SHANGHAI, Sept. 6, 2017 /PRNewswire/ -- JinkoSolar Holding
Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global
leader in the solar PV industry, today announced its unaudited
financial results for the second quarter ended June 30, 2017.
Second Quarter 2017 Highlights
- Total solar module shipments were 2,884 megawatts ("MW"), an
increase of 39.5% from 2,068 MW in the first quarter of 2017 and an
increase of 68.1% from 1,716 MW in the second quarter of 2016.
- Total revenues were RMB7.92
billion (US$1.17 billion), an
increase of 37.2% from the first quarter of 2017 and an increase of
39.8% from the second quarter of 2016.
- Gross margin was 10.5%, compared with 11.2% in the first
quarter of 2017 and 18.1% in the second quarter of 2016.
- Income from operations was RMB85.3
million (US$12.6 million),
compared with RMB56.8 million in the
first quarter of 2017 and RMB308.8
million in the second quarter of 2016.
- Net income attributable to the Company's ordinary shareholders
from continuing operations was RMB47.4
million (US$7.0 million) in
the second quarter of 2017, compared with RMB60.6 million in the first quarter of 2017 and
RMB280.1 million in the second
quarter of 2016.
- Diluted earnings per American depositary share ("ADS") from
continuing operations were RMB1.48
(US$0.20).
- Non-GAAP net income attributable to the Company's ordinary
shareholders from continuing operations in the second quarter of
2017 was RMB61.2 million
(US$9.0 million), compared with
RMB80.4 million in the first quarter
of 2017 and RMB344.1 million in the
second quarter of 2016.
- Non-GAAP basic and diluted earnings per ADS from continuing
operations were RMB1.92 (US$0.28) and RMB1.88 (US$0.28),
respectively, in the second quarter of 2017.
Mr. Kangping Chen, JinkoSolar's Chief Executive
Officer commented, "Second quarter module shipments once again
hit a record high, increasing 39.5% sequentially to 2,884MW. Total
revenues hit $1.17 billion, an
increase of 37.2% sequentially while our gross margin dropped
slightly to 10.5%, from 11.2% in the first quarter of 2017."
"Shipments over the past few quarters have surged to new highs,
allowing us to continuously capitalize on the growing recognition
of JinkoSolar's brand and excellent products and services to
increase our market share. While ASPs declined during the quarter,
prices along our supply chain remained relatively high and
impacting our margins. We also worked with our OEM partners more
extensively than expected during the quarter to ensure timely
delivery, which adversely impacted our margins. We are currently
reviewing our strategy in order to improve profitability and
further cut down the use of OEM going forward. Our efforts will
also be focused on strengthening inventory management and
controlling operating expenses."
"Demand in China was very
strong during the quarter, boosted by rush orders before the
June 30th Feed-in-Tariff
cutoff. This momentum is carrying on into the third quarter with
the Top Runner projects, PV Poverty Alleviation projects, and DG
projects generating stable demand, which is expected to continue
throughout the rest of the year. The long-term demand of Chinese
market will be supported by the upwards revision of 5-year targets
set by the NEA. The Section 201 petition in the US continues to
create market uncertainties. We remain committed to the US market
and believe its long-term growth momentum will not change. Demand
in emerging markets continued to grow, accounting for a larger
portion of our shipments during the quarter. India's 100 GW target by 2022 is solid and
will continue to create strong demand going forward. The solar
markets of Mexico, Argentina and Brazil in Latin
America are rapidly growing in scale while Egypt and Jordan in Middle
East have the potential to become GW level markets next
year. We expect demand in emerging markets to continue to grow in
2018."
"We are ramping up our mono wafer and PERC cell capacity. Our
diamond wire-cutting multiply wafers are now in mass production and
are combined with our black silicon cell technology. Our
technological focus remains on efficiency and cost. With solid
progress being made in the development of new technology, we will
continue to maintain flexible and dynamic production capacity in
order to meet demand from a rapidly changing market.
"We already have strong visibility in our order book through the
rest of the year and have already begun to take orders for next
year. We expect ASPs to remain stable during the second half of the
year. With our focus now shifting towards profitability, I am
confident that we will benefit from the long-term growth prospects
of the industry while generating sustainable returns for our
shareholders."
Second Quarter 2017 Financial Results
Total Revenues
Total revenues in the second quarter of 2017 were RMB7.92 billion (US$1.17
billion), an increase of 37.2% from RMB5.78 billion in the first quarter of 2017 and
an increase of 39.8% from RMB5.67
billion in the second quarter of 2016. The sequential and
year-over-year increases were mainly attributable to an increase in
solar module shipments, partially offset by the decline of average
selling price of solar modules in the second quarter of 2017.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2017 was RMB834.8 million (US$123.1
million), compared with RMB649.0
million in the first quarter of 2017 and RMB1.03 billion in the second quarter of 2016.
The sequential increase was mainly attributable to the increase in
solar module shipments. The year-over-year decrease was mainly
attributable to a decline in the average selling price of solar
modules in the second quarter of 2017.
Gross margin was 10.5% in the second quarter of 2017, compared
with 11.2% in the first quarter of 2017 and 18.1% in the second
quarter of 2016 mainly attributable to a decline in the average
selling price of solar modules in the second quarter of 2017.
Income from Operations and Operating Margin
Income from operations in the second quarter of 2017 was
RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and
RMB308.8 million in the second
quarter of 2016. Operating margin in the second quarter of 2017 was
1.1%, compared with 1.0% in the first quarter of 2017 and 5.4% in
the second quarter of 2016. The year-over-year decrease of
operating margin was mainly attributable to a decline in gross
margin in the second quarter of 2017.
Total operating expenses in the second quarter of 2017 were
RMB749.5 million (US$110.6 million), an increase of 26.6% from
RMB592.2 million in the first quarter
of 2017 and an increase of 4.2% from RMB719.6 million in the second quarter of 2016.
The sequential and year-over-year increases were primarily due to
the increase in shipping costs, which was in line with the increase
in solar module shipments.
Total operating expenses accounted for 9.5% of total revenues in
the second quarter of 2017, compared to 10.3% in the first quarter
of 2017 and 12.7% in the second quarter of 2016.
Interest Expense, Net
Net interest expense in the second quarter of 2017 was
RMB80.6 million (US$11.9 million), an increase of 41.1% from
RMB57.1 million in the first quarter
of 2017 and an increase of 7.4% from RMB75.0
million in the second quarter of 2016. The sequential
increase was due to the interest expense associated with the
discounted notes receivable.
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss of RMB34.2 million (US$5.0
million) in the second quarter of 2017, compared to a net
exchange loss of RMB5.2 million in
the first quarter of 2017 and a net exchange gain of RMB67.1 million in the second quarter of
2016.
Income Tax Expense / (Benefit), Net
The Company recorded an income tax benefit of RMB32.5 million (US$4.8
million) in the second quarter of 2017, compared with an
income tax expense of RMB1.5 million
in the first quarter of 2017 and an income tax expense of
RMB90.4 million in the second quarter
of 2016. The sequential change was mainly due to the additional
2016 income tax deduction for R&D costs approved by local tax
bureau in the second quarter of 2017.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
from continuing operations in the second quarter of 2017 was
RMB47.4 million (US$7.0 million), compared with RMB60.6 million in the first quarter of 2017 and
RMB280.1 million in the second
quarter of 2016.
Basic and diluted earnings per ordinary share from continuing
operations were both RMB0.37
(US$0.05) during the second quarter
of 2017. This translates into basic and diluted earnings per ADS
from continuing operations of both RMB1.48 (US$0.20).
Non-GAAP net income in the second quarter of 2017 was
RMB61.2 million (US$9.0 million), compared with RMB80.4 million in the first quarter of 2017 and
RMB344.1 million in the second
quarter of 2016.
Non-GAAP basic and diluted earnings per ordinary share from
continuing operations were RMB0.48
(US$0.07) and RMB0.47 (US$0.07),
respectively, during the second quarter of 2017. This translates
into non-GAAP basic and diluted earnings per ADS from continuing
operations of RMB1.92 (US$0.28) and RMB1.88 (US$0.28),
respectively.
Financial Position
As of June 30, 2017, the Company
had RMB1.90 billion (US$280.1 million) in cash and cash equivalents
and restricted cash, compared with RMB1.71
billion as of March 31,
2017.
As of June 30, 2017, the Company's
accounts receivables due from third parties were RMB6.47 billion (US$954.5
million), compared with RMB5.93
billion as of March 31,
2017.
As of June 30, 2017, the Company's
inventories were RMB5.20 billion
(US$767.7 million), compared with
RMB5.37 billion as of March 31, 2017.
As of June 30, 2017, the Company's
total interest-bearing debts were RMB7.41
billion (US$1.09 billion),
compared with RMB6.10 billion as of
March 31, 2017.
Second Quarter 2017 Operational Highlights
Solar Module Shipments
Total solar module shipments in the second quarter of 2017
amounted to 2,884 MW.
Solar Products Production Capacity
As of June 30, 2017, the Company's
in-house annual silicon wafer, solar cell and solar module
production capacity was 6.0 GW, 4.5 GW and 7.5 GW,
respectively.
Recent Business Developments
- In August 2017, JinkoSolar
supplied 35.46 MW to Gransolar for PV project in Mexico.
- In July 2017, JinkoSolar
announced that it has become the first PV module provider to
guarantee that all JinkoSolar Standard Mass Produced PV Modules
meet IEC62804 double anti-PID standards.
- In July 2017, JinkoSolar supplied
30 MW ac of PV modules for 2 solar projects in Virginia to Hecate Energy, a leading
developer, owner, and operator of power plants in North America and abroad.
- In July 2017, JinkoSolar
announced that it is partnering with TUVRheinland, an independent
provider of technical services for testing, inspection,
certification, consultation and training, to develop standardized
testing methods for bifacial PV technology.
- In June 2017, JinkoSolar signed a
JPY4.1 billion syndicated loan
agreement up to two years with a bank consortium led by Sumitomo
Mitsui Banking Corporation.
- In June 2017, JinkoSolar entered
into an agreement with Quantum Power GK in Japan to exclusively supply 187MW worth of
275Wp modules for three projects located in Ibaraki, Gunma and Mie prefecture.
- In May 2017, JinkoSolar supplied
65 MW of high efficiency Eagle Series modules for Energon Solar in
Medak, Telangana, India.
- In May 2017, Abu Dhabi Water and
Electricity Authority, Sweihan Solar Holding Company Limited
("Sweihan"), a joint venture
between JinkoSolar and Marubeni Corporation and a
syndicate of international and local banks entered into financial
agreements for the Sweihan Photovoltaic Independent Power Project
in Abu Dhabi.
- In May 2017, JinkoSolar became
first Chinese PV manufacturer that passed 160 KWh/m2 UV test in
terms of IEC61345 from TUV Rheinland.
Operations and Business Outlook
Strategic Shift in Overseas Downstream Solar Project
Business
With the Company's focuses shifting towards its core
competencies in manufacturing, JinkoSolar will cease developing new
overseas downstream solar projects starting in the third quarter of
2017. The Company will continue to develop, construct and connect
to the grid its existing overseas downstream solar projects.
The Company provided a debt payment guarantee in connection with
a loan facility granted to Sweihan PV Power Company P.J.S.C, equity
investee of the Company for developing overseas solar power
project, in a maximum aggregate principal amount not exceeding
US$50 million.
Third Quarter and Full Year 2017 Guidance
For the third quarter of 2017, the Company estimates total solar
module shipments to be in the range of 2.1 GW to 2.3 GW.
For the full year 2017, the Company estimates total solar module
shipments to be in the range of 8.5 GW and 9.0 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Thursday, September 6, 2017 at
7:30 a.m. U.S. Eastern Time
(7:30 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852 3008
1527
|
|
U.S. Toll
Free:
|
+1
866-564-2842
|
|
Passcode:
|
9936267
|
|
|
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
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 13, 2017. The dial-in
details for the replay are as follows:
International:
|
+61 (0) 2 9101
1954
|
|
U.S. Toll
Free:
|
+1-888-203-1112
|
|
Passcode:
|
9936267
|
|
|
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry.
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, and other countries and regions.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 6.0 GW for silicon
ingots and wafers, 4.5 GW for solar cells, and 7.5 GW for solar
modules, as of June 30, 2017.
JinkoSolar has over 15,000 employees across its 8 productions
facilities in China (5),
Malaysia, Portugal and South
Africa, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United
States, Canada,
Mexico, Brazil, Chile, Australia and South
Africa, and 18 global sales offices in China (2) ,United
Kingdom, Bulgaria,
Greece, Romania, United Arab
Emirates, Jordan,
Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya,
Costa Rica, Colombia, Brazil and Mexico.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income , non-GAAP earnings per
Share, non-GAAP earnings per ADS, and non-GAAP diluted weighted
average ordinary shares outstanding, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and capped call options:
- Non-GAAP net income is adjusted to exclude the expenses
relating to changes in fair value of convertible senior notes and
capped call options, interest expenses of convertible senior notes,
exchange gain on the convertible senior notes and capped call
options, stock-based compensation, allocation of net income to
redeemable non-controlling interests, and accretion to redemption
value of redeemable non-controlling interests; given these Non-GAAP
net income adjustments above are either related to the Company or
its subsidiaries incorporated in Cayman
Islands, which are not subject to tax exposures, or related
to those subsidiaries with tax loss positions which result in no
tax impacts, therefore no tax adjustment is needed in conjunction
with these Non-GAAP net income adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude the expenses relating to the issuance costs of
convertible senior notes, changes in fair value of convertible
senior notes and capped call options, interest expenses of
convertible senior notes and exchange gain on the convertible
senior notes and capped call options, stock-based compensation, and
accretion to redemption value of redeemable non-controlling
interests.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
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 rate 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,
2017, which was RMB6.7793 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:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.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
|
|
|
|
June 30,
2016
|
|
March 31,
2017
|
|
June 30,
2017
|
|
June 30,
2016
|
|
June 30,
2017
|
|
|
Continuing
operations
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues from
third parties
|
5,630,411
|
|
5,753,080
|
|
7,908,533
|
|
1,166,571
|
|
10,844,943
|
|
13,661,612
|
|
2,015,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
36,349
|
|
23,724
|
|
15,555
|
|
2,294
|
|
102,960
|
|
39,279
|
|
5,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
5,666,760
|
|
5,776,804
|
|
7,924,088
|
|
1,168,865
|
|
10,947,903
|
|
13,700,891
|
|
2,020,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(4,638,350)
|
|
(5,127,779)
|
|
(7,089,255)
|
|
(1,045,721)
|
|
(8,834,615)
|
|
(12,217,034)
|
|
(1,802,108)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,028,410
|
|
649,025
|
|
834,833
|
|
123,144
|
|
2,113,288
|
|
1,483,857
|
|
218,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(373,336)
|
|
(413,812)
|
|
(550,823)
|
|
(81,251)
|
|
(711,707)
|
|
(964,635)
|
|
(142,291)
|
|
|
General
and administrative
|
(203,360)
|
|
(115,950)
|
|
(125,029)
|
|
(18,443)
|
|
(382,342)
|
|
(240,979)
|
|
(35,546)
|
|
|
Research
and development
|
(43,617)
|
|
(62,486)
|
|
(73,694)
|
|
(10,870)
|
|
(82,012)
|
|
(136,180)
|
|
(20,088)
|
|
|
Impairment of long-lived assets
|
(99,328)
|
|
-
|
|
-
|
|
-
|
|
(99,328)
|
|
-
|
|
-
|
|
|
Total operating
expenses
|
(719,641)
|
|
(592,248)
|
|
(749,546)
|
|
(110,564)
|
|
(1,275,389)
|
|
(1,341,794)
|
|
(197,925)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
308,769
|
|
56,777
|
|
85,287
|
|
12,580
|
|
837,899
|
|
142,063
|
|
20,956
|
|
|
Interest
expenses, net
|
(75,008)
|
|
(57,121)
|
|
(80,572)
|
|
(11,885)
|
|
(151,899)
|
|
(137,693)
|
|
(20,311)
|
|
|
Change in fair
value of derivative liability
|
(2)
|
|
376
|
|
(16,394)
|
|
(2,418)
|
|
(1,109)
|
|
(16,018)
|
|
(2,363)
|
|
|
Subsidy
income
|
39,423
|
|
55,192
|
|
49,038
|
|
7,233
|
|
74,615
|
|
104,229
|
|
15,375
|
|
|
Exchange
gain/(loss)
|
140,943
|
|
(6,339)
|
|
(29,810)
|
|
(4,397)
|
|
188,535
|
|
(36,149)
|
|
(5,332)
|
|
|
Change in fair
value of forward contracts
|
(24,741)
|
|
1,105
|
|
(4,341)
|
|
(640)
|
|
(42,828)
|
|
(3,235)
|
|
(477)
|
|
|
Change in fair
value of convertible senior
notes and capped call options
|
(49,076)
|
|
-
|
|
-
|
|
-
|
|
(79,847)
|
|
-
|
|
-
|
|
|
Other
income/(expense), net
|
1,108
|
|
11,943
|
|
11,773
|
|
1,737
|
|
(377)
|
|
23,716
|
|
3,498
|
|
|
Investment
loss
|
(1,158)
|
|
-
|
|
(194)
|
|
(29)
|
|
(1,640)
|
|
(194)
|
|
(29)
|
|
|
Income from
continuing operations before income taxes
|
340,258
|
|
61,933
|
|
14,787
|
|
2,181
|
|
823,349
|
|
76,719
|
|
11,317
|
|
|
Income tax
(expense)/benefit
|
(90,410)
|
|
(1,528)
|
|
32,460
|
|
4,788
|
|
(190,714)
|
|
30,933
|
|
4,563
|
|
|
Income from
continuing operations, net of tax
|
249,848
|
|
60,405
|
|
47,247
|
|
6,969
|
|
632,635
|
|
107,652
|
|
15,880
|
|
|
Discontinued
operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations before income
taxes
|
83,867
|
|
-
|
|
-
|
|
-
|
|
62,456
|
|
-
|
|
-
|
|
|
Income tax expense,
net
|
(479)
|
|
-
|
|
-
|
|
-
|
|
(615)
|
|
-
|
|
-
|
|
|
Income from
discontinued operations, net of tax
|
83,388
|
|
-
|
|
-
|
|
-
|
|
61,841
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
333,236
|
|
60,405
|
|
47,247
|
|
6,969
|
|
694,476
|
|
107,652
|
|
15,880
|
|
|
Less: Net loss
attributable to non-controlling
interests
from continuing operations
|
(178)
|
|
(169)
|
|
(121)
|
|
(18)
|
|
(88)
|
|
(290)
|
|
(43)
|
|
|
Less: Net
income attributable to non-controlling
interests
from discontinued operations
|
2,128
|
|
-
|
|
-
|
|
-
|
|
3,723
|
|
-
|
|
-
|
|
|
Less:
Allocation of net income to participating
preferred
shares issued
by
discontinued operations
|
3,648
|
|
-
|
|
-
|
|
-
|
|
3,648
|
|
-
|
|
-
|
|
|
Less: Accretion
to redemption value of redeemable
non-controlling
interests of
discontinued operations
|
47,555
|
|
-
|
|
-
|
|
-
|
|
93,780
|
|
-
|
|
-
|
|
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
280,083
|
|
60,574
|
|
47,368
|
|
6,987
|
|
593,413
|
|
107,942
|
|
15,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders,
basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
1.99
|
|
0.48
|
|
0.37
|
|
0.05
|
|
5.04
|
|
0.84
|
|
0.16
|
|
|
Discontinued
operations
|
0.24
|
|
-
|
|
-
|
|
-
|
|
(0.31)
|
|
-
|
|
-
|
|
|
Total
earnings/(loss) per share for ordinary
shareholders, basic
|
2.23
|
|
0.48
|
|
0.37
|
|
0.05
|
|
4.73
|
|
0.84
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per share for ordinary shareholders,
diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
1.90
|
|
0.47
|
|
0.37
|
|
0.05
|
|
4.73
|
|
0.84
|
|
0.16
|
|
|
Discontinued
operations
|
0.23
|
|
-
|
|
-
|
|
-
|
|
(0.31)
|
|
-
|
|
-
|
|
|
Total
earnings/(loss) per share for ordinary
shareholders, diluted
|
2.13
|
|
0.47
|
|
0.37
|
|
0.05
|
|
4.42
|
|
0.84
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders,
basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
7.96
|
|
1.92
|
|
1.48
|
|
0.20
|
|
20.16
|
|
3.36
|
|
0.64
|
|
|
Discontinued
operations
|
0.96
|
|
-
|
|
-
|
|
-
|
|
(1.24)
|
|
-
|
|
-
|
|
|
Total
earnings/(loss) per ADS for ordinary
shareholders, basic
|
8.92
|
|
1.92
|
#
|
1.48
|
|
0.20
|
|
18.92
|
|
3.36
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
per ADS for ordinary shareholders,
diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
7.60
|
|
1.88
|
|
1.48
|
|
0.20
|
|
18.92
|
|
3.36
|
|
0.64
|
|
|
Discontinued
operations
|
0.92
|
|
-
|
|
-
|
|
-
|
|
(1.24)
|
|
-
|
|
-
|
|
|
Total
earnings/(loss) per ADS for ordinary
shareholders, diluted
|
8.52
|
|
1.88
|
|
1.48
|
|
0.20
|
|
17.68
|
|
3.36
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
125,501,184
|
|
126,820,607
|
|
128,247,292
|
|
128,247,292
|
|
125,489,224
|
|
127,556,967
|
|
127,556,967
|
|
|
Diluted
|
132,545,247
|
|
128,179,515
|
|
129,493,716
|
|
129,493,716
|
|
135,035,911
|
|
128,859,633
|
|
128,859,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
31,375,296
|
|
31,705,152
|
|
32,061,823
|
|
32,061,823
|
|
31,372,306
|
|
31,889,242
|
|
31,889,242
|
|
|
Diluted
|
33,136,312
|
|
32,044,879
|
|
32,373,429
|
|
32,373,429
|
|
33,758,978
|
|
32,214,908
|
|
32,214,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
333,236
|
|
60,405
|
|
47,247
|
|
6,969
|
|
694,476
|
|
107,652
|
|
15,880
|
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(10,887)
|
|
(17,563)
|
|
(22,391)
|
|
(3,303)
|
|
(12,466)
|
|
(39,954)
|
|
(5,894)
|
|
|
Comprehensive
income
|
322,349
|
|
42,842
|
|
24,856
|
|
3,666
|
|
682,010
|
|
67,698
|
|
9,986
|
|
|
Less:
Comprehensive income attributable to non-
controlling interests
|
1,950
|
|
(169)
|
|
(121)
|
|
(18)
|
|
3,635
|
|
(290)
|
|
(43)
|
|
|
Comprehensive
income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
320,399
|
|
43,011
|
|
24,977
|
|
3,684
|
|
678,375
|
|
67,988
|
|
10,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results(Excluding discontinued
operations)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP
earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary
shareholders from continuing operations
|
250,026
|
|
60,574
|
|
47,368
|
|
6,987
|
|
632,723
|
|
107,942
|
|
15,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and
capped call options
|
49,076
|
|
-
|
|
-
|
|
-
|
|
79,847
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
10,463
|
|
1,555
|
|
1
|
|
-
|
|
23,992
|
|
1,556
|
|
230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes
and capped call options
|
21,224
|
|
844
|
|
(1)
|
|
-
|
|
18,219
|
|
843
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
13,353
|
|
17,402
|
|
13,822
|
|
2,039
|
|
26,023
|
|
31,224
|
|
4,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary
shareholders from continuing operations
|
344,141
|
|
80,375
|
|
61,190
|
|
9,026
|
|
780,804
|
|
141,565
|
|
20,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to
ordinary shareholders from continuing operations -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.74
|
|
0.63
|
|
0.48
|
|
0.07
|
|
3.37
|
|
1.11
|
|
0.16
|
|
|
Diluted
|
2.60
|
|
0.62
|
|
0.47
|
|
0.07
|
|
3.18
|
|
1.10
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary
shareholders from continuing operations -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
10.96
|
|
2.52
|
|
1.92
|
|
0.28
|
|
13.48
|
|
4.44
|
|
0.64
|
|
|
Diluted
|
10.40
|
|
2.48
|
|
1.88
|
|
0.28
|
|
12.72
|
|
4.40
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
125,501,184
|
|
126,820,607
|
|
128,247,292
|
|
128,247,292
|
|
125,489,224
|
|
127,556,967
|
|
127,556,967
|
|
|
Diluted
|
132,545,247
|
|
128,179,515
|
|
129,493,716
|
|
129,493,716
|
|
135,035,911
|
|
128,859,633
|
|
128,859,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
31,375,296
|
|
31,705,152
|
|
32,061,823
|
|
32,061,823
|
|
31,372,306
|
|
31,889,242
|
|
31,889,242
|
|
|
Diluted
|
33,136,312
|
|
32,044,879
|
|
32,373,429
|
|
32,373,429
|
|
33,758,978
|
|
32,214,908
|
|
32,214,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results presented
herein exclude Jinko Power-related discontinued operations, unless
specified otherwise
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
December 31,
2016
|
|
June 30,
2017
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
2,501,417
|
|
1,531,000
|
|
225,835
|
Restricted
cash
|
318,785
|
|
368,125
|
|
54,301
|
Restricted
short-term investments
|
3,333,450
|
|
3,168,027
|
|
467,309
|
Short-term
investments
|
71,301
|
|
93,282
|
|
13,760
|
Accounts
receivable, net - related parties
|
1,414,084
|
|
786,644
|
|
116,036
|
Accounts
receivable, net - third parties
|
4,753,715
|
|
6,470,520
|
|
954,453
|
Notes
receivable, net - related parties
|
610,200
|
|
600,000
|
|
88,505
|
Notes
receivable, net - third parties
|
915,315
|
|
310,284
|
|
45,769
|
Advances to
suppliers, net - related parties
|
662
|
|
-
|
|
-
|
Advances to
suppliers, net - third parties
|
325,766
|
|
431,100
|
|
63,591
|
Inventories,
net
|
4,473,515
|
|
5,204,392
|
|
767,689
|
Forward
contract receivables
|
641
|
|
-
|
|
-
|
Deferred tax
assets
|
130,676
|
|
-
|
|
-
|
Other
receivables - related parties
|
79,125
|
|
122,484
|
|
18,067
|
Prepayments
and other current assets
|
766,645
|
|
1,377,668
|
|
203,216
|
Total current
assets
|
19,695,297
|
|
20,463,526
|
|
3,018,531
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
197,214
|
|
157,466
|
|
23,227
|
Project
Assets
|
55,063
|
|
140,256
|
|
20,689
|
Long-term
investments
|
7,200
|
|
8,886
|
|
1,311
|
Property,
plant and equipment, net
|
4,738,681
|
|
5,885,094
|
|
868,098
|
Land use
rights, net
|
450,941
|
|
449,034
|
|
66,236
|
Intangible
assets, net
|
20,297
|
|
23,411
|
|
3,453
|
Deferred tax
assets
|
134,791
|
|
265,467
|
|
39,158
|
Other assets -
related parties
|
173,376
|
|
336,906
|
|
49,696
|
Other assets -
third parties
|
617,780
|
|
341,816
|
|
50,422
|
Total non-current
assets
|
6,395,343
|
|
7,608,336
|
|
1,122,290
|
|
|
|
|
|
|
Total
assets
|
26,090,640
|
|
28,071,862
|
|
4,140,821
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
-
|
|
689
|
|
102
|
Accounts
payable - third parties
|
4,290,071
|
|
5,986,366
|
|
883,036
|
Notes payable
- third parties
|
4,796,766
|
|
4,199,871
|
|
619,514
|
Accrued
payroll and welfare expenses
|
582,276
|
|
596,698
|
|
88,018
|
Advances from
related parties
|
60,541
|
|
76,089
|
|
11,224
|
Advances
from third parties
|
1,376,920
|
|
988,464
|
|
145,806
|
Income tax
payable
|
168,112
|
|
63,129
|
|
9,312
|
Other payables
and accruals
|
1,019,419
|
|
1,451,915
|
|
214,169
|
Other payables
due to related parties
|
76,034
|
|
12,935
|
|
1,908
|
Forward
contract payables
|
-
|
|
3,116
|
|
460
|
Convertible
senior notes - current
|
423,740
|
|
-
|
|
-
|
Deferred tax
liabilities
|
17,074
|
|
-
|
|
-
|
Derivative
liability - current
|
10,364
|
|
26,382
|
|
3,892
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
5,488,629
|
|
6,633,893
|
|
978,551
|
Guarantee
liabilities to related parties
|
52,711
|
|
37,594
|
|
5,545
|
Total current
liabilities
|
18,362,657
|
|
20,077,141
|
|
2,961,537
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
488,520
|
|
467,518
|
|
68,963
|
Long-term
payables
|
44,014
|
|
125,693
|
|
18,541
|
Accrued
warranty costs - non current
|
511,209
|
|
562,863
|
|
83,027
|
Convertible
senior notes
|
-
|
|
68
|
|
10
|
Deferred tax
liability
|
50,651
|
|
67,725
|
|
9,990
|
Guarantee
liabilities to related parties
- non current
|
173,376
|
|
147,926
|
|
21,820
|
Total non-current
liabilities
|
1,267,770
|
|
1,371,793
|
|
202,350
|
|
|
|
|
|
|
Total
liabilities
|
19,630,427
|
|
21,448,934
|
|
3,163,887
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 130,186,074 shares issued and
outstanding as of December 31, 2016 and
June 30, 2017, respectively)
|
18
|
|
18
|
|
3
|
Additional paid-in
capital
|
3,145,262
|
|
3,240,279
|
|
477,967
|
Statutory
reserves
|
466,253
|
|
466,253
|
|
68,776
|
Accumulated other
comprehensive income
|
104,784
|
|
64,830
|
|
9,563
|
Treasury stock, at
cost; 1,723,200 shares of
ordinary shares as of December 31, 2016
and June 30, 2017, respectively
|
(13,876)
|
|
(13,876)
|
|
(2,047)
|
Accumulated retained
earnings
|
2,758,268
|
|
2,866,210
|
|
422,788
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd.
shareholders'
equity
|
6,460,709
|
|
6,623,714
|
|
977,050
|
|
|
|
|
|
|
Non-controlling
interests
|
(496)
|
|
(786)
|
|
(116)
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
26,090,640
|
|
28,071,862
|
|
4,140,821
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2017-financial-results-300514462.html
SOURCE JinkoSolar Holding Co., Ltd.