Module Shipments and Production Capacity - Module shipments reached 25,910 MW in Q3 2024, up 2.3% sequentially and 14.7% year-over-year[4] - N-type module shipments accounted for approximately 90% of total module shipments globally in Q3 2024[3] - The company expects full-year 2024 module shipments to be between 90.0 GW to 100.0 GW[8] - Total solar module, cell, and wafer shipments reached 25,910 MW in Q3 2024, with solar module shipments accounting for 23,838 MW and cell and wafer shipments at 2,072 MW[33] - The company expects Q4 2024 module shipments to range between 22.3 GW to 32.3 GW[35] - Full-year 2024 module shipments are estimated to be between 90.0 GW to 100.0 GW[36] - Annual production capacity for mono wafer, solar cell, and solar module is projected to reach 120.0 GW, 95.0 GW, and 130.0 GW, respectively, by the end of 2024[37] Financial Performance - Total revenues were RMB24.51 billion (US$3.49 billion), up 1.9% sequentially but down 23.0% year-over-year[4] - Gross margin improved to 15.7% in Q3 2024, compared to 11.1% in Q2 2024 and 19.3% in Q3 2023[11] - Net income attributable to ordinary shareholders was RMB22.5 million (US$3.2 million), a significant improvement from a net loss of RMB100.7 million in Q2 2024[28] - Adjusted net income attributable to ordinary shareholders was RMB103.9 million (US$14.8 million), excluding certain non-recurring items[29] - Operating profit margin was 0.3% in Q3 2024, compared to an operating loss margin of 4.7% in Q2 2024[13] - Revenue for the quarter ended Sep 30, 2023, was RMB 31,834,258 thousand, with a gross profit of RMB 6,133,211 thousand[48] - Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the quarter ended Sep 30, 2023, was RMB 1,323,373 thousand[48] - For the nine months ended Sep 30, 2023, total revenue was RMB 85,848,419 thousand, with a gross profit of RMB 14,956,900 thousand[48] - Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the nine months ended Sep 30, 2023, was RMB 3,418,128 thousand[48] - Basic net income per share for the quarter ended Sep 30, 2023, was RMB 6.42[48] - Diluted net income per ADS for the nine months ended Sep 30, 2023, was RMB 59.38[48] - Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the quarter ended Sep 30, 2023, was RMB 1,305,575 thousand[49] - Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the nine months ended Sep 30, 2023, was RMB 3,644,388 thousand[49] Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash increased to RMB22.37 billion (US$3.19 billion) as of September 30, 2024, up from RMB13.87 billion as of June 30, 2024[31] - Accounts receivables rose to RMB19.67 billion (US$2.80 billion) as of September 30, 2024, compared to RMB18.39 billion as of June 30, 2024[31] - Inventories decreased to RMB15.25 billion (US$2.17 billion) as of September 30, 2024, down from RMB19.49 billion as of June 30, 2024[31] - Total interest-bearing debts increased to RMB36.72 billion (US$5.23 billion) as of September 30, 2024, up from RMB28.06 billion as of June 30, 2024[32] - Total assets increased to RMB 135,831,825 thousand (USD 18,555,607 thousand) as of December 31, 2023, compared to RMB 130,215,828 thousand (USD 18,555,607 thousand) as of September 30, 2023[51] - Cash, cash equivalents, and restricted cash decreased to RMB 19,069,107 thousand (USD 3,187,856 thousand) from RMB 22,371,099 thousand (USD 3,187,856 thousand) in the previous quarter[51] - Accounts receivable, net increased to RMB 22,958,693 thousand (USD 2,802,961 thousand) from RMB 19,670,062 thousand (USD 2,802,961 thousand)[51] - Inventories, net rose to RMB 18,215,537 thousand (USD 2,172,744 thousand) from RMB 15,247,446 thousand (USD 2,172,744 thousand)[51] - Total current liabilities increased to RMB 81,060,645 thousand (USD 8,691,025 thousand) from RMB 60,990,142 thousand (USD 8,691,025 thousand)[51] - Long-term borrowings decreased to RMB 11,238,806 thousand (USD 2,836,766 thousand) from RMB 19,907,288 thousand (USD 2,836,766 thousand)[51] - Total shareholders' equity slightly increased to RMB 33,534,142 thousand (USD 4,750,442 thousand) from RMB 33,336,702 thousand (USD 4,750,442 thousand)[52] - Non-controlling interests increased to RMB 13,377,708 thousand (USD 1,883,718 thousand) from RMB 13,219,180 thousand (USD 1,883,718 thousand)[52] Operational Efficiency and Technology - The mass production efficiency of N-type TOPCon cells reached approximately 26.2% by the end of Q3 2024[7] - Module shipments to the U.S. increased significantly quarter-over-quarter in Q3 2024[5] - Total operating expenses for the quarter ended Sep 30, 2023, were RMB 3,143,007 thousand[48] - Research and development expenses for the quarter ended Sep 30, 2023, were RMB 218,097 thousand[48] Share Repurchase and Listing Plans - JinkoSolar repurchased 5,596,739 ADSs totaling approximately US$134.5 million under its share repurchase programs[38] - The company plans to list up to 1,000,519,986 A shares in the form of GDRs on the Frankfurt Stock Exchange[38]

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q2 2024 Earnings Call Transcript August 30, 2024 8:30 AM ET Company Participants Stella Wang - IR Li Xiande - Chairman and CEO Gener Miao - CMO Pan Li - CFO Charlie Cao - CFO Conference Call Participants Matt Ingraham - ROTH Capital Partners Alan Lau - Jefferies William Grippin - UBS Rajiv Chaudhri - Sunsara Capital Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co., Ltd. Second Quarter 2024 Earnings Conference Call. At this ...

Building Your Trust in Solar JINKOSOLAR HOLDING CO., LTD. Q2 2024 EARNINGS CALL PRESENTATION AUGUST 30, 2024 Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., 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 relied on in connection with any contract or commitment whatsoever. The information herein has ...

JINKOSOLAR HOLDING CO., LTD. Q1 2024 EARNINGS CALL PRESENTATION APRIL 29, 2024 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 presentatio ...

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q1 2024 Earnings Conference Call April 29, 2024 8:30 AM ET Company Participants Stella Wang - IR Xiande Li - Chairman & CEO Gener Miao - CMO Pan Li - CFO Charlie Cao - CFO Conference Call Participants Brian Lee - Goldman Sachs Group Philip Shen - ROTH MKM Alan Lau - Jefferies Rajiv Chaudhri - Intrinsic Edge Leo Ho - Daiwa Capital Markets Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co. Ltd. First Quarter 2024 Earnings Conf ...

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].

[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. ...

JINKOSOLAR HOLDING CO., LTD. Q4 2023 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 module shipments increased by approximately 21.4 gigawatts, a rise of 107.9% year-over-year [7] - Net income rose by 140.7% to $181.4 million, while adjusted net income surged by 215.1% to $184.6 million [7] - Diluted earnings per ordinary share increased by 188.7% to $0.63, and gross margin improved from 15.7% to 19.3% [7][20] Business Line Data and Key Metrics Changes - High-efficiency N-type products accounted for over 60% of total module shipments, contributing to improved profitability [7] - Shipments of high-efficiency Tiger Neo modules exceeded 60% of total module shipments, particularly in China, the Middle East, and North Africa [15] Market Data and Key Metrics Changes - The domestic market accounted for around 40% of total shipments, with emerging markets remaining stable [14] - Shipments to Asia Pacific and North America increased compared to the previous quarter [15] - Newly added installations of PV in the domestic market reached 128.9 gigawatts, nearly 50% more than the full year installations in 2022 [8] Company Strategy and Development Direction - The company aims to exceed the four-year module shipment guidance of 70 to 75 gigawatts, with N-type modules expected to account for approximately 60% of total shipments [13] - The company is optimistic about the growth potential of solar storage parity and is steadily progressing in energy storage business development [10] - The company plans to maintain a competitive capacity structure, with N-type cell production capacity expected to reach about 70 gigawatts by the end of the year [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility and achieving sustainable profitability [8] - The company anticipates a new installation record in China this year, driven by lower module prices and strong demand [18] - Management highlighted the importance of continuous technology iteration and integrated capacity to maintain industry leadership [11] Other Important Information - The company declared a cash dividend of $1.5 per ADS, expected to be paid on or around December 6 [19] - The company received a high rating from Ecovadis for its commitment to sustainable development [12] Q&A Session Summary Question: Module pricing trends in Q4 and Q1 - Management expects module prices to trend downward in Q4, with a potential slight decrease in gross margin due to increased exposure to the Chinese market [25][26] Question: US shipments and contribution to margins - US shipments in Q3 were around 1.3 to 1.4 gigawatts, with expectations for stable shipments in Q4 [62] Question: Inventory levels in Europe - Current inventory levels in Europe are higher than normal due to price declines, but demand remains robust [68] Question: Impact of interest rates on projects - Most clients have secured fixed interest rates for existing projects, mitigating the impact of rising interest rates [74] Question: Progress on US expansion capacity - The company is awaiting detailed guidance on IRA subsidies but remains bullish on the US market [76]