SHANGRAO, China, April 29,
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 first quarter
ended March 31, 2024.
First Quarter 2024 Business Highlights
- Leveraging our outstanding N-type technology, extensive global
operation network, and advanced integrated capacity structure,
module shipments increased 53.3% year-over-year to 19.99 GW,
ranking first in the industry.
- N-type module shipments accounted for nearly 80% of all module
shipments globally and nearly 50% of module shipments to
North America.
- Our order book visibility for 2024 currently exceeds 70%.
- We were recognized as a Tier 1 energy storage provider by
Bloomberg New Energy Finance (BNEF).
First Quarter 2024 Operational and
Financial Highlights
- Quarterly shipments were 21,907 MW (19,993 MW for solar
modules, and 1,914 MW for cells and wafers), down 21.4%
sequentially, and up 51.2% year-over-year.
- Total revenues were RMB23.04
billion (US$3.19 billion),
down 29.8% sequentially and down 1.2% year-over-year.
- Gross profit was RMB2.74 billion
(US$378.8 million), down 33.1%
sequentially and down 32.3% year-over-year.
- Gross margin was 11.9%, compared with 12.5% in Q4 2023 and
17.3% in Q1 2023.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB 609.4
million (US$84.4 million),
compared with RMB29.3 million in Q4
2023 and RMB788.7 million in Q1
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, and (iii) share based
compensation expenses, was RMB470.3
million (US$65.1 million),
compared with adjusted net income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders RMB462.7 million in Q4 2023 and RMB836.4 million in Q1 2023.
- Basic and diluted earnings per ordinary share were RMB2.82 (US$0.39)
and RMB1.34 (US$ 0.19), respectively. This translates into
basic and diluted earnings per ADS of RMB
11.28 (US$1.56) and
RMB5.36 (US$0.74), respectively.
Mr. Xiande Li, JinkoSolar's
Chairman and Chief Executive Officer, commented, "We are pleased to
announce that our module shipments grew 53.3% year-over-year to
19.99 GW in the first quarter, ranking first in the industry.
Notably, N-type shipments accounted for nearly 80%, solidifying our
leading position in the industry. Module prices continued to fall
in the first quarter. While the industry average utilization rate
declined sharply, we maintained our leading utilization rate at
high level, leading the industry. Over 70% of modules were shipped
to overseas markets in the first quarter, with a significant
sequential increase in the proportion of shipments to Europe and the U.S. Gross margin was 11.9%,
flat sequentially. Net income was US$84.4
million, up 19.8 times sequentially. Adjusted net income to
JinkoSolar Holding Co., Ltd.'s ordinary shareholders was
US$65.1 million, up 1.6%
sequentially.
Newly added installations in China reached 45.7 GW, an increase of 35.9%
year-over-year. Module exports totaled 61.7 GW, an increase of over
20% year-over-year. The PV industry remained one of the few sectors
maintaining a high growth rate, and we expect global PV demand to
grow approximately 25%-30% in 2024.While polysilicon prices
continued to decline in the second quarter with supply surpassing
demand, module prices remained relatively stable due to increases
in the cost of some materials. We expect the profitability of
integrated solar companies to come under pressure in the short
term, and the impact on different companies varies depending on
their specific operational capabilities. As a result, we believe
overall production capacity in our industry will shrink with the
elimination of weaker players that lack market competitiveness,
sustainable production capabilities, and the ability to regularly
upgrade and iterate technology.
In responses to pressure along the industry chain, we continue
to deploy new technologies to improve the mass-produced efficiency
of TOPCon cells and module output while reducing costs through
optimization of supply chain and production process. We are
accelerating the phasing out of our P-type capacity and expect our
N-type capacity to exceed 90% of total capacity by the end of 2024
and our advanced capacity structure to continue to lead the
industry.
We have the largest overseas integrated capacity in the industry
and continuously work to expand the global industry chain. Our 1GW
N-type module capacity in the U.S. has started production and
another 1GW is expected to start production in the second quarter
of 2024. With the strength of our global operations and long
accumulated experience in risk management, we are confident in our
ability to quickly adapt to changes in international trade and
continue to deliver premium products and services to our global
clients.
According to the latest predictions by the International Energy
Agency (IEA), solar PV and wind will account for 95% of global
renewable expansion and by 2028, the share of wind and solar PV in
global electricity generation will double to 25%. Meanwhile, the
declining cost of solar+storage will continue to improve the
economics of investing in PV storage projects. We strongly believe
that solar+storage will become the major model for future growth in
electricity generation and are confident we will continue to lead
the industry with advanced technologies and premium high-efficiency
products.
We expect module shipments to be between 24.0 GW and 26.0 GW for
the second quarter of 2024, and between 100.0 GW and 110.0 GW for
the full year 2024, with N-type modules accounting for nearly 90%
of total module shipments. We expect our annual production capacity
for mono wafers, solar cells and solar modules to reach 120.0 GW,
110.0 GW and 130.0 GW, respectively, by the end of 2024. By then,
we believe the mass-produced N-type cell efficiency will have
reached 26.5%.
First Quarter 2024 Financial Results
Total Revenues
Total revenues in the first quarter of 2024 were RMB23.04 billion (US$3.19
billion), a decrease of 29.8% from RMB32.83 billion in the fourth quarter of 2023
and a decrease of 1.2% from RMB23.33
billion in the first quarter of 2023. The sequential
decrease was mainly due to a decrease in the shipment of solar
modules, and 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 first quarter of 2024 was RMB2.74 billion (US$378.8
million), compared with RMB4.09
billion in the fourth quarter of 2023 and RMB4.04 billion in the first quarter of
2023.
Gross margin was 11.9% in the first quarter of 2024, compared
with 12.5% in the fourth quarter of 2023 and 17.3% in the first
quarter of 2023. The sequential and year-over-year decreases were
mainly due to the decreases in the average selling price of solar
modules.
(Loss)/Income from Operations and Operating Margin
Loss from operations in the first quarter of 2024 was
RMB339.6 million (US$47.0 million), compared with RMB352.5 million income from operations in the
fourth quarter of 2023 and RMB1.21
billion income from operations in the first quarter of 2023.
The changes were primarily attributable to the decreases in our
revenues and gross margin in the first quarter of 2024.
Operating loss margin was 1.5% in the first quarter of 2024,
compared with 1.1% operating profit margin in the fourth quarter of
2023 and 5.2% operating profit margin in the first quarter of
2023.
Total operating expenses in the first quarter of 2024 were
RMB3.07 billion (US$425.8 million), a decrease of 17.8% from
RMB3.74 billion in the fourth quarter
of 2023 and an increase of 8.7% from RMB2.83
billion in the first quarter of 2023. The sequential
decrease was mainly due to (i) the decrease in the shipment of
solar modules and (ii) expenses in relation to settlement of a
dispute with one of our customers that we recorded in the fourth
quarter of 2023. The year-over-year changes were relatively
flat.
Total operating expenses accounted for 13.3% of total revenues
in the first quarter of 2024, compared to 11.4% in the fourth
quarter of 2023 and 12.1% in the first quarter of 2023.
Interest Expenses, Net
Net interest expenses consist of interest expenses of
RMB281.7 million (US$39.0 million) and interest income of
RMB94.9 million (US$13.1 million) in the first quarter of
2024.
Net interest expenses decreased by 9.1% from RMB205.6 million in the fourth quarter of 2023 to
RMB186.8 million (US$25.9 million) in the first quarter of 2024.
The sequential change was due to an increase in interest income.
Net interest expenses increased by 237.3% from RMB55.4 million in the first quarter of 2023 to
RMB186.8 million (US$25.9 million) in the first quarter of 2024.
The year-over-year increase was mainly due to the decrease in
interest income.
Subsidy Income
Subsidy income in the first quarter of 2024 was RMB231.8 million (US$32.1
million), compared with RMB554.6
million in the fourth quarter of 2023 and RMB264.0 million in the first 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 RMB139.7 million (US$19.4 million) in the first quarter of
2024, compared to a net exchange gain of RMB76.3 million in the fourth quarter of
2023 and a net exchange loss of RMB73.7 million in the first 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 first 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.
The Company recognized a gain from a change in fair value of the
convertible senior notes of RMB310.7
million (US$43.0 million) in
the first quarter of 2024, compared to a loss of RMB155.1 million in the fourth quarter of 2023
and a loss of RMB261.4 million in the
first quarter of 2023. The changes were primarily due to the
changes in the Company's stock price in the first 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. As of March 31, 2024, the
Company had RMB967.0 million
(US$133.9 million) in long-term
investment, compared with RMB1.02
billion as of December 31,
2023.
The Company recognized a loss from change in fair value of
RMB55.3 million (US$7.7 million) in the first quarter of 2024,
compared with a loss of RMB90.9
million in the fourth quarter of 2023 and a gain of
RMB440.4 million in the first quarter
of 2023. The changes were primarily due to the changes in the
valuation of several solar technology companies that we invested
in.
Other income, net
Net other income in the first quarter of 2024 was RMB1.32 billion (US$183.3
million), compared with net other loss of RMB10.8 million in the fourth quarter of 2023 and
net other income of RMB3.1 million in
the first quarter of 2023. The sequential and year-over-year
changes were mainly due to income generated from the disposition of
a wholly-owned subsidiary in the first 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 earnings of affiliated companies of
RMB13.2 million (US$1.8 million) in the first quarter of 2024,
compared with gain of RMB2.4 million
in the fourth quarter of 2023 and gain of RMB180.0 million in the first quarter of 2023.
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 RMB476.7 million (US$66.0
million) in the first quarter of 2024, compared with
RMB200.8 million in the fourth
quarter of 2023 and RMB315.0 million
in the first quarter of 2023.
Net Income attributable to Non-Controlling Interests
Net income attributable to non-controlling interests amounted to
RMB351.0 million (US$48.6 million) in the first quarter of
2024, compared with RMB293.3 million in the fourth quarter of
2023 and RMB605.1 million in the
first 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 Income and Earnings per Share
Net income attributable to the JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB609.4
million (US$84.4 million) in
the first quarter of 2024, compared with RMB29.3 million in the fourth quarter
of 2023 and RMB788.7 million in the
first 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, and (iii) share based
compensation expenses, was RMB470.3
million (US$65.1 million), compared with adjusted net
income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders RMB462.7 million in the
fourth quarter of 2023 and RMB836.4
million in the first quarter of 2023.
Basic and diluted earnings per ordinary share were RMB2.82 (US$0.39)
and RMB1.34 (US$0.19), respectively, in the first quarter of
2024, compared to RMB0.14 and
RMB0.14, respectively, in the fourth
quarter of 2023, and RMB3.91 and
RMB3.74, respectively, in the first
quarter of 2023. As each ADS represents four ordinary shares, this
translates into basic and diluted earnings per ADS of RMB11.28 (US$1.56)
and RMB5.36 (US$0.74), respectively in the first quarter of
2024; basic and diluted earnings per ADS of RMB0.56 and RMB0.54, respectively, in the fourth quarter of
2023; and basic and diluted earnings per ADS of RMB15.62 and RMB14.95, respectively, in the first quarter of
2023.
Financial Position
As of March 31, 2024, the Company
had RMB17.63 billion (US$2.44 billion) in Cash, cash equivalents, and
restricted cash, compared with RMB19.07
billion as of December 31,
2023.
As of March 31, 2024, the
Company's accounts receivables were RMB19.82
billion (US$2.74 billion),
compared with RMB22.96 billion as of
December 31, 2023.
As of March 31, 2024, the
Company's inventories were RMB20.13
billion (US$2.79 billion),
compared with RMB18.22 billion as of
December 31, 2023.
As of March 31, 2024, the
Company's total interest-bearing debts were RMB26.46 billion (US$3.66
billion), compared with RMB31.10
billion as of December 31,
2023.
First Quarter 2024 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 21,906 MW in the first quarter of 2024,
including 19,993 MW for solar module shipments and 1,914 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. We continue to
focus on improving working capital efficiency and achieving
sustainable growth in operating cash flow.
Second 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 second quarter of 2024, the Company expects its
module shipments to be in the range of 24.0 GW to 26.0 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 April 2024, JinkoSolar was
awarded the Top Brand PV USA seal
by EUPD Research.
- In April 2024, JinkoSolar
announced that its subsidiary signed a purchase agreement with Nyox
Srl, a leading renewable energy solutions provider based in
Italy, to supply 100MW Tiger Neo
modules
- In April 2024, JinkoSolar secured
the top position in PV Tech's 2024 Q1 ModuleTech Bankability Report
with an AAA rating.
- In April 2024, JinkoSolar
provided information on a fire accident at one of its wafer slicing
and cell manufacturing workshops.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, April 29, 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/10038581-hgu87y.html
It will automatically direct you to the registration page of
"JinkoSolar First 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, May 6, 2024. The dial-in
details for the replay are as follows:
International: +61 7 3107
6325
U.S.:
+1 855 883 1031
Passcode:
10038581
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 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 March 31,
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 March
29, 2024, which was RMB7.2203
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
|
|
|
Mar 31,
2023
|
|
Dec 31,
2023
|
|
Mar 31,
2024
|
|
|
RMB'000
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
Revenues
|
23,329,062
|
|
32,830,172
|
|
23,044,280
|
|
3,191,596
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(19,288,045)
|
|
(28,739,438)
|
|
(20,309,195)
|
|
(2,812,791)
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
4,041,017
|
|
4,090,734
|
|
2,735,085
|
|
378,805
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(1,556,301)
|
|
(1,857,825)
|
|
(1,466,397)
|
|
(203,094)
|
|
General
and administrative
|
(1,084,408)
|
|
(1,541,467)
|
|
(1,367,868)
|
|
(189,448)
|
|
Research
and development
|
(188,556)
|
|
(279,642)
|
|
(240,428)
|
|
(33,299)
|
|
Impairment
of long-lived assets
|
-
|
|
(59,342)
|
|
-
|
|
-
|
|
Total operating
expenses
|
(2,829,265)
|
|
(3,738,276)
|
|
(3,074,693)
|
|
(425,841)
|
|
|
|
|
|
|
|
|
|
|
Loss/(income)
from operations
|
1,211,752
|
|
352,458
|
|
(339,608)
|
|
(47,036)
|
|
Interest
expenses
|
(290,735)
|
|
(292,076)
|
|
(281,733)
|
|
(39,020)
|
|
Interest
income
|
235,343
|
|
86,487
|
|
94,900
|
|
13,144
|
|
Subsidy
income
|
264,042
|
|
554,619
|
|
231,844
|
|
32,110
|
|
Exchange
gain/(loss),net
|
(129,047)
|
|
(38,424)
|
|
126,010
|
|
17,452
|
|
Change in fair
value of foreign exchange derivatives
|
55,338
|
|
114,769
|
|
13,714
|
|
1,899
|
|
Change in fair
value of Long-term Investment
|
440,424
|
|
(90,918)
|
|
(55,328)
|
|
(7,663)
|
|
Change in fair
value of convertible senior notes
|
(261,435)
|
|
(155,102)
|
|
310,683
|
|
43,029
|
|
Other
income/(loss), net
|
3,124
|
|
(10,771)
|
|
1,323,478
|
|
183,300
|
|
Income before income
taxes
|
1,528,806
|
|
521,042
|
|
1,423,960
|
|
197,215
|
|
Income tax
expenses
|
(315,004)
|
|
(200,831)
|
|
(476,718)
|
|
(66,025)
|
|
Equity in income
of affiliated companies
|
179,955
|
|
2,375
|
|
13,181
|
|
1,826
|
|
Net
income
|
1,393,757
|
|
322,586
|
|
960,423
|
|
133,016
|
|
Less: Net income
attributable to non-controlling
interests
|
(605,107)
|
|
(293,269)
|
|
(351,025)
|
|
(48,616)
|
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary
shareholders
|
788,650
|
|
29,317
|
|
609,398
|
|
84,400
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
Basic
|
3.91
|
|
0.14
|
|
2.82
|
|
0.39
|
|
Diluted
|
3.74
|
|
0.14
|
|
1.34
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
Basic
|
15.62
|
|
0.56
|
|
11.28
|
|
1.56
|
|
Diluted
|
14.95
|
|
0.54
|
|
5.36
|
|
0.74
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
201,919,745
|
|
209,582,718
|
|
216,001,414
|
|
216,001,414
|
|
Diluted
|
210,954,844
|
|
215,266,963
|
|
223,646,269
|
|
223,646,269
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ADS outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
50,479,936
|
|
52,395,679
|
|
54,000,353
|
|
54,000,353
|
|
Diluted
|
52,738,711
|
|
53,816,741
|
|
55,911,567
|
|
55,911,567
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
Net
income
|
1,393,757
|
|
322,586
|
|
960,423
|
|
133,016
|
|
Other
comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
-Unrealized loss on available-for-sale securities
|
(1,031)
|
|
19,134
|
|
|
|
-
|
|
-Foreign
currency translation adjustments
|
(57,972)
|
|
(116,523)
|
|
(177,267)
|
|
(24,550)
|
|
-Change in
the instrument-specific credit risk
|
45,218
|
|
42
|
|
421
|
|
58
|
|
Comprehensive
income
|
1,379,972
|
|
225,239
|
|
783,577
|
|
108,524
|
|
Less:
Comprehensive income attributable to non-controlling
interests
|
(586,223)
|
|
(280,158)
|
|
(348,517)
|
|
(48,269)
|
|
Comprehensive
income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders
|
793,750
|
|
(54,919)
|
|
435,060
|
|
60,255
|
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
Dec 31,
2023
|
|
Mar 31,
2024
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash,cash
equivalents, and restricted cash
|
19,069,107
|
|
17,626,962
|
|
2,441,306
|
Restricted
short-term investments and short-term investments
|
8,509,257
|
|
9,657,340
|
|
1,337,526
|
Accounts
receivable, net
|
22,958,693
|
|
19,816,330
|
|
2,744,530
|
Notes
receivable, net
|
4,090,085
|
|
4,761,900
|
|
659,516
|
Advances to
suppliers, net
|
4,565,779
|
|
4,556,481
|
|
631,065
|
Inventories,
net
|
18,215,537
|
|
20,133,914
|
|
2,788,515
|
Foreign exchange
forward contract receivables
|
103,100
|
|
97,729
|
|
13,535
|
Prepayments and
other current assets, net
|
3,430,224
|
|
5,356,867
|
|
741,918
|
Held-for-sale
assets
|
2,003,417
|
|
187,052
|
|
25,906
|
Total current
assets
|
82,945,199
|
|
82,194,575
|
|
11,383,817
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
long-term investments
|
1,536,198
|
|
1,862,693
|
|
257,980
|
Long-term
investments
|
2,117,628
|
|
2,089,615
|
|
289,409
|
Property, plant
and equipment, net
|
41,267,187
|
|
43,383,008
|
|
6,008,477
|
Land use rights,
net
|
1,821,012
|
|
1,861,500
|
|
257,815
|
Intangible
assets, net
|
569,088
|
|
319,268
|
|
44,218
|
Right-of-use
assets, net
|
742,431
|
|
696,918
|
|
96,522
|
Deferred tax
assets
|
1,290,004
|
|
1,293,193
|
|
179,105
|
Advances to
suppliers to be utilised beyond one year
|
648,377
|
|
622,369
|
|
86,197
|
Other assets,
net
|
2,790,567
|
|
2,654,153
|
|
367,596
|
Available-for-sale securities-non-current
|
104,134
|
|
104,134
|
|
14,422
|
Total non-current
assets
|
52,886,626
|
|
54,886,851
|
|
7,601,741
|
|
|
|
|
|
|
Total assets
|
135,831,825
|
|
137,081,426
|
|
18,985,558
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
15,475,166
|
|
15,027,303
|
|
2,081,258
|
Notes
payable
|
25,690,532
|
|
27,008,610
|
|
3,740,649
|
Accrued payroll
and welfare expenses
|
2,798,964
|
|
2,477,585
|
|
343,142
|
Advances from
customers
|
6,965,298
|
|
8,046,296
|
|
1,114,399
|
Income tax
payables
|
1,016,039
|
|
1,139,408
|
|
157,806
|
Other payables
and accruals
|
13,448,501
|
|
17,090,442
|
|
2,366,997
|
Foreign exchange
forward derivatives payables
|
26,466
|
|
22,270
|
|
3,084
|
Convertible
senior notes
|
782,969
|
|
131,593
|
|
18,225
|
Lease
liabilities - current
|
155,931
|
|
142,124
|
|
19,684
|
Short-term
borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing
|
13,583,774
|
|
9,069,717
|
|
1,256,141
|
Held-for-sale
liabilities
|
1,117,005
|
|
-
|
|
-
|
Total current
liabilities
|
81,060,645
|
|
80,155,348
|
|
11,101,385
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
11,238,806
|
|
10,108,230
|
|
1,399,974
|
Convertible
notes
|
4,785,480
|
|
6,480,846
|
|
897,587
|
Accrued warranty
costs - non current
|
2,145,426
|
|
2,155,012
|
|
298,466
|
Lease
liabilities-noncurrent
|
557,136
|
|
526,412
|
|
72,907
|
Deferred tax
liability
|
131,506
|
|
139,017
|
|
19,254
|
Long-term
Payables
|
2,378,684
|
|
2,813,272
|
|
389,634
|
Total non-current
liabilities
|
21,237,038
|
|
22,222,789
|
|
3,077,822
|
|
|
|
|
|
|
Total
liabilities
|
102,297,683
|
|
102,378,137
|
|
14,179,207
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd. shareholders' equity
|
20,156,434
|
|
20,953,278
|
|
2,901,996
|
|
|
|
|
|
|
Non-controlling
interests
|
13,377,708
|
|
13,750,011
|
|
1,904,355
|
|
|
|
|
|
|
Total shareholders'
equity
|
33,534,142
|
|
34,703,289
|
|
4,806,351
|
|
|
|
|
|
|
Total liabilities,
non-controlling interest and shareholders' equity
|
135,831,825
|
|
137,081,426
|
|
18,985,558
|
View original
content:https://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2024-financial-results-302129947.html
SOURCE JinkoSolar Holding Co., Ltd.