Connect with us

Technology

JinkoSolar Announces Third Quarter 2024 Financial Results

Published

on

SHANGRAO, China, Oct. 30, 2024 /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 its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Business Highlights

Leveraging our advantages in N-type TOPCon technology, competitive products, global marketing, and manufacturing footprint, our module shipments ranked first in the industry for both the third quarter and the first three quarters of the year.At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of over 280 GW solar modules.N-type module shipments accounted for approximately 90% of our module shipments globally in the third quarter.The mass production efficiency of N-type TOPCon cells reached approximately 26.2%.We published our first Climate White Paper at the 2024 New York Climate Week.We were recently recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance.

Third Quarter 2024 Operational and Financial Highlights

Quarterly shipments were 25,910 MW (23,838 MW for solar modules, and 2,072 MW for cells and wafers), up 2.3% sequentially, and up 14.7% year-over-year.Total revenues were RMB24.51 billion (US$3.49 billion), up 1.9% sequentially and down 23.0% year-over-year.Gross profit was RMB3.86 billion (US$549.4 million), up 44.0% sequentially and down 37.1% year-over-year.Gross margin was 15.7%, compared with 11.1% in Q2 2024 and 19.3% in Q3 2023.Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB22.5 million (US$3.2 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB100.7 million in Q2 2024 and net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB1.32 billion in Q3 2023.Adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB103.9 million (US$14.8 million), which excluded the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of long-term investments, (iii) share based compensation expenses, (iv) the net loss resulting from a fire accident at one of our production bases in Shanxi Province in April 2024 (the “Fire Accident”) and (v) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB378.5 million in Q2 2024 and RMB1.35 billion in Q3 2023.Basic and diluted earnings per ordinary share were RMB0.11 (US$0.02) and RMB0.11 (US$0.02), respectively. This translates into basic and diluted earnings per ADS of RMB0.44 (US$0.06) and RMB0.44 (US$0.06), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “While earnings were under pressure across the industry during the quarter, we achieved relatively outstanding results leveraging our leading position in N-type TOPCon technology, competitive products, as well as our global sales and manufacturing networks. Imbalance between supply and demand led to continuous price decline in the end market, causing losses to almost the whole industrial chain. As we worked to balance utilization rates, shipments and profitability, prices in the third quarter were stable sequentially, and shipments to the U.S. increased significantly quarter-over-quarter. We also continued to optimize our integrated cost through technical advancements and supply chain management. Gross margin was 15.7%, and net income was $3.2 million, both improved significantly sequentially.

In September, the newly added installation was 20.89 GW in China, up 32.4% year-over-year and 26.9% sequentially, reversing the sequential decline in the previous two months while module exports decreased sequentially due to seasonality in some overseas markets. With profitability throughout the whole industrial chain under pressure, some companies have gone bankrupt, reorganized or been acquired. This month, the China Photovoltaic Industry Association (CPIA) held symposiums aimed at encouraging manufacturers to adopt self-discipline in their pricing strategies and production volume management. It also released a report calling on manufacturers to participate in biddings rationally and avoid selling or bidding below cost. The report also called on bid organizers to formulate healthy bidding processes that prioritize products and service quality as well as contract fulfillment. We believe these measures could help eliminate uncompetitive capacity and accelerate industry consolidation and that, with enhanced supervision, domestic prices will eventually return to reasonable levels.

We further consolidated our competitiveness, improving the mass-produced efficiency of our N-type TOPCon cells to nearly 26.2% at the end of the third quarter. As TOPCon technology is evolving rapidly, we have continued to invest in R&D and are gradually adopting certain new technologies into mass production based on market demand, equipment investments, and payback periods, to maintain a leading position in the industry. Also, we have further improved our smart production capabilities to lead the industry in digital transformation. Our new Jinko 360 Smart Platform, which has been certified by TÜV Rheinland, can achieve real-time equipment monitoring in most of our production processes and ensure whole-process management from warehousing of raw materials to warehousing of finished products.

As we navigate through cycles, we expect that the leading enterprises in our industry will emerge ahead thanks to their superior cost control, extensive sales networks, and effective cash flow management. In the long term, they will continue to benefit from continuous investments in R&D and expansion of their global capabilities. We will continue to focus on balancing market structure and profit margin levels and we expect module shipments to be between 90.0 GW to 100.0 GW for full year 2024. We will also continue to optimize our assets and liabilities structure, as well as turnover efficiency, further strengthening our resilience to risks.

Third Quarter 2024 Financial Results

Total Revenues

Total revenues in the third quarter of 2024 were RMB24.51 billion (US$3.49 billion), an increase of 1.9% from RMB24.05 billion in the second quarter of 2024 and a decrease of 23.0% from RMB31.83 billion in the third quarter of 2023. The sequential increase was mainly due to the increase in module shipments. The year-over-year decrease was mainly due to a decrease in the average selling price of solar modules compared to the third quarter of 2023.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2024 was RMB3.86billion (US$549.4 million), compared with RMB2.68 billion in the second quarter of 2024 and RMB6.13 billion in the third quarter of 2023. 

Gross margin was 15.7% in the third quarter of 2024, compared with 11.1% in the second quarter of 2024 and 19.3% in the third quarter of 2023. The sequential increase was mainly due to the increase in average selling price of the solar modules compared to the previous quarter. The year-over-year decrease was mainly due to the decrease in the average selling price of solar modules compared to the third quarter of 2023.

Income/Loss from Operations and Operating Margin

Income from operations in the third quarter of 2024 was RMB75.5 million (US$10.8 million), compared with loss from operations of RMB1.14 billion in the second quarter of 2024 and income from operations of RMB2.99 billion in the third quarter of 2023. The fluctuations were primarily attributable to the changes in our revenues and gross margin in the third quarter of 2024.  

Operating profit margin was 0.3% in the third quarter of 2024, compared with operating loss margin of 4.7% in the second quarter of 2024 and operating profit margin of 9.4% in the third quarter of 2023.

Total operating expenses in the third quarter of 2024 were RMB3.78 billion (US$538.7 million), a decrease of 0.9% from RMB3.81 billion in the second quarter of 2024 and an increase of 20.3% from RMB3.14 billion in the third quarter of 2023. The year-over-year increase was mainly due to (i) the increase in the shipping cost as the shipment of solar modules increased and (ii) the increase in the impairment of long-lived assets.

Total operating expenses accounted for 15.4% of total revenues in the third quarter of 2024, compared to 15.9% in the second quarter of 2024 and 9.9% in the third quarter of 2023.

Interest Expenses, Net

Net interest expenses consist of interest expenses of RMB300.9 million (US$42.9 million) and interest income of RMB98.8 million (US$14.1 million) in the third quarter of 2024.

Net interest expenses in the third quarter of 2024 was RMB202.1 million (US$28.8 million), an increase of 92.2% from RMB105.2 million in the second quarter of 2024 and an increase of 36.4% from RMB148.2 million in the third quarter of 2023. The sequential and year-over-year increases were due to the increase in interest-bearing debts in the third quarter of 2024.

Subsidy Income

Subsidy income in the third quarter of 2024 was RMB431.8 million (US$61.5 million), compared with RMB885.0 million in the second quarter of 2024 and RMB64.5 million in the third quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of incentives related to the Company’s business operations.

Exchange Loss/Gain and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB251.9 million (US$35.9 million) in the third quarter of 2024, compared to a net exchange gain of RMB305.0 million in the second quarter of 2024 and a net exchange loss of RMB295.8 million in the third quarter of 2023. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of US dollars against RMB in the third quarter of 2024.

Change in Fair Value of Convertible Senior Notes

The Company issued US$85.0 million of 4.5% convertible senior notes (the “Notes”) due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model. All the Notes with the principle amount of US$85.0 million have been converted into ordinary shares of the Company in the second quarter of 2024.

Change in fair value of the convertible senior notes was nil in the third quarter of 2024, compared to a gain of RMB12.8 million in the second quarter of 2024 and a gain of RMB295.6 million in the third quarter of 2023.

Change in Fair Value of Long-term Investment

The Company invested in certain equity interests in several solar technology companies engaged in the photovoltaic industry chain, which are recorded as long-term investment and reported at fair value with changes in fair value recognized in earnings. As of September 30, 2024, the Company had RMB845.0 million (US$120.4 million) in long-term investment, compared with RMB849.7 million as of June 30, 2024.

The Company recognized a gain from change in fair value of RMB30.8 million (US$4.4 million) in the third quarter of 2024, compared with a loss of RMB144.2 million in the second quarter of 2024 and a loss of RMB130.3 million in the third quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the valuation of several solar technology companies we invested in.

Other Income/Loss, net

Net other income in the third quarter of 2024 was RMB73.6 million (US$10.5 million), compared with net other income of RMB157.6 million in the second quarter of 2024 and net other loss of RMB25.2 million in the third quarter of 2023. The sequential and year-over-year changes were mainly due to the changes in the fair value of the financial instruments in the third quarter of 2024.

Equity in Loss of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB3.4 million (US$0.5 million) in the third quarter of 2024, compared with equity in loss of RMB67.6 million in the second quarter of 2024 and equity in loss of RMB22.9 million in the third quarter of 2023. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net loss incurred by the affiliated companies.

Income Tax Expense

The Company recorded an income tax expense of RMB148.5 million (US$21.2 million) in the third quarter of 2024, compared with RMB24.8 million in the second quarter of 2024 and RMB403.3 million in the third quarter of 2023.

Net Loss/Income attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB39.0 million (US$5.6 million) in the third quarter of 2024, compared with net loss of RMB18.8 million in the second quarter of 2024 and net income of RMB1.00 billion in the third quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in net income of the Company’s majority-owned principal operating subsidiary, Jinko Solar Co., Ltd..

Net Income/Loss and Earnings per Share

Net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB22.5 million (US$3.2 million) in the third quarter of 2024, compared with net loss of RMB100.7 million in the second quarter of 2024 and net income of RMB1.32 billion in the third quarter of 2023. 

Excluding the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of the long-term investment, (iii) share based compensation expenses, and (iv) the net loss resulted from the Fire Accident and (v) the impairment of long-lived assets, adjusted net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB103.9million (US$14.8 million), compared with RMB378.5 million in the second quarter of 2024 and RMB1.35 billion in the third quarter of 2023.

Basic and diluted earnings per ordinary share were RMB0.11 (US$0.02) and RMB0.11 (US$0.02), respectively, in the third quarter of 2024, compared to basic and diluted loss per ordinary share of RMB0.48 and RMB0.53, respectively, in the second quarter of 2024, and basic and diluted earnings per ordinary share of RMB6.42 and RMB4.61, respectively, in the third quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted earnings per ADS of RMB0.44 (US$0.06) and RMB0.44 (US$0.06), respectively in the third quarter of 2024; basic and diluted loss per ADS of RMB1.94 and RMB2.12, respectively, in the second quarter of 2024; and basic and diluted earnings per ADS of RMB25.66 and RMB18.46, respectively, in the third quarter of 2023.

Financial Position

As of September 30, 2024, the Company had RMB22.37 billion (US$3.19 billion) in cash, cash equivalents, and restricted cash, compared with RMB13.87 billion as of June 30, 2024.

As of September 30, 2024, the Company’s accounts receivables were RMB19.67 billion (US$2.80 billion), compared with RMB18.39 billion as of June 30, 2024.

As of September 30, 2024, the Company’s inventories were RMB15.25 billion (US$2.17 billion), compared with RMB19.49 billion as of June 30, 2024.

As of September 30, 2024, the Company’s total interest-bearing debts were RMB36.72 billion (US$5.23 billion), compared with RMB28.06 billion as of June 30, 2024.

Third Quarter 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 25,910 MW in the third quarter of 2024, including 23,838 MW for solar module shipments and 2,072 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

Fourth Quarter and Full Year 2024 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the fourth quarter of 2024, the Company expects its module shipments to be in the range of 22.3 GW to 32.3 GW.

For full year 2024, the Company estimates its module shipments to be in the range of 90.0 GW to 100.0 GW.

Solar Products Production Capacity

The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2024.

Recent Business Developments 

In September 2024, JinkoSolar completed its delivery program which provided over 1,000 PV modules to Ohana Hope Village, a rapid response housing initiative in Kahului, Maui aimed to provide sustainable housing solutions for families displaced by the August 2023 Maui fire.In September 2024, JinkoSolar was recognized as an Overall Highest Achiever in Renewable Energy Testing Center’s 2024 PV Module Index Report. This marks the fifth consecutive year that JinkoSolar has earned this notable award.In September 2024, Jiangxi Jinko participated in the 2024 New York Climate Week, where JinkoSolar officially launched the English version of its first Climate White Paper.In October 2024, Jiangxi Jinko announced that it proposes to offer and list up t 1,000,519,986 A shares in the form of GDRs on the Frankfurt Stock Exchange in Germany.As of the date of this press release, JinkoSolar has repurchased a total of 5,596,739 ADSs in an aggregate amount of approximately US$134.5 million in the open market under its share repurchase program announced in July 2022 and the extended share repurchase program announced in December 2023. As of the same date, approximately US$65.5 million of the Company’s ordinary shares represented by the ADSs under the extended share repurchase program had not been utilized.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Wednesday, October 30, 2024 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10042950-b7e9np.html

It will automatically direct you to the registration page of “JinkoSolar Third Quarter 2024 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

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, November 6, 2024. The dial-in details for the replay are as follows:

International:

+61 7 3107 6325

U.S.: 

+1 855 883 1031

Passcode:

10042950

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

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 had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams  in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2024.

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

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 September 30, 2024, which was RMB7.0176 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:
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

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the nine months ended     

Sep 30, 2023

Jun 30, 2024

Sep 30, 2024

Sep 30, 2023

Sep 30, 2024

RMB’000

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

 Revenues 

31,834,258

24,053,049

24,508,244

3,492,397

85,848,419

71,605,572

10,203,712

 Cost of revenues 

(25,701,047)

(21,376,366)

(20,652,556)

(2,942,966)

(70,891,519)

(62,338,117)

(8,883,111)

 Gross profit 

6,133,211

2,676,683

3,855,688

549,431

14,956,900

9,267,455

1,320,601

 Operating expenses: 

   Selling and marketing 

(1,739,184)

(1,797,061)

(2,172,100)

(309,522)

(4,961,480)

(5,435,558)

(774,561)

   General and administrative 

(1,157,814)

(1,141,307)

(1,175,798)

(167,550)

(3,042,370)

(3,684,972)

(525,104)

   Research and development 

(218,097)

(215,394)

(208,668)

(29,735)

(632,227)

(664,490)

(94,689)

   Impairment of long-lived assets 

(27,912)

(660,964)

(223,588)

(31,861)

(580,662)

(884,552)

(126,048)

 Total operating expenses 

(3,143,007)

(3,814,726)

(3,780,154)

(538,668)

(9,216,739)

(10,669,572)

(1,520,402)

 (Loss)/income from operations 

2,990,204

(1,138,043)

75,534

10,763

5,740,161

(1,402,117)

(199,801)

 Interest expenses 

(255,951)

(212,897)

(300,935)

(42,882)

(879,058)

(795,566)

(113,368)

 Interest income 

107,780

107,740

98,790

14,077

467,043

301,431

42,954

 Subsidy income 

64,461

885,024

431,753

61,524

620,879

1,548,621

220,677

 Exchange gain/(loss),net 

(253,303)

247,726

(203,999)

(29,070)

976,517

169,737

24,187

 Change in fair value of foreign exchange derivatives 

(42,474)

57,250

(47,912)

(6,827)

(429,628)

23,052

3,285

 Change in fair value of Long-term Investment 

(130,311)

(144,222)

30,772

4,385

312,391

(168,778)

(24,051)

 Change in fair value of convertible senior notes 

295,602

12,791

123,914

323,474

46,095

 Other income/(loss), net 

(25,190)

157,574

73,632

10,492

36,905

1,554,684

221,540

Income/(loss) before income taxes

2,750,818

(27,057)

157,635

22,462

6,969,124

1,554,538

221,518

 Income tax expenses 

(403,305)

(24,799)

(148,460)

(21,155)

(1,059,453)

(649,977)

(92,621)

 Equity in (loss)/income of affiliated companies 

(22,937)

(67,644)

(3,389)

(483)

220,299

(57,852)

(8,244)

 Net income/(loss) 

2,324,576

(119,500)

5,786

824

6,129,970

846,709

120,653

 Less: Net (income)/loss attributable to non-controlling
interests 

(1,001,203)

18,847

38,960

5,552

(2,711,842)

(293,218)

(41,783)

 Less: Accretion to reemption value of redeemable non-
controlling interests 

(22,214)

(3,165)

(22,214)

(3,165)

 Net income/(loss) attributable to JinkoSolar
 Holding Co., Ltd.’s ordinary shareholders 

1,323,373

(100,653)

22,532

3,211

3,418,128

531,277

75,705

 Net income/(loss) attributable to JinkoSolar Holding
Co., Ltd.’s
 ordinary shareholders per share: 

   Basic 

6.42

(0.48)

0.11

0.02

16.73

2.54

0.36

   Diluted 

4.61

(0.53)

0.11

0.02

14.85

0.99

0.14

 Net income/(loss) attributable to JinkoSolar Holding
Co., Ltd.’s
   ordinary shareholders per ADS: 

   Basic 

25.66

(1.94)

0.44

0.06

66.93

10.15

1.45

   Diluted 

18.46

(2.12)

0.44

0.06

59.38

3.96

0.57

 Weighted average ordinary shares outstanding: 

   Basic 

206,286,879

208,076,672

204,902,909

204,902,909

204,273,709

209,393,151

209,393,151

   Diluted 

223,182,957

209,869,918

204,962,646

204,962,646

223,117,023

213,914,994

213,914,994

 Weighted average ADS outstanding: 

   Basic 

51,571,720

52,019,168

51,225,727

51,225,727

51,068,427

52,348,288

52,348,288

   Diluted 

55,795,739

52,467,479

51,240,662

51,240,662

55,779,256

53,478,749

53,478,749

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income/(loss) 

2,324,576

(119,500)

5,786

824

6,129,970

846,709

120,653

 Other comprehensive income/(loss): 

   -Unrealized loss on available-for-sale securities 

(973)

   -Foreign currency translation adjustments 

(31,771)

9,874

(123,210)

(17,556)

192,274

(290,603)

(41,411)

   -Change in the instrument-specific credit risk 

5,245

70,690

 Comprehensive income/(loss) 

2,298,050

(109,626)

(117,424)

(16,732)

6,391,961

556,106

79,242

 Less: Comprehensive (income)/loss attributable to non-
controlling interests 

(992,475)

9,056

77,293

11,014

(2,747,573)

(262,164)

(37,358)

 Comprehensive income/(loss) attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders 

1,305,575

(100,570)

(40,131)

(5,718)

3,644,388

293,942

41,884

 

 

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2023

Sep 30, 2024

RMB’000

RMB’000

USD’000

ASSETS

Current assets:

  Cash,cash equivalents, and restricted cash

19,069,107

22,371,099

3,187,856

  Restricted short-term investments and short-term investments

8,509,257

4,429,382

631,182

  Accounts receivable, net 

22,958,693

19,670,062

2,802,961

  Notes receivable, net 

4,090,085

3,840,562

547,276

  Advances to suppliers, net 

4,565,779

3,013,735

429,453

  Inventories, net

18,215,537

15,247,446

2,172,744

  Foreign exchange forward contract receivables

103,100

72,891

10,387

  Prepayments and other current assets, net 

3,430,224

5,477,271

780,505

  Held-for-sale assets

2,003,417

189,077

26,943

Total current assets

82,945,199

74,311,525

10,589,307

Non-current assets:

  Restricted long-term investments

1,536,198

2,006,350

285,903

  Long-term investments

2,117,628

1,703,354

242,726

  Property, plant and equipment, net

41,267,187

45,637,079

6,503,232

  Land use rights, net

1,821,012

1,840,527

262,273

  Intangible assets, net

569,088

327,871

46,721

  Right-of-use assets, net

742,431

566,016

80,657

  Deferred tax assets 

1,290,004

1,580,433

225,210

  Advances to suppliers to be utilised beyond one year

648,377

610,575

87,006

  Other assets, net 

2,790,567

1,485,964

211,748

  Available-for-sale securities-non-current

104,134

146,134

20,824

Total non-current assets

52,886,626

55,904,303

7,966,300

Total assets

135,831,825

130,215,828

18,555,607

LIABILITIES

Current liabilities:

  Accounts payable 

15,475,166

11,550,419

1,645,922

  Notes payable 

25,690,532

13,248,885

1,887,951

  Accrued payroll and welfare expenses

2,798,964

2,605,596

371,294

  Advances from customers

6,965,298

6,466,944

921,532

  Income tax payables

1,016,039

347,519

49,521

  Other payables and accruals

13,448,501

17,670,758

2,518,063

  Foreign exchange forward derivatives payables

26,466

18,420

2,625

  Convertible senior notes

782,969

  Lease liabilities – current

155,931

120,299

17,142

 Short-term borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing

13,583,774

8,961,302

1,276,975

  Held-for-sale liabilities

1,117,005

Total current liabilities

81,060,645

60,990,142

8,691,025

Non-current liabilities:

  Long-term borrowings

11,238,806

19,907,288

2,836,766

  Convertible notes

4,785,480

7,259,667

1,034,494

  Accrued warranty costs – non current

2,145,426

2,204,720

314,170

  Lease liabilities-noncurrent

557,136

470,711

67,076

  Deferred tax liability

131,506

138,391

19,721

  Long-term Payables

2,378,684

4,385,993

624,999

Total non-current liabilities

21,237,038

34,366,770

4,897,226

Total liabilities

102,297,683

95,356,912

13,588,251

Mezzanine Equity

Redeemable non-controlling interests

1,522,214

216,914

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

20,156,434

20,117,522

2,866,724

Non-controlling interests

13,377,708

13,219,180

1,883,718

Total shareholders’ equity

33,534,142

33,336,702

4,750,442

Total liabilities, mezzanine equity and shareholders’ equity 

135,831,825

130,215,828

18,555,607

 

 

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2024-financial-results-302291448.html

SOURCE JinkoSolar Holding Co., Ltd.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

CreateAI Announces Results of 2024 Annual Meeting of Stockholders

Published

on

By

SAN DIEGO, Dec. 23, 2024 /PRNewswire/ — CreateAI Holdings Inc., formerly TuSimple Holdings Inc. (OTCMKTS: TSPH) (“CreateAI” or the “Company”), a global artificial intelligence technology company, today announced shareholder voting results for its annual meeting of stockholders held on December 20, 2024 (the “Annual Meeting”).

As of October 28, 2024, the record date for the Annual Meeting, there were a total of 232,618,399 shares of common stock outstanding and entitled to vote at the Annual Meeting, comprised of 208,618,399 shares of Class A Common Stock (each with one vote per share) and 24,000,000 shares of Class B Common Stock (each with ten votes per share). At the Annual Meeting, holders of 207,347,538 shares of common stock, representing 423,347,538 votes, entitled to vote at the meeting were represented in person or by proxy and, therefore, a quorum constituted of the majority of the voting power of the shares of common stock issued and outstanding and entitled to vote at the Annual Meeting was present.

The following is a brief description of each matter voted upon at the 2024 Annual Meeting and the numbers of votes cast for, withheld, or against, the number of abstentions, and the number of broker non-votes with respect to each other, as applicable.

1.     Election of six nominees to serve on the Board of Directors (the “Board”) for a term which will expire at the 2025 annual meeting of stockholders, or, if Proposal Two is adopted, to hold office until the annual meeting of stockholders in accordance with the class of director to which each nominee will be assigned. The following six directors were elected by the votes as indicated below.

 
 

For

 

Withheld

 

Broker Non-Votes

Cheng Lu

 

208,949,915

 

164,765,0191

 

49,632,604

Mo Chen

 

208,946,146

 

164,768,7881

 

49,632,604

James Lu

 

209,109,928

 

164,605,0061

 

49,632,604

Zhen Tao

 

209,158,316

 

164,556,6181

 

49,632,604

Albert Schultz

 

348,895,0191

 

24,819,915

 

49,632,604

Jianan Hao

 

209,021,652

 

164,693,2821

 

49,632,604

The totals above include the 240,000,000 votes represented by the Class B shares of Common Stock. 12,000,000 shares of Class B Common Stock (representing 120,000,00 votes) were voted “FOR” and 12,000,000 shares of Class B Common stock (representing 120,000,00 votes) were voted “WITHHELD” for each of the Directors other than Albert Schultz. All shares of Class B Common Stock were voted “FOR” the election of Albert Schultz. Excluding the 240,000,000 votes from the 24,000,000 shares of Class B Common Stock from the totals above, the 183,347,538 shares of Class A Common Stock were voted as indicated below.

 
 

For

 

Withheld

 

Broker Non-Votes

Cheng Lu

 

88,949,915

 

44,765,019

 

49,632,604

Mo Chen

 

88,946,146

 

44,768,788

 

49,632,604

James Lu

 

89,109,928

 

44,605,006

 

49,632,604

Zhen Tao

 

89,158,316

 

44,556,618

 

49,632,604

Albert Schultz

 

108,895,019

 

24,819,915

 

49,632,604

Jianan Hao

 

89,021,652

 

44,693,282

 

49,632,604

2.       Amendment to the Company’s Restated Certificate of Incorporation to classify the Board of Directors into three classes, with directors in each class to serve staggered three-year terms. Pursuant to the Restated Certificate of Incorporation, Proposal Two must receive the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class, since directors representing two-thirds (2/3) of the total number of authorized directors have already approved. The amendment was not approved2 by the votes as indicated below:

For

 

Against1

 

Abstain

 

Broker Non-Votes

208,955,668

 

164,659,652

 

99,614

 

49,632,604

Because Proposal Two was not approved, the six directors elected pursuant to Proposal One will serve on the Board for a term which will expire at the 2025 annual meeting of stockholders.

3.       Ratification of the appointment of UHY LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The selection was ratified by the votes as indicated below:

For

 

Against1

 

Abstain

 

Broker Non-Votes

255,504,371

 

155,923,768

 

11,919,399

 

Note 1: Includes 120,000,000 votes of the 12,000,000 shares of Class B Common Stock held by White Marble LLC and White Marble International Limited (together, the “White Marble Entities”) controlled by Dr. Xiaodi Hou.

Note 2: The White Marble Entities have filed an action in the Delaware Court of Chancery seeking a declaratory judgment that the voting agreement between White Marble and Mo Chen is invalid and White Marble, not Mo Chen, controls the vote. White Marble LLC v. Chen, C.A. No. 2024-1208-PAF (Del. Ch.) On December 13, 2024, the Court entered an order that allows the Company to hold the vote on Proposal Two, and ordered that if Proposal Two is not approved at the Annual Meeting but the Court determines in the Action that Mo Chen, not the White Marble Entities, control how the White Marble Entities’ Shares are voted, then the White Marble Entities’ shares shall be deemed to have been voted in favor of Proposal Two at the Annual Meeting and that such vote shall stand. The vote totals above include the votes of the shares held by the White Marble Entities as voted by the White Marble Entities. If the shares held by the White Marble entities reflected in the totals above are deemed to have been voted in favor of Proposal Two, the Proposal will have passed. Accordingly, if the Court rules in Mo Chen’s favor, Proposal Two will be deemed to have passed and the Company would be permitted to amend its Certificate of Incorporation to implement Proposal Two and each of the directors elected pursuant to Proposal One will serve on the Board until the annual meeting of stockholders in accordance with the class of director to which each nominee is assigned.

About CreateAI

CreateAI (formerly TuSimple) is a global artificial intelligence company with offices in US, China, and Japan. The company is pioneering the future of digital entertainment content production, seamlessly blending cutting-edge generative AI technology with the creativity of world-class talent. Our mission is to redefine the boundaries of what’s possible in digital storytelling by developing immersive, captivating, and visually stunning experiences that resonate with audiences on a global scale.

Investor Relations Contact:
ICR for CreateAI
CreateAI.IR@icrinc.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/createai-announces-results-of-2024-annual-meeting-of-stockholders-302338618.html

SOURCE CreateAI Holdings Inc

Continue Reading

Technology

Rosica Communications Releases V2 of Thought Leadership Measurement Matrix™

Published

on

By

Beta Phase Concludes, Formerly Launching Market Influence Platform

FAIR LAWN, N.J., Dec. 23, 2024 /PRNewswire-PRWeb/ — Rosica Communications, a national PR agency specializing in education, animal health, nonprofits, and healthcare, has completed beta-testing of its comprehensive tool for assessing thought leadership, now called the Thought Leadership Measurement Matrix™. This innovative tool utilizes a unique, weighted algorithm to measure and analyze 20 marketing, online, and public relations factors or activities that impact thought leadership and influence industry reputation and standing.

“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities.”

This PR thought leadership measurement system provides both qualitative and quantitative assessments of an organization’s market influence, pinpointing strengths and uncovering opportunities for advancing thought leadership. After nearly two years of development and retaining an analytics specialist and mathematician in 2024 to advance its thought leadership scoring tables, Rosica’s Thought Leadership Measurement Matrix™ is now ready for prime time. Formerly launched by Rosica as the “Thought Leadership Index,” this is the only tool that thoroughly measures 20 distinct variables affecting thought leadership. It allows organizations to gauge their leadership presence through an in-depth analysis of performance indicators, SEO, content marketing (owned media), speaking engagements, website traffic and user experience (UX), and influencer or KOL advocacy.

“Completing the beta phase with our clients created insights that shaped the final PR and thought leadership measurement platform we’re now officially introducing. The Thought Leadership Measurement Matrix™ is the most comprehensive tool available to measure earned, owned, social, and paid media, plus a number of additional online and traditional marketing, PR, and communications activities that move the needle for organizations to impact of their thought leadership,” said Chris Rosica, CEO and president of Rosica Communications.

“Rosica goes beyond traditional web metrics to deliver a tool that tracks the broader scope of an organization’s thought leadership activities. This tool doesn’t just measure visibility, it quantifies influence, helping organizations not only get noticed but also become recognized leaders in their industries,” said Analytics Specialist Dan Scheuermann.

For more information, visit http://www.rosica.com

Media Contact

Micah Carroll, Rosica Communications, 201-843-5600, micah@rosica.com, www.Rosica.com

View original content to download multimedia:https://www.prweb.com/releases/rosica-communications-releases-v2-of-thought-leadership-measurement-matrix-302338568.html

SOURCE Rosica Communications

Continue Reading

Technology

KORE Announces NYSE Acceptance of Plan to Regain Listing Compliance

Published

on

By

ATLANTA, Dec. 23, 2024 /PRNewswire/ — KORE Group Holdings, Inc. (NYSE: KORE) (“KORE” or the “Company”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today announced it has received notification (the “Acceptance Letter”) from the New York Stock Exchange (the “NYSE”) that the NYSE has accepted the Company’s previously-submitted plan (the “Plan”) to regain compliance with the NYSE’s continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual relating to minimum market capitalization and stockholders’ equity. In the Acceptance Letter, the NYSE granted the Company an 18-month period from September 12, 2024 (the “Plan Period”) to regain compliance with the continued listing standards. As part of the Plan, the Company is required to provide the NYSE quarterly updates regarding its progress towards the goals and initiatives in the Plan. In the Plan, Kore included details regarding previously reported operational restructuring activities, as well as an outlook on the Company’s business. 

The Company expects its common stock will continue to be listed on the NYSE during the Plan Period, subject to the Company adherence to the Plan and compliance with other applicable NYSE continued listing standards. The Company’s receipt of such notification from the NYSE does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.

Cautionary Note on Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “guidance,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected progress with the Company’s compliance plan submitted to the NYSE, expected compliance with continued listing standards of the NYSE and expected continued listing of the Company’s common stock on the NYSE. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE’s business and the timing of expected business milestones; risks relating to the integration of KORE’s acquired companies, including the acquisition of Twilio’s IoT business, changes in the assumptions underlying KORE’s expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of estimates relating to customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE’s future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE’s expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

KORE Investor Contact:

Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324

View original content to download multimedia:https://www.prnewswire.com/news-releases/kore-announces-nyse-acceptance-of-plan-to-regain-listing-compliance-302338621.html

SOURCE KORE Group Holdings, Inc.

Continue Reading

Trending