JinkoSolar's Subsidiary Jinko Solar Co., Ltd. Announces Certain Preliminary Unaudited Financial Results for the Nine Months ended September 30, 2022

Rhea-AI Summary

JinkoSolar's subsidiary, Jiangxi Jinko, reported preliminary unaudited results for the nine months ending September 30, 2022. The net income attributable to shareholders is estimated between RMB1.65 billion and RMB1.70 billion, representing a year-over-year increase of 128.77% to 135.70%. Excluding extraordinary gains and losses, the net income is projected between RMB1.50 billion and RMB1.55 billion, a notable rise of 412.20% to 429.27%. Caution is advised as these figures reflect different accounting standards compared to JinkoSolar's consolidated financials.

Positive

• Net income for Jiangxi Jinko estimated at RMB1.65 to RMB1.70 billion, up 128.77% to 135.70% YoY.
• Net income excluding extraordinary items projected at RMB1.50 to RMB1.55 billion, a growth of 412.20% to 429.27% YoY.

Negative

• Preliminary results differ from consolidated financials, potentially leading to investor misinterpretation.

SHANGRAO, China, Oct. 20, 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 that its subsidiary Jinko Solar Co., Ltd. ("Jiangxi Jinko") published certain preliminary unaudited financial results for the nine months ended September 30, 2022.

For the nine months ended September 30, 2022, (i) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko is estimated to be in the range from RMB1.65 billion to RMB1.70 billion, increasing by from RMB928.7 million to RMB978.7 million and by from 128.77% to 135.70% 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 RMB1.50 billion to RMB1.55 billion, increasing by from RMB1.21 billion to RMB1.26 billion and by from 412.20% to 429.27% year over year.

The preliminary unaudited financial results of Jiangxi Jinko for the nine months ended September 30, 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, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 43.0 GW for mono wafers, 42.0 GW for solar cells, and 50.0 GW for solar modules, as of June 30, 2022.

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 June 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: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

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SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What are the preliminary financial results for JinkoSolar's subsidiary Jiangxi Jinko for the nine months ended September 30, 2022?

Jiangxi Jinko's preliminary net income is estimated between RMB1.65 billion and RMB1.70 billion, a year-over-year increase of 128.77% to 135.70%.

What is the projected net income excluding extraordinary gains for Jiangxi Jinko?

The net income, excluding extraordinary gains, is estimated to be between RMB1.50 billion and RMB1.55 billion, up 412.20% to 429.27% year-over-year.

How does Jiangxi Jinko's financial reporting differ from JinkoSolar's consolidated results?

Jiangxi Jinko's financial results are prepared according to PRC GAAP, while JinkoSolar's consolidated financials adhere to U.S. GAAP.

What caution should investors take regarding Jiangxi Jinko's preliminary results?

Investors should exercise caution as the preliminary results are not fully aligned with JinkoSolar's consolidated financials and may mislead investment decisions.