JinkoSolar (JKS) Q3 2026 earnings summary

Executive summary

• Q3 gross margin recovered to 12.3%; net loss attributable to ordinary shareholders narrowed to RMB170.0M and adjusted net loss to RMB7.9M.

• Module shipments were 15,003 MW; ESS recognized 1.75 GWh as revenue and achieved its first positive quarterly operating profit.

• Strategy centers on solar and energy storage, selective investment in frontier technologies and capital efficiency.

Financial highlights

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

• Gross profit was RMB1.67B; gross margin was 12.3%, versus 4.2% in Q2 2026 and 7.3% in Q3 2025.

• Operating expenses fell 10.2% QoQ and 32.3% YoY to RMB1.75B; operating loss narrowed to RMB80.0M.

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

Outlook and guidance

• Q4 module shipments are forecast at 16–18 GW; FY2026 ESS shipments are guided at ~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.

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

• Tiger Neo 5.0 production and shipments are planned to ramp gradually over two years, subject to demand and industry conditions.