China's JinkoSolar Q1 revenue falls 11.5% as shipments drop

JinkoSolar Holding

29/04/2026 12:01

Overview

China solar module maker's Q1 revenue fell 11.5% yr/yr on lower shipment volumes

Gross profit margin rose to 8.3% from a loss margin a year ago, aided by higher module prices

Adjusted net loss narrowed yr/yr as gross margin improved and operating expenses declined

Outlook

JinkoSolar expects Q2 2026 module shipments between 14 GW and 16 GW

Company estimates full-year 2026 module shipments of 75 GW to 85 GW

JinkoSolar expects 2026 ESS shipments to more than double year-over-year

Result Drivers

HIGHER MODULE PRICES - Co said improved supply-demand balance and rebounding module prices, especially in overseas markets, drove gross margin improvement

LOWER SHIPMENT VOLUMES - Co attributed revenue decline mainly to a decrease in shipment volume of solar modules

ENERGY STORAGE GROWTH - Shipments of energy storage systems increased significantly yr/yr, with higher contribution from high-value overseas markets supporting gross margin

Company press release: ID:nPn6jxmg6a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
RMB 12.25 bln
Q1 Net Income
-RMB 463.50 mln
Q1 Gross Margin
8.30%
Q1 Gross Profit
RMB 1.02 bln
Q1 Income from Operations
-RMB 588.20 mln
Q1 Operating Expenses
RMB 1.61 bln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

Wall Street's median 12-month price target for JinkoSolar Holding Co Ltd is $25.00, about 11.9% above its April 28 closing price of $22.35

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)