UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of October 2023

 

Commission File Number: 001-34615

 

JinkoSolar Holding Co., Ltd.

(Translation of registrant’s name into English)

 

1 Yingbin Road

Shangrao Economic Development Zone

Jiangxi Province, 334100

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x                       Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

 

Yes  ¨                    No x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

 

Yes  ¨                    No x

 

 

 

 

 

EXHIBIT INDEX

 

Number   Description of Document
99.1   Press Release

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  JinkoSolar Holding Co., Ltd.
     
  By: /s/ Mengmeng (Pan) Li
  Name:  Mengmeng (Pan) Li
  Title: Chief Financial Officer

 

Date: October 30, 2023

 

 

 

Exhibit 99.1

 

JinkoSolar Announces Third Quarter 2023 Financial Results

 

10/30/2023

 

SHANGRAO, China, Oct. 30, 2023 /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 third quarter ended September 30, 2023.

 

Third Quarter 2023 Business Highlights

 

Leveraging our outstanding N-type technology, extensive global operation network, and advanced integrated capacity structure, module shipments in the third quarter increased 20.4% sequentially and 107.9% year-over-year.

At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 190 GW solar modules, covering over 190 countries and regions.

Demand for N-type products continued to grow globally. N-type module shipments accounted for more than 60% of all module shipments globally in the third quarter. N-type modules retained their competitive premium over P-type modules and the premium continued to exceed the market average.

The mass production efficiency of N-type TOPCon cells reached 25.6% and the power output of N-type modules was 25-30wp higher than that of similar P-type modules.

We continued to make progress in sustainability and, recently, scored high in the Ecovadis Ratings, leading the mainstream PV companies.

 

Third Quarter 2023 Operational and Financial Highlights

 

Quarterly shipments were 22,597 MW (21,384 MW for solar modules, and 1,213 MW for cells and wafers), up 21.4% sequentially, and up 108.2% year-over-year.

Total revenues were RMB31.83 billion (US$4.36 billion), up 3.7% sequentially and up 63.1% year-over-year.

Gross profit was RMB6.13 billion (US$840.6 million), up 28.2% sequentially and up 99.7% year-over-year.

Gross margin was 19.3%, compared with 15.6% in Q2 2023 and 15.7% in Q3 2022.

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.32 billion (US$181.4 million), compared with RMB1.31 billion in Q2 2023 and RMB549.8 million in Q3 2022.

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 (the "Notes"), (ii) a change in fair value of long-term investment and (iii) the share based compensation expenses, was RMB1.35 billion (US$184.6 million), compared with RMB1.43 billion in Q2 2023 and RMB427.5 million in Q3 2022.

Basic and diluted earnings per ordinary share were RMB6.42 (US$0.88) and RMB4.61 (US$0.63), respectively. This translates into basic and diluted earnings per ADS of RMB25.66 (US$3.52) and RMB18.46 (US$2.53), respectively.

 

Mr. Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, commented, "Despite market volatility, we delivered strong results in the third quarter leveraging our advantages in N-type TOPCon technology, extensive global operation network and advanced integrated capacity structure. Our module shipments, gross margin and net income all increased significantly year-over-year. Total module shipments were approximately 21.4 GW, an increase of 107.9% year-over-year. The cost of polysilicon decreased sequentially. Our premium high-efficient N-type products accounted for over 60% of total shipments, and shipments to the U.S. recorded sequential growth. Year-over-year, net income increased by 140.7% to US$181.4 million, and adjusted net income increased by 215.1% to US$184.6 million, diluted earnings per ordinary share increased by 188.7% to US$0.63, and gross margin increased from 15.7% to 19.3%.

 

Since the third quarter, price declines in the supply chain have stimulated end demand. For the first nine months of 2023, newly-added installations of PV in China reached 128.9 GW, nearly 50% more than full-year installations in 2022. Meanwhile, intensified competition brought by changes in supply and demand, accelerated technical iteration, high interest rates in some regions, and geopolitical tensions caused some volatility in the global PV market, and posed challenges on all industry players. We believe that we, as the industry leader, will become even stronger as the competition intensifies. At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 190 GW solar modules, covering over 190 countries and regions. Our capabilities in global sales, operations and management, together with continuous R&D accumulation and innovation, help us build an all-round competition barrier. We are confident in our ability to navigate through cyclical volatility, achieve healthy and sustainable profitability, and increase shareholder value.

 

By the end of the third quarter, the mass production efficiency for our N-type TOPCon cells reached 25.6%, and our N-type modules power output was 25-30wp higher than that of similar P-type modules. Demand for these products continued to increase globally as the levelized cost of energy is lower. N-type modules still retained a premium over similar P-type modules, and the premium continued to exceed the market average.

 

At the end of the third quarter, we already had over 55 GW of N-type cell production capacity, and by the end of the year, our N-type cell production capacity is expected to reach about 70 GW, leading the industry, and our integrated project in Shanxi, China  has started construction recently. Phase I and Phase II of a project with a total of 28 GW wafer-cell-module integrated capacity are expected to start production in the first half of 2024.

 

Recently, our high-efficiency N-Type monocrystalline silicon solar cell set a new record with a maximum conversion efficiency of 26.89%, creating another important milestone in the innovation of our products and solutions. With higher conversion efficiency and lower industrialization cost, we strongly believe that the TOPCon technology will remain the mainstream technical path in the next 3-5 years. We are confident that we are ahead of the industry in terms of power output, cost efficiency and product competitiveness.

 

As a responsible global company, we continued to make progress in sustainability and, recently, scored high in the Ecovadis Ratings, leading the mainstream PV companies. We are dedicated to providing clean, high-efficient and reliable solar products and energy storage solutions to more and more countries and regions, and contributing to global energy transition.

 

We expect our module shipments to be approximately 23.0 GW for the fourth quarter of 2023 and are confident that our full-year module shipments will exceed our guidance of 70 to 75 GW, with N-type modules accounting for approximately 60%. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023, with N-type capacity accounting for over 75%. We are confident that we will continue to lead the industry with our advanced technology and premium high-efficient products. "

 

 

 

 

Third Quarter 2023 Financial Results

 

Total Revenues

 

Total revenues in the third quarter of 2023 were RMB31.83 billion (US$4.36 billion), an increase of 3.7% from RMB30.69 billion in the second quarter of 2023 and an increase of 63.1% from RMB19.52 billion in the third quarter of 2022. The sequential and year-over-year increases were mainly attributable to the increases in the shipment of solar modules due to the increasing demand in the global market.

 

Gross Profit and Gross Margin

 

Gross profit in the third quarter of 2023 was RMB6.13 billion (US$840.6 million), compared with RMB4.78 billion in the second quarter of 2023 and RMB3.07 billion in the third quarter of 2022.

 

Gross margin was 19.3% in the third quarter of 2023, compared with 15.6% in the second quarter of 2023 and 15.7% in the third quarter of 2022. The sequential and year-over-year increases were mainly due to the decrease in the cost of raw materials.

 

Income from Operations and Operating Margin

 

Income from operations in the third quarter of 2023 was RMB2.99 billion (US$409.8 million), compared with RMB1.54 billion in the second quarter of 2023 and RMB63.1 million in the third quarter of 2022. The changes were primarily attributable to the increases in our revenues and gross margin in the third quarter of 2023.

 

Operating profit margin was 9.4% in the third quarter of 2023, compared with 5.0% in the second quarter of 2023 and 0.3% in the third quarter of 2022.

 

Total operating expenses in the third quarter of 2023 were RMB3.14 billion (US$430.8 million), a decrease of 3.1% from RMB3.24 billion in the second quarter of 2023 and an increase of 4.5% from RMB3.01 billion in the third quarter of 2022. The sequential and year-over-year changes were relatively flat.

 

Total operating expenses accounted for 9.9% of total revenues in the third quarter of 2023, compared to 10.6% in the second quarter of 2023 and 15.4% in the third quarter of 2022. The sequential and year-over-year decreases were mainly due to the increases in the shipment of solar modules and the decreases in average shipment cost.

 

Interest Expenses, Net

 

Net interest expenses in the third quarter of 2023 were RMB148.2 million (US$20.3 million), a decrease of 28.9% from RMB208.5 million in the second quarter of 2023 and an increase of 15.1% from RMB128.7 million in the third quarter of 2022. The sequential decrease was mainly due to the increase in interest income and the year-over-year increase was mainly due to an increase in interest expense.

 

Subsidy Income

 

Subsidy income in the third quarter of 2023 was RMB64.5 million (US$8.8 million), compared with RMB292.4 million in the second quarter of 2023 and RMB225.3 million in the third quarter of 2022. The sequential and year-over-year changes were mainly attributable to the changes 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 loss (including change in fair value of foreign exchange derivatives) of RMB295.8 million (US$40.5 million) in the third quarter of 2023, compared to a net exchange gain of RMB916.4 million in the second quarter of 2023 and a net exchange gain of RMB520.3 million in the third quarter of 2022. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of US dollars against RMB in the third quarter of 2023.

 

Change in Fair Value of Convertible Senior Notes

 

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 gain from a change in fair value of the Notes of RMB295.6 million (US$40.5 million) in the third quarter of 2023, compared to a gain of RMB89.7 million in the second quarter of 2023 and a gain of RMB233.0 million in the third quarter of 2022. The changes were primarily due to the changes in the Company's stock price in the third quarter of 2023.

 

Change in Fair Value of Long-term Investment

 

The Company invested in certain equity interests in several solar technology companies engaged in photovoltaic industry chain, which are recorded as long-term investment and reported at fair value with changes in fair value recognized in earnings. As of September 30, 2023, the Company had RMB956.2 million (US$131.1 million) in long-term investment, compared with RMB1.09 billion as of June 30, 2023.

 

The Company recognized a loss from change in fair value of RMB130.3 million (US$17.9 million) in the third quarter of 2023, compared with a gain of RMB2.3 million in the second quarter of 2023.

 

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 loss of affiliated companies of RMB22.9 million(US$3.1 million) in the third quarter of 2023, compared with gain of RMB63.3 million in the second quarter of 2023 and gain of RMB38.9 million in the third quarter of 2022. The fluctuation of equity in gain or loss of affiliated companies primarily arose from the net gain or loss incurred by an affiliate company.

 

Income Tax Expense

 

The Company recorded an income tax expense of RMB403.3 million (US$55.3 million) in the third quarter of 2023, compared with RMB341.1 million in the second quarter of 2023 and RMB150.8 million in the third quarter of 2022.

 

Non-Controlling Interests

 

Net income attributable to non-controlling interests amounted to RMB1.00 billion (US$137.2 million) in the third quarter of 2023, compared with RMB1.11 billion in the second quarter of 2023 and RMB247.8 million in the third quarter of 2022. 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. ("Jiangxi Jinko").

 

Net Income and Earnings per Share

 

Net income attributable to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.32 billion (US$181.4 million) in the third quarter of 2023, compared with RMB1.31 billion  in the second quarter of 2023 and RMB549.8 million in the third quarter of 2022. Excluding the impact from (i) a change in fair value of the Notes (ii) a change in fair value of the long-term investment and (iii)the share based compensation expenses, the adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB1.35 billion (US$184.6 million), compared with RMB1.43 billion in the second quarter of 2023 and RMB427.5 million in the third quarter of 2022.

 

Basic and diluted earnings per ordinary share were RMB6.42 (US$0.88) and RMB4.61 (US$0.63), respectively, in the third quarter of 2023, compared to RMB6.39 and RMB5.55, respectively, in the second quarter of 2023, and RMB2.74 and RMB1.60, respectively, in the third quarter of 2022. As each ADS represents four ordinary shares, this translates into basic and diluted earnings per ADS of RMB25.66 (US$3.52) and RMB18.46 (US$2.53), respectively in the third quarter of 2023; basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second quarter of 2023; and basic and diluted earnings per ADS of RMB10.97 and RMB6.39, respectively, in the third quarter of 2022.

 

 

 

 

Financial Position

 

As of September 30, 2023, the Company had RMB14.11 billion (US$1.93 billion) in cash and cash equivalents and restricted cash, compared with RMB17.03 billion as of June 30, 2023.

 

As of September 30, 2023, the Company's accounts receivables due from third parties were RMB25.78 billion (US$3.53 billion), compared with RMB21.59 billion as of June 30, 2023.

 

As of September 30, 2023, the Company's inventories were RMB19.15 billion (US$2.63 billion), compared with RMB20.09 billion as of June 30, 2023.

 

As of September 30, 2023, the Company's total interest-bearing debts were RMB30.83 billion (US$4.23 billion), compared with RMB34.31 billion as of June 30, 2023.

 

Third Quarter 2023 Operational Highlights

 

Solar Module, Cell and Wafer Shipments

 

Total shipments were 22,597 MW in the third quarter of 2023, including 21,384 MW for solar module shipments and 1,213 MW for cell and wafer shipments.

 

Operations and Business Outlook Highlights

 

We are optimistic about global market demand and the opportunities brought by 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 2023, we expect mass-produced N-type cell efficiency to reach 25.8%, and the integrated cost of N-type modules to remain competitive with P-type modules. The proportion of N-type modules shipments of our total module shipments is expected to reach about 60% in 2023, as we expect there will be a strong demand for high-efficiency products from a growing number of markets and customers.

 

As we continue to invest in N-type capacity expansion overseas in the second half of 2023, we expect to reach an integrated capacity of over 12 GW overseas by the end of 2023, with the production capacity of N-type accounting for over 75%. We will continuously strengthen and expand our global industrial chain to provide premium and high-quality products and services to our global clients.

 

Fourth Quarter and Full Year 2023 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 fourth quarter of 2023, the Company expects its module shipments to be around 23 GW.

 

We are confident to exceed the full year module shipment target of 70 to 75 GW.

 

Solar Products Production Capacity

 

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023.

 

Recent Business Developments

 

In August 2023, JinkoSolar was appointed a co-chair of the Tech, Innovation, and R&D Taskforce of B20 India.

In September 2023, JinkoSolar signed a Memorandum of Understanding with Failte Energy Solutions limited to supply Tiger Neo modules for a total capacity of 200 MW.

In September 2023, JinkoSolar's board of directors declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the Company, or US$1.50 per ADS.

In October 2023, Jiangxi Jinko announced that its module shipments exceeded 52 GW for the nine months ended September 30, 2023, with N-type modules accounting for about 57% of these shipments.

In October 2023, Jiangxi Jinko published its estimates of certain preliminary unaudited financial results for the nine months ended September 30, 2023.

In October 2023, JinkoSolar announced that its affiliate has signed the largest ever supply agreement with ACWA Power, to provide 3.8 GW N-type Tiger Neo modules for ACWA Power's two projects, the 1,581MWp Al KAHFAH and the 2,257MWp AR RASS 2, in Saudi Arabia.

In October 2023, JinkoSolar announced that its high-efficiency N-Type monocrystalline silicon solar cell sets new record with maximum conversion efficiency of 26.89%.

 

Conference Call Information

 

JinkoSolar's management will host an earnings conference call on Monday, October 30, 2023 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/10034589-n7xtqc.html

 

It will automatically direct you to the registration page of "JinkoSolar Third Quarter 2023 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, November 6, 2023. The dial-in details for the replay are as follows:

 

International: +61 7 3107 6325
U.S.: +1 855 883 1031
Passcode: 10034589

 

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, 24 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 global 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 September 30, 2023.

 

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 September 29, 2023, which was RMB7.2960 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     For the nine months ended  
    Sep 30, 2022     Jun 30, 2023     Sep 30, 2023     Sep 30, 2022     Sep 30, 2023  
    RMB'000     RMB'000     RMB'000     USD'000     RMB'000     RMB'000     USD'000  
Revenues from third parties     19,418,227       30,635,727       31,737,818       4,350,030       52,876,179       85,623,354       11,735,657  
                                                         
Revenues from related parties     101,089       49,372       96,440       13,218       249,062       225,065       30,848  
                                                         
Total revenues     19,519,316       30,685,099       31,834,258       4,363,248       53,125,241       85,848,419       11,766,505  
                                                         
Cost of revenues     (16,447,649 )     (25,902,426 )     (25,701,047 )     (3,522,622 )     (45,055,189 )     (70,891,519 )     (9,716,491 )
                                                         
Gross profit     3,071,667       4,782,673       6,133,211       840,626       8,070,052       14,956,900       2,050,014  
                                                         
Operating expenses:                                                        
Selling and marketing     (1,980,508 )     (1,665,996 )     (1,739,184 )     (238,375 )     (4,987,519 )     (4,961,480 )     (680,027 )
General and administrative     (823,679 )     (800,148 )     (1,157,814 )     (158,692 )     (2,612,076 )     (3,042,370 )     (416,992 )
Research and development     (201,690 )     (225,574 )     (218,097 )     (29,893 )     (496,370 )     (632,227 )     (86,654 )
Impairment of long-lived assets     (2,662 )     (552,751 )     (27,912 )     (3,826 )     (159,259 )     (580,662 )     (79,586 )
Total operating expenses     (3,008,539 )     (3,244,469 )     (3,143,007 )     (430,786 )     (8,255,224 )     (9,216,739 )     (1,263,259 )
                                                         
Income from operations     63,128       1,538,204       2,990,204       409,840       (185,172 )     5,740,161       786,755  
Interest expenses, net     (128,749 )     (208,453 )     (148,171 )     (20,309 )     (378,987 )     (412,015 )     (56,471 )
Subsidy income     225,336       292,376       64,461       8,835       995,386       620,879       85,099  
Exchange gain/(loss)     650,466       1,358,867       (253,303 )     (34,718 )     1,046,064       976,517       133,843  
Change in fair value of foreign exchange derivatives     (130,196 )     (442,492 )     (42,474 )     (5,822 )     (223,701 )     (429,628 )     (58,885 )
Change in fair value of Long-term Investment             2,278       (130,311 )     (17,861 )     -       312,391       42,817  
Change in fair value of convertible senior notes     232,961       89,747       295,602       40,516       (408,877 )     123,914       16,984  
Other income/(loss), net     (888 )     58,971       (25,190 )     (3,453 )     11,544       36,905       5,059  
Income before income taxes     909,504       2,689,498       2,750,818       377,028       850,070       6,969,124       955,201  
Income tax expenses     (150,775 )     (341,144 )     (403,305 )     (55,278 )     (339,887 )     (1,059,453 )     (145,210 )
Equity in earnings of affiliated companies     38,904       63,281       (22,937 )     (3,144 )     45,233       220,299       30,194  
Net income     797,633       2,411,635       2,324,576       318,606       555,416       6,129,970       840,185  
Less: Net income attributable to non-controlling interests     (247,811 )     (1,105,533 )     (1,001,203 )     (137,226 )     (599,932 )     (2,711,842 )     (371,689 )
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     549,822       1,306,102       1,323,373       181,380       (44,516 )     3,418,128       468,496  
                                                         
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share:                                                        
Basic     2.74       6.39       6.42       0.88       (0.23 )     16.73       2.29  
Diluted     1.60       5.55       4.61       0.63       (0.23 )     14.85       2.04  
                                                         
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per ADS:                                                        
Basic     10.97       25.54       25.66       3.52       (0.90 )     66.93       9.17  
Diluted     6.39       22.20       18.46       2.53       (0.90 )     59.38       8.14  
                                                         
Weighted average ordinary shares outstanding:                                                        
Basic     200,494,033       204,566,514       206,286,879       206,286,879       196,930,951       204,273,709       204,273,709  
Diluted     219,038,845       223,654,851       223,182,957       223,182,957       196,930,951       223,117,023       223,117,023  
                                                         
Weighted average ADS outstanding:                                                        
Basic     50,123,508       51,141,628       51,571,720       51,571,720       49,232,738       51,068,427       51,068,427  
Diluted     54,759,711       55,913,713       55,795,739       55,795,739       49,232,738       55,779,256       55,779,256  
                                                         
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                         
Net income     797,633       2,411,635       2,324,576       318,606       555,416       6,129,970       840,185  
Other comprehensive income/(loss):                                                        
-Unrealized loss on available-for-sale securities     1,638       58       -       -       1,638       (973 )     (133 )
-Foreign currency translation adjustments     185,181       282,017       (31,771 )     (4,354 )     372,219       192,274       26,353  
-Change in the instrument-specific credit risk     48,293       20,227       5,245       719       106,423       70,690       9,689  
Comprehensive income     1,032,745       2,713,937       2,298,050       314,971       1,035,696       6,391,961       876,094  
Less: Comprehensive income attributable to non-controlling interests     (339,109 )     (1,168,875 )     (992,475 )     (136,030 )     (751,880 )     (2,747,573 )     (376,586 )
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders     693,636       1,545,062       1,305,575       178,941       283,816       3,644,388       499,508  

 

 

 

 

JINKOSOLAR HOLDING CO., LTD.   

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  

(in thousands)  

 

    Dec 31, 2022     Sep 30, 2023  
    RMB'000     RMB'000     USD'000  
ASSETS                        
Current assets:                        
Cash and cash equivalents     10,243,500       13,563,594       1,859,045  
Restricted cash     1,027,454       547,369       75,023  
Restricted short-term investments     8,945,271       7,799,555       1,069,018  
Short-term investments     -       51,922       7,117  
Accounts receivable, net - related parties     139,714       148,826       20,398  
Accounts receivable, net - third parties     16,674,876       25,779,992       3,533,442  
Notes receivable, net - related parties     282,824       1,850       254  
Notes receivable, net - third parties     6,697,096       3,960,907       542,887  
Advances to suppliers, net - related parties     56,860       78,208       10,719  
Advances to suppliers, net - third parties     3,271,284       3,903,922       535,077  
Inventories, net     17,450,284       19,153,303       2,625,179  
Forward contract receivables     119,625       30,717       4,210  
Prepayments and other current assets, net - related parties     23,105       29,518       4,046  
Prepayments and other current assets, net     3,290,902       3,533,424       484,296  
Held-for-sale assets     -       2,231,004       305,785  
Available-for-sale securities     104,499       -       -  
Total current assets     68,327,294       80,814,111       11,076,496  
                         
Non-current assets:                        
Restricted cash     1,378,680       1,575,353       215,920  
Long-term investments     1,711,072       2,302,860       315,634  
Property, plant and equipment, net     32,290,088       36,025,775       4,937,743  
Land use rights, net     1,431,424       1,613,337       221,126  
Intangible assets, net     79,600       186,794       25,602  
Financing lease right-of-use assets, net     558,407       336,096       46,066  
Operating lease right-of-use assets, net     396,966       377,985       51,807  
Deferred tax assets     704,244       703,856       96,471  
Advances to suppliers to be utilised beyond one year     310,375       669,897       91,817  
Other assets, net - related parties     52,363       55,451       7,600  
Other assets, net - third parties     1,421,669       2,636,924       361,421  
Available-for-sale securities Non current     -       50,000       6,853  
Total non-current assets     40,334,888       46,534,328       6,378,060  
                         
Total assets     108,662,182       127,348,439       17,454,556  
                         
LIABILITIES                        
Current liabilities:                        
Accounts payable - third parties     10,378,076       14,158,209       1,940,544  
Notes payable - related parties     419,500       401,500       55,030  
Notes payable - third parties     20,204,323       22,579,090       3,094,722  
Accrued payroll and welfare expenses     2,035,931       2,382,141       326,500  
Advances from related parties     3,829       884       121  
Advances from  third parties     9,220,267       7,936,887       1,087,841  
Income tax payable     737,735       395,570       54,217  
Other payables and accruals     9,214,384       10,902,493       1,494,312  
Other payables due to related parties     5,964       16,069       2,202  
Forward contract payables     63,137       96,138       13,177  
Convertible senior notes - current     -       635,956       87,165  
Financing lease liabilities - current     168,381       78,277       10,728  
Operating lease liabilities - current     65,489       72,177       9,893  
Short-term borrowings from third parties, including current portion of long-term bank borrowings     12,419,170       12,151,300       1,665,474  
Held-for-sale liabilities     -       1,459,435       200,032  
Total current liabilities     64,936,186       73,325,829       10,050,141  
                         
Non-current liabilities:                        
Long-term borrowings     13,022,795       13,047,106       1,788,255  
Convertible senior notes     1,070,699       4,533,415       621,356  
Accrued warranty costs - non current     1,422,276       1,988,279       272,516  
Financing lease liabilities     69,881       -       -  
Operating lease liabilities     339,885       316,188       43,337  
Deferred tax liability     194,808       202,391       27,740  
Long-term Payables     601,759       844,819       115,792  
Guarantee liabilities to related parties - non current     -       -       -  
Total non-current liabilities     16,722,103       20,932,198       2,868,996  
                         
Total liabilities     81,658,289       94,258,027       12,919,137  
                         
SHAREHOLDERS' EQUITY                        
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized 204,135,029 and 209,232,719 shares issued as of December 31, 2022 and September 30, 2023, respectively)     28       29       4  
Additional paid-in capital     9,912,931       10,569,527       1,448,674  
Accumulated other comprehensive income     217,563       390,766       53,559  
Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2022 and September 30, 2023     (43,170 )     (43,170 )     (5,917 )
Modification of non-controlling interests                        
Accumulated retained earnings     6,249,883       9,112,599       1,248,986  
                         
Total JinkoSolar Holding Co., Ltd. shareholders' equity     16,337,235       20,029,751       2,745,306  
                         
Non-controlling interests     10,666,658       13,060,661       1,790,113  
                         
Total shareholders' equity     27,003,893       33,090,412       4,535,419  
                         
Total liabilities and shareholders' equity     108,662,182       127,348,439       17,454,556  

 

 

 

 

View original content: https://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2023-financial-results-301971257.html

 

SOURCE JinkoSolar Holding Co., Ltd.

 

 

 


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