JinkoSolar Announces Third Quarter 2022 Financial Results

SHANGRAO, China, Oct. 28, 2022 /PRNewswire/ — JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Business Highlights

  • Demand for module shipments is strong globally. Quarterly module shipments globally doubled year-over-year, and shipments to China increased 5 times year-over-year.
  • Our high-efficiency N-Type monocrystalline silicon solar cell achieved a new record with maximum conversion efficiency of 26.1%, compared with the record of 25.7% we set this April.
  • The mass production efficiency of N-type TOPCon cells reached 25%, and the integrated cost difference between N-type and P-type modules has further narrowed.
  • N-type module shipments were approximately 3GW, up 160% sequentially.

Third Quarter 2022 Operational and Financial Highlights

  • Quarterly shipments were 10,856 MW (10,286 MW for solar modules, and 570 MW for cells and wafers), up 3.1% sequentially, and up 117.4% year-over-year.
  • Total revenues were RMB19.52 billion (US$2.74 billion), up 3.6% sequentially and up 127.8% year-over-year. The sequential and year-over-year increases were mainly attributable to an increase in the shipment of solar modules.
  • Gross profit was RMB3.07 billion (US$431.8 million), up 10.8% sequentially and up 137.0% year-over-year.
  • Gross margin was 15.7%, compared with 14.7% in Q2 2022 and 15.1% in Q3 2021. The sequential and year-over-year increases were mainly due to an increase in the shipments of N-type module with higher gross margin.
  • Net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB549.8 million (US$77.3 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB623.3 million in Q2 2022 and net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB194.2 million in Q3 2021.
  • Adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders, which excludes the impact from a change in fair value of the convertible senior notes (the "Notes") and the share based compensation expenses, was RMB427.5 million (US$60.1 million), compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB368.4 million in Q2 2022 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB1.5 million in Q3 2021. 
  • Basic and diluted earnings per ordinary share were RMB2.74 (US$0.39) and RMB1.60 (US$0.23), respectively. This translates into basic and diluted earnings per ADS of RMB10.97 (US$1.54) and RMB6.39 (US$0.90), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman of the Board of Directors and Chief Executive Officer, commented, "We are pleased to announce better-than-expected results for this quarter despite continued rises in raw material prices, power rationing measures imposed on our manufacturing facilities and an earthquake in Sichuan Province, where one of our manufacturing facilities is based. Total solar shipments in the third quarter were 10.9 GW, doubling year-over-year. Total revenues were US$2.74 billion, an increase of 127.8% year-over-year. With the release of additional N-type cell capacity, we further optimized our integrated cost structure. As the shipments of more competitive N-type products increased significantly compared with the previous quarter, our profitability improved sequentially with gross margin at 15.7%, compared with 14.7% in the second quarter. Net income was US$77.3 million, an increase of 183.1% year-over-year. Excluding the impact of the convertible senior notes and share based compensation expenses, adjusted net income was US$60.1 million, improving 16.1% as compared with last quarter.

Since the start of the fourth quarter, polysilicon capacity in China has been gradually released. There is strong demand for modules in China. Including the demand in the distribution generation market, we expect total installation in the Chinese market to exceed 40 GW in the fourth quarter. Despite the supply has increased recently, the strong demand is keeping polysilicon prices stable at a high level and, currently, module prices remain stable. With substantial polysilicon capacity to be released in 2023, we expect prices of raw materials to fall and stimulate pent-up demand. We will fully seize the growth opportunities in the market, execute our globalized footprint strategy and devote more resources in key markets. In addition, we will control inventory turnover at a reasonable level with our efficient supply chain management. Leveraging our superior and diversified global industrial chain as well as advantageous products, we are confident to achieve increases in both shipments and market share next year.

We made further progress in efficiency improvement and cost reduction for N-type products due to the continuous efforts of our R&D team, our accumulated knowledge and our mass production experience. As our mass-produced production line for TOPCon cells reached full capacity of 16 GW, mass-produced efficiency for TOPCon cells reached 25% and we are narrowing down the gap in integrated costs between N-type and P-type. Recently, the maximum solar conversion efficiency for our 182 mm monocrystalline silicon TOPCon solar cell has reached 26.1%, breaking the record of 25.7% we set in April 2022. We expect our mass production efficiency to further improve next year.

Shipments for N-type modules were approximately 3 GW in the third quarter, an increase of nearly 160% sequentially as a result of capacity release and higher client acceptance. As our N-type products continue to be well received in the market, we are confident to lead the industry with our cost-effective N-type products as our market penetration increases.

The second phase of 8 GW TOPCon cell capacity in our manufacturing facility in Hefei, which commenced production in the third quarter, is ramping up smoothly. The second phase of 11 GW TOPCon cell capacity in our manufacturing facility in Jianshan, which commenced construction in the third quarter, is expected to start production by the end of this year. These will continue to optimize our integrated capacity structure and drive down blended costs. Based on our business strategy and market demand, we adjusted the pace of capacity expansion for wafers, cells and modules, and expect our annual production capacity for mono wafers, solar cells and solar modules to reach 65 GW, 55 GW and 70 GW, respectively, by the end of 2022.

We see strong demand growth in the global market and expect module shipments to be in the range of 13.0 GW to 15.0 GW for the fourth quarter and 41.5 GW to 43.5 GW for full year 2022. "

Third Quarter 2022 Financial Results

Total Revenues

Total revenues in the third quarter of 2022 were RMB19.52 billion (US$2.74 billion), an increase of 3.6% from RMB18.84 billion in the second quarter of 2022 and an increase of 127.8% from RMB8.57 billion in the third quarter of 2021. The sequential and year-over-year increases were mainly attributable to an increase in the shipment of solar modules due to increasing demand in the global market.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2022 was RMB3.07 billion (US$431.8 million), compared with RMB2.77 billion in the second quarter of 2022 and RMB1.30 billion in the third quarter of 2021. 

Gross margin was 15.7% in the third quarter of 2022, compared with 14.7% in the second quarter of 2022 and 15.1% in the third quarter of 2021. The sequential and year-over-year increases were mainly due to an increase in the shipments of N-type module with higher gross margin.

Income/ (Loss)   from Operations and Operating Margin

Income from operations in the third quarter of 2022 was RMB63.1 million (US$8.9 million), compared with loss from operations of RMB289.1 million in the second quarter of 2022 and income from operations of RMB111.2 million in the third quarter of 2021. 

Operating profit margin was 0.3% in the third quarter of 2022, compared with operating loss margin of 1.5% in the second quarter of 2022 and operating profit margin of 1.3% in the third quarter of 2021.

Total operating expenses in the third quarter of 2022 were RMB3.01 billion (US$422.9 million), a decrease of 1.7% from RMB3.06 billion in the second quarter of 2022 and an increase of 153.9% from RMB1.18 billion in the third quarter of 2021. The sequential change was relatively flat and the year-over-year increase was mainly attributable to an increase in shipping costs for solar modules in the third quarter of 2022.

Total operating expenses accounted for 15.4% of total revenues in the third quarter of 2022, compared to 16.2% in the second quarter of 2022 and 13.8% in the third quarter of 2021.

Interest Expenses, Net

Net interest expenses in the third quarter of 2022 were RMB128.7 million (US$18.1 million), an increase of 46.2% from RMB88.0 million in the second quarter of 2022 and a decrease of 22.2% from RMB165.6 million in the third quarter of 2021. The sequential increase was mainly due to an increase in the Company’s interest-bearing debts and the year-over-year decrease was mainly due to an increase in interest income of bank deposits.

Subsidy Income

Subsidy income in the third quarter of 2022 was RMB225.3 million (US$31.7 million), compared with RMB464.8 million in the second quarter of 2022 and RMB63.5 million in the third quarter of 2021. The sequential and year over year changes were mainly attributable to 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 gain (including change in fair value of foreign exchange derivatives) of RMB520.3 million (US$73.1 million) in the third quarter of 2022, compared to a net exchange gain of RMB225.7 million in the second quarter of 2022 and a net exchange loss of RMB6.2 million in the third quarter of 2021. 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 2022.

Change in Fair Value of Convertible Senior Notes and Call Option

The Company issued US$85.0 million of 4.5% convertible senior notes due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model.

The Company recognized a gain from a change in fair value of the Notes of RMB233.0 million (US$32.7 million) in the third quarter of 2022, compared to a loss of RMB536.9 million in the second quarter of 2022 and a gain of RMB239.0 million in the third quarter of 2021. The changes were primarily due to a decrease in the Company’s stock price in the third quarter of 2022.

Equity in Earnings/ (Loss) of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both account for its investment using the equity method. The Company recorded equity in gain of affiliated companies of RMB38.9 million in the third quarter of 2022, compared with loss of RMB0.1 million in the second quarter of 2022 and gain of RMB13.2 million in the third quarter of 2021. The fluctuation of equity in gain of affiliated companies primarily arose from the net gain incurred by an affiliate company.  

Income Tax Expense/ (Benefit)

The Company recorded an income tax expense of RMB150.8 million (US$21.2 million) in the third quarter of 2022, compared with an income tax expense of RMB118.1 million in the second quarter of 2022 and an income tax expense of RMB22.0 million in the third quarter of 2021. The sequential and year-over-year increases in income tax expense were mainly due to higher profit (excluding the impact of a gain from change in fair value of the Notes of RMB233.0 million in the third quarter of 2022, compared with a loss of RMB536.9 million in the second quarter of 2022) generated in the third quarter of 2022.

Non-Controlling Interests

Net income attributable to non-controlling interests amounted to RMB247.8 million (US$34.8 million) in the third quarter of 2022, compared with RMB276.8 million in the second quarter of 2022 and RMB0.8 million in the third quarter of 2021. The sequential decrease was mainly attributable to the decrease of net income of the Company’s major subsidiary, Jinko Solar Co., Ltd ("Jiangxi Jinko"), and the year-over-year increase was mainly attributable to the increase of non-controlling interests after Jiangxi Jinko completed its initial public offering ("IPO") and started trading on Shanghai Stock Exchange’s Sci-Tech innovation board on January 26, 2022. After the IPO, the Company holds approximately 58.62% equity interest in Jiangxi Jinko. Ownership of non-controlling interests in Jiangxi Jinko increased from 26.72% to 41.38% due to the IPO.

Net Income/ (loss) and Earnings per Share

Net income attributable to the Company’s ordinary shareholders was RMB549.8 million (US$77.3 million) in the third quarter of 2022, compared with net loss attributable to the Company’s ordinary shareholders of RMB623.3 million in the second quarter of 2022 and net income attributable to the Company’s ordinary shareholders of RMB194.2 million in the third quarter of 2021. Excluding the impact from a change in fair value of the Notes and the share based compensation expenses, the adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB427.5 million (US$60.1 million), compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB368.4 million in the second quarter of 2022 and adjusted net loss attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders of RMB1.5 million in the third quarter of 2021.

Basic and diluted earnings/(loss) per ordinary share were RMB2.74(US$0.39) and RMB1.60 (US$0.23), respectively, during the third quarter of 2022, compared to RMB(3.15) and RMB(3.15), respectively, in the second quarter of 2022, and RMB1.02 and RMB(0.12), respectively, in the third quarter of 2021. As each ADS represents four ordinary shares, this translates into basic and diluted earnings/(loss) per ADS of RMB10.97 (US$1.54) and RMB6.39 (US$0.90), respectively in the third quarter of 2022; RMB(12.60) and RMB(12.60), respectively, in the second quarter of 2022; and RMB4.07 and RMB(0.49), respectively, in the third quarter of 2021.

Financial Position

As of September 30, 2022, the Company had RMB14.94 billion (US$2.10 billion) in cash and cash equivalents and restricted cash, compared with RMB14.39 billion as of June 30, 2022.

As of September 30, 2022, the Company’s accounts receivables due from third parties were RMB11.32 billion (US$1.59 billion), compared with RMB11.13 billion as of June 30, 2022.

As of September 30, 2022, the Company’s inventories were RMB21.43 billion (US$3.01 billion), compared with RMB18.50 billion as of June 30, 2022.

As of September 30, 2022, the Company’s total interest-bearing debts were RMB29.61 billion (US$4.16 billion), compared with RMB25.70 billion as of June 30, 2022.

Third Quarter 2022 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 10,856 MW in the third quarter of 2022, including 10,286 MW for solar module shipments and 570 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

With continuous investments in R&D and technological innovation, we expect to continuously improve the mass production efficiency of N-type cells and narrow the integrated cost difference between N-type and P-type modules.

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

Fourth Quarter and Full Year 2022 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the fourth quarter of 2022, the Company expects its module shipments to be in the range of 13.0 GW to 15.0 GW.

For full year 2022, the Company estimates its module shipments to be in the range of 41.5 GW to 43.5 GW.

Solar Products Production Capacity

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 65.0 GW, 55.0 GW and 70.0 GW, respectively, by the end of 2022.

Recent Business Developments

  • In August 2022, the local government of Sichuan province, where certain of JinkoSolar’ s manufacturing facilities are located, has imposed province-wide power rationing measures to ease the power shortage in the region.
  • In October 2022, JinkoSolar’s high-efficiency N-Type monocrystalline silicon solar cell set its new record with maximum conversion efficiency of 26.1%.
  • In October 2022, Jiangxi Jinko announced its certain preliminary unaudited financial results for the nine months ended September 30, 2022.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Friday, October 28, 2022 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

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

Hong Kong / International:    +852 3027 6500    

U.S. Toll Free: +1 855-824-5644   

Passcode:      97583909#

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, November 4, 2022. The dial-in details for the replay are as follows:

International:  +61 2 8325 2405   

U.S.:       +1 646 982 0473   

Passcode:      520004347#

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 has 14 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of September 30, 2022.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of September 30, 2022, which was RMB7.1135 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: [email protected]

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: [email protected]

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: [email protected]

 

 

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, 2021

Jun 30, 2022

Sep 30, 2022

Sep 30, 2021

Sep 30, 2022

RMB’000

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

 Revenues from third parties 

8,568,057

18,730,454

19,418,227

2,729,771

24,433,522

52,876,179

7,433,216

 Revenues from related parties 

1,948

110,688

101,089

14,211

5,291

249,062

35,013

 Total revenues 

8,570,005

18,841,142

19,519,316

2,743,982

24,438,813

53,125,241

7,468,229

 Cost of revenues 

(7,273,962)

(16,069,363)

(16,447,649)

(2,312,174)

(20,425,271)

(45,055,189)

(6,333,758)

 Gross profit 

1,296,043

2,771,779

3,071,667

431,808

4,013,542

8,070,052

1,134,471

 Operating expenses: 

   Selling and marketing 

(614,694)

(1,622,544)

(1,980,508)

(278,416)

(1,738,992)

(4,987,519)

(701,134)

   General and administrative 

(445,050)

(1,131,984)

(823,679)

(115,791)

(1,187,425)

(2,612,076)

(367,200)

   Research and development 

(125,091)

(149,703)

(201,690)

(28,353)

(347,041)

(496,370)

(69,779)

   Impairment of long-lived assets 

(156,598)

(2,662)

(374)

(123,405)

(159,259)

(22,388)

 Total operating expenses 

(1,184,835)

(3,060,829)

(3,008,539)

(422,934)

(3,396,863)

(8,255,224)

(1,160,501)

 Income/(Loss) from operations 

111,208

(289,050)

63,128

8,874

616,679

(185,172)

(26,030)

 Interest expenses, net 

(165,553)

(88,041)

(128,749)

(18,099)

(479,610)

(378,987)

(53,277)

 Subsidy income 

63,518

464,756

225,336

31,677

356,049

995,386

139,929

 Exchange (loss)/gain 

(46,217)

389,216

650,466

91,441

(228,016)

1,046,064

147,053

 Change in fair value of commodity futures 

(4,119)

(2,554)

(359)

(6,187)

(870)

 Change in fair value of foreign exchange derivatives 

39,979

(163,551)

(130,196)

(18,303)

190,696

(223,701)

(31,447)

 Change in fair value of convertible senior notes and call option 

200,730

(536,902)

232,961

32,749

182,101

(408,877)

(57,479)

 Other income/(loss), net 

172

(587)

(888)

(125)

4,776

11,544

1,623

Income/ (Loss) before income taxes

203,837

(228,278)

909,504

127,855

642,675

850,070

119,502

 Income tax expenses 

(21,958)

(118,089)

(150,775)

(21,196)

(67,268)

(339,887)

(47,781)

 Equity in earnings/(loss) of affiliated companies 

13,158

(117)

38,904

5,469

56,338

45,233

6,359

 Net income/(loss) 

195,037

(346,484)

797,633

112,128

631,745

555,416

78,080

 Less: Net income attributable to non-controlling
          interests 

(813)

(276,785)

(247,811)

(34,837)

150,195

(599,932)

(84,337)

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

194,224

(623,269)

549,822

77,291

481,550

(44,516)

(6,257)

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

   Basic 

1.02

(3.15)

2.74

0.39

2.53

(0.23)

(0.03)

   Diluted 

(0.12)

(3.15)

1.60

0.23

0.97

(0.23)

(0.03)

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

   Basic 

4.07

(12.60)

10.97

1.54

10.10

(0.90)

(0.13)

   Diluted 

(0.49)

(12.60)

6.39

0.90

3.86

(0.90)

(0.13)

 Weighted average ordinary shares outstanding: 

   Basic 

190,768,148

197,894,301

200,494,033

200,494,033

190,639,480

196,930,951

196,930,951

   Diluted 

205,195,236

197,894,301

219,038,845

219,038,845

205,669,439

196,930,951

196,930,951

 Weighted average ADS outstanding: 

   Basic 

47,692,037

49,473,575

50,123,508

50,123,508

47,659,870

49,232,738

49,232,738

   Diluted 

51,298,809

49,473,575

54,759,711

54,759,711

51,417,360

49,232,738

49,232,738

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income/(loss) 

195,037

(346,484)

797,633

112,128

631,745

555,416

78,080

 Other comprehensive income/(loss): 

   -Unrealized loss on available-for-sale securities 

1,638

230

1,638

230

   -Foreign currency translation adjustments 

15,258

217,564

185,181

26,032

39,922

372,219

52,326

   -Change in the instrument-specific credit risk 

12,510

20,571

48,293

6,789

57,920

106,423

14,961

 Comprehensive income/(loss) 

222,805

(108,349)

1,032,745

145,179

729,587

1,035,696

145,597

 Less: Comprehensive income attributable to non-controlling interests 

(813)

(337,435)

(339,109)

(47,671)

150,195

(751,880)

(105,698)

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

221,992

(445,784)

693,636

97,508

579,392

283,816

39,899

 

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2021

Sep 30, 2022

RMB’000

RMB’000

USD’000

ASSETS

Current assets:

  Cash and cash equivalents

8,321,415

14,305,664

2,011,058

  Restricted cash 

602,044

639,125

89,847

  Restricted short-term investments

9,261,918

11,858,001

1,666,971

  Short-term investments

150,000

  Accounts receivable, net – related parties

29,417

211,406

29,719

  Accounts receivable, net – third parties

7,471,103

11,320,928

1,591,471

  Notes receivable, net – related parties

81,250

11,422

  Notes receivable, net – third parties

1,689,102

2,970,630

417,605

  Advances to suppliers, net – related parties

493,108

69,320

  Advances to suppliers, net – third parties

1,536,155

6,181,540

868,987

  Inventories, net

13,252,352

21,433,366

3,013,055

  Forward contract receivables

73,532

22,858

3,213

  Prepayments and other current assets, net – related parties

17,348

57,257

8,049

  Prepayments and other current assets, net

2,435,056

2,799,791

393,588

  Held-for-sale assets

684,631

101,835

14,316

  Available-for-sale securities

103,778

14,589

Total current assets

45,524,073

72,580,537

10,203,210

Non-current assets:

  Restricted cash

1,204,697

1,364,464

191,813

  Accounts receivable, net – third parties

27,624

  Long-term investments

633,866

862,218

121,208

  Property, plant and equipment, net

19,969,894

30,203,362

4,245,921

  Land use rights, net

1,090,057

1,308,233

183,908

  Intangible assets, net

55,484

508,888

71,538

  Financing lease right-of-use assets, net

628,592

574,981

80,830

  Operating lease right-of-use assets, net

438,270

402,914

56,640

  Deferred tax assets 

371,767

371,767

52,262

  Advances to suppliers to be utilised beyond one year

296,709

346,659

48,733

  Other assets, net – related parties

3,292

55,786

7,842

  Other assets, net – third parties

2,739,159

2,479,267

348,530

Total non-current assets

27,459,411

38,478,539

5,409,225

Total assets

72,983,484

111,059,076

15,612,435

LIABILITIES

Current liabilities:

  Accounts payable – related parties

15,863

  Accounts payable – third parties

6,799,854

7,546,330

1,060,846

  Notes payable – third parties

12,072,223

27,962,965

3,930,971

  Accrued payroll and welfare expenses

1,240,791

1,649,770

231,921

  Advances from  third parties

5,914,354

8,623,982

1,212,340

  Income tax payable

214,856

252,482

35,493

  Other payables and accruals

4,844,077

7,295,358

1,025,563

  Other payables due to related parties

2,230

4,267

600

  Forward contract payables

2,659

129,960

18,269

  Financing lease liabilities – current

194,939

205,509

28,890

  Operating lease liabilities – current

62,515

66,225

9,310

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

13,339,367

12,785,018

1,797,289

  Guarantee liabilities to related parties

2,500

2,290

322

  Held-for-sale liabilities

553,234

  Deferred revenue 

200,000

200,000

28,116

Total current liabilities

45,459,462

66,724,156

9,379,930

Non-current liabilities:

  Long-term borrowings

9,896,455

14,661,740

2,061,115

  Convertible senior notes

1,098,736

1,460,228

205,276

  Accrued warranty costs – non current

858,641

1,148,417

161,442

  Financing lease liabilities

236,373

87,693

12,328

  Operating lease liabilities

385,420

338,782

47,625

  Deferred tax liability

183,003

183,003

25,726

  Long-term Payables

568,495

594,956

83,638

  Guarantee liabilities to related parties 
   – non current

9,642

7,936

1,116

Total non-current liabilities

13,236,765

18,482,755

2,598,266

Total liabilities

58,696,227

85,206,911

11,978,196

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

11,049,786

15,527,212

2,182,780

Non-controlling interests

3,237,471

10,324,953

1,451,459

Total shareholders’ equity

14,287,257

25,852,165

3,634,239

Total liabilities and shareholders’ equity

72,983,484

111,059,076

15,612,435

Ordinary shares (US$0.00002 par value, 500,000,000
shares authorized, 193,770,753 and 203,439,873 shares
issued as of December 31, 2021 and September 30, 2022,
respectively)

26

28

4

Additional paid-in capital

5,617,923

9,811,531

1,379,283

Subscription Receivable

Contribution from shareholders

Statutory reserves

700,244

700,244

98,439

Accumulated other comprehensive income

(154,375)

173,957

24,454

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

(43,170)

(43,170)

(6,069)

Modification of non-controlling interests

Accumulated retained earnings

4,929,138

4,884,622

686,669

 

 

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