SHANGRAO, China, Aug. 14,
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 second quarter
ended June 30, 2023.
Second Quarter 2023 Business Highlights
- Leveraging our outstanding global supply chain management, high
quality products and extensive marketing network, module shipments
in the second quarter increased 36.2% sequentially and 74.4%
year-over-year.
- Demand for solar modules is strong globally. Our orderbook
visibility for 2023 has reached about 80%, with overseas orders as
the major contributor.
- N-type module shipments in the second quarter were about 10.4
GW, making JinkoSolar the first module company in the industry
to deliver 10 GW of N-type modules in a single quarter.
- The mass production efficiency of N-type TOPCon cells
reached 25.5%, and power output of N-type modules reached about
580wp, 25-30wp higher than that of the same version of P-type
modules.
- We are optimistic that the stabilization of prices along the
supply chain will stimulate pent-up demand gradually. We raise our
module shipment guidance for 2023 to be in the range of 70 to
75 GW.
Second Quarter 2023 Operational and
Financial Highlights
- Quarterly shipments were 18,613 MW (17,763 MW for solar
modules, and 850 MW for cells and wafers), up 28.5% sequentially,
and up 76.7% year-over-year.
- Total revenues were RMB30.69
billion (US$4.23 billion), up
31.5% sequentially and up 62.9% year-over-year.
- Gross profit was RMB4.78 billion
(US$659.6 million), up 18.4%
sequentially and up 72.5% year-over-year.
- Gross margin was 15.6%, compared with 17.3% in Q1 2023 and
14.7% in Q2 2022.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB1.31
billion (US$180.1 million),
compared with net income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders of RMB788.7
million in Q1 2023 and net loss attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders of RMB623.3 million in Q2 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 RMB1.43 billion (US$196.7 million), compared with
RMB836.4 million in Q1 2023 and
RMB368.4 million in Q2
2022.
- Basic and diluted earnings per ordinary share were RMB6.39 (US$0.88)
and RMB5.55 (US$0.77), respectively. This translates into
basic and diluted earnings per ADS of RMB25.54 (US$3.52)
and RMB22.20 (US$3.06), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "We are pleased to
report solid growth as we overcame volatility in supply chain
prices and end demand thanks to our excellent marketing network,
high quality products, and highly effective supply chain
management. Module shipments in the second quarter were
approximately 17.8 GW, up 36.2% sequentially. Shipments of the
competitive N-type module were approximately 10.4 GW, up 74.1%
sequentially, making us the first module manufacturer shipping 10
GW of N-type modules in a single quarter globally. Our efforts in
supply chain management, technology advancement and process
improvement also improved our profitability. Net income was
US$180.1 million in the second
quarter, up 65.6% sequentially. Adjusted net income was
US$196.7 million, up 70.5%
sequentially. Diluted earnings per ordinary share were US$0.77, up 48.5% sequentially.
Due to the substantial release of polysilicon production volumes
and excessive inventory, price of polysilicon declined sharply in
the second quarter, resulting in certain volatility in module
prices and a slow-down in customer orders, affecting module demand.
As the prices in lower supply chain stabilized in the third
quarter, domestic customers started to place orders, and major
projects were initiated and started construction in China. The low prices of modules also led to a
surge in module demand in some overseas markets. We expect
production and sales in the PV market to rebound in the second half
of 2023.
With more and more players deploying TOPCon production capacity,
N-type TOPCon is certain to become the mainstream technology in the
industry. However, some new entrants experienced project delays and
slower-than expected ramp up in production volume and efficiency
due to lack of sufficient technical know-how and differences in
technology and production process, keeping competitive N-type
production in short supply. As of the end of the second quarter,
the mass-produced efficiency of our 182 mm N-type TOPCon cells had
reached 25.5%, with N-type module power output of around 580 wp,
25-30 wp more than P-type module of the same version. We expect
mass-produced N-type cell efficiency to reach 25.8%, by the end of
2023. The integrated cost of N-type module remained competitive
compared to P-type module.
At the end of May, we announced the construction of a major
production base of 56 GW integrated wafer-cell-module capacity in
Shanxi ("Shanxi Integrated Base"),
which will become the largest N-type integrated production facility
in the industry. Shanxi Integrated Base is another strategic
expansion of the production model championed by JinkoSolar in the
PV industry that will fully demonstrate our advantages in highly
efficient technology and products, lower investment costs, greater
operational efficiency as well as intelligent and smart
manufacturing capabilities. Meanwhile, our 1 GW capacity expansion
project for N-type modules in the U.S. is expected to start
production in September 2023. We have
established an industry-leading overseas industrial chain network,
with integrated production capabilities from wafer and cell to
module, with traceability and excellent product competitiveness. As
we continue to invest in N-type capacity expansion overseas in the
second half of 2023, we expect to reach an integrated production
capacity of over 12 GW overseas by the end of 2023, with the
production capacity of N-type accounting for over 75%.
We are optimistic that demand will grow as prices stabilize and
raise our module shipment guidance for 2023 to be in the range of
70 to 75 GW, with N-type module accounting for approximately 60% of
total module shipments. As demand for N-type products continues to
increase in the global market, we will move on to invest in N-type
capacity which is competitive both in technology and costs. We
expect our annual production capacity for mono wafers, solar cells
and solar modules to reach 85.0 GW, 90.0 GW and 110.0 GW,
respectively, by the end of 2023, with N-type capacity accounting
for over 75% of the total capacity. We expect module shipments to
be in the range of 19.0 to 21.0 GW for the third quarter of
2023."
Second Quarter 2023 Financial Results
Total Revenues
Total revenues in the second quarter of 2023 were RMB30.69 billion (US$4.23
billion), an increase of 31.5% from RMB23.33 billion in the first quarter of 2023 and
an increase of 62.9% from RMB18.84
billion in the second quarter of 2022. The sequential and
year-over-year increases were mainly attributable to the increases
in the shipment of solar modules due to the increasing demand in
the global market.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2023 was RMB4.78 billion (US$659.6
million), compared with RMB4.04
billion in the first quarter of 2023 and RMB2.77 billion in the second quarter of
2022.
Gross margin was 15.6% in the second quarter of 2023, compared
with 17.3% in the first quarter of 2023 and 14.7% in the second
quarter of 2022. The sequential decrease was mainly due to the
increase in inventory provision, and year-over-year increase was
mainly due to the decrease in the cost of raw materials.
Income from Operations and Operating Margin
Income from operations in the second quarter of 2023 was
RMB1.54 billion (US$212.1 million), compared with income from
operations of RMB1.21 billion in the
first quarter of 2023 and loss from operations of RMB289.1 million in the second quarter of 2022.
The changes were primarily attributable to a significant increase
in our revenues in the second quarter of 2023.
Operating profit margin was 5.0% in the second quarter of 2023,
compared with operating profit margin of 5.2% in the first quarter
of 2023 and operating loss margin of 1.5% in the second quarter of
2022.
Total operating expenses in the second quarter of 2023 were
RMB3.24 billion (US$447.4 million), an increase of 14.7% from
RMB2.83 billion in the first quarter
of 2023 and an increase of 6.0% from RMB3.06
billion in the second quarter of 2022. The sequential and
year-over-year increases were mainly attributable to an increase in
impairment loss on property, plant and equipment.
Total operating expenses accounted for 10.6% of total revenues
in the second quarter of 2023, compared to 12.1% in the first
quarter of 2023 and 16.2% in the second quarter of 2022.
Interest Expenses, Net
Net interest expenses in the second quarter of 2023 were
RMB208.5 million (US$28.7 million), an increase of 276.3% from
RMB55.4 million in the first quarter
of 2023 and an increase of 136.8% from RMB88.0 million in the second quarter of 2022.
The sequential and the year-over-year increases were mainly due to
a decrease in interest income.
Subsidy Income
Subsidy income in the second quarter of 2023 was RMB292.4 million (US$40.3
million), compared with RMB264.0
million in the first quarter of 2023 and RMB464.8 million in the second 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 gain (including change in
fair value of foreign exchange derivatives) of RMB916.4 million (US$126.4 million) in the second quarter of
2023, compared to a net exchange loss of RMB73.7 million in the first quarter of
2023 and a net exchange gain of RMB221.5 million in the second 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
second 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 gain from a change in fair value of the
Notes of RMB89.7 million
(US$12.4 million) in the second
quarter of 2023, compared to a loss of RMB261.4 million in the first quarter of 2023 and
a loss of RMB536.9 million in the
second quarter of 2022. The changes were primarily due to the
changes in the Company's stock price in the second 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. As of
June 30, 2023, the Company had
RMB1.09 billion (US$149.8 million) in long-term investment,
compared with RMB1.08 billion as of
March 31, 2023.
The Company recognized a gain from change in fair value of
RMB2.3 million (US$0.3 million) in the second quarter of 2023,
compared with a gain of RMB440.4
million in the first quarter of 2023.
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
RMB63.3 million(US$8.7 million) in the second quarter of 2023,
compared with gain of RMB180.0
million in the first quarter of 2023 and loss of
RMB0.1 million in the second 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 RMB341.1 million (US$47.0
million) in the second quarter of 2023, compared with an
income tax expense of RMB315.0
million in the first quarter of 2023 and an income tax
expense of RMB118.1 million in the
second quarter of 2022.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB1.11 billion (US$152.5 million) in the second quarter of
2023, compared with RMB605.1 million
in the first quarter of 2023 and RMB276.8
million in the second quarter of 2022. The sequential and
year-over-year increase were mainly attributable to the increase of
net income of the Company's majority-owned principal operating
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 RMB1.31
billion (US$180.1 million) in
the second quarter of 2023, compared with net income attributable
to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders of
RMB788.7 million in the first
quarter of 2023 and net loss attributable to the JinkoSolar Holding
Co., Ltd.'s ordinary shareholders of RMB623.3 million in the second 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 RMB1.43 billion
(US$196.7 million), compared with
RMB836.4 million in the first quarter
of 2023 and RMB368.4 million in the
second quarter of 2022.
Basic and diluted earnings per ordinary share were RMB6.39 (US$0.88)
and RMB5.55 (US$0.77), respectively, in the second quarter of
2023, compared to basic and diluted earnings per ordinary share of
RMB3.91 and RMB3.74, respectively, in the first quarter of
2023, and basic and diluted losses per ordinary share of
RMB3.15 and RMB3.15, respectively, in the second quarter of
2022. As each ADS represents four ordinary shares, this translates
into basic and diluted earnings per ADS of RMB25.54 (US$3.52)
and RMB22.20 (US$3.06), respectively in the second quarter of
2023; basic and diluted earnings per ADS of RMB15.62 and RMB14.95, respectively, in the first quarter of
2023; and basic and diluted losses per ADS of RMB12.60 and RMB12.60, respectively, in the second quarter of
2022.
Financial Position
As of June 30, 2023, the Company
had RMB17.03 billion (US$2.35 billion) in cash and cash equivalents and
restricted cash, compared with RMB10.17
billion as of March 31,
2023.
As of June 30, 2023, the Company's
accounts receivables due from third parties were RMB21.59 billion (US$2.98
billion), compared with RMB18.04
billion as of March 31,
2023.
As of June 30, 2023, the Company's
inventories were RMB20.09 billion
(US$2.77 billion), compared with
RMB21.44 billion as of March 31, 2023.
As of June 30, 2023, the Company's
total interest-bearing debts were RMB34.31
billion (US$4.73 billion),
compared with RMB30.02 billion as of
March 31, 2023.
Second Quarter 2023 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 18,613 MW in the second quarter of 2023,
including 17,763 MW for solar module shipments and 850 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.
As we continue to invest in N-type capacity expansion overseas
in the second half of 2023, we expect to reach an integrated
capacity of over 12 GW overseas by the end of 2023, with the
production capacity of N-type accounting for over 75%. We will
continuously strengthen and expand our global industrial chain to
provide premium and high-quality products and services to our
global clients.
Third 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 third quarter of 2023, the Company expects its
module shipments to be in the range of 19.0 GW to 21.0
GW.
For full year 2023, the Company estimates its module shipments
to be in the range of 70.0 GW to 75.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual production capacity for mono
wafer, solar cell and solar module to reach 85.0 GW, 90.0 GW
and 110.0 GW, respectively, by the end of 2023.
Recent Business Developments
- 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. JinkoSolar subscribed for the
convertible bonds in an aggregate amount of RMB5.5 billion with its special preemptive rights
and is subject to a six-month lock-up period. JinkoSolar has the
right to either sell its convertible bonds after the lock-up period
or convert the convertible bonds into Jiangxi Jinko's ordinary
shares.
- In May 2023, JinkoSolar was
recognized as a Top Performer in the 2023 PV Module Reliability
Scorecard published by PV Evolution Labs (PVEL) for the ninth
consecutive Year.
- In May 2023, Jiangxi Jinko
entered into an equity transfer agreement with Ziyang Major
Industry Equity Investment Fund Partnership (Limited Partnership)
and Mr. Shihong Dong, pursuant to
which Jiangxi Jinko agrees to sell its 100% equity interest in
Xinjiang Jinko Solar Co., Ltd., a wholly-owned subsidiary of
Jiangxi Jinko, at a consideration of RMB4.3
billion. As of the date of this press release, the
transaction has not yet been completed.
- In May 2023, Jiangxi Jinko
entered into an investment framework agreement with the Management
Committee of Transformation Comprehensive Reform Demonstration Zone
of Shanxi Province for an
integrated project manufacturing monocrystalline silicon pull rod,
silicon wafer, high-efficiency solar cells and modules. According
to the agreement, Jiangxi Jinko plans to construct production lines
with a total annual production capacity of 56 GW for a total
estimated investment of approximately RMB56
billion.
- In June 2023, JinkoSolar
officially launched its Second Generation of the High Voltage
Energy Storage Battery into the European market.
- In June 2023, JinkoSolar was
awarded the "Top Brand PV Europe Seal 2023" by internationally
recognized research institute EUPD Research.
- In June 2023, Jiangxi Jinko
signed a strategic distribution agreement for residential storage
solution with V. Kafkas SA., the leading Greek company in the field
of Electrical Equipment, Lighting, Building Automation and Energy
Management Solutions. This agreement covers Greece and Cyprus for the years 2023 and 2024.
- In June 2023, JinkoSolar
delivered more than 220,000 Tiger NEO bifacial 72 modules to the
123 MW Verila Solar Power Plant in Bulgaria.
- In July 2023, JinkoSolar
officially became a member of the IRENA Coalition for Action,
further affirming its dedication to sustainable energy
development.
- In July 2023, Jiangxi Jinko
published estimates of certain preliminary unaudited financial
results for the six months ended June 30,
2023.
- In July 2023, JinkoSolar achieved
the highest "AAA" category ranking in PV Tech's Q2 ModuleTech
bankability report.
- In August 2023, JinkoSolar was
recognized as a 2023 Overall Highest Achiever for the fourth
consecutive year in Renewable Energy Testing Center PV Module Index
Report.
- In August 2023, Jiangxi Jinko
announced that it intends to offer ordinary shares, subject to
market conditions and other factors, in a private offering to
qualified institutional buyers in compliance with the requirements
of the China Securities Regulatory Commission.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, August 14, 2023 at
8:30 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/10032820-hdy6f.html
It will automatically direct you to the registration page of
"JinkoSolar Second 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, August 21, 2023. The dial-in
details for the replay are as follows:
International:
|
+61 7 3107
6325
|
|
U.S.:
|
+1 855 883
1031
|
|
Passcode:
|
10032820
|
|
|
|
|
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 June 30,
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 June 30,
2023, which was RMB7.2513 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
|
|
Jun 30, 2022
|
|
Mar 31, 2023
|
|
Jun 30, 2023
|
|
Jun 30, 2022
|
|
Jun 30, 2023
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
18,730,454
|
|
23,249,809
|
|
30,635,727
|
|
4,224,860
|
|
33,457,953
|
|
53,885,536
|
|
7,431,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
110,688
|
|
79,253
|
|
49,372
|
|
6,809
|
|
147,973
|
|
128,625
|
|
17,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
18,841,142
|
|
23,329,062
|
|
30,685,099
|
|
4,231,669
|
|
33,605,926
|
|
54,014,161
|
|
7,448,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(16,069,363)
|
|
(19,288,045)
|
|
(25,902,426)
|
|
(3,572,108)
|
|
(28,607,540)
|
|
(45,190,471)
|
|
(6,232,051)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
2,771,779
|
|
4,041,017
|
|
4,782,673
|
|
659,561
|
|
4,998,386
|
|
8,823,690
|
|
1,216,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(1,622,544)
|
|
(1,556,301)
|
|
(1,665,996)
|
|
(229,751)
|
|
(3,007,011)
|
|
(3,222,296)
|
|
(444,375)
|
General
and administrative
|
(1,131,984)
|
|
(1,084,408)
|
|
(800,148)
|
|
(110,345)
|
|
(1,788,397)
|
|
(1,884,556)
|
|
(259,892)
|
Research
and development
|
(149,703)
|
|
(188,556)
|
|
(225,574)
|
|
(31,108)
|
|
(294,678)
|
|
(414,130)
|
|
(57,111)
|
Impairment
of long-lived assets
|
(156,598)
|
|
-
|
|
(552,751)
|
|
(76,228)
|
|
(156,598)
|
|
(552,751)
|
|
(76,228)
|
Total operating
expenses
|
(3,060,829)
|
|
(2,829,265)
|
|
(3,244,469)
|
|
(447,432)
|
|
(5,246,684)
|
|
(6,073,733)
|
|
(837,606)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
(289,050)
|
|
1,211,752
|
|
1,538,204
|
|
212,129
|
|
(248,298)
|
|
2,749,957
|
|
379,236
|
Interest
expenses, net
|
(88,041)
|
|
(55,392)
|
|
(208,453)
|
|
(28,747)
|
|
(250,239)
|
|
(263,845)
|
|
(36,386)
|
Subsidy
income
|
464,756
|
|
264,042
|
|
292,376
|
|
40,320
|
|
770,052
|
|
556,418
|
|
76,734
|
Exchange
gain/(loss)
|
389,216
|
|
(129,047)
|
|
1,358,867
|
|
187,396
|
|
395,599
|
|
1,229,820
|
|
169,600
|
Change in fair
value of foreign exchange derivatives
|
(167,670)
|
|
55,338
|
|
(442,492)
|
|
(61,022)
|
|
(97,137)
|
|
(387,154)
|
|
(53,391)
|
Change in fair
value of Long-term Investment
|
|
|
440,424
|
|
2,278
|
|
314
|
|
-
|
|
442,702
|
|
61,051
|
Change in fair
value of convertible senior notes
|
(536,902)
|
|
(261,435)
|
|
89,747
|
|
12,377
|
|
(641,838)
|
|
(171,688)
|
|
(23,677)
|
Other
income/(loss), net
|
(587)
|
|
3,124
|
|
58,971
|
|
8,132
|
|
12,431
|
|
62,095
|
|
8,563
|
Income before income
taxes
|
(228,278)
|
|
1,528,806
|
|
2,689,498
|
|
370,899
|
|
(59,430)
|
|
4,218,305
|
|
581,730
|
Income tax
expenses
|
(118,089)
|
|
(315,004)
|
|
(341,144)
|
|
(47,046)
|
|
(189,110)
|
|
(656,148)
|
|
(90,487)
|
Equity in
earnings of affiliated companies
|
(117)
|
|
179,955
|
|
63,281
|
|
8,727
|
|
6,329
|
|
243,236
|
|
33,544
|
Net
income
|
(346,484)
|
|
1,393,757
|
|
2,411,635
|
|
332,580
|
|
(242,211)
|
|
3,805,393
|
|
524,787
|
Less: Net income
attributable to non-controlling
interests
|
(276,785)
|
|
(605,107)
|
|
(1,105,533)
|
|
(152,460)
|
|
(352,121)
|
|
(1,710,640)
|
|
(235,908)
|
Net income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
(623,269)
|
|
788,650
|
|
1,306,102
|
|
180,120
|
|
(594,332)
|
|
2,094,753
|
|
288,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(3.15)
|
|
3.91
|
|
6.39
|
|
0.88
|
|
(3.05)
|
|
10.31
|
|
1.42
|
Diluted
|
(3.15)
|
|
3.74
|
|
5.55
|
|
0.77
|
|
(3.05)
|
|
9.90
|
|
1.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(12.60)
|
|
15.62
|
|
25.54
|
|
3.52
|
|
(12.18)
|
|
41.22
|
|
5.69
|
Diluted
|
(12.60)
|
|
14.95
|
|
22.20
|
|
3.06
|
|
(12.18)
|
|
39.61
|
|
5.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
197,894,301
|
|
201,919,745
|
|
204,566,514
|
|
204,566,514
|
|
195,119,882
|
|
203,250,441
|
|
203,250,441
|
Diluted
|
197,894,301
|
|
210,954,844
|
|
223,654,851
|
|
223,654,851
|
|
195,119,882
|
|
211,556,947
|
|
211,556,947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
49,473,575
|
|
50,479,936
|
|
51,141,628
|
|
51,141,628
|
|
48,779,971
|
|
50,812,610
|
|
50,812,610
|
Diluted
|
49,473,575
|
|
52,738,711
|
|
55,913,713
|
|
55,913,713
|
|
48,779,971
|
|
52,889,237
|
|
52,889,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
(346,484)
|
|
1,393,757
|
|
2,411,635
|
|
332,580
|
|
(242,211)
|
|
3,805,393
|
|
524,787
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
-
|
|
(1,031)
|
|
58
|
|
8
|
|
-
|
|
(973)
|
|
(134)
|
-Foreign
currency translation adjustments
|
217,564
|
|
(57,972)
|
|
282,017
|
|
38,893
|
|
187,038
|
|
224,045
|
|
30,897
|
-Change in
the instrument-specific credit risk
|
20,571
|
|
45,218
|
|
20,227
|
|
2,789
|
|
58,130
|
|
65,445
|
|
9,025
|
Comprehensive
income
|
(108,349)
|
|
1,379,972
|
|
2,713,937
|
|
374,270
|
|
2,957
|
|
4,093,910
|
|
564,575
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(337,435)
|
|
(586,223)
|
|
(1,168,875)
|
|
(161,195)
|
|
(412,771)
|
|
(1,755,098)
|
|
(242,039)
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary
shareholders
|
(445,784)
|
|
793,750
|
|
1,545,062
|
|
213,075
|
|
(409,814)
|
|
2,338,812
|
|
322,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JINKOSOLAR HOLDING CO.,
LTD.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
(in thousands)
|
|
Dec 31, 2022
|
|
Jun 30, 2023
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
10,243,500
|
|
14,701,590
|
|
2,027,442
|
Restricted
cash
|
1,027,454
|
|
2,324,683
|
|
320,588
|
Restricted
short-term investments
|
8,945,271
|
|
7,462,253
|
|
1,029,092
|
Short-term
investments
|
-
|
|
80,989
|
|
11,169
|
Accounts
receivable, net - related parties
|
139,714
|
|
56,359
|
|
7,772
|
Accounts
receivable, net - third parties
|
16,674,876
|
|
21,590,016
|
|
2,977,399
|
Notes
receivable, net - related parties
|
282,824
|
|
91,862
|
|
12,668
|
Notes
receivable, net - third parties
|
6,697,096
|
|
4,430,623
|
|
611,011
|
Advances to
suppliers, net - related parties
|
56,860
|
|
54,573
|
|
7,526
|
Advances to
suppliers, net - third parties
|
3,271,284
|
|
3,679,192
|
|
507,384
|
Inventories,
net
|
17,450,284
|
|
20,086,015
|
|
2,769,988
|
Forward contract
receivables
|
119,625
|
|
24,527
|
|
3,382
|
Prepayments and
other current assets, net - related parties
|
23,105
|
|
20,712
|
|
2,856
|
Prepayments and
other current assets, net
|
3,290,902
|
|
3,804,614
|
|
524,680
|
Held-for-sale
assets
|
-
|
|
2,418,965
|
|
333,591
|
Available-for-sale securities
|
104,499
|
|
-
|
|
-
|
Total current
assets
|
68,327,294
|
|
80,826,973
|
|
11,146,548
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,378,680
|
|
2,118,440
|
|
292,146
|
Long-term
investments
|
1,711,072
|
|
2,576,808
|
|
355,358
|
Property, plant
and equipment, net
|
32,290,088
|
|
34,064,537
|
|
4,697,714
|
Land use rights,
net
|
1,431,424
|
|
1,456,122
|
|
200,808
|
Intangible
assets, net
|
79,600
|
|
182,035
|
|
25,104
|
Financing lease
right-of-use assets, net
|
558,407
|
|
368,106
|
|
50,764
|
Operating lease
right-of-use assets, net
|
396,966
|
|
400,405
|
|
55,219
|
Deferred tax
assets
|
704,244
|
|
703,856
|
|
97,066
|
Advances to
suppliers to be utilised beyond one year
|
310,375
|
|
169,819
|
|
23,419
|
Other assets,
net - related parties
|
52,363
|
|
55,290
|
|
7,625
|
Other assets,
net - third parties
|
1,421,669
|
|
2,098,906
|
|
289,452
|
Available-for-sale securities Non current
|
|
|
50,000
|
|
6,895
|
Total non-current
assets
|
40,334,888
|
|
44,244,324
|
|
6,101,570
|
|
|
|
|
|
|
Total assets
|
108,662,182
|
|
125,071,297
|
|
17,248,118
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- third parties
|
10,378,076
|
|
11,697,118
|
|
1,613,106
|
Notes payable -
related parties
|
419,500
|
|
558,237
|
|
76,984
|
Notes payable -
third parties
|
20,204,323
|
|
21,871,312
|
|
3,016,192
|
Accrued payroll
and welfare expenses
|
2,035,931
|
|
2,048,852
|
|
282,550
|
Advances from
related parties
|
3,829
|
|
2,367
|
|
326
|
Advances
from third parties
|
9,220,267
|
|
7,681,854
|
|
1,059,376
|
Income tax
payable
|
737,735
|
|
439,397
|
|
60,596
|
Other payables
and accruals
|
9,214,384
|
|
10,411,838
|
|
1,435,855
|
Other payables
due to related parties
|
5,964
|
|
22,992
|
|
3,171
|
Forward contract
payables
|
63,137
|
|
295,349
|
|
40,730
|
Convertible
senior notes - current
|
-
|
|
939,408
|
|
129,550
|
Financing lease
liabilities - current
|
168,381
|
|
92,713
|
|
12,786
|
Operating lease
liabilities - current
|
65,489
|
|
72,406
|
|
9,985
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
12,419,170
|
|
15,009,072
|
|
2,069,846
|
Held-for-sale
liabilities
|
-
|
|
1,634,788
|
|
225,448
|
Total current
liabilities
|
64,936,186
|
|
72,777,703
|
|
10,036,501
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
13,022,795
|
|
13,316,518
|
|
1,836,432
|
Convertible
senior notes
|
1,070,699
|
|
4,506,619
|
|
621,491
|
Accrued warranty
costs - non current
|
1,422,276
|
|
1,760,207
|
|
242,744
|
Financing lease
liabilities
|
69,881
|
|
40,437
|
|
5,577
|
Operating lease
liabilities
|
339,885
|
|
336,209
|
|
46,365
|
Deferred tax
liability
|
194,808
|
|
269,853
|
|
37,214
|
Long-term
Payables
|
601,759
|
|
617,312
|
|
85,131
|
Guarantee
liabilities to related parties
- non current
|
-
|
|
-
|
|
-
|
Total non-current
liabilities
|
16,722,103
|
|
20,847,155
|
|
2,874,954
|
|
|
|
|
|
|
Total
liabilities
|
81,658,289
|
|
93,624,858
|
|
12,911,455
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized 204,135,029 and 208,472,163 shares
issued as of December 31, 2022 and June 30, 2023,
respectively)
|
28
|
|
29
|
|
4
|
Additional paid-in
capital
|
9,912,931
|
|
10,640,761
|
|
1,467,428
|
Accumulated other
comprehensive income
|
217,563
|
|
408,566
|
|
56,344
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2022 and June 30, 2023
|
(43,170)
|
|
(43,170)
|
|
(5,953)
|
Modification of
non-controlling interests
|
|
|
|
|
|
Accumulated retained
earnings
|
6,249,883
|
|
8,344,636
|
|
1,150,778
|
Due from
shareholders
|
|
|
-
|
|
-
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
16,337,235
|
|
19,350,822
|
|
2,668,601
|
|
|
|
|
|
|
Non-controlling
interests
|
10,666,658
|
|
12,095,617
|
|
1,668,062
|
|
|
|
|
|
|
Total shareholders'
equity
|
27,003,893
|
|
31,446,439
|
|
4,336,663
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
108,662,182
|
|
125,071,297
|
|
17,248,118
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2023-financial-results-301899646.html
SOURCE JinkoSolar Holding Co., Ltd.