JinkoSolar Announces Third Quarter 2017 Financial Results

JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the third quarter ended September 30, 2017.

Third Quarter 2017 Highlights

• Total solar module shipments were 2,374 megawatts ("MW"), a decrease of 17.7% from 2,884 MW in the second quarter of 2017 and an increase of 47.8% from 1,606 MW in the third quarter of 2016.
• Total revenues were RMB6.42 billion (US$964.8 million), a decrease of 19.0% from the second quarter of 2017 and an increase of 20.4% from the third quarter of 2016.
• Gross margin was 12.0%, compared with 10.5% in the second quarter of 2017 and 19.2% in the third quarter of 2016.
• Income from operations was RMB91.9 million (US$13.8 million), compared with RMB85.3 million in the second quarter of 2017 and RMB433.3 million in the third quarter of 2016.
• Net income attributable to the Company's ordinary shareholders from continuing operations was RMB11.3 million (US$1.7 million) in the third quarter of 2017, compared with RMB47.4 million in the second quarter of 2017 and RMB233.7 million in the third quarter of 2016.
• Diluted earnings per American depositary share ("ADS") from continuing operations were RMB0.32 (US$0.04).
• Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the third quarter of 2017 was RMB25.9 million(US$3.9 million), compared with RMB61.2 million in the second quarter of 2017 and RMB271.4 million in the third quarter of 2016.
• Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB0.80 (US$0.12) and RMB0.76 (US$0.12), respectively, in the third quarter of 2017.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Module shipments during the quarter exceeded the high end of our guidance, reaching to 2,374MW. Total revenues hit $964.8 million, a decrease of 19% sequentially and 20.4% from the same period last year. Our gross margin rebounded to 12.0% from 10.5% last quarter as a direct result of our effective cost cutting measures and reduction in the usage of OEM manufacturers."