Jinko Solar (688223) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB 13.61bn, down 15.74% YoY; attributable net loss was RMB 290.4m. Higher-power module mix helped narrow the quarterly loss YoY.

• 9M revenue reached RMB 38.34bn, down 20.10% YoY, with an attributable net loss of RMB 3.367bn.

• 9M operating cash flow turned positive at RMB 610.8m, versus an outflow of RMB 1.341bn in the prior-year period.

Financial highlights

• Q3 total loss before tax was RMB 418.4m; 9M total loss before tax was RMB 4.221bn, versus RMB 5.507bn in 9M 2025.

• 9M net loss was RMB 3.379bn; net loss attributable to parent shareholders was RMB 3.367bn, compared with RMB 3.920bn a year earlier.

• 9M reported revenue declined to RMB 38.34bn from RMB 47.99bn in 2025.

Segment performance

• 9M photovoltaic module shipments totaled 44.64GW; Q3 Flying Tiger 3 shipments exceeded one-third of the module mix.

• Energy storage system deliveries totaled 4.5GWh in 9M; storage revenue recognized in Q3 increased further.

• TOPCon 3.0 line retrofits and capacity ramp progressed during Q3, alongside continued production-cost optimization and a higher share of high-power products.