Technology
JinkoSolar Announces Third Quarter 2024 Financial Results
Published
2 months agoon
By
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.
You may like
Technology
Spectral Capital Announces Transformation into a Deep Quantum Technology Platform
Published
32 minutes agoon
December 24, 2024By
SEATTLE, Dec. 24, 2024 /PRNewswire/ — Spectral Capital Corporation (OTCQB: FCCN), a pioneer in quantum innovation, proudly announces its transformation into a Deep Quantum Technology Platform. This strategic evolution positions Spectral at the forefront of the quantum era, uniting proprietary technologies in quantum cloud computing, distributed quantum ledger databases, and plasmonic quantum chips. With the addition of renowned quantum physicist Dr. Moshik Cohen as Chief Technology Officer and the groundbreaking Verdant Quantum initiative, Spectral Capital is pioneering scalable, sustainable, and practical quantum computing solutions.
From Incubator to Operator: Spectral’s New Vision
Spectral Capital has redefined its role in quantum technology by moving beyond incubation to develop, own, and operate its proprietary quantum systems.
“This is not just a rebranding—it is a bold leap into the future of quantum computing,” said Jenifer Osterwalder, CEO. “Spectral Capital will now deliver a fully integrated platform with technologies like the Vogon Decentralized Edge and Hybrid Cloud, its embedded Distributed Quantum Ledger Database (DQLDB), plasmonic System-On-a-Chip (SOC) architecture, and energy-efficient quantum algorithms. These innovations bridge the gap between classical and quantum systems, offering the scalability and environmental responsibility required for the quantum era.”
Introducing Room Temperature Quantum Transfer and Compute
To drive its ambitious vision, Spectral announced earlier this month the addition of Dr. Moshik Cohen, an expert in quantum state dynamics and plasmonic computing as CTO. The Company is fusing the revolutionary initiative from Verdant Quantum to eliminate the need for cryogenic cooling by leveraging room-temperature plasmonic chips.
This solution bridges classical and quantum computing with CMOS-compatible plasmonic processors allowing these chips to harness energy waves controlled by light, called plasmons, to deliver near-light-speed data processing with unmatched precision and efficiency—all while dramatically reducing energy consumption and costs.
Transformative Innovations Powering Spectral’s Platform
The world’s first plasmonic-ready distributed quantum ledger database, Vogon, provides secure, scalable, and semantically enriched data management. Its key features include:
Deterministic Concurrency for low-latency performance.Post-Quantum Cryptography with SPHINCS+ for unparalleled security.Consensus Algorithms to ensure robust and scalable decentralized operations.
The Vogon DQLDB seamlessly connects legacy systems to quantum ecosystems, enabling industries such as finance, logistics, and healthcare to harness quantum efficiencies today.
Plasmonic System-On-a-Chip (SOC)
Spectral’s miniaturized plasmonic SOC technology will redefine the potential of its Vogon Cloud data centers, enabling near-light-speed processing at room temperature. These chips will power Spectral’s edge and hybrid compute data centers across 16 global regions, which will also serve as test beds for sustainable quantum computing.
“This innovation addresses the global call for environmentally friendly quantum solutions, reducing infrastructure costs while increasing processing power,” Brehm emphasized.
Quantum Algorithms and Collective Intelligence
Spectral’s proprietary quantum algorithms leverage cooperative distributed inferencing and analytic tomography to unlock real-time insights. By integrating these algorithms with Vogon DQLDB, Spectral enables industries to optimize operations, from autonomous vehicles to investment portfolio management.
Why Spectral Capital?
The quantum computing market is projected to grow from $885.4 million in 2023 to $12.62 billion by 2032, with a CAGR of up to 34.8%. Spectral’s technologies are positioned to participate in this growth while addressing urgent industry demands for scalable, cost-effective, and sustainable quantum solutions.
“Over the next decade, quantum computing will redefine the global economy,” said Brehm. “Spectral Capital is at the epicenter of this transformation. With Dr. Moshik Cohen, and our ecosystem partners, we are building not just for the future—we are building the future.”
About Spectral Capital
Spectral Capital Corporation (OTCQB: FCCN) is a Deep Quantum Technology Platform company delivering practical, scalable, and sustainable quantum solutions. Through its proprietary Vogon DQLDB, QuantumVM, and plasmonic SOCs, Spectral Capital is revolutionizing industries and paving the way for a more connected, efficient, and sustainable world.
For more information, visit www.spectralcapital.com or contact our Investor Relations team at Rubenstein and Associates.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and FCCN’s growth and business strategy. Words such as “expects,” “will,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to identify forward-looking statements. Although FCCN believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of FCCN. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in FCCN’s business; competitive factors in the market(s) in which FCCN operates; risks associated with operations outside the United States; and other factors listed from time to time in FCCN’s filings with the Securities and Exchange Commission. FCCN expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in FCCN’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
View original content to download multimedia:https://www.prnewswire.com/news-releases/spectral-capital-announces-transformation-into-a-deep-quantum-technology-platform-302338759.html
SOURCE Spectral Capital Corporation
Technology
AGM Group Holdings Inc. Highlights Strategic Growth and Future Initiatives in AI and Cryptocurrency
Published
32 minutes agoon
December 24, 2024By
BEIJING, Dec. 24, 2024 /PRNewswire/ — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, released a statement of its CEO Dr. Bo Zhu today, discussing the Company’s growth strategies and future initiatives in the cryptocurrency industry.
Dr. Zhu, an experienced entrepreneur in the computer software sector, currently serves as CEO of AGM Holdings. He joined the Company in May 2021 as Chief Strategy Officer (CSO) and was appointed CEO and director in October 2023. Dr. Zhu earned his PhD in Computer Science and Technology from Zhejiang University in 2013 and has published over 20 research papers, 19 of which are indexed in SCI/EI (science and engineering). Below are key insights from the interview:
AGM Holdings’ Key Milestones
Strategic Partnerships: In 2021, AGM Holdings collaborated with Shenzhen Highsharp (Shenzhen Gaorui) Electronic Ltd. (“HighSharp”) to enhance ASIC chip R&D and mining equipment offerings.
Major Orders: AGM Holdings secured contracts in 2021, including:
i. 30,000 ASIC miners for Nowlit Solutions Corp (“Nowlit”).
ii. 25,000 MinerVa MV7 ASICs for MinerVa Semiconductor Corp.
iii. 1,500 Bitcoin miners for Meten Holding Group Ltd.
These collaborations evidenced by contractual agreements demonstrate the Company’s commitment to growth in the digital currency industry.
Strategic Positioning and Sustainable Growth
Recent highlights of AGM Holding’s strategic positioning include:
Joint Venture: In December 2024, AGM Holdings partnered with Nowlit to develop a 375MW data center in Canada for Bitcoin mining and AI computing.
Canaan Creative Global Pte Ltd. Partnership: In December 2024, AGM Holdings purchased 2,000 A15 series water-cooled mining machines.
Looking Into the Future
As the technology revolution deepens and cryptocurrency gains broader public acceptance, the demand for high-performance computing environments and data centers is surging, forming the backbone of these industries. Technology development, deployment, and applications will very likely depend on robust hardware and software ecosystems — an area where the Company possesses significant technical expertise and resource advantages. Similarly, computationally intensive processes like cryptocurrency mining and blockchain operations rely heavily on computing power and cost-effective energy, presenting opportunities to showcase the Company’s strengths and competencies. AGM Holdings is dedicated to become one of the key participants and contributors in the global technology hardware supply chain and blockchain ecosystem. This strategic positioning strives to drive long-term value for the company, partners, and shareholders.
About AGM Group Holdings Inc.
AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
For more information, please contact:
AGM Group Holdings Inc.
Email: ir@agmprime.com
Website: http://www.agmprime.com
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
View original content:https://www.prnewswire.com/news-releases/agm-group-holdings-inc-highlights-strategic-growth-and-future-initiatives-in-ai-and-cryptocurrency-302338793.html
SOURCE AGM Group Holdings Inc.
Technology
Virtusa Positioned as a Leader in NelsonHall’s 2024 Quality Engineering NEAT Report for Multiple Market Segments
Published
32 minutes agoon
December 24, 2024By
SOUTHBOROUGH, Mass., Dec. 24, 2024 /PRNewswire/ — Virtusa Corporation, a global leader in digital business strategy, digital engineering, and IT services, has been positioned as a ‘Leader’ in the newly released NelsonHall 2024 NEAT (NelsonHall Vendor Evaluation and Assessment Tool) report for Quality Engineering. This recognition spans four critical segments: Overall Quality Engineering, AI-based Analytics & Automation, Application Migration to Cloud Testing, and GenAI Use Cases. Virtusa has also been designated a ‘Major Player’ in the RPA-based Automation market segment.
NelsonHall’s NEAT evaluation reflects Virtusa’s commitment to delivering high-impact, transformative solutions in Quality Engineering, combining leading-edge AI-based analytics, automation, and migration testing services that enable organizations to elevate quality, reduce risk, and accelerate innovation. Through deep technical expertise and industry alignment, Virtusa’s quality engineering team provides services to support robust digital transformation initiatives, enabling enterprises to stay resilient in an evolving market landscape.
“The demand for highly specialized quality engineering solutions has never been greater,” said Ram Meenakshisundaram, Chief Technology Officer at Virtusa. “Our focus on AI-based analytics, automation, and cloud testing solutions positions us to support our clients’ strategic quality engineering initiatives. Being recognized as a Leader in four segments by NelsonHall further underscores Virtusa’s ability to deliver resilient and future-ready solutions for our clients.”
Virtusa’s portfolio includes advanced offerings in AI-based analytics, cloud migration, and GenAI use cases. It is supported by an Engineering First approach that prioritizes practical, high-impact applications of automation and quality assurance technologies. This framework enables clients to achieve measurable business outcomes and confidently pursue digital transformation goals.
Dominique Raviart, NelsonHall’s IT Services Practice Manager, said, “Virtusa is focused on increasing the level of automation in QE, investing in GenAI and increasing the depth of current GenAI use cases such as test case optimization and defect triaging. The company is already investing in testing LLMs, addressing a new level of complexity across data, prompts, and model efficiency.”
For more information on Virtusa’s digital Engineering services, visit https://www.virtusa.com/services/engineer-automate.
About Virtusa
Virtusa Corporation provides digital engineering and technology services and solutions for Forbes Global 2000 companies across industries, including financial services, healthcare, telecommunications, media, manufacturing, and technology. With a foundation in digital engineering, Virtusa empowers enterprises to navigate digital transformation, driving operational efficiency and measurable outcomes. Leveraging its Engineering First approach, Virtusa partners with organizations to tackle complex challenges, delivering solutions that ensure resilience and competitive advantage.
Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.
About NelsonHall
NelsonHall is the leading global analyst firm dedicated to helping organizations understand the ‘art of the possible’ in digital operations transformation. With analysts in the U.S., U.K., Continental Europe, and India, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies. NelsonHall’s analysis is based on rigorous, primary research, and is widely respected for the quality and depth of its insight.
Media Contact:
Paul Lesinski
Edelman
(971) 226-5299
View original content to download multimedia:https://www.prnewswire.com/news-releases/virtusa-positioned-as-a-leader-in-nelsonhalls-2024-quality-engineering-neat-report-for-multiple-market-segments-302336364.html
SOURCE Virtusa Corporation
Spectral Capital Announces Transformation into a Deep Quantum Technology Platform
AGM Group Holdings Inc. Highlights Strategic Growth and Future Initiatives in AI and Cryptocurrency
Virtusa Positioned as a Leader in NelsonHall’s 2024 Quality Engineering NEAT Report for Multiple Market Segments
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days ago
FLACK GLOBAL METALS EXECUTES FIRST BUSHELING FUTURES CONTRACT
-
Coin Market5 days ago
German watchdog orders Worldcoin to delete data collected illegally
-
Coin Market4 days ago
Tornado Cash dev wants charges dropped after court said OFAC ‘overstepped’
-
Coin Market5 days ago
Bitcoin trader sees 'larger' BTC price dip next month as $100K holds
-
Technology5 days ago
Octane Partners with CFMOTO to Provide Financing to Prime Customers
-
Technology5 days ago
CasinoTopsOnline.com launches TopsRank, a new transparent rating system for online casinos
-
Coin Market5 days ago
Chainalysis acquires Web3 security firm Hexagate
-
Coin Market5 days ago
Ripple Labs’ RLUSD stablecoin: Everything you need to know