SHANGRAO, China, Nov. 30, 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
third quarter ended September 30,
2021.
Third Quarter 2021 Business Highlights
- JinkoSolar's high-efficiency N-Type monocrystalline silicon
solar cell sets new world record with highest conversion efficiency
of 25.4%.
- Over 7GW of new cell capacity put into production in the second
quarter reached full production in the third quarter, reducing cell
production cost in the third quarter by more than 10% compared with
the second quarter.
- China has strong market
demand, and JinkoSolar's percentage of module shipments in the
Chinese market in the third quarter doubled compared to the second
quarter.
- JinkoSolar's competitive large-size module products accounted
for nearly 50% of module shipments in the third quarter, compared
with less than 20% in the first half of 2021.
Third Quarter 2021 Operational and
Financial Highlights
- Quarterly shipments were 4,993 MW (4,671 MW for solar modules,
322 MW for cells and wafers), total shipments down 4.0%
sequentially, and down 2.4% year over year.
- Total revenues were RMB8.57
billion (US$1.33 billion), up
8.1% sequentially and down 2.3% year over year. The sequential
increase was mainly attributable to an increase in the
shipment of solar modules with higher selling price compared with
cells and wafers.
- Gross profit was RMB1.30 billion
(US$201.1 million), down 4.6%
sequentially and down 13.3% year over year.
- Gross margin was 15.1%, compared with 17.1% in Q2 2021 and
17.0% in Q3 2020.
- Net income was RMB194.2 million (US$30.1 million), up 193.2%
sequentially and up 27.3 times year over year.
- Non-GAAP net income was RMB15.9 million (US$2.5 million), down 94.2% sequentially and down
95.1% year over year.
- Basic earnings per ordinary share and diluted loss per ordinary
share were RMB1.02 (US$0.16) and RMB(0.12) (US$(0.02)), respectively. This translates into
basic earnings per ADS and diluted loss per ADS of RMB4.07 (US$0.63)
and RMB(0.49) (US$(0.08)), respectively.
- Non-GAAP basic and diluted earnings per share were RMB0.08 (US$0.01)
and RMB0.08 (US$0.01),
respectively. Non-GAAP basic and diluted earnings per ADS were
RMB0.33 (US$0.05) and RMB0.31 (US$0.05), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "the release of more efficient new cell capacity
significantly reduced our cell production costs in the third
quarter, partially offsetting the impact of high prices of
polysilicon and other materials on production costs. Total
shipments were impacted by the delay in sales revenue recognition
caused by logistical issues and blockages. Logistics costs have
further increased compared with the second quarter, and module
prices hit a new high in almost a year. However, due to the
transition to renewable energy in most regions of the world, the
increase in electricity prices, financing support and other
favorable policies, clients are more willing to accept higher
module prices. Currently in its most severe shortage, we expect
polysilicon supply will gradually return to sufficient levels
starting next year, and as a result, installation demand is
expected to increase significantly.
Our high-efficiency N-type monocrystalline silicon solar cell
reached a maximum conversion efficiency of 25.4%, setting a world
record yet again. Based on our continuous leading R&D
capabilities and two years of mass production experience, we are
quickly expanding N-type cell production capacity. We are preparing
for approximately 16 GW of N-type cell production capacity to be
operational in the first quarter of 2022, and are planning to
increase our global market share by enhancing our sales and
promotions of N-type products to achieve at least 50% growth in
annual shipments in 2022.
Our 7GW monocrystalline silicon wafer plant in Vietnam will commence production in the first
quarter of 2022. After that, we will have approximately 7 GW of
integrated mono wafer-cell-module manufacturing capacity overseas.
A sound and diversified global industrial chain infrastructure will
enable us to be more flexible in terms of order production and
customer delivery, as we continue to provide integrated services to
our global customers."
Third Quarter 2021 Financial Results
Total Revenues
Total revenues in the third quarter of 2021 were RMB8.57 billion (US$1.33 billion), an increase of 8.1% from
RMB7.93 billion in the second quarter
of 2021 and a decrease of 2.3% from RMB8.77
billion in the third quarter of 2020. The sequential
increase was mainly attributable to an increase in the
shipment of solar modules, while the year-over-year decrease
was mainly attributable to a decrease in the shipment of solar
modules.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2021 was RMB1.30 billion (US$201.1
million), compared with RMB1.36
billion in the second quarter of 2021 and RMB1.49 billion in the third quarter of 2020.
Gross margin was 15.1% in the third quarter of 2021, compared
with 17.1% in the second quarter of 2021 and 17.0% in the third
quarter of 2020. The sequential and year-over-year decreases
were mainly attributable to cost increases due to the rise of
material prices and a decline in the average selling price of solar
modules in response to the intensified market competition
globally.
Income from Operations and Operating Margin
Income from operations in the third quarter of 2021 was
RMB111.2 million (US$17.3 million), compared with RMB356.4 million in the second quarter of 2021
and RMB546.0 million in the third
quarter of 2020.
Operating margin was 1.3% in the third quarter of 2021, compared
with 4.5% in the second quarter of 2021 and 6.2% in the third
quarter of 2020.
Total operating expenses in the third quarter of 2021 were
RMB1.18 billion (US$183.9 million), an increase of 18.2% from
RMB1.00 billion in the second quarter
of 2021 and an increase of 24.9% from RMB948.9 million in the third quarter of 2020.
The sequential and year-over-year
increases were mainly attributable to increases in
shipping costs of solar modules in the third quarter of
2021.
Total operating expenses accounted for 13.8% of total revenues
in the third quarter of 2021, compared to 12.6% in the second
quarter of 2021 and 10.8% in the third quarter of 2020.
Interest Expense, Net
Net interest expense in the third quarter of 2021 was
RMB165.6 million (US$25.7 million), an increase of 5.1% from
RMB157.5 million in the second
quarter of 2021 and an increase of 28.1% from RMB129.2 million in the third quarter of 2020.
The sequential and year-over-year increases were mainly due to
an increase in interest expense, as the Company's interest-bearing
debts increased.
Subsidy Income
Subsidy income in the third quarter of 2021 was RMB63.5 million (US$9.9 million), compared
with RMB162.2 million in the second quarter of 2021 and
RMB62.8 million in the third quarter
of 2020. The sequential decrease was mainly attributable to a
decrease in the cash receipt of subsidies from local governments in
China which are non-recurring, not
refundable and with no conditions.
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 RMB6.2 million (US$1.0 million) in the third quarter of 2021,
compared to a net exchange loss of RMB4.4 million in the second quarter of 2021
and a net exchange loss of RMB63.9
million in the third quarter of 2020. The net exchange loss
was mainly due to the exchange rate fluctuation of the US dollars
against the RMB in the third quarter of 2021.
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 gain from a change in fair value of
the Notes of RMB239.0 million
(US$37.1 million) in the third
quarter of 2021, compared to a loss of RMB335.7 million in the second quarter of
2021 and a loss of RMB593.7 million
in the third quarter of 2020. The change was primarily due to a
decrease in the Company's stock price in the third quarter of
2021.
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 loss from a
change in fair value of the call option of RMB38.2 million (US$5.9
million) in the third quarter of 2021, compared to a gain of
RMB137.9 million in the second
quarter of 2021 and a gain of RMB280.7
million in the third quarter of 2020. The change was
primarily due to a decrease in the Company's stock price in the
third quarter of 2021. The Company exercised all the remaining call
option using cash settlement in the third quarter of 2021.
Equity in Earnings/(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 earnings of affiliated companies of
RMB13.2 million (US$2.0 million) in the third quarter of
2021, compared with a loss of RMB0.3 million in the second quarter of 2021
and a gain of RMB24.7 million in the
third quarter of 2020. The gain primarily arose from interest rate
swap recorded by the equity affiliate due to an increase in
long-term interest rates in the third quarter of 2021. Hedge
accounting was not applied for the derivative.
Income Tax Expense/(Benefit)
The Company recorded an income tax expense of RMB22.0 million (US$3.4 million) in the third quarter of
2021, compared with an income tax benefit of RMB6.9 million in the second quarter of 2021
and an income tax expense of RMB69.2
million in the third quarter of 2020. The sequential
increase of tax expense was mainly due to additional 2020 income
tax deduction for R&D costs approved by the local tax bureau in
the second quarter of 2021.
Net Income and
Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders
was RMB194.2 million
(US$30.1 million) in the third
quarter of 2021, compared with net income attributable to the
Company's ordinary shareholders of RMB66.2 million in the second quarter of
2021 and RMB6.9 million in the third
quarter of 2020.
Net income attributable to non-controlling interests decreased
in the third quarter of 2021 mainly attributable to lower profit
generated from the Company's certain subsidiary of which
non-controlling shareholders own equity interests.
Basic earnings per ordinary share and diluted loss per ordinary
share were RMB1.02 (US$0.16) and RMB(0.12) (US$(0.02)), respectively, during the third
quarter of 2021, compared to RMB0.35
and RMB0.35, respectively, in the
second quarter of 2021, and RMB0.04
and RMB(1.55), respectively, in the
third quarter of 2020. As each ADS represents four
ordinary shares, this translates into basic earnings per ADS and
diluted loss per ADS of RMB4.07
(US$0.63) and RMB(0.49) (US$(0.08)), respectively in the third quarter of
2021; RMB1.39 and RMB1.38, respectively, in the second quarter of
2021; and RMB0.16 and RMB(6.20), respectively, in the third quarter of
2020. The difference between basic earning and diluted loss per
share in the third quarter of 2021 was mainly due to the
dilutive impact of convertible senior notes.
Non-GAAP net income attributable to the Company's ordinary
shareholders in the third quarter of 2021 was RMB15.9 million (US$2.5 million), compared with RMB274.7 million in the second quarter of
2021 and RMB321.4 million in the
third quarter of 2020.
Non-GAAP basic and diluted earnings per ordinary share were
both RMB0.08 (US$0.01) during
the third quarter of 2021; both RMB1.44 in the second quarter of 2021 and both
RMB1.81 in the third quarter of 2020.
This translates into non-GAAP basic and diluted earnings per ADS of
RMB0.33 (US$0.05) and RMB0.31 (US$0.05), respectively, in the
third quarter of 2021; RMB5.76 and
RMB5.75, respectively, in the second
quarter of 2021, and both RMB7.22 in
the third quarter of 2020.
Because of the dilutive impact of call option arrangement during
the third quarter of 2020, potential shares underlying
the call option arrangement were removed from weighted average
number of ordinary shares outstanding since their issuance date,
and changes in income of the assumed exercise of call option,
including the change in fair value of the call option, foreign
exchange gain/(loss) on the call option, and the issuance costs of
the call option were also recorded as the adjustment to the
Company's consolidated net income to arrive at the diluted net
income available to the Company's ordinary shareholders. Under that
situation, the Company implemented the same denominator for both
non-GAAP basic and dilutive earnings per ordinary share in the
third quarter of 2020.
Financial Position
As of September 30, 2021, the
Company had RMB7.32 billion
(US$1.14 billion) in cash and
cash equivalents and restricted cash, compared with RMB6.52 billion as of June 30, 2021.
As of September 30, 2021, the
Company's accounts receivables due from third parties were
RMB4.27 billion (US$662.5 million), compared with
RMB3.91 billion as of
June 30, 2021.
As of September 30, 2021, the
Company's inventories were RMB13.47 billion (US$2.09 billion), compared with RMB9.88 billion as of June 30, 2021.
As of September 30, 2021, the
Company's total interest-bearing debts were RMB23.76 billion (US$3.69 billion), of which RMB438.2 million (US$68.0 million) was related to the
Company's overseas downstream solar projects, compared with
RMB20.15 billion, of which
RMB436.5 million was related to
the Company's overseas downstream solar projects as of June 30, 2021.
Third Quarter 2021 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments in the third quarter of 2021 were 4,993 MW,
including 4,671 MW for solar module shipments and 322 MW for
cell and wafer shipments.
Solar Products Production Capacity
As of September 30, 2021, the
Company's in-house annual mono wafer, solar cell and solar module
production capacity was 31 GW, 19 GW (940 MW for N type cells) and
36 GW, respectively.
Operations and Business Outlook Highlights
With JinkoSolar's industry-leading N-type cell R&D
capabilities and over two year's mass production experience, it is
investing in N-type cells, with an expected output of about
10GW in 2022. On the one hand, it helps alleviate challenges
related to the Company's insufficient cell production capacity, and
on the other hand, the N-type technology greatly improves module
performance. The Company recently released a brand new Tiger Neo
N-type product with mass production output of up to 620W. The
Company's monocrystalline silicon wafer factory in Vietnam has started construction recently and
will commence production in the first quarter of 2022, after which
it will have approximately 7GW of overseas integrated production
capacity, from mono silicon wafers to high-efficiency cells and
modules. JinkoSolar is committed to improving the supply chain
worldwide and producing high-quality and efficient products to
serve global customers.
Fourth 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 fourth quarter of 2021, the Company expects total
shipments to be in the range of 7.3 GW to 8.8 GW (solar
module shipments to be in the range of 7 GW to 8.5 GW). Total
revenue for the fourth quarter is expected to be in the range of
US$1.8 billion to US$2.2 billion. Gross margin for the fourth
quarter is expected to be between 13% and 16%.
For full year 2021, the Company estimates total shipments
(including solar modules, cells and wafers) to be in the range
of 22.8 GW to 24.3 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar
module production capacity to reach 32.5 GW, 24 GW
(including 940 MW N-type cells) and 45 GW, respectively, by
the end of 2021.
Recent Business Developments
- In August 2021, JinkoSolar's
principal operating subsidiary, Jinko Solar Co., Ltd. signed a
long-term polysilicon supply agreement with Wacker Chemie AG.
- In September 2021, JinkoSolar's
principal operating subsidiary, Jinko Solar Co., Ltd. signed a
strategic cooperation framework agreement with Contemporary Amperex
Technology Co., Ltd.
- In September 2021, JinkoSolar
announced that it is investing $500
million to build a monocrystalline ingot and wafer
manufacturing facility in Quảng Ninh
Province, Vietnam.
- In September 2021, JinkoSolar was
awarded the 'Top Brand PV USA'
seal by EUPD Research.
- In September 2021, the stock
listing committee of Shanghai Stock Exchange's Sci-Tech innovation
board reviewed application of Jinko Solar Co., Ltd., the principal
operating subsidiary of JinkoSolar, and considered that it had met
the offering, listing and disclosure requirements related to its
proposed IPO.
- In October 2021, JinkoSolar
achieved a major technical breakthrough on its N-type
monocrystalline silicon solar cell, setting a new world record for
the fourth time in a year with the maximum solar conversion
efficiency of 25.4% for its large-size passivating contact solar
cell.
- In October 2021, JinkoSolar won
the prestigious Green World Awards for Environmental Best Practice
named by the Green Organization in the global campaign to find the
world's greenest countries, companies, and communities.
- In October 2021, JinkoSolar's
Tiger and Tiger Pro module series met the carbon footprint
verification standards of TÜV Rheinland Group, a leading global
services provider in the testing of PV modules and components.
- In October 2021, JinkoSolar
worked with Catholic Charities Jacksonville to provide refugees
living in Jacksonville access to devices and internet in order to
facilitate their English classes and better acclimate to life in
America.
- In November 2021, JinkoSolar
launched a new series of ultra-efficient 2021 Flagship Tiger Neo
modules.
- In November 2021, JinkoSolar
announced that its principal operating subsidiary, Jinko Solar Co.,
Ltd. plans to invest RMB450 million
for equity in Sichuan Yongxiang Energy Technology Co., Ltd., a
subsidiary of Tongwei Co., Ltd. (Shanghai Stock Exchange:
600438).
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Tuesday, November 30, 2021 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:
|
71417350#
|
|
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 7, 2021. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
|
U.S.:
|
+1 646 982
0473
|
|
Passcode:
|
520000271#
|
|
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 31 GW for mono wafers,
19 GW for solar cells, and 36 GW for solar modules, as of
September 30, 2021.
JinkoSolar has 9 productions facilities globally, 22 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico,
Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, Hong
Kong, Denmark, and global
sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi
Arabia, Tunisia,
Morocco, South Africa, Costa
Rica, Colombia,
Panama, Kazakhstan, Malaysia, Myanmar, Sri
Lanka, Thailand,
Vietnam, Poland and Argentina, as of September 30, 2021.
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.
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, 2021, which was RMB6.4434 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
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
|
|
Sep 30,
2020
|
|
Jun 30,
2021
|
|
Sep 30,
2021
|
|
Sep 30,
2020
|
|
Sep 30,
2021
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
8,768,376
|
|
7,925,417
|
|
8,568,057
|
|
1,329,742
|
|
25,648,308
|
|
24,433,522
|
|
3,792,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
1,919
|
|
2,799
|
|
1,948
|
|
302
|
|
56,573
|
|
5,291
|
|
821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
8,770,295
|
|
7,928,216
|
|
8,570,005
|
|
1,330,044
|
|
25,704,881
|
|
24,438,813
|
|
3,792,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(7,275,366)
|
|
(6,569,088)
|
|
(7,273,962)
|
|
(1,128,901)
|
|
(21,040,132)
|
|
(20,425,271)
|
|
(3,169,952)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,494,929
|
|
1,359,128
|
|
1,296,043
|
|
201,143
|
|
4,664,749
|
|
4,013,542
|
|
622,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(498,221)
|
|
(509,440)
|
|
(614,694)
|
|
(95,399)
|
|
(1,821,234)
|
|
(1,738,992)
|
|
(269,887)
|
General
and administrative
|
(345,228)
|
|
(378,503)
|
|
(445,050)
|
|
(69,071)
|
|
(878,274)
|
|
(1,187,425)
|
|
(184,285)
|
Research
and development
|
(105,445)
|
|
(114,806)
|
|
(125,091)
|
|
(19,414)
|
|
(251,872)
|
|
(347,041)
|
|
(53,860)
|
Impairment of long-lived assets
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(123,405)
|
|
(19,152)
|
Total operating
expenses
|
(948,894)
|
|
(1,002,749)
|
|
(1,184,835)
|
|
(183,884)
|
|
(2,951,380)
|
|
(3,396,863)
|
|
(527,184)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
546,035
|
|
356,379
|
|
111,208
|
|
17,259
|
|
1,713,369
|
|
616,679
|
|
95,708
|
Interest
expenses, net
|
(129,221)
|
|
(157,523)
|
|
(165,553)
|
|
(25,693)
|
|
(344,073)
|
|
(479,610)
|
|
(74,434)
|
Subsidy
income
|
62,839
|
|
162,216
|
|
63,518
|
|
9,858
|
|
82,279
|
|
356,049
|
|
55,258
|
Exchange
loss
|
(175,650)
|
|
(110,256)
|
|
(46,217)
|
|
(7,173)
|
|
(113,084)
|
|
(228,016)
|
|
(35,388)
|
Change in fair
value of interest rate swap
|
-
|
|
-
|
|
-
|
|
-
|
|
(78,878)
|
|
-
|
|
-
|
Change in fair
value of foreign exchange derivatives
|
111,710
|
|
105,812
|
|
39,979
|
|
6,205
|
|
12,057
|
|
190,696
|
|
29,596
|
Change in fair
value of convertible senior notes and call option
|
(312,992)
|
|
(197,733)
|
|
200,730
|
|
31,153
|
|
(298,167)
|
|
182,101
|
|
28,262
|
Other
income/(expense), net
|
(1,409)
|
|
1,366
|
|
172
|
|
27
|
|
(1,469)
|
|
4,776
|
|
741
|
Income before
income taxes
|
101,312
|
|
160,261
|
|
203,837
|
|
31,636
|
|
972,034
|
|
642,675
|
|
99,743
|
Income tax
(expenses)/benefit
|
(69,226)
|
|
6,900
|
|
(21,958)
|
|
(3,408)
|
|
(201,499)
|
|
(67,268)
|
|
(10,440)
|
Equity in
earnings/(loss) of affiliated companies
|
24,704
|
|
(268)
|
|
13,158
|
|
2,042
|
|
(72,612)
|
|
56,338
|
|
8,744
|
Net
income
|
56,790
|
|
166,893
|
|
195,037
|
|
30,270
|
|
697,923
|
|
631,745
|
|
98,047
|
Less: Net
income attributable to non-controlling
interests
|
49,937
|
|
100,657
|
|
813
|
|
126
|
|
90,588
|
|
150,195
|
|
23,310
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
6,853
|
|
66,236
|
|
194,224
|
|
30,144
|
|
607,335
|
|
481,550
|
|
74,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.04
|
|
0.35
|
|
1.02
|
|
0.16
|
|
3.41
|
|
2.53
|
|
0.39
|
Diluted
|
(1.55)
|
|
0.35
|
|
(0.12)
|
|
(0.02)
|
|
2.28
|
|
0.97
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.16
|
|
1.39
|
|
4.07
|
|
0.63
|
|
13.64
|
|
10.10
|
|
1.57
|
Diluted
|
(6.20)
|
|
1.38
|
|
(0.49)
|
|
(0.08)
|
|
9.14
|
|
3.86
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
177,992,073
|
|
190,716,434
|
|
190,768,148
|
|
190,768,148
|
|
178,150,798
|
|
190,639,480
|
|
190,639,480
|
Diluted
|
170,492,073
|
|
191,192,954
|
|
205,195,236
|
|
205,195,236
|
|
172,045,324
|
|
205,669,439
|
|
205,669,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
44,498,018
|
|
47,679,108
|
|
47,692,037
|
|
47,692,037
|
|
44,537,699
|
|
47,659,870
|
|
47,659,870
|
Diluted
|
42,623,018
|
|
47,798,239
|
|
51,298,809
|
|
51,298,809
|
|
43,011,331
|
|
51,417,360
|
|
51,417,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
56,790
|
|
166,893
|
|
195,037
|
|
30,270
|
|
697,923
|
|
631,745
|
|
98,047
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(100,718)
|
|
(64,338)
|
|
15,258
|
|
2,368
|
|
(64,438)
|
|
39,922
|
|
6,196
|
-Change
in the instrument-specific credit risk
|
(36,727)
|
|
22,772
|
|
12,510
|
|
1,942
|
|
(11,004)
|
|
57,920
|
|
8,989
|
Comprehensive
income/(loss)
|
(80,655)
|
|
125,327
|
|
222,805
|
|
34,580
|
|
622,481
|
|
729,587
|
|
113,232
|
Less:
Comprehensive income attributable to non-controlling
interests
|
49,937
|
|
100,657
|
|
813
|
|
126
|
|
90,588
|
|
150,195
|
|
23,310
|
Comprehensive
income/(loss) attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders
|
(130,592)
|
|
24,670
|
|
221,992
|
|
34,454
|
|
531,893
|
|
579,392
|
|
89,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
6,853
|
|
66,236
|
|
194,224
|
|
30,144
|
|
607,335
|
|
481,550
|
|
74,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and call option
|
312,992
|
|
197,733
|
|
(200,730)
|
|
(31,153)
|
|
298,167
|
|
(182,101)
|
|
(28,262)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expenses of convertible senior notes and call
option
|
7,217
|
|
5,714
|
|
5,431
|
|
843
|
|
20,078
|
|
16,568
|
|
2,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes and call
option
|
(5,904)
|
|
4,906
|
|
11,883
|
|
1,844
|
|
(1,531)
|
|
18,574
|
|
2,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
194
|
|
84
|
|
5,046
|
|
783
|
|
866
|
|
5,213
|
|
809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders
|
321,352
|
|
274,673
|
|
15,854
|
|
2,461
|
|
924,915
|
|
339,804
|
|
52,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary shareholders
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.81
|
|
1.44
|
|
0.08
|
|
0.01
|
|
5.19
|
|
1.78
|
|
0.28
|
Diluted
|
1.81
|
|
1.44
|
|
0.08
|
|
0.01
|
|
5.19
|
|
1.65
|
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7.22
|
|
5.76
|
|
0.33
|
|
0.05
|
|
20.77
|
|
7.13
|
|
1.11
|
Diluted
|
7.22
|
|
5.75
|
|
0.31
|
|
0.05
|
|
20.77
|
|
6.61
|
|
1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
177,992,073
|
|
190,716,434
|
|
190,768,148
|
|
190,768,148
|
|
178,150,798
|
|
190,639,480
|
|
190,639,480
|
Diluted
|
177,992,073
|
|
191,192,954
|
|
205,195,236
|
|
205,195,236
|
|
178,150,798
|
|
205,669,439
|
|
205,669,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
44,498,018
|
|
47,679,108
|
|
47,692,037
|
|
47,692,037
|
|
44,537,700
|
|
47,659,870
|
|
47,659,870
|
Diluted
|
44,498,018
|
|
47,798,239
|
|
51,298,809
|
|
51,298,809
|
|
44,537,700
|
|
51,417,360
|
|
51,417,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
Dec 31,
2020
|
|
Sep 30,
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
7,481,678
|
|
6,622,930
|
|
1,027,863
|
Restricted
cash
|
593,094
|
|
698,052
|
|
108,336
|
Restricted
short-term investments
|
6,400,637
|
|
7,377,498
|
|
1,144,970
|
Short-term
investments
|
570,000
|
|
420,000
|
|
65,183
|
Accounts
receivable, net - related parties
|
410,358
|
|
3,027
|
|
470
|
Accounts
receivable, net - third parties
|
4,534,758
|
|
4,268,519
|
|
662,464
|
Notes
receivable, net - related parties
|
33,001
|
|
10,425
|
|
1,618
|
Notes
receivable, net - third parties
|
1,051,561
|
|
1,611,857
|
|
250,156
|
Advances to
suppliers, net - third parties
|
1,002,613
|
|
2,330,402
|
|
361,673
|
Inventories,
net
|
8,376,936
|
|
13,473,320
|
|
2,091,026
|
Forward
contract receivables
|
183,146
|
|
41,781
|
|
6,484
|
Prepayments
and other current assets, net - related
parties
|
23,756
|
|
18,254
|
|
2,833
|
Prepayments
and other current assets, net
|
3,020,592
|
|
2,792,086
|
|
433,325
|
Total current
assets
|
33,682,130
|
|
39,668,151
|
|
6,156,401
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,389,194
|
|
1,314,073
|
|
203,941
|
Accounts
receivable, net - third parties
|
26,405
|
|
27,759
|
|
4,308
|
Project
Assets
|
645,355
|
|
509,328
|
|
79,046
|
Long-term
investments
|
194,258
|
|
355,295
|
|
55,141
|
Property,
plant and equipment, net
|
12,455,444
|
|
17,542,382
|
|
2,722,535
|
Land use
rights, net
|
760,962
|
|
838,903
|
|
130,196
|
Intangible
assets, net
|
35,838
|
|
38,462
|
|
5,969
|
Financing
lease right-of-use assets, net
|
829,122
|
|
647,722
|
|
100,525
|
Operating
lease right-of-use assets, net
|
316,512
|
|
441,587
|
|
68,533
|
Deferred tax
assets
|
255,107
|
|
255,107
|
|
39,592
|
Call Option -
concurrent with issuance of convertible
senior notes
|
756,929
|
|
-
|
|
-
|
Advances to
suppliers to be utilised beyond one year
|
-
|
|
177,825
|
|
27,598
|
Other assets,
net - related parties
|
107,319
|
|
3,937
|
|
611
|
Other assets,
net - third parties
|
1,777,799
|
|
2,176,279
|
|
337,753
|
Total non-current
assets
|
19,550,244
|
|
24,328,659
|
|
3,775,748
|
|
|
|
|
|
|
Total
assets
|
53,232,374
|
|
63,996,810
|
|
9,932,149
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
14,114
|
|
15,816
|
|
2,455
|
Accounts
payable - third parties
|
4,436,495
|
|
4,988,698
|
|
774,234
|
Notes payable
- third parties
|
9,334,876
|
|
9,509,365
|
|
1,475,830
|
Accrued
payroll and welfare expenses
|
995,054
|
|
1,086,629
|
|
168,642
|
Advances
from third parties
|
2,451,495
|
|
4,523,737
|
|
702,073
|
Income tax
payable
|
73,720
|
|
118,292
|
|
18,359
|
Other payables
and accruals
|
3,408,391
|
|
4,347,184
|
|
674,674
|
Other payables
due to related parties
|
71,515
|
|
2,400
|
|
372
|
Forward
contract payables
|
17,895
|
|
3,118
|
|
484
|
Convertible
senior notes - current
|
1,831,612
|
|
-
|
|
-
|
Financing
lease liabilities - current
|
272,330
|
|
196,332
|
|
30,470
|
Operating
lease liabilities - current
|
48,244
|
|
61,430
|
|
9,534
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
8,238,531
|
|
12,032,305
|
|
1,867,384
|
Guarantee
liabilities to related parties
|
22,519
|
|
5,124
|
|
795
|
Total current
liabilities
|
31,216,791
|
|
36,890,430
|
|
5,725,306
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
7,301,536
|
|
9,661,276
|
|
1,499,407
|
Convertible
senior notes
|
-
|
|
1,121,151
|
|
174,000
|
Accrued
warranty costs - non current
|
769,332
|
|
791,109
|
|
122,778
|
Financing
lease liabilities
|
313,088
|
|
299,497
|
|
46,481
|
Operating
lease liabilities
|
277,239
|
|
392,859
|
|
60,971
|
Deferred tax
liability
|
328,713
|
|
328,713
|
|
51,015
|
Long-term
Payables
|
97
|
|
422,899
|
|
65,633
|
Guarantee
liabilities to related parties
- non current
|
34,812
|
|
7,686
|
|
1,193
|
Total non-current
liabilities
|
9,024,817
|
|
13,025,190
|
|
2,021,478
|
|
|
|
|
|
|
Total
liabilities
|
40,241,608
|
|
49,915,620
|
|
7,746,784
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 190,380,309 and 193,714,753 shares
issued as of December 31, 2020 and September 30, 2021,
respectively)
|
26
|
|
26
|
|
4
|
Additional paid-in
capital
|
5,251,245
|
|
5,612,082
|
|
870,981
|
Statutory
reserves
|
692,009
|
|
692,009
|
|
107,398
|
Accumulated other
comprehensive income
|
(128,615)
|
|
(30,773)
|
|
(4,776)
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2020 and September 30, 2021
|
(43,170)
|
|
(43,170)
|
|
(6,700)
|
Accumulated retained
earnings
|
4,216,353
|
|
4,697,903
|
|
729,103
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
9,987,848
|
|
10,928,077
|
|
1,696,010
|
|
|
|
|
|
|
Non-controlling
interests
|
3,002,918
|
|
3,153,113
|
|
489,355
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
53,232,374
|
|
63,996,810
|
|
9,932,149
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2021-financial-results-301433613.html
SOURCE JinkoSolar Holding Co., Ltd.