China-headquartered solar cell and module manufacturer Jinko Solar’s net income for the third quarter (Q3) of 2023 amounted to RMB1.32 billion (~$181.4 million), a year-over-year (YoY) increase of 140% from RMB549.8 million (~$75.5 million) on the back of increased module shipments.

Total revenues for the quarter reached RMB31.83 billion (~$4.36 billion), a 63.1% YoY increase.

Module shipments for the quarter reached over 21 GW, a 107.9% YoY increase.

Since the third quarter, price declines within the supply chain have stimulated end demand. In the first nine months of 2023, newly added photovoltaic installations in China reached 128.9 GW, a nearly 50% increase compared to the total installations in 2022.

The gross profit in Q3 2023 was RMB6.13 billion (~$840.6 million), up 99.7% YoY.

The gross margin for this quarter was 19.3%, increasing from 15.6% in Q2 2023.

Quarterly shipments in Q3 2023 reached 22,597 MW, with 21,384 MW for solar modules and 1,213 MW for cells and wafers. This represented a 21.4% increase compared to the previous quarter and a 108.2% increase compared to the same period last year.

Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, said, “Despite market volatility, we delivered strong results in the third quarter leveraging our advantages in N-type TOPCon technology, extensive global operation network, and advanced integrated capacity structure. Our module shipments, gross margin, and net income all increased significantly year-over-year.”

The company said its 182 N-type TOPCon cell set a new record with a maximum lab conversion efficiency of 26.89%. “With higher conversion efficiency, lower industrialization costs, and other advantages, we firmly believe TOPCon technology will remain the mainstream technical path for now and in the future three to five years,” it added.

Their premium high-efficiency N-type products represented over 60% of the total shipments.

Jinko said it became the first module manufacturer in the world to deliver 190 GW of solar modules to over 190 countries.

N-type module shipments accounted for over 60% of all module shipments globally in the third quarter.

By the end of the third quarter, the company possessed over 55 GW of N-type cell production capacity, with expectations to reach approximately 70 GW by year-end. Additionally, its integrated project in Shanxi, China, has recently commenced construction.

The first and second phases of a project with a combined 28 GW wafer-cell-module integrated capacity are anticipated to begin production in the first half of 2024.

Jinko Solar reported a net income of RMB2.41 billion (~$331.38 million) in the second quarter of 2023, a considerable improvement from a net loss of RMB346.48 million (~$47.64 million) in the corresponding period last year.

Jinko Solar emerged as the leading module supplier in 2022, according to Mercom’s India Solar Market Leaderboard 2023.