SHANGRAO, China, Oct. 28,
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 third quarter
ended September 30, 2022.
Third Quarter 2022 Business Highlights
- Demand for module shipments is strong globally. Quarterly
module shipments globally doubled year-over-year, and shipments to
China increased 5 times
year-over-year.
- Our high-efficiency N-Type monocrystalline silicon solar cell
achieved a new record with maximum conversion efficiency of 26.1%,
compared with the record of 25.7% we set this April.
- The mass production efficiency of N-type TOPCon cells reached
25%, and the integrated cost difference between N-type and P-type
modules has further narrowed.
- N-type module shipments were approximately 3GW, up 160%
sequentially.
Third Quarter 2022 Operational and
Financial Highlights
- Quarterly shipments were 10,856 MW (10,286 MW for solar
modules, and 570 MW for cells and wafers), up 3.1% sequentially,
and up 117.4% year-over-year.
- Total revenues were RMB19.52
billion (US$2.74 billion), up
3.6% sequentially and up 127.8% 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 RMB3.07 billion
(US$431.8 million), up 10.8%
sequentially and up 137.0% year-over-year.
- Gross margin was 15.7%, compared with 14.7% in Q2 2022 and
15.1% in Q3 2021. The sequential and year-over-year increases were
mainly due to an increase in the shipments of N-type module with
higher gross margin.
- Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB549.8
million (US$77.3 million), compared with net
loss attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders of RMB623.3 million in
Q2 2022 and net income attributable to JinkoSolar Holding Co.,
Ltd's ordinary shareholders of RMB194.2
million in Q3 2021.
- 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 compensation expenses, was RMB427.5 million (US$60.1 million), compared with adjusted net
income attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders of RMB368.4 million in Q2 2022 and adjusted net
loss attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders of RMB1.5 million
in Q3 2021.
- Basic and diluted earnings per ordinary share were RMB2.74 (US$0.39)
and RMB1.60 (US$0.23), respectively. This translates into
basic and diluted earnings per ADS of RMB10.97 (US$1.54)
and RMB6.39 (US$0.90), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman of the Board of Directors and Chief Executive Officer,
commented, "We are pleased to announce better-than-expected results
for this quarter despite continued rises in raw material prices,
power rationing measures imposed on our manufacturing facilities
and an earthquake in Sichuan
Province, where one of our manufacturing facilities is
based. Total solar shipments in the third quarter were 10.9 GW,
doubling year-over-year. Total revenues were US$2.74 billion, an increase of 127.8%
year-over-year. With the release of additional N-type cell
capacity, we further optimized our integrated cost structure. As
the shipments of more competitive N-type products increased
significantly compared with the previous quarter, our profitability
improved sequentially with gross margin at 15.7%, compared with
14.7% in the second quarter. Net income was US$77.3 million, an increase of 183.1%
year-over-year. Excluding the impact of the convertible senior
notes and share based compensation expenses, adjusted net income
was US$60.1 million, improving 16.1%
as compared with last quarter.
Since the start of the fourth quarter, polysilicon capacity in
China has been gradually released.
There is strong demand for modules in China. Including the demand in the
distribution generation market, we expect total installation in the
Chinese market to exceed 40 GW in the fourth quarter. Despite the
supply has increased recently, the strong demand is keeping
polysilicon prices stable at a high level and, currently, module
prices remain stable. With substantial polysilicon capacity to be
released in 2023, we expect prices of raw materials to fall and
stimulate pent-up demand. We will fully seize the growth
opportunities in the market, execute our globalized footprint
strategy and devote more resources in key markets. In addition, we
will control inventory turnover at a reasonable level with our
efficient supply chain management. Leveraging our superior and
diversified global industrial chain as well as advantageous
products, we are confident to achieve increases in both shipments
and market share next year.
We made further progress in efficiency improvement and cost
reduction for N-type products due to the continuous efforts of our
R&D team, our accumulated knowledge and our mass production
experience. As our mass-produced production line for TOPCon cells
reached full capacity of 16 GW, mass-produced efficiency for TOPCon
cells reached 25% and we are narrowing down the gap in integrated
costs between N-type and P-type. Recently, the maximum solar
conversion efficiency for our 182 mm monocrystalline silicon TOPCon
solar cell has reached 26.1%, breaking the record of 25.7% we set
in April 2022. We expect our mass
production efficiency to further improve next year.
Shipments for N-type modules were approximately 3 GW in the
third quarter, an increase of nearly 160% sequentially as a result
of capacity release and higher client acceptance. As our N-type
products continue to be well received in the market, we are
confident to lead the industry with our cost-effective N-type
products as our market penetration increases.
The second phase of 8 GW TOPCon cell capacity in our
manufacturing facility in Hefei,
which commenced production in the third quarter, is ramping up
smoothly. The second phase of 11 GW TOPCon cell capacity in our
manufacturing facility in Jianshan, which commenced construction in
the third quarter, is expected to start production by the end of
this year. These will continue to optimize our integrated capacity
structure and drive down blended costs. Based on our business
strategy and market demand, we adjusted the pace of capacity
expansion for wafers, cells and modules, and expect our annual
production capacity for mono wafers, solar cells and solar modules
to reach 65 GW, 55 GW and 70 GW, respectively, by the end of
2022.
We see strong demand growth in the global market and expect
module shipments to be in the range of 13.0 GW to 15.0 GW for the
fourth quarter and 41.5 GW to 43.5 GW for full year 2022. "
Third Quarter 2022 Financial Results
Total Revenues
Total revenues in the third quarter of 2022 were
RMB19.52 billion (US$2.74 billion), an increase of 3.6% from
RMB18.84 billion in the second
quarter of 2022 and an increase of 127.8% from RMB8.57 billion in the third quarter of 2021. The
sequential and year-over-year increases were mainly attributable to
an increase in the shipment of solar modules due to increasing
demand in the global market.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2022 was RMB3.07 billion (US$431.8 million), compared with
RMB2.77 billion in the second
quarter of 2022 and RMB1.30 billion
in the third quarter of 2021.
Gross margin was 15.7% in the third quarter of 2022, compared
with 14.7% in the second quarter of 2022 and 15.1% in the third
quarter of 2021. The sequential and year-over-year increases were
mainly due to an increase in the shipments of N-type module
with higher gross margin.
Income/ (Loss) from Operations and Operating
Margin
Income from operations in the third quarter of 2022 was
RMB63.1 million (US$8.9 million), compared with loss from
operations of RMB289.1 million in the
second quarter of 2022 and income from operations of RMB111.2 million in the third quarter of
2021.
Operating profit margin was 0.3% in the third quarter of 2022,
compared with operating loss margin of 1.5% in the second quarter
of 2022 and operating profit margin of 1.3% in the third quarter of
2021.
Total operating expenses in the third quarter of 2022 were
RMB3.01 billion (US$422.9 million), a decrease of 1.7% from
RMB3.06 billion in the second quarter
of 2022 and an increase of 153.9% from RMB1.18 billion in the third quarter of 2021. The
sequential change was relatively flat and the year-over-year
increase was mainly attributable to an increase in
shipping costs for solar modules in the third quarter of
2022.
Total operating expenses accounted for 15.4% of total revenues
in the third quarter of 2022, compared to 16.2% in the second
quarter of 2022 and 13.8% in the third quarter of 2021.
Interest Expenses, Net
Net interest expenses in the third quarter of 2022 were
RMB128.7 million (US$18.1 million), an increase of 46.2%
from RMB88.0 million in the
second quarter of 2022 and a decrease of 22.2% from RMB165.6 million in the third quarter of 2021.
The sequential increase was mainly due to an increase in the
Company's interest-bearing debts and the year-over-year decrease
was mainly due to an increase in interest income of bank
deposits.
Subsidy Income
Subsidy income in the third quarter of 2022 was RMB225.3 million (US$31.7 million), compared
with RMB464.8 million in the second quarter of 2022 and
RMB63.5 million in the third quarter
of 2021. The sequential and year over year changes were mainly
attributable to changes in the cash receipt of subsidies from local
governments in China which are
non-recurring, not refundable and with no conditions.
Exchange Gain/Loss and Change in
Fair Value of Foreign Exchange Derivatives
The Company recorded a net exchange gain (including change in
fair value of foreign exchange derivatives) of RMB520.3 million (US$73.1 million) in the third quarter of
2022, compared to a net exchange gain of RMB225.7 million in the second quarter of
2022 and a net exchange loss of RMB6.2
million in the third quarter of 2021. The sequential and
year-over-year changes were mainly attributable to the exchange
rate fluctuation of US dollars against RMB in the third 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 gain from a change in fair value of the
Notes of RMB233.0 million
(US$32.7 million) in the third
quarter of 2022, compared to a loss of RMB536.9 million in the second quarter of
2022 and a gain of RMB239.0 million
in the third quarter of 2021. The changes were primarily due to a
decrease in the Company's stock price in the third 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 a 9% equity
interest in Xinte Ltd, a domestic silicon material supplier, and
both account for its investment using the equity method. The
Company recorded equity in gain of affiliated companies of
RMB38.9 million in the third
quarter of 2022, compared with loss of RMB0.1 million in the second quarter of 2022
and gain of RMB13.2 million in the
third quarter of 2021. The fluctuation of equity in gain of
affiliated companies primarily arose from the net gain incurred by
an affiliate company.
Income Tax Expense/ (Benefit)
The Company recorded an income tax expense of RMB150.8 million (US$21.2 million) in the third quarter of
2022, compared with an income tax expense of RMB118.1 million in the second quarter of
2022 and an income tax expense of RMB22.0
million in the third quarter of 2021. The sequential and
year-over-year increases in income tax expense were mainly due to
higher profit (excluding the impact of a gain from change in fair
value of the Notes of RMB233.0
million in the third quarter of 2022, compared with a loss
of RMB536.9 million in the second
quarter of 2022) generated in the third quarter of 2022.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB247.8 million (US$34.8 million) in the third quarter of
2022, compared with RMB276.8 million in the second quarter of
2022 and RMB0.8 million in the third
quarter of 2021. The sequential decrease was mainly attributable to
the decrease of net income of the Company's major subsidiary, Jinko
Solar Co., Ltd ("Jiangxi Jinko"), and the 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
Net income attributable to the Company's ordinary shareholders
was RMB549.8 million (US$77.3 million) in the third quarter of 2022,
compared with net loss attributable to the Company's ordinary
shareholders of RMB623.3 million
in the second quarter of 2022 and net income attributable to the
Company's ordinary shareholders of RMB194.2
million in the third quarter of 2021. Excluding the impact
from a change in fair value of the Notes and the share based
compensation expenses, the adjusted net income attributable to
JinkoSolar Holding Co., Ltd's ordinary shareholders was
RMB427.5 million (US$60.1 million), compared with adjusted net
income attributable to JinkoSolar Holding Co., Ltd's ordinary
shareholders of RMB368.4 million in the second quarter of
2022 and adjusted net loss attributable to JinkoSolar Holding Co.,
Ltd's ordinary shareholders of RMB1.5 million in the third quarter of
2021.
Basic and diluted earnings/(loss) per ordinary share were
RMB2.74(US$0.39) and RMB1.60 (US$0.23),
respectively, during the third quarter of 2022, compared to
RMB(3.15) and RMB(3.15),
respectively, in the second quarter of 2022, and RMB1.02 and RMB(0.12), respectively, in the third quarter of
2021. As each ADS represents four ordinary shares, this translates
into basic and diluted earnings/(loss) per ADS of RMB10.97 (US$1.54)
and RMB6.39 (US$0.90), respectively in the third quarter of
2022; RMB(12.60) and RMB(12.60), respectively, in the second quarter
of 2022; and RMB4.07 and RMB(0.49), respectively, in the third quarter of
2021.
Financial Position
As of September 30, 2022, the
Company had RMB14.94 billion
(US$2.10 billion) in cash and cash
equivalents and restricted cash, compared with RMB14.39 billion as of June 30, 2022.
As of September 30, 2022, the
Company's accounts receivables due from third parties were
RMB11.32 billion (US$1.59 billion), compared with RMB11.13 billion as of June 30, 2022.
As of September 30, 2022, the
Company's inventories were RMB21.43
billion (US$3.01 billion),
compared with RMB18.50 billion
as of June 30, 2022.
As of September 30, 2022, the
Company's total interest-bearing debts were RMB29.61 billion (US$4.16 billion), compared with RMB25.70 billion as of June 30, 2022.
Third Quarter 2022 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 10,856 MW in the third quarter of
2022, including 10,286 MW for solar module shipments and 570
MW for cell and wafer shipments.
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 narrow the integrated cost
difference between N-type and P-type modules.
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.
Fourth 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 fourth quarter of 2022, the Company expects its
module shipments to be in the range of 13.0 GW to
15.0 GW.
For full year 2022, the Company estimates its module shipments
to be in the range of 41.5 GW to 43.5 GW.
Solar Products Production Capacity
JinkoSolar expects its annual production capacity for mono
wafer, solar cell and solar module to reach 65.0 GW, 55.0 GW
and 70.0 GW, respectively, by the end of 2022.
Recent Business Developments
- In August 2022, the local
government of Sichuan province,
where certain of JinkoSolar' s manufacturing facilities are
located, has imposed province-wide power rationing measures to ease
the power shortage in the region.
- In October 2022, JinkoSolar's
high-efficiency N-Type monocrystalline silicon solar cell set its
new record with maximum conversion efficiency of 26.1%.
- In October 2022, Jiangxi Jinko
announced its certain preliminary unaudited financial results for
the nine months ended September 30,
2022.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, October 28, 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: 97583909#
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, November 4, 2022. The dial-in
details for the replay are as follows:
International: +61 2 8325 2405
U.S.: +1 646 982
0473
Passcode: 520004347#
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at http://www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes its
solar products and sells its solutions and services to a
diversified international utility, commercial and residential
customer base in China,
the United States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar has 14 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 September 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 September 30, 2022, which was RMB7.1135 to US$1.00. No representation is intended to imply
that the Renminbi amounts could have been, or could be, converted,
realized, or settled into U.S. dollars at that rate or any other
rate. The percentages stated in this press release are calculated
based on Renminbi.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends, "plans," "believes," "estimates" and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook, contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in
JinkoSolar's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F. Except as
required by law, the Company does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
For investor and media inquiries, please contact:
In China:
Ms.
Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com
Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen, Scottsdale,
Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands,
except ADS and Share data)
|
|
For the quarter
ended
|
|
For the nine months
ended
|
|
Sep 30,
2021
|
Jun 30,
2022
|
Sep 30,
2022
|
|
Sep 30,
2021
|
Sep 30,
2022
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
8,568,057
|
|
18,730,454
|
|
19,418,227
|
|
2,729,771
|
|
24,433,522
|
|
52,876,179
|
|
7,433,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
1,948
|
|
110,688
|
|
101,089
|
|
14,211
|
|
5,291
|
|
249,062
|
|
35,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
8,570,005
|
|
18,841,142
|
|
19,519,316
|
|
2,743,982
|
|
24,438,813
|
|
53,125,241
|
|
7,468,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(7,273,962)
|
|
(16,069,363)
|
|
(16,447,649)
|
|
(2,312,174)
|
|
(20,425,271)
|
|
(45,055,189)
|
|
(6,333,758)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
1,296,043
|
|
2,771,779
|
|
3,071,667
|
|
431,808
|
|
4,013,542
|
|
8,070,052
|
|
1,134,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(614,694)
|
|
(1,622,544)
|
|
(1,980,508)
|
|
(278,416)
|
|
(1,738,992)
|
|
(4,987,519)
|
|
(701,134)
|
General
and administrative
|
(445,050)
|
|
(1,131,984)
|
|
(823,679)
|
|
(115,791)
|
|
(1,187,425)
|
|
(2,612,076)
|
|
(367,200)
|
Research
and development
|
(125,091)
|
|
(149,703)
|
|
(201,690)
|
|
(28,353)
|
|
(347,041)
|
|
(496,370)
|
|
(69,779)
|
Impairment
of long-lived assets
|
-
|
|
(156,598)
|
|
(2,662)
|
|
(374)
|
|
(123,405)
|
|
(159,259)
|
|
(22,388)
|
Total operating
expenses
|
(1,184,835)
|
|
(3,060,829)
|
|
(3,008,539)
|
|
(422,934)
|
|
(3,396,863)
|
|
(8,255,224)
|
|
(1,160,501)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss)
from operations
|
111,208
|
|
(289,050)
|
|
63,128
|
|
8,874
|
|
616,679
|
|
(185,172)
|
|
(26,030)
|
Interest
expenses, net
|
(165,553)
|
|
(88,041)
|
|
(128,749)
|
|
(18,099)
|
|
(479,610)
|
|
(378,987)
|
|
(53,277)
|
Subsidy
income
|
63,518
|
|
464,756
|
|
225,336
|
|
31,677
|
|
356,049
|
|
995,386
|
|
139,929
|
Exchange
(loss)/gain
|
(46,217)
|
|
389,216
|
|
650,466
|
|
91,441
|
|
(228,016)
|
|
1,046,064
|
|
147,053
|
Change in fair
value of commodity futures
|
-
|
|
(4,119)
|
|
(2,554)
|
|
(359)
|
|
-
|
|
(6,187)
|
|
(870)
|
Change in fair
value of foreign exchange derivatives
|
39,979
|
|
(163,551)
|
|
(130,196)
|
|
(18,303)
|
|
190,696
|
|
(223,701)
|
|
(31,447)
|
Change in fair
value of convertible senior notes and call option
|
200,730
|
|
(536,902)
|
|
232,961
|
|
32,749
|
|
182,101
|
|
(408,877)
|
|
(57,479)
|
Other
income/(loss), net
|
172
|
|
(587)
|
|
(888)
|
|
(125)
|
|
4,776
|
|
11,544
|
|
1,623
|
Income/ (Loss) before
income taxes
|
203,837
|
|
(228,278)
|
|
909,504
|
|
127,855
|
|
642,675
|
|
850,070
|
|
119,502
|
Income tax
expenses
|
(21,958)
|
|
(118,089)
|
|
(150,775)
|
|
(21,196)
|
|
(67,268)
|
|
(339,887)
|
|
(47,781)
|
Equity in
earnings/(loss) of affiliated companies
|
13,158
|
|
(117)
|
|
38,904
|
|
5,469
|
|
56,338
|
|
45,233
|
|
6,359
|
Net
income/(loss)
|
195,037
|
|
(346,484)
|
|
797,633
|
|
112,128
|
|
631,745
|
|
555,416
|
|
78,080
|
Less: Net income
attributable to non-controlling
interests
|
(813)
|
|
(276,785)
|
|
(247,811)
|
|
(34,837)
|
|
150,195
|
|
(599,932)
|
|
(84,337)
|
Net
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
194,224
|
|
(623,269)
|
|
549,822
|
|
77,291
|
|
481,550
|
|
(44,516)
|
|
(6,257)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.02
|
|
(3.15)
|
|
2.74
|
|
0.39
|
|
2.53
|
|
(0.23)
|
|
(0.03)
|
Diluted
|
(0.12)
|
|
(3.15)
|
|
1.60
|
|
0.23
|
|
0.97
|
|
(0.23)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
4.07
|
|
(12.60)
|
|
10.97
|
|
1.54
|
|
10.10
|
|
(0.90)
|
|
(0.13)
|
Diluted
|
(0.49)
|
|
(12.60)
|
|
6.39
|
|
0.90
|
|
3.86
|
|
(0.90)
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
190,768,148
|
|
197,894,301
|
|
200,494,033
|
|
200,494,033
|
|
190,639,480
|
|
196,930,951
|
|
196,930,951
|
Diluted
|
205,195,236
|
|
197,894,301
|
|
219,038,845
|
|
219,038,845
|
|
205,669,439
|
|
196,930,951
|
|
196,930,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
47,692,037
|
|
49,473,575
|
|
50,123,508
|
|
50,123,508
|
|
47,659,870
|
|
49,232,738
|
|
49,232,738
|
Diluted
|
51,298,809
|
|
49,473,575
|
|
54,759,711
|
|
54,759,711
|
|
51,417,360
|
|
49,232,738
|
|
49,232,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
195,037
|
|
(346,484)
|
|
797,633
|
|
112,128
|
|
631,745
|
|
555,416
|
|
78,080
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
|
|
|
|
1,638
|
|
230
|
|
|
|
1,638
|
|
230
|
-Foreign
currency translation adjustments
|
15,258
|
|
217,564
|
|
185,181
|
|
26,032
|
|
39,922
|
|
372,219
|
|
52,326
|
-Change in
the instrument-specific credit risk
|
12,510
|
|
20,571
|
|
48,293
|
|
6,789
|
|
57,920
|
|
106,423
|
|
14,961
|
Comprehensive
income/(loss)
|
222,805
|
|
(108,349)
|
|
1,032,745
|
|
145,179
|
|
729,587
|
|
1,035,696
|
|
145,597
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(813)
|
|
(337,435)
|
|
(339,109)
|
|
(47,671)
|
|
150,195
|
|
(751,880)
|
|
(105,698)
|
Comprehensive
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
221,992
|
|
(445,784)
|
|
693,636
|
|
97,508
|
|
579,392
|
|
283,816
|
|
39,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2021
|
Sep 30,
2022
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
8,321,415
|
|
14,305,664
|
|
2,011,058
|
Restricted
cash
|
602,044
|
|
639,125
|
|
89,847
|
Restricted
short-term investments
|
9,261,918
|
|
11,858,001
|
|
1,666,971
|
Short-term
investments
|
150,000
|
|
-
|
|
-
|
Accounts
receivable, net - related parties
|
29,417
|
|
211,406
|
|
29,719
|
Accounts
receivable, net - third parties
|
7,471,103
|
|
11,320,928
|
|
1,591,471
|
Notes
receivable, net - related parties
|
-
|
|
81,250
|
|
11,422
|
Notes
receivable, net - third parties
|
1,689,102
|
|
2,970,630
|
|
417,605
|
Advances to
suppliers, net - related parties
|
|
|
493,108
|
|
69,320
|
Advances to
suppliers, net - third parties
|
1,536,155
|
|
6,181,540
|
|
868,987
|
Inventories,
net
|
13,252,352
|
|
21,433,366
|
|
3,013,055
|
Forward contract
receivables
|
73,532
|
|
22,858
|
|
3,213
|
Prepayments and
other current assets, net - related parties
|
17,348
|
|
57,257
|
|
8,049
|
Prepayments and
other current assets, net
|
2,435,056
|
|
2,799,791
|
|
393,588
|
Held-for-sale
assets
|
684,631
|
|
101,835
|
|
14,316
|
Available-for-sale securities
|
|
|
103,778
|
|
14,589
|
Total current
assets
|
45,524,073
|
|
72,580,537
|
|
10,203,210
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,204,697
|
|
1,364,464
|
|
191,813
|
Accounts
receivable, net - third parties
|
27,624
|
|
-
|
|
-
|
Long-term
investments
|
633,866
|
|
862,218
|
|
121,208
|
Property, plant
and equipment, net
|
19,969,894
|
|
30,203,362
|
|
4,245,921
|
Land use rights,
net
|
1,090,057
|
|
1,308,233
|
|
183,908
|
Intangible
assets, net
|
55,484
|
|
508,888
|
|
71,538
|
Financing lease
right-of-use assets, net
|
628,592
|
|
574,981
|
|
80,830
|
Operating lease
right-of-use assets, net
|
438,270
|
|
402,914
|
|
56,640
|
Deferred tax
assets
|
371,767
|
|
371,767
|
|
52,262
|
Advances to
suppliers to be utilised beyond one year
|
296,709
|
|
346,659
|
|
48,733
|
Other assets,
net - related parties
|
3,292
|
|
55,786
|
|
7,842
|
Other assets,
net - third parties
|
2,739,159
|
|
2,479,267
|
|
348,530
|
Total non-current
assets
|
27,459,411
|
|
38,478,539
|
|
5,409,225
|
|
|
|
|
|
|
Total assets
|
72,983,484
|
|
111,059,076
|
|
15,612,435
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- related parties
|
15,863
|
|
-
|
|
-
|
Accounts payable
- third parties
|
6,799,854
|
|
7,546,330
|
|
1,060,846
|
Notes payable -
third parties
|
12,072,223
|
|
27,962,965
|
|
3,930,971
|
Accrued payroll
and welfare expenses
|
1,240,791
|
|
1,649,770
|
|
231,921
|
Advances
from third parties
|
5,914,354
|
|
8,623,982
|
|
1,212,340
|
Income tax
payable
|
214,856
|
|
252,482
|
|
35,493
|
Other payables
and accruals
|
4,844,077
|
|
7,295,358
|
|
1,025,563
|
Other payables
due to related parties
|
2,230
|
|
4,267
|
|
600
|
Forward contract
payables
|
2,659
|
|
129,960
|
|
18,269
|
Financing lease
liabilities - current
|
194,939
|
|
205,509
|
|
28,890
|
Operating lease
liabilities - current
|
62,515
|
|
66,225
|
|
9,310
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
13,339,367
|
|
12,785,018
|
|
1,797,289
|
Guarantee
liabilities to related parties
|
2,500
|
|
2,290
|
|
322
|
Held-for-sale
liabilities
|
553,234
|
|
-
|
|
-
|
Deferred
revenue
|
200,000
|
|
200,000
|
|
28,116
|
Total current
liabilities
|
45,459,462
|
|
66,724,156
|
|
9,379,930
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
9,896,455
|
|
14,661,740
|
|
2,061,115
|
Convertible
senior notes
|
1,098,736
|
|
1,460,228
|
|
205,276
|
Accrued warranty
costs - non current
|
858,641
|
|
1,148,417
|
|
161,442
|
Financing lease
liabilities
|
236,373
|
|
87,693
|
|
12,328
|
Operating lease
liabilities
|
385,420
|
|
338,782
|
|
47,625
|
Deferred tax
liability
|
183,003
|
|
183,003
|
|
25,726
|
Long-term
Payables
|
568,495
|
|
594,956
|
|
83,638
|
Guarantee
liabilities to related parties
- non current
|
9,642
|
|
7,936
|
|
1,116
|
Total non-current
liabilities
|
13,236,765
|
|
18,482,755
|
|
2,598,266
|
|
|
|
|
|
|
Total
liabilities
|
58,696,227
|
|
85,206,911
|
|
11,978,196
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
11,049,786
|
|
15,527,212
|
|
2,182,780
|
|
|
|
|
|
|
Non-controlling
interests
|
3,237,471
|
|
10,324,953
|
|
1,451,459
|
|
|
|
|
|
|
Total shareholders'
equity
|
14,287,257
|
|
25,852,165
|
|
3,634,239
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
72,983,484
|
|
111,059,076
|
|
15,612,435
|
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized, 193,770,753 and 203,439,873 shares
issued as of December 31, 2021 and September 30, 2022,
respectively)
|
26
|
|
28
|
|
4
|
Additional paid-in
capital
|
5,617,923
|
|
9,811,531
|
|
1,379,283
|
Subscription
Receivable
|
-
|
|
|
|
|
Contribution from
shareholders
|
|
|
|
|
|
Statutory
reserves
|
700,244
|
|
700,244
|
|
98,439
|
Accumulated other
comprehensive income
|
(154,375)
|
|
173,957
|
|
24,454
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2021 and September 30, 2022
|
(43,170)
|
|
(43,170)
|
|
(6,069)
|
Modification of
non-controlling interests
|
|
|
|
|
|
Accumulated retained
earnings
|
4,929,138
|
|
4,884,622
|
|
686,669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2022-financial-results-301662290.html
SOURCE JinkoSolar Holding Co., Ltd.