0001104659-26-050979
SEC filingJinkoSolar reported a Q1 2026 net loss of RMB463.5 million, a significant improvement from prior periods, driven by an 8.3% gross margin recovery and provided full-year shipment guidance of 75–85 GW.
JinkoSolar's first quarter 2026 results demonstrate a notable operational turnaround, marked by a return to positive gross profitability and a substantial narrowing of net losses. The gross profit margin of 8.3% represents a significant sequential and year-over-year improvement, primarily attributed to a rebound in module prices driven by a better supply-demand balance in overseas markets. Total revenues declined 11.5% year-over-year to RMB12.25 billion due to lower shipment volumes; however, the strategic focus on high-value overseas markets, which constituted over 80% of shipments, supported pricing power. The company achieved a milestone as the first manufacturer to surpass 400 GW in cumulative module deliveries, reinforcing its industry leadership. The energy storage systems (ESS) segment is emerging as a growth driver, with shipments reaching approximately 1.42 GWh, contributing to an optimized market mix. Despite the operational progress, the company faced headwinds from net exchange losses of RMB482.8 million and losses on forward contracts, which partially offset the underlying operational improvements. Management's forward guidance signals confidence, projecting full-year 2026 shipments of 75–85 GW and targeting over 60% contribution from high-efficiency products, supported by the ongoing ramp-up of Tiger Neo 3.0 series capacity.