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JinkoSolar Announces Third Quarter 2024 Financial Results

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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.

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Technology

SIGNATURE KITCHEN SUITE ‘GOURMET AI’ OVEN NAMED A 2024 TIME BEST INVENTION

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Luxury Brand Recognized in Household Category for Leading-Edge Technology and Design

ENGLEWOOD CLIFFS, N.J., Oct. 30, 2024 /PRNewswire/ — AI-enabled cooking technology from Signature Kitchen Suite, the luxury kitchen appliance brand recognized for innovation in built-in appliances, has been named to the annual TIME’s Best Inventions list, honoring 200 groundbreaking innovations transforming the way we live.

Signature Kitchen Suite’s 30-inch Transitional Series Combi Wall Oven stands out in the Household category for its advanced technology and design functionality. The oven redefines home cooking with its advanced Gourmet AI™ technology, offering intelligent recipe suggestions and cooking guidance through the LG ThinQ® app. Equipped with a built-in HD camera, it allows users to monitor and share their cooking in real-time and even create time-lapse videos for an interactive cooking experience.

Beyond its AI capabilities, the oven is equipped with versatile cooking features such as a steam-combi convection, steam sous vide and even air frying to eliminate the need for multiple countertop appliances. The Transitional Series comes in a Satin Stainless Steel finish with sleek, modern handles to align with trending contemporary kitchen designs.

TIME’s editors describe the 2024 list as a showcase of “200 groundbreaking inventions (and 50 special mentions) that are changing how we live, work, play, and think about what’s possible,” inventions such as the world’s largest computer chip to a bioluminescent houseplant.

This year, the TIME Best Inventions list was compiled from global nominations by editors, correspondents, and an online application process, evaluating each invention on originality, efficacy, ambition and impact, with a focus on emerging sectors like health care, AI and green energy.

For more information on Signature Kitchen Suite’s full portfolio of award-winning built-in luxury kitchen appliances, visit www.signaturekitchensuite.com.

About Signature Kitchen Suite
Signature Kitchen Suite delivers innovation in the luxury built-in kitchen appliance market with leading-edge technology that provides more flexibility to prepare food in the best possible way, demonstrating respect for the food at every level. The luxury brand from global home appliance leader LG Electronics, Signature Kitchen Suite is embracing a new generation of forward-thinking Technicurean™ cooks, combining their passion for food with their appreciation for innovation. From the first-of-its-kind built-in sous vide range to the industry’s first built-in French Door refrigerator with a convertible middle drawer, Signature Kitchen Suite’s versatile and high-performance appliances deliver the ultimate precision cooking experience. Visit www.signaturekitchensuite.com or follow the brand on social channels @SKSappliances. 

Media Contacts: 

Signature Kitchen Suite 

John I. Taylor 
john.taylor@lge.com
+1 201 816 2166 

Grace Hong
grace.hong@lg-one.com
+1 909 908 0327 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/signature-kitchen-suite-gourmet-ai-oven-named-a-2024-time-best-invention-302291647.html

SOURCE LG Electronics (LG)

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Project Liberty to convene global leaders at inaugural Summit on the Future of the Internet, with POLITICO and The Onion as exclusive media partners

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As the nation transitions into a new presidential administration following the U.S. elections, Project Liberty will bring together top leaders to lay out a concrete technology and policy blueprint for fixing the internet over the next four years.

 POLITICO will serve as a media partner to examine how government, the private sector, and civil society can work together to put people back in control of their digital lives. The Onion, America’s Finest News Source, will present a one-of-a-kind banquet that promises to solve the internet, through dinner.

Confirmed speakers during the two-day program include multidisciplinary media personalities, elected officials, technologists, and activists, as well as notable members of civil society such as Joseph Gordon-Levitt, Joseph Lubin, Katherine Maher, Jaron Lanier, Ro Khanna, and Nancy Mace

WASHINGTON, Oct. 30, 2024 /PRNewswire/ — On November 21-22, Project Liberty–a non-partisan organization founded by civic entrepreneur Frank McCourt to enable people to take back control of their digital lives by reclaiming a voice, choice, and stake in a better internet–will host its first-ever Summit on the Future of the Internet in Washington, D.C. The first day’s programming will be hosted by Project Liberty Institute at Georgetown University’s newly inaugurated McCourt School of Public Policy just steps from the U.S. Capitol.

The Summit will bring together leaders from the highest levels of technology, policy, finance, and civil society to chart the future of the internet. Additionally, they will explore new legal, technical, and economic models to support a digital future built on the foundations of transparency, opportunity, and accountability.

The Summit will feature a series of panel discussions, fireside chats, roundtables, and keynote remarks focused on three key tracks–technology, economy, and democracy:

Building better technology infrastructure that empowers people with control over their data, social graphs, and content; simplifies and streamlines the user experience; ensures stronger data security; and protects our democracy and our most vulnerable citizens–young people–online.

Leveraging the economic opportunities of the web by identifying the failings of our current system and aligning on opportunities for new value creation, transparent algorithms, data portability, and interoperability tools that help empower creators and communities, guided in part by the findings of Project Liberty Institute’s recently established Fair Data Economy Task Force.

Defining and shaping a policy blueprint for the next administration to better align tech and economics with our nation’s democratic values.

The two-day program will be emceed by futurist Sinead Bovell and Tomicah Tillemann, President of Project Liberty, and will feature more than 50 speakers, including: Joseph Gordon-Levitt, Actor, Director, and Entrepreneur; Joseph Lubin, Founder, ConsenSys; Katherine Maher, CEO & President, National Public Radio (NPR); Ro Khanna, United States House Representative for the 17th District of California; Nancy Mace, United States House Representative for the 1st District of South Carolina; Zach Justice, Social Media Content Creator; Jaron Lanier, Office of the Chief Technical Officer Prime Unifying Scientist, Microsoft; Vint Cerf, VP & Chief Internet Evangelist, Google; Dante Disparte, Chief Strategy Officer & Head of Global Policy, Circle; Melissa Fleming, UN Under-Secretary-General for Global Communications; Zia Khan, Chief Innovation Officer, The Rockefeller Foundation; Raffi Krakorian, Chief Technology Officer & Managing Director, Emerson Collective; Kevin Mayer, Former CEO of TikTok; Dan Porterfield, President & CEO, Aspen Institute; Mark Surman, President, Mozilla; Audrey Tang, Cyber Ambassador-at-Large & Former Minister of Digital Affairs, Taiwan; and many more.

“This Summit reflects the growing consensus that it’s time to upgrade the internet to protect people’s digital rights; foster a safe environment for children, families, and democracy; and create broader access to the economic value each of us generates online,” said Frank McCourt, Founder of Project Liberty. “It has been five decades since the birth of the internet. Big Tech’s business model built on using personal data to extract value and manipulate behavior has run its course. That’s why Project Liberty is building technology and a movement to tackle this challenge. And why we need to deliver solutions before AI further exacerbates what we all know is a broken model.”

Throughout the two-day summit program, POLITICO will serve as the exclusive media partner for the Summit for the Future of the Internet, lending its award-winning thought leadership and editorial expertise to helm several conversations with the brightest minds leading the charge for meaningful changes to our digital infrastructure. Further, The Onion–America’s Finest News Source–will bring a one-of-a-kind satirical experience to the Summit’s opening dinner.

“POLITICO provides critical analysis and context around the most important issues we face,” said Goli Sheikholeslami, CEO of POLITICO Media Group. “At such a pivotal moment, we are thrilled to convene the crucial conversations on the policies that will shape our digital future and the world.”

“The Onion is honored to join this event that aims to provide better answers for protecting our liberties, our children, and our democracy on the internet,” said Ben Collins, CEO of The Onion. “It is our journalistic imperative to loudly and uniformly reject those ideals in the spirit of hearing both sides, while subtly implying the only responsible solution is to step on the throats of the poor and infirm.”

The Summit will kick off on Thursday, November 21, at Georgetown University’s McCourt School of Public Policy and continues through Friday, November 22. A full itinerary and event details are available on the Summit of the Future of the Internet’s website. Participation is by invitation only.

Project Liberty’s Summit is set to define the future of the internet. Apply for press credentials by contacting Anna Feagan at press@projectliberty.io to cover these crucial conversations and join the leaders driving change. Additionally, for those who are unable to attend in person, select mainstage sessions will be available via a live stream on politico.com.

ABOUT PROJECT LIBERTY

Project Liberty is leading the movement to give people back control of their lives in the digital age by ensuring they have a voice, choice, and stake in a better internet. Started in 2019 and publicly launched in 2021 by civic entrepreneur Frank McCourt and supported by a $500-million commitment, Project Liberty includes the work of the Project Liberty Institute—a 501(c)(3) with an international partner network that includes Georgetown University, Stanford University, ETH in Zurich, and other leading academic institutions and civic organizations—and a technological team that is focused on developing the next generation of digital infrastructure. Project Liberty’s activities include the release of the Decentralized Social Networking Protocol (DSNP), which is stewarded by the Institute and available as a public utility to serve as the bedrock of a more equitable web and support a new era of innovation that empowers people over platforms and serves the common good.

View original content to download multimedia:https://www.prnewswire.com/news-releases/project-liberty-to-convene-global-leaders-at-inaugural-summit-on-the-future-of-the-internet-with-politico-and-the-onion-as-exclusive-media-partners-302291661.html

SOURCE Project Liberty

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Technology

ALZpath Proprietary pTau217 Antibody Named to TIME’S List of the Best Inventions of 2024

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CARLSBAD, Calif., Oct. 30, 2024 /PRNewswire/ — ALZpath, Inc., a leading developer of innovative diagnostic tools and solutions for Alzheimer’s disease and related dementias, today announced that it has been honored in TIME’s annual Best Inventions list, which features 200 extraordinary innovations changing our lives. The ALZpath proprietary pTau 217 antibody was recognized in the medical care category for its ability to accurately diagnose Alzheimer’s disease.

The ALZpath proprietary antibody, used in blood-based assays, has displayed high diagnostic accuracy, sensitivity, and reliability in detecting very minute concentrations of phosphorylated tau (pTau217), a key biomarker for the diagnosis of Alzheimer’s disease in its earliest stages, before symptoms appear, and to track its progression over time.

“ALZpath is democratizing access through accessible blood tests for the 139 million people projected to have Alzheimer’s disease by 2050,” said Chad Holland, CEO of ALZpath. “With strategic partnerships, ALZpath’s antibody can be used in a variety of highly sensitive instruments for clinical and research blood assays and is integrated into the most widely available testing platforms.”

To compile this year’s list, TIME solicited nominations from TIME editors and correspondents around the world, and through an online application process, paying special attention to growing fields—such as health care, AI, and green energy. TIME then evaluated each contender on a number of key factors, including originality, efficacy, ambition, and impact.

Of the new list, TIME’s editors write: “The result is a list of 200 groundbreaking inventions (and 50 special mention inventions)—including the world’s largest computer chip, a humanoid robot joining the workforce, and a bioluminescent houseplant—that are changing how we live, work, play, and think about what’s possible.”

See the full list here: time.com/best-inventions-2024

About ALZpath

ALZpath is a leading developer of innovative diagnostic tools and solutions for Alzheimer’s disease and related dementias. The novel ALZpath pTau217 antibody, integral to the most advanced, widely available blood-based tests to detect Alzheimer’s disease, is transforming its diagnosis and treatment monitoring, providing accurate and accessible tools for researchers and healthcare professionals worldwide. To help millions of patients in need, ALZpath democratizes access to its proprietary robust antibody, which is used by researchers, clinicians, and industry partners around the world to accelerate the discovery of new treatments and improve patient care.

To learn more about the company, please visit https://alzpath.bio/ and follow us on LinkedIn.

ALZpath Media Contact:

Nechama Rosengarten
FINN Partners
nechama.rosengarten@finnpartners.com

Photo – https://mma.prnewswire.com/media/2544534/ALZpath_TIMES_Best_Inventions_2024.jpg

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/alzpath-proprietary-ptau217-antibody-named-to-times-list-of-the-best-inventions-of-2024-302291662.html

SOURCE ALZpath, Inc.

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