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

Rhea-AI Summary

JinkoSolar (NYSE: JKS) announced preliminary unaudited financial results for its subsidiary, Jiangxi Jinko, for the year ended December 31, 2022. The estimated net income attributable to shareholders of Jiangxi Jinko is projected to range from RMB2.66 billion to RMB2.96 billion, a year-over-year increase of approximately 133.05% to 159.33%. Excluding extraordinary items, net income is expected between RMB2.50 billion and RMB2.80 billion, reflecting a significant increase of 371.17% to 427.71% year-over-year. Investors are cautioned that these results differ from JinkoSolar’s consolidated financials due to varying consolidation scopes and accounting standards.

Positive

• Estimated net income attributable to shareholders of Jiangxi Jinko projected between RMB2.66 billion to RMB2.96 billion, up 133.05% to 159.33% year-over-year.
• Estimated net income excluding extraordinary gains is projected between RMB2.50 billion to RMB2.80 billion, up 371.17% to 427.71% year-over-year.

Negative

• Preliminary results differ significantly from JinkoSolar's consolidated financials, which may affect investor decision-making.

SHANGRAO, China, Jan. 20, 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, today announced that its subsidiary Jinko Solar Co., Ltd. ("Jiangxi Jinko") published certain preliminary unaudited financial results for the full year ended December 31, 2022.

For the year ended December 31, 2022, (i) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko is estimated to be in the range from RMB2.66 billion to RMB2.96 billion, increasing by from RMB1.52 billion to RMB1.82 billion and by from 133.05% to 159.33% 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 RMB2.50 billion to RMB2.80 billion, increasing by from RMB1.97 billion to RMB2.27 billion and by from 371.17% to 427.71% year over year.

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.

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-2022-301726634.html

SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What are JinkoSolar's preliminary financial results for Jiangxi Jinko in 2022?

JinkoSolar estimates net income for Jiangxi Jinko between RMB2.66 billion and RMB2.96 billion for 2022.

How much did Jiangxi Jinko's net income increase in 2022?

The net income increased by approximately 133.05% to 159.33% year-over-year.

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

The projected net income excluding extraordinary items is estimated between RMB2.50 billion and RMB2.80 billion.

When were the preliminary financial results for Jiangxi Jinko announced?

The preliminary financial results were announced on January 20, 2023.

What does the difference between preliminary and consolidated results imply for investors?

Investors should exercise caution as the preliminary results are not directly comparable to the consolidated financials of JinkoSolar.