JinkoSolar Holding Co. Ltd. (NYSE: JKS) had a rough Wednesday. The company's stock fell sharply after it reported second-quarter 2026 results that missed Wall Street's revenue and earnings estimates, announced a CEO transition, and slashed its full-year shipment forecast. It's a lot to digest, so let's break it down.
JinkoSolar's New CEO Faces a Brutal Solar Market as Shares Tumble
MarketDash
JinkoSolar (NYSE: JKS) shares dropped after Q2 revenue and earnings missed estimates, the company cut its 2026 shipment forecast, and a new CEO took over amid ongoing industry pricing pressure.
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Revenue and Earnings Miss Estimates
For the second quarter, JinkoSolar reported revenue of 12.36 billion yuan ($1.82 billion), down 31.3% from a year earlier. That missed the analyst consensus estimate of $2.12 billion, though it did tick up 0.9% from the previous quarter. The company posted an adjusted loss of $2.54 per American depositary share, which was wider than the 70-cent loss analysts had expected.
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. But here's the catch: gross margin fell from 8.3% in the first quarter because of lower sequential pricing.
The company 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, and 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.
On the brighter side, JinkoSolar recorded a 370.3 million yuan gain from long-term investments. But 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.
The company's new CEO, Wei "Dimi" Du, 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
As of June 30, JinkoSolar held 16.94 billion yuan ($2.50 billion) in cash, cash equivalents and restricted cash. 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. But total interest-bearing debt stood at 44.90 billion yuan ($6.62 billion), which is a hefty load.
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.
Targeting Higher-Value Products
Du said second-quarter module shipments rose sequentially to about 16 gigawatts, bringing 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, with first-half shipments rising significantly and gross margin improving.
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
Looking ahead, 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. But the company 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.
Price Action
JinkoSolar shares were down 13.81% at $13.34 at the time of publication Wednesday, according to market data.
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