PART I [Key Information](index=7&type=section&id=Item%203.%20Key%20Information) The company's Cayman Islands holding structure and China-based operations present significant regulatory, legal, and potential delisting risks - The company operates as a Cayman Islands holding company with primary operations conducted by its subsidiaries in China, exposing it to **significant legal and operational risks** related to PRC regulations[15](index=15&type=chunk) - The company's ADSs may be delisted from U.S. exchanges under the **Holding Foreign Companies Accountable Act (HFCA Act)** if the PCAOB is unable to inspect its auditor in China for three consecutive years[31](index=31&type=chunk)[146](index=146&type=chunk) - As a holding company, JinkoSolar relies on dividends from its PRC subsidiaries, which are subject to PRC laws **restricting the amount of funds that can be transferred** to the parent company[19](index=19&type=chunk) [Risk Factors](index=9&type=section&id=D.%20Risk%20Factors) The company faces substantial risks from industry volatility, trade barriers, PRC regulations, high indebtedness, and potential ADS delisting - The business is **highly dependent on government subsidies** and economic incentives, and reductions could materially reduce demand and profitability[36](index=36&type=chunk)[37](index=37&type=chunk) - The company faces **significant international trade barriers**, including U.S. anti-dumping duties and enforcement of a ban on products made with forced labor, which could adversely affect business[51](index=51&type=chunk)[54](index=54&type=chunk)[59](index=59&type=chunk) - The company has **substantial indebtedness**, with **RMB 13.34 billion in short-term borrowings** and **RMB 9.90 billion in long-term borrowings** as of December 31, 2021, which could affect financial condition[102](index=102&type=chunk) - The listing of its principal operating subsidiary, Jiangxi Jinko, on the STAR Market creates complexity and **potential conflicts of interest**[110](index=110&type=chunk)[111](index=111&type=chunk) Inventory Provisions (2019-2021) | Year | Provision Amount (RMB million) | Provision Amount (USD million) | | :--- | :--- | :--- | | 2019 | 135.9 | - | | 2020 | 270.9 | - | | 2021 | 701.7 | 110.1 | [Information on the Company](index=63&type=section&id=Item%204.%20Information%20on%20the%20Company) The company's history, vertically integrated business model, global manufacturing footprint, and sales strategies are detailed [History and Development of the Company](index=63&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company's evolution includes its 2010 NYSE IPO, global expansion, and the 2022 STAR Market listing of its main subsidiary - The company commenced operations in June 2006 and completed its **initial public offering on the NYSE** on May 19, 2010[211](index=211&type=chunk) - In January 2022, its principal operating subsidiary, Jiangxi Jinko, completed its IPO on the Shanghai STAR Market, **raising approximately RMB 10.0 billion**[244](index=244&type=chunk)[259](index=259&type=chunk) - As of December 31, 2021, the company has a global footprint with **12 production facilities** and 21 overseas subsidiaries[211](index=211&type=chunk) [Business Overview](index=68&type=section&id=B.%20Business%20Overview) The company operates a vertically integrated model with significant production capacity, focusing on solar modules for a global customer base - In 2021, sales of solar modules accounted for **92.4% of total revenues**, while silicon wafers and solar cells accounted for 2.8% and 1.5%, respectively[246](index=246&type=chunk) Annual Production Capacity as of Dec 31, 2021 (GW) | Product | Capacity (GW) | | :--- | :--- | | Mono Wafers | 32.5 | | Solar Cells | 24.0 | | Solar Modules | 45.0 | Sales Volume by Product (MW) | Product | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | Silicon wafers | 2,383.3 | 1,583.7 | 2,153.4 | | Solar cells | 478.1 | 670.6 | 856.4 | | Solar modules | 14,207.5 | 18,770.6 | 22,232.7 | Revenue by Geographic Region (as % of Total Revenue) | Region | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | Inside China | 17.5% | 18.1% | 24.8% | | North America | 25.4% | 28.7% | 16.2% | | Europe | 17.5% | 13.2% | 18.3% | | Asia Pacific (ex-China) | 24.6% | 27.3% | 25.1% | | Rest of the world | 15.0% | 12.7% | 15.6% | [Organizational Structure](index=93&type=section&id=C.%20Organizational%20Structure) A list of the company's significant global subsidiaries is presented - The company's organizational structure includes numerous significant subsidiaries across the globe, reflecting its **vertically integrated and international operations**[376](index=376&type=chunk) [Property, Plant and Equipment](index=93&type=section&id=D.%20Property%2C%20Plant%20and%20Equipment) Information on material assets is detailed within the Business Overview section - Detailed information on the company's property, plant, and equipment is located in the **'Business Overview' section** under 'Manufacturing—Manufacturing Capacity and Facilities'[376](index=376&type=chunk) [Operating and Financial Review and Prospects](index=94&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes financial performance, liquidity, capital resources, and critical accounting estimates for fiscal years 2019-2021 - The company's growth is driven by strong industry demand for solar power, but results are **sensitive to government subsidies, raw material pricing, and trade policies**[383](index=383&type=chunk)[385](index=385&type=chunk)[393](index=393&type=chunk) - The company has significantly expanded its integrated annual capacity, expecting to reach **60.0 GW for solar modules** by the end of 2022[401](index=401&type=chunk) Key Financial Highlights (2019-2021) | Metric | 2019 (RMB B) | 2020 (RMB B) | 2021 (RMB B) | 2021 (USD B) | | :--- | :--- | :--- | :--- | :--- | | Revenues | 29.75 | 35.13 | 40.83 | 6.41 | | Gross Profit | 5.43 | 6.17 | 6.66 | 1.04 | | Net Income | 0.92 | 0.34 | 0.96 | 0.15 | [Operating Results](index=94&type=section&id=A.%20Operating%20Results) A comparative analysis of operating results for 2019-2021 highlights revenue growth, margin pressures, and net income fluctuations - **2021 vs. 2020:** Revenues increased by **16.2%** due to higher shipments, but gross margin decreased to **16.3%** from 17.6% due to higher material costs[440](index=440&type=chunk)[446](index=446&type=chunk)[458](index=458&type=chunk) - **2020 vs. 2019:** Revenues increased by **18.1%** driven by a **32.2%** increase in shipment volume, while net income decreased significantly due to a loss on convertible senior notes[459](index=459&type=chunk)[466](index=466&type=chunk)[479](index=479&type=chunk) Consolidated Statement of Operations Summary (2019-2021) | (RMB in thousands) | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | **Revenues** | 29,746,288 | 35,129,459 | 40,826,521 | | **Gross Profit** | 5,431,686 | 6,171,661 | 6,657,835 | | **Gross Margin** | 18.3% | 17.6% | 16.3% | | **Income from Operations** | 1,729,627 | 1,784,947 | 1,102,505 | | **Net Income** | 924,353 | 335,255 | 955,572 | [Liquidity and Capital Resources](index=108&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's financial position is supported by debt financing and operations, with significant capital used for capacity expansion - As of December 31, 2021, the company had **RMB 8.32 billion (US$1.31 billion)** in cash and cash equivalents[481](index=481&type=chunk) - The company had total available credit facilities of **RMB 30.28 billion**, with **RMB 8.81 billion available** as of year-end 2021[483](index=483&type=chunk) - Capital commitments for manufacturing expansion amounted to **RMB 7.81 billion (US$1.23 billion)** as of December 31, 2021[482](index=482&type=chunk) Cash Flow Summary (2019-2021) | (RMB in millions) | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 1,410.6 | 591.5 | 430.6 | | Net cash used in investing activities | (6,025.3) | (4,918.7) | (11,309.2) | | Net cash provided by financing activities | 7,381.8 | 6,297.3 | 12,017.9 | [Research and Development, Patents and Licenses, Etc.](index=116&type=section&id=C.%20Research%20and%20Development%2C%20Patents%20and%20Licenses%2C%20Etc.) The company's R&D efforts focus on efficiency and quality, supported by rising expenses and a substantial intellectual property portfolio - The company actively protects its intellectual property, holding **1,159 granted patents** and 374 pending patent applications in the PRC[532](index=532&type=chunk) - JinkoSolar collaborates with several universities and research institutes to advance its technology[530](index=530&type=chunk) R&D Expenses (2019-2021) | Year | R&D Expense (RMB million) | R&D Expense (USD million) | | :--- | :--- | :--- | | 2019 | 324.4 | - | | 2020 | 389.2 | - | | 2021 | 461.6 | 72.4 | [Trend Information](index=117&type=section&id=D.%20Trend%20Information) No significant trends or uncertainties are identified beyond those disclosed elsewhere in the report - The company reports **no additional material trends**, uncertainties, or commitments beyond those already discussed in the annual report[533](index=533&type=chunk) [Critical Accounting Estimates](index=117&type=section&id=E.%20Critical%20Accounting%20Estimates) Key accounting estimates involve significant judgment for expected credit losses and solar module warranty costs - The estimation of **expected credit losses** is a critical accounting estimate based on historical experience and future forecasts[536](index=536&type=chunk)[538](index=538&type=chunk) - **Accrued warranty cost** is another critical estimate, relying on assumptions about product failure rates and replacement costs[539](index=539&type=chunk)[540](index=540&type=chunk) [Directors, Senior Management and Employees](index=118&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details corporate governance, management compensation, board structure, employee data, and major shareholders - As of March 31, 2022, the company's three founders collectively beneficially owned **19.7%** of the company's outstanding ordinary shares[125](index=125&type=chunk)[600](index=600&type=chunk) - The company had **31,030 employees** as of December 31, 2021, a significant increase from 24,361 in 2020[594](index=594&type=chunk) - In 2021, the aggregate cash compensation paid to executive officers and directors was **RMB 16.0 million (US$2.5 million)**[550](index=550&type=chunk) - The company has multiple share incentive plans to attract and retain key personnel, with a total of **9,062,332 options outstanding** as of the report date[551](index=551&type=chunk)[558](index=558&type=chunk)[565](index=565&type=chunk)[579](index=579&type=chunk) [Major Shareholders and Related Party Transactions](index=128&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) Major shareholders are identified and transactions with related parties, primarily JinkoPower, are detailed - The company provides financial guarantees for JinkoPower's financing obligations, which amounted to **RMB 401.4 million (US$63.0 million)** as of December 31, 2021[613](index=613&type=chunk) - In 2021, the company recorded sales of solar module products to subsidiaries of JinkoPower amounting to **RMB 27.1 million (US$4.3 million)**[614](index=614&type=chunk) - The company engaged an affiliate, Jinko-Tiansheng, for OEM PV module processing services, incurring fees of **RMB 5.3 million** in 2021[611](index=611&type=chunk)[615](index=615&type=chunk) [Financial Information](index=131&type=section&id=Item%208.%20Financial%20Information) This section presents the consolidated financial statements, details legal proceedings, and outlines the company's dividend policy - The company is subject to long-standing **U.S. anti-dumping and countervailing duty investigations** on its products from China[622](index=622&type=chunk)[624](index=624&type=chunk) - The company is involved in **patent infringement lawsuits** filed by Hanwha Q CELLS, with the U.S. case concluding in JinkoSolar's favor[633](index=633&type=chunk)[635](index=635&type=chunk) - The company has **never declared or paid dividends** and does not plan to in the foreseeable future, intending to retain earnings for business expansion[639](index=639&type=chunk)[641](index=641&type=chunk) [Additional Information](index=141&type=section&id=Item%2010.%20Additional%20Information) Supplementary details on the corporate framework, exchange controls, and taxation across key jurisdictions are provided - The company is incorporated in the Cayman Islands and is **not subject to profits, income, gains, or appreciation taxes** there[648](index=648&type=chunk) - Under PRC law, dividends paid by the company's PRC subsidiaries are subject to a **10% withholding tax**, potentially reducible to 5%[169](index=169&type=chunk) - For U.S. federal income tax purposes, the company believes it was **not a Passive Foreign Investment Company (PFIC)** for 2020 or 2021[662](index=662&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=147&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk exposures are foreign exchange volatility and interest rate fluctuations on its substantial debt - The company faces significant **foreign exchange risk** as a majority of its sales are in foreign currencies while costs are largely in RMB[677](index=677&type=chunk)[678](index=678&type=chunk) - As of December 31, 2021, the company had substantial borrowings, including **RMB 13.34 billion in short-term debt** and **RMB 9.90 billion in long-term debt**, exposing it to interest rate risk[682](index=682&type=chunk) - A sensitivity analysis indicates that a **5% change in the RMB/USD exchange rate** would impact cash and cash equivalents by **RMB 553.6 million**[680](index=680&type=chunk) PART II [Controls and Procedures](index=152&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management and the independent auditor confirmed the effectiveness of disclosure controls and internal financial reporting controls - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2021[700](index=700&type=chunk) - Based on the COSO 2013 framework, management assessed the company's **internal control over financial reporting as effective** as of December 31, 2021[703](index=703&type=chunk)[704](index=704&type=chunk) [Corporate Governance and Other Information](index=152&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Information) This section covers governance topics including accountant fees, share repurchases, and deviations from NYSE standards - As a foreign private issuer, the company follows home country (Cayman Islands) practices for corporate governance, which **differ from NYSE standards**[714](index=714&type=chunk)[715](index=715&type=chunk) - Under a share repurchase program, the company purchased a total of **305,660 ADSs** at an average price of US$13.58 per ADS[712](index=712&type=chunk) Principal Accountant Fees (RMB in thousands) | Fee Type | 2020 | 2021 | | :--- | :--- | :--- | | Audit Fees | 5,800 | 6,000 | | Audit-related Fees | 1,350 | — | | Tax Fees | 623 | 745 | | **Total** | **7,773** | **6,745** | PART III [Financial Statements](index=156&type=section&id=Item%2018.%20Financial%20Statements) The complete audited consolidated financial statements for fiscal years 2019-2021 are presented - The independent auditor issued an **unqualified opinion** on the consolidated financial statements and the effectiveness of internal control[727](index=727&type=chunk) - The financial statements include critical audit matters related to the estimation of **accrued warranty costs** and the **allowance for doubtful accounts**[736](index=736&type=chunk)[740](index=740&type=chunk) Consolidated Balance Sheet Summary (As of Dec 31) | (RMB in billions) | 2020 | 2021 | | :--- | :--- | :--- | | **Total Assets** | 53.23 | 72.98 | | **Total Liabilities** | 40.24 | 58.70 | | **Total Shareholders' Equity** | 12.99 | 14.29 | [Exhibits](index=157&type=section&id=Item%2019.%20Exhibits) A comprehensive list of exhibits filed with the annual report is provided - The report includes key corporate governance documents, such as the company's **Amended and Restated Memorandum and Articles of Association**[718](index=718&type=chunk)[721](index=721&type=chunk) - **Certifications from the CEO and CFO** pursuant to the Sarbanes-Oxley Act of 2002 are filed as exhibits[721](index=721&type=chunk)

[Company Overview & Q1 2022 Highlights](index=1&type=section&id=1.%20Company%20Overview%20%26%20Q1%202022%20Highlights) JinkoSolar announced its unaudited Q1 2022 financial results, highlighting significant revenue and shipment growth, a 100GW cumulative shipment milestone, and new N-type cell efficiency records [Company Information](index=1&type=section&id=1.1%20Company%20Information) JinkoSolar Holding Co., Ltd. announced its unaudited financial results for the first quarter ended March 31, 2022, on April 28, 2022 - JinkoSolar is one of the largest and most innovative solar module manufacturers globally[1](index=1&type=chunk) - The company announced its unaudited Q1 2022 financial results on April 28, 2022[1](index=1&type=chunk) [First Quarter 2022 Business Highlights](index=1&type=section&id=1.2%20First%20Quarter%202022%20Business%20Highlights) The company achieved significant year-over-year revenue and module shipment growth in Q1 2022, becoming the first solar module manufacturer to reach 100GW in cumulative shipments, while setting a new 25.7% world record for N-type monocrystalline cell conversion efficiency and successfully ramping up 16GW N-type cell capacity with mass production efficiency exceeding 24.6% - Revenue and module shipments achieved significant year-over-year growth[2](index=2&type=chunk) - By the end of Q1 2022, the company became the first in the industry to cumulatively deliver **100 GW** of solar modules[2](index=2&type=chunk)[21](index=21&type=chunk) - High-efficiency N-type monocrystalline solar cells set a new world record with a peak conversion efficiency of **25.7%**[2](index=2&type=chunk)[21](index=21&type=chunk) - **16 GW** N-type cell capacity at Hefei and Jianshan production bases successfully ramped up, with mass production cell efficiency exceeding **24.6%**[2](index=2&type=chunk) - The company reaffirmed its full-year 2022 shipment guidance, expecting the overall impact of the COVID-19 pandemic on production and operations to be short-term and controllable[2](index=2&type=chunk) [First Quarter 2022 Operational and Financial Highlights](index=1&type=section&id=1.3%20First%20Quarter%202022%20Operational%20and%20Financial%20Highlights) In Q1 2022, JinkoSolar's total shipments increased by 56.7% year-over-year to 8,390 MW, and total revenues grew by 85.9% to RMB 14.76 billion, though gross margin and net income attributable to ordinary shareholders declined due to rising material costs First Quarter 2022 Operational and Financial Highlights | Metric | Q1 2022 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Shipments | 8,390 MW | +56.7% | -13.4% | | Total Revenues | RMB 14.76 billion (US$2.33 billion) | +85.9% | -9.9% | | Gross Profit | RMB 2.23 billion (US$351.2 million) | +63.9% | -15.8% | | Gross Margin | 15.1% | -2.0 ppts | -1.0 ppts | | Net Income Attributable to Ordinary Shareholders | RMB 28.9 million (US$4.6 million) | -86.9% | -87.9% | | Basic and Diluted EPS (ADS) | RMB 0.60 (US$0.10) | -87.1% | -88.0% | - The quarter-over-quarter decrease in total revenues was primarily due to lower solar module shipments, while the year-over-year increase was mainly driven by higher solar module shipments[3](index=3&type=chunk) - The quarter-over-quarter and year-over-year decrease in gross margin was primarily due to increased material costs for solar modules[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=1.4%20Management%20Commentary) Chairman and CEO Mr. Xiande Li noted robust Q1 2022 performance with significant revenue and shipment growth despite macroeconomic uncertainties and supply chain disruptions, emphasizing N-type technology's potential and plans for further capacity investment - The company achieved robust performance in Q1 2022, with total revenues reaching **RMB 14.8 billion**, an **86% year-over-year increase**, and quarterly shipments growing **57% to 8.4 GW**[4](index=4&type=chunk) - Polysilicon prices and shipping costs remained high and volatile during the quarter, with China's COVID-19 lockdowns leading to logistics congestion and a significant reduction in transportation capacity, further increasing cost pressure[5](index=5&type=chunk) - The company addressed challenges by proactively reserving raw materials and closely coordinating production, supply chain, and sales[5](index=5&type=chunk) - Demand for clean energy solutions in the Chinese market remains strong, with increased distributed generation demand and active bidding for large-scale projects[5](index=5&type=chunk) - The European market's solar demand is highlighted by the Russia-Ukraine conflict, with expected incremental demand this year and sustained steady growth[5](index=5&type=chunk) - **16 GW** N-type production capacity successfully ramped up as planned, with mass production N-type cell conversion efficiency exceeding **24.6%**, and plans to invest in a second phase of approximately **16 GW** N-type cell capacity[5](index=5&type=chunk)[6](index=6&type=chunk) - The company expects its annual production capacity for monocrystalline wafers, solar cells, and modules to reach **55 GW, 55 GW, and 60 GW**, respectively, by the end of 2022[6](index=6&type=chunk) [First Quarter 2022 Financial Results Analysis](index=3&type=section&id=2.%20First%20Quarter%202022%20Financial%20Results%20Analysis) This section analyzes JinkoSolar's Q1 2022 financial performance, detailing trends in revenues, margins, operating expenses, and net income, highlighting the impact of material costs and strategic investments [Total Revenues](index=3&type=section&id=2.1%20Total%20Revenues) Total revenues for Q1 2022 were RMB 14.76 billion (US$2.33 billion), a 9.9% sequential decrease but a significant 85.9% year-over-year increase, primarily driven by increased solar module shipments due to global market demand Total Revenues | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 14.76 billion | 16.39 billion | 7.94 billion | 2.33 billion | - The **9.9%** sequential decrease in total revenues was primarily due to lower solar module shipments[7](index=7&type=chunk) - The **85.9%** year-over-year increase in total revenues was primarily due to increased solar module shipments driven by global market demand[7](index=7&type=chunk) [Gross Profit and Gross Margin](index=3&type=section&id=2.2%20Gross%20Profit%20and%20Gross%20Margin) Gross profit for Q1 2022 was RMB 2.23 billion (US$351.2 million), with a gross margin of 15.1%, both declining sequentially and year-over-year primarily due to increased material costs for solar modules Gross Profit and Gross Margin | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Gross Profit | 2.23 billion | 2.64 billion | 1.36 billion | 351.2 million | | Gross Margin | 15.1% | 16.1% | 17.1% | - | - The sequential and year-over-year decrease in gross margin was primarily due to increased material costs for solar modules[8](index=8&type=chunk) [Income from Operations and Operating Margin](index=3&type=section&id=2.3%20Income%20from%20Operations%20and%20Operating%20Margin) Income from operations in Q1 2022 was RMB 40.8 million (US$6.4 million), with an operating margin of 0.3%, both significantly decreasing sequentially and year-over-year due to increased solar module material costs and share-based compensation expenses Income from Operations and Operating Margin | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Income from Operations | 40.8 million | 485.8 million | 149.1 million | 6.4 million | | Operating Margin | 0.3% | 3.0% | 1.9% | - | - The sequential and year-over-year decrease in operating margin was primarily due to increased material costs for solar modules and share-based compensation expenses in Q1 2022[8](index=8&type=chunk) [Total Operating Expenses](index=3&type=section&id=2.4%20Total%20Operating%20Expenses) Total operating expenses in Q1 2022 were RMB 2.19 billion (US$344.8 million), a slight 1.3% sequential increase and a significant 80.8% year-over-year increase, mainly due to higher solar module shipping costs and share-based compensation expenses Total Operating Expenses | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Expenses | 2.19 billion | 2.16 billion | 1.21 billion | 344.8 million | | % of Total Revenues | 14.8% | 13.2% | 15.2% | - | - The **80.8%** year-over-year increase in total operating expenses was primarily attributable to increased solar module shipping costs and share-based compensation expenses in Q1 2022[9](index=9&type=chunk) [Interest Expense, Net](index=3&type=section&id=2.5%20Interest%20Expense,%20Net) Net interest expense in Q1 2022 was RMB 162.2 million (US$25.6 million), increasing sequentially and year-over-year, primarily due to an increase in the company's interest-bearing debts Interest Expense, Net | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Expense | 162.2 million | 144.4 million | 156.5 million | 25.6 million | - The sequential and year-over-year increase in net interest expense was primarily due to an increase in the company's interest-bearing debts[9](index=9&type=chunk) [Subsidy Income](index=3&type=section&id=2.6%20Subsidy%20Income) Subsidy income in Q1 2022 was RMB 305.3 million (US$48.2 million), significantly increasing sequentially and year-over-year, primarily due to the receipt of non-recurring, non-refundable, and unconditional cash subsidies from local Chinese governments Subsidy Income | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Subsidy Income | 305.3 million | 109.6 million | 130.3 million | 48.2 million | - The sequential and year-over-year increase in subsidy income was primarily due to the receipt of non-recurring, non-refundable, and unconditional cash subsidies from local Chinese governments[10](index=10&type=chunk) [Exchange Gain and Change in Fair Value of Foreign Exchange Derivatives](index=3&type=section&id=2.7%20Exchange%20Gain%20and%20Change%20in%20Fair%20Value%20of%20Foreign%20Exchange%20Derivatives) In Q1 2022, the company recorded a net exchange gain (including changes in fair value of foreign exchange derivatives) of RMB 76.4 million (US$12.1 million), a reversal from net exchange losses in prior periods, mainly due to gains from forward foreign exchange contracts as the USD and EUR depreciated against the RMB Net Exchange Gain/(Loss) | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Net Exchange Gain/(Loss) | 76.4 million | (10.5 million) | (26.6 million) | 12.1 million | - The sequential and year-over-year increase was primarily due to gains from forward foreign exchange contracts as the USD and EUR depreciated against the RMB in Q1 2022[10](index=10&type=chunk) [Change in Fair Value of Convertible Senior Notes and Call Option](index=3&type=section&id=2.8%20Change%20in%20Fair%20Value%20of%20Convertible%20Senior%20Notes%20and%20Call%20Option) In Q1 2022, the company recorded a loss of RMB 104.9 million (US$16.6 million) from changes in the fair value of convertible senior notes due to an increase in the company's share price, with US$69.25 million of notes outstanding as of March 31, 2022, and no call option changes as all remaining options were cash-settled in Q3 2021 Change in Fair Value of Convertible Senior Notes and Call Option | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Change in Fair Value of Convertible Senior Notes | (104.9 million) | 9.5 million | 414.9 million | (16.6 million) | | Change in Fair Value of Call Option | nil | nil | (235.8 million) | nil | - The loss from changes in the fair value of convertible senior notes was primarily due to an increase in the company's share price in Q1 2022[12](index=12&type=chunk) - As of March 31, 2022, **US$69.25 million** of convertible senior notes remained outstanding[12](index=12&type=chunk) - There was no change in the call option during the quarter, primarily because the company had exercised all remaining call options for cash settlement in Q3 2021[12](index=12&type=chunk) [Equity in Earnings of Affiliated Companies](index=4&type=section&id=2.9%20Equity%20in%20Earnings%20of%20Affiliated%20Companies) Equity in earnings of affiliated companies was RMB 6.4 million (US$1.0 million) in Q1 2022, an increase from the prior quarter but a significant decrease from the prior year, mainly due to fair value changes in interest rate swaps recorded by an affiliate that terminated its swap arrangements this quarter Equity in Earnings of Affiliated Companies | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Equity in Earnings of Affiliated Companies | 6.4 million | 3.5 million | 43.4 million | 1.0 million | - The fluctuation in earnings was primarily due to changes in the fair value of interest rate swaps recorded by an affiliated company, which terminated its interest rate swap arrangements in Q1 2022[13](index=13&type=chunk) [Income Tax Expense](index=4&type=section&id=2.10%20Income%20Tax%20Expense) Income tax expense for Q1 2022 was RMB 71.0 million (US$11.2 million), a sequential decrease primarily due to lower profit in the current quarter compared to Q4 2021 Income Tax Expense | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Income Tax Expense | 71.0 million | 126.9 million | 52.2 million | 11.2 million | - The sequential decrease in income tax expense was primarily due to lower profit in the current quarter compared to Q4 2021[14](index=14&type=chunk) [Non-Controlling Interests](index=4&type=section&id=2.11%20Non-Controlling%20Interests) Net income attributable to non-controlling interests in Q1 2022 was RMB 75.3 million (US$11.9 million), a significant year-over-year increase, primarily due to the non-controlling interests' ownership stake in Jiangxi Jinko increasing from 26.72% to 41.38% after its IPO on the STAR Market Net Income Attributable to Non-Controlling Interests | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Non-Controlling Interests | 75.3 million | 84.4 million | 48.7 million | 11.9 million | - The increase in net income attributable to non-controlling interests was primarily due to the non-controlling interests' ownership stake in Jiangxi Jinko, a major subsidiary, increasing from **26.72% to 41.38%** after its IPO on the STAR Market on January 26, 2022[14](index=14&type=chunk) [Net Income and Earnings per Share](index=4&type=section&id=2.12%20Net%20Income%20and%20Earnings%20per%20Share) Net income attributable to the company's ordinary shareholders in Q1 2022 was RMB 28.9 million (US$4.6 million), significantly decreasing both year-over-year and sequentially, with basic and diluted earnings per ADS also substantially lower at RMB 0.60 (US$0.10) Net Income and Earnings per Share | Metric | Q1 2022 (RMB) | Q4 2021 (RMB) | Q1 2021 (RMB) | Q1 2022 (USD) | | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Ordinary Shareholders | 28.9 million | 239.5 million | 221.1 million | 4.6 million | | Basic EPS (ADS) | 0.60 | 5.02 | 4.64 | 0.10 | | Diluted EPS (ADS) | 0.60 | 4.16 | (3.61) | 0.10 | [Financial Position](index=4&type=section&id=3.%20Financial%20Position) This section provides an overview of JinkoSolar's financial position as of March 31, 2022, detailing changes in cash, receivables, inventories, and interest-bearing debts [Cash and Cash Equivalents & Restricted Cash](index=4&type=section&id=3.1%20Cash%20and%20Cash%20Equivalents%20%26%20Restricted%20Cash) As of March 31, 2022, the company's total cash and cash equivalents and restricted cash significantly increased to RMB 16.87 billion (US$2.66 billion) from RMB 8.92 billion as of December 31, 2021 Cash and Cash Equivalents & Restricted Cash | Metric | Mar 31, 2022 (RMB) | Dec 31, 2021 (RMB) | Mar 31, 2022 (USD) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents & Restricted Cash | 16.87 billion | 8.92 billion | 2.66 billion | [Accounts Receivables](index=4&type=section&id=3.2%20Accounts%20Receivables) As of March 31, 2022, accounts receivable from third parties increased to RMB 8.56 billion (US$1.35 billion) from RMB 7.47 billion as of December 31, 2021 Accounts Receivables | Metric | Mar 31, 2022 (RMB) | Dec 31, 2021 (RMB) | Mar 31, 2022 (USD) | | :--- | :--- | :--- | :--- | | Accounts Receivable from Third Parties | 8.56 billion | 7.47 billion | 1.35 billion | [Inventories](index=4&type=section&id=3.3%20Inventories) As of March 31, 2022, the company's inventories increased to RMB 15.95 billion (US$2.52 billion) from RMB 13.25 billion as of December 31, 2021 Inventories | Metric | Mar 31, 2022 (RMB) | Dec 31, 2021 (RMB) | Mar 31, 2022 (USD) | | :--- | :--- | :--- | :--- | | Inventories | 15.95 billion | 13.25 billion | 2.52 billion | [Total Interest-Bearing Debts](index=4&type=section&id=3.4%20Total%20Interest-Bearing%20Debts) As of March 31, 2022, total interest-bearing debts increased to RMB 27.46 billion (US$4.33 billion) from RMB 25.63 billion as of December 31, 2021, with RMB 419 million related to overseas downstream solar projects Total Interest-Bearing Debts | Metric | Mar 31, 2022 (RMB) | Dec 31, 2021 (RMB) | Mar 31, 2022 (USD) | | :--- | :--- | :--- | :--- | | Total Interest-Bearing Debts | 27.46 billion | 25.63 billion | 4.33 billion | - Of this, **RMB 419 million (US$66.1 million)** was related to the company's overseas downstream solar projects[16](index=16&type=chunk)[17](index=17&type=chunk) [Operational Highlights & Outlook](index=6&type=section&id=4.%20Operational%20Highlights%20%26%20Outlook) This section outlines JinkoSolar's Q1 2022 shipment and production capacity, along with its business outlook and guidance for 2022, including plans for N-type cell capacity expansion and recent business developments [Shipments](index=6&type=section&id=4.1%20Shipments) Total shipments in Q1 2022 were 8,390 MW, comprising 8,031 MW of solar modules and 359 MW of cells and wafers Shipments | Metric | Q1 2022 | | :--- | :--- | | Total Shipments | 8,390 MW | | Solar Module Shipments | 8,031 MW | | Cell and Wafer Shipments | 359 MW | [Production Capacity](index=6&type=section&id=4.2%20Production%20Capacity) As of March 31, 2022, the company's annual production capacity for monocrystalline wafers, solar cells, and solar modules was 40.0 GW, 40.0 GW (including 16.9 GW N-type cells), and 50.0 GW, respectively Production Capacity as of March 31, 2022 | Product | Annual Capacity | | :--- | :--- | | Monocrystalline Wafers | 40.0 GW | | Solar Cells | 40.0 GW (including 16.9 GW N-type cells) | | Solar Modules | 50.0 GW | [Business Outlook & Guidance](index=6&type=section&id=4.3%20Business%20Outlook%20%26%20Guidance) The company reaffirmed its full-year 2022 shipment guidance and plans to invest in a second phase of approximately 16GW N-type cell capacity, projecting Q2 2022 total shipments of 8.5 GW to 9.5 GW and full-year shipments of 35.0 GW to 40.0 GW, with increased annual production capacities by year-end - The company reaffirmed its full-year 2022 shipment guidance, expecting the overall impact of the COVID-19 pandemic on production and operations to be short-term and controllable[19](index=19&type=chunk) - Given the growing demand for high-efficiency N-type products, the company plans to invest in a second phase of approximately **16 GW** N-type cell capacity[19](index=19&type=chunk) 2022 Shipment and Capacity Guidance | Metric | Q2 2022 | Full Year 2022 | | :--- | :--- | :--- | | Total Shipments | 8.5 GW - 9.5 GW | 35.0 GW - 40.0 GW | Production Capacity Guidance as of Year-End 2022 | Product | Estimated Annual Capacity | | :--- | :--- | | Monocrystalline Wafers | 55.0 GW | | Solar Cells | 55.0 GW (including 32.9 GW N-type cells) | | Solar Modules | 60.0 GW | [Recent Business Developments](index=6&type=section&id=4.4%20Recent%20Business%20Developments) Recent business developments include becoming the first company to reach 100GW in global solar module shipments in March 2022, delivering over 500,000 high-efficiency modules to a large European bifacial project in April, and setting a new 25.7% world record for N-type monocrystalline solar cell conversion efficiency - In March 2022, JinkoSolar announced its global solar module shipments reached **100 GW**, becoming the first company in history to achieve this milestone[21](index=21&type=chunk) - In April 2022, JinkoSolar delivered over **500,000** ultra-high efficiency modules to one of Europe's largest bifacial projects[21](index=21&type=chunk) - In April 2022, JinkoSolar's high-efficiency N-type monocrystalline solar cells set a new world record with a peak conversion efficiency of **25.7%**[21](index=21&type=chunk) [Supplementary Information](index=6&type=section&id=5.%20Supplementary%20Information) This section provides additional details including conference call information, an overview of JinkoSolar Holding Co., Ltd., currency convenience translation notes, a safe harbor statement, and investor and media inquiry contacts [Conference Call Information](index=6&type=section&id=5.1%20Conference%20Call%20Information) The company's management held an earnings conference call on April 28, 2022, providing international and US toll-free dial-in numbers and a passcode, with a replay and webcast available - JinkoSolar management held an earnings conference call on April 28, 2022, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time)[22](index=22&type=chunk) - International and U.S. toll-free dial-in numbers and a passcode were provided, with a telephone replay available until May 5, 2022[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - A live and archived webcast of the conference call is accessible on JinkoSolar's investor relations website[24](index=24&type=chunk) [About JinkoSolar Holding Co., Ltd.](index=8&type=section&id=5.2%20About%20JinkoSolar%20Holding%20Co.,%20Ltd.) JinkoSolar is a leading global solar module manufacturer with operations across multiple countries and regions, featuring a vertically integrated solar product value chain and significant annual production capacities as of March 31, 2022 - JinkoSolar is one of the largest and most innovative solar module manufacturers globally[25](index=25&type=chunk) - The company serves a diversified international utility, commercial, and residential customer base across various countries and regions worldwide[25](index=25&type=chunk) - As of March 31, 2022, the company has a vertically integrated solar product value chain with annual production capacities of **40.0 GW** for monocrystalline wafers, **40.0 GW** for solar cells, and **50.0 GW** for solar modules[25](index=25&type=chunk) - As of March 31, 2022, JinkoSolar operates **12** production facilities, **21** overseas subsidiaries, and a global sales team[26](index=26&type=chunk) [Currency Convenience Translation](index=8&type=section&id=5.3%20Currency%20Convenience%20Translation) RMB to USD conversions in this press release are provided for reader convenience, based on the noon buying rate of RMB in New York City for cable transfers as certified by the Federal Reserve Bank of New York on March 31, 2022, at RMB 6.3393 to US$1.00 - RMB to USD conversions are based on the noon buying rate of RMB in New York City for cable transfers as certified by the Federal Reserve Bank of New York on March 31, 2022, at **RMB 6.3393 to US$1.00**[27](index=27&type=chunk) - Percentages in this press release are calculated based on RMB amounts[27](index=27&type=chunk) [Safe Harbor Statement](index=8&type=section&id=5.4%20Safe%20Harbor%20Statement) This press release contains forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially, and the company undertakes no obligation to update them unless required by law - This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934[28](index=28&type=chunk) - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those stated[28](index=28&type=chunk) - The company undertakes no obligation to update any forward-looking statements unless required by law[28](index=28&type=chunk) [Investor and Media Inquiries](index=8&type=section&id=5.5%20Investor%20and%20Media%20Inquiries) Investor and media contact information for JinkoSolar in China and the United States is provided - Investor and media contact information for JinkoSolar in China and the United States, including contact names, phone numbers, and email addresses, is provided[29](index=29&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=6.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents JinkoSolar Holding Co., Ltd.'s unaudited condensed consolidated financial statements, including statements of operations, comprehensive income, and balance sheets, with detailed financial metrics for the specified periods [Unaudited Condensed Consolidated Statements of Operations](index=10&type=section&id=6.1%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section provides JinkoSolar Holding Co., Ltd.'s unaudited condensed consolidated statements of operations for the quarters ended March 31, 2021, December 31, 2021, and March 31, 2022, along with USD equivalents for March 31, 2022, detailing key financial metrics such as revenues, costs, expenses, profit, and earnings per share Unaudited Condensed Consolidated Statements of Operations | | Mar 31, 2021 RMB'000 | For the quarter Dec 31, 2021 RMB'000 | ended Mar 31, 2022 RMB'000 | 2022 USD'000 | | :--- | :--- | :--- | :--- | :--- | | Revenues from third parties | 7,940,050 | 16,361,236 | 14,727,499 | 2,323,206 | | Revenues from related parties | 544 | 26,472 | 37,285 | 5,882 | | Total revenues | 7,940,594 | 16,387,708 | 14,764,784 | 2,329,088 | | Cost of revenues | (6,582,222) | (13,743,415) | (12,538,177) | (1,977,849) | | Gross profit | 1,358,372 | 2,644,293 | 2,226,607 | 351,239 | | Operating expenses: | | | | | | Selling and marketing | (614,856) | (1,117,473) | (1,384,467) | (218,394) | | General and administrative | (363,872) | (776,137) | (656,413) | (103,547) | | Research and development | (107,144) | (114,549) | (144,975) | (22,869) | | Impairment of long-lived assets | (123,405) | (150,308) | - | - | | Total operating expenses | (1,209,277) | (2,158,467) | (2,185,855) | (344,810) | | Income from operations | 149,095 | 485,826 | 40,752 | 6,429 | | Interest expenses, net | (156,535) | (144,420) | (162,198) | (25,586) | | Subsidy income | 130,315 | 109,636 | 305,296 | 48,159 | | Exchange loss | (71,543) | (127,483) | 6,383 | 1,007 | | Change in fair value of commodity futures | - | - | 486 | 77 | | Change in fair value of foreign exchange derivatives | 44,904 | 116,993 | 70,047 | 11,050 | | Change in fair value of convertible senior notes and call option | 179,104 | 9,540 | (104,936) | (16,553) | | Other income/(expense), net | 3,239 | (2,865) | 13,018 | 2,054 | | Income before income taxes | 278,579 | 447,227 | 168,848 | 26,637 | | Income tax expenses | (52,210) | (126,872) | (71,021) | (11,203) | | Equity in earnings of affiliated companies | 43,448 | 3,471 | 6,446 | 1,017 | | Net income | 269,817 | 323,826 | 104,273 | 16,451 | | Less: Net income attributable to non-controlling interests | (48,725) | (84,359) | (75,336) | (11,884) | | Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 221,092 | 239,467 | 28,937 | 4,567 | Net Income/(Loss) Attributable to JinkoSolar Holding Co., Ltd.'s Ordinary Shareholders per Share and ADS | | Mar 31, 2021 RMB | For the quarter Dec 31, 2021 RMB | ended Mar 31, 2022 RMB | 2022 USD | | :--- | :--- | :--- | :--- | :--- | | Basic per share | 1.16 | 1.26 | 0.15 | 0.02 | | Diluted per share | (0.90) | 1.04 | 0.15 | 0.02 | | Basic per ADS | 4.64 | 5.02 | 0.60 | 0.10 | | Diluted per ADS | (3.61) | 4.16 | 0.60 | 0.10 | | Weighted average ordinary shares outstanding: | | | | | | Basic | 190,427,792 | 190,775,385 | 192,314,636 | 192,314,636 | | Diluted | 205,142,801 | 205,838,968 | 192,578,950 | 192,578,950 | | Weighted average ADS outstanding: | | | | | | Basic | 47,606,948 | 47,693,846 | 48,078,659 | 48,078,659 | | Diluted | 51,285,700 | 51,459,742 | 48,144,737 | 48,144,737 | [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=10&type=section&id=6.2%20Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents JinkoSolar Holding Co., Ltd.'s unaudited condensed consolidated statement of comprehensive income, detailing net income, other comprehensive income items such as foreign currency translation adjustments and changes in instrument-specific credit risk, and comprehensive income attributable to non-controlling interests and ordinary shareholders Unaudited Condensed Consolidated Statement of Comprehensive Income | | Mar 31, 2021 RMB'000 | For the quarter Dec 31, 2021 RMB'000 | ended Mar 31, 2022 RMB'000 | 2022 USD'000 | | :--- | :--- | :--- | :--- | :--- | | Net income | 269,817 | 323,826 | 104,273 | 16,451 | | Other comprehensive income/(loss): | | | | | | -Foreign currency translation adjustments | 89,001 | (107,654) | (30,526) | (4,815) | | -Change in the instrument-specific credit risk | 22,638 | (15,948) | 37,559 | 5,925 | | Comprehensive income | 381,456 | 200,224 | 111,306 | 17,561 | | Less: Comprehensive income attributable to non-controlling interests | (48,725) | (84,359) | (75,336) | (11,884) | | Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 332,731 | 115,865 | 35,970 | 5,677 | [Unaudited Condensed Consolidated Balance Sheets](index=12&type=section&id=6.3%20Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section provides JinkoSolar Holding Co., Ltd.'s unaudited condensed consolidated balance sheets, detailing the composition of assets, liabilities, and shareholders' equity as of December 31, 2021, and March 31, 2022, including USD equivalents for March 31, 2022 Unaudited Condensed Consolidated Balance Sheets | | Dec 31, 2021 RMB'000 | Mar 31, 2022 RMB'000 | 2022 USD'000 | | :--- | :--- | :--- | :--- | | ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | 8,321,415 | 15,397,981 | 2,428,972 | | Restricted cash | 602,044 | 1,476,451 | 232,904 | | Restricted short-term investments | 9,261,918 | 11,834,741 | 1,866,885 | | Short-term investments | 150,000 | - | - | | Accounts receivable, net - related parties | 29,417 | 69,944 | 11,033 | | Accounts receivable, net - third parties | 7,471,103 | 8,557,801 | 1,349,960 | | Notes receivable, net - third parties | 1,689,102 | 1,936,368 | 305,455 | | Advances to suppliers, net - third parties | 1,536,155 | 3,091,968 | 487,746 | | Inventories, net | 13,252,352 | 15,953,419 | 2,516,590 | | Forward contract receivables | 73,532 | 70,849 | 11,176 | | Prepayments and other current assets, net - related parties | 17,348 | 17,704 | 2,793 | | Prepayments and other current assets, net | 2,435,056 | 3,118,845 | 491,986 | | Held-for-sale assets | 684,631 | 701,047 | 110,587 | | Total current assets | 45,524,073 | 62,227,118 | 9,816,087 | | Non-current assets: | | | | | Restricted cash | 1,204,697 | 1,223,417 | 192,989 | | Accounts receivable, net - third parties | 27,624 | 27,876 | 4,397 | | Long-term investments | 538,866 | 555,772 | 87,671 | | Property, plant and equipment, net | 19,969,894 | 23,415,061 | 3,693,635 | | Land use rights, net | 1,090,057 | 1,125,327 | 177,516 | | Intangible assets, net | 55,484 | 64,820 | 10,225 | | Financing lease right-of-use assets, net | 628,592 | 611,846 | 96,516 | | Operating lease right-of-use assets, net | 438,270 | 422,487 | 66,646 | | Deferred tax assets | 371,767 | 371,781 | 58,647 | | Advances to suppliers to be utilised beyond one year | 296,709 | 455,471 | 71,849 | | Other assets, net - related parties | 3,292 | 22,020 | 3,474 | | Other assets, net - third parties | 2,739,159 | 1,808,754 | 285,324 | | Investments in equity securities | 95,000 | 95,000 | 14,986 | | Total non-current assets | 27,459,411 | 30,199,632 | 4,763,875 | | Total assets | 72,983,484 | 92,426,750 | 14,579,962 | | LIABILITIES Current liabilities: | | | | | Accounts payable - related parties | 15,863 | - | - | | Accounts payable - third parties | 6,799,854 | 6,705,535 | 1,057,772 | | Notes payable - third parties | 12,072,223 | 19,253,549 | 3,037,173 | | Accrued payroll and welfare expenses | 1,240,791 | 1,207,533 | 190,484 | | Advances from third parties | 5,914,354 | 5,009,661 | 790,255 | | Income tax payable | 214,856 | 183,476 | 28,943 | | Other payables and accruals | 4,844,077 | 6,359,974 | 1,003,262 | | Other payables due to related parties | 2,230 | 1,774 | 280 | | Forward contract payables | 2,659 | 1,390 | 219 | | Financing lease liabilities - current | 194,939 | 199,420 | 31,458 | | Operating lease liabilities - current | 62,515 | 66,045 | 10,418 | | Short-term borrowings from third parties, including current portion of long-term bank borrowings | 13,339,367 | 13,949,985 | 2,200,556 | | Guarantee liabilities to related parties | 2,500 | 2,430 | 383 | | Held-for-sale liabilities | 553,234 | 563,966 | 88,963 | | Deferred revenue | 200,000 | - | - | | Total current liabilities | 45,459,462 | 53,504,738 | 8,440,166 | | Non-current liabilities: | | | | | Long-term borrowings | 9,896,455 | 11,081,221 | 1,748,020 | | Convertible senior notes | 1,098,736 | 1,172,143 | 184,901 | | Accrued warranty costs - non current | 858,641 | 889,067 | 140,247 | | Financing lease liabilities | 236,373 | 203,162 | 32,048 | | Operating lease liabilities | 385,420 | 365,713 | 57,690 | | Deferred tax liability | 183,003 | 183,003 | 28,868 | | Long-term Payables | 568,495 | 575,455 | 90,776 | | Guarantee liabilities to related parties- non current | 9,642 | 9,066 | 1,430 | | Total non-current liabilities | 13,236,765 | 14,478,830 | 2,283,980 | | Total liabilities | 58,696,227 | 67,983,568 | 10,724,146 | | SHAREHOLDERS' EQUITY Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 193,770,753 and 198,142,693 shares issued as of December 31, 2021 and March 31, 2022, respectively) | 26 | 27 | 4 | | Additional paid-in capital | 5,617,923 | 9,282,472 | 1,464,274 | | Statutory reserves | 700,244 | 700,244 | 110,461 | | Accumulated other comprehensive income | (154,375) | (147,342) | (23,243) | | Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2021 and March 31, 2022 | (43,170) | (43,170) | (6,810) | | Accumulated retained earnings | 4,929,138 | 4,958,075 | 782,116 | | Total JinkoSolar Holding Co., Ltd. shareholders' equity | 11,049,786 | 14,750,306 | 2,326,802 | | Non-controlling interests | 3,237,471 | 9,692,876 | 1,529,014 | | Total shareholders' equity | 14,287,257 | 24,443,182 | 3,855,816 | | Total liabilities and shareholders' equity | 72,983,484 | 92,426,750 | 14,579,962 |

JinkoSolar Announces Fourth Quarter and Full Year 2021 Financial Results SHANGRAO, China, March 23, 2022-- 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 fourth quarter and full year ended December 31, 2021. Exhibit 99.1 l Despite supply chain challenges in the fourth quarter of 2021, we achieved significant growth in both shipments and revenues c ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2021 was $2.57 billion, representing a 91% increase sequentially and a 74% increase year-over-year [19] - Gross profit doubled sequentially, with operating profit more than quadrupling and non-GAAP net profit increasing by approximately 13 times [19] - For the full year 2021, total revenues were $6.41 billion, up 16.2% year-over-year, with gross profit around $1 billion, an increase of about 8% year-over-year [22] Business Line Data and Key Metrics Changes - Total module shipments in Q4 2021 were 9.7 gigawatts, with module shipments alone at 9 gigawatts, showing significant growth compared to previous quarters [15] - The proportion of distributed generation (DG) in shipments is expected to reach around 40% in 2022, up from 30% to 35% in the previous year [17][78] Market Data and Key Metrics Changes - China's installation capacity for solar energy reached 55 gigawatts in 2021, with distributed generation contributing more than half of new installations [10] - The European market is expected to maintain strong growth momentum, with demand projected to exceed 30 gigawatts soon [38] Company Strategy and Development Direction - The company aims to enhance its competitiveness in technology and global marketing networks while reinforcing its leadership in N-type products [12] - A 7-gigawatt mono wafer plant in Vietnam became operational in Q1 2022, consolidating the company's global supply chain advantage [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the development prospects in the distributed generation market, expecting continued strong growth in the PV industry due to energy transformation needs [10] - The company anticipates total shipments for Q1 2022 to be in the range of 7.5 to 8 gigawatts, with full-year shipments expected to be between 35 to 40 gigawatts [13] Other Important Information - The company completed its listing on the Shanghai Stock Exchange Science and Technology Innovation Board, providing greater momentum for technology development [9] - Cash and cash equivalents at the end of Q4 2021 were $1.4 billion, up from $1.14 billion at the end of Q3 2021 [23] Q&A Session Summary Question: Guidance for Q1 and full year - Management provided shipment guidance but did not give gross margin guidance due to supply chain volatility [25][26] Question: Margin expectations for Q1 - Margins are expected to be flat or slightly lower due to high polysilicon prices [36] Question: Demand in Europe - Stronger-than-expected demand has been observed in Europe, with expectations for the market to exceed 30 gigawatts [38] Question: Operating expenses increase - The increase in G&A expenses was attributed to year-end bonuses and IPO-related costs, which are not recurring [54] Question: Shipping costs and pricing flexibility - The company has been able to pass on a majority of shipping costs to customers due to high demand for solar modules [58] Question: N-type product capacity - The company currently has 16 gigawatts of N-type capacity operational, with no immediate plans for further expansion this year [66][70]

Q3 2021 Financial Performance - Total shipments were 4.993 GW, a decrease of 4.0% QoQ and 2.4% YoY[8] - Total revenue reached US$1.33 billion, an increase of 8.1% QoQ but a decrease of 2.3% YoY[8] - Gross profit was US$201.1 million, down 4.6% QoQ and 13.3% YoY[8] - Gross margin stood at 15.1%, compared to 17.1% in Q2 2021 and 17.0% in Q3 2020[8] - Non-GAAP net income was US$2.5 million, a significant decrease of 94.2% QoQ and 95.1% YoY[8] Business Highlights and Strategies - JinkoSolar achieved a new world record with a 25.4% conversion efficiency for its high-efficiency N-Type Monocrystalline Silicon Solar Cell[10, 19] - Over 7 GW of new cell capacity reached full production in Q3 2021, leading to a cell production cost reduction of more than 10% compared to Q2 2021[12, 18] - Module shipments in the Chinese market doubled in Q3 compared to Q2, indicating strong domestic demand[12, 17, 24] - Shipments of Tiger Pro products accounted for approximately 50% of module shipments in Q3 2021, compared to less than 20% in the first half of 2021, with expectations to exceed 70% in Q4 2021[14, 17]

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q3 2021 Earnings Conference Call November 30, 2021 7:30 AM ET Company Participants Ripple Zhang – Investor Relations Manager Xiande Li – Chairman and Chief Executive Officer Gener Miao – Chief Marketing Officer Pan Li – Chief Financial Officer Charlie Cao – Chief Financial Officer Conference Call Participants Philip Shen – ROTH Capital Partners Gary Zhou – Credit Suisse Rajiv Chaudhri – Sunsara Capital Alan Lau – Jefferies Brian Lee – Goldman Sachs Operator Hello, lad ...

[Form 6-K Report of Foreign Private Issuer](index=1&type=section&id=Form%206-K%20Report%20of%20Foreign%20Private%20Issuer) This report is a Form 6-K filing by JinkoSolar Holding Co., Ltd. for September 2021, detailing its status as a foreign private issuer - This document is a Form 6-K filed by JinkoSolar Holding Co., Ltd., a foreign private issuer, for the month of September 2021[1](index=1&type=chunk) - The company files annual reports under Form 20-F[1](index=1&type=chunk) [Exhibit Index](index=2&type=section&id=Exhibit%20Index) This section lists the exhibits included in the filing, specifically a press release designated as Exhibit 99.1 - The report contains a press release, filed as Exhibit 99.1[3](index=3&type=chunk) [Signatures](index=3&type=section&id=Signatures) This section confirms the report's official signing by JinkoSolar Holding Co., Ltd.'s Chief Financial Officer on September 30, 2021 - The report was signed on behalf of JinkoSolar Holding Co., Ltd. by Mengmeng (Pan) Li, Chief Financial Officer[4](index=4&type=chunk)[5](index=5&type=chunk) - The date of the signature is September 30, 2021[5](index=5&type=chunk)

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q1 2021 Earnings Conference Call June 25, 2021 8:00 AM ET Company Participants Ripple Zhang - Investor Relations Manager Xiande Li - Chairman and Chief Executive Officer Gener Miao - Chief Marketing Officer Pan Li - Chief Financial Officer Charlie Cao - Chief Financial Officer Conference Call Participants Philip Shen - ROTH Capital Partners Brian Lee - Goldman Sachs Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding's Co. Ltd. F ...