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JinkoSolar Announces Second Quarter 2024 Financial Results

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JinkoSolar (NYSE: JKS) announced its Q2 2024 financial results, reporting a 34.1% YoY increase in module shipments to 23.8 GW, leading the industry. Total revenues were RMB24.05 billion ($3.31 billion), down 21.6% YoY. Gross profit fell 44% YoY to RMB2.68 billion ($368.3 million), with a gross margin of 11.1%. The company recorded a net loss of RMB100.7 million ($13.9 million) compared to net income of RMB1.31 billion in Q2 2023. Adjusted net income was RMB378.5 million ($52.1 million).

The company achieved new technology milestones, including a 33.24% conversion efficiency for N-type TOPCon based perovskite tandem cells. It formed a joint venture in Saudi Arabia to produce 10 GW of high-efficiency solar cells.

Despite challenges like lower average selling prices, JinkoSolar maintains a robust global position, with an expected full-year shipment range of 100-110 GW and Q3 shipments between 23-25 GW.

JinkoSolar (NYSE: JKS) ha annunciato i risultati finanziari del secondo trimestre 2024, riportando un aumento del 34,1% su base annua nelle spedizioni di moduli, arrivando a 23,8 GW, consolidando la sua posizione di leader nel settore. I ricavi totali sono stati RMB24,05 miliardi (3,31 miliardi di dollari), in calo del 21,6% rispetto all'anno precedente. Il profitto lordo è diminuito del 44% su base annua, raggiungendo RMB2,68 miliardi (368,3 milioni di dollari), con un margine lordo dell'11,1%. L'azienda ha registrato una perdita netta di RMB100,7 milioni (13,9 milioni di dollari) rispetto a un utile netto di RMB1,31 miliardi nel secondo trimestre del 2023. L'utile netto rettificato è stato di RMB378,5 milioni (52,1 milioni di dollari).

L'azienda ha raggiunto nuovi traguardi tecnologici, incluso un efficienza di conversione del 33,24% per celle tandem perovskite basate su TOPCon di tipo N. Ha costituito una joint venture in Arabia Saudita per produrre 10 GW di celle solari ad alta efficienza.

Nonostante le sfide come i prezzi medi di vendita più bassi, JinkoSolar mantiene una posizione globale solida, con una previsione di spedizioni per l'intero anno compresa tra 100 e 110 GW e spedizioni nel terzo trimestre tra 23 e 25 GW.

JinkoSolar (NYSE: JKS) anunció sus resultados financieros del segundo trimestre de 2024, reportando un aumento del 34.1% en el envío de módulos con un total de 23.8 GW, liderando la industria. Los ingresos totales fueron de RMB24.05 mil millones (3.31 mil millones de dólares), una disminución del 21.6% en comparación con el año anterior. El beneficio bruto cayó un 44% en comparación anual, llegando a RMB2.68 mil millones (368.3 millones de dólares), con un margen bruto del 11.1%. La compañía registró una pérdida neta de RMB100.7 millones (13.9 millones de dólares) en comparación con un ingreso neto de RMB1.31 mil millones en el segundo trimestre de 2023. El ingreso neto ajustado fue de RMB378.5 millones (52.1 millones de dólares).

La empresa alcanzó nuevos hitos tecnológicos, incluyendo una eficiencia de conversión del 33.24% para las celdas tándem de perovskita basadas en TOPCon tipo N. Formó una empresa conjunta en Arabia Saudita para producir 10 GW de celdas solares de alta eficiencia.

A pesar de los desafíos, como los precios de venta promedio más bajos, JinkoSolar mantiene una sólida posición global, con un rango de envíos esperado para todo el año de entre 100 y 110 GW, y envíos en el tercer trimestre entre 23 y 25 GW.

JinkoSolar (NYSE: JKS)가 2024년 2분기 재무 결과를 발표하며, 모듈 출하량이 전년 대비 34.1% 증가하여 23.8 GW에 이르렀다고 보고했습니다. 이는 업계를 선도하는 수치입니다. 총 수익은 RMB24.05억 (33.1억 달러)로, 전년 대비 21.6% 감소했습니다. 총 이익은 전년 대비 44% 감소하여 RMB2.68억 (3.68억 달러)에 그쳤으며, 총 이익률은 11.1%였습니다. 회사는 2023년 2분기에는 RMB1.31억의 순이익과 비교하여 RMB100.7백만 (1390만 달러)의 순손실을 기록했습니다. 조정 후 순이익은 RMB378.5백만 (5210만 달러)였습니다.

회사는 N형 TOPCon 기반의 페로브스카이트 탠덤 셀에 대해 33.24%의 변환 효율이라는 새로운 기술 이정표를 마련했습니다. 또한, 사우디아라비아에서 10 GW의 고효율 태양광 셀을 생산하기 위한 합작 회사를 설립했습니다.

평균 판매 가격 하락과 같은 도전 과제에도 불구하고, JinkoSolar는 100-110 GW 사이의 전체 연간 출하량과 3분기 출하량을 23-25 GW로 예상하며 강력한 글로벌 입지를 유지하고 있습니다.

JinkoSolar (NYSE: JKS) a annoncé ses résultats financiers du deuxième trimestre 2024, rapportant une augmentation de 34,1% des expéditions de modules à 23,8 GW, se positionnant ainsi en tête de l'industrie. Les revenus totaux étaient de RMB24,05 milliards (3,31 milliards de dollars), en baisse de 21,6% par rapport à l'année précédente. Le bénéfice brut a chuté de 44% par rapport à l'année précédente, atteignant RMB2,68 milliards (368,3 millions de dollars), avec une marge brute de 11,1%. L'entreprise a enregistré une perte nette de RMB100,7 millions (13,9 millions de dollars) par rapport à un bénéfice net de RMB1,31 milliard au deuxième trimestre 2023. Le bénéfice net ajusté s'élevait à RMB378,5 millions (52,1 millions de dollars).

L'entreprise a atteint de nouveaux jalons technologiques, y compris une efficacité de conversion de 33,24% pour les cellules tandem en pérovskite basées sur TOPCon de type N. Elle a formé une coentreprise en Arabie Saoudite pour produire 10 GW de cellules solaires haute efficacité.

Malgré des défis tels que la baisse des prix de vente moyens, JinkoSolar maintient une position globale solide, avec une prévision d'expédition annuelle de 100 à 110 GW et des expéditions au troisième trimestre comprises entre 23 et 25 GW.

JinkoSolar (NYSE: JKS) gab seine finanziellen Ergebnisse für das 2. Quartal 2024 bekannt und berichtete von einem Jahresanstieg von 34,1% bei den Modulverkäufen auf 23,8 GW, was das Unternehmen in der Branche an die Spitze führt. Die Gesamteinnahmen betrugen RMB24,05 Milliarden (3,31 Milliarden USD), was einem Rückgang von 21,6% im Jahresvergleich entspricht. Der Bruttogewinn fiel im Jahresvergleich um 44% auf RMB2,68 Milliarden (368,3 Millionen USD), mit einer Bruttomarge von 11,1%. Das Unternehmen verzeichnete einen Nettoverlust von RMB100,7 Millionen (13,9 Millionen USD) im Vergleich zu einem Nettogewinn von RMB1,31 Milliarden im 2. Quartal 2023. Der bereinigte Nettogewinn betrug RMB378,5 Millionen (52,1 Millionen USD).

Das Unternehmen erreichte neue technologische Meilensteine, einschließlich einer Umwandlungseffizienz von 33,24% für N-Type TOPCon-basierte Perowskit-Tandemzellen. Es gründete ein Joint Venture in Saudi-Arabien zur Produktion von 10 GW hochgradiger Solarmodule.

Trotz Herausforderungen wie sinkenden Durchschnittspreisen behält JinkoSolar eine starke globale Position bei, mit einer erwarteten gesamten Versandmenge für das Jahr von 100-110 GW und einem Versand im 3. Quartal zwischen 23-25 GW.

Positive
  • Module shipments grew by 34.1% YoY to 23.8 GW.
  • Total revenues increased sequentially by 4.4% to RMB24.05 billion.
  • Achieved a conversion efficiency record of 33.24% for N-type TOPCon based perovskite tandem cells.
  • Formed a joint venture in Saudi Arabia for 10 GW high-efficiency solar cell production.
Negative
  • Total revenues down 21.6% YoY.
  • Gross profit decreased 44% YoY.
  • Gross margin dropped to 11.1%, from 15.6% in Q2 2023.
  • Net loss of RMB100.7 million compared to net income of RMB1.31 billion in Q2 2023.
  • Operating loss of RMB1.14 billion, compared to operating income of RMB1.54 billion in Q2 2023.
  • Total operating expenses increased sequentially by 24.1%.

Insights

JinkoSolar's Q2 2024 results paint a mixed picture. While module shipments grew 34.1% year-over-year to 23.8 GW, ranking first in the industry, financial metrics declined. Total revenues fell 21.6% year-over-year to RMB24.05 billion and gross margin contracted to 11.1% from 15.6% a year ago. The company reported a net loss of RMB100.7 million, compared to a profit last year.

The decline in financial performance is largely due to falling solar module prices and industry-wide oversupply issues. However, JinkoSolar's strong market position and technology leadership in N-type TOPCon cells provide some resilience. The company's global manufacturing footprint and high order book visibility (over 80% for 2024) are positive factors.

Looking ahead, industry consolidation could benefit strong players like JinkoSolar. The company maintains its full-year module shipment guidance of 100-110 GW, indicating confidence in its market position despite challenges.

JinkoSolar continues to demonstrate technological leadership in the solar industry. Their N-type TOPCon-based perovskite tandem solar cell achieved a record 33.24% conversion efficiency, a significant improvement from their previous 32.33% record. Mass production efficiency of N-type TOPCon cells now exceeds 26.1%, with expectations to reach 26.5% by year-end.

The company's focus on TOPCon technology appears strategically sound. They argue it offers the best economic performance in terms of cost, mass production yield, IP protection and customer acceptance. This technological edge could be important in maintaining competitiveness as the industry faces oversupply and pricing pressures.

JinkoSolar's R&D investments are paying off, positioning them well for future innovations. However, they must continue to push efficiency gains and cost reductions to stay ahead in a rapidly evolving market.

The global solar market is showing robust growth, with China's new installations up 30.7% year-over-year and global module exports increasing by about 20%. However, the industry is grappling with oversupply and irrational pricing, leading to production cuts and delayed expansion projects for some manufacturers.

JinkoSolar's strategy of global expansion is proving effective, with a joint venture announced in Saudi Arabia for 10 GW of cell and module production. This move aligns with the trend of localizing production in key markets and could help mitigate geopolitical risks.

The company's recognition as a Tier 1 energy storage provider by Bloomberg NEF is noteworthy, potentially opening new revenue streams. However, the core solar business faces margin pressures due to intense competition. JinkoSolar's ability to maintain its technological edge and global presence will be important in navigating these challenging market conditions.

SHANGRAO, China, Aug. 30, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Business Highlights

  • Leveraging our advantages of N-type TOPCon technology, competitive products, global marketing, and manufacturing footprint, module shipments grew by 34.1% year-over-year to 23.8 GW in the second quarter, ranking first in the industry.
  • At the end of the second quarter, we became the first module manufacturer in the world to have delivered a total of 260 GW solar modules, covering nearly 200 countries and regions.
  • Our N-type TOPCon based perovskite tandem solar cell set a new record with conversion efficiency of 33.24%, a significant leap beyond our previous record of 32.33% for the same type of tandem cells.
  • The mass production efficiency of N-type TOPCon cells exceeds 26.1%.
  • Recently, we were recognized as a Tier 1 energy storage provider and a Tier 1 PV module manufacturer by Bloomberg New Energy Finance.
  • We recently entered into a strategic partnership with Renewable Energy Localization Company and Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of high-efficiency solar cells and solar modules.

Second Quarter 2024 Operational and Financial Highlights

  • Quarterly shipments were 25,318 MW (23,822 MW for solar modules, and 1,496 MW for cells and wafers), up 15.6% sequentially, and up 36.0% year-over-year.
  • Total revenues were RMB24.05 billion (US$3.31 billion), up 4.4% sequentially and down 21.6% year-over-year.
  • Gross profit was RMB2.68 billion (US$368.3 million), down 2.1% sequentially and down 44.0% year-over-year.
  • Gross margin was 11.1%, compared with 11.9% in Q1 2024 and 15.6% in Q2 2023.
  • Net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB 100.7 million (US$13.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB609.4 million in Q1 2024 and RMB1.31 billion in Q2 2023.
  • Adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders, which excludes the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of long-term investment, (iii) share based compensation expenses, and (iv) the net loss resulted from a fire accident at one of our production bases in Shanxi Province (the "Fire Accident"), was RMB378.5 million (US$52.1 million), compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB470.3 million in Q1 2024 and RMB1.43 billion in Q2 2023.
  • Basic and diluted loss per ordinary share were RMB0.48 (US$0.07) and RMB0.53 (US$ 0.07), respectively. This translates into basic and diluted loss per ADS of RMB 1.94 (US$0.27) and RMB2.12 (US$0.29), respectively.

Mr. Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, commented, "We are pleased to announce that our module shipments grew by 34.1% year-over-year to 23.8 GW in the second quarter, ranking first in the industry. By the end of the second quarter, we became the first solar company in the world to have reached accumulative module shipments of 260 GW, covering nearly 200 countries and regions. This again demonstrated the strength of our globalization strategy. Prices in several segments of the industry chain declined slightly on a sequential basis leading us to adjust our production scheduling strategy and utilization rates for different processes. We also optimized our supply chain strategy to control costs. Gross margin was 11.1% in this quarter, relatively flat sequentially. Adjusted net income was $52.1 million, a slight decrease sequentially.

Overall, global demand showed fast growth momentum in the first half of 2024. The newly added installations in China totaled 102.4 GW, up 30.7% year-over-year while total solar module exports increased by around 20% year-over-year. Thanks to our global footprint and competitive products, by the end of the second quarter, the visibility of our orderbook for 2024 exceeds 80%, enabling us to maintain an industry-leading utilization rate, particularly nearly 100% for N-type cells.

Oversupply and increasingly irrational low prices along the supply chain that have plagued our industry for some time have started to be addressed by market forces as well as government and industry control policies. Additionally, financial institutions have become more selective, favoring companies with proven technological innovation, healthy financial conditions, and strong brand recognition. As a result, some manufacturers have been forced to cut or suspend production while others have delayed, suspended or even canceled capacity expansion projects. We believe that all these measures will further accelerate the elimination of outdated capacity as well as industry consolidation, paving the way for companies with robust sustainable operations to reinforce their industry leadership.

We made good progress on several fronts. The mass-produced efficiency of our 182 mm TOPCon cells has exceeded 26.1%, and the lab efficiency of our N-type TOPCon-based perovskite tandem solar cell has reached 33.24%. We firmly believe that TOPCon technology still delivers the best economic performance in terms of cost, mass production yield, intellectual property protection, and customer acceptance, with further room for cost reduction and efficiency increase. In addition, we reached another milestone in our global manufacturing strategy with the recently announced strategic partnership with Renewable Energy Localization Company and Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of high-efficiency solar cells and solar modules.

Despite the challenges in our industry, the strength of our N-type TOPCon technology, the competitiveness of our products, and our extensive global sales and manufacturing network have placed us in a strong position in the industry as the industry continues to address excess capacity. We will continue to implement our globalization strategy to actively seize market opportunities and mitigate market risks. We reiterate our guidance for module shipments to be between 100.0 GW and 110.0 GW for full year 2024. We expect module shipments to be between 23.0 GW and 25.0 GW for the third quarter of 2024. By the end of 2024, we expect our mass-produced N-type cell efficiency to reach 26.5%. We will continue to optimize our asset and liability structure, as well as cash flow levels, to strengthen our resistance to risks."

Second Quarter 2024 Financial Results

Total Revenues

Total revenues in the second quarter of 2024 were RMB24.05 billion (US$3.31 billion), an increase of 4.4% from RMB23.04 billion in the first quarter of 2024 and a decrease of 21.6% from RMB30.69 billion in the second quarter of 2023. The sequential increase was mainly due to the increase in module shipments. The year-over-year decrease was mainly due to a decrease in the average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2024 was RMB2.68 billion (US$368.3 million), compared with RMB2.74 billion in the first quarter of 2024 and RMB4.78 billion in the second quarter of 2023. 

Gross margin was 11.1% in the second quarter of 2024, compared with 11.9% in the first quarter of 2024 and 15.6% in the second quarter of 2023. The year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

Loss/Income from Operations and Operating Margin

Loss from operations in the second quarter of 2024 was RMB1.14 billion (US$156.6 million), compared with loss from operations of RMB339.6 million in the first quarter of 2024 and income from operations of RMB1.54 billion in the second quarter of 2023. The sequential increase in loss from operations was mainly due to the increase in our operating expenses in the second quarter of 2024.The change from income from operations in the second quarter of 2023 to loss from operations in the second quarter of 2024 was primarily attributable to the decreases in our revenues and gross margin in the second quarter of 2024.  

Operating loss margin was 4.7% in the second quarter of 2024, compared with operating loss margin of 1.5% in the first quarter of 2024 and operating profit margin of 5.0% in the second quarter of 2023.

Total operating expenses in the second quarter of 2024 were RMB3.81 billion (US$524.9 million), an increase of 24.1% from RMB3.07 billion in the first quarter of 2024 and an increase of 17.6% from RMB3.24 billion in the second quarter of 2023. The sequential and year-over-year increases were mainly due to the write-off of the net book value of the equipment resulted from the Fire Accident in Shanxi Province, which was partially offset by the estimated insurance proceeds from the Fire Accident in the second quarter of 2024.

Total operating expenses accounted for 15.9% of total revenues in the second quarter of 2024, compared to 13.3% in the first quarter of 2024 and 10.6% in the second quarter of 2023.

Interest Expenses, Net

Net interest expenses consist of interest expenses of RMB212.9 million (US$29.3 million) and interest income of RMB107.7 million (US$14.8 million) in the second quarter of 2024.

Net interest expenses in the second quarter of 2024 was RMB105.2 million (US$14.5 million), a decrease of 43.7% from RMB186.8 million in the first quarter of 2024 and a decrease of 49.6% from RMB208.5 million in the second quarter of 2023. The sequential and year-over-year decreases were due to the decrease in interest-bearing debts with high interest rate.

Subsidy Income

Subsidy income in the second quarter of 2024 was RMB885.0 million (US$121.8 million), compared with RMB231.8 million in the first quarter of 2024 and RMB292.4 million in the second quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of incentives to the Company's business operations.

Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB305.0 million (US$42.0 million) in the second quarter of 2024, compared to a net exchange gain of RMB139.7 million in the first quarter of 2024 and a net exchange gain of RMB916.4 million in the second quarter of 2023. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of US dollars against RMB in the second quarter of 2024.

Change in Fair Value of Convertible Senior Notes

The Company issued US$85.0 million of 4.5% convertible senior notes (the "Notes") due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model. As of June 30, 2024, all the Notes with the principle amount of US$85.0 million have been converted to the ordinary shares of the Company.

The Company recognized a gain from a change in fair value of the convertible senior notes of RMB12.8 million (US$1.8 million) in the second quarter of 2024, compared to a gain of RMB310.7 million in the first quarter of 2024 and a gain of RMB89.7 million in the second quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the Company's stock price in the second quarter of 2024.

Change in Fair Value of Long-term Investment

The Company invested in certain equity interests in several solar technology companies engaged in the photovoltaic industry chain, which are recorded as long-term investment and reported at fair value with changes in fair value recognized in earnings. As of June 30, 2024, the Company had RMB849.7 million (US$116.9 million) in long-term investment, compared with RMB967.0 million as of March 31, 2024.

The Company recognized a loss from change in fair value of RMB144.2 million (US$19.8 million) in the second quarter of 2024, compared with a loss of RMB55.3 million in the first quarter of 2024 and a gain of RMB2.3 million in the second quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the valuation of several solar technology companies we invested in.

Other income, net

Net other income in the second quarter of 2024 was RMB157.6 million (US$21.7 million), compared with net other income of RMB1.32 billion in the first quarter of 2024 and net other income of RMB59.0 million in the second quarter of 2023. The sequential decrease was mainly due to income generated from the disposal of a wholly-owned subsidiary in the first quarter of 2024. The year-over-year increase was mainly due to gains from the changes in the fair value of the financial instruments in the second quarter of 2024.

Equity in Earnings of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB67.6 million (US$9.3 million) in the second quarter of 2024, compared with equity in gain of RMB13.2 million in the first quarter of 2024 and RMB63.3 million in the second quarter of 2023. The fluctuations in equity in earnings of affiliated companies primarily arose from the net gain or loss incurred by the affiliate companies.

Income Tax Expense

The Company recorded an income tax expense of RMB24.8 million (US$3.4 million) in the second quarter of 2024, compared with RMB476.7 million in the first quarter of 2024 and RMB341.1 million in the second quarter of 2023.

Net Loss/Income attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB18.8 million (US$2.6 million) in the second quarter of 2024, compared with net income of RMB351.0 million in the first quarter of 2024 and net income of RMB1.11 billion in the second quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in net income of the Company's majority-owned principal operating subsidiary, Jinko Solar Co., Ltd.

Net Loss/Income and Earnings per Share

Net loss attributable to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB100.7 million (US$13.9 million) in the second quarter of 2024, compared with net income of RMB609.4 million in the first quarter of 2024 and net income of RMB1.31 billion in the second quarter of 2023.

Excluding the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of the long-term investment, (iii) share based compensation expenses, and (iv) the net loss resulted from the Fire Accident, adjusted net income attributable to the JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB378.5 million (US$52.1 million), compared with RMB470.3 million in the first quarter of 2024 and RMB1.43 billion in the second quarter of 2023.

Basic and diluted loss per ordinary share were RMB0.48 (US$0.07) and RMB0.53 (US$0.07), respectively, in the second quarter of 2024, compared to basic and diluted earnings per ordinary share of RMB2.82 and RMB1.34, respectively, in the first quarter of 2024, and basic and diluted earnings per ordinary share of RMB6.39 and RMB5.55, respectively, in the second quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted loss per ADS of RMB1.94 (US$0.27) and RMB2.12 (US$0.29), respectively in the second quarter of 2024; basic and diluted earnings per ADS of RMB11.28 and RMB5.36, respectively, in the first quarter of 2024; and basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second quarter of 2023.

Financial Position

As of June 30, 2024, the Company had RMB13.87 billion (US$1.91 billion) in cash, cash equivalents, and restricted cash, compared with RMB17.63 billion as of March 31, 2024.

As of June 30, 2024, the Company's accounts receivables were RMB18.39 billion (US$2.53 billion), compared with RMB19.82 billion as of March 31, 2024.

As of June 30, 2024, the Company's inventories were RMB19.49 billion (US$2.68 billion), compared with RMB20.13 billion as of March 31, 2024.

As of June 30, 2024, the Company's total interest-bearing debts were RMB28.06 billion (US$3.86 billion), compared with RMB26.46 billion as of March 31, 2024.

Second Quarter 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 25,318 MW in the second quarter of 2024, including 23,822 MW for solar module shipments and 1,496 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

Third Quarter and Full Year 2024 Guidance

The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.

For the third quarter of 2024, the Company expects its module shipments to be in the range of 23.0 GW to 25.0 GW.

For full year 2024, the Company estimates its module shipments to be in the range of 100.0 GW to 110.0 GW.

Solar Products Production Capacity

The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2024.

Recent Business Developments

  • In May 2024, JinkoSolar delivered Tiger Neo modules to a Solar Power Plant in Lobstädt, Germany (The Witznitz Solar Park).
  • In May 2024, JinkoSolar's 2000-Volt EAGLE® Modules became the first in the world to be qualified as UL listed products for UL61730-1 and UL61730-2, and UL classified products for IEC 61215-1, IEC 61215-2 and IEC 61215-1-1.
  • In June 2024, JinkoSolar was recognized as a Top Performer across all reliability categories in the 2024 PV Module Reliability Scorecard published by Kiwa PVEL.
  • In June 2024, JinkoSolar announced that tested by TÜV SÜD, the conversion efficiency for 2 m2 above large-size N-type TOPCon solar modules has reached 25.42%, setting a new record again.
  • In June 2024, JinkoSolar announced that its subsidiary Jinko Solar Denmark has supplied high voltage residential storage solutions to SolarToday for use in the DACH and Benelux regions starting from June 2024.
  • In June 2024, JinkoSolar entered into a Heads of Terms with kIEFER to supply its large scale battery storage, SunTera to Athens International Airport (AIA), supporting its commitment to achieve Net Zero Carbon Emissions by 2025.
  • In July 2024, JinkoSolar topped the PV Tech 2024 Q2 ModuleTech Bankability Report with "AAA" rating.
  • As of the date of this press release, JinkoSolar has repurchased a total of 5,596,739 ADSs in an aggregate amount of approximately US$134.5 million in the open market under its share repurchase program announced in July 2022 and the extended share repurchase program announced in December 2023. As of the same date, approximately US$65.5 million of the Company's ordinary shares represented by the ADSs under the extended share repurchase program had not been utilized.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Friday, August 30, 2024 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10041536-ai8fg3.html 

It will automatically direct you to the registration page of "JinkoSolar Second Quarter 2024 Earnings Conference Call", where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 6, 2024. The dial-in details for the replay are as follows:

International: 

+61 7 3107 6325

U.S.:       

+1 855 883 1031

Passcode:     

10041536

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams  in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2024.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 28, 2024, which was RMB7.2672 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

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

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


For the year ended     


Jun 30, 2023


Mar 31, 2024


Jun 30, 2024


Jun 30, 2023


Jun 30, 2024


RMB'000


RMB'000


RMB'000


USD'000


RMB'000


RMB'000


USD'000

 Revenues 

30,685,099


23,044,280


24,053,049


3,309,810


54,014,161


47,097,329


6,480,809















 Cost of revenues 

(25,902,426)


(20,309,195)


(21,376,366)


(2,941,486)


(45,190,471)


(41,685,562)


(5,736,124)















 Gross profit 

4,782,673


2,735,085


2,676,683


368,324


8,823,690


5,411,767


744,685















 Operating expenses: 














   Selling and marketing 

(1,665,996)


(1,466,397)


(1,797,061)


(247,284)


(3,222,296)


(3,263,458)


(449,067)

   General and administrative 

(800,148)


(1,367,868)


(1,141,307)


(157,049)


(1,884,556)


(2,509,174)


(345,274)

   Research and development 

(225,574)


(240,428)


(215,394)


(29,639)


(414,130)


(455,822)


(62,723)

   Impairment of long-lived assets 

(552,751)


-


(660,964)


(90,952)


(552,751)


(660,964)


(90,952)

 Total operating expenses 

(3,244,469)


(3,074,693)


(3,814,726)


(524,924)


(6,073,733)


(6,889,418)


(948,016)















 (Loss)/income from operations 

1,538,204


(339,608)


(1,138,043)


(156,600)


2,749,957


(1,477,651)


(203,331)

 Interest expenses 

(332,374)


(281,733)


(212,897)


(29,296)


(623,108)


(494,630)


(68,063)

 Interest income 

123,921


94,900


107,740


14,826


359,263


202,640


27,884

 Subsidy income 

292,376


231,844


885,024


121,783


556,418


1,116,868


153,686

 Exchange gain,net 

1,358,867


126,010


247,726


34,088


1,229,820


373,736


51,428

 Change in fair value of foreign exchange derivatives 

(442,492)


13,714


57,250


7,878


(387,154)


70,964


9,765

 Change in fair value of Long-term Investment 

2,278


(55,328)


(144,222)


(19,846)


442,702


(199,550)


(27,459)

 Change in fair value of convertible senior notes 

89,747


310,683


12,791


1,760


(171,688)


323,474


44,512

 Other income, net 

58,971


1,323,478


157,574


21,683


62,095


1,481,051


203,800

Income/(loss) before income taxes

2,689,498


1,423,960


(27,057)


(3,724)


4,218,305


1,396,902


192,222

 Income tax expenses 

(341,144)


(476,718)


(24,799)


(3,412)


(656,148)


(501,518)


(69,011)

 Equity in (loss)/income of affiliated companies 

63,281


13,181


(67,644)


(9,308)


243,236


(54,463)


(7,494)

 Net income 

2,411,635


960,423


(119,500)


(16,444)


3,805,393


840,921


115,717

  Less: Net (income)/loss attributable to non-controlling
interests 

(1,105,533)


(351,025)


18,847


2,593


(1,710,640)


(332,178)


(45,709)

 Net income/(loss) attributable to JinkoSolar
 Holding Co., Ltd.'s ordinary shareholders 

1,306,102


609,398


(100,653)


(13,851)


2,094,753


508,743


70,008















   Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 














   Basic 

6.39


2.82


(0.48)


(0.07)


10.31


2.40


0.33

   Diluted 

5.55


1.34


(0.53)


(0.07)


9.90


0.87


0.12















   Net income/(loss) attributable to JinkoSolar Holding
Co., Ltd.'s
   ordinary shareholders per ADS: 














   Basic 

25.54


11.28


(1.94)


(0.27)


41.22


9.62


1.32

   Diluted 

22.20


5.36


(2.12)


(0.29)


39.61


3.48


0.48















 Weighted average ordinary shares outstanding: 














   Basic 

204,566,514


216,001,414


208,076,672


208,076,672


203,250,441


211,662,944


211,662,944

   Diluted 

223,654,851


223,646,269


209,869,918


209,869,918


211,556,947


219,563,068


219,563,068















 Weighted average ADS outstanding: 














   Basic 

51,141,628


54,000,353


52,019,168


52,019,168


50,812,610


52,915,736


52,915,736

   Diluted 

55,913,713


55,911,567


52,467,479


52,467,479


52,889,237


54,890,767


54,890,767















UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME















 Net income/(loss) 

2,411,635


960,423


(119,500)


(16,444)


3,805,393


840,921


115,717

  Other comprehensive income/(loss): 














   -Unrealized loss on available-for-sale securities 

58






-


(973)




-

   -Foreign currency translation adjustments 

282,017


(177,267)


9,874


1,360


224,045


(167,393)


(23,034)

   -Change in the instrument-specific credit risk 

20,227


421


-


-


65,445


421


58

  Comprehensive income/(loss) 

2,713,937


783,577


(109,626)


(15,084)


4,093,910


673,949


92,740

  Less: Comprehensive (income)/loss attributable to non-
controlling interests 

(1,168,875)


(348,517)


9,056


1,246


(1,755,098)


(339,461)


(46,711)

  Comprehensive income/(loss) attributable to JinkoSolar 
Co., Ltd.'s ordinary shareholders 

1,545,062


435,060


(100,570)


(13,838)


2,338,812


334,488


46,029

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


Dec 31, 2023


Jun 30, 2024


RMB'000


RMB'000


USD'000

ASSETS






Current assets:






  Cash,cash equivalents, and restricted cash

19,069,107


13,869,567


1,908,516

  Restricted short-term investments and short-term investments

8,509,257


6,458,580


888,730

  Accounts receivable, net 

22,958,693


18,386,843


2,530,114

  Notes receivable, net 

4,090,085


4,283,889


589,483

  Advances to suppliers, net 

4,565,779


3,774,159


519,341

  Inventories, net

18,215,537


19,489,767


2,681,881

  Foreign exchange forward contract receivables

103,100


122,268


16,825

  Prepayments and other current assets, net 

3,430,224


6,031,154


829,914

  Held-for-sale assets

2,003,417


189,077


26,018

Total current assets

82,945,199


72,605,304


9,990,822







Non-current assets:






  Restricted long-term investments

1,536,198


1,918,126


263,943

  Long-term investments

2,117,628


1,738,566


239,234

  Property, plant and equipment, net

41,267,187


45,615,154


6,276,854

  Land use rights, net

1,821,012


1,852,866


254,963

  Intangible assets, net

569,088


361,480


49,741

  Right-of-use assets, net

742,431


567,137


78,041

  Deferred tax assets 

1,290,004


1,613,419


222,014

  Advances to suppliers to be utilised beyond one year

648,377


671,645


92,421

  Other assets, net 

2,790,567


1,571,391


216,231

  Available-for-sale securities-non-current

104,134


131,134


18,045

Total non-current assets

52,886,626


56,040,918


7,711,487







Total assets

135,831,825


128,646,222


17,702,309







LIABILITIES






Current liabilities:






  Accounts payable 

15,475,166


13,952,517


1,919,930

  Notes payable 

25,690,532


19,528,035


2,687,147

  Accrued payroll and welfare expenses

2,798,964


2,592,942


356,801

  Advances from customers

6,965,298


7,551,735


1,039,154

  Income tax payables

1,016,039


491,952


67,695

  Other payables and accruals

13,448,501


16,387,720


2,255,022

  Foreign exchange forward derivatives payables

26,466


16,038


2,207

  Convertible senior notes

782,969


-


-

  Lease liabilities - current

155,931


118,382


16,290

  Short-term borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing

13,583,774


6,830,467


939,904

  Held-for-sale liabilities

1,117,005


-


-

Total current liabilities

81,060,645


67,469,788


9,284,150







Non-current liabilities:






  Long-term borrowings

11,238,806


13,434,364


1,848,630

  Convertible notes

4,785,480


7,203,086


991,178

  Accrued warranty costs - non current

2,145,426


2,205,949


303,549

  Lease liabilities-noncurrent

557,136


475,932


65,490

  Deferred tax liability

131,506


138,971


19,123

  Long-term Payables

2,378,684


4,257,201


585,810

Total non-current liabilities

21,237,038


27,715,503


3,813,780







Total liabilities

102,297,683


95,185,291


13,097,930







SHAREHOLDERS' EQUITY






Total JinkoSolar Holding Co., Ltd. shareholders' equity

20,156,434


20,620,188


2,837,434







Non-controlling interests

13,377,708


12,840,743


1,766,945







Total shareholders' equity

33,534,142


33,460,931


4,604,379







Total liabilities, non-controlling interest and shareholders' equity 

135,831,825


128,646,222


17,702,3093

 

 

Cision View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2024-financial-results-302234929.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What were JinkoSolar's Q2 2024 total revenues?

JinkoSolar's total revenues for Q2 2024 were RMB24.05 billion (US$3.31 billion), a decrease of 21.6% year-over-year.

What is JinkoSolar's Q2 2024 net income?

JinkoSolar reported a net loss of RMB100.7 million (US$13.9 million) in Q2 2024.

How did JinkoSolar's module shipments perform in Q2 2024?

JinkoSolar's module shipments grew by 34.1% year-over-year to 23.8 GW in Q2 2024.

What is JinkoSolar's guidance for Q3 2024 module shipments?

JinkoSolar expects its module shipments to be between 23.0 GW and 25.0 GW for Q3 2024.

What technology milestone did JinkoSolar achieve in Q2 2024?

JinkoSolar achieved a 33.24% conversion efficiency for its N-type TOPCon based perovskite tandem cells in Q2 2024.

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