JinkoSolar's Subsidiary Jinko Solar Co., Ltd. Announces Estimates of Certain Preliminary Unaudited Financial Results for First Quarter 2023

On April 23, 2023, JinkoSolar (NYSE: JKS) announced preliminary unaudited financial results for its subsidiary, Jiangxi Jinko, for Q1 2023.

Rhea-AI Summary

On April 23, 2023, JinkoSolar (NYSE: JKS) announced preliminary unaudited financial results for its subsidiary, Jiangxi Jinko, for Q1 2023. The estimated net income for Jiangxi Jinko is projected between RMB 1.60 billion and RMB 1.70 billion, marking a significant increase of 298.89% to 323.82% year-over-year. Furthermore, the net income excluding extraordinary items is expected to range from RMB 1.20 billion to RMB 1.30 billion, reflecting a 299.48% to 332.77% increase from the previous year. JinkoSolar retains about 58.62% equity interest in Jiangxi Jinko. However, investors are cautioned that these preliminary results differ from JinkoSolar's consolidated financials due to varying accounting standards and consolidation scopes.

Positive

• Net income for Jiangxi Jinko estimated between RMB 1.60 billion and RMB 1.70 billion, a 298.89% to 323.82% increase year-over-year.
• Net income excluding extraordinary items estimated between RMB 1.20 billion and RMB 1.30 billion, a 299.48% to 332.77% increase year-over-year.

Negative

• Preliminary results differ from consolidated financials due to different accounting standards (PRC GAAP vs. US GAAP) and scopes.

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SHANGRAO, China, April 23, 2023 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its majority-owned principal operating subsidiary Jinko Solar Co., Ltd. ("Jiangxi Jinko") published estimates of certain preliminary unaudited financial results for the three months ended March 31, 2023.

For the three months ended March 31, 2023, (i) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko is estimated to be in the range from RMB1.60 billion to RMB1.70 billion, increasing by from RMB1.20 billion to RMB1.30 billion and by from 298.89% to 323.82% year over year, and (ii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko excluding extraordinary gains and losses is estimated to be in the range from RMB1.20 billion to RMB1.30 billion, increasing by from RMB899.6 million to RMB999.6 million and by from 299.48% to 332.77% year over year.

The preliminary unaudited financial results of Jiangxi Jinko for the three months ended March 31, 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.

JinkoSolar currently owns approximately 58.62% 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, 23 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 and Nigeria, 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 December 31, 2022.

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.

FAQ

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What are the preliminary financial results for JinkoSolar's subsidiary for Q1 2023?

JinkoSolar's subsidiary, Jiangxi Jinko, estimates a net income of RMB 1.60 billion to RMB 1.70 billion for Q1 2023.

How much did JinkoSolar's Jiangxi Jinko earn in the first quarter of 2023?

Jiangxi Jinko's estimated earnings for Q1 2023 show a net income increase of approximately 298.89% to 323.82% year-over-year.

What is the estimated net income excluding extraordinary items for Jiangxi Jinko in Q1 2023?

The estimated net income excluding extraordinary items for Jiangxi Jinko is between RMB 1.20 billion and RMB 1.30 billion.

Why should investors exercise caution regarding the preliminary results of JinkoSolar?

Investors should be cautious as the preliminary results are prepared under different accounting standards and do not reflect JinkoSolar's consolidated financials.