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Wed, Sep

SHANGHAI and LOS ANGELES, Sept. 24, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar"), one of the world's largest solar module manufacturers, and Edisun Microgrids, Inc. (Edisun), a solar technology company that develops patented, distributed solar and energy storage technologies, today announced a partnership to develop the Eagle PowerTrack, a performance bundle for commercial and industrial (C&I) rooftops. The new performance bundle will feature JinkoSolar's high-efficiency Eagle G2 modules in combination with Edisun's PV Booster ("PV Booster") breakthrough rooftop tracking technology. The new performance bundle will be available for sale during the fourth quarter of 2018.

By integrating JinkoSolar's Eagle G2 modules with Edisun's PV Booster rooftop tracker, solar contractors will be able to unlock the enormous market opportunity in commercial and industrial rooftop installations. The performance bundle leverages JinkoSolar's Eagle G2 modules which feature the company's new Diamond cell technology, a brand new high-efficiency mono PERC cell that allows 72-cell Eagle G2 modules to reach up to 400 watts. Edisun's PV Booster rooftop tracker offers contractors a flexible system design, more energy harvested per panel, and real-time data for predictive operations and maintenance. When combined, the Eagle PowerTrack performance bundle yields 30 percent more energy per panel, resulting in notably lower levelized cost of electricity (LCOE) and significantly increases return on investment over traditional C&I systems. In addition, the Eagle PowerTrack's simplicity, high levels of energy generation, and improved economics will enable solar contractors to bid and win more business.

"We are excited to work with Edisun in developing and launching the Eagle PowerTrack performance bundle," said Mr. Nigel Cockroft, general manager, JinkoSolar (U.S.) Inc. "Edisun's PV Booster is a unique product that, combined with our modules, transforms a commercial rooftop segment with much unrealized potential."

"JinkoSolar's scale, financial strength, and high-powered modules are ideal fits for our company and product, and should make the Eagle PowerTrack the preferred solution for C&I rooftops," said Mr. Conrad Chase, vice president, business development, Edisun Microgrids. "Pairing the world's best-selling module with the industry's only rooftop tracker creates a new innovation that is finally addressing the needs of the C&I market."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. 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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has more than 12,000 employees across its 6 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.

About Edisun Microgrids

Edisun Microgrids, Inc. is a solar technology company that develops patented, distributed solar and energy storage technologies to meet the needs of the fast-changing energy sector. The company's flagship product, PV Booster™, is the only dual-axis rooftop solar tracker specifically designed to meet the needs of C&I building owners and solar developers. Edisun was created at leading technology incubator Idealab. To learn more, please visit www.edisun.com and follow us on Twitter @EdisunSolar.

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.

Media Contacts:

For JinkoSolar Holding Co., Ltd.:
In China:
Mr. Sebastian Liu
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

For Edisun Microgrids, Inc.:
Daniel Alvarez
512.638.2182
This email address is being protected from spambots. You need JavaScript enabled to view it.  

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SOURCE JinkoSolar Holding Co., Ltd.

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SHANGHAI, Sept. 17, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it was ranked as a top solar brand in debt financed projects and named the most "bankable" PV manufacturer by Bloomberg New Energy Finance (BNEF) for the second consecutive year. 57 solar manufacturers were ranked based on BNEF's global survey of key PV stakeholders assessing which module brands used in projects are most likely to obtain non-recourse debt financing from commercial banks.

Survey respondents included banks, technical consultants, EPCs, and independent power producers (IPPs) from all around the world. Considering product quality, long term reliability, field deployment performance, and the manufacturer's financial strength, 100% of survey respondents considered JinkoSolar as bankable. Aligning with JinkoSolar's high bankability score, BNEF's database also shows that projects using JinkoSolar modules have secured more debt financing than any other brand since July 2016.

"To be nominated again by BNEF confirms that JinkoSolar is the preferred brand by customers, investors, and banks due to their high quality," said Kangping Chen, CEO of JinkoSolar. "The brand that industry players and banks are more willing to use in their projects and finance is JinkoSolar, which I am extremely proud of. Our R&D team is committed to nurturing technological innovation and quality improvements. We believe that high-quality products will bring better returns to investors."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. 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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 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

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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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SOURCE JinkoSolar Holding Co., Ltd.

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SHANGHAI, July 16, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Fortune China's annual ranking of the top 500 Chinese companies in 2018 reflects the achievements China's largest listed companies have made over the past year. JinkoSolar ranked 330th in 2016 and 284th in 2017.

"We are excited to see our ranking on the Fortune 500 companies in China steadily increase over the past three years," commented Mr. Kangping Chen, CEO of JinkoSolar. "Our ranking on the list demonstrates the rapid growth we have experienced over the past few years and our leading position in the industry. I remain confident in the long-term prospects of the solar industry and our ability to take full advantage of our brand, technology, and global infrastructure to further consolidate our leading position in the industry."

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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 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

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:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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SHANGHAI, July 2, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the photovoltaic (PV) industry, today announced that JinkoSolar Japan K.K. ("JinkoSolar Japan"), 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 ("SMBC"). The financing will be used to expand business in Japan and to supplement JinkoSolar Japan's working capital.

"I am glad to have the opportunity to work with SMBC again in increasing our credit line," commented Mr. Charlie Cao, JinkoSolar's Chief Financial Officer. "I believe this loan agreement demonstrates the trust and recognition that first-tier Japanese commercial banks have in our brand and operations in Japan. We look forward to further deepening our relationship with SMBC and other local banks to further expand our business there."

About JinkoSolar Holding Co., Ltd.

JinkoSolar Holding Co., Ltd. (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, 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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 2018.

JinkoSolar has over 12,000 employees across its eight production facilities globally, 16 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa, and United Arab Emirates, and global sales offices in mainlandChina, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa, and United Arab Emirates.

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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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SOURCE JinkoSolar Holding Co., Ltd.

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SHANGHAI, Aug. 24, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the solar PV industry, today announced that it has signed a 240MW solar module supply agreement with POWERCHINA Huadong Engineering Corporation Limited ("POWERCHINA HUADONG") for the second phase of the 420 MW Dau Tieng solar plant in Vietnam, which will become the largest solar power project in Southeast Asia when completed.

The Dau Tieng project is located in Tay Ninh, southwest Vietnam and is being developed by Vietnam'sXuan Cau Co Ltd and Thailand'sB.Grimm Power Public Co Ltd. POWERCHINA HUADONG is responsible for EPC. The project is a milestone in the accelerating development of new energy markets in Vietnam and even across Southeast Asia.

"We stood out from our competition during the selection process by POWERCHINA HUADONG as a result of our excellent products, high-quality services and strong brand recognition," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar. "With the reduction of solar costs, the competitiveness of solar energy is increasing, we look forward to working closely again with POWERCHINA to participate in more outstanding solar energy projects globally."

Mr. Leiming Shi, Vice President of POWERCHINA HUADONG, commented, "A number of projects developed by POWERCHINA HUADONG are located in countries that often experience power shortages along the 'Belt and Road' route. These projects have strengthened the partnerships between each country and have helped Chinese companies to go global, allowing them to gain valuable experience in the planning, design, construction and operation of solar plants. Developing a partnership with a global leader like JinkoSolar to push this project forward allows us to use their high quality modules and leverage their mature global sales network. We look forward to deepening our relationship by working on more international power projects in the future and jointly expanding the influence of Chinese companies in the international clean energy market."

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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 production facilities globally, 15 overseas 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 theUnited 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

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:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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SHANGHAI, June 26, 2018 /PRNewswire/ -- 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 first quarter ended March 31, 2018.

First Quarter 2018 Highlights

  • Total solar module shipments were 2,015 megawatts ("MW") (including 209 MW to be used in the Company's overseas downstream solar projects for which no revenue has been recognized), a decrease of 18.8% from 2,481 MW in the fourth quarter of 2017 and a decrease of 2.6% from 2,068 MW in the first quarter of 2017.
  • Total revenues were RMB4.57 billion (US$728.1 million), a decrease of 28.1% from the fourth quarter of 2017 and a decrease of 20.9% from the first quarter of 2017.
  • Gross margin was 14.4%, compared with 11.6% in the fourth quarter of 2017 and 11.2% in the first quarter of 2017.
  • Income from operations was RMB125.0 million (US$19.9 million), compared with RMB91.3 million in the fourth quarter of 2017 and RMB56.8 million in the first quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB3.6 million (US$0.6 million) in the first quarter of 2018, compared with RMB22.5 million in the fourth quarter of 2017 and RMB60.6 million in the first quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB0.096(US$0.016).
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the first quarter of 2018 was RMB11.0 million (US$1.7 million), compared with RMB41.5 million in the fourth quarter of 2017 and RMB80.0 million in the first quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were RMB0.300(US$0.048) and RMB0.296(US$0.048) in the first quarter of 2018, compared with RMB1.272 and RMB1.232 in the fourth quarter of 2017 and RMB2.536 and RMB2.508 in the first quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We shipped 2,015MW of solar modules during the quarter and generated total revenues of $728.1 million. Our gross margin increased to 14.4%, compared with 11.6% last quarter as we benefit from the drop in polysilicon prices and the further optimization of our manufacturing costs as a result of continued technological improvement and reduced OEM usage."

"The new policies regulating the solar industry jointly issued by three Chinese ministries on May 31, affected market sentiment and our ASPs. These new policies are aimed at increasing the pace of achieving grid parity, accelerating the removal of outdated capacity and releasing the pressure of new energy fund deficits. As a result, we expect to see a decline in prices across our industrial supply chain which will allow us to further cut both silicon and non-silicon costs during the second half of the year to offset the decline in the ASPs. Despite the strong initial reaction to the new policies, we remain optimistic about the demand of the Chinese market for the full year 2018, which is expected to hit 35G+. Looking into 2019, aside from the Top Runner Program, poverty alleviation and DG projects, we expect to see a large number of grid parity projects under new business models appear in the second of half of 2019."

"We already have great visibility for the full year 2018 with over 80% of our order book already filled, which is mostly made up of overseas orders with fixed prices throughout the year, and we have already received a number of prepayments. Our production capacity is fully utilized now and is expected to remain so during the second half of the year. We believe the Chinese government's new policies to have relatively limited impact on our operations over the short term, and we remain confident in our future business prospects and the long-term growth of the industry overall."

"Overseas orders will account for about 80% of our overall shipments for the entire year demonstrating our expanding global footprint and the success we have seen in reducing our reliance on any single market. Solar is becoming more and more competitive worldwide. We saw resurgent demand in Southern European markets such as Spain, Portugal and Italy, driven by grid-parity business model, as well as booming demand in new emerging markets such as Latin American, the Middle East and North Africa. We expect to see demand in India rebound strongly as module price goes down." 

"While the policy changes in China have created a challenging domestic market environment, our extensive global sales network and geographically dispersed manufacturing facilities allow us remain flexible and be prepared to rapidly adapt to any future policy changes. We are fully prepared for the market consolidation and the new era of grid parity. We will continue to take advantages of our brand, technology, and global infrastructure to expand our market share and further consolidate our leading position in the industry.

First Quarter 2018 Financial Results

Total Revenues

Total revenues in the first quarter of 2018 were RMB4.57 billion (US$728.1 million), a decrease of 28.1% from RMB6.35 billion in the fourth quarter of 2017 and a decrease of 20.9% from RMB5.78 billion in the first quarter of 2017. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules in the first quarter of 2018. The year-over-year decrease was mainly attributable to a decrease in solar module shipments and a decline in the average selling price of solar modules in 2018.

Adoption of New Revenue Standard:

On January 1, 2018, the Company adopted new revenue guidance ASC Topic 606, "Revenue from Contracts with Customers", and applied the modified retrospective method to contracts which were not completed as of January 1, 2018.

No cumulative catch up adjustment of initially applying this standard was recognized at the date of initial application on January 1, 2018.

Adoption of the new standards related to revenue recognition had no impact on the Company's reported results for the current period.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2018 was RMB656.1 million (US$104.6 million), compared with RMB735.3 million in the fourth quarter of 2017 and RMB649.0 million in the first quarter of 2017. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules in the first quarter of 2018. The year-over-year increase was mainly attributable to decreasing solar module cost, which was partially offset by a decrease in solar module shipments in 2018.

Gross margin was 14.4% in the first quarter of 2018, compared with 11.6% in the fourth quarter of 2017 and 11.2% in the first quarter of 2017. The sequential and year-over-year increases were mainly attributable to a decrease in silicon cost in the first quarter of 2018, which was partially offset by a decline in the average selling price of solar modules in the first quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2018 was RMB125.0 million (US$19.9 million), compared with RMB91.3 million in the fourth quarter of 2017 and RMB56.8 million in the first quarter of 2017. Operating margin in the first quarter of 2018 was 2.7%, compared with 1.4% in the fourth quarter of 2017 and 1.0% in the first quarter of 2017.

Total operating expenses in the first quarter of 2018 were RMB531.1 million (US$84.7 million), a decrease of 17.5% from RMB644.0 million in the fourth quarter of 2017 and a decrease of 10.3% from RMB592.2 million in the first quarter of 2017. The sequential decease was mainly due to a decrease in shipping cost as a result of decreased solar module shipments, and a decrease of bad debt expenses attributable to the reversal of allowance for doubtful accounts upon subsequent collections. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 11.6% of total revenues in the first quarter of 2018, compared to 10.1% in the fourth quarter of 2017 and 10.3% in the first quarter of 2017.

Interest Expense, Net

Net interest expense in the first quarter of 2018 was RMB85.4 million (US$13.6 million), an increase of 53.8% from RMB55.6 million in the fourth quarter of 2017 and an increase of 49.5% from RMB57.1 million in the first quarter of 2017. The sequential and year-over-year increases were due to interest expense associated with discounted notes receivable and an increase in borrowings.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB90.8 million (US$14.5 million) in the first quarter of 2018, compared to a net exchange loss of RMB33.9 million in the fourth quarter of 2017 and a net exchange loss of RMB5.2 million in the first quarter of 2017. The sequential and year-over-year losses were primarily due to the continued depreciation of the US dollar against the RMB during the quarter.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax benefit of RMB3.3 million (US$0.5 million) in the first quarter of 2018, compared with an income tax expense of RMB31.1 million in the fourth quarter of 2017 and an income tax expense of RMB1.5 million in the first quarter of 2017. The sequential and year-over-year change was due to one of the Company's PRC subsidiaries receiving a tax deduction certificate in the first quarter of 2018, entitling the subsidiary to income tax deductions for 2017 and 2018.

The Company recorded an out-of-period adjustment of RMB4.6 million (US$0.7 million) in the first quarter of 2018 resulting from income tax benefits for one of its PRC entities, which should have been recorded in 2017. Neither the originating amount in 2017 nor the out-of-period adjustment amount recorded in 2018 was material to the Company's consolidated financial statements for the respective periods.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB3.6 million (US$0.6 million) in the first quarter of 2018, compared with RMB22.5 million in the fourth quarter of 2017 and RMB60.6 million in the first quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.025(US$0.004) and RMB0.024(US$0.004), respectively during the first quarter of 2018. This translates into basic and diluted earnings per ADS of RMB0.100(US$0.016) and RMB0.096(US$0.016), respectively.

Non-GAAP net income in the first quarter of 2018 was RMB11.0 million (US$1.7 million), compared with RMB41.5 million in the fourth quarter of 2017 and RMB80.0 million in the first quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.075(US$0.012) and RMB0.074(US$0.012), respectively during the first quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB0.300(US$0.048) and RMB0.296(US$0.048), respectively.

Financial Position

As of March 31, 2018, the Company had RMB2.86 billion (US$456.6 million) in cash and cash equivalents and restricted cash, compared with RMB2.76 billion as of December 31, 2017.

As of March 31, 2018, the Company's accounts receivables due from third parties were RMB4.18 billion (US$667.0 million), compared with RMB4.50 billion as of December 31, 2017.

As of March 31, 2018, the Company's inventories were RMB4.71 billion (US$750.2 million), compared with RMB4.27 billion as of December 31, 2017.

As of March 31, 2018, the Company's total interest-bearing debts were RMB8.38 billion (US$1.34 billion), compared with RMB7.43 billion as of December 31, 2017.

First Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the first quarter of 2018 were 2,015 MW, including 209 MW to be used in the Company's overseas downstream solar projects.

Solar Products Production Capacity

As of March 31, 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 March 2018, JinkoSolar and NextEra Energy announced a supply deal for millions of solar panels and that JinkoSolar will be opening its first U.S. factory in Jacksonville, Florida.
  • In April 2018, JinkoSolar announced that it was named Energy Yield Simulation Winner - Polycrystalline Group at the 4th All Quality Matters Solar Congress hosted by TÜV Rhineland in Wuxi, China.
  • In April 2018, JinkoSolar announced that it supplied solar modules for America's largest solar PV plant in Mexico.
  • In April 2018, JinkoSolar announced that it signed a renewed credit agreement with HSBC (China) Co., Ltd. to increase its credit limit to $47 million from $25 million.
  • In May 2018, JinkoSolar announced that its P-type monocrystalline cell broke the world record again with efficiency hitting 23.95% during certification testing done by the Photovoltaic and Wind Power Systems Quality Test Center at the Chinese Academy of Sciences (CAS).
  • In May 2018, JinkoSolar announced that the 60P version of its P-type PV module peak power broke the world record again with power exceeding 370w and the N-type PV module peak power reaching 378.6w. Both records were certified by the TUV Rheinland (Shanghai) Co., Ltd.
  • In May 2018, JinkoSolar announced that its entire portfolio of PV modules has passed the Potential Induced Degradation ("PID") resistance test under the conditions of 85 Degrees Celsius/85% relative humidity ("double 85") as required by TÜV Nord's IEC TS 62804-1 standards.

Operations and Business Outlook

Second Quarter and Full Year 2018 Guidance

For the second quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.4 GW to 2.5 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 Tuesday, June 26, 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:

69300204#





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, July 3, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405


U.S.:

+1 646 982 0473


Passcode:

319292198#





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, 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 March 31, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and global sales offices in China, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa and United Arab Emirates.

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 March 30, 2018, which was RMB6.2726 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: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


March 31, 2017


December 31, 2017


March 31, 2018


RMB


RMB


RMB


USD

 Revenues from third parties 

5,753,080


5,171,540


3,671,345


585,299









 Revenues from related parties 

23,724


1,181,100


895,491


142,762









 Total revenues 

5,776,804


6,352,640


4,566,836


728,061









 Cost of revenues 

(5,127,779)


(5,617,326)


(3,910,775)


(623,469)









 Gross profit 

649,025


735,314


656,061


104,592









 Operating expenses: 








   Selling and marketing 

(413,812)


(446,956)


(313,897)


(50,044)

   General and administrative 

(115,950)


(113,744)


(130,831)


(20,857)

   Research and development 

(62,486)


(83,271)


(86,382)


(13,771)

 Total operating expenses 

(592,248)


(643,971)


(531,110)


(84,672)









 Income from operations 

56,777


91,343


124,951


19,920

 Interest expenses, net 

(57,121)


(55,551)


(85,411)


(13,617)

 Change in fair value of derivative liability 

376


3,333


21,104


3,364

 Subsidy income 

55,192


29,533


36,581


5,833

 Exchange loss 

(6,339)


(31,827)


(91,413)


(14,573)

 Change in fair value of forward contracts 

1,105


(2,031)


585


93

 Other income, net 

11,943


20,823


8,678


1,383

 Gain/(loss) on disposal of subsidiaries 

-


257


(9,425)


(1,503)

 Income before income taxes

61,933


55,880


5,650


900

 Income tax (expense)/benefit 

(1,528)


(31,095)


3,293


525

 Equity in income of affiliated companies 

-


(1,424)


(5,240)


(835)

 Net income 

60,405


23,361


3,703


590

 Less: Net (loss)/income attributable to non-controlling
          interests 

(169)


889


107


17

 Net income attributable to JinkoSolar
 Holding Co., Ltd.'s ordinary shareholders 

60,574


22,472


3,596


573









 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 








   Basic 

0.478


0.172


0.025


0.004

   Diluted 

0.473


0.167


0.024


0.004









 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 








   Basic 

1.912


0.688


0.100


0.016

   Diluted 

1.892


0.668


0.096


0.016









 Weighted average ordinary shares outstanding: 








   Basic 

126,820,607


130,432,074


145,540,445


145,540,445

   Diluted 

128,179,515


134,572,596


147,793,780


147,793,780









 Weighted average ADS outstanding: 








   Basic 

31,705,152


32,608,019


36,385,111


36,385,111

   Diluted 

32,044,879


33,643,149


36,948,445


36,948,445









UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME









 Net income 

60,405


23,361


3,703


590

 Other comprehensive income: 








   -Foreign currency translation adjustments 

(17,563)


(16,308)


(33,351)


(5,318)

 Comprehensive income/(loss) 

42,842


7,053


(29,648)


(4,728)

 Less: Comprehensive (loss)/income attributable to non-
controlling interests 

(169)


889


107


17

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

43,011


6,164


(29,755)


(4,745)

























 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
from continuing operations 

60,574


22,472


3,596


573









 4% of interest expense of convertible senior notes 

1,555


1


1


-









 Exchange loss/(gain) on convertible senior notes and
capped call options 

844


(1)


(2)


-









 Stock-based compensation expense 

17,402


19,000


7,376


1,176









 Non-GAAP net income attributable to ordinary
shareholders from continuing operations 

80,375


41,472


10,971


1,749









 Non-GAAP earnings per share attributable to ordinary
shareholders - 








   Basic 

0.634


0.318


0.075


0.012

   Diluted 

0.627


0.308


0.074


0.012









 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 








   Basic 

2.536


1.272


0.300


0.048

   Diluted 

2.508


1.232


0.296


0.048









 Non-GAAP weighted average ordinary shares
outstanding  








   Basic 

126,820,607


130,432,074


145,540,445


145,540,445

   Diluted 

128,179,515


134,572,596


147,793,780


147,793,780









 Non-GAAP weighted average ADS outstanding  








   Basic 

31,705,152


32,608,019


36,385,111


36,385,111

   Diluted 

32,044,879


33,643,149


36,948,445


36,948,445

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2017


Mar 31, 2018


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

1,928,303


2,577,559


410,924

  Restricted cash 

833,072


286,608


45,692

  Restricted short-term investments

3,237,773


2,845,129


453,580

  Short-term investments

2,685


27,778


4,428

  Accounts receivable, net - related parties

2,113,042


2,415,119


385,027

  Accounts receivable, net - third parties

4,497,635


4,183,543


666,955

  Notes receivable, net - third parties

571,232


240,637


38,363

  Advances to suppliers, net - third parties

397,076


496,504


79,154

  Inventories, net

4,273,730


4,705,744


750,206

  Other receivables - related parties

46,592


57,970


9,242

  Prepayments and other current assets

1,706,717


1,689,163


269,294

Total current assets

19,607,857


19,525,754


3,112,865







Non-current assets:






  Restricted cash

248,672


393,512


62,735

  Project Assets

473,731


770,922


122,903

  Long-term investments

22,322


22,406


3,572

  Property, plant and equipment, net

6,680,187


6,815,857


1,086,608

  Land use rights, net

443,269


529,303


84,383

  Intangible assets, net

25,743


25,125


4,006

  Deferred tax assets 

275,372


264,102


42,104

  Other assets - related parties

146,026


127,890


20,389

  Other assets - third parties

713,226


888,203


141,600

Total non-current assets

9,028,548


9,837,320


1,568,300







Total assets

28,636,405


29,363,074


4,681,165







LIABILITIES






Current liabilities:






  Accounts payable - related parties

5,329


41,987


6,694

  Accounts payable - third parties

4,658,202


4,182,402


666,773

  Notes payable - third parties

5,672,497


4,635,148


738,952

  Accrued payroll and welfare expenses

721,380


673,652


107,396

  Advances from related parties

37,400


37,345


5,954

  Advances from third parties

748,959


1,360,347


216,871

  Income tax payable

27,780


16,808


2,680

  Other payables and accruals

1,804,799


1,914,566


305,227

  Other payables due to related parties

12,333


13,088


2,087

  Forward contract payables

4,521


-


-

  Derivative liability

26,486


5,383


858

  Bond payable and accrued interests

10,257


15,784


2,516

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

6,204,440


6,847,607


1,091,670

  Guarantee liabilities to related parties

28,034


33,422


5,328

Total current liabilities

19,962,417


19,777,539


3,153,006







Non-current liabilities:






  Long-term borrowings

379,789


707,130


112,733

  Accrued income tax - non current

6,041


6,041


963

  Long-term payables

538,410


506,359


80,726

  Bond payables

298,425


298,688


47,618

  Accrued warranty costs - non current

571,718


557,204


88,831

  Convertible senior notes

65


63


10

  Deferred tax liability

70,122


63,783


10,169

  Long-term liabilities of equtiy investment

-


5,021


800

  Guarantee liabilities to related parties 
   - non current

120,154


106,931


17,047

Total non-current liabilities

1,984,724


2,251,220


358,897







Total liabilities

21,947,141


22,028,759


3,511,903







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
March 31, 2018, respectively)

19

 


22

 


3

 

Additional paid-in capital

3,313,608


3,988,304


635,829

Statutory reserves

516,886


516,886


82,404

Accumulated other comprehensive income

23,296


(10,055)


(1,603)

Treasury stock, at cost; 1,723,200 ordinary
shares as of December 31, 2017 and March
31, 2018

(13,876)


(13,876)


(2,212)

Accumulated retained earnings

2,849,341


2,852,937


454,826







Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274


7,334,218


1,169,247







Non-controlling interests

(10)


97


15







Total liabilities and shareholders' equity

28,636,405


29,363,074


4,681,165

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2018-financial-results-300672171.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Announces First Quarter 2018...

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: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2018-financial-results-300695888.html

SOURCE JinkoSolar Holding Co., Ltd.

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SHANGHAI, June 20, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today 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.

Green Light Contractors, a subsidiary of Elecnor Group is EPC contractor for the the Bungala project, which recently completed and started production at its first 137.7 MWdc phase. The Bungala project is the largest solar PV project under construction in Australia.

"Bungala Solar Farm is nowadays a reference in the Australian solar scene. Green Light Contractors is really proud of being entrusted with the engineering, procurement and construction of this important milestone for the renewable energies in South Australia" said Pedro Fernandez, Green Light Contractors Projects Responsible for Australia. "Working closely with JinkoSolar in the supply of PV modules is for sure one of the keys of the good results that this Project may achieve."

"We are pleased to work with Green Light Contractors on this remarkable project in South Australia," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar. "The Australian market is growing rapidly. We are working closely with local developers to build sustainable partnerships where they will be able to maximize their return on their investment from the superior performance of JinkoSolar's products."

About JinkoSolar Holding Co., Ltd.

JinkoSolar Holding Co., Ltd. (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, 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 8 GW for silicon ingots and wafers, 5 GW for solar cells, and 8 GW for solar modules, as of December 31, 2017. 

JinkoSolar has over 12,000 employees across its eight production facilities globally, 16 overseas subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa, and United Arab Emirates, and global sales offices in China, Hong Kong, Japan, India, Turkey, Germany, Switzerland, United States, Brazil, Chile, Australia, South Africa, and United Arab Emirates. 

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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen, Beijing 
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-supplies-275-4-mwdc-of-solar-modules-to-green-light-contractors-in-south-australia-300669271.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Supplies 275.4 MWdc of Solar Modules...

SHANGHAI, July 27, 2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it plans to release its unaudited financial results for the second quarter ended June 30, 2018 before the open of U.S. markets on Monday, August 13, 2018.

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 http://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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 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

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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-to-report-second-quarter-2018-results-on-august-13-2018-300687673.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar to Report Second Quarter 2018 Results...

SHANGHAI, July 5, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it will supply 86 MW of solar modules for a PV Plant that will be located in the Colombian department of Cesar, northern Colombia.

The project will be composed by 250,000 Jinko Solar Monocrystalline Standard Modules 345Watt - 1500V and will generate an average of 176 GWh of clean energy per year.

"We are pleased to work on this remarkable project in Colombia," commented Mr. Alberto Cuter, General Manager LATAM of JinkoSolar. "Actually the Colombian market is mainly depending by hydro power, which could be an issue during dry season. PV solar will be a good solution to integrate the energy matrix of the country. While we are expecting Colombian PV market to grow rapidly, we will continue working closely with local developers to build sustainable partnerships where they will be able to maximize their return on their investment from the superior performance of JinkoSolar's products."

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 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of March 31, 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

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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-will-supply-86-mwdc-of-solar-modules-for-the-largest-pv-plant-in-colombia-300676437.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar will supply 86 MWdc of Solar Modules...

SHANGHAI, June 7, 2018 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it plans to release its unaudited financial results for the first quarter ended March 31, 2018 before the open of U.S. markets on Tuesday, June 26, 2018.

JinkoSolar's management will host an earnings conference call on Tuesday, June 26, 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:

69300204#





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, July 3, 2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405


U.S.:

+1 646 982 0473


Passcode:

319292198#





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 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 8 GW for silicon ingots and wafers, 5 GW for solar cells, and 8 GW for solar modules, as of December 31, 2017.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 16 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia, South Africa and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Panama and Argentina.

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:

Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mr. Christian Arnell
Christensen
Tel: +86 10 5900 2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cision View original content:http://www.prnewswire.com/news-releases/jinkosolar-to-report-first-quarter-2018-results-on-june-26-2018-300661565.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar to Report First Quarter 2018 Results...

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