SHANGRAO, China, Aug. 30,
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 second quarter
ended June 30, 2024.
Second Quarter 2024 Business Highlights
- Leveraging our advantages of N-type TOPCon technology,
competitive products, global marketing, and manufacturing
footprint, module shipments grew by 34.1% year-over-year to 23.8 GW
in the second quarter, ranking first in the industry.
- At the end of the second quarter, we became the first module
manufacturer in the world to have delivered a total of 260 GW solar
modules, covering nearly 200 countries and regions.
- Our N-type TOPCon based perovskite tandem solar cell set a new
record with conversion efficiency of 33.24%, a significant leap
beyond our previous record of 32.33% for the same type of tandem
cells.
- The mass production efficiency of N-type TOPCon cells exceeds
26.1%.
- Recently, we were recognized as a Tier 1 energy storage
provider and a Tier 1 PV module manufacturer by Bloomberg New
Energy Finance.
- We recently entered into a strategic partnership with Renewable
Energy Localization Company and Vision Industries Company to form a
joint venture in Saudi Arabia for
the production of 10 GW of high-efficiency solar cells and solar
modules.
Second Quarter 2024 Operational and
Financial Highlights
- Quarterly shipments were 25,318 MW (23,822 MW for solar
modules, and 1,496 MW for cells and wafers), up 15.6% sequentially,
and up 36.0% year-over-year.
- Total revenues were RMB24.05
billion (US$3.31 billion), up
4.4% sequentially and down 21.6% year-over-year.
- Gross profit was RMB2.68 billion
(US$368.3 million), down 2.1%
sequentially and down 44.0% year-over-year.
- Gross margin was 11.1%, compared with 11.9% in Q1 2024 and
15.6% in Q2 2023.
- Net loss attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB 100.7
million (US$13.9 million),
compared with net income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders of RMB609.4
million in Q1 2024 and RMB1.31
billion in Q2 2023.
- 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, (ii) a change
in fair value of long-term investment, (iii) share based
compensation expenses, and (iv) the net loss resulted from a fire
accident at one of our production bases in Shanxi Province (the "Fire Accident"), was
RMB378.5 million (US$52.1 million), compared with adjusted net
income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders of RMB470.3 million in
Q1 2024 and RMB1.43 billion in Q2
2023.
- Basic and diluted loss per ordinary share were RMB0.48 (US$0.07)
and RMB0.53 (US$ 0.07), respectively. This translates into
basic and diluted loss per ADS of RMB
1.94 (US$0.27) and
RMB2.12 (US$0.29), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "We are pleased to
announce that our module shipments grew by 34.1% year-over-year to
23.8 GW in the second quarter, ranking first in the industry. By
the end of the second quarter, we became the first solar company in
the world to have reached accumulative module shipments of 260 GW,
covering nearly 200 countries and regions. This again demonstrated
the strength of our globalization strategy. Prices in several
segments of the industry chain declined slightly on a sequential
basis leading us to adjust our production scheduling strategy and
utilization rates for different processes. We also optimized our
supply chain strategy to control costs. Gross margin was 11.1% in
this quarter, relatively flat sequentially. Adjusted net income was
$52.1 million, a slight decrease
sequentially.
Overall, global demand showed fast growth momentum in the first
half of 2024. The newly added installations in China totaled 102.4 GW, up 30.7%
year-over-year while total solar module exports increased by around
20% year-over-year. Thanks to our global footprint and competitive
products, by the end of the second quarter, the visibility of our
orderbook for 2024 exceeds 80%, enabling us to maintain an
industry-leading utilization rate, particularly nearly 100% for
N-type cells.
Oversupply and increasingly irrational low prices along the
supply chain that have plagued our industry for some time have
started to be addressed by market forces as well as government and
industry control policies. Additionally, financial institutions
have become more selective, favoring companies with proven
technological innovation, healthy financial conditions, and strong
brand recognition. As a result, some manufacturers have been forced
to cut or suspend production while others have delayed, suspended
or even canceled capacity expansion projects. We believe that all
these measures will further accelerate the elimination of outdated
capacity as well as industry consolidation, paving the way for
companies with robust sustainable operations to reinforce their
industry leadership.
We made good progress on several fronts. The mass-produced
efficiency of our 182 mm TOPCon cells has exceeded 26.1%, and the
lab efficiency of our N-type TOPCon-based perovskite tandem solar
cell has reached 33.24%. We firmly believe that TOPCon technology
still delivers the best economic performance in terms of cost, mass
production yield, intellectual property protection, and customer
acceptance, with further room for cost reduction and efficiency
increase. In addition, we reached another milestone in our global
manufacturing strategy with the recently announced strategic
partnership with Renewable Energy Localization Company and Vision
Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of
high-efficiency solar cells and solar modules.
Despite the challenges in our industry, the strength of our
N-type TOPCon technology, the competitiveness of our products, and
our extensive global sales and manufacturing network have placed us
in a strong position in the industry as the industry continues to
address excess capacity. We will continue to implement our
globalization strategy to actively seize market opportunities and
mitigate market risks. We reiterate our guidance for module
shipments to be between 100.0 GW and 110.0 GW for full year 2024.
We expect module shipments to be between 23.0 GW and 25.0 GW for
the third quarter of 2024. By the end of 2024, we expect our
mass-produced N-type cell efficiency to reach 26.5%. We will
continue to optimize our asset and liability structure, as well as
cash flow levels, to strengthen our resistance to risks."
Second Quarter 2024 Financial Results
Total Revenues
Total revenues in the second quarter of 2024 were
RMB24.05 billion (US$3.31 billion), an increase of 4.4% from
RMB23.04 billion in the first
quarter of 2024 and a decrease of 21.6% from RMB30.69 billion in the second quarter of
2023. The sequential increase was mainly due to the increase in
module shipments. The year-over-year decrease was mainly due
to a decrease in the average selling price of solar modules.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2024 was RMB2.68 billion (US$368.3 million), compared with RMB2.74 billion in the first quarter of 2024
and RMB4.78 billion in the
second quarter of 2023.
Gross margin was 11.1% in the second quarter of 2024, compared
with 11.9% in the first quarter of 2024 and 15.6% in the second
quarter of 2023. The year-over-year decrease was mainly due to
the decrease in the average selling price of solar modules.
Loss/Income from Operations and Operating Margin
Loss from operations in the second quarter of 2024 was
RMB1.14 billion (US$156.6 million), compared with loss from
operations of RMB339.6 million in the
first quarter of 2024 and income from operations of RMB1.54 billion in the second quarter of 2023.
The sequential increase in loss from operations was mainly due to
the increase in our operating expenses in the second quarter of
2024.The change from income from operations in the second quarter
of 2023 to loss from operations in the second quarter of 2024 was
primarily attributable to the decreases in our revenues and gross
margin in the second quarter of 2024.
Operating loss margin was 4.7% in the second quarter of 2024,
compared with operating loss margin of 1.5% in the first quarter of
2024 and operating profit margin of 5.0% in the second quarter of
2023.
Total operating expenses in the second quarter of 2024 were
RMB3.81 billion (US$524.9 million), an increase of 24.1% from
RMB3.07 billion in the first quarter
of 2024 and an increase of 17.6% from RMB3.24 billion in the second quarter of 2023.
The sequential and year-over-year increases were mainly due to the
write-off of the net book value of the equipment resulted from the
Fire Accident in Shanxi Province,
which was partially offset by the estimated insurance
proceeds from the Fire Accident in the second quarter of 2024.
Total operating expenses accounted for 15.9% of total revenues
in the second quarter of 2024, compared to 13.3% in the first
quarter of 2024 and 10.6% in the second quarter of 2023.
Interest Expenses, Net
Net interest expenses consist of interest expenses of
RMB212.9 million (US$29.3 million) and interest income of
RMB107.7 million (US$14.8 million) in the second quarter of
2024.
Net interest expenses in the second quarter of 2024 was
RMB105.2 million (US$14.5 million), a decrease of 43.7%
from RMB186.8 million in the first
quarter of 2024 and a decrease of 49.6% from RMB208.5 million in the second quarter of 2023.
The sequential and year-over-year decreases were due to the
decrease in interest-bearing debts with high interest rate.
Subsidy Income
Subsidy income in the second quarter of 2024 was RMB885.0 million (US$121.8 million), compared
with RMB231.8 million in the first quarter of 2024 and
RMB292.4 million in the second
quarter of 2023. The sequential and year-over-year changes were
mainly attributable to the changes 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 RMB305.0 million (US$42.0 million) in the second quarter of
2024, compared to a net exchange gain of RMB139.7 million in the first quarter of
2024 and a net exchange gain of RMB916.4 million in the second quarter of
2023. The sequential and year-over-year changes were mainly
attributable to the exchange rate fluctuation of US dollars against
RMB in the second quarter of 2024.
Change in Fair Value of Convertible Senior Notes
The Company issued US$85.0 million
of 4.5% convertible senior notes (the "Notes") due 2024 in
May 2019 and has elected to measure
the Notes at fair value derived by valuation model, i.e. Binomial
Model. As of June 30, 2024, all the
Notes with the principle amount of US$85.0
million have been converted to the ordinary shares of
the Company.
The Company recognized a gain from a change in fair value of the
convertible senior notes of RMB12.8
million (US$1.8 million) in
the second quarter of 2024, compared to a gain of RMB310.7 million in the first quarter of
2024 and a gain of RMB89.7 million in the second quarter of
2023. The sequential and year-over-year changes were primarily due
to the changes in the Company's stock price in the second quarter
of 2024.
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, which are recorded as long-term investment and reported at
fair value with changes in fair value recognized in earnings. As of
June 30, 2024, the Company had
RMB849.7 million (US$116.9 million) in long-term investment,
compared with RMB967.0
million as of March 31,
2024.
The Company recognized a loss from change in fair value of
RMB144.2 million (US$19.8 million) in the second quarter of 2024,
compared with a loss of RMB55.3 million in the first quarter of 2024
and a gain of RMB2.3 million in
the second quarter of 2023. The sequential and year-over-year
changes were primarily due to the changes in the valuation of
several solar technology companies we invested in.
Other income, net
Net other income in the second quarter of 2024 was
RMB157.6 million (US$21.7 million), compared with net other
income of RMB1.32 billion in the
first quarter of 2024 and net other income of RMB59.0 million in the second quarter of 2023.
The sequential decrease was mainly due to income generated from the
disposal of a wholly-owned subsidiary in the first quarter of
2024. The year-over-year increase was mainly due to gains from the
changes in the fair value of the financial instruments in the
second quarter of 2024.
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
RMB67.6 million (US$9.3 million) in the second quarter of
2024, compared with equity in gain of RMB13.2 million in the first quarter of 2024
and RMB63.3 million in the
second quarter of 2023. The fluctuations in 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 RMB24.8 million (US$3.4 million) in the second quarter of
2024, compared with RMB476.7 million in the first quarter of
2024 and RMB341.1 million in the
second quarter of 2023.
Net Loss/Income attributable to Non-Controlling
Interests
Net loss attributable to non-controlling interests amounted to
RMB18.8 million (US$2.6 million) in the second quarter of
2024, compared with net income of RMB351.0 million in the first quarter of
2024 and net income of RMB1.11 billion in the second quarter of
2023. 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.
Net Loss/Income and Earnings per Share
Net loss attributable to the JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB100.7
million (US$13.9 million) in
the second quarter of 2024, compared with net income of
RMB609.4 million in the first quarter
of 2024 and net income of RMB1.31
billion in the second quarter of 2023.
Excluding the impact from (i) a change in fair value of the
convertible senior notes, (ii) a change in fair value of the
long-term investment, (iii) share based compensation expenses, and
(iv) the net loss resulted from the Fire Accident, adjusted net
income attributable to the JinkoSolar Holding Co., Ltd.'s ordinary
shareholders was RMB378.5 million
(US$52.1 million), compared with
RMB470.3 million in the first quarter
of 2024 and RMB1.43 billion in the
second quarter of 2023.
Basic and diluted loss per ordinary share were RMB0.48 (US$0.07)
and RMB0.53 (US$0.07), respectively, in the second quarter of
2024, compared to basic and diluted earnings per ordinary share of
RMB2.82 and RMB1.34, respectively, in the first quarter of
2024, and basic and diluted earnings per ordinary share of
RMB6.39 and RMB5.55, respectively, in the second quarter of
2023. As each ADS represents four ordinary shares, this translates
into basic and diluted loss per ADS of RMB1.94 (US$0.27)
and RMB2.12 (US$0.29), respectively in the second quarter of
2024; basic and diluted earnings per ADS of RMB11.28 and RMB5.36, respectively, in the first quarter of
2024; and basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second quarter of
2023.
Financial Position
As of June 30, 2024, the Company
had RMB13.87 billion (US$1.91 billion) in cash, cash equivalents, and
restricted cash, compared with RMB17.63 billion as of March 31, 2024.
As of June 30, 2024, the Company's
accounts receivables were RMB18.39
billion (US$2.53 billion), compared with RMB19.82 billion as of March 31, 2024.
As of June 30, 2024, the Company's
inventories were RMB19.49 billion
(US$2.68 billion), compared with
RMB20.13 billion as of
March 31, 2024.
As of June 30, 2024, the Company's
total interest-bearing debts were RMB28.06 billion (US$3.86 billion), compared with RMB26.46 billion as of March 31, 2024.
Second Quarter 2024 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 25,318 MW in the second quarter of
2024, including 23,822 MW for solar module shipments and 1,496 MW
for cell and wafer shipments.
Operations and Business Outlook Highlights
Third 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 third quarter of 2024, the Company expects its
module shipments to be in the range of 23.0 GW to 25.0 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
The Company expects its annual production capacity for mono
wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW
and 130.0 GW, respectively, by the end of 2024.
Recent Business Developments
- In May 2024, JinkoSolar delivered
Tiger Neo modules to a Solar Power Plant in Lobstädt, Germany (The Witznitz Solar Park).
- In May 2024, JinkoSolar's
2000-Volt EAGLE® Modules became the first in the world to be
qualified as UL listed products for UL61730-1 and UL61730-2, and UL
classified products for IEC 61215-1, IEC 61215-2 and IEC
61215-1-1.
- In June 2024, JinkoSolar was
recognized as a Top Performer across all reliability categories in
the 2024 PV Module Reliability Scorecard published by Kiwa
PVEL.
- In June 2024, JinkoSolar
announced that tested by TÜV SÜD, the conversion efficiency for
2 m2 above large-size
N-type TOPCon solar modules has reached 25.42%, setting a new
record again.
- In June 2024, JinkoSolar
announced that its subsidiary Jinko Solar
Denmark has supplied high voltage residential storage
solutions to SolarToday for use in the DACH and Benelux regions
starting from June 2024.
- In June 2024, JinkoSolar entered
into a Heads of Terms with kIEFER to supply its large scale battery
storage, SunTera to Athens
International Airport (AIA), supporting its commitment to achieve
Net Zero Carbon Emissions by 2025.
- In July 2024, JinkoSolar topped
the PV Tech 2024 Q2 ModuleTech Bankability Report with "AAA"
rating.
- As of the date of this press release, JinkoSolar has
repurchased a total of 5,596,739 ADSs in an aggregate amount of
approximately US$134.5 million in the
open market under its share repurchase program announced in
July 2022 and the extended share
repurchase program announced in December
2023. As of the same date, approximately US$65.5 million of the Company's ordinary shares
represented by the ADSs under the extended share repurchase program
had not been utilized.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, August 30, 2024 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/10041536-ai8fg3.html
It will automatically direct you to the registration page of
"JinkoSolar Second Quarter 2024 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, September 6, 2024. The dial-in
details for the replay are as follows:
|
International:
|
+61 7 3107
6325
|
|
U.S.:
|
+1 855 883
1031
|
|
Passcode:
|
10041536
|
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 over 10 productions facilities globally, over 20
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 a global sales network with 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 June 30,
2024.
To find out more, please see: www.jinkosolar.com
Currency Convenience Translation
The conversion of Renminbi into U.S. dollars in this release,
made solely for the convenience of the readers, is based on the
noon buying rate in the city of New
York for cable transfers of Renminbi as certified for
customs purposes by the Federal Reserve Bank of New York as of June 28,
2024, which was RMB7.2672 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 year
ended
|
|
Jun 30,
2023
|
|
Mar 31,
2024
|
|
Jun 30,
2024
|
|
Jun 30,
2023
|
|
Jun 30,
2024
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
Revenues
|
30,685,099
|
|
23,044,280
|
|
24,053,049
|
|
3,309,810
|
|
54,014,161
|
|
47,097,329
|
|
6,480,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(25,902,426)
|
|
(20,309,195)
|
|
(21,376,366)
|
|
(2,941,486)
|
|
(45,190,471)
|
|
(41,685,562)
|
|
(5,736,124)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
4,782,673
|
|
2,735,085
|
|
2,676,683
|
|
368,324
|
|
8,823,690
|
|
5,411,767
|
|
744,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(1,665,996)
|
|
(1,466,397)
|
|
(1,797,061)
|
|
(247,284)
|
|
(3,222,296)
|
|
(3,263,458)
|
|
(449,067)
|
|
General
and administrative
|
(800,148)
|
|
(1,367,868)
|
|
(1,141,307)
|
|
(157,049)
|
|
(1,884,556)
|
|
(2,509,174)
|
|
(345,274)
|
|
Research
and development
|
(225,574)
|
|
(240,428)
|
|
(215,394)
|
|
(29,639)
|
|
(414,130)
|
|
(455,822)
|
|
(62,723)
|
|
Impairment
of long-lived assets
|
(552,751)
|
|
-
|
|
(660,964)
|
|
(90,952)
|
|
(552,751)
|
|
(660,964)
|
|
(90,952)
|
|
Total operating
expenses
|
(3,244,469)
|
|
(3,074,693)
|
|
(3,814,726)
|
|
(524,924)
|
|
(6,073,733)
|
|
(6,889,418)
|
|
(948,016)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income
from operations
|
1,538,204
|
|
(339,608)
|
|
(1,138,043)
|
|
(156,600)
|
|
2,749,957
|
|
(1,477,651)
|
|
(203,331)
|
|
Interest
expenses
|
(332,374)
|
|
(281,733)
|
|
(212,897)
|
|
(29,296)
|
|
(623,108)
|
|
(494,630)
|
|
(68,063)
|
|
Interest
income
|
123,921
|
|
94,900
|
|
107,740
|
|
14,826
|
|
359,263
|
|
202,640
|
|
27,884
|
|
Subsidy
income
|
292,376
|
|
231,844
|
|
885,024
|
|
121,783
|
|
556,418
|
|
1,116,868
|
|
153,686
|
|
Exchange
gain,net
|
1,358,867
|
|
126,010
|
|
247,726
|
|
34,088
|
|
1,229,820
|
|
373,736
|
|
51,428
|
|
Change in fair
value of foreign exchange derivatives
|
(442,492)
|
|
13,714
|
|
57,250
|
|
7,878
|
|
(387,154)
|
|
70,964
|
|
9,765
|
|
Change in fair
value of Long-term Investment
|
2,278
|
|
(55,328)
|
|
(144,222)
|
|
(19,846)
|
|
442,702
|
|
(199,550)
|
|
(27,459)
|
|
Change in fair
value of convertible senior notes
|
89,747
|
|
310,683
|
|
12,791
|
|
1,760
|
|
(171,688)
|
|
323,474
|
|
44,512
|
|
Other income,
net
|
58,971
|
|
1,323,478
|
|
157,574
|
|
21,683
|
|
62,095
|
|
1,481,051
|
|
203,800
|
|
Income/(loss) before
income taxes
|
2,689,498
|
|
1,423,960
|
|
(27,057)
|
|
(3,724)
|
|
4,218,305
|
|
1,396,902
|
|
192,222
|
|
Income tax
expenses
|
(341,144)
|
|
(476,718)
|
|
(24,799)
|
|
(3,412)
|
|
(656,148)
|
|
(501,518)
|
|
(69,011)
|
|
Equity in
(loss)/income of affiliated companies
|
63,281
|
|
13,181
|
|
(67,644)
|
|
(9,308)
|
|
243,236
|
|
(54,463)
|
|
(7,494)
|
|
Net
income
|
2,411,635
|
|
960,423
|
|
(119,500)
|
|
(16,444)
|
|
3,805,393
|
|
840,921
|
|
115,717
|
|
Less: Net
(income)/loss attributable to non-controlling
interests
|
(1,105,533)
|
|
(351,025)
|
|
18,847
|
|
2,593
|
|
(1,710,640)
|
|
(332,178)
|
|
(45,709)
|
|
Net
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
1,306,102
|
|
609,398
|
|
(100,653)
|
|
(13,851)
|
|
2,094,753
|
|
508,743
|
|
70,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
6.39
|
|
2.82
|
|
(0.48)
|
|
(0.07)
|
|
10.31
|
|
2.40
|
|
0.33
|
|
Diluted
|
5.55
|
|
1.34
|
|
(0.53)
|
|
(0.07)
|
|
9.90
|
|
0.87
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) attributable to JinkoSolar Holding
Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
25.54
|
|
11.28
|
|
(1.94)
|
|
(0.27)
|
|
41.22
|
|
9.62
|
|
1.32
|
|
Diluted
|
22.20
|
|
5.36
|
|
(2.12)
|
|
(0.29)
|
|
39.61
|
|
3.48
|
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
204,566,514
|
|
216,001,414
|
|
208,076,672
|
|
208,076,672
|
|
203,250,441
|
|
211,662,944
|
|
211,662,944
|
|
Diluted
|
223,654,851
|
|
223,646,269
|
|
209,869,918
|
|
209,869,918
|
|
211,556,947
|
|
219,563,068
|
|
219,563,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
51,141,628
|
|
54,000,353
|
|
52,019,168
|
|
52,019,168
|
|
50,812,610
|
|
52,915,736
|
|
52,915,736
|
|
Diluted
|
55,913,713
|
|
55,911,567
|
|
52,467,479
|
|
52,467,479
|
|
52,889,237
|
|
54,890,767
|
|
54,890,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
2,411,635
|
|
960,423
|
|
(119,500)
|
|
(16,444)
|
|
3,805,393
|
|
840,921
|
|
115,717
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
58
|
|
|
|
|
|
-
|
|
(973)
|
|
|
|
-
|
|
-Foreign
currency translation adjustments
|
282,017
|
|
(177,267)
|
|
9,874
|
|
1,360
|
|
224,045
|
|
(167,393)
|
|
(23,034)
|
|
-Change in
the instrument-specific credit risk
|
20,227
|
|
421
|
|
-
|
|
-
|
|
65,445
|
|
421
|
|
58
|
|
Comprehensive
income/(loss)
|
2,713,937
|
|
783,577
|
|
(109,626)
|
|
(15,084)
|
|
4,093,910
|
|
673,949
|
|
92,740
|
|
Less:
Comprehensive (income)/loss attributable to non-
controlling interests
|
(1,168,875)
|
|
(348,517)
|
|
9,056
|
|
1,246
|
|
(1,755,098)
|
|
(339,461)
|
|
(46,711)
|
|
Comprehensive
income/(loss) attributable to JinkoSolar
Co., Ltd.'s ordinary shareholders
|
1,545,062
|
|
435,060
|
|
(100,570)
|
|
(13,838)
|
|
2,338,812
|
|
334,488
|
|
46,029
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(in
thousands)
|
|
Dec 31,
2023
|
|
Jun 30,
2024
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash,cash
equivalents, and restricted cash
|
19,069,107
|
|
13,869,567
|
|
1,908,516
|
|
Restricted
short-term investments and short-term investments
|
8,509,257
|
|
6,458,580
|
|
888,730
|
|
Accounts
receivable, net
|
22,958,693
|
|
18,386,843
|
|
2,530,114
|
|
Notes
receivable, net
|
4,090,085
|
|
4,283,889
|
|
589,483
|
|
Advances to
suppliers, net
|
4,565,779
|
|
3,774,159
|
|
519,341
|
|
Inventories,
net
|
18,215,537
|
|
19,489,767
|
|
2,681,881
|
|
Foreign exchange
forward contract receivables
|
103,100
|
|
122,268
|
|
16,825
|
|
Prepayments and
other current assets, net
|
3,430,224
|
|
6,031,154
|
|
829,914
|
|
Held-for-sale
assets
|
2,003,417
|
|
189,077
|
|
26,018
|
|
Total current
assets
|
82,945,199
|
|
72,605,304
|
|
9,990,822
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Restricted
long-term investments
|
1,536,198
|
|
1,918,126
|
|
263,943
|
|
Long-term
investments
|
2,117,628
|
|
1,738,566
|
|
239,234
|
|
Property, plant
and equipment, net
|
41,267,187
|
|
45,615,154
|
|
6,276,854
|
|
Land use rights,
net
|
1,821,012
|
|
1,852,866
|
|
254,963
|
|
Intangible
assets, net
|
569,088
|
|
361,480
|
|
49,741
|
|
Right-of-use
assets, net
|
742,431
|
|
567,137
|
|
78,041
|
|
Deferred tax
assets
|
1,290,004
|
|
1,613,419
|
|
222,014
|
|
Advances to
suppliers to be utilised beyond one year
|
648,377
|
|
671,645
|
|
92,421
|
|
Other assets,
net
|
2,790,567
|
|
1,571,391
|
|
216,231
|
|
Available-for-sale securities-non-current
|
104,134
|
|
131,134
|
|
18,045
|
|
Total non-current
assets
|
52,886,626
|
|
56,040,918
|
|
7,711,487
|
|
|
|
|
|
|
|
Total assets
|
135,831,825
|
|
128,646,222
|
|
17,702,309
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
15,475,166
|
|
13,952,517
|
|
1,919,930
|
|
Notes
payable
|
25,690,532
|
|
19,528,035
|
|
2,687,147
|
|
Accrued payroll
and welfare expenses
|
2,798,964
|
|
2,592,942
|
|
356,801
|
|
Advances from
customers
|
6,965,298
|
|
7,551,735
|
|
1,039,154
|
|
Income tax
payables
|
1,016,039
|
|
491,952
|
|
67,695
|
|
Other payables
and accruals
|
13,448,501
|
|
16,387,720
|
|
2,255,022
|
|
Foreign exchange
forward derivatives payables
|
26,466
|
|
16,038
|
|
2,207
|
|
Convertible
senior notes
|
782,969
|
|
-
|
|
-
|
|
Lease
liabilities - current
|
155,931
|
|
118,382
|
|
16,290
|
|
Short-term
borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing
|
13,583,774
|
|
6,830,467
|
|
939,904
|
|
Held-for-sale
liabilities
|
1,117,005
|
|
-
|
|
-
|
|
Total current
liabilities
|
81,060,645
|
|
67,469,788
|
|
9,284,150
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
Long-term
borrowings
|
11,238,806
|
|
13,434,364
|
|
1,848,630
|
|
Convertible
notes
|
4,785,480
|
|
7,203,086
|
|
991,178
|
|
Accrued warranty
costs - non current
|
2,145,426
|
|
2,205,949
|
|
303,549
|
|
Lease
liabilities-noncurrent
|
557,136
|
|
475,932
|
|
65,490
|
|
Deferred tax
liability
|
131,506
|
|
138,971
|
|
19,123
|
|
Long-term
Payables
|
2,378,684
|
|
4,257,201
|
|
585,810
|
|
Total non-current
liabilities
|
21,237,038
|
|
27,715,503
|
|
3,813,780
|
|
|
|
|
|
|
|
Total
liabilities
|
102,297,683
|
|
95,185,291
|
|
13,097,930
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
20,156,434
|
|
20,620,188
|
|
2,837,434
|
|
|
|
|
|
|
|
Non-controlling
interests
|
13,377,708
|
|
12,840,743
|
|
1,766,945
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
33,534,142
|
|
33,460,931
|
|
4,604,379
|
|
|
|
|
|
|
|
Total liabilities,
non-controlling interest and shareholders' equity
|
135,831,825
|
|
128,646,222
|
|
17,702,3093
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2024-financial-results-302234929.html
SOURCE JinkoSolar Holding Co., Ltd.