Jinko Solar

Business

Jinko Solar (晶科能源股份有限公司) makes wafers, cells and modules in an integrated chain and has added storage systems (2026 interim report, p. 9). Its main product is the TOPCon-based Tiger Neo range, with more than 250 GW shipped; its total module shipments have passed 420 GW (p. 9). It has factories in Southeast Asia and the US and is setting up a joint venture plant in Saudi Arabia (p. 19).

Its controlling shareholder is JinkoSolar Investment of Hong Kong, which is in turn controlled by JinkoSolar Holding, listed on the New York Stock Exchange (pp. 4, 21). The figures on this page are for the Shanghai-listed company.

Results in the first half of 2026

• Revenue fell 22.32% to ¥24.73bn, and the net loss attributable to shareholders was ¥3.08bn, against ¥2.91bn. Operating cash flow was ¥682m, against an outflow of ¥3.81bn (p. 6).
• Module shipments were 29.64 GW, which the company says ranked first according to InfoLink and other third-party data; storage deliveries were 3.1 GWh (pp. 9, 10).
• Overseas markets, which it says carry higher margins, took about 70% of shipments (p. 10) and more than 75% of revenue (p. 19).
• Solar products earned a gross margin of about 2.8%. Overseas sales earned about 5.6% and sales in China about -3.3% (our calculations from p. 165).
• Asset impairments, mainly inventory write-downs, were ¥708m (p. 24).

Technology

The company says its TOPCon cells have reached 27.79% efficiency and a perovskite-TOPCon tandem cell 34.82%, and that it holds more TOPCon patents than anyone (p. 10). It expects to have more than 40 GW of upgraded TOPCon capacity meeting the top grade of the new national efficiency standard by the end of 2026, and it converted nearly 30 GW of capacity to cheaper base-metal contacts by the end of June (p. 10).

How it sees the industry

• Silver paste has overtaken polysilicon as the largest cost item in a module since silver prices surged from late 2025, and the cost is hard to pass on (p. 8).
• CPIA data put supply at more than twice demand across the chain (p. 8).
• China's solar exports rose 24.3% in value in the half, but almost entirely because of a rush before the export VAT rebate ended on 1 April; in May wafer, cell and module export volumes fell 33%, 35% and 26.7% from April (p. 9).

Outlook

It expects to ship 15 to 17 GW in the third quarter and has cut its 2026 guidance to 60 to 70 GW, putting profit, cash flow and order quality ahead of volume (p. 10).

The company's own caveats

• Losses. If prices do not recover, its module profits and overall results may not recover either (p. 19).
• Inputs. Polysilicon, glass and EVA film prices can swing sharply (p. 19).
• Overseas operations. Political, legal and tax risks abroad, including possible tax disputes (p. 19).
• Safety. A fire at a Shanxi cell plant in April 2024 damaged equipment; insurers have advanced ¥220m, and the investigation's outcome is uncertain (p. 20).
• Patents. Possible infringement suits as competition intensifies (p. 20).