SHANGRAO, China, Oct. 30, 2026 /PRNewswire/ -- Jinko Holdings Limited ("Jinko Holdings" or the "Company") $(JKS)$, today announced its unaudited financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Business Highlights
Core Solar and Energy Storage Business Highlights
-- Continued to optimize product mix, with shipments of Tiger Neo 3.0
modules exceeding 5 GW during the quarter and commanding a premium of
approximately US$0.01/W over conventional modules.
-- Launched the next-generation Tiger Neo 5.0 all-black premium residential
module, based on the TAC technology platform, featuring power output of
up to 510 W and module efficiency of up to 25.52%.
-- Recognized approximately 1.75 GWh of energy storage system (ESS)
shipments as revenue, with profitability of energy storage business
improving both year over year and sequentially.
Strategic Investment Highlights
-- Continued to invest in semiconductors, artificial intelligence (AI),
energy storage and other frontier technologies, with total new and
follow-on investments of approximately RMB330 million in the third
quarter, of which approximately RMB254 million was the Company's capital.
Investments included KiwiMoore, a provider of full-stack AI networking
products and solutions specializing in advanced Chiplet and chip
interconnect technologies, and TIGSTOR, a company focused on the
development and application of supercapacitor technologies.
-- Completed the exit from the investment in LAPLACE Renewable Energy
Technology Co., Ltd. ("LAPLACE"), generating additional cash proceeds of
approximately RMB38.7 million upon the divestment of the remaining equity
interest in LAPLACE.
-- Portfolio companies continued to make progress during the quarter.
SiliconFlow completed the second tranche of its Series B+ financing round
and its Series C financing round in September 2026. In addition, StepFun
launched its STEPX terminal brand and related AI terminal products in
July, further expanding the application of large language models in
end-user devices.
-- More recently, Adaspace Technology, another of our portfolio companies,
passed the listing hearing of the Hong Kong Stock Exchange.
Third Quarter 2026 Operational and Financial Highlights
-- Quarterly shipments of solar modules were 15,003 MW, down 6.0%
sequentially and 25.0% year-over-year.
-- Total revenues were RMB13.62 billion (US$2.03 billion), up 10.2%
sequentially and down 15.7% year-over-year.
-- Gross profit was RMB1.67 billion (US$249.3 million), up 225.7%
sequentially and 41.4% year-over-year.
-- Gross profit margin was 12.3%, compared with gross profit margin of 4.2%
in Q2 2026 and gross profit margin of 7.3% in Q3 2025.
-- Net loss attributable to Jinko Holdings Limited's ordinary shareholders
was RMB170.0 million (US$25.4 million), compared with net loss
attributable to Jinko Holdings Limited's ordinary shareholders of
RMB697.3 million in Q2 2026 and net loss attributable to Jinko Holdings
Limited's ordinary shareholders of RMB749.8 million in Q3 2025.
-- Adjusted net loss attributable to Jinko Holdings Limited's ordinary
shareholders was RMB7.9 million (US$1.2 million), which excludes the
impact of (i) the change in fair value of long-term investment, (ii) gain
from disposal of subsidiaries, (iii) the impairment of long-lived assets
and (iv) share-based compensation expenses, compared with adjusted net
loss attributable to Jinko Holdings Limited's ordinary shareholders of
RMB906.2 million in Q2 2026 and adjusted net loss attributable to Jinko
Holdings Limited's ordinary shareholders of RMB409.1 million in Q3 2025.
-- Basic and diluted losses per ordinary share were RMB0.80 (US$0.12) and
RMB0.80 (US$0.12), respectively. This translates into basic and diluted
losses per ADS of RMB3.20 (US$0.48) and RMB3.20 (US$0.48), respectively.
Mr. Dimi Du, Jinko Holdings' Chief Executive Officer, commented, "In the third quarter, the measures we put in place to optimize our order book and product mix began to deliver results. Module shipments were 15.0 GW, with overseas markets accounting for around 70% of the total, as we continued to execute an operating strategy that balances shipment volume and profitability. Shipments of our Tiger Neo 3.0 modules exceeded 5 GW during the quarter, commanding a premium of approximately 1 US cent per watt over conventional modules. Benefiting from higher shipments of high-efficiency products, the continued cost optimization of TOPCon 3.0 and improved profitability in our energy storage business, our gross margin rose to 12.3% from 4.2% in the second quarter, while our net loss narrowed significantly both sequentially and year-over-year.
The PV industry remains at a critical stage of supply and demand adjustment, and its shift from production capacity and shipment scale toward effective supply, product value and earnings quality continues. As the relevant national authorities promote the orderly and well-regulated development of the industry through stricter standards and higher technical and energy efficiency requirements, we expect less efficient capacity to be gradually phased out and competition to focus more on technological innovation, product quality and customer value. This shift reinforces our focus on high-efficiency products, the disciplined buildout of capacity, and delivering greater customer value across global markets.
In line with this focus, we expect to have approximately 40 GW of high-efficiency production capacity meeting the Level 1 national energy efficiency requirements by the end of 2026, as the capacity ramp-up for Tiger Neo 3.0 progresses and production costs continue to improve. We believe technological innovation creates the most value when it meets customer needs across different application scenarios and delivers tangible economic benefits at scale. Following the launch of our Tiger Neo 5.0 module in June, we recently introduced the Tiger Neo 5.0 all-black premium residential module. Built on our TAC technology platform, it delivers power output of up to 510 W and module efficiency of up to 25.52%. We will focus this product on the global premium distributed PV market, particularly residential rooftop applications, and plan to ramp up production and shipments gradually over the next two years in line with market demand and industry conditions.
Our energy storage business generated a notable increase in scale and improved profitability during the quarter, with approximately 1.75 GWh of shipments recognized as revenue, matching the total for full year 2025. We are advancing the application of our proprietary PCS products, exploring opportunities in emerging scenarios such as data centers, and deepening the synergies between solar and storage across customer resources, sales channels and technical services, to deliver more sustainable growth and profit contribution going forward.
The completion of our recent name change to Jinko Holdings Limited marks a new starting point in our development. While the long-term development of our core solar and energy storage businesses remains our top priority, we are taking a more open and disciplined approach to opportunities in AI, renewable energy, advanced materials, commercial space and other frontier technologies, with our investment platform serving as a complementary driver of long-term value creation. During the third quarter, we made new and follow-on investments of approximately RMB330 million, of which approximately RMB254 million was our own capital, including in KiwiMoore, which specializes in advanced chiplet and chip interconnect technologies, and TIGSTOR, which develops supercapacitor technologies. Several of our portfolio companies also completed significant financing rounds during the quarter, including SiliconFlow, while StepFun also launched its STEPX terminal brand and related AI terminal products in July, further extending the application of its large language models in end-user devices. More recently, Adaspace Technology, another of our portfolio companies, passed the listing hearing of the Hong Kong Stock Exchange.
As of the end of the third quarter of 2026, the fair value of our strategic investment portfolio was approximately RMB2.05 billion. During the first nine months of 2026, our portfolio generated gains of approximately RMB327.2 million, comprising approximately RMB82.3 million in realized gains and approximately RMB244.9 million in unrealized fair value gains. Over the same period, portfolio exits generated approximately RMB386.4 million in cash proceeds. Notably, having divested a substantial portion of our equity interest in LAPLACE in the first half, we completed our exit from the remaining interest in the third quarter, generating additional cash proceeds of approximately RMB38.7 million. Our initial investment cost in LAPLACE was approximately RMB65.0 million and the investment generated cumulative gains of approximately RMB356.8 million. We will remain selective, balancing new investments against exits and improving capital utilization efficiency.
Looking ahead, we will build on three core pillars, namely technological innovation, globalization and AI transformation, to drive integrated solar-plus-storage development. We will continue to balance shipment volume and profitability, optimize our product and order book mix, and maintain strict control over capital expenditure to make the improvement in our operating performance more sustainable. For the fourth quarter of 2026, we expect module shipments to be between 16 GW and 18 GW. For full year 2026, we expect energy storage system shipments of approximately 10 GWh on a proof-of-delivery basis."
Third Quarter 2026 Financial Results
Total Revenues
Comments