Slides
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October 30,2026 Jinko Holdings Q3 2026 Earnings Presentation
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Forward-looking statements 02 This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Jinko Holdings Limited (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company solely for use in this presentation. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided. Participants agree further not to photograph, copy or otherwise reproduce these materials in any form or pass on these materials to any other person for any purpose, during the presentation or while in the conference room. Participants must return this presentation and all others materials provided in connection herewith to the Company at the completion of the presentation. This presentation may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that our results of operations may fluctuate from period to period; the risk of PRC governmental policy changes; the risk that we face intense competition from other solar companies; the risk that PRC economic, political and social conditions as well as government policies can affect our business and other risks outlined in our public filings with the Securities and Exchange Commission, including our registration statement on Form F-1, as amended. The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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Jinko Holdings: our strategic direction Rooted in solar and energy storage, with selective investments in emerging and frontier technologies. Core Solar + Energy Storage • Technology innovation and AI transformation • Globalization • Integrated PV + ESS solutions Selective Strategic Investments • AI, renewable energy, advanced materials, commercial space and other frontier technologies • Connect industrial expertise with external innovation 03 • Support technologies and companies with long-term potential through disciplined capital allocation Advancing industrial development and long-term shareholder value
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Q3 2026 performance overview 04 15.0 GW Module shipments ~70% shipped overseas 12.3% Gross margin +8.1 pp QoQ / +5.0 pp YoY US$ 25.4mn Net loss Narrowed significantly 1.75 GWh ESS volume recognized as revenue +540% YoY Positive ESS operating profit First positive quarter • Higher-power product mix and continued TOPCon 3.0 cost optimization. • Profitability of ESS business improved both QoQ and YoY . • Selective investments and portfolio exits, with a focus on capital efficiency. Strategic investment portfolio fair value As of September 30, 2026 Cash proceeds from portfolio exits Rmb 386.4mn For the first nine months of 2026 1.45 GWh ESS POD shipments RMB 2.05bn
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Solar: product Mix optimization and Tiger Neo 5.0 Launch 05 Tiger Neo 3.0 Tiger Neo 5.0 Driving product mix upgrades TAC technology tailored to premium residential rooftops >5 GW Q3 shipments ~US$0.01/W Premium over conventional modules 510 W Maximum power 25.52% Maximum efficiency Continued improvement in integrated production cost. Phased ramp-up production and shipments for premium residential markets over the next two years.
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Energy storage: shipment growth and profitability 1.75 GWh +540% YoY Q3 shipments recognized as revenue First positive quarterly operating profit 3.3 GWh 4.5 GWh Q1–Q3 revenue-recognized shipments Q1–Q3 shipments on a POD basis Annual ESS shipments (POD) 5.2 GWh ~10 GWh2026 guidance 2025 actual Advance in-house PCS applications Explore data-center opportunities Continue to optimize geographic and order mix to support sustainable growth and profitability. 07
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Strategic investments: Q3 progress 08 01 New and follow-on investments RMB330mn Including RMB254mn of JKS own capital Chiplet / chip interconnect Supercapacitors 02 Q3 portfolio developments September: B+ and C rounds in September. July: STEPX launch and related AI devices 03 Investment returns and cash realization 04 Investment focus and capital discipline Investment focus AI, semiconductors, energy storage and other frontier technologies. Capital discipline Selective deployment and active portfolio management, with a focus on capital efficiency. Adaspace Technology passed the listing hearing of the HKEX. • Original investment cost was RMB 65mn. • Investment gains were RMB 357mn. RMB 327mn • Realized: RMB 82mn • Unrealized: RMB 245mn • Cash proceeds from portfolio exits was RMB 386mn. 9M 2026 total portfolio gains High-efficiency solar cell equipment provider
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Module Shipments • 4Q2026 modules shipments to be 16~18GW. 16~ 18GW High-efficiency products • We expect to have 40 GW of high-efficiency production capacity meeting the Level 1 national energy efficiency requirements by the end of 2026. • Tiger Neo 3.0 is expected to demonstrate a cost advantage over Tiger Neo 2.0, by the end of 2026. 40GW ESS Shipments • FY2026 ESS shipments to be approximately 10GWh on a POD basis.10GWh Profitability Operating priorities • Balance shipment volume and profitability • Optimize product mix and maintain disciplined capital expenditure. 10 Q4 and full-year 2026 guidance
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Quarterly financial highlights 11 Revenue and module shipments Gross profit and margin GAAP net income / (loss) and marginAdjusted net income / (loss) and margin 2,270 2,503 1,776 1,821 2,031 20,014 24,954 13,679 15,961 15,003 – 5,000 10,000 15,000 20,000 25,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue (US$mn) Module shipments 166 8 148 76 249 7.3% 0.3% 8.3% 4.2% 12.3% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross profit (US$mn) Gross margin Notes： (1) Adjusted net loss in Q3 2026 excludes the impact from: (i) the change in fair value of long-term investment, (ii) gain from disposal of subsidiaries, (iii) the impairment of long-lived assets and (iv) share-based compensation expenses. (57) (120) (80) (134) (1) -2.5% -4.8% -4.5% -7.3% -0.1% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Adjusted Net Income(loss) (US$mn) Adjusted Net(loss)margin (105) (215) (67) (103) (25) -4.6% -8.5% -3.8% -5.6% -1.2% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GAAP net income(loss) (US$mn) Net (loss)margin
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Income statement summary 12 US$mn, except shipments and % Q3 2025 Q2 2026 Q3 2026 QoQ(Change by RMB) YoY(Change by RMB) Total module shipments (MW) 20,014 15,961 15,003 (6.0%) (25.0%) Revenue 2,270 1,821 2,031 10.2% (15.7%) Gross profit / (loss) 166 76 249 225.7% 41.4% Gross margin 7.3% 4.2% 12.3% 8.1pct 5.0pct EBITDA 169.4 51.4 278.2 434.3% 188.7% GAAP net income / (loss) (105) (103) (25.4) / / GAAP net margin (4.6%) (5.6%) (1.2%) 4.4pct 3.4pct Adjusted net income / (loss) (1) (57) (134) (1.2) / / Adjusted net margin (2.5%) (7.3%) (0.1%) 7.2pct 2.4pct Notes: Unaudited quarterly financials. YoY and QoQ changes calculated on the RMB basis. (1) Excluding the impact from (i) the change in fair value of long-term investment, (ii) gain from disposal of subsidiaries, (iii) the impairment of long-lived assets and (iv) share-based compensation expenses.
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Balance sheet summary 13 US$mn Sep. 30, 2025 Jun. 30, 2026 Sep. 30, 2026 Cash and restricted cash 3,293 2,497 2,320 Accounts and notes receivable 2,529 2,120 2,189 Inventories 2,099 2,428 2,627 Net PPE 5,580 5,271 5,234 Total assets 16,975 17,467 17,287 Total interest-bearing debt 6,399 6,617 6,734 Short-term interest-bearing debt(1) 1,529 2,014 2,285 Long-term interest-bearing debt(1) 4,870 4,603 4,449 Net debt(2) 3,106 4,120 4,414 Total liabilities 12,744 13,218 13,029 Mezzanine equity(3) 214 522 532 Total shareholders’ equity 4,017 3,727 3,727 Notes: Unaudited quarterly financials. (1) Short-term debt includes short-term borrowings, current lease liabilities and current convertible senior notes. Long -term debt includes long-term borrowings, convertible senior notes, noncurrent lease liabilities and interest bearing long-term payable. (2) Total debt minus cash and restricted cash. (3) The non-controlling interest with redemption equity related to two subsidiaries of Jiangxi Jinko.
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Adjusted net income reconciliation 14 RMB thousands Q2 2026 Q3 2026 Net income / (loss) attributable to ordinary shareholders (697,252) (170,021) change in fair value of long-term investments 188,311 (123,562) gain on disposal of a subsidiary, after tax 63,971 / share-based compensation expense (38,687) (38,578) Impairment of long-lived assets (4,675) / Adjusted net income / (loss) attributable to shareholders (906,172) (7,881)
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15 Jinko Holdings Questions & answers Investor Relations ir@jinkosolar.com