SHANGRAO, China, April 28,
2022 /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
first quarter ended March 31,
2022.
First Quarter 2022 Business Highlights
- Significant year-over-year growth in revenues and module
shipments.
- At the end of the first quarter of 2022, we became the first in
the industry to reach the delivery milestone of a total 100GW of
solar modules.
- High-efficiency N-Type monocrystalline silicon solar cell sets
new world record with maximum conversion efficiency of 25.7%.
- 16GW N-type cells capacity in Hefei and Jianshan production facilities
ramped up smoothly, with cells mass production efficiency exceeding
24.6%.
- The overall impact of the COVID-19 outbreak on production and
operations should be short-term and controllable.
- We reiterate our full year 2022 shipment guidance.
First Quarter 2022 Operational and
Financial Highlights
- Quarterly shipments were 8,390 MW (8,031 MW for solar modules,
359 MW for cells and wafers), total shipments down 13.4%
sequentially, and up 56.7% year over year.
- Total revenues were RMB14.76
billion (US$2.33 billion),
down 9.9% sequentially and up 85.9% year over year. The sequential
decrease was mainly attributable to a decrease in the shipment of
solar modules. The year over year increase was mainly attributable
to an increase in the shipment of solar modules.
- Gross profit was RMB2.23 billion
(US$351.2 million), down 15.8%
sequentially and up 63.9% year over year.
- Gross margin was 15.1%, compared with 16.1% in Q4 2021 and
17.1% in Q1 2021. The sequential and year-over-year decreases were
mainly attributable to an increase in the material cost of solar
modules.
- Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB28.9
million (US$4.6 million),
compared with RMB239.5 million
sequentially and RMB221.1 million
year over year.
- Basic and diluted earnings per ordinary share were RMB0.15 (US$0.02)
and RMB0.15 (US$0.02), respectively. This translates into
basic and diluted earnings per ADS of RMB0.60 (US$0.10)
and RMB0.60 (US$0.10), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "Leveraging our competitive advantages in supply chain
management and a global network, we delivered solid results in the
first quarter of 2022, with total revenues reaching RMB14.8 billion, a 86% increase year-over-year,
and our quarterly shipments increased by 57% year-over-year to 8.4
GW. Despite a very challenging environment due to macro-economic
uncertainties and supply chain disruptions as a result of the
resurgence of COVID-19 across the world, we continued to improve
our in-house cost structure and our gross profit in the first
quarter increased by more than 60% year-over-year.
"Polysilicon prices and shipping costs remained high and
volatile during the quarter. Epidemic prevention and containment
policies in China since March have
resulted in logistics congestion and sharp reductions in transport
capacity, which further increased cost pressures. To overcome these
difficulties, we took early action to ensure ample reserves of raw
materials as well as close cooperation and coordination of
production, supply chain and sales in order to meet production and
delivery timelines."
"In China, some projects have been delayed to some extent due to
the supply chain imbalance and logistic disruptions as a result of
the COVID-19 resurgence, but we continue to see solid demand for
clean energy solutions. During the quarter, many Chinese provinces
started to issue time-of-use tariff policies which have increased
demand for distributed generation. For utility projects,
consistently high prices along the supply chain convinced some
customers to not wait any longer to start new projects. By the end
of March, the bidding phases for more than 50GW of such projects
had been completed."
"In Europe, the Russia-Ukraine war has highlighted the need for solar
energy, with incremental demand expected within the year and
further steady increases over time. We expect total global
installations to reach about 250 GW in 2022 and distributed
generation to make up a higher proportion of the energy mix in
countries traditionally reliant on gas-fired and thermal
power."
"Our 16 GW N-type production capacity successfully ramped up
according to schedule. Currently, our mass-produced N-type cell
conversion efficiency exceeds 24.6%. We are consistently investing
in technology upgrades to increase cell efficiency and reduce
costs. Recently, we set a new world record for our large-size
monocrystalline silicon TOPCon solar cell with maximum conversion
efficiency reaching 25.7%.There has been wide acceptance and demand
for our N-type modules. We expect to increase our market share and
profitability with gradual sales of premium N-type modules in the
coming quarters."
"We believe that the impact of the pandemic on production and
operations is temporary and the continuous release of polysilicon
supplies will aid the industry's gradual recovery. We reiterate our
guidance on total shipments for full year 2022. Taking into account
our advantages in N-type cells and strong market demand, we plan to
invest in the second phase of N-type cells with a total production
capacity of approximately 16GW to improve our integrated capacity
infrastructure. This gives us the confidence to increase our
full-year 2022 guidance for annual production capacities of mono
wafers, solar cells and modules to reach 55 GW, 55 GW and 60 GW,
respectively. By applying the latest technology for mass
production, we will continue to lead industry breakthroughs and
achieve technical leadership among our peers."
First Quarter 2022 Financial Results
Total Revenues
Total revenues in the first quarter of 2022 were
RMB14.76 billion (US$2.33 billion), a decrease of 9.9% from
RMB16.39 billion in the fourth
quarter of 2021 and an increase of 85.9% from RMB7.94 billion in the first quarter of 2021. The
sequential decrease was mainly attributable to a decrease in the
shipment of solar modules. The year-over-year increase was mainly
attributable to an increase in the shipment of solar modules due to
the increasing demand of global market.
Gross Profit and Gross Margin
Gross profit in the first quarter of 2022 was RMB2.23 billion (US$351.2 million), compared with
RMB2.64 billion in the fourth
quarter of 2021 and RMB1.36 billion
in the first quarter of 2021.
Gross margin was 15.1% in the first quarter of 2022, compared
with 16.1% in the fourth quarter of 2021 and 17.1% in the first
quarter of 2021. The sequential and year-over-year decreases
were mainly attributable to an increase in the material
cost of solar modules.
Income from Operations and Operating Margin
Income from operations in the first quarter of 2022 was
RMB40.8 million (US$6.4 million), compared with RMB485.8 million in the fourth quarter of 2021
and RMB149.1 million in the first
quarter of 2021.
Operating profit margin was 0.3% in the first quarter of 2022,
compared with 3.0% in the fourth quarter of 2021 and 1.9% in the
first quarter of 2021. The sequential and year-over-year
decrease were mainly attributable to increase in the
material cost of solar modules and share based compensations
expenses in the first quarter of 2022.
Total operating expenses in the first quarter of 2022 were
RMB2.19 billion (US$344.8 million), an increase of 1.3% from
RMB2.16 billion in the fourth quarter
of 2021 and an increase of 80.8% from RMB1.21 billion in the first quarter of 2021. The
year-over-year increases were mainly attributable to
increases in shipping costs for solar modules and share based
compensations expenses in the first quarter of 2022.
Total operating expenses accounted for 14.8% of total revenues
in the first quarter of 2022, compared to 13.2% (or 12.3% excluding
impairment loss) in the fourth quarter of 2021 and 15.2% (or 13.7%
excluding impairment loss) in the first quarter of 2021.
Interest Expense, Net
Net interest expense in the first quarter of 2022 was
RMB162.2 million (US$25.6 million), an increase of 12.3%
from RMB144.4 million in the
fourth quarter of 2021 and an increase of 3.6% from RMB156.5 million in the first quarter of 2021.
The sequential and year-over-year increases were mainly due to
an increase in the Company's interest-bearing debts.
Subsidy Income
Subsidy income in the first quarter of 2022 was RMB305.3 million (US$48.2 million), compared
with RMB109.6 million in the fourth quarter of 2021 and
RMB130.3 million in the first quarter
of 2021. The sequential and year over year increases were mainly
attributable to an increase in the cash receipt of subsidies from
local governments in China which
are non-recurring, not refundable and with no conditions.
Exchange Gain and Change in Fair
Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in
fair value of foreign exchange derivatives) of RMB76.4 million (US$12.1 million) in the first quarter of
2022, compared to a net exchange loss of RMB10.5 million in the fourth quarter of
2021 and a net exchange loss of RMB26.6
million in the first quarter of 2021. The sequential and
year over year increase was mainly attributable to a gain arising
from foreign exchange forward contracts associated with the
depreciation of the U.S. dollars and Euros against the RMB in the
first quarter of 2022.
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 RMB104.9 million
(US$16.6 million) in the first
quarter of 2022, compared to a gain of RMB9.5 million in the fourth quarter of 2021
and a gain of RMB414.9 million in the
first quarter of 2021. The change was primarily due to an increase
in the Company's stock price in the first quarter of 2022. As of
March 31, 2022, certain convertible
senior notes remains US$69.25 million
outstanding after converting US$15.75
million into ordinary shares
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 nil in the first
quarter of 2022, compared to nil in the fourth quarter of 2021 and
a loss of RMB235.8 million in the
first quarter of 2021. The change was primarily due to the Company
exercising all the remaining call options using cash settlement in
the third quarter of 2021.
Equity in Earnings 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 recorded
equity in earnings of affiliated companies of RMB6.4 million (US$1.0 million) in the first quarter of 2022,
compared with earnings of RMB3.5 million in the fourth quarter of 2021
and earnings of RMB43.4 million in
the first quarter of 2021. The fluctuation of equity in earnings of
affiliated companies primarily arose from change in fair value of
interest rate swap recorded by an equity affiliate. The affiliated
company terminated its interest swap arrangements in the first
quarter of 2022. Hedge accounting was not applied for the
derivative.
Income Tax Expense
The Company recorded an income tax expense of RMB71.0 million (US$11.2 million) in the first quarter of
2022, compared with an income tax expense of RMB126.9 million in the fourth quarter of 2021
and an income tax expense of RMB52.2
million in the first quarter of 2021. The sequential
decrease in tax expense was mainly due to lower profit generated
compared to the fourth quarter of 2021.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB75.3 million (US$11.9 million) in the first quarter of 2022,
compared with RMB84.4 million in the
fourth quarter of 2021 and RMB48.7
million in the first quarter of 2021. The increase in the
first quarter of 2022 was mainly attributable to an increase of
non-controlling interests after the Company's major subsidiary,
Jinko Solar Co., Ltd ("Jiangxi Jinko") completed its initial
public offering ("IPO") and started trading on Shanghai Stock
Exchange's Sci-Tech innovation board on January 26, 2022. After the IPO, the Company
holds approximately 58.62% of Jiangxi Jinko. Ownership of
non-controlling interests in Jiangxi Jinko increased from 26.72% to
41.38% due to the IPO.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
was RMB28.9 million (US$4.6 million) in the first quarter of 2022,
compared with net income attributable to the Company's ordinary
shareholders of RMB239.5 million
in the fourth quarter of 2021 and net income attributable to the
Company's ordinary shareholders of RMB221.1
million in the first quarter of 2021.
Basic and diluted earnings per ordinary share were RMB0.15 (US$0.02) and RMB0.15 (US$0.02), respectively, during the
first quarter of 2022, compared to RMB1.26 and RMB1.04, respectively, in the fourth quarter of
2021, and RMB1.16 and RMB(0.90), respectively, in the first quarter of
2021. As each ADS represents four ordinary shares, this translates
into basic and diluted earnings per ADS of RMB0.60 (US$0.10) and RMB0.60 (US$0.10), respectively in the first
quarter of 2022; RMB5.02 and
RMB4.16, respectively, in the fourth
quarter of 2021; and RMB4.64 and
RMB(3.61), respectively, in the first
quarter of 2021.
Financial Position
As of March 31, 2022, the Company
had RMB16.87 billion (US$2.66 billion) in cash and cash equivalents and
restricted cash, compared with RMB8.92 billion as of December 31, 2021.
As of March 31, 2022, the
Company's accounts receivables due from third parties were
RMB8.56 billion (US$1.35 billion), compared with RMB7.47 billion as of December 31, 2021.
As of March 31, 2022, the
Company's inventories were RMB15.95
billion (US$2.52 billion),
compared with RMB13.25 billion
as of December 31, 2021.
As of March 31, 2022, the
Company's total interest-bearing debts were RMB27.46 billion (US$4.33 billion), of which RMB419.0 million(US$66.1 million) was related to the
Company's overseas downstream solar projects, compared with
RMB25.63 billion, of which
RMB419.0 million was related to the
Company's overseas downstream solar projects as of December 31, 2021.
First Quarter 2022 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments in the first quarter of 2022 were 8,390 MW,
including 8,031 MW for solar module shipments and 359 MW for
cell and wafer shipments.
Solar Products Production Capacity
As of March 31, 2022, the
Company's annual mono wafer, solar cell and solar module production
capacity was 40.0 GW, 40.0 GW (16.9 GW for N-type cells)
and 50.0 GW, respectively.
Operations and Business Outlook Highlights
The overall impact of the COVID-19 outbreak on production and
operations should be short-term and controllable. We heightened
cooperation and coordination between our production,supply
chain and sales teams to ensure production and delivery.
We reiterate our full year 2022 shipment guidance.
In light of growing demand for higher efficiency N-type products
, and the smooth ramping up of our first phase of 16GW N-type cells
production capacity, we plan to invest in the second phase of
N-type cells with a total production capacity of approximately
16GW. Our in-house integrated capacity structure will be further
improved. Leveraging on in-depth global marketing
structure and localized service network, we are committed
to bringing high-quality and efficient products to serve global
customers.
Second Quarter and Full Year 2022 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 second quarter of 2022, the Company expects its total
shipments to be in the range of 8.5 GW to 9.5 GW.
For full year 2022, the Company estimates its total shipments
(including solar modules, cells and wafers) to be in the range
of 35.0 GW to 40.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar
module production capacity to reach 55.0 GW, 55.0 GW
(including 32.9 GW N-type cells) and 60.0 GW,
respectively, by the end of 2022.
Recent Business Developments
- In March 2022,JinkoSolar announced that it has delivered 100GW
of solar modules globally. JinkoSolar is the first company in
history to achieve this milestone.
- In April 2022,JinkoSolar Delivers over 500,000 Ultra-efficiency
Modules to one of the biggest Bifacial Projects in Europe.
- In April 2022,JinkoSolar's Subsidiary Jinko Solar Co., Ltd.
Proposes 2021 Cash Dividend Plan to Its Annual Shareholders'
Meeting For Approval.
- In April 2022,JinkoSolar's Subsidiary Jinko Solar Co., Ltd.
Announces Certain Preliminary Unaudited Financial Results for First
Quarter 2022.
- In April 2022,JinkoSolar's
High-efficiency N-Type Monocrystalline Silicon Solar Cell Sets New
World Record with Maximum Conversion Efficiency of
25.7%.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Thursday, April 28, 2022 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:
|
27492878#
|
|
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, May 5, 2022. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
U.S.:
|
+1 646 982
0473
|
Passcode:
|
520001960#
|
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 40.0 GW for mono
wafers, 40.0 GW for solar cells, and 50.0 GW for solar modules, as
of March 31, 2022.
JinkoSolar has 12 productions facilities globally,
21 overseas subsidiaries in Japan, South
Korea, Vietnam,
India, Turkey, Germany, Italy, Switzerland, the United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in
China, the United States, Canada, Germany, Switzerland, Italy, Japan,
Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong
Kong, as of March 31,
2022.
To find out more, please see: www.jinkosolar.com
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 March
31, 2022, which was RMB6.3393 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
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen, Scottsdale,
Arizona
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
|
|
Mar 31,
2021
|
|
Dec 31,
2021
|
|
Mar 31,
2022
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
7,940,050
|
|
16,361,236
|
|
14,727,499
|
|
2,323,206
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
544
|
|
26,472
|
|
37,285
|
|
5,882
|
|
|
|
|
|
|
|
|
Total
revenues
|
7,940,594
|
|
16,387,708
|
|
14,764,784
|
|
2,329,088
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(6,582,222)
|
|
(13,743,415)
|
|
(12,538,177)
|
|
(1,977,849)
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,358,372
|
|
2,644,293
|
|
2,226,607
|
|
351,239
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(614,856)
|
|
(1,117,473)
|
|
(1,384,467)
|
|
(218,394)
|
General
and administrative
|
(363,872)
|
|
(776,137)
|
|
(656,413)
|
|
(103,547)
|
Research
and development
|
(107,144)
|
|
(114,549)
|
|
(144,975)
|
|
(22,869)
|
Impairment
of long-lived assets
|
(123,405)
|
|
(150,308)
|
|
-
|
|
-
|
Total operating
expenses
|
(1,209,277)
|
|
(2,158,467)
|
|
(2,185,855)
|
|
(344,810)
|
|
|
|
|
|
|
|
|
Income from
operations
|
149,095
|
|
485,826
|
|
40,752
|
|
6,429
|
Interest
expenses, net
|
(156,535)
|
|
(144,420)
|
|
(162,198)
|
|
(25,586)
|
Subsidy
income
|
130,315
|
|
109,636
|
|
305,296
|
|
48,159
|
Exchange
loss
|
(71,543)
|
|
(127,483)
|
|
6,383
|
|
1,007
|
Change in fair
value of commodity futures
|
-
|
|
-
|
|
486
|
|
77
|
Change in fair
value of foreign exchange derivatives
|
44,904
|
|
116,993
|
|
70,047
|
|
11,050
|
Change in fair
value of convertible senior notes and call option
|
179,104
|
|
9,540
|
|
(104,936)
|
|
(16,553)
|
Other
income/(expense), net
|
3,239
|
|
(2,865)
|
|
13,018
|
|
2,054
|
Income before
income taxes
|
278,579
|
|
447,227
|
|
168,848
|
|
26,637
|
Income tax
expenses
|
(52,210)
|
|
(126,872)
|
|
(71,021)
|
|
(11,203)
|
Equity in
earnings of affiliated companies
|
43,448
|
|
3,471
|
|
6,446
|
|
1,017
|
Net
income
|
269,817
|
|
323,826
|
|
104,273
|
|
16,451
|
Less: Net income
attributable to non-controlling
interests
|
(48,725)
|
|
(84,359)
|
|
(75,336)
|
|
(11,884)
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
221,092
|
|
239,467
|
|
28,937
|
|
4,567
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
Basic
|
1.16
|
|
1.26
|
|
0.15
|
|
0.02
|
Diluted
|
(0.90)
|
|
1.04
|
|
0.15
|
|
0.02
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
Basic
|
4.64
|
|
5.02
|
|
0.60
|
|
0.10
|
Diluted
|
(3.61)
|
|
4.16
|
|
0.60
|
|
0.10
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
190,427,792
|
|
190,775,385
|
|
192,314,636
|
|
192,314,636
|
Diluted
|
205,142,801
|
|
205,838,968
|
|
192,578,950
|
|
192,578,950
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
47,606,948
|
|
47,693,846
|
|
48,078,659
|
|
48,078,659
|
Diluted
|
51,285,700
|
|
51,459,742
|
|
48,144,737
|
|
48,144,737
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
269,817
|
|
323,826
|
|
104,273
|
|
16,451
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
89,001
|
|
(107,654)
|
|
(30,526)
|
|
(4,815)
|
-Change in
the instrument-specific credit risk
|
22,638
|
|
(15,948)
|
|
37,559
|
|
5,925
|
Comprehensive
income
|
381,456
|
|
200,224
|
|
111,306
|
|
17,561
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(48,725)
|
|
(84,359)
|
|
(75,336)
|
|
(11,884)
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
332,731
|
|
115,865
|
|
35,970
|
|
5,677
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2021
|
|
Mar 31,
2022
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
8,321,415
|
|
15,397,981
|
|
2,428,972
|
Restricted
cash
|
602,044
|
|
1,476,451
|
|
232,904
|
Restricted
short-term investments
|
9,261,918
|
|
11,834,741
|
|
1,866,885
|
Short-term
investments
|
150,000
|
|
-
|
|
-
|
Accounts
receivable, net - related parties
|
29,417
|
|
69,944
|
|
11,033
|
Accounts
receivable, net - third parties
|
7,471,103
|
|
8,557,801
|
|
1,349,960
|
Notes
receivable, net - third parties
|
1,689,102
|
|
1,936,368
|
|
305,455
|
Advances to
suppliers, net - third parties
|
1,536,155
|
|
3,091,968
|
|
487,746
|
Inventories,
net
|
13,252,352
|
|
15,953,419
|
|
2,516,590
|
Forward contract
receivables
|
73,532
|
|
70,849
|
|
11,176
|
Prepayments and
other current assets, net - related parties
|
17,348
|
|
17,704
|
|
2,793
|
Prepayments and
other current assets, net
|
2,435,056
|
|
3,118,845
|
|
491,986
|
Held-for-sale
assets
|
684,631
|
|
701,047
|
|
110,587
|
Total current
assets
|
45,524,073
|
|
62,227,118
|
|
9,816,087
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,204,697
|
|
1,223,417
|
|
192,989
|
Accounts
receivable, net - third parties
|
27,624
|
|
27,876
|
|
4,397
|
Long-term
investments
|
538,866
|
|
555,772
|
|
87,671
|
Property, plant
and equipment, net
|
19,969,894
|
|
23,415,061
|
|
3,693,635
|
Land use rights,
net
|
1,090,057
|
|
1,125,327
|
|
177,516
|
Intangible
assets, net
|
55,484
|
|
64,820
|
|
10,225
|
Financing lease
right-of-use assets, net
|
628,592
|
|
611,846
|
|
96,516
|
Operating lease
right-of-use assets, net
|
438,270
|
|
422,487
|
|
66,646
|
Deferred tax
assets
|
371,767
|
|
371,781
|
|
58,647
|
Advances to
suppliers to be utilised beyond one year
|
296,709
|
|
455,471
|
|
71,849
|
Other assets,
net - related parties
|
3,292
|
|
22,020
|
|
3,474
|
Other assets,
net - third parties
|
2,739,159
|
|
1,808,754
|
|
285,324
|
Investments in
equity securities
|
95,000
|
|
95,000
|
|
14,986
|
Total non-current
assets
|
27,459,411
|
|
30,199,632
|
|
4,763,875
|
|
|
|
|
|
|
Total assets
|
72,983,484
|
|
92,426,750
|
|
14,579,962
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- related parties
|
15,863
|
|
-
|
|
-
|
Accounts payable
- third parties
|
6,799,854
|
|
6,705,535
|
|
1,057,772
|
Notes payable -
third parties
|
12,072,223
|
|
19,253,549
|
|
3,037,173
|
Accrued payroll
and welfare expenses
|
1,240,791
|
|
1,207,533
|
|
190,484
|
Advances
from third parties
|
5,914,354
|
|
5,009,661
|
|
790,255
|
Income tax
payable
|
214,856
|
|
183,476
|
|
28,943
|
Other payables
and accruals
|
4,844,077
|
|
6,359,974
|
|
1,003,262
|
Other payables
due to related parties
|
2,230
|
|
1,774
|
|
280
|
Forward contract
payables
|
2,659
|
|
1,390
|
|
219
|
Financing lease
liabilities - current
|
194,939
|
|
199,420
|
|
31,458
|
Operating lease
liabilities - current
|
62,515
|
|
66,045
|
|
10,418
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
13,339,367
|
|
13,949,985
|
|
2,200,556
|
Guarantee
liabilities to related parties
|
2,500
|
|
2,430
|
|
383
|
Held-for-sale
liabilities
|
553,234
|
|
563,966
|
|
88,963
|
Deferred
revenue
|
200,000
|
|
-
|
|
-
|
Total current
liabilities
|
45,459,462
|
|
53,504,738
|
|
8,440,166
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
9,896,455
|
|
11,081,221
|
|
1,748,020
|
Convertible
senior notes
|
1,098,736
|
|
1,172,143
|
|
184,901
|
Accrued warranty
costs - non current
|
858,641
|
|
889,067
|
|
140,247
|
Financing lease
liabilities
|
236,373
|
|
203,162
|
|
32,048
|
Operating lease
liabilities
|
385,420
|
|
365,713
|
|
57,690
|
Deferred tax
liability
|
183,003
|
|
183,003
|
|
28,868
|
Long-term
Payables
|
568,495
|
|
575,455
|
|
90,776
|
Guarantee
liabilities to related parties
- non current
|
9,642
|
|
9,066
|
|
1,430
|
Total non-current
liabilities
|
13,236,765
|
|
14,478,830
|
|
2,283,980
|
|
|
|
|
|
|
Total
liabilities
|
58,696,227
|
|
67,983,568
|
|
10,724,146
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000 shares
authorized, 193,770,753 and 198,142,693 shares issued as of
December 31, 2021 and March 31, 2022, respectively)
|
26
|
|
27
|
|
4
|
Additional paid-in
capital
|
5,617,923
|
|
9,282,472
|
|
1,464,274
|
Statutory
reserves
|
700,244
|
|
700,244
|
|
110,461
|
Accumulated other
comprehensive income
|
(154,375)
|
|
(147,342)
|
|
(23,243)
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2021 and March 31, 2022
|
(43,170)
|
|
(43,170)
|
|
(6,810)
|
Accumulated retained
earnings
|
4,929,138
|
|
4,958,075
|
|
782,116
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
11,049,786
|
|
14,750,306
|
|
2,326,802
|
|
|
|
|
|
|
Non-controlling
interests
|
3,237,471
|
|
9,692,876
|
|
1,529,014
|
|
|
|
|
|
|
Total shareholders'
equity
|
14,287,257
|
|
24,443,182
|
|
3,855,816
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
72,983,484
|
|
92,426,750
|
|
14,579,962
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2022-financial-results-301535082.html
SOURCE JinkoSolar Holding Co., Ltd.