SHANGRAO, China, Sept. 15, 2021 /PRNewswire/ -- JinkoSolar Holding
Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the
largest and most innovative solar module manufacturers in the
world, today announced its unaudited financial results for the
second quarter ended June 30,
2021.
Second Quarter 2021 Business Highlights
- As the price of polysilicon rose rapidly in the second quarter,
and there was a certain time gap in the transmission of price
increases from upstream to downstream in the industry chain, we
quickly increased the external sales of silicon wafers, and
proactively lowered the production volume of solar modules.
- Over 7GW of new cell capacity was put into production in
the second quarter to support the rapidly growing demand for
large-size products.
- We signed strategic logistic cooperation agreement with Maersk
and China COSCO Shipping Corporation to support steady growth in
global sales.
- We are optimistic about the global demand in the second half of
2021 and in 2022, and will accelerate our market expansion in
China.
Second Quarter 2021 Operational and
Financial Highlights
- Quarterly shipments were 5,203 MW (3,976MW for solar modules,
1,227 MW for cells and wafers), total shipments down 2.8%
sequentially, and up 16.4% year over year.
- Total revenues were RMB7.93
billion (US$1.23 billion),
down 0.2% sequentially and down 6.2% year over year.
- Gross profit was RMB1.36 billion
(US$210.5 million), up 0.1%
sequentially and down 10.2% year over year.
- Gross margin was 17.1%, compared with 17.1% in Q1 2021 and
17.9% in Q2 2020.
- Net income was RMB66.2 million
(US$10.3 million), down 79.2% year
over year. Mainly because of the impacts of convertible senior
notes.
- Non-GAAP net income was RMB274.7
million (US$42.5million), up
457.4% sequentially and down 27.0% year over year.
- Basic and diluted earnings per share were RMB0.35 (US$0.05)
and RMB0.35 (US$0.05), respectively. Basic and diluted
earnings per ADS were RMB1.39
(US$0.22) and RMB1.38 (US$0.21),
respectively.
- Non-GAAP basic and diluted earnings per share were RMB1.44 (US$0.22)
and RMB1.44 (US$0.22), respectively. Non-GAAP basic and
diluted earnings per ADS were RMB5.76
(US$0.89) and RMB5.75 (US$0.89),
respectively.
Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "We are very pleased to
have delivered revenue of US$1.23
billion, and gross margin of 17.1%, as well as a significant
increase in Non-GAAP net profit quarter-over-quarter, despite very
challenging market conditions. As prices along the supply chain
remain high, but relatively stable, we see overall acceptance of
price increases continuing well into the second half of the year.
Demand for modules is gradually resuming, and our module production
volume increased remarkably month-over-month in the third
quarter.
We are taking initiatives to strengthen our business for the
long-term and increase the reliability of our services to the U.S
market. So far, we have formed a few strategic co-operations such
as a joint investment with Tongwei Co., Ltd. in a high-purity
crystalline silicon project with annual capacity of 45,000 metric
tons, an investment in Inner Mongolia Xinte Silicon Materials Co.,
Ltd., and we have signed a strategic five-year polysilicon supply
agreement with Wacker Chemie AG. Wacker will supply polysilicon to
JinkoSolar from its production sites in Germany and the
United States. Meanwhile, our overseas wafer manufacturing
facility started construction in August and will serve our
production facilities in Malaysia
and the United States when
production ramps up. We further improved our traceability system
for procurement and production.
Over 7GW of newly-added capacity of large-size cells was put
into production during the second quarter to support the rapid
growth in demand for large-size products. We are also expanding our
investment plan for N-type cell capacity based on our technical
advantages and two years of mass production experience.
We expect the proportion of our large-size product shipments to
increase rapidly to approximately 50% of total shipments in the
second half of this year. In addition, the uptake of the
distributed generation businesses achieved rapid development with
more flexible business models and lower sensitivity to prices. In
response to this trend, we have also raised the proportion of
shipments in relation to distributed generation projects for
the full year to around 40%, compared with 20%-25% last year, in
order to meet the needs of customers facing different distributed
application scenarios.
We expect the second half of 2021 through 2022 to be a big
moment for solar installations, and we believe we will grow even
faster than the industry average and further increase our market
shares."
Second Quarter 2021 Financial Results
Total Revenues
Total revenues in the second quarter of 2021 were RMB7.93 billion (US$1.23 billion), a decrease of 0.2% from
RMB7.94 billion in the first quarter
of 2021 and a decrease of 6.2% from RMB8.45
billion in the second quarter of 2020. The sequential
and year-over-year decreases were mainly attributable to
a decrease in the shipment of solar modules.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2021 was RMB1.36 billion (US$210.5 million), compared with
RMB1.36 billion in the first quarter
of 2021 and RMB1.51 billion in the
second quarter of 2020.
Gross margin was 17.1% in the second quarter of 2021, compared
with 17.1% in the first quarter of 2021 and 17.9% in the second
quarter of 2020. The year-over-year decrease was mainly
attributable to a decline in the average selling price of solar
modules in response to the intensified market competition globally,
partially offset by the Company's continued reduction of
integrated production costs enabled by its industry-leading
integrated cost structure.
Income from Operations and Operating Margin
Income from operations in the second quarter of 2021 was
RMB356.4 million (US$55.2 million), compared with RMB149.1 million in the first quarter of 2021 and
RMB434.7 million in the second
quarter of 2020.
Operating margin was 4.5% in the second quarter of 2021,
compared with 1.9% in the first quarter of 2021 and 5.1% in the
second quarter of 2020.
Total operating expenses in the second quarter of 2021 were
RMB1.00 billion (US$155.3 million), a decrease of 17.1% from
RMB1.21 billion in the first quarter
of 2021 and a decrease of 7.0% from RMB1.08
billion in the second quarter of 2020. The sequential
decrease was mainly attributable to (i) a decrease in shipping
costs as a result of a decrease in the shipment of solar
modules and (ii) a decrease in disposal and impairment loss on
property, plant and equipment. The year-over-year decrease was
mainly attributable to a decrease in shipping costs in relation to
the decrease in the shipment of solar modules in the second
quarter of 2021.
Total operating expenses accounted for 12.6% of total revenues
in the second quarter of 2021, compared to 15.2 % (or 13.7%
excluding impairment loss) in the first quarter of 2021 and 12.8%
in the second quarter of 2020.
Interest Expense, Net
Net interest expense in the second quarter of 2021 was
RMB157.5 million (US$24.4 million), an increase of 0.6% from
RMB156.5 million in the first quarter
of 2021 and an increase of 48.3% from RMB106.2 million in the second quarter of 2020.
The year-over-year increase was mainly due to an increase in
interest expense, as the Company's interest-bearing
debts increased.
Subsidy Income
Subsidy income in the second quarter of 2021 was RMB162.2 million (US$25.1 million), compared
with RMB130.3 million in the first quarter of 2021 and
RMB14.4 million in the second quarter
of 2020.
Exchange
Loss/(Gain) 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 RMB4.4 million (US$0.7 million) in the second quarter of 2021,
compared to a net exchange loss of RMB26.6
million in the first quarter of 2021 and a net exchange gain
of RMB69.7 million in the second
quarter of 2020. The net exchange loss was mainly due to the
exchange rate fluctuation of the US dollars against the RMB in the
second quarter of 2021.
Change in Fair Value of Convertible Senior Notes and Call
Option
The Company issued US$85.0 million
of 4.5% convertible senior notes due 2024 (the "Notes") in
May 2019 and has elected to measure
the Notes at fair value derived by valuation model, i.e. Binomial
Model. The Company recognized a loss from a change in fair value of
the Notes of RMB335.7 million
(US$52.0 million) in the second
quarter of 2021, compared to a gain of RMB414.9 million in the first quarter of 2021 and
a loss of RMB89.1 million in the
second quarter of 2020. The change was primarily due to an increase
in the Company's stock price in the second quarter of 2021.
Concurrent with the issuance of the Notes in May 2019, the Company entered into a call option
transaction with an affiliate of Credit Suisse Securities
(USA) LLC. The Company accounted
for the call option transaction as freestanding derivative assets
in its consolidated balance sheets, which is marked to market
during each reporting period. The Company recorded a gain from a
change in fair value of the call option of RMB137.9 million (US$21.4
million) in the second quarter of 2021, compared to a loss
of RMB235.8 million in the first
quarter of 2021 and a gain of RMB38.0
million in the second quarter of 2020. The change was
primarily due to an increase in the Company's stock price in the
second quarter of 2021. Subsequently in July
2021, the Company exercised all the remaining call option
using cash settlement.
Equity in Earnings/(loss)of Affiliated
Companies
The Company indirectly holds a 20% equity interest in Sweihan PV
Power Company P.J.S.C, a developer and operator of solar power
projects in Dubai, and accounts
for its investment using the equity method. The Company also holds
a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which
processes and assembles PV modules as an OEM manufacturer, and
accounts for its investments using the equity method. The Company
recorded equity in loss of affiliated companies of
RMB0.3 million (US$42.0 thousand) in the second quarter of 2021,
compared with a gain of RMB43.4
million in the first quarter of 2021 and a gain of
RMB4.2 million in the second quarter
of 2020. The loss primarily arose from interest rate swap recorded
by the equity affiliate due to a decrease in long-term interest
rates in the second quarter of 2021 partially offset by revenue
generated from operations. Hedge accounting was not applied for the
derivative.
Income Tax Benefit/(Expenses)
The Company recorded an income tax benefit of RMB6.9 million (US$1.1 million) in the second quarter of
2021, compared with an income tax expense of RMB52.2 million in the first quarter of 2021 and
an income tax expense of RMB22.8
million in the second quarter of 2020. The sequential change
was mainly due to additional 2020 income tax deduction for R&D
costs approved by the local tax bureau in the second quarter of
2021. The year-over-year change was mainly due to lower profit
generated compared to the second quarter of 2020.
Net Income and
Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders
was RMB66.2 million
(US$10.3 million) in the second
quarter of 2021, compared with net income attributable to the
Company's ordinary shareholders of RMB221.1
million in the first quarter of 2021 and RMB318.0 million in the second quarter of
2020.
Basic and diluted earnings/(loss) per ordinary share were
RMB0.35 (US$0.05) and RMB0.35 (US$0.05),
respectively, during the second quarter of 2021, compared to
RMB1.16 and RMB(0.90), respectively, in the first quarter of
2021, and RMB1.79 and RMB1.64, respectively, in the second quarter of
2020. As each ADS represents four ordinary shares, this
translates into basic and diluted earnings/(loss) per ADS
of RMB1.39 (US$0.22) and RMB1.38 (US$0.21),
respectively in the second quarter of 2021; RMB4.64 and RMB(3.61), respectively, in the first quarter of
2021; and RMB7.16 and RMB6.55, respectively, in the second quarter of
2020. The difference between basic earning and diluted loss per
share in the second quarter of 2021 was mainly due to the
dilutive impact of share-based compensation.
Non-GAAP net income attributable to the Company's ordinary
shareholders in the second quarter of 2021 was RMB274.7 million (US$42.5 million), compared with RMB49.3 million in the first quarter of 2021 and
RMB376.1 million in the second
quarter of 2020.
Non-GAAP basic and diluted earnings per ordinary share were
RMB1.44 (US$0.22) and RMB1.44 (US$0.22),
respectively, during the second quarter of 2021; RMB0.26 and RMB0.24, respectively, in the first quarter of
2021, and both RMB2.12 in the second
quarter of 2020. This translates into non-GAAP basic and diluted
earnings per ADS of RMB5.76 (US$0.89) and RMB5.75 (US$0.89),
respectively, in the second quarter of 2021; RMB1.04 and RMB0.96, respectively, in the first quarter of
2021, and both RMB8.46 in the second
quarter of 2020.
Because of the dilutive impact of call option arrangement during
the second quarter of 2020, potential shares underlying the call
option arrangement were removed from weighted average number of
ordinary shares outstanding since their issuance date, and changes
in income of the assumed exercise of call option, including the
change in fair value of the call option, foreign exchange
gain/(loss) on the call option, and the issuance costs of the call
option were also recorded as the adjustment to the Company's
consolidated net income to arrive at the diluted net income
available to the Company's ordinary shareholders. Under that
situation, the Company implemented the same denominator for both
non-GAAP basic and dilutive earnings per ordinary share in the
second quarter of 2020.
Financial Position
As of June 30, 2021, the Company
had RMB6.52 billion
(US$1.01 billion) in cash and
cash equivalents and restricted cash, compared with RMB7.04 billion as of March 31, 2021.
As of June 30, 2021, the Company's
accounts receivables due from third parties were RMB3.91 billion (US$606.1 million), compared with
RMB4.59 billion as of March 31, 2021.
As of June 30, 2021, the Company's
inventories were RMB9.88 billion
(US$1.53 billion), compared with
RMB9.10 billion as of March 31, 2021.
As of June 30, 2021, the Company's
total interest-bearing debts were RMB20.15 billion (US$3.12 billion), of which RMB436.5 million (US$67.6 million) was related to the
Company's overseas downstream solar projects, compared with
RMB17.48 billion, of which
RMB458.5 million was related to the
Company's overseas downstream solar projects as of March 31, 2021.
Second Quarter 2021 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments in the second quarter of 2021 were
5,203 MW, including 3,976 MW for solar module shipments
and 1,227 MW for cell and wafer shipments.
Solar Products Production Capacity
As of June 30, 2021, the Company's
in-house annual mono wafer, solar cell and solar module production
capacity was 27 GW, 12 GW (940 MW for N type cells) and 31 GW,
respectively.
Operations and Business Outlook
Shipments of the Company's large-size products are expected to
account for 50% of its total solar module shipments in the second
half of 2021, and its annual shipment from sales to distributed
generation projects is expected to account for approximately
40% of total shipments. Shipments in the Chinese market are
expected to gradually increase in the second half of 2021 and in
2022. We continue to strengthen our global supply chain management
to strengthen our business for the long-term and increase the
reliability of our services to the U.S market. Our 7GW silicon
wafer production facility in Vietnam will start construction soon, and will
supply silicon wafers to our cell and module facilities in
the United States and Malaysia starting 2022.
With the high and relatively stable production material
prices in the second half of the year and the overall increase
in customer acceptance of prices, our module production volume are
starting to increase in the third quarter.
Third Quarter and Full Year 2021 Guidance
The Company's business outlook is based on management's current
views and estimates with respect to market conditions, production
capacity, the Company's order book and the global economic
environment. This outlook is subject to uncertainty on final
customer demand and sale schedules. Management's views and
estimates are subject to change without notice.
For the third quarter of 2021, the Company expects total
shipments to be in the range of 5 GW to 5.5 GW (solar
module shipments to be in the range of 4.5 GW to 5 GW).
Total revenue for the third quarter is expected to be in the range
of US$1.24 billion to
US$1.37 billion. Gross margin
for the third quarter is expected to be between 12% and 15%.
For full year 2021, the Company estimates total shipments
(including solar modules, cells and wafers) to be in the range
of 25 GW to 30 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar
module production capacity to reach 32.5 GW, 24 GW
(including 940 MW N-type cells) and 45 GW, respectively, by
the end of 2021, from previous guidance of 30 GW, 24 GW and 33 GW,
respectively.
Recent Business Developments
- In May 2021, the maximum solar
conversion efficiency of JinkoSolar's large-area N-type
monocrystalline silicon solar cells reached 25.25%, setting a new
world record for large-size contact-passivated solar cells.
- In June 2021, JinkoSolar's
flagship Tiger Pro dual glass module received the world's first IEC
TS 62804-1-1:2020 certificate issued by DEKRA, one of the world's
largest independent inspection companies.
- In June 2021, JinkoSolar was
ranked Top Performer in PV Evolution Labs' (PVEL) 2021 PV Module
Reliability Scorecard for the seventh consecutive time.
- In June 2021, JinkoSolar was
recognized as an "Overall High Achiever" in Renewable Energy
Testing Center's ("RETC") 2021 PV Module Index Report for the
second consecutive year.
- In June 2021, JinkoSolar's
holding subsidiary, Shangrao JinkoSolar Industry Development Co.,
Ltd. planned to invest RMB315 million
of monetary capital to increase capital and shares in Inner
Mongolia Xinte Silicon Materials Co., Ltd., a wholly-owned
subsidiary of Xinte Energy Co., Ltd. (HKEX: 1799).
- In June 2021, the application
documents regarding a potential initial public offering and listing
of the shares of Jinko Solar Co., Ltd. ("Jiangxi Jinko"), a
principal operating subsidiary of JinkoSolar, was submitted to and
received by the Shanghai Stock Exchange.
- In July 2021, the maximum solar
conversion efficiency of JinkoSolar's advanced high-efficiency
solar module reached 23.53% and outperformed the previous record of
23.01%, also set by JinkoSolar, in January
2021, after recently setting a test record of 25.25% for
large-area N-type monocrystalline silicon solar cells.
- In July 2021, JinkoSolar was
selected as an "Eco-Leader" by Green Builder® Media for the third
time.
- In July 2021, the United States Court of Appeals for the
Federal Circuit issued a Rule 36 summary affirmance agreeing with
the International Trade Commission's conclusion that JinkoSolar's
products do not infringe a patent asserted by Hanwha Q CELLS.
- In August 2021, JinkoSolar
obtained the first photovoltaic module LCA (Life Cycle Assessment)
certificate in the Greater China
region issued by TÜV Rheinland (China) Ltd., and concurrently passed the
Italian EPD certification.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Wednesday, September 15, 2021 at
8:00 a.m. U.S. Eastern Time
(8:00 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852 3027
6500
|
|
U.S. Toll
Free:
|
+1
855-824-5644
|
|
Passcode:
|
44003482#
|
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A telephone replay of the call will be available 2 hours after
the conclusion of the conference call through 23:59 U.S. Eastern
Time, September 22, 2021. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
|
U.S.:
|
+1 646 982
0473
|
|
Passcode:
|
319341396#
|
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes its
solar products and sells its solutions and services to a
diversified international utility, commercial and residential
customer base in China,
the United States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, and other countries and regions.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 27 GW for mono wafers,
12 GW for solar cells, and 31 GW for solar modules, as of
June 30, 2021.
JinkoSolar has 9 productions facilities globally, 22 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico,
Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, Hong
Kong, Denmark, and global
sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi
Arabia, Tunisia,
Morocco, South Africa, Costa
Rica, Colombia,
Panama, Kazakhstan, Malaysia, Myanmar, Sri
Lanka, Thailand,
Vietnam, Poland and Argentina, as of June
30, 2021.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income, non-GAAP earnings per
Share, and non-GAAP earnings per ADS, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and call option:
- Non-GAAP net income is adjusted to exclude the expenses
relating to issuance cost of convertible senior notes, change in
fair value of convertible senior notes and call option, interest
expenses of convertible senior notes and call option, exchange
(gain)/loss on the convertible senior notes and call option, and
stock-based compensation (benefit)/expense; given these Non-GAAP
net income adjustments above are either related to the Company or
its subsidiaries incorporated in Cayman
Islands, which are not subject to tax exposures, or related
to those subsidiaries with tax loss positions which result in no
tax impacts, therefore no tax adjustment is needed in conjunction
with these Non-GAAP net income adjustments; and
- Non-GAAP earnings per share and non-GAAP earnings per ADS are
adjusted to exclude the expenses relating to issuance cost of
convertible senior notes, change in fair value of convertible
senior notes and call option, interest expenses of convertible
senior notes and call option, exchange gain on the convertible
senior notes and call option, and stock-based compensation. As the
Non-GAAP net income is adjusted to exclude the change in fair value
of call option, the dilutive impact of call option, if any, is also
excluded from the denominator for the calculation of Non-GAAP
earnings per share and non-GAAP earnings per ADS.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of June 30,
2021, which was RMB6.4566 to
US$1.00. No representation is
intended to imply that the Renminbi amounts could have been, or
could be, converted, realized, or settled into U.S. dollars at that
rate or any other rate. The percentages stated in this press
release are calculated based on Renminbi.
Safe-Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms.
Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
For the six months
ended
|
|
June 30,
2020
|
|
March 31,
2021
|
|
June 30,
2021
|
|
Jun 30,
2020
|
|
Jun 30,
2021
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
8,448,719
|
|
7,940,050
|
|
7,925,417
|
|
1,227,491
|
|
16,879,932
|
|
15,865,467
|
|
2,457,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
1,943
|
|
544
|
|
2,799
|
|
434
|
|
54,653
|
|
3,343
|
|
518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
8,450,662
|
|
7,940,594
|
|
7,928,216
|
|
1,227,925
|
|
16,934,585
|
|
15,868,810
|
|
2,457,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(6,937,720)
|
|
(6,582,222)
|
|
(6,569,088)
|
|
(1,017,422)
|
|
(13,764,765)
|
|
(13,151,310)
|
|
(2,036,878)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,512,942
|
|
1,358,372
|
|
1,359,128
|
|
210,503
|
|
3,169,820
|
|
2,717,500
|
|
420,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(709,189)
|
|
(614,856)
|
|
(509,440)
|
|
(78,902)
|
|
(1,323,010)
|
|
(1,124,296)
|
|
(174,132)
|
General
and administrative
|
(294,452)
|
|
(363,872)
|
|
(378,503)
|
|
(58,623)
|
|
(533,046)
|
|
(742,375)
|
|
(114,979)
|
Research
and development
|
(74,643)
|
|
(107,144)
|
|
(114,806)
|
|
(17,781)
|
|
(146,427)
|
|
(221,950)
|
|
(34,376)
|
Impairment of long-lived assets
|
-
|
|
(123,405)
|
|
-
|
|
-
|
|
-
|
|
(123,405)
|
|
(19,113)
|
Total operating
expenses
|
(1,078,284)
|
|
(1,209,277)
|
|
(1,002,749)
|
|
(155,306)
|
|
(2,002,483)
|
|
(2,212,026)
|
|
(342,600)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
434,658
|
|
149,095
|
|
356,379
|
|
55,197
|
|
1,167,337
|
|
505,474
|
|
78,288
|
Interest
expenses, net
|
(106,239)
|
|
(156,535)
|
|
(157,523)
|
|
(24,397)
|
|
(214,852)
|
|
(314,058)
|
|
(48,641)
|
Subsidy
income
|
14,379
|
|
130,315
|
|
162,216
|
|
25,124
|
|
19,440
|
|
292,531
|
|
45,306
|
Exchange
(loss)/gain
|
51,616
|
|
(71,543)
|
|
(110,256)
|
|
(17,076)
|
|
62,567
|
|
(181,799)
|
|
(28,156)
|
Change in fair
value of interest rate swap
|
-
|
|
-
|
|
-
|
|
-
|
|
(78,878)
|
|
-
|
|
-
|
Change in fair
value of foreign exchange derivatives
|
18,133
|
|
44,904
|
|
105,812
|
|
16,388
|
|
(99,654)
|
|
150,716
|
|
23,343
|
Change in fair
value of convertible senior notes and call option
|
(51,165)
|
|
179,104
|
|
(197,733)
|
|
(30,625)
|
|
14,825
|
|
(18,629)
|
|
(2,885)
|
Other
income/(expense), net
|
2,127
|
|
3,239
|
|
1,366
|
|
211
|
|
(60)
|
|
4,605
|
|
713
|
Income before
income taxes
|
363,509
|
|
278,579
|
|
160,261
|
|
24,822
|
|
870,725
|
|
438,840
|
|
67,968
|
Income tax
(expenses)/benefit
|
(22,754)
|
|
(52,210)
|
|
6,900
|
|
1,069
|
|
(132,274)
|
|
(45,310)
|
|
(7,018)
|
Equity in
earnings/(loss) of affiliated companies
|
4,211
|
|
43,448
|
|
(268)
|
|
(42)
|
|
(97,316)
|
|
43,180
|
|
6,688
|
Net
income
|
344,966
|
|
269,817
|
|
166,893
|
|
25,849
|
|
641,135
|
|
436,710
|
|
67,638
|
Less: Net
income attributable to non-controlling
interests
|
26,923
|
|
48,725
|
|
100,657
|
|
15,590
|
|
40,651
|
|
149,382
|
|
23,136
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
318,043
|
|
221,092
|
|
66,236
|
|
10,259
|
|
600,484
|
|
287,328
|
|
44,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.79
|
|
1.16
|
|
0.35
|
|
0.05
|
|
3.37
|
|
1.51
|
|
0.23
|
Diluted
|
1.64
|
|
(0.90)
|
|
0.35
|
|
0.05
|
|
2.77
|
|
1.09
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
7.16
|
|
4.64
|
|
1.39
|
|
0.22
|
|
13.48
|
|
6.03
|
|
0.93
|
Diluted
|
6.55
|
|
(3.61)
|
|
1.38
|
|
0.21
|
|
11.08
|
|
4.36
|
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
177,718,162
|
|
190,427,792
|
|
190,716,434
|
|
190,716,434
|
|
178,231,033
|
|
190,573,717
|
|
190,573,717
|
Diluted
|
170,989,776
|
|
205,142,801
|
|
191,192,954
|
|
191,192,954
|
|
197,139,692
|
|
205,653,994
|
|
205,653,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
44,429,541
|
|
47,606,948
|
|
47,679,108
|
|
47,679,108
|
|
44,557,758
|
|
47,643,429
|
|
47,643,429
|
Diluted
|
42,747,444
|
|
51,285,700
|
|
47,798,239
|
|
47,798,239
|
|
49,284,923
|
|
51,413,499
|
|
51,413,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
344,966
|
|
269,817
|
|
166,893
|
|
25,849
|
|
641,135
|
|
436,710
|
|
67,638
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
30,442
|
|
89,001
|
|
(64,338)
|
|
(9,965)
|
|
75,482
|
|
24,663
|
|
3,820
|
-Change
in the instrument-specific credit risk
|
(52,681)
|
|
22,638
|
|
22,772
|
|
3,527
|
|
(13,479)
|
|
45,410
|
|
7,033
|
Comprehensive
income
|
322,727
|
|
381,456
|
|
125,327
|
|
19,411
|
|
703,138
|
|
506,783
|
|
78,491
|
Less:
Comprehensive income attributable to non-controlling
interests
|
26,923
|
|
48,725
|
|
100,657
|
|
15,590
|
|
40,651
|
|
149,382
|
|
23,136
|
Comprehensive
income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders
|
295,804
|
|
332,731
|
|
24,670
|
|
3,821
|
|
662,487
|
|
357,401
|
|
55,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary shareholders
|
318,043
|
|
221,092
|
|
66,236
|
|
10,259
|
|
600,484
|
|
287,328
|
|
44,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and call option
|
51,165
|
|
(179,104)
|
|
197,733
|
|
30,625
|
|
(14,825)
|
|
18,629
|
|
2,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expenses of convertible senior notes and call
option
|
6,734
|
|
5,423
|
|
5,714
|
|
885
|
|
12,862
|
|
11,137
|
|
1,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes and call
option
|
(291)
|
|
1,785
|
|
4,906
|
|
760
|
|
4,373
|
|
6,691
|
|
1,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
423
|
|
84
|
|
84
|
|
13
|
|
672
|
|
168
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders
|
376,074
|
|
49,280
|
|
274,673
|
|
42,542
|
|
603,566
|
|
323,953
|
|
50,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary shareholders
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.12
|
|
0.26
|
|
1.44
|
|
0.22
|
|
3.39
|
|
1.70
|
|
0.26
|
Diluted
|
2.12
|
|
0.24
|
|
1.44
|
|
0.22
|
|
3.06
|
|
1.58
|
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
8.46
|
|
1.04
|
|
5.76
|
|
0.89
|
|
13.54
|
|
6.80
|
|
1.05
|
Diluted
|
8.46
|
|
0.96
|
|
5.75
|
|
0.89
|
|
12.25
|
|
6.30
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
177,718,162
|
|
190,427,792
|
|
190,716,434
|
|
190,716,434
|
|
178,231,033
|
|
190,573,717
|
|
190,573,717
|
Diluted
|
177,718,162
|
|
205,142,801
|
|
191,192,954
|
|
191,192,954
|
|
197,139,692
|
|
205,653,994
|
|
205,653,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
44,429,541
|
|
47,606,948
|
|
47,679,108
|
|
47,679,108
|
|
44,557,758
|
|
47,643,429
|
|
47,643,429
|
Diluted
|
44,429,541
|
|
51,285,700
|
|
47,798,239
|
|
47,798,239
|
|
49,284,923
|
|
51,413,499
|
|
51,413,499
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2020
|
|
June 30,
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
7,481,678
|
|
5,704,725
|
|
883,549
|
Restricted
cash
|
593,094
|
|
816,449
|
|
126,452
|
Restricted
short-term investments
|
6,400,637
|
|
6,648,041
|
|
1,029,650
|
Short-term
investments
|
570,000
|
|
873,007
|
|
135,212
|
Accounts
receivable, net - related parties
|
410,358
|
|
1,684
|
|
261
|
Accounts
receivable, net - third parties
|
4,534,758
|
|
3,913,262
|
|
606,087
|
Notes
receivable, net - related parties
|
33,001
|
|
42,399
|
|
6,567
|
Notes
receivable, net - third parties
|
1,051,561
|
|
1,261,661
|
|
195,406
|
Advances to
suppliers, net - third parties
|
1,002,613
|
|
1,926,269
|
|
298,341
|
Inventories,
net
|
8,376,936
|
|
9,880,635
|
|
1,530,315
|
Forward
contract receivables
|
183,146
|
|
55,131
|
|
8,539
|
Call Option -
concurrent with issuance of convertible
senior notes
|
-
|
|
554,151
|
|
85,827
|
Prepayments
and other current assets, net - related parties
|
23,756
|
|
20,373
|
|
3,155
|
Prepayments
and other current assets, net
|
3,020,592
|
|
2,808,184
|
|
434,932
|
Total current
assets
|
33,682,130
|
|
34,505,971
|
|
5,344,293
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,389,194
|
|
1,551,100
|
|
240,235
|
Accounts
receivable, net - third parties
|
26,405
|
|
26,749
|
|
4,143
|
Project
Assets
|
645,355
|
|
511,080
|
|
79,156
|
Long-term
investments
|
194,258
|
|
217,678
|
|
33,714
|
Property,
plant and equipment, net
|
12,455,444
|
|
15,941,047
|
|
2,468,954
|
Land use
rights, net
|
760,962
|
|
776,760
|
|
120,305
|
Intangible
assets, net
|
35,838
|
|
36,717
|
|
5,687
|
Financing
lease right-of-use assets, net
|
829,122
|
|
745,504
|
|
115,464
|
Operating
lease right-of-use assets, net
|
316,512
|
|
457,026
|
|
70,784
|
Deferred tax
assets
|
255,107
|
|
255,107
|
|
39,511
|
Call Option -
concurrent with issuance of convertible
senior notes
|
756,929
|
|
-
|
|
-
|
Other assets,
net - related parties
|
107,319
|
|
16,013
|
|
2,480
|
Other assets,
net - third parties
|
1,777,799
|
|
2,317,235
|
|
358,894
|
Total non-current
assets
|
19,550,244
|
|
22,852,016
|
|
3,539,327
|
|
|
|
|
|
|
Total
assets
|
53,232,374
|
|
57,357,987
|
|
8,883,620
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
14,114
|
|
14,410
|
|
2,232
|
Accounts
payable - third parties
|
4,436,495
|
|
4,091,329
|
|
633,666
|
Notes payable
- third parties
|
9,334,876
|
|
9,344,402
|
|
1,447,264
|
Accrued
payroll and welfare expenses
|
995,054
|
|
955,342
|
|
147,964
|
Advances
from third parties
|
2,451,495
|
|
3,670,770
|
|
568,530
|
Income tax
payable
|
73,720
|
|
97,811
|
|
15,149
|
Other payables
and accruals
|
3,408,391
|
|
3,721,074
|
|
576,320
|
Other payables
due to related parties
|
71,515
|
|
1,216
|
|
188
|
Forward
contract payables
|
17,895
|
|
6,395
|
|
990
|
Convertible
senior notes - current
|
1,831,612
|
|
-
|
|
-
|
Financing
lease liabilities - current
|
272,330
|
|
192,372
|
|
29,794
|
Operating
lease liabilities - current
|
48,244
|
|
60,355
|
|
9,348
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
8,238,531
|
|
9,690,428
|
|
1,500,856
|
Guarantee
liabilities to related parties
|
22,519
|
|
7,694
|
|
1,192
|
Total current
liabilities
|
31,216,791
|
|
31,853,598
|
|
4,933,493
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
7,301,536
|
|
8,198,059
|
|
1,269,718
|
Convertible
senior notes
|
-
|
|
1,358,363
|
|
210,384
|
Accrued
warranty costs - non current
|
769,332
|
|
768,099
|
|
118,963
|
Financing
lease liabilities
|
313,088
|
|
237,594
|
|
36,799
|
Operating
lease liabilities
|
277,239
|
|
411,294
|
|
63,701
|
Deferred tax
liability
|
328,713
|
|
328,713
|
|
50,911
|
Long-term
Payables
|
97
|
|
338,153
|
|
52,373
|
Guarantee
liabilities to related parties
- non current
|
34,812
|
|
11,118
|
|
1,722
|
Total non-current
liabilities
|
9,024,817
|
|
11,651,393
|
|
1,804,571
|
|
|
|
|
|
|
Total
liabilities
|
40,241,608
|
|
43,504,991
|
|
6,738,064
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 190,380,309 and 193,694,353 shares
issued as of December 31, 2020 and June 30, 2021,
respectively)
|
26
|
|
26
|
|
4
|
Additional paid-in
capital
|
5,251,245
|
|
5,606,692
|
|
868,366
|
Statutory
reserves
|
692,009
|
|
692,009
|
|
107,179
|
Accumulated other
comprehensive income
|
(128,615)
|
|
(58,542)
|
|
(9,067)
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2020 and June 30, 2021
|
(43,170)
|
|
(43,170)
|
|
(6,686)
|
Accumulated retained
earnings
|
4,216,353
|
|
4,503,681
|
|
697,531
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
9,987,848
|
|
10,700,696
|
|
1,657,327
|
|
|
|
|
|
|
Non-controlling
interests
|
3,002,918
|
|
3,152,300
|
|
488,229
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
53,232,374
|
|
57,357,987
|
|
8,883,620
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2021-financial-results-301377395.html
SOURCE JinkoSolar Holding Co., Ltd.