Jinko Solar (688223) Q1 2026 earnings summary

Executive summary

• Achieved 13.7GW PV module shipments in Q1 2026, with improved module delivery prices sequentially.

• Storage system deliveries reached 1.42GWh, maintaining strong growth.

• Overall gross margin improved by 9.45 percentage points year-over-year.

• Continued focus on high-power products and integrated PV-storage solutions.

Financial highlights

• Q1 2026 revenue was RMB 12.25 billion, down 11.52% year-over-year.

• Net loss attributable to shareholders was RMB -1.35 billion, slightly improved from RMB -1.39 billion last year.

• Adjusted net loss (excluding non-recurring items) was RMB -1.41 billion, improved from RMB -1.87 billion.

• Basic and diluted EPS were both -0.13 RMB, compared to -0.14 RMB last year.

• Operating cash flow was negative RMB 0.83 billion, a significant improvement from negative RMB 2.62 billion last year.

Outlook and guidance

• Q2 2026 PV module shipments expected to be 14–16GW.

• Company will continue to promote high-power products and integrated solutions, focusing on cost reduction and technological upgrades.