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JinkoSolar Announces First Quarter 2022 Financial Results

JinkoSolar Announces First Quarter 2022 Financial Results

SHANGRAO, China, April 28, 2022 /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 first quarter ended March 31, 2022.

First Quarter 2022 Business Highlights

  • Significant year-over-year growth in revenues and module shipments.
  • At the end of the first quarter of 2022, we became the first in the industry to reach the delivery milestone of a total 100GW of solar modules.
  • High-efficiency N-Type monocrystalline silicon solar cell sets new world record with maximum conversion efficiency of 25.7%.
  • 16GW N-type cells capacity in Hefei and Jianshan production facilities ramped up smoothly, with cells mass production efficiency exceeding 24.6%.
  • The overall impact of the COVID-19 outbreak on production and operations should be short-term and controllable.
  • We reiterate our full year 2022 shipment guidance.

First Quarter 2022 Operational and Financial Highlights

  • Quarterly shipments were 8,390 MW (8,031 MW for solar modules, 359 MW for cells and wafers), total shipments down 13.4% sequentially, and up 56.7% year over year.
  • Total revenues were RMB14.76 billion (US$2.33 billion), down 9.9% sequentially and up 85.9% year over year. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules. The year over year increase was mainly attributable to an increase in the shipment of solar modules.
  • Gross profit was RMB2.23 billion (US$351.2 million), down 15.8% sequentially and up 63.9% year over year.
  • Gross margin was 15.1%, compared with 16.1% in Q4 2021 and 17.1% in Q1 2021. The sequential and year-over-year decreases were mainly attributable to an increase in the material cost of solar modules.
  • Net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB28.9 million (US$4.6 million), compared with RMB239.5 million sequentially and RMB221.1 million year over year.
  • Basic and diluted earnings per ordinary share were RMB0.15 (US$0.02) and RMB0.15 (US$0.02), respectively. This translates into basic and diluted earnings per ADS of RMB0.60 (US$0.10) and RMB0.60 (US$0.10), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman of the Board of Directors and Chief Executive Officer, commented, “Leveraging our competitive advantages in supply chain management and a global network, we delivered solid results in the first quarter of 2022, with total revenues reaching RMB14.8 billion, a 86% increase year-over-year, and our quarterly shipments increased by 57% year-over-year to 8.4 GW. Despite a very challenging environment due to macro-economic uncertainties and supply chain disruptions as a result of the resurgence of COVID-19 across the world, we continued to improve our in-house cost structure and our gross profit in the first quarter increased by more than 60% year-over-year.

“Polysilicon prices and shipping costs remained high and volatile during the quarter. Epidemic prevention and containment policies in China since March have resulted in logistics congestion and sharp reductions in transport capacity, which further increased cost pressures. To overcome these difficulties, we took early action to ensure ample reserves of raw materials as well as close cooperation and coordination of production, supply chain and sales in order to meet production and delivery timelines.”

“In China, some projects have been delayed to some extent due to the supply chain imbalance and logistic disruptions as a result of the COVID-19 resurgence, but we continue to see solid demand for clean energy solutions. During the quarter, many Chinese provinces started to issue time-of-use tariff policies which have increased demand for distributed generation. For utility projects, consistently high prices along the supply chain convinced some customers to not wait any longer to start new projects. By the end of March, the bidding phases for more than 50GW of such projects had been completed.”

“In Europe, the RussiaUkraine war has highlighted the need for solar energy, with incremental demand expected within the year and further steady increases over time. We expect total global installations to reach about 250 GW in 2022 and distributed generation to make up a higher proportion of the energy mix in countries traditionally reliant on gas-fired and thermal power.”

“Our 16 GW N-type production capacity successfully ramped up according to schedule. Currently, our mass-produced N-type cell conversion efficiency exceeds 24.6%. We are consistently investing in technology upgrades to increase cell efficiency and reduce costs. Recently, we set a new world record for our large-size monocrystalline silicon TOPCon solar cell with maximum conversion efficiency reaching 25.7%.There has been wide acceptance and demand for our N-type modules. We expect to increase our market share and profitability with gradual sales of premium N-type modules in the coming quarters.”

“We believe that the impact of the pandemic on production and operations is temporary and the continuous release of polysilicon supplies will aid the industry’s gradual recovery. We reiterate our guidance on total shipments for full year 2022. Taking into account our advantages in N-type cells and strong market demand, we plan to invest in the second phase of N-type cells with a total production capacity of approximately 16GW to improve our integrated capacity infrastructure. This gives us the confidence to increase our full-year 2022 guidance for annual production capacities of mono wafers, solar cells and modules to reach 55 GW, 55 GW and 60 GW, respectively. By applying the latest technology for mass production, we will continue to lead industry breakthroughs and achieve technical leadership among our peers.”

First Quarter 2022 Financial Results

Total Revenues

Total revenues in the first quarter of 2022 were RMB14.76 billion (US$2.33 billion), a decrease of 9.9% from RMB16.39 billion in the fourth quarter of 2021 and an increase of 85.9% from RMB7.94 billion in the first quarter of 2021. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules. The year-over-year increase was mainly attributable to an increase in the shipment of solar modules due to the increasing demand of global market.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2022 was RMB2.23 billion (US$351.2 million), compared with RMB2.64 billion in the fourth quarter of 2021 and RMB1.36 billion in the first quarter of 2021.

Gross margin was 15.1% in the first quarter of 2022, compared with 16.1% in the fourth quarter of 2021 and 17.1% in the first quarter of 2021. The sequential and year-over-year decreases were mainly attributable to an increase in the material cost of solar modules.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2022 was RMB40.8 million (US$6.4 million), compared with RMB485.8 million in the fourth quarter of 2021 and RMB149.1 million in the first quarter of 2021.

Operating profit margin was 0.3% in the first quarter of 2022, compared with 3.0% in the fourth quarter of 2021 and 1.9% in the first quarter of 2021. The sequential and year-over-year decrease were mainly attributable to increase in the material cost of solar modules and share based compensations expenses in the first quarter of 2022.

Total operating expenses in the first quarter of 2022 were RMB2.19 billion (US$344.8 million), an increase of 1.3% from RMB2.16 billion in the fourth quarter of 2021 and an increase of 80.8% from RMB1.21 billion in the first quarter of 2021. The year-over-year increases were mainly attributable to increases in shipping costs for solar modules and share based compensations expenses in the first quarter of 2022.

Total operating expenses accounted for 14.8% of total revenues in the first quarter of 2022, compared to 13.2% (or 12.3% excluding impairment loss) in the fourth quarter of 2021 and 15.2% (or 13.7% excluding impairment loss) in the first quarter of 2021.

Interest Expense, Net

Net interest expense in the first quarter of 2022 was RMB162.2 million (US$25.6 million), an increase of 12.3% from RMB144.4 million in the fourth quarter of 2021 and an increase of 3.6% from RMB156.5 million in the first quarter of 2021. The sequential and year-over-year increases were mainly due to an increase in the Company’s interest-bearing debts. 

Subsidy Income

Subsidy income in the first quarter of 2022 was RMB305.3 million (US$48.2 million), compared with RMB109.6 million in the fourth quarter of 2021 and RMB130.3 million in the first quarter of 2021. The sequential and year over year increases were mainly attributable to an increase in the cash receipt of subsidies from local governments in China which are non-recurring, not refundable and with no conditions.

Exchange Gain 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 RMB76.4 million (US$12.1 million) in the first quarter of 2022, compared to a net exchange loss of RMB10.5 million in the fourth quarter of 2021 and a net exchange loss of RMB26.6 million in the first quarter of 2021. The sequential and year over year increase was mainly attributable to a gain arising from foreign exchange forward contracts associated with the depreciation of the U.S. dollars and Euros against the RMB in the first quarter of 2022.

Change in Fair Value of Convertible Senior Notes and Call Option

The Company issued US$85.0 million of 4.5% convertible senior notes due 2024 (the “Notes”) in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model.

The Company recognized a loss from a change in fair value of the Notes of RMB104.9 million (US$16.6 million) in the first quarter of 2022, compared to a gain of RMB9.5 million in the fourth quarter of 2021 and a gain of RMB414.9 million in the first quarter of 2021. The change was primarily due to an increase in the Company’s stock price in the first quarter of 2022. As of March 31, 2022, certain convertible senior notes remains US$69.25 million outstanding after converting US$15.75 million into ordinary shares  

Concurrent with the issuance of the Notes in May 2019, the Company entered into a call option transaction with an affiliate of Credit Suisse Securities (USA) LLC. The Company accounted for the call option transaction as freestanding derivative assets in its consolidated balance sheets, which is marked to market during each reporting period. The Company recorded nil in the first quarter of 2022, compared to nil in the fourth quarter of 2021 and a loss of RMB235.8 million in the first quarter of 2021. The change was primarily due to the Company exercising all the remaining call options using cash settlement in the third quarter of 2021.

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 accounts for its investment using the equity method. The Company recorded equity in earnings of affiliated companies of RMB6.4 million (US$1.0 million) in the first quarter of 2022, compared with earnings of RMB3.5 million in the fourth quarter of 2021 and earnings of RMB43.4 million in the first quarter of 2021. The fluctuation of equity in earnings of affiliated companies primarily arose from change in fair value of interest rate swap recorded by an equity affiliate. The affiliated company terminated its interest swap arrangements in the first quarter of 2022. Hedge accounting was not applied for the derivative.  

Income Tax Expense

The Company recorded an income tax expense of RMB71.0 million (US$11.2 million) in the first quarter of 2022, compared with an income tax expense of RMB126.9 million in the fourth quarter of 2021 and an income tax expense of RMB52.2 million in the first quarter of 2021. The sequential decrease in tax expense was mainly due to lower profit generated compared to the fourth quarter of 2021.

Non-Controlling Interests

Net income attributable to non-controlling interests amounted to RMB75.3 million (US$11.9 million) in the first quarter of 2022, compared with RMB84.4 million in the fourth quarter of 2021 and RMB48.7 million in the first quarter of 2021. The increase in the first quarter of 2022 was mainly attributable to an increase of non-controlling interests after the Company’s major subsidiary, Jinko Solar Co., Ltd (“Jiangxi Jinko”) completed its initial public offering (“IPO”) and started trading on Shanghai Stock Exchange’s Sci-Tech innovation board on January 26, 2022. After the IPO, the Company holds approximately 58.62% of Jiangxi Jinko. Ownership of non-controlling interests in Jiangxi Jinko increased from 26.72% to 41.38% due to the IPO.

Net Income and Earnings per Share

Net income attributable to the Company’s ordinary shareholders was RMB28.9 million (US$4.6 million) in the first quarter of 2022, compared with net income attributable to the Company’s ordinary shareholders of RMB239.5 million in the fourth quarter of 2021 and net income attributable to the Company’s ordinary shareholders of RMB221.1 million in the first quarter of 2021.

Basic and diluted earnings per ordinary share were RMB0.15 (US$0.02) and RMB0.15 (US$0.02), respectively, during the first quarter of 2022, compared to RMB1.26 and RMB1.04, respectively, in the fourth quarter of 2021, and RMB1.16 and RMB(0.90), respectively, in the first quarter of 2021. As each ADS represents four ordinary shares, this translates into basic and diluted earnings per ADS of RMB0.60 (US$0.10) and RMB0.60 (US$0.10), respectively in the first quarter of 2022; RMB5.02 and RMB4.16, respectively, in the fourth quarter of 2021; and RMB4.64 and RMB(3.61), respectively, in the first quarter of 2021.

Financial Position

As of March 31, 2022, the Company had RMB16.87 billion (US$2.66 billion) in cash and cash equivalents and restricted cash, compared with RMB8.92 billion as of December 31, 2021.

As of March 31, 2022, the Company’s accounts receivables due from third parties were RMB8.56 billion (US$1.35 billion), compared with RMB7.47 billion as of December 31, 2021.

As of March 31, 2022, the Company’s inventories were RMB15.95 billion (US$2.52 billion), compared with RMB13.25 billion as of December 31, 2021.

As of March 31, 2022, the Company’s total interest-bearing debts were RMB27.46 billion (US$4.33 billion), of which RMB419.0 million(US$66.1 million) was related to the Company’s overseas downstream solar projects, compared with RMB25.63 billion, of which RMB419.0 million was related to the Company’s overseas downstream solar projects as of December 31, 2021.

First Quarter 2022 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments in the first quarter of 2022 were 8,390 MW, including 8,031 MW for solar module shipments and 359 MW for cell and wafer shipments.

Solar Products Production Capacity

As of March 31, 2022, the Company’s annual mono wafer, solar cell and solar module production capacity was 40.0 GW, 40.0 GW (16.9 GW for N-type cells) and 50.0 GW, respectively.

Operations and Business Outlook Highlights

The overall impact of the COVID-19 outbreak on production and operations should be short-term and controllable. We heightened cooperation and coordination between our  production,supply chain and sales teams to ensure production and delivery.

We reiterate our full year 2022 shipment guidance.

In light of growing demand for higher efficiency N-type products , and the smooth ramping up of our first phase of 16GW N-type cells production capacity, we plan to invest in the second phase of N-type cells with a total production capacity of approximately 16GW. Our in-house integrated capacity structure will be further improved. Leveraging on in-depth global marketing structure and localized service network, we are committed to bringing high-quality and efficient products to serve global customers.

Second Quarter and Full Year 2022 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 second quarter of 2022, the Company expects its total shipments to be in the range of 8.5 GW to 9.5 GW.

For full year 2022, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 35.0 GW to 40.0 GW.

Solar Products Production Capacity

JinkoSolar expects its annual mono wafer, solar cell and solar module production capacity to reach 55.0 GW, 55.0 GW (including 32.9 GW N-type cells) and 60.0 GW, respectively, by the end of 2022.

Recent Business Developments

  • In March 2022,JinkoSolar announced that it has delivered 100GW of solar modules globally. JinkoSolar is the first company in history to achieve this milestone.
  • In April 2022,JinkoSolar Delivers over 500,000 Ultra-efficiency Modules to one of the biggest Bifacial Projects in Europe.
  • In April 2022,JinkoSolar’s Subsidiary Jinko Solar Co., Ltd. Proposes 2021 Cash Dividend Plan to Its Annual Shareholders’ Meeting For Approval.
  • In April 2022,JinkoSolar’s Subsidiary Jinko Solar Co., Ltd. Announces Certain Preliminary Unaudited Financial Results for First Quarter 2022.
  • In April 2022,JinkoSolar’s High-efficiency N-Type Monocrystalline Silicon Solar Cell Sets New World Record with Maximum Conversion Efficiency of 25.7%.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Thursday, April 28, 2022 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500


U.S. Toll Free:

+1 855-824-5644


Passcode:

27492878#


Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

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, May 5, 2022. The dial-in details for the replay are as follows:

International: 

+61 2 8325 2405

U.S.:       

+1 646 982 0473

Passcode:     

520001960#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at 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, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 40.0 GW for mono wafers, 40.0 GW for solar cells, and 50.0 GW for solar modules, as of March 31, 2022.

JinkoSolar has 12 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of March 31, 2022.

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 March 31, 2022, which was RMB6.3393 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: [email protected]

Mr. Rene Vanguestaine

Christensen

Tel: +86 178 1749 0483

Email: [email protected]

In the U.S.:

Ms. Linda Bergkamp

Christensen, Scottsdale, Arizona

Tel: +1-480-614-3004

Email: [email protected]

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


Mar 31, 2021


Dec 31, 2021


Mar 31, 2022


RMB’000


RMB’000


RMB’000


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: 








   Basic 

1.16


1.26


0.15


0.02

   Diluted 

(0.90)


1.04


0.15


0.02









 Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s

   ordinary shareholders per ADS: 








   Basic 

4.64


5.02


0.60


0.10

   Diluted 

(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









 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









 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


Dec 31, 2021


Mar 31, 2022


RMB’000


RMB’000


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







 

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-first-quarter-2022-financial-results-301535082.html

SOURCE JinkoSolar Holding Co., Ltd.

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