Jinko Holdings Ltd 6-K/A, filed Apr 28, 2023

Jinko Holdings Ltd (JKS)

6-K/A 2023-04-28 For: 2023-04-28

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Added on August 22, 2026

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Jinko Holdings Ltd filed this 6-K/A on April 28, 2023.

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Number		Description of Document
99.1		Amended Fourth Quarter and Full Year 2022 Financial Results.

	JinkoSolar Holding Co., Ltd.

	By:	/s/ Mengmeng (Pan) Li
	Name:	Mengmeng (Pan) Li
	Title:	Chief Financial Officer

	For the quarter ended												For the year ended
	Dec 31, 2021			Sep 30, 2022			Dec 31, 2022						Dec 31, 2021			Dec 31, 2022
	RMB'000			RMB'000			RMB'000			USD'000			RMB'000			RMB'000			USD'000
Revenues from third parties		16,361,236			19,418,227			29,917,921			4,337,691			40,794,759			82,794,101			12,004,016

Revenues from related parties		26,472			101,089			84,133			12,198			31,763			333,195			48,309

Total revenues		16,387,708			19,519,316			30,002,054			4,349,889			40,826,522			83,127,296			12,052,325

Cost of revenues		(13,743,415	)		(16,447,649	)		(25,793,793	)		(3,739,748	)		(34,168,686	)		(70,848,983	)		(10,272,137	)

Gross profit		2,644,293			3,071,667			4,208,261			610,141			6,657,836			12,278,313			1,780,188

Operating expenses:
Selling and marketing		(1,117,473	)		(1,980,508	)		(2,254,369	)		(326,853	)		(2,856,464	)		(7,241,888	)		(1,049,975	)
General and administrative		(776,137	)		(823,679	)		(896,601	)		(129,995	)		(1,963,562	)		(3,508,678	)		(508,710	)
Research and development		(114,549	)		(201,690	)		(228,399	)		(33,115	)		(461,590	)		(724,769	)		(105,082	)
Impairment of long-lived assets		(150,308	)		(2,662	)		(214,473	)		(31,096	)		(273,713	)		(373,732	)		(54,186	)
Total operating expenses		(2, 158,467)			(3,008,539	)		(3,593,842	)		(521,059	)		(5,555,329	)		(11,849,067	)		(1,717,953	)

Income from operations		485,826			63,128			614,419			89,082			1,102,507			429,246			62,235
Interest expenses, net		(144,420	)		(128,749	)		(111,716	)		(16,197	)		(624,029	)		(490,703	)		(71,145	)
Subsidy income		109,636			225,336			94,048			13,636			465,685			1,089,435			157,953
Exchange gain/(loss)		(127,483	)		650,466			(20,173	)		(2,925	)		(355,499	)		1,025,891			148,740
Change in fair value of commodity futures		-			(2,554	)		350			51			-			(5,837	)		(846	)
Change in fair value of foreign exchange derivatives		116,993			(130,196	)		55,182			8,001			307,689			(168,519	)		(24,433	)
Change in fair value of Long-term Investment		-			-			101,871			14,770			-			101,871			14,770
Change in fair value of convertible senior notes and call option		9,540			232,961			396,794			57,530			191,641			(12,083	)		(1,752	)
Other income/(loss), net		(2,865	)		(888	)		(4,136	)		(600	)		1,911			7,408			1,074
Income before income taxes		447,227			909,504			1,126,639			163,348			1,089,905			1,976,709			286,596
Income tax expenses		(126,872	)		(150,775	)		(265,392	)		(38,478	)		(194,140	)		(605,278	)		(87,757	)
Equity in earnings of affiliated companies		3,471			38,904			148,475			21,527			59,809			193,708			28,085
Net income		323,826			797,633			1,009,722			146,397			955,574			1,565,139			226,924
Less: Net income attributable to non-controlling interests		(84,359	)		(247,811	)		(344,701	)		(49,977	)		(234,554	)		(944,633	)		(136,959	)
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders		239,467			549,822			665,021			96,420			721,020			620,506			89,965

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share:
Basic		1.26			2.74			3.31			0.48			3.78			3.13			0.45
Diluted		1.04			1.60			1.25			0.18			2.01			3.10			0.45

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per ADS:
Basic		5.02			10.97			13.22			1.92			15.12			12.54			1.82
Diluted		4.16			6.39			5.01			0.73			8.02			12.38			1.80

Weighted average ordinary shares outstanding:
Basic		190,775,385			200,494,033			201,189,189			201,189,189			190,672,869			198,004,260			198,004,260
Diluted		205,838,968			219,038,845			219,240,028			219,240,028			205,719,772			200,408,494			200,408,494

Weighted average ADS outstanding:
Basic		47,693,846			50,123,508			50,297,297			50,297,297			47,668,217			49,501,065			49,501,065
Diluted		51,459,742			54,759,711			54,810,007			54,810,007			51,429,943			50,102,123			50,102,123

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income		323,826			797,633			1,009,722			146,397			955,574			1,565,139			226,924
Other comprehensive income/(loss ):
-Unrealized gain/(loss) on available-for-sale securities		-			1,638			(665	)		(96	)		-			973			141
-Foreign currency translation adjustments		(107,654	)		185,181			33,930			4,919			(67,732	)		406,149			58,886
-Change in the instrument-specific credit risk		(15,948	)		48,293			(6,265	)		(908	)		41,972			100,158			14,522
Comprehensive income/(loss)		200,224			1,032,745			1,036,722			150,313			929,814			2,072,419			300,473
Less: Comprehensive income attributable to non-controlling interests		(84,359	)		(339,109	)		(328,095	)		(47,569	)		(234,553	)		(1,079,975	)		(156,582	)
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders		115,865			693,636			708,627			102,743			695,261			992,444			143,891

	Dec 31, 2021			Dec 31, 2022
	RMB'000			RMB'000			USD'000
ASSETS
Current assets:
Cash and cash equivalents		8,321,415			10,243,500			1,485,168
Restricted cash		602,044			1,027,454			148,967
Restricted short-term investments		9,261,918			8,945,271			1,296,942
Short-term investments		150,000			-			-
Accounts receivable, net - related parties		29,417			139,714			20,257
Accounts receivable, net - third parties		7,471,103			16,674,876			2,417,630
Notes receivable, net - related parties		-			282,824			41,006
Notes receivable, net - third parties		1,689,102			6,697,096			970,988
Advances to suppliers, net - related parties		-			56,860			8,244
Advances to suppliers, net - third parties		1,536,155			3,271,284			474,292
Inventories, net		13,252,352			17,450,284			2,530,053
Forward contract receivables		73,532			119,625			17,344
Prepayments and other current assets, net - related parties		17,348			23,105			3,350
Prepayments and other current assets, net		2,435,056			3,290,902			477,136
Held-for-sale assets		684,631			-			-
Available-for-sale securities		-			104,499			15,151
Total current assets		45,524,074			68,327,294			9,906,528

Non-current assets:
Restricted cash		1,204,697			1,378,680			199,890
Accounts receivable, net - third parties		27,624			-			-
Long-term investments		633,866			1,711,072			248,083
Property, plant and equipment, net		19,969,894			32,290,088			4,681,623
Land use rights, net		1,090,057			1,431,424			207,537
Intangible assets, net		55,484			79,600			11,541
Financing lease right-of-use assets, net		628,592			558,407			80,961
Operating lease right-of-use assets, net		438,271			396,966			57,555
Deferred tax assets		371,767			704,244			102,106
Advances to suppliers to be utilised beyond one year		296,709			310,375			45,000
Other assets, net - related parties		3,292			52,363			7,592
Other assets, net - third parties		2,739,159			1,421,669			206,123
Total non-current assets		27,459,413			40,334,888			5,848,011

Total assets		72,983,487			108,662,182			15,754,539

LIABILITIES
Current liabilities:
Accounts payable - related parties		15,863			-			-
Accounts payable - third parties		6,799,854			10,378,076			1,504,680
Notes payable - related parties		-			419,500			60,822
Notes payable - third parties		12,072,223			20,204,323			2,929,351
Accrued payroll and welfare expenses		1,240,791			2,035,931			295,182
Advances from related parties		-			3,829			555
Advances from third parties		5,914,354			9,220,267			1,336,813
Income tax payable		214,856			737,735			106,962
Other payables and accruals		4,844,083			9,214,384			1,335,962
Other payables due to related parties		2,230			5,964			865
Forward contract payables		2,659			63,137			9,154
Financing lease liabilities - current		194,939			168,381			24,413
Operating lease liabilities - current		62,515			65,489			9,495
Short-term borrowings from third parties, including current portion of long-term bank borrowings		13,339,367			12,419,170			1,800,610
Guarantee liabilities to related parties		2,500			-			-
Held-for-sale liabilities		553,234			-			-
Deferred revenue		200,000			-			-
Total current liabilities		45,459,469			64,936,186			9,414,864

Non-current liabilities:
Long-term borrowings		9,896,455			13,022,795			1,888,128
Convertible senior notes		1,098,736			1,070,699			155,237
Accrued warranty costs - non current		858,641			1,422,276			206,211
Financing lease liabilities		236,374			69,881			10,131
Operating lease liabilities		385,420			339,885			49,279
Deferred tax liability		183,003			194,808			28,245
Long-term Payables		568,495			601,759			87,247
Guarantee liabilities to related parties - non current		9,642			-			-
Total non-current liabilities		13,236,766			16,722,103			2,424,478

Total liabilities		58,696,235			81,658,289			11,839,342

SHAREHOLDERS' EQUITY
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 193,770,753 and 204,135,029 shares issued as of December 31, 2021 and December 31, 2022, respectively)		26			28			4
Additional paid-in capital		5,617,923			9,912,931			1,437,240
Accumulated other comprehensive income		(154,375	)		217,563			31,544
Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2021 and December 31, 2022		(43,170	)		(43,170	)		(6,259	)
Accumulated retained earnings		5,629,377			6,249,883			906,148

Total JinkoSolar Holding Co., Ltd. shareholders' equity		11,049,781			16,337,235			2,368,677

Non-controlling interests		3,237,471			10,666,658			1,546,520

Total shareholders' equity		14,287,252			27,003,893			3,915,197

Total liabilities and shareholders' equity		72,983,487			108,662,182			15,754,539