JinkoSolar (JKS) Q3 2026 earnings summary

Executive summary

• Gross margin rebounded to 12.3%; adjusted net loss narrowed to RMB7.9M, and ESS achieved its first quarterly operating profit.

• Product-mix optimization, high-efficiency line cost reductions and improved ESS profitability supported the margin recovery; strategy emphasizes profitability, capital efficiency and selective investment.

Financial highlights

• Revenue was RMB13.62B, up 10.2% QoQ and down 15.7% YoY; the QoQ increase reflected higher ESS revenue and module ASP, while the YoY decline reflected lower module shipments.

• Gross profit was RMB1.67B, versus RMB513.1M in Q2 2026 and RMB1.18B in Q3 2025; gross margin was 12.3%, compared with 4.2% and 7.3%, respectively.

• Operating loss narrowed to RMB80.0M from RMB1.44B in Q2 and RMB1.40B in Q3 2025; operating expenses declined 10.2% QoQ and 32.3% YoY to RMB1.75B.

• Net loss attributable to ordinary shareholders was RMB170.0M, versus RMB697.3M in Q2 and RMB749.8M in Q3 2025; adjusted net loss was RMB7.9M.

• Basic and diluted loss per ADS was RMB3.20, versus RMB13.19 in Q2 2026 and RMB14.32 in Q3 2025.

Outlook and guidance

• Q4 2026 module shipments are expected to be 16–18 GW; FY2026 ESS shipments are expected to reach ~10 GWh on a proof-of-delivery basis.

• High-efficiency capacity meeting Level 1 national energy-efficiency requirements is expected to reach ~40 GW by year-end 2026.

• Tiger Neo 5.0 premium residential module production and shipments are planned to ramp gradually over the next two years, subject to market demand and industry conditions.

• Priorities include balancing shipment volume and profitability, optimizing product and order-book mix, and maintaining strict capex control.