SHANGRAO, China, March 10,
2023 /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,
2022.
Fourth Quarter and Full Year 2022 Business Highlights
- Significant year-over-year growth in module shipments in the
fourth quarter and full year 2022 on back of strong global
demand.
- At the end of 2022, we became the first module manufacturer in
the world to have delivered a total of 130GW solar modules.
- In December 2022, our
high-efficiency N-Type monocrystalline silicon solar cell set a new
record with maximum conversion efficiency of 26.4%, exceeding the
record of 26.1% we set in October
2022.
- At the end of 2022, the mass production efficiency of N-type
TOPCon cells reached 25.1%, and the integrated cost of N-type
modules was close to that of P-type modules.
- N-type module shipments of approximately 7GW in the fourth
quarter helped us achieve the 10GW target we set for the full year
2022.
Fourth Quarter 2022 Operational and
Financial Highlights
- Quarterly shipments were 16,802 MW (16,020 MW for solar
modules, and 782 MW for cells and wafers), up 54.8% sequentially,
and up 73.3% year-over-year.
- Total revenues were RMB30.40
billion (US$4.41 billion), up
55.8% sequentially and up 85.5% year-over-year. The sequential and
year-over-year increases were mainly attributable to an increase in
the shipment of solar modules.
- Gross profit was RMB4.28 billion
(US$620.0 million), up 39.2%
sequentially and up 61.7% year-over-year.
- Gross margin was 14.1%, compared with 15.7% in Q3 2022 and
16.1% in Q4 2021. The sequential and year-over-year decreases were
mainly due to an increase in the cost of silicon.
- Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB709.7
million (US$102.9 million),
compared with RMB549.8 million in Q3
2022 and RMB239.5 million in Q4
2021.
- Adjusted net income attributable to JinkoSolar Holding Co.,
Ltd's ordinary shareholders, which excludes the impact from (i) a
change in fair value of the convertible senior notes (the "Notes"),
(ii) a change in fair value of long-term investment and (iii) the
share based compensation expenses, was RMB312.4 million (US$45.3
million), compared with RMB427.5
million in Q3 2022 and RMB234.6
million in Q4 2021.
- Basic and diluted earnings per ordinary share were RMB3.53 (US$0.51)
and RMB1.46 (US$0.21), respectively. This translates into
basic and diluted earnings per ADS of RMB14.11 (US$2.05)
and RMB5.83 (US$0.85), respectively.
Full Year 2022 Operational and
Financial Highlights
- Annual shipments were 46,580 MW (including 44,520 MW for solar
modules, and 2,060 MW for cells and wafers), up 84.5% year over
year.
- Total revenues were RMB83.53
billion (US$12.11 billion), up
104.6% year over year. The year-over-year increases were mainly
attributable to an increase in the shipment of solar modules.
- Gross profit was RMB12.35 billion
(US$1.79 billion), up 85.4% year over
year.
- Gross margin of 14.8%, compared with 16.3% in full year of
2021. The decrease was mainly due to an increase in the cost of
silicon.
- Income from operations of RMB461.0
million (US$66.8 million),
down 58.2% year over year.
- Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB665.2
million (US$96.4 million),
down 7.7% year over year.
- Adjusted net income attributable to JinkoSolar Holding Co.,
Ltd's ordinary shareholders, which excludes the impact from (i) a
change in fair value of the "Notes", (ii)a change in fair value of
long-term investment and (iii)the share based compensation
expenses, was RMB1.44 billion
(US$208.3 million), up 1.7 times year
over year.
- Basic and diluted earnings per ordinary share were RMB3.36 (US$0.49)
and RMB3.32 (US$0.48), respectively. This translates into
basic and diluted earnings per ADS of RMB13.44 (US$1.95)
and RMB13.28 (US$1.93), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "We closed a
challenging 2022 with satisfactory results as we delivered strong
operational and financial performance in the fourth quarter.
Leveraging our outstanding global supply chain management and
marketing network, our total shipments and total revenue increased
significantly year over year. At the end of 2022, we became the
first in the industry to reach the milestone of delivering a total
of 130GW solar modules. Throughout the year, as raw material costs
continued to rise, we continued to optimize our cost structure
relentlessly through technical advancement and manufacturing
process improvement, which partially relieved the pressure on
profitability. Annual shipments of high-efficiency premium N-type
products exceeded 10 GW, further optimizing our product mix and
gradually improving our profitability. Net income was approximately
US$102.9million, up 29.1%
sequentially, and nearly tripling year-over-year.
Throughout 2022, the growth in demand for solar products did not
slow down despite the compounded challenges in the industry such as
the surge in raw material costs, pandemic disruption and
macroeconomic uncertainties. In particular, the energy crisis
triggered by the Russia-Ukraine conflict caused prices of traditional
energy to rise quickly and PV remained the optimum solution for
countries to achieve energy transformation, because of its
low-carbon footprint and economic advantages. Global PV demand in
2022 was approximately 320GWdc to 330GWdc, up about 50%
year-over-year. Even in the more price-sensitive Chinese market,
newly added installations grew by 59.3% year over year to reach
87.4 GWac (approximately 105GWdc), and distributed installations
grew by nearly 75% year over year.
At the end of December, because of a seasonal unbalance between
polysilicon supply and demand for PV products, combined with
inventory adjustments across the supply chain, prices of
polysilicon, wafers, cells and modules fluctuated, and this
volatility led some downstream customers to pause orders. Since
February 2022, polysilicon prices
have rebounded and pricing games between the upstream and
downstream of the solar industrial chain have to some extent
impacted market sentiment. With polysilicon supply sufficient to
support module demand throughout 2023, we believe the short-term
rise in polysilicon prices will not last and instead a decline in
polysilicon prices will drive down module prices and improve the
economics of PV projects. We expect the market demand for PV
products to continue to increase in 2023.
During the fourth quarter, as the industrial chain remained
volatile, we continued to enhance operation management including
strictly controlling inventories and flexibly adjusting production
scheduling and volumes. The second phase of 8 GW TOPCon cell
capacity in Hefei reached full
production in the fourth quarter of 2022 and the second phase of 11
GW TOPCon cell capacity in Jianshan is expected to reach full
production in March 2023. With our 35
GW of cell capacity gradually reaching full production, our
integrated capacity structure continues to optimize, which will
lower our blended costs.
In December, our high-efficiency N-Type monocrystalline silicon
solar cell set a new record with maximum conversion efficiency of
26.4%. At the end of 2022, the mass-produced efficiency of our
TOPCon cell capacity that has reached full production reached
25.1%, bringing the integrated cost of N-type products almost on
par with P-type products. We are a preferred supplier of N-type
products for global clients thanks to our well-established global
marketing footprint and technological advantage. At the end of
2022, we became the first module manufacturer in the world to ship
over 10 GW of N-type products. Our strategy to embrace N-type
technology early and lead its development is paying off and many
industry players are now following in our path. Leveraging our
accumulated experience in mass production and marketing, the
proportion of our N-type shipments of our total module shipments is
expected to further increase in 2023. We are confident that we will
maintain our leading position in terms of R&D, mass-produced
efficiency and production capacity.
By the end of 2023, mass production efficiency of TOPCon cells
is expected to reach 25.8%.We are optimistic about the growth
potential for the PV market in the mid- and long-term and will
continue to invest in developing N-type capacity which is now
competitive in terms of technology and cost. By the end of 2023, we
expect our annual production capacity for mono wafers, solar cells
and solar modules to reach 75GW, 75GW and 90GW, respectively. We
expect our module shipments to be in the range of 11.0 GW to 13.0
GW for the first quarter of 2023 and 60.0 GW to 70.0 GW for the
full year 2023."
Fourth Quarter 2022 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2022 were
RMB30.40 billion (US$4.41 billion), an increase of 55.8% from
RMB19.52 billion in the third
quarter of 2022 and an increase of 85.5% from RMB16.39 billion in the fourth quarter of 2021.
The sequential and year-over-year increases were mainly
attributable to an increase in the shipment of solar modules due to
increasing demand in the global market.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2022 was RMB4.28 billion (US$620.0million), compared with RMB3.07 billion in the third quarter of 2022
and RMB2.64 billion in the fourth
quarter of 2021.
Gross margin was 14.1% in the fourth quarter of 2022, compared
with 15.7% in the third quarter of 2022 and 16.1% in the fourth
quarter of 2021. The sequential and year-over-year decreases were
mainly due to an increase in the cost of silicon.
Income from Operations and Operating Margin
Income from operations in the fourth quarter of 2022 was
RMB646.2 million (US$93.7 million), compared with RMB63.1 million in the third quarter of 2022 and
RMB485.8 million in the fourth
quarter of 2021.
Operating profit margin was 2.1% in the fourth quarter of 2022,
compared with 0.3% in the third quarter of 2022 and 3.0% in the
fourth quarter of 2021.
Total operating expenses in the fourth quarter of 2022 were
RMB3.63 billion (US$526.4 million), an increase of 20.7% from
RMB3.01 billion in the third quarter
of 2022 and an increase of 68.2% from RMB2.16 billion in the fourth quarter of 2021.
The sequential and year-over-year increases were mainly
attributable to an increase in shipping costs for solar modules and
an increase in impairment loss on property, plant and
equipment.
Total operating expenses accounted for 11.9% of total revenues
in the fourth quarter of 2022, compared to 15.4% in the third
quarter of 2022 and 13.2% in the fourth quarter of 2021.
Interest Expenses, Net
Net interest expenses in the fourth quarter of 2022 were
RMB111.7 million (US$16.2 million), a decrease of 13.2%
from RMB128.7 million in the
third quarter of 2022 and a decrease of 22.6% from RMB144.4 million in the fourth quarter of 2021.
The sequential and the year-over-year decrease were mainly due to
an increase in interest income.
Subsidy Income
Subsidy income in the fourth quarter of 2022 was RMB94.0 million (US$13.6 million), compared
with RMB225.3 million in the third quarter of 2022 and
RMB109.6 million in the fourth
quarter of 2021. The sequential and year-over-year changes were
mainly attributable to the changes in the cash receipt of subsidies
from local governments in China
which are non-recurring, not refundable and with no conditions.
Exchange Gain/Loss 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 RMB35.0 million (US$5.1 million) in the fourth quarter of
2022, compared to a net exchange gain of RMB520.3 million in the third quarter of
2022 and a net exchange loss of RMB10.5
million in the fourth quarter of 2021. The sequential and
year-over-year changes were mainly attributable to the exchange
rate fluctuation of US dollars against RMB in the fourth 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 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 RMB396.8 million
(US$57.5 million) in the fourth
quarter of 2022, compared to a gain of RMB233.0 million in the third quarter of
2022 and a gain of RMB9.5 million in
the fourth quarter of 2021. The changes were primarily due to a
decrease in the Company's stock price in the fourth quarter of
2022.
Change in Fair Value of Long-term Investment
The Company acquired a 2.56% equity interest in a PV material
supplier, which is accounted for using the fair value option and
recorded as long-term investment. The Company recognized a gain
from change in fair value of RMB101.9 million (US$14.8 million) in the fourth quarter of
2022.
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 a 9% equity
interest in Xinte Ltd, a domestic silicon material supplier, and
both are accounted for using the equity method. The Company
recorded equity in gain of affiliated companies of RMB148.5 million(US$21.5 million) in the fourth quarter of 2022,
compared with gain of RMB38.9 million in the third quarter of 2022
and gain of RMB3.5 million in the
fourth quarter of 2021. The fluctuation of equity in gain of
affiliated companies primarily arose from the net gain incurred by
an affiliate company.
Income Tax Expense
The Company recorded an income tax expense of RMB239.4 million (US$34.7
million) in the fourth quarter of 2022, compared with an
income tax expense of RMB150.8
million in the third quarter of 2022 and an income tax
expense of RMB126.9 million in the
fourth quarter of 2021.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB357.8 million (US$51.9 million) in the fourth quarter of
2022, compared with RMB247.8 million in the third quarter of
2022 and RMB84.4 million in the
fourth quarter of 2021. The sequential increase was mainly
attributable to the increase of net income of the Company's major
subsidiary, Jinko Solar Co., Ltd ("Jiangxi Jinko"), and the
year-over-year increase was mainly attributable to the increase of
non-controlling interests after 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% equity interest in 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 JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB709.7
million (US$102.9 million) in
the fourth quarter of 2022, compared with RMB549.8 million in the third quarter of
2022 and RMB239.5 million in the
fourth quarter of 2021. Excluding the impact from (i)a change in
fair value of the Notes (ii) a change in fair value of the
long-term investment and (iii)the share based compensation
expenses, the adjusted net income attributable to JinkoSolar
Holding Co., Ltd's ordinary shareholders was RMB312.4 million (US$45.3 million), compared with RMB427.5 million in the third quarter of
2022 and RMB234.6 million in the
fourth quarter of 2021.
Basic and diluted earnings per ordinary share were RMB3.53 (US$0.51)
and RMB1.46 (US$0.21), respectively, in the fourth quarter of
2022, compared to RMB2.74 and
RMB1.60, respectively, in the third
quarter of 2022, and RMB1.26 and
RMB1.04, respectively, in the fourth
quarter of 2021. As each ADS represents four ordinary shares, this
translates into basic and diluted earnings per ADS of RMB14.11 (US$2.05)
and RMB5.83 (US$0.85), respectively in the fourth quarter of
2022; RMB10.97 and RMB6.39, respectively, in the third quarter of
2022; and RMB5.02 and RMB4.16, respectively, in the fourth quarter of
2021.
Financial Position
As of December 31, 2022, the
Company had RMB11.32 billion
(US$1.64 billion) in cash and cash
equivalents and restricted cash, compared with RMB8.92 billion as of December 31, 2021.
As of December 31, 2022, the
Company's accounts receivables due from third parties were
RMB17.09 billion (US$2.48 billion), compared with RMB7.47 billion as of December 31, 2021.
As of December 31, 2022, the
Company's inventories were RMB17.09
billion (US$2.48 billion),
compared with RMB13.25 billion
as of December 31, 2021.
As of December 31, 2022, the
Company's total interest-bearing debts were RMB27.16 billion (US$3.94 billion), compared with RMB25.63 billion as of December 31, 2021.
Full Year 2022 Financial Results
Total Revenues
Total revenues for full year 2022 were RMB83.53 billion (US$12.11
billion), an increase of 104.6% from RMB40.83 billion
for full year 2021. The increase in total revenues was mainly
attributable to an increase in the shipment of solar modules
due to increasing demand in the global market.
Gross Profit and Gross Margin
Gross profit for full year 2022 was RMB12.35 billion (US$1.79
billion), an increase of 85.4% from RMB6.66 billion for full year 2021. The
year-over-year increase was mainly attributable to an increase
in the shipment of solar modules in 2022.
Gross margin was 14.8% for the full year 2022, compared with
16.3% for the full year 2021. The year-over-year decrease was
mainly attributable to an increase in the material cost of
solar modules.
Income from Operations and Operating Margin
Income from operations for full year 2022 was RMB461.0 million (US$66.8
million), compared with RMB1.10
billion for full year 2021. Operating margin for full year
2022 was 0.6%, compared with 2.7% for full year 2021.
Total operating expenses for full year 2022 were RMB11.89 billion (US$1.72
billion), an increase of 113.9% from RMB5.56 billion for full year 2021. As a
percentage of total revenues, operating expenses accounted for
14.2% for full year 2022, compared with 13.6% for full year 2021.
The increase in total operating expenses was primarily due to (i)
an increase in shipping cost, (ii) an increase in impairment loss
and FA disposal of property, plant and equipment and (iii) an
increase in share-based compensation expenses.
Interest Expense, Net
Net interest expense for full year 2022 was RMB490.7 million (US$71.1
million), a decrease of 21.4% from RMB624.0 million for full year 2021. The decrease
was mainly due to an increase in interest income.
Subsidy Income
Subsidy income for full year 2022 was RMB1.09 billion (US$158.0 million), compared with
RMB465.7 million for full year 2021.
The year over year increase was 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/Loss 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 RMB857.4 million (US$124.3
million) for full year 2022 due primarily to appreciation of
US dollars against RMB. The Company recorded a net exchange loss of
RMB47.8 million for full year 2021.
The year-over-year changes were mainly due to the fluctuation in
the Company's stock price as well as exchange rate fluctuation of
US dollars against RMB in 2022.
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 RMB12.1 million (US$1.8 million) for full year 2022, compared to a
gain of RMB191.6 million for full year 2021.
The changes in 2022 was primarily due to the change in
the Company's stock price in 2022.
Change in Fair Value of Long-term Investment
The Company acquired a 2.56% equity interest in a PV material
supplier, which is accounted for using the fair value option and
recorded as long-term investment. The Company recognized a gain
from change in fair value of RMB101.9
million (US$14.8 million) in
2022.
Equity in 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 a 9% equity
interest in Xinte Ltd, a domestic silicon material supplier, and
both are accounted using the equity method. The Company
recorded equity in income of affiliated companies of RMB193.7 million (US$28.1 million) in 2022, compared with a
gain of RMB59.8 million
in 2021. The gain primarily arose from the net gain incurred
by an affiliate company.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB579.2 million (US$84.0
million) in 2022, compared with an income tax expense of
RMB194.1 million in 2021.
Net Income and Earnings per Share
Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders in 2022 was RMB665.2
million (US$96.4million),
compared with a net income of RMB721.0
million in 2021. Excluding the impact from (i)a change in
fair value of the Notes (ii) a change in fair value of the
long-term investment and (iii)the share based compensation
expenses, the adjusted net income attributable to JinkoSolar
Holding Co., Ltd's ordinary shareholders was RMB1.44 billion (US$208.3 million), compared with
RMB538.7 million in 2021.
Basic and diluted earnings per share for full year 2022 were
RMB3.36 (US$0.49) and
RMB3.32 (US$0.48), respectively, compared to RMB3.78 and RMB2.01
for full year 2021. This translates into basic and diluted earnings
per ADS of RMB13.44 (US$1.95)
and RMB13.28 (US$1.93), respectively for full year 2022,
compared to RMB15.12 and RMB8.02 for full year 2021.
Fourth Quarter and Full Year 2022 Operational
Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 16,802 MW in the fourth quarter of
2022, including 16,020 MW for solar module shipments and 782
MW for cell and wafer shipments.
Total shipments in the full year 2022 were 46,580 MW, including
44,520 MW for solar module shipments and 2,060 MW for cell and
wafer shipments.
Operations and Business Outlook Highlights
35GW N-type TOPCon cells capacity started production in 2022.
With this 35GW capacity ramping up and releasing in the coming
quarters, we expect our integrated capacity structure to constantly
improve and our cost structure to further optimize. N-type Tiger
Neo modules continue to demonstrate a competitive premium and cost
advantages over P-type modules. The proportion of N-type modules
shipments of our total module shipments is expected to reach
60% in 2023, as we see very strong demand for high-efficiency
products from a growing number of markets and customers. We will
continue to maintain our leading position in N-type modules through
technology iteration, improvement in mass production capability,
and cost optimization.
First Quarter and Full Year 2023 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 2023, the Company expects its
module shipments to be in the range of 11.0 GW
to 13.0 GW.
For full year 2023, the Company estimates its module shipments
to be in the range of 60.0 GW to 70.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual production capacity for mono
wafer, solar cell and solar module to reach 75.0 GW, 75.0 GW
and 90.0 GW, respectively, by the end of 2023.
Recent Business Developments
- In November 2022, the maximum
solar conversion efficiency of JinkoSolar's 182 mm N-type module
reached a new record of 23.86%.
- In November 2022, Jiangxi Jinko
announced that it will supply approximately 522 MW of Tiger Neo 78
Cell modules for Phase l of the Santa Luzia Complex Project in
ParaÃba State, Brazil.
- In December 2022, JinkoSolar's
182 mm high-efficiency N-type monocrystalline silicon solar cell
set a new record, achieving a maximum solar conversion efficiency
of 26.4% for its 182 mm and above large-size monocrystalline
silicon TOPCon solar cell.
- In December 2022, JinkoSolar won
the Harvard Business Review Global Chinese Edition "ESG Innovator
of 2022."
- In January 2023, JinkoSolar
revealed its Second Generation Tiger Neo panel family.
In February 2023, Jiangxi Jinko
published certain preliminary unaudited financial results for the
full year ended December 31,
2022.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, March 10, 2023 at
7:30 a.m. U.S. Eastern Time
(8:30 p.m. Beijing / Hong
Kong the same day).
Please register in advance of the conference using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, passcode and unique access PIN by a
calendar invite.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10029354-lm2wts.html
It will automatically direct you to the registration page of
"JinkoSolar Fourth Quarter and Fiscal Year 2022 Earnings Conference
Call", where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s),
passcode and unique access PIN) provided in the calendar invite
that you have received following your pre-registration.
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, March 17, 2023. The dial-in
details for the replay are as follows:
International: +61 7 3107 6325
U.S.: +1 855 883
1031
Passcode:
10029354
Additionally, a live and archived webcast of the
conference call will be available on the Investor Relations section
of JinkoSolar's website at http://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, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar has 14 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 December 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 December
30, 2022, which was RMB6.8972
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: rene.vanguestaine@christensencomms.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
For the year
ended
|
|
Dec 31,
2021
|
|
Sep 30,
2022
|
|
Dec 31,
2022
|
|
Dec 31,
2021
|
|
Dec 31,
2022
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
16,361,236
|
|
19,418,227
|
|
30,319,493
|
|
4,395,913
|
|
40,794,759
|
|
83,195,673
|
|
12,062,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
26,472
|
|
101,089
|
|
84,133
|
|
12,198
|
|
31,763
|
|
333,195
|
|
48,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
16,387,708
|
|
19,519,316
|
|
30,403,626
|
|
4,408,111
|
|
40,826,522
|
|
83,528,868
|
|
12,110,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(13,743,415)
|
|
(16,447,649)
|
|
(26,127,056)
|
|
(3,788,067)
|
|
(34,168,686)
|
|
(71,182,245)
|
|
(10,320,455)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
2,644,293
|
|
3,071,667
|
|
4,276,570
|
|
620,044
|
|
6,657,836
|
|
12,346,623
|
|
1,790,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(1,117,473)
|
|
(1,980,508)
|
|
(2,290,925)
|
|
(332,153)
|
|
(2,856,464)
|
|
(7,278,444)
|
|
(1,055,275)
|
General
and administrative
|
(776,137)
|
|
(823,679)
|
|
(896,601)
|
|
(129,995)
|
|
(1,963,562)
|
|
(3,508,678)
|
|
(508,710)
|
Research
and development
|
(114,549)
|
|
(201,690)
|
|
(228,399)
|
|
(33,115)
|
|
(461,590)
|
|
(724,769)
|
|
(105,082)
|
Impairment
of long-lived assets
|
(150,308)
|
|
(2,662)
|
|
(214,473)
|
|
(31,096)
|
|
(273,713)
|
|
(373,732)
|
|
(54,186)
|
Total operating
expenses
|
(2,158,467)
|
|
(3,008,539)
|
|
(3,630,398)
|
|
(526,359)
|
|
(5,555,329)
|
|
(11,885,623)
|
|
(1,723,253)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
485,826
|
|
63,128
|
|
646,172
|
|
93,685
|
|
1,102,507
|
|
461,000
|
|
66,840
|
Interest
expenses, net
|
(144,420)
|
|
(128,749)
|
|
(111,716)
|
|
(16,197)
|
|
(624,029)
|
|
(490,703)
|
|
(71,145)
|
Subsidy
income
|
109,636
|
|
225,336
|
|
94,048
|
|
13,636
|
|
465,685
|
|
1,089,435
|
|
157,953
|
Exchange
gain/(loss)
|
(127,483)
|
|
650,466
|
|
(20,173)
|
|
(2,925)
|
|
(355,499)
|
|
1,025,891
|
|
148,740
|
Change in fair
value of commodity futures
|
-
|
|
(2,554)
|
|
350
|
|
51
|
|
-
|
|
(5,837)
|
|
(846)
|
Change in fair
value of foreign exchange derivatives
|
116,993
|
|
(130,196)
|
|
55,182
|
|
8,001
|
|
307,689
|
|
(168,519)
|
|
(24,433)
|
Change in fair
value of Long-term Investment
|
-
|
|
-
|
|
101,871
|
|
14,770
|
|
-
|
|
101,871
|
|
14,770
|
Change in fair
value of convertible senior notes and call option
|
9,540
|
|
232,961
|
|
396,794
|
|
57,530
|
|
191,641
|
|
(12,083)
|
|
(1,752)
|
Other
income/(loss), net
|
(2,865)
|
|
(888)
|
|
(4,136)
|
|
(600)
|
|
1,911
|
|
7,408
|
|
1,074
|
Income before income
taxes
|
447,227
|
|
909,504
|
|
1,158,392
|
|
167,951
|
|
1,089,905
|
|
2,008,463
|
|
291,201
|
Income tax
expenses
|
(126,872)
|
|
(150,775)
|
|
(239,356)
|
|
(34,703)
|
|
(194,140)
|
|
(579,242)
|
|
(83,982)
|
Equity in
earnings of affiliated companies
|
3,471
|
|
38,904
|
|
148,475
|
|
21,527
|
|
59,809
|
|
193,708
|
|
28,085
|
Net
income
|
323,826
|
|
797,633
|
|
1,067,511
|
|
154,775
|
|
955,574
|
|
1,622,929
|
|
235,304
|
Less: Net income
attributable to non-controlling
interests
|
(84,359)
|
|
(247,811)
|
|
(357,841)
|
|
(51,882)
|
|
(234,554)
|
|
(957,772)
|
|
(138,864)
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
239,467
|
|
549,822
|
|
709,670
|
|
102,893
|
|
721,020
|
|
665,157
|
|
96,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.26
|
|
2.74
|
|
3.53
|
|
0.51
|
|
3.78
|
|
3.36
|
|
0.49
|
Diluted
|
1.04
|
|
1.60
|
|
1.46
|
|
0.21
|
|
2.01
|
|
3.32
|
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
5.02
|
|
10.97
|
|
14.11
|
|
2.05
|
|
15.12
|
|
13.44
|
|
1.95
|
Diluted
|
4.16
|
|
6.39
|
|
5.83
|
|
0.85
|
|
8.02
|
|
13.28
|
|
1.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
190,775,385
|
|
200,494,033
|
|
201,189,189
|
|
201,189,189
|
|
190,672,869
|
|
198,004,260
|
|
198,004,260
|
Diluted
|
205,838,968
|
|
219,038,845
|
|
219,240,028
|
|
219,240,028
|
|
205,719,772
|
|
200,408,494
|
|
200,408,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
47,693,846
|
|
50,123,508
|
|
50,297,297
|
|
50,297,297
|
|
47,668,217
|
|
49,501,065
|
|
49,501,065
|
Diluted
|
51,459,742
|
|
54,759,711
|
|
54,810,007
|
|
54,810,007
|
|
51,429,943
|
|
50,102,123
|
|
50,102,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
323,826
|
|
797,633
|
|
1,067,511
|
|
154,775
|
|
955,574
|
|
1,622,929
|
|
235,304
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized gain/(loss) on available-for-sale
securities
|
-
|
|
1,638
|
|
(665)
|
|
(96)
|
|
-
|
|
973
|
|
141
|
-Foreign
currency translation adjustments
|
(107,654)
|
|
185,181
|
|
(101,240)
|
|
(14,678)
|
|
(67,732)
|
|
270,979
|
|
39,288
|
-Change in
the instrument-specific credit risk
|
(15,948)
|
|
48,293
|
|
(6,265)
|
|
(908)
|
|
41,972
|
|
100,158
|
|
14,522
|
Comprehensive
income/(loss)
|
200,224
|
|
1,032,745
|
|
959,341
|
|
139,093
|
|
929,814
|
|
1,995,039
|
|
289,255
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(84,359)
|
|
(339,109)
|
|
(341,355)
|
|
(49,492)
|
|
(234,553)
|
|
(1,093,235)
|
|
(158,504)
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders
|
115,865
|
|
693,636
|
|
617,986
|
|
89,601
|
|
695,261
|
|
901,804
|
|
130,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2021
|
|
Dec 31,
2022
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
8,321,415
|
|
10,372,700
|
|
1,503,900
|
Restricted
cash
|
602,044
|
|
948,254
|
|
137,484
|
Restricted
short-term investments
|
9,261,918
|
|
8,945,271
|
|
1,296,942
|
Short-term
investments
|
150,000
|
|
-
|
|
-
|
Accounts
receivable, net - related parties
|
29,417
|
|
142,218
|
|
20,620
|
Accounts
receivable, net - third parties
|
7,471,103
|
|
17,088,558
|
|
2,477,608
|
Notes
receivable, net - related parties
|
-
|
|
282,824
|
|
41,006
|
Notes
receivable, net - third parties
|
1,689,102
|
|
6,697,096
|
|
970,988
|
Advances to
suppliers, net - related parties
|
-
|
|
56,860
|
|
8,244
|
Advances to
suppliers, net - third parties
|
1,536,155
|
|
3,271,284
|
|
474,292
|
Inventories,
net
|
13,252,352
|
|
17,085,895
|
|
2,477,222
|
Forward contract
receivables
|
73,532
|
|
119,625
|
|
17,344
|
Prepayments and
other current assets, net - related parties
|
17,348
|
|
23,105
|
|
3,350
|
Prepayments and
other current assets, net
|
2,435,056
|
|
3,273,121
|
|
474,558
|
Held-for-sale
assets
|
684,631
|
|
-
|
|
-
|
Available-for-sale securities
|
-
|
|
104,499
|
|
15,151
|
Total current
assets
|
45,524,074
|
|
68,411,310
|
|
9,918,709
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,204,697
|
|
1,328,680
|
|
192,640
|
Accounts
receivable, net - third parties
|
27,624
|
|
-
|
|
-
|
Long-term
investments
|
633,866
|
|
1,711,072
|
|
248,083
|
Property, plant
and equipment, net
|
19,969,894
|
|
32,290,088
|
|
4,681,623
|
Land use rights,
net
|
1,090,057
|
|
1,319,411
|
|
191,297
|
Intangible
assets, net
|
55,484
|
|
191,613
|
|
27,781
|
Financing lease
right-of-use assets, net
|
628,592
|
|
558,407
|
|
80,961
|
Operating lease
right-of-use assets, net
|
438,271
|
|
396,966
|
|
57,555
|
Deferred tax
assets
|
371,767
|
|
704,244
|
|
102,106
|
Advances to
suppliers to be utilised beyond one year
|
296,709
|
|
310,375
|
|
45,000
|
Other assets,
net - related parties
|
3,292
|
|
52,363
|
|
7,592
|
Other assets,
net - third parties
|
2,739,159
|
|
1,421,669
|
|
206,123
|
Total non-current
assets
|
27,459,413
|
|
40,284,888
|
|
5,840,761
|
|
|
|
|
|
|
Total assets
|
72,983,487
|
|
108,696,198
|
|
15,759,470
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- related parties
|
15,863
|
|
-
|
|
-
|
Accounts payable
- third parties
|
6,799,854
|
|
10,378,076
|
|
1,504,680
|
Notes payable -
related parties
|
-
|
|
365,500
|
|
52,993
|
Notes payable -
third parties
|
12,072,223
|
|
20,258,323
|
|
2,937,181
|
Accrued payroll
and welfare expenses
|
1,240,791
|
|
2,035,931
|
|
295,182
|
Advances from
related parties
|
-
|
|
3,829
|
|
555
|
Advances
from third parties
|
5,914,354
|
|
9,220,267
|
|
1,336,813
|
Income tax
payable
|
214,856
|
|
737,735
|
|
106,962
|
Other payables
and accruals
|
4,844,083
|
|
9,216,355
|
|
1,336,248
|
Other payables
due to related parties
|
2,230
|
|
5,964
|
|
865
|
Forward contract
payables
|
2,659
|
|
63,137
|
|
9,154
|
Financing lease
liabilities - current
|
194,939
|
|
168,381
|
|
24,413
|
Operating lease
liabilities - current
|
62,515
|
|
65,489
|
|
9,495
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
13,339,367
|
|
11,602,651
|
|
1,682,226
|
Guarantee
liabilities to related parties
|
2,500
|
|
-
|
|
-
|
Held-for-sale
liabilities
|
553,234
|
|
-
|
|
-
|
Deferred
revenue
|
200,000
|
|
-
|
|
-
|
Total current
liabilities
|
45,459,469
|
|
64,121,638
|
|
9,296,767
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
9,896,455
|
|
13,839,314
|
|
2,006,512
|
Convertible
senior notes
|
1,098,736
|
|
1,070,699
|
|
155,237
|
Accrued warranty
costs - non current
|
858,641
|
|
1,422,276
|
|
206,211
|
Financing lease
liabilities
|
236,374
|
|
69,881
|
|
10,131
|
Operating lease
liabilities
|
385,420
|
|
339,885
|
|
49,279
|
Deferred tax
liability
|
183,003
|
|
168,771
|
|
24,469
|
Long-term
Payables
|
568,495
|
|
601,759
|
|
87,247
|
Guarantee
liabilities to related parties
- non current
|
9,642
|
|
-
|
|
-
|
Total non-current
liabilities
|
13,236,766
|
|
17,512,585
|
|
2,539,086
|
|
|
|
|
|
|
Total
liabilities
|
58,696,235
|
|
81,634,223
|
|
11,835,853
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized,
193,770,753 and 204,135,029 shares
issued as of December
31, 2021 and December 31, 2022,
respectively)
|
26
|
|
28
|
|
4
|
Additional paid-in
capital
|
5,617,923
|
|
9,912,931
|
|
1,437,240
|
Accumulated other
comprehensive income
|
(154,375)
|
|
217,734
|
|
31,568
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2021 and
December 31, 2022
|
(43,170)
|
|
(43,170)
|
|
(6,259)
|
Accumulated retained
earnings
|
5,629,377
|
|
6,294,534
|
|
912,621
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
11,049,781
|
|
16,382,057
|
|
2,375,174
|
|
|
|
|
|
|
Non-controlling
interests
|
3,237,471
|
|
10,679,918
|
|
1,548,443
|
|
|
|
|
|
|
Total shareholders'
equity
|
14,287,252
|
|
27,061,975
|
|
3,923,617
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
72,983,487
|
|
108,696,198
|
|
15,759,470
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2022-financial-results-301768873.html
SOURCE JinkoSolar Holding Co., Ltd.