Jinko module shipments drop 25% YoY in Q3 2026

The company said that its Tiger Neo 3.0 modules accounted for more than 5GW of the total 15GW shipments during Q3 2026. Overseas markets accounted for the majority of the shipments in Q3 2026 with 70%, according to Dimi Du, Jinko’s CEO since August of this year.

More recently, Jinko launched its next-generation Tiger Neo 5.0 all-black residential solar modules. The new PV product is built on its proprietary TOPCon-based Amorphous-Si Passivating Cell (TAC) technology with a power output of up to 510W and module efficiency of up to 25.52%.

“The PV industry remains at a critical stage of supply and demand adjustment, and its shift from production capacity and shipment scale toward effective supply, product value and earnings quality continues.

“As the relevant national authorities promote the orderly and well-regulated development of the industry through stricter standards and higher technical and energy efficiency requirements, we expect less efficient capacity to be gradually phased out and competition to focus more on technological innovation, product quality and customer value,” said Du.

Du added that the company expects to reach a 40GW production capacity of high-efficiency modules by the end of 2026 that meet the new Grade 1 standard – which sets a 24% conversion efficiency threshold for TOPCon modules – introduced by the Chinese government earlier this year.

The company forecasts module shipments to be between 16GW and 18GW in Q4 2026.

Revenue drops YoY as gross profit soars

Moreover, Jinko’s revenue for Q3 2026 reached RMB13.62 billion (US$2.07 billion), up 10.2% sequentially but a 15.7% decrease year-on-year, while its gross profit soared by 225.7% quarterly and 41.4% YoY to RMB1.67 billion.

According to the company, the sequential increase in revenue was due to the growth in revenue generated from the sale of energy storage systems, which reached nearly 1.75GWh in Q3 2026, and an increase in average selling price of solar modules. On the other hand, the year-on-year revenue decrease was mainly due to a decrease in shipment volume of solar modules.

During Q3 2026, Jinko continued to invest in semiconductors, artificial intelligence (AI), energy storage, and “other frontier technologies”, with investments totalling north of RMB330 million, of which RMB254 million came from the company’s own capital. It has also completely exited from the investment in Chinese solar equipment provider Laplace Renewable Energy Technology, which generated cash proceeds of nearly RMB38.7 million upon the divestment of the remaining equity interest in LAPLACE.

“Looking ahead, we will build on three core pillars, namely technological innovation, globalisation and AI transformation, to drive integrated solar-plus-storage development. We will continue to balance shipment volume and profitability, optimise our product and order book mix, and maintain strict control over capital expenditure to make the improvement in our operating performance more sustainable,” added Du.

Jinko appoints new CFO

In related Jinko news, the company has appointed a new chief financial officer (CFO), effective immediately after the resignation of Mengmeng Li. Kun Zhang will take the role of CFO and has worked as the company’s finance director since August 2026. Prior to joining Jinko, Zhang worked as corporate development and finance director at Chinese electric vehicle startup Shanghai Windrose Technology.

The company has made other senior executive changes, with Gen Miao, deputy general manager and chief marketing officer at Jinko Solar Co., appointed as director of Jinko Holdings. Miao has served in several roles at Jinko since 2010 before working as deputy general manager and chief marketing officer in December 2020.

“Having grown with Jinko Holdings since its early days, I am delighted to take on this new responsibility,” said Miao. “I look forward to contributing my experience to the board and to supporting the company’s long-term, sustainable growth.”