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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SOURCE JinkoSolar Holding Co., Ltd.

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:

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

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

SOURCE JinkoSolar Holding Co., Ltd.

HONG KONG, Aug. 26, 2026 /PRNewswire/ — MiniMax Group Inc. (“MiniMax” or the “Company”; HKEX: 00100), a leading global artificial intelligence company, today announced its unaudited financial results for the six months ended June 30, 2026.

1H2026 Key Highlights

Total revenue increased by 283.1% year over year from US$30.4 million to US$116.6 million, exceeding our total revenue of US$79.0 million for the full year of 2025.Revenue from Open Platform and other AI-based enterprise services increased by 703.1% year over year from US$9.2 million to US$73.9 million and represented 63.4% of our total revenue, compared with 30.3% in the corresponding period of 2025.Revenue from AI-native products increased by 100.9% year over year from US$21.2 million to US$42.6 million.Gross profit improved by 464.8% year over year from US$3.7 million to US$20.8 million. Gross profit margin increased from 12.1% for the six months ended June 30, 2025 to 17.9% for the six months ended June 30, 2026.Adjusted net loss(1) was US$293.0 million for the six months ended June 30, 2026, compared with US$138.7 million for the six months ended June 30, 2025.As of June 30, 2026, our cash balance(2) was US$1,322.8 million, compared to cash balance of US$1,050.3 million as of December 31, 2025.

Dr. Yan Junjie, Co-founder and CEO of MiniMax, commented, “Intelligence can scale almost without limit; energy and compute cannot. By July 2026, Token consumption on MiniMax had grown to 20 times its January level. That reinforces a belief we’ve held since day one: the long-term competition in AI is not just about building more powerful models, but about delivering higher levels of intelligence to more people at lower cost. ‘Minimize the Cost, Maximize the Intelligence’ is how we make ‘Intelligence with Everyone’ possible.”

1H2026 Financial Review

Revenue increased by 283.1% from US$30.4 million for the six months ended June 30, 2025 to US$116.6 million for the six months ended June 30, 2026. This was primarily driven by the continued expansion of our global customer and user base, rapidly increasing demand for model inference, and our ability to convert advances in model capabilities into products and services used by global enterprises, developers and individual users.

Revenue from AI-native products increased by 100.9% from US$21.2 million for the six months ended June 30, 2025 to US$42.6 million for the six months ended June 30, 2026, primarily driven by higher user engagement and increased user willingness to pay for our products, as well as the continued adoption and monetization of products such as Hailuo AI and our other AI-native products.

Revenue generated from Open Platform and other AI-based enterprise services increased by 703.1% from US$9.2 million for the six months ended June 30, 2025 to US$73.9 million for the six months ended June 30, 2026, primarily fueled by the growth in paying individual users and enterprise users, the increase in API call volumes, and the rapid adoption of our Token Plan.

Gross profit improved by 464.8% from US$3.7 million for the six months ended June 30, 2025 to US$20.8 million for the six months ended June 30, 2026. Gross profit margin increased from 12.1% for the six months ended June 30, 2025 to 17.9% for the six months ended June 30, 2026, which was primarily driven by improving infrastructure efficiency.

Selling and distribution expenses decreased by 17.9% from US$32.8 million for the six months ended June 30, 2025 to US$27.0 million for the six months ended June 30, 2026, mainly due to a decrease in promotional expenses as a result of our continued pursuit of an organic user growth strategy.

Administrative expenses increased by 103.7% from US$14.8 million for the six months ended June 30, 2025 to US$30.2 million for the six months ended June 30, 2026, mainly driven by (i) an increase in headcount of management departments in line with the rapid development of our business and higher share-based payment expenses; and (ii) an increase in service fees to external professional service providers. As a result of our continued revenue growth and increased focus on enhancing administrative efficiency, administrative expenses as a percentage of total revenue decreased from 48.8% for the six months ended June 30, 2025 to 25.9% for the six months ended June 30, 2026.

Research and development expenses increased by 138.8% from US$124.3 million for the six months ended June 30, 2025 to US$296.9 million for the six months ended June 30, 2026, mainly attributable to an increase in cloud services expenses related to training activities, driven by the increased model iteration and upgrades as we continued to develop and refine our foundation models and multi-modal capabilities. The year-on-year growth rate of our research and development expenses was significantly lower than our revenue growth rate of 283.1% during the period, demonstrating our improved research and development efficiency.

Adjusted net loss(1) was US$293.0 million for the six months ended June 30, 2026 and US$138.7 million for the six months ended June 30, 2025, by adding back share-based payments, fair value loss on financial liabilities and listing expenses for the respective periods.

Cash balance(2) was US$1,322.8 million as of June 30, 2026, compared to US$1,050.3 million as of December 31, 2025.

1H2026 Business Review

We continued to advance our mission of “Intelligence with Everyone” by delivering frontier model performance and making advanced intelligence affordable at scale. We view inference efficiency not only as essential to making advanced intelligence affordable at scale, but also as a critical enabler of further scaling model capabilities through more extensive post-training, experimentation and deployment. We continued to improve the capabilities and full-stack efficiency of our foundation models, translate technological progress into AI-native products and harnesses such as MiniMax Code, and enhance our Open Platform for enterprise customers and developers. Our model capabilities continued to advance across language and multi-modality, while our products and services reached an increasingly broad global user base.

During the Reporting Period, we upgraded our core model offerings through the release of MiniMax M3, further strengthening our capabilities in coding, agentic workflows and professional work. Shortly after the Reporting Period, we also released MiniMax H3 with open weights, advancing video generation for commercial creation and widening the paths for enterprise deployment and developer innovation. As demand for inference and agentic workloads continued to grow, our Open Platform served an expanded base of enterprise customers and developers and became an increasingly important driver of our business. We continued to deepen our global footprint, serving enterprise customers, developers and individual users across more than 230 countries and regions with increasingly capable and cost-efficient intelligence offerings.

For the six months ended June 30, 2026, our total revenue increased by 283.1% year-on-year from US$30.4 million to US$116.6 million, exceeding our total revenue of US$79.0 million for the full year of 2025. This growth reflected the continued expansion of our global customer and user base, rapidly increasing demand for model inference, and our ability to convert edges in model capabilities into products and services used by global enterprises, developers and individual users.

Revenue from our Open Platform and other AI-based enterprise services increased by 703.1% year-on-year from US$9.2 million to US$73.9 million and represented 63.4% of our total revenue, compared with 30.3% in the corresponding period of 2025. The increase was driven by growth in paying users and enterprise customers, the increase in API call volumes, and the rapid adoption of our Token Plan. This performance demonstrated the growing demand for our models in production environments and the increasing contribution of enterprise and developer workloads to our business.

Revenue from our AI-native products increased by 100.9% year-on-year from US$21.2 million to US$42.6 million, driven by higher user engagement, stronger willingness to pay and the continued commercialization of Hailuo AI and our other AI-native products. We continued to upgrade our AI-native product portfolio and harness products, enabling users to apply frontier model capabilities more directly to productivity.

We maintained our commitment to long-term technological innovation while improving the efficiency with which research and development translated into business growth. Our research and development expenses increased by 138.8% year-on-year during the Reporting Period, significantly lower than our revenue growth of 283.1%. Gross profit increased by 464.8% year-on-year from US$3.7 million to US$20.8 million. We believe our continued investment in model capability, infrastructure efficiency and productization provides the foundation for sustainable growth over the long term.

Conference call

The Company’s management will host a conference call on Wednesday, August 26, 2026, at 8:00 PM Beijing Time (8:00 AM U.S. Eastern Time) to discuss the results.

Participants are required to pre-register for the conference call. Please register for the Chinese line to participate in the Q&A session; the English simultaneous interpretation line will be in listen-only mode.

Chinese Line (Mandarin):
https://s.comein.cn/m2dt2u6b

English Simultaneous Interpretation Line (listen-only mode):
https://s.comein.cn/g3uj92rq

Alternatively, participants may dial into the Chinese conference call via the following dial-in details:

About MiniMax

MiniMax is a leading global artificial intelligence company with a mission of “Intelligence with Everyone.” The company is committed to advancing the frontiers of AI and building toward artificial general intelligence (AGI). MiniMax develops its own general-purpose foundation models across text and multimodal intelligence, and brings these capabilities to users worldwide through AI-native products and an Open Platform for enterprises and developers. Today, MiniMax’s models and AI products serve more than 300 million users across over 200 countries and regions, as well as more than one million enterprises and developers across over 100 countries. For more information, please visit https://ir.minimaxi.com/en.

Forward-Looking Statements

Certain statements included in this press release, other than statements of historical fact, are forward-looking statements relating to our business outlook, estimates of financial performance, forecast business plans, growth strategies and projections of anticipated trends in our industry. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “might”, “can”, “could”, “will”, “would”, “anticipate”, “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “plan”, “seek”, or “timetable”. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, many of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in the future. Underlying these forward-looking statements are a large number of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. Except as required by law, the Company, the Board, the employees or the Agencies are not obligated, and undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this press release or those that might reflect the occurrence of unanticipated events. Furthermore, they assume no obligations to whatsoever for any loss arising from the failure of any forward-looking statements to materialize or from their becoming inaccurate.

For investor and media inquiries, please contact

MiniMax
Investor Relations
Email: ir@minimax.io

Media Relations
Email: pr@minimax.io

Piacente Financial Communications
E-mail: Minimax@thepiacentegroup.com

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SOURCE MiniMax Global