SHANGRAO, China, March 23, 2022 /PRNewswire/ -- JinkoSolar Holding
Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the
largest and most innovative solar module manufacturers in the
world, today announced its unaudited financial results for the
fourth quarter and full year ended December
31, 2021.
Fourth Quarter and Full Year 2021 Business Highlights
- Despite supply chain challenges in the fourth quarter of 2021,
we achieved significant growth in both shipments and revenues
compared to the third quarter of 2021.
- The proportion of shipments in the Chinese market increased to
approximately 34% in the fourth quarter of 2021. We actively
participated in the distribution market while enhancing our
competitiveness in the utility sector.
- The mass production efficiency of approximately 900MW N-type
Topcon Cells in our Haining production facility has reached 24.5%
in the fourth quarter of 2021, with the yield rate close to that of
the passivated emitter rear cell ("PERC").
- The next-generation N-type Ultra-efficiency Tiger Neo Module
with better power generation performance remains popular in the
market since its launch in the fourth quarter of 2021, giving the
Company a competitive advantage with premium pricing.
- Jinko Solar Co., Ltd. ("Jiangxi Jinko"), the Company's
principal operating subsidiary, completed its initial public
offering ("IPO") process in the first quarter of 2022. Access to
this new source of growth capital, combined with the Company's
competitiveness accumulated over the years, will further strengthen
its leading position in the industry.
Fourth Quarter 2021 Operational and
Financial Highlights
- Quarterly shipments were 9,693 MW (9,024 MW for solar modules,
669 MW for cells and wafers), total shipments up 94.1%
sequentially, and up 67.9% year over year.
- Total revenues were RMB16.39
billion (US$2.57 billion), up
91.2% sequentially and up 73.9% year over year. The sequential
increase was mainly attributable to an increase in the shipment of
solar modules.
- Gross profit was RMB2.64 billion
(US$414.9 million), up 104.0%
sequentially and up 75.5% year over year.
- Gross margin was 16.1%, compared with 15.1% in Q3 2021 and
16.0% in Q4 2020.
- Net income was RMB239.5 million
(US$37.6 million), compared with
RMB194.2 million sequentially and net
loss RMB377.0 million year over
year.
- Non-GAAP net income was RMB218.6
million (US$34.3 million), up
12.8 times sequentially and up 5.5 times year over year.
- Basic and diluted earnings per ordinary share were RMB1.26 (US$0.20)
and RMB1.04 (US$0.16), respectively. This translates into
basic and diluted earnings per ADS of RMB5.02 (US$0.79)
and RMB4.16 (US$0.65), respectively.
- Non-GAAP basic and diluted earnings per share were RMB1.15 (US$0.18)
and RMB1.06 (US$0.17), respectively. Non-GAAP basic and
diluted earnings per ADS were RMB4.58
(US$0.72) and RMB4.25 (US$0.67),
respectively.
Full Year 2021 Operational and
Financial Highlights
- Annual shipments were 25,242 MW (including 22,233 MW for solar
modules), up 18.4% year over year for solar modules shipments.
- Total revenues were RMB40.83
billion (US$6.41 billion), up
16.2% year over year.
- Gross profit was RMB6.66 billion
(US$1.04 billion), up 7.9% year over
year (or RMB6.66 billion, up 10.7%
year over year[1] if excluding the reversal benefit of
the Countervailing Duty ("CVD") and Anti-dumping Duty
("ADD")).
- Gross margin of 16.3%, compared with 17.6% in full year of 2020
(or 16.3% compared with 17.1% in full year 2020 if excluding the
reversal benefit of CVD and ADD).
- Income from operations of RMB1.10
billion (US$173.0 million),
down 38.2% year over year (or RMB1.10
billion down 32.2% if excluding the reversal benefit of CVD
and ADD).
- Net income of RMB721.0 million
(US$113.1 million), up 2.1 times year
over year.
- Non-GAAP net income of RMB558.4
million (US$87.6 million),
down 41.7% year over year.
[1] The
company recorded the reversal benefit of ADD and CVD of RMB0.2
million in cost of revenues in 2021, compared to RMB160.0 million
(US$25.1 million) in2020, based on the final results of the
administrative review of the CVD and ADD order published by the
U.S. Department of Commerce.
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Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "We were very pleased to close a very challenging year
of 2021 with excellent results. We were able to swiftly respond to
supply chain volatility and logistic challenges thanks to our
competitive advantages in supply chain management and global
network. We continued to improve our in-house production
capabilities and further strengthened our global supply chain to
reduce costs, while increasing resilience to risks by leveraging
our global network. As a result, our shipments, revenues, and
profitability grew significantly in the fourth quarter of 2021
compared to the previous quarter. In the fourth quarter of 2021,our
gross profit doubled, operating profit quadrupled and non-GAAP net
profit increased by approximately 13 times sequentially."
"In the first quarter of 2022, our principal operating
subsidiary, Jiangxi Jinko successfully listed on the Shanghai Stock
Exchange Science and Technology Innovation Board, raising
RMB10 billion. We believe this
historic milestone will create greater momentum for the advancement
of our state-of-the-art technology and business expansion.
We are optimistic about the growth prospects in distributed
generation markets and will continue to grow our brand influence in
these markets. In China, as
installation capacity reached 55 GW for the full year of 2021,
distributed generation made up more than half of newly-added
installations due to its higher returns."
In light of the industry transition from P-type to N-type, and
growing demand for higher efficiency products, we have launched the
next-generation of N-type ultra-efficiency Tiger Neo modules. These
modules have received worldwide acclaim for better power generation
performance. We will reinforce the leadership position of our
N-Type modules in both domestic and overseas markets. We have
roughly 16 GW of N-type cell capacity operational in the first
quarter of 2022 and currently are steadily ramping up our
production capacity. With integrated capacity structure
constantly improving, our integrated cost is expected to further
decrease.
"In Vietnam, our 7GW monocrystalline silicon wafer plant
commenced production in the first quarter of 2022. This nearly 7 GW
of integrated mono wafer-cell-module manufacturing capacity
overseas is significantly improving our global supply chain
advantage. At the same time, we have been strategically cooperating
with our supply chain partners to combine our complementary
resources and build integrated industrial ecosystems. All these
advantages will allow us to mitigate raw material shortages and
respond to production challenges in the long term, further
strengthen the competitiveness of our core products, and bring
greater value to our global customers with high-quality, reliable
modules and premium services."
Fourth Quarter 2021 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2021 were
RMB16.39 billion (US$2.57 billion), an increase of 91.2% from
RMB8.57 billion in the third
quarter of 2021 and an increase of 73.9% from RMB9.42 billion in the fourth quarter of 2020.
The sequential and year-over-year increases were mainly
attributable to an increase in the shipment of solar modules,
especially in the domestic market attributable to China's favorable policies on renewable
energy
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2021 was RMB2.64 billion (US$414.9 million), compared with
RMB1.30 billion in the third quarter
of 2021 and RMB1.51 billion in the
fourth quarter of 2020 (or RMB1.35
billion if excluding the impact from the reversal benefit of
CVD and ADD).
Gross margin was 16.1% in the fourth quarter of 2021, compared
with 15.1% in the third quarter of 2021 and 16.0% in the fourth
quarter of 2020 (or 14.3% if excluding the impact from the reversal
benefit of CVD and ADD). The sequential and year-over-year
increases were mainly attributable to (i) a continued
reduction of integrated production cost resulting from the
Company's industry-leading cost structure, and (ii) an
increase in the average selling price of solar modules.
Income from Operations and Operating Margin
Income from operations in the fourth quarter of 2021 was
RMB485.8 million (US$76.2 million), compared with RMB111.2 million in the third quarter of 2021 and
RMB71.6 million in the fourth quarter
of 2020 (or loss from operations of RMB88.4
million if excluding the impact from the reversal
benefit of CVD and ADD).
Operating profit margin was 3.0% in the fourth quarter of 2021,
compared with 1.3% in the third quarter of 2021 and 0.8% (or
operating loss margin of 0.9% if excluding the impact from
the reversal benefit of CVD and ADD) in the fourth
quarter of 2020.
Total operating expenses in the fourth quarter of 2021 were
RMB2.16 billion (US$338.7 million), an increase of 82.2% from
RMB1.18 billion in the third quarter
of 2021 and an increase of 50.4% from RMB1.44 billion in the fourth quarter of 2020.
The sequential and year-over-year
increases were mainly attributable to increases in
shipping costs of solar modules in the fourth quarter of
2021.
Total operating expenses accounted for 13.2% of total revenues
in the fourth quarter of 2021, compared to 13.8% in the third
quarter of 2021 and 15.2% in the fourth quarter of 2020.
Interest Expense, Net
Net interest expense in the fourth quarter of 2021 was
RMB144.4 million (US$22.7 million), a decrease of 12.8%
from RMB165.6 million in the
third quarter of 2021 and an increase of 25.4% from RMB115.2 million in the fourth quarter of 2020.
The sequential decrease was mainly due to a decrease of bank
acceptance notes discount expense. The year-over-year increase
was mainly due to an increase in the Company's
interest-bearing debts.
Subsidy Income
Subsidy income in the fourth quarter of 2021 was RMB109.6 million (US$17.2 million), compared
with RMB63.5 million in the third quarter of 2021 and
RMB109.7 million in the fourth
quarter of 2020. The sequential increase was mainly attributable to
an increase in the cash receipt of subsidies from local governments
in China which are non-recurring,
not refundable and with no conditions.
Exchange 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 RMB10.5 million (US$1.6 million) in the fourth quarter of
2021, compared to a net exchange loss of RMB6.2 million in the third quarter of
2021 and a net exchange loss of RMB47.9
million in the fourth quarter of 2020. The net exchange loss
was mainly due to the exchange rate depreciation of the US
dollars against the RMB in the fourth 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 gain from a change in fair
value of the Notes of RMB9.5 million
(US$1.5 million) in the fourth
quarter of 2021, compared to a gain of RMB239.0 million in the third quarter of
2021 and a loss of RMB685.4 million
in the fourth quarter of 2020. The change was primarily due to an
increase in the Company's stock price in the fourth 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 nil in the
fourth quarter of 2021, compared to a loss of RMB38.2 million in the third quarter of 2021 and
a gain of RMB257.8 million in the
fourth quarter of 2020. The change was primarily due to the Company
exercised all the remaining call option using cash settlement in
the third quarter of 2021.
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 earnings of affiliated companies of
RMB3.5 million (US$0.5 million) in the fourth quarter of 2021,
compared with earnings of RMB13.2 million in the third quarter of 2021
and earnings of RMB19.9 million in
the fourth quarter of 2020. The gain primarily arose from interest
rate swap recorded by the equity affiliate due to an increase in
long-term interest rates in the fourth quarter of 2021. Hedge
accounting was not applied for the derivative.
Income Tax Expense/(Benefit)
The Company recorded an income tax expense of RMB126.9 million (US$19.9 million) in the fourth quarter of
2021, compared with an income tax expense of RMB22.0 million in the third quarter of 2021
and an income tax benefit of RMB23.1
million in the fourth quarter of 2020. The sequential
increase of tax expense was mainly due to higher profit generated
compared to the third quarter of 2021.
Net Income/(loss) and
Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders
was RMB239.5 million (US$37.6 million) in the fourth quarter of 2021,
compared with net income attributable to the Company's ordinary
shareholders of RMB194.2 million in
the third quarter of 2021 and net loss attributable to the
Company's ordinary shareholders of RMB377.0
million in the fourth quarter of 2020.
Net income attributable to non-controlling interests increased
in the fourth quarter of 2021 mainly attributable to higher profit
generated from the Company's certain subsidiary of which
non-controlling shareholders own equity interests.
Basic and diluted earnings/(loss) per ordinary share were
RMB1.26 (US$0.20) and RMB1.04 (US$0.16),
respectively, during the fourth quarter of 2021, compared to
RMB1.02 and RMB(0.12), respectively, in the third quarter of
2021, and RMB(2.08) and RMB(3.60), respectively, in the fourth quarter of
2020. As each ADS represents four ordinary shares, this translates
into basic and diluted earning/(loss) per ADS of RMB5.02 (US$0.79)
and RMB4.16 (US$0.65), respectively in the fourth quarter of
2021; RMB4.07 and RMB(0.49), respectively, in the third quarter of
2021; and RMB (8.32) and RMB(14.40), respectively, in the fourth quarter
of 2020. The difference between basic earning and diluted loss per
share in the fourth quarter of 2021 was mainly due to the dilutive
impact of convertible senior notes.
Non-GAAP net income attributable to the Company's ordinary
shareholders in the fourth quarter of 2021 was RMB218.6 million (US$34.3
million), compared with RMB15.9 million in the third quarter of 2021
and RMB33.4 million in the fourth
quarter of 2020.
Non-GAAP basic and diluted earnings per ordinary share were
RMB1.15 (US$0.18) and RMB1.06 (US$0.17)
during the fourth quarter of 2021; both RMB0.08 in the third quarter of 2021 and both
RMB0.19 in the fourth quarter of
2020. This translates into non-GAAP basic and diluted earnings per
ADS of RMB4.58 (US$0.72) and RMB4.25(US$0.67),
respectively, in the fourth quarter of 2021; RMB0.33 and RMB0.31, respectively, in the third quarter of
2021, and both RMB0.74 in the fourth
quarter of 2020.
Financial Position
As of December 31, 2021, the
Company had RMB8.92 billion
(US$1.40 billion) in cash and cash
equivalents and restricted cash, compared with RMB8.07 billion as of December 31, 2020.
As of December 31, 2021, the
Company's accounts receivables due from third parties were
RMB7.47 billion (US$1.17 billion), compared with RMB 4.53 billion as of December 31, 2020.
As of December 31, 2021, the
Company's inventories were RMB13.25
billion (US$2.08 billion),
compared with RMB8.38 billion as of
December 31, 2020.
As of December 31, 2021, the
Company's total interest-bearing debts were RMB25.63 billion (US$4.02 billion), of which RMB419.0 million(US$65.8
million) was related to the Company's overseas downstream
solar projects, compared with RMB18.28
billion, of which RMB748.8
million was related to the Company's overseas downstream
solar projects as of December 31,
2020.
As of December 31, 2021, the
Company's Investments in equity securities were RMB 95.0 million (US$14.9
million), including minority equity investments in two
equipment manufacturers of solar modules and N-Type cells.
Full Year 2021 Financial Results
Total Revenues
Total revenues for full year 2021 were RMB40.83 billion (US$6.41
billion), an increase of 16.2%
from RMB35.13 billion for full year 2020. The increase in
total revenues was mainly attributable to an increase in the
shipment of solar modules which was mainly attributable to
China's favorable policies on
renewable energy and the growth of global market demand.
Gross Profit and Gross Margin
Gross profit for full year 2021 was RMB6.66 billion (US$1.04
billion), an increase of 7.9% from RMB6.17 billion for full year 2020. The
year-over-year increase in gross profit was mainly
attributable to (i) an increase in the shipment of solar modules in
2021, and (ii) the continued reduction of integrated
production costs resulting from the Company's industry-leading
integrated cost structure.
Gross margin was 16.3% for the full year 2021, compared with
17.6% for the full year 2020 (17.1% if excluding the impact from
the reversal benefit of CVD and ADD). The year-over-year decrease
was mainly attributable to the rising cost of raw materials.
Income from Operations and Operating Margin
Income from operations for full year 2021 was RMB1.10 billion (US$173.0
million), compared with RMB1.78 billion for full year 2020.
Operating margin for full year 2021 was 2.7%, compared with 5.1%
for full year 2020.
Total operating expenses for full year 2021 were RMB5.56 billion (US$871.8
million), an increase of 26.6% from RMB4.39 billion for full year 2020. As a
percentage of total revenues, operating expenses accounted for
13.6% for full year 2021, compared with 12.5% for full year 2020.
The increase in total operating expenses was primarily due to (i)
an increase in shipping cost, (ii) an increase in disposal loss on
property, plant and equipment as a result of the Company's upgrade
of production equipment, and (iii) an increase in impairment loss
on property, plant and equipment.
Interest Expense, Net
Net interest expense for full year 2021 was RMB624.0 million (US$97.9
million), an increase of 35.9% from RMB459.2 million for full year 2020. The
increase was mainly due to an increase in the interest-bearing
debts.
Subsidy Income
Subsidy income for full year 2021 was RMB465.7million (US$73.1
million), compared with RMB192.0
million for full year 2020. The year over year increase was
mainly attributable to an increase in the cash receipt of subsidies
from local governments in China
which are non-recurring, not refundable and with no conditions.
Exchange 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 RMB47.8 million (US$7.5
million) for full year 2021 due primarily to depreciation of
US dollars against RMB(exchange rate of U.S. dollars against RMB
dropped from 6.5249 to 6.3757). The
Company recorded a net exchange loss of RMB148.9 million for full year 2020. With
the rapid increase in overseas orders, the Company increased
its foreign currency hedge ratio to hedge against anticipated cash
flow denominated in U.S. dollars over the next six months.
Change in Fair Value of Interest Rate Swap
The Company entered into Interest Rate Swap agreements with
several banks for the purpose of reducing interest rate risk
exposure. The Company recorded nil in change in fair value of the
Interest Rate Swap agreements for full year 2021, compared to a
loss of RMB78.9 million for full year
2020. The company applied hedge accounting for certain of its
interest swap arrangement and recorded related change in fair value
in other comprehensive income in 2021.
Change in Fair Value of Convertible Senior Notes and Call
Option
The Company issued the Notes in May
2019 and has elected to measure them at fair value derived
by valuation model, i.e. Binomial Model. The Company recognized a
gain from a change in fair value of the Notes of RMB327.8 million (US$51.4 million) for full year 2021, compared to
a loss of RMB1.20 billion for full
year 2020. The change in 2021 was primarily due to a
significant decrease in the Company's stock price in 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
at each reporting period. The Company recorded a loss from a change
in fair value of the call option of RMB
136.1 million (US$21.4 million) for full year 2021,
compared to a gain of RMB476.3
million for full year 2020. The change in 2021
was primarily due to a significant decrease in the Company's
stock price in 2021.The Company exercised all the remaining call
option using cash settlement in the third quarter of
2021.
Equity in (Loss)/Income of Affiliated Companies
The Company indirectly holds a 20% equity interest of Sweihan PV
Power Company P.J.S.C, a developer and operator of solar power
projects in Dubai, and accounts
for its investments 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 earing of affiliated
companies of RMB59.8 million (US$9.4 million) for full year 2021, compared
with a loss of RMB52.7 million
in 2020. The gain primarily arose from interest rate swap
recorded by the equity affiliate due to an increase in long-term
interest rates in 2021. Hedge accounting was not applied for the
derivative.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB194.1 million (US$30.5
million) for full year 2021, compared with an income tax
expense of RMB178.4 million in
full year 2020.
Net Income and Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders
for full year 2021 was RMB721.0
million (US$113.1 million),
compared with a net income of RMB230.4
million in full year 2020.
Basic and diluted earnings/(loss) per share for full year 2021
were RMB3.78 (US$0.59) and
RMB2.01 (US$0.32), respectively, compared to RMB1.29 and RMB(1.36) for full year 2020. This translates
into basic and diluted earnings/(loss) per ADS of RMB15.12 (US$2.37) and RMB8.02(US$1.26),
respectively for full year 2021, compared to RMB5.15 and RMB(5.42) for full year
2020.
Non-GAAP net income for full year 2021 was RMB558.4 million (US$87.6
million), compared with non-GAAP net income of RMB958.4 million in full year 2020.
Non-GAAP basic and diluted earnings per share for full year 2021
were RMB2.93 (US$0.46) and
RMB2.72 (US$0.43), compared to both RMB5.36 for full year 2020, which translates into
non-GAAP basic and diluted earnings per ADS were RMB11.72 (US$1.84) and RMB10.86 (US$1.70) for full year 2021,
compared to both RMB21.42 for full
year 2020.
Fourth Quarter and Full Year 2021 Operational
Highlights
Solar Module, Cell and Wafer Shipments
Total shipments in the fourth quarter of 2021 were
9,693 MW, including 9,024 MW for solar module shipments
and 669 MW for cell and wafer shipments.
Total shipments in the full year 2021 were 25,242 MW,
including 22,232 MW for solar module shipments and 3,010 MW
for cell and wafer shipments.
Solar Products Production Capacity
As of December 31, 2021, the
Company's annual mono wafer, solar cell and solar module production
capacity was 32.5 GW, 24.0 GW (940 MW for N-type cells)
and 45.0 GW, respectively.
Operations and Business Outlook Highlights
We have roughly 16 GW of N-type cell capacity operational in the
first quarter of 2022, and currently are steadily ramping up our
production capacity. With integrated capacity structure constantly
improving, our integrated cost is expected to further decrease.
Leveraging on continuous investments in R&D and technological
innovation, we hope to continuously improve the mass production
efficiency of N-type cells, solidifying our leading position in the
industry. In light of growing demand for higher efficiency N-type
products, we are committed to providing customers with the best
solutions leveraging our technological innovation and product
competitiveness, as well as further enhancing our global market
share and profitability.
First Quarter and Full Year 2022 Guidance
The Company's business outlook is based on management's current
views and estimates with respect to market conditions, production
capacity, the Company's order book and the global economic
environment. This outlook is subject to uncertainty on final
customer demand and sale schedules. Management's views and
estimates are subject to change without notice.
For the first quarter of 2022, the Company expects its total
shipments to be in the range of 7.5 GW to 8.0 GW.
For full year 2022, the Company estimates its total shipments
(including solar modules, cells and wafers) to be in the range
of 35.0 GW to 40.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar
module production capacity to reach 50.0 GW, 40.0 GW
(including 16.9 GW N-type cells) and 60.0 GW, respectively, by
the end of 2022.
Recent Business Developments
- In December 2021, JinkoSolar
announced that its principal operating subsidiary, Jiangxi Jinko
and Aldo Solar, which stands out as
the largest distributor of solar energy solutions in Brazil with 31% market share, reinforce their
partnership for 2022 with the signing of the largest distribution
agreement for Distributed Generation ever signed by Jiangxi Jinko
outside China.
- In December 2021, JinkoSolar
announced that according to the information published by the China
Securities Regulatory Commission ("CSRC"), Jiangxi Jinko has
completed its IPO registration process with the CSRC and will soon
enter the issuance process for its IPO on the Shanghai Stock
Exchange's Sci-Tech innovation board.
- In January 2022, JinkoSolar
announced that Jiangxi Jinko's updated IPO prospectus and
indicative IPO timetable was published by the Shanghai Stock
Exchange on its website.
- In January 2022, JinkoSolar
announced that Jiangxi Jinko's IPO pricing has been announced by
the Shanghai Stock Exchange.
- In January 2022, JinkoSolar
announced that Jiangxi Jinko has completed its IPO process and
started trading on the Shanghai Stock Exchange's Sci-Tech
innovation board (SSE, code: 688223) on January 26, 2022.
- In February 2022, JinkoSolar
announced that its Tiger Neo Bifacial BDV 570 (144 cells) and Tiger
Neo Bifacial BDV 610 (156 cells) modules, have been officially
certified by CERTISOLIS for their very competitively low carbon
footprint values.
- In March 2022, JinkoSolar
announced that it recently hosted a high-level dialogue with
delegates from the UN Global Compact Liaison Office in Beijing, on the role of solar PV technology
development in achieving global Sustainable Development Goals set
up by the United Nations.
- In March 2022, JinkoSolar announced that its principal
operating subsidiary, Jiangxi Jinko, has entered into a project
investment cooperation framework agreement with Qinghai Provincial
Department of Industry and Information Technology, Xining Municipal
Government and Xining Economic and Technological Development Zone
Management Committee for a joint monocrystalline silicon pull rod
project, and the total estimated
investment is approximately RMB10.0
billion.
- In March 2022, JinkoSolar announced that its principal
operating subsidiary, Jiangxi Jinko, has entered into an investment
framework agreement with the Shangrao Guangxin District Government
for a high-efficiency solar module and PV module aluminum frame
project, with a total estimated
investment at approximately RMB10.8
billion.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Wednesday, March 23, 2022 at
8:00 a.m. U.S. Eastern Time
(8:00 p.m. Beijing / Hong
Kong the same day).
Dial-in details for the earnings conference call are as
follows:
Hong Kong /
International:
|
+852 3027
6500
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U.S. Toll
Free:
|
+1
855-824-5644
|
|
Passcode:
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83659628#
|
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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, March 30, 2022. The dial-in
details for the replay are as follows:
International:
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+61 2 8325
2405
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U.S.:
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+1 646 982
0473
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Passcode:
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520001038#
|
|
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 32.5 GW for mono
wafers, 24 GW for solar cells, and 45 GW for solar modules, as of
December 31, 2021.
JinkoSolar has 12 productions facilities globally, 22 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico,
Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, and Denmark, and global sales teams in
China, the United States, Canada, Germany, Switzerland, Italy, Japan,
Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong
Kong, as of December 31,
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 December
30, 2021, which was RMB6.3726
to US$1.00. No representation is
intended to imply that the Renminbi amounts could have been, or
could be, converted, realized, or settled into U.S. dollars at that
rate or any other rate. The percentages stated in this press
release are calculated based on Renminbi.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms.
Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
For the year
ended
|
|
Dec 31,
2020
|
|
Sep 30,
2021
|
|
Dec 31,
2021
|
|
Dec 31,
2020
|
|
Dec 31,
2021
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
9,418,979
|
|
8,568,057
|
|
16,361,236
|
|
2,567,435
|
|
35,067,287
|
|
40,794,759
|
|
6,401,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
5,599
|
|
1,948
|
|
26,472
|
|
4,154
|
|
62,172
|
|
31,763
|
|
4,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
9,424,578
|
|
8,570,005
|
|
16,387,708
|
|
2,571,589
|
|
35,129,459
|
|
40,826,522
|
|
6,406,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(7,917,667)
|
|
(7,273,962)
|
|
(13,743,415)
|
|
(2,156,642)
|
|
(28,957,798)
|
|
(34,168,686)
|
|
(5,361,812)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,506,911
|
|
1,296,043
|
|
2,644,293
|
|
414,947
|
|
6,171,661
|
|
6,657,836
|
|
1,044,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(652,751)
|
|
(614,694)
|
|
(1,117,473)
|
|
(175,356)
|
|
(2,473,980)
|
|
(2,856,464)
|
|
(448,242)
|
General
and administrative
|
(531,097)
|
|
(445,050)
|
|
(776,137)
|
|
(121,793)
|
|
(1,409,371)
|
|
(1,963,562)
|
|
(308,126)
|
Research
and development
|
(137,320)
|
|
(125,091)
|
|
(114,549)
|
|
(17,975)
|
|
(389,192)
|
|
(461,590)
|
|
(72,434)
|
Impairment of long-lived assets
|
(114,168)
|
|
-
|
|
(150,308)
|
|
(23,587)
|
|
(114,168)
|
|
(273,713)
|
|
(42,952)
|
Total operating
expenses
|
(1,435,336)
|
|
(1,184,835)
|
|
(2,158,467)
|
|
(338,711)
|
|
(4,386,711)
|
|
(5,555,329)
|
|
(871,754)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
71,575
|
|
111,208
|
|
485,826
|
|
76,236
|
|
1,784,950
|
|
1,102,507
|
|
173,006
|
Interest
expenses, net
|
(115,161)
|
|
(165,553)
|
|
(144,420)
|
|
(22,663)
|
|
(459,234)
|
|
(624,029)
|
|
(97,924)
|
Subsidy
income
|
109,702
|
|
63,518
|
|
109,636
|
|
17,204
|
|
191,981
|
|
465,685
|
|
73,076
|
Exchange
loss
|
(223,439)
|
|
(46,217)
|
|
(127,483)
|
|
(20,005)
|
|
(336,523)
|
|
(355,499)
|
|
(55,786)
|
Change in fair
value of interest rate swap
|
-
|
|
-
|
|
-
|
|
-
|
|
(78,878)
|
|
-
|
|
-
|
Change in fair
value of foreign exchange derivatives
|
175,521
|
|
39,979
|
|
116,993
|
|
18,359
|
|
187,578
|
|
307,689
|
|
48,283
|
Change in fair
value of convertible senior notes and call option
|
(427,624)
|
|
200,730
|
|
9,540
|
|
1,497
|
|
(725,792)
|
|
191,641
|
|
30,073
|
Other
income/(expense), net
|
3,762
|
|
172
|
|
(2,865)
|
|
(450)
|
|
2,292
|
|
1,911
|
|
300
|
Income/(loss)
before income taxes
|
(405,664)
|
|
203,837
|
|
447,227
|
|
70,178
|
|
566,374
|
|
1,089,905
|
|
171,028
|
Income tax
(expenses)/benefit
|
23,089
|
|
(21,958)
|
|
(126,872)
|
|
(19,909)
|
|
(178,411)
|
|
(194,140)
|
|
(30,465)
|
Equity in
earnings/(loss) of affiliated companies
|
19,906
|
|
13,158
|
|
3,471
|
|
545
|
|
(52,706)
|
|
59,809
|
|
9,385
|
Net
income/(loss)
|
(362,669)
|
|
195,037
|
|
323,826
|
|
50,814
|
|
335,257
|
|
955,574
|
|
149,948
|
Less: Net
income attributable to non-controlling
interests
|
14,282
|
|
813
|
|
84,359
|
|
13,238
|
|
104,871
|
|
234,554
|
|
36,807
|
Net
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
(376,951)
|
|
194,224
|
|
239,467
|
|
37,576
|
|
230,386
|
|
721,020
|
|
113,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(2.08)
|
|
1.02
|
|
1.26
|
|
0.20
|
|
1.29
|
|
3.78
|
|
0.59
|
Diluted
|
(3.60)
|
|
(0.12)
|
|
1.04
|
|
0.16
|
|
(1.36)
|
|
2.01
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(8.32)
|
|
4.07
|
|
5.02
|
|
0.79
|
|
5.15
|
|
15.12
|
|
2.37
|
Diluted
|
(14.40)
|
|
(0.49)
|
|
4.16
|
|
0.65
|
|
(5.42)
|
|
8.02
|
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
181,285,886
|
|
190,768,148
|
|
190,775,385
|
|
190,775,385
|
|
178,938,853
|
|
190,672,869
|
|
190,672,869
|
Diluted
|
173,785,886
|
|
205,195,236
|
|
205,838,968
|
|
205,838,968
|
|
171,438,853
|
|
205,719,772
|
|
205,719,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
45,321,472
|
|
47,692,037
|
|
47,693,846
|
|
47,693,846
|
|
44,734,713
|
|
47,668,217
|
|
47,668,217
|
Diluted
|
43,446,472
|
|
51,298,809
|
|
51,459,742
|
|
51,459,742
|
|
42,859,713
|
|
51,429,943
|
|
51,429,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
(362,669)
|
|
195,037
|
|
323,826
|
|
50,814
|
|
335,257
|
|
955,574
|
|
149,948
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(187,456)
|
|
15,258
|
|
(107,654)
|
|
(16,893)
|
|
(251,894)
|
|
(67,732)
|
|
(10,629)
|
-Change
in the instrument-specific credit risk
|
71,330
|
|
12,510
|
|
(15,948)
|
|
(2,503)
|
|
60,326
|
|
41,972
|
|
6,586
|
Comprehensive
income/(loss)
|
(478,795)
|
|
222,805
|
|
200,224
|
|
31,418
|
|
143,689
|
|
929,814
|
|
145,905
|
Less:
Comprehensive income attributable to non-controlling
interests
|
14,282
|
|
813
|
|
84,359
|
|
13,238
|
|
104,871
|
|
234,553
|
|
36,807
|
Comprehensive
income/(loss) attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders
|
(493,077)
|
|
221,992
|
|
115,865
|
|
18,180
|
|
38,818
|
|
695,261
|
|
109,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income/(loss) attributable to ordinary
shareholders
|
(376,951)
|
|
194,224
|
|
239,467
|
|
37,576
|
|
230,386
|
|
721,020
|
|
113,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair
value of convertible senior notes and call option
|
427,624
|
|
(200,730)
|
|
(9,540)
|
|
(1,497)
|
|
725,792
|
|
(191,641)
|
|
(30,073)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
expenses of convertible senior notes and call
option
|
6,535
|
|
5,431
|
|
5,096
|
|
800
|
|
26,614
|
|
21,664
|
|
3,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes and call
option
|
(23,816)
|
|
11,883
|
|
(21,065)
|
|
(3,306)
|
|
(25,347)
|
|
(2,492)
|
|
(391)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
56
|
|
5,046
|
|
4,671
|
|
733
|
|
923
|
|
9,884
|
|
1,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders
|
33,448
|
|
15,854
|
|
218,629
|
|
34,306
|
|
958,368
|
|
558,435
|
|
87,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary shareholders
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.19
|
|
0.08
|
|
1.15
|
|
0.18
|
|
5.36
|
|
2.93
|
|
0.46
|
Diluted
|
0.19
|
|
0.08
|
|
1.06
|
|
0.17
|
|
5.36
|
|
2.72
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary shareholders
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.74
|
|
0.33
|
|
4.58
|
|
0.72
|
|
21.42
|
|
11.72
|
|
1.84
|
Diluted
|
0.74
|
|
0.31
|
|
4.25
|
|
0.67
|
|
21.42
|
|
10.86
|
|
1.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
181,285,886
|
|
190,768,148
|
|
190,775,385
|
|
190,775,385
|
|
178,938,853
|
|
190,672,869
|
|
190,672,869
|
Diluted
|
181,285,886
|
|
205,195,236
|
|
205,838,968
|
|
205,838,968
|
|
178,938,853
|
|
205,719,772
|
|
205,719,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
45,321,472
|
|
47,692,037
|
|
47,693,846
|
|
47,693,846
|
|
44,734,713
|
|
47,668,217
|
|
47,668,217
|
Diluted
|
45,321,472
|
|
51,298,809
|
|
51,459,742
|
|
51,459,742
|
|
44,734,713
|
|
51,429,943
|
|
51,429,943
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2020
|
|
Dec 31,
2021
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
7,481,678
|
|
8,321,415
|
|
1,305,812
|
Restricted
cash
|
593,094
|
|
598,068
|
|
93,850
|
Restricted
short-term investments
|
6,400,637
|
|
9,241,276
|
|
1,450,158
|
Short-term
investments
|
570,000
|
|
150,000
|
|
23,538
|
Accounts
receivable, net - related parties
|
410,358
|
|
29,417
|
|
4,616
|
Accounts
receivable, net - third parties
|
4,534,758
|
|
7,471,103
|
|
1,172,379
|
Notes
receivable, net - related parties
|
33,001
|
|
-
|
|
-
|
Notes
receivable, net - third parties
|
1,051,561
|
|
1,689,102
|
|
265,057
|
Advances to
suppliers, net - third parties
|
1,002,613
|
|
1,536,155
|
|
241,056
|
Inventories,
net
|
8,376,936
|
|
13,252,352
|
|
2,079,583
|
Forward
contract receivables
|
183,146
|
|
73,532
|
|
11,539
|
Prepayments
and other current assets, net - related
parties
|
23,756
|
|
17,348
|
|
2,722
|
Prepayments
and other current assets, net
|
3,020,592
|
|
2,435,056
|
|
382,113
|
Held-for-sale
assets
|
-
|
|
684,631
|
|
107,434
|
Total current
assets
|
33,682,130
|
|
45,499,455
|
|
7,139,857
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,389,194
|
|
1,229,315
|
|
192,906
|
Accounts
receivable, net - third parties
|
26,405
|
|
27,624
|
|
4,335
|
Project
Assets
|
645,355
|
|
-
|
|
-
|
Long-term
investments
|
194,258
|
|
538,866
|
|
84,560
|
Property,
plant and equipment, net
|
12,455,444
|
|
19,969,894
|
|
3,133,712
|
Land use
rights, net
|
760,962
|
|
1,090,057
|
|
171,054
|
Intangible
assets, net
|
35,838
|
|
55,484
|
|
8,707
|
Financing
lease right-of-use assets, net
|
829,122
|
|
628,592
|
|
98,640
|
Operating
lease right-of-use assets, net
|
316,512
|
|
438,270
|
|
68,774
|
Deferred tax
assets
|
255,107
|
|
371,767
|
|
58,338
|
Call Option -
concurrent with issuance of convertible
senior notes
|
756,929
|
|
-
|
|
-
|
Advances to
suppliers to be utilised beyond one year
|
-
|
|
296,709
|
|
46,560
|
Other assets,
net - related parties
|
107,319
|
|
3,292
|
|
517
|
Other assets,
net - third parties
|
1,777,799
|
|
2,739,159
|
|
429,833
|
Investments in
equity securities
|
|
|
95,000
|
|
14,908
|
Total non-current
assets
|
19,550,244
|
|
27,484,029
|
|
4,312,844
|
|
|
|
|
|
|
Total
assets
|
53,232,374
|
|
72,983,484
|
|
11,452,701
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
14,114
|
|
15,863
|
|
2,489
|
Accounts
payable - third parties
|
4,436,495
|
|
6,799,854
|
|
1,067,045
|
Notes payable
- third parties
|
9,334,876
|
|
12,072,223
|
|
1,894,395
|
Accrued
payroll and welfare expenses
|
995,054
|
|
1,240,791
|
|
194,707
|
Advances
from third parties
|
2,451,495
|
|
5,914,354
|
|
928,091
|
Income tax
payable
|
73,720
|
|
214,856
|
|
33,716
|
Other payables
and accruals
|
3,408,391
|
|
4,844,077
|
|
760,142
|
Other payables
due to related parties
|
71,515
|
|
2,230
|
|
350
|
Forward
contract payables
|
17,895
|
|
2,659
|
|
417
|
Convertible
senior notes - current
|
1,831,612
|
|
-
|
|
-
|
Financing
lease liabilities - current
|
272,330
|
|
194,939
|
|
30,590
|
Operating
lease liabilities - current
|
48,244
|
|
62,515
|
|
9,810
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
8,238,531
|
|
13,339,367
|
|
2,093,238
|
Guarantee
liabilities to related parties
|
22,519
|
|
2,500
|
|
392
|
Held-for-sale
liabilities
|
-
|
|
553,234
|
|
86,814
|
Deferred
revenue
|
-
|
|
200,000
|
|
31,384
|
Total current
liabilities
|
31,216,791
|
|
45,459,462
|
|
7,133,580
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
7,301,536
|
|
9,896,455
|
|
1,552,970
|
Convertible
senior notes
|
-
|
|
1,098,736
|
|
172,416
|
Accrued
warranty costs - non current
|
769,332
|
|
858,641
|
|
134,740
|
Financing
lease liabilities
|
313,088
|
|
236,373
|
|
37,092
|
Operating
lease liabilities
|
277,239
|
|
385,420
|
|
60,481
|
Deferred tax
liability
|
328,713
|
|
183,003
|
|
28,717
|
Long-term
Payables
|
97
|
|
568,495
|
|
89,209
|
Guarantee
liabilities to related parties
- non current
|
34,812
|
|
9,642
|
|
1,513
|
Total non-current
liabilities
|
9,024,817
|
|
13,236,765
|
|
2,077,138
|
|
|
|
|
|
|
Total
liabilities
|
40,241,608
|
|
58,696,227
|
|
9,210,718
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 190,380,309 and 193,770,753 shares
issued as of December 31, 2020 and December 31, 2021,
respectively)
|
26
|
|
26
|
|
4
|
Additional paid-in
capital
|
5,251,245
|
|
5,617,923
|
|
881,575
|
Statutory
reserves
|
692,009
|
|
700,244
|
|
109,884
|
Accumulated other
comprehensive income
|
(128,615)
|
|
(154,375)
|
|
(24,225)
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2020 and December 31, 2021
|
(43,170)
|
|
(43,170)
|
|
(6,774)
|
Accumulated retained
earnings
|
4,216,353
|
|
4,929,138
|
|
773,489
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
9,987,848
|
|
11,049,786
|
|
1,733,953
|
|
|
|
|
|
|
Non-controlling
interests
|
3,002,918
|
|
3,237,471
|
|
508,030
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
53,232,374
|
|
72,983,484
|
|
11,452,701
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2021-financial-results-301508836.html
SOURCE JinkoSolar Holding Co., Ltd.