On November 3, JinkoSolar released a record of investor relations activities. Cao Haiyun, Chief Financial Officer, Miao Gen, Chief Marketing Officer, Jin Hao, Chief Technical Officer and Jiang Rui, Secretary of the Board of Directors participated in the reception. In terms of
PV business , JinkoSolar achieved a total PV product shipment of 67.15GW in the first three quarters of this year, of which module shipments were 61. The company said it expected to ship 21-25GW in the fourth quarter .
Jingke Energy revealed that it has laid out TOPCon 2.0 and 3 in the field of high power. "This year, the proportion of high power products is about 5% , and it is expected to exceed 60% next year." High power products are also one of the company's core strategic directions next year. In terms of
technology, the company expects that TOPCon technology will still have 0.5-0 in 2026. Perovskite tandem batteries are expected to achieve a certain scale of mass production in the next three years or so.
For next year's global photovoltaic market outlook, Jingke Energy believes that global photovoltaic demand in 2026 is expected to remain stable as a whole compared with 2025. Among them, the domestic market may decline slightly, the European market is expected to grow by 5%, the Middle East and Latin America markets are expected to grow by 10% -15%, and new energy projects are expected to erupt in Southeast Asia, especially photovoltaic projects, with some countries growing by 30% -40% ; The overall trend of the U.S. market is stable, which is the same as in 2025, and the seasonal performance is the off-season in the first half of the year and the peak season in the second half of the year. In terms of
energy storage , in the first three quarters of this year, the company 's energy storage system shipments were 3. The company expects its energy storage business to turn around in the fourth quarter. It will begin to contribute to profits in 2026. At the same time, it expressed confidence in achieving the annual delivery target of 6G Wh this year.
In the interactive process, the company revealed that it currently has 12 GWh integration and 5G Wh battery capacity, and is steadily advancing in the manufacturing side. Market-side overseas business accounts for about 80% of the total orders, focusing on large-scale energy storage and industrial and commercial projects. The company's energy storage team now has more than 1,000 people, and JinkoSolar said: "As the business expands, energy storage is expected to become the company's second growth curve."
When asked about the main driver of energy storage's turnaround in the fourth quarter, JinkoSolar replied: "Profit improvement mainly comes from scale growth , with shipments reaching a certain volume, gross profit margin has increased significantly.". At the same time, the prices of raw materials and supporting equipment such as lithium carbonate, batteries and PCS are on the rise, and the demand for high-quality products in Europe, Latin America and the Asia-Pacific region is increasing rapidly, which further promotes profitability. In the domestic market, although the previous energy storage allocation was mostly compulsory and the utilization rate was low, with the promotion of market-oriented electricity price mechanism, the economic benefits of independent energy storage projects gradually emerged, the number of potential projects increased, and the market is expected to grow substantially. The follow-up company's strategic focus will continue to focus on the expansion and layout of overseas markets.
The original text is as follows:
1. The company currently has 12 GWh integration and 5G Wh cell production capacity, and is steadily advancing in the manufacturing side. In particular, overseas business accounts for about 80% of the total orders, focusing on large-scale energy storage and industrial and commercial projects, with a long delivery cycle but strong demand. With the advantages of channels, brands and customer resources of leading enterprises, the company has significant competitiveness in the field of energy storage. The energy storage team now has more than 1000 people, and with the expansion of business, energy storage is expected to become the second growth curve of the company.
2. At the same time, the prices of raw materials and supporting equipment such as lithium carbonate, batteries and PCS showed an upward trend, and the demand for high-quality products in Europe, Latin America and the Asia-Pacific region increased rapidly, which further promoted profitability. In the domestic market, although the previous energy storage allocation was mostly compulsory and the utilization rate was low, with the promotion of market-oriented electricity price mechanism, the economic benefits of independent energy storage projects gradually emerged, the number of potential projects increased, and the market is expected to grow substantially. The follow-up company's strategic focus will continue to focus on the expansion and layout of overseas markets.
3. High-power products account for about 5% this year and are expected to exceed 60% next year. High-power products are also one of the company's core strategic directions next year. Under the background of limited production, limited price and anti-involution, enterprises with high power technology capability are scarce, and the market demand is very strong. The company expects that high-power products will achieve a significant price premium in the market and contribute positively to gross profit margin.
4. Efficiency improvement mainly focuses on two aspects: one is the optimization of the front side. Following the improvement of Polyfinger and edge passivation on the back side in 2025, the front side will be adjusted in 2026 to achieve significant efficiency improvement; Second, the upgrade of metallization process, with the mass application of base metals in November, is expected to be gradually promoted in the whole product line in 2026, providing new space for efficiency improvement on the basis of cost reduction. It is expected to bring about approximately
0.5.6
. The main reasons include that it will take time for the gradual clarification of No.136 Document and relevant local policies, mechanism electricity price and bidding results, while large state-owned enterprise projects need to balance the protection of return on assets and electricity price policies, and the relevant rules and business models are still being digested and adjusted. Although the release of terminal demand still takes time, the industry has shown positive signals from the raw material side. Driven by rising raw material prices, overseas component prices have also risen. In this context, the company is choosing the opportunity to launch
3.7. The Chinese market may decline slightly on a month-on-month basis, due to the gradual implementation of Document 136, the time needed to explore new business models, the implementation rhythm of the new five-year plan and the adaptation process of industry price limit and anti-involution. The overseas market as a whole remains healthy: the European market is expected to grow steadily, with an increase of about 5%; emerging markets such as the Middle East and Latin America are optimistic, with an increase of 10% -15%; Southeast Asia is expected to see an outbreak of new energy projects, especially photovoltaic projects, with a month-on-month increase of 30% -40% in some countries; The overall trend of the U.S. market is stable, which is the same as in 2025, and the seasonal performance is the off-season in the first half of the year and the peak season in the second half of the year.
8. At present, its stability has been significantly improved, but it has not yet reached the ideal state of complete stability. Efficiency has shown more than 30% potential, and reliability has improved, but it still does not fully meet the requirements of mass production. On the whole, the technology development has the prospect of mass production in the long run.
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