SHANGRAO, China, Dec. 7, 2020 /PRNewswire/ -- JinkoSolar Holding
Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the
largest and most innovative solar module manufacturers in the
world, today announced its unaudited financial results for the
third quarter ended September 30,
2020.
Strategic Business Updates
- Technological transformation towards high-efficiency product
portfolio now complete:
- Mono wafer production capacity
has been fully ramped up to 20GW
- Mono based high efficiency products expected to account for
nearly 100% of solar module shipments in 2020, compared to 74% in
2019
- Next-generation high-efficiency Tiger Pro Modules well received
by the market with secured orders exceeding 2 GW as of the end of
October
- Industry consolidation accelerating at the backdrop of a
challenging macroeconomic environment. Market share of JinkoSolar
projected to further step up to approximately 15% for full year
2020, compared to approximately 12% in 2019
- Successfully maintained stable margin performance despite
recent supply shortage of major raw materials, thanks to stringent
cost control and resilient supply management
- Further policy tailwinds from major economies such as
China and the US underpins strong
future solar demand outlook
- Principal operating subsidiary Jinko Solar Co., Ltd raised approximately US$458 million
in preparation for its listing on the STAR market
Third Quarter 2020 Operational and
Financial Highlights
- Quarterly shipments were 5,117MW, up 53.8% year over year
- Total revenues were US$1.29 billion, up 17.2 % year over year
- Gross profit was US$220.2 million, up 8.2% year over year [1]
- Gross margin of 17.0%, compared with 17.9% in Q2 2020 and
18.5%[2] in Q3 2019
- Income from operations of US$80.4 million, up 27.9 % year over
year[3]
- Non-GAAP net income of US$47.3 million, up 6.7% year over year
- Net income of US$1.0 million, due to US$46.1 million loss of change in fair value of
convertible senior notes and call option, given the sharp rise in
stock price for the third quarter.
[1]
Calculation of year over year growth was based on total revenue
excluding the reversal benefit of anti-dumping (AD) and
countervailing duty (CVD)
|
[2] Gross
margin excluding the reversal benefit of anti-dumping (AD) and
countervailing duty (CVD)
|
[3]
Calculation of year over year growth was based on income from
operations excluding the reversal benefit of anti-dumping (AD) and
countervailing duty (CVD)
|
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer, commented, "JinkoSolar delivered solid
results for the quarter with total revenue, total solar module
shipments and gross margin all within our guidance range. Module
shipments reached a new high of 5,117 MW, an increase of 14.5%
sequentially and 53.8% year-over-year. Total revenue during the
quarter were US$1.29 billion, an
increase of 3.8% sequentially and 17.2% year-over-year, while gross
profit was US$220.2 million.
For the full year 2020, we expect total
solar module shipments to be in the range of 18.5 GW to 19
GW. By the end of 2020, we expect our in-house annual
monocrystalline silicon wafer, solar cell and module production
capacity to reach 20 GW, 11 GW and 30 GW, respectively."
"Even though we faced some pressures this quarter due to the
shortage of raw materials which increased production costs, coupled
with the impact of US dollar fluctuations and higher logistics and
transportation costs, we have approached these issues proactively
in a few ways. We managed to ensure the stable supply of core raw
materials and auxiliary materials through long-term purchase
agreements, strategic cooperation, and our R&D team identified
and applied substitute materials to help ease supply chain
volatility."
"With the approach of grid parity, leading companies will become
more competitively positioned and benefit the most from
technological advancement, sophisticated R&D, well-established
distribution channels and cost reductions in the PV industry. In
this scenario, the industry stands to gain from the positive effect
of top players continuously striving for technical innovation and
product iterations, which will further promote the growth of the
supply chain."
"We strongly believe that the PV industry has ushered in a
golden age, together with strong support from government policies
to adopt renewable energy, promote grid transformation and green
investments. In the U.S., solar demand is expected to more than
double over the next five years under the Biden administration. In
Europe, the EU has officially
announced plans to increase the GHG reduction target from 40% to at
least 60% below 1990 levels by 2030. In China, we are expecting the next
14Th Five-Year Energy Plan to focus on non-fossil energy
sources with higher proportions of renewable energy, construction
plans for large-scale energy storage and grid transformation, and
the introduction of supporting policies."
"Solar power has had the largest cost reduction in recent years,
and we believe there is more room for growth next year. We are well
positioned to capitalize on the accelerating global demand for
clean energy and the expected rapid growth in shipments in 2021. We
are constantly evaluating all our production lines to increase
production capacity and ensure appropriate integrated production
level accordingly to continue to offer high quality products and
reinforce our leading position in the global PV industry."
Third Quarter 2020 Financial Results
Total Revenues
Total revenues in the third quarter of 2020 were RMB8.77 billion (US$1.29 billion), an increase of 3.8% from
RMB8.45 billion in the second
quarter of 2020 and an increase of 17.2% from RMB7.48 billion in the third quarter of
2019. The sequential increase was mainly attributable to an
increase in the shipment of solar modules partially offset by a
decline in the average selling price of solar modules. The
year-over-year increase was mainly attributable to the increase in
shipment of solar modules.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2020 was RMB1.49 billion (US$220.2 million), compared with
RMB1.51 billion in the second
quarter of 2020 and RMB1.59 billion
in the third quarter of 2019 (or RMB1.38
billion if excluding the impact from the Countervailing Duty
("CVD") and Anti-dumping Duty ("ADD") reversal benefit). The
sequential decrease was mainly attributable to a decline in the
average selling price of solar modules. The year-over-year increase
(excluding the impact from CVD and ADD reversal benefit in the
third quarter of 2019) was mainly attributable to (i) an
increase in the shipment of solar modules, (ii) an increase in
self-produced production volume that is increasingly shifting
toward integrated mono-based high-efficiency products capacity,
and (iii) the continued reduction of integrated production
costs resulting from the Company's industry-leading integrated cost
structure.
Gross margin was 17.0% in the third quarter of 2020, compared
with 17.9% in the second quarter of 2020 and 21.3% in the third
quarter of 2019 (or 18.5% if excluding the impact from the CVD and
ADD reversal benefit).The sequential and year-over-year decrease
was mainly attributable to a decline in the average selling price
of solar modules due to the intensified global market competition
of solar modules.
Income from Operations and Operating Margin
Income from operations in the third quarter of 2020 was
RMB546.0 million (US$80.4 million), compared with RMB434.7 million in the second quarter of 2020
and RMB638.8 million in the third
quarter of 2019 (or RMB426.8
million if excluding the impact from CVD and
ADD reversal benefit).
Operating margin was 6.2% in the third quarter of 2020, compared
with 5.1% in the second quarter of 2020 and 8.5% in the third
quarter of 2019 (or 5.7% if excluding the impact from CVD and
ADD reversal benefit).
Total operating expenses in the third quarter of 2020 were
RMB948.9 million (US$139.8 million), a decrease of 12.0% from
RMB1.08 billion in the second
quarter of 2020 and a decrease of 0.6% from RMB955.0 million in the third quarter of 2019.
The sequential decrease was mainly attributable to a decrease in
warranty cost.
Total operating expenses accounted for 10.8% of total revenues
in the third quarter of 2020, compared to 12.8% in the second
quarter of 2020 and 12.8% in the third quarter of 2019.
Interest Expense, Net
Net interest expense in the third quarter of 2020 was
RMB129.2 million (US$19.0 million), an increase of 21.6% from
RMB106.2 million in the second
quarter of 2020 and an increase of 36.2% from RMB94.9 million in the third quarter of 2019. The
sequential and year-over-year increases were mainly due
to an increase in interest expense with the increase of
interest-bearing debts.
Exchange Loss/(Gain) and Change in Fair Value
of Foreign Exchange Derivatives
The Company recorded a net exchange loss (including change
in fair value of foreign exchange derivatives) of RMB63.9 million (US$9.4 million) in the third quarter of
2020, compared to a net exchange gain of RMB69.7 million in the second quarter of 2020 and
a net exchange loss of RMB130.7
million in the third quarter of 2019. The net exchange
loss was mainly due to the depreciation of the
U.S. dollars against the RMB in the third quarter of 2020.
Change in Fair Value of Convertible Senior Notes and Call
Option
The Company issued US$85.0 million of 4.5% convertible senior
notes due 2024 (the "Notes") in May
2019 and has elected to measure the Notes at fair value. The
Company recognized a loss from a change in fair value of the Notes
of RMB593.7 million
(US$87.4 million) in the third
quarter of 2020, compared to a loss of RMB89.2 million in the second quarter of
2020. The change was primarily due to an increase in the
Company's stock price in the third quarter of 2020.
Concurrent with the issuance of the Notes in May 2019, the Company entered into a call option
transaction with an affiliate of Credit Suisse Securities
(USA) LLC. The Company accounted
for the call option transaction as freestanding derivative assets
in its consolidated balance sheets, which is marked to market
during each reporting period. The Company recorded a gain from a
change in fair value of the call option of RMB280.7 million (US$41.3
million) in the third quarter of 2020, compared to a
gain of RMB38.0 million in the second
quarter of 2020. The change was primarily due to an increase
in the Company's stock price in the third quarter of 2020.
Equity in Gain/(Loss) of Affiliated Companies
The Company indirectly holds a 20% equity interest in Sweihan PV
Power Company P.J.S.C, a developer and operator of solar power
projects in Dubai, and accounts
for its investment using the equity method. The Company also holds
a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which
processes and assembles PV modules as an OEM
manufacturer, and accounts for its investments using the equity
method. The Company recorded equity in gain of affiliated
companies of RMB24.7 million
(US$3.6 million) in the third quarter
of 2020, compared with a gain of RMB4.2
million in the second quarter of 2020 and a loss of
RMB28.3 million in the third quarter
of 2019. The gain primarily arose from revenue generated from
operations in the third quarter of 2020.
Income Tax Expenses
The Company recorded an income tax expense of RMB69.2 million (US$10.2 million) in the third quarter of
2020, compared with an income tax expense of RMB22.8 million in the second quarter of 2020 and
an income tax expense of RMB117.2
million in the third quarter of 2019. The sequential increase was mainly due to
additional 2019 income tax deduction for R&D costs approved by
the local tax bureau in the second quarter of 2020. The
year-over-year change was mainly due to lower profit generated in
the third quarter of 2020 compared to the third quarter of
2019.
Net Income and Earnings/(loss) per
Share
Net income attributable to the Company's ordinary shareholders
was RMB6.9 million (US$1.0 million) in the third quarter of
2020, compared with RMB318.0 million
in the second quarter of 2020 and RMB 363.6
million in the third quarter of 2019.
Basic earnings per ordinary share and diluted loss per
ordinary share were RMB0.04 (US$0.01) and RMB1.55 (US$0.23),
respectively, during the third quarter of 2020. This translates
into basic earnings per ADS and diluted loss per ADS of
RMB0.16 (US$0.02) and
RMB6.20 (US$0.91), respectively.
Non-GAAP net income attributable to the Company's ordinary
shareholders in the third quarter of 2020 was RMB321.4 million (US$47.3 million), compared with RMB376.1 million in the second quarter of 2020
and RMB 301.2 million in the third
quarter of 2019.
Non-GAAP basic and diluted earnings per ordinary share
were RMB1.81 (US$0.27), during the third quarter of 2020.
This translates into non-GAAP basic and diluted earnings per
ADS of RMB7.22 (US$1.06).
Financial Position
As of September 30, 2020, the
Company had RMB6.40 billion
(US$943.3 million) in cash and cash
equivalents and restricted cash, compared with RMB6.85 billion as of June 30, 2020.
As of September 30, 2020, the
Company's accounts receivables due from third parties were
RMB5.15 billion (US$758.1 million), compared with RMB5.90 billion as of June 30, 2020.
As of September 30, 2020, the
Company's inventories were RMB7.72 billion (US$1.14 billion), compared with RMB6.89 billion as of June 30, 2020.
As of September 30, 2020, the
Company's total interest-bearing debts were RMB17.21 billion (US$2.53 billion), of which RMB874.1 million (US$128.7
million) was related to the Company's overseas downstream
solar projects, compared with RMB16.5 billion, of which RMB908.6 million was related to the Company's
overseas downstream solar projects as of June 30, 2020.
Third Quarter 2020 Operational Highlights
Solar Module Shipments
Total solar module shipments in the third quarter of 2020 were
5,117 MW.
Solar Products Production Capacity
As of September 30, 2020, the
Company's in-house annual mono wafer[4], solar cell
and solar module production capacity was 20 GW, 11GW (10.2 GW for
PERC cells and 800 MW for N type cells) and 25 GW,
respectively.
Note:
|
In addition to the
mono wafer, our multi wafer production capacity was 3.5 GW as of
September 30, 2020[4]
|
Operations and Business Outlook
We are expecting significant increase in demand next year and
bottleneck of raw materials in the third and fourth quarter this
year is expected to gradually improve.
Fourth Quarter and Full Year 2020 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 fourth quarter of 2020, the Company expects total solar
module shipments to be in the range of 5.5 GW to 6.0 GW.
Total revenue for the fourth quarter is expected to be in the range
of US$1.31 billion to
US$1.43 billion. Gross margin for the
fourth quarter is expected to be between 13% and 15%.
For full year 2020, the Company estimates total solar module
shipments to be in the range of 18.5 GW to 19 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar
module production capacity to reach 20 GW, 11 GW
(including 800 MW N-type cells) and 30 GW, respectively, by
the end of 2020.
Recent Business Developments
- In August
2020, JinkoSolar signed a contract with Shanghai Electric to
supply approximately 1 GW of solar modules for Phase V of the Dubai
Electricity and Water Authority Solar Park.
- In August 2020, JinkoSolar was
ranked as a top solar brand in debt financed projects and named a
most "bankable" PV manufacturer by Bloomberg New Energy
Finance.
- In September 2020, JinkoSolar was
ranked as a top manufacturer in Silicon Valley Toxics Coalition's
latest Solar Scorecard.
- In September 2020, JinkoSolar
announced that it had supplied Trung Nam Group with 611MW of Tiger
bifacial transparent backsheet modules, which were installed at the
Thuan Nam solar power plant project in Vietnam.
- In September 2020, JinkoSolar
announced intention to cooperate with ENEOS Corporation,
Japan's largest oil refiner, on
the provision of solar modules for a Virtual Power Plant
project.
- In September 2020, JinkoSolar was
invited as a speaker to The Climate Week NYC, which is the biggest
climate summit in 2020, organized by the Climate Group and hosted
in association with the United Nations and the City of New York.
- In September 2020, JinkoSolar's
board of directors approved a strategic plan to access China's capital markets through its principal
operating subsidiary Jinko Solar Co., Ltd.
- In October 2020, JinkoSolar
signed a Module Supply Agreement for the Kozani project in the
north of Greece, which had been
developed by juwi Hellas Renewable Energy Sources S.A.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, December 7, 2020. at
7:30 a.m. U.S. Eastern Time
(8:30 p.m. Beijing / Hong
Kong the same day)..
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852 3027
6500
|
|
U.S. Toll
Free:
|
+1
855-824-5644
|
|
Passcode:
|
27311972#
|
|
|
|
|
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, December 14, 2020. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
|
U.S.:
|
+1 646 982
0473
|
|
Passcode:
|
319339095#
|
|
|
|
|
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 one of the largest and most innovative
solar module manufacturers in the world. 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 20 GW for mono wafers,
11 GW for solar cells, and 25 GW for solar modules, as of
September 30, 2020.
JinkoSolar has 9 productions facilities globally, 21 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico,
Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, Kenya, Hong
Kong, Denmark, and global
sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi
Arabia, Tunisia,
Morocco, Kenya, South
Africa, Costa Rica,
Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri
Lanka, Thailand,
Vietnam, Poland and Argentina, as of September 30, 2020.
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, and non-GAAP earnings per ADS, 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 call option:
- Non-GAAP net income is adjusted to exclude the expenses
relating to issuance cost of convertible senior notes, change in
fair value of convertible senior notes and call option, interest
expenses of convertible senior notes and call option, exchange
(gain)/loss on the convertible senior notes and call option, and
stock-based compensation (benefit)/expense; 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 issuance cost of
convertible senior notes, change in fair value of convertible
senior notes and call option, interest expenses of convertible
senior notes and call option, exchange gain on the convertible
senior notes and call option, and stock-based compensation. As the
Non-GAAP net income is adjusted to exclude the change in fair value
of call option, the dilutive impact of call option, if any, is also
excluded from the denominator for the calculation of Non-GAAP
earnings per share and non-GAAP earnings per ADS.
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.
Impact of the Recently Adopted Major Accounting
Pronouncement
The Company adopted the update of ASU No. 2016-13, Financial
Instruments – Credit Losses (Topic 326): "Measurement of Credit
Losses on Financial Instruments" on January
1, 2020.
Upon adoption of ASC 326 on January 1,
2020, the Company used the modified retrospective transition
method through a RMB6.6 million
cumulative-effect increase to retained earnings, among which
RMB30.9 million was related to the
decrease of allowance for accounts receivables-third parties,
RMB15.0 million was related to the
increase of allowance for accounts receivables- related parties and
RMB9.3 million was related to the
increase of allowance for other receivables and other
current/non-current assets. The adoption of the new guidance did
not have a material impact to the Company's consolidated financial
statements.
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 September 30, 2020, which was RMB6.7896 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:
Ripple
Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com
Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@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 nine months
ended
|
|
September 30,
2019
|
|
June 30,
2020
|
|
September 30,
2020
|
|
September 30,
2019
|
|
September 30,
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
7,473,562
|
|
8,448,719
|
|
8,768,376
|
|
1,291,442
|
|
20,063,090
|
|
25,648,308
|
|
3,777,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
8,194
|
|
1,943
|
|
1,919
|
|
283
|
|
153,740
|
|
56,573
|
|
8,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
7,481,756
|
|
8,450,662
|
|
8,770,295
|
|
1,291,725
|
|
20,216,830
|
|
25,704,881
|
|
3,785,919
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(5,888,015)
|
|
(6,937,720)
|
|
(7,275,366)
|
|
(1,071,546)
|
|
(16,514,869)
|
|
(21,040,132)
|
|
(3,098,877)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,593,741
|
|
1,512,942
|
|
1,494,929
|
|
220,179
|
|
3,701,961
|
|
4,664,749
|
|
687,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(596,192)
|
|
(709,189)
|
|
(498,221)
|
|
(73,380)
|
|
(1,617,465)
|
|
(1,821,234)
|
|
(268,238)
|
General
and administrative
|
(276,699)
|
|
(294,452)
|
|
(345,228)
|
|
(50,847)
|
|
(716,977)
|
|
(878,274)
|
|
(129,356)
|
Research
and development
|
(82,059)
|
|
(74,643)
|
|
(105,445)
|
|
(15,530)
|
|
(232,695)
|
|
(251,872)
|
|
(37,097)
|
Total operating
expenses
|
(954,950)
|
|
(1,078,284)
|
|
(948,894)
|
|
(139,757)
|
|
(2,567,137)
|
|
(2,951,380)
|
|
(434,691)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
638,791
|
|
434,658
|
|
546,035
|
|
80,422
|
|
1,134,824
|
|
1,713,369
|
|
252,351
|
Interest
expenses, net
|
(94,892)
|
|
(106,239)
|
|
(129,221)
|
|
(19,032)
|
|
(307,756)
|
|
(344,073)
|
|
(50,676)
|
Subsidy
income
|
33,394
|
|
14,379
|
|
62,839
|
|
9,255
|
|
48,651
|
|
82,279
|
|
12,118
|
Exchange
gain/(loss)
|
16,304
|
|
51,616
|
|
(175,650)
|
|
(25,870)
|
|
22,811
|
|
(113,084)
|
|
(16,655)
|
Change in fair
value of interest rate
swap
|
(18,123)
|
|
-
|
|
-
|
|
-
|
|
(94,440)
|
|
(78,878)
|
|
(11,617)
|
Change in fair
value of foreign
exchange derivatives
|
(146,998)
|
|
18,133
|
|
111,710
|
|
16,453
|
|
(170,503)
|
|
12,057
|
|
1,776
|
Convertible
senior notes issuance
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
(18,646)
|
|
-
|
|
-
|
Change in fair
value of convertible
senior notes and call option
|
82,932
|
|
(51,165)
|
|
(312,992)
|
|
(46,099)
|
|
37,862
|
|
(298,167)
|
|
(43,915)
|
Other
income/(expense), net
|
1,742
|
|
2,127
|
|
(1,409)
|
|
(208)
|
|
16,442
|
|
(1,469)
|
|
(216)
|
Income before
income taxes
|
513,150
|
|
363,509
|
|
101,312
|
|
14,921
|
|
669,245
|
|
972,034
|
|
143,166
|
Income tax
expense
|
(117,152)
|
|
(22,754)
|
|
(69,226)
|
|
(10,196)
|
|
(56,986)
|
|
(201,499)
|
|
(29,678)
|
Equity in
(loss)/gain of affiliated
companies
|
(28,305)
|
|
4,211
|
|
24,704
|
|
3,639
|
|
(80,635)
|
|
(72,612)
|
|
(10,695)
|
Net
income
|
367,693
|
|
344,966
|
|
56,790
|
|
8,364
|
|
531,624
|
|
697,923
|
|
102,793
|
Less: Net
income attributable to non-
controlling
interests
|
4,129
|
|
26,923
|
|
49,937
|
|
7,355
|
|
2,465
|
|
90,588
|
|
13,342
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
363,564
|
|
318,043
|
|
6,853
|
|
1,009
|
|
529,159
|
|
607,335
|
|
89,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.06
|
|
1.79
|
|
0.04
|
|
0.01
|
|
3.18
|
|
3.41
|
|
0.50
|
Diluted
|
1.17
|
|
1.64
|
|
(1.55)
|
|
(0.23)
|
|
3.01
|
|
2.28
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
8.25
|
|
7.16
|
|
0.16
|
|
0.02
|
|
12.70
|
|
13.64
|
|
2.01
|
Diluted
|
4.66
|
|
6.55
|
|
(6.20)
|
|
(0.91)
|
|
12.03
|
|
9.14
|
|
1.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
176,336,307
|
|
177,718,162
|
|
177,992,073
|
|
177,992,073
|
|
166,612,951
|
|
178,150,798
|
|
178,150,798
|
Diluted
|
196,544,769
|
|
170,989,776
|
|
170,492,073
|
|
170,492,073
|
|
177,583,926
|
|
172,045,324
|
|
172,045,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
44,084,077
|
|
44,429,541
|
|
44,498,018
|
|
44,498,018
|
|
41,653,238
|
|
44,537,699
|
|
44,537,699
|
Diluted
|
49,136,192
|
|
42,747,444
|
|
42,623,018
|
|
42,623,018
|
|
44,395,981
|
|
43,011,331
|
|
43,011,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
367,693
|
|
344,966
|
|
56,790
|
|
8,364
|
|
531,624
|
|
697,923
|
|
102,793
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation
adjustments
|
(666)
|
|
30,442
|
|
(100,718)
|
|
(14,834)
|
|
41,144
|
|
(64,438)
|
|
(9,491)
|
-Change
in the instrument-specific
credit risk
|
5,546
|
|
(52,681)
|
|
(36,727)
|
|
(5,409)
|
|
57
|
|
(11,004)
|
|
(1,621)
|
Comprehensive
income/(loss)
|
372,573
|
|
322,727
|
|
(80,655)
|
|
(11,879)
|
|
572,825
|
|
622,481
|
|
91,681
|
Less:
Comprehensive income
attributable to non-controlling
interests
|
4,129
|
|
26,923
|
|
49,937
|
|
7,355
|
|
2,465
|
|
90,588
|
|
13,342
|
Comprehensive
income/(loss)
attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders
|
368,444
|
|
295,804
|
|
(130,592)
|
|
(19,234)
|
|
570,360
|
|
531,893
|
|
78,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-
GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share
and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to
ordinary shareholders
|
363,564
|
|
318,043
|
|
6,853
|
|
1,009
|
|
529,159
|
|
607,335
|
|
89,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
senior notes issuance
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
18,646
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible
senior notes and call option
|
(82,932)
|
|
51,165
|
|
312,992
|
|
46,099
|
|
(37,862)
|
|
298,167
|
|
43,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expenses of convertible
senior notes and call option
|
6,190
|
|
6,734
|
|
7,217
|
|
1,063
|
|
9,103
|
|
20,078
|
|
2,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible
senior notes and call option
|
7,834
|
|
(291)
|
|
(5,904)
|
|
(870)
|
|
7,114
|
|
(1,531)
|
|
(225)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
6,546
|
|
423
|
|
194
|
|
29
|
|
11,208
|
|
866
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to
ordinary shareholders
|
301,202
|
|
376,074
|
|
321,352
|
|
47,330
|
|
537,368
|
|
924,915
|
|
136,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share
attributable to ordinary shareholders -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.71
|
|
2.12
|
|
1.81
|
|
0.27
|
|
3.23
|
|
5.19
|
|
0.77
|
Diluted
|
1.53
|
|
2.12
|
|
1.81
|
|
0.27
|
|
3.03
|
|
5.19
|
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS
attributable to ordinary shareholders -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6.83
|
|
8.46
|
|
7.22
|
|
1.06
|
|
12.90
|
|
20.77
|
|
3.06
|
Diluted
|
6.13
|
|
8.46
|
|
7.22
|
|
1.06
|
|
12.10
|
|
20.77
|
|
3.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
176,336,307
|
|
177,718,162
|
|
177,992,073
|
|
177,992,073
|
|
166,612,951
|
|
178,150,798
|
|
178,150,798
|
Diluted
|
196,544,769
|
|
177,718,162
|
|
177,992,073
|
|
177,992,073
|
|
177,583,926
|
|
178,150,798
|
|
178,150,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
44,084,077
|
|
44,429,541
|
|
44,498,018
|
|
44,498,018
|
|
41,653,238
|
|
44,537,700
|
|
44,537,700
|
Diluted
|
49,136,192
|
|
44,429,541
|
|
44,498,018
|
|
44,498,018
|
|
44,395,982
|
|
44,537,700
|
|
44,537,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2019
|
|
September 30,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
5,653,854
|
|
5,774,669
|
|
850,517
|
Restricted
cash
|
576,546
|
|
630,173
|
|
92,814
|
Restricted
short-term investments
|
6,930,502
|
|
6,378,336
|
|
939,427
|
Accounts
receivable, net - related parties
|
520,504
|
|
444,109
|
|
65,410
|
Accounts
receivable, net - third parties
|
5,266,351
|
|
5,147,038
|
|
758,077
|
Notes
receivable, net - related parties
|
18,629
|
|
38,629
|
|
5,689
|
Notes
receivable, net - third parties
|
1,529,801
|
|
2,132,749
|
|
314,120
|
Advances to
suppliers, net - third parties
|
2,522,373
|
|
2,025,944
|
|
298,389
|
Inventories,
net
|
5,818,789
|
|
7,722,269
|
|
1,137,367
|
Forward
contract receivables
|
52,281
|
|
38,962
|
|
5,738
|
Prepayments
and other current assets, net - related
parties
|
54,318
|
|
51,403
|
|
7,571
|
Prepayments
and other current assets, net
|
1,573,482
|
|
1,933,857
|
|
284,826
|
Held-for-sale
assets
|
1,170,818
|
|
-
|
|
-
|
Total current
assets
|
31,688,248
|
|
32,318,138
|
|
4,759,945
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
531,158
|
|
966,780
|
|
142,391
|
Accounts
receivable, net - third parties
|
-
|
|
27,278
|
|
4,018
|
Project
Assets
|
798,243
|
|
773,051
|
|
113,858
|
Long-term
investments
|
278,021
|
|
173,382
|
|
25,536
|
Property,
plant and equipment, net
|
10,208,205
|
|
11,718,902
|
|
1,726,008
|
Land use
rights, net
|
597,922
|
|
717,477
|
|
105,673
|
Intangible
assets, net
|
36,395
|
|
36,746
|
|
5,412
|
Financing
lease right-of-use assets, net
|
1,259,713
|
|
941,833
|
|
138,717
|
Operating
lease right-of-use assets, net
|
317,904
|
|
261,660
|
|
38,538
|
Deferred tax
assets
|
271,286
|
|
271,286
|
|
39,956
|
Call Option -
concurrent with issuance of convertible
senior notes
|
294,178
|
|
507,693
|
|
74,775
|
Other assets,
net - related parties
|
96,753
|
|
100,369
|
|
14,783
|
Other assets,
net - third parties
|
1,466,692
|
|
1,198,296
|
|
176,490
|
Total non-current
assets
|
16,156,470
|
|
17,694,753
|
|
2,606,155
|
|
|
|
|
|
|
Total
assets
|
47,844,718
|
|
50,012,891
|
|
7,366,100
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
36,310
|
|
33,192
|
|
4,889
|
Accounts
payable - third parties
|
4,952,630
|
|
4,855,246
|
|
715,100
|
Notes payable
- third parties
|
7,518,570
|
|
8,043,194
|
|
1,184,634
|
Accrued
payroll and welfare expenses
|
879,465
|
|
839,161
|
|
123,595
|
Advances from
related parties
|
749
|
|
-
|
|
-
|
Advances
from third parties
|
4,350,380
|
|
2,349,284
|
|
346,012
|
Income tax
payable
|
117,422
|
|
87,394
|
|
12,872
|
Other payables
and accruals
|
3,055,928
|
|
3,201,154
|
|
471,477
|
Other payables
due to related parties
|
13,127
|
|
12,909
|
|
1,901
|
Forward
contract payables
|
3,857
|
|
597
|
|
88
|
Convertible
senior notes - current
|
-
|
|
1,241,768
|
|
182,893
|
Financing
lease liabilities - current
|
227,613
|
|
209,447
|
|
30,848
|
Operating
lease liabilities - current
|
40,043
|
|
37,858
|
|
5,576
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
9,047,250
|
|
10,145,388
|
|
1,494,254
|
Guarantee
liabilities to related parties
|
25,688
|
|
22,946
|
|
3,380
|
Held-for-sale
liabilities
|
1,008,196
|
|
-
|
|
-
|
Total current
liabilities
|
31,277,228
|
|
31,079,538
|
|
4,577,519
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
1,586,187
|
|
4,906,232
|
|
722,610
|
Convertible
senior notes
|
728,216
|
|
-
|
|
-
|
Accrued
warranty costs - non current
|
651,968
|
|
762,779
|
|
112,345
|
Financing
lease liabilities
|
583,491
|
|
441,949
|
|
65,092
|
Operating
lease liabilities
|
279,534
|
|
224,398
|
|
33,050
|
Deferred tax
liability
|
250,734
|
|
250,734
|
|
36,929
|
Guarantee
liabilities to related parties
- non current
|
46,332
|
|
37,891
|
|
5,581
|
Total non-current
liabilities
|
4,126,462
|
|
6,623,983
|
|
975,607
|
|
|
|
|
|
|
Total
liabilities
|
35,403,690
|
|
37,703,521
|
|
5,553,126
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 180,653,497 and 183,993,437 shares
issued as of December 31, 2019 and September 30, 2020,
respectively)
|
25
|
|
25
|
|
4
|
Additional paid-in
capital
|
4,582,850
|
|
4,641,661
|
|
683,643
|
Statutory
reserves
|
689,707
|
|
689,707
|
|
101,583
|
Accumulated other
comprehensive income
|
62,952
|
|
(12,490)
|
|
(1,840)
|
Treasury stock, at
cost; 1,723,200 and 2,945,840 ordinary
shares as of December 31, 2019 and September 30,
2020, respectively
|
(13,876)
|
|
(43,170)
|
|
(6,358)
|
Accumulated retained
earnings
|
3,981,661
|
|
4,595,604
|
|
676,859
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
9,303,319
|
|
9,871,337
|
|
1,453,891
|
|
|
|
|
|
|
Non-controlling
interests
|
3,137,709
|
|
2,438,033
|
|
359,083
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
47,844,718
|
|
50,012,891
|
|
7,366,100
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2020-financial-results-301187112.html
SOURCE JinkoSolar Holding Co., Ltd.