SHANGRAO, China, April 28,
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 first quarter
ended March 31, 2023.
First Quarter 2023 Business Highlights
- The decline in polysilicon prices stimulated module demand in
the first quarter. Our quarterly module shipments increased by more
than 60% year over year, of which our shipments to the Chinese
market increased by more than 2 times year over year.
- Our orderbook visibility for 2023 exceeds 60%, with overseas
orders as the major contributor.
- N-type module shipments in the first quarter were approximately
6GW; N-type modules retained a competitive premium over P-type
modules.
- The mass production efficiency of N-type TOPCon cells reached
25.3%.
- Jinko Solar Co., Ltd. ("Jiangxi Jinko"), our majority-owned
principal operating subsidiary, issued convertible bonds in the
principal amount of RMB10 billion to
support capacity expansion for advanced N-type.
First Quarter 2023 Operational and
Financial Highlights
- Quarterly shipments were 14,490 MW (13,038 MW for solar
modules, and 1,452 MW for cells and wafers), down 12.8%
sequentially, and up 72.7% year-over-year.
- Total revenues were RMB23.33
billion (US$3.40 billion),
down 22.2% sequentially and up 58.0% year-over-year.
- Gross profit was RMB4.04 billion
(US$588.4 million), down 4.0%
sequentially and up 81.5% year-over-year.
- Gross margin was 17.3%, compared with 14.0% in Q4 2022 and
15.1% in Q1 2022.
- Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB788.7
million (US$114.8 million),
compared with RMB665.0 million in Q4
2022 and RMB28.9 million in Q1
2022.
- 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 RMB836.4 million (US$121.8
million), compared with RMB267.8
million in Q4 2022 and RMB328.4
million in Q1 2022.
- Basic and diluted earnings per ordinary share were RMB3.91 (US$0.57)
and RMB3.74 (US$0.54), respectively. This translates into
basic and diluted earnings per ADS of RMB15.62 (US$2.28)
and RMB14.95 (US$2.18), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "We are pleased to
deliver year-over-year improvements in module shipments, total
revenues and gross margin. With polysilicon prices being volatile
in the first quarter, we adjusted our supply chain strategy to
effectively control costs. Meanwhile, the ratio of N-type products
shipment approached nearly 50% of our total module shipments thanks
to their high efficiency and our strong global marketing network,
which partially contributed to the improvement in our
profitability. Gross margin was 17.3%, compared with 15.1% in the
first quarter of 2022. Our profitability in the first quarter
remained under pressure from demurrage costs in the U.S. market. We
have proactively taken measures to address this and we have seen
both the efficiency of customs clearance and the size of our
shipments to the US market gradually improve recently. As we
continue to make effective progress, we expect our shipments to the
US market to gradually increase in the coming quarters.
Growth in PV demand in the first quarter remained strong despite
some seasonal factors. The Chinese market benefited from falling
prices of PV and delays in PV projects from 2022. The new
installations of PV reached 33.7 GWac, representing an increase of
154.8% year-over-year. As a result, the cumulative installation of
PV has surpassed that of hydropower for the first time, making PV
the second largest power source in China. In addition, exports of solar cells and
modules from China to overseas
markets remained strong in the first quarter. Total overseas
shipments of modules and cells reached US$13.1 billion in the first quarter,
representing an increase of 15.3% year-over-year. Since the second
quarter, as pricing games between
different segments along the supply chain relatively stabilized,
the price of polysilicon started to decrease moderately and current
module prices have been attractive enough to improve the economics
of many PV projects. With more production volumes being gradually
released during the year, we believe polysilicon supply shortages
will ease and polysilicon price declines will release large market
demand. Top manufacturers are expected to increase market share
thanks to stronger supply chain management, market footprint and
the power of their R&D and products. We are optimistic about
global market demand and the opportunities brought by new
technology in 2023. We will continue to invest in R&D and
advanced N-type capacity to enhance our N-type leadership in terms
of mass production capabilities, product performance, and costs.
Recently, our majority-owned principal operating subsidiary,
Jiangxi Jinko, successfully issued convertible bonds in the
principal amount of RMB10 billion to
support advanced N-type capacity expansion.
The second phase of 11 GW TOPCon cell capacity in Jianshan has
reached full production and the average mass-produced efficiency of
182 mm N-type TOPCon cells reached 25.3%. We have also further
improved our N-type ecological chain, constantly enhancing our
all-around competitive advantages of N-type wafer-cell-module, with
improving supply chain management for key and auxiliary materials,
iteration of core technologies and process improvement. As our
technology, product performance and costs are all improving
continuously, we expect to maintain our leading position in the
industry.
By the end of the first quarter, our accumulated N-type module
shipments exceeded 16 GW, providing support for hundreds of
projects globally in the past year. In January 2023, we launched the Second-Generation
Tiger Neo panel family. The module efficiency of the upgraded Tiger
Neo family of 445Wp for 54-cell, 615Wp for 72-cell, and 635Wp for
78-cell were up to 22.27%, 23.23%, and 22.72% respectively. By the
end of 2023, we expect mass-produced N-type cell efficiency to
reach 25.8%, which will further improve the performance of our
N-type modules.
We are confident in our ability to further increase our
competitiveness and profitability in the global market, with our
continuously improved global industrial chain and cutting-edge
N-type technology and products. By the end of 2023, we expect
N-type cell capacity to account for over 70% of our solar cell
capacity. We are confident we will achieve our module shipment
target set at the beginning of the year, with N-type modules
accounting for about 60% of total module shipments. We expect our
module shipments to be in the range of 16.0 GW to 18.0 GW for the
second quarter of 2023.
First Quarter 2023 Financial Results
Total Revenues
Total revenues in the first quarter of 2023 were
RMB23.33 billion (US$3.40 billion), a decrease of 22.2% from
RMB30.00 billion in the fourth
quarter of 2022 and an increase of 58.0% from RMB14.76 billion in the first quarter of 2022.
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 2023 was RMB4.04 billion (US$588.4 million), compared with RMB4.21 billion in the fourth quarter of
2022 and RMB2.23 billion in the first
quarter of 2022.
Gross margin was 17.3% in the first quarter of 2023, compared
with 14.0% in the fourth quarter of 2022 and 15.1% in the first
quarter of 2022. The sequential and year-over-year increases were
mainly due to a decrease in the cost of polysilicon.
Income from Operations and Operating Margin
Income from operations in the first quarter of 2023 was
RMB1.21 billion (US$176.4 million), compared with RMB614.4 million in the fourth quarter of 2022
and RMB40.8 million in the first
quarter of 2022.
Operating profit margin was 5.2% in the first quarter of 2023,
compared with 2.0% in the fourth quarter of 2022 and 0.3% in the
first quarter of 2022.
Total operating expenses in the first quarter of 2023 were
RMB2.83 billion (US$412.0 million), a decrease of 21.3% from
RMB3.59 billion in the fourth quarter
of 2022 and an increase of 29.4% from RMB2.19 billion in the first quarter of 2022. The
sequential decrease was mainly due to a decrease in shipping costs
for solar modules and a decrease in impairment loss on property,
plant and equipment, and year-over-year
increase was mainly attributable to (i) an increasing
loss of disposal on property, plant and equipment and (ii) an
increase in demurrage charges.
Total operating expenses accounted for 12.1% of total revenues
in the first quarter of 2023, compared to 12.0% in the fourth
quarter of 2022 and 14.8% in the first quarter of 2022.
Interest Expenses, Net
Net interest expenses in the first quarter of 2023 were
RMB55.4 million (US$8.1 million), a decrease of 50.4%
from RMB111.7 million in the
fourth quarter of 2022 and a decrease of 65.8% from RMB162.2 million in the first quarter of 2022.
The sequential and the year-over-year decreases were mainly due to
an increase in interest income.
Subsidy Income
Subsidy income in the first quarter of 2023 was RMB264.0 million (US$38.4 million), compared
with RMB94.0 million in the fourth quarter of 2022 and
RMB305.3 million in the first quarter
of 2022. 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 loss (including change in
fair value of foreign exchange derivatives) of RMB73.7 million (US$10.7 million) in the first quarter of
2023, compared to a net exchange gain of RMB35.0 million in the fourth quarter of
2022 and a net exchange gain of RMB76.4
million in the first quarter of 2022. The sequential and
year-over-year changes were mainly attributable to the exchange
rate fluctuation of US dollars against RMB in the first quarter of
2023.
Change in Fair Value of Convertible Senior Notes
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 loss from a change in fair value of the
Notes of RMB261.4 million
(US$38.1 million) in the first
quarter of 2023, compared to a gain of RMB396.8 million in the fourth quarter of
2022 and a loss of RMB104.9 million
in the first quarter of 2022. The changes were primarily due to the
changes in the Company's stock price in the first quarter of
2023.
Change in Fair Value of Long-term Investment
The Company invested in certain equity interests in several
solar technology companies engaged in photovoltaic industry chain,
which are recorded as long-term investment and reported at fair
value with changes in fair value recognized in earnings. The
Company recognized a gain from change in fair value of RMB440.4 million (US$64.1
million) in the first quarter of 2023, compared with
a gain of RMB101.9 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 RMB180.0 million(US$26.2
million) in the first quarter of 2023, compared with gains
of RMB148.5 million in the fourth
quarter of 2022 and gains of
RMB6.4 million in the first quarter
of 2022. 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 RMB315.0 million (US$45.9 million) in the first quarter of
2023, compared with an income tax expense of RMB265.4 million in the fourth quarter of 2022
and an income tax expense of RMB71.0
million in the first quarter of 2022.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB605.1 million (US$88.1 million) in the first quarter of
2023, compared with RMB344.7million
in the fourth quarter of 2022 and RMB75.3
million in the first quarter of 2022. The sequential and
year-over-year increase were mainly attributable to the increase of
net income of the Company's major subsidiary, Jinko Solar
Co., Ltd ("Jiangxi Jinko").
Net Income and Earnings per Share
Net income attributable to the JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB788.7
million (US$114.8million) in
the first quarter of 2023, compared with RMB665.0 million in the fourth quarter of
2022 and RMB28.9 million in the first
quarter of 2022. 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 RMB836.4
million (US$121.8 million), compared with
RMB267.8 million in the fourth
quarter of 2022 and RMB328.4 million
in the first quarter of 2022.
Basic and diluted earnings per ordinary share were RMB3.91 (US$0.57)
and RMB3.74 (US$0.54), respectively, in the first quarter of
2023, compared to RMB3.31 and
RMB1.25, respectively, in the fourth
quarter of 2022, and RMB0.15 and
RMB0.15, respectively, in the first
quarter of 2022. As each ADS represents four ordinary shares, this
translates into basic and diluted earnings per ADS of RMB15.62 (US$2.28)
and RMB14.95 (US$2.18), respectively in the first quarter of
2023; RMB13.22 and RMB5.01, respectively, in the fourth quarter of
2022; and RMB0.60 and RMB0.60, respectively, in the first quarter of
2022.
Financial Position
As of March 31, 2023, the Company
had RMB10.17 billion (US$1.48 billion) in cash and cash equivalents and
restricted cash, compared with RMB11.27 billion as of December 31, 2022.
As of March 31, 2023, the
Company's accounts receivables due from third parties were
RMB18.04 billion (US$2.63 billion), compared with RMB16.67 billion as of December 31, 2022.
As of March 31, 2023, the
Company's inventories were RMB21.44
billion (US$3.12 billion),
compared with RMB17.45 billion
as of December 31, 2022.
As of March 31, 2023, the
Company's total interest-bearing debts were RMB30.02 billion (US$4.37 billion), compared with RMB27.16 billion as of December 31, 2022.
First Quarter 2023 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 14,490 MW in the first quarter of
2023, including 13,038 MW for solar module shipments and 1,452
MW for cell and wafer shipments.
Operations and Business Outlook Highlights
We are optimistic about global market demand and the
opportunities brought by penetration of N-type technology. We will
continue to maintain our leading position in N-type modules through
technology iteration, improvement in mass production capability,
and cost optimization. By the end of 2023, we expect mass-produced
N-type cell efficiency to reach 25.8%, and the integrated cost of
N-type modules to remain competitive with P-type modules. The
proportion of N-type modules shipments of our total module
shipments is expected to reach about 60% in 2023, as we expect
there will be a strong demand for high-efficiency products from a
growing number of markets and customers.
Second 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 second quarter of 2023, the Company expects its
module shipments to be in the range of 16.0 GW to 18.0
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 April 2023, Jiangxi Jinko
announced estimates of certain preliminary unaudited financial
results for the three months ended March 31,
2023.
- In April 2023, Jiangxi Jinko
completed the issuance of its convertible bonds in the principal
amount of RMB10 billion on the
Shanghai Stock Exchange's Sci-Tech Innovation Board.
- In April 2023, JinkoSolar's EAGLE
Encore Residential Solar + Storage platform has been recognized by
Green BuilderĀ® Media as a 2023 Sustainable Product of the
Year.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, April 28, 2023 at
8:00 a.m. U.S. Eastern Time
(8:00 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/10030335-ydt6gr.html
It will automatically direct you to the registration page of
"JinkoSolar First Quarter 2023 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, May 5, 2023. The dial-in
details for the replay are as follows:
International:
|
+61 7 3107
6325
|
U.S.:
|
+1 855 883
1031
|
Passcode:
|
10030335
|
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 had 14 productions facilities globally, 24 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the
United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, the United
Arab Emirates, Denmark,
Indonesia, Nigeria and Saudi
Arabia, and global sales teams in China, the United
States, Canada,
Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan,
the United Arab Emirates,
Netherlands, Vietnam and India, as of March 31,
2023.
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, 2023, which was RMB6.8676
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
|
|
Mar 31,
2022
|
|
Dec 31,
2022
|
|
Mar 31,
2023
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
14,727,499
|
|
29,917,921
|
|
23,249,809
|
|
3,385,434
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
37,285
|
|
84,133
|
|
79,253
|
|
11,540
|
|
|
|
|
|
|
|
|
Total
revenues
|
14,764,784
|
|
30,002,054
|
|
23,329,062
|
|
3,396,974
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(12,538,177)
|
|
(25,793,793)
|
|
(19,288,045)
|
|
(2,808,557)
|
|
|
|
|
|
|
|
|
Gross
profit
|
2,226,607
|
|
4,208,261
|
|
4,041,017
|
|
588,417
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
and marketing
|
(1,384,467)
|
|
(2,254,369)
|
|
(1,556,301)
|
|
(226,615)
|
General
and administrative
|
(656,413)
|
|
(896,601)
|
|
(1,084,408)
|
|
(157,902)
|
Research
and development
|
(144,975)
|
|
(228,399)
|
|
(188,556)
|
|
(27,456)
|
Impairment
of long-lived assets
|
-
|
|
(214,473)
|
|
-
|
|
-
|
Total operating
expenses
|
(2,185,855)
|
|
(3,593,842)
|
|
(2,829,265)
|
|
(411,973)
|
|
|
|
|
|
|
|
|
Income from
operations
|
40,752
|
|
614,419
|
|
1,211,752
|
|
176,444
|
Interest
expenses, net
|
(162,198)
|
|
(111,716)
|
|
(55,392)
|
|
(8,066)
|
Subsidy
income
|
305,296
|
|
94,048
|
|
264,042
|
|
38,447
|
Exchange
(loss)/gain
|
6,383
|
|
(20,173)
|
|
(129,047)
|
|
(18,791)
|
Change in fair
value of foreign exchange derivatives
|
70,047
|
|
55,182
|
|
55,338
|
|
8,058
|
Change in fair
value of Long-term Investment
|
-
|
|
101,871
|
|
440,424
|
|
64,131
|
Change in fair
value of convertible senior notes
|
(104,936)
|
|
396,794
|
|
(261,435)
|
|
(38,068)
|
Other
income/(loss), net
|
13,504
|
|
(3,786)
|
|
3,124
|
|
455
|
Income before income
taxes
|
168,848
|
|
1,126,639
|
|
1,528,806
|
|
222,610
|
Income tax
expenses
|
(71,021)
|
|
(265,392)
|
|
(315,004)
|
|
(45,868)
|
Equity in
earnings of affiliated companies
|
6,446
|
|
148,475
|
|
179,955
|
|
26,203
|
Net
income
|
104,273
|
|
1,009,722
|
|
1,393,757
|
|
202,945
|
Less: Net income
attributable to non-controlling
interests
|
(75,336)
|
|
(344,701)
|
|
(605,107)
|
|
(88,110)
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
28,937
|
|
665,021
|
|
788,650
|
|
114,835
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
Basic
|
0.15
|
|
3.31
|
|
3.91
|
|
0.57
|
Diluted
|
0.15
|
|
1.25
|
|
3.74
|
|
0.54
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
Basic
|
0.60
|
|
13.22
|
|
15.62
|
|
2.28
|
Diluted
|
0.60
|
|
5.01
|
|
14.95
|
|
2.18
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
192,314,636
|
|
201,189,189
|
|
201,919,745
|
|
201,919,745
|
Diluted
|
192,578,950
|
|
219,240,028
|
|
210,954,844
|
|
210,954,844
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
Basic
|
48,078,659
|
|
50,297,297
|
|
50,479,936
|
|
50,479,936
|
Diluted
|
48,144,737
|
|
54,810,007
|
|
52,738,711
|
|
52,738,711
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
Net
income
|
104,273
|
|
1,009,722
|
|
1,393,757
|
|
202,945
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
-
|
|
(665)
|
|
(1,031)
|
|
(150)
|
-Foreign
currency translation adjustments
|
(30,526)
|
|
33,930
|
|
(57,972)
|
|
(8,441)
|
-Change in
the instrument-specific credit risk
|
37,559
|
|
(6,265)
|
|
45,218
|
|
6,584
|
Comprehensive
income
|
111,306
|
|
1,036,722
|
|
1,379,972
|
|
200,939
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(75,336)
|
|
(328,095)
|
|
(586,223)
|
|
(85,361)
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
35,970
|
|
708,627
|
|
793,750
|
|
115,578
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2022
|
|
Mar 31,
2023
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
10,243,500
|
|
8,718,953
|
|
1,269,578
|
Restricted
cash
|
1,027,454
|
|
1,447,336
|
|
210,748
|
Restricted
short-term investments
|
8,945,271
|
|
7,041,941
|
|
1,025,386
|
Short-term
investments
|
-
|
|
51,395
|
|
7,484
|
Accounts
receivable, net - related parties
|
139,714
|
|
53,578
|
|
7,802
|
Accounts
receivable, net - third parties
|
16,674,876
|
|
18,035,243
|
|
2,626,135
|
Notes
receivable, net - related parties
|
282,824
|
|
82,122
|
|
11,958
|
Notes
receivable, net - third parties
|
6,697,096
|
|
5,654,656
|
|
823,382
|
Advances to
suppliers, net - related parties
|
56,860
|
|
8,525
|
|
1,241
|
Advances to
suppliers, net - third parties
|
3,271,284
|
|
4,208,372
|
|
612,786
|
Inventories,
net
|
17,450,284
|
|
21,441,245
|
|
3,122,087
|
Forward contract
receivables
|
119,625
|
|
68,157
|
|
9,924
|
Prepayments and
other current assets, net - related parties
|
23,105
|
|
17,720
|
|
2,580
|
Prepayments and
other current assets, net
|
3,290,902
|
|
3,421,419
|
|
498,197
|
Available-for-sale securities
|
104,499
|
|
104,824
|
|
15,264
|
Total current
assets
|
68,327,294
|
|
70,355,486
|
|
10,244,552
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,378,680
|
|
1,765,408
|
|
257,063
|
Long-term
investments
|
1,711,072
|
|
2,540,679
|
|
369,952
|
Property, plant
and equipment, net
|
32,290,088
|
|
33,599,041
|
|
4,892,399
|
Land use rights,
net
|
1,431,424
|
|
1,472,048
|
|
214,347
|
Intangible
assets, net
|
79,600
|
|
82,407
|
|
11,999
|
Financing lease
right-of-use assets, net
|
558,407
|
|
518,319
|
|
75,473
|
Operating lease
right-of-use assets, net
|
396,966
|
|
430,266
|
|
62,652
|
Deferred tax
assets
|
704,244
|
|
704,244
|
|
102,546
|
Advances to
suppliers to be utilised beyond one year
|
310,375
|
|
292,032
|
|
42,523
|
Other assets,
net - related parties
|
52,363
|
|
52,099
|
|
7,586
|
Other assets,
net - third parties
|
1,421,669
|
|
1,719,382
|
|
250,361
|
Total non-current
assets
|
40,334,888
|
|
43,175,925
|
|
6,286,901
|
|
|
|
|
|
|
Total assets
|
108,662,182
|
|
113,531,411
|
|
16,531,453
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- third parties
|
10,378,076
|
|
12,650,206
|
|
1,842,013
|
Notes payable -
related parties
|
419,500
|
|
547,237
|
|
79,684
|
Notes payable -
third parties
|
20,204,323
|
|
18,070,852
|
|
2,631,320
|
Accrued payroll
and welfare expenses
|
2,035,931
|
|
1,876,421
|
|
273,228
|
Advances from
related parties
|
3,829
|
|
-
|
|
-
|
Advances
from third parties
|
9,220,267
|
|
9,015,951
|
|
1,312,824
|
Income tax
payable
|
737,735
|
|
503,815
|
|
73,361
|
Other payables
and accruals
|
9,214,384
|
|
9,555,170
|
|
1,391,338
|
Other payables
due to related parties
|
5,964
|
|
10,637
|
|
1,549
|
Forward contract
payables
|
63,137
|
|
23,638
|
|
3,442
|
Financing lease
liabilities - current
|
168,381
|
|
135,830
|
|
19,778
|
Operating lease
liabilities - current
|
65,489
|
|
73,173
|
|
10,655
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
12,419,170
|
|
13,793,991
|
|
2,008,561
|
Total current
liabilities
|
64,936,186
|
|
66,256,921
|
|
9,647,753
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
13,022,795
|
|
14,563,261
|
|
2,120,575
|
Convertible
senior notes
|
1,070,699
|
|
1,028,682
|
|
149,788
|
Accrued warranty
costs - non current
|
1,422,276
|
|
1,549,144
|
|
225,573
|
Financing lease
liabilities
|
69,881
|
|
56,717
|
|
8,259
|
Operating lease
liabilities
|
339,885
|
|
369,225
|
|
53,763
|
Deferred tax
liability
|
194,808
|
|
221,270
|
|
32,219
|
Long-term
Payables
|
601,759
|
|
608,955
|
|
88,671
|
Total non-current
liabilities
|
16,722,103
|
|
18,397,254
|
|
2,678,848
|
|
|
|
|
|
|
Total
liabilities
|
81,658,289
|
|
84,654,175
|
|
12,326,601
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 204,135,029 and 204,865,585 shares
issued as of December 31, 2022 and March 31, 2023,
respectively)
|
28
|
|
28
|
|
4
|
Additional paid-in
capital
|
9,912,931
|
|
10,439,981
|
|
1,520,179
|
Accumulated other
comprehensive income
|
217,563
|
|
169,606
|
|
24,697
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2022 and March 31, 2023
|
(43,170)
|
|
(43,170)
|
|
(6,286)
|
Accumulated retained
earnings
|
6,249,883
|
|
7,038,533
|
|
1,024,890
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
16,337,235
|
|
17,604,978
|
|
2,563,484
|
|
|
|
|
|
|
Non-controlling
interests
|
10,666,658
|
|
11,272,258
|
|
1,641,368
|
|
|
|
|
|
|
Total shareholders'
equity
|
27,003,893
|
|
28,877,236
|
|
4,204,852
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
108,662,182
|
|
113,531,411
|
|
16,531,453
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2023-financial-results-301810737.html
SOURCE JinkoSolar Holding Co., Ltd.