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

Rhea-AI Summary

JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced preliminary unaudited financial results for Q1 2022. The company estimates net income attributable to shareholders of Jiangxi Jinko between RMB 380.0 million and RMB 420.0 million, marking a sequential increase of RMB 138.9 million to RMB 178.9 million, and a year-over-year rise of 57.63% to 74.22%. Excluding extraordinary items, net income is expected between RMB 280.0 million and RMB 320.0 million, with a staggering year-over-year growth of 261.46% to 313.09%.

Positive

• Net income attributable to shareholders expected between RMB 380.0 million and RMB 420.0 million.
• Sequential increase in net income from RMB 138.9 million to RMB 178.9 million.
• Year-over-year growth in net income of 57.63% to 74.22%.
• Excluding extraordinary gains, net income projected to rise 261.46% to 313.09% year-over-year.

Negative

• Preliminary results may differ from consolidated financial results due to different accounting standards.
• Investors advised not to base decisions solely on preliminary financial results.

SHANGRAO, China, April 22, 2022 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced certain preliminary unaudited financial results for the three months ended March 31, 2022.

For the three months ended March 31, 2022, (i) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko is estimated to be in the range from RMB 380.0 million to RMB 420.0 million, increasing by from RMB 138.9 million to RMB 178.9 million sequentially and by from 57.63% to 74.22% year over year, and (ii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko excluding extraordinary gains and losses is estimated to be in the range from RMB 280.0 million to RMB 320.0 million, increasing by from RMB 202.5 million to RMB 242.5 million sequentially and by from 261.46% to 313.09% year over year.

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

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, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 32.5 GW for mono wafers, 24 GW for solar cells, and 45 GW for solar modules, as of December 31, 2021.

JinkoSolar has 12 productions facilities globally, 21 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, UAE and Denmark, and global sales teams in China, the United States, Canada, Germany, Switzerland, Italy, Japan, Australia, Korea, India, Turkey, Chile, Brazil, Mexico and Hong Kong, as of December 31, 2021.

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

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SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What are JinkoSolar's preliminary financial results for Q1 2022?

JinkoSolar expects net income attributable to shareholders in the range of RMB 380.0 million to RMB 420.0 million for Q1 2022.

How much did JinkoSolar's net income increase year-over-year for Q1 2022?

JinkoSolar's net income is expected to increase by 57.63% to 74.22% year-over-year for Q1 2022.

What is the net income excluding extraordinary items for JinkoSolar in Q1 2022?

The net income excluding extraordinary items is estimated between RMB 280.0 million and RMB 320.0 million for Q1 2022.

Why should investors exercise caution with JinkoSolar's preliminary results?

Preliminary results for Jiangxi Jinko may differ from the consolidated financial outcomes due to different accounting methods.