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 August 2024
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 ⌧ Form 40-F ¨
EXHIBIT INDEX
| Number |
|
Description of Document |
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:
August 30, 2024
Exhibit
99.1
JinkoSolar Repurchased 5,596,739
ADSs under Its Share Repurchase Program
08/30/2024
SHANGRAO, China, Aug. 30, 2024
/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 that as of the date of this press release, the Company has
repurchased a total of 5,596,739 ADSs in an aggregate amount of approximately US$134.5 million in the open market under its share repurchase
program announced in July 2022 and the extended share repurchase program announced in December 2023.
On December 20, 2023, the Company
extended its share repurchase program announced on July 6, 2022 for an additional 18-month period through June 30, 2025. As
of the date of this press release, approximately US$65.5 million of the Company's ordinary shares represented by the ADSs under the extended
share repurchase program had not been utilized.
The Company may continue to repurchase
its ADSs through open-market transactions, privately negotiated transactions or block trades, and/or other legally permissible means,
depending on market conditions and in accordance with the applicable rules and regulations. The timing and conditions of the share
repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Securities
Exchange Act of 1934, as well as the Company's insider trading policy.
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 over 10 productions facilities
globally, over 20 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 a global sales network with 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 June 30, 2024.
To find out more, please see: www.jinkosolar.com
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
 | View
original content:
https://www.prnewswire.com/news-releases/jinkosolar-repurchased-5-596-739-adss-under-its-share-repurchase-program-302234911.html |
SOURCE JinkoSolar Holding
Co., Ltd.
Exhibit
99.2
JinkoSolar Announces Second Quarter 2024 Financial Results
08/30/2024
SHANGRAO, China, Aug. 30, 2024 /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, 2024.
Second Quarter 2024 Business Highlights
| · | Leveraging
our advantages of N-type TOPCon technology, competitive products, global marketing, and manufacturing
footprint, module shipments grew by 34.1% year-over-year to 23.8 GW in the second quarter,
ranking first in the industry. |
| · | At
the end of the second quarter, we became the first module manufacturer in the world to have
delivered a total of 260 GW solar modules, covering nearly 200 countries and regions. |
| · | Our
N-type TOPCon based perovskite tandem solar cell set a new record with conversion efficiency
of 33.24%, a significant leap beyond our previous record of 32.33% for the same type of tandem
cells. |
| · | The
mass production efficiency of N-type TOPCon cells exceeds 26.1%. |
| · | Recently,
we were recognized as a Tier 1 energy storage provider and a Tier 1 PV module manufacturer
by Bloomberg New Energy Finance. |
| · | We
recently entered into a strategic partnership with Renewable Energy Localization Company
and Vision Industries Company to form a joint venture in Saudi Arabia for the production
of 10 GW of high-efficiency solar cells and solar modules. |
Second Quarter 2024 Operational and Financial Highlights
| · | Quarterly
shipments were 25,318 MW (23,822 MW for solar modules, and 1,496 MW for cells and wafers),
up 15.6% sequentially, and up 36.0% year-over-year. |
| · | Total
revenues were RMB24.05 billion (US$3.31 billion), up 4.4% sequentially and down 21.6% year-over-year. |
| · | Gross
profit was RMB2.68 billion (US$368.3 million), down 2.1% sequentially and down 44.0% year-over-year. |
| · | Gross
margin was 11.1%, compared with 11.9% in Q1 2024 and 15.6% in Q2 2023. |
| · | Net
loss attributable to JinkoSolar Holding Co., Ltd.'sordinary shareholders was RMB 100.7
million (US$13.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'sordinary
shareholders of RMB609.4 million in Q1 2024 and RMB1.31 billion in Q2 2023. |
| · | Adjusted
net income attributable to JinkoSolar Holding Co., Ltd.'sordinary shareholders, which
excludes the impact from (i) a change in fair value of the convertible senior notes,
(ii) a change in fair value of long-term investment, (iii) share based compensation
expenses, and (iv) the net loss resulted from a fire accident at one of our production
bases in Shanxi Province (the "Fire Accident"), was RMB378.5 million (US$52.1 million),
compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.'sordinary
shareholders of RMB470.3 million in Q1 2024 and RMB1.43 billion in Q2 2023. |
| · | Basic
and diluted loss per ordinary share were RMB0.48 (US$0.07) and RMB0.53 (US$ 0.07), respectively.
This translates into basic and diluted loss per ADS of RMB 1.94 (US$0.27) and RMB2.12 (US$0.29),
respectively. |
Mr. Xiande Li, JinkoSolar's Chairman and Chief Executive
Officer, commented, "We are pleased to announce that our module shipments grew by 34.1% year-over-year to 23.8 GW in the second
quarter, ranking first in the industry. By the end of the second quarter, we became the first solar company in the world to have
reached accumulative module shipments of 260 GW, covering nearly 200 countries and regions. This again demonstrated the strength of
our globalization strategy. Prices in several segments of the industry chain declined slightly on a sequential basis leading us to
adjust our production scheduling strategy and utilization rates for different processes. We also optimized our supply chain strategy
to control costs. Gross margin was 11.1% in this quarter, relatively flat sequentially. Adjusted net income was $52.1 million, a
slight decrease sequentially.
Overall, global demand showed fast growth momentum in the first half
of 2024. The newly added installations in China totaled 102.4 GW, up 30.7% year-over-year while total solar module exports increased
by around 20% year-over-year. Thanks to our global footprint and competitive products, by the end of the second quarter, the visibility
of our orderbook for 2024 exceeds 80%, enabling us to maintain an industry-leading utilization rate, particularly nearly 100% for N-type
cells.
Oversupply and increasingly irrational low prices along the supply
chain that have plagued our industry for some time have started to be addressed by market forces as well as government and industry control
policies. Additionally, financial institutions have become more selective, favoring companies with proven technological innovation, healthy
financial conditions, and strong brand recognition. As a result, some manufacturers have been forced to cut or suspend production while
others have delayed, suspended or even canceled capacity expansion projects. We believe that all these measures will further accelerate
the elimination of outdated capacity as well as industry consolidation, paving the way for companies with robust sustainable operations
to reinforce their industry leadership.
We made good progress on several fronts. The mass-produced efficiency
of our 182 mm TOPCon cells has exceeded 26.1%, and the lab efficiency of our N-type TOPCon-based perovskite tandem solar cell has reached
33.24%. We firmly believe that TOPCon technology still delivers the best economic performance in terms of cost, mass production yield,
intellectual property protection, and customer acceptance, with further room for cost reduction and efficiency increase. In addition,
we reached another milestone in our global manufacturing strategy with the recently announced strategic partnership with Renewable Energy
Localization Company and Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of high-efficiency
solar cells and solar modules.
Despite the challenges in our industry, the strength of our N-type
TOPCon technology, the competitiveness of our products, and our extensive global sales and manufacturing network have placed us in a
strong position in the industry as the industry continues to address excess capacity. We will continue to implement our globalization
strategy to actively seize market opportunities and mitigate market risks. We reiterate our guidance for module shipments to be between
100.0 GW and 110.0 GW for full year 2024. We expect module shipments to be between 23.0 GW and 25.0 GW for the third quarter of 2024.
By the end of 2024, we expect our mass-produced N-type cell efficiency to reach 26.5%. We will continue to optimize our asset and liability
structure, as well as cash flow levels, to strengthen our resistance to risks."
Second Quarter 2024 Financial Results
Total Revenues
Total revenues in the second quarter of 2024 were RMB24.05 billion
(US$3.31 billion), an increase of 4.4% from RMB23.04 billion in the first quarter of 2024 and a decrease of 21.6% from RMB30.69 billion
in the second quarter of 2023. The sequential increase was mainly due to the increase in module shipments. The year-over-year decrease
was mainly due to a decrease in the average selling price of solar modules.
Gross Profit and Gross Margin
Gross profit in the second quarter of 2024 was RMB2.68 billion (US$368.3
million), compared with RMB2.74 billion in the first quarter of 2024 and RMB4.78 billion in the second quarter of 2023.
Gross margin was 11.1% in the second quarter of 2024, compared with
11.9% in the first quarter of 2024 and 15.6% in the second quarter of 2023. The year-over-year decrease was mainly due to the decrease
in the average selling price of solar modules.
Loss/Income from Operations and Operating Margin
Loss from operations in the second quarter of
2024 was RMB1.14 billion (US$156.6 million), compared with loss from operations of RMB339.6 million in the first quarter of 2024 and
income from operations of RMB1.54 billion in the second quarter of 2023. The sequential increase in loss from operations was mainly due
to the increase in our operating expenses in the second quarter of 2024.The change from income from operations in the second quarter
of 2023 to loss from operations in the second quarter of 2024 was primarily attributable to the decreases in our revenues and gross margin
in the second quarter of 2024.
Operating loss margin was 4.7% in the second quarter of 2024, compared
with operating loss margin of 1.5% in the first quarter of 2024 and operating profit margin of 5.0% in the second quarter of 2023.
Total operating expenses in the second quarter of 2024 were RMB3.81
billion (US$524.9 million), an increase of 24.1% from RMB3.07 billion in the first quarter of 2024 and an increase of 17.6% from RMB3.24
billion in the second quarter of 2023. The sequential and year-over-year increases were mainly due to the write-off of the net book value
of the equipment resulted from the Fire Accident in Shanxi Province, which was partially offset by the estimated insurance proceeds from
the Fire Accident in the second quarter of 2024.
Total operating expenses accounted for 15.9% of total revenues in
the second quarter of 2024, compared to 13.3% in the first quarter of 2024 and 10.6% in the second quarter of 2023.
Interest Expenses, Net
Net interest expenses consist of interest expenses of RMB212.9 million
(US$29.3 million) and interest income of RMB107.7 million (US$14.8 million) in the second quarter of 2024.
Net interest expenses in the second quarter of
2024 was RMB105.2 million (US$14.5 million), a decrease of 43.7% from RMB186.8 million in the first quarter of 2024 and a decrease of
49.6% from RMB208.5 million in the second quarter of 2023. The sequential and year-over-year decreases were due to the decrease in interest-bearing
debts with high interest rate.
Subsidy Income
Subsidy income in the second quarter of 2024 was RMB885.0 million
(US$121.8 million), compared with RMB231.8 million in the first quarter of 2024 and RMB292.4 million in the second quarter of 2023. The
sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of incentives to the Company's business
operations.
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 RMB305.0 million (US$42.0 million) in the second quarter of 2024, compared to a net exchange
gain of RMB139.7 million in the first quarter of 2024 and a net exchange gain of RMB916.4 million in the second quarter of 2023. The
sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of US dollars against RMB in the second
quarter of 2024.
Change in Fair Value of Convertible Senior Notes
The Company issued US$85.0 million of 4.5% convertible senior notes
(the "Notes") due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e.
Binomial Model. As of June 30, 2024, all the Notes with the principle amount of US$85.0 million have been converted to the ordinary
shares of the Company.
The Company recognized a gain from a change in
fair value of the convertible senior notes of RMB12.8 million (US$1.8 million) in the second quarter of 2024, compared to a gain of RMB310.7
million in the first quarter of 2024 and a gain of RMB89.7 million in the second quarter of 2023. The sequential and year-over-year changes
were primarily due to the changes in the Company's stock price in the second quarter of 2024.
Change in Fair Value of Long-term Investment
The Company invested in certain equity interests in several solar
technology companies engaged in the 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 June 30, 2024, the Company had RMB849.7 million (US$116.9 million) in long-term
investment, compared with RMB967.0 million as of March 31, 2024.
The Company recognized a loss from change in fair value of RMB144.2
million (US$19.8 million) in the second quarter of 2024, compared with a loss of RMB55.3 million in the first quarter of 2024 and a gain
of RMB2.3 million in the second quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the valuation
of several solar technology companies we invested in.
Other income, net
Net other income in the second quarter of 2024 was RMB157.6 million
(US$21.7 million), compared with net other income of RMB1.32 billion in the first quarter of 2024 and net other income of RMB59.0 million
in the second quarter of 2023. The sequential decrease was mainly due to income generated from the disposal of a wholly-owned subsidiary
in the first quarter of 2024. The year-over-year increase was mainly due to gains from the changes in the fair value of the financial
instruments in the second quarter of 2024.
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
RMB67.6 million (US$9.3 million) in the second quarter of 2024, compared with equity in gain of RMB13.2 million in the first quarter
of 2024 and RMB63.3 million in the second quarter of 2023. The fluctuations in equity in earnings of affiliated companies primarily arose
from the net gain or loss incurred by the affiliate companies.
Income Tax Expense
The Company recorded an income tax expense of RMB24.8 million (US$3.4
million) in the second quarter of 2024, compared with RMB476.7 million in the first quarter of 2024 and RMB341.1 million in the second
quarter of 2023.
Net Loss/Income attributable to Non-Controlling Interests
Net loss attributable to non-controlling interests amounted to RMB18.8
million (US$2.6 million) in the second quarter of 2024, compared with net income of RMB351.0 million in the first quarter of 2024 and
net income of RMB1.11 billion in the second quarter of 2023. 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.
Net Loss/Income and Earnings per Share
Net loss attributable to the JinkoSolar Holding Co., Ltd.'sordinary
shareholders was RMB100.7 million (US$13.9 million) in the second quarter of 2024, compared with net income of RMB609.4 million in the
first quarter of 2024 and net income of RMB1.31 billion in the second quarter of 2023.
Excluding the impact from (i) a change in fair value of the convertible
senior notes, (ii) a change in fair value of the long-term investment, (iii) share based compensation expenses, and (iv) the
net loss resulted from the Fire Accident, adjusted net income attributable to the JinkoSolar Holding Co., Ltd.'sordinary shareholders
was RMB378.5 million (US$52.1 million), compared with RMB470.3 million in the first quarter of 2024 and RMB1.43 billion in the second
quarter of 2023.
Basic and diluted loss per ordinary share were RMB0.48 (US$0.07) and
RMB0.53 (US$0.07), respectively, in the second quarter of 2024, compared to basic and diluted earnings per ordinary share of RMB2.82
and RMB1.34, respectively, in the first quarter of 2024, and basic and diluted earnings per ordinary share of RMB6.39 and RMB5.55, respectively,
in the second quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted loss per ADS of RMB1.94
(US$0.27) and RMB2.12 (US$0.29), respectively in the second quarter of 2024; basic and diluted earnings per ADS of RMB11.28 and RMB5.36,
respectively, in the first quarter of 2024; and basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second
quarter of 2023.
Financial Position
As of June 30, 2024, the Company had RMB13.87 billion (US$1.91
billion) in cash, cash equivalents, and restricted cash, compared with RMB17.63 billion as of March 31, 2024.
As of June 30, 2024, the Company's accounts receivables were
RMB18.39 billion (US$2.53 billion), compared with RMB19.82 billion as of March 31, 2024.
As of June 30, 2024, the Company's inventories were RMB19.49
billion (US$2.68 billion), compared with RMB20.13 billion as of March 31, 2024.
As of June 30, 2024, the Company's total interest-bearing debts
were RMB28.06 billion (US$3.86 billion), compared with RMB26.46 billion as of March 31, 2024.
Second Quarter 2024 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments were 25,318 MW in the second quarter of 2024, including
23,822 MW for solar module shipments and 1,496 MW for cell and wafer shipments.
Operations and Business Outlook Highlights
Third Quarter and Full Year 2024 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 2024, the Company expects its module shipments
to be in the range of 23.0 GW to 25.0 GW.
For full year 2024, the Company estimates its module shipments to
be in the range of 100.0 GW to 110.0 GW.
Solar Products Production Capacity
The Company expects its annual production capacity for mono wafer,
solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2024.
Recent Business Developments
| · | In
May 2024, JinkoSolar delivered Tiger Neo modules to a Solar Power Plant in Lobstädt,
Germany (The Witznitz Solar Park). |
| · | In
May 2024, JinkoSolar's2000-Volt EAGLE® Modules became the first in the world to
be qualified as UL listed products for UL61730-1 and UL61730-2, and UL classified products
for IEC 61215-1, IEC 61215-2 and IEC 61215-1-1. |
| · | In
June 2024, JinkoSolar was recognized as a Top Performer across all reliability categories
in the 2024 PV Module Reliability Scorecard published by Kiwa PVEL. |
| · | In
June 2024, JinkoSolar announced that tested by TÜV SÜD, the conversion efficiency
for 2 m2 above large-size N-type TOPCon solar modules has reached 25.42%, setting
a new record again. |
| · | In
June 2024, JinkoSolar announced that its subsidiary Jinko Solar Denmark has supplied
high voltage residential storage solutions to SolarToday for use in the DACH and Benelux
regions starting from June 2024. |
| · | In
June 2024, JinkoSolar entered into a Heads of Terms with kIEFER to supply its large
scale battery storage, SunTera to Athens International Airport (AIA), supporting its commitment
to achieve Net Zero Carbon Emissions by 2025. |
| · | In
July 2024, JinkoSolar topped the PV Tech 2024 Q2 ModuleTech Bankability Report with
"AAA" rating. |
| · | As
of the date of this press release, JinkoSolar has repurchased a total of 5,596,739 ADSs in
an aggregate amount of approximately US$134.5 million in the open market under its share
repurchase program announced in July 2022 and the extended share repurchase program
announced in December 2023. As of the same date, approximately US$65.5 million of the
Company's ordinary shares represented by the ADSs under the extended share repurchase program
had not been utilized. |
Conference Call Information
JinkoSolar's management will host an earnings conference call on
Friday, August 30, 2024 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/10041536-ai8fg3.html
It will automatically direct you to the registration page of
"JinkoSolar Second Quarter 2024 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, September 6, 2024. The dial-in details for the replay are as
follows:
| International: |
+61 7 3107 6325 |
| U.S.: |
+1 855 883 1031 |
| Passcode: |
10041536 |
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 over 10 productions facilities globally, over 20 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 a global sales network
with 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 June 30, 2024.
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 28, 2024, which was RMB7.2672 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 year ended | |
| |
Jun
30, 2023 | | |
Mar
31, 2024 | | |
Jun
30, 2024 | | |
Jun 30, 2023 |
|
|
Jun 30, 2024 | |
| | |
RMB'000 | | |
RMB'000 | | |
RMB'000 | | |
USD'000 | | |
RMB'000 | | |
RMB'000 | | |
USD'000 | |
| Revenues | |
| 30,685,099 | | |
| 23,044,280 | | |
| 24,053,049 | | |
| 3,309,810 | | |
| 54,014,161 | | |
| 47,097,329 | | |
| 6,480,809 | |
| Cost of revenues | |
| (25,902,426 | ) | |
| (20,309,195 | ) | |
| (21,376,366 | ) | |
| (2,941,486 | ) | |
| (45,190,471 | ) | |
| (41,685,562 | ) | |
| (5,736,124 | ) |
| Gross profit | |
| 4,782,673 | | |
| 2,735,085 | | |
| 2,676,683 | | |
| 368,324 | | |
| 8,823,690 | | |
| 5,411,767 | | |
| 744,685 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling
and marketing | |
| (1,665,996 | ) | |
| (1,466,397 | ) | |
| (1,797,061 | ) | |
| (247,284 | ) | |
| (3,222,296 | ) | |
| (3,263,458 | ) | |
| (449,067 | ) |
| General
and administrative | |
| (800,148 | ) | |
| (1,367,868 | ) | |
| (1,141,307 | ) | |
| (157,049 | ) | |
| (1,884,556 | ) | |
| (2,509,174 | ) | |
| (345,274 | ) |
| Research
and development | |
| (225,574 | ) | |
| (240,428 | ) | |
| (215,394 | ) | |
| (29,639 | ) | |
| (414,130 | ) | |
| (455,822 | ) | |
| (62,723 | ) |
| Impairment
of long-lived assets | |
| (552,751 | ) | |
| - | | |
| (660,964 | ) | |
| (90,952 | ) | |
| (552,751 | ) | |
| (660,964 | ) | |
| (90,952 | ) |
| Total operating
expenses | |
| (3,244,469 | ) | |
| (3,074,693 | ) | |
| (3,814,726 | ) | |
| (524,924 | ) | |
| (6,073,733 | ) | |
| (6,889,418 | ) | |
| (948,016 | ) |
| (Loss)/income
from operations | |
| 1,538,204 | | |
| (339,608 | ) | |
| (1,138,043 | ) | |
| (156,600 | ) | |
| 2,749,957 | | |
| (1,477,651 | ) | |
| (203,331 | ) |
| Interest expenses | |
| (332,374 | ) | |
| (281,733 | ) | |
| (212,897 | ) | |
| (29,296 | ) | |
| (623,108 | ) | |
| (494,630 | ) | |
| (68,063 | ) |
| Interest income | |
| 123,921 | | |
| 94,900 | | |
| 107,740 | | |
| 14,826 | | |
| 359,263 | | |
| 202,640 | | |
| 27,884 | |
| Subsidy income | |
| 292,376 | | |
| 231,844 | | |
| 885,024 | | |
| 121,783 | | |
| 556,418 | | |
| 1,116,868 | | |
| 153,686 | |
| Exchange gain,net | |
| 1,358,867 | | |
| 126,010 | | |
| 247,726 | | |
| 34,088 | | |
| 1,229,820 | | |
| 373,736 | | |
| 51,428 | |
| Change in fair
value of foreign exchange derivatives | |
| (442,492 | ) | |
| 13,714 | | |
| 57,250 | | |
| 7,878 | | |
| (387,154 | ) | |
| 70,964 | | |
| 9,765 | |
| Change in fair
value of Long-term Investment | |
| 2,278 | | |
| (55,328 | ) | |
| (144,222 | ) | |
| (19,846 | ) | |
| 442,702 | | |
| (199,550 | ) | |
| (27,459 | ) |
| Change in fair
value of convertible senior notes | |
| 89,747 | | |
| 310,683 | | |
| 12,791 | | |
| 1,760 | | |
| (171,688 | ) | |
| 323,474 | | |
| 44,512 | |
| Other
income, net | |
| 58,971 | | |
| 1,323,478 | | |
| 157,574 | | |
| 21,683 | | |
| 62,095 | | |
| 1,481,051 | | |
| 203,800 | |
| Income/(loss)
before income taxes | |
| 2,689,498 | | |
| 1,423,960 | | |
| (27,057 | ) | |
| (3,724 | ) | |
| 4,218,305 | | |
| 1,396,902 | | |
| 192,222 | |
| Income tax expenses | |
| (341,144 | ) | |
| (476,718 | ) | |
| (24,799 | ) | |
| (3,412 | ) | |
| (656,148 | ) | |
| (501,518 | ) | |
| (69,011 | ) |
| Equity
in (loss)/income of affiliated companies | |
| 63,281 | | |
| 13,181 | | |
| (67,644 | ) | |
| (9,308 | ) | |
| 243,236 | | |
| (54,463 | ) | |
| (7,494 | ) |
| Net income | |
| 2,411,635 | | |
| 960,423 | | |
| (119,500 | ) | |
| (16,444 | ) | |
| 3,805,393 | | |
| 840,921 | | |
| 115,717 | |
| Less:
Net (income)/loss attributable to non-controlling interests | |
| (1,105,533 | ) | |
| (351,025 | ) | |
| 18,847 | | |
| 2,593 | | |
| (1,710,640 | ) | |
| (332,178 | ) | |
| (45,709 | ) |
| Net
income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | |
| 1,306,102 | | |
| 609,398 | | |
| (100,653 | ) | |
| (13,851 | ) | |
| 2,094,753 | | |
| 508,743 | | |
| 70,008 | |
| Net income/(loss)
attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 6.39 | | |
| 2.82 | | |
| (0.48 | ) | |
| (0.07 | ) | |
| 10.31 | | |
| 2.40 | | |
| 0.33 | |
| Diluted | |
| 5.55 | | |
| 1.34 | | |
| (0.53 | ) | |
| (0.07 | ) | |
| 9.90 | | |
| 0.87 | | |
| 0.12 | |
Net income/(loss) attributable
to JinkoSolar Holding
Co., Ltd.'s
ordinary shareholders per ADS:
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 25.54 | | |
| 11.28 | | |
| (1.94 | ) | |
| (0.27 | ) | |
| 41.22 | | |
| 9.62 | | |
| 1.32 | |
| Diluted | |
| 22.20 | | |
| 5.36 | | |
| (2.12 | ) | |
| (0.29 | ) | |
| 39.61 | | |
| 3.48 | | |
| 0.48 | |
| Weighted average ordinary shares outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 204,566,514 | | |
| 216,001,414 | | |
| 208,076,672 | | |
| 208,076,672 | | |
| 203,250,441 | | |
| 211,662,944 | | |
| 211,662,944 | |
| Diluted | |
| 223,654,851 | | |
| 223,646,269 | | |
| 209,869,918 | | |
| 209,869,918 | | |
| 211,556,947 | | |
| 219,563,068 | | |
| 219,563,068 | |
| Weighted average ADS outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 51,141,628 | | |
| 54,000,353 | | |
| 52,019,168 | | |
| 52,019,168 | | |
| 50,812,610 | | |
| 52,915,736 | | |
| 52,915,736 | |
| Diluted | |
| 55,913,713 | | |
| 55,911,567 | | |
| 52,467,479 | | |
| 52,467,479 | | |
| 52,889,237 | | |
| 54,890,767 | | |
| 54,890,767 | |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Net income/(loss) | |
| 2,411,635 | | |
| 960,423 | | |
| (119,500 | ) | |
| (16,444 | ) | |
| 3,805,393 | | |
| 840,921 | | |
| 115,717 | |
| Other comprehensive income/(loss): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| -Unrealized loss on available-for-sale
securities | |
| 58 | | |
| - | | |
| (973 | ) | |
| - | | |
| | | |
| | | |
| | |
| -Foreign currency translation
adjustments | |
| 282,017 | | |
| (177,267 | ) | |
| 9,874 | | |
| 1,360 | | |
| 224,045 | | |
| (167,393 | ) | |
| (23,034 | ) |
| -Change
in the instrument-specific credit risk | |
| 20,227 | | |
| 421 | | |
| - | | |
| - | | |
| 65,445 | | |
| 421 | | |
| 58 | |
| Comprehensive income/(loss) | |
| 2,713,937 | | |
| 783,577 | | |
| (109,626 | ) | |
| (15,084 | ) | |
| 4,093,910 | | |
| 673,949 | | |
| 92,740 | |
| Less: Comprehensive
(income)/loss attributable to non-controlling interests | |
| (1,168,875 | ) | |
| (348,517 | ) | |
| 9,056 | | |
| 1,246 | | |
| (1,755,098 | ) | |
| (339,461 | ) | |
| (46,711 | ) |
| Comprehensive income/(loss) attributable
to JinkoSolar | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Co., Ltd.'s
ordinary shareholders | |
| 1,545,062 | | |
| 435,060 | | |
| (100,570 | ) | |
| (13,838 | ) | |
| 2,338,812 | | |
| 334,488 | | |
| 46,029 | |
JINKOSOLAR HOLDING CO., LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| |
Dec
31, 2023 | | |
Jun 30, 2024 | |
| | |
RMB'000 | | |
RMB'000 | | |
USD'000 | |
| ASSETS | |
| | |
| | |
| |
| Current
assets: | |
| | | |
| | | |
| | |
| Cash,cash
equivalents, and restricted cash | |
| 19,069,107 | | |
| 13,869,567 | | |
| 1,908,516 | |
| Restricted
short-term investments and short-term investments | |
| 8,509,257 | | |
| 6,458,580 | | |
| 888,730 | |
| Accounts
receivable, net | |
| 22,958,693 | | |
| 18,386,843 | | |
| 2,530,114 | |
| Notes
receivable, net | |
| 4,090,085 | | |
| 4,283,889 | | |
| 589,483 | |
| Advances
to suppliers, net | |
| 4,565,779 | | |
| 3,774,159 | | |
| 519,341 | |
| Inventories,
net | |
| 18,215,537 | | |
| 19,489,767 | | |
| 2,681,881 | |
| Foreign
exchange forward contract receivables | |
| 103,100 | | |
| 122,268 | | |
| 16,825 | |
| Prepayments
and other current assets, net | |
| 3,430,224 | | |
| 6,031,154 | | |
| 829,914 | |
| Held-for-sale
assets | |
| 2,003,417 | | |
| 189,077 | | |
| 26,018 | |
| Total
current assets | |
| 82,945,199 | | |
| 72,605,304 | | |
| 9,990,822 | |
| Non-current
assets: | |
| | | |
| | | |
| | |
| Restricted
long-term investments | |
| 1,536,198 | | |
| 1,918,126 | | |
| 263,943 | |
| Long-term
investments | |
| 2,117,628 | | |
| 1,738,566 | | |
| 239,234 | |
| Property,
plant and equipment, net | |
| 41,267,187 | | |
| 45,615,154 | | |
| 6,276,854 | |
| Land use
rights, net | |
| 1,821,012 | | |
| 1,852,866 | | |
| 254,963 | |
| Intangible
assets, net | |
| 569,088 | | |
| 361,480 | | |
| 49,741 | |
| Right-of-use
assets, net | |
| 742,431 | | |
| 567,137 | | |
| 78,041 | |
| Deferred
tax assets | |
| 1,290,004 | | |
| 1,613,419 | | |
| 222,014 | |
| Advances
to suppliers to be utilised beyond one year | |
| 648,377 | | |
| 671,645 | | |
| 92,421 | |
| Other
assets, net | |
| 2,790,567 | | |
| 1,571,391 | | |
| 216,231 | |
| Available-for-sale
securities-non-current | |
| 104,134 | | |
| 131,134 | | |
| 18,045 | |
| Total
non-current assets | |
| 52,886,626 | | |
| 56,040,918 | | |
| 7,711,487 | |
| Total
assets | |
| 135,831,825 | | |
| 128,646,222 | | |
| 17,702,309 | |
| LIABILITIES | |
| | | |
| | | |
| | |
| Current
liabilities: | |
| | | |
| | | |
| | |
| Accounts
payable | |
| 15,475,166 | | |
| 13,952,517 | | |
| 1,919,930 | |
| Notes
payable | |
| 25,690,532 | | |
| 19,528,035 | | |
| 2,687,147 | |
| Accrued
payroll and welfare expenses | |
| 2,798,964 | | |
| 2,592,942 | | |
| 356,801 | |
| Advances
from customers | |
| 6,965,298 | | |
| 7,551,735 | | |
| 1,039,154 | |
| Income
tax payables | |
| 1,016,039 | | |
| 491,952 | | |
| 67,695 | |
| Other
payables and accruals | |
| 13,448,501 | | |
| 16,387,720 | | |
| 2,255,022 | |
| Foreign
exchange forward derivatives payables | |
| 26,466 | | |
| 16,038 | | |
| 2,207 | |
| Convertible
senior notes | |
| 782,969 | | |
| - | | |
| - | |
| Lease
liabilities - current | |
| 155,931 | | |
| 118,382 | | |
| 16,290 | |
| Short-term
borrowings, including current portion of long-term borrowings, and failed sale-leaseback financing | |
| 13,583,774 | | |
| 6,830,467 | | |
| 939,904 | |
| Held-for-sale
liabilities | |
| 1,117,005 | | |
| - | | |
| - | |
| Total
current liabilities | |
| 81,060,645 | | |
| 67,469,788 | | |
| 9,284,150 | |
| Non-current
liabilities: | |
| | | |
| | | |
| | |
| Long-term
borrowings | |
| 11,238,806 | | |
| 13,434,364 | | |
| 1,848,630 | |
| Convertible
notes | |
| 4,785,480 | | |
| 7,203,086 | | |
| 991,178 | |
| Accrued
warranty costs - non current | |
| 2,145,426 | | |
| 2,205,949 | | |
| 303,549 | |
| Lease
liabilities-noncurrent | |
| 557,136 | | |
| 475,932 | | |
| 65,490 | |
| Deferred
tax liability | |
| 131,506 | | |
| 138,971 | | |
| 19,123 | |
| Long-term
Payables | |
| 2,378,684 | | |
| 4,257,201 | | |
| 585,810 | |
| Total
non-current liabilities | |
| 21,237,038 | | |
| 27,715,503 | | |
| 3,813,780 | |
| Total
liabilities | |
| 102,297,683 | | |
| 95,185,291 | | |
| 13,097,930 | |
| SHAREHOLDERS'
EQUITY | |
| | | |
| | | |
| | |
| Total
JinkoSolar Holding Co., Ltd. shareholders' equity | |
| 20,156,434 | | |
| 20,620,188 | | |
| 2,837,434 | |
| Non-controlling
interests | |
| 13,377,708 | | |
| 12,840,743 | | |
| 1,766,945 | |
| Total
shareholders' equity | |
| 33,534,142 | | |
| 33,460,931 | | |
| 4,604,379 | |
| Total
liabilities, non-controlling interest and shareholders' equity | |
| | | |
| | | |
| | |
| | |
| 135,831,825 | | |
| 128,646,222 | | |
| 17,702,3093 | |
View
original content: https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2024-financial-results-302234929.html
SOURCE JinkoSolar Holding Co., Ltd.
Jinkosolar (NYSE:JKS)
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