JinkoSolar (JKS) investor relations material

Executive summary

• Q2 2026 module shipments reached 15,961 MW (16 GW), up 16.7% sequentially but down 34.4% year-over-year, with over 70% shipped overseas in H1 2026.

• Gross margin declined to 4.2% from 8.3% in Q1 2026, pressured by ramp-up costs and low-value orders, while net loss widened.

• Strategic investments and divestitures, including the sale of LAPLACE Renewable Energy equity, generated over RMB300 million in cash proceeds.

• Technological milestones included the launch of Tiger Neo 5.0 module (>700W, 25.91% efficiency) and multiple PV efficiency records.

• Leadership transition saw a new CEO appointed, with the founder remaining as chairman focused on strategic investments.

Financial highlights

• Q2 2026 revenue was $1.82 billion, up 0.9% sequentially but down 31.3% year-over-year.

• Gross profit was $75.6 million, down 49.6% sequentially and 2.5% year-over-year.

• Adjusted net loss was $134.2 million; GAAP net loss was $102.8 million.

• Cash and equivalents at quarter-end were $2.5 billion; net debt increased to $4.12 billion.

• Operating loss margin was 11.6% in Q2 2026.

Outlook and guidance

• Full-year 2026 module shipment guidance was reduced to 60–70 GW, with high-efficiency products over 60% of shipments.

• Q3 2026 module shipments expected between 15–17 GW.

• Annual integrated production capacity expected to reach 100 GW by year-end 2026, including 14 GW overseas.

• ESS shipments for 2026 expected to more than double year-over-year.

• Minimal CapEx planned for the next two years, focusing on maintenance and asset-light storage business.