Q3 FY2026
Filed Oct 30, 2026Jinko Holdings Announces Third Quarter 2026 Financial Results
Gross profit margin improved to 12.3% from 4.2% in Q2 2026, and net loss attributable to ordinary shareholders narrowed to RMB170.0 million, but total revenues declined 15.7% year-over-year, module shipments fell 25.0% year-over-year, and total interest-bearing debts rose to RMB45.15 billion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Solar module shipmentsother | 15,003 MW | down 6.0% sequentially | down 25.0% year-over-year |
| Total revenuesother | RMB13.62 billion (US$2.03 billion) | increase of 10.2% | decrease of 15.7% |
| Cost of revenuesother | RMB11,948,647 thousand (US$1,782,183 thousand) | – | – |
| Gross profitother | RMB1.67 billion (US$249.3 million) | up 225.7% sequentially | up 41.4% year-over-year |
| Gross profit marginother | 12.3% | – | – |
| Selling and marketing expensesother | RMB967,111 thousand (US$144,248 thousand) | – | – |
| General and administrative expensesother | RMB551,722 thousand (US$82,291 thousand) | – | – |
| Research and development expensesother | RMB232,234 thousand (US$34,639 thousand) | – | – |
| Impairment of long-lived assetsother | - | – | – |
| Total operating expensesother | RMB1.75 billion (US$261.2 million) | decrease of 10.2% | decrease of 32.3% |
| Total operating expenses as a percentage of total revenuesother | 12.9% | – | – |
| Loss from operationsother | RMB80.0 million (US$11.9 million) | – | – |
| Operating loss marginother | 0.6% | – | – |
| Interest expensesother | RMB319.3 million (US$47.6 million) | – | – |
| Interest incomeother | RMB67.9 million (US$10.1 million) | – | – |
| Net interest expensesother | RMB251.3 million (US$37.5 million) | decrease of 8.0% | increase of 24.6% |
| Subsidy incomeother | RMB385.6 million (US$57.5 million) | – | – |
| Net exchange lossother | RMB228.7 million (US$34.1 million) | – | – |
| Net gain from change in fair value of forward contracts and commodity futuresother | RMB2.0 million (US$0.3 million) | – | – |
| Loss from change in fair value of long-term investmentother | RMB167.5 million (US$25.0 million) | – | – |
| Net other incomeother | RMB79.1 million (US$11.8 million) | – | – |
| Gain from disposal of subsidiariesother | RMB0 | – | – |
| Equity in loss of affiliated companiesother | RMB10.7 million (US$1.6 million) | – | – |
| Income tax benefitother | RMB117.6 million (US$17.5 million) | – | – |
| Net lossother | RMB154,008 thousand (US$22,971 thousand) | – | – |
| Net loss attributable to non-controlling interestsother | RMB40.2 million (US$6.0 million) | – | – |
| Net loss attributable to Jinko Holdings Limited’s ordinary shareholdersother | RMB170.0 million (US$25.4 million) | – | – |
| Adjusted net loss attributable to Jinko Holdings Limited’s ordinary shareholdersnon-GAAP | RMB7.9 million (US$1.2 million) | – | – |
| Basic loss per ordinary shareother | RMB0.80 (US$0.12) | – | – |
| Diluted loss per ordinary shareother | RMB0.80 (US$0.12) | – | – |
| Basic loss per ADSother | RMB3.20 (US$0.48) | – | – |
| Diluted loss per ADSother | RMB3.20 (US$0.48) | – | – |
| Strategic investment portfolio fair valueother | RMB2.05 billion (US$305.1 million) | – | – |
Fourth Quarter and Full Year 2026 outlook
- NoteFor the fourth quarter of 2026, the Company expects its module shipments to be in the range of 16.0 GW to 18.0 GW.
- NoteFor full year of 2026, the Company expects its ESS shipments to be approximately 10GWh on a proof-of-delivery basis.
- NoteThe Company expects to have approximately 40 GW of high-efficiency production capacity capable of meeting Level 1 national energy efficiency requirements, by the end of 2026.
Capital returns
- Completed the exit from the investment in LAPLACE Renewable Energy Technology Co., Ltd., generating additional cash proceeds of approximately RMB38.7 million upon the divestment of the remaining equity interest in LAPLACE.
- During the first nine months of 2026, portfolio exits generated approximately RMB386.4 million in cash proceeds.
What drove it
- The sequential revenue increase was mainly attributable to growth in revenue generated from the sale of energy storage systems and an increase in average selling price of solar modules.
- The year-over-year revenue decrease was primarily due to a decrease in the shipment volume of solar modules.
- Gross-profit improvement was driven by continuous cost optimization in high-efficiency production lines, an increased share of high-efficiency product shipments, and greater contribution from higher-margin energy storage system revenue.
- Shipments of Tiger Neo 3.0 modules exceeded 5 GW during the quarter and commanded a premium of approximately US$0.01/W over conventional modules.
- Approximately 1.75 GWh of energy storage system shipments were recognized as revenue, with profitability of the energy storage business improving both year over year and sequentially.
- The sequential reduction in operating expenses was primarily due to lower expected credit losses.
Concerns
- Solar module shipments were down 25.0% year-over-year.
- Total revenues were down 15.7% year-over-year.
- The Company remained loss-making, with net loss attributable to ordinary shareholders of RMB170.0 million.
- Net interest expenses increased 24.6% year-over-year to RMB251.3 million.
- The Company recorded a loss from change in fair value of long-term investment of RMB167.5 million, compared with gains in both comparison periods.
- Inventories increased to RMB17.61 billion from RMB16.47 billion as of June 30, 2026.
- Total interest-bearing debts increased to RMB45.15 billion from RMB44.90 billion as of June 30, 2026.
What to watch
- Fourth-quarter module shipments guidance of 16.0 GW to 18.0 GW.
- Full-year 2026 ESS shipment expectation of approximately 10GWh on a proof-of-delivery basis.
- The ramp-up of Tiger Neo 3.0 production capacity and continued production-cost improvement.
- The planned gradual production and shipment ramp of Tiger Neo 5.0 all-black premium residential modules over the next two years.
- Energy storage profitability and the application of proprietary PCS products in data centers and other emerging scenarios.
- Inventory, cash and interest-bearing debt trends.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash were RMB15.56 billion (US$2.32 billion) as of September 30, 2026, compared with RMB16.94 billion as of June 30, 2026.
- Net accounts receivable were RMB11.95 billion (US$1.78 billion) as of September 30, 2026, compared with RMB12.61 billion as of June 30, 2026.
- Inventories were RMB17.61 billion (US$2.63 billion) as of September 30, 2026, compared with RMB16.47 billion as of June 30, 2026.
- Total interest-bearing debts were RMB45.15 billion (US$6.73 billion) as of September 30, 2026, compared with RMB44.90 billion as of June 30, 2026.
- Total assets were RMB115,902,118 thousand (US$17,287,213 thousand) as of September 30, 2026.
- Total liabilities were RMB87,351,333 thousand (US$13,028,762 thousand) as of September 30, 2026.
Analysis
Jinko Holdings reported a material sequential recovery in profitability during Q3 2026. Total revenues rose 10.2% sequentially to RMB13.62 billion, while gross profit rose to RMB1.67 billion from RMB513.1 million and gross profit margin increased to 12.3% from 4.2%. The improvement reflected higher energy storage system revenue, increased solar-module average selling prices, cost optimization in high-efficiency production lines, a higher proportion of high-efficiency shipments and a greater contribution from higher-margin energy storage revenue.
The recovery occurred alongside lower solar volume on both reported comparison bases. Solar module shipments were 15,003 MW, down 6.0% sequentially and 25.0% year-over-year, while revenue remained down 15.7% year-over-year. Management said overseas markets represented around 70% of module shipments. Tiger Neo 3.0 shipments exceeded 5 GW and carried a premium of approximately US$0.01/W over conventional modules, supporting the stated strategy of balancing shipment volume and profitability.
Operating leverage improved substantially. Total operating expenses declined 10.2% sequentially and 32.3% year-over-year to RMB1.75 billion, with lower expected credit losses cited for the sequential decline and reduced impairment of long-lived assets plus lower expected credit losses cited for the annual decline. Loss from operations narrowed to RMB80.0 million and operating loss margin improved to 0.6%. Net loss attributable to ordinary shareholders narrowed to RMB170.0 million, while adjusted net loss attributable to ordinary shareholders was RMB7.9 million. However, interest expense remained RMB319.3 million, net interest expenses increased 24.6% year-over-year, and the Company recognized a RMB167.5 million loss on the fair value of long-term investments.
The balance sheet shows tighter liquidity and elevated working capital demands. Cash, cash equivalents and restricted cash declined to RMB15.56 billion from RMB16.94 billion as of June 30, 2026, inventories increased to RMB17.61 billion from RMB16.47 billion, and total interest-bearing debts increased to RMB45.15 billion from RMB44.90 billion. Accounts receivable declined to RMB11.95 billion from RMB12.61 billion. The Company also continued frontier-technology investments, with approximately RMB330 million of new and follow-on investments in the quarter, while portfolio exits generated cash proceeds.
Guidance calls for Q4 module shipments of 16.0 GW to 18.0 GW and full-year ESS shipments of approximately 10GWh on a proof-of-delivery basis. Management also expects approximately 40 GW of high-efficiency production capacity meeting Level 1 national energy efficiency requirements by year-end 2026. The key reported operating issue is whether high-efficiency solar modules and ESS can sustain the improved gross-margin profile while the company manages year-over-year shipment pressure, inventory growth and interest-bearing debt.
Management, verbatim
In the third quarter, the measures we put in place to optimize our order book and product mix began to deliver results.
Mr. Dimi Du, Chief Executive Officer
Benefiting from higher shipments of high-efficiency products, the continued cost optimization of TOPCon 3.0 and improved profitability in our energy storage business, our gross margin rose to 12.3% from 4.2% in the second quarter, while our net loss narrowed significantly both sequentially and year-over-year.
Mr. Dimi Du, Chief Executive Officer
We will continue to balance shipment volume and profitability, optimize our product and order book mix, and maintain strict control over capital expenditure to make the improvement in our operating performance more sustainable.
Mr. Dimi Du, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter and prior-year revenue by operating segment
- Reported revenue by solar module and energy storage business
- Operating cash flow
- Free cash flow
- Capital expenditure amount
- Share repurchases
- Dividends
- Adjusted EPS or adjusted loss per ADS
- Effective tax rate
- Prior outlook for comparison
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.