-year 2026 module shipments: 60.0 GW to 70.0 GW
- NoteFull year 2026 ESS shipments: more than doubled year-over-year
- NoteAnnual integrated production capacity: approximately 100 GW by the end of 2026
- NoteOverseas facilities production capacity: approximately 14 GW by the end of 2026
- NoteHigh-efficiency products: over 60% of the total shipments
Capital returns
- 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.
- 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.
- On May 31, 2026, the Company 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).
What drove it
- The sequential and year-over-year revenue changes were mainly due to fluctuations in the shipment volume of solar modules.
- The sequential gross-margin decrease was mainly due to a lower average selling price of solar modules.
- The year-over-year gross-margin increase was primarily due to the higher average selling price of solar modules, partially offset by a higher unit cost of products sold.
- Total operating expense increases were primarily due to higher expected credit losses in the second quarter of 2026.
- Shipments to overseas markets accounted for approximately 70% of first-half module shipments.
- Energy storage system shipments in the first half of 2026 increased significantly year-over-year, accompanied by an expansion in gross margin.
- The gain in change in fair value of long-term investment reflected a portfolio company's public listing, post-IPO share price appreciation on the original investment and incremental fair value from additional investments.
Concerns
- Supply and demand across the PV industry remained dynamic, and prices along the supply chain and industry profitability continued to be under pressure.
- The cost of ramping up production of high-efficiency products remained elevated during the quarter and affected gross margin and the bottom line when combined with delivery of certain low-value orders.
- Gross profit margin declined to 4.2% from 8.3% in Q1 2026.
- Operating loss margin was 11.6%, compared with 4.8% in Q1 2026 and 7.7% in Q2 2025.
- Management cited uncertainties in the timing of ESS project delivery and said recognized ESS revenue remains in the ramp-up stage.
- Full-year module shipment guidance was adjusted to 60.0 GW to 70.0 GW in light of demand dynamics in certain markets and the increased focus on profitability, cash flow and order quality.
What to watch
- Third-quarter module shipments against guidance of 15.0 GW to 17.0 GW.
- Whether order-book and geographic-mix optimization, utilization-rate management and a higher proportion of high-efficiency products support gross-margin improvement.
- Progress toward more than 40 GW of TOPCon 3.0 production capacity by the end of 2026.
- Progress toward annual integrated production capacity of approximately 100 GW, including approximately 14 GW from overseas facilities, by the end of 2026.
- ESS project deliveries, revenue recognition contribution and profit realization.
- The January 2027 effective date of the mandatory national energy efficiency standard for modules and inverters.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash as of June 30, 2026: RMB16.94 billion (US$2.50 billion), compared with RMB22.81 billion as of March 31, 2026.
- Net accounts receivable as of June 30, 2026: RMB12.61 billion (US$1.86 billion), compared with RMB13.77 billion as of March 31, 2026.
- Inventories as of June 30, 2026: RMB16.47 billion (US$2.43 billion), compared with RMB17.71 billion as of March 31, 2026.
- Total interest-bearing debts as of June 30, 2026: RMB44.90 billion (US$ 6.62 billion), compared with RMB47.27 billion as of March 31, 2026.
- Long-term investments and available-for-sale securities as of June 30, 2026: RMB1.99 billion (US$294.0 million), compared with RMB1.10 billion as of March 31, 2026.
- Total assets as of June 30, 2026: 118,517,809 RMB'000 (17,467,362 USD'000).
- Total liabilities as of June 30, 2026: 89,687,427 RMB'000 (13,218,289 USD'000).
- Total shareholders' equity as of June 30, 2026: 25,290,505 RMB'000 (3,727,360 USD'000).
Analysis
JinkoSolar reported RMB12.36 billion (US$1.82 billion) of Q2 2026 revenue, up 0.9% sequentially but down 31.3% year-over-year, as module shipments rose 16.7% sequentially to 15,961 MW but fell 34.4% year-over-year. First-half module shipments were 29.6 GW, with approximately 70% shipped to overseas markets. Management attributed the revenue changes primarily to fluctuations in module shipment volume and noted that demand conditions varied across markets.
Profitability weakened materially from Q1. Gross profit fell to RMB513.1 million (US$75.6 million) from RMB1.02 billion, and gross margin declined to 4.2% from 8.3%, primarily due to lower average selling prices of solar modules. Total operating expenses rose 21.3% sequentially to RMB1.95 billion (US$287.3 million), driven primarily by higher expected credit losses. This pushed loss from operations to RMB1.44 billion (US$211.7 million) and operating loss margin to 11.6%.
Net loss attributable to ordinary shareholders was RMB697.3 million (US$102.8 million), compared with RMB463.5 million in Q1 2026, while adjusted net loss attributable to ordinary shareholders widened to RMB910.8 million (US$134.2 million) from RMB549.3 million. The reported loss included a RMB370.3 million (US$54.6 million) gain from changes in fair value of long-term investment and an approximately RMB236.6 million (US$34.9 million) pre-tax gain from the disposal of Jinko Solar (U.S.) Industries Inc. Net interest expenses were RMB273.3 million (US$40.3 million), while the company also recorded a net exchange loss of RMB325.4 million (US$48.0 million).
Balance-sheet liquidity declined during the quarter, with cash, cash equivalents and restricted cash at RMB16.94 billion (US$2.50 billion) as of June 30, 2026, versus RMB22.81 billion as of March 31, 2026. Inventories and net accounts receivable also declined versus March 31, while total interest-bearing debts were RMB44.90 billion (US$ 6.62 billion), compared with RMB47.27 billion. The company declared a cash dividend of US$0.375 per ordinary share, or US$1.50 per ADS, in June 2026.
Management revised full-year 2026 module shipment guidance to 60.0 GW to 70.0 GW and guided Q3 shipments to 15.0 GW to 17.0 GW. The company is prioritizing profitability, cash flow and order quality over shipment scale. Its operational strategy includes increasing high-efficiency product mix, with such products expected to account for over 60% of full-year shipments, and expanding TOPCon 3.0 capacity to more than 40 GW by year-end. ESS shipments increased significantly year-over-year in the first half and gross margin improved, but management said recognized ESS revenue remains in the ramp-up stage because of uncertainty in delivery timing.
Management, verbatim
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.
Mr. Dimi Du, Chief Executive Officer
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.
Mr. Dimi Du, Chief Executive Officer
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.
Mr. Dimi Du, Chief Executive Officer
Not in the filing
stated, not guessed- Accounting framework explicitly identified as GAAP, IFRS or local GAAP
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Reportable segment revenue and segment profitability
- Adjusted earnings or loss per ordinary share and per ADS
- Third-quarter or full-year revenue guidance
- Third-quarter or full-year gross-margin guidance
- Third-quarter or full-year operating-expense guidance
- Third-quarter or full-year tax-rate guidance
- Previous-release outlook for comparison with actual results
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
JinkoSolar Holding filed a Form 6‑K announcing its unaudited Q2 2026 results, including revenue, profit, shipment volumes, and strategic investment updates.
Ticker impact
Q2 2026 earnings report: revenue RMB12.36bn, net loss RMB697.3m, shipments up 16.7% sequentially.
Potential short-term decline of 5-8% as investors digest weaker margins.
Losses exceed prior quarter, gross margin fell, no guidance provided, but high‑efficiency module shipments grew.
Market effects
Highlights margin pressure in the solar module sector, may weigh on renewable equipment peers.
China solar manufacturers could see tighter profitability, affecting regional renewable stocks.
JinkoSolar's scale means its results can influence sentiment across the global solar supply chain.
Counterpoint
Despite the loss, expanding high‑efficiency module shipments and storage business growth could support longer‑term upside.
Key entities
- companyJinkoSolar Holding Co., Ltd.
Global solar module manufacturer listed on NYSE (ticker JKS) reporting Q2 2026 results.
- subsidiaryLAPLACE Renewable Energy Technology Co., Ltd.
Equity interest partially divested, generating RMB300m cash proceeds.
- portfolio companyHangzhou Gold Electronic Equipment Co., Ltd.
Successfully completed its public listing during the quarter.
