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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 13,487 $ 1,848 ¥ 6,452,554 ¥ 1,565,139
Adjustments to reconcile net income to net cash provided by operating activities:        
Share-based compensation charge 365,752 50,108 862,642 1,000,869
Change in fair value of foreign exchange forward contracts (29,070) (3,983) (18,079) 13,818
Change in fair value of foreign exchange options (1,342) (184) (74,307) 4,163
Change in fair value of convertible senior notes (323,474) (44,316) 31,188 12,083
Change in fair value of short term investments (22,000) (3,054) 1,125 0
Change in fair value of financial liability and profit distribution (34,978) (4,792) 793 0
Deferred income taxe benefits (1,426,182) (195,386) (845,403) (320,673)
Change in fair value of long-term investment (163,492) (22,398) (221,473) (101,871)
Net settle from licensed patents income with acquired patents     (50,581)  
Depreciation of property, plant and equipment 7,544,000 1,033,532 7,856,257 2,585,018
Amortization of right-of-use assets 146,561 20,079 172,625 129,869
Amortization of land use rights 41,000 5,549 38,656 27,353
Amortization of intangible assets 87,000 11,954 121,742 17,324
Inventory write-down 3,315,000 454,184 2,859,081 1,819,166
Provision for expected credit loss 138,806 19,016 182,779 285,394
Loss on disposal of property, plant and equipment 432,000 59,121 107,829 248,500
Loss on disposal of intangible assets 6,000 852 13,900 0
Loss on early termination of lease 25,274 3,463    
Impairment of long-lived assets 1,242,168 170,176 640,004 373,732
Equity in loss/(income) of affiliated companies 177,013 24,251 (222,674) (193,708)
Gain on disposal of investment in subsidiaries (1,145,172) (156,888) 0 (14,232)
Fair value loss of contingent consideration related to disposal of a subsidiary (656,901) (89,995)    
Exchange gain, net (484,364) (66,358) (938,092) (1,025,891)
Changes in operating assets and liabilities (net of impact of disposition):        
Decrease/(increase) in accounts receivable - third parties 8,403,757 1,151,310 (6,809,123) (8,610,986)
Increase in accounts receivable - related parties (146,615) (20,086) (164,200) (115,300)
Decrease/(increase) in notes receivable - third parties 499,663 68,454 2,501,251 (5,006,954)
(Increase)/decrease in notes receivable - a related party (107,455) (14,721) 281,641 (282,824)
Decrease/(increase) in advances to suppliers - third parties 2,208,529 302,567 (1,771,208) (1,706,688)
(Increase)/decrease in advances to suppliers - a related party (196,501) (26,920) 50,304 (56,860)
Decrease/(increase) in inventories 2,394,623 328,062 (3,835,365) (6,053,218)
(Decrease)/increase in long term payable (193,593) (26,522) 179,532 0
(Increase)/decrease in lease liabilities (141,706) (19,414) 21,474 (22,365)
Increase in prepayments and other receivables - related parties 14,053 1,925 (4,287) (6,248)
Increase in prepayments and other current assets (175,015) (23,977) (219,861) (277,283)
Decrease in other assets - related parties 0 0 0 3,417
Decrease in other assets - third parties 20,746 2,842 62,735 621,880
Increase in land use right       (473,806)
(Decrease)/increase in accounts payable - third parties (4,462,473) (611,356) 5,542,926 3,588,939
(Decrease)/increase in accounts payable - a related party (21,244) (2,910) 21,244 (15,863)
(Decrease)/increase in accrued payroll and welfare expenses (19,768) (2,709) 821,986 795,140
(Decrease)/increase in advances from - third parties (1,709,323) (234,176) (2,274,683) 3,289,191
(Decrease)/increase in advances from - a related party (3,412) (467) (417) 3,829
(Decrease)/increase in income tax payables (312,541) (42,818) 343,849 522,879
(Decrease)/increase in warranty cost - non current (9,234) (1,265) 723,150 0
Increase in other payables and accruals - third parties 247,998 33,976 1,378,975 1,572,549
(Decrease)/increase in other payables and accruals - a related party (530) (73) 5,635 3,734
Net cash provided by / (used in) operating activities 16,850,366 2,308,491 13,826,124 (5,800,784)
Cash flows from investing activities:        
Maturity of restricted short-term investments 12,850,286 1,760,482 16,699,633 8,494,069
Maturity of short-term investments 1,042,596 142,835   150,000
Maturity of restricted long-term investments 572,752 78,467 1,378,680 1,232,960
Proceeds from disposal of property, plant and equipment, land use right and intangible assets 322,599 44,196 471,569 714,176
Proceeds from pro rata decrease in an equity investment     10,048 94,284
Proceeds from disposal of an equity investment       15,000
Proceeds from disposal of long - term investments 184,683 25,302    
Disposal of subsidiaries, net of cash collected/ (paid) 1,162,174 159,217   (91,334)
Cash payment for transaction cost related to subsidiary disposal (17,714) (2,427)    
Purchase of property, plant and equipment (9,093,271) (1,245,773) (15,651,932) (12,251,348)
Cash paid for investment in affiliates       (615,100)
Purchase of intangible assets (275,823) (37,788) (198,682) (42,415)
Purchase of restricted short-term investments (8,337,844) (1,142,280) (15,239,924) (8,177,423)
Purchase of restricted long-term investments (364,755) (49,971) (1,536,198) (1,406,943)
Purchase of short-term investments (924,934) (126,715) (1,024,820)  
Proceeds from dividends from associates 127,072 17,409 127,363  
Acquisition of a subsidiary, net of cash acquired (36,599) (5,014) 36,398  
Cash paid for investment in equity securities (5,500) (753) (272,305) (227,000)
Redemption of available-for-sales securities     105,500  
Loan to third party       (23,459)
Loan repayment from a third party 23,459 3,214    
Deposits provided for an equity investment       (37,854)
Purchase of time deposits (74,400) (10,193)    
Purchase of available-for-sale securities (57,000) (7,809) (65,000) (100,000)
Net cash used in investing activities (2,902,219) (397,601) (15,159,670) (12,272,387)
Cash flows from financing activities:        
Subsidiary's offering of its equity interests       9,770,000
Cash payment for transaction costs of Jiangxi Jinko's offering       (47,148)
Settlement of non-controlling interests       (5,182)
Cash payment for finance lease as lessee (36,587) (5,012) (280,833) (216,722)
Proceeds from exercise of share options 4,000 506 0 5,024
Capital contributions from non-controlling interest holder 600,217 82,229 10,292 17,000
Proceeds from redeemable non-controlling interest holder 1,500,000 205,499    
Proceeds from bank borrowings 25,182,493 3,449,987 19,754,288 29,663,730
Repayment of borrowings (22,751,249) (3,116,908) (20,822,295) (27,624,208)
Increase/(decrease) in notes payable - related parties 103,269 14,148 (142,500) 419,500
(Decrease)/increase in notes payable - third parties (14,604,000) (2,000,740) 5,209,209 8,132,100
Payment of Jiangxi Jinko's dividend to non-controlling interest holders (921,520) (126,248) (368,275) (95,172)
Proceeds from issuance of Jiangxi Jinko's convertible notes 3,679,902 504,145 4,726,048  
Issuance cost paid for issuance of Jiangxi Jinko's convertible notes     (31,891)  
Cash payment for dividend (547,686) (75,034) (559,599)  
Proceeds from financial liabilities measured at FVPL 2,398,089 328,536 830,540  
Borrowings from government background funds     650,000  
Repurchase of shares (874,964) (119,870) (79,282)  
Repurchase of ordinary shares of Jiangxi Jinko     (300,087)  
Net cash (used in)/provided by financing activities (6,268,345) (858,762) 8,640,904 20,018,922
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 630,893 86,432 848,969 227,957
Net increase in cash, cash equivalents, and restricted cash 8,310,695 1,138,560 8,156,327 2,173,708
Cash, cash equivalents, and restricted cash, beginning of the year 19,427,281 2,661,527 11,270,954 9,097,246
Cash, cash equivalents, and restricted cash, end of the year 27,737,976 3,800,087 19,427,281 11,270,954
Supplemental disclosure of cash flow information        
Cash paid for income tax 1,687,782 231,225 1,783,845 400,338
Cash paid for interest expenses (net of amounts capitalized) 827,097 113,312 1,117,871 1,072,812
Supplemental disclosure of non-cash investing and financing cash flow information        
Purchases of property, plant and equipment included in payables 9,345,121 1,280,276 8,404,479 5,674,455
Receivables related to disposal of Property, plant and equipment and land use right 33,765 4,626 89,519 ¥ 378,900
Offset of receivables with payables for mutual patent licensing     50,581  
Offset of receivables with payables for acquisition of a subsidiary 242,511 33,224    
Conversion of convertible senior notes to ordinary shares ¥ 465,167 $ 63,728 247,290  
Jinko Solar Co., Ltd. ("Jiangxi Jinko")        
Cash flows from financing activities:        
Proceeds from exercise of share options     ¥ 45,289