Jinko Holdings Limited (NYSE: JKS) reported third-quarter 2026 revenue of RMB13.62 billion ($2.03 billion), up 10.2% from the second quarter but down 15.7% from a year earlier and below the analyst consensus of $2.43 billion. Adjusted loss was 2 cents per American depositary share, narrower than the expected 97-cent loss. Gross profit rose 41.4% to RMB1.67 billion, lifting gross margin to 12.3% from 4.2% in the second quarter and 7.3% a year earlier. Net loss attributable to ordinary shareholders narrowed to RMB170.0 million from RMB697.3 million in the second quarter and RMB749.8 million a year earlier, while adjusted net loss fell to RMB7.9 million from RMB409.1 million. Solar-module shipments declined 6.0% sequentially and 25.0% year over year to 15,003 MW, although Tiger Neo 3.0 shipments exceeded 5 GW at a premium of approximately $0.01 per watt over conventional modules. The improvement reflected lower production costs, a stronger product mix, higher shipments of high-efficiency products and increased energy-storage revenue. Energy-storage system shipments recognized as revenue totaled approximately 1.75 GWh, matching full-year 2025 levels. Jinko expects fourth-quarter module shipments of 16 GW to 18 GW, approximately 10 GWh of energy-storage shipments for 2026 on a proof-of-delivery basis, and about 40 GW of high-efficiency production capacity meeting China's Level 1 energy-efficiency standards by year-end. The company also invested approximately RMB330 million in new and follow-on investments during the quarter, including in KiwiMoore and TIGSTOR, and completed its exit from LAPLACE.