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Heat Pump Market worth $169.04 billion by 2031 | MarketsandMarkets™

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DELRAY BEACH, Fla., Aug. 26, 2026 /PRNewswire/ — According to MarketsandMarkets™, the global Heat Pump Market size is projected to grow from USD 88.81 billion in 2026 to USD 169.04 billion by 2031 at a compound annual growth rate (CAGR) of 13.7% during the forecast period.

Browse over 300 market data tables and 70 figures spread through 335 pages and an in-depth TOC on ‘Heat Pump Market – Global Forecast to 2031.’

The global Heat Pump Market is experiencing continued growth as the electrification of space and water heating, decarbonization policies, and the transition away from fossil-fuel-based heating systems accelerate adoption. Heat pumps are increasingly being deployed as energy-efficient alternatives to conventional gas and oil heating systems, supported by energy security objectives, government incentives, and improvements in system efficiency. In 2024, heat pumps supplied around 12% of global space-heating needs in buildings, with deployment concentrated in the United States, China, Europe, and Japan. China remained the largest heat-pump market, while heat pumps in the United States outsold natural gas furnaces by 30% in 2024.

The market is also being shaped by advances in air-to-water systems, heat pump water heaters, low-GWP refrigerants, smart controls, and high-temperature heat pump technologies. Buildings remain the primary deployment segment, while industrial process heating and district heating represent emerging applications as manufacturers expand heat pump solutions beyond conventional residential HVAC. Commercially available heat pumps could technically supply around 20% of global industrial heat demand, mainly across low- and medium-temperature processes. At the same time, the transition toward lower-GWP refrigerants and increasing adoption of natural refrigerants such as R290 and CO₂ are driving product redesign and technology development.

Heat Pump Market Size & Forecast:

Market Size Available for Years: 2022–20312025 Market Size: USD 79.42 billion2031 Projected Market Size: USD 169.04 billionCAGR (2026–2031): 13.7%

Heat Pump Market Trends & Insights:

The North America Heat Pump Market is expected to register the highest CAGR of 17.0% during the forecast period.By type, the reversible heat pumps segment is expected to register the highest CAGR of 15.9% during the forecast period.By technology, the ground-source (Geothermal) heat pumps segment is expected to register the highest CAGR of 15.9% during the forecast period.By refrigerant, R20 segment is expected to register the highest CAGR of 25.2% during the forecast period.By rated capacity, the upto 10 kW segment is expected to register the highest CAGR during the forecast period.By application, the heating and cooling segment is projected to register the highest CAGR during the forecast period.By end user, the commercial segment is projected to register the highest CAGR during the forecast period.

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The air-to-water heat pumps segment is projected to record the highest CAGR during the forecast period.

Air-to-water heat pumps are expected to witness strong growth as electrification of space heating and domestic hot water accelerates, particularly in Europe. These systems can replace fossil-fuel boilers while providing heating, cooling, and hot-water functions, making them suitable for both new construction and retrofit applications. The IEA identifies Europe as a major market for hydronic heat pumps and notes that heat pump deployment in buildings is the near-term engine of global growth. The increasing adoption of low-GWP refrigerants, including R290 and R32, is further supporting product development and expanding the addressable market for air-to-water systems.

The commercial segment is projected to be the fastest-growing end user during the forecast period.

Commercial buildings are expected to experience increasing heat pump adoption as businesses seek to electrify space heating and cooling, reduce fossil-fuel consumption, and improve building energy efficiency. Heat pumps are particularly attractive in commercial applications because the same system can provide heating and cooling, while larger systems can integrate with building controls and thermal-storage solutions. The IEA identifies buildings as the primary near-term growth engine for heat pumps, and highlights continued opportunities for larger heat pump systems in commercial buildings, district heating, and other applications.

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North America is projected to be the fastest-growing region in the Heat Pump Market during the forecast period.

North America is projected to be the fastest-growing region in the global Heat Pump Market, supported primarily by strong replacement demand and increasing electrification of building heating. The US is already the second-largest Heat Pump Market globally, with heat pumps outselling gas furnaces for the fourth consecutive year in 2025. More than 20% of US households now use heat pumps for space heating, while around 90% have air conditioning, creating a substantial replacement opportunity as existing cooling systems reach end of life. Approximately two-thirds of US homes have the enabling conditions to replace conventional cooling-only air conditioners with reversible heat pumps, reducing the need for major building retrofits. In 2024, US heat pump sales increased by approximately 15% year-on-year, demonstrating renewed demand after the 2023 slowdown. Government support for clean energy manufacturing, electrification, and energy-efficient technologies is further strengthening regional investment and supply-chain development. 

Top Companies in Heat Pump Industry:

The Heat Pump Industry include DAIKIN INDUSTRIES, Ltd. (Japan), Carrier (US), Mitsubishi Electric Corporation (Japan), Midea Group (China), Panasonic Holdings Corporation (Japan), Bosch Thermotechnology Corp (Germany), LG Electronics Inc. (South Korea), Vaillant Group International GmbH (Germany), Viessmann Climate Solutions SE (Germany), Ariston Holding N.V. (Italy), Trane Technologies plc (Ireland), Johnson Controls (Ireland), Fujitsu (Japan), A. O. Smith Corporation (US), and NIBE Industrier AB (Sweden). These companies are strengthening their market positions through heat pump portfolio expansion, low-GWP refrigerant adoption, energy-efficiency improvements, product innovation, geographic expansion, strategic acquisitions, and investments in residential, commercial, and industrial heating applications.

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Related Reports:

Heat Pump Water Heater Market

District Heating Market

HVAC System Market

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Singlewire Software Report Finds K-12 Emergency Readiness Is Built in the Daily Routine

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An analysis of more than 19.5 million notifications from approximately 16,000 schools shows that 92% of K-12 communication is routine — and that the systems schools trust in a crisis are the ones they rely on every day.

Key Facts:

Not a survey: Drawn from actual usage across approximately 16,000 K-12 schools during the 2025–26 school year.Routine builds readiness: Operational messages account for 92% of K-12 notifications, so the systems used in a crisis are already familiar before one arises.Email outpaces app alerts: 76.7% of schools used email: more than mobile app push (56.5%) or text (53.1%).Threats don’t watch the clock: More than 52,000 emergency messages went out on weekends, with a rise in overnight activity between 11 p.m. and 2 a.m.

MADISON, Wis., Aug. 26, 2026 /PRNewswire/ — The best time to prepare a school for an emergency is every day before it. New data from Singlewire Software shows that routine communication makes up the vast majority of activity across K-12 schools, and that this everyday use forms the foundation for a confident emergency response.

Singlewire Software’s The State of K-12 Critical Communications: 2025–26 School Year report analyzes actual notification activity from approximately 16,000 K-12 schools that use the Singlewire InformaCast critical communication and incident management platform. The analysis covers more than 19.5 million notifications and more than 343 million device activations across the full 2025–26 school year.

Unlike a survey, the report offers a system-of-record view of how schools genuinely used their communication systems, message by message, throughout the year.

“Emergency readiness is built long before an emergency happens,” said Terry Swanson, president and CEO of Singlewire Software. “When staff use their communication systems every day, those systems become familiar infrastructure instead of something to figure out under pressure. This data shows that everyday reliability is the foundation of emergency readiness.”

The Numbers Tell a Clear Story

Across the K-12 schools analyzed:

92% of notifications were operational communications; only 8% were emergency alerts.Automated bell schedules accounted for 60% of messaging and live paging for another 28% — together, roughly 88% of everything schools sent.80% of emergency communications occurred during the school day, peaking between 8 and 9 a.m. as students arrived and moved between classes.Emergency communication ran about 23% higher on Wednesdays and Thursdays than on Mondays, the quietest weekday.85.9% of schools used in-building devices such as speakers, phones, and displays, while 76.7% used email: more than mobile app push (56.5%) or text (53.1%).Smaller districts sent roughly three times more messages per student than large districts (a median of about 6.5 versus 2.0), because communication scales with the number of buildings rather than total enrollment.

Lockdown Dominates Real-World Emergency Communication, Drills Show a Different Mix

The “I Love U Guys” Foundation’s five standard response protocols are Hold, Secure, Lockdown, Evacuate, and Shelter, and they are used by tens of thousands of schools across the country. Of those five actions, Lockdown accounted for approximately 72% of real-world emergency message volume, nearly 10 times the combined volume of the other four. Singlewire Software is a proud mission partner of The “I Love U Guys” Foundation.

“A shared response vocabulary works best when schools exercise it consistently,” Swanson said. “Seeing how much communication each action generates, in both real activity and drills, gives school leaders a starting point to ask whether their communication patterns line up with their training.”

Emergency Communication Doesn’t Stop at Dismissal

The data also shows why districts should plan beyond the traditional school day. Schools sent about 52,000 emergency notifications on weekends, and overnight activity rose between 11 p.m. and 2 a.m. — a window that can signal after-hours issues waiting to affect the next school day.

Because messaging volume scales by building rather than by district size, smaller districts see a much higher concentration of communication per student. That makes building-by-building coverage a key consideration for leaders managing campuses of any size.

What School Leaders Can Take From the Data

The findings point to several practical steps for K-12 leaders:

Use your communication systems every day. Daily use builds the familiarity that pays off in a crisis.Drill for real-world risks. Compare your drill communication with your real-world activity so the two patterns stay aligned.Layer your channels. In-building systems, mobile alerts, email, and text each reach people the others may miss.Plan for after-hours incidents. Safety communication needs continue during evenings, weekends, and overnight.Check coverage building by building. As districts grow, per-student reach thins, so confirm every facility and every person is covered regardless of enrollment.

The full report, The State of K-12 Critical Communications: 2025–26 School Year, is available at https://www.singlewire.com/ebooks/state-of-k12-critical-communications.

About Singlewire Software

Singlewire Software, based in Madison, Wis., is a trusted partner in safety and communication, dedicated to shaping a future where every organization can protect its people with confidence. The company delivers innovative solutions like InformaCast critical communication and incident management software, the InformaCast Wearable Alert Badge, and Visitor Aware visitor and safety management software. By enabling instant alerts, comprehensive reach, and rapid response, Singlewire Software empowers K-12, healthcare, manufacturing, higher education, and enterprise organizations to proactively manage critical events and foster secure environments. To learn more, visit: www.singlewire.com.

chris.swietllik@singlewire.com

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JinkoSolar Appoints New Chief Executive Officer

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SHANGRAO, China, Aug. 26, 2026 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in clean energy technology, today announced that Mr. Xiande Li has resigned as the chief executive officer of the Company, effective August 26, 2026. Mr. Wei “Dimi” Du will succeed Mr. Li as the chief executive officer of the Company, effective August 26, 2026. Mr. Li will continue serving as the chairman and chair of the compensation committee and the nominating and corporate governance committee of the board of directors. The resignation of Mr. Li was not due to any disagreement with the Company, and the Company does not believe this change to its senior management team will have any material impact on its business operations.

Mr. Du served as vice president of strategic investment at JinkoSolar since April 2026, having previously been the general manager of strategic investment and assistant to the chairman of JinkoSolar between December 2021 and March 2026, and the assistant to the chairman of Jinko Power Technology Co., Ltd. from February 2021 to December 2021. Prior to this, Mr. Du served as the executive general manager of investor relations at Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. from October 2018 to January 2021. Mr. Du holds a BSc degree in accounting and finance from the University of Bristol and an MSc degree in finance from Imperial College London, United Kingdom.

“We are pleased to welcome Mr. Du as our chief executive officer,” commented Mr. Xiande Li, Chairman of JinkoSolar, “This transition is part of a carefully planned succession process. As we enter the next phase of development, this arrangement allows me to focus on our long-term strategy, board governance, and major strategic decisions, while our new CEO will lead management in overseeing day‑to‑day operations, strategic execution, and capital allocation at the group level. Dimi’s extensive experience in strategic investment and portfolio management ideally positions him to improve the quality of our operations and drive execution of our core solar and energy storage businesses and strategic investment activities.”

“I am honored to take on the role of chief executive officer,” said Mr. Wei “Dimi” Du, “Under Mr. Li’s leadership, JinkoSolar has generated sustainable growth and expanded its business globally. I am fully committed to driving the next chapter of our growth by further improving our operating quality and strategic execution, supporting the long-term development of our core solar and energy storage businesses, and pursuing disciplined capital allocation and strategic investment management. I look forward to working closely with the management team under the guidance of the board to create sustainable long-term value for our shareholders.”

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in clean energy technology. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026.

To find out more, please see: www.jinkosolar.com 

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com 

Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com 

In the U.S.:
Email: jinko@christensencomms.com 

 

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JinkoSolar Announces Second Quarter 2026 Financial Results

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SHANGRAO, China, Aug. 26, 2026 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in clean energy technology, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Business Highlights

Core Solar and Energy Storage Business Highlights

Total module shipments for the first half of 2026 were 29.6 GW, with approximately 70% shipped to overseas markets. By the end of the second quarter, we became the first module manufacturer in the world to have delivered a total of over 420 GW of solar modules, with total shipments of the Tiger Neo series surpassing 250 GW, making it the best-selling module series in our history.In June 2026, we set new performance benchmarks for our TOPCon modules with the launch of the next-generation Tiger Neo 5.0 module, featuring power output of over 700 W and module efficiency of up to 25.91%.Shipments of energy storage system for the first half of 2026 increased significantly year-over-year, accompanied by an expansion in gross margin.

Strategic Investment Highlights

During the second quarter, the Company, together with investment funds in which it participates, completed strategic investments across 13 projects in renewable energy, advanced materials, AI, and other frontier technologies.During the first half of 2026, the Company disposed of a substantial portion of its equity interest in LAPLACE Renewable Energy Technology Co., Ltd., generating over RMB300 million in cash proceeds. Since our initial investment, the cumulative realized gain on this disposal (net of cost and transaction fees) exceeded RMB250 million. This gain was recognized over multiple periods through fair value adjustments following its IPO in late 2024, with over RMB100 million recorded in change in fair value of long-term investment upon settlement in the first half of 2026.Additionally, our portfolio company, Hangzhou Gold Electronic Equipment Co., Ltd., successfully completed its public listing during the second quarter, marking an important milestone in the development of our strategic investment portfolio.

Second Quarter 2026 Operational and Financial Highlights

Quarterly shipments of solar modules were 15,961 MW, up 16.7% sequentially and down 34.4% year-over-year.Total revenues were RMB12.36 billion (US$1.82 billion), up 0.9% sequentially and down 31.3% year-over-year.Gross profit was RMB 513.1 million (US$75.6 million), down 49.6% sequentially and 2.5% year-over-year.Gross profit margin was 4.2%, compared with gross profit margin of 8.3% in Q1 2026 and gross profit margin of 2.9% in Q2 2025.Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB697.3  million (US$102.8 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB463.5 million in Q1 2026 and net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB876.4 million in Q2 2025.Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB910.8 million (US$134.2 million), which excludes the impact of (i) the change in fair value of long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share-based compensation expenses, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB549.3 million in Q1 2026 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB856.4 million in Q2 2025.Basic and diluted losses per ordinary share were RMB3.30 (US$0.49) and RMB3.30 (US$0.49), respectively. This translates into basic and diluted losses per ADS of RMB13.19 (US$1.94) and RMB13.19 (US$1.94), respectively.

Mr. Dimi Du, JinkoSolar’s Chief Executive Officer, commented, “Module shipments increased sequentially to approximately 16 GW during the quarter, bringing first half module shipments to approximately 29.6 GW, once again at the forefront of industry. By the end of the second quarter, cumulative shipments of our high-efficiency N-type Tiger Neo series surpassed 250 GW, making it the best-selling module series in our history. Leveraging a sales network covering nearly 200 countries and regions and 35 service centers globally, shipments to overseas markets accounted for around 70% of the first half total. Supply and demand across the PV industry remain dynamic and with policy shifts in both domestic and overseas markets, prices along the supply chain and industry profitability continued to be under pressure. The cost of ramping up production of our high-efficiency products remained elevated during the quarter and impacted our gross margin and bottom line when combined with the delivery of certain low-value orders. In response, we optimized our order book and geographic mix, managed utilization rates, and continued to increase the proportion of high-efficiency products within our total shipments while introducing technologies that lower costs.

The PV industry is gradually shifting its focus from production capacity and shipment scale toward effective supply, product value, and earnings quality. The mandatory national energy efficiency standard for modules and inverters, released in July 2026, will take effect in January 2027 and sets minimum energy efficiency thresholds for market access. We are already seeing this shift in customer behavior, with the share of tenders for high-efficiency modules increasing significantly which also command a premium. The distributed PV market is likewise transitioning from scale-driven growth toward scenario-based and operational value. We believe these changes will benefit industry leaders such as ourselves, allowing us to capitalize on our advanced manufacturing capacity, technological expertise, established brands and global delivery capabilities.

We expect to have more than 40 GW of TOPCon 3.0 production capacity by the end of 2026. Based on the current standard requirements, the relevant products are expected to meet the Level 1 energy-efficiency requirements. In June, we unveiled our next-generation Tiger Neo 5.0 modules, which, through the optimization of multiple core technologies, achieved mass-produced efficiency of 25.91% and power output of over 700 W, once again setting a new benchmark for TOPCon product performance. We are also extending our technology into scenario-based applications, most recently through Sunny 365, a suite of integrated solar-plus-storage solutions designed for retail, AIDC and manufacturing scenarios.

Our energy storage systems (ESS) business maintained its momentum, with shipments in the first half of the year increasing significantly year-over-year and gross margin improving year-over-year. Given uncertainties in the timing of project delivery and other factors, recognized revenue remains in the ramp-up stage. As project deliveries increase, alongside the ongoing enhancement of our proprietary PCS, EMS and other capabilities, we expect to improve the recognition contribution and profit realization and to drive higher-quality growth in this business.

Alongside our core businesses, we are building an investment platform as a complementary driver of long-term value creation.

Over the past several years, we have made selective investments in more than 40 projects through direct investments and investment funds in which we participate, initially focusing on the solar and energy storage value chains and more recently extending into AI and other frontier technologies. During the first half of 2026, we divested a substantial portion of our equity interest in LAPLACE Renewable Energy Technology Co., Ltd., generating cash proceeds of over RMB300 million, while Hangzhou Gold Electronic Equipment Co., Ltd., one of our portfolio companies, successfully completed its listing on the ChiNext Market of the Shenzhen Stock Exchange. These milestones demonstrate the progress we are making in realizing value from our investment portfolio. We will continue to allocate capital prudently, with the long-term development of our core solar and energy storage businesses remaining our top priority, while selectively pursuing strategic investments that can support sustainable long-term value creation.

Looking ahead, we expect our annual integrated production capacity to reach approximately 100 GW by year-end 2026, including approximately 14 GW from overseas facilities. Considering demand dynamics in certain markets, we will place greater emphasis on balancing shipment volume, profitability, cash flow and order quality, and are adjusting our full year 2026 module shipment guidance to between 60 GW and 70 GW, with high-efficiency products accounting for over 60% of the total shipments. For the third quarter of 2026, we expect module shipments to be between 15 GW and 17 GW.”

Second Quarter 2026 Financial Results

Total Revenues

Total revenues in the second quarter of 2026 were RMB12.36 billion (US$1.82 billion), representing an increase of 0.9% from RMB12.25 billion in the first quarter of 2026 and a decrease of 31.3% from RMB17.99 billion in the second quarter of 2025. The sequential and year-over-year changes were mainly due to the fluctuations in the shipment volume of solar modules.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2026 was RMB513.1 million (US$75.6 million), compared with gross profit of RMB1.02 billion in the first quarter of 2026 and gross profit of RMB526.5 million in the second quarter of 2025.

Gross profit margin was 4.2% in the second quarter of 2026, compared with gross profit margin of 8.3% in the first quarter of 2026 and gross profit margin of 2.9% in the second quarter of 2025. The sequential decrease was mainly due to a lower average selling price of solar modules, while the year-over-year increase was primarily due to the higher average selling price of solar modules, partially offset by a higher unit cost of products sold.

Loss from Operations and Operating Margin

Loss from operations in the second quarter of 2026 was RMB1.44 billion (US$211.7 million), compared with loss from operations of RMB588.2 million in the first quarter of 2026 and loss from operations of RMB1.38 billion in the second quarter of 2025. The sequential increase was primarily attributable to the decrease in our gross margin in the second quarter of 2026, while the year-over-year increase was primarily due to the increase in our operating expenses in the second quarter of 2026.

Operating loss margin was 11.6% in the second quarter of 2026, compared with operating loss margin of 4.8% in the first quarter of 2026 and operating loss margin of 7.7% in the second quarter of 2025.

Total operating expenses in the second quarter of 2026 were RMB1.95 billion (US$287.3 million), representing an increase of 21.3% from RMB1.61 billion in the first quarter of 2026 and an increase of 2.3% from RMB1.91 billion in the second quarter of 2025. The sequential and year-over-year increases were primarily due to higher expected credit losses in the second quarter of 2026.

Total operating expenses accounted for 15.8% of total revenues in the second quarter of 2026, compared to 13.1% in the first quarter of 2026 and 10.6% in the second quarter of 2025.

Interest Expenses and Interest Income

Interest expenses were RMB386.9 million (US$57.0 million), and interest income was RMB113.6 million (US$16.7 million) in the second quarter of 2026.  

Net interest expenses in the second quarter of 2026 were RMB273.3 million (US$40.3 million), representing an increase of 0.9% from RMB270.7 million in the first quarter of 2026 and an increase of 45.9% from RMB187.3 million in the second quarter of 2025. The year-over-year increase was primarily attributable to new lease liabilities recognized in connection with lease contracts executed in late 2025.

Subsidy Income

Subsidy income in the second quarter of 2026 was RMB201.8 million (US$29.7 million), compared with RMB331.9 million in the first quarter of 2026 and RMB12.0 million in the second quarter of 2025. The sequential and year-over-year changes were primarily attributable to the changes in government grants related to income.

Exchange Loss/Gain

The Company recorded a net exchange loss of RMB325.4 million (US$48.0 million) in the second quarter of 2026, compared to a net exchange loss of RMB482.8 million in the first quarter of 2026 and a net exchange gain of RMB276.7 million in the second quarter of 2025. The sequential and year-over-year changes were mainly attributable to fluctuations in the exchange rates of the US dollar and euro against RMB in the second quarter of 2026.

Change in Fair Value of Forward Contracts and Commodity Futures

The Company recorded a net loss from change in fair value of forward contracts and commodity futures of RMB48.4 million (US$7.1 million) in the second quarter of 2026, compared to a net loss of RMB354.7 million in the first quarter of 2026 and a net loss of RMB178.8 million in the second quarter of 2025. The sequential improvement was mainly due to the decrease of loss from change in fair value of commodity futures in the second quarter of 2026, while the year-over-year improvement was primarily due to the decrease of loss from change in fair value of forward contracts in the second quarter of 2026.

Change in Fair Value of Long-term Investment

The Company holds certain equity interests in several companies operating across the photovoltaic, energy storage, and artificial intelligence sectors, which are recorded as long-term investment and available-for-sale securities and reported at fair value with changes in fair value recognized as gains or losses. As of June 30, 2026, the Company had RMB1.99 billion (US$294.0 million) in long-term investment (excluding the investments accounted for under the equity method and held-to-maturity debt securities) and available-for-sale securities, compared with RMB1.10 billion as of March 31, 2026.

The Company recognized a gain from change in fair value of long-term investment of RMB 370.3 million (US$54.6 million) in the second quarter of 2026, compared with a gain of RMB124.4 million in the first quarter of 2026 and a gain of RMB42.3 million in the second quarter of 2025. The sequential and year-over-year improvements were primarily due to fair value gains from a previously invested company that went public in the second quarter of 2026, reflecting both post-IPO share price appreciation on the original investment and the incremental fair value from additional investments made during the second quarter of 2026.

Other Loss/Income, Net

Net other loss in the second quarter of 2026 was RMB23.9 million (US$3.5million), compared with net other income of RMB34.9 million in the first quarter of 2026 and net other loss of RMB204.7 million in the second quarter of 2025. The sequential and year-over-year changes were mainly due to the changes in the fair value of financial instruments in the second quarter of 2026.

Gain from disposal of a subsidiary

On May 31, 2026, we completed the transfer of 75.1% equity interest in Jinko Solar (U.S.) Industries Inc. to FH JKV Holdings Limited for total cash consideration of RMB1.31 billion (US$191.5 million). The transaction resulted in a pre-tax disposal gain of approximately RMB236.6 million (US$34.9 million). Effective upon closing, the subsidiary’s financial results are no longer consolidated in our financial statements, and our retained 24.9% equity interest is subsequently measured and recognized using the equity method.

Equity in Loss of Affiliated Companies

The Company indirectly holds equity interests in several affiliated companies engaged in solar business, which are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB78.6 million (US$11.6 million) in the second quarter of 2026, compared with equity in loss of affiliated companies of RMB54.5 million in the first quarter of 2026 and equity in loss of affiliated companies of RMB70.9 million in the second quarter of 2025. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net losses incurred by the affiliated companies.

Income Tax Benefit

The Company recorded an income tax benefit of RMB163.7 million (US$24.1 million) in the second quarter of 2026, compared with income tax benefit of RMB379.3 million in the first quarter of 2026 and income tax benefit of RMB288.8 million in the second quarter of 2025.

Net Loss Attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB569.9 million (US$84.0million) in the second quarter of 2026, compared with net loss attributable to non-controlling interests of RMB449.4 million in the first quarter of 2026 and net loss attributable to non-controlling interests of RMB546.6 million in the second quarter of 2025. The sequential and year-over-year changes were mainly attributable to the fluctuations in net loss of Jiangxi Jinko, the Company’s majority-owned principal operating subsidiary.

Net Loss and Losses per Share

Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB697.3 million (US$102.8 million) in the second quarter of 2026, compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB463.5 million in the first quarter of 2026 and net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB876.4 million in the second quarter of 2025.

Excluding the impact of (i) the change in fair value of the long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share-based compensation expenses, adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB910.8 million (US$134.2 million) in the second quarter of 2026, compared with adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB549.3 million in the first quarter of 2026 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB856.4 million in the second quarter of 2025.

Basic and diluted losses per ordinary share were RMB3.30 (US$0.49) and RMB3.30 (US$0.49), respectively, in the second quarter of 2026, compared to basic and diluted losses per ordinary share of RMB2.21 and RMB2.21, respectively, in the first quarter of 2026, and basic and diluted losses per ordinary share of RMB4.20 and RMB4.20, respectively, in the second quarter of 2025. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB13.19 (US$1.94) and RMB13.19 (US$1.94), respectively, in the second quarter of 2026; basic and diluted losses per ADS of RMB8.85 and RMB8.85, respectively, in the first quarter of 2026; and basic and diluted losses per ADS of RMB16.82 and RMB16.82, respectively, in the second quarter of 2025.

Financial Position

As of June 30, 2026, the Company had RMB16.94 billion (US$2.50 billion) in cash, cash equivalents, and restricted cash, compared with RMB22.81 billion as of March 31, 2026.

As of June 30, 2026, the Company’s net accounts receivable was RMB12.61 billion (US$1.86 billion), compared with RMB13.77 billion as of March 31, 2026.

As of June 30, 2026, the Company’s inventories were RMB16.47 billion (US$2.43 billion), compared with RMB17.71 billion as of March 31, 2026.

As of June 30, 2026, the Company’s total interest-bearing debts were RMB44.90 billion (US$ 6.62 billion), compared with RMB47.27 billion as of March 31, 2026.

Operations and Business Outlook Highlights

Third Quarter and Full Year 2026 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the third quarter of 2026, the Company expects its module shipments to be in the range of 15.0 GW to 17.0 GW.

Taking into account changes in demand in certain markets, as well as the Company’s increased focus on balancing shipment volume with profitability, cash flow and order quality, the Company now expects its full-year 2026 module shipments to be in the range of 60.0 GW to 70.0 GW.

For full year 2026, the Company expects its ESS shipments to be more than doubled year-over-year.

Solar Products Production Capacity

The Company expects its annual integrated production capacity to reach approximately 100 GW, including approximately 14 GW from overseas facilities, by the end of 2026.

Recent Business Developments

In June 2026, JinkoSolar’s board of directors declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the Company, or US$1.50 per ADS.In June 2026, JinkoSolar was recognized as an Overall Highest Achiever in the 2026 PV Module Index (PVMI) Report, published by RETC, part of the VDE Group.In June 2026, JinkoSolar’s Tiger Neo 3.0 modules achieved TÜV Rheinland’s “A+ Shading Score” under the PfG 2926/05.25 test methodology, while also successfully completing advanced hail resistance verification according to VKF standards.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Wednesday, August 26, 2026 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10056808-i852sd.html

It will automatically direct you to the registration page of “JinkoSolar Second Quarter 2026 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 2, 2026. The dial-in details for the replay are as follows:

International:

+61 7 3107 6325

U.S.:

+1 855 883 1031

Passcode:

10056808

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in clean energy technology. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rates in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2026, which was RMB6.7851 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Christian Arnell
Christensen
Tel: +852 2117 0861
Email: christian.arnell@christensencomms.com

In the U.S.:
Email: jinko@christensencomms.com

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the six months ended

Jun 30, 2025

Mar 31, 2026

Jun 30, 2026

Jun 30, 2025

Jun 30, 2026

RMB’000

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

 Revenues 

17,988,725

12,249,048

12,356,951

1,821,189

31,832,365

24,605,999

3,626,476

 Cost of revenues 

(17,462,264)

(11,230,471)

(11,843,858)

(1,745,569)

(31,658,778)

(23,074,329)

(3,400,735)

 Gross profit 

526,461

1,018,577

513,093

75,620

173,587

1,531,670

225,741

 Operating expenses: 

   Selling and marketing 

(1,227,267)

(901,688)

(939,426)

(138,454)

(2,372,678)

(1,841,114)

(271,347)

   General and administrative 

(401,761)

(476,564)

(767,565)

(113,125)

(1,616,826)

(1,244,129)

(183,362)

   Research and development 

(251,598)

(228,483)

(231,363)

(34,099)

(403,400)

(459,846)

(67,773)

   Impairment of long-lived assets 

(24,536)

(11,145)

(1,643)

(24,536)

(11,145)

(1,643)

 Total operating expenses 

(1,905,162)

(1,606,735)

(1,949,499)

(287,321)

(4,417,440)

(3,556,234)

(524,125)

 Loss from operations 

(1,378,701)

(588,158)

(1,436,406)

(211,701)

(4,243,853)

(2,024,564)

(298,384)

 Interest expenses 

(332,800)

(380,636)

(386,897)

(57,022)

(674,403)

(767,533)

(113,120)

 Interest income 

145,540

109,887

113,621

16,746

249,869

223,508

32,941

 Subsidy income 

12,033

331,911

201,820

29,745

547,990

533,731

78,662

 Exchange gain/(loss),net 

276,686

(482,808)

(325,367)

(47,953)

412,371

(808,175)

(119,110)

 Change in fair value of forward
contracts and commodity futures 

(178,816)

(354,718)

(48,414)

(7,136)

(232,779)

(403,132)

(59,414)

 Change in fair value of Long-term
Investment 

42,301

124,426

370,308

54,577

(3,855)

494,734

72,915

 Other (loss)/income, net 

(204,748)

34,862

(23,880)

(3,519)

(384,110)

10,982

1,619

 Gain from disposal of a subsidiary 

236,585

34,868

236,585

34,868

 Loss before income taxes 

(1,618,505)

(1,205,234)

(1,298,630)

(191,395)

(4,328,770)

(2,503,864)

(369,023)

 Income tax benefits 

288,768

379,259

163,675

24,123

988,247

542,935

80,019

 Equity in loss of affiliated companies 

(70,873)

(54,470)

(78,621)

(11,587)

(116,946)

(133,090)

(19,615)

 Net loss 

(1,400,610)

(880,445)

(1,213,576)

(178,859)

(3,457,469)

(2,094,019)

(308,619)

 Less: Net loss attributable to non-
controlling interests 

546,626

449,376

569,946

84,000

1,302,680

1,019,322

150,229

 Less: Accretion to redemption value
of redeemable non-controlling
interests  

(22,438)

(32,445)

(53,623)

(7,903)

(40,512)

(86,068)

(12,685)

 Net loss attributable to JinkoSolar
 Holding Co., Ltd.’s ordinary
shareholders 

(876,422)

(463,514)

(697,253)

(102,762)

(2,195,301)

(1,160,765)

(171,075)

 Net (loss)/income attributable to
JinkoSolar Holding Co., Ltd.’s
 ordinary shareholders per share: 

   Basic 

(4.20)

(2.21)

(3.30)

(0.49)

(10.59)

(5.52)

(0.81)

   Diluted 

(4.20)

(2.21)

(3.30)

(0.49)

(10.59)

(5.52)

(0.81)

 Net (loss)/income attributable to
JinkoSolar Holding Co., Ltd.’s
   ordinary shareholders per ADS: 

   Basic 

(16.82)

(8.85)

(13.19)

(1.94)

(42.34)

(22.06)

(3.25)

   Diluted 

(16.82)

(8.85)

(13.19)

(1.94)

(42.34)

(22.06)

(3.25)

 Weighted average ordinary shares
outstanding: 

   Basic 

208,496,117

209,480,753

211,435,343

211,435,343

207,378,908

210,463,447

210,463,447

   Diluted 

208,496,117

209,480,753

211,435,343

211,435,343

207,378,908

210,463,447

210,463,447

 Weighted average ADS outstanding: 

   Basic 

52,124,029

52,370,188

52,858,836

52,858,836

51,844,727

52,615,862

52,615,862

   Diluted 

52,124,029

52,370,188

52,858,836

52,858,836

51,844,727

52,615,862

52,615,862

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2025

Jun 30, 2026

RMB’000

RMB’000

USD’000

ASSETS

Current assets:

  Cash,cash equivalents, and restricted cash

22,938,381

16,941,252

2,496,831

  Restricted short-term investments and short-term investments

7,487,415

8,766,415

1,292,009

  Accounts receivable, net 

13,587,215

12,606,756

1,858,006

  Notes receivable, net 

3,677,372

1,778,508

262,120

  Advances to suppliers, net 

1,325,633

1,322,526

194,916

  Inventories, net

14,484,828

16,473,187

2,427,847

  Forward contract and commodity future receivables

58,923

103,535

15,259

  Prepayments and other current assets, net 

4,909,826

5,609,364

826,718

  Held-for-sale assets

344,553

128,848

18,990

Total current assets

68,814,146

63,730,391

9,392,696

Non-current assets:

  Restricted long-term investments

471,573

1,026,402

151,273

  Long-term investments

1,441,683

3,934,684

579,900

  Property, plant and equipment, net

36,644,813

35,764,854

5,271,087

  Land use rights, net

2,140,953

2,014,358

296,880

  Intangible assets, net

445,866

397,248

58,547

  Right-of-use assets, net

3,617,900

3,612,536

532,422

  Deferred tax assets 

4,576,302

4,418,390

651,190

  Advances to suppliers to be utilised beyond one year

605,525

717,178

105,699

  Other assets, net 

2,026,752

2,210,857

325,840

  Available-for-sale securities-non-current

238,464

690,911

101,828

Total non-current assets

52,209,831

54,787,418

8,074,666

Total assets

121,023,977

118,517,809

17,467,362

LIABILITIES

Current liabilities:

  Accounts payable 

13,707,552

13,354,154

1,968,159

  Notes payable 

9,996,577

8,250,801

1,216,017

  Accrued payroll and welfare expenses

2,645,041

1,924,052

283,570

  Advances from customers

5,316,889

6,337,166

933,983

  Income tax payables

177,580

262,355

38,666

  Other payables and accruals

12,370,639

12,439,840

1,833,403

  Forward contract and commodity future payables

56,129

72,487

10,683

  Lease liabilities – current

118,363

38,659

5,698

 Short-term borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing

10,655,366

13,624,605

2,008,018

Total current liabilities

55,044,136

56,304,119

8,298,197

Non-current liabilities:

  Long-term borrowings

18,206,905

15,135,046

2,230,630

  Convertible notes

10,594,637

8,876,294

1,308,204

  Accrued warranty costs – non current

1,655,630

1,554,913

229,166

  Lease liabilities-noncurrent

3,550,598

3,781,246

557,287

  Deferred tax liability

29,974

114,072

16,812

  Long-term Payables

4,371,333

3,921,737

577,993

Total non-current liabilities

38,409,077

33,383,308

4,920,092

Total liabilities

93,453,213

89,687,427

13,218,289

MEZZANINE EQUITY

Redeemable non-controlling interests

1,545,058

3,539,877

521,713

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

15,726,132

14,604,359

2,152,417

Non-controlling interests

10,299,574

10,686,146

1,574,943

Total shareholders’ equity

26,025,706

25,290,505

3,727,360

Total liabilities, non-controlling interest and shareholders’ equity 

121,023,977

118,517,809

17,467,362

 

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2026-financial-results-302860485.html

SOURCE JinkoSolar Holding Co., Ltd.

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