Announcement • Apr 20

Jinkosolar Publishes Three Research Papers

JinkoSolar published three research papers in succession within a single month in Nature Energy in succession within a single month in Nature Energy, one of the premier journals in the field of energy research. This series of papers showcases JinkoSolar's multiple major breakthroughs in TOPCon and perovskite tandem cell technologies. JinkoSolar, in collaboration with the research team from the Ningbo Institute of Materials Technology and Engineering of the Chinese Academy of Sciences, successfully developed a dual-sided electrical synergy optimization strategy. This approach achieved a certified efficiency of up to 26.66% on M10-sized silicon wafers, setting a new efficiency record for industrial-scale TOPCon cells and significantly narrowing the gap between industrial-scale TOPCon cells and the theoretical efficiency of 29.4%. Additionally, the research reduced carrier transport losses through a high-resistance boron emitter on the front side and an optimized fine-line grid design, while the back side employs an innovative double-layer tunneling silicon oxide/polysilicon structure on the rear side to effectively suppress performance degradation caused by silver paste puncture. Furthermore, by utilizing localized polysilicon thinning technology, the research achieved outstanding performance metrics, including an open-circuit voltage of 744.6 mV, a fill factor of 85.57%, and a bifaciality of 88.3%. This achievement provides a feasible and comprehensive solution for narrowing the efficiency gap between TOPCon cells and the theoretical limit, significantly enhancing the core competitiveness of TOPCon technology in the future photovoltaic market. JinkoSolar, in collaboration with the research team from Soochow University, has successfully developed a full-size bifacial TOPCon crystalline silicon solar cell with a certified photoconversion efficiency of 26.34%. This research abandons the traditional TOPCon cell design featuring a boron-diffused emitter on the front surface. Instead, it innovatively introduces patterned n-type TOPCon finger contacts on the front surface while retaining the full-area p-type TOPCon contact on the back. By localizing the polycrystalline silicon contact area, this structure significantly reduces parasitic absorption and recombination losses on the front surface, achieving a certified efficiency of 26.34% and significantly improving the open-circuit voltage. Furthermore, to address the issues of poor contact performance and susceptibility to metal paste corrosion in P-type TOPCon, a "polysilicon/silicon dioxide/polysilicon" double-layer composite structure was designed. Combined with optimized rear-side polishing and a specially formulated silver paste, this structure not only achieves extremely low contact resistance and recombination current but, more importantly, the ultra-thin oxide layer in the middle effectively prevents silver crystal spikes from penetrating the silicon substrate, significantly enhancing the device's reliability and high-temperature resistance. In the future, by improving the precision of laser patterning to further narrow the finger width and introducing localized contacts on the back side to reduce the polycrystalline silicon layer thickness, parasitic absorption can be reduced, and mass production efficiency is expected to approach 27%. Using a high-efficiency bifacial TOPCon cell with a textured front surface as the bottom cell, the research team fabricated a monolithic perovskite/TOPCon tandem cell, achieving a certified efficiency of 32.73% and a high open-circuit voltage of 1.961 V. These results not only set a new performance record for this class of tandem cells but also demonstrated excellent long-term operational stability (maintaining 80% of the initial efficiency after 2,000 hours), proving the immense potential of this TOPCon technology route in tandem applications. They also provide a scalable and industrially compatible technical pathway for the development of higher-efficiency TOPCon and perovskite/TOPCon tandem photovoltaic modules. To address the critical challenge of rapid perovskite crystallization and film quality degradation caused by the high thermal conductivity of industrial thin silicon substrates, JinkoSolar, in collaboration with the National University of Singapore and other research institutions, innovatively proposed a strategy to regulate the major organic cation (FA?) using a dual-mode-coupled ligand (MBT), successfully achieving effective control over crystallization kinetics. A perovskite/TOPCon tandem solar cell fabricated using this strategy was certified by the National Photovoltaic Industry Metrology and Testing Center (NPVM) with a conversion efficiency of 32.76%, approaching the current efficiency record for tandem photovoltaic cells. Additionally, the cell maintained 91% of its initial efficiency after 1,700 hours of continuous operation, demonstrating excellent long-term operational reliability. This research is of significant importance as it achieves high efficiency (certified at 32.76%) in TOPCon silicon-back-contact cells, which hold the greatest potential for market dominance. Not only does it elevate the efficiency of perovskite/TOPCon tandem cells to new heights, but more importantly, it provides critical scientific insights and a practical pathway for integrating high-performance perovskite materials from the laboratory with market-dominant TOPCon silicon technology, marking a solid step toward the mainstream industrialization of perovskite/crystalline silicon tandem technology toward mainstream industrialization. In the future, this strategy is expected to be combined with solution-based production processes — which offer the potential for large-scale fabrication and low costs — to drive the industrial application of these research findings.

Announcement • Apr 18

JinkoSolar Launches Light Diamond Lightweight High Strength Module

JinkoSolar officially launched a lightweight module solution specifically designed for low-load-bearing roofs--the Jinko 'Light Diamond' lightweight, high-strength module, based on its Tiger Neo 3.0 technology platform. Module weight: 16.2 kg. Module dimensions: 1980 × 1134 × 30 mm. Weight density: 7 kg/m²-- 40% weight reduction compared with conventional double-glass modules (12.2 kg/m²). Maximum power: 560 W. Maximum module efficiency: 24.94%. Applications: Suitable for older factory buildings, temporary structures, light-gauge steel roofs, power plant coal sheds, and buildings with load restrictions. JinkoSolar's 'Light Diamond' lightweight, high-strength modules weigh only 7 kg per square meter, representing a weight reduction of over 40% compared to conventional double-glass modules. The total module weight for a 1 MW project is only 28.6 tons, a reduction of approximately 20 tons compared to BC double-glass modules. JinkoSolar's 'Light Diamond' lightweight, high-strength modules deliver a maximum power output of 560 watts and an ultra-high efficiency of 24.94%, whereas flexible modules or BC composite modules only reach 450 to 460 watts--a single-module power increase of over 100 watts. This means a higher-capacity solar power plant can be installed on the same roof area. The higher power output directly leads to optimized system costs: fewer modules are required, reducing Balance of System (BOS) costs for mounting structures, cables, combiner boxes, and other components; installation time is shortened, lowering labor costs; and overall BOS costs are further reduced by 3% to 5% compared to conventional lightweight solutions. The modules utilize 1.6mm lightweight glass to reduce weight while maintaining light transmittance; the frame features reinforced channel design with increased thickness, enhancing overall mechanical strength; and the encapsulation process uses reinforced adhesive film, significantly improving sealing performance, resistance to humidity and heat, and resistance to micro-cracks. The maximum front-side load capacity is 3,600 Pa--equivalent to withstanding 3.6 meters of snow accumulation--and the module can withstand impacts from 25mm hailstones without damage. The maximum back-side load capacity is 2,400 Pa, equivalent to withstanding Category 12 winds. The temperature coefficient is -0.26%/°C, resulting in lower power generation losses at high temperatures; the power output warranty spans 30 years, which is 12–15 years longer than that of flexible or composite modules; first-year degradation does not exceed 1%, with annual degradation of 0.35%, both of which outperform industry averages. Compared to conventional module reinforcement solutions, JinkoSolar's 'Light Diamond' lightweight, high-strength modules save approximately 0.5 yuan per watt in reinforcement costs, equivalent to a savings of about 500,000 yuan per MW. The construction period is reduced from over 40 days to 8–10 days--a 75% reduction. There is no need to halt production, thereby avoiding operational losses, and the approval process is simplified, eliminating the need for structural modification approvals. Taking a 1 MW project as an example, the savings on reinforcement costs amount to approximately 500,000 yuan, the construction period is shortened by more than 30 days, and the avoided production downtime losses--which can reach hundreds of thousands of yuan depending on the company's scale--significantly boost the project's internal rate of return (IRR) and markedly shorten the payback period. For retrofit projects involving older factory buildings, installation can proceed without halting production; companies can maintain normal operations while the solar power plant is installed on the roof simultaneously. According to industry statistics, China has over 6 billion square meters of existing commercial and industrial rooftop space, with load-restricted roofs accounting for more than 30% of this total--representing a potential market of nearly 2 billion square meters. Based on an installation density of 100 watts per square meter and a system cost of 1.5 yuan per watt, the theoretical installation capacity exceeds 200 GW, with a market size surpassing 300 billion yuan. Industrial buildings constructed in the last century, as well as power plant coal sheds, carports, and simple rural supermarkets, often have limited roof load-bearing capacity and structurally deteriorated roofs that cannot safely support additional weight. Jinko's 'Light Diamond' lightweight, high-strength modules can be installed without structural reinforcement and do not disrupt production during renovation. With insufficient roof load-bearing capacity, the need to maintain operations, and aesthetic requirements, Jinko's 'Light Diamond' lightweight, high-strength modules--which are lightweight, efficient, and reliable--are a perfect fit for these scenarios. Light-gauge steel roofs, commonly used in modern industrial facilities, inherently lack sufficient load-bearing capacity. Jinko's 'Light Diamond' lightweight, high-strength modules, weighing just 7 kg per square meter, enable the installation of solar panels on these roofs. Special buildings with load restrictions, such as space frame structures, arched roofs, and agricultural greenhouses, Jinko's 'Light Diamond' lightweight, high-strength modules can easily adapt to these structures.

Snowflake Score
Valuation	5/6
Future Growth	4/6
Past Performance	0/6
Financial Health	3/6
Dividends	2/6

Historical stock prices
Current Share Price	US$15.77
52 Week High	US$31.88
52 Week Low	US$14.95
Beta	0.48
1 Month Change	-9.68%
3 Month Change	-31.17%
1 Year Change	-35.40%
3 Year Change	-63.88%
5 Year Change	-72.81%
Change since IPO	43.23%

	JKS	US Semiconductor	US Market
7D	-0.4%	3.8%	0.6%
1Y	-35.4%	71.7%	19.5%

JKS volatility
JKS Average Weekly Movement	9.4%
Semiconductor Industry Average Movement	13.5%
Market Average Movement	7.3%
10% most volatile stocks in US Market	16.7%
10% least volatile stocks in US Market	3.2%

JKS fundamental statistics
Market cap	US$820.12m
Earnings (TTM)	-US$529.56m
Revenue (TTM)	US$9.43b

JKS income statement (TTM)
Revenue	CN¥63.90b
Cost of Revenue	CN¥61.12b
Gross Profit	CN¥2.78b
Other Expenses	CN¥6.37b
Earnings	-CN¥3.59b

Earnings per share (EPS)	-68.55
Gross Margin	4.35%
Net Profit Margin	-5.62%
Debt/Equity Ratio	131.6%

Data	Last Updated (UTC time)
Company Analysis	2026/07/10 22:06
End of Day Share Price	2026/07/10 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Wanping Yeh	Barclays
null null	China International Capital Corporation Limited
Pierre Maccagno	Colliers Securities

JinkoSolar Holding (JKS) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

Future Policy Headwinds Will Challenge Solar Expansion And Operational Progress

Trade Barriers And Overcapacity Will Erode Solar Margins

Decarbonization And Vertical Integration Will Expand Solar Frontiers

Top Analyst Narratives

Future Policy Headwinds Will Challenge Solar Expansion And Operational Progress

Trade Barriers And Overcapacity Will Erode Solar Margins

Decarbonization And Vertical Integration Will Expand Solar Frontiers

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Price History & Performance

Recent News & Updates

JKS: Future Returns Will Depend On Energy Storage And Export Policy Risks

New minor risk - Insider selling

Price target decreased by 16% to US$26.02

JKS: Future Returns Will Depend On Energy Storage And Export Policy Limits

JinkoSolar Is Deeply Undervalued, The Industry Now Needs To Act

JinkoSolar Holding (JKS) Stock Could Be 37.4% Undervalued After RETC Recognition

Recent updates

JKS: Future Returns Will Depend On Energy Storage And Export Policy Risks

New minor risk - Insider selling

Price target decreased by 16% to US$26.02

JKS: Future Returns Will Depend On Energy Storage And Export Policy Limits

JinkoSolar Is Deeply Undervalued, The Industry Now Needs To Act

JinkoSolar Holding (JKS) Stock Could Be 37.4% Undervalued After RETC Recognition

Dividend of US$1.50 announced

JinkoSolar Holding Co., Ltd. Announces Cash Dividend, Payable on or Around July 9, 2026

JKS: Future Returns Will Rely On Energy Storage And Export Policy Shifts

Consensus EPS estimates upgraded to CN¥19.37 loss

Independent Director notifies of intention to sell stock

JKS: Future Returns Will Hinge On Energy Storage Execution

JinkoSolar Secures 1 GW Agreement With PM Green Including 200 MW Tiger Neo 3.0 Order

JKS: Future Execution And Technology Progress May Support Bullish Repricing

New major risk - Financial position

JinkoSolar Holding Co., Ltd. Provides Operating Guidance for the Second Quarter of 2026

JKS: Execution And Margin Risks Will Likely Restrain Future Share Upside

Consensus revenue estimates fall by 14%

Price target decreased by 12% to US$29.28

Jinkosolar Publishes Three Research Papers

Analysts Have Lowered Expectations For JinkoSolar Holding Co., Ltd. (NYSE:JKS) After Its Latest Results

JinkoSolar Holding Co., Ltd. to Report Q1, 2026 Results on Apr 29, 2026

JinkoSolar Launches Light Diamond Lightweight High Strength Module

Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

JinkoSolar Holding Co., Ltd. Provides Operating Guidance for the First Quarter and Full Year of 2026

JKS: Ongoing Losses And Margin Pressures Will Likely Cap Share Upside

Consensus EPS estimates increase by 110%

JKS: Elevated Execution Risks Will Likely Sustain Pressure On Thin Margins

JinkoSolar Holding Co., Ltd. to Report Q4, 2025 Results on Apr 16, 2026

JKS: Large Expected 2025 Net Loss Will Limit Benefits From Margin Improvement

JKS: Large Expected Net Loss Will Constrain Benefits From Margin Improvement

JKS: Policy And Profitability Risks Will Limit Benefits From Margin Improvement

JKS: FEOC And Solar 4 Policy Headwinds Will Constrain Future Profitability

Jinkosolar Holding Co., Ltd. Provides Preliminary Unaudited Earnings Guidance for the Year Ended December 31, 2025

JKS: Policy Threats Around FEOC And Solar 4 Will Restrain Profitability

JKS: Policy Risks Around FEOC And Solar 4 Will Cap Future Upside

JKS: Policy Headwinds Will Limit Benefits From Rising Energy Storage Margins

Consensus EPS estimates fall by 28%

JKS: Future Results Will Rely On Energy Storage Amid Policy Headwinds

Independent Director notifies of intention to sell stock

Earnings Update: JinkoSolar Holding Co., Ltd. (NYSE:JKS) Just Reported Its Third-Quarter Results And Analysts Are Updating Their Forecasts

Third quarter 2025 earnings: EPS in line with expectations, revenues disappoint

JinkoSolar Holding Co., Ltd., Annual General Meeting, Dec 29, 2025

JKS: Fair Value May Remain Resilient Despite US Clean Energy Policy Risks

Future Policy Headwinds Will Challenge Solar Expansion And Operational Progress

Price target increased by 12% to US$37.42

JinkoSolar Holding Co., Ltd. to Report Q3, 2025 Results on Nov 17, 2025

JinkoSolar Holding Co., Ltd. to Report Q2, 2025 Results on Nov 17, 2025

Consensus EPS estimates fall by 19%, revenue upgraded

Supply Chain Optimization And ESS Expansion Will Secure Future Competitiveness

Consensus EPS estimates upgraded to CN¥42.83 loss

Jinkosolar Holding Co., Ltd. Provides Operating Guidance for the Third Quarter and Full Year of 2025

Supply Chain Optimization And ESS Expansion Will Secure Future Competitiveness

Price target increased by 7.6% to US$33.52

Consensus EPS estimates fall by 15%