SHANGRAO, China, April 25, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that the Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") on April 25, 2024. The Company's annual report on Form 20-F contains its audited consolidated financial statements and is available on the C ...

Financial Position - As of December 31, 2023, the company held RMB16.06 billion (US$2.26 billion) in cash and cash equivalents, with RMB4.45 billion (US$626.5 million) denominated in U.S. dollars[790]. - The company has short-term borrowings of RMB13.58 billion (US$1.91 billion) and long-term borrowings of RMB11.24 billion (US$1.58 billion) as of December 31, 2023[792]. - The average interest rate for long-term borrowings was 5.8% as of December 31, 2023[792]. - The company has a convertible senior note of US$85 million due in 2024, with US$71.0 million already converted[797]. Foreign Exchange and Gains - The company recorded a net foreign exchange gain of RMB0.94 billion (US$132.1 million) in 2023 due to the appreciation of the U.S. dollar against the Renminbi[789]. - The company has entered into foreign exchange forward contracts with notional values of US$870.0 million and €170.0 million, maturing within 12 months[788]. Credit Losses and Warranty Obligations - The provision for credit losses is estimated based on past collection experience and current economic conditions, with an expected credit loss increase of RMB2.5 million if forward-looking factors increase by 5%[632]. - The company estimates a 1% expected failure rate for solar module warranties over the warranty period[635]. - An increase of 5% in key assumptions for warranty obligations would raise the accrued warranty liability by RMB38.4 million[636]. Depositary Fees and Expenses - The depositary collects a fee of $5.00 (or less) per 100 ADSs for issuance and cancellation of ADSs[801]. - A fee of $0.05 (or less) per ADS is charged for any cash distribution to ADS registered holders[801]. - The annual reimbursement from the depositary for legal and investor relations expenses in 2023 is US$301.6 thousand[802]. - A fee of $1.50 per ADR is applicable for the transfer of ADRs[801]. - The depositary may charge $0.05 per ADS per calendar year for depositary services[801]. - Taxes and governmental charges related to ADSs or underlying shares are applicable as necessary[801]. - The depositary may refuse to provide services until its fees are paid[800]. - Expenses incurred by the depositary for servicing deposited securities may be charged as necessary[801]. - The depositary collects fees for making distributions by deducting from amounts distributed or selling a portion of distributable property[800]. - The depositary's annual fee for depositary services may be collected through deductions from cash distributions[800]. Economic Conditions - Inflation in China was reported at 0.2% in 2023, which has not materially impacted the company's operations[786].

Core Viewpoint - JinkoSolar has announced a strategic partnership with Nyox Srl to supply 100MW of Tiger Neo solar modules, emphasizing its commitment to renewable energy and expansion in the Italian market [1][2]. Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, distributing products to various markets including China, the United States, and several European countries [3][4]. - The company operates 14 production facilities and has 26 overseas subsidiaries across multiple countries, enhancing its global sales network [4]. Strategic Collaboration - The purchase agreement with Nyox Srl is significant for JinkoSolar's mission to promote renewable energy in Italy, ensuring high-quality solar solutions for customers [2]. - Nyox Srl focuses on the turnkey realization of photovoltaic plants, contributing to the decarbonization of the industrial sector [5].

SHANGRAO, China, April 22, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it plans to release its unaudited financial results for the first quarter ended March 31, 2024 before the open of U.S. markets on Monday, April 29, 2024.JinkoSolar's management will host an earnings conference call on Monday, April 29, 2024 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijin ...

SHANGRAO, China, April 18, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that as of the date of this press release, the Company has repurchased a total of 3,246,425 ADSs in an aggregate amount of approximately US$82.5 million in the open market under its share repurchase program announced in July 2022 and the extended share repurchase program announced in December ...

SHANGRAO, China, April 2, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it was awarded the Top Brand PV USA seal by EUPD Research. EUPD Research develops innovative solutions for the certification of companies, projects and products. Each year EUPD evaluates a company's performance based off a comprehensive survey carried out among market intermediaries (e.g. ...

SHANGRAO, China, March 29, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that since March 20, 2024, the Company has repurchased 788,178 American depositary shares of the Company (the "ADSs") in an aggregate amount of approximately US$18.4 million in the open market under its extended share repurchase program announced in December 2023. As of the date of this press ...

JinkoSolar Holding Co. Ltd. (JKS) reported adjusted fourth-quarter 2023 earnings per American Depositary Share (ADS) of $1.21, which missed the Zacks Consensus Estimate of $2.32 by 47.8%.The company reported GAAP earnings of 8 cents per ADS in the fourth quarter.For 2023, the company recorded adjusted earnings per ADS of $10.15, which missed the Zacks Consensus estimate of $11.36.Total RevenuesIn the quarter under review, JinkoSolar’s total revenues of $4.62 billion surpassed the Zacks Consensus Estimate of ...

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) JinkoSolar achieved record 2023 module shipments and revenue, but Q4 gross margin compressed to 12.5% due to price declines [Fourth Quarter and Full Year 2023 Business Highlights](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Business%20Highlights) The company achieved record 2023 module shipments, solidified its industry leadership with N-type technology, and improved its ESG rating - Full year 2023 module shipments increased **76.4%** year-over-year to **78.5 GW**, ranking **first** in the industry, driven by N-type technology and global operations[2](index=2&type=chunk) - Became the **first** manufacturer to deliver a cumulative total of **210 GW** of solar modules, with a presence in over **190 countries** and regions[2](index=2&type=chunk) - The company holds **330 TOPCon patents** and has achieved a mass production efficiency for N-type TOPCon cells exceeding **26%**[2](index=2&type=chunk) - MSCI ESG rating was upgraded two levels to **'BBB'**, placing it in a leading position among mainstream PV companies[2](index=2&type=chunk) [Fourth Quarter 2023 Operational and Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Operational%20and%20Financial%20Highlights) This section presents key operational and financial metrics for the fourth quarter of 2023, highlighting revenue, profit, and margin performance Q4 2023 Key Metrics | Metric | Q4 2023 | Change (QoQ) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Shipments | 27,862 MW | +23.3% | +67.7% | | Total Revenues | RMB 32.83 Billion | +3.1% | +9.4% | | Gross Profit | RMB 4.09 Billion | -33.3% | -2.8% | | Gross Margin | 12.5% | from 19.3% | from 14.0% | | Income from Operations | RMB 352.5 Million | -88.2% | -42.6% | | Net Income (to shareholders) | RMB 29.3 Million | -97.8% | -95.6% | | Adjusted Net Income | RMB 462.7 Million | -65.7% | +72.8% | | Diluted EPS (per ADS) | US$0.08 | from US$4.62 | from US$1.25 | [Full Year 2023 Operational and Financial Highlights](index=1&type=section&id=Full%20Year%202023%20Operational%20and%20Financial%20Highlights) This section provides a summary of JinkoSolar's full-year 2023 operational and financial performance, including shipments, revenues, and profitability Full Year 2023 Key Metrics | Metric | Full Year 2023 | Change (YoY) | | :--- | :--- | :--- | | Total Shipments | 83,562 MW | +80.1% | | Total Revenues | RMB 118.68 Billion | +42.8% | | Gross Profit | RMB 19.05 Billion | +55.1% | | Gross Margin | 16.0% | from 14.8% | | Income from Operations | RMB 6.09 Billion | +1320% | | Net Income (to shareholders) | RMB 3.45 Billion | +456% | | Adjusted Net Income | RMB 4.07 Billion | +193% | | Diluted EPS (per ADS) | US$8.58 | from US$3.10 | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management discusses Q4 margin compression, N-type technology leadership, reduced 2024 capacity expansion, and anticipates industry consolidation with increased market share - Q4 gross margin fell to **12.5%** from **19.3%** in Q3, attributed to unexpected module price drops and a sales mix with nearly **50%** of modules sold to the lower-priced Chinese market[5](index=5&type=chunk) - The integrated cost of N-type production is now almost **on par** with P-type, with mass-produced N-type cell efficiency exceeding **26%**[6](index=6&type=chunk) - The company is **reducing capital expenditures** for capacity expansion in 2024, focusing on advanced N-type capacity, including **28 GW** in Shanxi, China, and about **4 GW** in Vietnam[7](index=7&type=chunk) - Management predicts significant industry consolidation in 2024, with the market share of the top 10 module manufacturers expected to increase from approximately **70%** in 2023 to over **90%**[8](index=8&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) This section provides a detailed overview of JinkoSolar's financial performance for Q4 and full year 2023, highlighting revenue, gross profit, and balance sheet changes [Fourth Quarter 2023 Financial Results](index=3&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) This section details JinkoSolar's fourth quarter 2023 financial performance, including revenue, gross profit, and operating expenses, noting margin compression Q4 2023 Performance vs. Prior Periods (RMB) | Metric | Q4 2023 | Q3 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | | Total Revenues | 32.83 Billion | 31.83 Billion | 30.00 Billion | | Gross Profit | 4.09 Billion | 6.13 Billion | 4.21 Billion | | Gross Margin | 12.5% | 19.3% | 14.0% | | Income from Operations | 352.5 Million | 2.99 Billion | 614.4 Million | | Net Income (to shareholders) | 29.3 Million | 1.32 Billion | 665.0 Million | - The sequential and year-over-year decreases in gross margin were mainly due to the decrease in the average selling price of solar modules[11](index=11&type=chunk) - Total operating expenses increased **18.9%** sequentially to **RMB 3.74 billion**, mainly due to a loss on disposal of property, plant and equipment, and expenses related to a customer dispute settlement[12](index=12&type=chunk) [Full Year 2023 Financial Results](index=5&type=section&id=Full%20Year%202023%20Financial%20Results) This section outlines JinkoSolar's full-year 2023 financial results, detailing revenue, gross profit, and operating expenses, highlighting improved profitability Full Year 2023 Performance vs. 2022 (RMB) | Metric | Full Year 2023 | Full Year 2022 | | :--- | :--- | :--- | | Total Revenues | 118.68 Billion | 83.13 Billion | | Gross Profit | 19.05 Billion | 12.28 Billion | | Gross Margin | 16.0% | 14.8% | | Income from Operations | 6.09 Billion | 429.2 Million | | Net Income (to shareholders) | 3.45 Billion | 620.5 Million | - The year-over-year increase in gross margin to **16.0%** was mainly attributable to the decrease in the material cost of solar modules[20](index=20&type=chunk) - Total operating expenses for 2023 were **RMB 12.96 billion**, representing **10.9%** of total revenues, an improvement from **14.3%** in 2022[21](index=21&type=chunk) [Financial Position as of December 31, 2023](index=5&type=section&id=Financial%20Position) This section summarizes JinkoSolar's financial position as of December 31, 2023, including cash, receivables, inventories, and interest-bearing debts Balance Sheet Highlights (as of Dec 31) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Cash, Cash Equivalents & Restricted Cash | RMB 19.56 Billion | RMB 11.27 Billion | | Accounts Receivables (from third parties) | RMB 22.66 Billion | RMB 16.67 Billion | | Inventories | RMB 18.22 Billion | RMB 17.45 Billion | | Total Interest-bearing Debts | RMB 31.10 Billion | RMB 27.16 Billion | [Operational Highlights & Business Outlook](index=6&type=section&id=Operational%20Highlights%20%26%20Business%20Outlook) This section details JinkoSolar's 2023 operational performance and provides 2024 guidance for shipments and production capacity, emphasizing N-type technology adoption [Operational Highlights](index=6&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Operational%20Highlights) This section presents JinkoSolar's detailed shipment volumes for the fourth quarter and full year 2023 across modules, cells, and wafers Shipment Volumes | Period | Total Shipments | Solar Module Shipments | Cell & Wafer Shipments | | :--- | :--- | :--- | :--- | | Q4 2023 | 27,862 MW | 26,335 MW | 1,528 MW | | FY 2023 | 83,562 MW | 78,520 MW | 5,043 MW | [Business Outlook and 2024 Guidance](index=7&type=section&id=First%20Quarter%20and%20Full%20Year%202024%20Guidance) This section outlines JinkoSolar's business outlook and guidance for 2024, including expected N-type module proportion, shipment targets, and production capacity plans - The proportion of N-type modules in total shipments is expected to reach nearly **90%** in 2024[27](index=27&type=chunk) 2024 Shipment and Capacity Guidance | Guidance | Q1 2024 | Full Year 2024 | | :--- | :--- | :--- | | Module Shipments | 18.0 - 20.0 GW | 100.0 - 110.0 GW | | **End of 2024 Capacity** | | | | Mono Wafer | - | 120.0 GW | | Solar Cell | - | 110.0 GW | | Solar Module | - | 130.0 GW | [Recent Business Developments](index=7&type=section&id=Recent%20Business%20Developments) JinkoSolar's recent developments include extending its share repurchase program, achieving SBTi Net-zero validation, and monetizing N-type TOPCon patent licenses - The board extended its share repurchase program through **June 30, 2025**[29](index=29&type=chunk) - Jiangxi Jinko's science-based emissions reduction targets were approved by SBTi, making JinkoSolar the **first PV company** globally to have its Net-zero targets validated[29](index=29&type=chunk) - Granted N-type TOPCon patent licenses to a top-ten module company and a top-five cell company, monetizing its intellectual property[29](index=29&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q4 and full year 2023, including Statements of Operations, Comprehensive Income, and Balance Sheets [Statements of Operations](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section provides the unaudited condensed consolidated statements of operations for the fourth quarter and full year ended December 31, 2023 - Presents the unaudited condensed consolidated statements of operations for the fourth quarter and full year ended December 31, 2023, with comparative data for prior periods[37](index=37&type=chunk)[38](index=38&type=chunk) [Statement of Comprehensive Income](index=12&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) This section details the unaudited condensed consolidated statement of comprehensive income for the fourth quarter and full year 2023 - Details the comprehensive income, including net income and other comprehensive income items like foreign currency translation adjustments, for the fourth quarter and full year 2023[42](index=42&type=chunk) [Balance Sheets](index=13&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section provides the unaudited condensed consolidated balance sheets, detailing the company's financial position as of December 31, 2023 - Provides the company's financial position as of December 31, 2023, detailing assets, liabilities, and shareholders' equity, with a comparison to the end of 2022[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q4 2023 Earnings Call Transcript March 20, 2024 8:00 AM ET Company Participants Stella Wang - IR Li Xiande - Chairman and CEO Gener Miao - CMO Pan Li - CFO Charlie Cao - CFO Conference Call Participants Philip Shen - ROTH MKM Alan Lau - Jefferies William Grippin - UBS Operator Hello ladies and gentlemen and thank you for standing by for JinkoSolar Holdings Co. Limited Fourth Quarter 2023 Earnings Conference Call. At this time all participants are in listen-only mode. ...