China-based solar module manufacturer Jinko Holdings reported revenue of RMB13.62 billion (~$2.03 billion) in the third quarter (Q3) of 2026, a 15.7% year-over-year (YoY) decline from RMB16.16 billion (~$2.41 billion), primarily due to lower solar module shipments.

Revenue, however, increased 10.2% quarter-over-quarter (QoQ) from RMB12.36 billion (~$1.84 billion), driven by higher energy storage system (ESS) revenue and an increase in the average selling price of solar modules.

Adjusted net loss attributable to ordinary shareholders narrowed 98.1% YoY to RMB7.9 million (~$1.2 million) from RMB409.1 million (~$61.02 million). The adjusted figures exclude changes in the fair value of long-term investments, gains from subsidiary disposals, impairment of long-lived assets, and share-based compensation expenses.

Gross profit increased 41.4% YoY to RMB1.67 billion (~$249.3 million) from RMB1.18 billion (~$176.3 million). Gross margin improved to 12.3% from 7.3% in the corresponding quarter last year and 4.2% in Q2 2026.

The improvement was driven by cost optimization across high-efficiency production lines, a higher share of premium solar module shipments, and increased contributions from higher-margin energy storage revenue.

Basic and diluted losses per ordinary share were RMB0.80 (~$0.12), compared with RMB3.58 (~$0.53) in Q3 2025.

JinkoSolar shipped 15 GW of solar modules during the quarter, a 25% YoY decline and a 6% sequential decrease. Overseas markets accounted for approximately 70% of total shipments.

Dimi Du, Chief Executive Officer of Jinko Holdings, said the company’s measures to optimize its order book and product mix were starting to deliver results. The company continued to balance shipment volumes with profitability while increasing its focus on high-efficiency products.

Shipments of its Tiger Neo 3.0 modules exceeded 5 GW during the quarter, with the products commanding a premium of approximately $0.01/W over conventional modules.

Du said the higher share of high-efficiency products, continued cost reductions in TOPCon 3.0 manufacturing, and improved profitability in the energy storage business contributed to the recovery in gross margins.

He noted that the photovoltaic industry remains in a period of supply-demand adjustment, with competition increasingly shifting toward product value, technological efficiency, and profitability.

According to Du, stricter technical standards and energy efficiency requirements introduced by Chinese authorities are expected to gradually phase out less efficient manufacturing capacity.

The company expects to have approximately 40 GW of high-efficiency production capacity meeting China’s Level 1 national energy efficiency requirements by the end of 2026.

JinkoSolar also introduced its Tiger Neo 5.0 all-black premium residential module, based on its TAC technology platform, with a power output of up to 510 W and module efficiency of up to 25.52%.

The company plans to target premium distributed solar markets, particularly residential rooftop installations, and gradually increase production and shipments over the next two years, depending on market demand.

JinkoSolar’s energy storage business clocked around 1.75 GWh of shipments recognized as revenue during Q3 2026, matching the volume recognized during the entire financial year 2025.

The company said profitability in its energy storage business improved sequentially and year over year.

Du said the company is expanding the application of its proprietary power conversion system products and exploring emerging opportunities, including data centers.

JinkoSolar also plans to strengthen integration between its solar and storage businesses through shared customer relationships, sales channels, and technical services.

During the quarter, Jinko Holdings invested approximately RMB330 million (~$49.22 million) in new and existing strategic investments, including RMB254 million (~$37.89 million) of its own capital.

The investments covered semiconductors, artificial intelligence, energy storage, and advanced technologies, including KiwiMoore, which develops artificial intelligence networking and chip interconnect solutions, and TIGSTOR, which focuses on supercapacitor technologies.

The company also completed its exit from LAPLACE Renewable Energy Technology, generating additional cash proceeds of RMB38.7 million (~$5.77 million) during the quarter.

As of September 30, 2026, the fair value of its strategic investment portfolio stood at approximately RMB2.05 billion (~$305.1 million).

The company’s cash, cash equivalents, and restricted cash stood at RMB15.56 billion (~$2.32 billion) at the end of September 2026, compared with RMB16.94 billion (~$2.53 billion) at the end of June.

Total interest-bearing debt increased to RMB45.15 billion (~$6.73 billion) from RMB44.90 billion (~$6.70 billion) during the same period.

Outlook

JinkoSolar expects solar module shipments to range between 16 GW and 18 GW in the fourth quarter of 2026.

For the full year 2026, the company expects ESS shipments of approximately 10 GWh on a proof-of-delivery basis.