JinkoSolar Announces Second Quarter 2017 Financial Results
09/06/2017
Second Quarter 2017 Highlights
- Total solar module shipments were 2,884 megawatts ("MW"), an increase of 39.5% from 2,068 MW in the first quarter of 2017 and an increase of 68.1% from 1,716 MW in the second quarter of 2016.
- Total revenues were
RMB7.92 billion (US$1.17 billion ), an increase of 37.2% from the first quarter of 2017 and an increase of 39.8% from the second quarter of 2016. - Gross margin was 10.5%, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016.
- Income from operations was
RMB85.3 million (US$12.6 million ), compared withRMB56.8 million in the first quarter of 2017 andRMB308.8 million in the second quarter of 2016. - Net income attributable to the Company's ordinary shareholders from continuing operations was
RMB47.4 million (US$7.0 million ) in the second quarter of 2017, compared withRMB60.6 million in the first quarter of 2017 andRMB280.1 million in the second quarter of 2016. - Diluted earnings per American depositary share ("ADS") from continuing operations were
RMB1.48 (US$0.20) . - Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the second quarter of 2017 was
RMB61.2 million (US$9.0 million ), compared withRMB80.4 million in the first quarter of 2017 andRMB344.1 million in the second quarter of 2016. - Non-GAAP basic and diluted earnings per ADS from continuing operations were
RMB1.92 (US$0.28) andRMB1.88 (US$0.28) , respectively, in the second quarter of 2017.
Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "Second quarter module shipments once again hit a record high, increasing 39.5% sequentially to 2,884MW. Total revenues hit
"Shipments over the past few quarters have surged to new highs, allowing us to continuously capitalize on the growing recognition of
"Demand in
"We are ramping up our mono wafer and PERC cell capacity. Our diamond wire-cutting multiply wafers are now in mass production and are combined with our black silicon cell technology. Our technological focus remains on efficiency and cost. With solid progress being made in the development of new technology, we will continue to maintain flexible and dynamic production capacity in order to meet demand from a rapidly changing market.
"We already have strong visibility in our order book through the rest of the year and have already begun to take orders for next year. We expect ASPs to remain stable during the second half of the year. With our focus now shifting towards profitability, I am confident that we will benefit from the long-term growth prospects of the industry while generating sustainable returns for our shareholders."
Second Quarter 2017 Financial Results
Total Revenues
Total revenues in the second quarter of 2017 were
Gross Profit and Gross Margin
Gross profit in the second quarter of 2017 was
Gross margin was 10.5% in the second quarter of 2017, compared with 11.2% in the first quarter of 2017 and 18.1% in the second quarter of 2016 mainly attributable to a decline in the average selling price of solar modules in the second quarter of 2017.
Income from Operations and Operating Margin
Income from operations in the second quarter of 2017 was
Total operating expenses in the second quarter of 2017 were
Total operating expenses accounted for 9.5% of total revenues in the second quarter of 2017, compared to 10.3% in the first quarter of 2017 and 12.7% in the second quarter of 2016.
Interest Expense, Net
Net interest expense in the second quarter of 2017 was
Exchange Gain / (Loss), Net
The Company recorded a net exchange loss of
Income Tax Expense / (Benefit), Net
The Company recorded an income tax benefit of
Net Income and Earnings per Share
Net income attributable to the Company's ordinary shareholders from continuing operations in the second quarter of 2017 was
Basic and diluted earnings per ordinary share from continuing operations were both
Non-GAAP net income in the second quarter of 2017 was
Non-GAAP basic and diluted earnings per ordinary share from continuing operations were
Financial Position
As of
As of
As of
As of
Second Quarter 2017 Operational Highlights
Solar Module Shipments
Total solar module shipments in the second quarter of 2017 amounted to 2,884 MW.
Solar Products Production Capacity
As of
Recent Business Developments
- In
August 2017 ,JinkoSolar supplied 35.46 MW to Gransolar for PV project inMexico . - In
July 2017 ,JinkoSolar announced that it has become the first PV module provider to guarantee that all JinkoSolar Standard Mass Produced PV Modules meet IEC62804 double anti-PID standards. - In
July 2017 ,JinkoSolar supplied 30 MW ac of PV modules for 2 solar projects inVirginia to Hecate Energy, a leading developer, owner, and operator of power plants inNorth America and abroad. - In
July 2017 ,JinkoSolar announced that it is partnering with TUVRheinland, an independent provider of technical services for testing, inspection, certification, consultation and training, to develop standardized testing methods for bifacial PV technology. - In
June 2017 ,JinkoSolar signed aJPY4.1 billion syndicated loan agreement up to two years with a bank consortium led bySumitomo Mitsui Banking Corporation . - In
June 2017 ,JinkoSolar entered into an agreement with Quantum Power GK inJapan to exclusively supply 187MW worth of 275Wp modules for three projects located inIbaraki ,Gunma and Mie prefecture. - In
May 2017 ,JinkoSolar supplied 65 MW of high efficiency Eagle Series modules for Energon Solar in Medak, Telangana,India . - In
May 2017 ,Abu Dhabi Water and Electricity Authority ,Sweihan Solar Holding Company Limited ("Sweihan"), a joint venture between JinkoSolar and Marubeni Corporation and a syndicate of international and local banks entered into financial agreements for theSweihan Photovoltaic Independent Power Project inAbu Dhabi . - In
May 2017 ,JinkoSolar became first Chinese PV manufacturer that passed 160 KWh/m2 UV test in terms of IEC61345 from TUV Rheinland.
Operations and Business Outlook
Strategic Shift in Overseas Downstream Solar Project Business
With the Company's focuses shifting towards its core competencies in manufacturing,
The Company provided a debt payment guarantee in connection with a loan facility granted to Sweihan PV Power Company P.J.S.C, equity investee of the Company for developing overseas solar power project, in a maximum aggregate principal amount not exceeding
Third Quarter and Full Year 2017 Guidance
For the third quarter of 2017, the Company estimates total solar module shipments to be in the range of 2.1 GW to 2.3 GW.
For the full year 2017, the Company estimates total solar module shipments to be in the range of 8.5 GW and 9.0 GW.
Conference Call Information
Dial-in details for the earnings conference call are as follows:
Hong Kong / International: |
+852 3008 1527 |
|
U.S. Toll Free: |
+1 866-564-2842 |
|
Passcode: |
9936267 |
|
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.
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,
International: |
+61 (0) 2 9101 1954 |
|
U.S. Toll Free: |
+1-888-203-1112 |
|
Passcode: |
9936267 |
|
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of
About
To find out more, please see: www.jinkosolar.com
Use of Non-GAAP Financial Measures
To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"),
- Non-GAAP net income is adjusted to exclude the expenses relating to changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes, exchange gain on the convertible senior notes and capped call options, stock-based compensation, allocation of net income to redeemable non-controlling interests, and accretion to redemption value of redeemable non-controlling interests; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in
Cayman Islands , which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and - Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude the expenses relating to the issuance costs of convertible senior notes, changes in fair value of convertible senior notes and capped call options, interest expenses of convertible senior notes and exchange gain on the convertible senior notes and capped call options, stock-based compensation, and accretion to redemption value of redeemable non-controlling interests.
The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate
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
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
For investor and media inquiries, please contact:
In
Tel: +86 21-5183-3056
Email: ir@jinkosolar.com
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com
In the U.S.:
Ms.
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
JINKOSOLAR HOLDING CO., LTD. |
|||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(in thousands, except ADS and Share data) |
|||||||||||||||
For the quarter ended |
For the six months ended |
||||||||||||||
June 30, 2016 |
March 31, 2017 |
June 30, 2017 |
June 30, 2016 |
June 30, 2017 |
|||||||||||
Continuing operations |
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
||||||||
Revenues from third parties |
5,630,411 |
5,753,080 |
7,908,533 |
1,166,571 |
10,844,943 |
13,661,612 |
2,015,195 |
||||||||
Revenues from related parties |
36,349 |
23,724 |
15,555 |
2,294 |
102,960 |
39,279 |
5,794 |
||||||||
Total revenues |
5,666,760 |
5,776,804 |
7,924,088 |
1,168,865 |
10,947,903 |
13,700,891 |
2,020,989 |
||||||||
Cost of revenues |
(4,638,350) |
(5,127,779) |
(7,089,255) |
(1,045,721) |
(8,834,615) |
(12,217,034) |
(1,802,108) |
||||||||
Gross profit |
1,028,410 |
649,025 |
834,833 |
123,144 |
2,113,288 |
1,483,857 |
218,881 |
||||||||
Operating expenses: |
|||||||||||||||
Selling and marketing |
(373,336) |
(413,812) |
(550,823) |
(81,251) |
(711,707) |
(964,635) |
(142,291) |
||||||||
General and administrative |
(203,360) |
(115,950) |
(125,029) |
(18,443) |
(382,342) |
(240,979) |
(35,546) |
||||||||
Research and development |
(43,617) |
(62,486) |
(73,694) |
(10,870) |
(82,012) |
(136,180) |
(20,088) |
||||||||
Impairment of long-lived assets |
(99,328) |
- |
- |
- |
(99,328) |
- |
- |
||||||||
Total operating expenses |
(719,641) |
(592,248) |
(749,546) |
(110,564) |
(1,275,389) |
(1,341,794) |
(197,925) |
||||||||
Income from operations |
308,769 |
56,777 |
85,287 |
12,580 |
837,899 |
142,063 |
20,956 |
||||||||
Interest expenses, net |
(75,008) |
(57,121) |
(80,572) |
(11,885) |
(151,899) |
(137,693) |
(20,311) |
||||||||
Change in fair value of derivative liability |
(2) |
376 |
(16,394) |
(2,418) |
(1,109) |
(16,018) |
(2,363) |
||||||||
Subsidy income |
39,423 |
55,192 |
49,038 |
7,233 |
74,615 |
104,229 |
15,375 |
||||||||
Exchange gain/(loss) |
140,943 |
(6,339) |
(29,810) |
(4,397) |
188,535 |
(36,149) |
(5,332) |
||||||||
Change in fair value of forward contracts |
(24,741) |
1,105 |
(4,341) |
(640) |
(42,828) |
(3,235) |
(477) |
||||||||
Change in fair value of convertible senior |
(49,076) |
- |
- |
- |
(79,847) |
- |
- |
||||||||
Other income/(expense), net |
1,108 |
11,943 |
11,773 |
1,737 |
(377) |
23,716 |
3,498 |
||||||||
Investment loss |
(1,158) |
- |
(194) |
(29) |
(1,640) |
(194) |
(29) |
||||||||
Income from continuing operations before income taxes |
340,258 |
61,933 |
14,787 |
2,181 |
823,349 |
76,719 |
11,317 |
||||||||
Income tax (expense)/benefit |
(90,410) |
(1,528) |
32,460 |
4,788 |
(190,714) |
30,933 |
4,563 |
||||||||
Income from continuing operations, net of tax |
249,848 |
60,405 |
47,247 |
6,969 |
632,635 |
107,652 |
15,880 |
||||||||
Discontinued operations |
|||||||||||||||
Income from discontinued operations before income taxes |
83,867 |
- |
- |
- |
62,456 |
- |
- |
||||||||
Income tax expense, net |
(479) |
- |
- |
- |
(615) |
- |
- |
||||||||
Income from discontinued operations, net of tax |
83,388 |
- |
- |
- |
61,841 |
- |
- |
||||||||
Net income |
333,236 |
60,405 |
47,247 |
6,969 |
694,476 |
107,652 |
15,880 |
||||||||
Less: Net loss attributable to non-controlling |
(178) |
(169) |
(121) |
(18) |
(88) |
(290) |
(43) |
||||||||
Less: Net income attributable to non-controlling |
2,128 |
- |
- |
- |
3,723 |
- |
- |
||||||||
Less: Allocation of net income to participating |
3,648 |
- |
- |
- |
3,648 |
- |
- |
||||||||
Less: Accretion to redemption value of redeemable |
47,555 |
- |
- |
- |
93,780 |
- |
- |
||||||||
Net income attributable to JinkoSolar |
280,083 |
60,574 |
47,368 |
6,987 |
593,413 |
107,942 |
15,923 |
||||||||
Earnings/(loss) per share for ordinary shareholders, |
|||||||||||||||
Continuing operations |
1.99 |
0.48 |
0.37 |
0.05 |
5.04 |
0.84 |
0.16 |
||||||||
Discontinued operations |
0.24 |
- |
- |
- |
(0.31) |
- |
- |
||||||||
Total earnings/(loss) per share for ordinary |
2.23 |
0.48 |
0.37 |
0.05 |
4.73 |
0.84 |
0.16 |
||||||||
Earnings/(loss) per share for ordinary shareholders, |
|||||||||||||||
Continuing operations |
1.90 |
0.47 |
0.37 |
0.05 |
4.73 |
0.84 |
0.16 |
||||||||
Discontinued operations |
0.23 |
- |
- |
- |
(0.31) |
- |
- |
||||||||
Total earnings/(loss) per share for ordinary |
2.13 |
0.47 |
0.37 |
0.05 |
4.42 |
0.84 |
0.16 |
||||||||
Earnings/(loss) per ADS for ordinary shareholders, |
|||||||||||||||
Continuing operations |
7.96 |
1.92 |
1.48 |
0.20 |
20.16 |
3.36 |
0.64 |
||||||||
Discontinued operations |
0.96 |
- |
- |
- |
(1.24) |
- |
- |
||||||||
Total earnings/(loss) per ADS for ordinary |
8.92 |
1.92 |
# |
1.48 |
0.20 |
18.92 |
3.36 |
0.64 |
|||||||
Earnings/(loss) per ADS for ordinary shareholders, |
|||||||||||||||
Continuing operations |
7.60 |
1.88 |
1.48 |
0.20 |
18.92 |
3.36 |
0.64 |
||||||||
Discontinued operations |
0.92 |
- |
- |
- |
(1.24) |
- |
- |
||||||||
Total earnings/(loss) per ADS for ordinary |
8.52 |
1.88 |
1.48 |
0.20 |
17.68 |
3.36 |
0.64 |
||||||||
Weighted average ordinary shares outstanding: |
|||||||||||||||
Basic |
125,501,184 |
126,820,607 |
128,247,292 |
128,247,292 |
125,489,224 |
127,556,967 |
127,556,967 |
||||||||
Diluted |
132,545,247 |
128,179,515 |
129,493,716 |
129,493,716 |
135,035,911 |
128,859,633 |
128,859,633 |
||||||||
Weighted average ADS outstanding: |
|||||||||||||||
Basic |
31,375,296 |
31,705,152 |
32,061,823 |
32,061,823 |
31,372,306 |
31,889,242 |
31,889,242 |
||||||||
Diluted |
33,136,312 |
32,044,879 |
32,373,429 |
32,373,429 |
33,758,978 |
32,214,908 |
32,214,908 |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||||||||||||
Net income |
333,236 |
60,405 |
47,247 |
6,969 |
694,476 |
107,652 |
15,880 |
||||||||
Other comprehensive income: |
|||||||||||||||
-Foreign currency translation adjustments |
(10,887) |
(17,563) |
(22,391) |
(3,303) |
(12,466) |
(39,954) |
(5,894) |
||||||||
Comprehensive income |
322,349 |
42,842 |
24,856 |
3,666 |
682,010 |
67,698 |
9,986 |
||||||||
Less: Comprehensive income attributable to non- |
1,950 |
(169) |
(121) |
(18) |
3,635 |
(290) |
(43) |
||||||||
Comprehensive income attributable to JinkoSolar |
320,399 |
43,011 |
24,977 |
3,684 |
678,375 |
67,988 |
10,029 |
||||||||
Reconciliation of GAAP and non-GAAP Results(Excluding discontinued |
|||||||||||||||
1. Non-GAAP earnings per share and non-GAAP |
|||||||||||||||
GAAP net income attributable to ordinary |
250,026 |
60,574 |
47,368 |
6,987 |
632,723 |
107,942 |
15,923 |
||||||||
Change in fair value of convertible senior notes and |
49,076 |
- |
- |
- |
79,847 |
- |
- |
||||||||
4% of interest expense of convertible senior notes |
10,463 |
1,555 |
1 |
- |
23,992 |
1,556 |
230 |
||||||||
Exchange loss/(gain) on convertible senior notes |
21,224 |
844 |
(1) |
- |
18,219 |
843 |
124 |
||||||||
Stock-based compensation expense |
13,353 |
17,402 |
13,822 |
2,039 |
26,023 |
31,224 |
4,606 |
||||||||
Non-GAAP net income attributable to ordinary |
344,141 |
80,375 |
61,190 |
9,026 |
780,804 |
141,565 |
20,883 |
||||||||
Non-GAAP earnings per share attributable to |
|||||||||||||||
Basic |
2.74 |
0.63 |
0.48 |
0.07 |
3.37 |
1.11 |
0.16 |
||||||||
Diluted |
2.60 |
0.62 |
0.47 |
0.07 |
3.18 |
1.10 |
0.16 |
||||||||
Non-GAAP earnings per ADS attributable to ordinary |
|||||||||||||||
Basic |
10.96 |
2.52 |
1.92 |
0.28 |
13.48 |
4.44 |
0.64 |
||||||||
Diluted |
10.40 |
2.48 |
1.88 |
0.28 |
12.72 |
4.40 |
0.64 |
||||||||
Non-GAAP weighted average ordinary shares |
|||||||||||||||
Basic |
125,501,184 |
126,820,607 |
128,247,292 |
128,247,292 |
125,489,224 |
127,556,967 |
127,556,967 |
||||||||
Diluted |
132,545,247 |
128,179,515 |
129,493,716 |
129,493,716 |
135,035,911 |
128,859,633 |
128,859,633 |
||||||||
Non-GAAP weighted average ADS outstanding |
|||||||||||||||
Basic |
31,375,296 |
31,705,152 |
32,061,823 |
32,061,823 |
31,372,306 |
31,889,242 |
31,889,242 |
||||||||
Diluted |
33,136,312 |
32,044,879 |
32,373,429 |
32,373,429 |
33,758,978 |
32,214,908 |
32,214,908 |
||||||||
Results presented herein exclude Jinko Power-related discontinued operations, unless specified otherwise |
|||||||||||||||
JINKOSOLAR HOLDING CO., LTD. |
|||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(in thousands) |
|||||
December 31, 2016 |
June 30, 2017 |
||||
RMB |
RMB |
USD |
|||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
2,501,417 |
1,531,000 |
225,835 |
||
Restricted cash |
318,785 |
368,125 |
54,301 |
||
Restricted short-term investments |
3,333,450 |
3,168,027 |
467,309 |
||
Short-term investments |
71,301 |
93,282 |
13,760 |
||
Accounts receivable, net - related parties |
1,414,084 |
786,644 |
116,036 |
||
Accounts receivable, net - third parties |
4,753,715 |
6,470,520 |
954,453 |
||
Notes receivable, net - related parties |
610,200 |
600,000 |
88,505 |
||
Notes receivable, net - third parties |
915,315 |
310,284 |
45,769 |
||
Advances to suppliers, net - related parties |
662 |
- |
- |
||
Advances to suppliers, net - third parties |
325,766 |
431,100 |
63,591 |
||
Inventories, net |
4,473,515 |
5,204,392 |
767,689 |
||
Forward contract receivables |
641 |
- |
- |
||
Deferred tax assets |
130,676 |
- |
- |
||
Other receivables - related parties |
79,125 |
122,484 |
18,067 |
||
Prepayments and other current assets |
766,645 |
1,377,668 |
203,216 |
||
Total current assets |
19,695,297 |
20,463,526 |
3,018,531 |
||
Non-current assets: |
|||||
Restricted cash |
197,214 |
157,466 |
23,227 |
||
Project Assets |
55,063 |
140,256 |
20,689 |
||
Long-term investments |
7,200 |
8,886 |
1,311 |
||
Property, plant and equipment, net |
4,738,681 |
5,885,094 |
868,098 |
||
Land use rights, net |
450,941 |
449,034 |
66,236 |
||
Intangible assets, net |
20,297 |
23,411 |
3,453 |
||
Deferred tax assets |
134,791 |
265,467 |
39,158 |
||
Other assets - related parties |
173,376 |
336,906 |
49,696 |
||
Other assets - third parties |
617,780 |
341,816 |
50,422 |
||
Total non-current assets |
6,395,343 |
7,608,336 |
1,122,290 |
||
Total assets |
26,090,640 |
28,071,862 |
4,140,821 |
||
LIABILITIES |
|||||
Current liabilities: |
|||||
Accounts payable - related parties |
- |
689 |
102 |
||
Accounts payable - third parties |
4,290,071 |
5,986,366 |
883,036 |
||
Notes payable - third parties |
4,796,766 |
4,199,871 |
619,514 |
||
Accrued payroll and welfare expenses |
582,276 |
596,698 |
88,018 |
||
Advances from related parties |
60,541 |
76,089 |
11,224 |
||
Advances from third parties |
1,376,920 |
988,464 |
145,806 |
||
Income tax payable |
168,112 |
63,129 |
9,312 |
||
Other payables and accruals |
1,019,419 |
1,451,915 |
214,169 |
||
Other payables due to related parties |
76,034 |
12,935 |
1,908 |
||
Forward contract payables |
- |
3,116 |
460 |
||
Convertible senior notes - current |
423,740 |
- |
- |
||
Deferred tax liabilities |
17,074 |
- |
- |
||
Derivative liability - current |
10,364 |
26,382 |
3,892 |
||
Short-term borrowings from third parties, |
5,488,629 |
6,633,893 |
978,551 |
||
Guarantee liabilities to related parties |
52,711 |
37,594 |
5,545 |
||
Total current liabilities |
18,362,657 |
20,077,141 |
2,961,537 |
||
Non-current liabilities: |
|||||
Long-term borrowings |
488,520 |
467,518 |
68,963 |
||
Long-term payables |
44,014 |
125,693 |
18,541 |
||
Accrued warranty costs - non current |
511,209 |
562,863 |
83,027 |
||
Convertible senior notes |
- |
68 |
10 |
||
Deferred tax liability |
50,651 |
67,725 |
9,990 |
||
Guarantee liabilities to related parties |
173,376 |
147,926 |
21,820 |
||
Total non-current liabilities |
1,267,770 |
1,371,793 |
202,350 |
||
Total liabilities |
19,630,427 |
21,448,934 |
3,163,887 |
||
SHAREHOLDERS' EQUITY |
|||||
Ordinary shares (US$0.00002 par value, |
18 |
18 |
3 |
||
Additional paid-in capital |
3,145,262 |
3,240,279 |
477,967 |
||
Statutory reserves |
466,253 |
466,253 |
68,776 |
||
Accumulated other comprehensive income |
104,784 |
64,830 |
9,563 |
||
Treasury stock, at cost; 1,723,200 shares of |
(13,876) |
(13,876) |
(2,047) |
||
Accumulated retained earnings |
2,758,268 |
2,866,210 |
422,788 |
||
Total JinkoSolar Holding Co., Ltd. shareholders' equity |
6,460,709 |
6,623,714 |
977,050 |
||
Non-controlling interests |
(496) |
(786) |
(116) |
||
Total liabilities and shareholders' equity |
26,090,640 |
28,071,862 |
4,140,821 |
View original content:http://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2017-financial-results-300514462.html
SOURCE