JinkoSolar Holding Co. Ltd. (NYSE:JKS) stock fell Wednesday after the company reported second-quarter 2026 results that missed Wall Street’s revenue and earnings estimates.
JinkoSolar Revenue And Earnings Miss Estimates
JinkoSolar reported revenue of 12.36 billion yuan ($1.82 billion), down 31.3% from a year earlier. Revenue missed the analyst consensus estimate of $2.12 billion but increased 0.9% from the previous quarter.
The company posted an adjusted loss of $2.54 per American depositary share, wider than the 70-cent loss estimate.
Module shipments totaled 15,961 megawatts, down 34.4% year over year but up 16.7% sequentially.
Gross profit fell 2.5% year over year to 513.1 million yuan ($75.6 million). Gross margin improved to 4.2% from 2.9% a year earlier, helped by higher average module prices. However, gross margin fell from 8.3% in the first quarter because of lower sequential pricing.
JinkoSolar reported a GAAP net loss attributable to shareholders of 697.3 million yuan ($102.8 million), compared with a loss of 876.4 million yuan a year earlier. Adjusted net loss totaled 910.8 million yuan ($134.2 million).
The operating loss widened to 1.44 billion yuan from 1.38 billion yuan. The operating loss margin deteriorated to 11.6% from 7.7%. Operating expenses rose 2.3% to 1.95 billion yuan, mainly because of higher expected credit losses.
Meanwhile, JinkoSolar recorded a 370.3 million yuan gain from long-term investments. Net interest expense rose 45.9% year over year to 273.3 million yuan, mainly because of new lease liabilities tied to contracts executed in late 2025.
JinkoSolar’s new CEO warned that persistent supply-demand imbalances and policy changes in China and overseas markets continued to squeeze prices and industry profitability. Higher ramp-up costs and deliveries of some low-value orders also pushed the company’s gross margin lower sequentially and widened its net loss.
Balance Sheet Remains Debt-Heavy
JinkoSolar held 16.94 billion yuan ($2.50 billion) in cash, cash equivalents and restricted cash as of June 30.
Inventories declined to 16.47 billion yuan from 17.71 billion yuan at the end of March. Accounts receivable fell to 12.61 billion yuan from 13.77 billion yuan.
Total interest-bearing debt stood at 44.90 billion yuan ($6.62 billion).
Wei ‘Dimi’ Du Takes Over As CEO
Xiande Li resigned as CEO effective Wednesday as part of a planned succession. Wei “Dimi” Du succeeded him the same day.
Li will remain chairman and continue leading the board’s compensation and nominating and corporate governance committees.
JinkoSolar said the resignation did not stem from a disagreement and should not materially affect operations. Du previously served as vice president of strategic investment.
JinkoSolar Targets Higher-Value Products
Du said second-quarter module shipments rose sequentially to about 16 gigawatts. That brought first-half shipments to about 29.6 gigawatts. Overseas markets accounted for roughly 70% of first-half shipments, while cumulative Tiger Neo deliveries exceeded 250 gigawatts.
However, industry pricing pressure, higher production ramp-up costs and lower-value orders weighed on profitability. JinkoSolar is responding by improving its order mix, adjusting geographic exposure and increasing sales of high-efficiency products.
The company expects new national energy-efficiency standards, which take effect in January 2027, to shift demand toward product efficiency and earnings quality.
JinkoSolar plans to exceed 40 gigawatts of TOPCon 3.0 capacity and reach about 100 gigawatts of integrated production capacity by the end of 2026.
Du also said the energy-storage business maintained its momentum. First-half shipments rose significantly, while gross margin improved.
Strategic Investments Add Value
JinkoSolar generated more than 300 million yuan during the first half by selling a substantial portion of its stake in LAPLACE Renewable Energy Technology. Portfolio company Hangzhou Gold Electronic Equipment also completed a ChiNext listing.
Annual Shipment Forecast Cut
JinkoSolar expects third-quarter module shipments of 15 gigawatts to 17 gigawatts.
The company lowered its 2026 shipment forecast to 60 gigawatts to 70 gigawatts from its previous outlook of 75 gigawatts to 85 gigawatts. High-efficiency products should account for more than 60% of shipments.
JinkoSolar reiterated that it expects energy-storage-system shipments to more than double this year.
JinkoSolar expects 2026 to be a weak year for the solar industry as Chinese demand drops sharply. Chief Marketing Officer Gener Miao said utility-scale demand in China has “disappeared,” although the distributed solar market remained resilient in the first half.
JinkoSolar Price Action
JinkoSolar shares were down 13.81% at $13.34 at the time of publication Wednesday, according to Benzinga Pro.
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