SHANGRAO, China, Aug. 26,
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
second quarter ended June 30,
2022.
Second Quarter 2022 Business Highlights
- Significant year-over-year growth in revenues and module
shipments.
- Demand in European markets remained strong; shipments to
China market increased
significantly year-over-year and sequentially.
- Product mix was further optimized with the shipments of
large-size products increasing to nearly 90% of total
shipments.
- The first phase of 16 GW N-type cells reached full capacity
with mass production efficiency exceeding 24.8%.
- We have high visibility for the order book of our premium
N-type modules.
Second Quarter 2022 Operational and
Financial Highlights
- Quarterly shipments were 10,532 MW (10,183 MW for solar
modules, and 349 MW for cells and wafers), up 25.5% sequentially,
and up 102.4% year-over-year.
- Total revenues were RMB18.84
billion (US$2.81 billion), up
27.6% sequentially and up 137.6% year-over-year. The sequential and
year-over-year increases were mainly attributable to an increase in
the shipment of solar modules.
- Gross profit was RMB2.77 billion
(US$413.8 million), up 24.5%
sequentially and up 103.9% year-over-year.
- Gross margin was 14.7%, compared with 15.1% in Q1 2022 and
17.1% in Q2 2021. The sequential change was relatively flat and the
year-over-year decrease was mainly due to an increase in the
material cost of solar modules.
- Adjusted net income attributable to JinkoSolar Holding Co.,
Ltd's ordinary shareholders, which excludes the impact from a
change in fair value of the convertible senior notes (the "Notes")
and the share based compensations expenses, was RMB368.4 million (US$55.0
million), compared with RMB328.4
million in Q1 2022 and RMB264.1
million in Q2 2021. Due to the increase in the Company's
stock price in Q2 2022, the Company recognized a loss from a change
in fair value of the Notes of RMB536.9
million (US$80.2 million) in
Q2 2022.
- Net loss attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders was RMB623.3 million
(US$93.1 million), compared with net
income attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders of RMB28.9 million in Q1
2022 and RMB66.2 million in Q2
2021.
- Basic and diluted losses per ordinary share were RMB3.15 (US$0.47)
and RMB3.15 (US$0.47), respectively. This translates into
basic and diluted losses per ADS of RMB12.60 (US$1.88)
and RMB12.60 (US$1.88), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "We had a good quarter despite difficult market
conditions. Total module shipments in the second quarter were
approximately 10.2GW, up 26.8% sequentially, and total revenues
reached US$2.81 billion, up 27.6%
sequentially. As polysilicon prices continued to rise, we actively
worked to control internal costs through technical advancement and
process improvement, partially offsetting the impact of higher
upstream costs. Gross margin in the second quarter was 14.7%,
remaining relatively flat compared with the first quarter.
Excluding the impact of the convertible senior notes and share
based compensations expenses, net income in the second quarter was
US$55.0 million, improving
sequentially.
Driven by the accelerating energy transition in several
countries and businesses, as well as the energy crisis caused by
the Russia-Ukraine conflict, demand for solar products
continued to grow in many markets. In the first half of 2022,
Europe imported a total of 42.4GW
of PV modules, a year-on-year increase of 137%, and China achieved solar PV installations of 30.9
GW, a year-over-year increase of 136%. Given this
better-than-expected growth in demand, released polysilicon
production came up short and was further aggravated by annual
maintenance programs, and power rationing and anti-pandemic
restrictions in certain regions of China. As a result, polysilicon prices rose
continuously, reaching a recent high of RMB310/kg, further increasing module prices.
Higher module prices negatively affected project yields, causing
the demand to deduce to some extent. We believe polysilicon prices
will continue to increase and reach their peak in the third
quarter. As polysilicon production gradually ramps up in the fourth
quarter, polysilicon price increases are expected to moderate,
driving a recovery of downstream demand.
Recently,the local government of Sichuan province has imposed province-wide
power rationing measures and the production capacity of our
manufacturing facilities in Sichuan province has been temporarily
affected. We are currently unable to evaluate the extent to which
our business operation and financial performance for full year 2022
will be affected by the power rationing measures in Sichuan Province, as it remains uncertain how
long the power rationing measures will persist and when our
Sichuan manufacturing facilities
can resume full production. We are actively monitoring the
situation and have implemented various measures to minimize the
adverse impact from the power rationing on our business operations
and financial performance.
During the second quarter, the proportion of large-size capacity
increased sequentially, further improving our integrated structure.
At the end of the quarter, our 16 GW of TOPCon cell capacity
reached full production with a mass-production efficiency of over
24.8%, and yield rate and integrated cost were in line with our
expectations. We recently started production at an additional 8 GW
of N-type cell capacity in Hefei
and commenced construction of another production project with 11 GW
of N-type cell capacity in Haining.
As an industry pioneer embracing the TOPCon technology, we have
recently achieved key technology breakthroughs in the currently
selected TOPCon technology route that we believe we have created an
entry-barrier related to core process and technology with
industry-leading mass production efficiency, yield rate and cost
levels. Our N-type products continue to be well-received by global
customers and, so far, we have high visibility in our orderbook.
Compared with P-type products, N-type products command a
competitive premium as a result of improved technical parameters
and additional power generation gain. We are confident that we will
complete our full year N-type shipment goal. In addition,
considering the release of new capacity in 2023 and increasing
market penetration, we expect the proportion of N-type shipments to
further increase.
In view of the current and expected supply chain and market
conditions, we have adjusted our capacity expansion pace for mono
wafer, cell, and modules for the rest of 2022, and as a result, we
are currently expecting the annual production capacity for mono
wafers, cells, and modules to reach 60 GW, 55 GW and 65 GW,
respectively, by the end of 2022."
Second Quarter 2022 Financial Results
Total Revenues
Total revenues in the second quarter of 2022 were
RMB18.84 billion (US$2.81 billion), an increase of 27.6% from
RMB14.76 billion in the first
quarter of 2022 and an increase of 137.6% from RMB7.93 billion in the second quarter of 2021.
The sequential and year-over-year increases were mainly
attributable to an increase in the shipment of solar modules due to
the increasing demand of global market.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2022 was RMB2.77 billion (US$413.8 million), compared with
RMB2.23 billion in the first
quarter of 2022 and RMB1.36 billion
in the second quarter of 2021.
Gross margin was 14.7% in the second quarter of 2022, compared
with 15.1% in the first quarter of 2022 and 17.1% in the second
quarter of 2021. The sequential change was relatively flat and the
year-over-year decrease was mainly due to an increase in the
material cost of solar modules.
(Loss) /Income from Operations and Operating Margin
Loss from operations in the second quarter of 2022 was
RMB 289.1 million (US$43.2 million), compared with income from
operations of RMB40.8 million in the
first quarter of 2022 and RMB356.4
million in the second quarter of 2021. The sequential
and year-over-year decreases were mainly due to an increase in
disposal and impairment loss on property, plant and equipment.
Operating loss margin was 1.5% in the second quarter of 2022,
compared with operating profit margin of 0.3% in the first quarter
of 2022 and 4.5% in the second quarter of 2021.
Total operating expenses in the second quarter of 2022 were
RMB3.06 billion (US$457.0 million), an increase of 40.0% from
RMB2.19 billion in the first quarter
of 2022 and an increase of 205.2% from RMB1.00 billion in the second quarter of 2021.
The sequential and year-over-year increases were mainly
attributable to (i) an increase in shipping costs for solar
modules (ii) an increase in disposal and impairment loss on
property, plant and equipment, and (iii) an increase in share based
compensations expenses in the second quarter of 2022.
Total operating expenses accounted for 16.2% of total revenues
in the second quarter of 2022, compared to 14.8% in the first
quarter of 2022 and 12.6% in the second quarter of 2021.
Interest Expenses, Net
Net interest expenses in the second quarter of 2022 were
RMB88.0 million (US$13.1 million), a decrease of 45.7%
from RMB162.2 million in the
first quarter of 2022 and a decrease of 44.1% from RMB157.5 million in the second quarter of 2021.
The sequential and year-over-year decreases were mainly due to
a decrease in the Company's interest-bearing debts and an increase
in interest income of bank deposits.
Subsidy Income
Subsidy income in the second quarter of 2022 was RMB464.8 million (US$69.4 million), compared
with RMB305.3 million in the first quarter of 2022 and
RMB162.2 million in the second
quarter of 2021. The sequential and year over year increases were
mainly attributable to an increase in the cash receipt of subsidies
from local governments in China
which are non-recurring, not refundable and with no conditions.
Exchange Gain/Loss and Change in
Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in
fair value of foreign exchange derivatives) of RMB225.7 million (US$33.7 million) in the second quarter of
2022, compared to a net exchange gain of RMB76.4 million in the first quarter of
2022 and a net exchange loss of RMB4.4
million in the second quarter of 2021. The sequential and
year-over-year changes were mainly attributable to the exchange
rate fluctuation of the US dollars against the RMB in the second
quarter of 2022.
Change in Fair Value of Convertible Senior Notes and Call
Option
The Company issued US$85.0 million
of 4.5% convertible senior notes due 2024 in May 2019 and has elected to measure the Notes at
fair value derived by valuation model, i.e. Binomial Model.
The Company recognized a loss from a change in fair value of the
Notes of RMB536.9 million
(US$80.2 million) in the second
quarter of 2022, compared to a loss of RMB104.9 million in the first quarter of
2022 and RMB335.7 million in the
second quarter of 2021. The change was primarily due to an increase
in the Company's stock price in the second quarter of 2022.
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 recorded
equity in loss of affiliated companies of RMB0.1 million in the second
quarter of 2022, compared with earnings of RMB6.4 million in the first quarter of 2022
and loss of RMB0.3 million in the
second quarter of 2021. The fluctuation of equity in loss of
affiliated companies primarily arose from the net loss incurred by
an affiliate company. The affiliated company terminated its
interest swap arrangements in the first quarter of 2022. Hedge
accounting was not applied for the derivative.
Income Tax Expense/ (Benefit)
The Company recorded an income tax expense of RMB118.1 million (US$17.6 million) in the second quarter of
2022, compared with an income tax expense of RMB71.0 million in the first quarter of 2022 and
an income tax benefit of RMB6.9
million in the second quarter of 2021. The sequential
increase in income tax expense was mainly due to higher profit
(excluding the impact of a loss from change in fair value of the
Notes of RMB536.9 million in the
second quarter of 2022, compared with a loss of RMB104.9 million in the first quarter of 2022)
generated compared to the first quarter of 2022.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB276.8 million (US$41.3 million) in the second quarter of
2022, compared with RMB75.3 million
in the first quarter of 2022 and RMB100.7
million in the second quarter of 2021. The sequential
increase was mainly attributable to the increase of net income of
the Company's major subsidiary, Jinko Solar Co., Ltd ("Jiangxi
Jinko"), and year-over-year increase was mainly attributable to the
increase of non-controlling interests after Jiangxi Jinko completed
its initial public offering ("IPO") and started trading on Shanghai
Stock Exchange's Sci-Tech innovation board on January 26, 2022. After the IPO, the Company
holds approximately 58.62% equity interest in Jiangxi Jinko.
Ownership of non-controlling interests in Jiangxi Jinko increased
from 26.72% to 41.38% due to the IPO.
Net Income/ (loss) and Earnings per Share
Excluding the impact from a change in fair value of the Notes
and the share based compensations expenses ,the adjusted net
income attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders was RMB368.4 million
(US$55.0 million), compared with
RMB328.4 million in the first quarter
of 2022 and RMB264.1 million in
the second quarter of 2021.Net loss attributable to the
Company's ordinary shareholders was RMB
623.3 million (US$93.1
million) in the second quarter of 2022, compared with net
income attributable to the Company's ordinary shareholders of
RMB28.9 million in the first
quarter of 2022 and net income attributable to the Company's
ordinary shareholders of RMB66.2
million in the second quarter of 2021.
Basic and diluted losses per ordinary share were RMB3.15 (US$0.47)
and RMB3.15(US$0.47), respectively, during the second quarter
of 2022, compared to basic and diluted earnings per ordinary share
were RMB0.15 and RMB0.15, respectively, in the first quarter of
2022, and basic and diluted earnings per ordinary share were
RMB0.35 and RMB0.35, respectively, in the second quarter of
2021. As each ADS represents four ordinary shares, this translates
into basic and diluted losses per ADS of RMB
12.60(US$1.88) and
RMB12.60(US$1.88), respectively in the second quarter of
2022; basic and diluted earnings per ADS were RMB0.60 and RMB0.60, respectively, in the first quarter of
2022; and basic and diluted earnings per ADS were RMB1.39 and RMB1.38, respectively, in the second quarter of
2021.
Financial Position
As of June 30, 2022, the Company
had RMB14.39 billion (US$2.15 billion) in cash and cash equivalents and
restricted cash, compared with RMB16.87 billion as of March 31, 2022.
As of June 30, 2022, the Company's
accounts receivables due from third parties were RMB11.13 billion (US$1.66 billion), compared with RMB8.56 billion as of March 31, 2022.
As of June 30, 2022, the Company's
inventories were RMB18.50 billion
(US$2.76 billion), compared with
RMB15.95 billion as of
March 31, 2022.
As of June 30, 2022, the Company's
total interest-bearing debts were RMB25.70 billion (US$3.84 billion), compared with RMB27.46 billion as of March 31, 2022.
Second Quarter 2022 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 10,532 MW in the second quarter of
2022, including 10,183 MW for solar module shipments and 349
MW for cell and wafer shipments.
Solar Products Production Capacity
As of June 30, 2022, the Company's
annual production capacity for mono wafer, solar cell and solar
module was 43.0 GW, 42.0 GW and 50.0 GW,
respectively.
Operations and Business Outlook Highlights
With continuous investments in R&D and technological
innovation, we expect to continuously improve the mass production
efficiency of N-type cells and integrated cost of N-type products
by the end of 2022.
With more N-type production capacity being released in 2023 and
the penetration ratio of N-type products increasing across the
industry, we expect the proportion of N-type shipments in our total
shipments to further increase.
Third 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 third quarter of 2022, the Company expects its total
shipments to be in the range of 9.0 GW to 10.0 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 production capacity for mono
wafer, solar cell and solar module to reach 60.0 GW,
55.0 GW and 65.0 GW, respectively, by the end of
2022.
Recent Business Developments
- In April 2022, JinkoSolar
achieved a major technical breakthrough for its 182 mm
high-efficiency N-type monocrystalline silicon solar cell, setting
a new world record again with the maximum solar conversion
efficiency of 25.7% for its large-size monocrystalline silicon
TOPCon solar cell.
- In May 2022, JinkoSolar signed
its first European Energy Storage Solution (ESS) Agreement with
Memodo GmbH.
- In May 2022, JinkoSolar was
recognized as a Top Performer in the 2022 PV Module Reliability
Scorecard published by PV Evolution Labs (PVEL).
- In May 2022, JinkoSolar's
principal operating subsidiary, Jiangxi Jinko signed a new
distribution agreement in Latin
America with Aldo Solar for
the distribution of 600 MW N-type Tiger Neo Modules.
- In June 2022, JinkoSolar's
Malaysia factory became its first
overseas "RE100 factory" fully powered by renewables.
- In July 2022, JinkoSolar's board
of directors approved a share repurchase program, which authorized
the Company to repurchase up to US$200
million of its ordinary shares represented by ADSs during an
18-month period.
- In July 2022, JinkoSolar was
recognized for "Overall High Achievement in Manufacturing" in the
2022 edition of the Renewable Energy Testing Center's PV Module
Index Report.
- In July 2022, JinkoSolar's
principal operating subsidiary, Jiangxi Jinko, intends to issue
convertible bonds in the principal amount of up to RMB10 billion.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, August 26, 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
U.S. Toll Free: +1 855-824-5644
Passcode: 19267538#
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 2, 2022. The dial-in
details for the replay are as follows:
International: +61 2 8325 2405
U.S.: +1 646 982
0473
Passcode: 520003860#
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, and other countries and regions.
JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of 43.0 GW for mono
wafers, 42.0 GW for solar cells, and 50.0 GW for solar modules, as
of June 30, 2022.
JinkoSolar has 13 productions facilities globally,
21 overseas subsidiaries in Japan, South
Korea, Vietnam,
India, Turkey, Germany, Italy, Switzerland, the United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in
China, the United States, Canada, Germany, Switzerland, Italy, Japan,
Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong
Kong, as of June 30, 2022.
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of June 30,
2022, which was RMB6.6981 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 six months
ended
|
|
Jun 30,
2021
|
|
Mar 31,
2022
|
|
Jun 30,
2022
|
|
Jun 30,
2021
|
|
Jun 30,
2022
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
7,925,417
|
|
14,727,499
|
|
18,730,454
|
|
2,796,383
|
|
15,865,467
|
|
33,457,953
|
|
4,995,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
2,799
|
|
37,285
|
|
110,688
|
|
16,525
|
|
3,343
|
|
147,973
|
|
22,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
7,928,216
|
|
14,764,784
|
|
18,841,142
|
|
2,812,908
|
|
15,868,810
|
|
33,605,926
|
|
5,017,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(6,569,088)
|
|
(12,538,177)
|
|
(16,069,363)
|
|
(2,399,093)
|
|
(13,151,310)
|
|
(28,607,540)
|
|
(4,270,993)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,359,128
|
|
2,226,607
|
|
2,771,779
|
|
413,815
|
|
2,717,500
|
|
4,998,386
|
|
746,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(509,440)
|
|
(1,384,467)
|
|
(1,622,544)
|
|
(242,240)
|
|
(1,124,296)
|
|
(3,007,011)
|
|
(448,935)
|
General
and administrative
|
(378,503)
|
|
(656,413)
|
|
(1,131,984)
|
|
(169,001)
|
|
(742,375)
|
|
(1,788,397)
|
|
(267,001)
|
Research
and development
|
(114,806)
|
|
(144,975)
|
|
(149,703)
|
|
(22,350)
|
|
(221,950)
|
|
(294,678)
|
|
(43,994)
|
Impairment
of long-lived assets
|
-
|
|
-
|
|
(156,598)
|
|
(23,379)
|
|
(123,405)
|
|
(156,598)
|
|
(23,379)
|
Total operating
expenses
|
(1,002,749)
|
|
(2,185,855)
|
|
(3,060,829)
|
|
(456,970)
|
|
(2,212,026)
|
|
(5,246,684)
|
|
(783,309)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income
from operations
|
356,379
|
|
40,752
|
|
(289,050)
|
|
(43,155)
|
|
505,474
|
|
(248,298)
|
|
(37,069)
|
Interest
expenses, net
|
(157,523)
|
|
(162,198)
|
|
(88,041)
|
|
(13,144)
|
|
(314,058)
|
|
(250,239)
|
|
(37,360)
|
Subsidy
income
|
162,216
|
|
305,296
|
|
464,756
|
|
69,386
|
|
292,531
|
|
770,052
|
|
114,966
|
Exchange
gain/(loss)
|
(110,256)
|
|
6,383
|
|
389,216
|
|
58,108
|
|
(181,799)
|
|
395,599
|
|
59,061
|
Change in fair
value of commodity futures
|
-
|
|
486
|
|
(4,119)
|
|
(615)
|
|
-
|
|
(3,633)
|
|
(542)
|
Change in fair
value of foreign exchange derivatives
|
105,812
|
|
70,047
|
|
(163,551)
|
|
(24,418)
|
|
150,716
|
|
(93,504)
|
|
(13,960)
|
Change in fair
value of convertible senior notes and call option
|
(197,733)
|
|
(104,936)
|
|
(536,902)
|
|
(80,157)
|
|
(18,629)
|
|
(641,838)
|
|
(95,824)
|
Other
income/(loss), net
|
1,366
|
|
13,018
|
|
(587)
|
|
(88)
|
|
4,605
|
|
12,431
|
|
1,856
|
(Loss)/ Income before
income taxes
|
160,261
|
|
168,848
|
|
(228,278)
|
|
(34,083)
|
|
438,840
|
|
(59,430)
|
|
(8,872)
|
Income tax
expenses
|
6,900
|
|
(71,021)
|
|
(118,089)
|
|
(17,630)
|
|
(45,310)
|
|
(189,110)
|
|
(28,233)
|
Equity in
earnings/(loss) of affiliated companies
|
(268)
|
|
6,446
|
|
(117)
|
|
(17)
|
|
43,180
|
|
6,329
|
|
945
|
Net
(loss)/income
|
166,893
|
|
104,273
|
|
(346,484)
|
|
(51,730)
|
|
436,710
|
|
(242,211)
|
|
(36,160)
|
Less: Net income
attributable to non-controlling
interests
|
(100,657)
|
|
(75,336)
|
|
(276,785)
|
|
(41,323)
|
|
(149,382)
|
|
(352,121)
|
|
(52,570)
|
Net
(loss)/income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
66,236
|
|
28,937
|
|
(623,269)
|
|
(93,053)
|
|
287,328
|
|
(594,332)
|
|
(88,730)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.35
|
|
0.15
|
|
(3.15)
|
|
(0.47)
|
|
1.51
|
|
(3.05)
|
|
(0.46)
|
Diluted
|
0.35
|
|
0.15
|
|
(3.15)
|
|
(0.47)
|
|
1.09
|
|
(3.05)
|
|
(0.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.39
|
|
0.60
|
|
(12.60)
|
|
(1.88)
|
|
6.03
|
|
(12.18)
|
|
(1.82)
|
Diluted
|
1.38
|
|
0.60
|
|
(12.60)
|
|
(1.88)
|
|
4.36
|
|
(12.18)
|
|
(1.82)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
190,716,434
|
|
192,314,636
|
|
197,894,301
|
|
197,894,301
|
|
190,573,717
|
|
195,119,882
|
|
195,119,882
|
Diluted
|
191,192,954
|
|
192,578,950
|
|
197,894,301
|
|
197,894,301
|
|
205,653,994
|
|
195,119,882
|
|
195,119,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
47,679,108
|
|
48,078,659
|
|
49,473,575
|
|
49,473,575
|
|
47,643,429
|
|
48,779,971
|
|
48,779,971
|
Diluted
|
47,798,239
|
|
48,144,737
|
|
49,473,575
|
|
49,473,575
|
|
51,413,499
|
|
48,779,971
|
|
48,779,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
166,893
|
|
104,273
|
|
(346,484)
|
|
(51,730)
|
|
436,710
|
|
(242,211)
|
|
(36,160)
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(64,338)
|
|
(30,526)
|
|
217,564
|
|
32,482
|
|
24,663
|
|
187,038
|
|
27,924
|
-Change in
the instrument-specific credit risk
|
22,772
|
|
37,559
|
|
20,571
|
|
3,071
|
|
45,410
|
|
58,130
|
|
8,679
|
Comprehensive
income/(loss)
|
125,327
|
|
111,306
|
|
(108,349)
|
|
(16,177)
|
|
506,783
|
|
2,957
|
|
443
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(100,657)
|
|
(75,336)
|
|
(337,435)
|
|
(50,378)
|
|
(149,382)
|
|
(412,771)
|
|
(61,625)
|
Comprehensive
(loss)/income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
24,670
|
|
35,970
|
|
(445,784)
|
|
(66,555)
|
|
357,401
|
|
(409,814)
|
|
(61,182)
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2021
|
|
Jun 30,
2022
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
8,321,415
|
|
13,284,511
|
|
1,983,325
|
Restricted
cash
|
602,044
|
|
1,109,368
|
|
165,624
|
Restricted
short-term investments
|
9,261,918
|
|
15,080,635
|
|
2,251,480
|
Short-term
investments
|
150,000
|
|
-
|
|
-
|
Accounts
receivable, net - related parties
|
29,417
|
|
206,823
|
|
30,878
|
Accounts
receivable, net - third parties
|
7,471,103
|
|
11,134,427
|
|
1,662,326
|
Notes
receivable, net - related parties
|
-
|
|
3,055
|
|
456
|
Notes
receivable, net - third parties
|
1,689,102
|
|
2,695,333
|
|
402,403
|
Advances to
suppliers, net - third parties
|
1,536,155
|
|
3,273,035
|
|
488,651
|
Inventories,
net
|
13,252,352
|
|
18,495,775
|
|
2,761,347
|
Forward contract
receivables
|
73,532
|
|
41,656
|
|
6,219
|
Prepayments and
other current assets, net - related parties
|
17,348
|
|
56,657
|
|
8,459
|
Prepayments and
other current assets, net
|
2,435,056
|
|
2,888,713
|
|
431,273
|
Held-for-sale
assets
|
684,631
|
|
101,835
|
|
15,204
|
Available-for-sale securities
|
|
|
100,753
|
|
15,042
|
Total current
assets
|
45,524,073
|
|
68,472,576
|
|
10,222,687
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,204,697
|
|
1,577,702
|
|
235,545
|
Accounts
receivable, net - third parties
|
27,624
|
|
-
|
|
-
|
Long-term
investments
|
633,866
|
|
727,655
|
|
108,636
|
Property, plant
and equipment, net
|
19,969,894
|
|
26,243,745
|
|
3,918,088
|
Land use rights,
net
|
1,090,057
|
|
1,196,542
|
|
178,639
|
Intangible
assets, net
|
55,484
|
|
70,142
|
|
10,472
|
Financing lease
right-of-use assets, net
|
628,592
|
|
595,101
|
|
88,846
|
Operating lease
right-of-use assets, net
|
438,270
|
|
413,945
|
|
61,801
|
Deferred tax
assets
|
371,767
|
|
371,767
|
|
55,503
|
Advances to
suppliers to be utilised beyond one year
|
296,709
|
|
409,232
|
|
61,097
|
Other assets,
net - related parties
|
3,292
|
|
42,024
|
|
6,274
|
Other assets,
net - third parties
|
2,739,159
|
|
3,123,018
|
|
466,254
|
Total non-current
assets
|
27,459,411
|
|
34,770,873
|
|
5,191,155
|
|
|
|
|
|
|
Total assets
|
72,983,484
|
|
103,243,449
|
|
15,413,842
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- related parties
|
15,863
|
|
-
|
|
-
|
Accounts payable
- third parties
|
6,799,854
|
|
7,583,579
|
|
1,132,199
|
Notes payable -
third parties
|
12,072,223
|
|
27,148,818
|
|
4,053,212
|
Accrued payroll
and welfare expenses
|
1,240,791
|
|
1,350,463
|
|
201,619
|
Advances
from third parties
|
5,914,354
|
|
7,443,869
|
|
1,111,340
|
Income tax
payable
|
214,856
|
|
209,148
|
|
31,225
|
Other payables
and accruals
|
4,844,077
|
|
7,173,372
|
|
1,070,959
|
Other payables
due to related parties
|
2,230
|
|
3,640
|
|
543
|
Forward contract
payables
|
2,659
|
|
122,446
|
|
18,281
|
Financing lease
liabilities - current
|
194,939
|
|
200,848
|
|
29,986
|
Operating lease
liabilities - current
|
62,515
|
|
67,907
|
|
10,138
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
13,339,367
|
|
11,621,199
|
|
1,734,999
|
Guarantee
liabilities to related parties
|
2,500
|
|
2,360
|
|
352
|
Held-for-sale
liabilities
|
553,234
|
|
-
|
|
-
|
Deferred
revenue
|
200,000
|
|
-
|
|
-
|
Total current
liabilities
|
45,459,462
|
|
62,927,649
|
|
9,394,853
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
9,896,455
|
|
11,602,602
|
|
1,732,223
|
Convertible
senior notes
|
1,098,736
|
|
1,714,045
|
|
255,900
|
Accrued warranty
costs - non current
|
858,641
|
|
1,021,123
|
|
152,450
|
Financing lease
liabilities
|
236,373
|
|
140,516
|
|
20,978
|
Operating lease
liabilities
|
385,420
|
|
349,417
|
|
52,167
|
Deferred tax
liability
|
183,003
|
|
183,003
|
|
27,322
|
Long-term
Payables
|
568,495
|
|
587,803
|
|
87,757
|
Guarantee
liabilities to related parties
- non current
|
9,642
|
|
8,501
|
|
1,269
|
Total non-current
liabilities
|
13,236,765
|
|
15,607,010
|
|
2,330,066
|
|
|
|
|
|
|
Total
liabilities
|
58,696,227
|
|
78,534,659
|
|
11,724,919
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000 shares
authorized, 193,770,753 and 202,709,317 shares issued as of
December 31, 2021 and June 30, 2022, respectively)
|
26
|
|
28
|
|
4
|
Additional paid-in
capital
|
5,617,923
|
|
9,598,481
|
|
1,433,015
|
Statutory
reserves
|
700,244
|
|
700,244
|
|
104,544
|
Accumulated other
comprehensive income
|
(154,375)
|
|
30,143
|
|
4,500
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2021 and June 30, 2022
|
(43,170)
|
|
(43,170)
|
|
(6,445)
|
Accumulated retained
earnings
|
4,929,138
|
|
4,334,806
|
|
647,168
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
11,049,786
|
|
14,620,532
|
|
2,182,786
|
|
|
|
|
|
|
Non-controlling
interests
|
3,237,471
|
|
10,088,258
|
|
1,506,137
|
|
|
|
|
|
|
Total shareholders'
equity
|
14,287,257
|
|
24,708,790
|
|
3,688,923
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
72,983,484
|
|
103,243,449
|
|
15,413,842
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2022-financial-results-301613077.html
SOURCE JinkoSolar Holding Co., Ltd.