SHANGRAO, China, Oct. 30,
2023 /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, 2023.
Third Quarter 2023 Business Highlights
- Leveraging our outstanding N-type technology, extensive global
operation network, and advanced integrated capacity structure,
module shipments in the third quarter increased 20.4% sequentially
and 107.9% year-over-year.
- At the end of the third quarter, we became the first module
manufacturer in the world to have delivered a total of 190 GW solar
modules, covering over 190 countries and regions.
- Demand for N-type products continued to grow globally. N-type
module shipments accounted for more than 60% of all module
shipments globally in the third quarter. N-type modules retained
their competitive premium over P-type modules and the premium
continued to exceed the market average.
- The mass production efficiency of N-type TOPCon cells reached
25.6% and the power output of N-type modules was 25-30wp higher
than that of similar P-type modules.
- We continued to make progress in sustainability and, recently,
scored high in the Ecovadis Ratings, leading the mainstream PV
companies.
Third Quarter 2023 Operational and Financial
Highlights
- Quarterly shipments were 22,597 MW (21,384 MW for solar
modules, and 1,213 MW for cells and wafers), up 21.4% sequentially,
and up 108.2% year-over-year.
- Total revenues were RMB31.83
billion (US$4.36 billion), up
3.7% sequentially and up 63.1% year-over-year.
- Gross profit was RMB6.13 billion
(US$840.6 million), up 28.2%
sequentially and up 99.7% year-over-year.
- Gross margin was 19.3%, compared with 15.6% in Q2 2023 and
15.7% in Q3 2022.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB1.32
billion (US$181.4 million),
compared with RMB1.31 billion in Q2
2023 and RMB549.8 million in Q3
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 RMB1.35 billion (US$184.6
million), compared with RMB1.43
billion in Q2 2023 and RMB427.5
million in Q3 2022.
- Basic and diluted earnings per ordinary share were RMB6.42 (US$0.88)
and RMB4.61 (US$0.63), respectively. This translates into
basic and diluted earnings per ADS of RMB25.66 (US$3.52)
and RMB18.46 (US$2.53), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "Despite market
volatility, we delivered strong results in the third quarter
leveraging our advantages in N-type TOPCon technology, extensive
global operation network and advanced integrated capacity
structure. Our module shipments, gross margin and net income all
increased significantly year-over-year. Total module shipments were
approximately 21.4 GW, an increase of 107.9% year-over-year.
The cost of polysilicon decreased sequentially. Our premium
high-efficient N-type products accounted for over 60% of total
shipments, and shipments to the U.S. recorded sequential growth.
Year-over-year, net income increased by 140.7% to US$181.4 million, and adjusted net income
increased by 215.1% to US$184.6
million, diluted earnings per ordinary share increased by
188.7% to US$0.63, and gross margin
increased from 15.7% to 19.3%.
Since the third quarter, price declines in the supply chain have
stimulated end demand. For the first nine months of 2023,
newly-added installations of PV in China reached 128.9 GW, nearly 50% more than
full-year installations in 2022. Meanwhile, intensified competition
brought by changes in supply and demand, accelerated technical
iteration, high interest rates in some regions, and
geopolitical tensions caused some volatility in the global PV
market, and posed challenges on all industry players. We believe
that we, as the industry leader, will become even stronger as the
competition intensifies. At the end of the third quarter, we became
the first module manufacturer in the world to have delivered a
total of 190 GW solar modules, covering over 190 countries and
regions. Our capabilities in global sales, operations and
management, together with continuous R&D accumulation and
innovation, help us build an all-round competition barrier. We are
confident in our ability to navigate through cyclical volatility,
achieve healthy and sustainable profitability, and increase
shareholder value.
By the end of the third quarter, the mass production efficiency
for our N-type TOPCon cells reached 25.6%, and our N-type modules
power output was 25-30wp higher than that of similar P-type
modules. Demand for these products continued to increase globally
as the levelized cost of energy is lower. N-type modules still
retained a premium over similar P-type modules, and the premium
continued to exceed the market average.
At the end of the third quarter, we already had over 55 GW of
N-type cell production capacity, and by the end of the year, our
N-type cell production capacity is expected to reach about 70 GW,
leading the industry, and our integrated project in Shanxi, China has started construction
recently. Phase I and Phase II of a project with a total of 28 GW
wafer-cell-module integrated capacity are expected to start
production in the first half of 2024.
Recently, our high-efficiency N-Type monocrystalline silicon
solar cell set a new record with a maximum conversion efficiency of
26.89%, creating another important milestone in the innovation of
our products and solutions. With higher conversion efficiency and
lower industrialization cost, we strongly believe that the TOPCon
technology will remain the mainstream technical path in the next
3-5 years. We are confident that we are ahead of the industry in
terms of power output, cost efficiency and product
competitiveness.
As a responsible global company, we continued to make progress
in sustainability and, recently, scored high in the Ecovadis
Ratings, leading the mainstream PV companies. We are dedicated to
providing clean, high-efficient and reliable solar products and
energy storage solutions to more and more countries and regions,
and contributing to global energy transition.
We expect our module shipments to be approximately 23.0 GW for
the fourth quarter of 2023 and are confident that our full-year
module shipments will exceed our guidance of 70 to 75 GW, with
N-type modules accounting for approximately 60%. We expect our
annual production capacity for mono wafers, solar cells and solar
modules to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by
the end of 2023, with N-type capacity accounting for over 75%. We
are confident that we will continue to lead the industry with our
advanced technology and premium high-efficient products. "
Third Quarter 2023 Financial Results
Total Revenues
Total revenues in the third quarter of 2023 were RMB31.83 billion (US$4.36
billion), an increase of 3.7% from RMB30.69 billion in the second quarter of 2023
and an increase of 63.1% from RMB19.52
billion in the third 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.
Gross Profit and Gross Margin
Gross profit in the third quarter of 2023 was RMB6.13 billion (US$840.6
million), compared with RMB4.78
billion in the second quarter of 2023 and RMB3.07 billion in the third quarter of
2022.
Gross margin was 19.3% in the third quarter of 2023, compared
with 15.6% in the second quarter of 2023 and 15.7% in the third
quarter of 2022. The sequential and year-over-year increases were
mainly due to the decrease in the cost of raw materials.
Income from Operations and Operating Margin
Income from operations in the third quarter of 2023 was
RMB2.99 billion (US$409.8 million), compared with RMB1.54 billion in the second quarter of 2023 and
RMB63.1 million in the third quarter
of 2022. The changes were primarily attributable to the increases
in our revenues and gross margin in the third quarter of 2023.
Operating profit margin was 9.4% in the third quarter of 2023,
compared with 5.0% in the second quarter of 2023 and 0.3% in the
third quarter of 2022.
Total operating expenses in the third quarter of 2023 were
RMB3.14 billion (US$430.8 million), a decrease of 3.1% from
RMB3.24 billion in the second quarter
of 2023 and an increase of 4.5% from RMB3.01
billion in the third quarter of 2022. The sequential and
year-over-year changes were relatively flat.
Total operating expenses accounted for 9.9% of total revenues in
the third quarter of 2023, compared to 10.6% in the second quarter
of 2023 and 15.4% in the third quarter of 2022. The sequential and
year-over-year decreases were mainly due to the increases in the
shipment of solar modules and the decreases in average shipment
cost.
Interest Expenses, Net
Net interest expenses in the third quarter of 2023 were
RMB148.2 million (US$20.3 million), a decrease of 28.9% from
RMB208.5 million in the second
quarter of 2023 and an increase of 15.1% from RMB128.7 million in the third quarter of 2022.
The sequential decrease was mainly due to the increase in interest
income and the year-over-year increase was mainly due to an
increase in interest expense.
Subsidy Income
Subsidy income in the third quarter of 2023 was RMB64.5 million (US$8.8
million), compared with RMB292.4
million in the second quarter of 2023 and RMB225.3 million in the third quarter of 2022.
The sequential and year-over-year changes were mainly attributable
to the 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 loss (including change in
fair value of foreign exchange derivatives) of RMB295.8 million (US$40.5 million) in the third quarter of
2023, compared to a net exchange gain of RMB916.4 million in the second quarter of
2023 and a net exchange gain of RMB520.3 million in the third 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
third 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 gain from a change in fair value of the
Notes of RMB295.6 million
(US$40.5 million) in the third
quarter of 2023, compared to a gain of RMB89.7 million in the second quarter of 2023 and
a gain of RMB233.0 million in the
third quarter of 2022. The changes were primarily due to the
changes in the Company's stock price in the third 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 photovoltaic industry chain,
which are recorded as long-term investment and reported at fair
value with changes in fair value recognized in earnings. As of
September 30, 2023, the Company had
RMB956.2 million (US$131.1 million) in long-term investment,
compared with RMB1.09 billion as of
June 30, 2023.
The Company recognized a loss from change in fair value of
RMB130.3 million (US$17.9 million) in the third quarter of 2023,
compared with a gain of RMB2.3
million in the second quarter of 2023.
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 loss of affiliated companies of
RMB22.9 million(US$3.1 million) in the third quarter of 2023,
compared with gain of RMB63.3 million
in the second quarter of 2023 and gain of RMB38.9 million in the third quarter of 2022. The
fluctuation of equity in gain or loss of affiliated companies
primarily arose from the net gain or loss incurred by an affiliate
company.
Income Tax Expense
The Company recorded an income tax expense of RMB403.3 million (US$55.3
million) in the third quarter of 2023, compared with
RMB341.1 million in the second
quarter of 2023 and RMB150.8 million
in the third quarter of 2022.
Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB1.00 billion (US$137.2 million) in the third quarter of
2023, compared with RMB1.11 billion in the second quarter of
2023 and RMB247.8 million in the
third 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 RMB1.32
billion (US$181.4 million) in
the third quarter of 2023, compared with RMB1.31 billion in the second quarter
of 2023 and RMB549.8 million in the
third 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 RMB1.35 billion (US$184.6
million), compared with RMB1.43
billion in the second quarter of 2023 and RMB427.5 million in the third quarter of
2022.
Basic and diluted earnings per ordinary share were RMB6.42 (US$0.88)
and RMB4.61 (US$0.63), respectively, in the third quarter of
2023, compared to RMB6.39 and
RMB5.55, respectively, in the second
quarter of 2023, and RMB2.74 and
RMB1.60, respectively, in the third
quarter of 2022. As each ADS represents four ordinary shares, this
translates into basic and diluted earnings per ADS of RMB25.66 (US$3.52)
and RMB18.46 (US$2.53), respectively in the third quarter of
2023; basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second quarter of
2023; and basic and diluted earnings per ADS of RMB10.97 and RMB6.39, respectively, in the third quarter of
2022.
Financial Position
As of September 30, 2023, the
Company had RMB14.11 billion
(US$1.93 billion) in cash and cash
equivalents and restricted cash, compared with RMB17.03 billion as of June 30, 2023.
As of September 30, 2023, the
Company's accounts receivables due from third parties were
RMB25.78 billion (US$3.53 billion), compared with RMB21.59 billion as of June 30, 2023.
As of September 30, 2023, the
Company's inventories were RMB19.15
billion (US$2.63 billion),
compared with RMB20.09 billion as of
June 30, 2023.
As of September 30, 2023, the
Company's total interest-bearing debts were RMB30.83 billion (US$4.23
billion), compared with RMB34.31
billion as of June 30,
2023.
Third Quarter 2023 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 22,597 MW in the third quarter of 2023,
including 21,384 MW for solar module shipments and 1,213 MW for
cell and wafer shipments.
Operations and Business Outlook Highlights
We are optimistic about global market demand and the
opportunities brought by 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 2023, we expect mass-produced
N-type cell efficiency to reach 25.8%, and the integrated cost of
N-type modules to remain competitive with P-type modules. The
proportion of N-type modules shipments of our total module
shipments is expected to reach about 60% in 2023, as we expect
there will be a strong demand for high-efficiency products from a
growing number of markets and customers.
As we continue to invest in N-type capacity expansion overseas
in the second half of 2023, we expect to reach an integrated
capacity of over 12 GW overseas by the end of 2023, with the
production capacity of N-type accounting for over 75%. We will
continuously strengthen and expand our global industrial chain to
provide premium and high-quality products and services to our
global clients.
Fourth Quarter and Full Year 2023 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 2023, the Company expects its
module shipments to be around 23 GW.
We are confident to exceed the full year module shipment target
of 70 to 75 GW.
Solar Products Production Capacity
JinkoSolar expects its annual production capacity for mono
wafer, solar cell and solar module to reach 85.0 GW, 90.0 GW
and 110.0 GW, respectively, by the end of 2023.
Recent Business Developments
- In August 2023, JinkoSolar was
appointed a co-chair of the Tech, Innovation, and R&D Taskforce
of B20 India.
- In September 2023, JinkoSolar
signed a Memorandum of Understanding with Failte Energy Solutions
limited to supply Tiger Neo modules for a total capacity of 200
MW.
- In September 2023, JinkoSolar's
board of directors declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the Company, or US$1.50 per ADS.
- In October 2023, Jiangxi Jinko
announced that its module shipments exceeded 52 GW for the nine
months ended September 30, 2023, with
N-type modules accounting for about 57% of these shipments.
- In October 2023, Jiangxi Jinko
published its estimates of certain preliminary unaudited financial
results for the nine months ended September
30, 2023.
- In October 2023, JinkoSolar
announced that its affiliate has signed the largest ever supply
agreement with ACWA Power, to provide 3.8 GW N-type Tiger Neo
modules for ACWA Power's two projects, the 1,581MWp Al KAHFAH and
the 2,257MWp AR RASS 2, in Saudi
Arabia.
- In October 2023, JinkoSolar
announced that its high-efficiency N-Type monocrystalline silicon
solar cell sets new record with maximum conversion efficiency of
26.89%.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, October 30, 2023 at
8:30 a.m. U.S. Eastern Time
(8:30 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/10034589-n7xtqc.html
It will automatically direct you to the registration page of
"JinkoSolar Third Quarter 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, November 6, 2023. The dial-in
details for the replay are as follows:
International:
|
+61 7 3107
6325
|
U.S.:
|
+1 855 883
1031
|
Passcode:
|
10034589
|
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, 24 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 September
30, 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 September 29, 2023, which was RMB7.2960 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,
2022
|
|
Jun 30,
2023
|
|
Sep 30,
2023
|
|
Sep 30,
2022
|
|
Sep 30,
2023
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Revenues from
third parties
|
19,418,227
|
|
30,635,727
|
|
31,737,818
|
|
4,350,030
|
|
52,876,179
|
|
85,623,354
|
|
11,735,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
101,089
|
|
49,372
|
|
96,440
|
|
13,218
|
|
249,062
|
|
225,065
|
|
30,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
19,519,316
|
|
30,685,099
|
|
31,834,258
|
|
4,363,248
|
|
53,125,241
|
|
85,848,419
|
|
11,766,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(16,447,649)
|
|
(25,902,426)
|
|
(25,701,047)
|
|
(3,522,622)
|
|
(45,055,189)
|
|
(70,891,519)
|
|
(9,716,491)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
3,071,667
|
|
4,782,673
|
|
6,133,211
|
|
840,626
|
|
8,070,052
|
|
14,956,900
|
|
2,050,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(1,980,508)
|
|
(1,665,996)
|
|
(1,739,184)
|
|
(238,375)
|
|
(4,987,519)
|
|
(4,961,480)
|
|
(680,027)
|
General
and administrative
|
(823,679)
|
|
(800,148)
|
|
(1,157,814)
|
|
(158,692)
|
|
(2,612,076)
|
|
(3,042,370)
|
|
(416,992)
|
Research
and development
|
(201,690)
|
|
(225,574)
|
|
(218,097)
|
|
(29,893)
|
|
(496,370)
|
|
(632,227)
|
|
(86,654)
|
Impairment
of long-lived assets
|
(2,662)
|
|
(552,751)
|
|
(27,912)
|
|
(3,826)
|
|
(159,259)
|
|
(580,662)
|
|
(79,586)
|
Total operating
expenses
|
(3,008,539)
|
|
(3,244,469)
|
|
(3,143,007)
|
|
(430,786)
|
|
(8,255,224)
|
|
(9,216,739)
|
|
(1,263,259)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
63,128
|
|
1,538,204
|
|
2,990,204
|
|
409,840
|
|
(185,172)
|
|
5,740,161
|
|
786,755
|
Interest
expenses, net
|
(128,749)
|
|
(208,453)
|
|
(148,171)
|
|
(20,309)
|
|
(378,987)
|
|
(412,015)
|
|
(56,471)
|
Subsidy
income
|
225,336
|
|
292,376
|
|
64,461
|
|
8,835
|
|
995,386
|
|
620,879
|
|
85,099
|
Exchange
gain/(loss)
|
650,466
|
|
1,358,867
|
|
(253,303)
|
|
(34,718)
|
|
1,046,064
|
|
976,517
|
|
133,843
|
Change in fair
value of foreign exchange derivatives
|
(130,196)
|
|
(442,492)
|
|
(42,474)
|
|
(5,822)
|
|
(223,701)
|
|
(429,628)
|
|
(58,885)
|
Change in fair
value of Long-term Investment
|
|
|
2,278
|
|
(130,311)
|
|
(17,861)
|
|
-
|
|
312,391
|
|
42,817
|
Change in fair
value of convertible senior notes
|
232,961
|
|
89,747
|
|
295,602
|
|
40,516
|
|
(408,877)
|
|
123,914
|
|
16,984
|
Other
income/(loss), net
|
(888)
|
|
58,971
|
|
(25,190)
|
|
(3,453)
|
|
11,544
|
|
36,905
|
|
5,059
|
Income before income
taxes
|
909,504
|
|
2,689,498
|
|
2,750,818
|
|
377,028
|
|
850,070
|
|
6,969,124
|
|
955,201
|
Income tax
expenses
|
(150,775)
|
|
(341,144)
|
|
(403,305)
|
|
(55,278)
|
|
(339,887)
|
|
(1,059,453)
|
|
(145,210)
|
Equity in
earnings of affiliated companies
|
38,904
|
|
63,281
|
|
(22,937)
|
|
(3,144)
|
|
45,233
|
|
220,299
|
|
30,194
|
Net
income
|
797,633
|
|
2,411,635
|
|
2,324,576
|
|
318,606
|
|
555,416
|
|
6,129,970
|
|
840,185
|
Less: Net income
attributable to non-controlling
interests
|
(247,811)
|
|
(1,105,533)
|
|
(1,001,203)
|
|
(137,226)
|
|
(599,932)
|
|
(2,711,842)
|
|
(371,689)
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
549,822
|
|
1,306,102
|
|
1,323,373
|
|
181,380
|
|
(44,516)
|
|
3,418,128
|
|
468,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
2.74
|
|
6.39
|
|
6.42
|
|
0.88
|
|
(0.23)
|
|
16.73
|
|
2.29
|
Diluted
|
1.60
|
|
5.55
|
|
4.61
|
|
0.63
|
|
(0.23)
|
|
14.85
|
|
2.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
10.97
|
|
25.54
|
|
25.66
|
|
3.52
|
|
(0.90)
|
|
66.93
|
|
9.17
|
Diluted
|
6.39
|
|
22.20
|
|
18.46
|
|
2.53
|
|
(0.90)
|
|
59.38
|
|
8.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
200,494,033
|
|
204,566,514
|
|
206,286,879
|
|
206,286,879
|
|
196,930,951
|
|
204,273,709
|
|
204,273,709
|
Diluted
|
219,038,845
|
|
223,654,851
|
|
223,182,957
|
|
223,182,957
|
|
196,930,951
|
|
223,117,023
|
|
223,117,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
50,123,508
|
|
51,141,628
|
|
51,571,720
|
|
51,571,720
|
|
49,232,738
|
|
51,068,427
|
|
51,068,427
|
Diluted
|
54,759,711
|
|
55,913,713
|
|
55,795,739
|
|
55,795,739
|
|
49,232,738
|
|
55,779,256
|
|
55,779,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
797,633
|
|
2,411,635
|
|
2,324,576
|
|
318,606
|
|
555,416
|
|
6,129,970
|
|
840,185
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
1,638
|
|
58
|
|
-
|
|
-
|
|
1,638
|
|
(973)
|
|
(133)
|
-Foreign
currency translation adjustments
|
185,181
|
|
282,017
|
|
(31,771)
|
|
(4,354)
|
|
372,219
|
|
192,274
|
|
26,353
|
-Change in
the instrument-specific credit risk
|
48,293
|
|
20,227
|
|
5,245
|
|
719
|
|
106,423
|
|
70,690
|
|
9,689
|
Comprehensive
income
|
1,032,745
|
|
2,713,937
|
|
2,298,050
|
|
314,971
|
|
1,035,696
|
|
6,391,961
|
|
876,094
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(339,109)
|
|
(1,168,875)
|
|
(992,475)
|
|
(136,030)
|
|
(751,880)
|
|
(2,747,573)
|
|
(376,586)
|
Comprehensive
income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders
|
693,636
|
|
1,545,062
|
|
1,305,575
|
|
178,941
|
|
283,816
|
|
3,644,388
|
|
499,508
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2022
|
|
Sep 30,
2023
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
10,243,500
|
|
13,563,594
|
|
1,859,045
|
Restricted
cash
|
1,027,454
|
|
547,369
|
|
75,023
|
Restricted
short-term investments
|
8,945,271
|
|
7,799,555
|
|
1,069,018
|
Short-term
investments
|
-
|
|
51,922
|
|
7,117
|
Accounts
receivable, net - related parties
|
139,714
|
|
148,826
|
|
20,398
|
Accounts
receivable, net - third parties
|
16,674,876
|
|
25,779,992
|
|
3,533,442
|
Notes
receivable, net - related parties
|
282,824
|
|
1,850
|
|
254
|
Notes
receivable, net - third parties
|
6,697,096
|
|
3,960,907
|
|
542,887
|
Advances to
suppliers, net - related parties
|
56,860
|
|
78,208
|
|
10,719
|
Advances to
suppliers, net - third parties
|
3,271,284
|
|
3,903,922
|
|
535,077
|
Inventories,
net
|
17,450,284
|
|
19,153,303
|
|
2,625,179
|
Forward contract
receivables
|
119,625
|
|
30,717
|
|
4,210
|
Prepayments and
other current assets, net - related parties
|
23,105
|
|
29,518
|
|
4,046
|
Prepayments and
other current assets, net
|
3,290,902
|
|
3,533,424
|
|
484,296
|
Held-for-sale
assets
|
-
|
|
2,231,004
|
|
305,785
|
Available-for-sale securities
|
104,499
|
|
-
|
|
-
|
Total current
assets
|
68,327,294
|
|
80,814,111
|
|
11,076,496
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
1,378,680
|
|
1,575,353
|
|
215,920
|
Long-term
investments
|
1,711,072
|
|
2,302,860
|
|
315,634
|
Property, plant
and equipment, net
|
32,290,088
|
|
36,025,775
|
|
4,937,743
|
Land use rights,
net
|
1,431,424
|
|
1,613,337
|
|
221,126
|
Intangible
assets, net
|
79,600
|
|
186,794
|
|
25,602
|
Financing lease
right-of-use assets, net
|
558,407
|
|
336,096
|
|
46,066
|
Operating lease
right-of-use assets, net
|
396,966
|
|
377,985
|
|
51,807
|
Deferred tax
assets
|
704,244
|
|
703,856
|
|
96,471
|
Advances to
suppliers to be utilised beyond one year
|
310,375
|
|
669,897
|
|
91,817
|
Other assets,
net - related parties
|
52,363
|
|
55,451
|
|
7,600
|
Other assets,
net - third parties
|
1,421,669
|
|
2,636,924
|
|
361,421
|
Available-for-sale securities Non current
|
-
|
|
50,000
|
|
6,853
|
Total non-current
assets
|
40,334,888
|
|
46,534,328
|
|
6,378,060
|
|
|
|
|
|
|
Total assets
|
108,662,182
|
|
127,348,439
|
|
17,454,556
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable
- third parties
|
10,378,076
|
|
14,158,209
|
|
1,940,544
|
Notes payable -
related parties
|
419,500
|
|
401,500
|
|
55,030
|
Notes payable -
third parties
|
20,204,323
|
|
22,579,090
|
|
3,094,722
|
Accrued payroll
and welfare expenses
|
2,035,931
|
|
2,382,141
|
|
326,500
|
Advances from
related parties
|
3,829
|
|
884
|
|
121
|
Advances
from third parties
|
9,220,267
|
|
7,936,887
|
|
1,087,841
|
Income tax
payable
|
737,735
|
|
395,570
|
|
54,217
|
Other payables
and accruals
|
9,214,384
|
|
10,902,493
|
|
1,494,312
|
Other payables
due to related parties
|
5,964
|
|
16,069
|
|
2,202
|
Forward contract
payables
|
63,137
|
|
96,138
|
|
13,177
|
Convertible
senior notes - current
|
-
|
|
635,956
|
|
87,165
|
Financing lease
liabilities - current
|
168,381
|
|
78,277
|
|
10,728
|
Operating lease
liabilities - current
|
65,489
|
|
72,177
|
|
9,893
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
12,419,170
|
|
12,151,300
|
|
1,665,474
|
Held-for-sale
liabilities
|
-
|
|
1,459,435
|
|
200,032
|
Total current
liabilities
|
64,936,186
|
|
73,325,829
|
|
10,050,141
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
13,022,795
|
|
13,047,106
|
|
1,788,255
|
Convertible
senior notes
|
1,070,699
|
|
4,533,415
|
|
621,356
|
Accrued warranty
costs - non current
|
1,422,276
|
|
1,988,279
|
|
272,516
|
Financing lease
liabilities
|
69,881
|
|
-
|
|
-
|
Operating lease
liabilities
|
339,885
|
|
316,188
|
|
43,337
|
Deferred tax
liability
|
194,808
|
|
202,391
|
|
27,740
|
Long-term
Payables
|
601,759
|
|
844,819
|
|
115,792
|
Guarantee
liabilities to related parties
- non current
|
-
|
|
-
|
|
-
|
Total non-current
liabilities
|
16,722,103
|
|
20,932,198
|
|
2,868,996
|
|
|
|
|
|
|
Total
liabilities
|
81,658,289
|
|
94,258,027
|
|
12,919,137
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value, 500,000,000
shares authorized 204,135,029 and 209,232,719 shares
issued as of December 31, 2022 and September 30, 2023,
respectively)
|
28
|
|
29
|
|
4
|
Additional paid-in
capital
|
9,912,931
|
|
10,569,527
|
|
1,448,674
|
Accumulated other
comprehensive income
|
217,563
|
|
390,766
|
|
53,559
|
Treasury stock, at
cost; 2,945,840 ordinary shares as of
December 31, 2022 and September 30, 2023
|
(43,170)
|
|
(43,170)
|
|
(5,917)
|
Modification of
non-controlling interests
|
|
|
|
|
|
Accumulated retained
earnings
|
6,249,883
|
|
9,112,599
|
|
1,248,986
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
16,337,235
|
|
20,029,751
|
|
2,745,306
|
|
|
|
|
|
|
Non-controlling
interests
|
10,666,658
|
|
13,060,661
|
|
1,790,113
|
|
|
|
|
|
|
Total shareholders'
equity
|
27,003,893
|
|
33,090,412
|
|
4,535,419
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
108,662,182
|
|
127,348,439
|
|
17,454,556
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2023-financial-results-301971257.html
SOURCE JinkoSolar Holding Co., Ltd.