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JinkoSolar Announces Second Quarter 2020 Financial Results

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SHANGRAO, China, Sept. 23, 2020 — 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, 2020.

Strategic Business Updates

  • Module shipments in the second quarter increased significantly compared with the first quarter, despite the negative impact caused by the global pandemic.
  • Large-area N-Type monocrystalline silicon solar cell reached a record high efficiency of 24.79%.
  • Demand and deployment of large-size modules exceeded expectations. The company recently launched its Tiger Pro N-type large-size module products with maximum power output of up to 610 W.
  • Industry consolidation is accelerating due to increased competition in a challenging economic environment. Module shipments of the top five module manufacturers are expected to account for 65% to 70% of the total shipments in the industry this year.
  • Announced the plan to list the Company’s principal operating subsidiary Jiangxi Jinko on the Shanghai Stock Exchange’s Sci-Tech innovation board, or the STAR Market.

Second Quarter 2020 Operational and Financial Highlights

  • Total solar module shipments were 4,469 megawatts ("MW"), within JinkoSolar’s guidance range of 4.2 GW to 4.5 GW, an increase of 31.0% from 3,411 MW in the first quarter of 2020 and an increase of 32.0% from 3,386 MW in the second quarter of 2019.
  • Total revenues were RMB8.45 billion (US$1.20 billion), exceeding JinkoSolar’s guidance range of US$1.10 billion to US$1.18 billion; a decrease of 0.4% from the first quarter of 2020 and an increase of 22.2% from the second quarter of 2019.
  • Gross margin was 17.9%, within JinkoSolar’s guidance range of 16.0% to 18.0%, compared with 19.5% in the first quarter of 2020 and 16.5% in the second quarter of 2019.
  • Income from operations was RMB434.7 million (US$61.5 million), compared with RMB732.7 million in the first quarter of 2020 and RMB260.3 million in the second quarter of 2019.
  • Net income attributable to the Company’s ordinary shareholders was RMB318.0 million (US$45.0 million) in the second quarter of 2020, compared with RMB282.4 million in the first quarter of 2020 and RMB125.4 million in the second quarter of 2019.
  • Diluted earnings per American depositary share ("ADS") were RMB6.55 (US$0.93) in the second quarter of 2020.
  • Non-GAAP net income attributable to the Company’s ordinary shareholders in the second quarter of 2020 was RMB376.1 million (US$53.2 million), compared with RMB227.5 million in the first quarter of 2020 and RMB202.9 million in the second quarter of 2019.
  • Non-GAAP basic and diluted earnings per ADS were RMB8.46 (US$1.20) in the second quarter of 2020, compared with RMB5.09 and RMB4.59, respectively, in the first quarter of 2020 and RMB4.87 for both in the second quarter of 2019.

Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer commented, "JinkoSolar delivered a strong quarter with total revenue exceeding guidance. Despite the tough economic environment around the world, total solar module shipments and gross margin for the quarter were all within our guidance range. Module shipments hit a new high of 4,469 MW, an increase of 31.0% sequentially and 32.0% year-over-year. Total revenues during the quarter were US$1.20 billion, an increase of 16.0% (excluding the impact from disposal of the solar power plants in the first quarter of 2020) sequentially and 22.2% year-over-year, while gross profit was US$214.1 million. We expect orders for the third and fourth quarters to increase, with total solar module shipments expected to be in the range between 5 GW to 5.3 GW for the third quarter, and our guidance for total shipments for the full year 2020 remains unchanged at 18GW to 20 GW."

"Solar demand decreased during the quarter due to the economic slowdown, triggering a drop in module prices. Many upstream manufacturing companies were forced to reduce inventory and companies lacking product differentiation and cost flexibility struggled to remain competitive. The market continues to consolidate due to the challenging economic environment and strong competition within the industry, while the production capacity and infrastructure of integrated manufacturers remain resilient to risks and price fluctuations. All of the above has enabled a few key players, including JinkoSolar, to increase global market share. Overall, the combined shipment volumes of the top five solar module manufacturers are expected to account for 65% to 70% of the industry for the year."

"More than ever, technology is the major differentiating factor giving companies with integrated applications a clear advantage. Recently, our large-area N-type monocrystalline silicon solar cells reached a conversion efficiency of 24.79%, setting a new world record. This year, the popularity of large-sized bifacial modules exceeded our expectations and demonstrated that further reductions in the levelized cost of energy for solar remains the core distinction among clean energies. Additionally, we expect new technologies in energy storage to prompt the sector into a new era of rapid development."

"As economies have started to rebound in many markets, we believe global demand will eventually accelerate and we are well positioned to benefit from the momentum. Earlier this year, the shortage of supply in the Chinese market drove up prices along the supply chain, but prices have stabilized since then and we expect strong market demand to continue until the end of the year. With our strong R&D platform, expanding capacity and cost leadership, we believe we are well positioned to capitalize on the strong potential of solar energy as governments increasingly focus on clean energy in the wake of the pandemic and growing climate change challenges."

"This week, we announced our plan to list our principal operating subsidiary Jiangxi Jinko on the Shanghai Stock Exchange’s Sci-Tech innovation board, or the STAR Market. We are committed to maintaining the New York Stock Exchange listing for JinkoSolar. We believe the additional listing of Jiangxi Jinko on the STAR Market will raise our profile with investors both in China and globally and provide us with additional growth opportunities in the future."

Second Quarter 2020 Financial Results

Total Revenues

Total revenues in the second quarter of 2020 were RMB8.45 billion (US$1.20 billion), a decrease of 0.4% from RMB8.48 billion in the first quarter of 2020 and an increase of 22.2% from RMB6.91 billion in the second quarter of 2019. Excluding the impact from the disposal of two solar power plants in Mexico in the first quarter of 2020, revenue increased by 16.0% from RMB7.29 billion in the first quarter of 2020. The sequential increase (excluding the impact from disposal of the solar power plants in the first quarter of 2020) was mainly attributable to an increase in the shipment of solar modules partially offset by a decline in the average selling price of solar modules.  The year-over-year increase was mainly attributable to the increase in shipment of solar modules.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2020 was RMB1.51 billion (US$214.1 million), compared with RMB1.66 billion in the first quarter of 2020 (or RMB1.44 billion if excluding the impact from the disposal of two solar power plants in Mexico) and RMB1.14 billion in the second quarter of 2019. The sequential increase was mainly attributable to an increase in the shipment of solar modules partially offset by a decline in the average selling price of solar modules.  The year-over-year increase was mainly attributable to (i) an increase in the shipment of solar modules, (ii) an increase in self-produced production volume that is increasingly shifting toward integrated mono-based high-efficiency products capacity, and (iii) the continued reduction of integrated production costs resulting from the Company’s industry-leading integrated cost structure.

Gross margin was 17.9% in the second quarter of 2020, compared with 19.5% in the first quarter of 2020 (or 19.7% if excluding the impact from the disposal of two solar power plants in Mexico) and 16.5% in the second quarter of 2019.The sequential decrease was mainly attributable to a decline in the average selling price of solar modules due to the decrease of global demand of solar modules. The year-over-year increase was mainly attributable to (i) an increase in self-produced production volume by increasing shift toward integrated mono-based high-efficiency products capacity, and (ii) the continued reduction of integrated production costs resulting from the Company’s industry-leading integrated cost structure.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2020 was RMB434.7 million (US$61.5 million), compared with RMB732.7 million in the first quarter of 2020 (including RMB213.2 million from the disposal of two solar power plants in Mexico) and RMB260.3 million in the second quarter of 2019.

Operating margin was 5.1% in the second quarter of 2020, compared with 8.6% in the first quarter of 2020 (or 7.1% if excluding the impact from the disposal of two solar power plants in Mexico) and 3.8% in the second quarter of 2019.

Total operating expenses in the second quarter of 2020 were RMB1.08 billion (US$152.6 million), an increase of 16.7% from RMB924.2 million in the first quarter of 2020 and an increase of 22.0% from RMB883.6 million in the second quarter of 2019. The sequential increase was mainly due to (i) an increase in warranty cost in relation to the increase in the shipment of solar modules. and (ii) an increase in disposal loss on property, plant and equipment due to the automation upgrade of the Company. The year-over-year increase was mainly due to (i) an increase in shipping costs and warranty cost in relation to the increase in the shipment of solar modules and (ii) an increase in disposal loss on property, plant and equipment.

Total operating expenses accounted for 12.8% of total revenues in the second quarter of 2020, compared to 10.9% in the first quarter of 2020 (or 12.6% if excluding the impact from the disposal of two solar power plants in Mexico) and 12.8% in the second quarter of 2019.

Interest Expense, Net

Net interest expense in the second quarter of 2020 was RMB106.2 million (US$15.0 million), a decrease of 2.2% from RMB108.6 million in the first quarter of 2020 and a decrease of 9.0% from RMB116.8 million in the second quarter of 2019. The sequential and year-over-year decreases were mainly due to an increase in interest income partially offset by an increase in interest expense with the increase of interest-bearing debts.

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 RMB69.7 million (US$9.9 million) in the second quarter of 2020, compared to a net exchange loss of RMB106.8 million in the first quarter of 2020 and a net exchange gain of RMB45.9 million in the second quarter of 2019.

Change in Fair Value of Interest Rate Swap

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposure associated with the Company’s overseas solar power projects. After the disposal of two solar power projects in Mexico in the first quarter of 2020, there was no change in fair value of interest rate swap recognized in the second quarter of 2020.

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. The Company recognized a loss from a change in fair value of the Notes of RMB89.2 million (US$12.6 million) in the second quarter of 2020, compared to a gain of RMB166.2 million in the first quarter of 2020.  The change was primarily due to an increase in the Company’s stock price in the second quarter of 2020.

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 a gain from a change in fair value of the call option of RMB38.0 million (US$5.4 million) in the second quarter of 2020, compared to a loss of RMB100.2 million in the first quarter of 2020. The change was primarily due to an increase in the Company’s stock price in the second quarter of 2020.

Equity in (Loss)/Gain 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 also holds a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as an OEM manufacturer, and accounts for its investments using the equity method. The Company recorded equity in gain of affiliated companies of RMB4.2 million (US$0.6 million) in the second quarter of 2020, compared with a loss of RMB101.5 million in the first quarter of 2020 and a loss of RMB28.6 million in the second quarter of 2019. The gain primarily arose from revenue generated from operations in the second quarter of 2020. The sequential change was mainly due to the decreased losses arose from change in fair value of interest rate swap agreements purchased by Sweihan PV Power Company P.J.S.C. as the long-term interest rates remains stable in the second quarter of 2020. Hedge accounting was not applied for the derivative.

Income Tax (Expenses)/Benefit

The Company recorded an income tax expense of RMB22.8 million (US$3.2 million) in the second quarter of 2020, compared with an income tax expense of RMB109.5 million in the first quarter of 2020 and an income tax benefit of RMB55.9 million in the second quarter of 2019. The sequential decrease was mainly due to additional 2019 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2020. The year-over-year change was mainly due to higher profit generated compared to the second quarter of 2019.

Net Income and Earnings per Share

Net income attributable to the Company’s ordinary shareholders was RMB318.0 million (US$45.0 million) in the second quarter of 2020, compared with RMB282.4 million in the first quarter of 2020 and RMB125.4 million in the second quarter of 2019.

Basic and diluted earnings per ordinary share were RMB1.79 (US$0.25) and RMB1.64 (US$0.23), respectively, during the second quarter of 2020. This translates into basic and diluted earnings per ADS of RMB7.16 (US$1.01) and RMB6.55 (US$0.93), respectively.

Non-GAAP net income attributable to the Company’s ordinary shareholders in the second quarter of 2020 was RMB376.1 million (US$53.2 million), compared with RMB227.5 million in the first quarter of 2020 and RMB202.9 million in the second quarter of 2019.

Non-GAAP basic and diluted earnings per ordinary share were RMB2.12 (US$0.30), during the second quarter of 2020. This translates into non-GAAP basic and diluted earnings per ADS of RMB8.46 (US$1.20).

Financial Position

As of June 30, 2020, the Company had RMB6.85 billion (US$969.6 million) in cash and cash equivalents and restricted cash, compared with RMB4.74 billion as of March 31, 2020.

As of June 30, 2020, the Company’s accounts receivables due from third parties were RMB5.90 billion (US$834.6 million), compared with RMB5.31 billion as of March 31, 2020.

As of June 30, 2020, the Company’s inventories were RMB6.89 billion (US$975.1 million), compared with RMB7.15 billion as of March 31, 2020.

As of June 30, 2020, the Company’s total interest-bearing debts were RMB16.5 billion (US$2.34 billion), of which RMB908.6 million (US$128.6 million) was related to the Company’s overseas downstream solar projects, compared with RMB12.79 billion, of which RMB1.15 billion was related to the Company’s overseas downstream solar projects as of March 31, 2020.

Second Quarter 2020 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2020 were 4,469 MW.

Solar Products Production Capacity

As of June 30, 2020, the Company’s in-house annual mono wafer, solar cell and solar module production capacity was 20 GW, [1] 11GW (10.2 GW for PERC cells and 800 MW for N type cells) and 25 GW, respectively.

Note 1:

In addition to the mono wafer, our multi wafer production capacity was 3.5 GW as of June 30, 2020[1]

Operations and Business Outlook

Strong market demand is expected to continue until the end of the year. COVID-19 has negatively impacted demand and caused substantial challenges across the supply chain, which is expected to further accelerate market consolidation within the industry. The penetration of large-size modules exceed expectations.

Third Quarter and Full Year 2020 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 2020, the Company expects total solar module shipments to be in the range of 5.0 GW to 5.3 GW. Total revenue for the third quarter is expected to be in the range of US$1.22 billion to US$1.30 billion. Gross margin for the third quarter is expected to be between 17% and 19%.

For full year 2020, the Company estimates total solar module shipments to be in the range of 18 GW to 20 GW.

Solar Products Production Capacity

JinkoSolar expects its annual mono wafer, solar cell and solar module production capacity to reach 20 GW, 11 GW (including 800 MW N-type cells) and 30 GW, respectively, by the end of 2020.

Recent Business Developments

  • In June 2020, JinkoSolar’s innovative Tiger Pro Series of high-efficiency modules received the world’s first IEC 61701 Ed. 3 (FDIS) certification for salt mist corrosion test issued by TÜV Nord AG, an independent provider of technical services for testing, inspection, certification, consultation and training.
  • In June 2020, United States International Trade Commission ("ITC") issued a favorable final determination concluding that JinkoSolar’s products do not infringe a patent asserted by Hanwha Q CELLS.
  • In June 2020, JinkoSolar appointed Mr. Ji Shao Guo as Chief Human Resources Officer.
  • In June 2020, JinkoSolar responded to the Regional Court of Düsseldorf’s recent determination concluding that third-party cell technology contained in certain JinkoSolar modules, no longer in production, infringes a patent held by Hanwha Q CELLS.
  • In June 2020, JinkoSolar announced that it will supply 60.9 MW of bifacial modules for the first industrial hybrid plant in Chile.
  • In July 2020, JinkoSolar won the 6th All Quality Matters Award for PV Module Energy Yield Simulation (Mono Group) at the Solar Congress 2020 organized by TÜV Rheinland.
  • In July 2020, JinkoSolar announced supply of 126 MW of solar modules for the expansion of an existing 160 MW solar PV park in Chile.
  • In July 2020, the maximum solar conversion efficiency of JinkoSolar’s large-area N-type monocrystalline silicon solar cells reached 24.79%, and have set a world record for large-size contact-passivated solar cells.
  • In August 2020, JinkoSolar unveiled its RE100 roadmap by providing details on its approach to achieve 100% capacity powered by renewables by 2025.
  • In August 2020, JinkoSolar launched its new generation of 610W Tiger Pro high-efficiency monocrystalline TR solar module and its BIPV solutions, Building Integrated Photovoltaics product series, which will be unveiled at SNEC 2020 in Shanghai.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Wednesday, September 23, 2020 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:

55345060

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, September 30, 2020. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319337163#

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 20 GW for mono wafers, 11 GW for solar cells, and 25 GW for solar modules, as of June 30, 2020.

JinkoSolar has 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States,  Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France,  Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia,  Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

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

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation convertible senior notes and call option:

  • Non-GAAP net income is adjusted to exclude the expenses relating to issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange (gain)/loss on the convertible senior notes and call option, and stock-based compensation (benefit)/expense; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange gain on the convertible senior notes and call option, and stock-based compensation. As the Non-GAAP net income is adjusted to exclude the change in fair value of call option, the dilutive impact of call option, if any, is also excluded from the denominator for the calculation of Non-GAAP earnings per share and non-GAAP earnings per ADS.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar’s current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Impact of the Recently Adopted Major Accounting Pronouncement

The Company adopted the update of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): "Measurement of Credit Losses on Financial Instruments" on January 1, 2020.

Upon adoption of ASC 326 on January 1, 2020, the Company used the modified retrospective transition method through a RMB6.6 million cumulative-effect increase to retained earnings, among which RMB30.9 million was related to the decrease of allowance for accounts receivables-third parties, RMB15.0 million was related to the increase of allowance for accounts receivables- related parties and RMB9.3 million was related to the increase of allowance for other receivables and other current/non-current assets. The adoption of the new guidance did not have a material impact to the Company’s consolidated financial statements.

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 30, 2020, which was RMB7.0651 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:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the six months ended

June 30, 2019

March 31, 2020

June 30, 2020

June 30, 2019

June 30, 2020

RMB

RMB

RMB

USD

RMB

RMB

USD

 Revenues from third parties 

6,912,301

8,431,213

8,448,719

1,195,839

12,589,528

16,879,932

2,389,199

 Revenues from related parties 

725

52,710

1,943

275

145,546

54,653

7,736

 Total revenues 

6,913,026

8,483,923

8,450,662

1,196,114

12,735,074

16,934,585

2,396,935

 Cost of revenues 

(5,769,143)

(6,827,045)

(6,937,720)

(981,971)

(10,626,854)

(13,764,765)

(1,948,276)

 Gross profit 

1,143,883

1,656,878

1,512,942

214,143

2,108,220

3,169,820

448,659

 Operating expenses: 

   Selling and marketing 

(561,959)

(613,821)

(709,189)

(100,379)

(1,021,273)

(1,323,010)

(187,260)

   General and administrative 

(248,376)

(238,594)

(294,452)

(41,677)

(440,278)

(533,046)

(75,448)

   Research and development 

(73,258)

(71,784)

(74,643)

(10,565)

(150,636)

(146,427)

(20,725)

 Total operating expenses 

(883,593)

(924,199)

(1,078,284)

(152,621)

(1,612,187)

(2,002,483)

(283,433)

 Income from operations 

260,290

732,679

434,658

61,522

496,033

1,167,337

165,226

 Interest expenses, net 

(116,754)

(108,613)

(106,239)

(15,037)

(212,864)

(214,852)

(30,410)

 Subsidy income 

10,517

5,061

14,379

2,035

15,258

19,440

2,752

 Exchange gain 

87,487

10,951

51,616

7,306

6,507

62,567

8,856

 Change in fair value of interest rate swap 

(46,118)

(78,878)

–

–

(76,317)

(78,878)

(11,164)

 Change in fair value of foreign exchange derivatives 

(41,619)

(117,787)

18,133

2,567

(23,505)

(99,654)

(14,105)

 Convertible senior notes issuance costs 

(18,646)

–

–

–

(18,646)

–

–

 Change in fair value of convertible senior notes and call option 

(45,070)

65,990

(51,165)

(7,242)

(45,070)

14,825

2,098

 Other income/(expense), net 

7,302

(2,187)

2,127

301

14,700

(60)

(8)

 Income before income taxes

97,389

507,216

363,509

51,452

156,096

870,725

123,245

 Income tax benefit/(expense) 

55,917

(109,520)

(22,754)

(3,221)

60,167

(132,274)

(18,722)

 Equity in (loss)/gain of affiliated companies 

(28,621)

(101,527)

4,211

596

(52,330)

(97,316)

(13,774)

 Net income 

124,685

296,169

344,966

48,827

163,933

641,135

90,749

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

(725)

13,728

26,923

3,811

(1,664)

40,651

5,754

Net income attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders 

125,410

282,441

318,043

45,016

165,597

600,484

84,995

Net income attributable to JinkoSolar Holding Co., Ltd.’s
 ordinary shareholders per share: 

   Basic 

0.75

1.58

1.79

0.25

1.02

3.37

0.48

   Diluted 

0.32

0.67

1.64

0.23

0.57

2.77

0.39

Net income attributable to JinkoSolar Holding Co., Ltd.’s
   ordinary shareholders per ADS: 

   Basic 

3.01

6.32

7.16

1.01

4.10

13.48

1.91

   Diluted 

1.26

2.67

6.55

0.93

2.28

11.08

1.57

Weighted average ordinary shares outstanding: 

   Basic 

166,605,808

178,743,903

177,718,162

177,718,162

161,670,693

178,231,033

178,231,033

   Diluted 

165,385,410

198,081,276

170,989,776

170,989,776

161,633,544

197,139,692

197,139,692

 Weighted average ADS outstanding: 

   Basic 

41,651,452

44,685,976

44,429,541

44,429,541

40,417,673

44,557,758

44,557,758

   Diluted 

41,346,352

49,520,319

42,747,444

42,747,444

40,408,386

49,284,923

49,284,923

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income 

124,685

296,169

344,966

48,827

163,933

641,135

90,749

Other comprehensive income/(loss): 

   -Foreign currency translation adjustments 

48,233

45,040

30,442

4,309

30,774

75,482

10,684

   -Change in the instrument-specific credit risk 

5,546

39,202

(52,681)

(7,457)

5,546

(13,479)

(1,908)

 Comprehensive income 

178,464

380,411

322,727

45,679

200,253

703,138

99,525

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

(725)

13,728

26,923

3,811

(1,664)

40,651

5,754

 Comprehensive income attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders 

179,189

366,683

295,804

41,868

201,917

662,487

93,771

 Reconciliation of GAAP and non-GAAP Results 

 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 

 GAAP net income attributable to ordinary shareholders 

125,410

282,441

318,043

45,016

165,597

600,484

84,995

 Convertible senior notes issuance costs 

18,646

–

–

–

18,646

–

–

 Change in fair value of convertible senior notes and call option 

45,070

(65,990)

51,165

7,242

45,070

(14,825)

(2,098)

 Net interest expenses of convertible senior notes and call option 

2,914

6,128

6,734

953

2,914

12,862

1,820

 Exchange (gain)/loss on convertible senior notes and call option 

(721)

4,664

(291)

(41)

(721)

4,373

619

 Stock-based compensation expense 

11,587

249

423

60

4,663

672

95

 Non-GAAP net income attributable to ordinary shareholders 

202,906

227,492

376,074

53,230

236,169

603,566

85,431

 Non-GAAP earnings per share attributable to ordinary shareholders – 

   Basic 

1.22

1.27

2.12

0.30

1.461

3.39

0.48

   Diluted 

1.22

1.15

2.12

0.30

1.461

3.06

0.43

 Non-GAAP earnings per ADS attributable to ordinary shareholders – 

   Basic 

4.87

5.09

8.46

1.20

5.84

13.54

1.92

   Diluted 

4.87

4.59

8.46

1.20

5.84

12.25

1.73

 Non-GAAP weighted average ordinary shares outstanding  

   Basic 

166,605,808

178,743,903

177,718,162

177,718,162

161,670,693

178,231,033

178,231,033

   Diluted 

166,605,808

198,081,276

177,718,162

177,718,162

161,670,693

197,139,692

197,139,692

 Non-GAAP weighted average ADS outstanding  

   Basic 

41,651,452

44,685,976

44,429,541

44,429,541

40,417,673

44,557,758

44,557,758

   Diluted 

41,651,452

49,520,319

44,429,541

44,429,541

40,417,673

49,284,923

49,284,923

 

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31,
2019

June 30, 2020

RMB

RMB

USD

ASSETS

Current assets:

  Cash and cash equivalents

5,653,854

6,256,894

885,606

  Restricted cash 

576,546

593,580

84,016

  Restricted short-term investments

6,930,502

6,351,495

898,996

  Accounts receivable, net – related parties

520,504

457,227

64,716

  Accounts receivable, net – third parties

5,266,351

5,896,205

834,554

  Notes receivable, net – related parties

18,629

38,629

5,468

  Notes receivable, net – third parties

1,529,801

2,069,340

292,896

  Advances to suppliers, net – third parties

2,522,373

2,131,005

301,624

  Inventories, net

5,818,789

6,889,268

975,113

  Forward contract receivables

52,281

997

141

  Prepayments and other current assets, net – related parties

54,318

35,630

5,043

  Prepayments and other current assets, net

1,573,482

1,570,550

222,297

  Held-for-sale assets

1,170,818

–

–

Total current assets

31,688,248

32,290,820

4,570,470

Non-current assets:

  Restricted cash

531,158

922,353

130,551

  Accounts receivable, net – third parties

–

28,020

3,966

  Project Assets

798,243

806,474

114,149

  Long-term investments

278,021

163,442

23,134

  Property, plant and equipment, net

10,208,205

11,336,560

1,604,586

  Land use rights, net

597,922

721,113

102,067

  Intangible assets, net

36,395

38,234

5,412

  Financing lease right-of-use assets, net

1,259,713

975,047

138,009

  Operating lease right-of-use assets, net

317,904

276,781

39,176

  Deferred tax assets 

271,286

271,286

38,398

  Call Option-concurrent with issuance of convertible
  senior notes

294,178

235,084

33,274

  Other assets, net – related parties

96,753

99,296

14,054

  Other assets, net – third parties

1,466,692

1,437,186

203,421

Total non-current assets

16,156,470

17,310,876

2,450,197

Total assets

47,844,718

49,601,696

7,020,667

LIABILITIES

Current liabilities:

  Accounts payable – related parties

36,310

20,473

2,898

  Accounts payable – third parties

4,952,630

4,619,921

653,907

  Notes payable – third parties

7,518,570

6,857,544

970,622

  Accrued payroll and welfare expenses

879,465

793,927

112,373

  Advances from related parties

749

–

–

  Advances from  third parties

4,350,380

2,380,763

336,975

  Income tax payable

117,422

78,598

11,125

  Other payables and accruals

3,055,928

3,296,258

466,560

  Other payables due to related parties

13,127

14,633

2,070

  Forward contract payables

3,857

37,716

5,338

  Convertible senior notes – current

–

634,256

89,773

  Financing lease liabilities – current

227,613

219,428

31,058

  Operating lease liabilities – current

40,043

40,532

5,737

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

9,047,250

12,066,725

1,707,934

  Guarantee liabilities to related parties

25,688

23,363

3,307

  Held-for-sale liabilities

1,008,196

–

–

Total current liabilities

31,277,228

31,084,137

4,399,677

Non-current liabilities:

  Long-term borrowings

1,586,187

2,831,051

400,709

  Convertible senior notes

728,216

–

–

  Accrued warranty costs – non current

651,968

703,747

99,609

  Financing lease liabilities

583,491

471,138

66,685

  Operating lease liabilities

279,534

236,566

33,484

  Deferred tax liability

250,734

250,734

35,489

  Guarantee liabilities to related parties 
   – non current

46,332

41,109

5,819

Total non-current liabilities

4,126,462

4,534,345

641,795

Total liabilities

35,403,690

35,618,482

5,041,472

SHAREHOLDERS’ EQUITY

Ordinary shares (US$0.00002 par value, 500,000,000
shares authorized, 180,653,497 and 180,829,497 shares
issued as of December 31, 2019 and June 30, 2020,
respectively)

25

25

4

Additional paid-in capital

4,582,850

4,587,584

649,330

Statutory reserves

689,707

689,707

97,622

Accumulated other comprehensive income

62,952

124,955

17,686

Treasury stock, at cost; 1,723,200 and 2,945,840 ordinary
shares as of  December 31, 2019 and June 30, 2020,
respectively

(13,876)

(43,170)

(6,110)

Accumulated retained earnings

3,981,661

4,588,753

649,495

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

9,303,319

9,947,854

1,408,027

Non-controlling interests

3,137,709

4,035,360

571,168

Total liabilities and shareholders’ equity

47,844,718

49,601,696

7,020,667

 

Related Links :

http://www.jinkosolar.com

PR Newswire

JinkoSolar Announces Strategic Plan of its Subsidiary to Access China’s Capital Markets

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SHANGRAO, China, Sept. 21, 2020 — JinkoSolar Holding Co., Ltd. ("JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that its board of directors has approved a strategic plan to access China’s capital markets through its principal operating subsidiary Jinko Solar Co., Ltd. ("Jiangxi Jinko").

JinkoSolar is considering the opportunity to list Jiangxi Jinko, after certain intragroup restructuring, on the Shanghai Stock Exchange’s Sci-Tech innovation board (the "STAR Market"), an exchange intended to support innovative companies in China, within the next three years.  

To qualify Jiangxi Jinko for a STAR Market listing and to raise additional capital to support its continuous expansion, the board has also approved an equity financing of Jiangxi Jinko, under which certain China-based reputable third-party investors, JinkoSolar’s founders, Xiande Li, Kangping Chen and Xianhua Li, and senior management personnel have agreed to invest an aggregate of RMB 3.1 billion (approximately US$ 458 million) into Jiangxi Jinko for an aggregate of 26.7% equity interest in Jiangxi Jinko. The transaction has been negotiated at arm’s length at a pre-money valuation of Jiangxi Jinko’s equity value of RMB 8.5 billion (approximately US$1.26 billion), which is 15.6% higher than JinkoSolar’s market capitalization on September 18, 2020, and 45.4% higher than JinkoSolar’s average market capitalization for the 90 days preceding September 18, 2020. The transaction is subject to customary closing conditions and is expected to be completed by the end of October 2020.

Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented, "Listing Jiangxi Jinko on the STAR Market will enable it to access a new source of growth capital, which we believe will ultimately strengthen our leading position in the solar module industry and support our continuous growth over the long run. We believe the listings of JinkoSolar on the New York Stock Exchange and Jiangxi Jinko on the STAR Market will raise our profile with investors both in China and globally and provide us with additional opportunities to grow in the future."

Whether Jiangxi Jinko is able to be successfully listed on the STAR Market, the timing of the listing, and its valuation upon listing will depend on various factors, including but not limited to capital market conditions in China and globally, the regulatory environment for listed securities, Jiangxi Jinko’s business and financial performance and its fulfillment of the listing requirements in China.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes it 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 17.5 GW for silicon wafers, 10.6 GW for solar cells, and 16.0 GW for solar modules, as of March 31, 2020.

JinkoSolar has 7 production facilities globally, and 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland, and Argentina.

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. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: + 86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com

In the U.S.:

Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 

Related Links :

http://www.jinkosolar.com

PR Newswire

Canadian Solar Prices Offering of US$200 Million Convertible Senior Notes

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GUELPH, ON, Sept. 11, 2020 — Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world’s largest solar power companies, today announced pricing of its previously announced offering of US$200 million in aggregate principal amount of convertible senior notes due 2025 (the "Notes") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Company has granted the initial purchasers in the offering a 30-day option to purchase up to an additional US$30 million aggregate principal amount of the Notes. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include the expansion of manufacturing capacity, development of solar power projects and working capital.

The Notes will be senior, unsecured obligations of the Company. The Notes will accrue interest at an annual rate of 2.50%. Interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2021. The Notes will mature on October 1, 2025, unless repurchased, redeemed or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to October 6, 2023 unless certain tax-related events occur. On or after October 6, 2023, the Company may redeem for cash all or part of the Notes, at its option, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect on each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption. In the event of certain fundamental changes, holders of the Notes may require the Company to repurchase all or part of the Notes in cash, subject to certain conditions. In addition, if a make-whole fundamental change occurs prior to the maturity date or the Company redeems the Notes, the Company will, under certain circumstances, increase the conversion rate for holders who convert Notes in connection with such make-whole fundamental change or redemption.

The Notes will be convertible at the option of the holders at any time prior to the close of business on the second business day immediately preceding the maturity date. The initial conversion rate of the Notes is 27.2707 common shares of the Company, per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$36.67 per common share and represents a conversion premium of approximately 32.50% above the NASDAQ last reported sale price of the Company’s common shares on September 10, 2020, which was US$27.675 per common share). The conversion rate for the Notes is subject to adjustments upon the occurrence of certain events. Upon conversion, the Company will deliver to such converting holders, a number of the Company’s common shares equal to the applicable conversion rate as of the relevant conversion date, together with a cash payment in lieu of any fractional share.

The Notes have been offered in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and the common shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The Company expects to close the offering on or about September 15, 2020, subject to the satisfaction of customary closing conditions.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This press release contains information about the pending offerings of the Notes, and there can be no assurance that any of the offerings will be completed.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

Related Links :

http://www.canadiansolar.com

PR Newswire

ReneSola Power to Participate at the H.C. Wainwright 22nd Annual Global Investment Conference on September 15, 2020

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STAMFORD, Conn., Sept. 10, 2020 — ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading fully integrated solar project developer, announced that management will participate in the H.C. Wainwright 22nd Annual Global Investment Conference. The conference will be held virtually on Tuesday, September 15, 2020, with a management presentation available to the public scheduled for 12:00 p.m. ET as well as a one-on-one meeting format for institutional investors.

The presentation will be webcast live from the Investors section of ReneSola Power’s website at https://ir.renesolapower.com/event-calendar.  A replay of the webcast will be archived and available from the Investors section of ReneSola Power’s website.

Management will be available for one-on-one meetings with institutional investors at the event. Portfolio managers and analysts who wish to request a meeting should contact their institutional sales representative at H.C. Wainwright.

Presentation materials will be made available on the Investors section of ReneSola Power’s website at https://ir.renesolapower.com/event-calendar.

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

 

Related Links :

http://www.renesolapower.com

PR Newswire

JinkoSolar is Number 1 on Silicon Valley Toxics Coalition’s Latest Scorecard

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JACKSONVILLE, Fla., Sept. 4, 2020 — JinkoSolar Holding Co., Ltd. (NYSE: JKS) ("JinkoSolar"), an innovative global solar module manufacturer, today announced that it is the top manufacturer in Silicon Valley Toxics Coalition’s ("SVTC") latest Solar Scorecard. JinkoSolar earned a score of 100/100, more than the other 36 module manufacturers in the Scorecard. 

The Scorecard is a resource for consumers, investors, developers, EPCs, distributors, and installers who want to purchase PV modules from responsible product stewards. Criteria in the Scorecard includes environmental, health, and safety metrics. This achievement comes a year after JinkoSolar became the first PV module manufacturer to join the RE100, pledging to power 100% of its operations with renewables by 2025. 

Mr. Kangping Chen, Chief Executive Officer of JinkoSolar, commented, "We support SVTC’s goal to ensure that the solar industry does not overlook the importance of equitable environmental and holistic sustainable approaches to all business operations. We hope more of our peers follow our lead, so the solar industry as a whole can become a beacon of sustainable practices."

"We applaud JinkoSolar for its transparency, leadership, and commitment to producing modules in a clean and responsible way," said Sheila Davis, Executive Director of SVTC. "Customers have choices when they make purchases, and we hope that the Solar Scorecard can help them make informed decisions."

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes it 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 17.5 GW for silicon wafers, 10.6 GW for solar cells, and 16.0 GW for solar modules, as of March 31, 2020. 

JinkoSolar has 7 production facilities globally, and 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland, and Argentina.

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

About Silicon Valley Toxics Coalition

Silicon Valley Toxics Coalition is a nonprofit organization engaged in research, advocacy and grassroots organizing to promote human health and environmental justice in response to the rapid growth of the high-tech industry. For more information, go to www.svtc.org.

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:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com

Related Links :

http://www.jinkosolar.com

PR Newswire

At ‘GAC Tech Day’, hydrogen fuel-cell technology takes the limelight, highlights GAC’s scientific depth and technical capabilities

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GUANGZHOU, China, Aug. 31, 2020 — Recently at the GAC Tech Day 2020, GAC Group unveiled its latest scientific and technological achievements, including two major platform technologies and three futuristic technologies. Powering current innovations at GAC Group are the Global Platform Modular Architecture (GPMA) that incorporates traditional fuel power as well as the GAC Electric Platform (GEP) 2.0. Building on these platforms, GAC Group announced three technological breakthroughs: the ADiGO 3.0 intelligent driving interconnected ecosystem, hydrogen fuel-cell vehicle Aion LX Fuel Cell and 3DG graphene preparation technology, these leading technologies will enable GAC Group to achieve much more in the near future.

Aion LX Fuel Cell
Aion LX Fuel Cell

At the event, GAC unveiled its first hydrogen fuel-cell passenger car, the Aion LX Fuel Cell, attracting major industry observers and media due key benefits such as its fast charging times, long battery life and zero pollution. Industry experts have lauded the advent of hydrogen fuel-cell vehicles, as it is expected to become a popular environmentally friendly solution for vehicles with zero carbon emissions.

GAC Group has prioritized climate conversation as a strategy and are focusing on hydrogen-based clean energy, known as the "ultimate energy" of the 21st century. Hydrogen fuel-cell vehicles have become a forward-looking technology with promising development prospects.

GAC Group has achieved an industry-leading advantage in hydrogen fuel-cell technology through the launch of the Aion LX Fuel Cell. The hydrogen-based vehicle developed on the GEP 2.0 platform is equipped with a hydrogen fuel-cell system independently developed also by GAC Group.

GAC’s hydrogen fuel-cell vehicle has shown to solve several problems of current renewable energy vehicles. Firstly, it only takes 3-5 minutes to recharge each time, which is shorter than the charging time of most electric vehicles. Secondly, the NEDC operating range of this car exceeds 650KM, reaching international benchmarks. Thirdly, the car also solves the problem of ignition and operations in low-temperature weather: at minus 30°C, a one-button cold start can be enabled sans an external heat source without affecting the cruising range. Most importantly, its emissions are only pure water, and the filter element carried can filter 99% of the inhalable particulate matter, not only reducing pollution but also purifying the surrounding air.

The Aion LX Fuel Cell has also been comprehensively upgraded to exceed safety expectations. Built upon the five-star safety of the original model Aion LX, it has also passed difficult safety tests such as 32km/h side column collision and 80km/h rear collision.

Riding on the wave of technology and digitization, GAC Group has taken the lead in laying out a strategic industry-wide roadmap for technological innovation. GAC MOTOR has developed rapidly in overseas markets in recent years. Supported by GAC Group’s strong scientific and technological backing, the Group remains committed to bring a high-tech driving experience to people all over the world and continue to create value for a lifestyle of mobility for humankind.

Photo – https://photos.prnasia.com/prnh/20200831/2903236-1?lang=0

PR Newswire

Sungrow 1H 2020 Fiscal Report: Revenues up 55.57% Year-on-Year

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HEFEI, China, Aug. 28, 2020 — Sungrow, the global leading inverter solution supplier for renewables, posted its 1H fiscal report in late August, showing a huge growth on revenue, underlining the solid financial result and strong competitiveness for the first half of 2020 despite the impact of the pandemic.

Specifically, the revenue increased by 55.57% year-on-year (YoY) to US$ 987.2 million in 1H 2020, while net income grew by 34.13% YoY to US$ 63.4 million, due to strong performance in Americas, Europe and China. Operational cash flow also improved by 85.41% per the statement.

Sungrow continues to lead the global market with a revenue of US$ 870.8 million in the PV segment, embracing a YoY increase of 48.49%. The energy storage segment meanwhile has enjoyed a staggering 49.66% YoY growth to US$ 35.6 million in revenues for 1H 2020.

The Company attributes the boost to strong performance to the continued efforts in pioneering technical innovations and expanding global footprints. Sungrow’s cumulative shipment reached 120 GW as of June this year and has more than 1000 deployments of its integrated energy storage solutions over the world. The agile local team can offer responsive technical support, sales and 24/7 after-sale service, which is essential for forging partnerships during COVID-19.

"As a pioneer, Sungrow keeps offering state-of-the-art products and solutions to meet diversified global market demand. The forecast for the second half of 2020 is optimistic as the global market heads to recover in a few months," said Prof. Cao Renxian, Chairman of Sungrow.

Prof. Cao also mentioned that Sungrow was once again ranked "100% bankable" by BloombergNEF as per the latest bankability survey, becoming the only inverter brand ranked "100% bankable" for two straight years.

About Sungrow

Sungrow Power Supply Co., Ltd ("Sungrow") is the world’s most bankable inverter brand with over 120 GW installed worldwide as of June 2020. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 120 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.

Related Links :

http://www.sungrowpower.com

PR Newswire

HARTING Technology Group has been shaping the future for 75 years

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Innovative products and solutions for Industry 4.0

ESPELKAMP, Germany, Aug. 28, 2020 — For 75 years now, the HARTING Technology Group has been driving technological change. The vision formulated in 1996 by the owner family "We want to shape the future with technologies for people" remains the guiding star of our entrepreneurial activities. September 1 marks the 75th anniversary of the founding day of the family company.

The manufacturer of everyday products such as waffle irons and irons has evolved into a worldwide leading supplier of industrial connection technology for the three lifelines of data, signal and power, a global player fielding innovative products and solutions focusing on Industry 4.0 and digitization.    

– Cross reference: Picture is available at AP Images (http://www.apimages.com) –

Wilhelm and Marie Harting opened the "Wilhelm Harting Mechanical Workshops" on September 1, 1945, in a repair workshop covering a good 100 square meters in Minden. From 1950 onwards, the company gradually moved to the neighbouring town Espelkamp. This was the period in which the success story of the Han® connector commenced. The Han® (HARTING standard), patented in 1956 and a registered trademark since 1957, became the standard, the epitome of the industrial connector. Thanks to the Han-Modular® series, customers are able to achieve optimal design solutions for the supply of machines, systems and plants.   

In October 2015, Dietmar Harting, son of Marie and Wilhelm Harting, handed over the reins as Chairman of the Board to his son Philip. Today, Philip Harting and his sister Maresa Harting-Hertz work closely with their parents Margrit and Dietmar Harting on the Board. The body includes three managers from outside the family.

Contact:

HARTING Stiftung & Co. KG
Detlef Sieverdingbeck
General Manager
Corporate Communications & Branding (CCB) 
Marienwerderstr. 3
32339 Espelkamp

Tel.: 05772 47-244
Fax:  05772 47-400
Detlef.Sieverdingbeck@HARTING.com
More information at www.HARTING.com

 

 

Related Links :

http://www.harting.com/

PR Newswire

JinkoSolar Ranked as Top Solar Brand used in Debt Financed Projects and Most “Bankable” PV Manufacturer by Bloomberg New Energy Finance

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SHANGRAO, China, Aug. 21, 2020 — JinkoSolar Holding Co., Ltd. (the "Company" or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it was ranked as a top solar brand in debt financed projects and named a most "bankable" PV manufacturer by Bloomberg New Energy Finance (BNEF). Forty-nine global solar module manufacturers were ranked based on BNEF’s global survey of key PV stakeholders assessing which module brands used in projects are most likely to obtain non-recourse debt financing from commercial banks.

Survey respondents included banks, funds, engineering, procurement, and construction firms (EPCs), independent power producers (IPPs) and technical advisers involved in solar projects around the world. The survey addressed product quality, long term reliability, field deployment performance, and the manufacturer’s financial strength. JinkoSolar was considered highly bankable by 100% of the survey respondents. Further confirming JinkoSolar’s high bankability score, BNEF’s data also shows that projects using JinkoSolar modules have secured more term-loan financing than any other Chinese PV brand ever.

"As one of the leading solar module manufacturers, we are proud to be recognized once again by BNEF as a most trusted solar brand by customers, investors, and banks all over the world. This is a testament to the outstanding research, stringent quality checks and world records we have set to revolutionize the solar industry with our advanced technology, reliability, and high-quality products," said Mr. Kangping Chen, CEO of JinkoSolar. "We have invested heavily in R&D over the years and will continue to invest in the quality, proven reliability and long-term performance of our PV modules because we believe this will generate value and better returns for investors."

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 17.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules, as of March 31, 2020.

JinkoSolar has over 15,000 employees across its 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

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:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com

Related Links :

http://www.jinkosolar.com

PR Newswire

JinkoSolar reshapes PV technology scenarios with its new N-Type Tiger Pro 610W unveiled at SNEC 2020

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SHANGRAO, China, Aug. 7, 2020 — JinkoSolar Holding Co., Ltd. ("JinkoSolar" or "Company") (NYSE: JKS) one of the world’s largest and most innovative module manufacturers in the world, today launched its new generation of 610W Tiger Pro High-efficiency monocrystalline TR solar module and its BIPV solutions, Building Integrated Photovoltaics product series, which will be unveiled at SNEC 2020 in Shanghai.

As a PV company that has ranked first in global modules shipments for four consecutive years, JinkoSolar has always been committed to providing global customers with high-efficiency, top quality, and extremely reliable solar modules. The key behind the success of Tiger Pro 610W is the N-Type HOT 2.0 high-efficiency cell technology, independently developed by JinkoSolar. Thanks to the introduction of new technologies, such as HOT tunneling layer passivated contact and advanced metallization, the cell efficiency has reached 24.79%, setting once again a world record for the efficiency of large area N-Type monocrystalline silicon solar cells. At the same time, the use of 78 cell design and of TR technology, which helps reduce significantly the cell gap, as well as lower the electricity cost and improve the system compatibility, represents another milestone for the PV industry in its quest for grid parity.

JinkoSolar’s module series have continuously broken the conversion efficiency record, starting from 2018, JinkoSolar Eagle PERC high-efficiency monocrystalline series, with a power of 390W and a conversion efficiency of 19.8%, followed by the Tiger HOT 1.0 high-efficiency monocrystalline series delivering a power output up to 475W and a conversion efficiency of 20.87%. The newest Tiger Pro HOT2.0, high-efficiency monocrystalline series, with its maximum output of 610W and a conversion efficiency of 22.3%, is setting once again new-standards for the industry and positioning JinkoSolar far ahead from its competitors.

Moreover, thanks to the great improvements made with the smart combination "PV + Architecture", during this edition of SNEC, JinkoSolar also unveiled its first version of colored BIPV module series. With a power output of up to 550W, this product series is available in a variety of colors and levels of translucence, incorporating modern architectural aesthetics for use as a building component.

Dr. Jin Hao, CTO of JinkoSolar, commented: "Reducing costs and increasing efficiency is the goal that the industry has always been striving for. JinkoSolar has always been committed to providing global customers with high-efficiency, top quality, and extremely reliable solar modules. We will increase our investment in R&D to ensure constant innovation in our technology, improve our products performance, and ensure the highest system compatibility. This will allow us to fulfill our commitment to offer the best service to our global customers and to allow the application of our solar modules in a variety of scenarios, further empowering the solar PV industry and achieving grid parity."

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 17.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules, as of March 31, 2020.

JinkoSolar has over 15,000 employees across its 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

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:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com

Related Links :

http://www.jinkosolar.com