Connect with us

Technology

JinkoSolar Announces Second Quarter 2024 Financial Results

Published

on

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

RMB’000

RMB’000

USD’000

RMB’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

208,076,672

203,250,441

211,662,944

211,662,944

   Diluted 

223,654,851

223,646,269

209,869,918

209,869,918

211,556,947

219,563,068

219,563,068

 Weighted average ADS outstanding: 

   Basic 

51,141,628

54,000,353

52,019,168

52,019,168

50,812,610

52,915,736

52,915,736

   Diluted 

55,913,713

55,911,567

52,467,479

52,467,479

52,889,237

54,890,767

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 

58

(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

58

  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

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

BREAKTHROUGH PRIZE ANNOUNCES 2026 LAUREATES

Published

on

By

Six $3 Million Prizes Awarded for Outstanding Discoveries in Life Sciences, Fundamental Physics and Mathematics

Gene Therapies for Inherited Blindness, Sickle Cell Disease and Beta-Thalassemia

Discovery of Key Genetic Cause of ALS and Frontotemporal Dementia

Precision Measurement of Muon’s Magnetic Moment

Advances in Mathematics of Waves and Nonlinear Systems

Special Prize for Pioneer of Theory of Strong Nuclear Force

Breakthrough Prize in Life Sciences Awarded to Jean Bennett, Katherine A. High and Albert Maguire; Stuart H. Orkin and Swee Lay Thein; Rosa Rademakers and Bryan Traynor

Breakthrough Prize in Mathematics Awarded to Frank Merle

Breakthrough Prize in Fundamental Physics Awarded to Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab

Special Breakthrough Prize in Fundamental Physics Awarded to David J. Gross

Inaugural Vera Rubin New Frontiers Prize Awarded to Carolina Figueiredo

Six New Horizons Prizes Awarded for Early-Career Achievements in Physics and Mathematics

Three Maryam Mirzakhani New Frontiers Prizes Awarded to Women Mathematicians for Early-Career Work

Laureates to be Celebrated Tonight at Breakthrough Prize Ceremony in Los Angeles

LOS ANGELES, April 19, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced the winners of the 2026 Breakthrough Prizes, honoring scientists whose discoveries are significantly driving growth of human knowledge. In the Life Sciences, their work has led to gene therapies for three devastating diseases – inherited blindness, sickle cell disease and beta-thalassemia, and identified a key genetic cause of two more – ALS and frontotemporal dementia. In Physics and Mathematics, they have constructed theories of the fundamental forces of nature and probed them to mind-blowing precision, and revealed deep truths about the mathematical behavior of waves.

The Breakthrough Prizes – popularly known as the “Oscars® of Science” – were created to celebrate the wonders of our scientific age. Co-founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki, the prizes are now in their 14th year.

This year, six Breakthrough Prizes of $3 million each were awarded. In addition, the Foundation recognized 15 early-career physicists and mathematicians, who share six $100,000 New Horizons Prizes. Three women mathematicians recently completing PhDs each receives a $50,000 Maryam Mirzakhani New Frontiers Prize.

This year’s prize money totals $18.75 million, bringing the amount conferred over the 15 years of the Breakthrough Prize to more than $340 million.

“This year’s laureates show what great science can do — deepen our understanding of the world and lead to discoveries that improve millions of lives,” said Mark Zuckerberg and Dr. Priscilla Chan, founders of Biohub. “We’re proud to recognize their work.”

“The brilliant scientists who win the Breakthrough Prize,” said Yuri Milner, co-founder of Breakthrough Prize Foundation, “Are building a cathedral of knowledge on foundations laid down by the giants who came before them. We owe our civilization – and its future – to them.”

Breakthrough Prize in Life Sciences

Jean Bennett, Katherine A. High and Albert Maguire share the Breakthrough Prize in Life Sciences. This prize recognizes work that led to the first FDA–approved gene replacement therapy. It has transformed the lives of people born with Leber congenital amaurosis, a rare inherited retinal disease that usually results in total blindness in early adulthood, enabling children who had been going blind to gain their independence, attend regular schools, play outside at night, and in some cases even qualify for driver’s licenses. The therapy replaces the defective RPE65 gene, which produces a malfunctioning version of a protein critical to the visual cycle – the process by which the retina responds to light. The husband-and-wife team of molecular biologist Bennett and ophthalmic surgeon Maguire invented and developed the therapy from first conception to an effective treatment in animal models (including restoring sight to a number of Swedish Briard dogs which they went on to adopt). In 2005, High, a physician-scientist at Children’s Hospital of Philadelphia (CHOP) invited Bennett and Maguire to collaborate on a human trial. High’s laboratory and clinical gene therapy expertise proved crucial in the development of the approved drug, including gaining regulatory approval to conduct the initial clinical trials, and in directing the production and characterization of high-quality viral vector preparations used to introduce the replacement gene. The three physician-scientists worked together to design the pivotal trial, including developing and validating a novel clinical endpoint to measure the vector’s clinical effect.

Nearly all eligible Leber congenital amaurosis patients with RPE65 mutations in the United States have now been treated, and many others around the world are now gaining access to the therapy. The benefits have proved durable, with patients treated over a decade ago maintaining stable vision improvements. More broadly, this discovery demonstrated that the technology could work safely and effectively, establishing regulatory pathways and manufacturing approaches that opened the door to gene therapy approvals for a range of genetic diseases. Since their pioneering work, hundreds of trials, including over 100 retinal gene therapy trials have been conducted, with more than half a dozen currently in late-stage clinical testing.

Stuart H. Orkin and Swee Lay Thein share the Breakthrough Prize in Life Sciences. Their research transformed the devastating blood disorders sickle cell disease and beta-thalassemia from incurable to treatable conditions through gene editing therapy.

In beta-thalassemia the body fails to produce enough healthy hemoglobin; while in sickle cell disease, defective hemoglobin causes red blood cells to become stiff, sticky and sickle-shaped. But people who produce elevated levels of fetal form of hemoglobin as adults, rather than switching entirely to adult hemoglobin, have much milder forms of the diseases. This presented a tantalizing possibility for translational medicine: genetically switching fetal hemoglobin production back on, and so mitigating disease symptoms. Thein mapped the trait of persistent fetal hemoglobin production to chromosome 2, and subsequently identified the gene BCL11A as the key genetic player. Orkin demonstrated that BCL11A functions as the master repressor of fetal hemoglobin, shutting down its production after birth, and that inactivating it restored fetal hemoglobin production in mice and eliminated sickle cell disease symptoms. His laboratory identified a specific DNA enhancer region that controls BCL11A expression itself, but crucially only in red blood cells, providing a precise and safe target for therapeutic intervention without affecting other cells.

The translation of these discoveries into a CRISPR-based gene therapy (Casgevy) that edits this enhancer region in patients’ own blood stem cells resulted in the first CRISPR-based medicine approved for any disease. This work has revolutionized treatment for sickle cell disease and beta-thalassemia, providing a potentially curative one-time therapy for conditions affecting millions worldwide.

Rosa Rademakers and Bryan Traynor independently solved a decades-old mystery in neurodegenerative disease by discovering the most common genetic cause of both amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, and frontotemporal dementia (FTD), the second leading cause of early-onset dementia. Through multi-year, international collaborations, they collected large-scale data from families where both ALS and FTD appeared together; and through painstaking genetic analysis they zeroed in on a key genetic trigger for both diseases. In 2011, their labs simultaneously identified a mutation in the C9orf72 gene. It is an expansion mutation – a repeat of the same six-letter sequence of DNA, occurring hundreds to thousands of times in affected individuals.

The discovery represents a landmark moment in the study of these diseases. This single mutation explains about a third of familial cases of both diseases in European populations, as well as more than five percent of cases in patients with no family history of the diseases. It sheds light on the disease mechanisms, pointing in particular to multiple effects of toxic RNA and proteins in brain cells. It has established ALS and FTD – previously considered two largely separate disorders – on a disease spectrum, sharing risk factors and molecular causes. And perhaps most significantly it has enabled genetic testing for affected families, and opened new pathways for the development of treatments for these currently incurable diseases – including at least two therapies currently undergoing clinical trials. While ALS and FTD remain incurable, thanks to the C9orf72 discovery they are now conditions with plausible molecular causes and promising therapeutic targets.

Breakthrough Prize in Mathematics

Frank Merle’s work has significantly advanced the modern understanding of nonlinear evolution equations – the mathematical descriptions of how waves, fluids, and other dynamic systems change over time. His work has a particular focus on singularities: points where solutions to the equations surge to infinity. Alone and in collaborations, he has solved several fundamental problems, including proving that certain equations long thought to be well-behaved actually “blow up” – become infinite – in finite time.

Working on the soliton resolution conjecture (which predicts that any wave disturbance will eventually decompose into a set of stable, shape-preserving waves), Merle and Carlos Kenig, joined later by Thomas Duyckaerts, developed the powerful channels of energy technique coupled with the concentration compactness method. With Yvan Martel and Pierre Raphael, he revealed how singularities form in the KdV type equation (which describes various wave phenomena from shallow waves to rogue waves). Perhaps most remarkable is his work on the nonlinear version of the famous Schrödinger equation from quantum physics. In early work, he made a complete classification of all the ways this equation’s solutions can blow up. Later he proved, with Pierre Raphael, Igor Rodnianski, and Jérémie Szeftel, that the defocusing version of the equation – long believed to be inherently stable – can in fact blow up in finite time. This highly surprising result exploited an unexpected connection to fluid dynamics: it helped to resolve a major open problem, identifying smooth solutions to the compressible Euler and Navier-Stokes equations where the fluid’s density and velocity become infinite – representing a complete breakdown of the fluid description. Throughout his career, Merle’s insights have overturned fundamental assumptions in the field, forged deep connections between mathematics and physics, and opened new avenues toward some of the most celebrated unsolved problems.

Breakthrough Prize in Fundamental Physics

Across more than six decades, scientists and engineers from three “muon g-2” collaborations, representing dozens of institutions, have pushed experimental precision ever higher in pursuit of a single, very significant number: the anomalous magnetic moment of the muon. The muon is a heavy, unstable cousin of the electron, and like the electron it can behave like a tiny magnet. The physicists are looking to capture how the muon’s magnetic strength is subtly affected by the “foam” of virtual particles constantly popping in and out of empty space around it. Measuring the muon’s magnetism and comparing it to theoretical predictions allows physicists to test whether any unknown particles or forces are hidden in this foam. In other words, to probe for new physics beyond the Standard Model, our most successful theory of particles and forces.

The CERN collaboration’s pioneering storage ring experiments of the 1960s and 1970s first measured the anomalous magnetic moment with meaningful precision. Then in the 1990s, Brookhaven National Laboratory’s reimagining of the experiment achieved a major improvement in precision. And after the audacious transportation of Brookhaven’s 50-ton, 15-meter-diameter storage ring 3,200 miles by road and barge to Fermilab in 2013, the experiment was systematically refined to achieve a final precision of 127 parts per billion – a mind-boggling 30,000 times more precise than the first g-2 experiment in 1965. The results had shown a tantalizing discrepancy with the value predicted by theory; and in 2023, Fermilab’s new results pushed that discrepancy close to the threshold considered evidence for new physics. Since then, the final, even more precise results, compared to newly evolved theoretical calculations narrowed the gap, but considerable uncertainty remains for the moment. Whatever the final verdict, this experiment represents a remarkable theoretical, experimental and technological endeavor, achieving extraordinary precision in the quest for fundamental understanding.

Special Breakthrough Prize in Fundamental Physics

David J. Gross has been a leading figure in fundamental physics for six decades. In the early 1970s, there was a gap in quantum field theory, our best theory of particles and forces. The theory could not describe or accurately predict the strong nuclear force, which holds the nucleus of the atom together. But in 1973, Gross and his graduate student Frank Wilczek (as well as, independently, David Politzer) solved the mystery. They discovered that the strong force works the opposite way to familiar forces like gravity: it gets weaker as particles approach each other, but stronger as they move apart. This explained why quarks, the particles inside the atomic nucleus, can never escape or be observed in isolation, and it enabled the development of quantum chromodynamics – the theory of the strong force and the final foundation stone of the Standard Model of particle physics.

Gross has gone on to make seminal contributions across multiple areas of theoretical physics. For example, he and his collaborators developed a simplified quantum field theory that helped explain how particles can acquire mass; and developed new theoretical approaches attempting to unify all fundamental forces, including gravity, in a single framework known as heterotic string theory.

Alongside his theoretical work, Gross has a longstanding record of leadership in the physics community, in roles including Director of the Kavli Institute for Theoretical Physics, and President of the American Physical Society. He has helped establish physics institutes in India, China, and South America. He directed the Jerusalem Winter School in Theoretical Physics and chaired the Solvay Physics Conferences for the last 25 years. In 2025 he was one of the authors of an ambitious 40-year plan for physics on behalf of the National Academies of Sciences, Engineering, and Medicine. And over the course of his career, he has been a mentor to numerous brilliant students who became leaders themselves, passing on his vision of physics as a collaborative international endeavor.

Inaugural Vera Rubin New Frontiers Prize

A new physics prize, the Vera Rubin New Frontiers Prize, will be announced during the ceremony, along with the inaugural recipient, Carolina Figueiredo, from Princeton University. One $50,000 prize is awarded this year; from 2027 there will be 3 per year.

The prize is named in tribute to the great astronomer Vera Rubin, who discovered key evidence for dark matter, and in homage to whom NVIDIA’s new chip platform is named. The new prize recognizes women physicists within two years of their PhDs who have already made important contributions to science.

Carolina Figueiredo discovered that three apparently unrelated theories — two governing nuclear particles called gluons and pions, and the third describing particles in a “toy model” that does not describe the existing world — all forbid exactly the same set of particle collisions. This was a big surprise, as the three theories are quite different, with no reason to think they are connected. Figueiredo’s discovery revealed that the common behavior reflects a single underlying geometric structure: curves drawn on surfaces, within a framework now known as surfaceology. Intriguingly, this structure makes no reference to particles moving through space and time; yet it reproduces the predictions of conventional physics far more efficiently than the traditional approach, which tracks each particle’s movement through these dimensions. Figueiredo’s work thus advances – and perhaps brings closer to the real world – a broader program to reformulate the foundations of particle physics in purely geometric terms, with spacetime as an emergent phenomenon arising from a new set of principles.

New Horizons in Physics Prize

Benjamin R. Safdi has made wide-ranging contributions to the search for the axion, a hypothetical particle that would explain a long-standing puzzle about the strong nuclear force, and could account for the mysterious dark matter that makes up 85 percent of the Universe’s mass. He has proposed ingenious new strategies for detecting axion-like particles using observations of astronomical objects, from radio emissions of neutron stars to X-rays from white dwarfs.

Clay Córdova, Thomas Dumitrescu, Shu-Heng Shao, and Yifan Wang have discovered and developed the theory of “generalized symmetries” in quantum field theory. Symmetries have long been among the most powerful tools in physics. The work of these researchers has shown that the Standard Model of particle physics, as well as other quantum field theories, possess previously unrecognised symmetry structures. Their work has opened a broad new field with applications ranging from falsifying theories beyond the Standard Model to simulating fundamental particles on a lattice.

Dillon Brout, J. Colin Hill, Mathew Madhavacheril, Maria Vincenzi, Daniel Scolnic, and W. L. Kimmy Wu have gleaned powerful new results from the two most important tools for measuring the expansion and composition of the Universe: the cosmic microwave background (CMB) radiation left over from the Big Bang, and light from exploding stars known as Type Ia supernovae. Hill, Madhavacheril, and Wu have pushed analyses of CMB data beyond previous limits, producing the most precise tests to date of the standard cosmological model as well as of gravitational lensing of the CMB – the subtle bending of light from the early Universe by the matter it passes on its way to us. Meanwhile Brout, Scolnic, and Vincenzi built and analysed the largest modern supernova datasets – including Pantheon+, now the most cited supernova analysis in cosmology – delivering tight constraints on dark energy and the rate of expansion of the cosmos.

New Horizons in Mathematics Prize

Otis Chodosh has settled several questions in differential geometry that had been open since the 1970s and 1980s. With Chao Li, he proved a central conjecture in the field concerning a broad class of higher-dimensional spaces known as “aspherical manifolds.” With Christos Mantoulidis, he resolved a key problem in geometric analysis of minimal surfaces – surfaces that locally minimise their area, like soap films.

Vesselin Dimitrov and Yunqing Tang have solved long-standing problems in number theory that had resisted all previous approaches. With Frank Calegari, they proved the “unbounded denominators conjecture,” about a fundamental class of objects known as modular forms, using methods that surprised experts in the field. Most recently, again with Calegari, they proved the irrationality of a number related to a basic infinite series – the first result of its kind since Apéry’s celebrated work forty-five years ago.

Hong Wang has resolved or made advances on a family of notoriously difficult problems in harmonic analysis – a branch of mathematics that studies functions by decomposing them into fundamental components. With Josh Zahl, she proved the Kakeya conjecture in three dimensions, one of the most famous open problems in the field: it concerns how much space is needed to rotate a needle through every possible direction.

Maryam Mirzakhani New Frontiers Prize

Amanda Hirschi has produced a number of significant papers in symplectic topology, a field studying higher-dimensional surfaces with a geometric structure that generalises the mathematics of classical mechanics. With co-authors, she developed a powerful new framework that leads to major simplifications in the foundations of Gromov-Witten theory. Anna Skorobogatova has made notable contributions in geometric measure theory, which uses techniques from analysis to tackle geometric problems such as finding surfaces of minimal area. In a series of papers with collaborators, she resolved a long-standing question about the structure of singularities of area-minimising surfaces, completing a programme that spanned over sixty years. Mingjia Zhang works on higher-dimensional objects in number theory called Shimura varieties. She provided a way to better understand the geometry of Mantovan’s celebrated “product formula” in number theory.

Citations for 2026 Laureates

2026 Breakthrough Prize in Life Sciences

Jean Bennett, University of Pennsylvania

Katherine A. High, University of Pennsylvania, Children’s Hospital of Philadelphia, and Rockefeller University
Albert Maguire, University of Pennsylvania

For developing a therapy for inherited retinal degeneration that became the first FDA-approved gene therapy for a genetic disease.

Rosa Rademakers, VIB, University of Antwerp, and Mayo Clinic
Bryan Traynor, National Institute on Aging, National Institutes of Health

For the discovery of the most common genetic cause of ALS and frontotemporal dementia which charted the path for new mechanistic studies of these diseases.

Stuart H. Orkin, Boston Children’s Hospital, Dana-Farber Cancer Institute, Harvard Medical School, and Howard Hughes Medical Institute
Swee Lay Thein, National Heart, Lung and Blood Institute, National Institutes of Health

For elucidating the mechanism driving the switch from fetal to adult hemoglobin and validating it as a therapeutic target for sickle-cell disease and beta-thalassemia.

2026 Breakthrough Prize in Mathematics

Frank Merle, CY Cergy Paris Université and Institut des Hautes Études Scientifiques

For breakthroughs in nonlinear evolution equations, with regards to their stability, singularity formation, or resolution into solitons.

2026 Breakthrough Prize in Fundamental Physics

The Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab

For multi-decade, groundbreaking contributions to the measurement of the muon’s anomalous magnetic moment, pushing the boundaries of experimental precision and igniting a new era in the quest for physics beyond the Standard Model.

2026 Special Breakthrough Prize in Fundamental Physics

David J. Gross, Kavli Institute for Theoretical Physics, University of California, Santa Barbara

For a lifetime of groundbreaking contributions to theoretical physics, from the strong force to string theory, and for tireless advocacy for basic science worldwide.

2026 Vera Rubin New Frontiers Prize

Carolina Figueiredo, Princeton University

For contributions to the geometric structure of scattering amplitudes, revealing hidden relations among quantum field theories.

2026 Maryam Mirzakhani New Frontiers Prize

Amanda Hirschi, IMJ-PRG, Sorbonne Université

For contributions to symplectic topology.

Anna Skorobogatova, Clay Research Fellow and ETH Zürich

For contributions to geometric measure theory.

Mingjia Zhang, Princeton University and Institute for Advanced Study

For contributions to the theory of Shimura varieties.

2026 New Horizons in Mathematics Prize

Otis Chodosh, Stanford University

For contributions to differential geometry and the calculus of variations, including work on minimal surfaces and manifolds with positive scalar curvature.

Hong Wang, Institut des Hautes Études Scientifiques and New York University

For work in harmonic analysis, partial differential equations, and geometric measure theory, including the local smoothing conjecture, Furstenberg set conjecture, and the Kakeya conjecture.

Vesselin Dimitrov, Caltech
Yunqing Tang, University of California, Berkeley

For work in Diophantine geometry, including the proof of the Atkin-Swinnerton-Dyer unbounded denominators conjecture and new irrationality results for special values of Dirichlet L-series (both joint with Frank Calegari).

2026 New Horizons in Physics Prize

Benjamin R. Safdi, University of California, Berkeley

For proposing new ways to seek axion-like particles with laboratory experiments and astronomical observations.

Clay Córdova, University of Chicago
Thomas Dumitrescu, Mani L. Bhaumik Institute for Theoretical Physics, UCLA
Shu-Heng Shao, MIT
Yifan Wang, New York University

For generalizing the notion of symmetry in various ways, and for exploring the consequences of these generalized symmetries, in quantum field theory, particle physics, condensed matter physics, string theory, and quantum information theory.

Dillon Brout, Boston University
J. Colin Hill, Columbia University
Mathew Madhavacheril, University of Pennsylvania
Maria Vincenzi, University of Oxford
Daniel Scolnic, Duke University
W. L. Kimmy Wu, Caltech

For advances in cosmic microwave background and supernovae cosmology.

Videos and Photos

Assets, including headshots of this year’s winners, can be downloaded for media use here.

Images and select video from the 2026 Breakthrough Prize Gala — red carpet and ceremony — can be downloaded for media use here.

The show will premiere on YouTube on Sunday, April 26th at 3PM Eastern / 12PM Pacific.

For the 14th year, the Breakthrough Prize, renowned as the “Oscars® of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics and Mathematics. In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.

The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki and have been sponsored by foundations established by them. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.

SOURCE Breakthrough Prize

Continue Reading

Technology

Huawei Cloud Strengthens Thailand’s Insurance Industry with Next-Generation Digital Technologies

Published

on

By

BANGKOK, April 19, 2026 /PRNewswire/ — Huawei Cloud Thailand in collaboration with The Thai Life Assurance Association, hosted an executive forum bringing together more than 30 senior executives and technology leaders from leading insurance companies. The initiative reflects Huawei Cloud’s commitment to strengthening its role as a strategic partner in advancing Thailand’s digital and AI-driven economy, supporting insurance companies in accelerating secure, flexible, and scalable digital transformation through cloud-native infrastructure, advanced database technologies, and industry-specific solutions.

The event served as a platform for industry leaders to exchange insights on the future of the insurance industry in the era of cloud and AI-driven innovation, while exploring how cloud and AI technologies can modernize core insurance systems and enhance operational stability and resilience.

Driving the Future of Digital Insurance

As the insurance industry continues to accelerate its digital transformation, insurers are under increasing pressure to modernize legacy systems in order to support real-time services, rapidly growing data volumes, and evolving customer expectations.

Huawei Insurance Day event aims to position Huawei Cloud as a Strategic Digital Transformation Partner for the insurance industry, helping insurance companies build secure, scalable, and resilient digital infrastructures that can support long-term business growth.

During the event, Huawei Cloud showcased its end-to-end capabilities for the insurance sector, including cloud infrastructure, cloud-native databases, and specialized industry solutions designed to support mission-critical insurance systems.

Key Solutions for Insurance Digital Transformation

Digital Core Insurance Solution
A modernization solution that transform insurance companies migrate from legacy system such as AS/400 systems to cloud-native architectures with A next-generation core insurance architecture that enables insurers to rapidly launch new products, enhance system flexibility, simplifying maintenance and improve overall customer experience.

GaussDB for Mission-Critical Insurance Systems
Huawei’s enterprise-grade database that has been trusted by large financial organization globally, including Thailand. GaussDB designed to support critical workloads with high reliability, security and performance across multiple data centers on Huawei Cloud.

Piyatida Itiravivongs, President of Huawei Cloud Thailand said:

“Digital transformation has become a strategic priority for the insurance industry. Huawei Cloud is committed to supporting insurers in building a strong digital service by combining cloud infrastructure, advanced database technologies, and industry-specific solutions to improve operational efficiency and deliver better customer experiences.”

Meanwhile, Huang Hu, Solution Architect of Sinosoft, said:

“Sinosoft has extensive experience in developing technology platforms for the insurance industry. Through our collaboration with Huawei Cloud, we have successfully modernized insurance systems by adopting cloud-based architectures, helping organizations enhance the performance and stability of their core insurance platforms while supporting long-term business growth.

The success of these projects demonstrates the strong synergy between Sinosoft’s insurance technology expertise and Huawei Cloud’s advanced cloud infrastructure. We hope the experience and case studies shared at this event will provide valuable insights for insurance companies in Thailand as they accelerate their journey toward digital insurance.”

Thailand’s insurance industry is entering a new era in which digital technologies play an increasingly important role in enhancing operational efficiency and improving customer services. Forums such as this provide a valuable platform for industry stakeholders to exchange knowledge and perspectives on emerging technologies and innovations in cloud and digital infrastructure. Such knowledge sharing supports insurance companies in Thailand as they prepare for the ongoing evolution of the digital insurance landscape.

Huawei Cloud will continue to invest in cloud innovation to support the financial services and insurance sectors with secure, reliable, and scalable technologies, enabling sustainable business growth in the digital economy.

About Huawei Cloud Thailand

Huawei Cloud Thailand is a leading cloud service provider committed to accelerating Thailand’s digital transformation under the mission of “In Thailand, For Thailand.” According to the latest report from Gartner, Huawei Cloud is ranked No.2 by revenue in Thailand’s Infrastructure as a Service (IaaS) market, solidifying its position as one of the most trusted and fastest-growing international cloud providers in the country.

As the first international public cloud vendor to establish local data centers in Thailand, Huawei Cloud now operates three Availability Zones, ensuring high reliability and low-latency connectivity for local users. Leveraging Huawei’s 30-plus years of expertise in ICT infrastructure, it integrates cutting-edge Artificial Intelligence (AI), Cloud-Native 2.0, and Big Data technologies to empower over 40 government agencies and thousands of enterprises across the Kingdom. By building a robust digital ecosystem and fostering local talent, Huawei Cloud aims to drive Thailand’s “Digital Economy” forward, bringing cloud and intelligence to every corner of the country for a fully connected, intelligent future.

For more information, please visit Huawei Cloud Thailand online at
https://www.huaweicloud.com/intl/th-th/ or follow us on:
https://www.facebook.com/HuaweiCloudTH
https://www.youtube.com/@HuaweiCloudAPAC

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/huawei-cloud-strengthens-thailands-insurance-industry-with-next-generation-digital-technologies-302745912.html

SOURCE Huawei Cloud Thailand

Continue Reading

Technology

Breakthrough Prize Foundation Announces Winner of the 11th Annual Breakthrough Junior Challenge

Published

on

By

Matea Cañizarez, Age 18, of Quito, Ecuador, Receives Top Honors and $400,000 in Education Prizes for her Original Video Explaining Quark-Gluon Plasma

SAN FRANCISCO, April 18, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced Ecuador-based student Matea Cañizarez as the winner of the 11th annual Breakthrough Junior Challenge, a global competition that empowers young people to creatively communicate complex ideas in the life sciences, physics, and mathematics.

The Breakthrough Junior Challenge will provide $400,000 in educational awards to Matea and her teacher, Roberto Procel. As the student winner, Matea will be granted a $250,000 college scholarship. In recognition of his work as a science teacher, Mr. Procel will receive a $50,000 award. The prize package also includes a cutting-edge science laboratory, designed by Cold Spring Harbor Laboratory and valued at $100,000, to be installed at Colegio Johannes Kepler, Matea’s current school, located in Quito, Ecuador. 

Matea was honored alongside the 2026 Breakthrough Prize laureates at The Breakthrough Prize Ceremony in Los Angeles on April 18, 2026.

“It’s exhilarating to meet bright, curious young people like Matea,” said Julia Milner, co-founder of the Breakthrough Junior Challenge, “And to see them pursuing their passion for ideas and communicating it to others makes me truly hopeful for the future,” said Julia Milner, co-founder of the Breakthrough Prize.

Matea’s winning entry explains quark-gluon plasma, an extreme state of matter that existed just after the Big Bang, in which quarks and gluons move freely instead of being bound inside protons and neutrons. Her short video can be seen here. This was Matea’s first entry to the Breakthrough Junior Prize, and she is currently applying for college next fall.

“Coming from a rural town in Ecuador, my passion for science was not a given. I am humbled by the honor of winning the Breakthrough Junior Challenge and hope to work in the service of society and nature by making the most of this opportunity,” said Matea.

“Congratulations on your beautiful video explaining the quark-gluon plasma,” said David Gross, winner of the 2026 Special Breakthrough Prize in Fundamental Physics, whose theories led directly to the discovery of the phenomenon in Matea’s video. Gross continued, “Very exciting, very well done, and I hope you stay in physics and help us understand even better the properties of the quark-gluon plasma in the laboratory, in the early Universe, and perhaps in the core of neutron stars.”

The Breakthrough Junior Challenge is a global program designed to showcase and advance young people’s understanding of science and core scientific principles, spark enthusiasm for STEM fields, encourage pursuit of STEM careers, and engage the broader public in fundamental scientific concepts. Each year, students ages 13 to 18 are invited to produce original videos of up to two minutes that explain a concept or theory in life sciences, physics, or mathematics.

Entries are judged on how effectively participants communicate complex scientific ideas in clear, compelling, and creative ways.

“Seeing students take on complex topics and explain them with enthusiasm and creativity is inspiring,” said Sal Khan, founder and CEO of Khan Academy and Vision Steward of TED. “Their work is a reminder that when young people are given access and opportunity to explore their interests, they can achieve great things.”

This year, the Breakthrough Junior Challenge attracted more than 2,500 applicants from around the world. Submissions were narrowed down to 30 semifinalists, which represented the top submissions after two rounds of judging: first, a mandatory peer review, followed by an evaluation panel of judges. Sixteen finalists were selected in December 2025.

Celebrating its 11th year, the Breakthrough Junior Challenge has reached a global community of more than 100,000 students, parents, and educators, drawing upwards of 30,000 applications from students in over 200 countries, including Canada, Nigeria, Kazakhstan, the Philippines, Singapore, and the United States. Since its launch, the program has distributed more than $2.5 million in college scholarships, invested $1 million in state-of-the-art science laboratories, and awarded $500,000 to exceptional science and mathematics teachers. Winning submissions have explored subjects ranging from  Mechanogenetic Cellular Engineering, Einstein’s Theory of RelativityCircadian Rhythms, Neutrino Astronomy, and more. Challenge alumni have continued their academic journeys at top-tier universities such as MIT, Harvard, Princeton, and Stanford.

This year’s Selection Committee was comprised of: Thea Booysen, MsC, social media director for neurologist Dr. Richard Isaacson and founder of MadeByHuman; Rachel Crane, space and science correspondent, CNN; Pascale Ehrenfreund, PhD, president, Committee on Space Research COSPAR; Dennis Gaitsgory, professor, Max Planck Institute for Mathematics, and Breakthrough Prize in Mathematics Laureate; John Grunsfelt, PhD astronaut, associate administrator for science, chief scientist at NASA Headquarters; Mae Jemison, physician, former astronaut, entrepreneur; Jeffery W. Kelly, professor of chemistry, Scripps Research Institute and Breakthrough Prize in Life Sciences laureate; Scott Kelly, retired NASA astronaut; Salman Khan, founder and CEO, Khan Academy; Ijad Madisch, CEO, co-founder, ResearchGate; Samaya Nissanke, University of Amsterdam, Breakthrough Prize in Fundamental Physics laureate; Nicole Stott, NASA astronaut, and co-founder of the Space for Art Foundation; Andrew Strominger, professor of physics, Harvard University, and Breakthrough Prize in Fundamental Physics laureate; Terence Tao, UCLA professor and Breakthrough Prize in Mathematics laureate; Esther Wojcicki, founder, Palo Alto High Media Arts Center; Richard Youle, National Institutes of Health, and Breakthrough Prize in Life Sciences laureate; and S. Pete Worden, chairman, Breakthrough Prize Foundation.

Partners

The Breakthrough Junior Challenge
The Breakthrough Junior Challenge, co-founded by Julia and Yuri Milner, is a global science video competition, aiming to develop and demonstrate young people’s knowledge of science and scientific principles and communications skills; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science.

The Breakthrough Prize
The Breakthrough Prize, renowned as the “Oscars of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics (one per year) and Mathematics (one per year). In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.

The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki. The Prizes have been sponsored by the personal foundations established by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner and Anne Wojcicki. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.

About Khan Academy
Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Since 2008, Khan Academy has provided an education safety net, a free platform designed to provide global access to high-quality learning for students and free resources for teachers. Khan Academy partners with more than 600 school districts in the United States and works with school systems in countries around the world, providing tools that personalize education. Khan Academy is at the forefront of using AI in education to support students while ensuring educators remain at the heart of the classroom. Worldwide, more than 200 million registered learners have used Khan Academy in 190 countries and more than 50 languages. For more information, please see research findings about Khan Academy and our press center.

Cold Spring Harbor Laboratory (CSHL)
The Breakthrough Prize Lab for the winning student’s school is designed in partnership with Cold Spring Harbor Laboratory (CSHL). Founded in 1890, CSHL, an independent 501(c)(3) nonprofit, powers transformational discoveries in cancer, neuroscience, artificial intelligence, plant biology, and quantitative biology. Through world-renowned science and education divisions, CSHL nurtures a culture of curiosity, discovery, and innovation to make lives better. CSHL’s DNA Learning Center (DNALC) is the largest provider of hands-on instruction in genetics and biotechnology, reaching nearly 40,000 middle and high school students through field trips, day camps, summer camps, mentored research projects, and teacher training. For more than a century, CSHL has been a powerful and productive environment for developing, connecting, and sharing world-changing ideas. For more information, visit www.cshl.edu<http://www.cshl.edu/>>.

Contact
For more information, including competition rules, video submission guidelines and queries, go to: breakthroughjuniorchallenge.org.

View original content to download multimedia:https://www.prnewswire.com/news-releases/breakthrough-prize-foundation-announces-winner-of-the-11th-annual-breakthrough-junior-challenge-302746554.html

SOURCE Breakthrough Prize

Continue Reading

Trending