Jinko Holdings Announces Third Quarter 2026 Financial Results
Gross margin increased to 12.3%, although quarterly revenue and solar module shipments remained below year-earlier levels.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Jinko Holdings (NYSE: JKS) reported third-quarter 2026 revenue of RMB13.62 billion as margins improved and its net loss narrowed. Revenue rose 10.2% sequentially but fell 15.7% year over year. Solar module shipments fell 25.0% year over year to 15,003 MW. Gross margin reached 12.3%, versus 4.2% in Q2 2026 and 7.3% a year earlier. Net loss attributable to ordinary shareholders narrowed to RMB170.0 million from RMB697.3 million sequentially and RMB749.8 million a year earlier.
Energy storage shipments recognized as revenue totaled approximately 1.75 GWh, matching full-year 2025, with profitability improving. Long-term investment fair-value changes produced a RMB167.5 million loss. Jinko expects Q4 module shipments of 16–18 GW and full-year 2026 energy storage shipments of approximately 10 GWh on a proof-of-delivery basis. It expects approximately 40 GW of high-efficiency production capacity by year-end.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
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Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointGross margin reached 12.3%, versus 4.2% in Q2 2026 and 7.3% in Q3 2025.
- Moderate pointNet loss narrowed to RMB170.0 million, versus RMB697.3 million sequentially and RMB749.8 million a year earlier.
- Moderate pointOperating loss narrowed to RMB80.0 million, versus RMB1.44 billion sequentially and RMB1.40 billion a year earlier.
- Moderate pointOperating expenses fell to RMB1.75 billion, down 10.2% sequentially and 32.3% year over year.
- Moderate pointEnergy storage shipments recognized as revenue reached approximately 1.75 GWh, matching full-year 2025; profitability improved sequentially and annually.
- Moderate pointPortfolio exits generated approximately RMB386.4 million in cash proceeds during the first nine months of 2026.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 2026 module shipment guidance is 16–18 GW.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 energy storage shipment expectations are approximately 10 GWh on a proof-of-delivery basis.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately 40 GW of high-efficiency capacity meeting Level 1 national energy efficiency requirements is expected by year-end 2026.
8 minor points
- Minor pointGross profit of RMB1.67 billion rose 225.7% sequentially and 41.4% year over year in Q3 2026.
- Minor pointOperating loss margin improved to 0.6%, versus 11.6% sequentially and 8.7% a year earlier.
- Minor pointTiger Neo 3.0 shipments exceeded 5 GW, commanding approximately US$0.01/W above conventional modules during Q3.
- Minor pointSubsidy income reached RMB385.6 million, versus RMB201.8 million sequentially and RMB358.6 million a year earlier.
- Minor pointNet other income reached RMB79.1 million, versus losses of RMB23.9 million sequentially and RMB121.8 million a year earlier.
- Minor pointLAPLACE exit completed, generating approximately RMB38.7 million in additional cash proceeds during Q3.
- Minor pointPortfolio gains totaled approximately RMB327.2 million in the first nine months, including approximately RMB244.9 million unrealized.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tiger Neo 5.0 residential production and shipments are planned to ramp gradually over the next two years.
Negative
- Moderate pointQ3 revenue of RMB13.62 billion fell 15.7% year over year despite rising 10.2% sequentially.
- Moderate pointSolar module shipments of 15,003 MW fell 6.0% sequentially and 25.0% year over year.
- Moderate pointLong-term investment fair-value loss reached RMB167.5 million, versus gains of RMB370.3 million sequentially and RMB60.7 million annually.
- Moderate pointNet interest expenses of RMB251.3 million rose 24.6% year over year despite falling 8.0% sequentially.
- Moderate pointNet exchange loss of RMB228.7 million compared with RMB325.4 million sequentially and RMB123.4 million a year earlier.
2 minor points
- Minor pointForward-contract and commodity-futures fair-value gain of RMB2.0 million compared with a RMB48.4 million sequential loss and RMB53.0 million year-earlier gain.
- Minor point. Forward-looking: it has not happened yet and may not happen.Tiger Neo 5.0 residential ramp-up depends on market demand and industry conditions.
News Explained
The strategic investment portfolio was valued at September 30, alongside third-quarter investment deployment and a completed divestment.
During the third quarter, Jinko Holdings made about
In the first nine months of 2026, the strategic investment portfolio generated
The company reported an initial investment cost of
Details
Market move: JKS +6.14% vs previous close. Third-quarter 2026 earnings report
On Oct 30, the day this news came out, the latest delayed price for JKS is 6.14% above the previous close. Our momentum scanner has recorded 4 alerts for this stock so far that day. The latest delayed price is $8.74. Relative volume is exceptionally heavy at 18.8x the average.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Total revenue
- RMB13.62 billion
- Q3 2026; up 10.2% sequentially and down 15.7% year over year
- Gross profit margin
- 12.3%
- Q3 2026; compared with 4.2% in Q2 2026 and 7.3% in Q3 2025
- Net loss attributable to ordinary shareholders
- RMB170.0 million
- Q3 2026; compared with RMB697.3 million in Q2 2026 and RMB749.8 million in Q3 2025
- Adjusted net loss attributable to ordinary shareholders
- RMB7.9 million
- Q3 2026; compared with RMB906.2 million in Q2 2026 and RMB409.1 million in Q3 2025
- Solar module shipments
- 15,003 MW
- Q3 2026; down 6.0% sequentially and 25.0% year over year
- Expected module shipments
- 16 GW to 18 GW
- Q4 2026 outlook
- Energy storage system shipments recognized as revenue
- 1.75 GWh
- Q3 2026
- Expected energy storage system shipments
- Approximately 10 GWh
- Full year 2026; proof-of-delivery basis
Previous Earnings Reports
-
Q2 results showed a 4.2% gross margin and RMB697.3 million shareholder net loss.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
chiplet technical
supercapacitor technical
fair value financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGRAO,
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 /W over conventional modules.$0.01 - 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 approximatelyRMB254 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 and25.0% year-over-year. - Total revenues were
RMB13.62 billion (US ), up$2.03 billion 10.2% sequentially and down15.7% year-over-year. - Gross profit was
RMB1.67 billion (US ), up$249.3 million 225.7% sequentially and41.4% year-over-year. - Gross profit margin was
12.3% , compared with gross profit margin of4.2% in Q2 2026 and gross profit margin of7.3% in Q3 2025. - Net loss attributable to Jinko Holdings Limited's ordinary shareholders was
RMB170.0 million (US ), compared with net loss attributable to Jinko Holdings Limited's ordinary shareholders of$25.4 million RMB697.3 million in Q2 2026 and net loss attributable to Jinko Holdings Limited's ordinary shareholders ofRMB749.8 million in Q3 2025. - Adjusted net loss attributable to Jinko Holdings Limited's ordinary shareholders was
RMB7.9 million (US ), 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$1.2 million RMB906.2 million in Q2 2026 and adjusted net loss attributable to Jinko Holdings Limited's ordinary shareholders ofRMB409.1 million in Q3 2025. - Basic and diluted losses per ordinary share were
RMB0.80 (US ) and$0.12 RMB0.80 (US ), respectively. This translates into basic and diluted losses per ADS of$0.12 RMB3.20 (US ) and$0.48 RMB3.20 (US ), respectively.$0.48
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
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
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
As of the end of the third quarter of 2026, the fair value of our strategic investment portfolio was approximately
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
Total revenues in the third quarter of 2026 were
Gross Profit and Gross Margin
Gross profit in the third quarter of 2026 was
Gross profit margin was
Loss from Operations and Operating Margin
Loss from operations in the third quarter of 2026 was
Operating loss margin was
Total operating expenses in the third quarter of 2026 were
Total operating expenses accounted for
Interest Expenses and Interest Income
Interest expenses were
Net interest expenses in the third quarter of 2026 were
Subsidy Income
Subsidy income in the third quarter of 2026 was
Exchange (Loss)/Gain, net
The Company recorded a net exchange loss of
Change in Fair Value of Forward Contracts and Commodity Futures
The Company recorded a net gain from change in fair value of forward contracts and commodity futures of
Change in Fair Value of Long-term Investment
The Company holds certain equity interests in several companies operating across the semiconductors, artificial intelligence, energy storage, and other frontier technologies, which are recorded as long-term investment or available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of September 30, 2026, the aggregate fair value of the Company's strategic investments classified as long-term investments (excluding the investments accounted for under the equity method and held-to-maturity debt securities) and available-for-sale securities was
The Company recognized a loss from change in fair value of long-term investment of
Other (Loss)/Income, Net
Net other income in the third quarter of 2026 was
Gain from disposal of subsidiaries
We did not recognize any gain from disposal of subsidiaries in the third quarter of 2026. For the three months ended June 30, 2026, we recognized a pre-tax disposal gain of approximately
Equity in Income/(Loss) of Affiliated Companies
The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of
Income Tax Benefit
The Company recorded an income tax benefit of
Net Loss Attributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to
Net Loss and Losses per Share
Net loss attributable to Jinko Holdings Limited's ordinary shareholders was
Excluding the impact of (i) the change in fair value of the long-term investment, (ii) gain from disposal of subsidiaries, (iii) the impairment of long-lived assets and (iv) share-based compensation expenses, adjusted net loss attributable to Jinko Holdings Limited's ordinary shareholders was
Basic and diluted losses per ordinary share were
Financial Position
As of September 30, 2026, the Company had
As of September 30, 2026, the Company's net accounts receivable was
As of September 30, 2026, the Company's inventories were
As of September 30, 2026, the Company's total interest-bearing debts were
Operations and Business Outlook Highlights
Fourth Quarter and Full Year 2026 Guidance
The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2026, the Company expects its module shipments to be in the range of 16.0 GW to 18.0 GW.
For full year of 2026, the Company expects its ESS shipments to be approximately 10GWh on a proof-of-delivery basis.
Solar Products Production Capacity
The Company expects to have approximately 40 GW of high-efficiency production capacity capable of meeting Level 1 national energy efficiency requirements, by the end of 2026.
Recent Business Developments
- In August 2026, JinkoSolar appointed new Chief Executive Officer.
- In September 2026, JinkoSolar announced proposed change of Company Name to Jinko Holdings Limited and provides strategic investment update.
Conference Call Information
Jinko Holdings' management will host an earnings conference call on Friday, October 30, 2026 at 8:30 a.m.
Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10057970-zqexir.html
It will automatically direct you to the registration page of "Jinko Holdings Third Quarter 2026 Earnings Conference Call", where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59
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International: |
+61 7 3107 6325 |
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+1 855 883 1031 |
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Passcode: |
10057970 |
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Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Jinko Holdings' website at https://ir.jinkosolar.com/.
About Jinko Holdings Limited
Jinko Holdings (NYSE: JKS) is a holding company combining clean energy industrial operations and strategic investment in emerging and frontier technologies. Its industrial foundation is a controlling interest in Jinko Solar Co., Ltd. (SSE: 688223), a global leader in clean energy technology. The Company makes disciplined strategic investments in renewable energy, advanced materials, artificial intelligence, commercial space and other frontier technologies, drawing on its industrial experience and its ability to identify emerging technologies and bring them to commercial scale.
Through Jinko Solar Co., Ltd., the Company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
Through Jinko Solar Co., Ltd., the Company has over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2026.
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rates in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2026, which was RMB6.7045 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Jinko Holdings' filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms. Stella Wang
Jinko Holdings Limited
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com
In the U.S.:
Email: jinko@christensencomms.com
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JINKO HOLDINGS LIMITED |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except ADS and Share data) |
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For the quarter ended |
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For the nine months ended |
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Sep 30, 2025 |
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June 30, 2026 |
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Sep 30, 2026 |
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Sep 30, 2025 |
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Sep 30, 2026 |
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RMB'000 |
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RMB'000 |
|
RMB'000 |
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USD'000 |
|
RMB'000 |
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RMB'000 |
|
USD'000 |
|
Revenues |
16,158,497 |
|
12,356,951 |
|
13,619,740 |
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2,031,432 |
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47,990,862 |
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38,225,739 |
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5,701,505 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(14,976,562) |
|
(11,843,858) |
|
(11,948,647) |
|
(1,782,183) |
|
(46,635,340) |
|
(35,022,976) |
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(5,223,801) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
1,181,935 |
|
513,093 |
|
1,671,093 |
|
249,250 |
|
1,355,522 |
|
3,202,763 |
|
477,704 |
|
|
|
|
|
|
|
|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
(999,538) |
|
(939,426) |
|
(967,111) |
|
(144,248) |
|
(3,372,216) |
|
(2,808,226) |
|
(418,857) |
|
General and administrative |
(775,946) |
|
(767,565) |
|
(551,722) |
|
(82,291) |
|
(2,392,772) |
|
(1,795,851) |
|
(267,858) |
|
Research and development |
(255,721) |
|
(231,363) |
|
(232,234) |
|
(34,639) |
|
(659,121) |
|
(692,080) |
|
(103,226) |
|
Impairment of long-lived assets |
(555,439) |
|
(11,145) |
|
- |
|
- |
|
(579,975) |
|
(11,145) |
|
(1,662) |
|
Total operating expenses |
(2,586,644) |
|
(1,949,499) |
|
(1,751,067) |
|
(261,178) |
|
(7,004,084) |
|
(5,307,302) |
|
(791,603) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,404,709) |
|
(1,436,406) |
|
(79,974) |
|
(11,928) |
|
(5,648,562) |
|
(2,104,539) |
|
(313,899) |
|
Interest expenses |
(326,757) |
|
(386,897) |
|
(319,259) |
|
(47,618) |
|
(1,001,159) |
|
(1,086,791) |
|
(162,099) |
|
Interest income |
124,972 |
|
113,621 |
|
67,932 |
|
10,132 |
|
374,840 |
|
291,439 |
|
43,469 |
|
Subsidy income |
358,573 |
|
201,820 |
|
385,646 |
|
57,520 |
|
906,562 |
|
919,377 |
|
137,128 |
|
Exchange (loss)/gain,net |
(123,417) |
|
(325,367) |
|
(228,733) |
|
(34,116) |
|
288,954 |
|
(1,036,908) |
|
(154,659) |
|
Change in fair value of forward |
53,033 |
|
(48,414) |
|
1,992 |
|
297 |
|
(179,747) |
|
(401,140) |
|
(59,831) |
|
Change in fair value of Long-term |
60,677 |
|
370,308 |
|
(167,544) |
|
(24,990) |
|
56,823 |
|
327,189 |
|
48,801 |
|
Other (loss)/income, net |
(121,817) |
|
(23,880) |
|
79,086 |
|
11,796 |
|
(505,926) |
|
90,068 |
|
13,434 |
|
Gain from disposal of subsidiaries |
71,992 |
|
236,585 |
|
- |
|
- |
|
71,992 |
|
236,585 |
|
35,287 |
|
Loss before income taxes |
(1,307,453) |
|
(1,298,630) |
|
(260,854) |
|
(38,907) |
|
(5,636,223) |
|
(2,764,720) |
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(412,369) |
|
Income tax benefits |
191,635 |
|
163,675 |
|
117,564 |
|
17,535 |
|
1,179,882 |
|
660,499 |
|
98,516 |
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Equity in income/(loss) of affiliated |
2,919 |
|
(78,621) |
|
(10,718) |
|
(1,599) |
|
(114,026) |
|
(143,808) |
|
(21,449) |
|
Net loss |
(1,112,899) |
|
(1,213,576) |
|
(154,008) |
|
(22,971) |
|
(4,570,367) |
|
(2,248,029) |
|
(335,302) |
|
Less: Net loss attributable to non- |
385,798 |
|
569,946 |
|
40,162 |
|
5,990 |
|
1,688,478 |
|
1,059,483 |
|
158,026 |
|
Less: Accretion to redemption value of |
(22,685) |
|
(53,623) |
|
(56,173) |
|
(8,378) |
|
(63,197) |
|
(142,241) |
|
(21,216) |
|
Net loss attributable to Jinko |
(749,786) |
|
(697,253) |
|
(170,019) |
|
(25,359) |
|
(2,945,086) |
|
(1,330,787) |
|
(198,492) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Jinko Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(3.58) |
|
(3.30) |
|
(0.80) |
|
(0.12) |
|
(14.15) |
|
(6.32) |
|
(0.94) |
|
Diluted |
(3.58) |
|
(3.30) |
|
(0.80) |
|
(0.12) |
|
(14.15) |
|
(6.32) |
|
(0.94) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Jinko Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(14.32) |
|
(13.19) |
|
(3.20) |
|
(0.48) |
|
(56.62) |
|
(25.29) |
|
(3.77) |
|
Diluted |
(14.32) |
|
(13.19) |
|
(3.20) |
|
(0.48) |
|
(56.62) |
|
(25.29) |
|
(3.77) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
209,429,353 |
|
211,435,343 |
|
212,396,617 |
|
212,396,617 |
|
208,069,900 |
|
210,463,447 |
|
210,463,447 |
|
Diluted |
209,429,353 |
|
211,435,343 |
|
212,396,617 |
|
212,396,617 |
|
208,069,900 |
|
210,463,447 |
|
210,463,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
52,357,338 |
|
52,858,836 |
|
53,099,154 |
|
53,099,154 |
|
52,017,475 |
|
52,615,862 |
|
52,615,862 |
|
Diluted |
52,357,338 |
|
52,858,836 |
|
53,099,154 |
|
53,099,154 |
|
52,017,475 |
|
52,615,862 |
|
52,615,862 |
|
JINKO HOLDINGS LIMITED |
|||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(in thousands) |
|||||
|
|
Dec 31, 2025 |
|
Sep 30, 2026 |
||
|
|
RMB'000 |
|
RMB'000 |
|
USD'000 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash,cash equivalents, and restricted cash |
22,938,381 |
|
15,555,255 |
|
2,320,121 |
|
Restricted short-term investments and short-term investments |
7,487,415 |
|
6,669,539 |
|
994,786 |
|
Accounts receivable, net |
13,587,215 |
|
11,954,791 |
|
1,783,100 |
|
Notes receivable, net |
3,677,372 |
|
2,718,062 |
|
405,408 |
|
Advances to suppliers, net |
1,325,633 |
|
1,668,788 |
|
248,905 |
|
Inventories, net |
14,484,828 |
|
17,613,617 |
|
2,627,134 |
|
Forward contract and commodity future receivables |
58,923 |
|
86,195 |
|
12,856 |
|
Prepayments and other current assets, net |
4,909,826 |
|
5,736,084 |
|
855,557 |
|
Held-for-sale assets |
344,553 |
|
87,209 |
|
13,008 |
|
Total current assets |
68,814,146 |
|
62,089,540 |
|
9,260,875 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Restricted long-term investments |
471,573 |
|
921,453 |
|
137,438 |
|
Long-term investments |
1,441,683 |
|
4,118,481 |
|
614,286 |
|
Property, plant and equipment, net |
36,644,813 |
|
35,091,567 |
|
5,234,032 |
|
Land use rights, net |
2,140,953 |
|
1,996,865 |
|
297,840 |
|
Intangible assets, net |
445,866 |
|
384,846 |
|
57,401 |
|
Right-of-use assets, net |
3,617,900 |
|
3,560,473 |
|
531,057 |
|
Deferred tax assets |
4,576,302 |
|
4,418,390 |
|
659,019 |
|
Advances to suppliers to be utilised beyond one year |
605,525 |
|
679,823 |
|
101,398 |
|
Other assets, net |
2,026,752 |
|
1,876,207 |
|
279,843 |
|
Available-for-sale securities-non-current |
238,464 |
|
764,473 |
|
114,024 |
|
Total non-current assets |
52,209,831 |
|
53,812,578 |
|
8,026,338 |
|
|
|
|
|
|
|
|
Total assets |
121,023,977 |
|
115,902,118 |
|
17,287,213 |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
13,707,552 |
|
13,166,315 |
|
1,963,803 |
|
Notes payable |
9,996,577 |
|
6,425,837 |
|
958,437 |
|
Accrued payroll and welfare expenses |
2,645,041 |
|
1,825,331 |
|
272,255 |
|
Advances from customers |
5,316,889 |
|
7,004,428 |
|
1,044,735 |
|
Income tax payables |
177,580 |
|
267,943 |
|
39,965 |
|
Other payables and accruals |
12,370,639 |
|
11,187,540 |
|
1,668,659 |
|
Forward contract and commodity future payables |
56,129 |
|
53,480 |
|
7,977 |
|
Deferred revenue |
- |
|
2,500 |
|
373 |
|
Lease liabilities - current |
118,363 |
|
40,191 |
|
5,995 |
|
Short-term borrowings, including current portion of long-term |
10,655,366 |
|
15,278,185 |
|
2,278,796 |
|
Total current liabilities |
55,044,136 |
|
55,251,750 |
|
8,240,995 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
18,206,905 |
|
13,717,366 |
|
2,045,994 |
|
Convertible notes |
10,594,637 |
|
8,927,262 |
|
1,331,533 |
|
Accrued warranty costs - non current |
1,655,630 |
|
1,551,993 |
|
231,485 |
|
Lease liabilities-noncurrent |
3,550,598 |
|
3,828,247 |
|
570,997 |
|
Deferred tax liability |
29,974 |
|
57,273 |
|
8,542 |
|
Long-term Payables |
4,371,333 |
|
4,017,442 |
|
599,216 |
|
Total non-current liabilities |
38,409,077 |
|
32,099,583 |
|
4,787,767 |
|
|
|
|
|
|
|
|
Total liabilities |
93,453,213 |
|
87,351,333 |
|
13,028,762 |
|
|
|
|
|
|
|
|
MEZZANINE EQUITY |
|
|
|
|
|
|
Redeemable non-controlling interests |
1,545,058 |
|
3,564,377 |
|
531,639 |
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Total Jinko Holdings Limited shareholders' equity |
15,726,132 |
|
14,385,278 |
|
2,145,616 |
|
|
|
|
|
|
|
|
Non-controlling interests |
10,299,574 |
|
10,601,130 |
|
1,581,196 |
|
|
|
|
|
|
|
|
Total shareholders' equity |
26,025,706 |
|
24,986,408 |
|
3,726,812 |
|
|
|
|
|
|
|
|
Total liabilities, non-controlling interest and shareholders' equity |
121,023,977 |
|
115,902,118 |
|
17,287,213 |
View original content:https://www.prnewswire.com/news-releases/jinko-holdings-announces-third-quarter-2026-financial-results-302924830.html
SOURCE Jinko Holdings Limited
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Jinko Holdings' revenue and earnings for Q3 2026?
Jinko Holdings reported RMB13.62 billion in revenue and a RMB170.0 million net loss attributable to ordinary shareholders for Q3 2026. Basic and diluted losses per American depositary share were both RMB3.20 (US$0.48). Revenue increased 10.2% sequentially but declined 15.7% year over year.
What is Jinko Holdings' shipment outlook for Q4 and full-year 2026?
Jinko expects 16–18 GW of solar module shipments in Q4 2026 and approximately 10 GWh of energy storage system shipments for full-year 2026 on a proof-of-delivery basis.
How much did Jinko Holdings invest in technology companies during Q3 2026?
New and follow-on investments totaled approximately RMB330 million in Q3 2026, of which approximately RMB254 million was Jinko's own capital. Investments included KiwiMoore, which specializes in chiplet and chip interconnect technologies, and supercapacitor technology company TIGSTOR.
How much did Jinko Holdings earn from its LAPLACE investment?
Jinko's LAPLACE investment generated cumulative gains of approximately RMB356.8 million against an initial investment cost of approximately RMB65.0 million. The remaining equity interest was divested in Q3 2026, producing additional cash proceeds of approximately RMB38.7 million.