Jinko Solar (688223) investor relations material

Executive summary

• Revenue for H1 2026 was RMB 24.73 billion, down 22.32% year-over-year; net loss attributable to shareholders was RMB -3.08 billion, with continued industry-wide price pressure and supply-demand imbalance.

• Gross margin and profitability declined due to falling product prices and high raw material costs, especially silver paste, despite maintaining global leadership in PV module shipments (29.64GW in H1 2026).

• Cash flow from operating activities improved 117.88% year-over-year, driven by increased collections of sales payments.

• The company adjusted its full-year 2026 module shipment guidance to 60-70GW, focusing on balancing scale, profitability, cash flow, and order quality.

Financial highlights

• Operating income: RMB 24.73 billion, down 22.32% year-over-year.

• Net loss attributable to shareholders: RMB -3.08 billion (vs. -2.91 billion in H1 2025).

• Operating cash flow: RMB 681.6 million, up 117.88% year-over-year.

• Gross margin and net margin declined; basic and diluted EPS at -0.30.

• R&D investment was RMB 953 million, 3.85% of revenue, up 0.16 percentage points year-over-year.

Outlook and guidance

• Full-year 2026 module shipment guidance revised to 60-70GW, reflecting a more cautious approach to market volatility and profitability.

• Q3 2026 module shipment expected at 15-17GW.

• Company will prioritize cash flow, order quality, and profitability over pure shipment volume.