Jinko Power Technology (601778) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was RMB 1.40 billion, down 33.94% year-over-year; net loss attributable to shareholders was RMB -187 million, compared to a profit of RMB 123 million in H1 2025.

• Decline driven by weaker solar irradiation, lower settlement electricity prices, and increased curtailment, resulting in lower power generation and revenue.

• Operating cash flow dropped 60.91% year-over-year to RMB 778 million due to slower project payments and increased outflows for projects held for sale.

Financial highlights

• Operating income: RMB 1.40 billion, -33.94% year-over-year.

• Net profit attributable to shareholders: RMB -187 million, down 252.76% year-over-year.

• EBITDA/total debt ratio: 0.05, down 16.67% year-over-year.

• Basic and diluted EPS: RMB -0.05, down from RMB 0.04.

• Net assets: RMB 16.64 billion, up 3.16% from year-end 2025.

• Total assets: RMB 41.32 billion, down 1.10% from year-end 2025.

Outlook and guidance

• Industry faces continued pressure from market-based electricity pricing, increased curtailment, and policy shifts.

• Company will focus on high-quality project reserves, prudent investment, and asset-light strategies to enhance resilience.

• Storage and green computing (算力) businesses are being developed as new growth drivers.