Technology

JinkoSolar Announces Second Quarter 2024 Financial Results

Published

2 years ago

August 30, 2024

SHANGRAO, China, Aug. 30, 2024 /PRNewswire/ — 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 second quarter ended June 30, 2024.

Second Quarter 2024 Business Highlights

Leveraging our advantages of N-type TOPCon technology, competitive products, global marketing, and manufacturing footprint, module shipments grew by 34.1% year-over-year to 23.8 GW in the second quarter, ranking first in the industry.At the end of the second quarter, we became the first module manufacturer in the world to have delivered a total of 260 GW solar modules, covering nearly 200 countries and regions.Our N-type TOPCon based perovskite tandem solar cell set a new record with conversion efficiency of 33.24%, a significant leap beyond our previous record of 32.33% for the same type of tandem cells.The mass production efficiency of N-type TOPCon cells exceeds 26.1%.Recently, we were recognized as a Tier 1 energy storage provider and a Tier 1 PV module manufacturer by Bloomberg New Energy Finance.We recently entered into a strategic partnership with Renewable Energy Localization Company and Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of high-efficiency solar cells and solar modules.

Second Quarter 2024 Operational and Financial Highlights

Quarterly shipments were 25,318 MW (23,822 MW for solar modules, and 1,496 MW for cells and wafers), up 15.6% sequentially, and up 36.0% year-over-year.Total revenues were RMB24.05 billion (US$3.31 billion), up 4.4% sequentially and down 21.6% year-over-year.Gross profit was RMB2.68 billion (US$368.3 million), down 2.1% sequentially and down 44.0% year-over-year.Gross margin was 11.1%, compared with 11.9% in Q1 2024 and 15.6% in Q2 2023.Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB 100.7 million (US$13.9 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB609.4 million in Q1 2024 and RMB1.31 billion in Q2 2023.Adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders, which excludes the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of long-term investment, (iii) share based compensation expenses, and (iv) the net loss resulted from a fire accident at one of our production bases in Shanxi Province (the “Fire Accident”), was RMB378.5 million (US$52.1 million), compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB470.3 million in Q1 2024 and RMB1.43 billion in Q2 2023.Basic and diluted loss per ordinary share were RMB0.48 (US$0.07) and RMB0.53 (US$ 0.07), respectively. This translates into basic and diluted loss per ADS of RMB 1.94 (US$0.27) and RMB2.12 (US$0.29), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “We are pleased to announce that our module shipments grew by 34.1% year-over-year to 23.8 GW in the second quarter, ranking first in the industry. By the end of the second quarter, we became the first solar company in the world to have reached accumulative module shipments of 260 GW, covering nearly 200 countries and regions. This again demonstrated the strength of our globalization strategy. Prices in several segments of the industry chain declined slightly on a sequential basis leading us to adjust our production scheduling strategy and utilization rates for different processes. We also optimized our supply chain strategy to control costs. Gross margin was 11.1% in this quarter, relatively flat sequentially. Adjusted net income was $52.1 million, a slight decrease sequentially.

Overall, global demand showed fast growth momentum in the first half of 2024. The newly added installations in China totaled 102.4 GW, up 30.7% year-over-year while total solar module exports increased by around 20% year-over-year. Thanks to our global footprint and competitive products, by the end of the second quarter, the visibility of our orderbook for 2024 exceeds 80%, enabling us to maintain an industry-leading utilization rate, particularly nearly 100% for N-type cells.

Oversupply and increasingly irrational low prices along the supply chain that have plagued our industry for some time have started to be addressed by market forces as well as government and industry control policies. Additionally, financial institutions have become more selective, favoring companies with proven technological innovation, healthy financial conditions, and strong brand recognition. As a result, some manufacturers have been forced to cut or suspend production while others have delayed, suspended or even canceled capacity expansion projects. We believe that all these measures will further accelerate the elimination of outdated capacity as well as industry consolidation, paving the way for companies with robust sustainable operations to reinforce their industry leadership.

We made good progress on several fronts. The mass-produced efficiency of our 182 mm TOPCon cells has exceeded 26.1%, and the lab efficiency of our N-type TOPCon-based perovskite tandem solar cell has reached 33.24%. We firmly believe that TOPCon technology still delivers the best economic performance in terms of cost, mass production yield, intellectual property protection, and customer acceptance, with further room for cost reduction and efficiency increase. In addition, we reached another milestone in our global manufacturing strategy with the recently announced strategic partnership with Renewable Energy Localization Company and Vision Industries Company to form a joint venture in Saudi Arabia for the production of 10 GW of high-efficiency solar cells and solar modules.

Despite the challenges in our industry, the strength of our N-type TOPCon technology, the competitiveness of our products, and our extensive global sales and manufacturing network have placed us in a strong position in the industry as the industry continues to address excess capacity. We will continue to implement our globalization strategy to actively seize market opportunities and mitigate market risks. We reiterate our guidance for module shipments to be between 100.0 GW and 110.0 GW for full year 2024. We expect module shipments to be between 23.0 GW and 25.0 GW for the third quarter of 2024. By the end of 2024, we expect our mass-produced N-type cell efficiency to reach 26.5%. We will continue to optimize our asset and liability structure, as well as cash flow levels, to strengthen our resistance to risks.”

Second Quarter 2024 Financial Results

Total Revenues

Total revenues in the second quarter of 2024 were RMB24.05 billion (US$3.31 billion), an increase of 4.4% from RMB23.04 billion in the first quarter of 2024 and a decrease of 21.6% from RMB30.69 billion in the second quarter of 2023. The sequential increase was mainly due to the increase in module shipments. The year-over-year decrease was mainly due to a decrease in the average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2024 was RMB2.68 billion (US$368.3 million), compared with RMB2.74 billion in the first quarter of 2024 and RMB4.78 billion in the second quarter of 2023.

Gross margin was 11.1% in the second quarter of 2024, compared with 11.9% in the first quarter of 2024 and 15.6% in the second quarter of 2023. The year-over-year decrease was mainly due to the decrease in the average selling price of solar modules.

Loss/Income from Operations and Operating Margin

Loss from operations in the second quarter of 2024 was RMB1.14 billion (US$156.6 million), compared with loss from operations of RMB339.6 million in the first quarter of 2024 and income from operations of RMB1.54 billion in the second quarter of 2023. The sequential increase in loss from operations was mainly due to the increase in our operating expenses in the second quarter of 2024.The change from income from operations in the second quarter of 2023 to loss from operations in the second quarter of 2024 was primarily attributable to the decreases in our revenues and gross margin in the second quarter of 2024.

Operating loss margin was 4.7% in the second quarter of 2024, compared with operating loss margin of 1.5% in the first quarter of 2024 and operating profit margin of 5.0% in the second quarter of 2023.

Total operating expenses in the second quarter of 2024 were RMB3.81 billion (US$524.9 million), an increase of 24.1% from RMB3.07 billion in the first quarter of 2024 and an increase of 17.6% from RMB3.24 billion in the second quarter of 2023. The sequential and year-over-year increases were mainly due to the write-off of the net book value of the equipment resulted from the Fire Accident in Shanxi Province, which was partially offset by the estimated insurance proceeds from the Fire Accident in the second quarter of 2024.

Total operating expenses accounted for 15.9% of total revenues in the second quarter of 2024, compared to 13.3% in the first quarter of 2024 and 10.6% in the second quarter of 2023.

Interest Expenses, Net

Net interest expenses consist of interest expenses of RMB212.9 million (US$29.3 million) and interest income of RMB107.7 million (US$14.8 million) in the second quarter of 2024.

Net interest expenses in the second quarter of 2024 was RMB105.2 million (US$14.5 million), a decrease of 43.7% from RMB186.8 million in the first quarter of 2024 and a decrease of 49.6% from RMB208.5 million in the second quarter of 2023. The sequential and year-over-year decreases were due to the decrease in interest-bearing debts with high interest rate.

Subsidy Income

Subsidy income in the second quarter of 2024 was RMB885.0 million (US$121.8 million), compared with RMB231.8 million in the first quarter of 2024 and RMB292.4 million in the second quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of incentives to the Company’s business operations.

Exchange Gain/Loss and Change in Fair Value of Foreign Exchange Derivatives

The Company recorded a net exchange gain (including change in fair value of foreign exchange derivatives) of RMB305.0 million (US$42.0 million) in the second quarter of 2024, compared to a net exchange gain of RMB139.7 million in the first quarter of 2024 and a net exchange gain of RMB916.4 million in the second quarter of 2023. The sequential and year-over-year changes were mainly attributable to the exchange rate fluctuation of US dollars against RMB in the second quarter of 2024.

Change in Fair Value of Convertible Senior Notes

The Company issued US$85.0 million of 4.5% convertible senior notes (the “Notes”) due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model. As of June 30, 2024, all the Notes with the principle amount of US$85.0 million have been converted to the ordinary shares of the Company.

The Company recognized a gain from a change in fair value of the convertible senior notes of RMB12.8 million (US$1.8 million) in the second quarter of 2024, compared to a gain of RMB310.7 million in the first quarter of 2024 and a gain of RMB89.7 million in the second quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the Company’s stock price in the second quarter of 2024.

Change in Fair Value of Long-term Investment

The Company invested in certain equity interests in several solar technology companies engaged in the photovoltaic industry chain, which are recorded as long-term investment and reported at fair value with changes in fair value recognized in earnings. As of June 30, 2024, the Company had RMB849.7 million (US$116.9 million) in long-term investment, compared with RMB967.0 million as of March 31, 2024.

The Company recognized a loss from change in fair value of RMB144.2 million (US$19.8 million) in the second quarter of 2024, compared with a loss of RMB55.3 million in the first quarter of 2024 and a gain of RMB2.3 million in the second quarter of 2023. The sequential and year-over-year changes were primarily due to the changes in the valuation of several solar technology companies we invested in.

Other income, net

Net other income in the second quarter of 2024 was RMB157.6 million (US$21.7 million), compared with net other income of RMB1.32 billion in the first quarter of 2024 and net other income of RMB59.0 million in the second quarter of 2023. The sequential decrease was mainly due to income generated from the disposal of a wholly-owned subsidiary in the first quarter of 2024. The year-over-year increase was mainly due to gains from the changes in the fair value of the financial instruments in the second quarter of 2024.

Equity in Earnings of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and a 9% equity interest in Xinte Ltd, a domestic silicon material supplier, and both are accounted for using the equity method. The Company recorded equity in loss of affiliated companies of RMB67.6 million (US$9.3 million) in the second quarter of 2024, compared with equity in gain of RMB13.2 million in the first quarter of 2024 and RMB63.3 million in the second quarter of 2023. The fluctuations in equity in earnings of affiliated companies primarily arose from the net gain or loss incurred by the affiliate companies.

Income Tax Expense

The Company recorded an income tax expense of RMB24.8 million (US$3.4 million) in the second quarter of 2024, compared with RMB476.7 million in the first quarter of 2024 and RMB341.1 million in the second quarter of 2023.

Net Loss/Income attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB18.8 million (US$2.6 million) in the second quarter of 2024, compared with net income of RMB351.0 million in the first quarter of 2024 and net income of RMB1.11 billion in the second quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in net income of the Company’s majority-owned principal operating subsidiary, Jinko Solar Co., Ltd.

Net Loss/Income and Earnings per Share

Net loss attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB100.7 million (US$13.9 million) in the second quarter of 2024, compared with net income of RMB609.4 million in the first quarter of 2024 and net income of RMB1.31 billion in the second quarter of 2023.

Excluding the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of the long-term investment, (iii) share based compensation expenses, and (iv) the net loss resulted from the Fire Accident, adjusted net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB378.5 million (US$52.1 million), compared with RMB470.3 million in the first quarter of 2024 and RMB1.43 billion in the second quarter of 2023.

Basic and diluted loss per ordinary share were RMB0.48 (US$0.07) and RMB0.53 (US$0.07), respectively, in the second quarter of 2024, compared to basic and diluted earnings per ordinary share of RMB2.82 and RMB1.34, respectively, in the first quarter of 2024, and basic and diluted earnings per ordinary share of RMB6.39 and RMB5.55, respectively, in the second quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted loss per ADS of RMB1.94 (US$0.27) and RMB2.12 (US$0.29), respectively in the second quarter of 2024; basic and diluted earnings per ADS of RMB11.28 and RMB5.36, respectively, in the first quarter of 2024; and basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second quarter of 2023.

Financial Position

As of June 30, 2024, the Company had RMB13.87 billion (US$1.91 billion) in cash, cash equivalents, and restricted cash, compared with RMB17.63 billion as of March 31, 2024.

As of June 30, 2024, the Company’s accounts receivables were RMB18.39 billion (US$2.53 billion), compared with RMB19.82 billion as of March 31, 2024.

As of June 30, 2024, the Company’s inventories were RMB19.49 billion (US$2.68 billion), compared with RMB20.13 billion as of March 31, 2024.

As of June 30, 2024, the Company’s total interest-bearing debts were RMB28.06 billion (US$3.86 billion), compared with RMB26.46 billion as of March 31, 2024.

Second Quarter 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 25,318 MW in the second quarter of 2024, including 23,822 MW for solar module shipments and 1,496 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

Third Quarter and Full Year 2024 Guidance

The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.

For the third quarter of 2024, the Company expects its module shipments to be in the range of 23.0 GW to 25.0 GW.

For full year 2024, the Company estimates its module shipments to be in the range of 100.0 GW to 110.0 GW.

Solar Products Production Capacity

The Company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2024.

Recent Business Developments

In May 2024, JinkoSolar delivered Tiger Neo modules to a Solar Power Plant in Lobstädt, Germany (The Witznitz Solar Park).In May 2024, JinkoSolar’s 2000-Volt EAGLE® Modules became the first in the world to be qualified as UL listed products for UL61730-1 and UL61730-2, and UL classified products for IEC 61215-1, IEC 61215-2 and IEC 61215-1-1.In June 2024, JinkoSolar was recognized as a Top Performer across all reliability categories in the 2024 PV Module Reliability Scorecard published by Kiwa PVEL.In June 2024, JinkoSolar announced that tested by TÜV SÜD, the conversion efficiency for 2 m2 above large-size N-type TOPCon solar modules has reached 25.42%, setting a new record again.In June 2024, JinkoSolar announced that its subsidiary Jinko Solar Denmark has supplied high voltage residential storage solutions to SolarToday for use in the DACH and Benelux regions starting from June 2024.In June 2024, JinkoSolar entered into a Heads of Terms with kIEFER to supply its large scale battery storage, SunTera to Athens International Airport (AIA), supporting its commitment to achieve Net Zero Carbon Emissions by 2025.In July 2024, JinkoSolar topped the PV Tech 2024 Q2 ModuleTech Bankability Report with “AAA” rating.As of the date of this press release, JinkoSolar has repurchased a total of 5,596,739 ADSs in an aggregate amount of approximately US$134.5 million in the open market under its share repurchase program announced in July 2022 and the extended share repurchase program announced in December 2023. As of the same date, approximately US$65.5 million of the Company’s ordinary shares represented by the ADSs under the extended share repurchase program had not been utilized.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Friday, August 30, 2024 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10041536-ai8fg3.html

It will automatically direct you to the registration page of “JinkoSolar Second Quarter 2024 Earnings Conference Call”, where you may fill in your details for RSVP.

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 6, 2024. The dial-in details for the replay are as follows:

International:

+61 7 3107 6325

U.S.:

+1 855 883 1031

Passcode:

10041536

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar’s website at http://www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2024.

To find out more, please see: www.jinkosolar.com

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 28, 2024, which was RMB7.2672 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: ir@jinkosolar.com

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: rene.vanguestaine@christensencomms.com

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)

For the quarter ended

For the year ended

Jun 30, 2023

Mar 31, 2024

Jun 30, 2024

Jun 30, 2023

Jun 30, 2024

RMB’000

USD’000

RMB’000

USD’000

Revenues

30,685,099

23,044,280

24,053,049

3,309,810

54,014,161

47,097,329

6,480,809

Cost of revenues

(25,902,426)

(20,309,195)

(21,376,366)

(2,941,486)

(45,190,471)

(41,685,562)

(5,736,124)

Gross profit

4,782,673

2,735,085

2,676,683

368,324

8,823,690

5,411,767

744,685

Operating expenses:

Selling and marketing

(1,665,996)

(1,466,397)

(1,797,061)

(247,284)

(3,222,296)

(3,263,458)

(449,067)

General and administrative

(800,148)

(1,367,868)

(1,141,307)

(157,049)

(1,884,556)

(2,509,174)

(345,274)

Research and development

(225,574)

(240,428)

(215,394)

(29,639)

(414,130)

(455,822)

(62,723)

Impairment of long-lived assets

(552,751)

–

(660,964)

(90,952)

(552,751)

(660,964)

(90,952)

Total operating expenses

(3,244,469)

(3,074,693)

(3,814,726)

(524,924)

(6,073,733)

(6,889,418)

(948,016)

(Loss)/income from operations

1,538,204

(339,608)

(1,138,043)

(156,600)

2,749,957

(1,477,651)

(203,331)

Interest expenses

(332,374)

(281,733)

(212,897)

(29,296)

(623,108)

(494,630)

(68,063)

Interest income

123,921

94,900

107,740

14,826

359,263

202,640

27,884

Subsidy income

292,376

231,844

885,024

121,783

556,418

1,116,868

153,686

Exchange gain,net

1,358,867

126,010

247,726

34,088

1,229,820

373,736

51,428

Change in fair value of foreign exchange derivatives

(442,492)

13,714

57,250

7,878

(387,154)

70,964

9,765

Change in fair value of Long-term Investment

2,278

(55,328)

(144,222)

(19,846)

442,702

(199,550)

(27,459)

Change in fair value of convertible senior notes

89,747

310,683

12,791

1,760

(171,688)

323,474

44,512

Other income, net

58,971

1,323,478

157,574

21,683

62,095

1,481,051

203,800

Income/(loss) before income taxes

2,689,498

1,423,960

(27,057)

(3,724)

4,218,305

1,396,902

192,222

Income tax expenses

(341,144)

(476,718)

(24,799)

(3,412)

(656,148)

(501,518)

(69,011)

Equity in (loss)/income of affiliated companies

63,281

13,181

(67,644)

(9,308)

243,236

(54,463)

(7,494)

Net income

2,411,635

960,423

(119,500)

(16,444)

3,805,393

840,921

115,717

Less: Net (income)/loss attributable to non-controlling
interests

(1,105,533)

(351,025)

18,847

2,593

(1,710,640)

(332,178)

(45,709)

Net income/(loss) attributable to JinkoSolar
Holding Co., Ltd.’s ordinary shareholders

1,306,102

609,398

(100,653)

(13,851)

2,094,753

508,743

70,008

Net income/(loss) attributable to JinkoSolar Holding Co., Ltd.’s
ordinary shareholders per share:

Basic

6.39

2.82

(0.48)

(0.07)

10.31

2.40

0.33

Diluted

5.55

1.34

(0.53)

(0.07)

9.90

0.87

0.12

Net income/(loss) attributable to JinkoSolar Holding
Co., Ltd.’s
ordinary shareholders per ADS:

Basic

25.54

11.28

(1.94)

(0.27)

41.22

9.62

1.32

Diluted

22.20

5.36

(2.12)

(0.29)

39.61

3.48

0.48

Weighted average ordinary shares outstanding:

Basic

204,566,514

216,001,414

208,076,672

203,250,441

211,662,944

Diluted

223,654,851

223,646,269

209,869,918

211,556,947

219,563,068

Weighted average ADS outstanding:

Basic

51,141,628

54,000,353

52,019,168

50,812,610

52,915,736

Diluted

55,913,713

55,911,567

52,467,479

52,889,237

54,890,767

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income/(loss)

2,411,635

960,423

(119,500)

(16,444)

3,805,393

840,921

115,717

Other comprehensive income/(loss):

-Unrealized loss on available-for-sale securities

–

(973)

–

-Foreign currency translation adjustments

282,017

(177,267)

9,874

1,360

224,045

(167,393)

(23,034)

-Change in the instrument-specific credit risk

20,227

421

–

65,445

421

Comprehensive income/(loss)

2,713,937

783,577

(109,626)

(15,084)

4,093,910

673,949

92,740

Less: Comprehensive (income)/loss attributable to non-
controlling interests

(1,168,875)

(348,517)

9,056

1,246

(1,755,098)

(339,461)

(46,711)

Comprehensive income/(loss) attributable to JinkoSolar
Co., Ltd.’s ordinary shareholders

1,545,062

435,060

(100,570)

(13,838)

2,338,812

334,488

46,029

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2023

Jun 30, 2024

RMB’000

USD’000

ASSETS

Current assets:

Cash,cash equivalents, and restricted cash

19,069,107

13,869,567

1,908,516

Restricted short-term investments and short-term investments

8,509,257

6,458,580

888,730

Accounts receivable, net

22,958,693

18,386,843

2,530,114

Notes receivable, net

4,090,085

4,283,889

589,483

Advances to suppliers, net

4,565,779

3,774,159

519,341

Inventories, net

18,215,537

19,489,767

2,681,881

Foreign exchange forward contract receivables

103,100

122,268

16,825

Prepayments and other current assets, net

3,430,224

6,031,154

829,914

Held-for-sale assets

2,003,417

189,077

26,018

Total current assets

82,945,199

72,605,304

9,990,822

Non-current assets:

Restricted long-term investments

1,536,198

1,918,126

263,943

Long-term investments

2,117,628

1,738,566

239,234

Property, plant and equipment, net

41,267,187

45,615,154

6,276,854

Land use rights, net

1,821,012

1,852,866

254,963

Intangible assets, net

569,088

361,480

49,741

Right-of-use assets, net

742,431

567,137

78,041

Deferred tax assets

1,290,004

1,613,419

222,014

Advances to suppliers to be utilised beyond one year

648,377

671,645

92,421

Other assets, net

2,790,567

1,571,391

216,231

Available-for-sale securities-non-current

104,134

131,134

18,045

Total non-current assets

52,886,626

56,040,918

7,711,487

Total assets

135,831,825

128,646,222

17,702,309

LIABILITIES

Current liabilities:

Accounts payable

15,475,166

13,952,517

1,919,930

Notes payable

25,690,532

19,528,035

2,687,147

Accrued payroll and welfare expenses

2,798,964

2,592,942

356,801

Advances from customers

6,965,298

7,551,735

1,039,154

Income tax payables

1,016,039

491,952

67,695

Other payables and accruals

13,448,501

16,387,720

2,255,022

Foreign exchange forward derivatives payables

26,466

16,038

2,207

Convertible senior notes

782,969

–

Lease liabilities – current

155,931

118,382

16,290

Short-term borrowings, including current portion of long-term
borrowings, and failed sale-leaseback financing

13,583,774

6,830,467

939,904

Held-for-sale liabilities

1,117,005

–

Total current liabilities

81,060,645

67,469,788

9,284,150

Non-current liabilities:

Long-term borrowings

11,238,806

13,434,364

1,848,630

Convertible notes

4,785,480

7,203,086

991,178

Accrued warranty costs – non current

2,145,426

2,205,949

303,549

Lease liabilities-noncurrent

557,136

475,932

65,490

Deferred tax liability

131,506

138,971

19,123

Long-term Payables

2,378,684

4,257,201

585,810

Total non-current liabilities

21,237,038

27,715,503

3,813,780

Total liabilities

102,297,683

95,185,291

13,097,930

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

20,156,434

20,620,188

2,837,434

Non-controlling interests

13,377,708

12,840,743

1,766,945

Total shareholders’ equity

33,534,142

33,460,931

4,604,379

Total liabilities, non-controlling interest and shareholders’ equity

135,831,825

128,646,222

17,702,3093

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-second-quarter-2024-financial-results-302234929.html

SOURCE JinkoSolar Holding Co., Ltd.

Technology

MGI Tech Showcases Expanding Genomics Ecosystem at ESHG 2026 with New IVD Partnering Program and OEM Collaborations

Published

50 minutes ago

June 13, 2026

GOTHENBURG, Sweden, June 13, 2026 /PRNewswire/ — MGI Tech Co., Ltd. (MGI), a company committed to developing core tools and technologies that drive innovation in life sciences, is showcasing its latest advancements in sequencing, automation and clinical genomics at the European Society of Human Genetics (ESHG) 2026 Conference in Gothenburg, Sweden.

At Booth 352, MGI welcomes researchers, clinicians, laboratory leaders and industry partners to explore its comprehensive portfolio of sequencing and automation solutions while unveiling new initiatives designed to strengthen collaboration across the genomics ecosystem.

Advancing Clinical Genomics Through Partnership

A key highlight of ESHG 2026 is the launch of the MGI NGS Partner Enablement Program, a new initiative designed to connect diagnostic developers, assay providers and laboratory partners seeking to build validated clinical workflows on MGI sequencing platforms.

The program aims to accelerate the development and adoption of regulated next-generation sequencing (NGS) applications by fostering collaborations that simplify workflow implementation, reduce time-to-market and support broader access to precision medicine solutions.

“Clinical genomics is increasingly dependent on strong partnerships across the value chain,” said Fang Chen, General Manager Europe & Africa at MGI. “With the launch of our NGS Partner Enablement Program, we are creating a collaborative framework that brings together assay developers, software providers, automation partners and clinical laboratories to accelerate access to high-quality genomic testing.”

Expanding Automation Capabilities Through OEM Collaborations

At ESHG 2026, MGI is also announcing new Original Equipment Manufacturer (OEM) partnership opportunities on MGI’s DE Bundles (integrated library preparation and sequencing platform), bringing turnkey automation to global partners. The DE Bundle includes the current D4+E25 combination, as well as the new D16 paired with the E25 featuring a new 50M flow cell.

The D16, which will be launched later this year, is a benchtop, mid-to-low throughput library prep system and the upgraded successor to the D4. Retaining the fully enclosed contamination control system, it integrates a single-channel robotic pipetting module to maximize automation. With two sample preparation cartridges each processing 8 samples, the D16 delivers significantly higher throughput. The D16 and E25 systems provide flexible and scalable automation solutions for library construction, sequencing, bioinformatics analysis, streamlining the entire laboratory workflow.

Through this open OEM framework, MGI is enabling customers and solution providers to integrate proven automation technologies into customized workflows tailored to specific clinical and research applications. The OEM program reflects MGI’s commitment to building an open ecosystem that empowers laboratories to increase efficiency, improve standardization and accelerate scientific discovery.

“We are excited to expand the opportunities available to our OEM partners by providing access to the D16 platform, enabling the development of truly walkaway solutions that simplify and automate complex laboratory workflows,” said Wim Vervaeke, OEM Director at Europe & Africa at MGI. “Our innovations, including the PrepALL, E25, and G99, have already sparked new partnerships across the life sciences ecosystem. By combining MGI’s automation expertise with the specialized capabilities of our partners, we are creating integrated solutions that deliver maximum value, efficiency, and convenience for end users.”

Corporate Satellite Symposium Highlights Clinical Genomics, Precision Oncology and Spatial Multi-Omics

As part of ESHG 2026, MGI hosted its Corporate Satellite Symposium, Advancing Diagnostics: From Clinical Implementation to Biomarker Discovery, bringing together leading experts from across Europe to showcase how advanced genomic technologies are being translated into real-world clinical and research impact. The symposium highlighted applications spanning clinical oncology diagnostics, pharmacogenomics, and spatial multi-omics.

Dr. Raquel T. Lima from IPATIMUP (Portugal) presented the clinical value of RNA sequencing for detecting actionable gene fusions in solid tumours, improving diagnostic yield and supporting precision oncology decision-making. Prof. Dr. Andreas Braun from University Hospital Schleswig-Holstein (Germany) shared how spatial biology technologies map the tumour microenvironment in melanoma, revealing tumour heterogeneity, cellular interactions, and mechanisms associated with disease progression and treatment response. Dr. Andrea Conti from BMR Genomics (Italy) explored the opportunities of whole genome sequencing for pharmacogenetic marker evaluation, highlighting how comprehensive genomic approaches can support the implementation of personalised medicine through improved identification of clinically relevant variants.

Together, the presentations demonstrated how genomic and multi-omics technologies are advancing clinical diagnostics, translational oncology research, and precision medicine, while highlighting the growing role of sequencing in delivering actionable insights across healthcare and biomedical research.

Comprehensive Solutions for Genomics and Multi-Omics Research

Visitors to the MGI booth can explore the company’s comprehensive portfolio of sequencing and automation technologies supporting applications across human genetics, oncology, reproductive health, population genomics and multi-omics research.

Highlighting strong market adoption, MGI is showcasing the T7+, its ultra-high-throughput sequencing platform at the conference. Following its official launch for the Europe and Africa region at Analytica 2026 in Munich, the T7+ has gained significant momentum, with 27 units installed worldwide as of the end of 2025. From benchtop to ultra-high-throughput sequencing platforms, as well as advanced laboratory automation solutions, MGI continues to support laboratories seeking high-performance, scalable and cost-effective genomics workflows.

“Our mission extends beyond delivering innovative technologies,” said Dr. Christian Zimmerman, VP Sales Europe & Africa at MGI. “We are focused on building a complete ecosystem that enables our customers to transition seamlessly from research to clinical implementation. The partnerships and initiatives we are launching at ESHG 2026 demonstrate our commitment to making genomic technologies more accessible, integrated and impactful.”

Driving the Future of Precision Medicine in Europe

Europe remains a strategic region for MGI, with growing adoption of genomic technologies across research institutions, healthcare systems and national population initiatives.

Through continued investment in sequencing innovation, automation, clinical partnerships and collaborative ecosystem development, MGI is helping accelerate the transition toward more precise, data-driven healthcare.

As genomics increasingly becomes integrated into routine clinical practice, MGI remains committed to providing the technologies and partnerships necessary to support the next generation of precision medicine.

About MGI

MGI Tech Co., Ltd. (or its subsidiaries, together referred to as MGI) is committed to building core tools and technologies that drive innovation in life science. Our focus lies in research & development, manufacturing, and sales of instruments, reagents, and related products in the field of life science and biotechnology. We provide real-time, multi-omics, and a full spectrum of digital equipment and systems for precision medicine, agriculture, healthcare, and various other industries.

Founded in 2016, MGI has grown into a leader in life science, serving customers across six continents and establishing research, manufacturing, training, and after-sales service facilities globally. As one of the few companies capable of independently developing and mass-producing clinical-grade gene sequencers, MGI empowers global users with scalable sequencing capabilities ranging from Gb to Tb levels. MGI also stands out as one of the only providers of a full-stack product portfolio that spans three core segments: SEQ ALL (short- and long-read sequencing), GLI (Generative Lab Intelligence), and Multi-Omics. With unparalleled expertise, cutting-edge products, and a commitment to global impact, MGI continues to shape the trajectory of life sciences into the future.

To learn more, please visit MGI Tech, LinkedIn, X, Instagram, and YouTube.

View original content:https://www.prnewswire.co.uk/news-releases/mgi-tech-showcases-expanding-genomics-ecosystem-at-eshg-2026-with-new-ivd-partnering-program-and-oem-collaborations-302799622.html

Technology

VEVOR Launches “Beat the Heat at Home” Summer Comfort Lineup for Outdoor Living

Published

4 hours ago

June 13, 2026

HOUSTON, June 13, 2026 /PRNewswire/ — As summer temperatures climb, staying cool at home shouldn’t require a sky-high electric bill, a cooler full of gas-station ice, or a contractor booked out until September. A smarter approach is gaining traction among American families: investing in the right tools to make outdoor living genuinely comfortable without the premium price tag. VEVOR — a trusted home improvement brand serving over 30 million home creators worldwide — today launches “Beat the Heat at Home,” a summer comfort lineup featuring shade, ice-making, and airflow solutions that deliver pro-level performance so your backyard truly becomes the place to be this summer.

“Summer comfort is not only about staying cool — it is about making outdoor spaces easier to enjoy,” said Gavin Wu, Brand Director at VEVOR. “With this lineup, VEVOR brings pro-level performance into practical home scenarios, helping Home Creators upgrade their backyards, patios, garages, and hosting spaces at exceptional value.”

Cool Living, Cold Drinks, Total Comfort
For most families, a truly comfortable summer day comes down to three things: a shady spot, a steady supply of ice-cold drinks, and enough airflow to keep the evening from feeling stagnant. Traditional solutions — pergolas, commercial ice machines, wired-in fans — often cost thousands or require contractors.

To bridge this gap, VEVOR’s Annual Big Summer Sale officially introduces the “Beat the Heat” collection. Together, the lineup addresses three common summer comfort needs: shade, ice, and airflow, so every corner of the backyard is covered. By delivering pro-level performance in effortless, budget-friendly setups, VEVOR offers Home Creators the ultimate plug-and-play summer cooling experience, making premium seasonal comfort accessible right out of the box.

Create Shade in Minutes
There’s a specific moment every summer host knows too well: the sun shifts, the one shady corner disappears, and suddenly everyone is squinting, relocating chairs, or retreating indoors altogether. It’s the kind of small frustration that quietly ruins an otherwise perfect afternoon.

VEVOR’s Pop-Up Canopy Gazebo was designed for exactly that moment. Available in 10×10, 11.5×11.5, and 12×12 ft configurations, it turns any open stretch of lawn or driveway into a comfortable, shaded gathering space — and it does so in minutes — designed for tool-free setup from the start. The mesh sidewalls earn their keep once evening arrives: mosquitoes stay out while the breeze still flows through, which means dinner can linger as long as the conversation does.

It’s not a permanent structure, and that’s the point. When the season changes or the party moves, the canopy folds back down just as quickly. For homeowners who want shade on their terms, not on a contractor’s timeline, it offers a flexible alternative to permanent shade structures.

Never Run Out of Ice
Few things signal “this gathering is winding down” faster than reaching into a cooler and finding nothing but lukewarm water and half-melted slush. Bags of store-bought ice solve the problem temporarily, but anyone who has made two mid-party runs to the gas station knows the drill gets old fast.

VEVOR’s Commercial Ice Maker Machine helps home hosts keep up with high-demand summer gatherings. Producing up to 130 lbs of ice every 24 hours and holding 33 lbs in its built-in storage bin, it keeps pace with a full afternoon of refills — lemonade pitchers, cocktail shakers, coolers for the kids’ juice boxes, all of it. The stainless-steel build looks at home in a garage bar or outdoor kitchen, and one-touch self-cleaning means maintenance is measured in button presses, not scrub sessions.

Keep the Air Moving
Anyone who has spent a July evening on a covered porch knows the paradox: the roof blocks the sun, but it also traps every degree of rising heat with nowhere to go. The air sits heavy, the ceiling feels lower than it is, and even a beautiful outdoor space starts to feel like something you’d rather admire from behind a glass door with the AC running inside.

VEVOR’s 18-Inch Wall-Mount Fan was built for exactly these in-between spaces that central air can’t reach and a tabletop fan can’t handle. Three-speed settings push up to 4,150 CFM of airflow across patios, enclosed porches, workshops, and garage gyms. That’s the kind of serious air movement that makes a covered space feel open again. With ETL certification and weather-resistant construction, it is designed for covered or semi-outdoor spaces where moisture and humidity are common.

Mounted on the wall and out of the way, it doesn’t eat into floor space or crowd a table. For households looking to cut back on running central AC in every room all day, a well-placed fan in the spaces where the family actually gathers is often the simplest and most cost-effective first step.

The deals are live — don’t leave them on the table.

Cool your summer now: vevor.com/summer-cooling

Shop VEVOR’s Summer Sale: vevor.com/summer-sale

Visit in person: VEVOR Houston Store: 10951 Farm to Market 1960 Road W, Houston

Summer won’t wait. Neither should your backyard. More deals, more summer-ready upgrades — all waiting for you.

About VEVOR
Pro-Level Performance Without the Pro-Level Price. VEVOR is a home improvement brand built for Home Creators who want to upgrade their spaces with practical, high-performing products at exceptional value. From outdoor living and tools to home improvement equipment and everyday project essentials, VEVOR helps people take on upgrades with confidence, efficiency, and value.

Today, VEVOR operates in over 50 countries, supported by a network of 200+ global warehouses and a catalog of more than 15,000 SKUs spanning tools, outdoor equipment, and home improvement solutions. VEVOR has supported over 30 million Home Creators worldwide, bringing performance, inspiration, and value to their home improvement projects. For more information, visit www.vevor.com. VEVOR products are also available on Amazon.

Media Contact
VEVOR Communications Team
media@vevor.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/vevor-launches-beat-the-heat-at-home-summer-comfort-lineup-for-outdoor-living-302797877.html

SOURCE VEVOR

Technology

YEEDI Delivers Lowest-Ever Pricing on Self-Cleaning Roller Mop Robot Vacuums With Early Prime Day Deals

Published

4 hours ago

June 13, 2026

Starting June 13, M14 PLUS and S14 PLUS Drop to $399.99, Bringing Advanced Self-Cleaning Roller Mop Technology Into the Sub-$400 Segment

SAN FRANCISCO, June 13, 2026 /PRNewswire/ — YEEDI, a home cleaning technology brand focused on practical innovation and high-performance smart home solutions, is kicking off Prime Day early by offering its M14 PLUS and S14 PLUS at their lowest prices ever. Starting June 13, both self-cleaning roller mop robot vacuums are available for just $399.99, allowing shoppers to secure Prime Day pricing ahead of the broader promotional event.

The promotion marks a significant milestone for the category, bringing advanced self-cleaning roller mop technology into the sub-$400 segment and making one of the industry’s most sought-after cleaning innovations more accessible than ever before. As part of YEEDI’s “Less Time Cleaning. More Time Playing.” campaign, inspired by a summer of sports, family moments, and everyday adventures, the brand aims to help consumers spend less time on household chores and more time enjoying the moments that matter most. Complete offer details are available at YEEDI.com.

Bringing Premium Roller Mop Technology to More Homes

Roller mop technology has emerged as one of the most significant innovations in robotic floor cleaning, offering continuous scrubbing performance while automatically cleaning the mop during operation. However, robot vacuums equipped with self-cleaning roller systems have traditionally remained concentrated in premium price segments.

By bringing the M14 PLUS and S14 PLUS to $399.99, YEEDI is expanding access to one of the industry’s most advanced floor-cleaning technologies and establishing a new affordability benchmark for self-cleaning roller mop robot vacuums.

YEEDI M14 PLUS Reaches Its Lowest Price Ever

Available for $399.99 (regularly $599.99), the YEEDI M14 PLUS combines the brand’s OZMO Roller mopping technology with ZeroTangle anti-tangle technology to deliver powerful wet and dry cleaning while minimizing maintenance.

The robot is paired with an automated OMNI Station that handles dust collection, hot-water mop washing, and hot-air drying, reducing the need for manual upkeep. Designed for busy households seeking a hands-free cleaning experience, the M14 PLUS now offers premium functionality at an unprecedented value.

YEEDI S14 PLUS Delivers Flagship Cleaning at 67% Off

Available for $399.99 (regularly $1,199.99), the YEEDI S14 PLUS reaches its lowest price in history and represents one of the most compelling values in the premium robot vacuum category.

Winner of the CES 2025 Indoor Cleaning Technology Innovation Gold Award, the S14 PLUS combines YEEDI’s advanced OZMO Roller system and TruEdge 2.0 Adaptive Edge Cleaning technology for enhanced stain removal and edge-to-edge coverage.

Equipped with 18,000 Pa suction power and ZeroTangle 2.0 technology, the S14 PLUS delivers a flagship cleaning experience at a price point rarely seen in the premium robot vacuum market.

More Prime Day Deals Arrive June 23–26

Following the early access promotion, YEEDI will extend Prime Day deals across a broader selection of robot vacuums from June 23 through June 26, giving consumers even more opportunities to upgrade their home cleaning experience.

Featured offers include the YEEDI M16 Infinity at $449.99 (44% off), the YEEDI S20 Infinity at $699.99, the YEEDI S20 Infinity Ultra at $849.99, and the YEEDI S16 PLUS at $449.99. YEEDI will also introduce two new models: the M12 PRO Gen2 at an introductory price of $339.99 and the C14 PRO PLUS at $279.99.

Consumers can visit YEEDI.com to explore full Prime Day deals, and discover how YEEDI’s smart cleaning technology helps them spend less time cleaning and more time enjoying everyday life.

About YEEDI

YEEDI is a home cleaning technology brand dedicated to making advanced robotic vacuum technology practical, reliable, and accessible for everyday households. Guided by its philosophy of Accessible Innovation, YEEDI focuses on delivering powerful, user-friendly cleaning solutions that prioritize real-world usability, low maintenance, and long-term value.

View original content to download multimedia:https://www.prnewswire.com/news-releases/yeedi-delivers-lowest-ever-pricing-on-self-cleaning-roller-mop-robot-vacuums-with-early-prime-day-deals-302798950.html

SOURCE YEEDI Technology