JinkoSolar Announces First Quarter 2020 Financial Results.

SHANGHAI: JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the first quarter ended March 31, 2020.

Strategic Business Updates

Technological transformation towards high-efficiency portfolio of products now complete - mono wafer production capacity has been fully ramped up to 18GW in April 2020.

Sale of two solar power plants with a combined capacity of 155MW in Mexico was closed in March 2020, allowing for the deleveraging of the Company's balance sheet by US$121.3 million.

Leading the industry towards grid parity with the launch of 2020 flagship Tiger Pro module series.

Reaffirm 2020 full-year shipment guidance and capacity expansion plan despite a decrease in global demand.

Pandemic accelerating removal of outdated capacity in the market providing an opportunity for leading industry players to expand market share.

First Quarter 2020 Operational and Financial Highlights

Total solar module shipments were 3,411 megawatts ("MW"), within JinkoSolar's guidance range of 3.4 GW to 3.7 GW, a decrease of 24.8% from 4,538 MW in the fourth quarter of 2019 and an increase of 12.3% from 3,037 MW in the first quarter of 2019.

Total revenues were RMB8.48 billion (US$1.20 billion). Excluding the impact from the disposal of the two solar power plants in Mexico, revenues were RMB7.29 billion (US$1.03 billion) and within JinkoSolar's guidance range of US$1.00 billion to US$1.08 billion; a decrease of 23.5% from the fourth quarter of 2019 and an increase of 25.1% from the first quarter of 2019.

Gross margin was 19.5%. Excluding the impact from the disposal of two solar power plants in Mexico, gross margin was 19.7%, within JinkoSolar's guidance range of 19.0% to 21.0%, compared with 18.2% in the fourth quarter of 2019 and 16.6% in the first quarter of 2019.

Income from operations was RMB732.7 million (US$103.5 million). Excluding the impact from the disposal of two solar power plants in Mexico, income from operations was RMB519.5 million (US$73.4 million), compared with RMB594.8 million in the fourth quarter of 2019 and RMB235.7 million in the first quarter of 2019.

Net income attributable to the Company's ordinary shareholders was RMB282.4 million (US$39.9 million) in the first quarter of 2020, compared with RMB369.5 million in the fourth quarter of 2019 and RMB40.2 million in the first quarter of 2019.

Diluted earnings per American depositary share ("ADS") were RMB2.67 (US$0.38) in the first quarter of 2020.

Non-GAAP net income attributable to the Company's ordinary shareholders in the first quarter of 2020 was RMB227.5 million (US$32.1million), compared with RMB432.2 million in the fourth quarter of 2019 and RMB33.3 million in the first quarter of 2019.

Non-GAAP basic and diluted earnings per ADS were RMB5.09 (US$0.72) and RMB4.59 (US$0.65), respectively, in the first quarter of 2020, compared with RMB9.74 for both in the fourth quarter of 2019 and RMB0.85 and RMB0.84, respectively, in the first quarter of 2019.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "JinkoSolar continued to outperform during the quarter despite a very challenging global operating environment. Total solar module shipments, total revenue and gross margin were all within our guidance range for the quarter. Module shipments hit a record high 3,411MW during the quarter while total revenues were US$1.03 billion and gross margin was 19.7% if you exclude the impact from the disposal of two solar power plants in Mexico. As one of the world's leading solar module manufacturers, we have leveraged our deep experience to lead the industry through the pandemic which has allowed us to not only further expand our market share but also create technical standards and develop technological breakthroughs for a variety of products. Our order book for the second quarter and the rest of the year remains strong, and our guidance for total shipments for the full year 2020 remains unchanged at 18 to 20 GW."

"While we expect global installations to fall by around 25% from last year due to the pandemic, we see a number of growth opportunities in the near-term as the market consolidates. Governments around the world have refocused their attention on energy security and localization, especially after the COVID-19 outbreak. As solar energy continues to race towards grid parity, we expect more countries to implement policies that support solar energy in the post-pandemic era, and at the same time, remove outdated...