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

Second Quarter 2024 Business Highlights

Leveraging our advantages of N-type TOPCon technology, competitive products, global marketing, and manufacturing footprint, module shipments grew by 34.1% year-over-year to 23.8 GW in the second quarter, ranking first in the industry.

At the end of the second quarter, we became the first module manufacturer in the world to have delivered a total of 260 GW solar modules, covering nearly 200 countries and regions.

Our N-type TOPCon based perovskite tandem solar cell set a new record with conversion efficiency of 33.24%, a significant leap beyond our previous record of 32.33% for the same type of tandem cells.

The mass production efficiency of N-type TOPCon cells exceeds 26.1%.

Recently, we were recognized as a Tier 1 energy storage provider and a Tier 1 PV module manufacturer by Bloomberg New Energy Finance.

We recently entered into a strategic partnership with Renewable Energy Localization Company and Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of high-efficiency solar cells and solar modules.

Second Quarter 2024 Operational and Financial Highlights

Quarterly shipments were 25,318 MW (23,822 MW for solar modules, and 1,496 MW for cells and wafers), up 15.6% sequentially, and up 36.0% year-over-year.

Total revenues were RMB24.05 billion ( US$3.31 billion ), up 4.4% sequentially and down 21.6% year-over-year.

( ), up 4.4% sequentially and down 21.6% year-over-year. Gross profit was RMB2.68 billion ( US$368.3 million ), down 2.1% sequentially and down 44.0% year-over-year.

( ), down 2.1% sequentially and down 44.0% year-over-year. Gross margin was 11.1%, compared with 11.9% in Q1 2024 and 15.6% in Q2 2023.

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

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

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

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

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

Second Quarter 2024 Financial Results

Total Revenues

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

Gross Profit and Gross Margin

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

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

Loss/Income from Operations and Operating Margin

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

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

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

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

Interest Expenses, Net

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

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

Subsidy Income

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

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

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

Change in Fair Value of Convertible Senior Notes

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

Change in Fair Value of Long-term Investment

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

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

Other income, net

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

Equity in Earnings of Affiliated Companies

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

Income Tax Expense

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

Net Loss/Income attributable to Non-Controlling Interests

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

Net Loss/Income and Earnings per Share

Financial Position

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

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

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

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

Second Quarter 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

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

Operations and Business Outlook Highlights

Third Quarter and Full Year 2024 Guidance

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

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

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

Solar Products Production Capacity

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

Recent Business Developments

In May 2024 , JinkoSolar delivered Tiger Neo modules to a Solar Power Plant in Lobstädt, Germany (The Witznitz Solar Park).

, JinkoSolar delivered Tiger Neo modules to a Solar Power Plant in Lobstädt, (The Witznitz Solar Park). In May 2024 , JinkoSolar's 2000-Volt EAGLE® Modules became the first in the world to be qualified as UL listed products for UL61730-1 and UL61730-2, and UL classified products for IEC 61215-1, IEC 61215-2 and IEC 61215-1-1.

, JinkoSolar's 2000-Volt EAGLE® Modules became the first in the world to be qualified as UL listed products for UL61730-1 and UL61730-2, and UL classified products for IEC 61215-1, IEC 61215-2 and IEC 61215-1-1. In June 2024 , JinkoSolar was recognized as a Top Performer across all reliability categories in the 2024 PV Module Reliability Scorecard published by Kiwa PVEL.

, JinkoSolar was recognized as a Top Performer across all reliability categories in the 2024 PV Module Reliability Scorecard published by Kiwa PVEL. In June 2024 , JinkoSolar announced that tested by TÜV SÜD, the conversion efficiency for 2 m 2 above large-size N-type TOPCon solar modules has reached 25.42%, setting a new record again.

, JinkoSolar announced that tested by TÜV SÜD, the conversion efficiency for above large-size N-type TOPCon solar modules has reached 25.42%, setting a new record again. In June 2024 , JinkoSolar announced that its subsidiary Jinko Solar Denmark has supplied high voltage residential storage solutions to SolarToday for use in the DACH and Benelux regions starting from June 2024 .

, JinkoSolar announced that its subsidiary has supplied high voltage residential storage solutions to SolarToday for use in the DACH and Benelux regions starting from . In June 2024 , JinkoSolar entered into a Heads of Terms with kIEFER to supply its large scale battery storage, SunTera to Athens International Airport (AIA), supporting its commitment to achieve Net Zero Carbon Emissions by 2025.

, JinkoSolar entered into a Heads of Terms with kIEFER to supply its large scale battery storage, SunTera to International Airport (AIA), supporting its commitment to achieve Net Zero Carbon Emissions by 2025. In July 2024 , JinkoSolar topped the PV Tech 2024 Q2 ModuleTech Bankability Report with "AAA" rating.

Conference Call Information

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

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

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

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

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

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

International: +61 7 3107 6325 U.S.: +1 855 883 1031 Passcode: 10041536

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

About JinkoSolar Holding Co., Ltd.

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

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

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

Currency Convenience Translation

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

Safe Harbor Statement

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

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang

JinkoSolar Holding Co., Ltd.

Tel: +86 21-5180-8777 ext.7806

Email: ir@jinkosolar.com

Mr. Rene Vanguestaine

Christensen

Tel: +86 178 1749 0483

Email: rene.vanguestaine@christensencomms.com

In the U.S.:

Ms. Linda Bergkamp

Christensen, Scottsdale, Arizona

Tel: +1-480-614-3004

Email: linda.bergkamp@christensencomms.com

JINKOSOLAR HOLDING CO., LTD. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except ADS and Share data)

For the quarter ended

For the year ended

Jun 30, 2023

Mar 31, 2024

Jun 30, 2024

Jun 30, 2023

Jun 30, 2024

RMB'000

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000 Revenues 30,685,099

23,044,280

24,053,049

3,309,810

54,014,161

47,097,329

6,480,809

Cost of revenues (25,902,426)

(20,309,195)

(21,376,366)

(2,941,486)

(45,190,471)

(41,685,562)

(5,736,124)

Gross profit 4,782,673

2,735,085

2,676,683

368,324

8,823,690

5,411,767

744,685

Operating expenses:

Selling and marketing (1,665,996)

(1,466,397)

(1,797,061)

(247,284)

(3,222,296)

(3,263,458)

(449,067) General and administrative (800,148)

(1,367,868)

(1,141,307)

(157,049)

(1,884,556)

(2,509,174)

(345,274) Research and development (225,574)

(240,428)

(215,394)

(29,639)

(414,130)

(455,822)

(62,723) Impairment of long-lived assets (552,751)

-

(660,964)

(90,952)

(552,751)

(660,964)

(90,952) Total operating expenses (3,244,469)

(3,074,693)

(3,814,726)

(524,924)

(6,073,733)

(6,889,418)

(948,016)

(Loss)/income from operations 1,538,204

(339,608)

(1,138,043)

(156,600)

2,749,957

(1,477,651)

(203,331) Interest expenses (332,374)

(281,733)

(212,897)

(29,296)

(623,108)

(494,630)

(68,063) Interest income 123,921

94,900

107,740

14,826

359,263

202,640

27,884 Subsidy income 292,376

231,844

885,024

121,783

556,418

1,116,868

153,686 Exchange gain,net 1,358,867

126,010

247,726

34,088

1,229,820

373,736

51,428 Change in fair value of foreign exchange derivatives (442,492)

13,714

57,250

7,878

(387,154)

70,964

9,765 Change in fair value of Long-term Investment 2,278

(55,328)

(144,222)

(19,846)

442,702

(199,550)

(27,459) Change in fair value of convertible senior notes 89,747

310,683

12,791

1,760

(171,688)

323,474

44,512 Other income, net 58,971

1,323,478

157,574

21,683

62,095

1,481,051

203,800 Income/(loss) before income taxes 2,689,498

1,423,960

(27,057)

(3,724)

4,218,305

1,396,902

192,222 Income tax expenses (341,144)

(476,718)

(24,799)

(3,412)

(656,148)

(501,518)

(69,011) Equity in (loss)/income of affiliated companies 63,281

13,181

(67,644)

(9,308)

243,236

(54,463)

(7,494) Net income 2,411,635

960,423

(119,500)

(16,444)

3,805,393

840,921

115,717 Less: Net (income)/loss attributable to non-controlling

interests (1,105,533)

(351,025)

18,847

2,593

(1,710,640)

(332,178)

(45,709) Net income/(loss) attributable to JinkoSolar

609,398

(100,653)

(13,851)

2,094,753

508,743

70,008

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

Basic 6.39

2.82

(0.48)

(0.07)

10.31

2.40

0.33 Diluted 5.55

1.34

(0.53)

(0.07)

9.90

0.87

0.12

Net income/(loss) attributable to JinkoSolar Holding

Co., Ltd.'s

Basic 25.54

11.28

(1.94)

(0.27)

41.22

9.62

1.32 Diluted 22.20

5.36

(2.12)

(0.29)

39.61

3.48

0.48

Basic 204,566,514

216,001,414

208,076,672

208,076,672

203,250,441

211,662,944

211,662,944 Diluted 223,654,851

223,646,269

209,869,918

209,869,918

211,556,947

219,563,068

219,563,068

Weighted average ADS outstanding:

Basic 51,141,628

54,000,353

52,019,168

52,019,168

50,812,610

52,915,736

52,915,736 Diluted 55,913,713

55,911,567

52,467,479

52,467,479

52,889,237

54,890,767

54,890,767

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income/(loss) 2,411,635

960,423

(119,500)

(16,444)

3,805,393

840,921

115,717 Other comprehensive income/(loss):

-Unrealized loss on available-for-sale securities 58

-

(973)

- -Foreign currency translation adjustments 282,017

(177,267)

9,874

1,360

224,045

(167,393)

(23,034) -Change in the instrument-specific credit risk 20,227

421

-

-

65,445

421

58 Comprehensive income/(loss) 2,713,937

783,577

(109,626)

(15,084)

4,093,910

673,949

92,740 Less: Comprehensive (income)/loss attributable to non-

controlling interests (1,168,875)

(348,517)

9,056

1,246

(1,755,098)

(339,461)

(46,711) Comprehensive income/(loss) attributable to JinkoSolar

435,060

(100,570)

(13,838)

2,338,812

334,488

46,029

JINKOSOLAR HOLDING CO., LTD. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

Dec 31, 2023

Jun 30, 2024

RMB'000

RMB'000

USD'000 ASSETS

Current assets:

Cash,cash equivalents, and restricted cash 19,069,107

13,869,567

1,908,516 Restricted short-term investments and short-term investments 8,509,257

6,458,580

888,730 Accounts receivable, net 22,958,693

18,386,843

2,530,114 Notes receivable, net 4,090,085

4,283,889

589,483 Advances to suppliers, net 4,565,779

3,774,159

519,341 Inventories, net 18,215,537

19,489,767

2,681,881 Foreign exchange forward contract receivables 103,100

122,268

16,825 Prepayments and other current assets, net 3,430,224

6,031,154

829,914 Held-for-sale assets 2,003,417

189,077

26,018 Total current assets 82,945,199

72,605,304

9,990,822

Non-current assets:

Restricted long-term investments 1,536,198

1,918,126

263,943 Long-term investments 2,117,628

1,738,566

239,234 Property, plant and equipment, net 41,267,187

45,615,154

6,276,854 Land use rights, net 1,821,012

1,852,866

254,963 Intangible assets, net 569,088

361,480

49,741 Right-of-use assets, net 742,431

567,137

78,041 Deferred tax assets 1,290,004

1,613,419

222,014 Advances to suppliers to be utilised beyond one year 648,377

671,645

92,421 Other assets, net 2,790,567

1,571,391

216,231 Available-for-sale securities-non-current 104,134

131,134

18,045 Total non-current assets 52,886,626

56,040,918

7,711,487

Total assets 135,831,825

128,646,222

17,702,309

LIABILITIES

Current liabilities:

Accounts payable 15,475,166

13,952,517

1,919,930 Notes payable 25,690,532

19,528,035

2,687,147 Accrued payroll and welfare expenses 2,798,964

2,592,942

356,801 Advances from customers 6,965,298

7,551,735

1,039,154 Income tax payables 1,016,039

491,952

67,695 Other payables and accruals 13,448,501

16,387,720

2,255,022 Foreign exchange forward derivatives payables 26,466

16,038

2,207 Convertible senior notes 782,969

-

- Lease liabilities - current 155,931

118,382

16,290 Short-term borrowings, including current portion of long-term

borrowings, and failed sale-leaseback financing 13,583,774

6,830,467

939,904 Held-for-sale liabilities 1,117,005

-

- Total current liabilities 81,060,645

67,469,788

9,284,150

Non-current liabilities:

Long-term borrowings 11,238,806

13,434,364

1,848,630 Convertible notes 4,785,480

7,203,086

991,178 Accrued warranty costs - non current 2,145,426

2,205,949

303,549 Lease liabilities-noncurrent 557,136

475,932

65,490 Deferred tax liability 131,506

138,971

19,123 Long-term Payables 2,378,684

4,257,201

585,810 Total non-current liabilities 21,237,038

27,715,503

3,813,780

Total liabilities 102,297,683

95,185,291

13,097,930

SHAREHOLDERS' EQUITY

20,620,188

2,837,434

Non-controlling interests 13,377,708

12,840,743

1,766,945

33,460,931

4,604,379

128,646,222

17,702,3093

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

SOURCE JinkoSolar Holding Co., Ltd.

• Read More