SHANGHAI, Dec. 11, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar"), a global leader in the photovoltaic (PV) industry, today announced it is a 2016-17 Leader in Silicon Valley Toxics Coalition's ("SVTC") Solar Scorecard, a system which ensures that the PV sector is safe for the environment, workers, and communities. JinkoSolar is in the top 5 of 35 manufacturers assessed. 

The SVTC Solar Scorecard is a resource for consumers, institutional purchasers, investors, developers, and anyone who wants to purchase PV modules from responsible product stewards.  The PV industry's continued growth makes it critical to take action to reduce the use of toxic chemicals, develop responsible recycling systems, and protect workers throughout the global PV supply chain.

JinkoSolar received full marks on commitment to worker rights, health, and safety, enforceable commitment from suppliers to protect workers and the environment, and a reduction of toxic materials in modules. The company was also recognized for its extended producer responsibility, emissions reporting, and reduction in water usage.

"We are proud to be a 2016-17 Leader in SVTC's Solar Scorecard," said Nigel Cockroft, General Manager of JinkoSolar (U.S.) Inc. "We work hard to ensure that JinkoSolar modules, which are powering a more sustainable planet, are themselves manufactured cleanly and efficiently."

"We are pleased with JinkoSolar's participation in the 2016-17 Solar Scorecard and its commitment to transparency," said Sheila Davis, Executive Director of SVTC. "Consumers and corporations have choices when they purchase solar, and we hope the Solar Scorecard can help them choose companies, such as JinkoSolar, who are dedicated to sharing information about their environmentally sustainable manufacturing programs and practices.

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 7 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 8 GW for solar modules, as of September 30, 2017.

JinkoSolar has over 15,000 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 15 global sales offices in China (2), United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia.

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

About Silicon Valley Toxics Coalition

Silicon Valley Toxics Coalition is a nonprofit organization engaged in research, advocacy and grassroots organizing to promote human health and environmental justice in response to the rapid growth of the high-tech industry. For more information, go to www.svtc.org.

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-part-of-svtc-2016-17-leaders-300569416.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Part of SVTC 2016-17 Leaders

SHANGHAI, Dec. 7, 2017 /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 third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Total solar module shipments were 2,374 megawatts ("MW"), a decrease of 17.7% from 2,884 MW in the second quarter of 2017 and an increase of 47.8% from 1,606 MW in the third quarter of 2016.
  • Total revenues were RMB6.42 billion (US$964.8 million), a decrease of 19.0% from the second quarter of 2017 and an increase of 20.4% from the third quarter of 2016.
  • Gross margin was 12.0%, compared with 10.5% in the second quarter of 2017 and 19.2% in the third quarter of 2016.
  • Income from operations was RMB91.9 million (US$13.8 million), compared with RMB85.3 million in the second quarter of 2017 and RMB433.3 million in the third quarter of 2016.
  • Net income attributable to the Company's ordinary shareholders from continuing operations was RMB11.3 million (US$1.7 million) in the third quarter of 2017, compared with RMB47.4 million in the second quarter of 2017 and RMB233.7 million in the third quarter of 2016.
  • Diluted earnings per American depositary share ("ADS") from continuing operations were RMB0.32(US$0.04).
  • Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the third quarter of 2017 was RMB25.9 million (US$3.9 million), compared with RMB61.2 million in the second quarter of 2017 and RMB271.4 million in the third quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB0.80(US$0.12) and RMB0.76(US$0.12), respectively, in the third quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter exceeded the high end of our guidance, reaching to 2,374MW. Total revenues hit $964.8 million, a decrease of 19% sequentially and 20.4% from the same period last year. Our gross margin rebounded to 12.0% from 10.5% last quarter as a direct result of our effective cost cutting measures and reduction in the usage of OEM manufacturers."

"Demand in China remained strong during the quarter as the distributed generation ("DG") market there grows rapidly. We have fully evaluated the various remedy recommendations from the US International Trade Commission and are awaiting its final decision on the Section 201 petition. Regardless of what the final outcome is, we strongly believe in the US solar market's long-term growth trajectory and will adjust our strategy there accordingly. Demand in Europe has shown signs of an improvement as the effects of electricity parity sink in for more countries. The Indian market is growing rapidly and is expected to become the world's third largest. The sustainable, long-term development of emerging markets such as Australia, Jordan, Egypt, Mexico and Brazil has greatly improved as solar system costs rapidly drop and regulators gain more experience in promoting green energy and organizing electricity auctions. We will continue to strengthen our leading position in various emerging markets by expanding our service teams there and enhancing our brand image."

"The optimization of our mono wafer costs and diamond wire cutting application to our multi wafer production lines remain on track and are expected to be completed next quarter. Our tech team continues to make solid progress in developing half-cell and bifacial n-type cells technologies. We also made progress in developing new technologies such as Hydride Oxide Thin Film. Overall, we will continue to allocate resources towards innovating new and exciting solar technologies to strengthen our leading position in the market."

"I remain confident in the long-term sustainability of our business as we continue to devote resources towards developing new technologies and supporting the expansion of our market share in exciting and rapidly growing markets." 

Third Quarter 2017 Financial Results

Total Revenues

Total revenues in the third quarter of 2017 were RMB6.42 billion (US$964.8 million), a decrease of 19.0% from RMB7.92 billion in the second quarter of 2017 and an increase of 20.4% from RMB5.33 billion in the third quarter of 2016. The sequential decrease was mainly attributable to a decrease in solar module shipments. The year-over-year increase was mainly attributable to an increase in solar module shipments which was partially offset by a decline in average selling price ("ASP") of solar modules in the third quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2017 was RMB772.4 million (US$116.1 million), compared with RMB834.8 million in the second quarter of 2017 and RMB1.03 billion in the third quarter of 2016. The sequential decrease was mainly attributable to a decrease in solar module shipments. The year-over-year decrease was mainly attributable to a decline in ASPs of solar modules in the third quarter of 2017.

Gross margin was 12.0% in the third quarter of 2017, compared with 10.5% in the second quarter of 2017 and 19.2% in the third quarter of 2016. The sequential increase was mainly attributable to the Company's effective cost control measures and reduction in the usage of OEM manufacturers. The year-over-year decrease was mainly attributable to a decline in ASPs of solar modules in the third quarter of 2017.

Income from Operations and Operating Margin

Income from operations in the third quarter of 2017 was RMB91.9 million (US$13.8 million), compared with RMB85.3 million in the second quarter of 2017 and RMB433.3 million in the third quarter of 2016. Operating margin in the third quarter of 2017 was 1.4%, compared with 1.1% in the second quarter of 2017 and 8.1% in the third quarter of 2016.

Total operating expenses in the third quarter of 2017 were RMB680.5 million (US$102.3 million), a decrease of 9.2% from RMB749.5 million in the second quarter of 2017 and an increase of 14.8% from RMB592.8 million in the third quarter of 2016. The sequential decease was mainly due to a decrease in shipping costs which was in line with the decline in solar module shipments. The year-over-year increase was primarily due to an increase in shipping costs, which was in line with the increase in solar module shipments, and partially offset by a decrease in bad debt expenses due to the reversal of allowance for doubtful accounts upon subsequent collections.

Total operating expenses accounted for 10.6% of total revenues in the third quarter of 2017, compared to 9.5% in the second quarter of 2017 and 11.1% in the third quarter of 2016.

Interest Expense, Net

Net interest expense in the third quarter of 2017 was RMB52.3 million (US$7.9 million), a decrease of 35.1% from RMB80.6 million in the second quarter of 2017 and a decrease of 60.6% from RMB132.9 million in the third quarter of 2016. The sequential and year-over–year decreases were due to a decrease in interest expenses associated with the discounted notes receivable.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB49.3 million (US$7.4 million) in the third quarter of 2017, compared to a net exchange loss of RMB34.2 million in the second quarter of 2017 and a net exchange loss of RMB7.2 million in the third quarter of 2016. The Company recorded a net exchange loss of RMB49.3 million(US$7.4 million) in the third quarter of 2017 due to the depreciation of US dollars against RMB.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax expense of RMB4.5 million (US$0.7 million) in the third quarter of 2017, compared with an income tax benefit of RMB32.5 million in the second quarter of 2017 and an income tax expense of RMB116.0 million in the third quarter of 2016.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the third quarter of 2017 was RMB11.3 million (US$1.7 million), compared with RMB47.4 million in the second quarter of 2017 and RMB233.7 million in the third quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were RMB0.09(US$0.01) and RMB0.08(US$0.01), respectively, during the third quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of RMB0.36(US$0.04) and RMB0.32(US$0.04), respectively.

Non-GAAP net income in the third quarter of 2017 was RMB25.9 million (US$3.9 million), compared with RMB61.2 million in the second quarter of 2017 and RMB271.4 million in the third quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.20(US$0.03) and RMB0.19(US$0.03), respectively, during the third quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB0.80(US$0.12) and RMB0.76(US$0.12), respectively.

Financial Position

As of September 30, 2017, the Company had RMB2.47 billion (US$371.1 million) in cash and cash equivalents and restricted cash, compared with RMB1.90 billion as of June 30, 2017.

As of September 30, 2017, the Company's accounts receivables due from third parties were RMB5.82 billion (US$875.1 million), compared with RMB6.47 billion as of June 30, 2017.

As of September 30, 2017, the Company's inventories were RMB5.24 billion (US$787.9 million), compared with RMB5.20 billion as of June 30, 2017.

As of September 30, 2017, the Company's total interest-bearing debts were RMB8.26 billion (US$1.24 billion), compared with RMB7.41 billion as of June 30, 2017. On July 17, 2017, the Company issued three-year medium term notes ("MTN") at a principal of RMB300 million (US$45.1 million). At the end of the second year in the life of the MTN, the Company has an option to adjust the interest rate while the bondholders have a right to require the Company to repurchase all or part of its outstanding MTN.

Third Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the third quarter of 2017 were 2,374 MW.

Solar Products Production Capacity

As of September 30, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 7.0 GW, 4.5 GW and 8.0 GW, respectively.

Recent Business Developments

  • In November 2017, JinkoSolar announced that it has broken its own world record by achieving P-type monocrystalline PERC solar cell efficiency of 23.45%
  • In October 2017, JinkoSolar announced that its practical sized (245.83cm2) P-type multi-crystalline silicon solar cells reached the world's highest conversion efficiency of 22.04%.
  • In September 2017, JinkoSolar announced that it filed a prospectus supplement to sell up to an aggregate of US$100 million of its ADSs through an at-the-market equity offering program.
  • In September 2017, JinkoSolar supplied 28.2 MW dc of its solar PV modules to Swinerton Renewable Energy, for the construction of the Jacumba Solar Project.
  • In September 2017, JinkoSolar ranked as top solar brand used in debt-financed projects and most "bankable" PV manufacturer by Bloomberg New Energy Finance.
  • In September 2017, JinkoSolar was invited to attend the 9th BRICS Summit hosted in Xiamen, China.

Operations and Business Outlook

Fourth Quarter and Full Year 2017 Guidance

For the fourth quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.3 GW to 2.5 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 9.6 GW and 9.8 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Wednesday, December 7, 2017 at 7:30 a.m. U.S. Eastern Time (8:30 p.m.Beijing / Hong Kong the same day).

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

Hong Kong / International:

+852 3008 1527


U.S. Toll Free:

+1 800-281-7973


Passcode:

7881926





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, December 14, 2017. The dial-in details for the replay are as follows:

International:

+61 (0) 2 9101 1954


U.S. Toll Free:

+1-888-203-1112


Passcode:

7881926





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 7 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 8 GW for solar modules, as of September 30, 2017.

JinkoSolar has over 15,000 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 15 global sales offices in China (2), United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia.

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, non-GAAP earnings per ADS, and non-GAAP diluted weighted average ordinary shares outstanding, 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 changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; 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 the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.

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 September 29, 2017, which was RMB6.6533 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 nine months ended     



September 30, 2016


June 30, 2017


September 30, 2017


September 30, 2016


September 30, 2017


 Continuing operations 

RMB


RMB


RMB


USD








 Revenues from third parties 

5,331,232


7,908,533


5,958,121


895,514


16,176,175


19,619,733


2,948,872

















 Revenues from related parties 

-


15,555


461,292


69,333


102,960


500,571


75,237

















 Total revenues 

5,331,232


7,924,088


6,419,413


964,847


16,279,135


20,120,304


3,024,109

















 Cost of revenues 

(4,305,166)


(7,089,255)


(5,647,016)


(848,754)


(13,139,781)


(17,864,049)


(2,684,991)

















 Gross profit 

1,026,066


834,833


772,397


116,093


3,139,354


2,256,255


339,118

















 Operating expenses: 















   Selling and marketing 

(371,669)


(550,823)


(489,767)


(73,613)


(1,083,377)


(1,454,402)


(218,599)


   General and administrative 

(175,414)


(125,029)


(116,121)


(17,453)


(557,757)


(357,100)


(53,673)


   Research and development 

(41,864)


(73,694)


(74,652)


(11,219)


(123,876)


(210,832)


(31,688)


   Impairment of long-lived assets 

(3,819)


-


-


-


(103,147)


-


-


 Total operating expenses 

(592,766)


(749,546)


(680,540)


(102,285)


(1,868,157)


(2,022,334)


(303,960)

















 Income from operations 

433,300


85,287


91,857


13,808


1,271,197


233,921


35,158


 Interest expenses, net 

(132,859)


(80,572)


(52,286)


(7,859)


(284,758)


(189,979)


(28,554)


 Change in fair value of derivative liability 

36,048


(16,394)


(3,437)


(517)


34,937


(19,455)


(2,924)


 Subsidy income 

12,809


49,038


14,154


2,127


87,424


118,384


17,794


 Exchange gain/(loss) 

2,602


(29,810)


(46,368)


(6,969)


191,138


(82,518)


(12,403)


 Change in fair value of forward contracts 

(9,752)


(4,341)


(2,946)


(443)


(52,581)


(6,181)


(929)


 Change in fair value of convertible senior
   notes and capped call options 

(15,684)


-


-


-


(95,531)


-


-


 Other income/(expense), net 

(291)


11,773


15,109


2,271


(668)


38,824


5,835


 Investment loss 

1,731


(194)


(438)


(66)


92


(632)


(95)


 Income from continuing operations before income taxes

327,904


14,787


15,645


2,352


1,151,250


92,364


13,882


 Income tax (expense)/benefit 

(115,973)


32,460


(4,466)


(671)


(306,687)


26,467


3,978


Income from continuing operations, net of tax

211,931


47,247


11,179


1,681


844,563


118,831


17,860


 Discontinued operations 















Income from discontinued operations before income taxes   

83,083


-


-


-


145,542


-


-


Income tax expense, net

(830)


-


-


-


(1,446)


-


-


Income from discontinued operations, net of tax

82,253


-


-


-


144,096


-


-

















 Net income 

294,184


47,247


11,179


1,681


988,659


118,831


17,860


 Less: Net loss attributable to non-controlling
          interests from continuing operations 

(221)


(121)


(113)


(17)


(310)


(403)


(61)


 Less: Net income attributable to non-controlling
          interests from discontinued operations 

1,561


-


-


-


5,284


-


-


 Less: Allocation of net income to participating preferred shares issued
          by discontinued operations 

10,247


-


-


-


13,895


-


-


 Less: Accretion to redemption value of redeemable non-controlling
          interests of discontinued operations 

48,922


-


-


-


142,702


-


-


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

233,675


47,368


11,292


1,698


827,088


119,234


17,921






























































 Earnings/(loss) per share for ordinary shareholders,
basic 















 Continuing operations 

1.68


0.37


0.09


0.01


6.72


0.93


0.14


 Discontinued operations 

0.17


-


-


-


(0.14)


-


-


 Total earnings/(loss) per share for ordinary
shareholders, basic 

1.85


0.37


0.09


0.01


6.58


0.93


0.14
































 Earnings/(loss) per share for ordinary
shareholders, diluted 















 Continuing operations 

1.35


0.37


0.08


0.01


6.09


0.91


0.14


 Discontinued operations 

0.16


-


-


-


(0.14)


-


-


 Total earnings/(loss) per share for ordinary shareholders,
diluted 

1.51


0.37


0.08


0.01


5.95


0.91


0.14

















 Earnings/(loss) per ADS for ordinary shareholders, basic 















 Continuing operations 

6.72


1.48


0.36


0.04


26.88


3.72


0.56


 Discontinued operations 

0.68


-


-


-


(0.56)


-


-


 Total earnings/(loss) per ADS for ordinary shareholders, basic 

7.40


1.48


0.36


0.04


26.32


3.72


0.56

















 Earnings/(loss) per ADS for ordinary shareholders, diluted 















 Continuing operations 

5.40


1.48


0.32


0.04


24.36


3.64


0.56


 Discontinued operations 

0.64


-


-


-


(0.56)


-


-


 Total earnings/(loss) per ADS for ordinary shareholders, diluted 

6.04


1.48


0.32


0.04


23.80


3.64


0.56

















 Weighted average ordinary shares outstanding: 















   Basic 

126,056,129


128,247,292


130,186,074


130,186,074


125,680,215


128,442,966


128,442,966


   Diluted 

130,613,442


129,493,716


134,413,564


134,413,564


134,070,821


130,720,283


130,720,283

















 Weighted average ADS outstanding: 















   Basic 

31,514,032


32,061,823


32,546,519


32,546,519


31,420,054


32,110,742


32,110,742


   Diluted 

32,653,360


32,373,429


33,603,391


33,603,391


33,517,705


32,680,071


32,680,071

















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME























 Net income 

294,184


47,247


11,179


1,681


988,659


118,831


17,860


 Other comprehensive income: 















   -Foreign currency translation adjustments 

(3,409)


(22,391)


(25,226)


(3,792)


(15,876)


(65,180)


(9,797)


 Comprehensive income 

290,775


24,856


(14,047)


(2,111)


972,783


53,651


8,063


 Less: Comprehensive income attributable to non-
controlling interests 

1,340


(121)


(113)


(17)


4,974


(403)


(61)


 Less:Allocation of net income to participating preferred
shares issued by discontinued operations 

10,247


-


-


-


13,895


-


-


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

279,188


24,977


(13,934)


(2,094)


953,914


54,054


8,124















































 Reconciliation of GAAP and non-GAAP Results (Excluding discontinued
operations) 






























 1. Non-GAAP earnings per share and non-GAAP
earnings per ADS 






























 GAAP net income attributable to ordinary shareholders
from continuing operations 

212,152


47,368


11,292


1,698


844,873


119,234


17,921

















 Change in fair value of convertible senior notes and
capped call options 

15,684


-


-


-


95,531


-


-

















 4% of interest expense of convertible senior notes 

8,007


1


1


-


31,998


1,557


234

















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

5,958


(1)


(1)


-


24,176


841


126

















 Stock-based compensation expense 

29,558


13,822


14,645


2,201


55,580


45,868


6,894

















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

271,359


61,190


25,937


3,899


1,052,158


167,500


25,175

















 Non-GAAP earnings per share attributable to ordinary
shareholders from continuing operations - 















   Basic 

2.15


0.48


0.20


0.03


8.37


1.30


0.20


   Diluted 

2.08


0.47


0.19


0.03


7.85


1.28


0.19

















 Non-GAAP earnings per ADS attributable to ordinary
shareholders from continuing operations - 















   Basic 

8.60


1.92


0.80


0.12


33.48


5.20


0.80


   Diluted 

8.32


1.88


0.76


0.12


31.40


5.12


0.76

















 Non-GAAP weighted average ordinary shares outstanding  















   Basic 

126,056,129


128,247,292


130,186,074


130,186,074


125,680,215


128,442,966


128,442,966


   Diluted 

130,613,442


129,493,716


134,413,564


134,413,564


134,070,821


130,720,283


130,720,283

















 Non-GAAP weighted average ADS outstanding  















   Basic 

31,514,032


32,061,823


32,546,519


32,546,519


31,420,054


32,110,742


32,110,742


   Diluted 

32,653,360


32,373,429


33,603,391


33,603,391


33,517,705


32,680,071


32,680,071

















Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2016


September 30, 2017


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

2,501,417


2,117,949


318,331

  Restricted cash 

318,785


350,893


52,740

  Restricted short-term investments

3,333,450


4,042,325


607,567

  Short-term investments

71,301


67,888


10,204

  Accounts receivable, net - related parties

1,414,084


1,025,297


154,104

  Accounts receivable, net - third parties

4,753,715


5,822,194


875,084

  Notes receivable, net - related parties

610,200


240,000


36,072

  Notes receivable, net - third parties

915,315


396,056


59,528

  Advances to suppliers, net - related parties

662


-


-

  Advances to suppliers, net - third parties

325,766


607,694


91,337

  Inventories, net

4,473,515


5,242,139


787,901

  Forward contract receivables

641


349


52

  Deferred tax assets 

130,676


-


-

  Other receivables - related parties

79,125


98,963


14,874

  Prepayments and other current assets

766,645


1,426,456


214,397

Total current assets

19,695,297


21,438,203


3,222,191







Non-current assets:






  Restricted cash

197,214


176,344


26,505

  Project Assets

55,063


219,181


32,943

  Long-term investments

7,200


23,521


3,535

  Property, plant and equipment, net

4,738,681


6,028,169


906,042

  Land use rights, net

450,941


447,616


67,277

  Intangible assets, net

20,297


26,466


3,978

  Deferred tax assets 

134,791


265,467


39,900

  Other assets - related parties

173,376


135,382


20,348

  Other assets - third parties

617,780


884,292


132,910

Total non-current assets

6,395,343


8,206,438


1,233,438







Total assets

26,090,640


29,644,641


4,455,629







LIABILITIES






Current liabilities:






  Accounts payable - related parties

-


2,256


339

  Accounts payable - third parties

4,290,071


4,593,518


690,412

  Notes payable - third parties

4,796,766


6,072,200


912,660

  Accrued payroll and welfare expenses

582,276


669,024


100,555

  Advances from related parties

60,541


54,593


8,205

  Advances from  third parties

1,376,920


877,068


131,825

  Income tax payable

168,112


62,419


9,382

  Other payables and accruals

1,019,419


1,579,261


237,366

  Other payables due to related parties

76,034


11,555


1,737

  Forward contract payables

-


6,410


963

  Convertible senior notes - current

423,740


-


-

  Deferred tax liabilities 

17,074


-


-

  Derivative liability -  current

10,364


29,819


4,482

  Bond payable and accrued interests

-


4,606


692

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

5,488,629


6,923,327


1,040,585

  Guarantee liabilities to related parties

52,711


33,928


5,099

Total current liabilities

18,362,657


20,919,984


3,144,302







Non-current liabilities:






  Long-term borrowings

488,520


462,049


69,447

  Long-term payables

44,014


567,777


85,338

  Bond payables

-


298,075


44,801

  Accrued warranty costs - non current

511,209


577,257


86,763

  Convertible senior notes

-


66


10

  Deferred tax liability

50,651


67,725


10,179

  Guarantee liabilities to related parties 
   - non current

173,376


128,183


19,266

Total non-current liabilities

1,267,770


2,101,132


315,804







Total liabilities

19,630,427


23,021,116


3,460,106







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 130,186,074 shares issued and
outstanding as of  December 31, 2016 and
September 30, 2017, respectively)

18


18


3

Additional paid-in capital

3,145,262


3,254,923


489,219

Statutory reserves

466,253


466,253


70,078

Accumulated other comprehensive income

104,784


39,604


5,952

Treasury stock, at cost; 1,723,200 shares of
ordinary shares as of  December 31, 2016
and September 30, 2017, respectively

(13,876)


(13,876)


(2,086)

Accumulated retained earnings

2,758,268


2,877,502


432,492







Total JinkoSolar Holding Co., Ltd. shareholders' equity

6,460,709


6,624,424


995,658







Non-controlling interests

(496)


(899)


(135)







Total liabilities and shareholders' equity

26,090,640


29,644,641


4,455,629

View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2017-financial-results-300568322.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar Announces Third Quarter 2017...

SHANGHAI, Dec. 5, 2017 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:JKS), a global leader in the photovoltaic (PV) industry, announced that it supplied polycrystalline photovoltaic panels to the first solar power plant in Armenia. The opening ceremony took place earlier in November in the city of Talin. Due to its scale, this project is of significant importance to the Armenian solar, ecology, and economic development sectors.

The opening ceremony was well-attended by various leaders in Armenia, including, but not limited to, Prime Minister Mr. Karen Karapetyan, Minister of Territorial Administration and Development Mr. Davit Loqyan, Deputy Minister of Energy Infrastructures and Natural Resources Mr. Hayk Harutyunyan, Deputy Ambassador of German Federal Republic to Armenia Mr. Klaus Wendelberger, and General Secretary of the Energy Charter Secretariat Mr. Urban Rusnák.

Approximately 3700 JinkoSolar's high efficiency polycrystalline photovoltaic panels were installed in this 1MW solar power plant and will operate there throughout the 25 year product lifespan. Arpi Solar, which designed the project and implemented the construction, cooperated with its leading international partners such as JinkoSolar, Staubli, Enerparc, Sungrow, which guarantees long-term and productive revenues for the next 25 years.

"Talin-1 is at the moment the largest solar power plant in Armenia and can cover the energy demands of almost 400 families. With this we launch a procession of massive solar power plants in Armenia." the General Director of Arpi Solar company Mr. Hayk Chobanyansaid,  "We will start working on another larger power plant of 55 MW capacity in Masrik (Gegharkunik region) very soon. Such interest in solar energy can significantly improve the Armenian energy sector."

"Talin-1 sets new standards in solar energy sphere in Armenia," Deputy Minister of Energy Infrastructures and Natural Resources Mr. Harutyunyan mentioned, "The engineering activities were delivered in 20 days, which is a very short period for implementation of such initiatives according to international standards and which also proves the competence of the project construction company."

Arda Kristaporyan, Country Manager for JinkoSolar, commented, "We're pleased to have contributed to the realization of this milestone project for Armenia. Our Eagle solar panels have already been successfully implemented in large-scale projects all over the world and they will secure the highest energy yields in the years to come. We will keep working closely with Arpi Solar to fulfill our shared target of creating a solar future in Armenia."

Artun Istepan Sabciyan, Divison Manager for Staubli Electrical Connector Systems (formerly Multi-Contact) Turkey, commented: "We are happy to share the honor of being able to contribute to this project and working closely together with Arpi Solar. This will be a milestone in Armenia reflecting the power of the sun. Our original MC4 connectors and DC solar cables have already been successfully implemented in 1MW Talin project. We will uphold a strong partnership with Arpi Solar to fulfill the roadmap and to advance Armenia's photovoltaic 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 6.0 GW for silicon ingots and wafers, 4.5 GW for solar cells, and 7.5 GW for solar modules, as of June 30, 2017.

JinkoSolar has over 15,000 employees across its 8 productions facilities in China(5), Malaysia, Portugal and South Africa, 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 18 global sales offices in China (2) ,United Kingdom, Bulgaria, Greece, Romania, United Arab Emirates, Jordan, Saudi Arabia, Kuwait, Egypt, Morocco, Ghana, Kenya, Costa Rica, Colombia, Brazil and Mexico.

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

About Stäubli Electrical Connectors
Stäubli is a recognized specialist for advanced contact technology and sophisticated solutions with a product portfolio ranging from miniature connectors up to high-power connectors for power transmission, test and measurement, transportation and many other industries. In Photovoltaics, Stäubli is global market leader with its MC4 connector components. The core of all Stäubli electrical connectors is the unique MULTILAM contact technology.

About Arpi Solar
Arpi Solar is a leader in the field of solar energy in Armenia for five years, offering solar thermal and photovoltaic systems, energy efficient solutions. Arpi solar systems are widely used in households, businesses, industries and educational and cultural institutions to save costs by reducing harmful emissions to the atmosphere. The company not only stimulates the development of the field, but also contributes to the solution of our country's environmental problems through more than 1000 installations in all over Armenia.

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.

View original content:http://www.prnewswire.com/news-releases/jinkosolar-supplied-solar-modules-to-armenias-largest-solar-pv-plant-300566600.html

SOURCE JinkoSolar Holding Co., Ltd.

Read more: JinkoSolar supplied solar modules to Armenia's...

At the 19th China International Industry Fair (CIIF) that opened on November 7, 2017 in Shanghai, JinkoSolar announced that it achieved a world record P-type mono PERC cell efficiency of 23.45%, breaking the world record cell efficiency of 22.78% that the company set only a month ago in October.

Due to the currently high production costs and capacity bottlenecks, experts believe half-cell will be the next big thing in cSi solar modules and will bring cSi PV development to its most advanced and lowest cost yet. Kangping Chen, CEO of JinkoSolar said at the CIIF, “One of the main advancements is the increase in half cell technology. Over a traditional full-cell module, half-cell module has an additional 5-10 watt of output with minimal margina cost. The technical and, more importantly, economic feasibility of half cell technology means that we’ll see half-cell modules gain substantial market share. In residential market, half-cell module also has the advantage of increase shade tolerance. With JinkoSolar’s advancements in manufacturing processes, half-cell panels are one of the best solution to address the rise of auctioned based procurements.”

Both China’s launching tradable green certificates and Japan’s replacement of its Feed in Tariff (FiT) scheme with an auction mechanism shows that the cost of renewable power generation has become more and more competitive to that of fossil fuels. Solar will continue to survive with less dependency on subsidy in the near future. At the same time, auctions and bidding could become the primary method in which government selects solar power providers. It’s also most likely that governments will support only developers that have secured grid connection for their projects, to ensure that the approved projects are completed on schedule. In more and more tenders process, we will see the lowest cost provider win.

From developers perspective, in short term, this phenomenon will squeeze the margin of developers, whom will lose government-backed income streams in the form of subsidy. Under these conditions, only developers with strong financing capability, established buying power, and operational excellence in all key step across the entire project development and operation cycle will thrive. These more stringent market conditions will not weaken well-managed developers, but strengthen them as the conditions will push them to get much more efficient, make better investment decisions, and focus on build long-term competitive advantages.

For manufacturers, this trend casts new cost pressure on them. Only those who have a high efficiency product portfolio, scaled up their capacity, realized manufacturing best practices, implemented strong supply chain control, and strong financial health can survive. While the industry will not become a monopoly, we will see intensive clustered around tier 1 companies in place of high industry fragmentation we see now.

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