JinkoSolar's Subsidiary Jinko Solar Co., Ltd. Announces Certain Preliminary Unaudited Financial Results for Full Year 2022

Rhea-AI Summary

JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced preliminary unaudited financial results for its subsidiary, Jiangxi Jinko, for the year 2022. The company's preliminary revenues stood at RMB83.08 billion with a net income of RMB2.95 billion. Excluding extraordinary gains and losses, the net income was RMB2.65 billion. Notably, these results are prepared under different accounting standards compared to JinkoSolar’s consolidated financials, so investors should exercise caution. JinkoSolar holds an approximate 58.62% equity interest in Jiangxi Jinko. The unaudited figures are subject to change pending the full audit process.

Positive

• Preliminary revenues of RMB83.08 billion for 2022.
• Net income attributable to shareholders at RMB2.95 billion.
• Net income excluding extraordinary gains at RMB2.65 billion.

Negative

• Preliminary results are unaudited and subject to change.
• Different accounting standards used for preliminary results compared to consolidated financials.

SHANGRAO, China, Feb. 27, 2023 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, announced that its principal operating subsidiary, Jinko Solar Co., Ltd. ("Jiangxi Jinko"), announced certain preliminary unaudited financial results for the full year 2022.

For 2022, (i) the preliminary unaudited revenues of Jiangxi Jinko under PRC GAAP were RMB83.08 billion, (ii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko was RMB2.95 billion, and (iii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko excluding extraordinary gains and losses was RMB2.65 billion.

The preliminary unaudited financial results of Jiangxi Jinko for 2022 described in this press release (the "Jiangxi Jinko Preliminary Unaudited Financial Results") are different from JinkoSolar's consolidated financial results (the "Consolidated Financials"), mainly because (i) the consolidation scope of the Jiangxi Jinko Preliminary Unaudited Financial Results differs from that of the Consolidated Financials: the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared solely for Jiangxi Jinko, whereas the Consolidated Financials also include financial statements of JinkoSolar and its other subsidiaries, and (ii) the Jiangxi Jinko Preliminary Unaudited Financial Results and the Consolidated Financials are prepared according to different accounting standards and principles: the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared in accordance with PRC GAAP, whereas the Consolidated Financials are prepared in accordance with accounting principles generally accepted in the United States of America. As such, investors of JinkoSolar should exercise caution when reviewing the Jiangxi Jinko Preliminary Unaudited Financial Results described in this press release and are advised not to base their investment decisions solely on such preliminary unaudited financial results.

The Jiangxi Jinko Preliminary Unaudited Financial Results described in this press release are unaudited and are subject to change upon the completion of its full year 2022 audit process. These preliminary unaudited financial results should not be viewed as a substitute for full financial statements of Jiangxi Jinko prepared in accordance with PRC GAAP.

JinkoSolar currently owns approximately 58.62% equity interest in Jiangxi Jinko.

About JinkoSolar Holding Co., Ltd.

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

JinkoSolar has 14 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, UAE, and Denmark, and global sales teams in China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of September 30, 2022.

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

Safe Harbor Statement

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

For investor and media inquiries, please contact:

In China:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

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

In the U.S.:

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

 

View original content:https://www.prnewswire.com/news-releases/jinkosolars-subsidiary-jinko-solar-co-ltd-announces-certain-preliminary-unaudited-financial-results-for-full-year-2022-301756454.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What were JinkoSolar's preliminary financial results for 2022?

JinkoSolar reported preliminary revenues of RMB83.08 billion and a net income of RMB2.95 billion for 2022.

How much net income did JinkoSolar earn excluding extraordinary items in 2022?

JinkoSolar's net income excluding extraordinary gains and losses was RMB2.65 billion for 2022.

What percentage of Jiangxi Jinko does JinkoSolar own?

JinkoSolar owns approximately 58.62% equity interest in Jiangxi Jinko.

What should investors consider regarding JinkoSolar's preliminary results?

Investors should note that the preliminary results are unaudited and based on different accounting standards than JinkoSolar's consolidated financials.