SHANGRAO, China, March 20, 2024 /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 fully year ended December
31, 2023.
Fourth Quarter and Full Year 2023 Business Highlights
- Leveraging our outstanding N-type technology, extensive global
operation network, and advanced integrated capacity structure, our
module shipments for full year 2023 increased 76.4% year-over-year
to 78.5GW, ranking first in the industry.
- At the end of the fourth quarter, we became the first module
manufacturer in the world to have delivered a total of 210 GW solar
modules, covering over 190 countries and regions.
- By the end of the fourth quarter, we had been granted 330
TOPCon patents, overtaking most brands on the N-type TOPCon patent
list.
- Currently, the mass production efficiency of N-type TOPCon
cells exceeds 26% and the power output of N-type modules is more
than 30wp higher than that of similar P-type modules.
- Our MSCI ESG rating was upgraded two levels to "BBB", leading
mainstream PV companies.
Fourth Quarter 2023 Operational and
Financial Highlights
- Quarterly shipments were 27,862 MW (26,335 MW for solar
modules, and 1,528 MW for cells and wafers), up 23.3% sequentially,
and up 67.7% year-over-year.
- Total revenues were RMB32.83
billion (US$4.62 billion), up
3.1% sequentially and up 9.4% year-over-year.
- Gross profit was RMB4.09 billion
(US$576.2 million), down 33.3%
sequentially and down 2.8% year-over-year.
- Gross margin was 12.5%, compared with 19.3% in Q3 2023 and
14.0% in Q4 2022.
- Income from operations of RMB352.5
million (US$49.6 million),
down 88.2% sequentially and down 42.6% year-over-year.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB29.3
million (US$4.1 million),
compared with RMB1.32 billion in Q3
2023 and RMB665.0 million in Q4
2022.
- Adjusted net income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders, which excludes the impact from (i) a
change in fair value of the convertible senior notes (the "Notes"),
(ii) a change in fair value of long-term investment and (iii) the
share based compensation expenses, was RMB462.7 million(US$65.2
million), compared with RMB1.35
billion in Q3 2023 and RMB267.8
million in Q4 2022.
- Basic and diluted earnings per ordinary share were RMB0.14 (US$0.02)
and RMB0.14 (US$0.02), respectively. This translates into
basic and diluted earnings per ADS of RMB0.56 (US$0.08)
and RMB0.54 (US$0.08), respectively.
Full Year 2023 Operational and
Financial Highlights
- Annual shipments were 83,562 MW (including 78,520 MW for solar
modules, and 5,043 MW for cells and wafers), up 80.1% year over
year.
- Total revenues were RMB118.68
billion (US$16.72 billion), up
42.8% year over year.
- Gross profit was RMB19.05 billion
(US$2.68 billion), up 55.1% year over
year.
- Gross margin of 16.0%, compared with 14.8% in full year of
2022.
- Income from operations of RMB6.09
billion (US$858.1 million), up
13.2 times year over year.
- Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders was RMB3.45
billion (US$485.6 million), up
4.56 times year over year.
- Adjusted net income attributable to JinkoSolar Holding Co.,
Ltd's ordinary shareholders, which excludes the impact from (i) a
change in fair value of the "Notes", (ii)a change in fair value of
long-term investment and (iii)the share based compensation
expenses, was RMB4.07 billion
(US$573.6 million), compared with
RMB1.39 billion in 2022.
- Basic and diluted earnings per ordinary share were RMB16.60 (US$2.34)
and RMB15.23 (US$2.15), respectively. This translates into
basic and diluted earnings per ADS of RMB66.39 (US$9.35)
and RMB60.90 (US$8.58), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "We are pleased to
have achieved very impressive operational and financial results in
a challenging year by leveraging our advantages in N-type TOPCon
technology, global operations and integrated capability. Module
shipments for the full year increased 76.4% year-over-year to 78.5
GW, back to the top position in the industry. Benefiting from our
efforts in cost optimization, our profitability for the full year
significantly improved year-over-year, with gross margin at 16.0%,
compared to 14.8% in 2022. Net income was US$485.6 million, up 4.56 times year-over-year.
Adjusted net income was US$573.6
million, up 1.93 times year-over-year. Module shipment in
the fourth quarter was 26.3GW, exceeding our guidance. As module
prices fell more than expected in the fourth quarter and nearly 50%
of our modules were sold to the Chinese market at lower prices,
gross margin for the fourth quarter decreased significantly to
12.5% from 19.3% in the third quarter.
Thanks to our integrated manufacturing strategy and early
leading position in N-type TOPCon technology, by the end of the
fourth quarter, our N-type capacity exceeded 70 GW and our cost
structure continues to improve. Currently, our mass-produced N-type
cell efficiency exceeds 26%, while the integrated cost of N-type is
almost on par with that of P-type. With the continuous introduction
of new cell technologies and optimization of production processes,
our cost structure is expected to become more competitive.
We have the largest overseas integrated capacity of over 12 GW
in the industry and an effective supply chain traceability system.
This has made us the most reliable module supplier to the U.S.
market and expect to generate significant profit in 2024. Phase I
and II of our integrated project in Shanxi, China will start production gradually
in the first half of 2024, as planned, and ramp up in the second
half of 2024. This innovative production model relying on fully
integrated automation will greatly improve efficiency in labor and
operational processes and is expected to bring a significant
reduction in operating costs once we reach full production.
Taking into account supply chain and market conditions, we are
reducing investments in capacity expansion in 2024. We are focusing
on expanding our advanced N-type capacity, including 28 GW of
integrated capacity in our Shanxi
plant in China and about 4 GW of N-type cell and module
capacity in Vietnam.
We expect the decline in module prices to significantly improve
the economics of solar energy industry in the short-to-mid-term,
and we anticipate demand in the global PV market to continue to
increase in 2024. Meanwhile, rapid iterations of new technologies
and the elimination of obsolete production capacity will also
accelerate the consolidation of the industry. Market share for the
top 10 module manufacturers is expected to increase from
approximately 70% in 2023 to over 90% in 2024. We are confident to
successfully navigate through cyclical fluctuations in the PV
industry and we expect our market share to further increase in
2024.
We attach great importance to intellectual property rights and
are fully focused on sustaining our technical leadership based on
extensive intellectual property rights. As of December 31, 2023, we had been granted 330 TOPCon
patents, one of the largest portfolios of granted TOPCon patents in
the world.
We expect module shipments to be in the range of 18 GW to 20 GW
for the first quarter of 2024, and 100 GW to 110 GW for the full
year 2024, with N-type accounting for nearly 90% of total module
shipments. We expect our annual production capacity for mono
wafers, solar cells and solar modules to reach 120 GW, 110 GW and
130 GW, respectively, by the end of 2024, with N-type capacity
accounting for over 90% of total capacity. By then, we believe
mass-produced N-type cell efficiency will have reached 26.5%."
Fourth Quarter 2023 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2023 were
RMB32.83 billion (US$4.62 billion), an increase of 3.1% from
RMB31.83 billion in the third
quarter of 2023 and an increase of 9.4% from RMB30.00 billion in the fourth quarter of
2022. The sequential and year-over-year increases were mainly
attributable to the increases in the shipment of solar modules due
to the increasing demand in the global market which were partially
offset by the decrease in the average selling price of solar
modules.
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2023 was RMB4.09 billion (US$576.2 million), compared with RMB6.13 billion in the third quarter of 2023
and RMB4.21 billion in the
fourth quarter of 2022.
Gross margin was 12.5% in the fourth quarter of 2023, compared
with 19.3% in the third quarter of 2023 and 14.0% in the fourth
quarter of 2022. The sequential and year-over-year decreases were
mainly due to the decrease in the average selling price of solar
modules.
Income from Operations and Operating Margin
Income from operations in the fourth quarter of 2023 was
RMB352.5 million (US$49.6 million), compared with RMB2.99 billion in the third quarter of 2023 and
RMB614.4 million in the fourth
quarter of 2022. The changes were primarily attributable to the
decreases in our gross margin in the fourth quarter of 2023.
Operating profit margin was 1.1% in the fourth quarter of 2023,
compared with 9.4% in the third quarter of 2023 and 2.0% in the
fourth quarter of 2022.
Total operating expenses in the fourth quarter of 2023 were
RMB3.74 billion (US$526.5 million), an increase of 18.9% from
RMB3.14 billion in the third quarter
of 2023 and an increase of 4.0% from RMB3.59
billion in the fourth quarter of 2022. The sequential and
year-over-year increases were mainly due to (i) loss of
disposal on property, plant and equipment and (ii) expenses in
relation to settlement of a dispute with one of our
customers.
Total operating expenses accounted for 11.4% of total revenues
in the fourth quarter of 2023, compared to 9.9% in the third
quarter of 2023 and 12.0% in the fourth quarter of 2022.
Interest Expenses, Net
Net interest expenses in the fourth quarter of 2023 were
RMB205.6 million (US$29.0 million), an increase of 38.8% from
RMB148.2 million in the third
quarter of 2023 and an increase of 84.0% from RMB111.7 million in the fourth quarter of
2022. The sequential and year-over-year increases were mainly due
the increases in interest-bearing debts.
Subsidy Income
Subsidy income in the fourth quarter of 2023 was RMB554.6 million (US$78.1
million), compared with RMB64.5
million in the third quarter of 2023 and RMB94.0 million in the fourth quarter of 2022.
The sequential and year-over-year increases were mainly
attributable to an increase in the cash receipt of incentives to
the Company's business operations.
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 RMB76.3 million (US$10.8 million) in the fourth quarter of
2023, compared to a net exchange loss of RMB295.8 million in the third quarter of
2023 and a net exchange gain of RMB35.0 million in the fourth quarter of
2022. The sequential and year-over-year changes were mainly
attributable to the exchange rate fluctuation of US dollars against
RMB in the fourth quarter of 2023.
Change in Fair Value of Convertible Senior Notes
The Company issued US$85.0 million
of 4.5% convertible senior notes due 2024 in May 2019 and has elected to measure the Notes at
fair value derived by valuation model, i.e. Binomial Model.
The Company recognized a loss from a change in fair value of the
Notes of RMB155.1 million
(US$21.8 million) in the fourth
quarter of 2023, compared to a gain of RMB295.6 million in the third quarter of
2023 and a gain of RMB396.8 million in the fourth quarter of
2022. The changes were primarily due to the changes in the
Company's stock price in the fourth quarter of 2023.
Change in Fair Value of Long-term Investment
The Company invested in certain equity interests in several
solar technology companies engaged in the photovoltaic industry
chain. As of December 31, 2023, the
Company had RMB1.02 billion
(US$143.9 million) in long-term
investment, compared with RMB956.2 million as of September 30, 2023.
The Company recognized a loss from change in fair value of
RMB90.9 million (US$12.8 million) in the fourth quarter of
2023, compared with a loss of RMB130.3 million in the third quarter of
2023 and a gain of RMB101.9 million
in the fourth quarter of 2022.
Equity in Earnings of Affiliated
Companies
The Company indirectly holds a 20% equity interest in Sweihan PV
Power Company P.J.S.C, a developer and operator of solar power
projects in Dubai, and a 9% equity
interest in Xinte Ltd, a domestic silicon material supplier, and
both are accounted for using the equity method. The Company
recorded equity in earnings of affiliated companies of RMB2.4 million (US$0.3 million) in the fourth quarter of
2023, compared with loss of RMB22.9 million in the third quarter of 2023
and gain of RMB148.5 million in
the fourth quarter of 2022. The fluctuation of equity in earnings
of affiliated companies primarily arose from the net gain or loss
incurred by the affiliate companies.
Income Tax Expense
The Company recorded an income tax expense of RMB200.8 million (US$28.3 million) in the fourth quarter of
2023, compared with RMB403.3 million in the third quarter of
2023 and RMB265.4 million in the
fourth quarter of 2022.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB293.3 million (US$41.3 million) in the fourth quarter of
2023, compared with RMB1.00 billion in the third quarter of 2023
and RMB344.7 million in the
fourth quarter of 2022. The sequential and year-over-year changes
were mainly attributable to the changes in net income of the
Company's majority-owned principal operating subsidiary, Jinko
Solar Co., Ltd. ("Jiangxi Jinko").
Net Income and Earnings per Share
Net income attributable to the JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB29.3
million (US$4.1 million) in
the fourth quarter of 2023, compared with RMB1.32 billion in the third quarter
of 2023 and RMB665.0 million in the
fourth quarter of 2022. Excluding the impact from (i) a change in
fair value of the Notes (ii) a change in fair value of the
long-term investment and (iii)the share based compensation
expenses, the adjusted net income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders was RMB462.7 million (US$65.2 million), compared with RMB1.35 billion in the third quarter of 2023 and
RMB267.8 million in the fourth
quarter of 2022.
Basic and diluted earnings per ordinary share were RMB0.14 (US$0.02)
and RMB0.14 (US$0.02), respectively, in the fourth quarter of
2023, compared to RMB6.42 and
RMB4.61, respectively, in the third
quarter of 2023, and RMB3.31 and
RMB1.25, respectively, in the fourth
quarter of 2022. As each ADS represents four ordinary shares, this
translates into basic and diluted earnings per ADS of RMB0.56 (US$0.08)
and RMB0.54 (US$0.08), respectively in the fourth quarter of
2023; basic and diluted earnings per ADS of RMB25.66 and RMB18.46, respectively, in the third quarter of
2023; and basic and diluted earnings per ADS of RMB13.22 and RMB5.01, respectively, in the fourth quarter of
2022.
Financial Position
As of December 31, 2023, the
Company had RMB19.56 billion
(US$2.75 billion) in cash and cash
equivalents and restricted cash, compared with RMB11.27 billion as of December 31, 2022.
As of December 31, 2023, the
Company's accounts receivables due from third parties were
RMB22.66 billion (US$3.19 billion), compared with RMB16.67 billion as of December 31, 2022.
As of December 31, 2023, the
Company's inventories were RMB18.22
billion (US$2.57 billion),
compared with RMB17.45 billion
as of December 31, 2022.
As of December 31, 2023, the
Company's total interest-bearing debts were RMB31.10 billion (US$4.38 billion), compared with RMB27.16 billion as of December 31, 2022.
Full Year 2023 Financial Results
Total Revenues
Total revenues for full year 2023 were RMB118.68 billion (US$16.72 billion), an increase of 42.8%
from RMB83.13 billion for full year 2022. The increase in
total revenues was mainly attributable to an increase in the
shipment of solar modules due to increasing demand in the global
market which were partially offset by the decrease in the average
selling price of solar modules..
Gross Profit and Gross Margin
Gross profit for full year 2023 was RMB19.05 billion (US$2.68
billion), an increase of 55.1% from RMB12.28 billion for full year 2022. The
year-over-year increase was mainly attributable to an increase
in the shipment of solar modules in 2023.
Gross margin was 16.0% for full year 2023, compared with 14.8%
for full year 2022. The year-over-year increase was mainly
attributable to the decrease in the material cost of solar
modules.
Income from Operations and Operating Margin
Income from operations for full year 2023 was RMB6.09 billion (US$858.1
million), compared with RMB429.2
million for full year 2022. Operating margin for full year
2023 was 5.1%, compared with 0.5% for full year 2022.
Total operating expenses for full year 2023 were RMB12.96 billion (US$1.82
billion), an increase of 9.3% from RMB11.85 billion for full year 2022. As a
percentage of total revenues, operating expenses accounted for
10.9% for full year 2023, compared with 14.3% for full year 2022.
The increase in total operating expenses was primarily due to (i)
an increase in staff costs, (ii) an increasing impairment loss and
(iii) an increasing expense in relation to settlement of a dispute
with one of our customers.
Interest Expense, Net
Net interest expense for full year 2023 was RMB617.6 million (US$87.0
million), an increase of 25.9% from RMB490.7 million for full year 2022. The increase
was mainly due to an increase in interest-bearing
debts.
Subsidy Income
Subsidy income for full year 2023 was RMB1.18 billion (US$165.6 million), compared with
RMB1.09 billion for full year
2022. The year-over-year increase was mainly attributable to an
increase in the cash receipt of incentives to the Company's
business operations.
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 RMB623.2 million (US$87.8
million) for full year 2023 due primarily to appreciation of
US dollars against RMB. The Company recorded a net exchange gain of
RMB857.4 million for full year 2022.
The year-over-year changes were mainly due to the exchange
rate fluctuation of US dollars against RMB in 2023.
Change in Fair Value of Convertible Senior Notes
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
loss from a change in fair value of the Notes of RMB31.2 million (US$4.4 million) for full year 2023, compared to a
loss of RMB12.1 million for
full year 2022. The changes in 2023 was primarily due to the
changes in the Company's stock price in 2023.
Change in Fair Value of Long-term Investment
The Company invested in certain equity interests in several
solar technology companies engaged in the photovoltaic industry
chain. As of December 31, 2023, the
Company had RMB1.02 billion
(US$143.9 million) in long-term
investment, compared with RMB 423.8
million as of December 31,
2022. The Company recognized a gain from change in fair
value of RMB221.5 million
(US$31.2 million) in 2023,
compared to a gain of RMB101.9 million for full year
2022.
Equity in 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 a 9% equity
interest in Xinte Ltd, a domestic silicon material supplier, and
both are accounted using the equity method. The Company
recorded equity in earnings of affiliated companies of RMB222.7 million (US$31.4 million) in 2023, compared with a
gain of RMB193.7 million
in 2022. The gain primarily arose from the net gain incurred
by affiliate companies.
Income Tax Expense, Net
The Company recognized an income tax expense of RMB1.26 billion (US$177.5
million) in 2023, compared with an income tax expense of
RMB605.3 million in 2022.
Net Income and Earnings per Share
Net income attributable to JinkoSolar Holding Co., Ltd's
ordinary shareholders in 2023 was RMB3.45
billion (US$485.6 million),
compared with a net income of RMB620.5
million in 2022. Excluding the impact from (i)a change in
fair value of the Notes (ii) a change in fair value of the
long-term investment and (iii)the share based compensation
expenses, the adjusted net income attributable to JinkoSolar
Holding Co., Ltd's ordinary shareholders was RMB4.07 billion (US$573.6 million), compared with
RMB1.39 billion in 2022.
Basic and diluted earnings per share for full year 2023 were
RMB16.60 (US$2.34) and
RMB15.23 (US$2.15), respectively, compared to RMB3.13 and RMB3.10
for full year 2022. This translates into basic and diluted earnings
per ADS of RMB66.39 (US$9.35)
and RMB60.90 (US$8.58), respectively for full year 2023,
compared to RMB12.54 and RMB12.38 for full year 2022.
Fourth Quarter and Full Year 2023 Operational
Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 27,862 MW in the fourth quarter of
2023, including 26,335 MW for solar module shipments and 1,528
MW for cell and wafer shipments.
Total shipments in the full year 2023 were 83,562 MW, including
78,520 MW for solar module shipments and 5,043 MW for cell and
wafer shipments.
Operations and Business Outlook Highlights
We are optimistic about global market demand and the
opportunities brought by the increasing penetration of N-type
technology. We will continue to maintain our leading position in
N-type modules through technology iteration, improvement in mass
production capability, and cost optimization. By the end of 2024,
we expect mass-produced N-type cell efficiency to reach 26.5%, The
proportion of N-type modules shipments in our total module
shipments is expected to reach nearly 90% in 2024, as we anticipate
strong demand for high-efficiency products from a growing number of
markets and customers.
Taking into account supply chain and market conditions, we are
reducing investments in capacity expansion in 2024. We are focusing
on expanding our advanced N-type capacity, including 28 GW of
integrated capacity in our Shanxi
plant in China and about 4 GW of N-type cell and module
capacity in Vietnam. We continue to focus on improving working
capital efficiency and achieving sustainable growth in operating
cash flow.
First Quarter and Full Year 2024 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 2024, the Company expects its
module shipments to be in the range of 18.0 GW to 20.0 GW.
For full year 2024, the Company estimates its module shipments
to be in the range of 100.0 GW to 110.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual production capacity for mono
wafer, solar cell and solar module to reach 120.0 GW, 110.0 GW
and 130.0 GW, respectively, by the end of 2024.
Recent Business Developments
- In November 2023, JinkoSolar's
wafer factory in Leshan, Sichuan
Province passed the "Zero Carbon Factory Evaluation Code"
and was awarded the "Zero Carbon Factory" certification by TÜV
Rheinland for its advanced green business practices.
- In November 2023, JinkoSolar
participated at the COP28 United
Nations climate change conference held in Dubai from November
30th to December 12th, 2023, underlining its leadership role
in the solar energy sector and its commitment to addressing the
challenges posed by global warming on a global scale.
- In December 2023, JinkoSolar was
honoured with the PV Magazine Publisher's Pick Award 2023 for its
latest commercial and industrial energy storage system
SunGiga.
- In December 2023, JinkoSolar was
awarded with the ESG Transparency Award from EUPD Research.
- In December 2023, JinkoSolar's
board of directors authorized the Company to extend its existing
share repurchase program launched in July
2022 for an additional 18-month period through June 30, 2025. As of the date of this press
release, JinkoSolar has repurchased 280,000 ADS in an aggregate
amount of approximately US$9.1
million in the open market under its existing share
repurchase program and 685,000 ADSs in an aggregate amount of
approximately US$19.3 million in the
open market under its extended share repurchase program.
- In December 2023, JinkoSolar
announced that it has been granted 330 TOPCon patents after almost
six years, overtaking most brands on the N-type TOPCon patent
list.
- In December 2023, JinkoSolar
announced that all shareholders resolutions proposed at its 2023
annual general meeting were duly passed.
- In December 2023, the near and
long-term science-based emissions reduction targets of Jiangxi
Jinko were approved by the SBTi, making JinkoSolar the first PV
company in the world to have its Net-zero targets validated.
- In January 2024, JinkoSolar's
affiliated company granted rights to certain of its N-type
TOPCon-related patents to one of the top ten solar module companies
in the world with reasonable license fee arrangement, allowing
Licensee to use certain JinkoSolar's patented TOPCon technologies
in its relevant TOPCon products.
- In January 2024, JinkoSolar won
the Solar Power World 2023 Leadership in Solar Energy Award in the
solar panel category.
- In January 2024, Jiangxi Jinko
published estimates of certain preliminary unaudited financial
results for the full year ended December 31,
2023.
- In February 2024, JinkoSolar's
affiliated company signed a TOPCon patent license agreement with
one of the world's top five solar cell companies, granting rights
to certain of its N-type TOPCon related patents to Licensee for a
fee, allowing Licensee to use certain JinkoSolar's patented TOPCon
technologies in its relevant TOPCon products.
- In February 2024, JinkoSolar
unveiled Neo Green panels.
- In February 2024, Jiangxi Jinko
announced certain preliminary unaudited financial results for the
full year 2023.
- In February 2024, JinkoSolar
announced that it will become the Premium Sponsor of the Team
Gresini Racing for MotoE World Championship 2024.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Wednesday, March 20, 2024 at
8:00 a.m. U.S. Eastern Time
(8:00 p.m. Beijing / Hong
Kong the same day).
Please register in advance of the conference using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, passcode and unique access PIN by a
calendar invite.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10037759-7atgdd.html
It will automatically direct you to the registration page of
"JinkoSolar Fourth Quarter and Fiscal Year 2023 Earnings Conference
Call", where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s),
passcode and unique access PIN) provided in the calendar invite
that you have received following your pre-registration.
A telephone replay of the call will be available 2 hours after
the conclusion of the conference call through 23:59 U.S. Eastern
Time, March 27, 2024. The dial-in
details for the replay are as follows:
International: +61 7 3107 6325
U.S.: +1 855 883
1031
Passcode: 10037759
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at http://www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the largest and most innovative
solar module manufacturers in the world. JinkoSolar distributes its
solar products and sells its solutions and services to a
diversified international utility, commercial and residential
customer base in China,
the United States, Japan, Germany, the United
Kingdom, Chile,
South Africa, India, Mexico, Brazil, the United
Arab Emirates, Italy,
Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.
JinkoSolar had 14 productions facilities globally, 26 overseas
subsidiaries in Japan,
South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the
United States, Mexico,
Brazil, Chile, Australia, Canada, Malaysia, the United
Arab Emirates, Denmark,
Indonesia, Nigeria and Saudi
Arabia, and global sales teams in China, the United
States, Canada,
Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan,
the United Arab Emirates,
Netherlands, Vietnam and India, as of December
31, 2023.
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of December
29, 2023, which was RMB7.0999
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 twelve months
ended
|
|
Dec 31,
2022
|
|
Sep 30,
2023
|
|
Dec 31,
2023
|
|
Dec 31,
2022
|
|
Dec 31,
2023
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
29,917,921
|
|
31,737,818
|
|
32,686,296
|
|
4,603,769
|
|
82,794,101
|
|
118,309,650
|
|
16,663,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
84,133
|
|
96,440
|
|
143,876
|
|
20,265
|
|
333,195
|
|
368,941
|
|
51,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
30,002,054
|
|
31,834,258
|
|
32,830,172
|
|
4,624,034
|
|
83,127,296
|
|
118,678,591
|
|
16,715,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(25,793,793)
|
|
(25,701,047)
|
|
(28,739,438)
|
|
(4,047,865)
|
|
(70,848,983)
|
|
(99,630,956)
|
|
(14,032,727)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
4,208,261
|
|
6,133,211
|
|
4,090,734
|
|
576,169
|
|
12,278,313
|
|
19,047,635
|
|
2,682,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(2,254,369)
|
|
(1,739,184)
|
|
(1,857,825)
|
|
(261,669)
|
|
(7,241,888)
|
|
(6,819,305)
|
|
(960,479)
|
General
and administrative
|
(896,601)
|
|
(1,157,814)
|
|
(1,541,467)
|
|
(217,111)
|
|
(3,508,678)
|
|
(4,583,837)
|
|
(645,620)
|
Research
and development
|
(228,399)
|
|
(218,097)
|
|
(279,642)
|
|
(39,387)
|
|
(724,769)
|
|
(911,869)
|
|
(128,434)
|
Impairment
of long-lived assets
|
(214,473)
|
|
(27,912)
|
|
(59,342)
|
|
(8,358)
|
|
(373,732)
|
|
(640,004)
|
|
(90,143)
|
Total operating
expenses
|
(3,593,842)
|
|
(3,143,007)
|
|
(3,738,276)
|
|
(526,525)
|
|
(11,849,067)
|
|
(12,955,015)
|
|
(1,824,676)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
614,419
|
|
2,990,204
|
|
352,458
|
|
49,644
|
|
429,246
|
|
6,092,620
|
|
858,127
|
Interest
expenses, net
|
(111,716)
|
|
(148,171)
|
|
(205,589)
|
|
(28,957)
|
|
(490,703)
|
|
(617,605)
|
|
(86,988)
|
Subsidy
income
|
94,048
|
|
64,461
|
|
554,619
|
|
78,116
|
|
1,089,435
|
|
1,175,498
|
|
165,565
|
Exchange
gain/(loss)
|
(20,173)
|
|
(253,303)
|
|
(38,424)
|
|
(5,412)
|
|
1,025,891
|
|
938,092
|
|
132,127
|
Change in fair
value of foreign exchange derivatives
|
55,182
|
|
(42,474)
|
|
114,769
|
|
16,165
|
|
(168,519)
|
|
(314,859)
|
|
(44,347)
|
Change in fair
value of Long-term Investment
|
101,871
|
|
(130,311)
|
|
(90,918)
|
|
(12,806)
|
|
101,871
|
|
221,473
|
|
31,194
|
Change in fair
value of convertible senior notes
|
396,794
|
|
295,602
|
|
(155,102)
|
|
(21,846)
|
|
(12,083)
|
|
(31,188)
|
|
(4,393)
|
Other
income/(loss), net
|
(3,786)
|
|
(25,190)
|
|
(10,771)
|
|
(1,517)
|
|
1,571
|
|
26,134
|
|
3,681
|
Income before income
taxes
|
1,126,639
|
|
2,750,818
|
|
521,042
|
|
73,387
|
|
1,976,709
|
|
7,490,165
|
|
1,054,966
|
Income tax
expenses
|
(265,392)
|
|
(403,305)
|
|
(200,831)
|
|
(28,286)
|
|
(605,278)
|
|
(1,260,285)
|
|
(177,507)
|
Equity in
earnings of affiliated companies
|
148,475
|
|
(22,937)
|
|
2,375
|
|
335
|
|
193,708
|
|
222,674
|
|
31,363
|
Net
income
|
1,009,722
|
|
2,324,576
|
|
322,586
|
|
45,436
|
|
1,565,139
|
|
6,452,554
|
|
908,822
|
Less: Net income
attributable to non-controlling
interests
|
(344,701)
|
|
(1,001,203)
|
|
(293,269)
|
|
(41,306)
|
|
(944,633)
|
|
(3,005,111)
|
|
(423,261)
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
665,021
|
|
1,323,373
|
|
29,317
|
|
4,130
|
|
620,506
|
|
3,447,443
|
|
485,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
3.31
|
|
6.42
|
|
0.14
|
|
0.02
|
|
3.13
|
|
16.60
|
|
2.34
|
Diluted
|
1.25
|
|
4.61
|
|
0.14
|
|
0.02
|
|
3.10
|
|
15.23
|
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
13.22
|
|
25.66
|
|
0.56
|
|
0.08
|
|
12.54
|
|
66.39
|
|
9.35
|
Diluted
|
5.01
|
|
18.46
|
|
0.54
|
|
0.08
|
|
12.38
|
|
60.90
|
|
8.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
201,189,189
|
|
206,286,879
|
|
209,582,718
|
|
209,582,718
|
|
198,004,260
|
|
207,705,476
|
|
207,705,476
|
Diluted
|
219,240,028
|
|
223,182,957
|
|
215,266,963
|
|
215,266,963
|
|
200,408,494
|
|
226,113,084
|
|
226,113,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
50,297,297
|
|
51,571,720
|
|
52,395,679
|
|
52,395,679
|
|
49,501,065
|
|
51,926,369
|
|
51,926,369
|
Diluted
|
54,810,007
|
|
55,795,739
|
|
53,816,741
|
|
53,816,741
|
|
50,102,123
|
|
56,528,271
|
#
|
56,528,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
1,009,722
|
|
2,324,576
|
|
322,586
|
|
45,436
|
|
1,565,139
|
|
6,452,554
|
|
908,822
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
(665)
|
|
-
|
|
19,134
|
|
2,695
|
|
973
|
|
18,161
|
|
2,558
|
-Foreign
currency translation adjustments
|
33,930
|
|
(31,771)
|
|
(116,523)
|
|
(16,411)
|
|
406,149
|
|
75,751
|
|
10,669
|
-Change in
the instrument-specific credit risk
|
(6,265)
|
|
5,245
|
|
42
|
|
6
|
|
100,158
|
|
70,732
|
|
9,962
|
Comprehensive
income
|
1,036,722
|
|
2,298,050
|
|
225,239
|
|
31,726
|
|
2,072,419
|
|
6,617,198
|
|
932,011
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(328,095)
|
|
(992,475)
|
|
(280,158)
|
|
(39,459)
|
|
(1,079,975)
|
|
(3,027,731)
|
|
(426,447)
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
708,627
|
|
1,305,575
|
|
(54,919)
|
|
(7,733)
|
|
992,444
|
|
3,589,467
|
|
505,564
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2022
|
|
Dec 31,
2023
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
10,243,500
|
|
15,582,219
|
|
2,194,710
|
Restricted
cash
|
1,027,454
|
|
3,976,201
|
|
560,036
|
Restricted
short-term investments
|
8,945,271
|
|
7,071,875
|
|
996,053
|
Short-term
investments
|
-
|
|
1,022,062
|
|
143,954
|
Accounts
receivable, net - related parties
|
139,714
|
|
296,512
|
|
41,763
|
Accounts
receivable, net - third parties
|
16,674,876
|
|
22,662,181
|
|
3,191,901
|
Notes
receivable, net - related parties
|
282,824
|
|
1,183
|
|
167
|
Notes
receivable, net - third parties
|
6,697,096
|
|
4,088,902
|
|
575,910
|
Advances to
suppliers, net - related parties
|
56,860
|
|
6,555
|
|
923
|
Advances to
suppliers, net - third parties
|
3,271,284
|
|
4,559,224
|
|
642,153
|
Inventories,
net
|
17,450,284
|
|
18,215,537
|
|
2,565,605
|
Forward contract
receivables
|
119,625
|
|
103,100
|
|
14,521
|
Prepayments and
other current assets, net - related parties
|
23,105
|
|
27,412
|
|
3,861
|
Prepayments and
other current assets, net
|
3,290,902
|
|
3,402,812
|
|
479,276
|
Held-for-sale
assets
|
-
|
|
2,003,417
|
|
282,175
|
Available-for-sale securities
|
104,499
|
|
-
|
|
-
|
Total current
assets
|
68,327,294
|
|
83,019,192
|
|
11,693,008
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,378,680
|
|
1,462,205
|
|
205,947
|
Long-term
investments
|
1,711,072
|
|
2,117,628
|
|
298,262
|
Property, plant
and equipment, net
|
32,290,088
|
|
41,267,187
|
|
5,812,362
|
Land use rights,
net
|
1,431,424
|
|
1,821,012
|
|
256,484
|
Intangible
assets, net
|
79,600
|
|
569,088
|
|
80,154
|
Financing lease
right-of-use assets, net
|
558,407
|
|
82,293
|
|
11,591
|
Operating lease
right-of-use assets, net
|
396,966
|
|
660,138
|
|
92,978
|
Deferred tax
assets
|
704,244
|
|
1,290,004
|
|
181,693
|
Advances to
suppliers to be utilised beyond one year
|
310,375
|
|
648,377
|
|
91,322
|
Other assets,
net - related parties
|
52,363
|
|
55,236
|
|
7,780
|
Other assets,
net - third parties
|
1,421,669
|
|
2,735,331
|
|
385,263
|
Available-for-sale securities Non current
|
-
|
|
104,134
|
|
14,667
|
Total non-current
assets
|
40,334,888
|
|
52,812,633
|
|
7,438,503
|
|
|
|
|
|
|
Total assets
|
108,662,182
|
|
135,831,825
|
|
19,131,511
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- related parties
|
-
|
|
21,244
|
|
2,992
|
Accounts payable
- third parties
|
10,378,076
|
|
15,453,922
|
|
2,176,639
|
Notes payable -
related parties
|
419,500
|
|
277,000
|
|
39,015
|
Notes payable -
third parties
|
20,204,323
|
|
25,413,532
|
|
3,579,421
|
Accrued payroll
and welfare expenses
|
2,035,931
|
|
2,798,964
|
|
394,226
|
Advances from
related parties
|
3,829
|
|
3,412
|
|
481
|
Advances
from third parties
|
9,220,267
|
|
6,961,886
|
|
980,561
|
Income tax
payable
|
737,735
|
|
1,016,039
|
|
143,106
|
Other payables
and accruals
|
9,214,384
|
|
13,436,902
|
|
1,892,546
|
Other payables
due to related parties
|
5,964
|
|
11,599
|
|
1,634
|
Forward contract
payables
|
63,137
|
|
26,466
|
|
3,728
|
Convertible
senior notes - current
|
-
|
|
782,969
|
|
110,279
|
Financing lease
liabilities - current
|
168,381
|
|
36,587
|
|
5,153
|
Operating lease
liabilities - current
|
65,489
|
|
119,344
|
|
16,809
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
12,419,170
|
|
12,087,934
|
|
1,702,550
|
Held-for-sale
liabilities
|
-
|
|
1,117,005
|
|
157,327
|
Total current
liabilities
|
64,936,186
|
|
79,564,805
|
|
11,206,467
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
13,022,795
|
|
12,734,646
|
|
1,793,637
|
Convertible
senior notes
|
1,070,699
|
|
4,785,480
|
|
674,021
|
Accrued warranty
costs - non current
|
1,422,276
|
|
2,145,426
|
|
302,177
|
Financing lease
liabilities
|
69,881
|
|
-
|
|
-
|
Operating lease
liabilities
|
339,885
|
|
557,136
|
|
78,471
|
Deferred tax
liability
|
194,808
|
|
131,506
|
|
18,522
|
Long-term
Payables
|
601,759
|
|
2,378,684
|
|
335,031
|
Total non-current
liabilities
|
16,722,103
|
|
22,732,878
|
|
3,201,859
|
|
|
|
|
|
|
Total
liabilities
|
81,658,289
|
|
102,297,683
|
|
14,408,326
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000 shares
authorized 204,135,029 and 209,920,447 shares issued as of
December 31, 2022 and December 31, 2023, respectively)
|
28
|
|
29
|
|
4
|
Additional paid-in
capital
|
9,912,931
|
|
10,738,376
|
|
1,512,469
|
Accumulated other
comprehensive income
|
217,563
|
|
359,584
|
|
50,646
|
Treasury stock, at
cost; 2,945,840 and 1,360,000 ordinary
shares as of December 31, 2022 and December 31,
2023
|
(43,170)
|
|
(79,282)
|
|
(11,167)
|
Accumulated retained
earnings
|
6,249,883
|
|
9,137,727
|
|
1,287,022
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
16,337,235
|
|
20,156,434
|
|
2,838,974
|
|
|
|
|
|
|
Non-controlling
interests
|
10,666,658
|
|
13,377,708
|
|
1,884,211
|
|
|
|
|
|
|
Total shareholders'
equity
|
27,003,893
|
|
33,534,142
|
|
4,723,185
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
108,662,182
|
|
135,831,825
|
|
19,131,511
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-fourth-quarter-and-full-year-2023-financial-results-302094380.html
SOURCE JinkoSolar Holding Co., Ltd.