JinkoSolar Announces Fourth Quarter and Full Year 2020 Financial Results
04/09/2021
SHANGRAO,
Strategic Business Updates
- Despite extreme challenges, we experienced significant growth in both revenues and shipments for the full year compared with 2019.
- As of the end of 2020,
JinkoSolar became the world's largest PV manufacturer, with aggregate module of 70GW. We expect shipments to sustain a growth rate of over 30% in 2021. - Unrelenting volatility in the industrial value chain underscored the resilience to risk of integrated manufacturers. We adjusted each link of the production process smoothly and flexibly.
- Our new generation
Tiger Pro flagship products will account for 40% to 50% of the total shipments this year, with cumulative orders of over 10 GW. JinkoSolar is leveraging our capacity for technical innovation and our brand reputation built on years of global marketing and excellent service, in order to continue expanding successfully and develop new business models.- Uncertainty has had the effect of consolidating the market, with heightened competition among key players. In response we have been optimizing supply chain management throughout the network and partners on an ongoing basis.
Fourth Quarter 2020 Operational and Financial Highlights
- Quarterly shipments were 5,774 MW, up 27.2% year over year.
- Total revenues were
US$1.44 billion , down 1.1% year over year. - Gross profit was
US$230.9 million , down 12.9% year over year (orUS$206.4 million , down 22.1% year over year[1] if excluding the reversal benefit of Countervailing Duty ("CVD") and Anti-dumping Duty ("ADD")). - Gross margin of 16.0%, compared with 17.0% in Q3 2020 and 18.2% in Q4 2019. (Or 14.3%, compared with 17.0% in Q3 2020 and 18.1% in Q4 2019 if excluding the reversal benefit of CVD and ADD).
- Income from operations of
US$11.0 million , down 88.0% year over year. (or loss from operations ofUS$13.6 million , down 114.9% year over year, if excluding the reversal benefit of CVD and ADD ). - Non-GAAP net income of
US$5.1 million , down 92.3% year over year. - Net loss of
US$57.8 million , due toUS$65.5 million loss of change in fair value of convertible senior notes and call option, as a result of the sharp rise in stock price for the fourth quarter.
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[1] The company recorded the reversal benefit ADD and CVD in aggregate of |
Full Year 2020 Operational and Financial Highlights
- Annual shipments were 18,771 MW, up 31.4% year over year.
- Total revenues were
US$5.38 billion , up 18.1% year over year. - Gross profit was
US$945.8 million , up 13.6% year over year (orUS$921.3 million , up 15.2% year over year[2] if excluding the reversal benefit of CVD and ADD). - Gross margin of 17.6%, compared with 18.3% in full year of 2019. (of 17.1% compared with 17.5% in full year 2019 if excluding the reversal benefit of CVD and ADD).
- Income from operations of
US$273.6 million , up 3.2% year over year (orUS$249.0 million up 7.2% if excluding the reversal benefit of CVD and ADD). - Non-GAAP net income of
US$146.9 million , down 1.2% year over year. - Net income of
US$35.3 million , includingUS$111.2 million loss of change in fair value of convertible senior notes and call option, given the sharp rise in stock price for 2020.
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[2] The company recorded the reversal benefit of anti-dumping (AD) and countervailing duty (CVD) of |
Mr.
"Since the fourth quarter of 2020, the mismatch between supply and demand continued to drive volatility upstream and downstream. We predict this scenario will continue into the second quarter of this year. While there are still supply shortages, there is enough polysilicon to support over 180GW of module production and supply is sufficient in most segments of the supply chain. As global installation levels are still likely to increase this year, demand for modules will revive once market prices are stabilized."
"The continuous volatility in the industrial value chain further highlighted the resilience to risk of integrated manufacturers. Meanwhile, economic uncertainties continued to concentrate key players and heightened competition for "survival of the fittest" and rewarded highly adaptive companies to gain more market share. We have been closely monitoring market trends, adjusting with flexibility each link of the production process, and continuously optimizing our supply chain management throughout our network and partners."
"
"As the world enters into the era of grid parity, we continue to leverage years of global marketing experience and excellent service to solidify our foothold in major regions worldwide. We have shipped our energy storage products to the
Fourth Quarter 2020 Financial Results
Total Revenues
Total revenues in the fourth quarter of 2020 were
Gross Profit and Gross Margin
Gross profit in the fourth quarter of 2020 was
Gross margin was 16.0% in the fourth quarter of 2020 (or 14.3% if excluding the impact from the CVD and ADD reversal benefit), compared with 17.0% in the third quarter of 2020 and 18.2% in the fourth quarter of 2019 (or 18.1% if excluding the impact from the CVD and ADD reversal benefit). The sequential and year-over-year decrease was mainly attributable to (i) a decline in the average selling price of solar modules due to the intensified global market competition of solar modules and (ii) an increase in the cost of raw materials.
Income/(Loss) from Operations and Operating Margin
Income from operations in the fourth quarter of 2020 was
Operating margin was 0.8% (or -0.9% if excluding the impact from CVD and ADD reversal benefit) in the fourth quarter of 2020, compared with 6.2% in the third quarter of 2020 and 6.2% in the fourth quarter of 2019.
Total operating expenses in the fourth quarter of 2020 were
Total operating expenses accounted for 15.2% of total revenues in the fourth quarter of 2020, compared to 10.8% in the third quarter of 2020 and 11.9% in the fourth quarter of 2019.
Interest Expense, Net
Net interest expense in the fourth quarter of 2020 was
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
Change in Fair Value of Convertible Senior Notes and Call Option
The Company issued
Concurrent with the issuance of the Notes in
Equity in Gain/(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
Income Tax (Expenses)/Benefit
The Company recorded an income tax benefit of
Net Income/(loss) and Earnings/(loss) per Share
Net loss attributable to the Company's ordinary shareholders was
Basic and diluted earnings/(loss) per ordinary share were RMB(2.08) (
Non-GAAP net income attributable to the Company's ordinary shareholders in the fourth quarter of 2020 was
Non-GAAP basic and diluted earnings per ordinary share were both RMB0.19 (
Financial Position
As of
As of
As of
As of
Full Year 2020 Financial Results
Total Revenues
Total revenues for full year 2020 were
Gross Profit and Gross Margin
Gross profit for full year 2020 was
Excluding the CVD and ADD reversal benefits, gross margin was 17.1% for full year 2020, compared with 17.5% for full year 2019. The year-over-year decrease was attributable to (i) a decline in the average selling price of solar modules due to the intensified global market competition of solar modules and (ii) an increase in the cost of raw materials.
Income from Operations and Operating Margin
Income from operations for full year 2020 was
Total operating expenses for full year 2020 were
Interest Expense, Net
Net interest expense for full year 2020 was
Exchange Loss 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
Change in Fair Value of Interest Rate Swap
The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposure. The Company recorded a loss of
Change in Fair Value of Convertible Senior Notes and Call Option
The Company issued the Notes in
Concurrent with the issuance of the Notes in
Equity in (Loss)/Income of Affiliated Companies
The Company indirectly holds a 20% equity interest of Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in
Income Tax Expense, Net
The Company recognized an income tax expense of
Net Income and Earnings/(loss) per Share
Net income attributable to the Company's ordinary shareholders for full year 2020 was
Basic and diluted earnings/(loss) per share for full year 2020 were
Non-GAAP net income for full year 2020 was
Non-GAAP basic and diluted earnings per share for full year 2020 were both
Fourth Quarter and Full Year 2020 Operational Highlights
Solar Module Shipments
Total solar module shipments in the fourth quarter of 2020 were 5,774 MW.
Total solar module shipments in full year 2020 were 18.8 GW, compared to 14.3 GW in 2019.
Solar Products Production Capacity
As of
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Note: |
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In addition to the mono wafer, our multi wafer production capacity was 3.5 GW as of |
Operations and Business Outlook
Since installations are still likely to increase, and supply is sufficient in most segments of the supply chain, we anticipate that demand for modules will revive once market prices stabilized. We remain optimistic about global installation levels in 2021.
First Quarter and Full Year 2021 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 first quarter of 2021, the Company expects total solar module shipments to be in the range of 4.5 GW to 5.0 GW. Total revenue for the first quarter is expected to be in the range of
For full year 2021, the Company estimates total shipments (including solar cell and wafer) to be in the range of 25 GW to 30 GW.
Solar Products Production Capacity
Recent Business Developments
- In
October 2020 ,JinkoSolar announced the completion of aRMB 3.10 billion equity financing by its principal operating subsidiaryJinko Solar Co., Ltd. - In
November 2020 ,JinkoSolar and its subsidiary Sichuan Jinko signed a long-term purchase agreement with second tier subsidiaries of Tongwei Co., Ltd., namelySichuan Yongxiang Polysilicon Co., Ltd. ,Sichuan Yongxiang New Energy Co., Ltd. ,Inner Mongolia Tongwei High-purity Crystalline Silicon Company , andYunnan Tongwei High-purity Crystalline Silicon Company . - In
November 2020 ,JinkoSolar announced the resignation of Mr.Zhiqun Xu as the Company's Chief Operating Officer and the appointment of Dr.Jiun-Hua Allen Guo as the Company's new Chief Operating Officer. - In
November 2020 ,JinkoSolar's wholly-owned subsidiaryJinkoSolar Sweihan (HK) Limited signed a share and debt purchase agreement withJinko Power (HK) Company Limited , an indirectly wholly-owned subsidiary of Jinko Power Technology Co., Ltd. - In
December 2020 ,JinkoSolar became the sole PV company given the highestAAA rating for credit quality in the Chinese market. - In
December 2020 ,JinkoSolar announced that Mr.Longgen Zhang resigned as a director of the board of directors of the Company and Mr.Haiyun (Charlie) Cao was appointed as a director of the Board. - In
December 2020 , "Weekly Toyo Keizai", an authoritative business and finance magazine inJapan , listedJinkoSolar in its latest ranking of "China's Top 100New Enterprises ". - In
December 2020 ,JinkoSolar announced changes to its senior management team, in order to comply with certain business operations and independence requirements of the Shanghai Stock Exchange Science and Technology Innovation Board, in relation to the proposed listing of its principal operating subsidiary,Jinko Solar Co., Ltd. on the STAR Market. - In
December 2020 ,JinkoSolar filed a prospectus supplement to sell up to an aggregate ofUS$100,000,000 of the American depositary shares, each representing four ordinary shares ofJinkoSolar , through an at-the-market equity offering program, which had been approved by its board of directors. This offering was completed inJanuary 2021 . - In
January 2021 ,JinkoSolar won the prestigiousPV Magazine Award 2020 in the Module category for its Tiger monofacial module. - In
February 2021 ,JinkoSolar and its subsidiaries signed a solar glass procurement contract with Flat Glass Group Co. Ltd., securing approximately 338 million square meters of rolled glass to support the production of 59GW ofJinkoSolar's high-efficient solar modules for three years from 2021 to 2023. - In
February 2021 ,JinkoSolar announced that it intends to sign a "strategic cooperation agreement" with Tongwei Co., Ltd. to jointly invest in a high-purity crystalline silicon project with annual capacity of 45,000 metric tons and a silicon wafer project with an annual production capacity of 15GW, as well as develop a more extensive industrial chain cooperation. - In
February 2021 ,JinkoSolar won the Green Builder Media's 2021 Green Innovation award. - In
March 2021 ,JinkoSolar adopted a 2021 equity incentive plan with a ten-year term. The plan has a maximum number of 2,600,000 ordinary shares of the Company available for issuance pursuant to all awards under the 2021 Plan, including options, restricted shares and other share-based awards.
Conference Call Information
Dial-in details for the earnings conference call are as follows:
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+852 3027 6500 |
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+1 855-824-5644 |
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Passcode: |
73382078# |
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
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International: |
+61 2 8325 2405 |
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+1 646 982 0473 |
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Passcode: |
319340208# |
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of
About
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, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 22 GW for mono wafers, 11 GW for solar cells, and 31 GW for solar modules, as of December 31, 2020.
JinkoSolar has 9 productions facilities globally, 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile, Australia, Portugal, Canada, Malaysia, UAE, Kenya, Denmark, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina, as of December 31, 2020.
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 issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange (gain)/loss on the convertible senior notes and call option, and stock-based compensation (benefit)/expense; 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 issuance cost of convertible senior notes, change in fair value of convertible senior notes and call option, interest expenses of convertible senior notes and call option, exchange gain on the convertible senior notes and call option, and stock-based compensation. As the Non-GAAP net income is adjusted to exclude the change in fair value of call option, the dilutive impact of call option, if any, is also excluded from the denominator for the calculation of Non-GAAP earnings per share and non-GAAP earnings per ADS.
The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate
Impact of the Recently Adopted Major Accounting Pronouncement
The Company adopted the update of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): "Measurement of Credit Losses on Financial Instruments" on
Upon adoption of ASC 326 on
Currency Convenience Translation
The conversion of Renminbi into
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
For investor and media inquiries, please contact:
In
Ms.
Tel: +86 21- 5180-8777 ext.7806
Email: ir@jinkosolar.com
Christensen
Tel: +86 178 1749 0483
Email: rvanguestaine@ChristensenIR.com
In the
Ms.
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except ADS and Share data) |
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2019 |
2020 |
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RMB |
RMB |
USD |
|||
|
Revenues from third parties |
29,592,010 |
35,067,287 |
5,374,297 |
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Revenues from related parties |
154,278 |
62,172 |
9,528 |
||
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Total revenues |
29,746,288 |
35,129,459 |
5,383,825 |
||
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Cost of revenues |
(24,314,602) |
(28,957,798) |
(4,437,977) |
||
|
Gross profit |
5,431,686 |
6,171,661 |
945,848 |
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|
Operating expenses: |
|||||
|
Selling and marketing |
(2,250,336) |
(2,473,980) |
(379,154) |
||
|
General and administrative |
(1,059,025) |
(1,409,371) |
(215,996) |
||
|
Research and development |
(324,435) |
(389,192) |
(59,646) |
||
|
Impairment of long-lived assets |
(68,262) |
(114,168) |
(17,497) |
||
|
Total operating expenses |
(3,702,058) |
(4,386,711) |
(672,293) |
||
|
Income from operations |
1,729,628 |
1,784,950 |
273,555 |
||
|
Interest expenses, net |
(391,582) |
(459,234) |
(70,381) |
||
|
Subsidy income |
63,017 |
191,981 |
29,422 |
||
|
Exchange gain/(loss) |
8,809 |
(336,523) |
(51,574) |
||
|
Change in fair value of interest rate |
(69,974) |
(78,878) |
(12,089) |
||
|
Change in fair value of foreign |
(78,615) |
187,578 |
28,748 |
||
|
Convertible senior notes issuance |
(18,646) |
- |
- |
||
|
Change in fair value of convertible |
(29,257) |
(725,792) |
(111,232) |
||
|
Other income, net |
17,873 |
2,292 |
351 |
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|
Gain on disposal of subsidiaries |
19,935 |
- |
- |
||
|
Income before income taxes |
1,251,188 |
566,374 |
86,800 |
||
|
Income tax expense |
(277,979) |
(178,411) |
(27,343) |
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Equity in loss of affiliated companies |
(48,855) |
(52,706) |
(8,078) |
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Net income |
924,354 |
335,257 |
51,379 |
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Less: Net income attributable to non- |
25,690 |
104,871 |
16,072 |
||
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Net income attributable to |
898,664 |
230,386 |
35,307 |
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|
Net income/(loss) attributable to |
|||||
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Basic |
5.31 |
1.29 |
0.20 |
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Diluted |
4.85 |
(1.36) |
(0.21) |
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Net income/(loss) attributable to |
|||||
|
Basic |
21.22 |
5.15 |
0.79 |
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Diluted |
19.40 |
(5.42) |
(0.83) |
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Weighted average ordinary shares |
|||||
|
Basic |
169,363,306 |
178,938,853 |
178,938,853 |
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Diluted |
166,567,757 |
171,438,853 |
171,438,853 |
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Weighted average ADS outstanding: |
|||||
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Basic |
42,340,827 |
44,734,713 |
44,734,713 |
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Diluted |
41,641,939 |
42,859,713 |
42,859,713 |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF |
|||||
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Net income |
924,354 |
335,257 |
51,379 |
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Other comprehensive income/(loss): |
|||||
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-Foreign currency translation |
13,741 |
(251,894) |
(38,604) |
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-Change in the instrument-specific |
(21,090) |
60,326 |
9,245 |
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Comprehensive income |
917,005 |
143,689 |
22,020 |
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Less: Comprehensive income |
25,690 |
104,871 |
16,072 |
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Comprehensive income attributable |
891,315 |
38,818 |
5,948 |
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Reconciliation of GAAP and non- |
|||||
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1. Non-GAAP earnings per share |
|||||
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GAAP net income attributable to |
898,664 |
230,386 |
35,307 |
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Convertible senior notes issuance |
18,646 |
- |
- |
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Change in fair value of convertible |
29,257 |
725,792 |
111,232 |
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Net interest expenses of convertible |
15,384 |
26,614 |
4,079 |
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Exchange loss/(gain) on convertible |
3,002 |
(25,347) |
(3,885) |
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Stock-based compensation |
4,578 |
923 |
141 |
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Non-GAAP net income attributable |
969,531 |
958,368 |
146,874 |
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Non-GAAP earnings per share |
|||||
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Basic |
5.73 |
5.36 |
0.82 |
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Diluted |
5.73 |
5.36 |
0.82 |
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Non-GAAP earnings per ADS |
|||||
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Basic |
22.90 |
21.42 |
3.28 |
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Diluted |
22.90 |
21.42 |
3.28 |
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Non-GAAP weighted average |
|||||
|
Basic |
169,363,306 |
178,938,853 |
178,938,853 |
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|
Diluted |
169,363,306 |
178,938,853 |
178,938,853 |
||
|
Non-GAAP weighted average ADS |
|||||
|
Basic |
42,340,827 |
44,734,713 |
44,734,713 |
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|
Diluted |
42,340,827 |
44,734,713 |
44,734,713 |
||
|
|
|||||||
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except ADS and Share data) |
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For the quarter ended |
|||||||
|
|
|
|
|||||
|
RMB |
RMB |
RMB |
USD |
||||
|
Revenues from third parties |
9,528,920 |
8,768,376 |
9,418,979 |
1,443,522 |
|||
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Revenues from related parties |
538 |
1,919 |
5,599 |
858 |
|||
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Total revenues |
9,529,458 |
8,770,295 |
9,424,578 |
1,444,380 |
|||
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Cost of revenues |
(7,799,733) |
(7,275,366) |
(7,917,667) |
(1,213,436) |
|||
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Gross profit |
1,729,725 |
1,494,929 |
1,506,911 |
230,944 |
|||
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Operating expenses: |
|||||||
|
Selling and marketing |
(632,871) |
(498,221) |
(652,751) |
(100,038) |
|||
|
General and administrative |
(342,048) |
(345,228) |
(531,097) |
(81,394) |
|||
|
Research and development |
(91,740) |
(105,445) |
(137,320) |
(21,045) |
|||
|
Impairment of long-lived assets |
(68,262) |
- |
(114,168) |
(17,497) |
|||
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Total operating expenses |
(1,134,921) |
(948,894) |
(1,435,336) |
(219,974) |
|||
|
Income from operations |
594,804 |
546,035 |
71,575 |
10,970 |
|||
|
Interest expenses, net |
(83,826) |
(129,221) |
(115,161) |
(17,649) |
|||
|
Subsidy income |
14,366 |
62,839 |
109,702 |
16,812 |
|||
|
Exchange loss |
(14,003) |
(175,650) |
(223,439) |
(34,243) |
|||
|
Change in fair value of interest rate |
24,466 |
- |
- |
- |
|||
|
Change in fair value of foreign |
91,889 |
111,710 |
175,521 |
26,900 |
|||
|
Change in fair value of convertible |
(67,119) |
(312,992) |
(427,624) |
(65,536) |
|||
|
Other income/(expense), net |
1,432 |
(1,409) |
3,762 |
577 |
|||
|
Gain on disposal of subsidiaries |
19,935 |
- |
- |
- |
|||
|
Income/(loss) before income taxes |
581,944 |
101,312 |
(405,664) |
(62,169) |
|||
|
Income Tax (Expenses)/Benefit |
(220,993) |
(69,226) |
23,089 |
3,539 |
|||
|
Equity in gain of affiliated companies |
31,780 |
24,704 |
19,906 |
3,051 |
|||
|
Net income/(loss) |
392,731 |
56,790 |
(362,669) |
(55,579) |
|||
|
Less: Net income attributable to non- |
23,225 |
49,937 |
14,282 |
2,189 |
|||
|
Net income/(loss) attributable to |
369,506 |
6,853 |
(376,951) |
(57,768) |
|||
|
Net income/(loss) attributable to |
|||||||
|
Basic |
2.08 |
0.04 |
(2.08) |
(0.32) |
|||
|
Diluted |
1.67 |
(1.55) |
(3.60) |
(0.55) |
|||
|
Net income/(loss) attributable to |
|||||||
|
Basic |
8.32 |
0.16 |
(8.32) |
(1.27) |
|||
|
Diluted |
6.68 |
(6.20) |
(14.40) |
(2.21) |
|||
|
Weighted average ordinary shares |
|||||||
|
Basic |
177,524,685 |
177,992,073 |
181,285,886 |
181,285,886 |
|||
|
Diluted |
171,509,296 |
170,492,073 |
173,785,886 |
173,785,886 |
|||
|
Weighted average ADS outstanding: |
|||||||
|
Basic |
44,381,171 |
44,498,018 |
45,321,472 |
45,321,472 |
|||
|
Diluted |
42,877,324 |
42,623,018 |
43,446,472 |
43,446,472 |
|||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||||
|
Net income/(loss) |
392,731 |
56,790 |
(362,669) |
(55,579) |
|||
|
Other comprehensive income/(loss): |
|||||||
|
-Foreign currency translation |
(21,970) |
(100,718) |
(187,456) |
(28,729) |
|||
|
-Change in the instrument-specific |
(26,579) |
(36,727) |
71,330 |
10,932 |
|||
|
Comprehensive income/(loss) |
344,182 |
(80,655) |
(478,795) |
(73,376) |
|||
|
Less: Comprehensive income |
23,225 |
49,937 |
14,282 |
2,189 |
|||
|
Comprehensive income/(loss) |
320,957 |
(130,592) |
(493,077) |
(75,565) |
|||
|
Reconciliation of GAAP and non- |
|||||||
|
1. Non-GAAP earnings per share |
|||||||
|
GAAP net income/(loss) attributable |
369,506 |
6,853 |
(376,951) |
(57,768) |
|||
|
Convertible senior notes issuance |
- |
- |
- |
- |
|||
|
Change in fair value of convertible |
67,119 |
312,992 |
427,624 |
65,536 |
|||
|
Net interest expenses of convertible |
6,281 |
7,217 |
6,535 |
1,002 |
|||
|
Exchange gain on convertible senior |
(4,112) |
(5,904) |
(23,816) |
(3,650) |
|||
|
Stock-based compensation |
(6,630) |
194 |
56 |
9 |
|||
|
Non-GAAP net income attributable to |
432,164 |
321,352 |
33,448 |
5,129 |
|||
|
Non-GAAP earnings per share |
|||||||
|
Basic |
2.43 |
1.81 |
0.19 |
0.03 |
|||
|
Diluted |
2.43 |
1.81 |
0.19 |
0.03 |
|||
|
Non-GAAP earnings per ADS |
|||||||
|
Basic |
9.74 |
7.22 |
0.74 |
0.11 |
|||
|
Diluted |
9.74 |
7.22 |
0.74 |
0.11 |
|||
|
Non-GAAP weighted average |
|||||||
|
Basic |
177,524,685 |
177,992,073 |
181,285,886 |
181,285,886 |
|||
|
Diluted |
177,524,685 |
177,992,073 |
181,285,886 |
181,285,886 |
|||
|
Non-GAAP weighted average ADS |
|||||||
|
Basic |
44,381,171 |
44,498,018 |
45,321,472 |
45,321,472 |
|||
|
Diluted |
44,381,171 |
44,498,018 |
45,321,472 |
45,321,472 |
|||
|
|
|||||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
|
(in thousands) |
|||||
|
|
|
||||
|
RMB |
RMB |
USD |
|||
|
ASSETS |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
5,653,854 |
7,481,678 |
1,146,617 |
||
|
Restricted cash |
576,546 |
593,094 |
90,896 |
||
|
Restricted short-term investments |
6,930,502 |
6,400,637 |
980,941 |
||
|
Short-term investments |
- |
570,000 |
87,356 |
||
|
Accounts receivable, net - related parties |
520,504 |
410,358 |
62,890 |
||
|
Accounts receivable, net - third parties |
5,266,351 |
4,534,758 |
694,982 |
||
|
Notes receivable, net - related parties |
18,629 |
33,001 |
5,058 |
||
|
Notes receivable, net - third parties |
1,529,801 |
1,051,561 |
161,159 |
||
|
Advances to suppliers, net - third parties |
2,522,373 |
1,002,613 |
153,657 |
||
|
Inventories, net |
5,818,789 |
8,376,936 |
1,283,822 |
||
|
Forward contract receivables |
52,281 |
183,146 |
28,068 |
||
|
Prepayments and other current assets, net - related parties |
54,318 |
23,756 |
3,641 |
||
|
Prepayments and other current assets, net |
1,573,482 |
3,020,592 |
462,926 |
||
|
Held-for-sale assets |
1,170,818 |
- |
- |
||
|
Total current assets |
31,688,248 |
33,682,130 |
5,162,013 |
||
|
Non-current assets: |
|||||
|
Restricted cash |
531,158 |
1,389,194 |
212,903 |
||
|
Accounts receivable, net - third parties |
- |
26,405 |
4,047 |
||
|
Project Assets |
798,243 |
645,355 |
98,905 |
||
|
Long-term investments |
278,021 |
194,258 |
29,771 |
||
|
Property, plant and equipment, net |
10,208,205 |
12,455,444 |
1,908,880 |
||
|
Land use rights, net |
597,922 |
760,962 |
116,623 |
||
|
Intangible assets, net |
36,395 |
35,838 |
5,492 |
||
|
Financing lease right-of-use assets, net |
1,259,713 |
829,122 |
127,069 |
||
|
Operating lease right-of-use assets, net |
317,904 |
316,512 |
48,507 |
||
|
Deferred tax assets |
271,286 |
255,107 |
39,097 |
||
|
Call Option - concurrent with issuance of convertible |
294,178 |
756,929 |
116,004 |
||
|
Other assets, net - related parties |
96,753 |
107,319 |
16,447 |
||
|
Other assets, net - third parties |
1,466,692 |
1,777,799 |
272,460 |
||
|
Total non-current assets |
16,156,470 |
19,550,244 |
2,996,205 |
||
|
Total assets |
47,844,718 |
53,232,374 |
8,158,218 |
||
|
LIABILITIES |
|||||
|
Current liabilities: |
|||||
|
Accounts payable - related parties |
36,310 |
14,114 |
2,163 |
||
|
Accounts payable - third parties |
4,952,630 |
4,436,495 |
679,923 |
||
|
Notes payable - third parties |
7,518,570 |
9,334,876 |
1,430,632 |
||
|
Accrued payroll and welfare expenses |
879,465 |
995,054 |
152,499 |
||
|
Advances from related parties |
749 |
- |
- |
||
|
Advances from third parties |
4,350,380 |
2,451,495 |
375,708 |
||
|
Income tax payable |
117,422 |
73,720 |
11,298 |
||
|
Other payables and accruals |
3,055,928 |
3,408,391 |
522,359 |
||
|
Other payables due to related parties |
13,127 |
71,515 |
10,960 |
||
|
Forward contract payables |
3,857 |
17,895 |
2,743 |
||
|
Convertible senior notes - current |
- |
1,831,612 |
280,707 |
||
|
Financing lease liabilities - current |
227,613 |
272,330 |
41,736 |
||
|
Operating lease liabilities - current |
40,043 |
48,244 |
7,394 |
||
|
Short-term borrowings from third parties, |
9,047,250 |
8,238,531 |
1,262,610 |
||
|
Guarantee liabilities to related parties |
25,688 |
22,519 |
3,451 |
||
|
Held-for-sale liabilities |
1,008,196 |
- |
- |
||
|
Total current liabilities |
31,277,228 |
31,216,791 |
4,784,183 |
||
|
Non-current liabilities: |
|||||
|
Long-term borrowings |
1,586,187 |
7,301,536 |
1,119,009 |
||
|
Convertible senior notes |
728,216 |
- |
- |
||
|
Accrued warranty costs - non current |
651,968 |
769,332 |
117,905 |
||
|
Financing lease liabilities |
583,491 |
313,088 |
47,983 |
||
|
Operating lease liabilities |
279,534 |
277,239 |
42,489 |
||
|
Deferred tax liability |
250,734 |
328,713 |
50,377 |
||
|
Long-term Payables |
- |
97 |
15 |
||
|
Guarantee liabilities to related parties |
46,332 |
34,812 |
5,335 |
||
|
Total non-current liabilities |
4,126,462 |
9,024,817 |
1,383,113 |
||
|
Total liabilities |
35,403,690 |
40,241,608 |
6,167,296 |
||
|
SHAREHOLDERS' EQUITY |
|||||
|
Ordinary shares ( |
25 |
26 |
4 |
||
|
Additional paid-in capital |
4,582,850 |
5,251,245 |
804,789 |
||
|
Subscription Receivable |
- |
- |
- |
||
|
Statutory reserves |
689,707 |
692,009 |
106,055 |
||
|
Accumulated other comprehensive income |
62,952 |
(128,615) |
(19,711) |
||
|
|
(13,876) |
(43,170) |
(6,616) |
||
|
Accumulated retained earnings |
3,981,661 |
4,216,353 |
646,184 |
||
|
|
9,303,319 |
9,987,848 |
1,530,705 |
||
|
Non-controlling interests |
3,137,709 |
3,002,918 |
460,217 |
||
|
Total liabilities and shareholders' equity |
47,844,718 |
53,232,374 |
8,158,218 |
||
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