JinkoSolar Announces Second Quarter 2022 Financial Results

SHANGRAO, China, Aug. 26, 2022 /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, 2022.

Second Quarter 2022 Business Highlights

  • Significant year-over-year growth in revenues and module shipments.
  • Demand in European markets remained strong; shipments to China market increased significantly year-over-year and sequentially.
  • Product mix was further optimized with the shipments of large-size products increasing to nearly 90% of total shipments.
  • The first phase of 16 GW N-type cells reached full capacity with mass production efficiency exceeding 24.8%.
  • We have high visibility for the order book of our premium N-type modules.

Second Quarter 2022 Operational and Financial Highlights

  • Quarterly shipments were 10,532 MW (10,183 MW for solar modules, and 349 MW for cells and wafers), up 25.5% sequentially, and up 102.4% year-over-year.
  • Total revenues were RMB18.84 billion (US$2.81 billion), up 27.6% sequentially and up 137.6% year-over-year. The sequential and year-over-year increases were mainly attributable to an increase in the shipment of solar modules.
  • Gross profit was RMB2.77 billion (US$413.8 million), up 24.5% sequentially and up 103.9% year-over-year.
  • Gross margin was 14.7%, compared with 15.1% in Q1 2022 and 17.1% in Q2 2021. The sequential change was relatively flat and the year-over-year decrease was mainly due to an increase in the material cost of solar modules.
  • Adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders, which excludes the impact from a change in fair value of the convertible senior notes (the "Notes") and the share based compensations expenses, was RMB368.4 million (US$55.0 million), compared with RMB328.4 million in Q1 2022 and RMB264.1 million in Q2 2021. Due to the increase in the Company’s stock price in Q2 2022, the Company recognized a loss from a change in fair value of the Notes of RMB536.9 million (US$80.2 million) in Q2 2022.
  • Net loss attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB623.3 million (US$93.1 million), compared with net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB28.9 million in Q1 2022 and RMB66.2 million in Q2 2021.
  • Basic and diluted losses per ordinary share were RMB3.15 (US$0.47) and RMB3.15 (US$0.47), respectively. This translates into basic and diluted losses per ADS of RMB12.60 (US$1.88) and RMB12.60 (US$1.88), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman of the Board of Directors and Chief Executive Officer, commented, "We had a good quarter despite difficult market conditions. Total module shipments in the second quarter were approximately 10.2GW, up 26.8% sequentially, and total revenues reached US$2.81 billion, up 27.6% sequentially. As polysilicon prices continued to rise, we actively worked to control internal costs through technical advancement and process improvement, partially offsetting the impact of higher upstream costs. Gross margin in the second quarter was 14.7%, remaining relatively flat compared with the first quarter. Excluding the impact of the convertible senior notes and share based compensations expenses, net income in the second quarter was US$55.0 million, improving sequentially.

Driven by the accelerating energy transition in several countries and businesses, as well as the energy crisis caused by the RussiaUkraine conflict, demand for solar products continued to grow in many markets. In the first half of 2022, Europe imported a total of 42.4GW of PV modules, a year-on-year increase of 137%, and China achieved solar PV installations of 30.9 GW, a year-over-year increase of 136%. Given this better-than-expected growth in demand, released polysilicon production came up short and was further aggravated by annual maintenance programs, and power rationing and anti-pandemic restrictions in certain regions of China. As a result, polysilicon prices rose continuously, reaching a recent high of RMB310/kg, further increasing module prices. Higher module prices negatively affected project yields, causing the demand to deduce to some extent. We believe polysilicon prices will continue to increase and reach their peak in the third quarter. As polysilicon production gradually ramps up in the fourth quarter, polysilicon price increases are expected to moderate, driving a recovery of downstream demand.

Recently,the local government of Sichuan province has imposed province-wide power rationing measures and the production capacity of our manufacturing facilities in Sichuan province has been temporarily affected. We are currently unable to evaluate the extent to which our business operation and financial performance for full year 2022 will be affected by the power rationing measures in Sichuan Province, as it remains uncertain how long the power rationing measures will persist and when our Sichuan manufacturing facilities can resume full production. We are actively monitoring the situation and have implemented various measures to minimize the adverse impact from the power rationing on our business operations and financial performance.

During the second quarter, the proportion of large-size capacity increased sequentially, further improving our integrated structure. At the end of the quarter, our 16 GW of TOPCon cell capacity reached full production with a mass-production efficiency of over 24.8%, and yield rate and integrated cost were in line with our expectations. We recently started production at an additional 8 GW of N-type cell capacity in Hefei and commenced construction of another production project with 11 GW of N-type cell capacity in Haining.

As an industry pioneer embracing the TOPCon technology, we have recently achieved key technology breakthroughs in the currently selected TOPCon technology route that we believe we have created an entry-barrier related to core process and technology with industry-leading mass production efficiency, yield rate and cost levels. Our N-type products continue to be well-received by global customers and, so far, we have high visibility in our orderbook. Compared with P-type products, N-type products command a competitive premium as a result of improved technical parameters and additional power generation gain. We are confident that we will complete our full year N-type shipment goal. In addition, considering the release of new capacity in 2023 and increasing market penetration, we expect the proportion of N-type shipments to further increase.

In view of the current and expected supply chain and market conditions, we have adjusted our capacity expansion pace for mono wafer, cell, and modules for the rest of 2022, and as a result, we are currently expecting the annual production capacity for mono wafers, cells, and modules to reach 60 GW, 55 GW and 65 GW, respectively, by the end of 2022."

Second Quarter 2022 Financial Results

Total Revenues

Total revenues in the second quarter of 2022 were RMB18.84 billion (US$2.81 billion), an increase of 27.6% from RMB14.76 billion in the first quarter of 2022 and an increase of 137.6% from RMB7.93 billion in the second quarter of 2021. The sequential and year-over-year increases were mainly attributable to an increase in the shipment of solar modules due to the increasing demand of global market.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2022 was RMB2.77 billion (US$413.8 million), compared with RMB2.23 billion in the first quarter of 2022 and RMB1.36 billion in the second quarter of 2021. 

Gross margin was 14.7% in the second quarter of 2022, compared with 15.1% in the first quarter of 2022 and 17.1% in the second quarter of 2021. The sequential change was relatively flat and the year-over-year decrease was mainly due to an increase in the material cost of solar modules.

(Loss) /Income from Operations and Operating Margin

Loss from operations in the second quarter of 2022 was RMB 289.1 million (US$43.2 million), compared with income from operations of RMB40.8 million in the first quarter of 2022 and RMB356.4 million in the second quarter of 2021. The sequential and year-over-year decreases were mainly due to an increase in disposal and impairment loss on property, plant and equipment.

Operating loss margin was 1.5% in the second quarter of 2022, compared with operating profit margin of 0.3% in the first quarter of 2022 and 4.5% in the second quarter of 2021.

Total operating expenses in the second quarter of 2022 were RMB3.06 billion (US$457.0 million), an increase of 40.0% from RMB2.19 billion in the first quarter of 2022 and an increase of 205.2% from RMB1.00 billion in the second quarter of 2021. The sequential and year-over-year increases were mainly attributable to (i) an increase in shipping costs for solar modules (ii) an increase in disposal and impairment loss on property, plant and equipment, and (iii) an increase in share based compensations expenses in the second quarter of 2022.

Total operating expenses accounted for 16.2% of total revenues in the second quarter of 2022, compared to 14.8% in the first quarter of 2022 and 12.6% in the second quarter of 2021.

Interest Expenses, Net

Net interest expenses in the second quarter of 2022 were RMB88.0 million (US$13.1 million), a decrease of 45.7% from RMB162.2 million in the first quarter of 2022 and a decrease of 44.1% from RMB157.5 million in the second quarter of 2021. The sequential and year-over-year decreases were mainly due to a decrease in the Company’s interest-bearing debts and an increase in interest income of bank deposits.

Subsidy Income

Subsidy income in the second quarter of 2022 was RMB464.8 million (US$69.4 million), compared with RMB305.3 million in the first quarter of 2022 and RMB162.2 million in the second quarter of 2021. The sequential and year over year increases were mainly attributable to an increase in the cash receipt of subsidies from local governments in China which are non-recurring, not refundable and with no conditions.

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 RMB225.7 million (US$33.7 million) in the second quarter of 2022, compared to a net exchange gain of RMB76.4 million in the first quarter of 2022 and a net exchange loss of RMB4.4 million in the second quarter of 2021. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of the US dollars against the RMB in the second quarter of 2022.

Change in Fair Value of Convertible Senior Notes and Call Option

The Company issued US$85.0 million of 4.5% convertible senior 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 loss from a change in fair value of the Notes of RMB536.9 million (US$80.2 million) in the second quarter of 2022, compared to a loss of RMB104.9 million in the first quarter of 2022 and RMB335.7 million in the second quarter of 2021. The change was primarily due to an increase in the Company’s stock price in the second quarter of 2022.

Equity in Earnings/ (Loss) 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 accounts for its investment using the equity method. The Company recorded equity in loss of affiliated companies of RMB0.1  million  in the second quarter of 2022, compared with earnings of RMB6.4 million in the first quarter of 2022 and loss of RMB0.3 million in the second quarter of 2021. The fluctuation of equity in loss of affiliated companies primarily arose from the net loss incurred by an affiliate company. The affiliated company terminated its interest swap arrangements in the first quarter of 2022. Hedge accounting was not applied for the derivative.  

Income Tax Expense/ (Benefit)

The Company recorded an income tax expense of RMB118.1 million (US$17.6 million) in the second quarter of 2022, compared with an income tax expense of RMB71.0 million in the first quarter of 2022 and an income tax benefit of RMB6.9 million in the second quarter of 2021. The sequential increase in income tax expense was mainly due to higher profit (excluding the impact of a loss from change in fair value of the Notes of RMB536.9 million in the second quarter of 2022, compared with a loss of RMB104.9 million in the first quarter of 2022) generated compared to the first quarter of 2022.

Non-Controlling Interests

Net income attributable to non-controlling interests amounted to RMB276.8 million (US$41.3 million) in the second quarter of 2022, compared with RMB75.3 million in the first quarter of 2022 and RMB100.7 million in the second quarter of 2021. The sequential increase was mainly attributable to the increase of net income of the Company’s major subsidiary, Jinko Solar Co., Ltd ("Jiangxi Jinko"), and year-over-year increase was mainly attributable to the increase of non-controlling interests after Jiangxi Jinko completed its initial public offering ("IPO") and started trading on Shanghai Stock Exchange’s Sci-Tech innovation board on January 26, 2022. After the IPO, the Company holds approximately 58.62% equity interest in Jiangxi Jinko. Ownership of non-controlling interests in Jiangxi Jinko increased from 26.72% to 41.38% due to the IPO.

Net Income/ (loss) and Earnings per Share

Excluding the impact from a change in fair value of the Notes and the share based compensations expenses ,the adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB368.4 million (US$55.0 million), compared with RMB328.4 million in the first quarter of  2022 and RMB264.1 million in the second quarter of  2021.Net loss attributable to the Company’s ordinary shareholders was RMB 623.3 million (US$93.1 million) in the second quarter of 2022, compared with net income attributable to the Company’s ordinary shareholders of RMB28.9 million in the first quarter of 2022 and net income attributable to the Company’s ordinary shareholders of RMB66.2 million in the second quarter of 2021.

Basic and diluted losses per ordinary share were RMB3.15 (US$0.47) and RMB3.15(US$0.47), respectively, during the second quarter of 2022, compared to basic and diluted earnings per ordinary share were RMB0.15 and RMB0.15, respectively, in the first quarter of 2022, and basic and diluted earnings per ordinary share were RMB0.35 and RMB0.35, respectively, in the second quarter of 2021. As each ADS represents four ordinary shares, this translates into basic and diluted losses per ADS of RMB 12.60(US$1.88) and RMB12.60(US$1.88), respectively in the second quarter of 2022; basic and diluted earnings per ADS were RMB0.60 and RMB0.60, respectively, in the first quarter of 2022; and basic and diluted earnings per ADS were RMB1.39 and RMB1.38, respectively, in the second quarter of 2021.

Financial Position

As of June 30, 2022, the Company had RMB14.39 billion (US$2.15 billion) in cash and cash equivalents and restricted cash, compared with RMB16.87 billion as of March 31, 2022.

As of June 30, 2022, the Company’s accounts receivables due from third parties were RMB11.13 billion (US$1.66 billion), compared with RMB8.56 billion as of March 31, 2022.

As of June 30, 2022, the Company’s inventories were RMB18.50 billion (US$2.76 billion), compared with RMB15.95 billion as of March 31, 2022.

As of June 30, 2022, the Company’s total interest-bearing debts were RMB25.70 billion (US$3.84 billion), compared with RMB27.46 billion as of March 31, 2022.

Second Quarter 2022 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 10,532 MW in the second quarter of 2022, including 10,183 MW for solar module shipments and 349 MW for cell and wafer shipments.

Solar Products Production Capacity

As of June 30, 2022, the Company’s annual production capacity for mono wafer, solar cell and solar module was 43.0 GW, 42.0 GW and 50.0 GW, respectively.

Operations and Business Outlook Highlights

With continuous investments in R&D and technological innovation, we expect to continuously improve the mass production efficiency of N-type cells and integrated cost of N-type products by the end of 2022.

With more N-type production capacity being released in 2023 and the penetration ratio of N-type products increasing across the industry, we expect the proportion of N-type shipments in our total shipments to further increase.

Third Quarter and Full Year 2022 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 2022, the Company expects its total shipments to be in the range of 9.0 GW to 10.0 GW.

For full year 2022, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 35.0 GW to 40.0 GW.

Solar Products Production Capacity

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 60.0 GW, 55.0 GW and 65.0 GW, respectively, by the end of 2022.

Recent Business Developments

  • In April 2022, JinkoSolar achieved a major technical breakthrough for its 182 mm high-efficiency N-type monocrystalline silicon solar cell, setting a new world record again with the maximum solar conversion efficiency of 25.7% for its large-size monocrystalline silicon TOPCon solar cell.
  • In May 2022, JinkoSolar signed its first European Energy Storage Solution (ESS) Agreement with Memodo GmbH.
  • In May 2022, JinkoSolar was recognized as a Top Performer in the 2022 PV Module Reliability Scorecard published by PV Evolution Labs (PVEL).
  • In May 2022, JinkoSolar’s principal operating subsidiary, Jiangxi Jinko signed a new distribution agreement in Latin America with Aldo Solar for the distribution of 600 MW N-type Tiger Neo Modules.
  • In June 2022, JinkoSolar’s Malaysia factory became its first overseas "RE100 factory" fully powered by renewables.
  • In July 2022, JinkoSolar’s board of directors approved a share repurchase program, which authorized the Company to repurchase up to US$200 million of its ordinary shares represented by ADSs during an 18-month period.
  • In July 2022, JinkoSolar was recognized for "Overall High Achievement in Manufacturing" in the 2022 edition of the Renewable Energy Testing Center’s PV Module Index Report.
  • In July 2022, JinkoSolar’s principal operating subsidiary, Jiangxi Jinko, intends to issue convertible bonds in the principal amount of up to RMB10 billion.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Friday, August 26, 2022 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:    +852 3027 6500    

U.S. Toll Free: +1 855-824-5644   

Passcode:      19267538#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

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 2, 2022. The dial-in details for the replay are as follows:

International:  +61 2 8325 2405   

U.S.:       +1 646 982 0473   

Passcode:      520003860#

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, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 43.0 GW for mono wafers, 42.0 GW for solar cells, and 50.0 GW for solar modules, as of June 30, 2022.

JinkoSolar has 13 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of June 30, 2022.

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 30, 2022, which was RMB6.6981 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:
rvanguestaine@ChristensenIR.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the six months ended     

Jun 30, 2021

Mar 31, 2022

Jun 30, 2022

Jun 30, 2021

Jun 30, 2022

RMB’000

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

 Revenues from third parties 

7,925,417

14,727,499

18,730,454

2,796,383

15,865,467

33,457,953

4,995,141

 Revenues from related parties 

2,799

37,285

110,688

16,525

3,343

147,973

22,092

 Total revenues 

7,928,216

14,764,784

18,841,142

2,812,908

15,868,810

33,605,926

5,017,233

 Cost of revenues 

(6,569,088)

(12,538,177)

(16,069,363)

(2,399,093)

(13,151,310)

(28,607,540)

(4,270,993)

 Gross profit 

1,359,128

2,226,607

2,771,779

413,815

2,717,500

4,998,386

746,240

 Operating expenses: 

   Selling and marketing 

(509,440)

(1,384,467)

(1,622,544)

(242,240)

(1,124,296)

(3,007,011)

(448,935)

   General and administrative 

(378,503)

(656,413)

(1,131,984)

(169,001)

(742,375)

(1,788,397)

(267,001)

   Research and development 

(114,806)

(144,975)

(149,703)

(22,350)

(221,950)

(294,678)

(43,994)

   Impairment of long-lived assets 

(156,598)

(23,379)

(123,405)

(156,598)

(23,379)

 Total operating expenses 

(1,002,749)

(2,185,855)

(3,060,829)

(456,970)

(2,212,026)

(5,246,684)

(783,309)

 (Loss)/Income from operations 

356,379

40,752

(289,050)

(43,155)

505,474

(248,298)

(37,069)

 Interest expenses, net 

(157,523)

(162,198)

(88,041)

(13,144)

(314,058)

(250,239)

(37,360)

 Subsidy income 

162,216

305,296

464,756

69,386

292,531

770,052

114,966

 Exchange gain/(loss) 

(110,256)

6,383

389,216

58,108

(181,799)

395,599

59,061

 Change in fair value of commodity futures 

486

(4,119)

(615)

(3,633)

(542)

 Change in fair value of foreign exchange derivatives 

105,812

70,047

(163,551)

(24,418)

150,716

(93,504)

(13,960)

 Change in fair value of convertible senior notes and call option 

(197,733)

(104,936)

(536,902)

(80,157)

(18,629)

(641,838)

(95,824)

 Other income/(loss), net 

1,366

13,018

(587)

(88)

4,605

12,431

1,856

(Loss)/ Income before income taxes

160,261

168,848

(228,278)

(34,083)

438,840

(59,430)

(8,872)

 Income tax expenses 

6,900

(71,021)

(118,089)

(17,630)

(45,310)

(189,110)

(28,233)

 Equity in earnings/(loss) of affiliated companies 

(268)

6,446

(117)

(17)

43,180

6,329

945

 Net (loss)/income 

166,893

104,273

(346,484)

(51,730)

436,710

(242,211)

(36,160)

 Less: Net income attributable to non-controlling
          interests 

(100,657)

(75,336)

(276,785)

(41,323)

(149,382)

(352,121)

(52,570)

 Net (loss)/income attributable to JinkoSolar
 Holding Co., Ltd.’s ordinary shareholders 

66,236

28,937

(623,269)

(93,053)

287,328

(594,332)

(88,730)

 Net (loss)/income attributable to JinkoSolar Holding Co., Ltd.’s
 ordinary shareholders per share: 

   Basic 

0.35

0.15

(3.15)

(0.47)

1.51

(3.05)

(0.46)

   Diluted 

0.35

0.15

(3.15)

(0.47)

1.09

(3.05)

(0.46)

 Net (loss)/income attributable to JinkoSolar Holding Co., Ltd.’s
   ordinary shareholders per ADS: 

   Basic 

1.39

0.60

(12.60)

(1.88)

6.03

(12.18)

(1.82)

   Diluted 

1.38

0.60

(12.60)

(1.88)

4.36

(12.18)

(1.82)

 Weighted average ordinary shares outstanding: 

   Basic 

190,716,434

192,314,636

197,894,301

197,894,301

190,573,717

195,119,882

195,119,882

   Diluted 

191,192,954

192,578,950

197,894,301

197,894,301

205,653,994

195,119,882

195,119,882

 Weighted average ADS outstanding: 

   Basic 

47,679,108

48,078,659

49,473,575

49,473,575

47,643,429

48,779,971

48,779,971

   Diluted 

47,798,239

48,144,737

49,473,575

49,473,575

51,413,499

48,779,971

48,779,971

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net (loss)/income 

166,893

104,273

(346,484)

(51,730)

436,710

(242,211)

(36,160)

 Other comprehensive income/(loss): 

   -Foreign currency translation adjustments 

(64,338)

(30,526)

217,564

32,482

24,663

187,038

27,924

   -Change in the instrument-specific credit risk 

22,772

37,559

20,571

3,071

45,410

58,130

8,679

 Comprehensive income/(loss) 

125,327

111,306

(108,349)

(16,177)

506,783

2,957

443

 Less: Comprehensive income attributable to non-controlling interests 

(100,657)

(75,336)

(337,435)

(50,378)

(149,382)

(412,771)

(61,625)

 Comprehensive (loss)/income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders 

24,670

35,970

(445,784)

(66,555)

357,401

(409,814)

(61,182)

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2021

Jun 30, 2022

RMB’000

RMB’000

USD’000

ASSETS

Current assets:

  Cash and cash equivalents

8,321,415

13,284,511

1,983,325

  Restricted cash 

602,044

1,109,368

165,624

  Restricted short-term investments

9,261,918

15,080,635

2,251,480

  Short-term investments

150,000

  Accounts receivable, net – related parties

29,417

206,823

30,878

  Accounts receivable, net – third parties

7,471,103

11,134,427

1,662,326

  Notes receivable, net – related parties

3,055

456

  Notes receivable, net – third parties

1,689,102

2,695,333

402,403

  Advances to suppliers, net – third parties

1,536,155

3,273,035

488,651

  Inventories, net

13,252,352

18,495,775

2,761,347

  Forward contract receivables

73,532

41,656

6,219

  Prepayments and other current assets, net – related parties

17,348

56,657

8,459

  Prepayments and other current assets, net

2,435,056

2,888,713

431,273

  Held-for-sale assets

684,631

101,835

15,204

  Available-for-sale securities

100,753

15,042

Total current assets

45,524,073

68,472,576

10,222,687

Non-current assets:

  Restricted cash

1,204,697

1,577,702

235,545

  Accounts receivable, net – third parties

27,624

  Long-term investments

633,866

727,655

108,636

  Property, plant and equipment, net

19,969,894

26,243,745

3,918,088

  Land use rights, net

1,090,057

1,196,542

178,639

  Intangible assets, net

55,484

70,142

10,472

  Financing lease right-of-use assets, net

628,592

595,101

88,846

  Operating lease right-of-use assets, net

438,270

413,945

61,801

  Deferred tax assets 

371,767

371,767

55,503

  Advances to suppliers to be utilised beyond one year

296,709

409,232

61,097

  Other assets, net – related parties

3,292

42,024

6,274

  Other assets, net – third parties

2,739,159

3,123,018

466,254

Total non-current assets

27,459,411

34,770,873

5,191,155

Total assets

72,983,484

103,243,449

15,413,842

LIABILITIES

Current liabilities:

  Accounts payable – related parties

15,863

  Accounts payable – third parties

6,799,854

7,583,579

1,132,199

  Notes payable – third parties

12,072,223

27,148,818

4,053,212

  Accrued payroll and welfare expenses

1,240,791

1,350,463

201,619

  Advances from  third parties

5,914,354

7,443,869

1,111,340

  Income tax payable

214,856

209,148

31,225

  Other payables and accruals

4,844,077

7,173,372

1,070,959

  Other payables due to related parties

2,230

3,640

543

  Forward contract payables

2,659

122,446

18,281

  Financing lease liabilities – current

194,939

200,848

29,986

  Operating lease liabilities – current

62,515

67,907

10,138

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

13,339,367

11,621,199

1,734,999

  Guarantee liabilities to related parties

2,500

2,360

352

  Held-for-sale liabilities

553,234

  Deferred revenue 

200,000

Total current liabilities

45,459,462

62,927,649

9,394,853

Non-current liabilities:

  Long-term borrowings

9,896,455

11,602,602

1,732,223

  Convertible senior notes

1,098,736

1,714,045

255,900

  Accrued warranty costs – non current

858,641

1,021,123

152,450

  Financing lease liabilities

236,373

140,516

20,978

  Operating lease liabilities

385,420

349,417

52,167

  Deferred tax liability

183,003

183,003

27,322

  Long-term Payables

568,495

587,803

87,757

  Guarantee liabilities to related parties 
   – non current

9,642

8,501

1,269

Total non-current liabilities

13,236,765

15,607,010

2,330,066

Total liabilities

58,696,227

78,534,659

11,724,919

SHAREHOLDERS’ EQUITY

Ordinary shares (US$0.00002 par value, 500,000,000 shares
authorized, 193,770,753 and 202,709,317 shares issued as of
December 31, 2021 and June 30, 2022, respectively)

26

28

4

Additional paid-in capital

5,617,923

9,598,481

1,433,015

Statutory reserves

700,244

700,244

104,544

Accumulated other comprehensive income

(154,375)

30,143

4,500

Treasury stock, at cost; 2,945,840 ordinary shares as of 
December 31, 2021 and June 30, 2022

(43,170)

(43,170)

(6,445)

Accumulated retained earnings

4,929,138

4,334,806

647,168

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

11,049,786

14,620,532

2,182,786

Non-controlling interests

3,237,471

10,088,258

1,506,137

Total shareholders’ equity

14,287,257

24,708,790

3,688,923

Total liabilities and shareholders’ equity

72,983,484

103,243,449

15,413,842

 

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