JinkoSolar Announces Second Quarter 2017 Financial Results

SHANGHAI, Sept. 6, 2017 /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 second quarter ended June 30, 2017.

Second Quarter 2017 Highlights

  • Total solar module shipments were 2,884 megawatts (“MW”), an increase of 39.5% from 2,068 MW in the first quarter of 2017 and an increase of 68.1% from 1,716 MW in the second quarter of 2016.
  • Total revenues were RMB7.92 billion (US$1.17 billion), an increase of 37.2% from the first quarter of 2017 and an increase of 39.8% from the second quarter of 2016.
  • Gross margin was 10.5%, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016.
  • Income from operations was RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and RMB308.8 million in the second quarter of 2016.
  • Net income attributable to the Company’s ordinary shareholders from continuing operations was RMB47.4 million (US$7.0 million) in the second quarter of 2017, compared with RMB60.6 million in the first quarter of 2017 and RMB280.1 million in the second quarter of 2016.
  • Diluted earnings per American depositary share (“ADS”) from continuing operations were RMB1.48 (US$0.20).
  • Non-GAAP net income attributable to the Company’s ordinary shareholders from continuing operations in the second quarter of 2017 was RMB61.2 million(US$9.0 million), compared with RMB80.4 million in the first quarter of 2017 and RMB344.1 million in the second quarter of 2016.
  • Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB1.92 (US$0.28) and RMB1.88 (US$0.28), respectively, in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer commented, “Second quarter module shipments once again hit a record high, increasing 39.5% sequentially to 2,884MW. Total revenues hit $1.17 billion, an increase of 37.2% sequentially while our gross margin dropped slightly to 10.5%, from 11.2% in the first quarter of 2017.”

“Shipments over the past few quarters have surged to new highs, allowing us to continuously capitalize on the growing recognition of JinkoSolar’s brand and excellent products and services to increase our market share. While ASPs declined during the quarter, prices along our supply chain remained relatively high and impacting our margins. We also worked with our OEM partners more extensively than expected during the quarter to ensure timely delivery, which adversely impacted our margins. We are currently reviewing our strategy in order to improve profitability and further cut down the use of OEM going forward. Our efforts will also be focused on strengthening inventory management and controlling operating expenses.” 

“Demand in China was very strong during the quarter, boosted by rush orders before the June 30th Feed-in-Tariff cutoff. This momentum is carrying on into the third quarter with the Top Runner projects, PV Poverty Alleviation projects, and DG projects generating stable demand, which is expected to continue throughout the rest of the year. The long-term demand of Chinese market will be supported by the upwards revision of 5-year targets set by the NEA. The Section 201 petition in the US continues to create market uncertainties. We remain committed to the US market and believe its long-term growth momentum will not change. Demand in emerging markets continued to grow, accounting for a larger portion of our shipments during the quarter. India’s 100 GW target by 2022 is solid and will continue to create strong demand going forward. The solar markets of Mexico, Argentina and Brazil in Latin America are rapidly growing in scale while Egypt and Jordan in Middle Easthave the potential to become GW level markets next year. We expect demand in emerging markets to continue to grow in 2018.”

“We are ramping up our mono wafer and PERC cell capacity. Our diamond wire-cutting multiply wafers are now in mass production and are combined with our black silicon cell technology. Our technological focus remains on efficiency and cost. With solid progress being made in the development of new technology, we will continue to maintain flexible and dynamic production capacity in order to meet demand from a rapidly changing market.

“We already have strong visibility in our order book through the rest of the year and have already begun to take orders for next year. We expect ASPs to remain stable during the second half of the year. With our focus now shifting towards profitability, I am confident that we will benefit from the long-term growth prospects of the industry while generating sustainable returns for our shareholders.”

Second Quarter 2017 Financial Results

Total Revenues

Total revenues in the second quarter of 2017 were RMB7.92 billion (US$1.17 billion), an increase of 37.2% from RMB5.78 billion in the first quarter of 2017 and an increase of 39.8% from RMB5.67 billion in the second quarter of 2016. The sequential and year-over-year increases were mainly attributable to an increase in solar module shipments, partially offset by the decline of average selling price of solar modules in the second quarter of 2017.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2017 was RMB834.8 million (US$123.1 million), compared with RMB649.0 million in the first quarter of 2017 and RMB1.03 billion in the second quarter of 2016. The sequential increase was mainly attributable to the increase in solar module shipments. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules in the second quarter of 2017.

Gross margin was 10.5% in the second quarter of 2017, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016 mainly attributable to a decline in the average selling price of solar modules in the second quarter of 2017.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2017 was RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and RMB308.8 million in the second quarter of 2016. Operating margin in the second quarter of 2017 was 1.1%, compared with 1.0% in the first quarter of 2017 and 5.4% in the second quarter of 2016. The year-over-year decrease of operating margin was mainly attributable to a decline in gross margin in the second quarter of 2017.

Total operating expenses in the second quarter of 2017 were RMB749.5 million (US$110.6 million), an increase of 26.6% from RMB592.2 million in the first quarter of 2017 and an increase of 4.2% from RMB719.6 million in the second quarter of 2016. The sequential and year-over-year increases were primarily due to the increase in shipping costs, which was in line with the increase in solar module shipments.

Total operating expenses accounted for 9.5% of total revenues in the second quarter of 2017, compared to 10.3% in the first quarter of 2017 and 12.7% in the second quarter of 2016.

Interest Expense, Net

Net interest expense in the second quarter of 2017 was RMB80.6 million (US$11.9 million), an increase of 41.1% from RMB57.1 million in the first quarter of 2017 and an increase of 7.4% from RMB75.0 million in the second quarter of 2016. The sequential increase was due to the interest expense associated with the discounted notes receivable.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss of RMB34.2 million (US$5.0 million) in the second quarter of 2017, compared to a net exchange loss of RMB5.2 millionin the first quarter of 2017 and a net exchange gain of RMB67.1 million in the second quarter of 2016.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax benefit of RMB32.5 million (US$4.8 million) in the second quarter of 2017, compared with an income tax expense of RMB1.5 million in the first quarter of 2017 and an income tax expense of RMB90.4 million in the second quarter of 2016. The sequential change was mainly due to the additional 2016 income tax deduction for R&D costs approved by local tax bureau in the second quarter of 2017.

Net Income and Earnings per Share

Net income attributable to the Company’s ordinary shareholders from continuing operations in the second quarter of 2017 was RMB47.4 million (US$7.0 million), compared with RMB60.6 million in the first quarter of 2017 and RMB280.1 million in the second quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were both RMB0.37 (US$0.05) during the second quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations of both RMB1.48 (US$0.20).

Non-GAAP net income in the second quarter of 2017 was RMB61.2 million (US$9.0 million), compared with RMB80.4 million in the first quarter of 2017 and RMB344.1 million in the second quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.48 (US$0.07) and RMB0.47 (US$0.07), respectively, during the second quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB1.92 (US$0.28) and RMB1.88(US$0.28), respectively.

Financial Position

As of June 30, 2017, the Company had RMB1.90 billion (US$280.1 million) in cash and cash equivalents and restricted cash, compared with RMB1.71 billion as of March 31, 2017.

As of June 30, 2017, the Company’s accounts receivables due from third parties were RMB6.47 billion (US$954.5 million), compared with RMB5.93 billion as of March 31, 2017.

As of June 30, 2017, the Company’s inventories were RMB5.20 billion (US$767.7 million), compared with RMB5.37 billion as of March 31, 2017.

As of June 30, 2017, the Company’s total interest-bearing debts were RMB7.41 billion (US$1.09 billion), compared with RMB6.10 billion as of March 31, 2017.

Second Quarter 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2017 amounted to 2,884 MW.

Solar Products Production Capacity

As of June 30, 2017, the Company’s in-house annual silicon wafer, solar cell and solar module production capacity was 6.0 GW, 4.5 GW and 7.5 GW, respectively.

Recent Business Developments

  • In August 2017, JinkoSolar supplied 35.46 MW to Gransolar for PV project in Mexico.
  • In July 2017, JinkoSolar announced that it has become the first PV module provider to guarantee that all JinkoSolar Standard Mass Produced PV Modules meet IEC62804 double anti-PID standards.
  • In July 2017, JinkoSolar supplied 30 MW ac of PV modules for 2 solar projects in Virginia to Hecate Energy, a leading developer, owner, and operator of power plants in North America and abroad.
  • In July 2017, JinkoSolar announced that it is partnering with TUVRheinland, an independent provider of technical services for testing, inspection, certification, consultation and training, to develop standardized testing methods for bifacial PV technology.
  • In June 2017, JinkoSolar signed a JPY4.1 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.
  • In June 2017, JinkoSolar entered into an agreement with Quantum Power GK in Japan to exclusively supply 187MW worth of 275Wp modules for three projects located in Ibaraki, Gunma and Mie prefecture.
  • In May 2017, JinkoSolar supplied 65 MW of high efficiency Eagle Series modules for Energon Solar in Medak, Telangana, India.
  • In May 2017, Abu Dhabi Water and Electricity Authority, Sweihan Solar Holding Company Limited (“Sweihan”), a joint venture between JinkoSolar and Marubeni Corporation and a syndicate of international and local banks entered into financial agreements for the Sweihan Photovoltaic Independent Power Project in Abu Dhabi.
  • In May 2017, JinkoSolar became first Chinese PV manufacturer that passed 160 KWh/m2 UV test in terms of IEC61345 from TUV Rheinland.

Operations and Business Outlook

Strategic Shift in Overseas Downstream Solar Project Business

With the Company’s focuses shifting towards its core competencies in manufacturing, JinkoSolar will cease developing new overseas downstream solar projects starting in the third quarter of 2017. The Company will continue to develop, construct and connect to the grid its existing overseas downstream solar projects.

The Company provided a debt payment guarantee in connection with a loan facility granted to Sweihan PV Power Company P.J.S.C, equity investee of the Company for developing overseas solar power project, in a maximum aggregate principal amount not exceeding US$50 million.

Third Quarter and Full Year 2017 Guidance

For the third quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.1 GW to 2.3 GW.

For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Thursday, September 6, 2017 at 7:30 a.m. U.S. Eastern Time (7:30 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: +1 866-564-2842  
Passcode: 9936267  
     

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, September 13, 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: 9936267  
     

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 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, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and South Africa, 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, Braziland Mexico.

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 Yorkfor cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 30, 2017, which was RMB6.7793 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China: 
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

 

JINKOSOLAR HOLDING CO., LTD.     
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except ADS and Share data)
 
  For the quarter ended   For the six months ended         
  June 30, 2016   March 31, 2017   June 30, 2017   June 30, 2016   June 30, 2017    
 Continuing operations  RMB   RMB   RMB   USD   RMB   RMB   USD    
 Revenues from third parties  5,630,411   5,753,080   7,908,533   1,166,571   10,844,943   13,661,612   2,015,195    
                               
 Revenues from related parties  36,349   23,724   15,555   2,294   102,960   39,279   5,794    
                               
 Total revenues  5,666,760   5,776,804   7,924,088   1,168,865   10,947,903   13,700,891   2,020,989    
                               
 Cost of revenues  (4,638,350)   (5,127,779)   (7,089,255)   (1,045,721)   (8,834,615)   (12,217,034)   (1,802,108)    
                               
 Gross profit  1,028,410   649,025   834,833   123,144   2,113,288   1,483,857   218,881    
                               
 Operating expenses:                               
   Selling and marketing  (373,336)   (413,812)   (550,823)   (81,251)   (711,707)   (964,635)   (142,291)    
   General and administrative  (203,360)   (115,950)   (125,029)   (18,443)   (382,342)   (240,979)   (35,546)    
   Research and development  (43,617)   (62,486)   (73,694)   (10,870)   (82,012)   (136,180)   (20,088)    
   Impairment of long-lived assets  (99,328)         (99,328)        
 Total operating expenses  (719,641)   (592,248)   (749,546)   (110,564)   (1,275,389)   (1,341,794)   (197,925)    
                               
 Income from operations  308,769   56,777   85,287   12,580   837,899   142,063   20,956    
 Interest expenses, net  (75,008)   (57,121)   (80,572)   (11,885)   (151,899)   (137,693)   (20,311)    
 Change in fair value of derivative liability  (2)   376   (16,394)   (2,418)   (1,109)   (16,018)   (2,363)    
 Subsidy income  39,423   55,192   49,038   7,233   74,615   104,229   15,375    
 Exchange gain/(loss)  140,943   (6,339)   (29,810)   (4,397)   188,535   (36,149)   (5,332)    
 Change in fair value of forward contracts  (24,741)   1,105   (4,341)   (640)   (42,828)   (3,235)   (477)    
 Change in fair value of convertible senior
   notes and capped call options 
(49,076)         (79,847)        
 Other income/(expense), net  1,108   11,943   11,773   1,737   (377)   23,716   3,498    
 Investment loss  (1,158)     (194)   (29)   (1,640)   (194)   (29)    
 Income from continuing operations before income taxes 340,258   61,933   14,787   2,181   823,349   76,719   11,317    
 Income tax (expense)/benefit  (90,410)   (1,528)   32,460   4,788   (190,714)   30,933   4,563    
Income from continuing operations, net of tax 249,848   60,405   47,247   6,969   632,635   107,652   15,880    
 Discontinued operations                               
Income from discontinued operations before income taxes    83,867         62,456        
Income tax expense, net (479)         (615)        
Income from discontinued operations, net of tax 83,388         61,841        
                               
 Net income  333,236   60,405   47,247   6,969   694,476   107,652   15,880    
 Less: Net loss attributable to non-controlling 
          interests from continuing operations 
(178)   (169)   (121)   (18)   (88)   (290)   (43)    
 Less: Net income attributable to non-controlling 
          interests from discontinued operations 
2,128         3,723        
 Less: Allocation of net income to participating 
          preferred shares issued
          by discontinued operations 
3,648         3,648        
 Less: Accretion to redemption value of redeemable 
          non-controlling 
          interests of discontinued operations 
47,555         93,780        
 Net income attributable to JinkoSolar 
 Holding Co., Ltd.’s ordinary shareholders 
280,083   60,574   47,368   6,987   593,413   107,942   15,923    
                               
                               
                               
                               
 Earnings/(loss) per share for ordinary shareholders, 
basic 
                             
 Continuing operations  1.99   0.48   0.37   0.05   5.04   0.84   0.16    
 Discontinued operations  0.24         (0.31)        
 Total earnings/(loss) per share for ordinary 
shareholders, basic 
2.23   0.48   0.37   0.05   4.73   0.84   0.16    
                               
                               
 Earnings/(loss) per share for ordinary shareholders, 
diluted 
                             
 Continuing operations  1.90   0.47   0.37   0.05   4.73   0.84   0.16    
 Discontinued operations  0.23         (0.31)        
 Total earnings/(loss) per share for ordinary 
shareholders, diluted 
2.13   0.47   0.37   0.05   4.42   0.84   0.16    
                               
 Earnings/(loss) per ADS for ordinary shareholders, 
basic 
                             
 Continuing operations  7.96   1.92   1.48   0.20   20.16   3.36   0.64    
 Discontinued operations  0.96         (1.24)        
 Total earnings/(loss) per ADS for ordinary 
shareholders, basic 
8.92   1.92 # 1.48   0.20   18.92   3.36   0.64    
                               
 Earnings/(loss) per ADS for ordinary shareholders, 
diluted 
                             
 Continuing operations  7.60   1.88   1.48   0.20   18.92   3.36   0.64    
 Discontinued operations  0.92         (1.24)        
 Total earnings/(loss) per ADS for ordinary 
shareholders, diluted 
8.52   1.88   1.48   0.20   17.68   3.36   0.64    
                               
 Weighted average ordinary shares outstanding:                               
   Basic  125,501,184   126,820,607   128,247,292   128,247,292   125,489,224   127,556,967   127,556,967    
   Diluted  132,545,247   128,179,515   129,493,716   129,493,716   135,035,911   128,859,633   128,859,633    
                               
 Weighted average ADS outstanding:                               
   Basic  31,375,296   31,705,152   32,061,823   32,061,823   31,372,306   31,889,242   31,889,242    
   Diluted  33,136,312   32,044,879   32,373,429   32,373,429   33,758,978   32,214,908   32,214,908    
                               
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                
                               
 Net income  333,236   60,405   47,247   6,969   694,476   107,652   15,880    
 Other comprehensive income:                               
   -Foreign currency translation adjustments  (10,887)   (17,563)   (22,391)   (3,303)   (12,466)   (39,954)   (5,894)    
 Comprehensive income  322,349   42,842   24,856   3,666   682,010   67,698   9,986    
 Less: Comprehensive income attributable to non-
controlling interests 
1,950   (169)   (121)   (18)   3,635   (290)   (43)    
 Comprehensive income attributable to JinkoSolar 
Holding Co., Ltd.’s ordinary shareholders 
320,399   43,011   24,977   3,684   678,375   67,988   10,029    
                               
                               
                               
 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 
250,026   60,574   47,368   6,987   632,723   107,942   15,923    
                               
 Change in fair value of convertible senior notes and 
capped call options 
49,076         79,847        
                               
 4% of interest expense of convertible senior notes  10,463   1,555   1     23,992   1,556   230    
                               
 Exchange loss/(gain) on  convertible senior notes 
and capped call options 
21,224   844   (1)     18,219   843   124    
                               
 Stock-based compensation expense  13,353   17,402   13,822   2,039   26,023   31,224   4,606    
                               
 Non-GAAP net income attributable to ordinary 
shareholders from continuing operations 
344,141   80,375   61,190   9,026   780,804   141,565   20,883    
                               
 Non-GAAP earnings per share attributable to 
ordinary shareholders from continuing operations – 
                             
   Basic  2.74   0.63   0.48   0.07   3.37   1.11   0.16    
   Diluted  2.60   0.62   0.47   0.07   3.18   1.10   0.16    
                               
 Non-GAAP earnings per ADS attributable to ordinary 
shareholders from continuing operations – 
                             
   Basic  10.96   2.52   1.92   0.28   13.48   4.44   0.64    
   Diluted  10.40   2.48   1.88   0.28   12.72   4.40   0.64    
                               
 Non-GAAP weighted average ordinary shares 
outstanding  
                             
   Basic  125,501,184   126,820,607   128,247,292   128,247,292   125,489,224   127,556,967   127,556,967    
   Diluted  132,545,247   128,179,515   129,493,716   129,493,716   135,035,911   128,859,633   128,859,633    
                               
 Non-GAAP weighted average ADS outstanding                                
   Basic  31,375,296   31,705,152   32,061,823   32,061,823   31,372,306   31,889,242   31,889,242    
   Diluted  33,136,312   32,044,879   32,373,429   32,373,429   33,758,978   32,214,908   32,214,908    
                               
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   June 30, 2017
  RMB   RMB   USD
ASSETS          
Current assets:          
  Cash and cash equivalents 2,501,417   1,531,000   225,835
  Restricted cash  318,785   368,125   54,301
  Restricted short-term investments 3,333,450   3,168,027   467,309
  Short-term investments 71,301   93,282   13,760
  Accounts receivable, net – related parties 1,414,084   786,644   116,036
  Accounts receivable, net – third parties 4,753,715   6,470,520   954,453
  Notes receivable, net – related parties 610,200   600,000   88,505
  Notes receivable, net – third parties 915,315   310,284   45,769
  Advances to suppliers, net – related parties 662    
  Advances to suppliers, net – third parties 325,766   431,100   63,591
  Inventories, net 4,473,515   5,204,392   767,689
  Forward contract receivables 641    
  Deferred tax assets  130,676    
  Other receivables – related parties 79,125   122,484   18,067
  Prepayments and other current assets 766,645   1,377,668   203,216
Total current assets 19,695,297   20,463,526   3,018,531
           
Non-current assets:          
  Restricted cash 197,214   157,466   23,227
  Project Assets 55,063   140,256   20,689
  Long-term investments 7,200   8,886   1,311
  Property, plant and equipment, net 4,738,681   5,885,094   868,098
  Land use rights, net 450,941   449,034   66,236
  Intangible assets, net 20,297   23,411   3,453
  Deferred tax assets  134,791   265,467   39,158
  Other assets – related parties 173,376   336,906   49,696
  Other assets – third parties 617,780   341,816   50,422
Total non-current assets 6,395,343   7,608,336   1,122,290
           
Total assets 26,090,640   28,071,862   4,140,821
           
LIABILITIES          
Current liabilities:          
  Accounts payable – related parties   689   102
  Accounts payable – third parties 4,290,071   5,986,366   883,036
  Notes payable – third parties 4,796,766   4,199,871   619,514
  Accrued payroll and welfare expenses 582,276   596,698   88,018
  Advances from related parties 60,541   76,089   11,224
  Advances from  third parties 1,376,920   988,464   145,806
  Income tax payable 168,112   63,129   9,312
  Other payables and accruals 1,019,419   1,451,915   214,169
  Other payables due to related parties 76,034   12,935   1,908
  Forward contract payables   3,116   460
  Convertible senior notes – current 423,740    
  Deferred tax liabilities  17,074    
  Derivative liability –  current 10,364   26,382   3,892
  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings
5,488,629   6,633,893   978,551
  Guarantee liabilities to related parties 52,711   37,594   5,545
Total current liabilities 18,362,657   20,077,141   2,961,537
           
Non-current liabilities:          
  Long-term borrowings 488,520   467,518   68,963
  Long-term payables 44,014   125,693   18,541
  Accrued warranty costs – non current 511,209   562,863   83,027
  Convertible senior notes   68   10
  Deferred tax liability 50,651   67,725   9,990
  Guarantee liabilities to related parties  
   – non current
173,376   147,926   21,820
Total non-current liabilities 1,267,770   1,371,793   202,350
           
Total liabilities 19,630,427   21,448,934   3,163,887
           
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 
June 30, 2017, respectively)
18   18   3
Additional paid-in capital 3,145,262   3,240,279   477,967
Statutory reserves 466,253   466,253   68,776
Accumulated other comprehensive income 104,784   64,830   9,563
Treasury stock, at cost; 1,723,200 shares of 
ordinary shares as of  December 31, 2016 
and June 30, 2017, respectively
(13,876)   (13,876)   (2,047)
Accumulated retained earnings 2,758,268   2,866,210   422,788
           
Total JinkoSolar Holding Co., Ltd.

shareholders’ equity

6,460,709   6,623,714   977,050
           
Non-controlling interests (496)   (786)   (116)
           
Total liabilities and shareholders’ equity 26,090,640   28,071,862   4,140,821

 

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SOURCE JinkoSolar Holding Co., Ltd.