Jinko Power Technology (601778) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 582.63 million, down 47.61% year-over-year due to lower power generation income and reduced residential PV project development.

• Net loss attributable to shareholders was RMB -128.82 million, compared to RMB -34.87 million in Q1 2025.

• Cash flow from operating activities dropped sharply to RMB 171.45 million from RMB 1.20 billion year-over-year.

Financial highlights

• Total assets at March 31, 2026 were RMB 41.84 billion, up 0.16% from year-end 2025.

• Shareholders’ equity was RMB 15.99 billion, down 0.84% from year-end 2025.

• Basic and diluted EPS were both -0.04, compared to -0.01 in Q1 2025.

• Gross margin declined as operating costs remained high relative to revenue.

• Non-recurring gains totaled RMB 38.69 million, mainly from asset disposals and government subsidies.

Outlook and guidance

• The company warns of potential risks regarding the completion and delivery of the Antequera project sale in Spain, with possible transaction adjustments or termination if agreement is not reached by June 30, 2026.