JinkoSolar Holding Co., Ltd. designs, develops, produces, and markets photovoltaic products through its subsidiaries. Its offerings include solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots, along with solar system integration, solar power generation, EPC services, energy storage systems, and solar power projects. Products are sold under the JinkoSolar brand to distributors, project developers, system integrators, and manufacturers. As of December 31, 2025, integrated annual capacity was 120 GW for mono wafers, 95 GW for solar cells, and 130 GW for solar modules. The company operates in China, the United States, India, Saudi Arabia, Australia, Pakistan, Brazil, Poland, Japan, Spain, and Germany, and was founded in 2006 with headquarters in Guangxin, the People's Republic of China.
JinkoSolar Cuts Outlook as Losses Deepen, but Policy and Capital Support Emerge
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Founding executive resigns Chen Kangping, a founding executive and part of the core control team, resigned from all positions. This signals instability in leadership amid deep losses, which can make investors nervous and push the stock down.
Leadership instability is a key risk factor for JKS's price.
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Bank capital injection into subsidiary Three bank-affiliated investment firms injected 2 billion yuan into Haining Jinko, a JinkoSolar subsidiary, for a 17.9% stake. This brings fresh capital and validates the subsidiary's value, supporting JKS's stock.
Capital injection strengthens JKS's financial position and investor confidence.
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New power system plan boosts demand China's 15th Five-Year Plan for new power systems aims for non-fossil fuels to be 50% of generation by 2030. This long-term policy supports solar demand, benefiting JKS and lifting its stock.
Policy support for renewable energy directly boosts JKS's demand outlook.
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Anti-cutthroat policies vs. industry losses New mandatory standards aim to curb price wars and eliminate outdated capacity, which could help JKS long-term. But five solar giants, including JKS, project combined first-half losses over 13 billion yuan, showing weak demand persists.
Regulatory changes and industry-wide losses are key drivers for JKS's outlook.
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Shipment outlook cut and Q2 loss JinkoSolar cut its 2026 shipment outlook to 60-70 GW and reported a Q2 loss with revenue down 31% and gross margin at 4.2%. This reflects weak pricing and demand, pressuring the stock.
Directly impacts JKS's revenue and profitability expectations.
Q3 2026
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JinkoSolar Cuts Outlook as Losses Deepen, but Policy and Capital Support Emerge
▼
Founding executive resigns Chen Kangping, a founding executive and part of the core control team, resigned from all positions. This signals instability in leadership amid deep losses, which can make investors nervous and push the stock down.
Leadership instability is a key risk factor for JKS's price.
▲
Bank capital injection into subsidiary Three bank-affiliated investment firms injected 2 billion yuan into Haining Jinko, a JinkoSolar subsidiary, for a 17.9% stake. This brings fresh capital and validates the subsidiary's value, supporting JKS's stock.
Capital injection strengthens JKS's financial position and investor confidence.
▲
New power system plan boosts demand China's 15th Five-Year Plan for new power systems aims for non-fossil fuels to be 50% of generation by 2030. This long-term policy supports solar demand, benefiting JKS and lifting its stock.
Policy support for renewable energy directly boosts JKS's demand outlook.
◆
Anti-cutthroat policies vs. industry losses New mandatory standards aim to curb price wars and eliminate outdated capacity, which could help JKS long-term. But five solar giants, including JKS, project combined first-half losses over 13 billion yuan, showing weak demand persists.
Regulatory changes and industry-wide losses are key drivers for JKS's outlook.
▼
Shipment outlook cut and Q2 loss JinkoSolar cut its 2026 shipment outlook to 60-70 GW and reported a Q2 loss with revenue down 31% and gross margin at 4.2%. This reflects weak pricing and demand, pressuring the stock.
Directly impacts JKS's revenue and profitability expectations.
News & notes movingJKS
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Energy Transition & Power Demand2
First Solar Withdraws Section 337 TOPCon Complaint, Keeps District Court Suits
First Solar said it plans to withdraw its Section 337 complaint to the U.S. International Trade Commission over alleged patent infringement of its TOPCon technology, citing the Trump administration's recent national security action on imports of polysilicon and its derivatives under Section 232 of the Trade Expansion Act. The company is requesting a pause of the USITC Section 337 action while keeping the right to refile the case later, describing the move as a recalibration of its IP enforcement strategy. General counsel Jason Dymbort called it a procedural decision that clears the way for pending suits and additional suits First Solar anticipates filing. First Solar said it will continue to pursue U.S. District Court lawsuits against alleged TOPCon infringers, including cases against affiliates of Canadian Solar, JinkoSolar, T1 Energy, and Trina Solar, which were stayed pending the results of the Section 337 investigation.
Energy Transition & Power Demand › Solar Regulation
FSLR · Regulation · Neutral First Solar withdraws its USITC Section 337 TOPCon patent complaint while keeping district court suits, a recalibration of its IP enforcement strategy.
JKS · Regulation · Neutral JinkoSolar affiliate is named as a defendant in First Solar's ongoing district court TOPCon patent suits, which continue after the Section 337 withdrawal.
688599.CG · Regulation · Neutral Trina Solar is named as an alleged TOPCon infringer in First Solar's district court suits, which were stayed pending the withdrawn Section 337 probe.
TE · Regulation · Neutral T1 Energy is named as an alleged TOPCon infringer in First Solar's district court suits, which were stayed pending the withdrawn Section 337 probe.
JinkoSolar Board Approves Name Change to Jinko Holdings
JinkoSolar's board has approved a proposal to change the company's name to Jinko Holdings Limited, subject to shareholder approval at its annual general meeting on October 21. Following the change, American depositary shares are expected to continue trading on the NYSE under the ticker symbol JKS. The name change reflects the company's evolving role at the group level after the listing of its majority-owned operating subsidiary, Jinko Solar Co. Ltd. Going forward, the company plans to pursue two strategies: maintaining its controlling stake in Jinko Solar for industrial holdings, and making strategic minority investments in high-growth sectors tied to China's technological innovation and energy transition. Representative investments include Moonshot AI, StepFun, SiliconFlow, Noetix Robotics, Taiyi Quantum, and Janbon Metallic Materials. JKS shares were up 2.7% premarket.
JKS · Capital · Positive Board approved renaming to Jinko Holdings and a new strategy of holding its Jinko Solar stake plus strategic minority investments, a corporate/structural move that lifted JKS shares premarket.
JinkoSolar Cuts 2026 Module Shipment Guidance to 60-70 GW
JinkoSolar Holding Company Limited reported second-quarter 2026 results and revised its full-year module shipment guidance downward to between 60 gigawatts and 70 gigawatts, with high-efficiency products accounting for over 60%. The company expects module shipments of 15 to 17 gigawatts in the first quarter of 2026. Total revenue was $1.82 billion, down 31% year-over-year, and gross margin was 4.2%, up 1.3 percentage points year-over-year. The company posted an operating loss margin of 11.6% and a net loss, which expanded sequentially. JinkoSolar also announced that it expects to have more than 40 gigawatts of TOPCon 3.0 production capacity by the end of 2026, and that its energy storage system shipments are expected to more than double year-over-year.
JKS · Capital · Negative Q2 revenue fell 31% YoY with an 11.6% operating loss margin and a widening net loss, alongside a cut to 2026 module shipment guidance.
JKS · Technology · Positive Company expects over 40 GW of TOPCon 3.0 capacity by end-2026 and high-efficiency products to exceed 60% of shipments.
Top five PV module makers lost over 14.8 billion yuan in H1, with LONGi Green Energy posting the biggest loss increase
The main chain of the photovoltaic industry continued to bottom out across all segments, with the top five module makers posting combined losses of more than 14.8 billion yuan in the first half. LONGi Green Energy lost nearly 3.7 billion yuan, making it the biggest loss expander. According to a review by Times Finance, affected by market-oriented reform of renewable energy electricity prices, grid consumption constraints, and the high base from rush installations in the same period last year, China's new photovoltaic installations in the first half of 2026 reached 72.07 gigawatts, down 66 percent year on year. In modules, LONGi Green Energy, JinkoSolar, Trina Solar, JA Solar, and Tongwei Co., Ltd. posted combined revenue of 135.612 billion yuan, down 15.30 percent year on year. Combined net profit attributable to shareholders showed a loss of 14.812 billion yuan, while the loss after deducting non-recurring items widened to 18.588 billion yuan. In the upstream polysilicon segment, Tongwei Co., Ltd., GCL Technology, Xinte Energy, and Daqo New Energy remained in the red, with all except Xinte Energy seeing losses widen. In the inverter segment, most companies remained profitable but posted narrower profits year on year. The industry's anti-involution campaign escalated, as eight major polysilicon companies signed a proposal pledging not to sell below cost, but price transmission still faces pressure. Analysts noted that module prices would need to rise above 0.75 yuan per watt to cover the polysilicon price increase.
601012.CG · Capital · Negative LONGi Green Energy lost nearly 3.7 billion yuan, the biggest loss expander among the top five module makers.
002459.CS · Capital · Negative JA Solar is among the top five module makers that posted combined losses of over 14.8 billion yuan in H1.
1799.HK · Capital · Negative Xinte Energy is named among the upstream polysilicon makers that remained in the red in H1, though it was the exception not seeing losses widen.
600438.CG · Capital · Negative Tongwei is among the top five module makers posting combined losses of 14.8 billion yuan and is also named in the loss-making polysilicon segment.
688303.CG · Capital · Negative Daqo New Energy remained in the red in the upstream polysilicon segment, with its loss widening in H1.
688599.CG · Capital · Negative Trina Solar is among the top five module makers whose combined net loss reached 14.812 billion yuan in H1.
JinkoSolar's 2026 interim report shows net loss of 3.076 billion yuan, widening year-on-year
JinkoSolar released its 2026 interim report. The company's total operating revenue was 24.727 billion yuan, down 22.32% year-on-year. Net profit attributable to the parent company was negative 3.076 billion yuan, an increase in loss of 168 million yuan compared with the same period last year. Net cash inflow from operating activities was 682 million yuan. The asset-liability ratio rose to 76.17%, gross margin fell to 3.41%, and diluted earnings per share was negative 0.30 yuan. The company had 98,900 shareholders, and the top ten shareholders held 67.62% of the total share capital.
688223.CG · Capital · Negative Net loss widened to 3.076 billion yuan with revenue down 22.32% and gross margin at 3.41%
JKS · Capital · Negative JinkoSolar's 2026 interim report shows revenue down 22.32% and net loss widening to 3.076 billion yuan with gross margin collapsing to 3.41%.
JinkoSolar reported second-quarter revenue of $1.82 billion, down 31% year over year, with gross margin falling to 4.2% due to lower module prices, and the company lowered its full-year module shipment outlook to 60–70 GW as it prioritizes profitability and cash flow over volume. The company, led by CEO Dimi Xu, expects high-efficiency products to account for more than 60% of shipments, supported by expanded TOPCon 3.0 capacity and the new Tiger Neo 5.0 modules. Energy storage shipments reached 3.1 GWh in the first half, with full-year shipments expected to more than double from 2025 levels, while the company maintains an asset-light strategy with no battery manufacturing expansion. Cash and cash equivalents fell to $2.5 billion, and net debt increased to $4.1 billion, though operating cash flow remained positive and working-capital metrics improved. Management projects third-quarter module shipments of 15–17 GW and expects average selling prices to rise, with gross margin showing moderate improvement.
JKS · Capital · Negative Q2 revenue fell 31% YoY with gross margin down to 4.2% and full-year module shipment outlook cut to 60-70 GW.
JKS · Demand · Neutral Energy storage shipments hit 3.1 GWh in H1 and are expected to more than double for the full year, while module volume is deliberately reduced.
China plans faster rollout of renewable-energy recycling rules
China plans to accelerate rules governing the recycling and reuse of electric-vehicle batteries, wind turbines and solar equipment, Bloomberg reported on Sunday, citing state broadcaster China Central Television. The government aims to establish a closed-loop system for waste generated by the renewable-energy industry before 2030, with officials from the National Development and Reform Commission saying the framework would cover the full process of recovering and reusing waste throughout the supply chain. The measures will form part of China's circular-economy strategy for the 2026-to-2030 period, addressing gaps in capacity to recycle ageing equipment from rapidly expanding clean-energy industries, including photovoltaic panels, wind-power installations and EV batteries. Authorities will enforce requirements that electric vehicles be scrapped together with their batteries, and the government plans to crack down on illegal recycling and dismantling, which can create environmental and safety risks and divert valuable materials away from regulated recovery channels. Separate measures will support national laboratories researching resource recycling, and China will also upgrade its capacity to dismantle used industrial machinery, vehicles and electronic products.
Energy Transition & Power Demand › Solar ▼Regulation
Energy Transition & Power Demand › Wind ▼Regulation
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) Regulation
002594.CS · Regulation · Neutral EV battery recycling rules could affect BYD's battery lifecycle management, but impact is mixed.
601012.CG · Regulation · Neutral New recycling rules may affect solar equipment disposal, but impact on LONGi's operations is unclear.
JKS · Regulation · Neutral China's recycling framework for solar equipment addresses end-of-life PV panels, a regulatory development relevant to solar makers but not a direct demand or pricing event for JinkoSolar.
Penghua STAR New Energy ETF and Penghua ChiNext New Energy ETF both rise over 1.3%, as two departments release the 15th Five-Year Plan for new power systems
Penghua STAR New Energy ETF and Penghua ChiNext New Energy ETF both gained more than 1.3%, as the 15th Five-Year Plan for the construction of new power systems jointly issued by the National Development and Reform Commission and the National Energy Administration boosted the new energy sector. The plan proposes that by 2030, the new power system will be preliminarily established, with non-fossil fuel power generation accounting for 50% of the total, and a new power grid with a capacity of 2.8 billion kilowatts will be initially built. As of 10:25 a.m. on August 4, 2026, the SSE STAR New Energy Index rose 1.55% to 1.37 yuan, Penghua STAR New Energy ETF rose 1.37% to 1.18 yuan, and Penghua ChiNext New Energy ETF rose 1.42% to 1.36 yuan. Guorong Securities noted that State Grid will focus on key areas such as ultra-high voltage flexible DC transmission to ensure the outbound transmission and consumption of clean energy from large bases, and manufacturers of ultra-high voltage equipment and distribution network equipment are expected to see development opportunities. Penghua STAR New Energy ETF tracks the SSE STAR New Energy Index, which selects 50 securities with large market capitalization from the STAR Market in sectors such as photovoltaics, wind power, and new energy vehicles. The top ten holdings include Haibo Sichuang, Trina Solar, and Jinko Energy, accounting for a combined 46.18%.
Five Solar Giants Project First-Half Losses Exceeding 13 Billion Yuan; Anti-Cutthroat-Competition Policies Roll Out, Lifting the Sector
The solar equipment sector has recently bottomed out and rebounded, with leaders such as LONGi Green Energy, JinkoSolar, and Tongwei shares bouncing back. However, five giants together project combined net profit attributable to the parent company for the first half of 2026 at a loss of 13.78 billion to 15.76 billion yuan. Since July, three mandatory national standards for the solar sector have been released, covering key links across the entire industrial chain including polysilicon, wafers, modules, and inverters. Set to take effect on January 1, 2027, they will accelerate the elimination of outdated capacity. Subsequently, the group standard General Principles for Cost Accounting Models in the Solar Industry was introduced, and the State Administration for Market Regulation went to Yancheng to conduct price compliance guidance, steering the industry from competing on price to competing on value. Tian Lihui, a finance professor at Nankai University, believes that administrative force correcting cutthroat competition combined with spot prices bottoming out creates a resonance between a policy bottom and a market bottom, but digesting the supply-demand gap still requires patience in market clearing. A research report from Soochow Securities projects global new solar installations at 547 gigawatts in 2026, down 11 percent year-on-year, with a return to growth expected in 2027, and notes that the overcapacity situation persists while strong energy efficiency standards will accelerate the exit of backward capacity. Leading companies are actively expanding their second curve. Trina Solar's energy storage and distributed systems business is contributing positive profits, and LONGi Green Energy is advancing its BC technology and integrated solar-storage layout. Experts advise investors to focus on leaders with technological barriers and solid cash flow, while being wary of the risk that capacity clearing falls short of expectations.
Energy Transition & Power Demand › Solar ▼Regulation
002459.CS · Regulation · Neutral Company projects first-half losses but benefits from anti-cutthroat competition policies and mandatory standards.
600438.CG · Regulation · Neutral Company projects first-half losses but benefits from anti-cutthroat competition policies and mandatory standards.
601012.CG · Regulation · Neutral Company projects first-half losses but benefits from anti-cutthroat competition policies and mandatory standards.
601778.CG · Regulation · Neutral Company projects first-half losses but benefits from anti-cutthroat competition policies and mandatory standards.
JKS · Regulation · Neutral Anti-cutthroat-competition policies and mandatory standards may help industry, but JinkoSolar faces first-half losses and weak demand.
688599.CG · Demand · Positive Trina Solar's energy storage and distributed systems business is contributing positive profits.
Joint-stock bank AICs rush to invest in listed companies' subsidiaries, surpassing 10 deals
AICs under joint-stock banks are investing heavily in subsidiaries of listed companies. According to an incomplete tally by 21st Century Business Herald, CMB Wealth Investment, CIB Wealth Investment, and CITIC Financial Investment have together completed investments in over 10 subsidiaries of listed companies. Analysts point out that compared with unlisted company equity, the equity of listed company subsidiaries, which offers higher financial transparency, better suits the prudent risk appetite of bank-affiliated capital. Moreover, the top priority for newly established joint-stock bank AICs is to steadily advance their core business of debt-to-equity swaps, and only then expand into equity investments. In the latest case, CMB Wealth Investment, CIB Wealth Investment, and Postal Wealth Investment jointly injected 2 billion yuan into Haining Jinko, a holding subsidiary of JinkoSolar, acquiring a 17.9260% stake post-capital increase. Before the capital increase, Haining Jinko's equity was valued at 9.157 billion yuan. CIB Wealth Investment has already invested in multiple listed company subsidiaries, including Zhiyuan Lithium, Jiangsu Kingfa, Dongyangguang Fluorine, Kemeite, Billions New Materials, and Ganfeng Lithium Battery. CMB Wealth Investment's first deal targeted Deep Blue Auto, while CITIC Financial Investment took stakes in Shenzhen Ganghua Dingxin Clean Energy, Billions New Materials, Zhuneng Chemical, Huafei Electronics, and Guangxi Huayou New Materials.
JKS · Capital · Positive CMB Wealth Investment, CIB Wealth Investment, and Postal Wealth Investment jointly injected 2 billion yuan into Haining Jinko, a holding subsidiary of JinkoSolar, acquiring a 17.9260% stake.
Multiple companies on Shanghai and Shenzhen exchanges announce positive news: GigaDevice injects capital into Zhuhai Xincun, G-bits proposes high dividend, Yuanjie Technology and others forecast profit growth
On the evening of July 21, multiple listed companies on the Shanghai and Shenzhen exchanges released significant positive announcements. GigaDevice plans to use 500 million yuan of A-share raised funds to increase capital in its wholly-owned subsidiary Zhuhai Xincun, in order to implement a DRAM fundraising project. After the capital increase, Zhuhai Xincun's registered capital will change from 150 million yuan to 200 million yuan. The chairman of G-bits proposed a cash dividend of 100 yuan for every 10 shares for the first half of 2026. JinkoSolar will change the purpose of 29.7213 million repurchased shares from equity incentives to cancellation and reduction of registered capital. A controlled subsidiary of Lianchuang Co. plans to invest approximately 550 million yuan to build a project with an annual output of 12,000 tons of VDF and supporting industrial chain products. Huaqin Technology expects its annual revenue from super-node products alone to exceed 10 billion yuan. Yuanjie Technology expects net profit for the first half of the year to be between 600 million and 650 million yuan, a year-on-year increase of 1,196.91% to 1,304.98%. Zhongyi Technology expects net profit for the first half of the year to be between 150 million and 180 million yuan, a year-on-year increase of 879.55% to 1,075.46%. The chairman of Sungrow Power proposed a share buyback of 500 million to 1 billion yuan. The controlling shareholder of Weichai Power plans to increase its holdings of the company's A-shares by 200 million to 400 million yuan. A wholly-owned subsidiary of Kanghui Co. signed a computing power service contract, with an estimated total value of 415 million to 679 million yuan. Wuzhou Medical plans to acquire 100% equity of Xuanzhi Technology through the issuance of shares and cash payment, entering the motor control chip sector. The company's shares will resume trading on July 22. A concert party of a shareholder holding more than 5% of Dongwang Times increased its total holdings in the company by 1.08%.
JinkoSolar Founding Executive Chen Kangping Resigns from All Positions
Chen Kangping, one of the actual controllers of JinkoSolar, has resigned from all positions including vice chairman, director, and member of the strategy and sustainable development committee due to personal reasons. After his resignation, he will no longer hold any position in the company or its subsidiaries. Chen Kangping, together with chairman Li Xiande and director Li Xianhua, formed the company's core control team, and the three indirectly control 55.59% of JinkoSolar's shares. Chen Kangping has held key positions at JinkoSolar since joining in 2007. He stepped down as general manager in March 2026 and became vice chairman, a role he held for only about three months before this resignation. The photovoltaic industry is currently undergoing deep adjustments. JinkoSolar posted a net loss of over 6.8 billion yuan in 2025 and continued to lose money in the first quarter of 2026. As of the close on July 10, its stock price was 4.39 yuan, giving it a market capitalization of 45.1 billion yuan.
688223.CG · Capital · Negative Founding executive Chen Kangping resigns from all positions, signaling instability in core control team amid deep losses
JKS · Capital · Negative Founding executive Chen Kangping resigns from all positions, signaling instability in core control team amid deep losses
JinkoSolar Fair Value Cut 16% to US$26.02 After Mixed Analyst Target Changes
JinkoSolar Holding's fair value estimate has been revised down by about 16% to roughly US$26.02 from approximately US$31.03. The revision reflects a trimmed future P/E multiple from about 8.12x to roughly 6.55x, while revenue growth assumptions held steady at approximately 16.24% and the net profit margin remained close to 2.06%. UBS raised its price target to US$24 from US$23 but maintained a Neutral rating, while Roth Capital stayed on the sidelines after a Q4 miss, citing execution concerns. Freedom Broker upgraded the stock, signaling some analyst optimism.
JKS · Capital · Negative Fair value estimate cut 16% due to trimmed P/E multiple, with mixed analyst actions including a price target cut and execution concerns.
JinkoSolar Listed on 2026 Fortune China Technology 50
JinkoSolar has been listed on the 2026 Fortune China Technology 50. The recognition highlights the company's technological innovation, R&D capabilities, and performance breakthroughs in the photovoltaic sector. JinkoSolar holds over 5,700 patents globally, including more than 3,500 authorized patents and over 700 related to N-type TOPCon technology. The conversion efficiency of its latest N-type TOPCon perovskite tandem cell has reached 34.82%, breaking the world record for the 33rd time. The newly released Tiger Neo 5.0 module achieves a 700W power output with a module efficiency of 25.91%, and global module shipments have exceeded 400GW, securing the number one position seven times.
JinkoSolar announced that its Tiger Neo 3.0 modules have received TÜV Rheinland's "A+ Shading Score" under the PfG 2926/05.25 test methodology and successfully completed advanced hail resistance verification according to VKF standards. The independently verified results show that Tiger Neo 3.0 modules can deliver up to 16% higher power output compared to Back Contact technologies and up to 17% higher than conventional TOPCon technologies under select shading scenarios. The anti-shading performance is enabled by JinkoSolar's advanced quarter-cut architecture and optimized internal circuit design. The hail resistance testing included impacts from 30 and 40 mm diameter ice balls, exceeding the minimum mandatory IEC 61215 standard, demonstrating mechanical robustness for regions exposed to severe weather.
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