SHANGRAO, China, April 9,
2021 /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 fourth quarter and full year
ended December 31, 2020.
Strategic Business Updates
- Despite extreme challenges, we experienced significant growth
in both revenues and shipments for the full year compared with
2019.
- As of the end of 2020, JinkoSolar became the world's largest PV
manufacturer, with aggregate module of 70GW. We expect shipments to
sustain a growth rate of over 30% in 2021.
- Unrelenting volatility in the industrial value chain
underscored the resilience to risk of integrated manufacturers. We
adjusted each link of the production process smoothly and
flexibly.
- Our new generation Tiger Pro flagship products will account for
40% to 50% of the total shipments this year, with cumulative orders
of over 10 GW.
- JinkoSolar is leveraging our capacity for technical innovation
and our brand reputation built on years of global marketing and
excellent service, in order to continue expanding successfully and
develop new business models.
- Uncertainty has had the effect of consolidating the market,
with heightened competition among key players. In response we have
been optimizing supply chain management throughout the network and
partners on an ongoing basis.
Fourth Quarter 2020 Operational and
Financial Highlights
- Quarterly shipments were 5,774 MW, up 27.2% year over
year.
- Total revenues were US$1.44
billion, down 1.1% year over year.
- Gross profit was US$230.9
million, down 12.9% year over year (or US$206.4 million, down 22.1% year over
year[1] if excluding the reversal benefit of
Countervailing Duty ("CVD") and Anti-dumping Duty ("ADD")).
- Gross margin of 16.0%, compared with 17.0% in Q3 2020 and 18.2%
in Q4 2019. (Or 14.3%, compared with 17.0% in Q3 2020 and 18.1% in
Q4 2019 if excluding the reversal benefit of CVD and ADD).
- Income from operations of US$11.0
million, down 88.0% year over year. (or loss from operations
of US$13.6 million, down 114.9% year
over year, if excluding the reversal benefit of CVD and ADD ).
- Non-GAAP net income of US$5.1
million, down 92.3% year over year.
- Net loss of US$57.8 million, due
to US$65.5 million loss of change in
fair value of convertible senior notes and call option, as a result
of the sharp rise in stock price for the fourth quarter.
[1] The
company recorded the reversal benefit ADD and CVD in aggregate of
RMB160.0 million (US$24.5 million) in cost of revenues in the
fourth quarter of 2020, compared to RMB1.7 million (US$0.2 million)
in the fourth quarter of 2019, based on the final results of the
administrative review of the CVD and ADD order published by the
U.S. Department of Commerce.
|
Full Year 2020 Operational and
Financial Highlights
- Annual shipments were 18,771 MW, up 31.4% year over year.
- Total revenues were US$5.38
billion, up 18.1% year over year.
- Gross profit was US$945.8
million, up 13.6% year over year (or US$921.3 million, up 15.2% year over
year[2] if excluding the reversal benefit of CVD and
ADD).
- Gross margin of 17.6%, compared with 18.3% in full year of
2019. (of 17.1% compared with 17.5% in full year 2019 if excluding
the reversal benefit of CVD and ADD).
- Income from operations of US$273.6
million, up 3.2% year over year (or US$249.0 million up 7.2% if excluding the
reversal benefit of CVD and ADD).
- Non-GAAP net income of US$146.9
million, down 1.2% year over year.
- Net income of US$35.3 million,
including US$111.2 million loss of
change in fair value of convertible senior notes and call option,
given the sharp rise in stock price for 2020.
[2] The
company recorded the reversal benefit of anti-dumping (AD) and
countervailing duty (CVD) of RMB160.0 million (US$24.5 million) in
cost of revenues in 2020, compared to RMB213.6 million (US$30.7
million) in the 2019, based on the final results of the
administrative review of the CVD and ADD order published by the
U.S. Department of Commerce.
|
Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "2020 was a very challenging year for the solar industry
as global markets were shrouded in uncertainty due to the COVID-19
pandemic. Despite difficult market conditions, we increased our
global market share and captured growth opportunities thanks to our
resilient network and strategic partnerships along the industry
value chain. Gross margin for the fourth quarter was within our
expectations and both revenues and shipments for the full year
recorded significant growth compared with 2019. We expect total
shipments in 2021 to grow over 30%, to be in the range of 25GW to
30GW. By the end of 2021, we expect our in-house annual production
capacity of monocrystalline silicon wafers, high efficiency solar
cells and modules to reach 33 GW, 27 GW and 37 GW,
respectively."
"Since the fourth quarter of 2020, the mismatch between supply
and demand continued to drive volatility upstream and
downstream. We predict this scenario will continue into the
second quarter of this year. While there are still supply
shortages, there is enough polysilicon to support over 180GW of
module production and supply is sufficient in most segments of the
supply chain. As global installation levels are still likely to
increase this year, demand for modules will revive once market
prices are stabilized."
"The continuous volatility in the industrial value chain further
highlighted the resilience to risk of integrated manufacturers.
Meanwhile, economic uncertainties continued to concentrate key
players and heightened competition for "survival of the fittest"
and rewarded highly adaptive companies to gain more market share.
We have been closely monitoring market trends, adjusting with
flexibility each link of the production process, and continuously
optimizing our supply chain management throughout our network and
partners."
"JinkoSolar has long been committed to promoting the
acceleration of carbon neutrality through product innovation,
operating excellence and collaboration with various partners. In
response to rising demand, we have also been actively deploying
innovative solutions for the solar+ industries and are working to
promote safe and efficient energy systems."
"As the world enters into the era of grid parity, we continue to
leverage years of global marketing experience and excellent service
to solidify our foothold in major regions worldwide. We have
shipped our energy storage products to the Middle East and Africa, and will launch products specifically
designed for the U.S. and Japanese markets in the second half of
2021. Meanwhile, our business in the global distribution market is
showing a rapid upward trend, and our products for Building
Integrated Photovoltaics (BIPV) systems have been installed in a
number of commercial real estate projects in China."
Fourth Quarter 2020 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2020 were RMB9.42 billion (US$1.44
billion), an increase of 7.5% from RMB8.77 billion in the third quarter of 2020
and a decrease of 1.1% from RMB9.53 billion in the fourth 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.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2020 was RMB1.51 billion (US$230.9 million) (or RMB1.35 billion if excluding the impact from the
Countervailing Duty ("CVD") and Anti-dumping Duty
("ADD") reversal benefit, compared with RMB1.49 billion in the third quarter of 2020
and RMB1.73 billion in the fourth
quarter of 2019.
Gross margin was 16.0% in the fourth quarter of 2020 (or 14.3%
if excluding the impact from the CVD and ADD reversal benefit),
compared with 17.0% in the third quarter of 2020 and 18.2% in the
fourth quarter of 2019 (or 18.1% if excluding the impact from the
CVD and ADD reversal benefit). The sequential and year-over-year
decrease was mainly attributable to (i) a decline in the average
selling price of solar modules due to the intensified global market
competition of solar modules and (ii) an increase in the cost of
raw materials.
Income/(Loss) from Operations and
Operating Margin
Income from operations in the fourth quarter of 2020 was
RMB71.6 million (US$11.0 million) (or RMB (88.4) million
if excluding the impact from CVD and ADD reversal benefit),
compared with RMB546.0 million
in the third quarter of 2020 and RMB594.8
million in the fourth quarter of 2019 (or RMB593.1 million if excluding the impact from CVD
and ADD reversal benefit).
Operating margin was 0.8% (or -0.9% if excluding the impact from
CVD and ADD reversal benefit) in the fourth quarter of 2020,
compared with 6.2% in the third quarter of 2020 and 6.2% in the
fourth quarter of 2019.
Total operating expenses in the fourth quarter of 2020 were
RMB1.44 billion (US$220.0 million), an increase of 51.3% from
RMB948.9 million in the third
quarter of 2020 and an increase of 26.5% from RMB1.13 billion in the fourth quarter of 2019.
The sequential and year-over-year increase was mainly attributable
to (i) an increase in disposal and impairment loss on property,
plant and equipment as a result of the Company's upgrade of
production equipment in the fourth quarter of 2020 with the total
amount of RMB230.6 million, (ii)
an increase in impairment loss on one overseas solar power project
with the amount of RMB93.8 million in
the fourth quarter of 2020 (iii) an increase in shipping costs and
(iv) an increase of research and development expenditure.
Total operating expenses accounted for 15.2% of total revenues
in the fourth quarter of 2020, compared to 10.8% in the third
quarter of 2020 and 11.9% in the fourth quarter of 2019.
Interest Expense, Net
Net interest expense in the fourth quarter of 2020 was
RMB115.2 million (US$17.6 million), a decrease of 10.9% from
RMB129.2 million in the third
quarter of 2020 and an increase of 37.4% from RMB83.8 million in the fourth quarter of
2019. The sequential decrease was mainly due to a decrease of bank
acceptance notes discount expense. The 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 RMB47.9 million (US$7.3
million) in the fourth quarter of 2020, compared to a net
exchange loss of RMB63.9 million in the third quarter of 2020
and a net exchange gain of RMB77.9
million in the fourth quarter of 2019. The net exchange
loss was mainly due to the depreciation of the
U.S. dollars against the RMB (exchange rate of U.S. dollars
against RMB dropped from 6.8101 to 6.5249) in the fourth 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 derived by valuation model, i.e. Binomial Model. The
Company recognized a loss from a change in fair value of the Notes
of RMB685.4 million
(US$105.0 million) in the fourth
quarter of 2020, compared to a loss of RMB593.7 million in the third quarter of
2020 and RMB152.7 million in the
fourth quarter of 2019. The change was primarily due to
an increase in the Company's stock price in the fourth 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 RMB257.8 million (US$39.5 million) in the fourth quarter of
2020, compared to a gain of RMB280.7 million in the third quarter of
2020 and RMB85.6 million in the
fourth quarter of 2019. The change was primarily due to an
increase in the Company's stock price in the fourth 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 RMB19.9 million
(US$3.1 million) in the fourth
quarter of 2020, compared with a gain of RMB24.7 million in the third quarter of 2020
and a gain of RMB31.8 million in the
fourth quarter of 2019. The gain primarily arose from revenue
generated from operations in the fourth quarter of 2020.
Income Tax (Expenses)/Benefit
The Company recorded an income tax benefit of RMB23.1 million (US$3.5 million) in the fourth quarter of 2020,
compared with an income tax expense of RMB69.2 million in the third quarter of 2020 and
an income tax expense of RMB221.0
million in the fourth quarter of 2019.
Net Income/(loss) and
Earnings/(loss) per Share
Net loss attributable to the Company's ordinary shareholders was
RMB377.0 million (US$57.8 million) in the fourth quarter of
2020, compared with net income attributable to the Company's
ordinary shareholders of RMB6.9 million in the third quarter of 2020
and RMB369.5 million in the
fourth quarter of 2019.
Basic and diluted earnings/(loss) per ordinary share
were RMB(2.08) (US$(0.32))
and RMB(3.60) (US$(0.55)), respectively, during the fourth
quarter of 2020, compared to RMB0.04
and RMB(1.55) in the third quarter of
2020, RMB2.08 and RMB1.67 in the fourth quarter of 2019. This
translates into basic and diluted earnings/(loss) per ADS of
RMB(8.32) (US$(1.27)) and
RMB(14.40) (US$(2.21)), respectively in the fourth quarter of
2020; RMB0.16 and RMB(6.20) in the third quarter of 2020;
RMB8.32 and RMB6.68 in the fourth quarter of 2019. The
difference between basic and diluted loss per share in the fourth
quarter of 2020 was mainly due to the dilutive impact of call
option.
Non-GAAP net income attributable to the Company's ordinary
shareholders in the fourth quarter of 2020 was RMB33.4 million (US$5.1 million), compared with RMB321.4 million in the third quarter of
2020 and RMB 432.2 million in the
fourth quarter of 2019.
Non-GAAP basic and diluted earnings per ordinary share were
both RMB0.19 (US$0.03), during the fourth quarter of
2020; RMB1.81 in the third quarter of
2020 and RMB2.43 in the fourth
quarter of 2019. This translates into non-GAAP basic and
diluted earnings per ADS of both RMB0.74 (US$0.11) in the fourth quarter of 2020;
RMB7.22 in the third quarter of 2020
and RMB 9.74 in the fourth quarter of
2019.
Financial Position
As of December 31, 2020, the
Company had RMB8.07 billion
(US$1.24 billion) in cash and
cash equivalents and restricted cash, compared with RMB6.23 billion as of December 31, 2019.
As of December 31, 2020, the
Company's accounts receivables due from third parties were
RMB4.53 billion (US$695.0 million), compared with
RMB5.27 billion as of December 31, 2019.
As of December 31, 2020, the
Company's inventories were RMB8.38
billion (US$1.28 billion),
compared with RMB5.82 billion as
of December 31, 2019.
As of December 31, 2020, the
Company's total interest-bearing debts were RMB18.28 billion (US$2.80 billion), of which RMB748.8 million (US$114.8 million) was related to the
Company's overseas downstream solar projects, compared with
RMB13.41 billion, of which
RMB2.05 billion was related to the
Company's overseas downstream solar projects as of
December 31, 2019.
Full Year 2020 Financial Results
Total Revenues
Total revenues for full year 2020 were RMB35.13 billion (US$5.38 billion), an increase of 18.1%
from RMB29.75 billion for full year 2019. The increase in
total revenues was mainly attributable to an increase in the
shipment of solar modules, which was partially offset by a decline
in the average selling price of solar modules.
Gross Profit and Gross Margin
Gross profit for full year 2020 was RMB6.17 billion (US$945.8 million), an increase of 13.6% from
RMB5.43 billion for full year 2019.
Gross margin was 17.6% for full year 2020, compared with 18.3% for
full year 2019. The year-over-year increase was mainly
attributable to (i) an increase in the shipment of solar modules in
2020, which was partially offset by a decline in the average
selling price of solar modules, (ii) an increase in self-produced
production volume by increasing shift 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.
Excluding the CVD and ADD reversal benefits, gross margin was
17.1% for full year 2020, compared with 17.5% for full year 2019.
The year-over-year decrease was attributable to (i) a decline in
the average selling price of solar modules due to the
intensified global market competition of solar modules and (ii) an
increase in the cost of raw materials.
Income from Operations and Operating Margin
Income from operations for full year 2020 was RMB1.78 billion (US$273.6 million), compared with
RMB1.73 billion for full year 2019.
Operating margin for full year 2020 was 5.1%, compared with 5.8%
for full year 2019.
Total operating expenses for full year 2020 were RMB4.39 billion (US$672.3 million), an increase of 18.5% from
RMB3.70 billion for full year 2019.
As a percentage of total revenues, operating expenses accounted for
12.5% for full year 2020, compared with 12.4% for full year 2019.
The increase in total operating expenses was primarily due
to (i) an increase in shipping cost, (ii) an increase in
disposal loss on property, plant and equipment as a result of the
Company's upgrade of production equipment and (iii) an increase in
impairment loss on one overseas solar power project with the amount
of RMB93.8million in the fourth
quarter of 2020.
Interest Expense, Net
Net interest expense for full year 2020 was RMB459.2 million (US$70.4 million), an increase of 17.3% from
RMB391.6 million for full year 2019.
The increase was mainly due to an increase in interest expense with
the increase of interest-bearing debts.
Exchange Loss 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 RMB148.9 million (US$22.8 million) for full year 2020 due
primarily to depreciation of US dollars against RMB. The Company
recorded a net exchange loss of RMB69.8
million for full year 2019. With the rapid increase in
overseas orders, the Company increased its foreign currency
hedge ratio to hedge against anticipated cash flow denominated in
U.S. dollars over the next six months.
Change in Fair Value of Interest Rate Swap
The Company entered into Interest Rate Swap agreements with
several banks for the purpose of reducing interest rate risk
exposure. The Company recorded a loss of RMB78.9 million (US$12.1
million) arising from change in fair value of the Interest
Rate Swap agreements for full year 2020, compared to a loss of
RMB70.0 million for full year 2019.
The loss in 2020 was primarily due to a decrease in USD LIBOR
rates. The Company did not elect to use hedge accounting for any of
its derivatives.
Change in Fair Value of Convertible Senior Notes and Call
Option
The Company issued the Notes in May
2019 and has elected to measure them at fair value derived
by valuation model, i.e. Binomial Model. The Company recognized a
loss from a change in fair value of the Notes of RMB1.20 billion (US$184.2 million) for full year 2020,
compared to a loss of RMB114.1
million for full year 2019. The change in 2020
was primarily due to a significant increase in the Company's
stock price in 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
at each reporting period. The Company recorded a gain from a change
in fair value of the call option of RMB476.3 million (US$73.0 million) for full year 2020, compared to
a gain of RMB84.8 million for full
year 2019. The change in 2020 was primarily due to a
significant increase in the Company's stock price in 2020.
Equity in (Loss)/Income of Affiliated Companies
The Company indirectly holds a 20% equity interest of Sweihan PV
Power Company P.J.S.C, a developer and operator of solar power
projects in Dubai, and accounts
for its investments 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 loss of affiliated
companies of RMB52.7 million
(US$8.1 million) for full year 2020,
compared with a loss of RMB48.9 million in 2019. The loss
primarily arose from change in fair value of interest rate swap
agreements purchased by Sweihan PV Power Company P.J.S.C. due to a
continuous decrease in USD LIBOR rates. Hedge accounting was
not applied for the derivative.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB178.4 million (US$27.3 million) for full year 2020,
compared with an income tax expense of RMB278.0 million in full year 2019.
Net Income and Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders
for full year 2020 was RMB230.4
million (US$35.3 million),
compared with a net income of RMB898.7
million in full year 2019.
Basic and diluted earnings/(loss) per share for full year 2020
were RMB1.29 (US$0.20) and RMB(1.36) (US$(0.21)), respectively, compared to
RMB5.31 and RMB4.85 for full year 2019. This translates into
basic and diluted earnings/(loss) per ADS of RMB5.15 (US$0.79)
and RMB(5.42) (US$(0.83)),
respectively for full year 2020, compared to RMB21.22 and RMB19.40 for full year 2019.
Non-GAAP net income for full year 2020 was RMB958.4 million (US$146.9
million), compared with non-GAAP net income of RMB969.5 million in full year 2019.
Non-GAAP basic and diluted earnings per share for full year 2020
were both RMB5.36 (US$0.82),
compared to RMB5.73 for full year
2019, which translates into non-GAAP basic and diluted earnings per
ADS of both RMB21.42 (US$3.28)
for full year 2020, compared to RMB22.90 for full year 2019.
Fourth Quarter and Full Year 2020 Operational
Highlights
Solar Module Shipments
Total solar module shipments in the fourth quarter of 2020 were
5,774 MW.
Total solar module shipments in full year 2020 were 18.8 GW,
compared to 14.3 GW in 2019.
Solar Products Production Capacity
As of December 31, 2020, the
Company's in-house annual mono wafer[3], solar cell
and solar module production capacity was 22 GW, 11GW (10.2 GW for
PERC cells and 800 MW for N type cells) and 31 GW,
respectively.
Note:
|
In addition to the
mono wafer, our multi wafer production capacity was 3.5 GW as of
September 30, 2020[3]
|
Operations and Business Outlook
Since installations are still likely to increase, and supply is
sufficient in most segments of the supply chain, we anticipate that
demand for modules will revive once market prices stabilized. We
remain optimistic about global installation levels in 2021.
First Quarter and Full Year 2021 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 first quarter of 2021, the Company expects total solar
module shipments to be in the range of 4.5 GW to 5.0 GW. Total
revenue for the first quarter is expected to be in the range of
US$1.18 billion to US$1.30 billion. Gross margin for the first
quarter is expected to be between 12% and 15%.
For full year 2021, the Company estimates total shipments
(including solar cell and wafer) to be in the range of 25 GW to
30 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar
module production capacity to reach 33 GW, 27 GW
(including 800 MW N-type cells) and 37 GW, respectively,
by the end of 2021.
Recent Business Developments
- In October 2020, JinkoSolar
announced the completion of a RMB 3.10
billion equity financing by its principal operating
subsidiary Jinko Solar Co., Ltd.
- In November 2020, JinkoSolar and
its subsidiary Sichuan Jinko signed a long-term purchase agreement
with second tier subsidiaries of Tongwei Co., Ltd., namely Sichuan
Yongxiang Polysilicon Co., Ltd., Sichuan Yongxiang New Energy Co.,
Ltd., Inner Mongolia Tongwei High-purity Crystalline Silicon
Company, and Yunnan Tongwei High-purity Crystalline Silicon
Company.
- In November 2020, JinkoSolar
announced the resignation of Mr. Zhiqun
Xu as the Company's Chief Operating Officer and the
appointment of Dr. Jiun-Hua Allen
Guo as the Company's new Chief Operating Officer.
- In November 2020, JinkoSolar's
wholly-owned subsidiary JinkoSolar Sweihan (HK) Limited signed a
share and debt purchase agreement with Jinko Power (HK) Company Limited, an indirectly
wholly-owned subsidiary of Jinko Power Technology Co., Ltd.
- In December 2020, JinkoSolar
became the sole PV company given the highest AAA rating for credit
quality in the Chinese market.
- In December 2020, JinkoSolar
announced that Mr. Longgen Zhang resigned as a director of the
board of directors of the Company and Mr. Haiyun (Charlie) Cao was appointed as a director
of the Board.
- In December 2020, "Weekly Toyo
Keizai", an authoritative business and finance magazine in
Japan, listed JinkoSolar in its
latest ranking of "China's Top 100
New Enterprises".
- In December 2020, JinkoSolar
announced changes to its senior management team, in order to comply
with certain business operations and independence requirements of
the Shanghai Stock Exchange Science and Technology Innovation
Board, in relation to the proposed listing of its principal
operating subsidiary, Jinko Solar Co., Ltd. on the STAR
Market.
- In December 2020, JinkoSolar
filed a prospectus supplement to sell up to an aggregate of
US$100,000,000 of the American
depositary shares, each representing four ordinary shares of
JinkoSolar, through an at-the-market equity offering program, which
had been approved by its board of directors. This offering was
completed in January 2021.
- In January 2021, JinkoSolar won
the prestigious PV Magazine Award 2020 in the Module category for
its Tiger monofacial module.
- In February 2021, JinkoSolar and
its subsidiaries signed a solar glass procurement contract with
Flat Glass Group Co. Ltd., securing approximately 338 million
square meters of rolled glass to support the production of 59GW of
JinkoSolar's high-efficient solar modules for three years from 2021
to 2023.
- In February 2021, JinkoSolar
announced that it intends to sign a "strategic cooperation
agreement" with Tongwei Co., Ltd. to jointly invest in a
high-purity crystalline silicon project with annual capacity of
45,000 metric tons and a silicon wafer project with an annual
production capacity of 15GW, as well as develop a more extensive
industrial chain cooperation.
- In February 2021, JinkoSolar won
the Green Builder Media's 2021 Green Innovation award.
- In March
2021, JinkoSolar adopted a 2021 equity incentive plan with a
ten-year term. The plan has a maximum number of 2,600,000 ordinary
shares of the Company available for issuance pursuant to all awards
under the 2021 Plan, including options, restricted shares and other
share-based awards.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, April 9, 2021 at 8:00 a.m. U.S. Eastern Time (8:00 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:
|
73382078#
|
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, April 16, 2021. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
U.S.:
|
+1 646 982
0473
|
Passcode:
|
319340208#
|
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 30 GW for solar modules, as of
December 31, 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 ā 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 December
31, 2020, which was RMB6.5250
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
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
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
29,592,010
|
|
35,067,287
|
|
5,374,297
|
|
|
|
|
|
|
Revenues from
related parties
|
154,278
|
|
62,172
|
|
9,528
|
|
|
|
|
|
|
Total
revenues
|
29,746,288
|
|
35,129,459
|
|
5,383,825
|
|
|
|
|
|
|
Cost of
revenues
|
(24,314,602)
|
|
(28,957,798)
|
|
(4,437,977)
|
|
|
|
|
|
|
Gross
profit
|
5,431,686
|
|
6,171,661
|
|
945,848
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Selling
and marketing
|
(2,250,336)
|
|
(2,473,980)
|
|
(379,154)
|
General
and administrative
|
(1,059,025)
|
|
(1,409,371)
|
|
(215,996)
|
Research
and development
|
(324,435)
|
|
(389,192)
|
|
(59,646)
|
Impairment of long-lived assets
|
(68,262)
|
|
(114,168)
|
|
(17,497)
|
Total operating
expenses
|
(3,702,058)
|
|
(4,386,711)
|
|
(672,293)
|
|
|
|
|
|
|
Income from
operations
|
1,729,628
|
|
1,784,950
|
|
273,555
|
Interest
expenses, net
|
(391,582)
|
|
(459,234)
|
|
(70,381)
|
Subsidy
income
|
63,017
|
|
191,981
|
|
29,422
|
Exchange
gain/(loss)
|
8,809
|
|
(336,523)
|
|
(51,574)
|
Change in fair
value of interest rate
swap
|
(69,974)
|
|
(78,878)
|
|
(12,089)
|
Change in fair
value of foreign
exchange derivatives
|
(78,615)
|
|
187,578
|
|
28,748
|
Convertible
senior notes issuance
costs
|
(18,646)
|
|
-
|
|
-
|
Change in fair
value of convertible
senior notes and call option
|
(29,257)
|
|
(725,792)
|
|
(111,232)
|
Other income,
net
|
17,873
|
|
2,292
|
|
351
|
Gain on
disposal of subsidiaries
|
19,935
|
|
-
|
|
-
|
Income before
income taxes
|
1,251,188
|
|
566,374
|
|
86,800
|
Income tax
expense
|
(277,979)
|
|
(178,411)
|
|
(27,343)
|
Equity in loss
of affiliated companies
|
(48,855)
|
|
(52,706)
|
|
(8,078)
|
Net
income
|
924,354
|
|
335,257
|
|
51,379
|
Less: Net
income attributable to non-
controlling interests
|
25,690
|
|
104,871
|
|
16,072
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
898,664
|
|
230,386
|
|
35,307
|
|
|
|
|
|
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
Basic
|
5.31
|
|
1.29
|
|
0.20
|
Diluted
|
4.85
|
|
(1.36)
|
|
(0.21)
|
|
|
|
|
|
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
Basic
|
21.22
|
|
5.15
|
|
0.79
|
Diluted
|
19.40
|
|
(5.42)
|
|
(0.83)
|
|
|
|
|
|
|
Weighted
average ordinary shares
outstanding:
|
|
|
|
|
|
Basic
|
169,363,306
|
|
178,938,853
|
|
178,938,853
|
Diluted
|
166,567,757
|
|
171,438,853
|
|
171,438,853
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
Basic
|
42,340,827
|
|
44,734,713
|
|
44,734,713
|
Diluted
|
41,641,939
|
|
42,859,713
|
|
42,859,713
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
Net
income
|
924,354
|
|
335,257
|
|
51,379
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
-Foreign
currency translation
adjustments
|
13,741
|
|
(251,894)
|
|
(38,604)
|
-Change
in the instrument-specific
credit risk
|
(21,090)
|
|
60,326
|
|
9,245
|
Comprehensive
income
|
917,005
|
|
143,689
|
|
22,020
|
Less:
Comprehensive income
attributable to non-controlling
interests
|
25,690
|
|
104,871
|
|
16,072
|
Comprehensive
income attributable
to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
891,315
|
|
38,818
|
|
5,948
|
|
|
|
|
|
|
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
|
898,664
|
|
230,386
|
|
35,307
|
|
|
|
|
|
|
Convertible
senior notes issuance
costs
|
18,646
|
|
-
|
|
-
|
|
|
|
|
|
|
Change in fair
value of convertible
senior notes and call option
|
29,257
|
|
725,792
|
|
111,232
|
|
|
|
|
|
|
Net interest
expenses of convertible
senior notes and call option
|
15,384
|
|
26,614
|
|
4,079
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible
senior notes and call option
|
3,002
|
|
(25,347)
|
|
(3,885)
|
|
|
|
|
|
|
Stock-based
compensation
expense
|
4,578
|
|
923
|
|
141
|
|
|
|
|
|
|
Non-GAAP net
income attributable
to ordinary shareholders
|
969,531
|
|
958,368
|
|
146,874
|
|
|
|
|
|
|
Non-GAAP
earnings per share
attributable to ordinary shareholders -
|
|
|
|
|
|
Basic
|
5.73
|
|
5.36
|
|
0.82
|
Diluted
|
5.73
|
|
5.36
|
|
0.82
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS
attributable to ordinary shareholders -
|
|
|
|
|
|
Basic
|
22.90
|
|
21.42
|
|
3.28
|
Diluted
|
22.90
|
|
21.42
|
|
3.28
|
|
|
|
|
|
|
Non-GAAP
weighted average
ordinary shares outstanding
|
|
|
|
|
|
Basic
|
169,363,306
|
|
178,938,853
|
|
178,938,853
|
Diluted
|
169,363,306
|
|
178,938,853
|
|
178,938,853
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS
outstanding
|
|
|
|
|
|
Basic
|
42,340,827
|
|
44,734,713
|
|
44,734,713
|
Diluted
|
42,340,827
|
|
44,734,713
|
|
44,734,713
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
December 31,
2019
|
|
September 30,
2020
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
9,528,920
|
|
8,768,376
|
|
9,418,979
|
|
1,443,522
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
538
|
|
1,919
|
|
5,599
|
|
858
|
|
|
|
|
|
|
|
|
Total
revenues
|
9,529,458
|
|
8,770,295
|
|
9,424,578
|
|
1,444,380
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(7,799,733)
|
|
(7,275,366)
|
|
(7,917,667)
|
|
(1,213,436)
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,729,725
|
|
1,494,929
|
|
1,506,911
|
|
230,944
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(632,871)
|
|
(498,221)
|
|
(652,751)
|
|
(100,038)
|
General
and administrative
|
(342,048)
|
|
(345,228)
|
|
(531,097)
|
|
(81,394)
|
Research
and development
|
(91,740)
|
|
(105,445)
|
|
(137,320)
|
|
(21,045)
|
Impairment of long-lived assets
|
(68,262)
|
|
-
|
|
(114,168)
|
|
(17,497)
|
Total operating
expenses
|
(1,134,921)
|
|
(948,894)
|
|
(1,435,336)
|
|
(219,974)
|
|
|
|
|
|
|
|
|
Income from
operations
|
594,804
|
|
546,035
|
|
71,575
|
|
10,970
|
Interest
expenses, net
|
(83,826)
|
|
(129,221)
|
|
(115,161)
|
|
(17,649)
|
Subsidy
income
|
14,366
|
|
62,839
|
|
109,702
|
|
16,812
|
Exchange
loss
|
(14,003)
|
|
(175,650)
|
|
(223,439)
|
|
(34,243)
|
Change in fair
value of interest rate
swap
|
24,466
|
|
-
|
|
-
|
|
-
|
Change in fair
value of foreign
exchange derivatives
|
91,889
|
|
111,710
|
|
175,521
|
|
26,900
|
Change in fair
value of convertible
senior notes and call option
|
(67,119)
|
|
(312,992)
|
|
(427,624)
|
|
(65,536)
|
Other
income/(expense), net
|
1,432
|
|
(1,409)
|
|
3,762
|
|
577
|
Gain on
disposal of subsidiaries
|
19,935
|
|
-
|
|
-
|
|
-
|
Income/(loss)
before income taxes
|
581,944
|
|
101,312
|
|
(405,664)
|
|
(62,169)
|
Income Tax
(Expenses)/Benefit
|
(220,993)
|
|
(69,226)
|
|
23,089
|
|
3,539
|
Equity in gain
of affiliated companies
|
31,780
|
|
24,704
|
|
19,906
|
|
3,051
|
Net
income/(loss)
|
392,731
|
|
56,790
|
|
(362,669)
|
|
(55,579)
|
Less: Net
income attributable to non-
controlling interests
|
23,225
|
|
49,937
|
|
14,282
|
|
2,189
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
369,506
|
|
6,853
|
|
(376,951)
|
|
(57,768)
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
Basic
|
2.08
|
|
0.04
|
|
(2.08)
|
|
(0.32)
|
Diluted
|
1.67
|
|
(1.55)
|
|
(3.60)
|
|
(0.55)
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to
JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
Basic
|
8.32
|
|
0.16
|
|
(8.32)
|
|
(1.27)
|
Diluted
|
6.68
|
|
(6.20)
|
|
(14.40)
|
|
(2.21)
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
177,524,685
|
|
177,992,073
|
|
181,285,886
|
|
181,285,886
|
Diluted
|
171,509,296
|
|
170,492,073
|
|
173,785,886
|
|
173,785,886
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
44,381,171
|
|
44,498,018
|
|
45,321,472
|
|
45,321,472
|
Diluted
|
42,877,324
|
|
42,623,018
|
|
43,446,472
|
|
43,446,472
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
392,731
|
|
56,790
|
|
(362,669)
|
|
(55,579)
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
-Foreign
currency translation
adjustments
|
(21,970)
|
|
(100,718)
|
|
(187,456)
|
|
(28,729)
|
-Change
in the instrument-specific
credit risk
|
(26,579)
|
|
(36,727)
|
|
71,330
|
|
10,932
|
Comprehensive
income/(loss)
|
344,182
|
|
(80,655)
|
|
(478,795)
|
|
(73,376)
|
Less:
Comprehensive income
attributable to non-controlling
interests
|
23,225
|
|
49,937
|
|
14,282
|
|
2,189
|
Comprehensive
income/(loss)
attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders
|
320,957
|
|
(130,592)
|
|
(493,077)
|
|
(75,565)
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-
GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share
and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss) attributable
to ordinary shareholders
|
369,506
|
|
6,853
|
|
(376,951)
|
|
(57,768)
|
|
|
|
|
|
|
|
|
Convertible
senior notes issuance
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible
senior notes and call option
|
67,119
|
|
312,992
|
|
427,624
|
|
65,536
|
|
|
|
|
|
|
|
|
Net interest
expenses of convertible
senior notes and call option
|
6,281
|
|
7,217
|
|
6,535
|
|
1,002
|
|
|
|
|
|
|
|
|
Exchange gain
on convertible senior
notes and call option
|
(4,112)
|
|
(5,904)
|
|
(23,816)
|
|
(3,650)
|
|
|
|
|
|
|
|
|
Stock-based
compensation
(benefit)/expense
|
(6,630)
|
|
194
|
|
56
|
|
9
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to
ordinary shareholders
|
432,164
|
|
321,352
|
|
33,448
|
|
5,129
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share
attributable to ordinary shareholders -
|
|
|
|
|
|
|
|
Basic
|
2.43
|
|
1.81
|
|
0.19
|
|
0.03
|
Diluted
|
2.43
|
|
1.81
|
|
0.19
|
|
0.03
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS
attributable to ordinary shareholders -
|
|
|
|
|
|
|
|
Basic
|
9.74
|
|
7.22
|
|
0.74
|
|
0.11
|
Diluted
|
9.74
|
|
7.22
|
|
0.74
|
|
0.11
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
Basic
|
177,524,685
|
|
177,992,073
|
|
181,285,886
|
|
181,285,886
|
Diluted
|
177,524,685
|
|
177,992,073
|
|
181,285,886
|
|
181,285,886
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS
outstanding
|
|
|
|
|
|
|
|
Basic
|
44,381,171
|
|
44,498,018
|
|
45,321,472
|
|
45,321,472
|
Diluted
|
44,381,171
|
|
44,498,018
|
|
45,321,472
|
|
45,321,472
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2019
|
|
December 31,
2020
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
5,653,854
|
|
7,481,678
|
|
1,146,617
|
Restricted
cash
|
576,546
|
|
593,094
|
|
90,896
|
Restricted
short-term investments
|
6,930,502
|
|
6,400,637
|
|
980,941
|
Short-term
investments
|
-
|
|
570,000
|
|
87,356
|
Accounts
receivable, net - related parties
|
520,504
|
|
410,358
|
|
62,890
|
Accounts
receivable, net - third parties
|
5,266,351
|
|
4,534,758
|
|
694,982
|
Notes
receivable, net - related parties
|
18,629
|
|
33,001
|
|
5,058
|
Notes
receivable, net - third parties
|
1,529,801
|
|
1,051,561
|
|
161,159
|
Advances to
suppliers, net - third parties
|
2,522,373
|
|
1,002,613
|
|
153,657
|
Inventories,
net
|
5,818,789
|
|
8,376,936
|
|
1,283,822
|
Forward
contract receivables
|
52,281
|
|
183,146
|
|
28,068
|
Prepayments
and other current assets, net - related parties
|
54,318
|
|
23,756
|
|
3,641
|
Prepayments
and other current assets, net
|
1,573,482
|
|
3,020,592
|
|
462,926
|
Held-for-sale
assets
|
1,170,818
|
|
-
|
|
-
|
Total current
assets
|
31,688,248
|
|
33,682,130
|
|
5,162,013
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
531,158
|
|
1,389,194
|
|
212,903
|
Accounts
receivable, net - third parties
|
-
|
|
26,405
|
|
4,047
|
Project
Assets
|
798,243
|
|
645,355
|
|
98,905
|
Long-term
investments
|
278,021
|
|
194,258
|
|
29,771
|
Property,
plant and equipment, net
|
10,208,205
|
|
12,455,444
|
|
1,908,880
|
Land use
rights, net
|
597,922
|
|
760,962
|
|
116,623
|
Intangible
assets, net
|
36,395
|
|
35,838
|
|
5,492
|
Financing
lease right-of-use assets, net
|
1,259,713
|
|
829,122
|
|
127,069
|
Operating
lease right-of-use assets, net
|
317,904
|
|
316,512
|
|
48,507
|
Deferred tax
assets
|
271,286
|
|
255,107
|
|
39,097
|
Call Option -
concurrent with issuance of convertible
senior notes
|
294,178
|
|
756,929
|
|
116,004
|
Other assets,
net - related parties
|
96,753
|
|
107,319
|
|
16,447
|
Other assets,
net - third parties
|
1,466,692
|
|
1,777,799
|
|
272,460
|
Total non-current
assets
|
16,156,470
|
|
19,550,244
|
|
2,996,205
|
|
|
|
|
|
|
Total
assets
|
47,844,718
|
|
53,232,374
|
|
8,158,218
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
36,310
|
|
14,114
|
|
2,163
|
Accounts
payable - third parties
|
4,952,630
|
|
4,436,495
|
|
679,923
|
Notes payable
- third parties
|
7,518,570
|
|
9,334,876
|
|
1,430,632
|
Accrued
payroll and welfare expenses
|
879,465
|
|
995,054
|
|
152,499
|
Advances from
related parties
|
749
|
|
-
|
|
-
|
Advances
from third parties
|
4,350,380
|
|
2,451,495
|
|
375,708
|
Income tax
payable
|
117,422
|
|
73,720
|
|
11,298
|
Other payables
and accruals
|
3,055,928
|
|
3,408,391
|
|
522,359
|
Other payables
due to related parties
|
13,127
|
|
71,515
|
|
10,960
|
Forward
contract payables
|
3,857
|
|
17,895
|
|
2,743
|
Convertible
senior notes - current
|
-
|
|
1,831,612
|
|
280,707
|
Financing
lease liabilities - current
|
227,613
|
|
272,330
|
|
41,736
|
Operating
lease liabilities - current
|
40,043
|
|
48,244
|
|
7,394
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
9,047,250
|
|
8,238,531
|
|
1,262,610
|
Guarantee
liabilities to related parties
|
25,688
|
|
22,519
|
|
3,451
|
Held-for-sale
liabilities
|
1,008,196
|
|
-
|
|
-
|
Total current
liabilities
|
31,277,228
|
|
31,216,791
|
|
4,784,183
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
1,586,187
|
|
7,301,536
|
|
1,119,009
|
Convertible
senior notes
|
728,216
|
|
-
|
|
-
|
Accrued
warranty costs - non current
|
651,968
|
|
769,332
|
|
117,905
|
Financing
lease liabilities
|
583,491
|
|
313,088
|
|
47,983
|
Operating
lease liabilities
|
279,534
|
|
277,239
|
|
42,489
|
Deferred tax
liability
|
250,734
|
|
328,713
|
|
50,377
|
Long-term
Payables
|
-
|
|
97
|
|
15
|
Guarantee
liabilities to related parties
- non current
|
46,332
|
|
34,812
|
|
5,335
|
Total non-current
liabilities
|
4,126,462
|
|
9,024,817
|
|
1,383,113
|
|
|
|
|
|
|
Total
liabilities
|
35,403,690
|
|
40,241,608
|
|
6,167,296
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 180,653,497 and 190,380,309 shares
issued as of December 31, 2019 and December 31, 2020,
respectively)
|
25
|
|
26
|
|
4
|
Additional paid-in
capital
|
4,582,850
|
|
5,251,245
|
|
804,789
|
Subscription
Receivable
|
-
|
|
-
|
|
-
|
Statutory
reserves
|
689,707
|
|
692,009
|
|
106,055
|
Accumulated other
comprehensive income
|
62,952
|
|
(128,615)
|
|
(19,711)
|
Treasury stock, at
cost; 1,723,200 and 2,945,840 ordinary
shares as of December 31, 2019 and December 31, 2020,
respectively
|
(13,876)
|
|
(43,170)
|
|
(6,616)
|
Accumulated retained
earnings
|
3,981,661
|
|
4,216,353
|
|
646,184
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
9,303,319
|
|
9,987,848
|
|
1,530,705
|
|
|
|
|
|
|
Non-controlling
interests
|
3,137,709
|
|
3,002,918
|
|
460,217
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
47,844,718
|
|
53,232,374
|
|
8,158,218
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2020-financial-results-301265768.html
SOURCE JinkoSolar Holding Co., Ltd.