JinkoSolar's Subsidiary Jinko Solar Co., Ltd. Announces Certain Preliminary Unaudited Financial Results for Full Year 2023

Rhea-AI Summary

JinkoSolar Holding Co., Ltd. announces preliminary unaudited financial results for Jiangxi Jinko for the full year 2023, with revenues of RMB118.68 billion and net income of RMB7.49 billion. Investors should exercise caution due to differences in accounting standards and the unaudited nature of the results.

Financial Analyst

Analysis of the preliminary financial results of Jiangxi Jinko reveals substantial revenue and net income figures, which are indicative of the company's robust performance in the solar module manufacturing industry. With revenues reaching RMB118.68 billion and net income for shareholders at RMB7.49 billion, Jiangxi Jinko has demonstrated significant growth potential. However, these figures, prepared under PRC GAAP, might differ from US GAAP, which could lead to adjustments during the audit process. Investors should consider the potential for such adjustments when evaluating the company's performance.

It's crucial to note that the equity interest of JinkoSolar in Jiangxi Jinko stands at 58.59%, which means the financial health of Jiangxi Jinko has a direct impact on JinkoSolar's consolidated financials and overall valuation. The strong performance of the subsidiary can positively influence the parent company's stock price, making it an attractive prospect for investors seeking exposure to the renewable energy sector. However, the reliance on preliminary and unaudited data necessitates caution, as the final audited results may differ.

Market Research Analyst

The solar module manufacturing sector is experiencing a surge in demand due to global shifts towards renewable energy sources. JinkoSolar, through its subsidiary Jiangxi Jinko, appears well-positioned to capitalize on this trend. The reported preliminary unaudited financial results suggest that the company has successfully navigated market challenges and is maintaining a competitive edge. This could signal to investors that JinkoSolar is a resilient player in the market, potentially leading to increased investor confidence and stock market performance.

Furthermore, the exclusion of extraordinary gains and losses in the reported net income provides a clearer picture of the company's operating performance. This figure, RMB7.00 billion, allows stakeholders to assess the core business activities without the noise of one-off events. The market's response to such transparency could be favorable, as it aids in better forecasting and valuation assessments.

Economist

The financial performance of Jiangxi Jinko has broader economic implications, particularly in the context of China's economic landscape and the global renewable energy market. The substantial revenues reported by the company reflect not only its individual success but also the growing economic impact of the renewable energy sector. This growth can stimulate job creation, technological advancements and contribute to the country's GDP.

Moreover, the international community's focus on sustainable development goals and the transition to greener energy sources can lead to increased investment in companies like Jiangxi Jinko. This trend can bolster the economic stability and expansion of the renewable energy industry, providing long-term benefits to stakeholders, including the creation of a more sustainable economic model.

SHANGRAO, China, Feb. 27, 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, announced that its principal operating subsidiary, Jinko Solar Co., Ltd. ("Jiangxi Jinko"), announced certain preliminary unaudited financial results for the full year 2023.

For 2023, (i) the preliminary unaudited revenues of Jiangxi Jinko under PRC GAAP were RMB118.68 billion, (ii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko was RMB7.49 billion, and (iii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko excluding extraordinary gains and losses was RMB7.00 billion.

The preliminary unaudited financial results of Jiangxi Jinko for 2023 described in this press release (the "Jiangxi Jinko Preliminary Unaudited Financial Results") are different from JinkoSolar's consolidated financial results (the "Consolidated Financials"), mainly because (i) the consolidation scope of the Jiangxi Jinko Preliminary Unaudited Financial Results differs from that of the Consolidated Financials: the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared solely for Jiangxi Jinko, whereas the Consolidated Financials also include financial statements of JinkoSolar and its other subsidiaries, and (ii) the Jiangxi Jinko Preliminary Unaudited Financial Results and the Consolidated Financials are prepared according to different accounting standards and principles: the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared in accordance with PRC GAAP, whereas the Consolidated Financials are prepared in accordance with accounting principles generally accepted in the United States of America. As such, investors of JinkoSolar should exercise caution when reviewing the Jiangxi Jinko Preliminary Unaudited Financial Results described in this press release and are advised not to base their investment decisions solely on such preliminary unaudited financial results.

The Jiangxi Jinko Preliminary Unaudited Financial Results described in this press release are unaudited and are subject to change upon the completion of its full year 2023 audit process. These preliminary unaudited financial results should not be viewed as a substitute for full financial statements of Jiangxi Jinko prepared in accordance with PRC GAAP.

JinkoSolar currently owns approximately 58.59% equity interest in Jiangxi Jinko.

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 14 productions facilities globally, 24 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 global 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 September 30, 2023.

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

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 

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SOURCE JinkoSolar Holding Co., Ltd.

What were the preliminary unaudited revenues of Jiangxi Jinko for the full year 2023?

The preliminary unaudited revenues of Jiangxi Jinko for 2023 were RMB118.68 billion.

What was the net income attributable to the shareholders of Jiangxi Jinko for the full year 2023?

The preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko for 2023 was RMB7.49 billion.

What percentage of equity interest does JinkoSolar currently own in Jiangxi Jinko?

JinkoSolar currently owns approximately 58.59% equity interest in Jiangxi Jinko.

Why should investors exercise caution when reviewing the Jiangxi Jinko Preliminary Unaudited Financial Results?

Investors should exercise caution due to differences in accounting standards and the unaudited nature of the results.