Jinko Holdings Lifts Margin to 12.3% as Module Shipments Fall 25%

• Jinko Holdings shipped 15,003 MW of solar modules in Q3 2026, down 25% year on year, but lifted gross margin to 12.3% from 4.2%.
• Its net loss narrowed to $25.4 million on Tiger Neo 3.0 premiums, cheaper TOPCon output and more storage revenue.
• Jinko expects 16–18 GW of module shipments in Q4 and about 10 GWh of storage shipments for 2026.

Jinko Holdings Ltd., parent of module maker JinkoSolar, shipped 15,003 MW of modules in the third quarter, down 25% year on year. Its gross margin rose to 12.3% from 4.2% in the second quarter, the company said in a statement on Oct. 30.

Revenue fell 15.7% from a year earlier to RMB 13.62 billion ($2.03 billion) but rose 10.2% sequentially. Jinko attributed the sequential gain mainly to battery-system sales and higher module prices. The net loss attributable to shareholders narrowed to RMB 170 million ($25.4 million) from RMB 697.3 million in the second quarter. The adjusted loss was RMB 7.9 million ($1.2 million).

Overseas markets took about 70% of shipments. More than 5 GW were Tiger Neo 3.0 modules, sold at a premium of about 1 U.S. cent per watt over conventional products. Jinko also cited cheaper TOPCon 3.0 output and better energy storage margins.

The quarter in numbers

• 15,003 MW shipped, down 6.0% sequentially, at the bottom of the 15–17 GW Jinko guided in August.
• 8.1 percentage points of gross margin gained since the second quarter; a year earlier the margin was 7.3% (list.solar calculation).
• About 1.75 GWh of storage shipments recognized as revenue, matching Jinko's total for all of 2025.
• RMB 0.91 ($0.135) of revenue per watt of modules shipped, storage sales included (list.solar calculation).
• 60.6–62.6 GW for 2026, from 44.6 GW in nine months plus Q4 guidance, the low end of the 60–70 GW set in August (list.solar calculation).
• RMB 40–43 per kg for n-type polysilicon in China at end-September, up from RMB 30.5–33 in the second quarter, Daqo New Energy said in its third-quarter report.

Jinko's cash, equivalents and restricted cash fell to RMB 15.56 billion ($2.32 billion) from RMB 16.94 billion at end-June. Interest-bearing debt edged up to RMB 45.15 billion ($6.73 billion).

"In the third quarter, the measures we put in place to optimize our order book and product mix began to deliver results," Chief Executive Officer Dimi Du said. Jinko launched an all-black Tiger Neo 5.0 home module on its TAC cell platform, rated up to 510 W.

Jinko expects fourth-quarter module shipments of 16–18 GW and about 10 GWh of storage shipments for 2026 on a proof-of-delivery basis. By the end of the year it plans about 40 GW of high-efficiency capacity that meets China's Level 1 national energy efficiency requirements.