JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q1 2023 Results Conference Call April 28, 2023 8:00 AM ET Company Participants Stella Wang - Investor Relations Li Xiande - Chief Executive Officer Gener Miao - Chief Marketing Officer Pan Li - Chief Financial Officer Charlie Cao - Chief Financial Officer Conference Call Participants Brian Lee - Goldman Sachs & Company Philip Shen - ROTH MKM Alan Lau - Jefferies Operator Hello, thank you for standing by, and welcome to the Q1 2023 JinkoSolar Holding Company Limited Ea ...

Table of Contents New York Stock Exchange Ordinary shares, par value US$0.00002 per share* * Not for trading, but only in connection with the listing of the American depositary shares on New York Stock Exchange. Securities registered or to be registered pursuant to Section 12(g) of the Act: | --- | --- | --- | |----------------------------------|-------------------|--------------------------------| | | | | | | | Name of each exchange on which | | Title of each class | Trading Symbol(s) | registered | | Amer ...

Exhibit 99.1 JinkoSolar Announces First Quarter 2023 Financial Results April 28, 2023 SHANGRAO, China, April 28, 2023 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the first quarter ended March 31, 2023. First Quarter 2023 Business Highlights The decline in polysilicon prices stimulated module demand in the first quarter. Our quarterl ...

JinkoSolar Holding Co., Ltd (NYSE:JKS) Q4 2022 Earnings Conference Call March 10, 2023 7:30 AM ET Company Participants Stella Wang – Investor Relations Li Xiande – Chairman and Chief Executive Officer Pan Li – Chief Financial Officer Gener Miao – Chief Marketing Officer Charlie Cao – Chief Financial Officer Conference Call Participants Philip Shen – ROTH MKM Rajiv Chaudhri – Sunsara Capital Alan Lau – Jefferies Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Compan ...

JINKOSOLAR HOLDING CO., LTD. Q4 2022 EARNINGS CALL PRESENTATION Disclaimer ThispresentationdoesnotconstituteanoffertosellorissueorthesolicitationofanoffertobuyoracquiresecuritiesofJinkoSolarHoldingCo., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be reliedoninconnectionwithanycontractorcommitmentwhatsoever. The information herein has been prepared by the Company solely for use in this presentation. The informat ...

Financial Data and Key Metrics Changes - Total solar shipments in Q3 2022 were approximately 10.92 gigawatts, doubling year-over-year [6] - Total revenues reached $2.74 billion, an increase of 127.8% year-over-year [6] - Gross margin improved to 15.7% from 14.7% in the previous quarter [7] - Net income was $77.3 million, up 183.1% year-over-year, with adjusted net income of $60.1 million, improving 16.1% sequentially [7][18] - Cash and cash equivalents at the end of Q3 were $2.1 billion, slightly down from the previous quarter but up from $1.1 billion year-over-year [18] Business Line Data and Key Metrics Changes - Shipments of N-type modules were approximately 3 gigawatts in Q3, an increase of nearly 160% sequentially [9][12] - The second phase of 8-gigawatt TOPCon cell capacity is ramping up smoothly, with an additional 11-gigawatt capacity expected to start production by year-end [10][11] - The company expects N-type products to account for about 60% of total shipments in 2023 [14][52] Market Data and Key Metrics Changes - Solar module shipments to the Chinese market increased fivefold year-over-year, while emerging markets grew approximately 180% [12] - The European market saw over 60% growth in solar module shipments [12] - The company anticipates that the Chinese market will contribute significantly to total installations, expecting over 40 gigawatts in Q4 2022 [7][12] Company Strategy and Development Direction - The company is focused on executing a globalization strategy while enhancing resource input in key markets [8] - Plans to control inventory turnover at a reasonable level through efficient supply chain management [8] - The company aims for around 50% growth in shipments in 2023 compared to 2022, maintaining a solid global competitive position [15] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in the China market, supported by renewable consumption packages and utility-scale projects [7] - The company expects polysilicon prices to fall in 2023, stimulating pent-up demand [8] - Management expressed optimism about the impact of the Inflation Reduction Act (IRA) on U.S. capacity expansion [23] Other Important Information - The company reported a net foreign exchange gain of approximately $73 million in Q3 2022 [18] - Total debt at the end of Q3 was about $4.2 billion, up from $3.8 billion [19] Q&A Session Summary Question: What is the strategy regarding U.S. capacity expansion in light of the IRA? - Management views the IRA positively and is evaluating potential expansion of module capacity in the U.S. [23] Question: How much of the gross margin improvement is attributed to N-type shipments? - N-type shipments accounted for around 30% of total shipments, contributing to a higher gross margin compared to P-type [25] Question: What are the CapEx plans for 2022 and G&A expenses in Q3? - CapEx for the year is maintained at $3 billion, with G&A expenses around 4-5% of total revenues [26] Question: What is the outlook for gross margin in the next quarter? - Gross margin is expected to continue expanding due to increased N-type shipments and market share in China [47] Question: When will shipping costs be reflected in the numbers? - Shipping costs are expected to positively impact results starting from next year, though the effect in Q4 may be limited due to long-term contracts [58] Question: When do you expect polysilicon costs to start coming down? - Polysilicon prices are anticipated to trend downward starting in December, with significant capacity ramp-up expected in 2023 [60] Question: What percentage of Q4 shipments will be to China? - China is expected to account for around 50% to 55% of Q4 shipments due to strong demand from utility-scale developers [66]

Financial Data and Key Metrics Changes - Total solar shipments in Q2 2022 were 10.5 GW, with module shipments at 10.2 GW, representing a sequential increase of approximately 27% [6] - Total revenues reached US$2.81 billion, up 27.6% sequentially and a significant increase of 137% year-over-year [19] - Gross margin was 14.7%, relatively flat compared to Q1 2022, but down from 17.1% in Q2 2021 [19] - Adjusted net income for Q2 was US$55 million, improving sequentially [19] Business Line Data and Key Metrics Changes - The proportion of large-sized product shipments increased to nearly 90% in Q2 2022, optimizing the product structure [17] - The company achieved mass production efficiency of over 24.8% for its TOPCon cell capacity, which reached full production at the end of Q2 [11] Market Data and Key Metrics Changes - China's solar PV installations in the first half of 2022 reached 30.9 GW, a year-over-year increase of 136% [8] - Exports of modules from China in the first half of the year reached 8.7 GW, a year-over-year increase of 2%, with exports to Europe increasing by 137% [7] Company Strategy and Development Direction - The company is focusing on expanding its N-type module production, expecting to complete its four-year N-type shipment goal [12] - Adjustments to capacity expansion for wafer cell and modules have been made in response to current supply chain conditions, with annual production capacity expected to reach 55 GW for mono wafer cells and 65 GW for modules by the end of 2022 [13] Management Comments on Operating Environment and Future Outlook - Management noted that polysilicon prices are expected to peak in Q3 2022 before moderating as production ramps up in Q4 [8] - The company is optimistic about global PV development despite short-term volatility, expecting to achieve shipment growth that exceeds market growth [18] Other Important Information - The company is actively monitoring the impact of power rationing measures in Sichuan province on its operations and financial performance [9] - Total operating expenses for Q2 were US$457 million, up 40% sequentially, primarily due to increased shipping costs and share-based compensation [20] Q&A Session Summary Question: Impact of Sichuan power shutoff on capacity - Management estimated a 5% impact on Q3 grid capacity due to power cuts, affecting approximately 700 MW of wafer production [24][25] Question: Purchase of external wafers to meet shipment guidance - Management confirmed no plans to purchase external wafers, as guidance already accounts for the situation [26] Question: Recovery indicators for Sichuan power situation - Recovery is linked to water levels, with expectations for full capacity in the coming days [28] Question: Expectations for TOPCon product pricing - The expected premium for TOPCon products is around US$0.01 to US$0.015 compared to PERC [38] Question: Outlook on polysilicon prices - Management anticipates polysilicon prices will begin to drop in the coming quarters as supply stabilizes [77] Question: Gross margin expectations for upcoming quarters - Management expects slight expansion in gross margin in the second half of the year due to improved product mix and TOPCon contributions [79] Question: Operating expenses expectations - Operating expenses are expected to be slightly lower as a percentage of revenue in the second half of the year [81]

Financial Performance - Total revenues were US$2.33 billion, down 9.9% QoQ, and up 85.9% YoY[8] - Gross profit was US$351.2 million, down 15.8% QoQ and up 63.9% YoY[8] - Net income was US$4.6 million, compared with net income of US$37.6 million in Q4 2021 and net loss of US$33.7 million in Q1 2021[8] Shipments - Quarterly shipments were 8,390 MW (8,031 MW for solar modules, 359 MW for cells and wafers), total shipments down 13.4% QoQ, and up 56.7% YoY[8] - Total module shipments were 8,031 MW, down 11.0% QoQ, and up 76.0% YoY[28] - The company expects total shipments to be in the range of 8.5 GW to 9.5 GW for Q2 2022[8] and 35.0GW to 40.0GW for full year 2022[32] Capacity and Technology - The company became the first in the industry to reach the delivery milestone of a total 100GW of solar modules[11,19] - High-efficiency N-Type monocrystalline silicon solar cell sets new world record with maximum conversion efficiency of 25.7%[11] - 16GW N-type cells capacity in Hefei and Jianshan production facilities ramped up smoothly, with cells mass production efficiency exceeding 24.6%[11] - Capacity for mono wafer, cell and module to reach 55GW, 55GW (32.9GW for N-type cells) and 60GW, by the end of 2022[22]

Financial Data and Key Metrics Changes - Total revenues for Q1 2022 were RMB 14.8 billion, an increase of 86% year-over-year, with quarterly shipments up by 57% year-over-year to 8.4 gigawatts [6][19] - Gross profit increased by more than 60% year-over-year, but gross margin decreased to 15.1% from 17.1% year-over-year [6][20] - Net income attributable to ordinary shareholders was $4.6 million, resulting in diluted earnings per ADS of $0.01 [21] Business Line Data and Key Metrics Changes - The company achieved a significant milestone with accumulated global module shipments surpassing 100 gigawatts [14] - Module shipments in Europe increased by more than 30% quarter-over-quarter, while shipments in China nearly tripled year-over-year [14][15] - The proportion of Tiger Pro 182-millimeter large-sized products exceeded 80% in Q4 and is expected to exceed 90% for the entire year [17] Market Data and Key Metrics Changes - Demand for solar energy in Europe has been boosted by the Russia-Ukraine war, with expectations for steady growth [8][14] - The company anticipates total global installations to reach about 250 gigawatts in 2022 [8] - The proportion of distributed generation in shipments is expected to be in the range of 35% to 40% this year, with steady growth anticipated [16] Company Strategy and Development Direction - The company plans to invest in the second phase of N-type cells with a total production capacity of approximately 16 gigawatts [12] - A focus on enhancing deployment in the domestic market for distributed generation in China is underway [11] - The company aims to coordinate market strategy, pricing systems, and brand development to gain technical advantages in the distributed generation sector [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the PV industry despite macroeconomic uncertainties and supply chain disruptions [9] - The company believes the impact of the pandemic on production and operations is temporary and under control [9] - Management reiterated guidance on total shipments for the full year of 2022, expecting shipments in Q2 to be in the range of 8.5 to 9.5 gigawatts [13] Other Important Information - The company had cash and cash equivalents of $2.66 billion at the end of Q1 2022, significantly up from $1 billion a year earlier [22] - Total debt was $4.33 billion at the end of Q1 2022, compared to about $4 billion at the end of Q4 2021 [23] - The expected CapEx for 2022 is $3 billion, reflecting increased capacity outlook [66] Q&A Session Summary Question: Differences in profit levels between Asia subsidiary and US level - Management explained that the differences arise from the holding company's share of the subsidiaries and the impact of convertible bonds [26][28] Question: Contribution of polysilicon investment to profits - Management indicated that no material contribution is expected from polysilicon investments due to minority equity holdings [30] Question: Increased capacity guidance and shipment materialization - Management confirmed that new capacity of 16 gigawatts is ramping up, with expectations to ship over 10 gigawatts segments for the full year [32] Question: Impact of antidumping investigations in the US - Management acknowledged that the investigations are causing uncertainty in the industry, but the company has established a vertically integrated supply chain to mitigate risks [35][36] Question: Structure of contracts regarding potential retroactive tariffs - Management stated that different customers have different risk appetites and solutions regarding potential tariffs [38] Question: Margin outlook for Q2 - Management expects gross profit margin to be stable compared to Q1 [46] Question: Plans for dividends and potential buybacks - Management has not made a decision on how to utilize the expected dividends, considering options for buybacks or reinvestment [50] Question: Module pricing trends for the rest of the year - Management indicated that module prices are stabilizing, with strong demand expected to continue [52] Question: CapEx forecast for 2022 - Management confirmed the expected CapEx for the year is $3 billion, reflecting increased capacity plans [66]