SHANGHAI, Aug. 13, 2018 /PRNewswire-FirstCall/ --
JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:
JKS), a global leader in the solar PV industry, today announced its
unaudited financial results for the second quarter ended
June 30, 2018.
Second Quarter 2018 Highlights
- Total solar module shipments were 2,794 megawatts ("MW")
(including 200 MW to the Company's overseas downstream segment for
which no revenue has been recognized), an increase of 38.7% from
2,015 MW in the first quarter of 2018 and a decrease of 3.1% from
2,884 MW in the second quarter of 2017.
- Total revenues were RMB6.06
billion (US$915.9 million), an
increase of 32.7% from the first quarter of 2018 and a decrease of
23.5% from the second quarter of 2017.
- Gross margin was 12.0%, compared with 14.4% in the first
quarter of 2018 and 10.5% in the second quarter of 2017.
- Income from operations was RMB94.6
million (US$14.3 million),
compared with RMB125.0 million in the
first quarter of 2018 and RMB85.3
million in the second quarter of 2017.
- Net income attributable to the Company's ordinary shareholders
was RMB99.0 million (US$15.0 million) in the second quarter of 2018,
compared with RMB3.6 million in the
first quarter of 2018 and RMB47.4
million in the second quarter of 2017.
- Diluted earnings per American depositary share ("ADS") were
RMB2.512 (US$0.408) in the second quarter of 2018.
- Non-GAAP net income attributable to the Company's ordinary
shareholders in the second quarter of 2018 was RMB106.7 million (US$16.1
million), compared with RMB11.0
million in the first quarter of 2018 and RMB61.2 million in the second quarter of
2017.
- Non-GAAP basic and diluted earnings per ADS were RMB2.728 (US$0.412)
and RMB2.708 (US$0.408) in the second quarter of 2018,
compared with RMB0.300 and
RMB0.296 in the first quarter of 2018
and RMB1.908 and RMB1.892 in the second quarter of 2017.
Mr. Kangping Chen, JinkoSolar's
Chief Executive Officer commented, "We delivered a strong quarter
with module shipments hitting 2,794 MW while generating total
revenue of US$915.9 million.
Leveraging our cutting-edge technologies, strong global sales
network, and industry leading cost structure, I'm confident in our
ability to generate sustainable profits and growth going
forward."
"Growth during the quarter was strong and we expect this
momentum to continue into the second half of the year despite the
impact from the new policies issued by the Chinese government on
May 31 as shipments to overseas
markets are expected to continue growing and account for an
increasing proportion of our shipments. We believe these new
policies will have a relatively limited impact on our operations
over the short-term and are optimistic about our future prospects.
We expect demand from Top Runner Program, poverty alleviation
projects, local government subsidies, and self-contained DG
projects to continue to drive the growth in the Chinese market,
especially in regions with ample sunlight and high commercial power
prices."
"We already have good visibility of our order book for the
entire year which is predominantly made up of overseas orders to
markets which are growing rapidly and will generate significant
opportunities ahead. We are taking full advantage of our market
leading position and production facility in Florida to expand our presence in the US
market. Demand in emerging markets continues to grow, especially in
Latin American and the Middle East
and North Africa. We are devoting
our resources there towards securing large long-term orders through
our mature sales network which spans a number of markets there. We
believe the Indian solar sector will maintain its long-term growth
trajectory despite the short-term impact of recently announced
tariffs and will continue to explore opportunities there."
"We continued to develop high-efficiency technologies while
optimizing the cost structure of our products. We made significant progress in improving
wafer efficiency and reducing both oxygen content and light induced
degradation. We are increasing our mono PREC cell capacity which
will reach 4.2GW by the end of year. We are also investing in N
type technology, especially HOT double sided cell technology. The
falling cost of raw materials and our deep experience in rapidly
rolling out new technologies will allow us to further optimize our
cost structure going forward and help us increase market share by
providing clients with high-efficiency products at cost effective
prices."
"Despite some industry headwinds, we believe those challenges
also create opportunities for us to further strengthen our position
as a global leader in the solar PV industry. On one hand they will
push the industrial upgrading and accelerate the industry's
consolidation by phasing out outdated production capacities and
replacing them with high efficiency ones; On the other hand, it
will push the rapidly falling cost of solar, making solar more
competitive and stimulating the global demand. We are now in a good
position and are fully prepared for these new opportunities to
continue to expand our market share and further consolidate our
leading position in the industry."
Second Quarter 2018 Financial Results
Total Revenues
Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9
million), an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and
a decrease of 23.5% from RMB7.92
billion in the second quarter of 2017. The sequential
increase was mainly attributable to an increase in the shipment of
solar modules in the second quarter of 2018. The year-over-year
decrease was mainly attributable to a decline in the average
selling price of solar modules and a slight decrease in the
shipment of solar modules in the second quarter of 2018.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0
million), compared with RMB656.1
million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017.
The sequential increase was mainly attributable to an increase in
the shipment of solar modules in the second quarter of 2018. The
year-over-year decrease was mainly attributable to a decline in the
average selling price of solar modules and a slight decrease in the
shipment of solar modules, which was partially offset by a decrease
in solar module cost in the second quarter of 2018.
Gross margin was 12.0% in the second quarter of 2018, compared
with 14.4% in the first quarter of 2018 and 10.5% in the second
quarter of 2017. The sequential decrease was mainly attributable to
a decline in the average selling price of solar modules. The
year-over-year increase was mainly attributable to a decrease in
solar module cost, which was partially offset by a decrease in
solar module shipments and a decline in the average selling price
of solar modules in the second quarter of 2018.
Income from Operations and Operating Margin
Income from operations in the second quarter of 2018 was
RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and
RMB85.3 million in the second quarter
of 2017. Operating margin in the second quarter of 2018 was 1.6%,
compared with 2.7% in the first quarter of 2018 and 1.1% in the
second quarter of 2017.
Total operating expenses in the second quarter of 2018 were
RMB633.0 million (US$95.7 million), an increase of 19.2% from
RMB531.1 million in the first quarter
of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017.
The sequential increase was mainly due to an increase in shipping
cost as a result of an increase in solar module shipments, an
increase in bad debt expenses and an occurrence of provision for
impairment of property, plant and equipment for certain damaged
equipment of South Africa
manufacturing facilities. The year-over-year decrease was primarily
due to a decrease in shipping costs.
Total operating expenses accounted for 10.4% of total revenues
in the second quarter of 2018, compared to 11.6% in the first
quarter of 2018 and 9.5% in the second quarter of 2017.
Interest Expense, Net
Net interest expense in the second quarter of 2018 was
RMB80.6 million (US$12.2 million), a decrease of 5.6% from
RMB85.4 million in the first quarter
of 2018 and an increase of 0.1% from RMB80.6
million in the second quarter of 2017.
Exchange Gain / (Loss), Net and Change in Fair Value of
Forward Contracts
The Company recorded a net exchange gain (including change in
fair value of forward contracts) of RMB20.8
million (US$3.1 million) in
the second quarter of 2018, compared to a net exchange loss of
RMB90.8 million in the first quarter
of 2018 and a net exchange loss of RMB34.2
million in the second quarter of 2017. The sequential gain
was primarily due to the appreciation of the US dollar against the
RMB during the quarter.
Change in Fair Value of Derivatives
The Company entered into Interest Rate Swap agreements with
several banks for the purpose of reducing interest rate exposure.
The Company recorded a gain of RMB14.3
million (US$2.2 million) in
the second quarter of 2018, compared to a gain of RMB21.1 million in the first quarter of 2018 and
a loss of RMB16.4 million in the
second quarter of 2017. The sequential and year-over-year changes
were primarily due to an increase in the LIBOR rate.
Equity in Income of Affiliated Companies
The Company indirectly holds 20% equity interest of Sweihan PV
Power Company P.J.S.C, which develops and operates solar power
projects in Dubai and accounts for
its investments using the equity method. The Company also holds 30%
equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which
processes and assembles PV modules as OEM manufacturer and accounts
for its investments using the equity method. The Company recorded
equity in income of affiliated companies of RMB 28.0 million (US$ 4.2
million) in the second quarter of 2018, compared with a loss
of RMB 5.2 million in the first
quarter of 2018 and a loss of RMB 0.2
million in the second quarter of 2017.
Income Tax Benefit, Net
The Company recorded an income tax benefit of RMB10.0 million (US$1.5
million) in the second quarter of 2018, increased from
RMB3.3 million in the first quarter
of 2018 and decreased from RMB32.5
million in the second quarter of 2017. The sequential
increase was mainly due to the additional 2017 income tax deduction
for R&D costs approved by the local tax bureau in the second
quarter of 2018.
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders
was RMB99.0 million (US$15.0 million) in the second quarter of 2018,
compared with RMB3.6 million in the
first quarter of 2018 and RMB47.4
million in the second quarter of 2017.
Basic and diluted earnings per ordinary share were RMB0.633 (US$0.096)
and RMB0.628 (US$0.095), respectively during the second
quarter of 2018. This translates into basic and diluted earnings
per ADS of RMB2.532 (US$0.384) and RMB2.512 (US$0.380), respectively.
Non-GAAP net income in the second quarter of 2018 was
RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and
RMB61.2 million in the second quarter
of 2017.
Non-GAAP basic and diluted earnings per ordinary share were
RMB0.682 (US$0.103) and RMB0.677 (US$0.102), respectively during the second
quarter of 2018. This translates into non-GAAP basic and diluted
earnings per ADS of RMB2.728
(US$0.412) and RMB2.708 (US$0.408), respectively.
Financial Position
As of June 30, 2018, the Company
had RMB2.56 billion (US$386.5 million) in cash and cash equivalents
and restricted cash, compared with RMB2.86
billion as of March 31,
2018.
As of June 30, 2018, the Company's
accounts receivables due from third parties were RMB4.77 billion (US$720.7
million), compared with RMB4.18
billion as of March 31,
2018.
As of June 30, 2018, the Company's
inventories were RMB5.89 billion
(US$890.2 million), compared with
RMB4.71 billion as of March 31, 2018.
As of June 30, 2018, the Company's
total interest-bearing debts were RMB9.29
billion (US$1.40 billion),
compared with RMB8.38 billion as of
March 31, 2018.
Second Quarter 2018 Operational Highlights
Solar Module Shipments
Total solar module shipments in the second quarter of 2018 were
2,794 MW, including 200 MW to the Company's overseas downstream
segment.
Solar Products Production Capacity
As of June 30, 2018, the Company's
in-house annual silicon wafer, solar cell and solar module
production capacity was 9.0 GW, 5.0 GW and 9.0 GW,
respectively.
Recent Business Developments
- In June 2018, JinkoSolar
announced that its wholly owned subsidiary, JinkoSolar (U.S.) Inc.
has entered into a three-year agreement to supply 1.43GW of high
efficiency modules to sPower, a leading renewable energy
independent power producer.
- In June 2018, JinkoSolar
announced that it has supplied 275.4 MWdc of high efficiency
modules to Green Light Contractors Pty Ltd for use in the Bungala
Solar Farm near Port Augusta, South
Australia, which is owned by a joint venture between
Enel Green Power and Dutch
Infrastructure Fund.
- In July 2018, JinkoSolar
announced that JinkoSolar Japan K.K., a subsidiary of the Company,
has signed a JPY5.3 billion
syndicated loan agreement up to two years with a bank consortium
led by Sumitomo Mitsui Banking Corporation.
- In July 2018, JinkoSolar
announced that it will supply 86 MW of solar modules for a PV Plant
that will be located in the Cesar, northern Colombia.
- In July 2018, JinkoSolar
announced that it is ranked 278th on the 2018 Fortune
500 Companies in China and
1st among solar manufacturers.
Operations and Business Outlook
Third Quarter and Full Year 2018 Guidance
For the third quarter of 2018, the Company estimates total solar
module shipments to be in the range of 2.8 GW to 3.0 GW.
For the full year 2018, the Company estimates total solar module
shipments to be in the range of 11.5 GW to 12 GW.
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Monday, August 13, 2018 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:
|
55864212#
|
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, August 20, 2018. The dial-in
details for the replay are as follows:
International:
|
+61 2 8325
2405
|
U.S.:
|
+1 646 982
0473
|
Passcode:
|
319295377#
|
Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at www.jinkosolar.com.
About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is a global leader in the solar industry.
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 9.0 GW for silicon
wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of
June 30, 2018.
JinkoSolar has over 12,000 employees across its 8 productions
facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United
States, Canada,
Mexico, Brazil, Chile, Australia and United
Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi
Arabia, Egypt, Morocco, Ghana, Kenya,
South Africa, Costa Rica, Colombia, Panama and Argentina.
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income, non-GAAP earnings per
Share, and non-GAAP earnings per ADS, which are adjusted from the
comparable GAAP results to exclude certain expenses or incremental
ordinary shares relating to share-based compensation, convertible
senior notes and capped call options:
- Non-GAAP net income is adjusted to exclude the expenses
relating to interest expenses of convertible senior notes, exchange
gain on the convertible senior notes, and stock-based compensation;
given these Non-GAAP net income adjustments above are either
related to the Company or its subsidiaries incorporated in
Cayman Islands, which are not
subject to tax exposures, or related to those subsidiaries with tax
loss positions which result in no tax impacts, therefore no tax
adjustment is needed in conjunction with these Non-GAAP net income
adjustments; and
- Non-GAAP earnings per Share and non-GAAP earnings per ADS are
adjusted to exclude interest expenses of convertible senior notes
and exchange gain on the convertible senior notes, and stock-based
compensation.
The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of
net income and diluted net income per ADS when compared with its
peers and historical results from prior periods. These measures are
not intended to represent or substitute numbers as measured under
GAAP. The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.
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 29,
2018, which was RMB6.6171 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:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com
In the U.S.:
Ms. Linda
Bergkamp
Christensen
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
|
|
June 30,
2017
|
|
March 31,
2018
|
|
June 30,
2018
|
|
June 30,
2017
|
|
June 30,
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues from
third parties
|
7,908,533
|
|
3,671,345
|
|
5,618,862
|
|
849,143
|
|
13,661,612
|
|
9,290,207
|
|
1,403,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from
related parties
|
15,555
|
|
895,491
|
|
441,769
|
|
66,762
|
|
39,279
|
|
1,337,260
|
|
202,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
7,924,088
|
|
4,566,836
|
|
6,060,631
|
|
915,905
|
|
13,700,891
|
|
10,627,467
|
|
1,606,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(7,089,255)
|
|
(3,910,775)
|
|
(5,333,000)
|
|
(805,942)
|
|
(12,217,034)
|
|
(9,243,775)
|
|
(1,396,953)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
834,833
|
|
656,061
|
|
727,631
|
|
109,963
|
|
1,483,857
|
|
1,383,692
|
|
209,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and marketing
|
(550,823)
|
|
(313,897)
|
|
(366,077)
|
|
(55,323)
|
|
(964,635)
|
|
(679,974)
|
|
(102,760)
|
General
and administrative
|
(125,029)
|
|
(130,831)
|
|
(170,509)
|
|
(25,768)
|
|
(240,979)
|
|
(301,340)
|
|
(45,539)
|
Research
and development
|
(73,694)
|
|
(86,382)
|
|
(81,907)
|
|
(12,378)
|
|
(136,180)
|
|
(168,289)
|
|
(25,432)
|
Impairment of long-lived assets
|
-
|
|
-
|
|
(14,548)
|
|
(2,199)
|
|
-
|
|
(14,548)
|
|
(2,199)
|
Total operating
expenses
|
(749,546)
|
|
(531,110)
|
|
(633,041)
|
|
(95,668)
|
|
(1,341,794)
|
|
(1,164,151)
|
|
(175,930)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
85,287
|
|
124,951
|
|
94,590
|
|
14,295
|
|
142,063
|
|
219,541
|
|
33,178
|
Interest
expenses, net
|
(80,572)
|
|
(85,411)
|
|
(80,636)
|
|
(12,186)
|
|
(137,693)
|
|
(166,047)
|
|
(25,093)
|
Change in fair
value of derivatives
|
(16,394)
|
|
21,104
|
|
14,284
|
|
2,159
|
|
(16,018)
|
|
35,388
|
|
5,348
|
Subsidy
income
|
49,038
|
|
36,581
|
|
2,619
|
|
396
|
|
104,229
|
|
39,200
|
|
5,924
|
Exchange
(loss)/gain
|
(29,810)
|
|
(91,413)
|
|
42,389
|
|
6,406
|
|
(36,149)
|
|
(49,024)
|
|
(7,409)
|
Change in fair
value of forward contracts
|
(4,341)
|
|
585
|
|
(21,618)
|
|
(3,267)
|
|
(3,235)
|
|
(21,033)
|
|
(3,179)
|
Other income,
net
|
11,773
|
|
8,678
|
|
9,444
|
|
1,427
|
|
23,716
|
|
18,122
|
|
2,739
|
Loss on
disposal of subsidiaries
|
-
|
|
(9,425)
|
|
-
|
|
-
|
|
-
|
|
(9,425)
|
|
(1,424)
|
Income before
income taxes
|
14,981
|
|
5,650
|
|
61,072
|
|
9,230
|
|
76,913
|
|
66,722
|
|
10,084
|
Income tax
benefit
|
32,460
|
|
3,293
|
|
10,003
|
|
1,512
|
|
30,933
|
|
13,296
|
|
2,009
|
Equity in
income of affiliated companies
|
(194)
|
|
(5,240)
|
|
28,024
|
|
4,235
|
|
(194)
|
|
22,784
|
|
3,443
|
Net
income
|
47,247
|
|
3,703
|
|
99,099
|
|
14,977
|
|
107,652
|
|
102,802
|
|
15,536
|
Less: Net
(loss)/income attributable to non-controlling
interests
|
(121)
|
|
107
|
|
117
|
|
18
|
|
(290)
|
|
224
|
|
34
|
Net income
attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
47,368
|
|
3,596
|
|
98,982
|
|
14,959
|
|
107,942
|
|
102,578
|
|
15,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.369
|
|
0.025
|
|
0.633
|
|
0.096
|
|
0.846
|
|
0.680
|
|
0.103
|
Diluted
|
0.366
|
|
0.024
|
|
0.628
|
|
0.095
|
|
0.838
|
|
0.672
|
|
0.102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders per ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.476
|
|
0.100
|
|
2.532
|
|
0.384
|
|
3.384
|
|
2.720
|
|
0.412
|
Diluted
|
1.464
|
|
0.096
|
|
2.512
|
|
0.380
|
|
3.352
|
|
2.688
|
|
0.408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
128,247,292
|
|
145,540,445
|
|
156,457,441
|
|
156,457,441
|
|
127,556,967
|
|
150,894,845
|
|
150,894,845
|
Diluted
|
129,493,716
|
|
147,793,780
|
|
157,574,069
|
|
157,574,069
|
|
128,859,633
|
|
152,579,390
|
|
152,579,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,061,823
|
|
36,385,111
|
|
39,114,360
|
|
39,114,360
|
|
31,889,242
|
|
37,723,711
|
|
37,723,711
|
Diluted
|
32,373,429
|
|
36,948,445
|
|
39,393,517
|
|
39,393,517
|
|
32,214,908
|
|
38,144,848
|
|
38,144,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
47,247
|
|
3,703
|
|
99,099
|
|
14,977
|
|
107,652
|
|
102,802
|
|
15,536
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Foreign
currency translation adjustments
|
(22,391)
|
|
(33,351)
|
|
47,966
|
|
7,249
|
|
(39,954)
|
|
14,615
|
|
2,209
|
Comprehensive
income/(loss)
|
24,856
|
|
(29,648)
|
|
147,065
|
|
22,226
|
|
67,698
|
|
117,417
|
|
17,745
|
Less:
Comprehensive (loss)/income attributable to non-
controlling interests
|
(121)
|
|
107
|
|
117
|
|
18
|
|
(290)
|
|
224
|
|
34
|
Comprehensive
income/(loss) attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders
|
24,977
|
|
(29,755)
|
|
146,948
|
|
22,208
|
|
67,988
|
|
117,193
|
|
17,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
earnings per share and non-GAAP
earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to ordinary shareholders
|
47,368
|
|
3,596
|
|
98,982
|
|
14,959
|
|
107,942
|
|
102,578
|
|
15,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4% of interest
expense of convertible senior notes
|
1
|
|
1
|
|
1
|
|
-
|
|
1,556
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
loss/(gain) on convertible senior notes
|
(1)
|
|
(2)
|
|
3
|
|
-
|
|
843
|
|
1
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
13,822
|
|
7,376
|
|
7,700
|
|
1,164
|
|
31,224
|
|
15,076
|
|
2,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary
shareholders
|
61,190
|
|
10,971
|
|
106,686
|
|
16,123
|
|
141,565
|
|
117,656
|
|
17,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share attributable to ordinary
shareholders -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
0.477
|
|
0.075
|
|
0.682
|
|
0.103
|
|
1.110
|
|
0.780
|
|
0.118
|
Diluted
|
0.473
|
|
0.074
|
|
0.677
|
|
0.102
|
|
1.099
|
|
0.771
|
|
0.117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per ADS attributable to ordinary
shareholders -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1.908
|
|
0.300
|
|
2.728
|
|
0.412
|
|
4.440
|
|
3.120
|
|
0.472
|
Diluted
|
1.892
|
|
0.296
|
|
2.708
|
|
0.408
|
|
4.396
|
|
3.084
|
|
0.468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
128,247,292
|
|
145,540,445
|
|
156,457,441
|
|
156,457,441
|
|
127,556,967
|
|
150,894,845
|
|
150,894,845
|
Diluted
|
129,493,716
|
|
147,793,780
|
|
157,574,069
|
|
157,574,069
|
|
128,859,633
|
|
152,579,390
|
|
152,579,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average ADS outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
32,061,823
|
|
36,385,111
|
|
39,114,360
|
|
39,114,360
|
|
31,889,242
|
|
37,723,711
|
|
37,723,711
|
Diluted
|
32,373,429
|
|
36,948,445
|
|
39,393,517
|
|
39,393,517
|
|
32,214,908
|
|
38,144,847
|
|
38,144,847
|
JINKOSOLAR HOLDING
CO., LTD.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in
thousands)
|
|
December 31,
2017
|
|
June 30,
2018
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,928,303
|
|
2,299,826
|
|
347,558
|
Restricted
cash
|
833,072
|
|
257,955
|
|
38,983
|
Restricted
short-term investments
|
3,237,773
|
|
4,037,172
|
|
610,112
|
Short-term
investments
|
2,685
|
|
4,642
|
|
702
|
Accounts
receivable, net - related parties
|
2,113,042
|
|
2,163,388
|
|
326,939
|
Accounts
receivable, net - third parties
|
4,497,635
|
|
4,768,733
|
|
720,668
|
Notes
receivable, net - third parties
|
571,232
|
|
350,504
|
|
52,969
|
Advances to
suppliers, net - third parties
|
397,076
|
|
441,902
|
|
66,782
|
Inventories,
net
|
4,273,730
|
|
5,890,591
|
|
890,207
|
Other
receivables - related parties
|
46,592
|
|
73,237
|
|
11,068
|
Derivative
assets
|
-
|
|
10,133
|
|
1,531
|
Prepayments
and other current assets
|
1,706,717
|
|
1,360,476
|
|
205,601
|
Total current
assets
|
19,607,857
|
|
21,658,559
|
|
3,273,120
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
Restricted
cash
|
248,672
|
|
506,529
|
|
76,549
|
Project
Assets
|
473,731
|
|
1,314,267
|
|
198,617
|
Long-term
investments
|
22,322
|
|
52,972
|
|
8,005
|
Property,
plant and equipment, net
|
6,680,187
|
|
7,132,508
|
|
1,077,890
|
Land use
rights, net
|
443,269
|
|
580,725
|
|
87,761
|
Intangible
assets, net
|
25,743
|
|
26,179
|
|
3,956
|
Deferred tax
assets
|
275,372
|
|
300,989
|
|
45,487
|
Other assets -
related parties
|
146,026
|
|
112,360
|
|
16,980
|
Other assets -
third parties
|
713,226
|
|
1,197,993
|
|
181,045
|
Total non-current
assets
|
9,028,548
|
|
11,224,522
|
|
1,696,290
|
|
|
|
|
|
|
Total
assets
|
28,636,405
|
|
32,883,081
|
|
4,969,410
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable - related parties
|
5,329
|
|
40,546
|
|
6,128
|
Accounts
payable - third parties
|
4,658,202
|
|
4,991,274
|
|
754,299
|
Notes payable
- related parties
|
-
|
|
14,000
|
|
2,116
|
Notes payable
- third parties
|
5,672,497
|
|
4,976,512
|
|
752,068
|
Accrued
payroll and welfare expenses
|
721,380
|
|
694,786
|
|
104,999
|
Advances from
related parties
|
37,400
|
|
35,158
|
|
5,313
|
Advances
from third parties
|
748,959
|
|
2,169,672
|
|
327,889
|
Income tax
payable
|
27,780
|
|
41,126
|
|
6,215
|
Other payables
and accruals
|
1,804,799
|
|
2,056,294
|
|
310,755
|
Other payables
due to related parties
|
12,333
|
|
13,214
|
|
1,997
|
Forward
contract payables
|
4,521
|
|
21,618
|
|
3,267
|
Derivative
liability
|
26,486
|
|
-
|
|
-
|
Bond payable
and accrued interests
|
10,257
|
|
21,373
|
|
3,230
|
Short-term
borrowings from third parties,
including current portion of long-term
bank
borrowings
|
6,204,440
|
|
7,639,625
|
|
1,154,528
|
Guarantee
liabilities to related parties
|
28,034
|
|
33,161
|
|
5,011
|
Total current
liabilities
|
19,962,417
|
|
22,748,359
|
|
3,437,815
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
borrowings
|
379,789
|
|
855,562
|
|
129,296
|
Accrued income
tax - non current
|
6,041
|
|
6,041
|
|
913
|
Long-term
payables
|
538,410
|
|
471,215
|
|
71,212
|
Bond
payables
|
298,425
|
|
298,950
|
|
45,178
|
Accrued
warranty costs - non current
|
571,718
|
|
543,971
|
|
82,207
|
Convertible
senior notes
|
65
|
|
66
|
|
10
|
Deferred tax
liability
|
70,122
|
|
63,783
|
|
9,639
|
Long-term
liabilities of equtiy investment
|
-
|
|
7,537
|
|
1,139
|
Guarantee
liabilities to related parties
- non current
|
120,154
|
|
98,517
|
|
14,888
|
Total non-current
liabilities
|
1,984,724
|
|
2,345,642
|
|
354,482
|
|
|
|
|
|
|
Total
liabilities
|
21,947,141
|
|
25,094,001
|
|
3,792,297
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Ordinary shares
(US$0.00002 par value,
500,000,000 shares authorized, 132,146,074
and 156,457,441 shares issued and
outstanding as of December 31, 2017
and June 30, 2018, respectively)
|
19
|
|
22
|
|
3
|
Additional paid-in
capital
|
3,313,608
|
|
3,996,004
|
|
603,890
|
Statutory
reserves
|
516,886
|
|
516,886
|
|
78,114
|
Accumulated other
comprehensive income
|
23,296
|
|
37,911
|
|
5,729
|
Treasury stock, at
cost; 1,723,200 ordinary
shares as of December 31, 2017 and June
30, 2018
|
(13,876)
|
|
(13,876)
|
|
(2,097)
|
Accumulated retained
earnings
|
2,849,341
|
|
2,951,919
|
|
446,105
|
|
|
|
|
|
|
Total JinkoSolar
Holding Co., Ltd.
shareholders' equity
|
6,689,274
|
|
7,488,866
|
|
1,131,744
|
|
|
|
|
|
|
Non-controlling
interests
|
(10)
|
|
300,214
|
|
45,369
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
28,636,405
|
|
32,883,081
|
|
4,969,410
|
View original
content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2018-financial-results-300695888.html
SOURCE JinkoSolar Holding Co., Ltd.