EX-99.2 3 tm2412917d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

 

JinkoSolar Announces First Quarter 2024 Financial Results

 

04/29/2024

 

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 

 

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SOURCE JinkoSolar Holding Co., Ltd.