JinkoSolar Announces Second Quarter 2018 Financial Results

SHANGHAI, Aug. 13, 2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the second quarter ended June 30, 2018.

Second Quarter 2018 Highlights

    --  Total solar module shipments were 2,794 megawatts ("MW") (including 200
        MW to the Company's overseas downstream segment for which no revenue has
        been recognized), an increase of 38.7% from 2,015 MW in the first
        quarter of 2018 and a decrease of 3.1% from 2,884 MW in the second
        quarter of 2017.
    --  Total revenues were RMB6.06 billion (US$915.9 million), an increase of
        32.7% from the first quarter of 2018 and a decrease of 23.5% from the
        second quarter of 2017.
    --  Gross margin was 12.0%, compared with 14.4% in the first quarter of 2018
        and 10.5% in the second quarter of 2017.
    --  Income from operations was RMB94.6 million (US$14.3 million), compared
        with RMB125.0 million in the first quarter of 2018 and RMB85.3 million
        in the second quarter of 2017.
    --  Net income attributable to the Company's ordinary shareholders was
        RMB99.0 million (US$15.0 million) in the second quarter of 2018,
        compared with RMB3.6 million in the first quarter of 2018 and RMB47.4
        million in the second quarter of 2017.
    --  Diluted earnings per American depositary share ("ADS") were RMB2.512
        (US$0.408) in the second quarter of 2018.
    --  Non-GAAP net income attributable to the Company's ordinary shareholders
        in the second quarter of 2018 was RMB106.7 million (US$16.1 million),
        compared with RMB11.0 million in the first quarter of 2018 and RMB61.2
        million in the second quarter of 2017.
    --  Non-GAAP basic and diluted earnings per ADS were RMB2.728 (US$0.412) and
        RMB2.708 (US$0.408) in the second quarter of 2018, compared with
        RMB0.300 and RMB0.296 in the first quarter of 2018 and RMB1.908 and
        RMB1.892 in the second quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We delivered a strong quarter with module shipments hitting 2,794 MW while generating total revenue of US$915.9 million. Leveraging our cutting-edge technologies, strong global sales network, and industry leading cost structure, I'm confident in our ability to generate sustainable profits and growth going forward."

"Growth during the quarter was strong and we expect this momentum to continue into the second half of the year despite the impact from the new policies issued by the Chinese government on May 31 as shipments to overseas markets are expected to continue growing and account for an increasing proportion of our shipments. We believe these new policies will have a relatively limited impact on our operations over the short-term and are optimistic about our future prospects. We expect demand from Top Runner Program, poverty alleviation projects, local government subsidies, and self-contained DG projects to continue to drive the growth in the Chinese market, especially in regions with ample sunlight and high commercial power prices."

"We already have good visibility of our order book for the entire year which is predominantly made up of overseas orders to markets which are growing rapidly and will generate significant opportunities ahead. We are taking full advantage of our market leading position and production facility in Florida to expand our presence in the US market. Demand in emerging markets continues to grow, especially in Latin American and the Middle East and North Africa. We are devoting our resources there towards securing large long-term orders through our mature sales network which spans a number of markets there. We believe the Indian solar sector will maintain its long-term growth trajectory despite the short-term impact of recently announced tariffs and will continue to explore opportunities there."

"We continued to develop high-efficiency technologies while optimizing the cost structure of our products. We made significant progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We are increasing our mono PREC cell capacity which will reach 4.2GW by the end of year. We are also investing in N type technology, especially HOT double sided cell technology. The falling cost of raw materials and our deep experience in rapidly rolling out new technologies will allow us to further optimize our cost structure going forward and help us increase market share by providing clients with high-efficiency products at cost effective prices."

"Despite some industry headwinds, we believe those challenges also create opportunities for us to further strengthen our position as a global leader in the solar PV industry. On one hand they will push the industrial upgrading and accelerate the industry's consolidation by phasing out outdated production capacities and replacing them with high efficiency ones; On the other hand, it will push the rapidly falling cost of solar, making solar more competitive and stimulating the global demand. We are now in a good position and are fully prepared for these new opportunities to continue to expand our market share and further consolidate our leading position in the industry."

Second Quarter 2018 Financial Results

Total Revenues

Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9 million), an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and a decrease of 23.5% from RMB7.92 billion in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules in the second quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0 million), compared with RMB656.1 million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules, which was partially offset by a decrease in solar module cost in the second quarter of 2018.

Gross margin was 12.0% in the second quarter of 2018, compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017. The sequential decrease was mainly attributable to a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to a decrease in solar module cost, which was partially offset by a decrease in solar module shipments and a decline in the average selling price of solar modules in the second quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2018 was RMB94.6 million (US$14.3 million), compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017. Operating margin in the second quarter of 2018 was 1.6%, compared with 2.7% in the first quarter of 2018 and 1.1% in the second quarter of 2017.

Total operating expenses in the second quarter of 2018 were RMB633.0 million (US$95.7 million), an increase of 19.2% from RMB531.1 million in the first quarter of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017. The sequential increase was mainly due to an increase in shipping cost as a result of an increase in solar module shipments, an increase in bad debt expenses and an occurrence of provision for impairment of property, plant and equipment for certain damaged equipment of South Africa manufacturing facilities. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 10.4% of total revenues in the second quarter of 2018, compared to 11.6% in the first quarter of 2018 and 9.5% in the second quarter of 2017.

Interest Expense, Net

Net interest expense in the second quarter of 2018 was RMB80.6 million (US$12.2 million), a decrease of 5.6% from RMB85.4 million in the first quarter of 2018 and an increase of 0.1% from RMB80.6 million in the second quarter of 2017.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange gain (including change in fair value of forward contracts) of RMB20.8 million (US$3.1 million) in the second quarter of 2018, compared to a net exchange loss of RMB90.8 million in the first quarter of 2018 and a net exchange loss of RMB34.2 million in the second quarter of 2017. The sequential gain was primarily due to the appreciation of the US dollar against the RMB during the quarter.

Change in Fair Value of Derivatives

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate exposure. The Company recorded a gain of RMB14.3 million (US$2.2 million) in the second quarter of 2018, compared to a gain of RMB21.1 million in the first quarter of 2018 and a loss of RMB16.4 million in the second quarter of 2017. The sequential and year-over-year changes were primarily due to an increase in the LIBOR rate.

Equity in Income of Affiliated Companies

The Company indirectly holds 20% equity interest of Sweihan PV Power Company P.J.S.C, which develops and operates solar power projects in Dubai and accounts for its investments using the equity method. The Company also holds 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as OEM manufacturer and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB 28.0 million (US$ 4.2 million) in the second quarter of 2018, compared with a loss of RMB 5.2 million in the first quarter of 2018 and a loss of RMB 0.2 million in the second quarter of 2017.

Income Tax Benefit, Net

The Company recorded an income tax benefit of RMB10.0 million (US$1.5 million) in the second quarter of 2018, increased from RMB3.3 million in the first quarter of 2018 and decreased from RMB32.5 million in the second quarter of 2017. The sequential increase was mainly due to the additional 2017 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2018.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018, compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.633 (US$0.096) and RMB0.628 (US$0.095), respectively during the second quarter of 2018. This translates into basic and diluted earnings per ADS of RMB2.532 (US$0.384) and RMB2.512 (US$0.380), respectively.

Non-GAAP net income in the second quarter of 2018 was RMB106.7 million (US$16.1 million), compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.682 (US$0.103) and RMB0.677 (US$0.102), respectively during the second quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB2.728 (US$0.412) and RMB2.708 (US$0.408), respectively.

Financial Position

As of June 30, 2018, the Company had RMB2.56 billion (US$386.5 million) in cash and cash equivalents and restricted cash, compared with RMB2.86 billion as of March 31, 2018.

As of June 30, 2018, the Company's accounts receivables due from third parties were RMB4.77 billion (US$720.7 million), compared with RMB4.18 billion as of March 31, 2018.

As of June 30, 2018, the Company's inventories were RMB5.89 billion (US$890.2 million), compared with RMB4.71 billion as of March 31, 2018.

As of June 30, 2018, the Company's total interest-bearing debts were RMB9.29 billion (US$1.40 billion), compared with RMB8.38 billion as of March 31, 2018.

Second Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2018 were 2,794 MW, including 200 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of June 30, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.0 GW, 5.0 GW and 9.0 GW, respectively.

Recent Business Developments

    --  In June 2018, JinkoSolar announced that its wholly owned subsidiary,
        JinkoSolar (U.S.) Inc. has entered into a three-year agreement to supply
        1.43GW of high efficiency modules to sPower, a leading renewable energy
        independent power producer.
    --  In June 2018, JinkoSolar announced that it has supplied 275.4 MWdc of
        high efficiency modules to Green Light Contractors Pty Ltd for use in
        the Bungala Solar Farm near Port Augusta, South Australia, which is
        owned by a joint venture between Enel Green Power and Dutch
        Infrastructure Fund.
    --  In July 2018, JinkoSolar announced that JinkoSolar Japan K.K., a
        subsidiary of the Company, has signed a JPY5.3 billion syndicated loan
        agreement up to two years with a bank consortium led by Sumitomo Mitsui
        Banking Corporation.
    --  In July 2018, JinkoSolar announced that it will supply 86 MW of solar
        modules for a PV Plant that will be located in the Cesar, northern
        Colombia.
    --  In July 2018, JinkoSolar announced that it is ranked 278(th) on the 2018
        Fortune 500 Companies in China and 1(st) among solar manufacturers.

Operations and Business Outlook

Third Quarter and Full Year 2018 Guidance

For the third quarter of 2018, the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 12 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday, August 13, 2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:


    Hong Kong / International:                          +852 3027 6500

    U.S. Toll Free:                      +1 855-824-5644

    Passcode:                            55864212#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

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, August 20, 2018. The dial-in details for the replay are as follows:


    International:                                        +61 2 8325 2405

    U.S.:                                                 +1 646 982 0473

    Passcode:                            319295377#

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

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. 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 9.0 GW for silicon wafers, 5.0 GW for solar cells, and 9.0 GW for solar modules, as of June 30, 2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

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

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation, convertible senior notes and capped call options:

    --  Non-GAAP net income is adjusted to exclude the expenses relating to
        interest expenses of convertible senior notes, exchange gain on the
        convertible senior notes, and stock-based compensation; given these
        Non-GAAP net income adjustments above are either related to the Company
        or its subsidiaries incorporated in Cayman Islands, which are not
        subject to tax exposures, or related to those subsidiaries with tax loss
        positions which result in no tax impacts, therefore no tax adjustment is
        needed in conjunction with these Non-GAAP net income adjustments; and
    --  Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted
        to exclude interest expenses of convertible senior notes and exchange
        gain on the convertible senior notes, and stock-based compensation.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

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 29, 2018, which was RMB6.6171 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:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com


                                                                                                                                                      JINKOSOLAR HOLDING CO., LTD.

                                                                                                                                        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                                                                                                (in thousands, except ADS and Share data)

                                                                                  For the quarter ended                                                                    For the six months ended

                                                                                June 30, 2017                                     March 31, 2018                                     June 30, 2018             June 30, 2017              June 30, 2018
                                                                                -------------                                     --------------                                     -------------             -------------              -------------

                                                                                     RMB                                               RMB                                                RMB                       USD                        RMB                     RMB                  USD

     Revenues from third parties                                                               7,908,533                                            3,671,345                                        5,618,862                    849,143                   13,661,612            9,290,207             1,403,969


     Revenues from related parties                                                                15,555                                              895,491                                          441,769                     66,762                       39,279            1,337,260               202,092
                                                                                                  ------                                              -------                                          -------                     ------                       ------            ---------               -------


     Total revenues                                                                            7,924,088                                            4,566,836                                        6,060,631                    915,905                   13,700,891           10,627,467             1,606,061


     Cost of revenues                                                                        (7,089,255)                                         (3,910,775)                                     (5,333,000)                 (805,942)                (12,217,034)         (9,243,775)          (1,396,953)
                                                                                              ----------                                           ----------                                       ----------                   --------                  -----------           ----------            ----------


     Gross profit                                                                                834,833                                              656,061                                          727,631                    109,963                    1,483,857            1,383,692               209,108


     Operating expenses:

       Selling and marketing                                                                   (550,823)                                           (313,897)                                       (366,077)                  (55,323)                   (964,635)           (679,974)            (102,760)

       General and administrative                                                              (125,029)                                           (130,831)                                       (170,509)                  (25,768)                   (240,979)           (301,340)             (45,539)

       Research and development                                                                 (73,694)                                            (86,382)                                        (81,907)                  (12,378)                   (136,180)           (168,289)             (25,432)

       Impairment of long-lived assets                                                                 -                                                   -                                        (14,548)                   (2,199)                           -            (14,548)              (2,199)
                                                                                                     ---                                                 ---                                         -------                     ------                          ---             -------                ------

     Total operating expenses                                                                  (749,546)                                           (531,110)                                       (633,041)                  (95,668)                 (1,341,794)         (1,164,151)            (175,930)


     Income from operations                                                                       85,287                                              124,951                                           94,590                     14,295                      142,063              219,541                33,178

     Interest expenses, net                                                                     (80,572)                                            (85,411)                                        (80,636)                  (12,186)                   (137,693)           (166,047)             (25,093)

     Change in fair value of derivatives                                                        (16,394)                                              21,104                                           14,284                      2,159                     (16,018)              35,388                 5,348

     Subsidy income                                                                               49,038                                               36,581                                            2,619                        396                      104,229               39,200                 5,924

     Exchange (loss)/gain                                                                       (29,810)                                            (91,413)                                          42,389                      6,406                     (36,149)            (49,024)              (7,409)

     Change in fair value of forward contracts                                                   (4,341)                                                 585                                         (21,618)                   (3,267)                     (3,235)            (21,033)              (3,179)

     Other income, net                                                                            11,773                                                8,678                                            9,444                      1,427                       23,716               18,122                 2,739

     Loss on disposal of subsidiaries                                                                  -                                             (9,425)                                               -                         -                           -             (9,425)              (1,424)

     Income before income taxes                                                                   14,981                                                5,650                                           61,072                      9,230                       76,913               66,722                10,084

     Income tax benefit                                                                           32,460                                                3,293                                           10,003                      1,512                       30,933               13,296                 2,009

     Equity in income of affiliated companies                                                      (194)                                             (5,240)                                          28,024                      4,235                        (194)              22,784                 3,443

     Net income                                                                                   47,247                                                3,703                                           99,099                     14,977                      107,652              102,802                15,536

     Less: Net (loss)/income attributable to non-controlling                                       (121)                                                 107                                              117                         18                        (290)                 224                    34
              interests

     Net income attributable to JinkoSolar                                                        47,368                                                3,596                                           98,982                     14,959                      107,942              102,578                15,502
     Holding Co., Ltd.'s ordinary shareholders



     Net income attributable to JinkoSolar Holding Co., Ltd.'s
     ordinary shareholders per share:

       Basic                                                                                       0.369                                                0.025                                            0.633                      0.096                        0.846                0.680                 0.103

       Diluted                                                                                     0.366                                                0.024                                            0.628                      0.095                        0.838                0.672                 0.102


     Net income attributable to JinkoSolar Holding Co., Ltd.'s
       ordinary shareholders per ADS:

       Basic                                                                                       1.476                                                0.100                                            2.532                      0.384                        3.384                2.720                 0.412

       Diluted                                                                                     1.464                                                0.096                                            2.512                      0.380                        3.352                2.688                 0.408


     Weighted average ordinary shares outstanding:

       Basic                                                                                 128,247,292                                          145,540,445                                      156,457,441                156,457,441                  127,556,967          150,894,845           150,894,845

       Diluted                                                                               129,493,716                                          147,793,780                                      157,574,069                157,574,069                  128,859,633          152,579,390           152,579,390


     Weighted average ADS outstanding:

       Basic                                                                                  32,061,823                                           36,385,111                                       39,114,360                 39,114,360                   31,889,242           37,723,711            37,723,711

       Diluted                                                                                32,373,429                                           36,948,445                                       39,393,517                 39,393,517                   32,214,908           38,144,848            38,144,848


                                                               UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME


     Net income                                                                                   47,247                                                3,703                                           99,099                     14,977                      107,652              102,802                15,536

     Other comprehensive income:

       -Foreign currency translation adjustments                                                (22,391)                                            (33,351)                                          47,966                      7,249                     (39,954)              14,615                 2,209
                                                                                                 -------                                              -------                                           ------                      -----                      -------               ------                 -----

     Comprehensive income/(loss)                                                                  24,856                                             (29,648)                                         147,065                     22,226                       67,698              117,417                17,745
                                                                                                  ------                                              -------                                          -------                     ------                       ------              -------                ------

     Less: Comprehensive (loss)/income attributable to non-                                        (121)                                                 107                                              117                         18                        (290)                 224                    34
    controlling interests


     Comprehensive income/(loss) attributable to JinkoSolar                                       24,977                                             (29,755)                                         146,948                     22,208                       67,988              117,193                17,711
    Holding Co., Ltd.'s ordinary shareholders





     Reconciliation of GAAP and non-GAAP Results


     1. Non-GAAP earnings per share and non-GAAP
    earnings per ADS


     GAAP net income attributable to ordinary shareholders                                        47,368                                                3,596                                           98,982                     14,959                      107,942              102,578                15,502


     4% of interest expense of convertible senior notes                                                1                                                    1                                                1                          -                       1,556                    1                     -


     Exchange loss/(gain) on convertible senior notes                                                (1)                                                 (2)                                               3                          -                         843                    1                     -


     Stock-based compensation expense                                                             13,822                                                7,376                                            7,700                      1,164                       31,224               15,076                 2,278


     Non-GAAP net income attributable to ordinary                                                 61,190                                               10,971                                          106,686                     16,123                      141,565              117,656                17,780

    shareholders



     Non-GAAP earnings per share attributable to ordinary
    shareholders -

       Basic                                                                                       0.477                                                0.075                                            0.682                      0.103                        1.110                0.780                 0.118

       Diluted                                                                                     0.473                                                0.074                                            0.677                      0.102                        1.099                0.771                 0.117


     Non-GAAP earnings per ADS attributable to ordinary
    shareholders -

       Basic                                                                                       1.908                                                0.300                                            2.728                      0.412                        4.440                3.120                 0.472

       Diluted                                                                                     1.892                                                0.296                                            2.708                      0.408                        4.396                3.084                 0.468


     Non-GAAP weighted average ordinary shares
    outstanding

       Basic                                                                                 128,247,292                                          145,540,445                                      156,457,441                156,457,441                  127,556,967          150,894,845           150,894,845

       Diluted                                                                               129,493,716                                          147,793,780                                      157,574,069                157,574,069                  128,859,633          152,579,390           152,579,390


     Non-GAAP weighted average ADS outstanding

       Basic                                                                                  32,061,823                                           36,385,111                                       39,114,360                 39,114,360                   31,889,242           37,723,711            37,723,711

       Diluted                                                                                32,373,429                                           36,948,445                                       39,393,517                 39,393,517                   32,214,908           38,144,847            38,144,847


                                                              JINKOSOLAR HOLDING CO., LTD.

                                                     UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

                                                                     (in thousands)

                                                                             December 31, 2017                June 30, 2018
                                                                             -----------------                -------------

                                                                                    RMB                            RMB               USD

    ASSETS

    Current assets:

      Cash and cash equivalents                                                                     1,928,303              2,299,826       347,558

      Restricted cash                                                                                 833,072                257,955        38,983

      Restricted short-term investments                                                             3,237,773              4,037,172       610,112

      Short-term investments                                                                            2,685                  4,642           702

      Accounts receivable, net - related parties                                                    2,113,042              2,163,388       326,939

      Accounts receivable, net - third parties                                                      4,497,635              4,768,733       720,668

      Notes receivable, net - third parties                                                           571,232                350,504        52,969

      Advances to suppliers, net - third parties                                                      397,076                441,902        66,782

      Inventories, net                                                                              4,273,730              5,890,591       890,207

      Other receivables - related parties                                                              46,592                 73,237        11,068

      Derivative assets                                                                                     -                10,133         1,531

      Prepayments and other current assets                                                          1,706,717              1,360,476       205,601

    Total current assets                                                                           19,607,857             21,658,559     3,273,120


    Non-current assets:

      Restricted cash                                                                                 248,672                506,529        76,549

      Project Assets                                                                                  473,731              1,314,267       198,617

      Long-term investments                                                                            22,322                 52,972         8,005

      Property, plant and equipment, net                                                            6,680,187              7,132,508     1,077,890

      Land use rights, net                                                                            443,269                580,725        87,761

      Intangible assets, net                                                                           25,743                 26,179         3,956

      Deferred tax assets                                                                             275,372                300,989        45,487

      Other assets - related parties                                                                  146,026                112,360        16,980

      Other assets - third parties                                                                    713,226              1,197,993       181,045

    Total non-current assets                                                                        9,028,548             11,224,522     1,696,290


    Total assets                                                                                   28,636,405             32,883,081     4,969,410
                                                                                                   ----------             ----------     ---------


    LIABILITIES

    Current liabilities:

      Accounts payable - related parties                                                                5,329                 40,546         6,128

      Accounts payable - third parties                                                              4,658,202              4,991,274       754,299

      Notes payable - related parties                                                                       -                14,000         2,116

      Notes payable - third parties                                                                 5,672,497              4,976,512       752,068

      Accrued payroll and welfare expenses                                                            721,380                694,786       104,999

      Advances from related parties                                                                    37,400                 35,158         5,313

      Advances from  third parties                                                                    748,959              2,169,672       327,889

      Income tax payable                                                                               27,780                 41,126         6,215

      Other payables and accruals                                                                   1,804,799              2,056,294       310,755

      Other payables due to related parties                                                            12,333                 13,214         1,997

      Forward contract payables                                                                         4,521                 21,618         3,267

      Derivative liability                                                                             26,486                      -            -

      Bond payable and accrued interests                                                               10,257                 21,373         3,230

      Short-term borrowings from third parties,                                                     6,204,440              7,639,625     1,154,528
         including current portion of long-term bank
         borrowings

      Guarantee liabilities to related parties                                                         28,034                 33,161         5,011

    Total current liabilities                                                                      19,962,417             22,748,359     3,437,815


    Non-current liabilities:

      Long-term borrowings                                                                            379,789                855,562       129,296

      Accrued income tax - non current                                                                  6,041                  6,041           913

      Long-term payables                                                                              538,410                471,215        71,212

      Bond payables                                                                                   298,425                298,950        45,178

      Accrued warranty costs - non current                                                            571,718                543,971        82,207

      Convertible senior notes                                                                             65                     66            10

      Deferred tax liability                                                                           70,122                 63,783         9,639

      Long-term liabilities of equtiy investment                                                            -                 7,537         1,139

      Guarantee liabilities to related parties                                                        120,154                 98,517        14,888
       - non current

    Total non-current liabilities                                                                   1,984,724              2,345,642       354,482


    Total liabilities                                                                              21,947,141             25,094,001     3,792,297
                                                                                                   ----------             ----------     ---------


    SHAREHOLDERS' EQUITY

    Ordinary shares (US$0.00002 par value,                                                                 19                     22             3
    500,000,000 shares authorized, 132,146,074
    and 156,457,441 shares issued and
    outstanding as of  December 31, 2017
    and June 30, 2018, respectively)

    Additional paid-in capital                                                                      3,313,608              3,996,004       603,890

    Statutory reserves                                                                                516,886                516,886        78,114

    Accumulated other comprehensive income                                                             23,296                 37,911         5,729

    Treasury stock, at cost; 1,723,200 ordinary                                                      (13,876)              (13,876)      (2,097)
    shares as of  December 31, 2017 and June
    30, 2018

    Accumulated retained earnings                                                                   2,849,341              2,951,919       446,105
                                                                                                    ---------              ---------       -------


    Total JinkoSolar Holding Co., Ltd.                                                              6,689,274              7,488,866     1,131,744
    shareholders' equity



    Non-controlling interests                                                                            (10)               300,214        45,369


    Total liabilities and shareholders' equity                                                     28,636,405             32,883,081     4,969,410
                                                                                                   ----------             ----------     ---------

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SOURCE JinkoSolar Holding Co., Ltd.