Jinko says higher-efficiency module sales and energy storage helped improve the company’s gross margin during Q3 2026
Its energy storage business reported its first quarterly operating profit; the company recognized approximately 1.75 GWh of ESS shipments as revenue
Jinko is expanding its investment portfolio with selective investments focusing on AI, semiconductors, energy storage, and other emerging technologies
The world’s leading solar PV manufacturer, Jinko Holdings (formerly JinkoSolar Holdings), reported sequential improvement in Q3 2026 revenue and a higher gross profit margin, even as module shipments declined.
Its revenue for the quarter reached RMB 13.62 billion ($2.03 billion). This was a 10.2% increase quarter-on-quarter (QoQ) but a 15.7% decline year-on-year (YoY).
The annual decline was primarily due to lower solar module shipment volumes, as it shipped 15 GW of solar modules during the quarter, down 6% from Q2 2026 and 25% from the same period in 2025. Overseas markets accounted for approximately 70% of shipments.
It managed to narrow its net loss to RMB 170 million ($25.4 million), down from RMB 697.3 million in the previous quarter and RMB 749.8 million a year earlier.
Nevertheless, Jinko said its gross profit rose to RMB 1.67 billion ($249.3 million), up from RMB 513.1 million in Q2 2026 and RMB 1.18 billion in Q3 2025. Gross profit margin reached 12.3%, up from 4.2% in the previous quarter and 7.3% in Q3 2025.
The company attributes this improvement to cost optimization across high-efficiency production lines, a higher share of high-efficiency products, and increased contributions from energy storage systems (ESS).
Its Tiger Neo 3.0 module shipments exceeded 5 GW during the quarter. The product commanded a premium of approximately $0.01/W over conventional modules, it shared. Jinko has also introduced the Tiger Neo 5.0 all-black residential module, based on its TAC technology platform. The module offers power output of up to 510 W and efficiency of up to 25.52%. Jinko’s Senior PV Solution Manager, Enzo Li, will share the module’s design features on Day 1 of TaiyangNews annual flagship online conference, High-Efficiency Solar Technologies 2026, on November 11, 2027.
The company plans to gradually ramp up production and shipments of Tiger Neo 5.0 over the next two years. It is targeting premium residential rooftop markets and intends to align the expansion with market demand and industry conditions.
Jinko CEO Dimi Du said the company’s focus will align with national guidance to encourage stricter technical and energy-efficiency requirements. Jinko is among 11 PV companies that have now received first certificates under China’s mandatory PV module standards (see China Solar PV News Snippets).
Energy storage emerged as another contributor to the quarter’s improved margins. Jinko recognized approximately 1.75 GWh of ESS shipments as revenue in Q3, matching the volume recorded for the whole of 2025. The business also reported its first positive quarterly operating profit.
According to the company’s earnings presentation, ESS shipments on a proof-of-delivery (POD) basis reached 1.45 GWh during the quarter. For the first nine months of 2026, revenue-recognized volume totaled 3.3 GWh, compared with 4.5 GWh of shipments on a POD basis.
Jinko expects full-year 2026 ESS shipments to reach approximately 10 GWh on a POD basis compared to 5.2 GWh in 2025. It is also advancing the application of its proprietary power conversion system (PCS) products and exploring opportunities in data centers.
Alongside its core businesses, Jinko continued to expand its strategic investment portfolio. It made new and follow-on investments totaling approximately RMB 330 million ($49 million) during Q3, including RMB 254 million from its own capital. The investments included KiwiMoore, which specializes in chiplet and chip interconnect technologies, and TIGSTOR, which focuses on supercapacitor technologies. The company also completed its exit from LAPLACE Renewable Energy Technology during the quarter.
Going forward, Jinko said it would remain selective in its investments, focusing on AI, semiconductors, energy storage, and other emerging technologies.
For Q4 2026, Jinko expects module shipments of between 16 GW and 18 GW. For its manufacturing operations, Jinko Holdings expects to have approximately 40 GW of high-efficiency production capacity meeting China’s Level 1 national energy-efficiency requirements by the end of 2026.