JinkoSolar Holding Co., Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company provides solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It offers solar system integration services; solar power generation and solar system EPC services; and energy storage system, as well as undertakes solar power projects. The company sells its products to distributors, project developers, system integrators, and manufacturers of solar power products under the JinkoSolar brand. As of December 31, 2025, it had an integrated annual capacity of 120 gigawatts (GW) for mono wafers; 95 GW for solar cells; and 130 GW for solar modules. It operates in China, the United States, India, Saudi Arabia, Australia, Pakistan, Brazil, Poland, Japan, Spain, and Germany. The company was founded in 2006 and is headquartered in Guangxin, the People's Republic of China.
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Penghua STAR New Energy ETF and Penghua ChiNext New Energy ETF both rise over 1.3%, as two departments release the 15th Five-Year Plan for new power systems
Penghua STAR New Energy ETF and Penghua ChiNext New Energy ETF both gained more than 1.3%, as the 15th Five-Year Plan for the construction of new power systems jointly issued by the National Development and Reform Commission and the National Energy Administration boosted the new energy sector. The plan proposes that by 2030, the new power system will be preliminarily established, with non-fossil fuel power generation accounting for 50% of the total, and a new power grid with a capacity of 2.8 billion kilowatts will be initially built. As of 10:25 a.m. on August 4, 2026, the SSE STAR New Energy Index rose 1.55% to 1.37 yuan, Penghua STAR New Energy ETF rose 1.37% to 1.18 yuan, and Penghua ChiNext New Energy ETF rose 1.42% to 1.36 yuan. Guorong Securities noted that State Grid will focus on key areas such as ultra-high voltage flexible DC transmission to ensure the outbound transmission and consumption of clean energy from large bases, and manufacturers of ultra-high voltage equipment and distribution network equipment are expected to see development opportunities. Penghua STAR New Energy ETF tracks the SSE STAR New Energy Index, which selects 50 securities with large market capitalization from the STAR Market in sectors such as photovoltaics, wind power, and new energy vehicles. The top ten holdings include Haibo Sichuang, Trina Solar, and Jinko Energy, accounting for a combined 46.18%.
Five Solar Giants Project First-Half Losses Exceeding 13 Billion Yuan; Anti-Cutthroat-Competition Policies Roll Out, Lifting the Sector
The solar equipment sector has recently bottomed out and rebounded, with leaders such as LONGi Green Energy, JinkoSolar, and Tongwei shares bouncing back. However, five giants together project combined net profit attributable to the parent company for the first half of 2026 at a loss of 13.78 billion to 15.76 billion yuan. Since July, three mandatory national standards for the solar sector have been released, covering key links across the entire industrial chain including polysilicon, wafers, modules, and inverters. Set to take effect on January 1, 2027, they will accelerate the elimination of outdated capacity. Subsequently, the group standard General Principles for Cost Accounting Models in the Solar Industry was introduced, and the State Administration for Market Regulation went to Yancheng to conduct price compliance guidance, steering the industry from competing on price to competing on value. Tian Lihui, a finance professor at Nankai University, believes that administrative force correcting cutthroat competition combined with spot prices bottoming out creates a resonance between a policy bottom and a market bottom, but digesting the supply-demand gap still requires patience in market clearing. A research report from Soochow Securities projects global new solar installations at 547 gigawatts in 2026, down 11 percent year-on-year, with a return to growth expected in 2027, and notes that the overcapacity situation persists while strong energy efficiency standards will accelerate the exit of backward capacity. Leading companies are actively expanding their second curve. Trina Solar's energy storage and distributed systems business is contributing positive profits, and LONGi Green Energy is advancing its BC technology and integrated solar-storage layout. Experts advise investors to focus on leaders with technological barriers and solid cash flow, while being wary of the risk that capacity clearing falls short of expectations.
Joint-stock bank AICs rush to invest in listed companies' subsidiaries, surpassing 10 deals
AICs under joint-stock banks are investing heavily in subsidiaries of listed companies. According to an incomplete tally by 21st Century Business Herald, CMB Wealth Investment, CIB Wealth Investment, and CITIC Financial Investment have together completed investments in over 10 subsidiaries of listed companies. Analysts point out that compared with unlisted company equity, the equity of listed company subsidiaries, which offers higher financial transparency, better suits the prudent risk appetite of bank-affiliated capital. Moreover, the top priority for newly established joint-stock bank AICs is to steadily advance their core business of debt-to-equity swaps, and only then expand into equity investments. In the latest case, CMB Wealth Investment, CIB Wealth Investment, and Postal Wealth Investment jointly injected 2 billion yuan into Haining Jinko, a holding subsidiary of JinkoSolar, acquiring a 17.9260% stake post-capital increase. Before the capital increase, Haining Jinko's equity was valued at 9.157 billion yuan. CIB Wealth Investment has already invested in multiple listed company subsidiaries, including Zhiyuan Lithium, Jiangsu Kingfa, Dongyangguang Fluorine, Kemeite, Billions New Materials, and Ganfeng Lithium Battery. CMB Wealth Investment's first deal targeted Deep Blue Auto, while CITIC Financial Investment took stakes in Shenzhen Ganghua Dingxin Clean Energy, Billions New Materials, Zhuneng Chemical, Huafei Electronics, and Guangxi Huayou New Materials.
Multiple companies on Shanghai and Shenzhen exchanges announce positive news: GigaDevice injects capital into Zhuhai Xincun, G-bits proposes high dividend, Yuanjie Technology and others forecast profit growth
On the evening of July 21, multiple listed companies on the Shanghai and Shenzhen exchanges released significant positive announcements. GigaDevice plans to use 500 million yuan of A-share raised funds to increase capital in its wholly-owned subsidiary Zhuhai Xincun, in order to implement a DRAM fundraising project. After the capital increase, Zhuhai Xincun's registered capital will change from 150 million yuan to 200 million yuan. The chairman of G-bits proposed a cash dividend of 100 yuan for every 10 shares for the first half of 2026. JinkoSolar will change the purpose of 29.7213 million repurchased shares from equity incentives to cancellation and reduction of registered capital. A controlled subsidiary of Lianchuang Co. plans to invest approximately 550 million yuan to build a project with an annual output of 12,000 tons of VDF and supporting industrial chain products. Huaqin Technology expects its annual revenue from super-node products alone to exceed 10 billion yuan. Yuanjie Technology expects net profit for the first half of the year to be between 600 million and 650 million yuan, a year-on-year increase of 1,196.91% to 1,304.98%. Zhongyi Technology expects net profit for the first half of the year to be between 150 million and 180 million yuan, a year-on-year increase of 879.55% to 1,075.46%. The chairman of Sungrow Power proposed a share buyback of 500 million to 1 billion yuan. The controlling shareholder of Weichai Power plans to increase its holdings of the company's A-shares by 200 million to 400 million yuan. A wholly-owned subsidiary of Kanghui Co. signed a computing power service contract, with an estimated total value of 415 million to 679 million yuan. Wuzhou Medical plans to acquire 100% equity of Xuanzhi Technology through the issuance of shares and cash payment, entering the motor control chip sector. The company's shares will resume trading on July 22. A concert party of a shareholder holding more than 5% of Dongwang Times increased its total holdings in the company by 1.08%.
JinkoSolar Founding Executive Chen Kangping Resigns from All Positions
Chen Kangping, one of the actual controllers of JinkoSolar, has resigned from all positions including vice chairman, director, and member of the strategy and sustainable development committee due to personal reasons. After his resignation, he will no longer hold any position in the company or its subsidiaries. Chen Kangping, together with chairman Li Xiande and director Li Xianhua, formed the company's core control team, and the three indirectly control 55.59% of JinkoSolar's shares. Chen Kangping has held key positions at JinkoSolar since joining in 2007. He stepped down as general manager in March 2026 and became vice chairman, a role he held for only about three months before this resignation. The photovoltaic industry is currently undergoing deep adjustments. JinkoSolar posted a net loss of over 6.8 billion yuan in 2025 and continued to lose money in the first quarter of 2026. As of the close on July 10, its stock price was 4.39 yuan, giving it a market capitalization of 45.1 billion yuan.
JinkoSolar Fair Value Cut 16% to US$26.02 After Mixed Analyst Target Changes
JinkoSolar Holding's fair value estimate has been revised down by about 16% to roughly US$26.02 from approximately US$31.03. The revision reflects a trimmed future P/E multiple from about 8.12x to roughly 6.55x, while revenue growth assumptions held steady at approximately 16.24% and the net profit margin remained close to 2.06%. UBS raised its price target to US$24 from US$23 but maintained a Neutral rating, while Roth Capital stayed on the sidelines after a Q4 miss, citing execution concerns. Freedom Broker upgraded the stock, signaling some analyst optimism.
JinkoSolar Listed on 2026 Fortune China Technology 50
JinkoSolar has been listed on the 2026 Fortune China Technology 50. The recognition highlights the company's technological innovation, R&D capabilities, and performance breakthroughs in the photovoltaic sector. JinkoSolar holds over 5,700 patents globally, including more than 3,500 authorized patents and over 700 related to N-type TOPCon technology. The conversion efficiency of its latest N-type TOPCon perovskite tandem cell has reached 34.82%, breaking the world record for the 33rd time. The newly released Tiger Neo 5.0 module achieves a 700W power output with a module efficiency of 25.91%, and global module shipments have exceeded 400GW, securing the number one position seven times.
JinkoSolar announced that its Tiger Neo 3.0 modules have received TÜV Rheinland's "A+ Shading Score" under the PfG 2926/05.25 test methodology and successfully completed advanced hail resistance verification according to VKF standards. The independently verified results show that Tiger Neo 3.0 modules can deliver up to 16% higher power output compared to Back Contact technologies and up to 17% higher than conventional TOPCon technologies under select shading scenarios. The anti-shading performance is enabled by JinkoSolar's advanced quarter-cut architecture and optimized internal circuit design. The hail resistance testing included impacts from 30 and 40 mm diameter ice balls, exceeding the minimum mandatory IEC 61215 standard, demonstrating mechanical robustness for regions exposed to severe weather.