Q2 2026 JinkoSolar Holding Co., Ltd. Earnings Call Transcript
Key Points
- JinkoSolar Holding Co Ltd (JKS) maintained its position as the world's number one module shipper in the first half of 2026, with total shipments of 32.9 GW and a strong overseas market presence accounting for over 70% of shipments.
- The company is advancing its product portfolio with the launch of the next-generation Tiger Neo 5.0 modules, achieving a mass-produced efficiency of 25.91% and power outputs exceeding 700 watts, setting new industry benchmarks.
- JinkoSolar Holding Co Ltd (JKS) has a robust strategic investment portfolio, with cumulative value appreciation of approximately RMB880 million, including realized gains of RMB410 million and unrealized gains of RMB470 million, demonstrating successful capital allocation.
- The company's energy storage system (ESS) business is growing rapidly, with first-half shipments of 3.1 GWh, a significant year-over-year increase, and gross margins improving in high-value markets.
- JinkoSolar Holding Co Ltd (JKS) expects a moderate improvement in gross margin in the third quarter of 2026, driven by higher ASPs from an improved product mix and lower input costs as new capacity ramps up.
- The company has a strong balance sheet with positive operating cash flow in the second quarter, a decline in asset-to-liability ratio by 1.5 percentage points, and improved inventory and AR turnover days.
- JinkoSolar Holding Co Ltd (JKS) is well-positioned for future regulatory changes, with its TOPCon 3.0 products expected to meet Level 1 energy efficiency standards, which will phase out inefficient competitors.
- The company's global brand strength is reinforced by receiving the highest AAA bankability rating from PV Tech and being recognized as a Tier 1 energy storage provider by BNEF for the 10th consecutive quarter.
- JinkoSolar Holding Co Ltd (JKS) experienced a sequential decrease in gross margin to 4.2% in the second quarter of 2026, down from 8.3% in the first quarter, due to lower average selling prices of solar modules.
- The company's net loss expanded in the second quarter, with operating loss margin widening to 11.6% from 4.8% in the previous quarter, reflecting ongoing industry supply-demand imbalances and pricing pressures.
- JinkoSolar Holding Co Ltd (JKS) reduced its full-year 2026 module shipment guidance to between 60 GW and 70 GW, down from previous expectations, as it prioritizes profitability and cash flow over volume growth.
- The company faces significant market access barriers in key regions such as the US, Europe, and India due to trade policies and geopolitical tensions, limiting its addressable market and growth potential.
- Higher expected credit losses in the second quarter contributed to a 21% sequential increase in operating expenses, impacting overall profitability.
- JinkoSolar Holding Co Ltd (JKS) is experiencing elevated production costs during the ramp-up of its new Tiger Neo 3.0 facilities, which negatively affected margins in the second quarter.
- The domestic Chinese market demand has slowed sharply due to policy changes, with installation demand expected to drop 30-40% year-over-year, pressuring the company's sales in its home market.
- The company's cash and cash equivalents decreased to RMB2.5 billion at the end of the second quarter, down from RMB3.3 billion at the end of the first quarter, while net debt increased to RMB4.1 billion.
Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holdings Company Limited's second quarter 2026 earnings conference call. (Operator Instructions)As a reminder, today's conference call is being recorded.
I would now like to turn the meeting over to your host for today's call, Ms. Stella Wang, JinkoSolar's Investor Relations Manager. Please proceed, Stella.
Thank you, Operator. Hello, everyone, and thank you for joining us today for JinkoSolar's second quarter 2026 earnings conference call. The company's results were released earlier today and available on the company's IR website at [email protected], as well as on newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.
On a call today from JinkoSolar are Dimi Du, CEO of JinkoSolar Holding Company Limited; Mr. Gener Miao, CMO of JinkoSolar Compnay Limited; Mr. Pan Li, CFO of JinkoSolar Holding Company Limited; and Mr.
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