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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income/ (loss) ¥ (7,110,688) $ (1,016,815) ¥ 13,487 ¥ 6,452,554
Adjustments to reconcile net income to net cash provided by operating activities:        
Share-based compensation charge 225,727 32,279 365,752 862,642
Change in fair value of foreign exchange forward contracts (81,336) (11,631) (29,070) (18,079)
Change in fair value of foreign exchange options (37,586) (5,375) (1,342) (74,307)
Change in fair value of convertible senior notes 0 0 (323,474) 31,188
Change in fair value of short term investments (3,000) (499) (22,289) 1,125
Change in fair value of financial liability and profit distribution 155,007 22,166 (34,978) 793
Deferred income tax benefits (1,980,350) (283,186) (1,426,182) (845,403)
Change in fair value of long-term investment (33,171) (4,743) (163,492) (221,473)
Net settle from licensed patents income with acquired patents 0 0 0 (50,581)
Depreciation of property, plant and equipment 7,761,000 1,109,814 7,544,061 7,856,257
Amortization of right-of-use assets 106,616 15,246 146,561 172,625
Amortization of land use rights 40,608 5,807 40,503 38,656
Amortization of intangible assets 122,000 17,469 87,258 121,742
Inventory write-down 3,367,000 481,461 3,315,227 2,859,081
Provision for expected credit loss 261,979 37,463 138,806 182,779
Loss on disposal of equity investments 99,809 14,273 0 0
Loss on disposal of property, plant and equipment 31,000 4,468 431,542 107,829
Loss on disposal of intangible assets 2,064 295 6,217 13,900
Loss on early termination of lease 14,750 2,109 25,274 0
Impairment of long-lived assets 1,662,078 237,674 1,242,168 640,004
Equity in loss/(income) of affiliated companies 147,862 21,144 177,013 (222,674)
Gain on disposal of investment in subsidiaries (71,992) (10,295) (1,145,172) 0
Fair value loss of contingent consideration related to disposal of a subsidiary (365,000) (52,190) (656,901) 0
Exchange gain, net (7,006) (1,002) (484,364) (938,092)
Changes in operating assets and liabilities (net of impact of disposition):        
Decrease/(increase) in accounts receivable - third parties (186,951) (26,734) 8,403,757 (6,809,123)
Decrease/(increase) in accounts receivable - related parties 273,344 39,088 (146,615) (164,200)
Decrease/(increase) in notes receivable - third parties (1,308,319) (187,087) 499,663 2,501,251
Decrease/(increase) in notes receivable - related parties 107,743 15,407 (107,455) 281,641
Decrease/(increase) in advances to suppliers - third parties 996,825 142,544 2,208,529 (1,771,208)
Decrease/(increase) in advances to suppliers - related parties 201,868 28,867 (196,501) 50,304
Decrease/(increase) in inventories (5,367,809) (767,586) 2,394,623 (3,835,365)
(Decrease)/increase in long term payable (24,914) (3,563) (193,593) 179,532
(Decrease)/increase in lease liabilities (98,152) (14,036) (141,706) 21,474
(Decrease)/increase in prepayments and other receivables - related parties 22,888 3,273 14,053 (4,287)
(Increase) in prepayments and other current assets (318,475) (45,541) (175,015) (219,861)
Decrease in other assets - third parties 55,695 7,964 20,746 62,735
(Decrease)/increase in accounts payable - third parties 2,726,912 389,943 (4,462,473) 5,542,926
(Decrease)/increase in accounts payable - related parties 136,202 19,477 (21,244) 21,244
(Decrease)/increase in accrued payroll and welfare expenses (133,938) (19,153) (19,768) 821,986
(Decrease)/increase in advances from - third parties (303,074) (43,339) (1,709,323) (2,274,683)
(Decrease) in advances from - related parties 0 0 (3,412) (417)
(Decrease)/increase in income tax payables (525,918) (75,205) (312,541) 343,849
(Decrease)/increase in warranty cost - non current (480,562) (68,719) (9,234) 723,150
Increase in other payables and accruals - third parties 269,197 38,495 247,998 1,378,975
(Decrease)/increase in other payables and accruals - related parties 2,106 301 (530) 5,635
Net cash provided by operating activities 1,081,871 154,708 16,850,366 13,826,124
Cash flows from investing activities:        
Maturity of restricted short-term investments 2,973,120 425,150 12,850,286 16,699,633
Maturity of short-term investments 962,808 137,680 1,042,596 0
Maturity of restricted long-term investments 997,025 142,574 572,752 1,378,680
Proceeds from disposal of property, plant and equipment, land use right and intangible assets 195,962 28,022 322,599 471,569
Proceeds from pro rata decrease in equity investments 10,574 1,512 0 10,048
Proceeds from disposal of equity investments 203,948 29,164 184,683 0
Proceeds from insurer for fire incident 200,000 28,600 0 0
Disposal of subsidiaries, net of cash collected/ (paid) 226,585 32,401 1,162,174 0
Cash payment for transaction cost related to subsidiary disposal 0 0 (17,714) 0
Purchase of property, plant and equipment (3,185,741) (455,555) (9,093,271) (15,651,932)
Purchase of intangible assets (114,575) (16,384) (275,823) (198,682)
Purchase of restricted short-term investments (3,302,036) (472,185) (8,337,844) (15,239,924)
Purchase of restricted long-term investments (140,397) (20,076) (364,755) (1,536,198)
Purchase of short-term investments (4,216,375) (602,934) (924,934) (1,024,820)
Proceeds from dividends from associates 11,805 1,688 127,072 127,363
Acquisition of a subsidiary, net of cash acquired 0 0 (36,599) 36,398
Cash paid for investment in equity securities (36,974) (5,287) (5,500) (272,305)
Redemption of available-for-sales securities 0 0 0 105,500
Loan to a third party (71,554) (10,232) 0 0
Loan repayment from a third party 0 0 23,459 0
Purchase of time deposits (42,882) (6,132) (74,400) 0
Purchase of available-for-sale securities (48,659) (6,958) (57,000) (65,000)
Net cash used in investing activities (5,377,366) (768,952) (2,902,219) (15,159,670)
Cash flows from financing activities:        
Cash payment for finance lease as lessee 0 0 (36,587) (280,833)
Proceeds from exercise of share options 0 0 3,691 0
Proceeds from disposal of equity interests in Jiangxi Jinko 1,470,156 210,230 0 0
Cash settlement for financial liabilities measured at FVPL (2,787,389) (398,591) 0 0
Capital contributions from non-controlling interest holder 0 0 600,217 10,292
Proceeds from redeemable non-controlling interest holder 0 0 1,500,000 0
Proceeds from bank borrowings 14,939,426 2,136,309 25,182,493 19,754,288
Repayment of borrowings (13,753,654) (1,966,746) (22,751,249) (20,822,295)
Increase/(decrease) in notes payable - related parties (30,761) (4,399) 103,269 (142,500)
(Decrease)/increase in notes payable - third parties (1,162,463) (166,230) (14,604,000) 5,209,209
Payment of Jiangxi Jinko's dividend to non-controlling interest holders 0 0 (921,520) (368,275)
Capital deduction from a non - controlling interest holder (1,984) (284) 0 0
Proceeds from issuance of Jiangxi Jinko's convertible notes 1,755,532 251,038 3,679,902 4,726,048
Issuance cost paid for issuance of Jiangxi Jinko's convertible notes 0 0 0 (31,891)
Cash payment for dividend (486,826) (69,616) (547,686) (559,599)
Cash payment for transaction with non - controlling interest (620,023) (88,663) 0 0
Dividend payment to redeemable non - controlling interest holder (76,750) (10,975) 0 0
Proceeds from financial liabilities measured at FVPL 0 0 2,398,089 830,540
Borrowings from government background funds 0 0 0 650,000
Repurchase of shares (3,970) (568) (874,964) (79,282)
Repurchase of ordinary shares of Jiangxi Jinko 0 0 0 (300,087)
Net cash (used in)/provided by financing activities (758,706) (108,495) (6,268,345) 8,640,904
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 254,606 36,406 630,893 848,969
Net increase/(decrease) in cash, cash equivalents, and restricted cash (4,799,595) (686,333) 8,310,695 8,156,327
Cash, cash equivalents, and restricted cash, beginning of the year 27,737,976 3,966,478 19,427,281 11,270,954
Cash, cash equivalents, and restricted cash, end of the year 22,938,381 3,280,145 27,737,976 19,427,281
Supplemental disclosure of cash flow information        
Cash paid for income tax 1,044,227 149,323 1,687,782 1,783,845
Cash paid for interest expenses (net of amounts capitalized) 1,579,513 225,867 827,097 1,117,871
Supplemental disclosure of non-cash investing and financing cash flow information        
Purchases of property, plant and equipment included in payables 8,102,325 1,158,617 9,345,121 8,404,479
Receivables related to disposal of property, plant and equipment and land use right 15,181 2,171 33,765 89,519
Offset of receivables with payables for mutual patent licensing 0 0 0 50,581
Offset of receivables with payables for acquisition of a subsidiary 0 0 242,511 0
Conversion of convertible senior notes to ordinary shares 0 0 465,167 247,290
Equity interests swap for long - term investments 52,550 7,515 0 0
Jinko Solar Co., Ltd. ("Jiangxi Jinko")        
Cash flows from financing activities:        
Proceeds from exercise of share options ¥ 0 $ 0 ¥ 0 ¥ 45,289