0001410578-23-000828 | 20-F | XBRL Viewer | Jinkosolar Holding Co LTD

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-34615
Entity Registrant Name	JinkoSolar Holding Co., Ltd.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	1 Yingbin Road
Entity Address, Address Line Two	Shangrao Economic Development Zone
Entity Address, City or Town	Jiangxi Province
Entity Address, Postal Zip Code	334100
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	201,189,189
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001481513
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, the People’s Republic of China
American Depositary Shares
Document and Entity Information
Title of 12(b) Security	American Depositary Shares, each representing fourordinary shares, par value US$0.00002 per share
Trading Symbol	JKS
Security Exchange Name	NYSE
Ordinary shares
Document and Entity Information
Title of 12(b) Security	Ordinary shares, par value US$0.00002 per share*
Business Contact [Member]
Document and Entity Information
Contact Personnel Name	Mengmeng (Pan) Li
Entity Address, Address Line One	1 Yingbin Road
Entity Address, Address Line Two	Shangrao Economic Development Zone
Entity Address, City or Town	Jiangxi Province
Entity Address, Postal Zip Code	334100
Entity Address, Country	CN
City Area Code	86-793
Local Phone Number	858-8188
Contact Personnel Email Address	pan.li@jinkosolar.com

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
Total revenues	¥ 31,000	¥ 83,127,296	$ 12,052,325	¥ 40,826,521	¥ 35,129,459
Cost of revenues		(70,848,983)	(10,272,137)	(34,168,686)	(28,957,798)
Gross profit		12,278,313	1,780,188	6,657,835	6,171,661
Selling and marketing		(7,241,888)	(1,049,975)	(2,856,465)	(2,473,982)
General and administrative		(3,508,678)	(508,710)	(1,963,562)	(1,409,371)
Impairment of long-lived assets		(373,732)	(54,186)	(273,713)	(114,168)
Research and development		(724,769)	(105,082)	(461,590)	(389,192)
Total operating expenses		(11,849,067)	(1,717,953)	(5,555,330)	(4,386,713)
Income from operations		429,246	62,235	1,102,505	1,784,948
Interest expenses		(1,079,409)	(156,500)	(838,320)	(675,852)
Interest income		588,706	85,354	214,291	216,618
Subsidy income		1,089,000	157,953	465,685	191,981
Exchange gain/(loss), net		1,025,891	148,741	(355,499)	(336,523)
Other income, net		1,571	228	1,911	2,292
Income before income taxes		1,976,709	286,596	1,089,903	566,372
Income tax expenses		(605,278)	(87,757)	(194,140)	(178,411)
Equity in (loss)/income of affiliated companies		193,708	28,085	59,809	(52,706)
Net income		1,565,139	226,924	955,572	335,255
Less: Net income attributable to the non-controlling interests		(944,633)	(136,959)	(234,554)	(104,870)
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders		¥ 620,506	$ 89,965	¥ 721,018	¥ 230,385
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share -
Basic \| (per share)		¥ 3.13	$ 0.45	¥ 3.78	¥ 1.29
Diluted \| (per share)		3.10	0.45	2.01	(1.36)
Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per ADS-
Basic \| (per share)		¥ 12.54	$ 1.82	¥ 15.12	¥ 5.15
Diluted		12.38	1.80	8.02	(5.42)
Weighted average ordinary shares outstanding
Basic		198,004,260	198,004,260	190,672,869	178,938,853
Diluted		200,408,494	200,408,494	205,719,772	171,438,853
Number of ordinary shares per ADS	4	4	4
Interest Rate Swap
Change in fair value of foreign exchange options		¥ 0	$ 0		¥ (78,878)
Foreign Exchange Forward Contract [Member]
Change in fair value of foreign exchange options		(164,356)	(23,829)	¥ 288,880	191,186
long-term investment
Change in fair value of foreign exchange options		101,871	14,770
Third Party [Member]
Total revenues		82,794,101	12,004,016	40,794,758	35,067,287
Related Party [Member]
Total revenues		333,195	48,309	31,763	62,172
Convertible Senior Notes and Call Options [Member]
Change in fair value of foreign exchange options		(12,083)	(1,752)	191,641	(725,792)
Foreign exchange option
Change in fair value of foreign exchange options		¥ (4,163)	$ (604)	¥ 18,809	¥ (3,608)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	¥ 1,565,139	$ 226,924	¥ 955,572	¥ 335,255
Other comprehensive income:
-Unrealized gain on available-for-sale securities	973	141
-Change in fair value of interest rate swap cash flow hedges			(12,294)
-Reclassification of change in instrument-specific credit risk	0	0	(14,252)	0
-Change in instrument-specific credit risk	100,158	14,522	56,224	60,326
-Foreign currency translation adjustments	406,149	58,886	(55,438)	(251,893)
Comprehensive income	2,072,419	300,473	929,812	143,688
Less: comprehensive income attributable to non-controlling interests	(1,079,975)	(156,582)	(234,554)	(104,870)
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders	¥ 992,444	$ 143,891	¥ 695,258	¥ 38,818

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 10,243,500	$ 1,485,168	¥ 8,321,415
Restricted cash	1,027,454	148,967	602,044
Restricted short-term investments	8,945,271	1,296,942	9,261,918
Short-term investments	0	0	150,000
Accounts receivable, net - related parties	139,713	20,257	29,417
Accounts receivable, net - third parties	16,674,876	2,417,630	7,471,103
Notes receivable - a related party	282,824	41,006
Notes receivable, net - third parties	6,697,096	970,988	1,689,102
Advances to suppliers - a related party	56,860	8,244
Advances to suppliers - third parties	3,271,284	474,292	1,536,155
Inventories, net	17,450,284	2,530,053	13,252,352
Foreign exchange forward contract receivables	119,625	17,344	73,532
Other receivables - related parties	23,105	3,350	17,348
Held-for-sale assets	0	0	684,631
Available-for-sale securities	104,499	15,151
Prepayments and other current assets	3,290,903	477,136	2,435,057
Total current assets	68,327,294	9,906,528	45,524,074
Non-current assets:
Restricted long-term investments	1,378,680	199,890	1,204,697
Accounts receivable, net - third parties	0	0	27,624
Long-term investments	1,711,072	248,083	633,866
Property, plant and equipment, net	32,290,088	4,681,623	19,969,894
Land use rights, net	1,431,424	207,537	1,090,057
Intangible assets, net	79,600	11,541	55,484
Deferred tax assets	704,244	102,106	371,767
Financing lease right-of-use assets, net	558,407	80,961	628,592
Operating lease right-of-use assets, net	396,966	57,555	438,271
Advances to suppliers to be utilized beyond one year	310,375	45,000	296,709
Other assets - related parties	52,363	7,592	3,292
Other assets - third parties	1,421,669	206,123	2,739,160
Total non-current assets	40,334,888	5,848,010	27,459,413
Total assets	108,662,182	15,754,538	72,983,487
Current liabilities:
Accounts payable - related parties	0	0	15,863
Accounts payable - third parties	10,378,076	1,504,680	6,799,854
Notes payable - a related party	419,500	60,822
Notes payable - third parties	20,204,323	2,929,351	12,072,223
Accrued payroll and welfare expenses	2,035,931	295,182	1,240,791
Advances from a related party	3,829	555
Advances from third parties	9,220,267	1,336,813	5,914,354
Income tax payables	737,735	106,962	214,856
Foreign exchange forward derivatives payables	63,137	9,154	2,659
Financing lease liabilities - current	168,381	24,413	194,939
Operating lease liabilities - current	65,489	9,495	62,515
Short-term borrowings, including current portion of long-term borrowings, and failed sale-leaseback financing	12,419,170	1,800,610	13,339,367
Other payables and accruals - third parties	9,214,384	1,335,961	4,844,084
Other payables and accruals - a related party	5,964	865	2,230
Guarantee liabilities to related parties	0	0	2,500
Held-for-sale liabilities	0	0	553,234
Deferred revenue	0	0	200,000
Total current liabilities	64,936,186	9,414,863	45,459,469
Non-current liabilities:
Long-term borrowings	13,022,795	1,888,128	9,896,455
Long-term payables	601,759	87,247	568,495
Accrued warranty costs - non-current	1,422,276	206,211	858,641
Financing lease liabilities - non-current	69,881	10,131	236,374
Operating lease liabilities - non-current	339,885	49,279	385,420
Convertible senior notes	1,070,699	155,237	1,098,736
Deferred tax liability	194,808	28,245	183,003
Guarantee liabilities to related parties - non-current	0	0	9,642
Total non-current liabilities	16,722,103	2,424,478	13,236,766
Total liabilities	81,658,289	11,839,341	58,696,235
Commitment and contingencies
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)	28	4	26
Additional paid-in capital	9,912,931	1,437,240	5,617,923
Accumulated other comprehensive (loss)/income	217,563	31,544	(154,375)
Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2021 and December 31, 2022,	(43,170)	(6,259)	(43,170)
Retained earnings	6,249,883	906,148	5,629,377
Total JinkoSolar Holding Co., Ltd. Shareholders' equity	16,337,235	2,368,677	11,049,781
Non-controlling interests	10,666,658	1,546,520	3,237,471
Total shareholders' equity	27,003,893	3,915,197	14,287,252
Total liabilities, non-controlling interest and shareholders' equity	¥ 108,662,182	$ 15,754,538	¥ 72,983,487

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	May 31, 2019	Feb. 28, 2018
CONSOLIDATED BALANCE SHEETS
Ordinary shares, par value	$ 0.00002	$ 0.00002	$ 0.00002	$ 0.00002
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	204,135,029	193,770,753
Ordinary shares, shares outstanding	201,189,189	190,824,913
Treasury stock at cost, shares	2,945,840	2,945,840

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY $ in Thousands	Cumulative Effect Period Of Adoption Adjustment [Member] Ordinary shares CNY (¥)	Cumulative Effect Period Of Adoption Adjustment [Member] Additional paid in capital [Member] CNY (¥)	Cumulative Effect Period Of Adoption Adjustment [Member] Accumulated other comprehensive (loss)/income [Member] CNY (¥)	Cumulative Effect Period Of Adoption Adjustment [Member] Treasury stock [Member] CNY (¥)	Cumulative Effect Period Of Adoption Adjustment [Member] Retained earnings (Accumulated losses) [Member] CNY (¥)	Cumulative Effect Period Of Adoption Adjustment [Member] Non-controlling interests [Member] CNY (¥)	Cumulative Effect Period Of Adoption Adjustment [Member] CNY (¥)	Ordinary shares CNY (¥) shares	Additional paid in capital [Member] CNY (¥)	Accumulated other comprehensive (loss)/income [Member] CNY (¥)	Treasury stock [Member] CNY (¥) shares	Retained earnings (Accumulated losses) [Member] CNY (¥)	Non-controlling interests [Member] CNY (¥)	CNY (¥) shares	USD ($) shares
Cumulative effect of adoption of new accounting standard								¥ 25,000	¥ 4,582,850,000	¥ 62,952,000	¥ (13,876,000)	¥ 4,671,367,000	¥ 3,137,709,000	¥ 12,441,027,000
Beginning Balance at Dec. 31, 2019								¥ 25,000	4,582,850,000	62,952,000	¥ (13,876,000)	4,671,367,000	3,137,709,000	12,441,027,000
Beginning Balance (in shares) at Dec. 31, 2019 \| shares								180,653,497			(1,723,200)
Share-based compensation expense								¥ 0	923,000	0	¥ 0	0	0	923,000
Common stock offering								¥ 1,000	636,179,000	0	¥ 0	0	0	¥ 636,180,000
Common stock offering (in shares) \| shares								5,976,272			0			5,976,272	5,976,272
Foreign currency exchange translation adjustment								¥ 0	0	(251,893,000)	¥ 0	0	0	¥ (251,893,000)
Change in the instrument-specific credit risk								0	0	60,326,000	0	0	0	60,326,000
Subsidiary's offering of its equity interests								0	0	0	0	0	3,100,000,000	3,100,000,000
Contribution from principal shareholders								0	139,854,000	0	0	0	(139,854,000)	0
Repurchase of non-controlling interest								0	(20,625,000)	0	0	0	(266,062,000)	(286,687,000)
Equity financing in a subsidiary								0	0	0	0	0	3,100,000,000	3,100,000,000
Share Repurchase								0	0	0	¥ (29,294,000)	0	0	(29,294,000)
Share Repurchase (in shares) \| shares											(1,222,640)
Exercise of share options								¥ 0	83,562,000	0	¥ 0	0	0	¥ 83,562,000
Exercise of share option (in shares) \| shares								3,750,540			0			3,750,540	3,750,540
Contribution from non-controlling interest shareholders								¥ 0	0	0	¥ 0	0	865,000,000	¥ 865,000,000
Net income								0	0	0	0	230,385,000	104,870,000	335,255,000
Settlement of non-controlling interests								0	(171,498,000)	0	0	0	(3,798,746,000)	(3,970,244,000)
Ending Balance at Dec. 31, 2020	¥ 0	¥ 0	¥ 0	¥ 0	¥ 6,607,000	¥ 0	¥ 6,607,000	¥ 26,000	5,251,245,000	(128,615,000)	¥ (43,170,000)	4,908,359,000	3,002,917,000	12,990,762,000
Ending Balance (in shares) at Dec. 31, 2020 \| shares								190,380,309			(2,945,840)
Cumulative effect of adoption of new accounting standard	¥ 0	¥ 0	¥ 0	¥ 0	¥ 6,607,000	¥ 0	¥ 6,607,000	¥ 26,000	5,251,245,000	(128,615,000)	¥ (43,170,000)	4,908,359,000	3,002,917,000	12,990,762,000
Share-based compensation expense								0	9,884,000	0	0	0	0	9,884,000
Foreign currency exchange translation adjustment								0	0	(55,438,000)	0	0	0	(55,438,000)
Change in the instrument-specific credit risk								0	0	56,224,000	0	0	0	56,224,000
Exercise of share options								¥ 0	2,212,000	0	0	0	0	¥ 2,212,000
Exercise of share option (in shares) \| shares								109,200						105,200	105,200
Conversion of Convertible senior notes								¥ 0	354,582,000	(14,252,000)	0	0	0	¥ 340,330,000	$ 16,000
Conversion of Convertible senior notes (in shares) \| shares								3,281,244						3,281,244	3,281,244
Net income								¥ 0	0	0	0	721,018,000	234,554,000	¥ 955,572,000
Change in fair value of interest rate swap cash flow hedges								0	0	(12,294,000)	0	0	0	(12,294,000)
Ending Balance at Dec. 31, 2021								¥ 26,000	5,617,923,000	(154,375,000)	¥ (43,170,000)	5,629,377,000	3,237,471,000	14,287,252,000
Ending Balance (in shares) at Dec. 31, 2021 \| shares								193,770,753			(2,945,840)
Cumulative effect of adoption of new accounting standard								¥ 26,000	5,617,923,000	(154,375,000)	¥ (43,170,000)	5,629,377,000	3,237,471,000	14,287,252,000
Share-based compensation expense								0	987,259,000	0	0	0	13,610,000	1,000,869,000
Foreign currency exchange translation adjustment								0	0	270,807,000	0	0	135,342,000	406,149,000	$ 58,886
Change in the instrument-specific credit risk								0	0	100,158,000	0	0	0	100,158,000	14,522
Unrealized gain on available-for-sale securities								0	0	973,000	0	0	0	973,000	$ 141
Subsidiary's offering of its equity interests								0	3,303,660,000	0	0	0	6,419,192,000	9,722,852,000
Equity financing in a subsidiary								0	3,303,660,000	0	0	0	6,419,192,000	9,722,852,000
Exercise of share options								¥ 2,000	3,853,000	0	¥ 0	0	0	¥ 3,855,000
Exercise of share option (in shares) \| shares								10,364,276			0			175,536	175,536
Contribution from non-controlling interest shareholders								¥ 0	0	0	¥ 0	0	17,000,000	¥ 17,000,000
Net income								0	0	0	0	620,506,000	944,633,000	1,565,139,000
Settlement of non-controlling interests								0	236,000	0	0	0	(5,418,000)	(5,182,000)
Distribution of a subsidary's dividend to non-controlling interest holders								0	0	0	0	0	(95,172,000)	(95,172,000)
Ending Balance at Dec. 31, 2022								¥ 28,000	9,912,931,000	217,563,000	¥ (43,170,000)	6,249,883,000	10,666,658,000	27,003,893,000	$ 3,915,197
Ending Balance (in shares) at Dec. 31, 2022 \| shares								204,135,029			(2,945,840)
Cumulative effect of adoption of new accounting standard								¥ 28,000	¥ 9,912,931,000	¥ 217,563,000	¥ (43,170,000)	¥ 6,249,883,000	¥ 10,666,658,000	¥ 27,003,893,000	$ 3,915,197

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities:
Net income	¥ 1,565,139	$ 226,924	¥ 955,572	¥ 335,255
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation charge:	1,000,869	145,112	9,884	923
Change in fair value of foreign exchange options	4,163	604	(18,809)	3,608
Change in fair value of convertible senior notes	12,083	1,752	(327,762)	1,202,082
Change in fair value of interest rate swap	0	0	0	78,878
Deferred income taxes	(320,673)	(46,493)	(262,370)	94,158
Change in fair value of long-term investment	(101,871)	(14,770)
Depreciation of property, plant and equipment	2,585,000	374,792	1,603,786	1,160,851
Amortization of right-of-use assets	129,869	18,829	135,791	146,965
Depreciation of project assets	0	0	32,559	52,830
Amortization of land use rights	27,000	3,966	18,031	12,379
Amortization of intangible assets	17,000	2,512	11,904	10,177
Amortization of guarantee liability	0	0	(6,364)	(14,688)
Inventory write-down	1,819,000	263,754	823,273	270,893
Provision for expected credit loss	285,394	41,378	82,427	14,086
Loss on disposal of property, plant and equipment and land use right	249,000	36,029	350,336	428,115
Amortization of deferred losses related to sale-leaseback transactions	0	0	13,424	27,503
Impairment of long-lived assets	373,732	54,186	273,713	114,168
Equity in loss/(income) of affiliated companies	(193,708)	(28,085)	(59,809)	52,706
Gain on disposal of investment in subsidiaries	(14,232)	(2,063)	0	0
Exchange (gain)/loss, net	(1,025,891)	(148,740)	355,499	336,523
Changes in operating assets and liabilities (net of impact of disposition):
(Increase)/decrease in accounts receivable - third parties	(8,610,986)	(1,248,476)	(3,666,406)	362,087
(Increase)/decrease in accounts receivable - related parties	(115,300)	(16,717)	364,677	89,587
(Increase)/decrease in notes receivable - third parties	(5,006,954)	(725,940)	(638,398)	478,057
(Increase)/decrease in notes receivable - a related party	(282,824)	(41,006)	33,001	(14,373)
(Increase)/decrease in advances to suppliers - third parties	(1,706,688)	(247,446)	(856,574)	1,536,442
Increase in advances to suppliers - a related party	(56,860)	(8,244)
Increase in inventories	(6,053,218)	(877,634)	(5,698,689)	(2,822,713)
decrease in project assets constructed for sale, net of incremental revenue				976,713
Decrease in lease liabilities	(22,365)	(3,243)	(50,426)	(36,498)
(Increase)/decrease in other receivables - related parties	(6,248)	(906)	6,408	30,562
Increase in prepayments and other current assets	(277,283)	(40,201)	(208,125)	(1,112,029)
Decrease in other assets - related parties	3,417	495	104,027	0
Decrease in other assets - third parties	621,880	90,164	(139,877)	(75,445)
Increase in land use right	(473,806)	(68,695)	(347,126)	(176,283)
Increase/(decrease) in accounts payable - third parties	3,588,939	520,347	2,644,118	(367,054)
Increase/(decrease) in accounts payable - related parties	(15,863)	(2,300)	1,750	(22,196)
Increase in accrued payroll and welfare expenses	795,140	115,285	245,737	115,537
Increase in deferred revenue			200,000
Increase/(decrease) in advances from - third parties	3,289,191	476,888	3,533,231	(1,792,906)
Increase/(decrease) in advances from - a related party	3,829	555	0	(749)
Increase/(decrease) in income tax payables	522,879	75,810	141,136	(44,763)
Decrease in derivative liability - interest rate swap	0	0	0	(140,150)
Increase in other payables and accruals - third parties	1,572,549	227,998	599,618	687,122
Increase/(decrease) in other payables and accruals - a related party	3,734	541	(69,285)	58,388
Decrease of long-term borrowings related to sale of project assets constructed for sale	0	0	0	(859,166)
Net cash provided by / (used in) operating activities	(5,800,784)	(841,035)	430,646	591,486
Cash flows from investing activities:
Maturity of restricted short-term investments	8,494,069	1,231,524	10,501,200	10,075,360
Maturity of short-term investments	150,000	21,748	723,000
Maturity of restricted long-term investments	1,232,960	178,762	1,648,698	790,398
Proceeds from disposal of property, plant and equipment and land use right	714,176	103,546	20,458	88,717
Proceeds from pro rata decrease in an equity investment	94,284	13,670
Proceeds from disposal of an equity investment	15,000	2,175
Net of cash disposed of, cash payment from, disposal of subsidiaries	(91,334)	(13,242)		48,078
Purchase of property, plant and equipment	(12,251,348)	(1,776,279)	(8,653,859)	(4,055,060)
Cash paid for project assets constructed to operate				(76,351)
Cash paid for investment in affiliates	(615,100)	(89,181)	(315,000)
Purchase of intangible assets	(42,415)	(6,150)	(32,261)	(14,566)
Purchase of restricted short-term investments	(8,177,423)	(1,185,615)	(13,362,480)	(9,552,996)
Purchase of restricted long-term investments	(1,406,943)	(203,987)	(1,464,202)	(1,648,436)
Purchase of short-term investments			(303,000)	(570,000)
Purchase of a subsidiary				(19,432)
Cash paid for investment in equity securities	(227,000)	(32,912)	(95,000)
Loan to third party	(23,459)	(3,401)
Deposits provided for an equity investment	(37,854)	(5,488)
Purchase of available-for-sale securities	(100,000)	(14,499)
Cash received from dividend			23,213	15,598
Net cash used in investing activities	(12,272,387)	(1,779,329)	(11,309,233)	(4,918,690)
Cash flows from financing activities:
Proceeds from exercise of call option			621,059
Proceeds from issuance of ordinary shares			641,065
Subsidiary's offering of its equity interests	9,770,000	1,416,517
Cash payment for transaction costs of subsidiary's offering	(47,148)	(6,836)
Settlement of non-controlling interests	(5,182)	(751)
Cash payment for finance lease as lessee	(216,722)	(31,422)	(286,292)	(252,485)
Proceeds from exercise of share options	5,000	729	10,185	114,758
Payment of deposit for finance lease as lessee			(4,257)
Capital contributions from non-controlling interest holder	17,000	2,465		865,000
Proceeds from bank borrowings	29,663,730	4,300,837	30,445,781	24,104,976
Repayment of borrowings	(27,624,208)	(4,005,134)	(24,280,437)	(25,337,297)
Increase in notes payable - related party	419,500	60,822
Increase in notes payable - third party	8,132,100	1,179,044	2,737,347	1,816,307
Payment of a subsidiary's dividend to non-controlling interest holders	(95,172)	(13,799)
Equity financing in a subsidiary				3,100,000
Borrowings from government background funds			2,133,400	2,202,000
Repurchase of shares				(29,294)
Repurchase of non-controlling interest				(286,686)
Net cash provided by financing activities	20,018,922	2,902,472	12,017,851	6,297,279
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	227,957	33,050	(116,790)	(169,261)
Net increase in cash, cash equivalents, and restricted cash	2,173,708	315,158	1,022,474	1,800,814
Cash, cash equivalents, and restricted cash, beginning of the year	9,097,246	1,318,977	8,074,772	6,273,958
Cash, cash equivalents, and restricted cash, end of the year	11,270,954	1,634,135	9,097,246	8,074,772
Supplemental disclosure of cash flow information
Cash paid for income tax	400,338	58,044	157,366	357,781
Cash paid for interest expenses (net of amounts capitalized)	1,072,812	155,543	801,873	670,160
Supplemental disclosure of non-cash investing and financing cash flow information
Purchases of property, plant and equipment included in payables	5,674,455	822,719	2,756,446	1,648,427
Proceeds from exercise of share options received in subsequent period			1,169	9,143
Receivables related to At-The-Market offering				641,065
Receivables related to disposal of Property, plant and equipment	378,900	54,935	111,804	92,735
Disposal of equity securities with consideration offset against payable balance due to third party				7,200
Conversion of convertible senior notes to ordinary shares			340,330
Change in fair value of derivative forward contracts
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of foreign exchange forward contracts	13,818	2,003	104,643	(129,806)
Capped Call Options [Member].
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of call option	¥ 0	$ 0	¥ 136,121	¥ (476,290)

ORGANIZATION AND NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1. ORGANIZATION AND NATURE OF OPERATIONS

JinkoSolar Holding Co., Ltd. (the “Company” or “JinkoSolar Holding”) was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company and its subsidiaries (collectively the “Group”) are principally engaged in the design, development, production and marketing of photovoltaic products as well as developing commercial solar power projects.

The following table sets forth information concerning the Company’s major subsidiaries as of December 31, 2022:


	Date of
	Incorporation	Place of	Percentage
Subsidiaries	/Acquisition	Incorporation	of ownership

JinkoSolar Investment Limited. (“Paker”)	November 10, 2006	Hong Kong	100	%

Jinko Solar Co., Ltd. (“Jiangxi Jinko”) (Note 24)	December 13, 2006	PRC	58.6	%

Zhejiang Jinko Solar Co., Ltd. (“Zhejiang Jinko”)	June 30, 2009	PRC	58.6	%

Jinko Solar Import and Export Co., Ltd. (“Jinko Import and Export”)	December 24, 2009	PRC	58.6	%

JinkoSolar GmbH (“Jinko GmbH”)	April 1, 2010	Germany	58.6	%

Zhejiang Jinko Trading Co., Ltd. (“Zhejiang Trading”)	June 13, 2010	PRC	58.6	%

Xinjiang Jinko Solar Co., Ltd. (“Xinjiang Jinko”)	May 30, 2016	PRC	58.6	%

Yuhuan Jinko Solar Co., Ltd. (“Yuhuan Jinko”)	July 29, 2016	PRC	58.6	%

JinkoSolar (U.S.) Inc. (“Jinko US”)	August 19, 2010	USA	58.6	%

Jiangxi Photovoltaic Materials Co., Ltd. (“Jiangxi Materials”)	December 1, 2010	PRC	58.6	%

JinkoSolar (Switzerland) AG (“Jinko Switzerland”)	May 3, 2011	Switzerland	58.6	%

JinkoSolar (US) Holdings Inc. (“Jinko US Holding”)	June 7, 2011	USA	58.6	%

JinkoSolar Italy S.R.L. (“Jinko Italy”)	July 8, 2011	Italy	58.6	%

Jinko Solar Canada Co., Ltd. (“Jinko Canada”)	November 18, 2011	Canada	58.6	%

Jinko Solar Australia Holdings Co. Pty Ltd. (“Jinko Australia”)	December 7, 2011	Australia	58.6	%

Jinko Solar Japan K.K. (“JinkoSolar Japan”)	May 21, 2012	Japan	58.6	%


	Date of
	Incorporation	Place of	Percentage
Subsidiaries	/Acquisition	Incorporation	of ownership

Jinko Solar (Shanghai) Management Co., Ltd.	July 25, 2012	PRC	58.6	%

Wide Wealth Group Holding Limited. (“Wide Wealth Hong Kong”)	June 11, 2012	Hong Kong	100	%

Canton Best Limited (“Canton Best BVI”)	September 16, 2013	BVI	100	%

Jinko Solar Technology Sdn.Bhd.	January 21, 2015	Malaysia	58.6	%

JinkoSolar International Development Limited.	August 28, 2015	Hong Kong	100	%

JinkoSolar Middle East DMCC (“DMCC”)	November 6, 2016	Emirates	58.6	%

JinkoSolar Trading Privated Limited.	February 6, 2017	India	58.6	%

JinkoSolar LATAM Holding Limited.	August 22, 2017	Hong Kong	100	%

JinkoSolar (U.S.) Industries Inc.	November 16, 2017	USA	58.6	%

JinkoSolar Technology (Haining) Co., Ltd. (“Haining Jinko”)*	December 15, 2017	PRC	45.9	%

Poyang Ruilixin Information Technology Co., Ltd.	December 19, 2017	PRC	58.6	%

Jinko Solar Korea Co., Ltd. (“Jinko Korea”)	December 3, 2018	Korea	58.6	%

JinkoSolar (Sichuan) Co., Ltd. (“Jinko Sichuan”)*	February 18, 2019	PRC	38.4	%

JinkoSolar (Qinghai) Co., Ltd. (“Jinko Qinghai”)*	April 3, 2019	PRC	32.2	%

Rui Xu Co., Ltd. (“Rui Xu”)*	July 24, 2019	PRC	35.2	%

JinkoSolar (Yiwu) Co., Ltd. (“Jinko Yiwu”)*	September 19, 2019	PRC	32.2	%

Jinko PV Material Supply SDN. BHD	September 23, 2019	Malaysia	58.6	%

JinkoSolar (Vietnam) Co., Ltd.	September 26, 2019	Vietnam	58.6	%

JinkoSolar (Chuzhou) Co., Ltd. (“Jinko Chuzhou”)*	December 26, 2019	PRC	32.2	%

Zhejiang New Materials Co., Ltd. (“Zhejiang New Materials”)	March 24, 2020	PRC	58.6	%

JinkoSolar (Shangrao) Co., Ltd. (“Jinko Shangrao”)*	April 17, 2020	PRC	32.2	%

Jinko Solar Denmark ApS	May 28, 2020	Denmark	58.6	%

JinkoSolar Hong Kong Limited	August 17, 2020	Hong Kong	58.6	%

Jinko Solar (Malaysia) SDN BHD	August 28, 2020	Malaysia	58.6	%

JinkoSolar (Chuxiong) Co., Ltd. (“Jinko Chuxiong”)	September 25, 2020	PRC	58.6	%

Yiwu New Materials Co., Ltd. (“Yiwu Materials”)	October 14, 2020	PRC	58.6	%

Jinko Solar (Vietnam) Industries Company Limited.	March 29, 2021	Vietnam	58.6	%

JinkoSolar (Leshan) Co., Ltd. (“Jinko Leshan”)	April 25, 2021	PRC	58.6	%

JinkoSolar (Anhui) Co., Ltd. (“Jinko Anhui”) *	September 3, 2021	PRC	32.2	%

JinkoSolar (Yushan) Co., Ltd. (“Jinko Yushan”) *	September 26, 2021	PRC	46.9	%

Fengcheng Jinko PV Materials Co., Ltd	August 11, 2021	PRC	58.6	%

JinkoSolar (Feidong) Co., Ltd. (“Jinko Feidong”) *	September 23, 2021	PRC	32.2	%

JinkoSolar (Jinchang) Co., Ltd. (“Jinko Jinchang”)	September 24, 2021	PRC	58.6	%

JinkoSolar (Poyang) Co., Ltd. (“Jinko Poyang”)	December 1, 2021	PRC	58.6	%

Shangrao Changxin Enterprise Management Center LP.	December 16, 2021	PRC	100	%

Shangrao Changxin No. 1 Enterprise Management Center LP.	February 17, 2022	PRC	100	%

Shangrao Changxin No. 2 Enterprise Management Center LP.	February 17, 2022	PRC	100	%

Shangrao Changxin No. 3 Enterprise Management Center LP.	June 15, 2022	PRC	100	%

Shangrao Changxin No. 5 Enterprise Management Center LP.	June 15, 2022	PRC	100	%

Shangrao Changxin No. 6 Enterprise Management Center LP.	October 25, 2022	PRC	100	%

Jiaxing Jinyue Phase I Venture Capital Partnership	April 26, 2022	PRC	78.2	%

Shangrao Jinko PV Manufacturing Co., Ltd.	March 28, 2022	PRC	58.6	%

Shangrao Guangxin Jinko PV Manufacturing Co., Ltd	March 23, 2022	PRC	58.6	%

Jinko Energy Storage Technology Co., Ltd.	December 6, 2022	PRC	58.6	%

Jiangxi Jinko Energy Storage Co., Ltd	May 26, 2022	PRC	58.6	%

* These entities are subsidiaries of Jiangxi Jinko with non-controlling interest. The percentage of ownership is the economic interest calculated as the multiple of the Company’s ownership in Jiangxi Jinko and Jiangxi Jinko’s ownership in such subsidiary.

(i) In the fourth quarter of 2016, JinkoSolar Technology Limited (formally known as Paker Technology Limited) disposed of Zhejiang Jinko Financial Leasing Co., Ltd. with the consideration of RMB183 million (USD26 million). Loss on disposal of this subsidiary amounted to RMB15 million (USD2 million) was recognized. Consideration associated with the transaction amounted to RMB128 million and RMB42 million was collected in the years of 2019 and 2020, respectively.

(ii) Haining Jinko was founded by the Group in the year of 2017 and is principally engaged in the production of photovoltaic products, such as solar modules and cells, for intercompany sales within the Group. In the second and third quarter of 2018, government background companies made capital injection with the amounted of RMB517 million into Haining Jinko. In the third quarter of 2019, to support developments of local enterprise, government background funds of Zhejiang province made investment into Haining Jinko as capital injections through limited partnership established together with Zhejiang Jinko. The total capital injection received from government funds in the year of 2019 amounted to RMB846 million. The Group’s percentage of ownership in Haining Jinko was 56.4% as at December 31, 2019. During the year of 2020, the Group repurchased certain of the noncontrolling interests with the consideration of RMB287 million, with the difference between the consideration and the carrying amount of noncontrolling interests charged to additional paid-in capital with the amount of RMB21 million. In addition, in the fourth quarter of 2020, certain of the non-controlling interest arrangements were settled in return for a loan liability pursuant to a supplementary investment agreement between the Group and the government background fund (Note 18).

(iii) In the second quarter of 2019, Jiangxi Jinko, together with government background funds, established Jinko Sichuan. Cash capital injections with the amount of RMB800 million and RMB200 million had been made by the non-controlling shareholders in 2019 and 2020, respectively. The Group controls and consolidates the entity in its financial statements. Jinko Sichuan is principally engaged in the production of silicon ingot for intercompany sales within the Group. In the fourth quarter of 2020, the non-controlling interest arrangement was settled in return for a loan liability pursuant to a supplementary investment agreement between the Group and the government background fund (Note 18).

(iv) In the fourth quarter of 2019, Jiangxi Jinko, together with government background funds, established Jinko Chuzhou. Cash capital injections with the amount of RMB550 million and RMB300 million had been made by the non-controlling shareholder in 2019 and 2020, respectively. The Group owns controls and consolidates such entity in its financial statements. Jinko Chuzhou is principally engaged in the production of solar modules for intercompany sales within the Group. In the third quarter of 2020, the non-controlling interest arrangement was settled in return for a loan liability pursuant to a supplementary investment agreement between the Group and the government background fund (Note 18).

(v) In the fourth quarter of 2019, Jiangxi Jinko, together with government background funds, established Jinko Yiwu. Cash capital injections with the amount of RMB400 million and RMB365 million had been made by the non-controlling shareholders in 2019 and 2020, respectively. The Group owns controls and consolidates such entity in its financial statements. Jinko Yiwu is principally engaged in the production of solar modules for intercompany sales within the Group. In the third quarter of 2020, the non-controlling interest arrangement was settled in return for a loan liability pursuant to a supplementary investment agreement between the Group and government background funds (Note 18).

(vi) In the second quarter of 2020, Jiangxi Jinko, together with a government background fund, established Jinko Shangrao. Cash capital injections with the amount of RMB1,902 million had been made by the government fund as of December 31, 2020. The group owns controls and consolidates such entity in its financial statements. Shangrao Jinko is principally engaged in the production of photovoltaic products, such as solar modules and cells (Note 18).

(vii) In the second quarter of 2020, Jiangxi Materials acquired Rui Xu with a consideration of RMB20 million. Rui Xu is principally engaged in the production of photovoltaic consumable materials.

(viii) In the fourth quarter of 2020, the Group disposed all of it’s equity interest in Jinko Huineng Technology Services Co.,Ltd to JinkoPower with the consideration of RMB10 million (USD2 million). Consideration associated with the transaction was collected in December 2020.

PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

PRINCIPAL ACCOUNTING POLICIES

2. PRINCIPAL ACCOUNTING POLICIES

a. Basis of presentation and use of estimates

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include expected credit loss provision, provision for inventories, impairment of long-lived assets, the economic useful lives of property, plant and equipment, project assets and intangible assets, certain accrued liabilities including accruals for warranty costs, guarantees, sale-leaseback, accounting for share-based compensation, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance.

b. Consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

For the Group’s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows.

c. Foreign currency translation

The Group’s reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and its PRC subsidiaries use RMB as their functional currency, while local currencies have been determined to be the functional currency of its subsidiaries incorporated outside of PRC such as USD or EUR etc. Transactions denominated in currencies other than the functional currency are translated into the functional currency of the entity at the exchange rates prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of the entity using the applicable exchange rates at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations.

For consolidation purpose, the financial statements of the Company’s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income/ (loss).

The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China’s foreign exchange trading system market. The Company’s aggregate amount of cash, cash equivalents, restricted short-term investments and restricted cash denominated in RMB amounted to RMB16,672 million and RMB 14,243 million as of December 31, 2021 and 2022, respectively.

d. Cash, cash equivalents and restricted cash

Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.

Restricted cash represents deposits legally held by banks which are not available for the Group’s general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and foreign exchange forward contracts.

Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Cash and cash equivalents	8,321,415	10,243,500
Restricted cash	602,044	1,027,454
Cash and cash equivalents included in held-for-sale assets (note 2 (n))	173,787	—
Total	9,097,246	11,270,954

e. Restricted short-term investments

Restricted short-term investments represent the time deposits at banks with original maturities longer than three months and less than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for short-term borrowings.

f. Notes receivable and payable

Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables.

The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable as financing activities.

Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.

g. Derivative Instruments

Derivative instruments are carried at fair value. The fair values of the derivative financial instruments generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date.

The Company’s derivative instruments primarily consisted of foreign currency forward contracts and foreign exchange options which are used to economically hedge certain foreign denominated assets/liabilities and reduce, to the extent practicable, the potential exposure to the changes that exchange rates might have on the Company’s earnings, cash flows and financial position. As the derivative instruments do not qualify for hedge accounting treatment, changes in the fair value are reflected in “change in fair value of foreign exchange forward contracts” and “change in fair value of foreign exchange options” of the consolidated statements of operations.

The Company’s solar project subsidiaries located in Mexico obtained long-term bank borrowings from local bank, which carries variable interest rates. With an aim to reduce its interest rate exposure, the Company entered into long-term interest rate swap contracts to fix the interest rate as a fixed rate payer. The interest rate swap is a derivative which needs to be fair valued at each reporting period end. As the derivative instrument does not qualify for hedge accounting treatment, the fair value gain or loss arising from the measurement is recognized in the consolidated statements of operations. The Company sold its solar power plants in Mexico in March 2020.

The Company’s solar project subsidiary located in Argentina entered into an interest rate swap contract to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. As the interest rate derivative is designated as cash flow hedge and the hedge is highly effective, all changes in the fair value of the derivative hedging instruments are recorded in other comprehensive income. The Company sold its solar power plants in Argentina in June 2022.

h. Current expected credit losses

In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses.

The Company adopted this ASC Topic 326 and several associated ASUs on January 1, 2020 using a modified retrospective approach with a cumulative effect recorded as increase of accumulated retained earnings with amount of RMB7 million, among which RMB31 million was related to the decrease of allowance for accounts receivables-third parties, RMB15 million was related to the increase of allowance for accounts receivables- related parties and RMB9 million was related to the increase of allowance for other receivables and other current/non-current assets. As of January 1, 2020, upon the adoption, the expected credit loss provision for the current and non-current assets were RMB307 million and RMB5 million, respectively.

The Company’s trade receivable, notes receivable, guarantee receivables, deposits and other receivables are within the scope of ASC Topic 326. The allowance is management’s estimate of expected credit losses on receivables. The Company estimated the allowance by segmenting receivables into groups based on certain credit risk characteristics, including geographic region and industry. The Company determined an expected loss rate for each group based on the historical credit loss experience, current and future economic conditions, and lifetime for debt recovery.

For the year ended December 31, 2020, the Company recorded RMB14 million expected credit loss expense in general and administrative expenses. As of December 31, 2020, the expected credit loss provision for the current and non-current assets were RMB324 million and RMB2 million, respectively.

For the year ended December 31, 2021, the Company recorded RMB82 million expected credit loss expense in general and administrative expenses. As of December 31, 2021, the expected credit loss provision for the current and non-current assets were RMB331 million and RMB4 million, respectively.

For the year ended December 31, 2022, the Company recorded RMB285 million expected credit loss expense in general and administrative expenses. As of December 31, 2022, the expected credit loss provision for the current and non-current assets were RMB600 million and RMB2 million, respectively.

i. Accounts receivable

Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group’s customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for credit losses should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group’s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group executes a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is probable. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group’s general practice to suspend further sales to any customer with significant overdue balances. The Group adopted ASC 326 on January 1, 2020 and has also made updates to its policies and internal controls over financial reporting as a result of adoption. Details please refer to Note 2 (h) above.

j. Advances to suppliers

The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers’ inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management’s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group’s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. No provision of advance to suppliers was recorded for the years ended December 31, 2020, 2021 and 2022.

k. Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group’s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on our gross margin percentage for any of the years presented.

In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no provision recorded related to these long-term contracts for each of the three years ended December 31, 2020, 2021 and 2022.

l. Property, plant and equipment, net

Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives (RMB in thousands):

Buildings		20 years
Machinery and equipment		5~10 years
Furniture, fixture and office equipment		3~5 years
Motor vehicles		4~5 years

Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences.

Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal.

m. Project Assets, net

Project assets represented the costs of solar power plants held for generation of electricity revenue, held with the intention to sell to third parties and solar power plants under construction. Project assets are stated in the consolidated balance sheets at cost less accumulated depreciation and impairment provision, if any.

Costs of project assets consist primarily of costs relating to construction of solar power plants at various stages of development. These costs include costs for procurement of solar module and other equipment (including intercompany purchases), cost of land on which solar power plants are developed and other direct costs for developing and constructing solar power plants, such as costs for obtaining permits required for solar power plants and costs for designing, engineering, interest costs capitalized and installation in the course of construction. Such costs are capitalized starting from the point when it is determined that development of the solar power plant is probable. For a solar power project asset acquired from third parties, the initial cost is the acquisition cost which includes the consideration transferred and certain direct acquisition costs.

During the year of 2020, the Group recorded full impairments of RMB94 million against its remaining solar power project in Mexico based on the Company’s estimation that it is unable to complete the grid connection before the due date of the purchase agreement with Federal Electricity Commission of Mexico. During the year of 2021, the Group recorded impairments of RMB123 million against its solar power project in Argentina which was measured based on the excess of the carrying amount over the fair value of the solar power project according to the quoted market price.

Costs capitalized in the construction of solar power plants under development will be transferred to completed solar power plants upon completion and when they are ready for intended use, which is at the point of time when the solar power plant is connected to grids and begins to generate electricity. Depreciation of the completed solar power plant held for generation of electricity revenue commences once the solar power plant is ready for intended use. Depreciation is computed using the straight-line method over the expected life of 20 years. Depreciation expenses of solar power plants were RMB53 million, RMB33 million and nil for the years ended December 31, 2020, 2021 and 2022.

The Company does not depreciate project assets when such project assets are constructed for sale upon completion. Any revenue generated from such project assets connected to the grid would be considered incidental revenue and accounted for as a reduction of the capitalized project costs for development. During the years of 2020, 2021 and 2022, electricity revenue generated from certain overseas project assets constructed for sale upon completion, with the amount of RMB8 million, nil and RMB47 million was considered as incidental revenue and accounted for as a reduction of the capitalized project costs for development.

n. Assets held for sale

Long-lived assets to be sold are classified as held for sale when the following recognition criteria in ASC 360-10-45-9 are met:

Management, having the authority to approve the action, commits to a plan to sell the asset.

The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.

An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.

The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year,

The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The Group entered into an agreement to sell its solar power plant located in Argentina to JinkoPower in December 2021. Assets and liabilities related to the solar power plant were reclassified from project assets to assets/liabilities held for sale as of December 31, 2021. The Group sold its solar power plants in Argentina in June 2022.

The Group entered into a share purchase agreement to dispose all of its equity interest in Jiangsu Jinko-Tiansheng Co., Ltd. (“Jinko-Tiansheng”) to the Jinko-Tiansheng’s other shareholders in November 2021. The Group’s investment in Jinko-Tiansheng was reclassified from investments in affiliates to held for sale assets as of December 31, 2021.

o. Interest Capitalization

Interest expenses during the years ended December 31, 2020, 2021 and 2022 were RMB705 million, RMB879 million and RMB1,150 million, net of interest income of RMB217 million, RMB214 million and RMB589 million respectively.

The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment or project assets. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group’s weighted average cost of borrowings. Interest expense capitalized associated with the construction projects for the years ended December 31, 2020, 2021 and 2022 were RMB29 million, RMB41 million and RMB71 million, respectively.

p. Land use rights and land lease

(a) Land use rights

Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either 50 years or 70 years. The Company classifies land use rights as long term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities.

Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years or 70 years, as applicable.

(b) Land lease

For certain of the Group’s solar power project, the Group enters into land lease contracts with the owners of the land use rights. Under such lease arrangements, the owners retain the property right of the land use rights. While the Group can only set up the solar panels on these leased lands but does not have the right to sell, lease or dispose the land use rights. Accordingly, land leases are classified as operating leases.

q. Intangible assets

Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years, respectively.

r. Business combination and assets acquisition

U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.

The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material.

A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable.

s. Investments

On January 1, 2018, the Company adopted ASU No. 2016-01, which requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consolidation. This standard also changed the accounting for investments without a readily determinable fair value and that do not qualify for the practical expedient to be measured at fair value. A policy election can be made for these investments whereby investment will be carried at cost and adjusted in subsequent periods for any impairment or changes in observable prices of identical or similar investments.

With the adoption of ASU No. 2016-01 and the Update, for investments in equity securities lacking of readily determinable fair values and the ability to exercise significant influence, the Company elected to use the measurement alternative defined as cost, less impairments, adjusted by observable price changes. Adoption of these standards had no significant impact on the Group’s consolidated financial statements for the years ended 2020, 2021 and 2022.

The Group’s investments include equity method investments, equity securities without readily determinable fair values, equity securities applying fair value option and available-for-sale debt securities.

The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its proportionate share of the investees’ income or loss in its consolidated financial statements.

Equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.

Fair value option election is made on an instrument-by-instrument basis and equity securities applying fair value option is reported at fair value with changes in fair value recognized in earnings.

Equity investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. The Group reviews several factors to determine whether an impairment is recognized. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value.

Debt securities that the Company has positive intent and ability to hold to maturity are classified as held to maturity debt securities and are stated at amortized cost. The Company classified its investments in debt securities, other than the held to maturity debt securities, as available-for-sale securities. Available-for-sale debt securities are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in “Accumulated other comprehensive loss” in the consolidated balance sheets. If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the consolidated statements of operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for credit losses in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected.

t. Impairment of long-lived assets

The Group’s long-lived assets include property, plant and equipment, project assets, land use rights and intangible assets with finite lives. The Group’s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses.

u. Leases

The Company adopted ASC Topic 842 to account for its lease transactions since January 1, 2019. The Company determines if a contract contains a lease at inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. The Company does not typically incur variable lease payments related to its leases.

For a sale-leaseback transaction, sale-leaseback accounting shall be used by a seller-lessee only if the transaction meet all of the following: a) the transfer of the underlying asset meets the definition of a sale under ASC 606; b) the leaseback transaction does not result in a lease that would be classified as a finance lease; c) the contract does not contain a repurchase option, unless the option is exercisable at the fair value on the exercise date and there are alternative assets substantially the same as the transferred asset available in the market place.

If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of the transfer of underlying assets does not meet the definition of sale, it is accounted for as a financing under ASC 360.

The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) elect for each lease not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC Topic 842 recognition requirements; and (iii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs.

v. Guarantees

The Group issues debt payment guarantees in favor of JinkoPower, a related party. The guarantees require the Group to make payments to reimburse the holders of the debt subject to these guarantees for losses they incur JinkoPower fails to make repayments to the holders, when its liability to the holders falls due.

A guarantee liability is initially recognized at the estimated fair value in the Group’s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group’s consolidated balance sheets at the expected amount payable to the holder. The fair value of the guarantee liability is measured by the total consideration to be received in connection with the provision of guarantee. The guarantee liability is amortized in straight line during the guarantee period.

Receivables have also been recorded for the guarantee payments to be received (Note 26).

Pursuant to the master service agreement signed with JinkoPower, guarantee service fee is settled on an annual basis.

w. Revenue recognition

On January 1, 2018, the Company adopted revenue guidance ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”).

The Company negotiated payment terms on a case by case basis and allows most of its overseas’ customers to make full payment within 90 days and its domestic customers to make 90% to 95% of payment within 180 days after delivery and the rest will be paid when the Retainage Period (as defined below) ends.

As a result of adopting ASC Topic 606, for the sales contracts with retainage terms, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for a specified period from one year to two year since normal operation of related customer’s solar project (“Retainage Period”), revenue from retainage is recognized upon the Group satisfied its performance obligation to transfer the goods to its customers instead of deferring recognition until the customers pay it after the Retainage Period expires. Revenue recognition for the Group’s other sales arrangements, including sales of solar modules, wafers, cells and revenue from generated electricity, remained materially consistent with historical practice.

For the contracts with retainage terms signed and executed before the adoption date of January 1, 2018, as 90%~95% of the revenue was recognized before the date of initial application, which is considered to be substantial, management concluded that these contracts have been completed before the adoption date, and as the company has elected to apply the modified retrospective adoption method only to contracts that were not completed as of January 1, 2018, no cumulative effect related to these retainages is recognized as an adjustment to the opening balance of retained earnings. The revenue recognized upon collection of these retainage amounts is recognized under ASC 605, the prior revenue recognition standard, with the amount of RMB29 million, RMB3 million and RMB0.4 million in 2020, 2021 and 2022.

The total amounts of retainage that were not recognized as revenue were RMB27 million, RMB24 million and RMB23 million as of December 31, 2020, 2021 and 2022, respectively.

The Group was mainly subject to value added taxes (“VAT”) on its sales from products. The Group recognizes revenue net of VAT. Related surcharges, such as urban maintenance and construction tax as well as surtax for education expenses are recorded in cost of revenues.

The Company’s accounting practices under ASC Topic 606, “Revenue from Contracts with Customers” are as followings:

(a) Revenue recognition on product sales

For all product sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications. The Company’s sales arrangements generally do not contain variable considerations and are short-term in nature. The Company recognizes revenue at a point in time based on management’s evaluation of when the customer obtains control of the products. Revenue is recognized as performance obligation under the terms of a contract with the customer are satisfied and control of the product has been transferred to the customer. Sales of goods do not include multiple product and/or service elements.

Practical expedients and exemption

Upon the election of the practical expedient under ASC 340-40-25-4, the incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. For the years ended December 31, 2020, 2021 and 2022, no incremental cost was capitalized as assets.

The Group also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations for contracts with an original expected duration of one year or less and for contracts where the Company has the right to invoice for performance completed to date.

Based on the considerations that there is no difference between the amount of promised consideration and the cash selling price of product sales, in addition the actual length of time between when the Group transfers products to the customer and when the customer pays for those products has been generally within one year, the Group assessed and concluded that there is no significant financing component in place within its products sales as a practical expedient in accordance with ASC 606-10-32-18. As the retainage term is made to secure the future effective operation of solar modules and not to provide customer with significant financing, no significant financing component is considered to exist in the sales contract with retainage terms.

(b) Sales of solar projects

The Company’s sales arrangements for solar projects do not contain any forms of continuing involvement that may affect the revenue or profit recognition of the transactions, nor any variable considerations for energy performance guarantees, minimum electricity end subscription commitments. The Company therefore determined its single performance obligation to the customer is the sale of a completed solar project. The Group recognizes revenue for sales of solar projects at a point in time after the solar project has been grid connected and the customer obtains control of the solar project.

The Group recognizes electricity generation revenue on project assets constructed with a plan to operate the plant when persuasive evidence of a power purchase arrangement with the power grid company exists, electricity has been generated and been transmitted to the grid and the electricity generation records are reconciled with the grid companies, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured.

(d) Revenue on processing services

The Group provides solar power product processing services to customers and the revenue of processing services is recognized at a point in time upon completion which is generally evidenced by delivery of processed products to the customers.

VAT on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities.

x. Segment report

The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments.

Based on the criteria established by ASC 280 “Segment Reporting”, the Group’s chief operating decision maker has been identified as the Chairman of the Board of Directors as well as the CEO, who only review consolidated results of the Group when making decisions about allocating resources and assessing performance. Hence, the Group has only one operating segment which is vertically integrated solar power products manufacturing business from silicon ingots, wafers, cells to solar modules.

y. Cost of revenue

Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories.

Costs of electricity generation revenue include depreciation of solar power project assets and costs associated with operation and maintenance of the project assets. Cost of electricity sales was RMB40 million, RMB31 million and nil for years ended December 31, 2020, 2021 and 2022, respectively.

z. Warranty cost

Solar modules produced by the Group are typically sold with either a 5-year or 10-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair.

Management applied significant judgements in estimating the expected failure rate of the Company’s solar module products and the estimated replacement costs associated with fulfilling its warranty obligations when measuring the warranty costs. Based on the actual claims incurred during the past years which appears to be consistent with the market practice, the Group projected the expected failure rate as 1% for the whole warranty period, which is consistent with prior assumptions. Based on the Group’s actual claims experience in the historical periods as well as management’s current best estimation, the Group believes that the average selling price of solar modules over the past two years more accurately reflects the estimated warranty cost liability in connection with the products sold by the Group, as opposed to the current and past spot prices. For the years ended December 31, 2020 and 2021, due to the decrease in average selling price of solar modules, the Group reversed previous years’ recorded warranty liability of RMB124 million and RMB104 million, with a corresponding decrease to selling and marketing expenses, respectively. For the year ended December 31, 2022, due to the rising in average selling price of solar modules, the Group increased previous years’ recorded warranty liability of RMB75 million, with a corresponding increase to selling and marketing expenses in 2022.

The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs–non-current, respectively, which reflect the Group’s estimation of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2020, 2021 and 2022, warranty costs accrued for the modules delivered in the periods before the increase/reversal due to updated project replacement cost were RMB363 million, RMB390 million and RMB773 million, respectively. The utilization of the warranty accruals for the years ended December 31, 2020, 2021 and 2022 were RMB99 million, RMB171 million and RMB212 million, respectively. Utilization of warranty accruals in 2020 and 2022 was mainly due to sporadic customer claims with accumulation of the Group’s solar module shipment. Utilization of warranty accruals in 2021 was mainly due to extreme climatic conditions in Europe.

Movement of accrued warranty cost

The following table summarizes the movement of accrued warranty cost (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	751,440	892,131	1,007,805
Additions	363,159	390,238	773,498
Utilization	(98,526)	(170,776)	(212,130)
Accrue (reversal) to selling and marketing expense	(123,942)	(103,788)	74,802
At end of year	892,131	1,007,805	1,643,975

The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities. Once the Group receives insurance recoveries, warranty expenses will be credited.

In previous years, the Company incurred additional warranty costs due to the defects in a specific batch of raw materials provided by a supplier. The Company appealed against the supplier for the defects and obtained the final judgement from the court in September 2020, pursuant to which the Company shall be compensated by the supplier with the amount of RMB83 million by offsetting the Company’s payables due to such supplier. Given that, the Company reversed warranty expenses in the third quarter of 2020 with a corresponding reduction in accounts payables.

aa. Shipping and handling

Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB1,631 million, RMB2,048 million and RMB5,161 million for the years ended December 31, 2020, 2021 and 2022, respectively.

ab. Research and development

Research and development costs are expensed when incurred.

ac. Start-up costs

The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs.

ad. Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.

The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group’s policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. As of December 31, 2021 and 2022, there were no uncertain tax positions.

ae. Commitments and Contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.

af. Fair value of financial instruments

The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs.

When available, the Group measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Group obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Group generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Group’s evaluation of those factors changes. Although the Group uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Group’s consolidated assets, liabilities, equity and net income.

The Group’s financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term, available-for-sale securities and long-term investments, accounts and notes receivable, foreign exchange forward contract receivables other receivables, prepayments and other current assets, call option, foreign exchange option, accounts and notes payable, other payables and accruals, foreign exchange forward contract payables, guarantee liabilities, lease liabilities, short-term borrowings, long-term borrowings, long-term payables, convertible senior notes and interest rate swap.

The foreign exchange forward contracts receivable and payable, call option, foreign exchange options, interest rate swap, equity securities applying fair value option, available-for-sale debt securities and convertible senior notes are measured at fair value (Note 29). The Group measures the equity method investments at fair value on a non-recurring basis only if an impairment charge were to be recognized. For those equity investments without readily determinable fair value, the Group measures them at fair value when observable price changes are identified or impairment charge was recognized. Except for these financial instruments and long-term borrowing, the carrying values of the Group’s other financial instruments approximated their fair values due to the short-term maturity of these instruments. The carrying amount of long-term borrowing approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities.

When the fair value option is elected for financial liabilities, changes in fair value due to changes in instrument-specific credit risk will be recognized separately in other comprehensive income. As the Company elected to measure its convertible senior notes issued in 2019 in their entirety at fair value, the portion of the total change in the fair value of the convertible senior notes that results from a change in the instrument-specific credit risk is presented separately in other comprehensive income. The gains or losses attributable to changes in instrument-specific credit risk were benchmarked by the portion of the total change in fair value that excluding the amount resulting from a change in a risk-free rate.

ag. Government grants

Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2020, 2021 and 2022, the Group received financial subsidies of RMB192 million, RMB466 million and RMB1,089 million from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions related to specific use or disposition of the funds, attached. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities.

Government grants related to assets are initially recorded as deferred revenue which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB20 million, RMB291 million and RMB1,469 million for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2021 and 2022, the carrying value of deferred revenue was RMB200 million and nil, respectively.

ah. Repurchase of share

When the Company’s shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company’s shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock.

ai. Earnings/(Loss) per share

Basic earnings(loss) per share is computed by dividing net income(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings(loss) per share is calculated by dividing net income(loss) attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Potential diluted securities consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method), the potential shares underlying call option arrangement and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method), which are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive.

Changes in income or loss of potential dilutive securities as result from the assumed conversion of the convertible senior notes and assumed exercise of call option, if any, are recorded as the adjustment to the consolidated net income (loss) from continuing operations to arrive at the diluted net income (loss) available to the Company’s ordinary shareholders.

Securities issued by a subsidiary that enable their holders to obtain the subsidiary’s common stock is included in computing the subsidiary’s earnings(loss) per share data. Those per-share earnings(loss) of the subsidiary are then included in the consolidated earnings(loss) per share computations based on the consolidated group’s holding of the subsidiary’s securities.

aj. Share-based compensation

The Company’s share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

ak. Other comprehensive income

Other comprehensive income is defined as the change in equity during a period from non-owner sources. The Company’s other comprehensive income for each period presented is comprised of foreign currency translation adjustment of the Company’s foreign subsidiaries, the changes in fair value of interest swap cash flow hedges, fair value changes of the Company’s debt securities and changes in instrument-specific credit risk of financial liabilities using fair value option.

al. Convenience translation

Translations of balances in the consolidated balance sheet, consolidated statement of operation, consolidated statement of comprehensive income and statement of cash flows from RMB into United States dollars (“USD” or “US$”) as of and for the year ended December 31, 2022 are solely for the convenience of readers and were calculated at the rate of RMB6.8972 to USD1.00, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2022, or at any other rate.

am. Recent accounting pronouncements

New Accounting Standards Adopted

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. We adopted this update in the first quarter of 2022 and the adoption did not have a material effect on our consolidated financial statements.

In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40),” which removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation of a convertible debt instrument into a debt component and an equity or derivative component. The ASU also expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share calculations that are impacted by the amendments. The standard is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. We adopted this update in the first quarter of 2022 and the adoption did not have a material effect on our consolidated financial statements.

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. We adopted this update in the first quarter of 2022 and the adoption did not have a material effect on our consolidated financial statements.

New Accounting Standards Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in this Update also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. We will adopt this update in the first quarter of 2023 and we are currently evaluating the impact.

In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which the Company adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. We will adopt this update in the first quarter of 2023 and we are currently evaluating the impact.

In June 2022, the FASB issued ASU 2022-02 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. We are in the process of evaluating the impact of the new guidance on our consolidated financial statements.

REVENUES

12 Months Ended

Dec. 31, 2022

REVENUES.

REVENUES

3. REVENUES

The Group’s revenues for the respective periods are detailed as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Sales of solar modules	32,556,394	37,737,383	80,224,354
Sales of solar projects	1,197,713	—	31,400
Sales of silicon wafers	452,141	1,152,055	466,553
Sales of solar cells	344,510	606,582	1,024,114
Sales of other solar materials	478,184	1,043,760	1,380,875
Processing service fees	—	186,045	—
Revenue from generated electricity	100,517	100,696	—
Total	35,129,459	40,826,521	83,127,296

In March 2020, the Company sold two solar power plants in Mexico, that were constructed with an intent to sell, with a combined capacity of 155 MW to an independent third party, and recognized sales of solar projects with the amount of RMB1,198 million.

In December 2022, the Company received contingent receivables payments in cash related to the sales of these two solar projects and recognized revenue of RMB31 million.

During the years of 2020, 2021 and 2022, electricity revenue generated from certain overseas project assets constructed for sale upon completion, with the amount of RMB8 million, nil and RMB47 million was considered as incidental revenue and accounted for as a reduction of the capitalized project costs for development.

The following table summarizes the Group’s net revenues generated in respective region (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Inside China (including Hong Kong and Taiwan)	6,370,975	10,134,888	34,839,410
North America	10,098,116	6,621,799	3,727,493
Europe	4,644,487	7,481,581	19,637,777
Asia Pacific	9,603,211	10,239,162	11,274,447
Rest of the world	4,412,670	6,349,091	13,648,169
Total	35,129,459	40,826,521	83,127,296

INTEREST EXPENSES, NET

12 Months Ended

Dec. 31, 2022

INTEREST EXPENSES, NET

INTEREST EXPENSES, NET

4. INTEREST EXPENSES, NET

Components of interest expenses, net are detailed as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Interest expenses	705,159	878,908	1,150,128
Less: Interest capitalization	(29,307)	(40,588)	(70,719)
Less: Interest income	(216,618)	(214,291)	(588,706)
Total	459,234	624,029	490,703

OTHER INCOME, NET

12 Months Ended

Dec. 31, 2022

OTHER INCOME, NET

OTHER INCOME, NET

5. OTHER INCOME, NET

Components of other income, net are detailed as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Guarantee income	14,687	6,365	—
Donations	(12,395)	(4,454)	(6,824)
Disposal of Tiansheng	—	—	12,474
Disposal of solar power project in Argentina	—	—	1,758
Others	—	—	(5,837)
Total	2,292	1,911	1,571

(a)

Since 2016, the Group issued debt payment guarantees and redemption guarantees in favor of JinkoPower, a related party (Note 26). The guarantee liability which corresponds with the guarantee fees received is being amortized in straight line during the guarantee period from 1 to 16 years based on the life of the outstanding guaranteed bank loans by recognizing a credit to other income. In 2022, the Group and JinkoPower entered into an agreement to cancel the debt payment guarantees and redemption guarantees in favor of JinkoPower. Hence, no guarantte income was recognized for the year ended December 31, 2022.

(b)	The Group entered into a share purchase agreement to dispose all of its equity interests in Jinko-Tiansheng to Jinko-Tiansheng’s other shareholders in November 2021. The disposition was consummated in 2022 with a gain of RMB12 million recognized.

(c)	In December 2021, the Group entered into an agreement to sell the solar power plant in Argentina to JinkoPower, a related party. Disposition of the solar power plant was consummated in June 2022 with a gain of RMB2 million recognized.

TAXATION

12 Months Ended

Dec. 31, 2022

TAXATION

TAXATION

6. TAXATION

The Company and its subsidiaries file separate income tax returns.

Cayman Islands

Under the current laws of the Cayman Islands, the Company and its subsidiaries in Cayman Islands are not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed. 10% withholding income tax is levied on the guarantee payment from JinkoPower (Note 26).

British Virgin Islands

Under the current laws of the British Virgin Islands(“BVI”), the Company’s subsidiary in BVI is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed.

People’s Republic of China

On March 16, 2007, the National People’s Congress approved the Corporate Income Tax Law of the People’s Republic of China (the “CIT Law”) with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25%.

Jiangxi Jinko, Zhejiang Jinko, Haining Jinko, Jinko Yiwu, Shangrao Jinko and Zhejiang New Materials were designated by the relevant local authorities as “High and New Technology Enterprises” under the CIT Law. Zhejiang Jinko has successfully renewed this qualification for 2021, 2022 and 2023. Jiangxi Jinko and Haining Jinko have successfully renewed this qualification for 2022, 2023 and 2024. Jinko Yiwu was designated by the relevant local authorities as a “High and New Technology Enterprise” in 2021, and will enjoy the preferential tax rate of 15% in 2022 and 2023. Shangrao Jinko and Zhejiang New Materials were designated by the relevant local authorities as a “High and New Technology Enterprise” in 2022, and will enjoy the preferential tax rate of 15% in 2023 and 2024. Xinjiang Jinko was designated by the relevant local authorities as an “Enterprise in the Encouraged Industry” and was subject to a preferential tax rate of 15% till 2030. It was also designated by the relevant local authorities as a “High and New Technology Enterprise” in 2020, and was subject to the preferential tax rate of 15% in 2021 and 2022. Jinko Leshan, Jinko Sichuan, Jinko Qinghai and Jinko Chuxiong was designated by the relevant local authorities as an “Enterprise in the Encouraged Industry” and was subject to a preferential tax rate of 15% till 2030.

Under the CIT Law, 10% withholding income tax (“WHT”) will be levied on foreign investors for dividend distributions from foreign invested enterprises’ profit earned after January 1, 2008. For certain treaty jurisdictions such as Hong Kong which has signed double tax arrangement with the PRC, the applicable WHT rate could be reduced to 5% if foreign investors directly hold at least 25% shares of invested enterprises at any time throughout the 12-month period preceding the entitlement to the dividends and they are also qualified as beneficial owners to enjoy the treaty benefit. Deferred income taxes are not provided on undistributed earnings of the Company’s subsidiaries that are intended to be permanently reinvested in China.

Since Jiangxi Jinko’s initial pubic offering in 2022 (Note 24), the Group provided withholding income tax for the earnings of Jiangxi Jinko, which are expected to be distributed in the future based on its distribution plan. As of December 31, 2022, the Group recognised deferred tax liabilities of RMB52 million, related to the cumulative undistributed earnings of Jiangxi Jinko.

The cumulative undistributed earnings of the Company’s PRC subsidiaries intended to be permanently reinvested totaled RMB3,879 million, RMB4,928 million and RMB6,635 million as of December 31, 2020, 2021 and 2022 respectively, and the amount of the unrecognized deferred tax liability, calculated based on the 10% rate, on the indefinitely reinvested earnings was RMB388 million, RMB493 million and RMB663 million as of December 31, 2020, 2021, 2022 respectively.

Hong Kong

The Company’s subsidiaries established in Hong Kong are subject to Hong Kong profit tax at a rate of 16.5% on its assessable profit.

Japan

Jinko Japan is incorporated in Japan and is subject to corporate income tax at 37.6%.

Korea

Jinko Korea is incorporated in Korea and is subject to corporate income tax at 22% in 2021 and 10% in 2022.

European Countries

Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 11.6% in 2020, 9.57% in 2021 and 10% in 2022.

Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 33% on the assessable profit.

Jinko Italy is incorporated in Italy and is subject to corporate income tax at 27.9%.

Jinko Portugal is incorporated in Portugal and is subject to corporate income tax at 22.5%.

Jinko Denmark is incorporated in Denmark and is subject to corporate income tax at 22%.

United States

Jinko US, Jinko US holding, and Jinko Solar (U.S.) Industries are Delaware incorporated corporations that are subject to U.S. federal corporate income tax on taxable incomes at a rate of 21% for taxable years beginning after December 31, 2017 and at differing tax rates of various states ranged from 0.75% to 9.99%.

Malaysia

The Income Tax Act 1967 of Malaysia, revised in 1971, enacted a statutory income tax rate of 24%. Nevertheless, Malaysia offers a wide range of tax incentives, including tax exemptions, capital allowances, and enhanced tax deductions, to attract foreign direct investment. Incorporated in Malaysia, Jinko Malaysia is entitled to a five year 100% tax exemption, approved in February 2017 and retrospectively effective from August 2015, under the pioneer status (PS) incentive scheme as a company engaged in producing high technology products identified by the Malaysian Investment Development Authority (MIDA). The tax exemption was expired in August 2020 and Jinko Malaysia is subject to corporate income tax at 24% from August 2020.

Canada

Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15% and provinces and territories income tax of 12%.

Australia

Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30%.

Brazil

Jinko Brazil is incorporated in Brazil and is subject to corporate income tax at 34%.

Mexico

Jinko Mexico is incorporated in Mexico and is subject to corporate income tax at 30%.

Argentina

Cordillera Solar I, S.A., the wholly owned solar power project subsidiary, is incorporated in Argentina and is subject to corporate income tax at 35%.

Composition of Income Tax Expense

Income/(loss) before income taxes for the years ended December 31, 2020, 2021 and 2022 were taxed within the following jurisdictions (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Cayman Islands	(784,811)	199,956	(639,136)
PRC	444,368	1,120,667	2,743,467
Other countries	906,815	(230,720)	(127,622)
Income before income taxes	566,372	1,089,903	1,976,709

For the year ended December 31, 2022, loss before income taxes of Cayman Islands subsidiaries was mainly due to the charge of share-based compensation expenses. Increase in the income before taxes of PRC subsidiaries was mainly attributable to the higher profits generated by the Group’s subsidiaries in the PRC.

The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2020, 2021 and 2022 are as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Current income tax (expenses)/benefits
PRC	26,473	(280,877)	(867,937)
Other countries	(110,726)	(175,633)	(58,014)
Total current income tax expenses	(84,253)	(456,510)	(925,951)
Deferred tax (expenses)/benefits
PRC	(7,436)	77,741	457,266
Other countries	(86,722)	184,629	(136,593)
Total deferred tax (expenses)/benefits	(94,158)	262,370	320,673
Income tax expenses, net	(178,411)	(194,140)	(605,278)

Reconciliation of the differences between statutory tax rate and the effective tax rate

Reconciliation between the statutory CIT rate of 25% and the Company’s effective tax rate from continuing operations is as follows:


	For the year ended December 31,
	2020	2021	2022
	%	%	%
Statutory CIT rate	25.0	25.0	25.0
Effect of permanent differences:
—Share-based compensation expenses	0.1	0.1	3.2
—Change in fair value of convertible senior notes and call options	32.0	(4.4)	0.2
—Accrued payroll and welfare expenses	0.4	0.1	0.1
—Change of enacted tax rate	(7.2)	2.1	1.6
—Other non-deductible expenses including tax preferences	(6.6)	(1.8)	3.4
Difference in tax rate of subsidiaries outside the PRC	(3.1)	2.2	3.9
Effect of tax holiday for subsidiaries	(7.8)	(12.9)	(12.1)
Change in valuation allowance	(1.3)	7.4	5.3
Effective tax rate	31.5	17.8	30.6

Other tax preferences in 2020, 2021 and 2022 was mainly due to the additional income tax deduction amounting of RMB83 million, RMB74 million and RMB107 million for R&D costs approved by local tax bureau in the second quarter of 2020, 2021 and 2022, respectively.

The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows (RMB in thousands, except for per share data):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
The aggregate amount of effect*	44,191	140,235	239,268
Per share effect—basic	0.25	0.74	1.21
Per share effect—diluted **	0.25	0.68	1.19

* Increase of the aggregated amount of effect in 2022 was mainly attributable to more profit generated by the Group’s PRC subsidiaries with preferential tax rates.

**Due to the dilutive impact of call option in 2020, the denominator for diluted earnings per share is less than that for the basic earnings per share (Note 20). Therefore, the Company used the basic denominator for both of the basic and diluted effect to calculate above per share effect of tax holidays in 2020.

Significant components of deferred tax assets/liability (RMB in thousands)


	As of December 31,
	2021	2022
	RMB	RMB
Net operating losses	473,367	529,522
Accrued warranty costs	216,938	373,064
Provision for inventories, accounts receivable, other receivable	101,595	230,019
Timing difference for subsidiary income	15,235	166,857
Other temporary differences	24,953	69,183
Impairment for property, plant and equipment and project assets	100,860	35,491
Total deferred tax assets	932,948	1,404,136
Less: Valuation allowance	(217,124)	(243,141)
Less: Deferred tax liabilities in the same tax jurisdiction	(344,057)	(456,751)
Deferred tax assets	371,767	704,244

Timing difference for project assets, property, plant and equipment	(375,499)	(478,515)
Timing difference for refund of countervailing duties	(144,923)	(90,864)
Deferred tax liabilities related to cumulative distributable earnings in Jiangxi Jinko	—	(52,173)
Other temporary differences	(6,638)	(30,007)
Total deferred tax liabilities	(527,060)	(651,559)
Less: Deferred tax assets in the same tax jurisdiction	344,057	456,751
Deferred tax liabilities	(183,003)	(194,808)

Movement of valuation allowance (RMB in thousands)


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	(144,317)	(136,847)	(217,124)
Current year additions	(37,426)	(88,667)	(216,260)
Utilization and reversal of valuation allowances	44,896	8,390	111,296
Decrease of valuation allowances related to the disposal of a subsidiary	—	—	78,947
At end of year	(136,847)	(217,124)	(243,141)

Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2020, 2021 and 2022, valuation allowances of RMB137 million, RMB217 million and RMB243 million were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group’s estimate of future taxable incomes of all its subsidiaries. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur. Due to the strong financial performance and profitable condition of certain subsidiaries, the Company has determined that the future taxable income of those subsidiaries is sufficient to realize the benefits of such deferred tax assets. As a result, the Company reversed the valuation allowance of RMB45 million, RMB8 million and RMB111 million in 2020, 2021 and 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES

12 Months Ended

Dec. 31, 2022

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES

7. ACCOUNTS RECEIVABLE, NET — THIRD PARTIES

Components of accounts receivables, net-third parties are detailed as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Accounts receivables - current	7,794,174	17,259,003
Allowance for credit losses - current	(323,071)	(584,127)
Accounts receivable, net - current	7,471,103	16,674,876

Accounts receivables – non-current	28,186	—
Allowance for credit losses – non-current	(562)	—
Accounts receivable, net – non-current	27,624	—

As of December 31, 2021 and 2022, accounts receivable with net book value of RMB726 million and RMB1,006 million were pledged as collateral for the Group’s borrowings (Note 18).

The following table summarizes the activity in the allowance for credit losses related to accounts receivable – current for the year ended December 31, 2020, 2021 and 2022:


	As of December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	318,198	293,360	323,071
Impact of adopting ASC Topic 326	(30,916)	—	—
Addition	26,581	91,948	394,285
Reversal	(20,503)	(24,213)	(114,770)
Write off	—	(38,024)	(18,459)
At end of year	293,360	323,071	584,127

The following table summarizes the activity in the allowance for credit losses related to accounts receivable – non-current for the year ended December 31, 2020, 2021 and 2022:


	As of December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	—	1,139	562
Impact of adopting ASC Topic 326	—	—	—
Addition	1,139	—	—
Reversal	—	(577)	(562)
At end of year	1,139	562	—

NOTES RECEIVABLE, NET-THIRD PARTIES

12 Months Ended

Dec. 31, 2022

NOTES RECEIVABLE, NET-THIRD PARTIES

NOTES RECEIVABLE, NET-THIRD PARTIES

8. NOTES RECEIVABLE, NET – THIRD PARTIES

Components of notes receivables, net-third parties are detailed as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Notes receivable	1,690,142	6,697,096
Provision for notes receivable	(1,040)	—
Notes receivable, net	1,689,102	6,697,096

As of December 31, 2021 and 2022, notes receivable with net book value of RMB885 million and RMB1,481 million were pledged as collateral for the issuance of bank acceptance notes.

The following table summarizes the activity in the allowance for credit losses related to notes receivable for the year ended December 31, 2020, 2021 and 2022 (RMB in thousands):


	As of December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	—	182	1,040
Impact of adopting ASC Topic 326	223	—	—
Addition	—	858	—
Reversal	(41)	—	(1,040)
At end of year	182	1,040	—

ADVANCES TO SUPPLIERS, NET - THIRD PARTIES

12 Months Ended

Dec. 31, 2022

ADVANCES TO SUPPLIERS, NET - THIRD PARTIES

ADVANCES TO SUPPLIERS, NET - THIRD PARTIES

9. ADVANCES TO SUPPLIERS, NET – THIRD PARTIES

Advance to suppliers, net – third parties were as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Advances to suppliers - current	1,536,155	3,271,284
Advances to suppliers – non-current	296,709	310,375
Advances to suppliers, net	1,832,864	3,581,659

As of December 31, 2021 and 2022, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months.

As of December 31, 2021 and 2022, non-current advances to suppliers primarily represent upfront payments for procurement of silicon materials of which related good delivery is scheduled beyond one year.

There were no provisions recorded against advances to suppliers for the years ended December 31, 2020, 2021 and 2022. The Group wrote off fully impaired balances of advances to suppliers with the amount of RMB2 million, RMB6 million and nil for the years ended December 31, 2020, 2021 and 2022, respectively.

INVENTORIES

12 Months Ended

Dec. 31, 2022

INVENTORIES.

INVENTORIES

10. INVENTORIES

The Company’s inventories are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Raw materials	3,761,045	5,499,573
Work-in-progress	2,623,044	3,237,480
Finished goods	6,868,263	8,713,231
Total	13,252,352	17,450,284

Write-down of the carrying amount of inventory to its estimated net realizable value was RMB271 million, RMB823 million and RMB1,819 million for the years ended December 31, 2020, 2021 and 2022, respectively, and were recorded as cost of revenues in the consolidated statements of operations. Inventory write downs were mainly related to the inventories whose market value is lower than their carrying amount.

As of December 31, 2021 and 2022, inventories with net book value of RMB1,749 million and RMB2,809 million were pledged as collateral for the Group’s borrowings (Note 18).

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

11. PREPAYMENTS AND OTHER CURRENT ASSETS

Prepayments and other current assets are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Value-added tax deductible (a)	1,705,159	1,374,909
Deposit for customer duty, bidding and others	142,442	181,371
Prepayment for income tax and deferred charges	129,931	233,744
Receivables related to disposal of land use rights and property, plant and equipment (b)	111,804	378,900
Receivables related to discount from a supplier	110,050	324,002
Prepayment of electricity and others	91,334	153,021
Prepaid insurance premium	6,675	7,281
Employee advances (c)	6,274	3,944
Refund receivable of U.S. countervailing duties and anti-dumping duties (Note 16)	—	480,535
Rental deposit and prepayment	3,606	1,643
Receivable of option exercised	1,169	—
Prepaid professional service fee	307	—
Loan receivable (d)	—	23,459
Others	131,827	136,212
Less: Allowance for credit losses	(5,521)	(8,118)
Total	2,435,057	3,290,903

(a)	Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.

(b)	Represented the receivables related to disposition of certain equipment for the purpose of upgrading manufacturing facilities and receivables related to disposition of certain land use rights.

(c)	As of December 31, 2021 and 2022, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.

(d)	Represented an interest-free half-year loan of RMB23 million provided by Qinghai Jinko in 2022 to a third-party company.

The following table summarizes the activity in the allowance for credit losses related to prepayments and other current assets for the year ended December 31, 2022 (RMB in thousands):


		For year ended December 31,
		2022
		RMB
At beginning of year		5,521
Impact of adopting ASC Topic 326		—
Addition		2,597
Reverse		—
At end of year		8,118

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES

12 Months Ended

Dec. 31, 2022

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES

12. INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES

The Group’s investments are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
-Debt investment

Available-for-sale securities	—	104,499

-Equity investment

Investments accounted for under the equity method	538,866	1,287,201
Equity securities without readily determinable fair values	95,000	245,000
Equity securities applying fair value option	—	178,871
Subtotal	633,866	1,711,072

Total	633,866	1,815,571

-Debt investment

Available-for-sale securities

In May 2022, the Group purchased a two-year puttable bond with an aggregated principal of RMB 100 million and annual interest of 5.5% from JinkoPower. The Group has the option to require JinkoPower to repurchase all or part of the bonds at the end of the first year in the life of the bond, and JinkoPower has the option to adjust the interest rate at the end of the first year in the life of the bond. For the year ended December 31, 2022, unrealized gain on the available-for-sale securities amounted to RMB1 million which was reported in other comprehensive income.

-Equity investment

Investments accounted for under the equity method.

On February 26, 2017, JinkoSolar signed a shareholder agreement with AxiaPower Holdings B.V. (“Axia”), a subsidiary of Marubeni Corporation, to jointly invest in and establish a company named SweihanSolar Holding Company Limited (“SSHC”) to hold 40% equity interest of Sweihan PV Power Company P.J.S.C (“the Project Company”), which develops and operates solar power projects in Dubai. In April 2019, JinkoSolar made pro rata additional capital injection to SSHC with the amount of RMB295 million. JinkoSolar holds 50% equity interest in the SSHC and accounts for its investment using the equity method. JinkoSolar’s share of SSHC’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of RMB10 million, an income of RMB62 million and an income of RMB14 million for the years ended December 31, 2020, 2021 and 2022, respectively. JinkoSolar sold modules of 32.2 MW, nil and nil and recognized revenue of RMB51 million, nil and nil on sales to the Project Company (Note 26) during the years ended December 31, 2020, 2021 and 2022, respectively. Loss amounted to RMB0.2 million, RMB1 million and RMB1 million in connection with the intercompany transactions with the Project Company was eliminated during the years ended December 31, 2020, 2021 and 2022, respectively. The Group received dividend in cash from SSHC with the amount of RMB 16 million, RMB 23 million and nil during the year of 2020, 2021 and 2022, respectively, which were recorded as reductions of the carrying amount of the investment. In January 2022, JinkoSolar made pro rata decrease of its investment in SSHC with the amount of RMB94 million, which was recorded as a reduction of the carrying amount of the investment. The carrying value of this investment was RMB 224 million and RMB 144 million as of December 31, 2021 and 2022.

On March 30, 2017, JinkoSolar signed a shareholder agreement with Yangzhou Tiansheng PV-Tech Co., Ltd., a Chinese PV enterprise, to jointly invest in and establish Jinko-Tiansheng to process and assemble PV modules as OEM manufacturer in Jiangsu province, China. JinkoSolar holds 30% equity interest in Jinko-Tiansheng and accounts for its investment using the equity method. In November 2021, the Group entered into a share purchase agreement to dispose all of its equity interest in Jinko-Tiansheng to Jinko-Tiansheng’s other shareholders. The carrying value of the Group’s investment in Jinko-Tiansheng which met recognition criteria in ASC 360-10-45-9 was reclassified as a held for sale asset as of December 31, 2021. Disposition of equity interest in Jinko-Tiansheng was closed in January 2022 and the Group recognized a gain from disposal of the equity interest with the amount of RMB13 million (Note 5). For the years ended December 31, 2020, 2021 and 2022, JinkoSolar’s share of Jinko-Tiansheng’s results of operations included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations were a loss of RMB2 million, RMB7 million and nil, respectively. Jinko-Tiansheng charged processing fee amounted to RMB27 million, RMB5 million and nil to the Company for its OEM services provided (Note 26) during the years ended December 31, 2020, 2021 and 2022, respectively. Profit/(loss) amounted to RMB3 million, RMB(4) million and nil due to the intercompany transactions with Jinko-Tiansheng was eliminated for the years ended December 31, 2020, 2021 and 2022, respectively. The carrying value of this investment was RMB9 million and RMB3 million as of December 31, 2020 and 2021, respectively. On June 18, 2021, JinkoSolar signed a shareholder agreement with Xinte Energy Co., Ltd. and JA Solar Co., Ltd to jointly invest in and establish a company named Xinte Silicon Co., Ltd. (“Xinte Silicon”) to produce polysilicon materials. JinkoSolar made capital injection in cash with the total amount of RMB315 million during the year of 2021. JinkoSolar holds 9% equity interest in Xinte Silicon. JinkoSolar can exercise significant influence on Xinte Silicon and accounts for its investment using the equity method. JinkoSolar’s share of Xinte Silicon’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of RMB0.003 million and an income of RMB219 million for the year ended December 31, 2021 and 2022, respectively. JinkoSolar purchased polysilicon of nil and RMB825 million from Xinte Silicon during the years ended December 31, 2021 and 2022, respectively. Profit amounted to nil and RMB37 million in connection with these transactions with Xinte Silicon was eliminated for the years ended December 31, 2021 and 2022, respectively. The carrying value of this investment was RMB315 million and RMB534 million as of December 31, 2021 and 2022.

On November 3, 2021, JinkoSolar signed a shareholder agreement with Beijing Jingyuntong Technology Co., Ltd. and Sichuan Yongxiang Co., Ltd to jointly invest in and establish a company named Sichuan Yongxiang Technology Co., Ltd. (“Sichuan Yongxiang”) to produce polysilicon materials. JinkoSolar made capital injection in cash with the total amount RMB 450 million in 2022 and holds 15% equity interest in Sichuan Yongxiang. JinkoSolar can exercise significant influence on Sichuan Yongxiang and accounts for its investment using the equity method. JinkoSolar’s share of Sichuan Yongxiang’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of RMB1 million for the year ended December 31, 2022. The carrying value of this investment was RMB449 million as of December 31, 2022.

In July 2022, JinkoSolar established a fully owned subsidiary named as Shangrao Jinko Green Energy Technology Development Co., Ltd. (“Shangrao Lvneng”). JinkoSolar made capital injection in cash with the total amount of RMB50 million in July 2022. In November 2022, two third-party investors made capital injections into Shangrao Lvneng in cash with the total amount of RMB330 million (each paid RMB165 million) and JinkoSolar made additional capital injections in cash with the amount of RMB115 million.After these capital injections, JinkoSolar owns 33.33% equity interests and loses control of Shangrao Lvneng. A gain from disposal of Shangrao Lvneng subsidiary of RMB2 million was recognized because of the disposition. After the disposition, JinkoSolar can exercise significant influence on Shangro Lvneng and accounts for its investment using the equity method. JinkoSolar’s share of Shangrao Lvneng’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of RMB4 million for the year ended December 31, 2022. The carrying value of this investment was RMB160 million as of December 31, 2022.

Equity securities without readily determinable fair values

In October 2021, the Group made capital injection in cash with the amount of RMB65 million in Shenzhen Laplace Energy Technology Co., Ltd. (“Laplace”), a company in Guangdong province, China, and owns 2.88% equity interests. Such equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost as adjusted for observable price changes and impairments.

In December 2021, the Group made capital injection in cash with the amount of RMB30 million in Ningxia Xiaoniu Automation Equipment Co., Ltd. (“Xiaoniu”), a company in Ningxia hui autonomous region, China, and owns 0.9375% equity interests. Such equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost as adjusted for observable price changes and impairments.

In November 2022, the Group made capital injection in cash with the amount of RMB150 million in Aiswei Technology Co., Ltd . (“Aiswei”), a company in Shanghai, China, and owns 2.9126% equity interests. Such equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost as adjusted for observable price changes and impairments.

There was no re-measurement gain or loss being recognized in connection with equity investments accounted for using the measurement alternative for the years ended December 31, 2020, 2021 and 2022.

Equity securities applying fair value option

In June, 2022, the Group made capital injection in cash with the amount of RMB77 million in Zhejiang Xiangbang Technology Co., Ltd . (“Zhejiang Xiangbang”), a company in Hangzhou, China, and owns 2.98% equity interests. The Group irrevocably elected fair value option to initially and subsequently measure the investment in Xiangbang in its entirety at fair value with changes in fair value recognized in earnings The Group recorded change in fair value of its investment in Zhejiang Xiangbang with the amount of RMB102 million for the year ended December 31, 2022.

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

PROPERTY, PLANT AND EQUIPMENT, NET.

PROPERTY, PLANT AND EQUIPMENT, NET

13. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment used in continuing operation and related accumulated depreciation are as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Buildings	6,875,072	12,655,905
Machinery and equipment	14,199,961	22,435,247
Motor vehicles	71,837	114,936
Furniture, fixture and office equipment	1,408,296	1,995,407
	22,555,166	37,201,495
Less: Accumulated depreciation	(5,232,342)	(6,462,379)
Subtotal	17,322,824	30,739,116
Construction in progress	2,647,070	1,550,972
Property, plant and equipment, net	19,969,894	32,290,088

Depreciation expenses were RMB1,161 million, RMB1,604 million and RMB2,585 million for the years ended December 31, 2020, 2021 and 2022, respectively.

For the years ended December 31, 2020, 2021 and 2022, the Group disposed certain equipment with the net book value amounting of RMB610 million, RMB390 million and RMB1,118 million and recognized related disposal loss amounted to RMB428 million, RMB350 million and RMB249 million respectively. Increase in disposal loss on property, plant and equipment was mainly due to the automation upgrade of the Group.

Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences.

Significant increase of property, plant and equipment during the year ended December 31, 2022 was attributable to the expansion of manufacturing capacity and automation upgrade of the Group.

For the years ended December 31, 2020, 2021 and 2022, the Group recorded impairments of RMB20 million, RMB150 million and RMB374 million related to the retirement of certain equipment in production lines that had become obsolete due to automation upgrade of the Group.

As of December 31, 2021 and 2022, certain property, plant and equipment with net book value amounting of RMB4,115 million and RMB5,210 million were pledged as collateral for the Group’s borrowings (Note 18).

As of December 31, 2021 and 2022, certain property, plant and equipment with net book value of RMB105 million and nil were pledged as collateral for the issuance of bank acceptance notes.

LAND USE RIGHTS, NET

12 Months Ended

Dec. 31, 2022

LAND USE RIGHTS, NET

LAND USE RIGHTS, NET

14. LAND USE RIGHTS, NET

Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 to 70 years, as applicable, in the PRC (RMB in thousands).


	As of December 31,
	2021	2022
	RMB	RMB
Land use rights	1,196,668	1,535,556
Less: accumulated amortization	(106,611)	(104,132)
Land use rights, net	1,090,057	1,431,424

Amortization expense was RMB12 million, RMB18 million and RMB27 million for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, estimated amortization expense in each of the next five years is RMB30 million.

As of December 31, 2021 and 2022, certain land use rights with net book value of RMB110 million and RMB169 million were pledged as collateral for the Company’s borrowings (Note 18).

As of December 31, 2021 and 2022, certain land use rights with net book value of RMB15 million and nil were pledged as collateral for the issuance of bank acceptance notes.

INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

15. INTANGIBLE ASSETS, NET

Intangible assets and their related amortization are as follow (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Trademark	1,581	1,230
Computer software	94,712	135,218
Less: accumulated amortization	(40,809)	(56,848)
Intangible assets, net	55,484	79,600

Amortization expense was RMB10 million, RMB12 million and RMB17 million for the years ended December 31, 2020, 2021 and 2022, respectively.

OTHER ASSETS - THIRD PARTIES

12 Months Ended

Dec. 31, 2022

OTHER ASSETS - THIRD PARTIES

OTHER ASSETS - THIRD PARTIES

16. OTHER ASSETS – THIRD PARTIES

Other assets are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Prepayments for purchase of property, plant and equipment	1,859,173	1,162,351
Refund receivable of U.S. countervailing duties and anti-dumping duties	580,058	—
Deposit for rent and others	175,297	131,611
Prepayment for warranty insurance premium	111,537	114,088
Prepayment of income tax attributable to intercompany transactions	16,159	15,474
Less: Allowance for credit losses	(3,064)	(1,855)
Total	2,739,160	1,421,669

During the year of 2018, the U.S. Department of Commerce (“DOC”) issued the amended final results of its fourth administrative review on the counter-veiling duties (“CVD”) imposed on the crystalline silicon photovoltaic, or CSPV, cells, whether or not incorporated into modules, from China. As a result, the Group’s CVD rate was updated to be 10.64% from 20.94%, covering the period from January 1, 2015 to December 31, 2015, and all future exports to the US starting from July 2018 (“CVD AR4”). Pursuant to the final results of fourth administrative review, the Group recorded a reversal of costs of revenues and recognized refundable deposits due from the U.S. Customs with the amount of USD31 million (RMB210 million), representing the difference between the amended rate and the previous rate during the period from January 1, 2015 to December 31, 2015. During the year of 2020, CVD rate was further amended to be 4.22%. The Group recorded a reversal of costs of revenues and refundable deposits with the amount of USD25 million (RMB164 million) based on the difference between the amended rate and the previous rate. In November 2022, due to the acceleration of cash liquidation procedures in relation to the CVD AR4, the Group received CVD AR4 refunds with the amount of USD 69 million (RMB 499 million) from the U.S. Customs, including principal amount of USD 56 million (RMB 400 million) and interests of USD 14 million (RMB 100 million).

During the year of 2019, the DOC issued its final results of the fifth administrative review, the Group’s CVD rate was finalized to be 12.70% from 20.94%, covering the period from January 1, 2016 to December 31, 2016, and all future exports to the US starting from August 2019 (“CVD AR5”). Pursuant to the final results of fifth administrative review, the Group recorded a reversal of costs of sales and recognized refundable deposits due from the U.S. Customs with the amount of USD37 million (RMB260 million) on an amortized cost basis based on its best estimation of related liquidation. In May 2022, CVD rate was further amended to be 5.86%. The Group recorded a reversal of costs of sales and refundable deposits with the amount of USD33 million (RMB 226 million) based on the difference between the amended rate and the previous rate. Subsequently in January 2023, due to the acceleration of cash liquidation procedures in relation to the CVD AR5, the Group received CVD AR5 refunds with the amount of USD 87 million (RMB 593 million) from the U.S. Customs, including principal amount of USD 70 million (RMB 477 million) and interests of USD 17 million (RMB 116 million). Hence, the Group reclassified the CVD AR5 receivables from “Other assets-third parties” to “Prepayments and other current assets” as of December 31, 2022 (Note 11).

During the year of 2020, the U.S. Department of Commerce issued its final results of the sixth administrative review, and the finalized CVD rate applicable to the Group was 12.67%, which was initially 20.94%, covering the period from January 1, 2017 to December 31, 2017, and all future exports to the United States starting from December 2020 (“CVD AR6”). Pursuant to the final results of sixth administrative review, the Group recorded a reversal of costs of sales and recognized refundable deposits due from the U.S. Customs with the amount of USD0.4 million (RMB3 million) under “other assets - third parties” on an amortized cost basis based on its best estimation of related liquidation. During the year of 2021, CVD rate was further amended to be 11.97%. The Group recorded a reversal of costs of sales and refundable deposits with the amount of USD0.04 million (RMB0.23 million) based on the difference between the amended rate and the previous rate. As of December 31, 2022, in light of the acceleration of liquidation of the refundable deposits, based on its latest communication from the DOC and best estimation, the Group considered the CVD AR6 receivables can be collected within the next 12 months and therefore reclassified the receivables from “Other assets-third parties” to “Prepayments and other current assets” (Note 11).

The following table summarizes the activity in the allowance for credit losses related to deposits for the year ended December 31, 2022(RMB in thousands):


		For the year ended December 31,
		2022
		RMB
At beginning of year		3,064
Impact of adopting ASC Topic 326		—
Addition		—
Reversal		(1,209)
Writeoff		—
At end of year		1,855

OTHER PAYABLES AND ACCRUALS

12 Months Ended

Dec. 31, 2022

OTHER PAYABLES AND ACCRUALS

OTHER PAYABLES AND ACCRUALS

17. OTHER PAYABLES AND ACCRUALS

Other payables and accruals are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Payables for purchase of property, plant and equipment	3,073,625	6,412,134
Freight payables	858,027	1,359,813
Accrued utilities, rentals and interest	424,436	629,977
Customs duties	157,655	147,759
Accrued warranty cost	149,164	221,699
Value-added tax and other tax payables	74,784	329,078
Commission payables	24,861	13,587
Contracted labor fees	24,392	20,015
Accrued professional service fees	19,739	34,110
Insurance premium payables	6,839	1,853
Others	30,562	44,359
Total	4,844,084	9,214,384

BORROWINGS

12 Months Ended

Dec. 31, 2022

BORROWINGS

BORROWINGS

18. BORROWINGS

(a) Short-term borrowings

Components of short-term borrowings as of December 31, 2021 and 2022 were as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Short-term borrowings	11,967,827	10,316,714
Long-term borrowings—current portion	1,371,540	2,102,456
Total short-term borrowings	13,339,367	12,419,170

The short-term borrowings outstanding as of December 31, 2021 and December 31, 2022 carried a weighted average interest rate of 3.28% and 3.10% per annum, respectively. Included in the balance of short-term bank borrowings as of December 31, 2022 were borrowings of RMB2,186 million, RMB120 million, and RMB1,002 million which are denominated and repayable in EUR, JPY and USD, respectively.

Details of the Group’s short-term borrowings as of December 31, 2022 are (RMB in thousands):


Type of loan	As of December 31, 2022	Guarantee/Collateral
Credit loan	4,055,137		a)
Letter of credit loan	2,792,460		a)
	256,313	Guaranteed by JinkoSolar Holding	b)
	167,000	Guaranteed by JinkoSolar Holding and certain shareholders of the Group	b)
Guaranteed by subsidiaries	50,000	Guaranteed by Jiangxi Jinko and certain shareholders of the Group	b)
of the Group and third parties	1,942,835	Guaranteed by Jiangxi Jinko	b)
and/or collateralized on the	1,329,716	Guaranteed by Zhejiang Jinko	b)
Group’s assets	20,197	Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch	b)
	25,312	Guaranteed by China Export & Credit Insurance Corporation	b)
	1,132,645	Financings associated with failed sale-lease back transactions	c)
	647,555	Guaranteed and collateralized on buildings, equipment and other assets of the Group and shareholders of the Group	d)
Total	12,419,170

As of December 31, 2022, the Group had short-term bank borrowings of RMB4,055 million credit loans, and RMB2,792 million letter of credit loans. The remaining short-term bank borrowings of RMB4,439 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following:

Borrowings of RMB256 million guaranteed by JinkoSolar Holding, RMB167 million guaranteed by JinkoSolar Holding and certain shareholders of the Group, RMB50 million guaranteed by Jiangxi Jinko and certain shareholders of the Group, RMB1,943 million guaranteed by Jiangxi Jinko, RMB1,330 million guaranteed by Zhejiang Jinko, RMB20 million guranteed by Agricultural Bank of China Shangrao Guangxin Branch, and RMB25 million guranteed by China Export & Credit Insurance Corporation, respectively.

c)	As of December 31, 2022, the Group recorded financings associated with failed sale-lease back transactions with the amount of RMB1,463 million under long-term borrowings, and RMB1,133 million as current portion (Note 18).

RMB120 million collateralized on the account receivables and inventories of the Group, RMB528 million collateralized on the Group’s certain building and equipment, including RMB329 million which were also collateralized on the Group’s certain land use rights, RMB95 million were also collateralized on the Group’s certain land use rights and inventories.

In addition, included in these borrowings there were borrowings of RMB120 million guaranteed by Jinkosolar Holding, RMB100 million guaranteed by JinkoSolar Holding and Zhejiang Jinko, and RMB288 million guaranteed by Jiangxi Jinko.

The net book value of the total collateralized accounts receivables, land use right, building, equipment, inventories was RMB1,006 million, RMB169 million, RMB1,102 million, RMB4,108 million and RMB2,809 million, respectively as of December 31, 2022.

(b) Long-term borrowings

Components of short-term borrowings as of December 31, 2021 and 2022 were as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Long-term bank borrowings	590,013	3,329,075
Long-term financings associated with failed sale-leaseback transactions	2,756,452	2,595,686
Other long-term borrowings	7,921,530	9,200,490
Less: Current portion of long-term borrowings	(99,256)	(969,811)
Less: Current portion of financings associated with failed sale-leaseback transactions	(1,272,284)	(1,132,645)
Total long-term borrowings	9,896,455	13,022,795

Future principal repayments on the long-term borrowings are as follows (RMB in thousands):


Year ending December 31,		RMB
Year ended December 31
2023		3,862,228
2024		2,875,790
2025		5,085,899
2026		2,110,558
2027		625,033
Thereafter		565,743
Total		15,125,251

1) Long-term bank borrowings

In 2021, the Group entered into a 3-year loan agreement with Deutsche Bank Co.,LTD. for a principle amount of USD12 million (RMB75 million) with the interest rate of 1.92%, which was repayable from March 2022 to December 2024. As of December 31, 2022, the total outstanding balances amounted to RMB55 million, including RMB27 million (USD4 million) due in December 2023.

In 2021, the Group entered into two separate 5-year loan agreements with Industrial Bank Co.,LTD. for a principle amount of RMB100 million and RMB19 million with the interest rate of 5.30% and 5.30%, respectively, which were repayable from December 2021 to December 2026. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB119 million and RMB81 million, respectively, including RMB5 million due in December 2022, which was repaid in 2022 and RMB18 million due in December 2023.

In 2022, the Group entered into a 5-year loan agreement with Industrial Bank Co.,LTD. for a principle amount of RMB190 million with the interest rate of 4.3%, which is repayable from September 2022 to March 2027. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB190 million, including RMB27 million due in March 2023.

In 2022, the Group entered into a 2-year loan agreement with Bank of Communications for a principle amount of RMB100 million with the interest rate of 3.65%, which is due and payable in July 2024. The borrowing was guaranteed by Jinko Sichuan, Jinko Chuxiong and Jinko Shangrao and collateralized on the Group’s certain equipment with the net book value of RMB110 million. As of December 31, 2022, the total outstanding balances amounted to RMB100 million.

In 2022, the Group entered into a 2-year loan agreement with the Export-Import Bank of China for a principle amount of RMB817 million (EUR110 million) and RMB208 million (EUR28 million) with the interest rate of 2.10% and 2.70%, which is due and payable in October 2023 and September 2024, respectively.

In 2022, the Group entered into a 3-year loan agreement with Industrial Bank CO. LTD for a principle amount of RMB150 million with the interest rate of 4.1%, which is due and payable from September 2022 to March 2025. As of Decemeber 31, 2022, the outstanding balances amounted to RMB149 million.

In 2022, the Group entered into a 7-year revolving loan facility agreement with a financial consortium constitued by Agricultural Bank of China, China Construction Bank, China CITIC Bank and China Everbright bank CO., ltd in an aggregate principle amount not exceeding RMB2.4 billion. Borrowings drawn down from the loan facility were guaranteed by Jiangxi Jinko. As of December 31, 2022, the Group drew down borrowings from the bank facility with the amount of RMB397 million with the interest rate of 4.1% which were repayable from November 2022 to Febrary 2029. As of December 31, 2022, the total outstanding balances amounted to RMB397 million, including RMB27 million due in June 2023.

In 2022, the Group entered into a 7-year loan agreement with Industrial Bank Co.,LTD. for a principle amount of RMB31 million with the interest rate of 3.95%, which was repayable in December 2029. The borrowing was guaranteed by Jiangxi Jinko.

In 2022, the Group entered into a 3-year loan agreement with China Everbright bank CO., ltd. for a principle amount of RMB240 million with the interest rate of 4%, which was repayable in March 2025. The borrowing was guaranteed by Jiangxi Jinko. As of Decemeber 31, 2022, the outstanding balances amounted to RMB240 million.

In 2022, the Group entered into a 3-year loan agreement with Bank of Shanghai Co.,Ltd. for a principle amount of RMB100 million with the interest rate of 3.65%. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB100 million, including RMB10 million due in September 2023.

In 2022, the Group entered into a 3-year loan agreement with China Construction Bank for a principle amount of RMB80 million with the interest rate of 4.10%, which is due and payable in June 2025.

In 2022, the Group entered into a 3-year loan agreement with Industrial Bank Co.,LTD. for a principle amount of RMB100 million, RMB100 million and RMB200 million with the interest rate of 4.1%, which is due and payable from September 2022 to March 2025. As of Decemeber 31, 2022, the outstanding balances amounted to RMB400 million, including RMB0.06 million due on Decemeber 31, 2023. The borrowing was guaranteed by Jiangxi Jinko and collateralized on the Group’s certain land use rights and buildings with the net book value of RMB38 million and RMB366 million, respectively.

In 2022, the Group entered into a 3-year loan agreement with China Everbright Bank for a principle amount of RMB50 million with the interest rate of 3.65%, which is due and payable from April 2023 to March 2024. The borrowing was guaranteed by Jianxi Jinko. As of Decemeber 31, 2022, the outstanding balances amounted to RMB50 million, including RMB0.5 million due in October 2023.

In 2022, the Group entered into a 3-year loan agreement with Hua Xia Bank for a principle amount of RMB70 million with the interest rate of 3.40%, which is repayable from March 2023 to in October 2025. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB70 million, including RMB10 million due in September 2023.

In 2022, the Group entered into a 5-year loan agreement with Fudian Bank. for a principle amount of RMB17 million with the interest rate of 5.10%, which were repayable from December 2022 to March 2027. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB16 million, including RMB3 million due in December 2023.

In 2022, the Group entered into three separate 5-year loan agreements with Industrial Bank Co.,LTD. for a principle amount of RMB25 million,RMB92 million and RMB21 million with the interest rate of 4.80%,4.60% and 4.60%, respectively, which were repayable from December 2022 to December 2028. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB138 million, including RMB26 million due in December 2023.

In 2022, the Group entered into a 2-year loan agreement with China Everbright Bank. for a principle amount of RMB50 million with the interest rate of 3.5%,which was due and payable in March 2024. The borrowing was guaranteed by Jiangxi Jinko.

In 2022, the Group entered into a 4-year loan agreement with China CITIC Bank. for a principle amount of RMB164 million with the interest rate of 3.65%, which was due and payable from November 2023 to May 2026. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB160 million, including RMB4 million due in November 2023.

The long-term borrowings contain covenants including, among others, those related to certain financial metrics, liens, consolidation, merger and sale of the Group’s assets. The Group is in compliance with all of the loan covenants as of December 31, 2021 and 2022.

2) Financings associated with failed sale-leaseback transactions

During the year ended December 31, 2021 and 2022, the Group sold certain machinery and equipment with total carrying amount of RMB2,630 million and RMB1,761 million to certain third parties (the “purchaser-lessors”) for a total consideration of RMB3,334 million and RMB1,768 million and simultaneously entered into contracts to lease back these assets from the purchaser-lessors for periods from one to six years. Pursuant to the terms of the contracts, the Group is required to pay to the purchaser-lessors quarterly lease payment over the contract periods and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the leases. Through the leaseback, the Group substantially retains all of the benefits and risks incident to the ownership of the equipment sold and the fair value of these equipment upon expiration of leasing period is most likely to be much higher than the repurchase price. Therefore, these lease transactions do not qualify as sale-leaseback transaction. Accordingly, the Group identified the transactions as financing arrangements and recorded as borrowings. As of December 31, 2022, the Group recorded RMB2,596 million under long-term borrowings, including RMB1,133 million as current portion.

3) Other long-term borrowings

In the February 2018, Jiangxi Jinko, together with government background funds, established Jinko Sichuan. Cash capital injections with an aggregate amount of RMB1.3 billion had been made by the non-controlling shareholders through December 31, 2021. The Group controls and consolidates such entity in its financial statements. In October 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background funds, pursuant to which the government background funds will no longer participates in any business decision of Jinko Sichuan and enjoys a fixed annual return of 6% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 30% equity interests (the non-controlling interest) held by the government background funds upon the sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB997 million was derecognized, and the new loan liabilities was recorded at fair value of RMB1,114 million, with the difference recorded against additional paid-in-capital. In addition, in July, September and October 2021, the Jinko Sichuan received capital injection with the amount of RMB100 million, RMB150 million and RMB50 million from government background funds which bear a fixed annual return of 5.18%, and shall be repaid upon the fifth anniversary of the capital injection date. The Group recorded such capital injection as long-term borrowings. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB1,560 million and RMB1,633 million, respectively.

In the second and third quarter of 2018, government background companies made capital injection with the amounted of RMB517 million into Haining Jinko. In the third quarter of 2019, to support developments of local enterprise, government background funds of Zhejiang province made investment into Haining Jinko as capital injections through limited partnership established together with Zhejiang Jinko. The total capital injection received from government funds in the year of 2019 amounted to RMB846 million. In the fourth quarter of 2020, the Group entered into supplementary investments agreement with government background funds, pursuant to which the government background funds will no longer participate in any business decision of Haining Jinko and enjoys fixed annual return within the range from 4.75% to 5.23% on their capital injections respectively. Additionally, the Group shall repurchase all the equity interests (the non-controlling interest) held by the government background funds upon the fifth or sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB1,164 million was derecognized, and the new loan liabilities was recorded at fair value of RMB1,193 million with the difference recorded against additional paid-in-capital. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB1,096 million and RMB1,099 million respectively.

In the September 2019, Jiangxi Jinko, together with government background funds, established Jinko Yiwu. Cash capital injections with an aggregate amount of RMB765 million had been made by the non-controlling shareholders through December 31, 2020. The Group controls and consolidates such entity in its financial statements. In August 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background funds, pursuant to which the government background funds will no longer participates in any business decision of Jinko Yiwu and enjoys a fixed annual return of 6% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 45% equity interests (the non-controlling interest) held by the government background funds upon the fifth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB779 million was derecognized, and the new loan liabilities was recorded at fair value of RMB818 million, with the difference recorded against additional paid-in-capital. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB757 million and RMB754 million, respectively.

In the December 2019, Jiangxi Jinko, together with a government background fund, established Jinko Chuzhou. Cash capital injections with an aggregate amount of RMB1.1 billion had been made by the non-controlling shareholder through December 31, 2022. The Group controls and consolidates such entity in its financial statements. In August 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background fund, pursuant to which the government background fund will no longer participates in any business decision of Jinko Chuzhou and enjoys a fixed annual return of 4.35% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 45% equity interests (the non-controlling interest) held by the government background fund upon the sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background fund. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB859 million was derecognized, and the new loan liabilities was recorded at fair value of RMB846 million, with the difference recorded against additional paid-in-capital. In July and September 2021, Jinko Chuzhou received two 5-year loans with the amount of RMB150 million and RMB100 million from the government background fund which both bear a fixed annual return of 4.35%. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB1,025 million and RMB701 million, respectively.

In September and October 2021, Rui Xu entered into two 5-year loan agreements with a government background company with the principle amount of RMB20 million and RMB20 million and the interest rate of 5.05% and 5.05%, respectively. As of December 31, 2022, the total outstanding balances amounted to RMB40 million.

In April 2020, Jiangxi Jinko, together with a government background fund, established Jinko ShangRao. The Group controls and consolidates such entity in its financial statements. Pursuant to the investment agreement entered by Jiangxi Jinko and the government background fund, the government background fund will provide its investment into Shangrao Jinko of RMB4.5 billion with the interest rate stipulated by bank for the corresponding period. Jiangxi Jinko shall repurchase all the 45% equity interests (the non-controlling interest) held by the government background fund upon the sixth anniversary of the date of the investment agreement with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. Therefore, these government investments were accounted as loan liabilities.

In January 2021, Jinko Shangrao received a 5-year loan with the amount of RMB98 million from the government background fund which bears a fixed annual return of 4.9%. In June 2021, to further support the development of Jinko Shangrao, the government background fund entered into agreement with Jiangxi Jinko to waive interests associated with the government loans during the period from January 1 to December 31, 2021. Considering the cash flow effect on a present value basis is less than 10 percent, the interest waiving is regarded as a modification of the government loan, and therefore, established a new effective interest based on the carrying value of the government loan and the revised cash flows since the modification date on June 25, 2021. No gain or loss was recorded in relation to the modification in 2021. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB2,017 million and RMB2,059 million, respectively.

In July 2020, the Group entered into a 2-year loan agreement with Ping An International Financial Leasing Co., Ltd. for a principle amount of RMB49,263 million which was repayable from July 2020 to July 2022. The borrowing was guaranteed by Jiangxi Jinko. The loan was repaid in July 2022.

In July 2021, Haining Jinko entered into a 5-year loan agreement with a government background company with the principle amount of RMB690 million and interest rate of LPR plus 10%. The loan will be repaid upon the fifth anniversary of the borrowing date. The borrowing was guaranteed by Jiangxi Jinko and Zhejiang Jinko. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB690 million and RMB591 million, respectively.

In October 2021, Anhui Jinko entered into a 6-year loan agreement with a government background company with the principle amount of RMB455 million and interest rate of 5.58%. The loan will be repaid upon the sixth anniversary of the borrowing date. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB434 million and RMB465 million, respectively.

In October and December 2021, Yushan Jinko entered into a 6-year loan agreement with a government background company with the principle amount of RMB200 million and RMB100 million and interest rate of 4.90% and 4.90%, respectively. These loans will be repaid upon the sixth anniversary of the borrowing date. As of December 31, 2021 and 2022, the total outstanding balances amounted to RMB287 million and RMB278 million, respectively. In January 2022, Yushan Jinko entered into a 6-year loan agreement with a government background company with the principle amount of RMB100 million interest rate of 4.90%. These loans will be repaid upon the sixth anniversary of the borrowing date. As of December 31, 2022, the total outstanding balances amounted to RMB100 million.

In 2022, Anhui Jinko entered into three separate 6-year loan agreements with a government background company with the principle amount of RMB83 million, RMB66 million and RMB66 million with the interest rate of 5.58%, 5.58% and 5.57%, respectively. These loans will be repaid upon the sixth anniversary of the borrowing date. As of December 31, 2022, the total outstanding balances amounted to RMB215 million.

In July 2022, Jinko Feidong entered into a 5-year loan agreement with a government background company with the principle amount of RMB205 million and interest rate of 4.75%. The loan will be repaid upon the fifth anniversary of the borrowing date. As of December 31, 2022, the total outstanding balances amounted to RMB208 million. In July 2022, Jinko Leshan entered into a 4-year loan agreement with a government background company with the principle amount of RMB150 million and interest rate of 6%. The loan will be repaid upon the fifth anniversary of the borrowing date. As of December 31, 2022, the total outstanding balances amounted to RMB51 million.

In August 2022, Haining Jinko entered into a 5-year loan agreement with a government background company with the principle amount of RMB1,000 million and interest rate of 5.06%. The loan will be repaid upon the fifth anniversary of the borrowing date. As of December 31, 2022, the total outstanding balances amounted to RMB1,006 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

LEASES

12 Months Ended

Dec. 31, 2022

LEASES

LEASES

19. LEASES

The Group’s operating lease primarily represent offices and overseas manufacturing facilities and warehouses. Most of the operating leases are for terms ranging from 3 to 20 years, although terms and conditions can vary from lease to lease. The Group has assessed the specific terms and conditions of each operating lease to determine the amount of the lease payments and the length of the lease term, which includes the minimum period over which lease payments are required plus any renewal options that are both within the Group’s control to exercise and reasonably certain of being exercised upon lease commencement. The Company assesses all relevant factors to determine if sufficient incentives exist as of lease commencement to conclude whether or not renewal is reasonably certain. There are no material residual value guarantees provided by the Company nor any restrictions or covenants imposed by the operating leases to which the Company is a party. In determining the lease liability, the Group utilizes its incremental borrowing rate for debt instruments with terms approximating the term for its operating leases to discount the future lease payments over the lease term to present value. The Company does not incur variable lease payments for its operating leases.

The Group’s finance leases primarily represent machinery and equipment utilized in the Group’s production facilities. All of the Group’s finance leases meet one or more of the criteria as: a) the lease transfers ownership of the underlying asset to the Group by the end of the lease term; b) the lease grants the Group an option to purchase the underlying asset that the lessee is reasonably certain to exercise; c) the lease term is for the major part of the remaining economic life of the underlying asset; d) the present value of the sum of the lease payments and any residual value guaranteed by the Group that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset; e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. ROU of capital lease is recorded at the aggregate of future minimum lease payments and estimated residual value of the leased equipment. In determining the lease liability, the Group utilizes its incremental borrowing rate for debt instruments with terms approximating the term for its capital leases to discount the future lease payments over the lease term to present value.

The balances for the operating and finance leases where the Group is the lessee are presented as follows (RMB in thousands):


	2021	2022
	December 31	December 31
	RMB	RMB
Operating leases:
Operating lease liabilities - current	62,515	65,489
Operating lease liabilities - non-current	385,420	339,885
Total operating lease liabilities	447,935	405,374
Operating lease right-of-use assets, net	438,271	396,966

Financing leases:
Financing lease liabilities - current	194,939	168,381
Financing lease liabilities - non-current	236,374	69,881
Total financing lease liabilities	431,313	238,262
Financing lease right-of-use assets, net	628,592	558,407

(a)

The components of lease expenses were as follows (RMB in thousands):


	For the years ended December 31,
	2021	2022
	RMB	RMB
Lease cost:
Amortization of right-of-use assets	135,791	129,869
Interest of lease liabilities	51,575	36,553
Expenses for short-term lease within 12 months	3,052	9,154
Total lease cost	190,418	175,576

(b)

Supplemental cash flow information related to leases was as follows (RMB in thousands):


	For the years ended December 31,
	2021	2022
	RMB	RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	76,400	72,906
Operating cash outflows for finance leases	25,974	19,926
Financing cash outflows for finance leases	286,292	216,722
Total cash paid for amounts included in the measurement of lease liabilities:	388,666	309,554

Lease obligation accrued in exchange for right-of-use assets:
Operating lease liabilities	185,472	3,476
Finance lease liabilities	132,188	—
Total lease obligation accrued in exchange for right-of-use assets:	317,660	3,476

(c)

Supplemental balance sheet information related to leases was as follows (RMB in thousands):

Operating leases:


	As of December 31,
	2021	2022
Weighted-average remaining lease term	7.35 years	6.21 years
Weighted-average discount rate	6.47%	6.46%

Financing leases:


	As of December 31,
	2021	2022
Weighted-average remaining lease term	1.94 years	0.94 years
Weighted-average discount rate	5.65%	5.55%

(d)

Maturities of lease liabilities were as follows (RMB in thousands):

Operating leases:


Year ending December 31,		RMB
Year ended December 31,
2023		85,637
2024		84,973
2025		75,863
Thereafter		206,541
Total undiscounted lease payments		453,014
Less: imputed interest		47,640
Total lease liabilities		405,374

Financing leases:


Year ending December 31,		RMB
Year ended December 31,
2023		236,657
2024		34,252
Total undiscounted lease payments		270,909
Less: imputed interest		32,647
Total lease liabilities		238,262

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

20. EARNINGS PER SHARE

Basic earnings per share and diluted earnings per share have been calculated as follows (RMB in thousands, except for share and per share data):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Numerator:
Net income	335,255	955,572	1,565,139
Less: Net income attributable to non-controlling interests	104,870	234,554	944,633
Net income attributable to JinkoSolar’s ordinary shareholders	230,385	721,018	620,506
Dilutive effects of convertible senior notes	—	(308,339)	—
Dilutive effects of call option	(462,752)	—	—
Numerator for diluted income/(loss) per share	(232,367)	412,679	620,506

Denominator:
Denominator for basic earnings per share - weighted average number of ordinary shares outstanding	178,938,853	190,672,869	198,004,260
Dilutive effects of share options	—	540,620	2,404,234
Dilutive effects of convertible notes	—	14,506,283	—
Dilutive effects of call option	(7,500,000)	—	—

Denominator for diluted calculation - weighted average number of ordinary shares outstanding	171,438,853	205,719,772	200,408,494
Basic earnings per share attributable to JinkoSolar’s ordinary shareholders	1.29	3.78	3.13
Diluted earnings/(loss) per share attributable to JinkoSolar’s ordinary shareholders	(1.36)	2.01	3.10

For the years ended December 31, 2020 and 2022, convertible senior notes convertible into 17,708,332 and 14,427,088 shares were not included in the computation of diluted EPS because of their anti-dilutive effect, respectively.

For the years ended December 31, 2020, because of the dilutive impact, potential shares underlying the call option arrangement (Note 22) were removed from weighted average number of ordinary shares outstanding since its issuance date, and changes in income of the assumed exercise of call option were also recorded as the adjustment to the consolidated net income to arrive at the diluted net income available to the Company’s ordinary shareholders.

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2022

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

21. EMPLOYEE BENEFITS

According to the guidance promulgated by the central government, companies (and employees) are required to contribute, in specified portions, to the social insurance funds (including medical care insurance, work injury insurance, unemployment insurance, maternity insurance and pension benefits) as well as the housing funds (collectively, “employee welfare funds”) on a monthly basis for all of the employees based on such employees’ actual salaries or the applicable capped salary base, whichever is lower. An employee is entitled to request its employer to make the required portion of contributions in the statutory amounts to the employee welfare funds.

In line with local customary practices, the Company has made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of its employees’ actual salaries as required by the above described guidance, and has not made full contribution to the housing funds.

Based on the Company’s observation of local practices and consultation with relevant government authorities, the Company believes its practice has been consistent with the common practice adopted by businesses in Shangrao and Haining, where the Company’s main subsidiaries operate.

However, the Company believes it is probable that it will be required to make additional contributions to the employee welfare funds if (i) the government authorities were to strictly enforce the statutory contribution requirements, or (ii) the employees were to request the Company to make full contributions to their employee welfare funds (such request, if made, would most likely be supported by the labor arbitration center or the labor administrative bureau). Therefore, the Company recognizes the difference between the amount of its actual contributions and the statutory contribution requirements under the guidance promulgated by the central government as a liability for employee welfare benefits. The unpaid balance of accrued liability accrued for the welfare benefits were RMB741 million and RMB1,071 million as of December 31, 2021 and December 31, 2022, respectively.

On October 28, 2010, the Standing Committee of the National People’s Congress issued and adopted the Social Insurance Law (the “Social Insurance Law”), which became effective on July 1, 2011. The Social Security Law imposes certain fines for the aggregated amount of any outstanding contributions if such contributions are not made within a prescribed time period. In light of this requirement, the Company had accrued a penalty on the basis of a daily rate of 0.05% of the outstanding contributions as provided under the Social Insurance Law prior to 2014. The unpaid balance of penalty accrued for employee welfare benefits were RMB12 million and RMB26 million as of December 31, 2012 and 2013, respectively.

On September 26, 2013, the Ministry of Human Resources and Social Security of the People’s Republic of China announced “Regulations on the Declaration and Payment of Social Welfare” (“New Social Security Regulation”), which took effect on November 1, 2013. The New Social Security Regulation clarifies that the local social security authority should issue a notification to the employers who fail to make appropriate contribution of social security and a late-payment penalty charge will only be imposed to employers who fail to pay the outstanding contribution within five days upon the receipt of the notification. However, there were different interpretations of the New Social Security Regulation as to applicability of the penalty charge by different local authorities in different cities and provinces in late 2013, therefore, the Company performed investigation and legal assessment as well as communicating with relevant local authorities. Legal assessment was completed in late 2014. In the opinion of the management, the probability that the Company would be required to pay late-payment penalty in connection with the unpaid contribution is remote, given that the Company has received certificates from local social security authorities which confirmed that the Company was in compliance with the local social insurance regulations as of December 31, 2014 and that local social security authorities have not issued any notification for payment of outstanding contribution to the Company. Accordingly, the Company did not accrue for late-payment penalty since then.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

CONVERTIBLE SENIOR NOTES AND CALL OPTIONS

12 Months Ended

Dec. 31, 2022

CONVERTIBLE SENIOR NOTES AND CALL OPTIONS

CONVERTIBLE SENIOR NOTES AND CALL OPTIONS

22. CONVERTIBLE SENIOR NOTES AND CALL OPTIONS

2024 Convertible Notes

The Company issued USD85 million of Convertible Senior Notes on May 17, 2019, which will mature on June 1, 2024 (the “2024 Notes”). The interest rate is 4.5% per annum payable semi-annually, in arrears.

Holders have the option to convert their 2024 Notes at any time prior to the close of business on the third business day immediately preceding the maturity date at a conversion rate of 52.0833 ADSs per USD1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately USD19.20 per ADS).

The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any “person” or “group” beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company’s shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company’s ADSs; and 4) adoption of a plan relating to the Company’s liquidation or dissolution.

The holders have the option to require the Company to repurchase the 2024 Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote.

The holders will have the right to require the Company to repurchase for cash all or any portion of their notes on June 1, 2021 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

While the 2024 Notes remain outstanding, the Company or its subsidiaries should not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding.

During the year of 2021, certain 2024 Notes with the principal amount of USD16 million were converted into 3,281,244 ordinary shares of the Company.

Accounting for 2024 Convertible Notes

The Company has RMB as its functional currency, and the 2024 Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company’s stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815.

ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election.

The Company elected to measure the 2024 Notes in their entirety at fair value. According to ASC 825-10-45-5, the Company measures the financial liability at fair value with qualifying changes in fair value recognized in net income. The Company also presents separately in other comprehensive income the portion of the total change in the fair value of the liability that results from a change in the instrument-specific credit risk.

Further, as the functional currency of the Company is RMB, the fair value of the 2024 Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss, except for the exchange rate remeasurement of the component of the change in fair value of the liability resulting from the cumulative changes in instrument-specific credit risk which is presented in other comprehensive income. In addition, all issuance costs associated with the 2024 Notes offering has been expensed as incurred in accordance with ASC 825-10-25-3, which states that upfront costs and fees related to items for which the fair value option is elected shall be recognized in the consolidated statements of operations and comprehensive as incurred and not deferred.

As of December 31, 2021 and 2022, the estimated fair value of the 2024 Notes amounted to approximately RMB1,099 million and RMB1,071 million. The Company recorded a gain from foreign exchange remeasurement of RMB9 million and a loss from foreign exchange remeasurement of RMB60 million in net income for the year ended December 31, 2021 and 2022, respectively. The Company recorded a gain from change in fair value of 2024 Notes of RMB328 million and a loss from change in fair value of 2024 Notes of RMB12 million in net income for the years ended December 31, 2021 and 2022, respectively. The Company recorded gain from change in fair value of 2024 Notes of RMB56 million and RMB100 million in other comprehensive income for the year ended December 2021 and 2022, respectively. During the year of 2021, certain 2024 Notes with the principal amount of USD16 million were converted into 3,281,244 ordinary shares of the Company. Upon conversion of the 2024 Notes, accumulated gains due to changes in instrument-specific credit risk with amount of RMB14 million were reclassified from other comprehensive income to net income (Note 29).

Call Option

Concurrent with the issuance of the 2024 Notes, the Company used approximately USD30 million of the net proceeds from the offering to enter into zero-strike call option transactions (“Call option”), covering 1,875,000ADSs, with the initial purchasers of the 2024 Notes (“Dealer”). The Call option is intended to facilitate privately negotiated transactions by which investors in the Notes are able to hedge their investment. The Call option expires on July 28, 2021 or when the Dealer request early settlement. The Company has the right to elect settlement method. If cash settlement applies, the Dealer will deliver the amount of cash to the Company calculated based on the number of shares determined on the commencement date and the volume-weighted average price of the Company shares on the settlement date. If physical settlement applies, the Company will receive the fixed number of ADSs determined at the commencement date of the transaction. In 2021, the Company elected cash settlement method and total cash received from the exercise of call options amounted to RMB621 million.

The economic substance of the Call option is the same as a traditional forward repurchase contract. Because the Call option permitted net cash settlement, it was classified as a derivative instrument measured initially and subsequently at fair value with changes in fair value recorded in earnings. The Company accounted for the Call option as a free-standing derivative asset on its consolidated balance sheet when the Call option was entered into in May 2019. The derivative asset was initially recorded at its fair value of US$30 million on the commencement date which represented the amount of cash transferred to the Dealer. The derivative asset was subsequently recorded at fair value with the change in fair value through May 2019. The Company recorded a gain from change in fair value of the call option with the amount of RMB476 million and loss of RMB136 million, an exchange loss of the call option with the amount of RMB14 million and an exchange gain of RMB0.3 million for the year ended December 31,2020 and 2021, respectively (Note 29).

ORDINARY SHARES

12 Months Ended

Dec. 31, 2022

ORDINARY SHARES.

ORDINARY SHARES

23. ORDINARY SHARES

The Company’s authorized share capital is USD10 comprising 500,000,000 ordinary shares with a par value of USD0.00002 each.

In January 2014, the Company closed an offering of 15,000,000 ordinary shares (3,750,000 ADSs) and received aggregated net proceeds of approximately USD126.3million, after deducting discounts and commissions but before offering expenses.

In February 2018, the Company closed an offering of 16,560,000 ordinary shares (4,140,000 ADSs), par value USD0.00002 per share, at USD18.15 per ADS (equivalent to USD4.54 per share). The net proceeds of the follow-on offering to the Company, after deducting underwriting commissions and fees and estimated offering expenses with the amount of USD4 million, was approximately USD71.1 million.

In February 2018, the Company also completed the private placement with Tanka International Limited, an exempted company incorporated in the Cayman Islands held by Mr. Xiande Li, chairman of the Company, and Mr. Kangping Chen, chief executive officer of the Company, for the issuance of 7,713,499 ordinary shares for USD35 million at USD4.54 per share.

In May 2019, the Company closed an offering of 18,687,500 ordinary shares (4,671,875 ADSs), par value USD0.00002 per share, at USD16.00 per ADS (equivalent to USD4.00 per share). The net proceeds of the follow-on offering to the Company, after deducting underwriting commissions and fees and estimated offering expenses with the amount of USD4 million, was approximately USD71 million (RMB489 million).

In December 2020, the Company completed to sell 5,976,272 ordinary shares (1,494,068 ADSs) through its at-the-market offering and was entitled to receive proceeds of USD98 million after deducting commissions and offering expense. All of the proceeds were received in January 2021.

For the year ended December 31, 2020, 305,660 outstanding ADSs (1,222,640 shares) were repurchased with a total consideration of RMB29 million, which is shown as treasury stock.

During the year of 2021, certain 2024 Notes with the principal amount of USD16 million were converted into 3,281,244 ordinary shares of the Company (Note 22).

As of December 31, 2021 and 2022, total of 736,460 ADSs (2,945,840 shares) were repurchased but have not been retired with a total consideration of RMB43 million which is shown as treasury stock.

As of December 31, 2021 and 2022, the Company’s issued and outstanding shares were 190,824,913 and 201,189,189, respectively.

SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS

12 Months Ended

Dec. 31, 2022

SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS

SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS

24. SUBSIDIARY’S OFFERING OF ITS EQUITY INTERESTS

In October 2020, Jiangxi Jinko, principal operating subsidiary of the Group, completed an RMB3.10 billion (approximately USD 461 million) equity financing. Immediately after the closing, third-party investors together with the Company’s principal shareholders and senior management personnel, directly or through their investment arms, collectively owned approximately a 26.7% equity interest in Jiangxi Jinko and the Company owned 73.3% equity interest in Jiangxi Jinko.

Pursuant to the equity financing agreements, third-party investors have the option to require the Company’s principal shareholders (Mr. Xiande Li, Mr. Kangping Chen and Mr. Xianhua Li) to repurchase their equity interests in Jiangxi Jinko upon the occurrence of certain events. Considering these rights of third-party investors solely against the Company’s principal shareholders and did not change the Group’s rights attached to the Jiangxi Jinko’s ordinary shares, the equity financing in Jiangxi Jinko is not mandatorily nor contingently redeemable against Jiangxi Jinko or the Group, and therefore, the equity financing was classified as noncontrolling interest in the Company’s consolidated financial statements.

Given the Group may not have been able to consummate the equity financing without the rights provided by the Company’s principal shareholders, values of the rights provided by the Company’s principal shareholders are deemed as shareholder contributions from the principal shareholders to the Company. Since the contributions from the Company’s principal shareholders incurred directly attributable to Jiangxi Jinko’s equity financing, the contributions were treated as issuance cost of the equity financing and was recorded as a reduction of noncontrolling interest with a credit of additional paid-in capital. Fair value of the rights provided by the Company’s principal shareholders approximated RMB140 million.

On January 26, 2022, Jiangxi Jinko completed its initial public offering (“IPO”) and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board (“STAR Market”). The IPO raised net proceeds of approximately RMB9,723 million, of which, RMB6,419 million was recorded in the non-controlling interest and RMB3,304 million was recorded in the additional paid in capital. After the IPO, the Group owned approximately 58.62% of Jiangxi Jinko. Jiangxi Jinko’s non-controlling interests’ ownership of the subsidiary changed from 26.72% to 41.38% due to the IPO.

In April 2022, upon approval obtained from the board of directors of Jiangxi Jinko, Jiangxi Jinko declared dividends of RMB230 million for the year ended December 31, 2021, among with RMB95 million was distributed to the Company’s non-controlling interest shareholders. Jiangxi Jinko paid the dividends in 2022.

SHARE BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION

25. SHARE BASED COMPENSATION

(a) Incentive plan of JinkoSolar Holding

The Company adopted a long-term incentive plan (the “2009 Plan”) in July 2009 which was subsequently amended and restated. The 2009 plan provided for the issuance of options of 9,325,122 ordinary shares. The options have a contractual life of 7 years except for certain options granted to an employee in August 2009 that can be exercised until October 1, 2013. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date. For 953,200 options granted to one employee in August 2009, the share options vested in a series of 36 months, on the last day of each month, commencing from October 1, 2008.

The Company adopted a long-term incentive plan (the “2014 Plan”) in August 2014. The 2014 Plan provides for the issuance of options of 12,796,745 ordinary shares. The options have a contractual life of 10 year. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date.

The Company adopted a long-term incentive plan (the “2021 Plan”) in August 2021. The 2021 Plan provides for the issuance of restricted shares of 354,000 ordinary shares. The restricted shares have a contractual life of 5 year. The restricted shares will vest in 10 successive equal semi-annual installments on the first day of half-year anniversaries starting from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date.

The Company adopted a long-term incentive plan (the “2022 Plan”) in February 2022. The 2022 Plan provides for the issuance of restricted shares of 16,684,600 ordinary shares. The restricted shares have a contractual life of 3 year. Fifty percent (50%) of the restricted shares were immediately vested at the grant date and the rest of the restricted shares will vest in 12 successive equal quarter installments on the first day of quarter anniversaries starting from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date

(i)Share options

A summary of the share option activities under the Company’s share-based compensation plan for the years ended December 31, 2020, 2021 and 2022 is as follows (RMB in thousands, except for share, exercise price and contractual term):


	Number of		Weighted-average
	option	Weighted-average	remaining	Aggregate
	outstanding	exercise price	contractual term	intrinsic value
		(USD/share)	(in years)	(RMB)
Balance as of December 31, 2019	4,555,288	3.34	4.73	73,354
Granted	—	—	—	—
Exercise	(3,750,540)	3.32	—	—
Forfeited	(88,000)	3.29	—	—
Balance as of December 31, 2020	716,748	3.46	4.25	58,836
Granted	—	—	—	—
Exercise	(105,200)	3.29	—	—
Forfeited	(264,012)	3.29	—	—
Balance as of December 31, 2021	347,536	3.65	3.84	17,373
Granted	—	—	—	—
Exercise	(175,536)	3.35	—	—
Balance as of December 31, 2022	172,000	3.96	2.69	8,305

Vested as of December 31, 2022	172,000	3.96	2.69	8,305
Vested and exercisable as of December 31, 2022	172,000	3.96	2.69	8,305

The aggregate intrinsic value is calculated as the difference between the market price of ordinary shares, USD10.22 (RMB71.18) per share as of December 31, 2022 and the exercise prices of the options.

Total intrinsic value of options exercised during the year ended December 31, 2020, 2021 and 2022 were RMB297 million, RMB6 million and RMB8 million, respectively.

Share-based compensation expenses related to the option awards granted to the employees amounted to RMB1 million, RMB0.5 million and nil for the years ended December 31,2020, 2021 and 2022, respectively.

The total fair value of shares vested for the years ended December 31, 2020, 2021 and 2022 were RMB4 million, RMB2 million and RMB5 million respectively.

For the year ended December 31, 2022, total cash received from the exercise of share options was RMB5 million.

(ii)Restricted shares

The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant.

The following table summarizes activities of the Company’s restricted shares under the 2021 Plan and 2022 Plan:


	Number of restricted shares	Weighted average grant
	outstanding	date fair value
		(RMB)
Unvested as of January 1, 2021	—	—
Granted	354,000	86.38
Vested	(35,400)	86.38
Unvested as of December 31, 2021	318,600	86.38
Granted	16,684,600	72.10
Vested	(10,188,740)	72.08
Unvested as of December 31, 2022	6,814,460	72.38

Share-based compensation expenses of nil, RMB9 million and RMB968 million related to restricted shares were recognized for the years ended December 31, 2020, 2021 and 2022, respectively

As of December 31, 2020, 2021 and 2022, there were nil, RMB20 million and RMB256 million of unrecognized compensation expenses related to restricted shares which is expected to be recognized over a weighted-average period of nil, 4.58 years and 2.28 years, respectively.

(b) Incentive plan of Jiangxi Jinko

In October 2022, Jiangxi Jinko adopted its 2022 Equity Incentive Plan (the “Jiangxi Jinko 2022 Plan”), which permits the grant of stock options of Jiangxi Jinko to its employees. Under the plan, a total of 40,187,375 ordinary shares of Jiangxi Jinko were initially reserved for issuance.

A summary of share option activities under the Jiangxi Jinko 2022 Plan for the years ended December 31, 2022 is as follows (RMB in thousands, except for share, exercise price and contractual term):


	Number of		Weighted-average
	option	Weighted-average	remaining	Aggregate
	outstanding	exercise price	contractual term	intrinsic value
		(RMB/share)	(in years)	(RMB)
Balance as of December 31, 2021	—	—	—	—
Granted	32,149,900	10.78	—	—
Exercise	—	—	—	—
Balance as of December 31, 2022	32,149,900	10.78	2.89	124,420

Vested and expected to vest as of December 31, 2022	32,149,900	10.78	2.89	124,420
Vested and exercisable as of December 31, 2022	32,149,900	10.78	2.89	124,420

Share-based compensation expenses related to the option awards granted to the employees under Jiangxi Jinko 2022 Plan was amounted to RMB 33 million for the year ended December 31, 2022.

The total share-based compensation expense of continuing operations for the year ended December 31, 2020, 2021 and 2022 was recorded in the respective items (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Costs of revenues	329	131	17,676
Selling expenses	462	131	7,101
General and administrative expenses	145	9,622	974,564
Research and development expenses	(13)	—	1,528
Total	923	9,884	1,000,869

RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS AND BALANCES

26. RELATED PARTY TRANSACTIONS AND BALANCES

(a) Related party balances

Outstanding amounts due from/to related parties as of December 31, 2021 and 2022 were as follows (RMB in thousands):


	2021	2022
	December 31	December 31
	RMB	RMB
Accounts receivable from related parties:
Accounts receivable from JinkoPower for sales of solar modules and others	29,417	139,713

Notes receivables from a related party:
Notes receivables from JinkoPower	—	282,824

Advances to a related party:
Advance to Xinte Silicon for inventory purchase	—	56,860

Prepayment and other receivables from related parties:
Prepayments to JinkoPower for outsourcing services	11,990	5,664
Other receivables due from JinkoPower for disposal of solar power projects	—	12,953
Other receivables due from Sweihan PV Power Company P.S.J.C (“Sweihan PV”, which develops and operates solar power projects in Dubai) for technical services	—	1,075
Other receivables from JinkoPower for miscellaneous transactions	5,358	3,413
Subtotal	17,348	23,105

Other assets from related parties:
Long-term receivables due from JinkoPower for disposal of solar power projects	—	14,603
Guarantee receivables due from JinkoPower	3,292	—
Long-term receivables due from Sweihan PV	—	37,760
Subtotal	3,292	52,363

Accounts payable due to a related party:
Accounts payable due to Jinko-Tiansheng	15,863	—

Advances from a related party
Advances from JinkoPower	—	3,829

Notes payables due to a related party
Notes payables due to Xinte Silicon for inventory purchase	—	419,500

Other payables due to a related party:
Other payables due to JinkoPower for payments on behalf of the Company	2,230	5,964

(1)	Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.

(2)	On March 30, 2021, the Company signed an agreement to offset the debts and receivables between the Group and JinkoPower with the aggregate amount of RMB71 million.

(b) Related party transactions

Transactions related parties for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Revenue from sales of products and providing services to related parties
Revenue from sales of products to Sweihan PV	51,202	—	—
Income of financing guarantees	14,688	6,364	—
Revenue from sales of products to JinkoPower	5,072	27,099	325,175
Income of project management provided to Sweihan PV	3,721	660	2,979
Rental services provided to JinkoPower	2,177	4,004	5,041

Service expenses and silicon procurement provided by related parties
Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng	27,485	5,310	—
Solar project management service provided by JinkoPower	9,443	8,753	7,133
Rental services provided by Jiangxi Desun	1,100	—	—
Electricity fee charged by JinkoPower	3,088	7,725	27,465
Other fees charged by JinkoPower	—	16	—
Silicon procurement from Xinte Silicon (Note 12)	—	—	824,785

-Financing guarantees

In connection with the Company’s disposal of JinkoSolar Power downstream business in 2016, the Group entered into a master service agreement with JinkoPower under which the Group agreed to provide a guarantee for JinkoPower’s financing obligations under its separate loan agreements. In the event that JinkoPower fails to perform its obligations under the loan agreements or otherwise defaults thereunder, the Company will become liable for JinkoPower’s obligations under the loan agreements. The Company will charge JinkoPower service fees for the debt payment guarantee service according the master service agreement.

Pursuant to the master service agreement, guarantee service fee is to be settled annually, and the management of the Company believes the guarantee fee charges are at market rates. The guarantee receivables are settled upon the receipt of guarantee fees from JinkoPower. The Company received RMB18 million, RMB21 million and nil guarantee fees from JinkoPower in 2020, 2021 and 2022, respectively.

In the year of 2022, the Group and JinkoPower entered into an agreement to cancel the above guarantee arrangement.

As of December 31, 2020, 2021 and 2022, the Company recorded the guarantee fee income receivable amounted to RMB107 million, RMB3 million and RMB3 million. The Company recorded a guarantee liability amounted to RMB57 million, RMB12 million and nil as of December 31, 2020, 2021 and 2022, respectively. The guarantee liability was amortized over the expected guarantee period from 1 to 16 years which relates to the life of the outstanding guaranteed bank loans in the subsequent reporting periods. Other income from JinkoPower for the guarantee fee amortized for the period during the year ended December 31, 2020, 2021 and 2022 amounted to RMB15 million, RMB6 million and RMB nil, respectively.

-Solar module transactions with JinkoPower

For the years ended December 31, 2020, 2021 and 2022, sales of solar module products to subsidiaries of JinkoPower amounted to RMB5 million, RMB27 million and RMB325 million, respectively. Payment term offered by the Group to JinkoPower is consistent with the Group’s 3rd party sales arrangement. As of December 31, 2021 and 2022 outstanding receivables due from JinkoPower were RMB29 million and RMB423 million, respectively.

-Solar module transactions with Sweihan PV

For the years ended December 31, 2020, 2021 and 2022, sales of solar module products to Sweihan PV amounted to RMB51 million, nil and nil, respectively.

-Rental services provided to JinkoPower

For the years ended December 31, 2020, 2021 and 2022, rental services provided to subsidiaries of JinkoPower amounted to RMB2 million, RMB4 million and RMB5 million, respectively.

-Transactions with Jinko-Tiansheng

Jinko-Tiansheng is an OEM service provider who provided PV module processing and assembling services to the Group. For the years ended December 31, 2020, 2021 and 2022, Jinko-Tiansheng charged the Group processing fee amounted to RMB27 million, RMB5 million and nil, respectively. The Group entered into a share purchase agreement to dispose all of its equity interest in Jinko-Tiansheng to Jinko-Tiansheng’s other shareholders in November 2021. The carrying value of the Group’s investment in Jinko-Tiansheng which met recognition criteria in ASC 360-10-45-9 was reclassified as a held for sale asset as of December 31, 2021. The disposition was consummated in 2022 with a gain of RMB12 million recognized (Note 5).

-Solar project management service provided by JinkoPower

In November 2017, the Company entered into an agreement with JinkoPower, which entrusted JinkoPower to exercise certain shareholders’ rights (other than right of profit distribution, right of residual property distribution and right of disposition) in five operating entities of overseas power stations wholly-owned by the Company, enabling JinkoPower to monitor the construction and daily operations of these power stations. The Company retains ownership of these power stations and there exists no call or other rights of JinkoPower. The Company agrees to pay service fees calculated based on the actual costs incurred by JinkoPower during the power stations’ construction period and a fixed amount fee during the operation period. The Company recorded service expenses incurred in the year of 2020, 2021 and 2022 amounted to RMB9 million, RMB9 million and RMB7 million as cost of project assets, respectively.

-Rental services provided by Jiangxi Desun

On January 1, 2008, Jiangxi Desun and the Group entered into an operating lease agreement pursuant to which Jiangxi Desun leased its buildings and land use rights to the Group for a ten-year period from January 1, 2008 to December 31, 2017. In 2018, the agreement was extended for another 10 years from January 1, 2018 to December 31, 2027. Jiangxi Desun charged the Group RMB1 million in rent for each of the years ended December 31, 2019 and 2020, respectively. The lease agreement was terminated in 2021 due to Jiangxi Desun’s liquidation. No lease charges from Jianxi Desun for the year ended December 31, 2021 and 2022.

-Electricity fee charged by JinkoPower

For the years ended December 31, 2020 and 2021 and 2022, electricity fee charged by subsidiaries of JinkoPower amounted to RMB3 million, RMB8 million and RMB27 million, respectively.

-Silicon procurement from Xinte Silicon

JinkoSolar jointly invest in Xinte Silicon in 2021 which was accounted for under the equity method (Note 12). JinkoSolar purchased polysilicon of nil and RMB825 million from Xinte Silicon during the years ended December 31, 2021 and 2022, respectively.

CERTAIN RISKS AND CONCENTRATION

12 Months Ended

Dec. 31, 2022

CERTAIN RISKS AND CONCENTRATION

CERTAIN RISKS AND CONCENTRATION

27. CERTAIN RISKS AND CONCENTRATION

(a) Concentrations of credit risk

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, restricted short-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2021 and 2022, substantially all of the Group’s cash and cash equivalents, restricted cash and restricted short-term investments were held by major financial institutions located in the PRC.

The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group’s financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules.

(b) Foreign currency risk

The Group has contracts for the sales of products, purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, and Euros. For the year ended December 31, 2022, 58.09% of the Group’s revenues are dominated in foreign currencies, including US Dollars, Euros, Yen, Australian Dollars, Canadian Dollars, South African Rand and Pounds. Renminbi, the functional currency of the Group, is not freely convertible into foreign currencies.

The Group performs ongoing credit evaluations of its customers’ financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for credit losses based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends.

There was no accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2020 2021 and 2022, respectively. In 2020, 2021 and 2022, our largest customer accounted for 5.3%, 4.6% and 4.6% of the Group’ total revenue, respectively.

(d) Major suppliers

In 2020, 2021 and 2022, the Group’s five largest group suppliers accounted for 70.0%, 78.7% and 77.4%, respectively, of its total silicon purchases by value. In 2020, four of its group suppliers individually accounted for more than 10%, and its largest group supplier accounted for 19.6% of its total silicon purchases by value. In 2021, three of its group suppliers individually accounted for more than 10%, and its largest group supplier accounted for 28.5% of its total silicon purchases by value. In 2022, two of its group suppliers individually accounted for more than 10%, and its largest group supplier accounted for 34.0% of its total silicon purchases by value. A “group supplier” refers to an aggregation of the Group’s suppliers that are within the same corporate group.

(e) Interest rate

The Group’s main interest rate exposure relates to long-term borrowings. Any increase in interest rates would increase the Group’s finance expenses relating to our variable rate indebtedness and increase the costs of issuing new debt or refinancing its existing indebtedness.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES.

COMMITMENTS AND CONTINGENCIES

28. COMMITMENTS AND CONTINGENCIES

(a) Capital commitments

The Group entered into several purchase agreements and supplementary agreements with certain suppliers to establish manufactory plants and acquire machineries to be used in the manufacturing of its products. The Group’s total future payments under these purchase agreements amounted to RMB13,591 million as of December 31, 2022.


Year ending December 31,		RMB
2023		6,357,915
2024		5,786,393
Thereafter		1,446,598
Total		13,590,906

(b) Contingencies

In November 2018, one of the Group’s customers in Singapore (the “Singapore Customer”) filed two Notices of Arbitration (“NoAs”) in two arbitrations with Arbitration No. ARB374/18/PPD (“ARB 374”) and Arbitration No. ARB375/18/PPD (“ARB 375”), respectively, against Jinko Solar Import & Export Co., Ltd. (“Jinko IE”) at Singapore International Arbitration Centre. These NoAs were subsequently amended by the Singapore Customer, and Jinko IE received the amended Notices of Arbitration from the Singapore Customer on December 20, 2018. The Singapore Customer claimed respectively in ARB 374 and ARB 375 that the photovoltaic solar modules supplied by Jinko IE to the Singapore Customer under the purchase agreement dated December 25, 2012 (“2012 Contract”) and January 28, 2013 (“2013 Contract”) were defective. The Singapore Customer sought, inter alia, orders that Jinko IE replace the modules and/or that Jinko IE compensate the Singapore Customer for any and all losses sustained by the Singapore Customer as a result of the supply of allegedly defective modules. In January 2019, Jinko IE issued its responses to the NoAs in ARB 374 and ARB 375, disputing the Singapore Customer’s reliance on the arbitration clauses in the 2012 Contract and the 2013 Contract, denying all claims raised by the Singapore Customer, and disputing that the Singapore Customer was entitled to the reliefs claimed in the arbitrations. Arbitration tribunals in both ARB 374 and ARB 375 were constituted on September 5, 2019, which directed on January 14, 2020 that (i) the Singapore Customer shall submit its statement of claim in both ARB 374 and ARB 375 and Jinko IE shall submit its statement of defense no later than five months after Singapore Customer’s submission of statement of claim; and (ii) the hearing of the arbitrations shall be bifurcated with the liability issue to be first determined by the tribunals, and then depending on the outcome of the liability issue, the issue of remedies/damages payable to be determined in the subsequent proceedings in such manner as may be directed by the tribunals. On August 7, 2020, the Singapore Customer submitted its statement of claim in both ARB 374 and ARB 375. In the statement of claim, the Singapore Customer maintained its claim that the photovoltaic solar modules supplied by Jinko IE to them under the 2012 Contract and the 2013 Contract were defective, and that Jinko IE should be liable in respect of all the modules supplied under the 2012 Contract and the 2013 Contract. On December 16, 2020, following Jinko IE’s request, the tribunals in both ARB 374 and ARB 375 directed that Jinko IE’s statement of defense should be submitted by February 11, 2021. On February 11, 2021, Jinko IE submitted its statement of defense and relevant evidence. In the statement of defense, Jinko IE (i) requested the tribunal to declare that it lacks jurisdiction over the dispute; and (ii) denied all the Singapore Customer claims and requested the same be dismissed by the tribunal. On February 22, 2021, upon mutual agreement by Jinko IE and the Singapore Customer, the tribunal directed that ARB 374 and ARB 375 should be consolidated. On August 24, 2021, the tribunal decided Jinko IE and the Singapore Customer’ respective Redfern Schedules. On October 5, 2021, Jinko IE and the Singapore Customer exchanged documents pursuant to the tribunal’s decision on the Redfern Schedules. On February 19, 2022, the Singapore Customer filed its Reply Memorial (accompanied by all evidence, including factual exhibits, written witness statements, expert reports and legal authorities relied upon). On July 17, 2022, Jinko IE submitted its Rejoinder Memorial with all evidence correspondingly in reply to Reply Memorial. From October 10 to 21, 2022, the hearing for liability issue was held in Singapore, during which the tribunal heard the parties’ oral opening statements, evidence from the parties’ factual and expert witnesses, and oral closing statements. According to the tribunal’s directions, the parties submitted Post-hearing Briefs on January 20, 2023 and the Reply Post-hearing Briefs on March 3, 2023. Furthermore, in the event that Jinko IE is found liable on the liability issue, the issue of remedies or damages to be paid will be determined in a subsequent phase in the proceedings, with a separate procedural timeline for the provision of evidence (including expert evidence) and memorials on the appropriate remedy to be awarded by the tribunal. Based on the limited information currently available to the Company, it is difficult to provide an in-depth assessment of the Singapore Customer’s claims. The Company believes that Jinko IE has reasonable grounds to challenge the Singapore Customer’s claims in the arbitrations on jurisdiction and merits and will vigorously defend against the claims made by the Singapore Customer. Information available prior to issuance of the financial statements did not indicate that it is probable that a liability had been incurred at the date of the financial statements and the Company is unable to reasonably estimate the range of any liability or reasonably possible loss, if any.

In March 2019, Hanwha Q CELLS (defined below) filed patent infringement lawsuits against the company and a number of the company’s subsidiaries.

(i)Patent infringement lawsuits in the United States:

On March 4, 2019, Hanwha Q CELLS USA Inc. and Hanwha Solutions Corporation (The plaintiff has been changed from Hanwha Q CELLS & Advanced Materials Corporation to Hanwha Solutions Corporation (registration no. 110111-0360935) during the course of the proceedings because of restructuring undertaken by its affiliate(s) in relation to ownership of the patent in suit) (collectively, “Plaintiffs A”) filed suit against JinkoSolar Holding Co., Ltd and several of its subsidiary entities, i.e. JinkoSolar (U.S.) Inc, Jinko Solar (U.S.) Industries Inc, Jinko Solar Co., Ltd, Zhejiang Jinko Solar Co., Ltd and Jinko Solar Technology Sdn.Bhd (collectively “Respondents”) at the U.S. International Trade Commission (“ITC”). In the complaint, it was alleged that certain photovoltaic solar cells and modules containing these solar cells supplied by the Respondents infringed U.S. Patent No. 9,893,215 purportedly owned by Hanwha Q CELLS & Advanced Materials Corporation and Plaintiffs A requested a permanent limited exclusion order and a cease and desist order be issued against the Respondents’ allegedly infringing products. On March 5, 2019, Hanwha Q CELLS & Advanced Materials Corporation filed a suit against the Respondents before the U.S. District Court for the District of Delaware (“District Court”) alleging that certain photovoltaic solar cells and modules containing these solar cells supplied by the Respondents infringed U.S. Patent No. 9,893,215 allegedly owned by Hanwha Q CELLS & Advanced Materials Corporation and sought reliefs including compensation for alleged infringement activities, enhanced damages and reasonable attorney fees. On April 9, 2019, the ITC published the Notice of Institution on Federal Register. On April 15, 2019, the District Court granted our motion to stay the court litigation pending final resolution of the ITC. On May 3, 2019, the Respondents submitted their response to the complaint of Plaintiffs A to the ITC requesting ITC among other things to deny all relief requested by Plaintiffs A. On September 13, 2019, the Respondents filed motion for summary determination of non-infringement with ITC. On April 10, 2020, the administrative law judge issued the initial determination granting the Respondents’ motion for summary determination of non-infringement. On June 3, 2020, the ITC determined to affirm the initial determination issued by the administrative law judge granting respondents’ motions for summary determination of non-infringement and terminate the investigation (the “Final Determination”). On July 31, 2020, Plaintiffs A filed its petition to review with the United States Court of Appeals for the Federal Circuit against the ITC’s Final Determination. On August 27, 2020, the Respondents filed the motion to intervene of such appeal. Plaintiffs A filed its opening appeal brief in November 2020. The Respondents filed the principal brief in February 2021. On July 12, 2021, the United States Court of Appeals for the Federal Circuit affirmed the ITC’s findings that Respondents’ products do not infringe U.S. Patent No. 9,893,215. On June 27, 2022, the District Court entered a joint motion to dismiss the said court litigation.

(ii)Patent infringement lawsuits in Germany:

On March 4, 2019, Hanwha Q CELLS GmbH (“Plaintiff B”), filed a patent infringement claim against JinkoSolar GmbH before the Düsseldorf Regional Court in Germany alleging that certain photovoltaic solar cells and modules containing these solar cells supplied by JinkoSolar GmbH infringed EP2 220 689 purportedly owned by Plaintiff B. On April 10, 2019, JinkoSolar GmbH filed the first brief with the court stating JinkoSolar GmbH would defend itself against the complaint. On September 9, 2019, JinkoSolar GmbH filed its statement of defense with the court (the “Statement of Defense”), requesting that the claim be dismissed and that Plaintiff B to bear the costs of the legal dispute. On March 3, 2020, Plaintiff B filed its reply to the Statement of Defense with the court. On April 20, 2020, JinkoSolar GmbH filed its rejoinder with the court commenting on Plaintiff B’s reply on March 3, 2020. On May 5, 2020, the oral hearing regarding the validity of the EP2 220 689, Plaintiff B’s entitlement to sue, and the infringement was held before the Düsseldorf Regional Court. On June 16, 2020, the Düsseldorf Regional Court sided with Plaintiff B and ordered that the third party cell technology contained in certain modules delivered by JinkoSolar GmbH infringes Plaintiff B’s patent (the “Judgment”). JinkoSolar GmbH filed its notice of appeal on July 14, 2020. On October 16, 2020, JinkoSolar GmbH submitted grounds of appeal to the Düsseldorf Higher Regional Court. On March 1, 2021, JinkoSolar GmbH submitted appeal joinder to the Düsseldorf Higher Regional Court. On September 28, 2020, Plaintiff B has submitted the request for penalty to Düsseldorf Regional Court, claiming that JinkoSolar GmbH violated the Judgment by continuing to promote infringing products and requesting imposition of penalty for such violation. Though not specified in Plaintiff B’s request, in general we do not expect the amount of such penalty to exceed €250,000. On November 30,2020, JinkoSolar GmbH submitted its response to Plaintiff B’s request for penalty. On April 6, 2021, JinkoSolar GmbH submitted its second response to Plaintiff B’s request for penalty. On August 23, 2021, Düsseldorf Regional Court dismissed Plaintiff B’s request for penalty. The oral proceedings at the Düsseldorf Higher Regional Court was held on March 30, 2023. Following this hearing, the Düsseldorf Higher Regional Court decided on 20 April 2023 that evidence should be taken by firstly hearing a witness and subsequently obtaining a written technical opinion from a court appointed expert. The outcome of the case is difficult to assess and predict. However, even if JinkoSolar GmbH failed and was ordered to stop distributing module cells using the third-party cell technology, it would not be subject to additional damages as it has already stopped delivering such module cells. Furthermore, the request for information and damages was withdrawn in the first instance and cannot be reinstalled in the second instance at the court of appeals level. Therefore, there is no danger for payment of damages. As of the date of the issuance of the financial statements, this case is still ongoing and based on the information currently available, the company does not believe that it is probable that JinkoSolar GmbH has incurred a loss and the Company is unable to estimate an amount of reasonably possible loss or range of loss.

(iii)Patent infringement lawsuits in Australia:

On March 12, 2019, Hanwha Solutions Corporation (registration no. 110111-0360935) (The plaintiff has been changed from Hanwha Q CELLS & Advanced Materials Corporation to Hanwha Solutions Corporation during the course of the proceedings because of restructuring undertaken by its affiliate(s) in relation to ownership of the patent in suit) and Hanwha Q CELLS Australia Pty Ltd (“Plaintiffs C”, together with Plaintiffs A and Plaintiff B, “Hanwha Q CELLS Plaintiffs”) filed suit at Federal Court of Australia (“FCA”) against Jinko Solar Australia Holdings Co. Pty Ltd (“Jinko AUS”). It was alleged that certain photovoltaic solar cells and modules containing these solar cells supplied by Jinko AUS infringed Australian Patent No. 2008323025 purportedly owned by Plaintiffs C. The relief sought by Plaintiffs C includes a declaration of infringement, injunctions restraining future acts of commercial exploitation by way of importing, offering to supply and supplying the relevant products; ancillary relief by way of delivery up for destruction of allegedly infringing product and pecuniary remedies by way of damages (including additional damages) or, at Hanwha’s election, an account of profits; and declarations and injunctions based on the misleading or deceptive conduct claim. It is expected that issues relating to pecuniary relief and their quantum will be separated and deferred for determination after the liability hearing. The FCA served Jinko AUS as the Respondent and the first case management hearing was held on April 12, 2019. The FCA heard the application, and made orders for the conduct of the proceeding at the first case management hearing, following which Jinko AUS submitted its defense and cross-claim to Plaintiffs C’s statement of claim on July 22, 2019. Shortly before the second case management hearing which was held on October 2, 2019, Plaintiffs C requested an amendment to Australian Patent No. 2008323025 (“Amendment Application”) on the stated basis of overcoming prior art relevant to validity and it also appeared that one of the amendments sought by Plaintiffs C was with a view to improving its position in relation to Jinko AUS’s defense to infringement. Plaintiffs C’s Amendment Application was opposed by Jinko AUS and the other Australian respondents and FCA directed Plaintiffs C to give discovery and produce documents in respect to the Amendment Application. The third case management hearing was held on December 13, 2019, after which Jinko AUS submitted particulars of opposition to the Amendment Application and requested for further and better discovery in respect to the Amendment Application. As a result, Hanwha subsequently dropped the amendment in relation to Jinko AUS’s defense to infringement and opposition to the remaining Amendment Application continued for some time but was ultimately not pursued by Jinko AUS and the other Australian respondents. The FCA granted Plaintiffs C’s Amendment Application on August 28, 2020. Following the order directed by FCA at the case management hearing held on November 16, 2020, Plaintiffs C’s has filed its infringement statement at FCA on December 17, 2020 and refers to certain testing undertaken in South Korea in 2018 prior to the commencement of the proceeding, and Jinko AUS has filed a precise non-infringement statement identifying the reasons why certain photovoltaic solar cells and modules supplied by Jinko AUS do not infringe Australian Patent No. 2008323025 on March 9, 2021. Since then, the parties have taken the various procedural steps required by the court’s directions in relation to infringement and validity claims and defences. The final was held from September 23 to 30 and October 10 to 14, 2022. As of the date of the issuance of the financial statements, the Judge has reserved its decision and based on the information currently available, there presently remains no indication that it is probable the court will award any liability for infringement against Jinko AUS and the Company is unable to estimate an amount of reasonably possible loss or range of loss.

The Company believes that Hanwha Q CELLS Plaintiffs’ claims in all the above-mentioned cases are lacking legal merit, and will vigorously defend against the claims made by them. The Group is considering all legal avenues including challenging the validity of U.S. Patent No. 9,893,215 (“the ‘215 Patent”), EP 2 220 689 and Australian Patent No. 2008323025 (collectively, the “Asserted Patents”), and demonstrating the Company’s non-infringement of the Asserted Patents. On June 3, 2019, the Company filed a petition for inter partes review (“IPR”) of the ‘215 Patent with the U.S. Patent and Trademark Appeal Board (“PTAB”). IPR is a trial proceeding conducted at the PTAB to review the patentability of one or more claims in a patent. On December 10, 2019, the PTAB instituted the IPR proceedings of the patentability of claims 12-14 of the ‘215 patent claims in view of prior art. On September 9, 2020, the Company attended the oral hearing of IPR of the ‘215 patent. On December 9, 2020, the PTAB issued the final decision on the Company’s petition for IPR, finding that all challenged claims 12-14 of the ‘215 patent are unpatentable. On February 8, 2021, the patent owner of ‘215 Patent, Hanwha Solutions Corporation, appealed to the United States Court of Appeals for the Federal Circuit against such final decision issued by the PTAB (“215 IPR Appeal”). On February 24, 2021, the Company has filed the certificate of interest to participate in 215 IPR Appeal. On May 28, 2021, Hanwha Solutions Corporation filed its opening appeal brief. On July 19, 2021, Hanwha Solutions Corporation filed a motion to remand the case to the United States Patent and Trademark Office. On October 4, 2021, the United States Court of Appeals for the Federal Circuit denied Hanwha Solutions Corporation’s motion to remand. On June 10, 2022, the United States Court of Appeals for the Federal Circuit affirmed the said final decision issued by PTAB that all challenged claims 12-14 of the ‘215 patent are unpatentable.

On June 24, 2019, Jinko filed with the European Patent Office a Notice of Intervention in the opposition proceeding regarding the validity of the EP 2 220 689. On March 25 and March 26, 2021, the opposition oral hearing regarding the validity of the EP2 220 689 was held before the European Patent Office. During the hearing, the European Patent Office held that the EP2 220 689 was maintained in amended form. An additional hearing was held on September 28 and 29, 2022, during which the opposition division finally decided to uphold the patent with the limited claims and an amended version of the patent description. Currently, the European Patent Office has not yet issued its decision including the grounds in writing.

On May 7, 2021, one of the company’s Spanish customers (the “Spanish Customer”) submitted a Request for arbitration at International Chamber of Commerce (Case No. 26251/JPA) against Jiangxi Jinko in connection with dispute arising out of a PV Module Sales Contract entered into in August, 2020 (“Contract”). In the Request, the Spanish Customer’s claims are based on (1) Jiangxi Jinko’s alleged breaches of the Contract by being unable to deliver the goods at the initially agreed shipping dates and price; (2) the subsequent termination of the Contract by the Spanish Customer; (3) alleged replacement purchases the Spanish Customer has made to replace the goods originally ordered from Jiangxi Jinko; and (4) alleged further costs and other indirect damages purportedly incurred by the Spanish Customer as a consequence of Jiangxi Jinko ‘s alleged breaches and relating to the PV plant in Australia for which the goods had been intended. On July 21, 2021, Jiangxi Jinko submitted the Answer to the Request and Counterclaim, denying that the Spanish Customer is entitled to the relief it requests and raising a counterclaim for damages its loss of profit as well as wasted costs expended in reliance on the performance of the Contract. On January 28, 2022, the tribunal confirmed the Terms of Reference and Procedural Order No.1 signed by the Spanish Customer and Jiangxi Jinko, according to which, except any extension granted by the tribunal, (1) the Spanish Customer will submit Statement of Claim before April 6, 2022 and Jiangxi Jinko will submit Statement of Defense and Counterclaim before June 6, 2022, (2) the Spanish Customer will submit Statement of Reply and Defense to Counterclaim before September 6, 2022, Jiangxi Jinko will submit Statement of Rejoinder and Reply on Counterclaim before November 4, 2022 and the Spanish Customer will submit Rejoinder on Counterclaim before December 19,2022, (3) the hearing will be held during the week of April 17, 2023. On April 6, 2022, the Spanish Customer submitted Statement of Claim, which maintained the claims as the Request and additionally claimed the legal interest accrued on the amounts requested. On June 6, 2022, Jiangxi Jinko rejected the claims and brought the counterclaim for the wrongful termination in its submission of Statement of Defense and Counterclaim. On September 6, 2022, the Spanish Customer submitted Statement of Reply and Defense to Counterclaim to maintain its positions. On November 4, 2022, Jiangxi Jinko repeatedly denied the claims and claimed for the damgas in its submission of Statement of Rejoinder and Reply on Counterclaim. On December 19, 2022, the Spanish Customer submitted Rejoinder on Counterclaim. The hearing took place from April 18 to 19, 2023 in Madrid. As of the date of the issuance of the financial statements, this case is still ongoing and based on the information currently available, the company does not believe that it is probable that Jiangxi Jinko has incurred a loss and the Company is unable to estimate an amount of reasonably possible loss or range of loss.

On June 17, 2022, one of the company’s Indian customers (the “Indian Customer”) submitted a Request for arbitration at International Chamber of Commerce (Case No. 27085/OSI) against Jiangxi Jinko in connection with dispute arising out of a project module supply agreement entered into in May 2017 (“Supply Agreement”). The Indian Customer further submitted Statement of Claim on December 9, 2022, in which the Indian Customer confirmed it does not pursue its claims requiring Jiangxi Jinko to repair or replace relevant modules under the warranty certificate and amended the amount of damages as follows: (i) delay Liquidated Damages in the amount of US$363.3 million; (ii) costs arising from or in connection with the construction / installation of 32MW of additional capacity for the purpose of making up alleged shortfall in the performance of the plant due to allegedly deficient and/or defective modules in the amount of US$14.1 million; and (iii) liquidated damages levied against the EPC Contractor by the owner of the plant in the amount of US$14.6 million, together totalling US$392.0 million. Jiangxi Jinko submited Statement of Defence and Counterclaim on March 10, 2023, strongly defending itself and claiming that the Indian Customer failed to pay the invoices amounting to US$5.3 million According to the current schedule of the arbitration procedure, the International Chamber of Commerce is expected to render the final award by July 30, 2024. As of the date of this annual report, the hearing has not yet commenced. As this case is still ongoing and based on the information currently available to us, it is uncertain at this stage of the arbitration to conclude that whether Jiangxi Jingko will have be subject to any liability or to reasonably estimate the possible amount to be awarded.

Information available prior to issuance of the financial statements did not indicate that it is probable that a liability had been incurred at the date of the financial statements and the Company was also unable to reasonably estimate the range of any liability or reasonably possible loss, if any.

The Company provided the loan guarantee to JinkoPower. In the year of 2022, the Group and JinkoPower entered into an agreement to cancel the guarantee arrangement. (Note 26).

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

29. FAIR VALUE MEASUREMENTS

A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions. Fair value of cash equivalents, restricted cash and restricted short-term investment are categorized as level 1 under the fair value hierarchy, as they based on quoted prices in active markets. Short-term borrowings and long-term borrowing are categorized as level 2 under the fair value hierarchy, as they based on quoted prices in less active markets.

Fair value change in forward contracts and foreign exchange options

The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company’s forward contracts have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign exchange forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within “Change in fair value of foreign exchange forward contracts” in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of USD 630 million and USD560 million, EUR20 million and EUR250 million, nil and JYP2,000 million as of December 31, 2021 and 2022, respectively. These foreign exchange forward contracts mature within 12 months. The Company used a discounted cash-flow methodology to measure fair value, which requires inputs such as interest yield curves and foreign exchange rates. The significant inputs used in the aforementioned model can be corroborated with market observable data and therefore the fair value measurements are classified as level 2. Typically, any losses or gains on the forward exchange contracts are offset by re-measurement losses or gains on the underlying balances denominated in non-functional currencies. The Company’s foreign currency exchange contract is an over-the-counter instrument. The Company recorded loss from change in fair value of foreign exchange forward contracts of RMB164 million during the year of 2022, compared to gain of RMB289 million in the year of 2021. The change was primarily due to the appreciation of the U.S. dollars against the RMB during the year of 2022.

The Group classified the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging.

The Company entered into USD foreign exchange option contracts with a total notional value of nil, USD120 million and USD65 million, and sold USD foreign exchange option contracts with a total notional value of USD170 million, USD90 million and USD50 million during the years ended December 31, 2020, 2021 and 2022, respectively. In the year of 2022, the Company entered into EUR foreign exchange option contracts with a total notional value of EUR50 million and sold EUR foreign exchange option contracts with a total notional value of EUR50 million. These foreign exchange options mature within 12 months. The Company adopted the Black-Scholes Option Pricing (“B-S”) Model to value the foreign exchange options. The significant inputs used in the aforementioned model are unobservable inputs which there are little or no market data and therefore the fair value measurements are classified as level 3.

The foreign exchange option is asset derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the re-measurement is recognized in the consolidated statements of operations and comprehensive income. The fair value change was a loss of RMB4 million, a gain of RMB19 million and a loss of RMB 4 million for the year ended December 31, 2020, 2021 and 2022, respectively.

Equity securities applying fair value option

The fair value of equity securities applying fair value option is measured using Level 2 inputs within the fair value hierarchy. In determining the fair value, the Company adopted previous transaction method under market approach, which allows an entity to solve for its implied aggregate equity value by considering its recent arm’s length equity transactions. The Group irrevocably elected fair value option to initially and subsequently measure its investment in Xiangbang in its entirety at fair value with changes in fair value recognized in earnings, and recorded change in fair value with the amount of RMB102 million for the year ended December 31, 2022 (Note 12).

Available-for-sale securities

The Group’s available-for-sale securities represent the two-year puttable bond purchased from JinkoPower in 2022 (Note 12). In determining the fair value, the Company adopted the discounted cash flow method, which requires management to use unobservable inputs such as discount rate based on yield-to-maturity of comparable bonds in market and RMB risk free rate. These unobservable inputs and resulting fair value estimates may be affected by unexpected changes in future market or economic conditions. For the year ended December 31, 2022, unrealized gain on the available-for-sale securities amounted to RMB1 million which was reported in other comprehensive income.

Convertible Senior Notes and Call Option

The Company has adopted valuation models to assess the fair value for Call option and the Notes, as the Call option is not publicly traded and the trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. The Notes is valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company’s best estimates on the valuation date. Inputs related to the Binomial models for convertible debt fair value are: spot price, conversion price, expected dividend yield, expected share volatility, risk free interest rate, and yield-to-maturity, of which spot price and expected share volatility are most significant to valuation determination of convertible debt. The Call option is valued using the Black-Scholes Model. The valuation involves complex and subjective judgments as well as the Company’s best estimates on the valuation date. Inputs related to the Black-Scholes Models for call option fair value are: call option price, spot price, exercise price, expected dividend yield, risk-free interest rate and time to maturity, of which spot price and exercise price are most significant to valuation determination of call option. The Company recorded loss from change in fair value of convertible senior notes and call option of RMB12 million during the year of 2022, compared to gain from change in fair value of convertible senior notes and call option of RMB192 million during the year of 2021.

Interest Rate Swap

The Company’s exposure to the risk of changes in market interest rates primarily relates to its bank borrowings. To finance its overseas power station business operation and expansion, the Company’s operating subsidiaries located in Mexico obtained long-term bank borrowings from local bank, which carries variable interest rates. With an aim to reduce its interest rate exposure, the Company entered into one long-term interest rate swap contract in 2016 to fix the interest rate as a fixed rate payer. The interest rate swap is a derivative which needs to be fair valued at each reporting period end. The fair value gain or loss arising from the measurement is recognized in the consolidated statements of operations. The fair value change was a loss of RMB79 million for the years ended December 31, 2020. The Company sold its solar power plants in Mexico in March 2020.

The Company solar project subsidiary located in Argentina entered into interest rate swap contracts to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. As the interest rate derivatives were designated as cash flow hedges and the hedge is highly effective, all changes in the fair value of the derivative hedging instruments amounted to RMB12 million were recorded in other comprehensive income and as a derivative liability included in the held-for-sale liabilities as of December 31, 2021. The Company sold its solar power plants in Argentina in June 2022.

Guarantee liability

A guarantee liability is initially recognized at the estimated fair value in the Group’s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group’s consolidated balance sheets at the expected amount payable to the holder. The fair value of the guarantee liability is measured by the total consideration to be received in connection with the provision of guarantee. The guarantee liability would be amortized in straight line during the guarantee period. The guarantee arrangement was canceld in year 2022.

Recurring change in fair value

As of December 31, 2021 and 2022, information about the hierarchy of the fair value measurements for the Company’s assets and liabilities that are measured at fair value on a recurring basis subsequent to their initial recognition is as follows (RMB in thousands, except for inputs):


	Fair Value Measurements at Reporting Date Using
		Quote prices in
	Balance as of	active market	Significant other	Significant
	December 31,	for identical	observable	unobservable
Description	2021	assets (Level 1)	inputs (Level 2)	inputs (Level 3)
Assets:
Foreign exchange forward contracts- receivable	73,532	—	73,532	—

Liabilities:
Convertible senior notes	1,098,736	—	—	1,098,736
Guarantee liabilities	12,142	—	—	12,142
Derivative liability interest rate swap	12,294	—	—	12,294
Foreign exchange options	2,659	—	—	2,659


	Fair Value Measurements at Reporting Date Using
		Quote prices in
	Balance as of	active market	Significant other	Significant
	December 31,	for identical	observable	unobservable
Description	2022	assets (Level 1)	inputs (Level 2)	inputs (Level 3)
Assets:
Foreign exchange forward contracts- receivable	119,625	—	119,625	—
Equity securities applying fair value option	178,871	—	178,871	—
Available-for-sale securities	104,499	—	—	104,499

Liabilities:
Convertible senior notes	1,070,699	—	—	1,070,699
Foreign exchange forward contracts- payable	59,911	—	59,911	—
Foreign exchange options	3,226	—	—	3,226

Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation)

A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	728,216	1,831,612	1,098,736
Foreign exchange loss/(gain)	(38,360)	(8,560)	60,038
Change in fair value of convertible senior notes loss/(gain)	1,202,082	(327,762)	12,083
Change in the instrument-specific credit risk gain	(60,326)	(56,224)	(100,158)
Conversion of convertible senior notes	—	(340,330)	—
Balance on December 31,	1,831,612	1,098,736	1,070,699

A summary of changes in Level 3 fair value of available-for-sale securities for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	—	—	—
Addition	—	—	100,000
Interest accrual	—	—	3,526
Change in fair value	—	—	973
Balance on December 31,	—	—	104,499

A summary of changes in Level 3 fair value of call option for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	294,178	756,929	—
Issuance of call options	—	—	—
Foreign exchange gain/(loss)	(13,539)	251	—
Change in fair value of call options gain/(loss)	476,290	(136,121)	—
Settlement of call options	—	(621,059)	—
Balance on December 31,	756,929	—	—

A summary of changes in Level 3 fair value of foreign exchange options for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	—	(12,924)	(2,659)
Addition of foreign exchange options	(9,316)	(8,544)	3,596
Change in fair value of foreign exchange options gain/(loss)	(3,608)	18,809	(4,163)
Balance on December 31,	(12,924)	(2,659)	(3,226)

A summary of changes in Level 3 fair value of rate swap derivative for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	61,272	—	12,294
Change in fair value of interest rate swap	78,878	—	—
Change in fair value of interest rate swap cash flow hedges	—	12,294	—
Cash settlement	(140,150)	—	(12,294)
Balance on December 31,	—	12,294	—

A summary of changes in Level 3 fair value of guarantee liabilities for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	72,019	57,332	12,142
Additions	—	—	—
Amortization	(14,687)	(6,365)	—
Cancellation	—	(38,825)	(12,142)
Balance on December 31,	57,332	12,142	—

Change in fair value of derivatives

The Change in fair value of derivatives recognized in earnings was as follows (RMB in thousands):


	Foreign exchange forward		Type of derivatives
For the year ended	contracts		Convertible	Interest	Call	Foreign exchange	Equity securities
December 31,	Realized	Unrealized	senior notes	Rate swap	Option	Options	Applying fair value option	Total
In RMB
2020	61,380	129,806	(1,202,082)	(78,878)	476,290	(3,608)	—	(617,092)
2021	393,523	(104,643)	327,762	—	(136,121)	18,809	—	499,330
2022	(150,538)	(13,818)	(12,083)	—	—	(4,163)	101,871	(78,731)

Significant unobservable inputs

The significant unobservable inputs adopted in the valuation of Level 3 instruments as of December 31, 2022 are as follows:


Unobservable inputs of convertible senior notes
Expected volatility	75.47	%
Risk free interest rate	4.6	%
Discount rate	29.23	%


Unobservable inputs of available-for-sale securities
Risk free interest rate		2.06% - 2.21%
Discount rate		5.37% - 5.78%


Unobservable inputs of foreign exchange option
Expected volatility	8.13% - 10.00	%
Risk free interest rate	1.09% - 2.03	%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2022

RESTRICTED NET ASSETS.

RESTRICTED NET ASSETS

30. RESTRICTED NET ASSETS

Relevant PRC laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company’s PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company’s PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company’s shareholders.

Restricted net assets were RMB24,303 million representing 90% of the Company’s total consolidated net assets as of December 31, 2022.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

31. SUBSEQUENT EVENTS

The Group adopted its 2023 Equity Incentive Plan on January 5, 2023 which provided for the issuance of option, restricted share or other share-based award of 20,800,000 ordinary shares.

On April 23, 2023, Jiangxi Jinko completed the registration process with the China Securities Regulatory Commission (“CSRC”) for the issuance of convertible bonds in the principal amount of up to RMB10.00 billion (US$1.45 billion). Such convertible bonds, which will be listed on the STAR Market, have a term of six years and are convertible into Jiangxi Jinko’s ordinary shares. The Company has the special preemptive rights to subscribe for a portion of the convertible bonds.

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY

12 Months Ended

Dec. 31, 2022

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY

32. ADDITIONAL INFORMATION – CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY

The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company’s investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as “Investments in subsidiaries “ and the Company’s shares of the profit or loss of subsidiaries are presented as “Share of (loss) / income from subsidiaries” in the statements of operations.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company.


	For the year ended December 31
	2020	2021	2022
	RMB	RMB	RMB	USD
				(note 2 (al))
	(RMB in thousands)
Net revenue	—	—	—	—
Cost of revenues	—	—	—	—

Gross profit	—	—	—	—

Total operating income/(expenses)	1,227	(6,150)	(593,204)	(86,007)

Other income, net	5,064	1,737	—	—

Income/(loss) from operations	6,291	(4,413)	(593,204)	(86,007)

Share of income from subsidiaries and affiliates	1,015,006	512,873	1,264,720	183,368

Interest income/(expenses), net	8,596	36,613	(19,867)	(2,880)
Exchange loss	(73,716)	(14,085)	(18,586)	(2,694)
Change in fair value of convertible senior notes and call option	(725,792)	191,641	(12,083)	(1,752)
Income before income taxes	230,385	722,629	620,980	90,035
Income tax expenses	—	(1,611)	(474)	(69)
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders	230,385	721,018	620,506	89,966

Condensed balance sheets:


	December 31, 2021	December 31, 2022
	RMB	RMB	USD
			(note 2 (al))
	(RMB in thousands)
ASSETS
Current assets:
Cash and cash equivalent	34,767	492,440	71,397
Due from subsidiaries	2,532,984	728,019	105,553
Due from related parties	3,454	3,454	501
Other current assets	1,562	1,671	242
Total current assets	2,572,767	1,225,584	177,693
Investments in subsidiaries	9,781,036	16,189,323	2,347,231
Due from subsidiaries – non-current	1,262,124	—	—
Due from related parties - non current	3,292	—	—
Total assets	13,619,219	17,414,907	2,524,924

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Due to subsidiaries	1,445,183	—	—
Due to related parties	2,500	—	—
Other current liabilities	13,377	6,973	1,011
Total current liabilities	1,461,060	6,973	1,011
Due to related parties – non-current	9,642	—	—
Convertible senior notes	1,098,736	1,070,699	155,237
Total liabilities	2,569,438	1,077,672	156,248

Shareholders’ equity:
Ordinary shares (USD $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, 190,824,913 and 201,189,189 shares outstanding 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 loss	(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)
Retained earnings	5,629,377	6,249,883	906,148
Total shareholders’ equity	11,049,781	16,337,235	2,368,677

Total liabilities and shareholders’ equity	13,619,219	17,414,907	2,524,924

The current balances of due from subsidiaries represented loans to its subsidiaries which are expected to be collected within twelve months. Non-current balances due from subsidiaries represented loans to its subsidiaries which are not expected to be collected with twelve months.

Other current liabilities represented accrual for unpaid convertible senior notes interest and professional service fees.

Condensed statements of cash flows:


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	USD
				(note 2 (al))
	(RMB in thousands)
Cash flows from operating activities:
Net income	230,385	721,018	620,506	89,966
Adjustments to reconcile net income to net cash used in operating activities:
Sharebase compensation charges	—	—	579,368	84,000
Change in fair value of convertible senior notes	1,202,082	(327,762)	12,083	1,752
Change in fair value of call option	(476,290)	136,121	—	—
Share of income from subsidiaries	(1,015,006)	(512,873)	(1,264,720)	(183,368)
Guarantee income	(5,064)	—	—	—
Exchange loss	73,716	14,085	18,586	2,694
Changes in operating assets and liabilities:
Decrease in due from subsidiaries	592,425	6,088	1,465,778	212,518
Decrease in due from a related party	—	—	3,292	477
(Increase)/decrease in other current assets	(9,437)	165	(1,279)	(186)
Decrease in other non-current assets	—	11,181	—	—
Decrease in due to subsidiaries	(658,106)	(117)	(1,445,183)	(209,532)
Decrease in due to a related party	—	—	(12,142)	(1,760)
Increase/(decrease) in other current liabilities	9,773	1,978	(6,403)	(928)
Net cash (used in)/provided by operating activities	(55,522)	49,884	(30,114)	(4,367)

Cash flows from investing activities:
Cash collection for loans from subsidiaries	—	—	735,673	106,662
Cash paid for loans to subsidiaries	—	(1,262,124)	(289,620)	(41,991)
Net cash used in investing activities	—	(1,262,124)	446,053	64,671

Cash flows from financing activities:
Proceeds from exercise of share options	114,758	10,185	5,024	729
Proceeds from exercise of call option	—	621,059	—	—
Proceeds from issuance of ordinary shares	—	641,065	—	—
Repurchase of shares	(29,294)	—	—	—
Net cash provided by financing activities	85,464	1,272,309	5,024	729

Effect of foreign exchange rate changes on cash and cash equivalents	(14,992)	(44,809)	36,710	5,323

Net increase in cash and cash equivalents	14,950	15,260	457,673	66,356
Cash and cash equivalents, beginning of year	4,557	19,507	34,767	5,041

Cash and cash equivalents, end of year	19,507	34,767	492,440	71,397

Supplemental disclosure of non-cash investing and financing cash flow information
Proceeds from exercise of share options received in subsequent period	9,143	1,169	—	—
Conversion of convertible senior notes to ordinary shares	—	340,330	—	—
Transfer receivable due from subsidiaries to investments in subsidiaries	—	—	1,160,000	168,184
Receivables related to At-The-Market offering	641,065	—	—	—

For the years ended December 31, 2020, 2021 and 2022 and up to the date of this annual report, no cash dividend was paid to the Company by its consolidated subsidiaries, unconsolidated subsidiaries, nor 50% or less owned persons accounted for by the equity method.

PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

Basis of presentation and use of estimates

a. Basis of presentation and use of estimates

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Consolidation

b. Consolidation

Foreign currency translation

c. Foreign currency translation

Cash, cash equivalents and restricted cash

d. Cash, cash equivalents and restricted cash

Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less.

Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Cash and cash equivalents	8,321,415	10,243,500
Restricted cash	602,044	1,027,454
Cash and cash equivalents included in held-for-sale assets (note 2 (n))	173,787	—
Total	9,097,246	11,270,954

Restricted short-term investments

e. Restricted short-term investments

Notes receivable and payable

f. Notes receivable and payable

The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable as financing activities.

Notes receivable and payable are typically non-interest bearing and have maturities of less than six months.

Derivative Instruments

g. Derivative Instruments

Current expected credit losses

h. Current expected credit losses

Accounts receivable

i. Accounts receivable

Advances to suppliers

j. Advances to suppliers

Inventories

k. Inventories

Property, plant and equipment, net

l. Property, plant and equipment, net

Buildings		20 years
Machinery and equipment		5~10 years
Furniture, fixture and office equipment		3~5 years
Motor vehicles		4~5 years

Project Assets, net

m. Project Assets, net

Assets held for sale

n. Assets held for sale

Long-lived assets to be sold are classified as held for sale when the following recognition criteria in ASC 360-10-45-9 are met:

Management, having the authority to approve the action, commits to a plan to sell the asset.

The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets.

An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated.

The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year,

The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value.

Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Interest Capitalization

o. Interest Capitalization

Land use rights and land lease

p. Land use rights and land lease

(a) Land use rights

(b) Land lease

Intangible assets

q. Intangible assets

Intangible assets include purchased software and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 or 10 years, respectively.

Business combination and assets acquisition

r. Business combination and assets acquisition

Investments

s. Investments

Fair value option election is made on an instrument-by-instrument basis and equity securities applying fair value option is reported at fair value with changes in fair value recognized in earnings.

Impairment of long-lived assets

t. Impairment of long-lived assets

Leases

u. Leases

Guarantees

v. Guarantees

Receivables have also been recorded for the guarantee payments to be received (Note 26).

Pursuant to the master service agreement signed with JinkoPower, guarantee service fee is settled on an annual basis.

Revenue recognition

w. Revenue recognition

On January 1, 2018, the Company adopted revenue guidance ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”).

The total amounts of retainage that were not recognized as revenue were RMB27 million, RMB24 million and RMB23 million as of December 31, 2020, 2021 and 2022, respectively.

The Company’s accounting practices under ASC Topic 606, “Revenue from Contracts with Customers” are as followings:

(a) Revenue recognition on product sales

Practical expedients and exemption

(b) Sales of solar projects

(d) Revenue on processing services

Segment report

x. Segment report

Cost of revenue

y. Cost of revenue

Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as shipping and handling costs for raw materials purchase and provision for inventories.

Warranty cost

z. Warranty cost

Movement of accrued warranty cost

The following table summarizes the movement of accrued warranty cost (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	751,440	892,131	1,007,805
Additions	363,159	390,238	773,498
Utilization	(98,526)	(170,776)	(212,130)
Accrue (reversal) to selling and marketing expense	(123,942)	(103,788)	74,802
At end of year	892,131	1,007,805	1,643,975

Shipping and handling

aa. Shipping and handling

Research and development

ab. Research and development

Research and development costs are expensed when incurred.

Start-up costs

ac. Start-up costs

Income Taxes

ad. Income Taxes

Commitments and Contingencies

ae. Commitments and Contingencies

Fair value of financial instruments

af. Fair value of financial instruments

Government grants

ag. Government grants

Repurchase of share

ah. Repurchase of share

Earnings/(Loss) per share

ai. Earnings/(Loss) per share

Share-based compensation

aj. Share-based compensation

Other comprehensive income

ak. Other comprehensive income

Convenience translation

al. Convenience translation

Recent accounting pronouncements

am. Recent accounting pronouncements

New Accounting Standards Adopted

New Accounting Standards Not Yet Adopted

ORGANIZATION AND NATURE OF OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND NATURE OF OPERATIONS

Schedule of Subsidiaries


	Date of
	Incorporation	Place of	Percentage
Subsidiaries	/Acquisition	Incorporation	of ownership

JinkoSolar Investment Limited. (“Paker”)	November 10, 2006	Hong Kong	100	%

Jinko Solar Co., Ltd. (“Jiangxi Jinko”) (Note 24)	December 13, 2006	PRC	58.6	%

Zhejiang Jinko Solar Co., Ltd. (“Zhejiang Jinko”)	June 30, 2009	PRC	58.6	%

Jinko Solar Import and Export Co., Ltd. (“Jinko Import and Export”)	December 24, 2009	PRC	58.6	%

JinkoSolar GmbH (“Jinko GmbH”)	April 1, 2010	Germany	58.6	%

Zhejiang Jinko Trading Co., Ltd. (“Zhejiang Trading”)	June 13, 2010	PRC	58.6	%

Xinjiang Jinko Solar Co., Ltd. (“Xinjiang Jinko”)	May 30, 2016	PRC	58.6	%

Yuhuan Jinko Solar Co., Ltd. (“Yuhuan Jinko”)	July 29, 2016	PRC	58.6	%

JinkoSolar (U.S.) Inc. (“Jinko US”)	August 19, 2010	USA	58.6	%

Jiangxi Photovoltaic Materials Co., Ltd. (“Jiangxi Materials”)	December 1, 2010	PRC	58.6	%

JinkoSolar (Switzerland) AG (“Jinko Switzerland”)	May 3, 2011	Switzerland	58.6	%

JinkoSolar (US) Holdings Inc. (“Jinko US Holding”)	June 7, 2011	USA	58.6	%

JinkoSolar Italy S.R.L. (“Jinko Italy”)	July 8, 2011	Italy	58.6	%

Jinko Solar Canada Co., Ltd. (“Jinko Canada”)	November 18, 2011	Canada	58.6	%

Jinko Solar Australia Holdings Co. Pty Ltd. (“Jinko Australia”)	December 7, 2011	Australia	58.6	%

Jinko Solar Japan K.K. (“JinkoSolar Japan”)	May 21, 2012	Japan	58.6	%


	Date of
	Incorporation	Place of	Percentage
Subsidiaries	/Acquisition	Incorporation	of ownership

Jinko Solar (Shanghai) Management Co., Ltd.	July 25, 2012	PRC	58.6	%

Wide Wealth Group Holding Limited. (“Wide Wealth Hong Kong”)	June 11, 2012	Hong Kong	100	%

Canton Best Limited (“Canton Best BVI”)	September 16, 2013	BVI	100	%

Jinko Solar Technology Sdn.Bhd.	January 21, 2015	Malaysia	58.6	%

JinkoSolar International Development Limited.	August 28, 2015	Hong Kong	100	%

JinkoSolar Middle East DMCC (“DMCC”)	November 6, 2016	Emirates	58.6	%

JinkoSolar Trading Privated Limited.	February 6, 2017	India	58.6	%

JinkoSolar LATAM Holding Limited.	August 22, 2017	Hong Kong	100	%

JinkoSolar (U.S.) Industries Inc.	November 16, 2017	USA	58.6	%

JinkoSolar Technology (Haining) Co., Ltd. (“Haining Jinko”)*	December 15, 2017	PRC	45.9	%

Poyang Ruilixin Information Technology Co., Ltd.	December 19, 2017	PRC	58.6	%

Jinko Solar Korea Co., Ltd. (“Jinko Korea”)	December 3, 2018	Korea	58.6	%

JinkoSolar (Sichuan) Co., Ltd. (“Jinko Sichuan”)*	February 18, 2019	PRC	38.4	%

JinkoSolar (Qinghai) Co., Ltd. (“Jinko Qinghai”)*	April 3, 2019	PRC	32.2	%

Rui Xu Co., Ltd. (“Rui Xu”)*	July 24, 2019	PRC	35.2	%

JinkoSolar (Yiwu) Co., Ltd. (“Jinko Yiwu”)*	September 19, 2019	PRC	32.2	%

Jinko PV Material Supply SDN. BHD	September 23, 2019	Malaysia	58.6	%

JinkoSolar (Vietnam) Co., Ltd.	September 26, 2019	Vietnam	58.6	%

JinkoSolar (Chuzhou) Co., Ltd. (“Jinko Chuzhou”)*	December 26, 2019	PRC	32.2	%

Zhejiang New Materials Co., Ltd. (“Zhejiang New Materials”)	March 24, 2020	PRC	58.6	%

JinkoSolar (Shangrao) Co., Ltd. (“Jinko Shangrao”)*	April 17, 2020	PRC	32.2	%

Jinko Solar Denmark ApS	May 28, 2020	Denmark	58.6	%

JinkoSolar Hong Kong Limited	August 17, 2020	Hong Kong	58.6	%

Jinko Solar (Malaysia) SDN BHD	August 28, 2020	Malaysia	58.6	%

JinkoSolar (Chuxiong) Co., Ltd. (“Jinko Chuxiong”)	September 25, 2020	PRC	58.6	%

Yiwu New Materials Co., Ltd. (“Yiwu Materials”)	October 14, 2020	PRC	58.6	%

Jinko Solar (Vietnam) Industries Company Limited.	March 29, 2021	Vietnam	58.6	%

JinkoSolar (Leshan) Co., Ltd. (“Jinko Leshan”)	April 25, 2021	PRC	58.6	%

JinkoSolar (Anhui) Co., Ltd. (“Jinko Anhui”) *	September 3, 2021	PRC	32.2	%

JinkoSolar (Yushan) Co., Ltd. (“Jinko Yushan”) *	September 26, 2021	PRC	46.9	%

Fengcheng Jinko PV Materials Co., Ltd	August 11, 2021	PRC	58.6	%

JinkoSolar (Feidong) Co., Ltd. (“Jinko Feidong”) *	September 23, 2021	PRC	32.2	%

JinkoSolar (Jinchang) Co., Ltd. (“Jinko Jinchang”)	September 24, 2021	PRC	58.6	%

JinkoSolar (Poyang) Co., Ltd. (“Jinko Poyang”)	December 1, 2021	PRC	58.6	%

Shangrao Changxin Enterprise Management Center LP.	December 16, 2021	PRC	100	%

Shangrao Changxin No. 1 Enterprise Management Center LP.	February 17, 2022	PRC	100	%

Shangrao Changxin No. 2 Enterprise Management Center LP.	February 17, 2022	PRC	100	%

Shangrao Changxin No. 3 Enterprise Management Center LP.	June 15, 2022	PRC	100	%

Shangrao Changxin No. 5 Enterprise Management Center LP.	June 15, 2022	PRC	100	%

Shangrao Changxin No. 6 Enterprise Management Center LP.	October 25, 2022	PRC	100	%

Jiaxing Jinyue Phase I Venture Capital Partnership	April 26, 2022	PRC	78.2	%

Shangrao Jinko PV Manufacturing Co., Ltd.	March 28, 2022	PRC	58.6	%

Shangrao Guangxin Jinko PV Manufacturing Co., Ltd	March 23, 2022	PRC	58.6	%

Jinko Energy Storage Technology Co., Ltd.	December 6, 2022	PRC	58.6	%

Jiangxi Jinko Energy Storage Co., Ltd	May 26, 2022	PRC	58.6	%

PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

Schedule of cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows

Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Cash and cash equivalents	8,321,415	10,243,500
Restricted cash	602,044	1,027,454
Cash and cash equivalents included in held-for-sale assets (note 2 (n))	173,787	—
Total	9,097,246	11,270,954

Schedule of property plant and equipment useful life

Buildings		20 years
Machinery and equipment		5~10 years
Furniture, fixture and office equipment		3~5 years
Motor vehicles		4~5 years

Schedule of accrued warranty cost

The following table summarizes the movement of accrued warranty cost (RMB in thousands):


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	751,440	892,131	1,007,805
Additions	363,159	390,238	773,498
Utilization	(98,526)	(170,776)	(212,130)
Accrue (reversal) to selling and marketing expense	(123,942)	(103,788)	74,802
At end of year	892,131	1,007,805	1,643,975

REVENUES (Tables)

12 Months Ended

Dec. 31, 2022

REVENUES.

Schedule of revenues by for the respective periods

The Group’s revenues for the respective periods are detailed as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Sales of solar modules	32,556,394	37,737,383	80,224,354
Sales of solar projects	1,197,713	—	31,400
Sales of silicon wafers	452,141	1,152,055	466,553
Sales of solar cells	344,510	606,582	1,024,114
Sales of other solar materials	478,184	1,043,760	1,380,875
Processing service fees	—	186,045	—
Revenue from generated electricity	100,517	100,696	—
Total	35,129,459	40,826,521	83,127,296

Summary of revenues in generated in respective region

The following table summarizes the Group’s net revenues generated in respective region (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Inside China (including Hong Kong and Taiwan)	6,370,975	10,134,888	34,839,410
North America	10,098,116	6,621,799	3,727,493
Europe	4,644,487	7,481,581	19,637,777
Asia Pacific	9,603,211	10,239,162	11,274,447
Rest of the world	4,412,670	6,349,091	13,648,169
Total	35,129,459	40,826,521	83,127,296

INTEREST EXPENSES, NET (Tables)

12 Months Ended

Dec. 31, 2022

INTEREST EXPENSES, NET

Schedule of Interest Expenses

Components of interest expenses, net are detailed as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Interest expenses	705,159	878,908	1,150,128
Less: Interest capitalization	(29,307)	(40,588)	(70,719)
Less: Interest income	(216,618)	(214,291)	(588,706)
Total	459,234	624,029	490,703

OTHER INCOME, NET (Tables)

12 Months Ended

Dec. 31, 2022

OTHER INCOME, NET

Schedule of Other Nonoperating Income (Expense)

Components of other income, net are detailed as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Guarantee income	14,687	6,365	—
Donations	(12,395)	(4,454)	(6,824)
Disposal of Tiansheng	—	—	12,474
Disposal of solar power project in Argentina	—	—	1,758
Others	—	—	(5,837)
Total	2,292	1,911	1,571

TAXATION (Tables)

12 Months Ended

Dec. 31, 2022

TAXATION

Schedule of Income/ (loss) before income taxes


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Cayman Islands	(784,811)	199,956	(639,136)
PRC	444,368	1,120,667	2,743,467
Other countries	906,815	(230,720)	(127,622)
Income before income taxes	566,372	1,089,903	1,976,709

Schedule of current and deferred positions of income tax expense


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Current income tax (expenses)/benefits
PRC	26,473	(280,877)	(867,937)
Other countries	(110,726)	(175,633)	(58,014)
Total current income tax expenses	(84,253)	(456,510)	(925,951)
Deferred tax (expenses)/benefits
PRC	(7,436)	77,741	457,266
Other countries	(86,722)	184,629	(136,593)
Total deferred tax (expenses)/benefits	(94,158)	262,370	320,673
Income tax expenses, net	(178,411)	(194,140)	(605,278)

Schedule of reconciliation of the differences between statutory tax rate and the effective tax rate


	For the year ended December 31,
	2020	2021	2022
	%	%	%
Statutory CIT rate	25.0	25.0	25.0
Effect of permanent differences:
—Share-based compensation expenses	0.1	0.1	3.2
—Change in fair value of convertible senior notes and call options	32.0	(4.4)	0.2
—Accrued payroll and welfare expenses	0.4	0.1	0.1
—Change of enacted tax rate	(7.2)	2.1	1.6
—Other non-deductible expenses including tax preferences	(6.6)	(1.8)	3.4
Difference in tax rate of subsidiaries outside the PRC	(3.1)	2.2	3.9
Effect of tax holiday for subsidiaries	(7.8)	(12.9)	(12.1)
Change in valuation allowance	(1.3)	7.4	5.3
Effective tax rate	31.5	17.8	30.6

Schedule of aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
The aggregate amount of effect*	44,191	140,235	239,268
Per share effect—basic	0.25	0.74	1.21
Per share effect—diluted **	0.25	0.68	1.19

* Increase of the aggregated amount of effect in 2022 was mainly attributable to more profit generated by the Group’s PRC subsidiaries with preferential tax rates.

Schedule of deferred tax assets/liability


	As of December 31,
	2021	2022
	RMB	RMB
Net operating losses	473,367	529,522
Accrued warranty costs	216,938	373,064
Provision for inventories, accounts receivable, other receivable	101,595	230,019
Timing difference for subsidiary income	15,235	166,857
Other temporary differences	24,953	69,183
Impairment for property, plant and equipment and project assets	100,860	35,491
Total deferred tax assets	932,948	1,404,136
Less: Valuation allowance	(217,124)	(243,141)
Less: Deferred tax liabilities in the same tax jurisdiction	(344,057)	(456,751)
Deferred tax assets	371,767	704,244

Timing difference for project assets, property, plant and equipment	(375,499)	(478,515)
Timing difference for refund of countervailing duties	(144,923)	(90,864)
Deferred tax liabilities related to cumulative distributable earnings in Jiangxi Jinko	—	(52,173)
Other temporary differences	(6,638)	(30,007)
Total deferred tax liabilities	(527,060)	(651,559)
Less: Deferred tax assets in the same tax jurisdiction	344,057	456,751
Deferred tax liabilities	(183,003)	(194,808)

Schedule of Movement of valuation allowance


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	(144,317)	(136,847)	(217,124)
Current year additions	(37,426)	(88,667)	(216,260)
Utilization and reversal of valuation allowances	44,896	8,390	111,296
Decrease of valuation allowances related to the disposal of a subsidiary	—	—	78,947
At end of year	(136,847)	(217,124)	(243,141)

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2022

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES

Schedule of accounts receivables


	As of December 31,
	2021	2022
	RMB	RMB
Accounts receivables - current	7,794,174	17,259,003
Allowance for credit losses - current	(323,071)	(584,127)
Accounts receivable, net - current	7,471,103	16,674,876

Accounts receivables – non-current	28,186	—
Allowance for credit losses – non-current	(562)	—
Accounts receivable, net – non-current	27,624	—

Summary of allowance for credit losses related to accounts receivable


	As of December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	318,198	293,360	323,071
Impact of adopting ASC Topic 326	(30,916)	—	—
Addition	26,581	91,948	394,285
Reversal	(20,503)	(24,213)	(114,770)
Write off	—	(38,024)	(18,459)
At end of year	293,360	323,071	584,127


	As of December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	—	1,139	562
Impact of adopting ASC Topic 326	—	—	—
Addition	1,139	—	—
Reversal	—	(577)	(562)
At end of year	1,139	562	—

NOTES RECEIVABLE, NET-THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2022

NOTES RECEIVABLE, NET-THIRD PARTIES

Schedule of Notes receivable, net-third parties


	As of December 31,
	2021	2022
	RMB	RMB
Notes receivable	1,690,142	6,697,096
Provision for notes receivable	(1,040)	—
Notes receivable, net	1,689,102	6,697,096

Summary of allowance for credit losses related to notes receivable


	As of December 31,
	2020	2021	2022
	RMB	RMB	RMB
At beginning of year	—	182	1,040
Impact of adopting ASC Topic 326	223	—	—
Addition	—	858	—
Reversal	(41)	—	(1,040)
At end of year	182	1,040	—

ADVANCES TO SUPPLIERS, NET - THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2022

ADVANCES TO SUPPLIERS, NET - THIRD PARTIES

Schedule of Advances to Suppliers


	As of December 31,
	2021	2022
	RMB	RMB
Advances to suppliers - current	1,536,155	3,271,284
Advances to suppliers – non-current	296,709	310,375
Advances to suppliers, net	1,832,864	3,581,659

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2022

INVENTORIES.

Schedule of Inventories


	As of December 31,
	2021	2022
	RMB	RMB
Raw materials	3,761,045	5,499,573
Work-in-progress	2,623,044	3,237,480
Finished goods	6,868,263	8,713,231
Total	13,252,352	17,450,284

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER CURRENT ASSETS

Schedule of prepayments and other current assets


	As of December 31,
	2021	2022
	RMB	RMB
Value-added tax deductible (a)	1,705,159	1,374,909
Deposit for customer duty, bidding and others	142,442	181,371
Prepayment for income tax and deferred charges	129,931	233,744
Receivables related to disposal of land use rights and property, plant and equipment (b)	111,804	378,900
Receivables related to discount from a supplier	110,050	324,002
Prepayment of electricity and others	91,334	153,021
Prepaid insurance premium	6,675	7,281
Employee advances (c)	6,274	3,944
Refund receivable of U.S. countervailing duties and anti-dumping duties (Note 16)	—	480,535
Rental deposit and prepayment	3,606	1,643
Receivable of option exercised	1,169	—
Prepaid professional service fee	307	—
Loan receivable (d)	—	23,459
Others	131,827	136,212
Less: Allowance for credit losses	(5,521)	(8,118)
Total	2,435,057	3,290,903

(a)	Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months.

(b)	Represented the receivables related to disposition of certain equipment for the purpose of upgrading manufacturing facilities and receivables related to disposition of certain land use rights.

(c)	As of December 31, 2021 and 2022, all of the employee advances were business related, interest-free, not collateralized and will be repaid or settled within one year from the respective balance sheet dates.

(d)	Represented an interest-free half-year loan of RMB23 million provided by Qinghai Jinko in 2022 to a third-party company.

Summary of the activity in the allowance for credit losses related to prepayments and other current assets


		For year ended December 31,
		2022
		RMB
At beginning of year		5,521
Impact of adopting ASC Topic 326		—
Addition		2,597
Reverse		—
At end of year		8,118

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES

Summary of long-term investments

The Group’s investments are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
-Debt investment

Available-for-sale securities	—	104,499

-Equity investment

Investments accounted for under the equity method	538,866	1,287,201
Equity securities without readily determinable fair values	95,000	245,000
Equity securities applying fair value option	—	178,871
Subtotal	633,866	1,711,072

Total	633,866	1,815,571

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY, PLANT AND EQUIPMENT, NET.

Schedule of property, plant and equipment

Property, plant and equipment used in continuing operation and related accumulated depreciation are as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Buildings	6,875,072	12,655,905
Machinery and equipment	14,199,961	22,435,247
Motor vehicles	71,837	114,936
Furniture, fixture and office equipment	1,408,296	1,995,407
	22,555,166	37,201,495
Less: Accumulated depreciation	(5,232,342)	(6,462,379)
Subtotal	17,322,824	30,739,116
Construction in progress	2,647,070	1,550,972
Property, plant and equipment, net	19,969,894	32,290,088

LAND USE RIGHTS, NET (Tables)

12 Months Ended

Dec. 31, 2022

LAND USE RIGHTS, NET

Schedule of land use rights

Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 to 70 years, as applicable, in the PRC (RMB in thousands).


	As of December 31,
	2021	2022
	RMB	RMB
Land use rights	1,196,668	1,535,556
Less: accumulated amortization	(106,611)	(104,132)
Land use rights, net	1,090,057	1,431,424

INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS, NET

Schedule of Intangible assets and amortization

Intangible assets and their related amortization are as follow (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Trademark	1,581	1,230
Computer software	94,712	135,218
Less: accumulated amortization	(40,809)	(56,848)
Intangible assets, net	55,484	79,600

OTHER ASSETS -THIRD PARTIES (Tables)

12 Months Ended

Dec. 31, 2022

OTHER ASSETS - THIRD PARTIES

Schedule of other assets

Other assets are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Prepayments for purchase of property, plant and equipment	1,859,173	1,162,351
Refund receivable of U.S. countervailing duties and anti-dumping duties	580,058	—
Deposit for rent and others	175,297	131,611
Prepayment for warranty insurance premium	111,537	114,088
Prepayment of income tax attributable to intercompany transactions	16,159	15,474
Less: Allowance for credit losses	(3,064)	(1,855)
Total	2,739,160	1,421,669

Summary of activity in allowance for credit losses related to deposits

The following table summarizes the activity in the allowance for credit losses related to deposits for the year ended December 31, 2022(RMB in thousands):


		For the year ended December 31,
		2022
		RMB
At beginning of year		3,064
Impact of adopting ASC Topic 326		—
Addition		—
Reversal		(1,209)
Writeoff		—
At end of year		1,855

OTHER PAYABLES AND ACCRUALS (Tables)

12 Months Ended

Dec. 31, 2022

OTHER PAYABLES AND ACCRUALS

Schedule of other payables and accruals

Other payables and accruals are consisted of the follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Payables for purchase of property, plant and equipment	3,073,625	6,412,134
Freight payables	858,027	1,359,813
Accrued utilities, rentals and interest	424,436	629,977
Customs duties	157,655	147,759
Accrued warranty cost	149,164	221,699
Value-added tax and other tax payables	74,784	329,078
Commission payables	24,861	13,587
Contracted labor fees	24,392	20,015
Accrued professional service fees	19,739	34,110
Insurance premium payables	6,839	1,853
Others	30,562	44,359
Total	4,844,084	9,214,384

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2022

BORROWINGS

Schedule of short-term borrowings

Components of short-term borrowings as of December 31, 2021 and 2022 were as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Short-term borrowings	11,967,827	10,316,714
Long-term borrowings—current portion	1,371,540	2,102,456
Total short-term borrowings	13,339,367	12,419,170

Schedule of type of short-term borrowings

Details of the Group’s short-term borrowings as of December 31, 2022 are (RMB in thousands):


Type of loan	As of December 31, 2022	Guarantee/Collateral
Credit loan	4,055,137		a)
Letter of credit loan	2,792,460		a)
	256,313	Guaranteed by JinkoSolar Holding	b)
	167,000	Guaranteed by JinkoSolar Holding and certain shareholders of the Group	b)
Guaranteed by subsidiaries	50,000	Guaranteed by Jiangxi Jinko and certain shareholders of the Group	b)
of the Group and third parties	1,942,835	Guaranteed by Jiangxi Jinko	b)
and/or collateralized on the	1,329,716	Guaranteed by Zhejiang Jinko	b)
Group’s assets	20,197	Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch	b)
	25,312	Guaranteed by China Export & Credit Insurance Corporation	b)
	1,132,645	Financings associated with failed sale-lease back transactions	c)
	647,555	Guaranteed and collateralized on buildings, equipment and other assets of the Group and shareholders of the Group	d)
Total	12,419,170

c)	As of December 31, 2022, the Group recorded financings associated with failed sale-lease back transactions with the amount of RMB1,463 million under long-term borrowings, and RMB1,133 million as current portion (Note 18).

Schedule of long-term borrowings

Components of short-term borrowings as of December 31, 2021 and 2022 were as follows (RMB in thousands):


	As of December 31,
	2021	2022
	RMB	RMB
Long-term bank borrowings	590,013	3,329,075
Long-term financings associated with failed sale-leaseback transactions	2,756,452	2,595,686
Other long-term borrowings	7,921,530	9,200,490
Less: Current portion of long-term borrowings	(99,256)	(969,811)
Less: Current portion of financings associated with failed sale-leaseback transactions	(1,272,284)	(1,132,645)
Total long-term borrowings	9,896,455	13,022,795

Schedule of long-term future principal repayments

Future principal repayments on the long-term borrowings are as follows (RMB in thousands):


Year ending December 31,		RMB
Year ended December 31
2023		3,862,228
2024		2,875,790
2025		5,085,899
2026		2,110,558
2027		625,033
Thereafter		565,743
Total		15,125,251

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES

Schedule of balances for the operating and finance leases where the Group is the lessee

The balances for the operating and finance leases where the Group is the lessee are presented as follows (RMB in thousands):


	2021	2022
	December 31	December 31
	RMB	RMB
Operating leases:
Operating lease liabilities - current	62,515	65,489
Operating lease liabilities - non-current	385,420	339,885
Total operating lease liabilities	447,935	405,374
Operating lease right-of-use assets, net	438,271	396,966

Financing leases:
Financing lease liabilities - current	194,939	168,381
Financing lease liabilities - non-current	236,374	69,881
Total financing lease liabilities	431,313	238,262
Financing lease right-of-use assets, net	628,592	558,407

Schedule of components of lease expenses

(a)

The components of lease expenses were as follows (RMB in thousands):


	For the years ended December 31,
	2021	2022
	RMB	RMB
Lease cost:
Amortization of right-of-use assets	135,791	129,869
Interest of lease liabilities	51,575	36,553
Expenses for short-term lease within 12 months	3,052	9,154
Total lease cost	190,418	175,576

Schedule of supplemental cash flow information related to leases

(b)

Supplemental cash flow information related to leases was as follows (RMB in thousands):


	For the years ended December 31,
	2021	2022
	RMB	RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	76,400	72,906
Operating cash outflows for finance leases	25,974	19,926
Financing cash outflows for finance leases	286,292	216,722
Total cash paid for amounts included in the measurement of lease liabilities:	388,666	309,554

Lease obligation accrued in exchange for right-of-use assets:
Operating lease liabilities	185,472	3,476
Finance lease liabilities	132,188	—
Total lease obligation accrued in exchange for right-of-use assets:	317,660	3,476

Schedule of supplemental balance sheet information related to leases

(c)

Supplemental balance sheet information related to leases was as follows (RMB in thousands):

Operating leases:


	As of December 31,
	2021	2022
Weighted-average remaining lease term	7.35 years	6.21 years
Weighted-average discount rate	6.47%	6.46%

Financing leases:


	As of December 31,
	2021	2022
Weighted-average remaining lease term	1.94 years	0.94 years
Weighted-average discount rate	5.65%	5.55%

Schedule of operating lease liabilities

Operating leases:


Year ending December 31,		RMB
Year ended December 31,
2023		85,637
2024		84,973
2025		75,863
Thereafter		206,541
Total undiscounted lease payments		453,014
Less: imputed interest		47,640
Total lease liabilities		405,374

Schedule of finance lease liabilities

Financing leases:


Year ending December 31,		RMB
Year ended December 31,
2023		236,657
2024		34,252
Total undiscounted lease payments		270,909
Less: imputed interest		32,647
Total lease liabilities		238,262

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

Schedule of Earnings Per Share

Basic earnings per share and diluted earnings per share have been calculated as follows (RMB in thousands, except for share and per share data):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Numerator:
Net income	335,255	955,572	1,565,139
Less: Net income attributable to non-controlling interests	104,870	234,554	944,633
Net income attributable to JinkoSolar’s ordinary shareholders	230,385	721,018	620,506
Dilutive effects of convertible senior notes	—	(308,339)	—
Dilutive effects of call option	(462,752)	—	—
Numerator for diluted income/(loss) per share	(232,367)	412,679	620,506

Denominator:
Denominator for basic earnings per share - weighted average number of ordinary shares outstanding	178,938,853	190,672,869	198,004,260
Dilutive effects of share options	—	540,620	2,404,234
Dilutive effects of convertible notes	—	14,506,283	—
Dilutive effects of call option	(7,500,000)	—	—

Denominator for diluted calculation - weighted average number of ordinary shares outstanding	171,438,853	205,719,772	200,408,494
Basic earnings per share attributable to JinkoSolar’s ordinary shareholders	1.29	3.78	3.13
Diluted earnings/(loss) per share attributable to JinkoSolar’s ordinary shareholders	(1.36)	2.01	3.10

SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

SHARE BASED COMPENSATION

Summary of stock option activity


	Number of		Weighted-average
	option	Weighted-average	remaining	Aggregate
	outstanding	exercise price	contractual term	intrinsic value
		(USD/share)	(in years)	(RMB)
Balance as of December 31, 2019	4,555,288	3.34	4.73	73,354
Granted	—	—	—	—
Exercise	(3,750,540)	3.32	—	—
Forfeited	(88,000)	3.29	—	—
Balance as of December 31, 2020	716,748	3.46	4.25	58,836
Granted	—	—	—	—
Exercise	(105,200)	3.29	—	—
Forfeited	(264,012)	3.29	—	—
Balance as of December 31, 2021	347,536	3.65	3.84	17,373
Granted	—	—	—	—
Exercise	(175,536)	3.35	—	—
Balance as of December 31, 2022	172,000	3.96	2.69	8,305

Vested as of December 31, 2022	172,000	3.96	2.69	8,305
Vested and exercisable as of December 31, 2022	172,000	3.96	2.69	8,305

Summary of non vested restricted stock units


	Number of restricted shares	Weighted average grant
	outstanding	date fair value
		(RMB)
Unvested as of January 1, 2021	—	—
Granted	354,000	86.38
Vested	(35,400)	86.38
Unvested as of December 31, 2021	318,600	86.38
Granted	16,684,600	72.10
Vested	(10,188,740)	72.08
Unvested as of December 31, 2022	6,814,460	72.38

Schedule of expense allocation

The total share-based compensation expense of continuing operations for the year ended December 31, 2020, 2021 and 2022 was recorded in the respective items (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Costs of revenues	329	131	17,676
Selling expenses	462	131	7,101
General and administrative expenses	145	9,622	974,564
Research and development expenses	(13)	—	1,528
Total	923	9,884	1,000,869

Jinko Solar Co., Ltd. ("Jiangxi Jinko")

SHARE BASED COMPENSATION

Summary of stock option activity

A summary of share option activities under the Jiangxi Jinko 2022 Plan for the years ended December 31, 2022 is as follows (RMB in thousands, except for share, exercise price and contractual term):


	Number of		Weighted-average
	option	Weighted-average	remaining	Aggregate
	outstanding	exercise price	contractual term	intrinsic value
		(RMB/share)	(in years)	(RMB)
Balance as of December 31, 2021	—	—	—	—
Granted	32,149,900	10.78	—	—
Exercise	—	—	—	—
Balance as of December 31, 2022	32,149,900	10.78	2.89	124,420

Vested and expected to vest as of December 31, 2022	32,149,900	10.78	2.89	124,420
Vested and exercisable as of December 31, 2022	32,149,900	10.78	2.89	124,420

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of related party balances

Outstanding amounts due from/to related parties as of December 31, 2021 and 2022 were as follows (RMB in thousands):


	2021	2022
	December 31	December 31
	RMB	RMB
Accounts receivable from related parties:
Accounts receivable from JinkoPower for sales of solar modules and others	29,417	139,713

Notes receivables from a related party:
Notes receivables from JinkoPower	—	282,824

Advances to a related party:
Advance to Xinte Silicon for inventory purchase	—	56,860

Prepayment and other receivables from related parties:
Prepayments to JinkoPower for outsourcing services	11,990	5,664
Other receivables due from JinkoPower for disposal of solar power projects	—	12,953
Other receivables due from Sweihan PV Power Company P.S.J.C (“Sweihan PV”, which develops and operates solar power projects in Dubai) for technical services	—	1,075
Other receivables from JinkoPower for miscellaneous transactions	5,358	3,413
Subtotal	17,348	23,105

Other assets from related parties:
Long-term receivables due from JinkoPower for disposal of solar power projects	—	14,603
Guarantee receivables due from JinkoPower	3,292	—
Long-term receivables due from Sweihan PV	—	37,760
Subtotal	3,292	52,363

Accounts payable due to a related party:
Accounts payable due to Jinko-Tiansheng	15,863	—

Advances from a related party
Advances from JinkoPower	—	3,829

Notes payables due to a related party
Notes payables due to Xinte Silicon for inventory purchase	—	419,500

Other payables due to a related party:
Other payables due to JinkoPower for payments on behalf of the Company	2,230	5,964

(1)	Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms.

(2)	On March 30, 2021, the Company signed an agreement to offset the debts and receivables between the Group and JinkoPower with the aggregate amount of RMB71 million.

Schedule of transactions with related parties

Transactions related parties for the year ended December 31, 2020, 2021 and 2022 were as follows (RMB in thousands):


	For the years ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Revenue from sales of products and providing services to related parties
Revenue from sales of products to Sweihan PV	51,202	—	—
Income of financing guarantees	14,688	6,364	—
Revenue from sales of products to JinkoPower	5,072	27,099	325,175
Income of project management provided to Sweihan PV	3,721	660	2,979
Rental services provided to JinkoPower	2,177	4,004	5,041

Service expenses and silicon procurement provided by related parties
Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng	27,485	5,310	—
Solar project management service provided by JinkoPower	9,443	8,753	7,133
Rental services provided by Jiangxi Desun	1,100	—	—
Electricity fee charged by JinkoPower	3,088	7,725	27,465
Other fees charged by JinkoPower	—	16	—
Silicon procurement from Xinte Silicon (Note 12)	—	—	824,785

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES.

Schedule of total future payments under these purchase agreements


Year ending December 31,		RMB
2023		6,357,915
2024		5,786,393
Thereafter		1,446,598
Total		13,590,906

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

Schedule of Investments Measured at Fair Value on Recurring Basis


	Fair Value Measurements at Reporting Date Using
		Quote prices in
	Balance as of	active market	Significant other	Significant
	December 31,	for identical	observable	unobservable
Description	2021	assets (Level 1)	inputs (Level 2)	inputs (Level 3)
Assets:
Foreign exchange forward contracts- receivable	73,532	—	73,532	—

Liabilities:
Convertible senior notes	1,098,736	—	—	1,098,736
Guarantee liabilities	12,142	—	—	12,142
Derivative liability interest rate swap	12,294	—	—	12,294
Foreign exchange options	2,659	—	—	2,659


	Fair Value Measurements at Reporting Date Using
		Quote prices in
	Balance as of	active market	Significant other	Significant
	December 31,	for identical	observable	unobservable
Description	2022	assets (Level 1)	inputs (Level 2)	inputs (Level 3)
Assets:
Foreign exchange forward contracts- receivable	119,625	—	119,625	—
Equity securities applying fair value option	178,871	—	178,871	—
Available-for-sale securities	104,499	—	—	104,499

Liabilities:
Convertible senior notes	1,070,699	—	—	1,070,699
Foreign exchange forward contracts- payable	59,911	—	59,911	—
Foreign exchange options	3,226	—	—	3,226

Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	728,216	1,831,612	1,098,736
Foreign exchange loss/(gain)	(38,360)	(8,560)	60,038
Change in fair value of convertible senior notes loss/(gain)	1,202,082	(327,762)	12,083
Change in the instrument-specific credit risk gain	(60,326)	(56,224)	(100,158)
Conversion of convertible senior notes	—	(340,330)	—
Balance on December 31,	1,831,612	1,098,736	1,070,699


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	294,178	756,929	—
Issuance of call options	—	—	—
Foreign exchange gain/(loss)	(13,539)	251	—
Change in fair value of call options gain/(loss)	476,290	(136,121)	—
Settlement of call options	—	(621,059)	—
Balance on December 31,	756,929	—	—


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	—	(12,924)	(2,659)
Addition of foreign exchange options	(9,316)	(8,544)	3,596
Change in fair value of foreign exchange options gain/(loss)	(3,608)	18,809	(4,163)
Balance on December 31,	(12,924)	(2,659)	(3,226)

Schedule of changes in Level 3 fair value of available-for-sale securities


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	—	—	—
Addition	—	—	100,000
Interest accrual	—	—	3,526
Change in fair value	—	—	973
Balance on December 31,	—	—	104,499

Schedule of Change in Fair Value of rate swap Derivatives


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	61,272	—	12,294
Change in fair value of interest rate swap	78,878	—	—
Change in fair value of interest rate swap cash flow hedges	—	12,294	—
Cash settlement	(140,150)	—	(12,294)
Balance on December 31,	—	12,294	—

Schedule of Change in Fair Value of Derivatives


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB
Balance on January 1,	72,019	57,332	12,142
Additions	—	—	—
Amortization	(14,687)	(6,365)	—
Cancellation	—	(38,825)	(12,142)
Balance on December 31,	57,332	12,142	—


	Foreign exchange forward		Type of derivatives
For the year ended	contracts		Convertible	Interest	Call	Foreign exchange	Equity securities
December 31,	Realized	Unrealized	senior notes	Rate swap	Option	Options	Applying fair value option	Total
In RMB
2020	61,380	129,806	(1,202,082)	(78,878)	476,290	(3,608)	—	(617,092)
2021	393,523	(104,643)	327,762	—	(136,121)	18,809	—	499,330
2022	(150,538)	(13,818)	(12,083)	—	—	(4,163)	101,871	(78,731)

Level 3 [Member]

FAIR VALUE MEASUREMENTS

Summary of significant unobservable inputs adopted in the valuation of Level 3 instruments


Unobservable inputs of convertible senior notes
Expected volatility	75.47	%
Risk free interest rate	4.6	%
Discount rate	29.23	%


Unobservable inputs of available-for-sale securities
Risk free interest rate		2.06% - 2.21%
Discount rate		5.37% - 5.78%


Unobservable inputs of foreign exchange option
Expected volatility	8.13% - 10.00	%
Risk free interest rate	1.09% - 2.03	%

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2022

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT

Schedule of condensed statements of operations


	For the year ended December 31
	2020	2021	2022
	RMB	RMB	RMB	USD
				(note 2 (al))
	(RMB in thousands)
Net revenue	—	—	—	—
Cost of revenues	—	—	—	—

Gross profit	—	—	—	—

Total operating income/(expenses)	1,227	(6,150)	(593,204)	(86,007)

Other income, net	5,064	1,737	—	—

Income/(loss) from operations	6,291	(4,413)	(593,204)	(86,007)

Share of income from subsidiaries and affiliates	1,015,006	512,873	1,264,720	183,368

Interest income/(expenses), net	8,596	36,613	(19,867)	(2,880)
Exchange loss	(73,716)	(14,085)	(18,586)	(2,694)
Change in fair value of convertible senior notes and call option	(725,792)	191,641	(12,083)	(1,752)
Income before income taxes	230,385	722,629	620,980	90,035
Income tax expenses	—	(1,611)	(474)	(69)
Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders	230,385	721,018	620,506	89,966

Schedule of condensed balance sheets


	December 31, 2021	December 31, 2022
	RMB	RMB	USD
			(note 2 (al))
	(RMB in thousands)
ASSETS
Current assets:
Cash and cash equivalent	34,767	492,440	71,397
Due from subsidiaries	2,532,984	728,019	105,553
Due from related parties	3,454	3,454	501
Other current assets	1,562	1,671	242
Total current assets	2,572,767	1,225,584	177,693
Investments in subsidiaries	9,781,036	16,189,323	2,347,231
Due from subsidiaries – non-current	1,262,124	—	—
Due from related parties - non current	3,292	—	—
Total assets	13,619,219	17,414,907	2,524,924

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Due to subsidiaries	1,445,183	—	—
Due to related parties	2,500	—	—
Other current liabilities	13,377	6,973	1,011
Total current liabilities	1,461,060	6,973	1,011
Due to related parties – non-current	9,642	—	—
Convertible senior notes	1,098,736	1,070,699	155,237
Total liabilities	2,569,438	1,077,672	156,248

Shareholders’ equity:
Ordinary shares (USD $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, 190,824,913 and 201,189,189 shares outstanding 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 loss	(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)
Retained earnings	5,629,377	6,249,883	906,148
Total shareholders’ equity	11,049,781	16,337,235	2,368,677

Total liabilities and shareholders’ equity	13,619,219	17,414,907	2,524,924

Schedule of condensed cash flows


	For the year ended December 31,
	2020	2021	2022
	RMB	RMB	RMB	USD
				(note 2 (al))
	(RMB in thousands)
Cash flows from operating activities:
Net income	230,385	721,018	620,506	89,966
Adjustments to reconcile net income to net cash used in operating activities:
Sharebase compensation charges	—	—	579,368	84,000
Change in fair value of convertible senior notes	1,202,082	(327,762)	12,083	1,752
Change in fair value of call option	(476,290)	136,121	—	—
Share of income from subsidiaries	(1,015,006)	(512,873)	(1,264,720)	(183,368)
Guarantee income	(5,064)	—	—	—
Exchange loss	73,716	14,085	18,586	2,694
Changes in operating assets and liabilities:
Decrease in due from subsidiaries	592,425	6,088	1,465,778	212,518
Decrease in due from a related party	—	—	3,292	477
(Increase)/decrease in other current assets	(9,437)	165	(1,279)	(186)
Decrease in other non-current assets	—	11,181	—	—
Decrease in due to subsidiaries	(658,106)	(117)	(1,445,183)	(209,532)
Decrease in due to a related party	—	—	(12,142)	(1,760)
Increase/(decrease) in other current liabilities	9,773	1,978	(6,403)	(928)
Net cash (used in)/provided by operating activities	(55,522)	49,884	(30,114)	(4,367)

Cash flows from investing activities:
Cash collection for loans from subsidiaries	—	—	735,673	106,662
Cash paid for loans to subsidiaries	—	(1,262,124)	(289,620)	(41,991)
Net cash used in investing activities	—	(1,262,124)	446,053	64,671

Cash flows from financing activities:
Proceeds from exercise of share options	114,758	10,185	5,024	729
Proceeds from exercise of call option	—	621,059	—	—
Proceeds from issuance of ordinary shares	—	641,065	—	—
Repurchase of shares	(29,294)	—	—	—
Net cash provided by financing activities	85,464	1,272,309	5,024	729

Effect of foreign exchange rate changes on cash and cash equivalents	(14,992)	(44,809)	36,710	5,323

Net increase in cash and cash equivalents	14,950	15,260	457,673	66,356
Cash and cash equivalents, beginning of year	4,557	19,507	34,767	5,041

Cash and cash equivalents, end of year	19,507	34,767	492,440	71,397

Supplemental disclosure of non-cash investing and financing cash flow information
Proceeds from exercise of share options received in subsequent period	9,143	1,169	—	—
Conversion of convertible senior notes to ordinary shares	—	340,330	—	—
Transfer receivable due from subsidiaries to investments in subsidiaries	—	—	1,160,000	168,184
Receivables related to At-The-Market offering	641,065	—	—	—

ORGANIZATION AND NATURE OF OPERATIONS (Details) ¥ in Thousands, $ in Millions	1 Months Ended		3 Months Ended							12 Months Ended
	Oct. 31, 2020 CNY (¥)	Oct. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 CNY (¥)	Sep. 30, 2018 CNY (¥)	Jun. 30, 2018 CNY (¥)	Dec. 31, 2016 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2022
ORGANIZATION AND NATURE OF OPERATIONS
Repurchase of non-controlling interest										¥ 286,686
Repurchase of non-controlling interest										286,687
Government Background Companies
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections			¥ 846,000
Outstanding consideration received												¥ 846,000
JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko")
ORGANIZATION AND NATURE OF OPERATIONS
Percentage of ownership												56.40%	45.90%
Repurchase of non-controlling interest										287,000
Repurchase of non-controlling interest										21,000
JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko") \| Government Background Companies
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections						¥ 517,000	¥ 517,000
JinkoSolar (Sichuan) Co., Ltd.
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections										200,000		¥ 800,000
Percentage of ownership													38.40%
Jinko Chuzhou
ORGANIZATION AND NATURE OF OPERATIONS
Percentage of ownership													32.20%
Jinko Chuzhou \| Government Background Companies
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections										300,000		550,000
Jinko Yiwu
ORGANIZATION AND NATURE OF OPERATIONS
Percentage of ownership													32.20%
Jinko Yiwu \| Government Background Companies
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections										365,000		400,000
Jinko ShangRao
ORGANIZATION AND NATURE OF OPERATIONS
Percentage of ownership													32.20%
Jinko ShangRao \| Government Background Companies
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections										¥ 1,902,000
Rui Xu Co., Ltd.
ORGANIZATION AND NATURE OF OPERATIONS
Capital injections					¥ 20,000
Jinko Huineng Technology Services Co., Ltd
ORGANIZATION AND NATURE OF OPERATIONS
Investments in subsidiaries			¥ 10,000	$ 2
Zhejiang Jinko Financial Leasing
ORGANIZATION AND NATURE OF OPERATIONS
Gain (Loss) on disposal								¥ 15,000	$ 2
Investments in subsidiaries								¥ 183,000	$ 26
Transaction amount collected											$ 42	¥ 128,000
JinkoSolar International Development Limited
ORGANIZATION AND NATURE OF OPERATIONS
Investments in subsidiaries	¥ 3,100,000	$ 461

ORGANIZATION AND NATURE OF OPERATIONS - Schedule of Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2019
JinkoSolar Investment Limited ("Paker")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Nov. 10, 2006
Percentage of ownership	100.00%
Jinko Solar Co., Ltd. ("Jiangxi Jinko")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 13, 2006
Percentage of ownership	58.60%
Zhejiang Jinko Solar Co., Ltd ("Zhejiang Jinko")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jun. 30, 2009
Percentage of ownership	58.60%
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 24, 2009
Percentage of ownership	58.60%
JinkoSolar GmbH ("Jinko GmbH")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Apr. 01, 2010
Percentage of ownership	58.60%
Zhejiang Jinko Solar Trading Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jun. 13, 2010
Percentage of ownership	58.60%
Xinjiang Jinko Solar Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	May 30, 2016
Percentage of ownership	58.60%
Yuhuan Jinko Solar Co., Ltd.("Yuhuan")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jul. 29, 2016
Percentage of ownership	58.60%
JinkoSolar (U.S.) Inc. ("Jinko US")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Aug. 19, 2010
Percentage of ownership	58.60%
Jiangxi Photovoltaic Materials Co., Ltd. ("Jiangxi Materials")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 01, 2010
Percentage of ownership	58.60%
JinkoSolar (Switzerland) AG ("Jinko Switzerland")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	May 03, 2011
Percentage of ownership	58.60%
JinkoSolar (US) Holdings Inc. ("Jinko US Holding")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jun. 07, 2011
Percentage of ownership	58.60%
JinkoSolar Italy S.R.L. ("Jinko Italy")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jul. 08, 2011
Percentage of ownership	58.60%
Jinko Solar Canada Co., Ltd ("Jinko Canada")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Nov. 18, 2011
Percentage of ownership	58.60%
Jinko Solar Australia Holdings Co. Pty Ltd ("Jinko Australia")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 07, 2011
Percentage of ownership	58.60%
Jinko Solar Japan K.K. ("JinkoSolar Japan")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	May 21, 2012
Percentage of ownership	58.60%
Jinko Solar (Shanghai) Management Co., Ltd
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jul. 25, 2012
Percentage of ownership	58.60%
Wide Wealth Group Holding Limited
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jun. 11, 2012
Percentage of ownership	100.00%
Canton Best Limited ("Canton Best BVI")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 16, 2013
Percentage of ownership	100.00%
Jinko Solar Technology SDN.BHD. ("JinkoSolar Malaysia")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jan. 21, 2015
Percentage of ownership	58.60%
JinkoSolar International Development Limited
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Aug. 28, 2015
Percentage of ownership	100.00%
JinkoSolar Middle East DMCC
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Nov. 06, 2016
Percentage of ownership	58.60%
JinkoSolar Trading Privated Limited
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Feb. 06, 2017
Percentage of ownership	58.60%
JinkoSolar LATAM Holding Limited
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Aug. 22, 2017
Percentage of ownership	100.00%
JinkoSolar U.S. Industrial Inc.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Nov. 16, 2017
Percentage of ownership	58.60%
JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 15, 2017
Percentage of ownership	45.90%	56.40%
Poyang Ruixin Information Technology Co Ltd
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 19, 2017
Percentage of ownership	58.60%
Jinko Solar Korea Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 03, 2018
Percentage of ownership	58.60%
JinkoSolar (Sichuan) Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Feb. 18, 2019
Percentage of ownership	38.40%
JinkoSolar (Qinghai) Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Apr. 03, 2019
Percentage of ownership	32.20%
Jinko Yiwu
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 19, 2019
Percentage of ownership	32.20%
Jinko PV Material Supply SDN. BHD
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 23, 2019
Percentage of ownership	58.60%
JinkoSolar Vietnam Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 26, 2019
Percentage of ownership	58.60%
Jinko Chuzhou
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 26, 2019
Percentage of ownership	32.20%
Rui Xu Co., Ltd. ("Rui Xu")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jul. 24, 2019
Percentage of ownership	35.20%
Zhejiang New Materials Co., Ltd. ("Zhejiang New Materials")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Mar. 24, 2020
Percentage of ownership	58.60%
Jinko ShangRao
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Apr. 17, 2020
Percentage of ownership	32.20%
Jinko Solar Denmark ApS
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	May 28, 2020
Percentage of ownership	58.60%
JinkoSolar Hong Kong Limited
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Aug. 17, 2020
Percentage of ownership	58.60%
Jinko Solar (Malaysia) SDN BHD
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Aug. 28, 2020
Percentage of ownership	58.60%
JinkoSolar (Chuxiong) Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 25, 2020
Percentage of ownership	58.60%
Yiwu New Materials Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Oct. 14, 2020
Percentage of ownership	58.60%
JinkoSolar (Yushan) Co., Ltd. ("Jinko Yushan")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 26, 2021
Percentage of ownership	46.90%
Fengcheng Jinko PV Materials Co., Ltd
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Aug. 11, 2021
Percentage of ownership	58.60%
JinkoSolar (Feidong) Co., Ltd. ("Jinko Feidong")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 23, 2021
Percentage of ownership	32.20%
JinkoSolar (Jinchang) Co., Ltd. ("Jinko Jinchang")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 24, 2021
Percentage of ownership	58.60%
JinkoSolar (Poyang) Co., Ltd. ("Jinko Poyang")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 01, 2021
Percentage of ownership	58.60%
Shangrao Changxin Enterprise Management Center LP.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Dec. 16, 2021
Percentage of ownership	100.00%
Shangrao Changxin No. 1 Enterprise Management Center LP.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Feb. 17, 2022
Percentage of ownership	100.00%
Shangrao Changxin No. 2 Enterprise Management Center LP.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Feb. 17, 2022
Percentage of ownership	100.00%
Shangrao Changxin No. 3 Enterprise Management Center LP.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jun. 15, 2022
Percentage of ownership	100.00%
Shangrao Changxin No. 5 Enterprise Management Center LP.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Jun. 15, 2022
Percentage of ownership	100.00%
Shangrao Changxin No. 6 Enterprise Management Center LP.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Oct. 25, 2022
Percentage of ownership	100.00%
Jiaxing Jinyue Phase I Venture Capital Partnership
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Apr. 26, 2022
Percentage of ownership	78.20%
Shangrao Jinko PV Manufacturing Co., Ltd
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	58.60%
Shangrao Guangxin Jinko PV Manufacturing Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Mar. 23, 2022
Percentage of ownership	58.60%
Jinko Energy Storage Technology Co., Ltd.
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership	58.60%
Jiangxi Jinko Energy Storage Co., Ltd
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	May 26, 2022
Percentage of ownership	58.60%
Jinko Solar (Vietnam) Industries Company Limited
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Mar. 29, 2021
Percentage of ownership	58.60%
JinkoSolar (Leshan) Co., Ltd. ("Jinko Leshan")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Apr. 25, 2021
Percentage of ownership	58.60%
JinkoSolar (Anhui) Co., Ltd. ("Jinko Anhui")
Subsidiary or Equity Method Investee [Line Items]
Date of Incorporation/Acquisition	Sep. 03, 2021
Percentage of ownership	32.20%

PRINCIPAL ACCOUNTING POLICIES - Additional Information (Details) ¥ in Thousands, $ in Thousands		9 Months Ended	12 Months Ended
	Jan. 01, 2018 USD ($)	Sep. 30, 2020 CNY (¥)	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Jan. 01, 2020 CNY (¥)
Foreign currency translation
Cash, cash equivalents, and restricted cash			¥ 14,243,000		¥ 16,672,000
Current expected credit losses
Retained earnings			6,249,883		5,629,377		$ 906,148
Expected credit loss provision, current			584,127		323,071
Expected credit loss provision, non-current assets					562
Expected credit loss provision			285,394	$ 41,378	82,427	¥ 14,086
Short-term and long-term advances to suppliers
Provision for advance to suppliers			0		0	0
Provision for loss on long-term contracts			¥ 0		0	0
Project assets
Project assets, useful life			20 years	20 years
Impairment					123,000	94,000
Depreciation expenses of project assets			¥ 0	$ 0	32,559	52,830
Interest Capitalization
Interest expenses			1,150,128		878,908	705,159
Interest and other income			¥ 589,000		214,000	217,000
Revenue recognition
Period of customers to make full payment			90 days	90 days
Period of customers to make payment after delivery			180 days	180 days
Retain percentage, minimum			5.00%	5.00%
Retain percentage, maximum			10.00%	10.00%
Retainage			¥ 23,000		24,000	27,000
Capitalized contract cost			¥ 0		0	0
Practical expedients and exemption			true	true
Number of operating segments \| segment			1	1
Warranty cost
Product defect, minimum warranty			5 years	5 years
Product defect, maximum warranty			10 years	10 years
Product decline, minimum warranty			10 years	10 years
Product decline, maximum warranty			25 years	25 years
Product decline, minimum percentage			10.00%	10.00%
Product decline, maximum percentage			20.00%	20.00%
Product failure rate over warranty period			1.00%	1.00%
Past years matching actual claims with expected estimates.			2 years	2 years
Warranty liability					104,000	124,000
Accrue (reversal) to selling and marketing expense			¥ 74,802		(103,788)	(123,942)
Warranty cost expenses			773,000		390,000	363,000
Utilization of warranty accruals			212,000		171,000	99,000
Amount compensated by the supplier		¥ 83,000
Uncertain tax positions			0		0
Government grants
Subsidy income			1,089,000	$ 157,953	465,685	191,981
Government grants related to assets			1,469,000		291,000	20,000
Deferred revenue			¥ 0		200,000		$ 0
Convenience translation
Exchange rate			6.8972				6.8972
ASC 606
Revenue recognition
Retainage			¥ 400		3,000	29,000
ASC 606 \| Adjustment
Revenue recognition
Retained earnings \| $	$ 0
ASU No. 2016-13
Current expected credit losses
Retained earnings								¥ 7,000
Allowance for accounts receivables-third parties								31,000
Allowance for accounts receivables- related parties								15,000
Allowance for other receivables and other current/non-current assets								9,000
Expected credit loss provision, current			600,000		331,000	324,000		307,000
Expected credit loss provision, non-current assets			2,000		4,000	2,000		¥ 5,000
Expected credit loss provision			285,000		82,000	14,000
Electricity
Cost of revenue
Cost of electricity sales			0		31,000	40,000
Shipping and Handling
Cost of revenue
Cost of electricity sales			5,161,000		2,048,000	1,631,000
Revenue from generated electricity
Project assets
Incidental revenue			¥ 47,000		0	8,000
Minimum
Revenue recognition
Percentage of domestic customers to make full payment			90.00%	90.00%
Retainage Period			1 year	1 year
Percentage of revenue recognized	90.00%
Maximum
Revenue recognition
Percentage of domestic customers to make full payment			95.00%	95.00%
Retainage Period			2 years	2 years
Percentage of revenue recognized	95.00%
Construction projects of continuing operation
Interest Capitalization
Interest capitalized			¥ 71,000		¥ 41,000	¥ 29,000
Buildings
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			20 years	20 years
Machinery and equipment \| Minimum
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			5 years	5 years
Machinery and equipment \| Maximum
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			10 years	10 years
Furniture, fixture and office equipment \| Minimum
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			3 years	3 years
Furniture, fixture and office equipment \| Maximum
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			5 years	5 years
Motor vehicles \| Minimum
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			4 years	4 years
Motor vehicles \| Maximum
Short-term and long-term advances to suppliers
Property, plant and equipment, estimated useful life			5 years	5 years
Land use rights
Interest Capitalization
Intangible asset, useful life, minimum			50 years	50 years
Intangible asset, useful life, maximum			70 years	70 years
Purchased software and trademark registration fees
Interest Capitalization
Intangible asset, useful life, minimum			5 years	5 years
Intangible asset, useful life, maximum			10 years	10 years

PRINCIPAL ACCOUNTING POLICIES - Schedule of Cash, cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
PRINCIPAL ACCOUNTING POLICIES
Cash and cash equivalents	¥ 10,243,500	$ 1,485,168	¥ 8,321,415
Restricted cash	1,027,454	148,967	602,044
Cash and cash equivalents included in held-for-sale assets			173,787
Total	¥ 11,270,954	$ 1,634,135	¥ 9,097,246	$ 1,318,977	¥ 8,074,772	¥ 6,273,958

PRINCIPAL ACCOUNTING POLICIES - Movement of accrued warranty cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACCOUNTING POLICIES
At beginning of year	¥ 1,007,805	¥ 892,131	¥ 751,440
Additions	773,498	390,238	363,159
Utilization	(212,130)	(170,776)	(98,526)
Accrue (reversal) to selling and marketing expense	74,802	(103,788)	(123,942)
At end of year	¥ 1,643,975	¥ 1,007,805	¥ 892,131

REVENUES - Schedule of revenues by product (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2022 CNY (¥) Plant	Mar. 31, 2020 CNY (¥) MWh Plant	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
REVENUES
Total revenues	¥ 31,000		¥ 83,127,296	$ 12,052,325	¥ 40,826,521	¥ 35,129,459
Agreement to sell number of solar power plants \| Plant		2
Number of solar power plants reclassified as assets/liabilities held for sale \| Plant	2
Sales of solar modules
REVENUES
Total revenues			80,224,354		37,737,383	32,556,394
Sales of solar projects
REVENUES
Total revenues		¥ 1,198,000	31,400		0	1,197,713
Quantity of solar modules sold \| MWh		155
Sales of silicon wafers
REVENUES
Total revenues			466,553		1,152,055	452,141
Sales of solar cells
REVENUES
Total revenues			1,024,114		606,582	344,510
Sales of other solar materials
REVENUES
Total revenues			1,380,875		1,043,760	478,184
Processing service fees
REVENUES
Total revenues			0		186,045	0
Revenue from generated electricity
REVENUES
Total revenues			0		100,696	100,517
Incidental revenue			¥ 47,000		¥ 0	¥ 8,000

REVENUES - Schedule of revenues by location (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
REVENUES
Total revenues	¥ 31,000	¥ 83,127,296	$ 12,052,325	¥ 40,826,521	¥ 35,129,459
China
REVENUES
Total revenues		34,839,410		10,134,888	6,370,975
North America
REVENUES
Total revenues		3,727,493		6,621,799	10,098,116
Europe
REVENUES
Total revenues		19,637,777		7,481,581	4,644,487
Asia Pacific
REVENUES
Total revenues		11,274,447		10,239,162	9,603,211
Rest of the world
REVENUES
Total revenues		¥ 13,648,169		¥ 6,349,091	¥ 4,412,670

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

INTEREST EXPENSES, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
INTEREST EXPENSES, NET
Interest expenses	¥ 1,150,128		¥ 878,908	¥ 705,159
Less: Interest capitalization	(70,719)		(40,588)	(29,307)
Less: Interest income	(588,706)	$ (85,354)	(214,291)	(216,618)
Total	¥ 490,703		¥ 624,029	¥ 459,234

OTHER INCOME, NET - Schedule Of Other Nonoperating Income Expense (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OTHER INCOME, NET
Guarantee income	¥ 0	¥ 6,365	¥ 14,687
Donations	(6,824)	(4,454)	(12,395)
Disposal of Tiansheng	¥ 12,474
Disposal of Tiansheng	Other Income Expense Net
Disposal of solar power project in Argentina	¥ 1,758
Others	(5,837)
Total	¥ 1,571	¥ 1,911	¥ 2,292
Minimum [Member]
OTHER INCOME, NET
liability term	1 year
Maximum [Member]
OTHER INCOME, NET
liability term	16 years

TAXATION (Details) ¥ in Thousands		12 Months Ended
TAXATION (Details) ¥ in Thousands	Jan. 01, 2008	Dec. 31, 2030	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2017	Dec. 31, 2019 CNY (¥)
TAXATION
Federal corporate income tax rate					25.00%	25.00%	25.00%
Deferred tax liabilities related to the cumulative undistributed earnings					¥ 52,173
Utilization and reversal of valuation allowances					111,296	¥ 8,390	¥ 44,896
Valuation allowance					¥ 243,141	¥ 217,124	¥ 136,847		¥ 144,317
Percentage of unrecognized deferred tax liability					10	10	10
Additional income tax deduction					¥ 107,000	¥ 74,000	¥ 83,000
Cayman Islands \| JinkoPower
TAXATION
Federal corporate income tax rate					10.00%
JAPAN
TAXATION
Federal corporate income tax rate					37.60%
SWITZERLAND
TAXATION
Federal corporate income tax rate					10.00%	9.57%	11.60%
GERMANY
TAXATION
Federal corporate income tax rate					33.00%
ITALY
TAXATION
Federal corporate income tax rate					27.90%
China
TAXATION
Federal corporate income tax rate	25.00%
Dividend distribution withholding tax					10.00%
Statutory reserves					¥ 6,635,000	¥ 4,928,000	¥ 3,879,000
Deferred tax liability reinvested earnings					¥ 663,000	¥ 493,000	¥ 388,000
China \| Enterprise in the Encouraged Industry \| Xinjiang Jinko Solar Co., Ltd. ("Xinjiang Jinko") [Member]
TAXATION
Reduced statutory rate					15.00%	15.00%
China \| High and New Technology Enterprise
TAXATION
Federal corporate income tax rate					15.00%
China \| Forecast \| Enterprise in the Encouraged Industry
TAXATION
Federal corporate income tax rate		15.00%
China \| Forecast \| High and New Technology Enterprise
TAXATION
Federal corporate income tax rate			15.00%	15.00%
China \| Forecast \| High and New Technology Enterprise \| Xinjiang Jinko Solar Co., Ltd. ("Xinjiang Jinko") [Member]
TAXATION
Federal corporate income tax rate		15.00%
HONG KONG
TAXATION
Federal corporate income tax rate					16.50%
Dividend distribution withholding tax					5.00%
HONG KONG \| Minimum [Member]
TAXATION
Federal corporate income tax rate					25.00%
PORTUGAL
TAXATION
Federal corporate income tax rate					22.50%
Denmark
TAXATION
Federal corporate income tax rate					22.00%
USA
TAXATION
Federal corporate income tax rate								21.00%
USA \| Minimum [Member]
TAXATION
Federal corporate income tax rate								0.75%
USA \| Maximum [Member]
TAXATION
Federal corporate income tax rate								9.99%
CANADA
TAXATION
Federal corporate income tax rate					15.00%
State/Province tax rate					12.00%
AUSTRALIA
TAXATION
Federal corporate income tax rate					30.00%
BRAZIL
TAXATION
Federal corporate income tax rate					34.00%
MEXICO
TAXATION
Federal corporate income tax rate					30.00%
Malaysia
TAXATION
Federal corporate income tax rate					24.00%
Income Tax Holiday, Description					a five year 100% tax exemption
Argentina
TAXATION
Federal corporate income tax rate					35.00%
Korea
TAXATION
Federal corporate income tax rate					10.00%	22.00%

TAXATION - Composition of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
TAXATION
Income/(loss) before income taxes	¥ 1,976,709	$ 286,596	¥ 1,089,903	¥ 566,372
Cayman Islands
TAXATION
Income/(loss) before income taxes	(639,136)		199,956	(784,811)
China
TAXATION
Income/(loss) before income taxes	2,743,467		1,120,667	444,368
Other countries
TAXATION
Income/(loss) before income taxes	¥ (127,622)		¥ (230,720)	¥ 906,815

TAXATION - Current and Deferred Income Taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
TAXATION
PRC	¥ (867,937)		¥ (280,877)	¥ 26,473
Other countries	(58,014)		(175,633)	(110,726)
Total current income tax expenses	(925,951)		(456,510)	(84,253)
PRC	457,266		77,741	(7,436)
Other countries	(136,593)		184,629	(86,722)
Total deferred tax (expenses)/benefits	320,673		262,370	(94,158)
Income tax expenses, net	¥ (605,278)	$ (87,757)	¥ (194,140)	¥ (178,411)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

TAXATION - Income Tax Rate Reconciliation (Details)	12 Months Ended
TAXATION - Income Tax Rate Reconciliation (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Statutory CIT rate	25.00%	25.00%	25.00%
-Share-based compensation expenses	3.20%	0.10%	0.10%
-Change in fair value of convertible senior notes and call options	0.20%	(4.40%)	32.00%
-Accrued payroll and welfare expenses	0.10%	0.10%	0.40%
-Change of enacted tax rate	1.60%	2.10%	(7.20%)
-Other non-deductible expenses including tax preferences	3.40%	(1.80%)	(6.60%)
Difference in tax rate of subsidiaries outside the PRC	3.90%	2.20%	(3.10%)
Effect of tax holiday for subsidiaries	(12.10%)	(12.90%)	(7.80%)
Change in valuation allowance	5.30%	7.40%	(1.30%)
Effective tax rate	30.60%	17.80%	31.50%

TAXATION - Aggregate Amount and Per Share Effect of Reduction of CIT (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
The aggregate amount of effect	¥ 239,268	¥ 140,235	¥ 44,191
Per share effect - basic	¥ 1.21	¥ 0.74	¥ 0.25
Per share effect - diluted	¥ 1.19	¥ 0.68	¥ 0.25

TAXATION - Deferred Tax Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
TAXATION
Net operating losses	¥ 529,522		¥ 473,367
Accrued warranty costs	373,064		216,938
Provision for inventories, accounts receivable, other receivable	230,019		101,595
Timing difference for subsidiary income	166,857		15,235
Other temporary differences	69,183		24,953
Impairment for property, plant and equipment and project assets	35,491		100,860
Total deferred tax assets	1,404,136		932,948
Less: Valuation allowance	(243,141)		(217,124)	¥ (136,847)	¥ (144,317)
Less: Deferred tax liabilities in the same tax jurisdiction	(456,751)		(344,057)
Deferred tax assets	704,244	$ 102,106	371,767
Timing difference for project assets, property, plant and equipment	(478,515)		(375,499)
Timing difference for refund of countervailing duties	(90,864)		(144,923)
Deferred tax liabilities related to cumulative distributable earnings in Jiangxi Jinko	(52,173)
Other temporary differences	(30,007)		(6,638)
Total deferred tax liabilities	(651,559)		(527,060)
Less: Deferred tax assets in the same tax jurisdiction	456,751		344,057
Deferred tax liabilities	¥ (194,808)	$ (28,245)	¥ (183,003)

TAXATION - Movement of Valuation Allowances (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
At beginning of year	¥ (217,124)	¥ (136,847)	¥ (144,317)
Current year additions	(216,260)	(88,667)	(37,426)
Utilization and reversal of valuation allowances	111,296	8,390	44,896
Decrease of valuation allowances related to the disposal of a subsidiary	78,947
At end of year	¥ (243,141)	¥ (217,124)	¥ (136,847)

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES - Schedule of accounts receivable (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
Accounts receivables - current	¥ 17,259,003		¥ 7,794,174
Allowance for credit losses - current	(584,127)		(323,071)
Accounts receivable, net - current	16,674,876	$ 2,417,630	7,471,103
Accounts receivables - non-current			28,186
Allowance for credit losses - non-current			(562)
Accounts receivable, net - non-current	0	$ 0	27,624
Amount of accounts receivable pledged as collateral for borrowings	¥ 1,006,000		¥ 726,000

ACCOUNTS RECEIVABLE, NET-THIRD PARTIES - Movement of Allowance for Doubtful Accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
Write off	¥ (18,459)	¥ (38,024)	¥ 0
Accounts receivables, current
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
At beginning of year	323,071	293,360	318,198
Addition	394,285	91,948	26,581
Reversal	(114,770)	(24,213)	(20,503)
At end of year	584,127	323,071	293,360
Accounts receivables, non current
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
At beginning of year	562	1,139	0
Addition		0	1,139
Reversal	(562)	(577)	0
At end of year		562	1,139
ASU No. 2016-13 \| Accounts receivables, current
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
At beginning of year		(30,916)
At end of year			(30,916)
ASU No. 2016-13 \| Accounts receivables, non current
ACCOUNTS RECEIVABLE, NET-THIRD PARTIES
At beginning of year	0	0
At end of year	¥ 0	¥ 0	¥ 0

NOTES RECEIVABLE, NET - THIRD PARTIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
NOTES RECEIVABLE, NET-THIRD PARTIES
Notes receivable	¥ 6,697,096		¥ 1,690,142
Provision for notes receivable	0		(1,040)	¥ (182)	¥ 0
Notes receivable, net	6,697,096	$ 970,988	1,689,102
Notes receivable pledged as collateral	¥ 1,481,000		¥ 885,000

NOTES RECEIVABLE, NET - THIRD PARTIES - (Schedule of Movement of Allowance for notes receivable) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NOTES RECEIVABLE, NET-THIRD PARTIES
At beginning of year	¥ 1,040	¥ 182	¥ 0
Addition	0	858	0
Reversal	(1,040)	0	(41)
At end of year	0	1,040	182
Impact of adopting ASC Topic 326
NOTES RECEIVABLE, NET-THIRD PARTIES
At beginning of year	0	223
At end of year	¥ 0	¥ 0	¥ 223

ADVANCES TO SUPPLIERS, NET - THIRD PARTIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES
Advances to suppliers - current	¥ 3,271,284	¥ 1,536,155		$ 474,292
Advances to suppliers - non-current	310,375	296,709		$ 45,000
Advances to suppliers, net	3,581,659	1,832,864
Provision for advance to suppliers	0	0	¥ 0
Wrote off balances of advances to suppliers	¥ 0	¥ 6,000	¥ 2,000

INVENTORIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
INVENTORIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
INVENTORIES.
Raw materials	¥ 5,499,573		¥ 3,761,045
Work-in-progress	3,237,480		2,623,044
Finished goods	8,713,231		6,868,263
Total	17,450,284		13,252,352		$ 2,530,053
Inventory provision	1,819,000	$ 263,754	823,273	¥ 270,893
Inventories with net book value	¥ 2,809,000		¥ 1,749,000

PREPAYMENTS AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Jan. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Oct. 31, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)
PREPAYMENTS AND OTHER CURRENT ASSETS
Prepaid insurance premium		¥ 111,537		¥ 114,088	¥ 111,537
Loan receivable		1,689,102		6,697,096	1,689,102	$ 970,988
Less: Allowance for credit losses		(5,521)		(8,118)	(5,521)
Total		¥ 2,435,057		¥ 3,290,903	¥ 2,435,057	$ 477,136
Term of loan agreement				1 year	1 year
Loan One
PREPAYMENTS AND OTHER CURRENT ASSETS
Interest-free half-year loan				¥ 23,000
Loan Agreement With Yushan Jinko [Member]
PREPAYMENTS AND OTHER CURRENT ASSETS
Term of loan agreement	6 years	6 years	6 years
Interest-free half-year loan	¥ 100,000	¥ 100,000	¥ 200,000		¥ 100,000
Foreign exchange option
PREPAYMENTS AND OTHER CURRENT ASSETS
Value-added tax deductible		1,705,159		1,374,909	1,705,159
Deposit for customer duty, bidding and others		142,442		181,371	142,442
Prepayment for income tax and deferred charges		129,931		233,744	129,931
Receivables related to disposal of land use rights and property, plant and equipment		111,804		378,900	111,804
Receivables related to discount from a supplier		110,050		324,002	110,050
Prepayment of electricity and others		91,334		153,021	91,334
Prepaid insurance premium		6,675		7,281	6,675
Employee advances		6,274		3,944	6,274
Refund receivable of U.S. countervailing duties and anti-dumping duties				480,535
Rental deposit and prepayment		3,606		1,643	3,606
Receivable of option exercised		1,169			1,169
Prepaid professional service fee		307			307
Loan receivable				23,459
Others		131,827		136,212	131,827
Less: Allowance for credit losses		(5,521)		(8,118)	(5,521)
Total		¥ 2,435,057		¥ 3,290,903	¥ 2,435,057
Maturity period of derivative				12 months

PREPAYMENTS AND OTHER CURRENT ASSETS - Activity in the allowance for credit losses (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Activity in the allowance for credit losses
At beginning of year	¥ 5,521
Addition	2,597
At end of year	8,118
Impact of adopting ASC Topic 326
Activity in the allowance for credit losses
At end of year	¥ 0

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES - Schedule of Long-term Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
-Debt investment
Available-for-sale securities	¥ 104,499	$ 15,151
-Equity investment
Investments accounted for under the equity method.	1,287,201		¥ 538,866
Equity securities without readily determinable fair values	245,000		95,000
Equity securities applying fair value option	178,871
Subtotal	1,711,072	$ 248,083	633,866
Total	¥ 1,815,571		¥ 633,866

INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES (Details) ¥ in Thousands, $ in Thousands		1 Months Ended								12 Months Ended
	Jun. 09, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Nov. 30, 2022 CNY (¥) item	Jul. 31, 2022 CNY (¥)	May 31, 2022 CNY (¥)	Jan. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Oct. 31, 2021 CNY (¥)	Apr. 30, 2019 CNY (¥)	Dec. 31, 2022 CNY (¥) MWh	Dec. 31, 2022 USD ($) MWh	Dec. 31, 2021 CNY (¥) MWh	Dec. 31, 2020 CNY (¥) MWh	Jun. 18, 2021	Mar. 30, 2017	Mar. 03, 2017	Feb. 26, 2017
LONG-TERM INVESTMENTS
Acquisitions of businesses and investments, net of cash acquired										¥ 91,334	$ 13,242		¥ (48,078)
Equity method investment, unrealized intercompany profit (loss) eliminated, amount										(1,000)		¥ (1,000)	200
Payments for other fees												5,310	27,485
Cash dividend										0
Equity method investments		¥ 1,287,201					¥ 538,866			1,287,201		538,866
Equity securities without readily determinable fair values		245,000					95,000			245,000		95,000
Capital injection in cash												315,000
Revenues		¥ 31,000								83,127,296	12,052,325	40,826,521	35,129,459
Equity in (loss)/income of affiliated companies										193,708	28,085	59,809	(52,706)
Gain on disposal of subsidiaries										¥ 14,232	$ 2,063	0	0
Term of puttable bond		2 years			2 years					2 years
Aggregated principal					¥ 100,000
Annual interest					5.50%
Unrealized gain										¥ 1,000
Xinte Silicon
LONG-TERM INVESTMENTS
Ownership percentage														9.00%
Investments in subsidiaries		¥ 534,000								534,000
Equity in (loss)/income of affiliated companies										219,000		(3)
Shenzhen Laplace Energy Technology Co., Ltd
LONG-TERM INVESTMENTS
Capital injection in cash								¥ 65,000
Ownership percentage								2.88%
Ningxia Xiaoniu Automation Equipment Co., Ltd
LONG-TERM INVESTMENTS
Capital injection in cash							¥ 30,000
SweihanSolar Holding Company Limited
LONG-TERM INVESTMENTS
Equity interests owned																50.00%	40.00%
Cash dividend												¥ 23,000	¥ 16,000
Jiangsu JinkoTiansheng Co Ltd
LONG-TERM INVESTMENTS
Equity interests owned															30.00%
Gain from disposal of the equity interest						¥ 13,000
Ningxia Xiaoniu Automation Equipment Co., Ltd
LONG-TERM INVESTMENTS
Equity interests owned							0.9375%					0.9375%
SSHC
LONG-TERM INVESTMENTS
Equity method investments		¥ 144,000					¥ 224,000			144,000		¥ 224,000
Decrease in investment						¥ 94,000
Xinte Silicon
LONG-TERM INVESTMENTS
Purchases from related party										825,000		0
Profit due to elimination of transactions										¥ 37,000		0
Xinte Silicon \| Xinte Silicon
LONG-TERM INVESTMENTS
Investments in subsidiaries							315,000					¥ 315,000
Sichuan Yongxiang Technology Co., Ltd.
LONG-TERM INVESTMENTS
Equity interests owned		15.00%								15.00%
Equity method investments		¥ 449,000								¥ 449,000
Capital injection in cash										450,000
Equity in (loss)/income of affiliated companies										1,000
Shangrao Jinko Green Energy Technology Development Co., Ltd
LONG-TERM INVESTMENTS
Equity interests owned				33.33%
Equity method investments		¥ 160,000								160,000
Capital injection in cash				¥ 50,000
Additional capital injections in cash			¥ 115,000
Equity in (loss)/income of affiliated companies										¥ 4,000
Number of third-party investors made capital injections \| item			2
Gain on disposal of subsidiaries				¥ 2,000
Shangrao Jinko Green Energy Technology Development Co., Ltd \| Third party investors
LONG-TERM INVESTMENTS
Capital injection in cash			¥ 330,000
Shangrao Jinko Green Energy Technology Development Co., Ltd \| Third party investor, one
LONG-TERM INVESTMENTS
Capital injection in cash			¥ 165,000
Aiswei Technology Co., Ltd
LONG-TERM INVESTMENTS
Equity interests owned			2.9126%
Capital injection in cash			¥ 150,000
Zhejiang Xiangbang Technology Co., Ltd .
LONG-TERM INVESTMENTS
Equity interests owned	2.98%
Capital injection in cash	¥ 77,000
Unrealized gain on equity securities	¥ 102,000
Jinko Power Co Ltd
LONG-TERM INVESTMENTS
Capital injection to SSHC									¥ 295,000
Quantity of solar modules sold \| MWh										0	0	0	32.2
Revenues										¥ 0		¥ 0	¥ 51,000
Equity in (loss)/income of affiliated companies										14,000		(62,000)	(10,000)
Jinko-Tiansheng
LONG-TERM INVESTMENTS
Equity method investment, unrealized intercompany profit (loss) eliminated, amount										0		(4,000)	3,000
Payments for other fees										0		5,000	27,000
Equity method investments							¥ 3,000					3,000	9,000
Equity in (loss)/income of affiliated companies										¥ 0		¥ 7,000	¥ 2,000

PROPERTY, PLANT AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
PROPERTY, PLANT AND EQUIPMENT, NET
Property and equipment	¥ 37,201,495		¥ 22,555,166
Less: Accumulated depreciation	(6,462,379)		(5,232,342)
Subtotal	30,739,116		17,322,824
Construction in progress	1,550,972		2,647,070
Property, plant and equipment, net	32,290,088		19,969,894		$ 4,681,623
Depreciation of property, plant and equipment	2,585,000	$ 374,792	1,603,786	¥ 1,160,851
Receivables related to disposal of certain equipment	1,118,000		390,000	610,000
Gain (loss) on disposition of property plant equipment	(249,000)	$ (36,029)	(350,336)	(428,115)
Property, plant and equipment impairment	374,000		150,000	¥ 20,000
Property, plant and equipment pledged as collateral for borrowings	5,210,000		4,115,000
Bank acceptance notes
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment pledged as collateral for issuance of bank acceptance notes	0		105,000
Buildings
PROPERTY, PLANT AND EQUIPMENT, NET
Property and equipment	12,655,905		6,875,072
Machinery and equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property and equipment	22,435,247		14,199,961
Motor vehicles
PROPERTY, PLANT AND EQUIPMENT, NET
Property and equipment	114,936		71,837
Furniture, fixture and office equipment
PROPERTY, PLANT AND EQUIPMENT, NET
Property and equipment	¥ 1,995,407		¥ 1,408,296

LAND USE RIGHTS, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
LAND USE RIGHTS, NET
Land use rights	¥ 1,535,556		¥ 1,196,668
Less: accumulated amortization	(104,132)		(106,611)
Land use rights, net	1,431,424		1,090,057		$ 207,537
Amortization of land use rights	27,000	$ 3,966	18,031	¥ 12,379
Estimated future amortization expense	30,000
Land use rights pledged	¥ 169,000		110,000
Minimum [Member]
LAND USE RIGHTS, NET
Period of land use rights	50 years	50 years
Maximum [Member]
LAND USE RIGHTS, NET
Period of land use rights	70 years	70 years
Bank acceptance notes
LAND USE RIGHTS, NET
Land use rights pledged	¥ 0		¥ 15,000

INTANGIBLE ASSETS, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
INTANGIBLE ASSETS, NET
Less: accumulated amortization	¥ (56,848)		¥ (40,809)
Intangible assets, net	79,600		55,484		$ 11,541
Amortization of intangible assets	17,000	$ 2,512	11,904	¥ 10,177
Trademark
INTANGIBLE ASSETS, NET
Intangible assets, gross	1,230		1,581
Computer software
INTANGIBLE ASSETS, NET
Intangible assets, gross	¥ 135,218		¥ 94,712

OTHER ASSETS - THIRD PARTIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
OTHER ASSETS - THIRD PARTIES
Prepayments for purchase of property, plant and equipment	¥ 1,162,351		¥ 1,859,173
Refund receivable of U.S. countervailing duties and anti-dumping duties			580,058
Deposit for rent and others	131,611		175,297
Prepayment for warranty insurance premium	114,088		111,537
Prepayment of income tax attributable to intercompany transactions	15,474		16,159
Less: Allowance for credit losses	(1,855)		(3,064)
Total	¥ 1,421,669	$ 206,123	¥ 2,739,160

OTHER ASSETS - THIRD PARTIES - Additional (Details) ¥ in Thousands, $ in Thousands	1 Months Ended
	Jan. 31, 2023 CNY (¥)	Jan. 31, 2023 USD ($)	Nov. 30, 2022 CNY (¥)	Nov. 30, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	May 31, 2022 CNY (¥)	May 31, 2022 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 CNY (¥)	Dec. 31, 2019 USD ($)	Dec. 31, 2017 CNY (¥)	Jan. 01, 2017 USD ($)	Dec. 31, 2016	Jan. 01, 2016	Dec. 31, 2015 CNY (¥)	Dec. 31, 2015 USD ($)	Jan. 01, 2015
OTHER ASSETS - THIRD PARTIES
Counter veiling duty percentage					11.97%	11.97%	5.86%	5.86%	4.22%	4.22%			20.94%	12.67%	20.94%	12.70%	20.94%	20.94%	10.64%
Reversal of refundable deposits					¥ 230	$ 40	¥ 226,000	$ 33,000	¥ 164,000	$ 25,000	¥ 260,000	$ 37,000	¥ 3,000	$ 400			¥ 210,000	$ 31,000
Refunds received from the U.S. customs			¥ 499,000	$ 69,000
Refund received, principal amount			400,000	56,000
Refund received, interest amount			¥ 100,000	$ 14,000
Subsequent Event
OTHER ASSETS - THIRD PARTIES
Refunds received from the U.S. customs	¥ 593,000	$ 87,000
Refund received, principal amount	477,000	70,000
Refund received, interest amount	¥ 116,000	$ 17,000

OTHER ASSETS - THIRD PARTIES - Summary of activity in allowance for credit losses related to deposits (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
OTHER ASSETS - THIRD PARTIES
At beginning of year	¥ 3,064
Reversal	(1,209)
At end of year	¥ 1,855

OTHER PAYABLES AND ACCRUALS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
OTHER PAYABLES AND ACCRUALS
Payables for purchase of property, plant and equipment	¥ 6,412,134		¥ 3,073,625
Freight payables	1,359,813		858,027
Accrued utilities, rentals and interest	629,977		424,436
Customs duties	147,759		157,655
Accrued warranty cost	221,699		149,164
Value-added tax and other tax payables	329,078		74,784
Commission payables	13,587		24,861
Contracted labor fees	20,015		24,392
Accrued professional service fees	34,110		19,739
Insurance premium payables	1,853		6,839
Others	44,359		30,562
Total	¥ 9,214,384	$ 1,335,961	¥ 4,844,084

BORROWINGS - Short-term borrowings (Details) - CNY (¥)
¥ in Thousands

Dec. 31, 2022

Dec. 31, 2021

BORROWINGS

Short-term borrowings

¥ 10,316,714

¥ 11,967,827

Long-term borrowings-current portion

2,102,456

1,371,540

Total short-term borrowings

¥ 12,419,170

^[1]

¥ 13,339,367

[1]

BORROWINGS - Type of short-term (Details) - CNY (¥)
¥ in Thousands

Dec. 31, 2022

Dec. 31, 2021

BORROWINGS

Short-term borrowings

¥ 12,419,170

^[1]

¥ 13,339,367

Credit Loans

BORROWINGS

Short-term borrowings

^[2]

4,055,137

Letter of Credit

BORROWINGS

Short-term borrowings

^[2]

2,792,460

Guaranteed by JinkoSolar Holding

BORROWINGS

Short-term borrowings

^[3]

256,313

Guaranteed by Jinkosolar Holding and Shareholders of the Group

BORROWINGS

Short-term borrowings

^[4]

167,000

Guaranteed by Jiangxi Jinko and certain shareholders of the Group

BORROWINGS

Short-term borrowings

^[3]

50,000

Guaranteed by Jiangxi Jinko

BORROWINGS

Short-term borrowings

1,942,835

Guaranteed by Zhejiang Jinko

BORROWINGS

Short-term borrowings

1,329,716

Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch

BORROWINGS

Short-term borrowings

^[3]

20,197

Guaranteed by China Export & Credit Insurance Corporation

BORROWINGS

Short-term borrowings

25,312

Financings associated with failed sale lease back transactions

BORROWINGS

Short-term borrowings

^[5]

1,132,645

Guaranteed and collateralized on buildings, equipment and other assets of the Group and shareholders of the Group

BORROWINGS

Short-term borrowings

¥ 647,555

[1]	RMB120 million collateralized on the account receivables and inventories of the Group, RMB528 million collateralized on the Group’s certain building and equipment, including RMB329 million which were also collateralized on the Group’s certain land use rights, RMB95 million were also collateralized on the Group’s certain land use rights and inventories.
[2]	As of December 31, 2022, the Group had short-term bank borrowings of RMB4,055 million credit loans, and RMB2,792 million letter of credit loans. The remaining short-term bank borrowings of RMB4,439 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following:
[3]	Borrowings of RMB256 million guaranteed by JinkoSolar Holding, RMB167 million guaranteed by JinkoSolar Holding and certain shareholders of the Group, RMB50 million
[4]	Borrowings of RMB256 million guaranteed by JinkoSolar Holding, RMB167 million guaranteed by JinkoSolar Holding and certain shareholders of the Group, RMB50 million guaranteed by Jiangxi Jinko and certain shareholders of the Group, RMB1,943 million guaranteed by Jiangxi Jinko, RMB1,330 million guaranteed by Zhejiang Jinko, RMB20 million guranteed by Agricultural Bank of China Shangrao Guangxin Branch, and RMB25 million guranteed by China Export & Credit Insurance Corporation, respectively.
[5]	As of December 31, 2022, the Group recorded financings associated with failed sale-lease back transactions with the amount of RMB1,463 million under long-term borrowings, and RMB1,133 million as current portion (Note 18).

BORROWINGS - Short-term narrative (Details) - CNY (¥)
¥ in Thousands

Dec. 31, 2022

Dec. 31, 2021

BORROWINGS

Short-term loans interest rate

3.10%

3.28%

Short-term borrowings

¥ 12,419,170

^[1]

¥ 13,339,367

Amount of short-term bank borrowings guaranteed or collateralized

4,439,000

Long-term borrowings-current portion

2,102,456

1,371,540

Trade Accounts Receivable

BORROWINGS

Pledged assets separately reported, other assets pledged as collateral, at fair value

1,006,000

Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch

BORROWINGS

Short-term borrowings

^[2]

20,197

Guaranteed by China Export & Credit Insurance Corporation

BORROWINGS

Short-term borrowings

25,312

Financings associated with failed sale lease back transactions

BORROWINGS

Long-term borrowings-current portion

1,463,000

Current portion of debt

1,132,645

¥ 1,272,284

Loans denominated and repayable in EURO

BORROWINGS

Short-term borrowings

2,186,000

Loans denominated and repayable in USD

BORROWINGS

Short-term borrowings

1,002,000

Loans denominated and repayable in JPY

BORROWINGS

Short-term borrowings

120,000

Land Use Rights

BORROWINGS

Pledged assets separately reported, other assets pledged as collateral, at fair value

169,000

Land Use Rights | Loan Six | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

95,000

Buildings

BORROWINGS

Pledged assets separately reported, other assets pledged as collateral, at fair value

1,102,000

Equipment

BORROWINGS

Pledged assets separately reported, other assets pledged as collateral, at fair value

4,108,000

Inventories

BORROWINGS

Pledged assets separately reported, other assets pledged as collateral, at fair value

2,809,000

Inventories | Loan Three | Collateral Pledged.

BORROWINGS

Short-term borrowings

120,000

Inventories | Loan Four | Guaranteed by affiliate | Trade Accounts Receivable

BORROWINGS

Short-term borrowings

528,000

Building and Equipment | Loan Five | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

329,000

JinkoSolar Holding | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

256,000

JinkoSolar Holding | Loan Seven | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

120,000

Jinkosolar Holding and Shareholders | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

167,000

Jiangxi Jinko | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

50,000

Jiangxi Jinko | Loan Seven | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

288,000

Guaranteed by Jiangxi Jinko | Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch

BORROWINGS

Short-term borrowings

1,943,000

Zhejiang Jinko | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

1,330,000

JinkoSolar Holding and Zhejiang Jinko | Loan Seven | Guaranteed by affiliate

BORROWINGS

Short-term borrowings

100,000

Credit Loans

BORROWINGS

Short-term borrowings

^[3]

4,055,137

Letter of Credit

BORROWINGS

Short-term borrowings

^[3]

¥ 2,792,460

[1]	RMB120 million collateralized on the account receivables and inventories of the Group, RMB528 million collateralized on the Group’s certain building and equipment, including RMB329 million which were also collateralized on the Group’s certain land use rights, RMB95 million were also collateralized on the Group’s certain land use rights and inventories.
[2]	Borrowings of RMB256 million guaranteed by JinkoSolar Holding, RMB167 million guaranteed by JinkoSolar Holding and certain shareholders of the Group, RMB50 million
[3]	As of December 31, 2022, the Group had short-term bank borrowings of RMB4,055 million credit loans, and RMB2,792 million letter of credit loans. The remaining short-term bank borrowings of RMB4,439 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following:

BORROWINGS - Long-term (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
BORROWINGS
Long-term bank borrowings	¥ 3,329,075		¥ 590,013
Long-term financings associated with failed sale-leaseback transactions	15,125,251
Less: Current portion of long-term borrowings	(969,811)		(99,256)
Total long-term borrowings	13,022,795	$ 1,888,128	9,896,455
Financings associated with failed sale lease back transactions
BORROWINGS
Long-term financings associated with failed sale-leaseback transactions	2,595,686		2,756,452
Less: Current portion of financings associated with failed sale-leaseback transactions	(1,132,645)		(1,272,284)
Other Long Term Debt [Member]
BORROWINGS
Long-term financings associated with failed sale-leaseback transactions	¥ 9,200,490		¥ 7,921,530

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

BORROWINGS - Long-term future principal repayments (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
BORROWINGS
2023	¥ 3,862,228
2024	2,875,790
2025	5,085,899
2026	2,110,558
2027	625,033
Thereafter	565,743
Total	¥ 15,125,251

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

BORROWINGS - Long-term narrative (Details)
¥ in Thousands, € in Millions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 31, 2022

CNY (¥)

Jan. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Oct. 31, 2021

CNY (¥)

Sep. 30, 2021

CNY (¥)

Jul. 31, 2021

CNY (¥)

Aug. 31, 2020

Jul. 31, 2020

CNY (¥)

Apr. 30, 2020

CNY (¥)

Dec. 31, 2020

CNY (¥)

Sep. 30, 2020

CNY (¥)

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2023

CNY (¥)

Jun. 30, 2023

CNY (¥)

Dec. 31, 2022

EUR (€)

BORROWINGS

Term of loan agreement

1 year

Long-term financings associated with failed sale-leaseback transactions

¥ 15,125,251

Loans payable to bank

¥ 590,013

3,329,075

¥ 590,013

Loans payable to bank, current

99,256

969,811

99,256

Short-term borrowings

13,339,367

12,419,170

^[1]

13,339,367

Government Background Companies

BORROWINGS

Capital injections

¥ 846,000

Jinko Chuzhou

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 100,000

¥ 150,000

Interest rate

4.35%

Long-term financings associated with failed sale-leaseback transactions

1,633,000

Net book value collateralized

1,025,000

701,000

1,025,000

Ownership interest held

45.00%

Fixed annual return (as a percent)

4.35%

Equity interest that will be repurchased (as a percent)

45.00%

Noncontrolling interest derecognized

¥ 859,000

New loan liabilities at fair value

846,000

Jinko Yiwu

BORROWINGS

Long-term financings associated with failed sale-leaseback transactions

757,000

754,000

¥ 757,000

Fixed annual return (as a percent)

6.00%

Equity interest that will be repurchased (as a percent)

45.00%

Noncontrolling interest derecognized

779,000

New loan liabilities at fair value

¥ 818,000

Jinko Yiwu | Government Background Companies

BORROWINGS

Capital injections

¥ 765,000

Jinko ShangRao | Government Background Companies

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

98,000

¥ 98,000

Interest rate

10.00%

Net book value collateralized

¥ 2,017,000

¥ 2,059,000

¥ 2,017,000

Carrying value of the loan

Capital injections

¥ 50,000

¥ 150,000

¥ 4,500,000

Fixed annual return (as a percent)

4.90%

5.18%

4.90%

Long term Borrowings With Embedded Warrants

BORROWINGS

Long-term financings associated with failed sale-leaseback transactions

1,099,000

Financings associated with failed sale lease back transactions

BORROWINGS

Long-term financings associated with failed sale-leaseback transactions

¥ 2,756,452

2,595,686

¥ 2,756,452

Current portion of debt

1,272,284

1,132,645

1,272,284

Carrying amount of solar project sold

2,630,000

1,761,000

2,630,000

Cash consideration received on sale of solar project

1,768,000

¥ 3,334,000

Financings associated with failed sale lease back transactions | Minimum

BORROWINGS

Lease term

1 year

Financings associated with failed sale lease back transactions | Maximum

BORROWINGS

Lease term

6 years

Loan agreement with The Export-Import Bank of China [Member]

BORROWINGS

Interest-free half-year loan | €

€ 28

Other long term borrowings

BORROWINGS

Long-term financings associated with failed sale-leaseback transactions

7,921,530

9,200,490

¥ 7,921,530

Rui Xu's Loan Agreement With Government Background Company

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 20,000

Interest rate

5.05%

Net book value collateralized

40,000

Loan Agreement With Ping An International Financial Leasing Co., Ltd

BORROWINGS

Term of loan agreement

2 years

Interest-free half-year loan

¥ 49,263,000

Loan Agreement with Deutsche Bank Co.,LTD

BORROWINGS

Term of loan agreement

3 years

Loan Agreement With Haining Jinko

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 1,000,000

¥ 690,000

Interest rate

5.06%

10.00%

Net book value collateralized

690,000

¥ 591,000

¥ 690,000

Loan Agreement With Anhui Jinko

BORROWINGS

Term of loan agreement

6 years

Interest-free half-year loan

¥ 455,000

Interest rate

5.58%

Long-term financings associated with failed sale-leaseback transactions

¥ 215,000

Net book value collateralized

¥ 434,000

465,000

434,000

Loan Agreement With Yushan Jinko

BORROWINGS

Term of loan agreement

6 years

Interest-free half-year loan

¥ 100,000

¥ 200,000

¥ 100,000

Interest rate

4.90%

Long-term financings associated with failed sale-leaseback transactions

100,000

Net book value collateralized

¥ 287,000

¥ 278,000

¥ 287,000

5-year loan agreements with Industrial Bank Co.,LTD

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 190,000

Interest rate

4.30%

Long-term financings associated with failed sale-leaseback transactions

¥ 138,000

Balance due on first year

5,000

¥ 26,000

Balance due on second year

18,000

5-year loan agreements with Industrial Bank Co.,LTD, one

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 100,000

¥ 25,000

¥ 100,000

Interest rate

5.30%

4.80%

5.30%

4.80%

Long-term financings associated with failed sale-leaseback transactions

¥ 119,000

¥ 81,000

¥ 119,000

5-year loan agreements with Industrial Bank Co.,LTD, two

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 19,000

¥ 92,000

¥ 19,000

Interest rate

5.30%

4.60%

5.30%

4.60%

Long-term financings associated with failed sale-leaseback transactions

¥ 190,000

5-year loan agreements with Industrial Bank Co.,LTD, three

BORROWINGS

Interest-free half-year loan

¥ 21,000

Interest rate

4.60%

3-year loan agreement with Industrial Bank Co. Ltd

BORROWINGS

Term of loan agreement

3 years

Interest rate

4.10%

Long-term financings associated with failed sale-leaseback transactions

¥ 149,000

Revolving loan facility

BORROWINGS

Long-term financings associated with failed sale-leaseback transactions

397,000

Balance due on first year

27,000

¥ 27,000

Maximum aggregate principal amount

2,400,000

Amount drew down

¥ 397,000

3-year loan agreement with Bank of Shanghai Co.,Ltd

BORROWINGS

Term of loan agreement

3 years

Interest-free half-year loan

¥ 100,000

Interest rate

3.65%

Long-term financings associated with failed sale-leaseback transactions

¥ 100,000

Net book value collateralized

¥ 10,000

3-year loan agreement with China Construction Bank

BORROWINGS

Term of loan agreement

3 years

Interest-free half-year loan

¥ 80,000

Interest rate

4.10%

3-year loan agreement with Industrial Bank Co.,LTD

BORROWINGS

Term of loan agreement

3 years

Interest-free half-year loan

¥ 150,000

Interest rate

4.10%

Long-term financings associated with failed sale-leaseback transactions

¥ 400,000

Balance due on first year

3-year loan agreement with Industrial Bank Co.,LTD | Land Use Rights

BORROWINGS

Net book value collateralized

38,000

3-year loan agreement with Industrial Bank Co.,LTD | Buildings

BORROWINGS

Net book value collateralized

366,000

3-year loan agreement with Industrial Bank Co.,LTD, one

BORROWINGS

Interest-free half-year loan

100,000

3-year loan agreement with Industrial Bank Co.,LTD, two

BORROWINGS

Interest-free half-year loan

100,000

3-year loan agreement with Industrial Bank Co.,LTD, three

BORROWINGS

Interest-free half-year loan

¥ 200,000

3-year loan agreement with China Everbright Bank

BORROWINGS

Term of loan agreement

3 years

Interest-free half-year loan

¥ 50,000

Interest rate

3.65%

Long-term financings associated with failed sale-leaseback transactions

¥ 50,000

Balance due on first year

¥ 500

3-year loan agreement with Hua Xia Bank

BORROWINGS

Term of loan agreement

3 years

Interest-free half-year loan

¥ 70,000

Interest rate

3.40%

Long-term financings associated with failed sale-leaseback transactions

¥ 70,000

Balance due on first year

¥ 10,000

5-year loan agreement with Fudian Bank

BORROWINGS

Term of loan agreement

5 years

Interest-free half-year loan

¥ 17,000

Interest rate

5.10%

Long-term financings associated with failed sale-leaseback transactions

¥ 16,000

Balance due on first year

¥ 3,000

2-year loan agreement with China Everbright Bank

BORROWINGS

Term of loan agreement

2 years

Interest-free half-year loan

¥ 50,000

Interest rate

3.50%

4-year loan agreement with China CITIC Bank

BORROWINGS

Term of loan agreement

4 years

Interest-free half-year loan

¥ 164,000

Interest rate

3.65%

Long-term financings associated with failed sale-leaseback transactions

¥ 160,000

Balance due on first year

¥ 4,000

[1]

BORROWINGS - Other long-term borrowings (Details) ¥ in Thousands, € in Millions, $ in Millions	1 Months Ended											3 Months Ended			9 Months Ended	12 Months Ended
	Aug. 31, 2022 CNY (¥)	Jul. 31, 2022 CNY (¥)	Jan. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Oct. 31, 2021 CNY (¥)	Sep. 30, 2021 CNY (¥)	Jul. 31, 2021 CNY (¥)	Oct. 31, 2020 CNY (¥)	Aug. 31, 2020	Jul. 31, 2020 CNY (¥)	Apr. 30, 2020 CNY (¥)	Dec. 31, 2020 CNY (¥)	Sep. 30, 2018 CNY (¥)	Jun. 30, 2018 CNY (¥)	Sep. 30, 2020 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
BORROWINGS
Term of loan agreement																1 year	1 year
Long-term Debt																¥ 15,125,251
JinkoSolar (Sichuan) Co., Ltd.
BORROWINGS
Fixed annual return (as a percent)								6.00%
Noncontrolling interest derecognized															¥ 997,000
New loan liabilities at fair value								¥ 1,114,000
Long-term Debt				¥ 1,560,000													¥ 1,560,000
JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko")
BORROWINGS
Noncontrolling interest derecognized																1,164,000
New loan liabilities at fair value															1,193,000
Long-term Debt				1,096,000													1,096,000
JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko") \| Minimum
BORROWINGS
Fixed annual return (as a percent)												4.75%
JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko") \| Maximum
BORROWINGS
Fixed annual return (as a percent)												5.23%
Jinko Yiwu
BORROWINGS
Fixed annual return (as a percent)									6.00%
Equity interest that will be repurchased (as a percent)									45.00%
Noncontrolling interest derecognized															779,000
New loan liabilities at fair value															818,000
Long-term Debt				757,000												754,000	757,000
Jinko Chuzhou
BORROWINGS
Fixed annual return (as a percent)									4.35%
Equity interest that will be repurchased (as a percent)									45.00%
Ownership interest held											45.00%
Noncontrolling interest derecognized															859,000
New loan liabilities at fair value															¥ 846,000
Term of loan agreement						5 years	5 years
Interest-free half-year loan						¥ 100,000	¥ 150,000
Interest rate						4.35%	4.35%
Net book value collateralized				¥ 1,025,000												701,000	1,025,000
Long-term Debt																1,633,000
Loan Agreement With Yushan Jinko
BORROWINGS
Term of loan agreement			6 years	6 years	6 years
Interest-free half-year loan			¥ 100,000	¥ 100,000	¥ 200,000												¥ 100,000
Interest rate			4.90%	4.90%	4.90%												4.90%			4.90%
Net book value collateralized				¥ 287,000												278,000	¥ 287,000
Long-term Debt																¥ 100,000
Loan Agreement With Anhui Jinko
BORROWINGS
Term of loan agreement					6 years											6 years
Interest-free half-year loan					¥ 455,000
Interest rate					5.58%
Net book value collateralized				434,000												¥ 465,000	434,000
Long-term Debt																215,000
Loan Agreement With Haining Jinko
BORROWINGS
Term of loan agreement	5 years						5 years
Interest-free half-year loan	¥ 1,000,000						¥ 690,000
Interest rate	5.06%						10.00%
Net book value collateralized				690,000												591,000	690,000
Outstanding balance in next 12 months																1,006,000
Loan Agreement With Ping An International Financial Leasing Co., Ltd
BORROWINGS
Term of loan agreement										2 years
Interest-free half-year loan										¥ 49,263,000
Rui Xu's Loan Agreement With Government Background Company
BORROWINGS
Term of loan agreement					5 years	5 years
Interest-free half-year loan					¥ 20,000	¥ 20,000
Interest rate					5.05%	5.05%
Net book value collateralized																40,000
3-year loan agreement with Deutsche Bank Co.,Ltd
BORROWINGS
Interest-free half-year loan				¥ 75,000													¥ 75,000			$ 12
Interest rate				1.92%													1.92%			1.92%
Long-term Debt																55,000
Outstanding balance in next 12 months																¥ 27,000		$ 4
2-year loan agreement with Bank of Communications
BORROWINGS
Term of loan agreement																2 years
Interest-free half-year loan																¥ 100,000
Interest rate																3.65%		3.65%	3.65%
Net book value collateralized																¥ 110,000
2-year loan agreement with The Export-Import Bank of China with interest rate of 2.10
BORROWINGS
Term of loan agreement																2 years
Interest-free half-year loan																¥ 817,000			€ 110
Interest rate																2.10%		2.10%	2.10%
2-year loan agreement with The Export-Import Bank of China with interest rate of 2.70
BORROWINGS
Interest-free half-year loan																¥ 208,000
Interest rate																2.70%		2.70%	2.70%
3-year loan agreement with Industrial Bank Co. Ltd
BORROWINGS
Term of loan agreement																3 years
Interest rate																4.10%		4.10%	4.10%
Long-term Debt																¥ 149,000
7-year loan agreement with bank consortium
BORROWINGS
Term of loan agreement																7 years
Interest rate																4.10%		4.10%	4.10%
7-year loan agreement with Industrial Bank Co.,Ltd
BORROWINGS
Term of loan agreement																7 years
Interest-free half-year loan																¥ 31,000
Interest rate																3.95%		3.95%	3.95%
3-year loan agreement with China Everbright bank Co., ltd
BORROWINGS
Term of loan agreement																3 years
Interest-free half-year loan																¥ 240,000
Interest rate																4.00%		4.00%	4.00%
Outstanding balance in next 12 months																¥ 240,000
Loan Agreement With Jinko Feidong
BORROWINGS
Term of loan agreement																5 years
Interest-free half-year loan																¥ 205,000
Interest rate																4.75%		4.75%	4.75%
Long-term Debt																¥ 208,000
Outstanding balance in next 12 months																51,000
Loan Agreement With Anhui Jinko One
BORROWINGS
Interest-free half-year loan																¥ 83,000
Interest rate																5.58%		5.58%	5.58%
Loan Agreement With Anhui Jinko Two
BORROWINGS
Interest-free half-year loan																¥ 66,000
Interest rate																5.58%		5.58%	5.58%
Loan Agreement With Anhui Jinko Three
BORROWINGS
Interest-free half-year loan																¥ 66,000
Interest rate																5.57%		5.57%	5.57%
Loan Agreement With Jinko Leshan
BORROWINGS
Term of loan agreement		4 years
Interest-free half-year loan		¥ 150,000
Interest rate		6.00%
Government Background Companies
BORROWINGS
Capital injections												¥ 846,000
Government Background Companies \| JinkoSolar (Sichuan) Co., Ltd.
BORROWINGS
Capital injections							¥ 100,000									¥ 1,300,000
Government Background Companies \| JinkoSolar Technology (Haining) Co., Ltd. ("Haining Jinko")
BORROWINGS
Capital injections													¥ 517,000	¥ 517,000
Government Background Companies \| Jinko Yiwu
BORROWINGS
Capital injections																¥ 765,000
Government Background Companies \| Jinko ShangRao
BORROWINGS
Capital injections					¥ 50,000	¥ 150,000					¥ 4,500,000
Fixed annual return (as a percent)				4.90%	5.18%	5.18%	5.18%										4.90%			4.90%
Term of loan agreement																	5 years
Interest-free half-year loan				¥ 98,000													¥ 98,000
Interest rate																10.00%		10.00%	10.00%
Net book value collateralized				¥ 2,017,000												¥ 2,059,000	¥ 2,017,000
Carrying value of the loan																0
Government Background Companies \| Jinko Solar Co., Ltd. ("Jiangxi Jinko")
BORROWINGS
Capital injections																¥ 1,100,000
Equity interest that will be repurchased (as a percent)								30.00%

LEASES (Details)	12 Months Ended
LEASES (Details)	Dec. 31, 2022
LEASES
Residual value guarantee	false
Minimum
LEASES
Operating lease term	3 years
Maximum
LEASES
Operating lease term	20 years

LEASES - Operating and finance leases (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Operating leases:
Operating lease liabilities - current	¥ 65,489	$ 9,495	¥ 62,515
Operating lease liabilities - non-current	339,885	49,279	385,420
Total lease liabilities	405,374		447,935
Operating lease right-of-use assets, net	396,966	57,555	438,271
Financing leases:
Financing lease liabilities - current	168,381	24,413	194,939
Financing lease liabilities - non-current	69,881	10,131	236,374
Total lease liabilities	238,262		431,313
Financing lease right-of-use assets, net	¥ 558,407	$ 80,961	¥ 628,592

LEASES - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
LEASES
Amortization of right-of-use assets	¥ 129,869	¥ 135,791
Interest of lease liabilities	36,553	51,575
Expenses for short-term lease within 12 months	9,154	3,052
Total lease cost	¥ 175,576	¥ 190,418

LEASES - Supplemental cash flow information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	¥ 72,906	¥ 76,400
Operating cash outflows for finance leases	19,926	25,974
Financing cash outflows for finance leases	216,722	286,292
Total cash paid for amounts included in the measurement of lease liabilities:	309,554	388,666
Lease obligation accrued in exchange for right-of-use assets:
Operating lease liabilities	3,476	185,472
Finance lease liabilities		132,188
Total lease obligation accrued in exchange for right-of-use assets:	¥ 3,476	¥ 317,660
Operating leases: Weighted-average remaining lease term	6 years 2 months 15 days	7 years 4 months 6 days
Operating leases: Weighted-average discount rate	6.46%	6.47%
Financing leases: Weighted-average remaining lease term	11 months 8 days	1 year 11 months 8 days
Financing leases: Weighted-average discount rate	5.55%	5.65%

LEASES - Maturities of lease liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating leases:
2023	¥ 85,637
2024	84,973
2025	75,863
Thereafter	206,541
Total undiscounted lease payments	453,014
Less: imputed interest	47,640
Total lease liabilities	405,374	¥ 447,935
Financing leases:
2023	236,657
2024	34,252
Total undiscounted lease payments	270,909
Less: imputed interest	32,647
Total lease liabilities	¥ 238,262	¥ 431,313

EARNINGS PER SHARE (Details) - CNY (¥)	12 Months Ended
EARNINGS PER SHARE (Details) - CNY (¥)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	¥ 1,565,139	¥ 955,572	¥ 335,255
Less: Net income attributable to non-controlling interests	944,633	234,554	104,870
Net income attributable to JinkoSolar's ordinary shareholders	620,506	721,018	230,385
Dilutive effects of call option			(462,752)
Numerator for diluted income/(loss) per share	¥ 620,506	¥ 412,679	¥ (232,367)
Denominator for basic earnings per share - weighted average number of ordinary shares outstanding	198,004,260	190,672,869	178,938,853
Dilutive effects of call option			(7,500,000)
Denominator for diluted calculation - weighted average number of ordinary shares outstanding	200,408,494	205,719,772	171,438,853
Continuing operations:
Basic earnings per share attributable to JinkoSolar's ordinary shareholders	¥ 3.13	¥ 3.78	¥ 1.29
Diluted earnings/(loss) per share attributable to JinkoSolar's ordinary shareholders	¥ 3.10	¥ 2.01	¥ (1.36)
Share-Based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effects of share options	2,404,234	540,620
Convertible senior note payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effects of convertible senior notes		¥ 308,339
Dilutive effects of Convertible notes		14,506,283

EARNINGS PER SHARE - Additional (Details) - shares	12 Months Ended
EARNINGS PER SHARE - Additional (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EARNINGS PER SHARE
Antidilutive securities excluded	14,427,088	17,708,332	17,708,332

EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2013	Dec. 31, 2012
EMPLOYEE BENEFITS
Penalty on daily rate basis as a percentage of outstanding contribution	0.05%
Accrued employee benefits	¥ 1,071	¥ 741	¥ 26	¥ 12

CONVERTIBLE SENIOR NOTES AND CALL OPTIONS (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($) $ / shares	May 17, 2019 USD ($)
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS
Amount of conversion of convertible securities			¥ 340,330	$ 16,000
Ordinary shares issued upon a conversion of convertible securities \| shares			3,281,244	3,281,244
Fair value of convertible notes	¥ 1,071,000		¥ 1,099,000
Foreign exchange gain (loss)	(60,000)		9,000
Change in fair value of convertible senior notes	12,083	$ 1,752	(327,762)		¥ 1,202,082
Reclassification of change in instrument-specific credit risk	¥ 0	$ 0	14,252		¥ 0
Proceeds from exercise of call option			621,059
2024 Convertible Notes
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS
Aggregate principal amount \| $						$ 1,000	$ 85,000
Interest rate							4.50%
Convertible debt, conversion rate	52.0833	52.0833
Convertible debt, conversion price \| $ / shares						$ 19.20
Debt covenant, ownership interest threshold	50.00%					50.00%
Percentage of principal amount	100.00%	100.00%
Percentage of notes repurchased	100.00%	100.00%
Fair value of convertible notes	¥ 12,000
Foreign exchange gain (loss)	100,000		56,000
Change in fair value of convertible senior notes			328,000
Reclassification of change in instrument-specific credit risk	¥ 14,000
Proceeds from exercise of call option			¥ 621,000

CONVERTIBLE SENIOR NOTES AND CALL OPTIONS - Call options (Details) ¥ in Thousands, $ in Millions		1 Months Ended		12 Months Ended
	Jan. 22, 2014 shares	May 31, 2019 shares	Feb. 28, 2018 shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥) shares
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS
Issuance of shares (in shares) \| shares		18,687,500	16,560,000			5,976,272
Proceeds from exercise of call option					¥ 621,059
American Depositary Shares
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS
Issuance of shares (in shares) \| shares	3,750,000	4,671,875	4,140,000			1,494,068
Call Option
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS
Issuance of shares (in shares) \| shares				1,875,000
Derivative asset fair value \| $				$ 30
Gain from change in fair value						¥ 476,000
Loss from change in fair value					136,000
Exchange loss for call option						¥ 14,000
Exchange gain for call option					¥ 300
2024 Convertible Notes
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS
Net proceeds from the offering \| $				$ 30

ORDINARY SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended			12 Months Ended
	Jan. 22, 2014 USD ($) shares	May 31, 2019 CNY (¥) shares	May 31, 2019 USD ($) $ / shares shares	Feb. 28, 2018 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 USD ($) shares
REFERRED SHARES
Authorized capital \| $						$ 10
Ordinary shares, shares authorized						500,000,000		500,000,000
Common stock offering (in shares)		18,687,500	18,687,500	16,560,000					5,976,272	5,976,272
Ordinary shares, par value \| $ / shares			$ 0.00002	$ 0.00002		$ 0.00002		$ 0.00002
Ordinary shares, shares outstanding						201,189,189		190,824,913
Issuance of shares (in shares)		18,687,500	18,687,500	16,560,000					5,976,272	5,976,272
Share price in ADR \| $ / shares			$ 16.00	$ 18.15
Treasury stock, value, acquired, cost method \| ¥					¥ 43,000		¥ 43,000
Amount of conversion of convertible securities							340,330	$ 16,000
payments of stock issuance costs			$ 4,000	$ 4,000	¥ 47,148	$ 6,836
Proceeds from issuance of ordinary shares		¥ 489,000	$ 71,000	$ 71,100			¥ 641,065
Issuance of shares \| ¥									¥ 636,180
Private Placement
REFERRED SHARES
Common stock offering (in shares)	15,000,000			7,713,499
Issuance of shares (in shares)	15,000,000			7,713,499
Shares issue price per share \| $ / shares			$ 4.00	$ 4.54
Issuance of shares \| $	$ 126,300			$ 35,000
At-the-market offering
REFERRED SHARES
Proceeds from issuance of ordinary shares \| $										$ 98,000
American Depositary Shares
REFERRED SHARES
Common stock offering (in shares)	3,750,000	4,671,875	4,671,875	4,140,000					1,494,068	1,494,068
Issuance of shares (in shares)	3,750,000	4,671,875	4,671,875	4,140,000					1,494,068	1,494,068
Treasury stock, shares, acquired							736,460	736,460	305,660	305,660
Treasury stock, value, acquired, cost method \| ¥							¥ 29,000
Other Common Stock
REFERRED SHARES
Treasury stock, shares, acquired					2,945,840	2,945,840	1,222,640	1,222,640

SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS (Details) ¥ in Thousands, $ in Millions		1 Months Ended			12 Months Ended
	Jan. 26, 2022 CNY (¥)	Apr. 30, 2022 CNY (¥)	Oct. 31, 2020 CNY (¥)	Oct. 31, 2020 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Jan. 25, 2022
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Contribution from non-controlling interest shareholders					¥ 17,000		¥ 865,000
Non-controlling interest
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Contribution from non-controlling interest shareholders					17,000		865,000
Additional paid in capital
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Contribution from non-controlling interest shareholders					¥ 0		¥ 0
Jinko Solar Co., Ltd. ("Jiangxi Jinko")
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Ownership interest held	58.62%
Amount of dividends declared						¥ 230,000
Amount of dividends distributed		¥ 95,000
Jiangxi Jinko
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Percentage of ownership			73.30%	73.30%
Jinko Solar Co., Ltd. ("Jiangxi Jinko")
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Percentage of ownership					58.60%
Non-controlling interests' ownership of the subsidiary	41.38%							26.72%
Jinko Solar Co., Ltd. ("Jiangxi Jinko") \| IPO
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Net proceeds from IPO	¥ 9,723,000
Jinko Solar Co., Ltd. ("Jiangxi Jinko") \| IPO \| Non-controlling interest
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Net proceeds from IPO	6,419,000
Jinko Solar Co., Ltd. ("Jiangxi Jinko") \| IPO \| Additional paid in capital
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Net proceeds from IPO	¥ 3,304,000
JinkoSolar International Development Limited
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Net of cash disposed of, cash payment from, disposal of subsidiaries			¥ 3,100,000	$ 461
Contribution from non-controlling interest shareholders					¥ 140,000
JinkoSolar International Development Limited \| Jiangxi Jinko
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS
Percentage of ownership			26.70%	26.70%

SHARE BASED COMPENSATION (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended				12 Months Ended
	Oct. 10, 2014 installment	Feb. 28, 2022 shares	Aug. 31, 2021 shares	Aug. 31, 2014 installment shares	Aug. 31, 2009 shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2019 shares	Jul. 31, 2009 shares
SHARE BASED COMPENSATION
Number of vesting increments \| installment				5
Market value of ordinary shares \| (per share)						¥ 71.18				$ 10.22
Intrinsic value of options exercised \| ¥						¥ 8,000		¥ 6,000	¥ 297,000
Cash received from the exercise of share options						¥ 5,000	$ 729	¥ 10,185	¥ 114,758
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number						172,000		347,536	716,748		4,555,288
Share-Based Payment Arrangement, Option
SHARE BASED COMPENSATION
Number of vesting increments \| installment	5
Restricted shares
SHARE BASED COMPENSATION
Unrecognized share-based compensation expense \| ¥						¥ 256,000		¥ 20,000	¥ 0
Number of restricted shares issued						6,814,460		318,600
2014 Plan
SHARE BASED COMPENSATION
Ordinary shares that may be issued				12,796,745
Contractual life				10 years
2009 Plan
SHARE BASED COMPENSATION
Ordinary shares that may be issued												9,325,122
Contractual life					7 years
2009 Plan \| Share-based Payment Arrangement, Employee
SHARE BASED COMPENSATION
Options granted					953,200
Share-based compensation arrangement by share-based payment award, award vesting period					36 months
Long-term incentive plan 2021 \| Restricted shares
SHARE BASED COMPENSATION
Contractual life			5 years
Share-based compensation arrangement by share-based payment award, award vesting period			10 years
Number of restricted shares issued			354,000
Long-term incentive plan 2022 \| Restricted shares
SHARE BASED COMPENSATION
Contractual life		3 years
Share-based compensation arrangement by share-based payment award, award vesting period		12 years
Number of restricted shares issued		16,684,600

SHARE BASED COMPENSATION - Stock Option Activity (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) $ / shares shares	Dec. 31, 2021 CNY (¥) $ / shares shares	Dec. 31, 2020 CNY (¥) $ / shares shares	Dec. 31, 2019 CNY (¥) $ / shares shares	Dec. 31, 2022 $ / shares
Number of option outstanding
Balance as at beginning balance \| shares	347,536	716,748	4,555,288
Exercise \| shares	(175,536)	(105,200)	(3,750,540)
Forfeited \| shares		(264,012)	(88,000)
Balance as at ending balance \| shares	172,000	347,536	716,748	4,555,288
Vested as of December 31,2022 \| shares	172,000
Vested and exercisable as of December 31, 2022 \| shares	172,000
Weighted-Average Exercise Price
Balance as at beginning balance	$ 3.65	$ 3.46	$ 3.34
Granted	0
Exercise	3.35	3.29	3.32
Forfeited		3.29	3.29
Balance as of ending balance	$ 3.96	$ 3.65	$ 3.46	$ 3.34
Vested as of December 31,2022					$ 3.96
Vested and exercisable as of December 31, 2022					$ 3.96
Weighted-Average Remaining Contractual Term
Balance as of December 31 2022	2 years 8 months 8 days	3 years 10 months 2 days	4 years 3 months	4 years 8 months 23 days
Vested as of December 31,2022	2 years 8 months 8 days
Vested and exercisable as of December 31, 2022	2 years 8 months 8 days
Aggregate Intrinsic value
Balance as of December 31 2022 \| ¥	$ 8,305	$ 17,373	$ 58,836	$ 73,354
Vested as of December 31,2022 \| ¥	8,305
Vested and exercisable as of December 31, 2022 \| ¥	$ 8,305

SHARE BASED COMPENSATION - Summary of Non-vested Shares (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Weighted-average fair value on grant date (RMB/Share)
Fair value of shares vested	¥ 5,000		¥ 2,000	¥ 4,000
Proceeds from exercise of share options	¥ 5,000	$ 729	¥ 10,185	¥ 114,758

SHARE BASED COMPENSATION - Restricted Shares (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation			¥ 923
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested as of January 1, 2021	318,600
Granted	16,684,600	354,000
Vested	(10,188,740)	(35,400)
Unvested as of December 31, 2022	6,814,460	318,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested as of January 1, 2021	¥ 86.38
Granted	72.10	¥ 86.38
Vested	72.08	86.38
Unvested as of December 31, 2022	¥ 72.38	¥ 86.38
Share-based compensation	¥ 968,000	¥ 9,000	0
Unrecognized compensation expenses	¥ 256,000	¥ 20,000	¥ 0
Weighted-average period	2 years 3 months 10 days	4 years 6 months 29 days	0 years

SHARE BASED COMPENSATION - Share options activities (Details) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares $ / shares shares	Dec. 31, 2021 CNY (¥) $ / shares shares	Dec. 31, 2020 CNY (¥) shares	Dec. 31, 2020 CNY (¥) $ / shares	Dec. 31, 2019 CNY (¥) $ / shares shares	Dec. 31, 2022 $ / shares	Oct. 31, 2022 shares
Number of option outstanding
Balance as at beginning balance	347,536		716,748	4,555,288
Exercise	(175,536)		(105,200)	(3,750,540)
Balance as at ending balance	172,000		347,536	716,748		4,555,288
Vested and expected to vest as of December 31, 2022	172,000	172,000
Vested and exercisable as of December 31, 2022	172,000	172,000
Weighted-Average Exercise Price
Balance as at beginning balance \| $ / shares		$ 3.65	$ 3.46		$ 3.34
Granted \| $ / shares		0
Exercise \| $ / shares		3.35	3.29		3.32
Balance as of ending balance \| $ / shares		$ 3.96	$ 3.65		$ 3.46	$ 3.34
Vested and expected to vest as of December 31, 2022 \| $ / shares							$ 3.96
Vested and exercisable as of December 31, 2022 \| $ / shares							$ 3.96
Weighted-Average Remaining Contractual Term
Balance as of December 31 2022	2 years 8 months 8 days		3 years 10 months 2 days	4 years 3 months		4 years 8 months 23 days
Vested and expected to vest as of December 31, 2022	2 years 8 months 8 days
Vested and exercisable as of December 31, 2022	2 years 8 months 8 days
Aggregate Intrinsic value
Balance as of December 31 2022 \| ¥	¥ 8,305	$ 8,305	$ 17,373	¥ 58,836	$ 58,836	$ 73,354
Vested and expected to vest as of December 31, 2022 \| ¥	8,305	8,305
Vested and exercisable as of December 31, 2022 \| ¥	¥ 8,305	$ 8,305
Share-based compensation expenses \| ¥				¥ 923
Jiangxi Jinko 2022 Plan \| Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member]
SHARE BASED COMPENSATION
Ordinary shares reserved for issuance								40,187,375
Number of option outstanding
Granted	32,149,900
Balance as at ending balance	32,149,900
Vested and expected to vest as of December 31, 2022	32,149,900	32,149,900
Vested and exercisable as of December 31, 2022	32,149,900	32,149,900
Weighted-Average Exercise Price
Granted \| ¥ / shares	¥ 10.78
Balance as of ending balance \| ¥ / shares	10.78
Vested and expected to vest as of December 31, 2022 \| ¥ / shares	10.78	$ 10.78
Vested and exercisable as of December 31, 2022 \| ¥ / shares	¥ 10.78	$ 10.78
Weighted-Average Remaining Contractual Term
Balance as of December 31 2022	2 years 10 months 20 days
Vested and expected to vest as of December 31, 2022	2 years 10 months 20 days
Vested and exercisable as of December 31, 2022	2 years 10 months 20 days
Aggregate Intrinsic value
Balance as of December 31 2022 \| ¥	¥ 124,420	$ 124,420
Vested and expected to vest as of December 31, 2022 \| ¥	124,420	124,420
Vested and exercisable as of December 31, 2022 \| ¥	124,420	$ 124,420
Share-based compensation expenses \| ¥	¥ 33,000

SHARE BASED COMPENSATION - Expense Allocation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SHARE BASED COMPENSATION
Share-based compensation			¥ 923
Costs of revenues
SHARE BASED COMPENSATION
Share-based compensation	¥ 17,676	¥ 131	329
Selling expenses
SHARE BASED COMPENSATION
Share-based compensation	7,101	131	462
General and administration expenses
SHARE BASED COMPENSATION
Share-based compensation	974,564	¥ 9,622	145
Research and development expenses
SHARE BASED COMPENSATION
Share-based compensation	¥ 1,528		¥ (13)

RELATED PARTY TRANSACTIONS AND BALANCES - Balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Outstanding amounts due from related parties:
Prepayment and other receivables from related parties	¥ 23,105		¥ 17,348
Long-term receivables due from Sweihan PV	37,760
Subtotal	52,363		3,292
Other payables due to a related party:
Accounts payable - related parties	0	$ 0	15,863
Advances from a related party
Advances from JinkoPower	3,829
Jiangxi Jinko Engineering for sales of solar modules and others [Member]
Outstanding amounts due from related parties:
Accounts receivables from related parties	139,713		29,417
Jinko Power
Outstanding amounts due from related parties:
Notes receivables from a related party	282,824
Other assets from related parties			3,292
Notes payables due to a related party
Other payables due to a related party	5,964		2,230
Xinte Silicon for inventory purchase
Outstanding amounts due from related parties:
Advances to a related party	56,860
Notes payables due to a related party
Notes payables due to Xinte Silicon for inventory purchase	419,500
JinkoPower for outsourcing services
Outstanding amounts due from related parties:
Prepayment and other receivables from related parties	5,664		11,990
JinkoPower for disposal of solar power projects
Outstanding amounts due from related parties:
Prepayment and other receivables from related parties	12,953
Other assets from related parties	14,603
Sweihan PV Power Company P.S.J.C ("Sweihan PV", which develops and operates solar power projects in Dubai) for technical services
Outstanding amounts due from related parties:
Prepayment and other receivables from related parties	1,075
JinkoPower for miscellaneous transactions
Outstanding amounts due from related parties:
Prepayment and other receivables from related parties	¥ 3,413		5,358
Jinko-Tiansheng
Other payables due to a related party:
Accounts payable - related parties			¥ 15,863

RELATED PARTY TRANSACTIONS AND BALANCES - Transaction From Related Party (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from sales of products and providing services to related parties
Income of financing guarantees		¥ 6,364	¥ 14,688
Service expenses and silicon procurement provided by related parties
Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng		¥ 5,310	¥ 27,485
Solar project management service provided by JinkoPower	7,133	8,753	9,443
Sweihan Pv
Revenue from sales of products and providing services to related parties
Revenue from related parties	¥ 0	¥ 0	¥ 51,202
Income of financing guarantees	2,979	660	3,721
JinkoPower
Revenue from sales of products and providing services to related parties
Revenue from related parties	325,175	27,099	5,072
Revenue from rental services	5,041	4,004	2,177
Service expenses and silicon procurement provided by related parties
Rental expenses from related parties		16
Jiangxi Desun
Service expenses and silicon procurement provided by related parties
Rental expenses from related parties			¥ 1,100	¥ 1,000
Xinte Silicon
Service expenses and silicon procurement provided by related parties
Silicon procurement	¥ 824,785	¥ 0

RELATED PARTY TRANSACTIONS AND BALANCES - Transactions (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Mar. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction
Guarantor obligations proceeds of guarantee fee		¥ 0	¥ 21,000	¥ 18,000
Guarantor obligations, guarantee fee income receivable		3,000	3,000	107,000
Guarantor obligations, carrying value		0	12,000	57,000
Related party transaction, other revenues from transactions with related party		0	6,000	15,000
Payments for other fees			5,310	27,485
Gain on disposition		¥ 12,474
Minimum
Related Party Transaction
Amortization period for guarantee liability		1 year
Maximum
Related Party Transaction
Amortization period for guarantee liability		16 years
Jinko-Tiansheng
Related Party Transaction
Payments for other fees		¥ 0	5,000	27,000
Gain on disposition		12,000
Sweihan Pv
Related Party Transaction
Revenues from sales of products and provision of processing services to related party		0	0	51,202
Jiangxi Desun
Related Party Transaction
Lessor, operating lease, term of contract						10 years
Rental expenses from related parties				1,100	¥ 1,000
Jinko Power
Related Party Transaction
Amount of offset the debts and receivables	¥ 71,000
Revenues from sales of products and provision of processing services to related party		325,000	27,000	5,000
Due from related parties		423,000	29,000
Revenue from rental services		5,000	4,000	2,000
Payments made in advance related to service fee		7,000	9,000	9,000
Electricity fee charged by related party		27,465	7,725	¥ 3,088
Xinte Silicon
Related Party Transaction
Silicon procurement		¥ 824,785	¥ 0

CERTAIN RISKS AND CONCENTRATION (Details)	12 Months Ended
CERTAIN RISKS AND CONCENTRATION (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Sales Revenue, Goods, Net
Concentration Risk
Concentration risk percentage	4.60%	4.60%	5.30%
Sales Revenue, Goods, Net \| Foreign Currency Concentration Risk
Concentration Risk
Concentration risk percentage	58.09%
Accounts Receivable
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%

CERTAIN RISKS AND CONCENTRATION - Schedule of Major Customers (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplier five
Concentration Risk
Concentration risk percentage	77.40%	78.70%	70.00%
Supplier Concentration Risk [Member] \| Supplier three \| Minimum [Member]
Concentration Risk
Concentration risk percentage		10.00%
Accounts Receivable
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%
Sales Revenue, Goods, Net
Concentration Risk
Concentration risk percentage	4.60%	4.60%	5.30%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier three
Concentration Risk
Concentration risk percentage		28.50%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier two
Concentration Risk
Concentration risk percentage	34.00%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier two \| Minimum [Member]
Concentration Risk
Concentration risk percentage	10.00%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier four
Concentration Risk
Concentration risk percentage			19.60%
Cost of Goods and Service, Product and Service Benchmark [Member] \| Supplier Concentration Risk [Member] \| Supplier four \| Minimum [Member]
Concentration Risk
Concentration risk percentage			10.00%

COMMITMENTS AND CONTINGENCIES - Capital commitments (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)
COMMITMENTS AND CONTINGENCIES.
2023	¥ 6,357,915
2024	5,786,393
Thereafter	1,446,598
Total	13,590,906
Purchase Obligation	¥ 13,590,906

COMMITMENTS AND CONTINGENCIES - Contingencies and Guarantees (Details) € in Thousands, ¥ in Millions, $ in Millions			9 Months Ended
	Jun. 17, 2022 USD ($) MWh	Sep. 28, 2020 EUR (€)	Sep. 30, 2020 CNY (¥)	Mar. 10, 2023 USD ($)
Contingencies [Line Items]
Amount compensated by the supplier \| ¥			¥ 83
Jiangxi Jinko
Contingencies [Line Items]
Supply agreement amount	$ 363.3
Construction installation electric power energy capacity \| MWh	32
Plant defective modules in amount	$ 14.1
Owner of the plant in the amount	14.6
Total of plant and interest and costs	$ 392.0
Invoice amount failed to pay by the Indian customer				$ 5.3
Case Against Hanwha Q CELLS GmbH
Contingencies [Line Items]
Maximum imposition of penalties \| €		€ 250,000

FAIR VALUE MEASUREMENTS (Details) $ in Thousands, € in Millions, ¥ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 JPY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	May 31, 2022	Dec. 31, 2021 JPY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 USD ($)
FAIR VALUE MEASUREMENTS
Change in fair value of equity securities	¥ 102,000,000
Term of puttable bond					2 years	2 years	2 years	2 years
Unrealized gain on the available-for-sale securities	1,000,000
Change in fair value of warrants	0		¥ 0	¥ 0
Impairment of long-lived assets to be disposed of	373,732,000	$ 54,186	273,713,000	114,168,000
Change in fair value of derivative forward contracts
FAIR VALUE MEASUREMENTS
Derivative, notional amount					¥ 2,000	$ 560,000	€ 250		¥ 0	$ 630,000	€ 20
Loss/ gain on derivative	¥ 164,000,000		289,000,000
Foreign exchange option
FAIR VALUE MEASUREMENTS
Derivative, notional amount						65,000	€ 50			120,000		$ 0
Derivative sold, notional amount \| $						$ 50,000				$ 90,000		$ 170,000
Remaining maturity of foreign currency derivative	12 months	12 months
Loss/ gain on derivative	¥ 4,000,000		19,000,000	4,000,000
Convertible senior note payable
FAIR VALUE MEASUREMENTS
Loss/ gain on derivative	¥ 12,000,000		¥ 192,000,000
Interest Rate Swap
FAIR VALUE MEASUREMENTS
Derivative, notional amount				¥ 79,000,000

FAIR VALUE MEASUREMENTS (Assets and Liabilities on a Recurring Basis) (Details) $ in Thousands, ¥ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Liabilities:
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	true	true
Convertible senior notes \| ¥		¥ 1,099	¥ 1,071
Fair Value, Measurements, Recurring
Assets:
Equity securities applying fair value option				$ 178,871
Liabilities:
Guarantee liabilities					$ 12,142
Available-for-sale securities	$ 104,499
Convertible senior notes				1,070,699	1,098,736
Foreign exchange forward contracts- payable				59,911
Derivative liability interest rate swap					12,294
Foreign exchange forward contracts- payable				59,911
Fair Value, Measurements, Recurring \| Foreign Exchange Forward Contract [Member]
Assets:
Derivative assets				119,625	73,532
Fair Value, Measurements, Recurring \| Foreign exchange option
Liabilities:
Foreign exchange forward contracts- payable					2,659
Derivative liability interest rate swap				3,226
Foreign exchange forward contracts- payable					2,659
Fair Value, Measurements, Recurring \| Level 1
Liabilities:
Guarantee liabilities					0
Convertible senior notes					0
Derivative liability interest rate swap					0
Fair Value, Measurements, Recurring \| Level 1 \| Foreign Exchange Forward Contract [Member]
Assets:
Derivative assets					0
Fair Value, Measurements, Recurring \| Level 1 \| Foreign exchange option
Liabilities:
Foreign exchange forward contracts- payable					0
Foreign exchange forward contracts- payable					0
Fair Value, Measurements, Recurring \| Level 2
Assets:
Equity securities applying fair value option				178,871
Liabilities:
Foreign exchange forward contracts- payable				59,911
Foreign exchange forward contracts- payable				59,911
Fair Value, Measurements, Recurring \| Level 2 \| Foreign Exchange Forward Contract [Member]
Assets:
Derivative assets				119,625	73,532
Fair Value, Measurements, Recurring \| Level 3 [Member]
Liabilities:
Guarantee liabilities					12,142
Available-for-sale securities	$ 104,499
Convertible senior notes				1,070,699	1,098,736
Derivative liability interest rate swap					12,294
Fair Value, Measurements, Recurring \| Level 3 [Member] \| Foreign exchange option
Liabilities:
Foreign exchange forward contracts- payable					2,659
Derivative liability interest rate swap				$ 3,226
Foreign exchange forward contracts- payable					$ 2,659

FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured Using Unobservable Inputs) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Call Option [Member]
Balance at January 1,		¥ 756,929	¥ 294,178
Foreign exchange gain/(loss)		251	(13,539)
Change in fair value of call options		(136,121)	476,290
Settlement of call options		(621,059)
Balance at December 31,			756,929
Convertible Senior Notes
Balance at January 1,	¥ 1,098,736	1,831,612	728,216
Foreign exchange loss/(gain)	60,038	(8,560)	(38,360)
Change in fair value of convertible senior notes	(12,083)	327,762	(1,202,082)
Change in the instrument-specific credit risk	(100,158)	(56,224)	(60,326)
Conversion of convertible senior notes		(340,330)
Balance at December 31,	¥ 1,070,699	¥ 1,098,736	¥ 1,831,612

FAIR VALUE MEASUREMENTS (Changes in fair value of Foreign Exchange Option) (Details) - Foreign exchange option - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, assets measured on recurring basis, unobservable input reconciliation
Balance at January 1,	¥ (2,659)	¥ (12,924)
Purchase of foreign exchange options	3,596	(8,544)	¥ (9,316)
Change in fair value of foreign exchange options	(4,163)	18,809	(3,608)
Balance at December 31,	¥ (3,226)	¥ (2,659)	¥ (12,924)

FAIR VALUE MEASUREMENTS (Changes in fair value of rate swap derivative) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
Change in fair value of interest rate swap	¥ 0	$ 0	¥ 0	¥ 78,878
Interest Rate Swap
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
Balance at January 1,	12,294			61,272
Change in fair value of interest rate swap				78,878
Change in fair value of interest rate swap cash flow hedges			12,294
Cash settlement	¥ (12,294)			¥ (140,150)
Balance at December 31,			¥ 12,294

FAIR VALUE MEASUREMENTS (Fair Value Of Rap Cap Derivative) (Details) - Interest Rate Cap [Member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Balance at January 1,	¥ 12,142	¥ 57,332	¥ 72,019
Amortization		(6,365)	(14,687)
Cancellation	¥ (12,142)	(38,825)
Balance at December 31,		¥ 12,142	¥ 57,332

FAIR VALUE MEASUREMENTS (Change in Fair Value of Derivatives) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Convertible Senior Notes
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	¥ (12,083)		¥ 327,762	¥ (1,202,082)
Change in fair value of derivative forward contracts
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	(150,538)		393,523	61,380
Embedded Derivative Financial Instruments
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	(13,818)		(104,643)	129,806
Interest Rate Swap
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	0	$ 0		(78,878)
Call Option [Member]
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives			(136,121)	476,290
Foreign exchange option
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	(4,163)		18,809	(3,608)
"Equity securities Applying fair value option"
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	101,871
Total
FAIR VALUE MEASUREMENTS
Change in fair value of derivatives	¥ (78,731)		¥ 499,330	¥ (617,092)

FAIR VALUE MEASUREMENTS (Significant Unobservable Inputs) (Details) - Level 3 [Member]	Dec. 31, 2022
Convertible Senior Notes \| Expected volatility
FAIR VALUE MEASUREMENTS
Unobservable inputs	75.47
Convertible Senior Notes \| Risk free interest rate
FAIR VALUE MEASUREMENTS
Unobservable inputs	4.6
Convertible Senior Notes \| Discount rate
FAIR VALUE MEASUREMENTS
Unobservable inputs	29.23
Foreign exchange option \| Expected volatility \| Minimum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	8.13
Foreign exchange option \| Expected volatility \| Maximum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.1000
Foreign exchange option \| Risk free interest rate \| Minimum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.0109
Foreign exchange option \| Risk free interest rate \| Maximum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.0203
Available-for-sale securities \| Risk free interest rate \| Minimum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.0206
Available-for-sale securities \| Risk free interest rate \| Maximum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.0221
Available-for-sale securities \| Discount rate \| Minimum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.0537
Available-for-sale securities \| Discount rate \| Maximum [Member]
FAIR VALUE MEASUREMENTS
Unobservable inputs	0.0578

FAIR VALUE MEASUREMENTS (Changes in Level 3 fair value of available-for-sale securities) (Details) - Fair value of available-for-sale securities [Member] ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)
Net Investment Income [Line Items]
Addition of available-for-sale securities	¥ 100,000
Interest accrual	3,526
Change in fair value of available-for-sale securities	973
Balance at December 31,	¥ 104,499

RESTRICTED NET ASSETS (Details) ¥ in Millions	Dec. 31, 2022 CNY (¥)
RESTRICTED NET ASSETS.
Restricted net assets	¥ 24,303
Percentage of total assets	90.00%

SUBSEQUENT EVENTS (Details) $ in Millions, ¥ in Billions		12 Months Ended
SUBSEQUENT EVENTS (Details) $ in Millions, ¥ in Billions	Apr. 23, 2023 CNY (¥)	Dec. 31, 2022	Dec. 31, 2021	Apr. 23, 2023 USD ($)	Jan. 05, 2023 shares
SUBSEQUENT EVENTS
Debt Instrument, Term		1 year	1 year
Subsequent Event \| Jiangxi Jinko \| Convertible bonds
SUBSEQUENT EVENTS
Aggregate principal amount	¥ 10			$ 1,450
Debt Instrument, Term	6 years
Subsequent Event \| 2023 Equity Incentive Plan
SUBSEQUENT EVENTS
Number of ordinary shares authorized for issuance of option, restricted share or other share-based award					20,800,000

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed statements of operations (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
Net revenue	¥ 31,000	¥ 83,127,296	$ 12,052,325	¥ 40,826,521	¥ 35,129,459
Cost of revenues		(70,848,983)	(10,272,137)	(34,168,686)	(28,957,798)
Gross profit		12,278,313	1,780,188	6,657,835	6,171,661
Total operating income/(expenses)		(11,849,067)	(1,717,953)	(5,555,330)	(4,386,713)
Income/(loss) from operations		429,246	62,235	1,102,505	1,784,948
Share of income from subsidiaries and affiliates		193,708	28,085	59,809	(52,706)
Interest income/(expenses), net		(490,703)		(624,029)	(459,234)
Exchange loss		1,025,891	148,741	(355,499)	(336,523)
Income tax expenses		(605,278)	(87,757)	(194,140)	(178,411)
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders		620,506	89,965	721,018	230,385
Parent Company \| Reportable Legal Entities
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
Net revenue			0	0	0
Cost of revenues				0	0
Gross profit				0	0
Total operating income/(expenses)		(593,204)	(86,007)	(6,150)	1,227
Other income, net				1,737	5,064
Income/(loss) from operations		(593,204)	(86,007)	(4,413)	6,291
Share of income from subsidiaries and affiliates		1,264,720	183,368	512,873	1,015,006
Interest income/(expenses), net		(19,867)	(2,880)	36,613	8,596
Exchange loss		(18,586)	(2,694)	(14,085)	(73,716)
Change in fair value of convertible senior notes and call option		(12,083)	(1,752)	191,641	(725,792)
Income before income taxes		620,980	90,035	722,629	230,385
Income tax expenses		(474)	(69)	(1,611)
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders		¥ 620,506	$ 89,966	¥ 721,018	¥ 230,385

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed balance sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 10,243,500	$ 1,485,168	¥ 8,321,415
Due from subsidiaries	139,713	20,257	29,417
Other current assets	3,290,903	477,136	2,435,057
Total current assets	68,327,294	9,906,528	45,524,074
Non-current assets:
Total assets	108,662,182	15,754,538	72,983,487
Current liabilities:
Due to subsidiaries	0	0	15,863
Due to related parties	3,829	555
Total current liabilities	64,936,186	9,414,863	45,459,469
Convertible senior notes	1,070,699	155,237	1,098,736
Total liabilities	81,658,289	11,839,341	58,696,235
Shareholders' equity:
Ordinary shares (USD $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, 190,824,913 and 201,189,189 shares outstanding as of December 31, 2021 and December 31, 2022, respectively)	28	4	26
Additional paid-in capital	9,912,931	1,437,240	5,617,923
Accumulated other comprehensive loss	217,563	31,544	(154,375)
Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2021 and December 31, 2022	(43,170)	(6,259)	(43,170)
Total shareholders' equity	16,337,235	2,368,677	11,049,781
Total liabilities and shareholders' equity	108,662,182	15,754,538	72,983,487
Reportable Legal Entities \| Parent Company
Current assets:
Cash and cash equivalents	492,440	71,397	34,767
Due from subsidiaries	728,019	105,553	2,532,984
Due from related parties	3,454	501	3,454
Other current assets	1,671	242	1,562
Total current assets	1,225,584	177,693	2,572,767
Non-current assets:
Investments in subsidiaries	16,189,323	2,347,231	9,781,036
Due from subsidiaries - non current			1,262,124
Due from related parties - non current			3,292
Total assets	17,414,907	2,524,924	13,619,219
Current liabilities:
Due to subsidiaries			1,445,183
Due to related parties			2,500
Other current liabilities	6,973	1,011	13,377
Total current liabilities	6,973	1,011	1,461,060
Due to related parties - non-current			9,642
Convertible senior notes	1,070,699	155,237	1,098,736
Total liabilities	1,077,672	156,248	2,569,438
Shareholders' equity:
Ordinary shares (USD $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, 190,824,913 and 201,189,189 shares outstanding as of December 31, 2021 and December 31, 2022, respectively)	28	4	26
Additional paid-in capital	9,912,931	1,437,240	5,617,923
Accumulated other comprehensive loss	217,563	31,544	(154,375)
Treasury stock, at cost; 2,945,840 ordinary shares as of December 31, 2021 and December 31, 2022	(43,170)	(6,259)	(43,170)
Retained earnings	6,249,883	906,148	5,629,377
Total shareholders' equity	16,337,235	2,368,677	11,049,781
Total liabilities and shareholders' equity	¥ 17,414,907	$ 2,524,924	¥ 13,619,219

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed balance sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	May 31, 2019	Feb. 28, 2018
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
Ordinary shares, par value	$ 0.00002	$ 0.00002	$ 0.00002	$ 0.00002
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	204,135,029	193,770,753
Ordinary shares, shares outstanding	201,189,189	190,824,913
Treasury stock at cost, shares	2,945,840	2,945,840
Parent Company \| Reportable Legal Entities
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY
Ordinary shares, par value	$ 0.00002	$ 0.00002
Ordinary shares, shares authorized	500,000,000	500,000,000
Ordinary shares, shares issued	204,135,029	193,770,753
Ordinary shares, shares outstanding	201,189,189	190,824,913
Treasury stock at cost, shares	2,945,840	2,945,840

ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Cash flows from operating activities:
Net income	¥ 1,565,139	$ 226,924	¥ 955,572	¥ 335,255
Adjustments to reconcile net income to net cash used in operating activities:
Sharebase compensation charges	1,000,869	145,112	9,884	923
Change in fair value of convertible senior notes	12,083	1,752	(327,762)	1,202,082
Share of income from subsidiaries	(193,708)	(28,085)	(59,809)	52,706
Exchange loss	(1,025,891)	(148,741)	355,499	336,523
Changes in operating assets and liabilities:
(Increase)/decrease in other current assets	(277,283)	(40,201)	(208,125)	(1,112,029)
Decrease in other non-current assets	(3,417)	(495)	(104,027)	0
Decrease in due to a related party	3,829	555	0	(749)
Net cash (used in)/provided by operating activities	(5,800,784)	(841,035)	430,646	591,486
Cash flows from investing activities:
Net cash used in investing activities	(12,272,387)	(1,779,329)	(11,309,233)	(4,918,690)
Cash flows from financing activities:
Proceeds from exercise of share options	5,000	729	10,185	114,758
Net cash provided by financing activities	20,018,922	2,902,472	12,017,851	6,297,279
Effect of foreign exchange rate changes on cash and cash equivalents	227,957	33,050	(116,790)	(169,261)
Net increase in cash and cash equivalents	2,173,708	315,158	1,022,474	1,800,814
Cash, cash equivalents, and restricted cash, beginning of the year	9,097,246	1,318,977	8,074,772	6,273,958
Cash, cash equivalents, and restricted cash, end of the year	11,270,954	1,634,135	9,097,246	8,074,772
Supplemental disclosure of non-cash investing and financing cash flow information
Proceeds from exercise of share options received in subsequent period			1,169	9,143
Conversion of convertible senior notes to ordinary shares			340,330
Receivables related to At-The-Market offering				641,065
Capped Call Options
Adjustments to reconcile net income to net cash used in operating activities:
Change in fair value of call option	0	0	136,121	(476,290)
Reportable Legal Entities \| Parent Company
Cash flows from operating activities:
Net income	620,506	89,966	721,018	230,385
Adjustments to reconcile net income to net cash used in operating activities:
Sharebase compensation charges	579,368	84,000
Change in fair value of convertible senior notes	12,083	1,752	(327,762)	1,202,082
Change in fair value of call option			136,121	(476,290)
Share of income from subsidiaries	(1,264,720)	(183,368)	(512,873)	(1,015,006)
Guarantee income				(5,064)
Exchange loss	18,586	2,694	14,085	73,716
Changes in operating assets and liabilities:
Decrease in due from subsidiaries	1,465,778	212,518	6,088	592,425
Decrease in due from a related party	3,292	477
(Increase)/decrease in other current assets	(1,279)	(186)	165	(9,437)
Decrease in other non-current assets			11,181
Decrease in due to subsidiaries	(1,445,183)	(209,532)	(117)	(658,106)
Decrease in due to a related party	(12,142)	(1,760)
Increase/(decrease) in other current liabilities	(6,403)	(928)	1,978	9,773
Net cash (used in)/provided by operating activities	(30,114)	(4,367)	49,884	(55,522)
Cash flows from investing activities:
Cash collection for loans from subsidiaries	735,673	106,662
Cash paid for loans to subsidiaries	(289,620)	(41,991)	(1,262,124)
Net cash used in investing activities	446,053	64,671	(1,262,124)
Cash flows from financing activities:
Proceeds from exercise of share options	5,024	729	10,185	114,758
Proceeds from exercise of call option			621,059
Proceeds from issuance of ordinary shares			641,065
Repurchase of shares				(29,294)
Net cash provided by financing activities	5,024	729	1,272,309	85,464
Effect of foreign exchange rate changes on cash and cash equivalents	36,710	5,323	(44,809)	(14,992)
Net increase in cash and cash equivalents	457,673	66,356	15,260	14,950
Cash, cash equivalents, and restricted cash, beginning of the year	34,767	5,041	19,507	4,557
Cash, cash equivalents, and restricted cash, end of the year	492,440	71,397	34,767	19,507
Supplemental disclosure of non-cash investing and financing cash flow information
Proceeds from exercise of share options received in subsequent period			1,169	9,143
Conversion of convertible senior notes to ordinary shares			¥ 340,330
Transfer receivable due from subsidiaries to investments in subsidiaries	¥ 1,160,000	$ 168,184
Receivables related to At-The-Market offering				¥ 641,065