Technology

JinkoSolar Announces Third Quarter 2024 Financial Results

Published

2 years ago

October 30, 2024

SHANGRAO, China, Oct. 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 third quarter ended September 30, 2024.

Third Quarter 2024 Business Highlights

Leveraging our advantages in N-type TOPCon technology, competitive products, global marketing, and manufacturing footprint, our module shipments ranked first in the industry for both the third quarter and the first three quarters of the year.At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of over 280 GW solar modules.N-type module shipments accounted for approximately 90% of our module shipments globally in the third quarter.The mass production efficiency of N-type TOPCon cells reached approximately 26.2%.We published our first Climate White Paper at the 2024 New York Climate Week.We were recently recognized as a Tier 1 energy storage provider by Bloomberg New Energy Finance.

Third Quarter 2024 Operational and Financial Highlights

Quarterly shipments were 25,910 MW (23,838 MW for solar modules, and 2,072 MW for cells and wafers), up 2.3% sequentially, and up 14.7% year-over-year.Total revenues were RMB24.51 billion (US$3.49 billion), up 1.9% sequentially and down 23.0% year-over-year.Gross profit was RMB3.86 billion (US$549.4 million), up 44.0% sequentially and down 37.1% year-over-year.Gross margin was 15.7%, compared with 11.1% in Q2 2024 and 19.3% in Q3 2023.Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB22.5 million (US$3.2 million), compared with net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB100.7 million in Q2 2024 and net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB1.32 billion in Q3 2023.Adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB103.9 million (US$14.8 million), which excluded the impact from (i) a change in fair value of the convertible senior notes, (ii) a change in fair value of long-term investments, (iii) share based compensation expenses, (iv) the net loss resulting from a fire accident at one of our production bases in Shanxi Province in April 2024 (the “Fire Accident”) and (v) the impairment of long-lived assets, compared with adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders of RMB378.5 million in Q2 2024 and RMB1.35 billion in Q3 2023.Basic and diluted earnings per ordinary share were RMB0.11 (US$0.02) and RMB0.11 (US$0.02), respectively. This translates into basic and diluted earnings per ADS of RMB0.44 (US$0.06) and RMB0.44 (US$0.06), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “While earnings were under pressure across the industry during the quarter, we achieved relatively outstanding results leveraging our leading position in N-type TOPCon technology, competitive products, as well as our global sales and manufacturing networks. Imbalance between supply and demand led to continuous price decline in the end market, causing losses to almost the whole industrial chain. As we worked to balance utilization rates, shipments and profitability, prices in the third quarter were stable sequentially, and shipments to the U.S. increased significantly quarter-over-quarter. We also continued to optimize our integrated cost through technical advancements and supply chain management. Gross margin was 15.7%, and net income was $3.2 million, both improved significantly sequentially.

In September, the newly added installation was 20.89 GW in China, up 32.4% year-over-year and 26.9% sequentially, reversing the sequential decline in the previous two months while module exports decreased sequentially due to seasonality in some overseas markets. With profitability throughout the whole industrial chain under pressure, some companies have gone bankrupt, reorganized or been acquired. This month, the China Photovoltaic Industry Association (CPIA) held symposiums aimed at encouraging manufacturers to adopt self-discipline in their pricing strategies and production volume management. It also released a report calling on manufacturers to participate in biddings rationally and avoid selling or bidding below cost. The report also called on bid organizers to formulate healthy bidding processes that prioritize products and service quality as well as contract fulfillment. We believe these measures could help eliminate uncompetitive capacity and accelerate industry consolidation and that, with enhanced supervision, domestic prices will eventually return to reasonable levels.

We further consolidated our competitiveness, improving the mass-produced efficiency of our N-type TOPCon cells to nearly 26.2% at the end of the third quarter. As TOPCon technology is evolving rapidly, we have continued to invest in R&D and are gradually adopting certain new technologies into mass production based on market demand, equipment investments, and payback periods, to maintain a leading position in the industry. Also, we have further improved our smart production capabilities to lead the industry in digital transformation. Our new Jinko 360 Smart Platform, which has been certified by TÜV Rheinland, can achieve real-time equipment monitoring in most of our production processes and ensure whole-process management from warehousing of raw materials to warehousing of finished products.

As we navigate through cycles, we expect that the leading enterprises in our industry will emerge ahead thanks to their superior cost control, extensive sales networks, and effective cash flow management. In the long term, they will continue to benefit from continuous investments in R&D and expansion of their global capabilities. We will continue to focus on balancing market structure and profit margin levels and we expect module shipments to be between 90.0 GW to 100.0 GW for full year 2024. We will also continue to optimize our assets and liabilities structure, as well as turnover efficiency, further strengthening our resilience to risks.

Third Quarter 2024 Financial Results

Total Revenues

Total revenues in the third quarter of 2024 were RMB24.51 billion (US$3.49 billion), an increase of 1.9% from RMB24.05 billion in the second quarter of 2024 and a decrease of 23.0% from RMB31.83 billion in the third 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 compared to the third quarter of 2023.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2024 was RMB3.86billion (US$549.4 million), compared with RMB2.68 billion in the second quarter of 2024 and RMB6.13 billion in the third quarter of 2023.

Gross margin was 15.7% in the third quarter of 2024, compared with 11.1% in the second quarter of 2024 and 19.3% in the third quarter of 2023. The sequential increase was mainly due to the increase in average selling price of the solar modules compared to the previous quarter. The year-over-year decrease was mainly due to the decrease in the average selling price of solar modules compared to the third quarter of 2023.

Income/Loss from Operations and Operating Margin

Income from operations in the third quarter of 2024 was RMB75.5 million (US$10.8 million), compared with loss from operations of RMB1.14 billion in the second quarter of 2024 and income from operations of RMB2.99 billion in the third quarter of 2023. The fluctuations were primarily attributable to the changes in our revenues and gross margin in the third quarter of 2024.

Operating profit margin was 0.3% in the third quarter of 2024, compared with operating loss margin of 4.7% in the second quarter of 2024 and operating profit margin of 9.4% in the third quarter of 2023.

Total operating expenses in the third quarter of 2024 were RMB3.78 billion (US$538.7 million), a decrease of 0.9% from RMB3.81 billion in the second quarter of 2024 and an increase of 20.3% from RMB3.14 billion in the third quarter of 2023. The year-over-year increase was mainly due to (i) the increase in the shipping cost as the shipment of solar modules increased and (ii) the increase in the impairment of long-lived assets.

Total operating expenses accounted for 15.4% of total revenues in the third quarter of 2024, compared to 15.9% in the second quarter of 2024 and 9.9% in the third quarter of 2023.

Interest Expenses, Net

Net interest expenses consist of interest expenses of RMB300.9 million (US$42.9 million) and interest income of RMB98.8 million (US$14.1 million) in the third quarter of 2024.

Net interest expenses in the third quarter of 2024 was RMB202.1 million (US$28.8 million), an increase of 92.2% from RMB105.2 million in the second quarter of 2024 and an increase of 36.4% from RMB148.2 million in the third quarter of 2023. The sequential and year-over-year increases were due to the increase in interest-bearing debts in the third quarter of 2024.

Subsidy Income

Subsidy income in the third quarter of 2024 was RMB431.8 million (US$61.5 million), compared with RMB885.0 million in the second quarter of 2024 and RMB64.5 million in the third quarter of 2023. The sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of incentives related to the Company’s business operations.

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

The Company recorded a net exchange loss (including change in fair value of foreign exchange derivatives) of RMB251.9 million (US$35.9 million) in the third quarter of 2024, compared to a net exchange gain of RMB305.0 million in the second quarter of 2024 and a net exchange loss of RMB295.8 million in the third 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 third 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. All the Notes with the principle amount of US$85.0 million have been converted into ordinary shares of the Company in the second quarter of 2024.

Change in fair value of the convertible senior notes was nil in the third quarter of 2024, compared to a gain of RMB12.8 million in the second quarter of 2024 and a gain of RMB295.6 million in the third quarter of 2023.

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 September 30, 2024, the Company had RMB845.0 million (US$120.4 million) in long-term investment, compared with RMB849.7 million as of June 30, 2024.

The Company recognized a gain from change in fair value of RMB30.8 million (US$4.4 million) in the third quarter of 2024, compared with a loss of RMB144.2 million in the second quarter of 2024 and a loss of RMB130.3 million in the third 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/Loss, net

Net other income in the third quarter of 2024 was RMB73.6 million (US$10.5 million), compared with net other income of RMB157.6 million in the second quarter of 2024 and net other loss of RMB25.2 million in the third quarter of 2023. The sequential and year-over-year changes were mainly due to the changes in the fair value of the financial instruments in the third quarter of 2024.

Equity in Loss of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in 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 RMB3.4 million (US$0.5 million) in the third quarter of 2024, compared with equity in loss of RMB67.6 million in the second quarter of 2024 and equity in loss of RMB22.9 million in the third quarter of 2023. The fluctuations in equity in loss of affiliated companies primarily arose from the changes in net loss incurred by the affiliated companies.

Income Tax Expense

The Company recorded an income tax expense of RMB148.5 million (US$21.2 million) in the third quarter of 2024, compared with RMB24.8 million in the second quarter of 2024 and RMB403.3 million in the third quarter of 2023.

Net Loss/Income attributable to Non-Controlling Interests

Net loss attributable to non-controlling interests amounted to RMB39.0 million (US$5.6 million) in the third quarter of 2024, compared with net loss of RMB18.8 million in the second quarter of 2024 and net income of RMB1.00 billion in the third 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 Income/Loss and Earnings per Share

Net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB22.5 million (US$3.2 million) in the third quarter of 2024, compared with net loss of RMB100.7 million in the second quarter of 2024 and net income of RMB1.32 billion in the third 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 and (v) the impairment of long-lived assets, adjusted net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB103.9million (US$14.8 million), compared with RMB378.5 million in the second quarter of 2024 and RMB1.35 billion in the third quarter of 2023.

Basic and diluted earnings per ordinary share were RMB0.11 (US$0.02) and RMB0.11 (US$0.02), respectively, in the third quarter of 2024, compared to basic and diluted loss per ordinary share of RMB0.48 and RMB0.53, respectively, in the second quarter of 2024, and basic and diluted earnings per ordinary share of RMB6.42 and RMB4.61, respectively, in the third quarter of 2023. As each ADS represents four ordinary shares, this translates into basic and diluted earnings per ADS of RMB0.44 (US$0.06) and RMB0.44 (US$0.06), respectively in the third quarter of 2024; basic and diluted loss per ADS of RMB1.94 and RMB2.12, respectively, in the second quarter of 2024; and basic and diluted earnings per ADS of RMB25.66 and RMB18.46, respectively, in the third quarter of 2023.

Financial Position

As of September 30, 2024, the Company had RMB22.37 billion (US$3.19 billion) in cash, cash equivalents, and restricted cash, compared with RMB13.87 billion as of June 30, 2024.

As of September 30, 2024, the Company’s accounts receivables were RMB19.67 billion (US$2.80 billion), compared with RMB18.39 billion as of June 30, 2024.

As of September 30, 2024, the Company’s inventories were RMB15.25 billion (US$2.17 billion), compared with RMB19.49 billion as of June 30, 2024.

As of September 30, 2024, the Company’s total interest-bearing debts were RMB36.72 billion (US$5.23 billion), compared with RMB28.06 billion as of June 30, 2024.

Third Quarter 2024 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 25,910 MW in the third quarter of 2024, including 23,838 MW for solar module shipments and 2,072 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

Fourth 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 fourth quarter of 2024, the Company expects its module shipments to be in the range of 22.3 GW to 32.3 GW.

For full year 2024, the Company estimates its module shipments to be in the range of 90.0 GW to 100.0 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 September 2024, JinkoSolar completed its delivery program which provided over 1,000 PV modules to Ohana Hope Village, a rapid response housing initiative in Kahului, Maui aimed to provide sustainable housing solutions for families displaced by the August 2023 Maui fire.In September 2024, JinkoSolar was recognized as an Overall Highest Achiever in Renewable Energy Testing Center’s 2024 PV Module Index Report. This marks the fifth consecutive year that JinkoSolar has earned this notable award.In September 2024, Jiangxi Jinko participated in the 2024 New York Climate Week, where JinkoSolar officially launched the English version of its first Climate White Paper.In October 2024, Jiangxi Jinko announced that it proposes to offer and list up t 1,000,519,986 A shares in the form of GDRs on the Frankfurt Stock Exchange in Germany.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 Wednesday, October 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/10042950-b7e9np.html

It will automatically direct you to the registration page of “JinkoSolar Third 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, November 6, 2024. The dial-in details for the replay are as follows:

International:

+61 7 3107 6325

U.S.:

+1 855 883 1031

Passcode:

10042950

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 September 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 September 30, 2024, which was RMB7.0176 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 nine months ended

Sep 30, 2023

Jun 30, 2024

Sep 30, 2024

Sep 30, 2023

Sep 30, 2024

RMB’000

USD’000

RMB’000

USD’000

Revenues

31,834,258

24,053,049

24,508,244

3,492,397

85,848,419

71,605,572

10,203,712

Cost of revenues

(25,701,047)

(21,376,366)

(20,652,556)

(2,942,966)

(70,891,519)

(62,338,117)

(8,883,111)

Gross profit

6,133,211

2,676,683

3,855,688

549,431

14,956,900

9,267,455

1,320,601

Operating expenses:

Selling and marketing

(1,739,184)

(1,797,061)

(2,172,100)

(309,522)

(4,961,480)

(5,435,558)

(774,561)

General and administrative

(1,157,814)

(1,141,307)

(1,175,798)

(167,550)

(3,042,370)

(3,684,972)

(525,104)

Research and development

(218,097)

(215,394)

(208,668)

(29,735)

(632,227)

(664,490)

(94,689)

Impairment of long-lived assets

(27,912)

(660,964)

(223,588)

(31,861)

(580,662)

(884,552)

(126,048)

Total operating expenses

(3,143,007)

(3,814,726)

(3,780,154)

(538,668)

(9,216,739)

(10,669,572)

(1,520,402)

(Loss)/income from operations

2,990,204

(1,138,043)

75,534

10,763

5,740,161

(1,402,117)

(199,801)

Interest expenses

(255,951)

(212,897)

(300,935)

(42,882)

(879,058)

(795,566)

(113,368)

Interest income

107,780

107,740

98,790

14,077

467,043

301,431

42,954

Subsidy income

64,461

885,024

431,753

61,524

620,879

1,548,621

220,677

Exchange gain/(loss),net

(253,303)

247,726

(203,999)

(29,070)

976,517

169,737

24,187

Change in fair value of foreign exchange derivatives

(42,474)

57,250

(47,912)

(6,827)

(429,628)

23,052

3,285

Change in fair value of Long-term Investment

(130,311)

(144,222)

30,772

4,385

312,391

(168,778)

(24,051)

Change in fair value of convertible senior notes

295,602

12,791

–

123,914

323,474

46,095

Other income/(loss), net

(25,190)

157,574

73,632

10,492

36,905

1,554,684

221,540

Income/(loss) before income taxes

2,750,818

(27,057)

157,635

22,462

6,969,124

1,554,538

221,518

Income tax expenses

(403,305)

(24,799)

(148,460)

(21,155)

(1,059,453)

(649,977)

(92,621)

Equity in (loss)/income of affiliated companies

(22,937)

(67,644)

(3,389)

(483)

220,299

(57,852)

(8,244)

Net income/(loss)

2,324,576

(119,500)

5,786

824

6,129,970

846,709

120,653

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

(1,001,203)

18,847

38,960

5,552

(2,711,842)

(293,218)

(41,783)

Less: Accretion to reemption value of redeemable non-
controlling interests

–

(22,214)

(3,165)

–

(22,214)

(3,165)

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

1,323,373

(100,653)

22,532

3,211

3,418,128

531,277

75,705

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

Basic

6.42

(0.48)

0.11

0.02

16.73

2.54

0.36

Diluted

4.61

(0.53)

0.11

0.02

14.85

0.99

0.14

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

Basic

25.66

(1.94)

0.44

0.06

66.93

10.15

1.45

Diluted

18.46

(2.12)

0.44

0.06

59.38

3.96

0.57

Weighted average ordinary shares outstanding:

Basic

206,286,879

208,076,672

204,902,909

204,273,709

209,393,151

Diluted

223,182,957

209,869,918

204,962,646

223,117,023

213,914,994

Weighted average ADS outstanding:

Basic

51,571,720

52,019,168

51,225,727

51,068,427

52,348,288

Diluted

55,795,739

52,467,479

51,240,662

55,779,256

53,478,749

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income/(loss)

2,324,576

(119,500)

5,786

824

6,129,970

846,709

120,653

Other comprehensive income/(loss):

-Unrealized loss on available-for-sale securities

–

(973)

–

-Foreign currency translation adjustments

(31,771)

9,874

(123,210)

(17,556)

192,274

(290,603)

(41,411)

-Change in the instrument-specific credit risk

5,245

–

70,690

–

Comprehensive income/(loss)

2,298,050

(109,626)

(117,424)

(16,732)

6,391,961

556,106

79,242

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

(992,475)

9,056

77,293

11,014

(2,747,573)

(262,164)

(37,358)

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

1,305,575

(100,570)

(40,131)

(5,718)

3,644,388

293,942

41,884

JINKOSOLAR HOLDING CO., LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2023

Sep 30, 2024

RMB’000

USD’000

ASSETS

Current assets:

Cash,cash equivalents, and restricted cash

19,069,107

22,371,099

3,187,856

Restricted short-term investments and short-term investments

8,509,257

4,429,382

631,182

Accounts receivable, net

22,958,693

19,670,062

2,802,961

Notes receivable, net

4,090,085

3,840,562

547,276

Advances to suppliers, net

4,565,779

3,013,735

429,453

Inventories, net

18,215,537

15,247,446

2,172,744

Foreign exchange forward contract receivables

103,100

72,891

10,387

Prepayments and other current assets, net

3,430,224

5,477,271

780,505

Held-for-sale assets

2,003,417

189,077

26,943

Total current assets

82,945,199

74,311,525

10,589,307

Non-current assets:

Restricted long-term investments

1,536,198

2,006,350

285,903

Long-term investments

2,117,628

1,703,354

242,726

Property, plant and equipment, net

41,267,187

45,637,079

6,503,232

Land use rights, net

1,821,012

1,840,527

262,273

Intangible assets, net

569,088

327,871

46,721

Right-of-use assets, net

742,431

566,016

80,657

Deferred tax assets

1,290,004

1,580,433

225,210

Advances to suppliers to be utilised beyond one year

648,377

610,575

87,006

Other assets, net

2,790,567

1,485,964

211,748

Available-for-sale securities-non-current

104,134

146,134

20,824

Total non-current assets

52,886,626

55,904,303

7,966,300

Total assets

135,831,825

130,215,828

18,555,607

LIABILITIES

Current liabilities:

Accounts payable

15,475,166

11,550,419

1,645,922

Notes payable

25,690,532

13,248,885

1,887,951

Accrued payroll and welfare expenses

2,798,964

2,605,596

371,294

Advances from customers

6,965,298

6,466,944

921,532

Income tax payables

1,016,039

347,519

49,521

Other payables and accruals

13,448,501

17,670,758

2,518,063

Foreign exchange forward derivatives payables

26,466

18,420

2,625

Convertible senior notes

782,969

–

Lease liabilities – current

155,931

120,299

17,142

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

13,583,774

8,961,302

1,276,975

Held-for-sale liabilities

1,117,005

–

Total current liabilities

81,060,645

60,990,142

8,691,025

Non-current liabilities:

Long-term borrowings

11,238,806

19,907,288

2,836,766

Convertible notes

4,785,480

7,259,667

1,034,494

Accrued warranty costs – non current

2,145,426

2,204,720

314,170

Lease liabilities-noncurrent

557,136

470,711

67,076

Deferred tax liability

131,506

138,391

19,721

Long-term Payables

2,378,684

4,385,993

624,999

Total non-current liabilities

21,237,038

34,366,770

4,897,226

Total liabilities

102,297,683

95,356,912

13,588,251

Mezzanine Equity

Redeemable non-controlling interests

–

1,522,214

216,914

SHAREHOLDERS’ EQUITY

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

20,156,434

20,117,522

2,866,724

Non-controlling interests

13,377,708

13,219,180

1,883,718

Total shareholders’ equity

33,534,142

33,336,702

4,750,442

Total liabilities, mezzanine equity and shareholders’ equity

135,831,825

130,215,828

18,555,607

View original content:https://www.prnewswire.com/news-releases/jinkosolar-announces-third-quarter-2024-financial-results-302291448.html

SOURCE JinkoSolar Holding Co., Ltd.

Technology

Penetron Strengthens Global Research Collaboration at ICSHM 2026

Published

1 hour ago

July 19, 2026

PHILADELPHIA, July 19, 2026 /PRNewswire/ — Penetron participated in the 10th International Conference on Self-Healing Materials (ICSHM 2026), held July 8–10, 2026, at Drexel University in Philadelphia, Pennsylvania. The international event brought together leading researchers, engineers, and industry representatives to present and discuss the latest advances in self-healing materials and related technologies.

A global delegation of Penetron executives attended the conference, representing the United States, Greece, Italy, Brazil, India, Chile, the United Arab Emirates, Belgium, and Singapore.

“For over 50 years, Penetron has provided self-healing concrete solutions to the industry that optimize concrete durability by sealing cracks and reducing concrete permeability to limit maintenance requirements, extend structural service life, and help protect infrastructure exposed to groundwater, chemicals, chlorides, and other aggressive conditions,” says Christopher Chen, Director of The Penetron Group. “Our participation at the ICSHM reinforces Penetron’s long-standing commitment to international research collaboration and allows us to better understand emerging research and develop leading-edge solutions for real-world construction challenges.”

Hosted at Drexel University’s Bossone Research Enterprise Center, ICSHM 2026 welcomed specialists from more than 18 countries across six continents and featured over 70 technical presentations, including keynote addresses, plenary sessions, research presentations, and an interactive poster program. The conference opened with remarks from Drexel University President Antonio Merlo and ICSHM Chair Dr. Nele De Belie. Finally, the conference provided valuable opportunities for researchers and industry specialists to strengthen cooperation between academia and the construction sector to further develop self-healing technologies.

“Extending the service life of concrete infrastructure requires cooperation between universities, materials specialists, engineers, and industry,” said Jozef Van Beeck, Director of International Sales and Marketing for The Penetron Group. “ICSHM 2026 provided an important forum for connecting scientific research with the practical requirements of the global construction industry.”

The Penetron Group is a leading manufacturer of specialty construction products for concrete waterproofing, concrete repairs, and floor preparation systems. The Group operates through a global network, offering support to the design and construction community through its regional offices, representatives, and distribution channels.

For more information on Penetron waterproofing solutions, please visit penetron(dot)com or Facebook(dot)com/ThePenetronGroup, email CRDept(at)penetron(dot)com or contact the Corporate Relations Department at 631-941-9700.

View original content to download multimedia:https://www.prnewswire.com/news-releases/penetron-strengthens-global-research-collaboration-at-icshm-2026-302829009.html

SOURCE The Penetron Group

Technology

Singtel Receives Four Frost & Sullivan 2026 Recognitions for Leadership in Enterprise Connectivity, Cybersecurity, and Digital Transformation

Published

3 hours ago

July 19, 2026

The recognitions highlight Singtel’s leadership in secure connectivity, network transformation, IoT innovation, and cybersecurity, delivering customer value through intelligent digital infrastructure and AI-enabled enterprise services.

SAN ANTONIO, July 19, 2026 /CNW/ — Frost & Sullivan is pleased to honor Singtel with the 2026 Southeast Asia IoT Connectivity Service Provider Company of the Year, 2026 Singapore Network Transformation Customer Value Leadership, 2026 Singapore Cybersecurity Services Company of the Year, and 2026 Singapore SD-WAN and SASE Service Provider Company of the Year recognitions. These acknowledgements reflect Singtel’s outstanding achievements in delivering secure, intelligent, and scalable digital infrastructure that enables enterprises to modernize operations, simplify complexity, and accelerate digital transformation across Singapore and Southeast Asia. They underscore the company’s consistent leadership in strategy execution, customer value creation, and innovation across enterprise connectivity, cybersecurity, software-defined networking, and IoT connectivity services.

Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Singtel excelled in both, demonstrating its ability to anticipate evolving enterprise requirements while consistently translating long-term vision into measurable customer outcomes. Through platforms such as Singtel CUBΣ (CUBE) and its multidomestic IoT connectivity architecture, the company continues to unify networking, cybersecurity, automation, and AI-driven intelligence into integrated solutions that address the growing complexity of hybrid, multicloud, and connected environments. “Singtel has established itself as a benchmark for enterprise digital infrastructure by converging connectivity, cybersecurity, network intelligence, and IoT orchestration into a unified, customer-centric ecosystem. Its disciplined execution, platform-led innovation, and commitment to simplifying complex enterprise environments continue to strengthen operational resilience and deliver sustained value for organizations across the region,” said Kenny Yeo, Director at Frost & Sullivan.

Guided by a long-term strategy focused on digital innovation, intelligent infrastructure, and customer-centric transformation, Singtel has moved well-beyond traditional telecommunications to a trusted technology partner for enterprises navigating increasingly connected and data-driven environments. Its strategic investments in AI-enabled operations, cloud-native platforms, secure connectivity, and ecosystem partnerships enable organizations to modernize critical infrastructure while maintaining the flexibility to support future business growth.

The company’s strategic agility and sustained investment in integrated digital platforms have enabled it to scale innovative services across local, regional, and global enterprise environments. Innovation remains central to Singtel’s approach through solutions including the CUBΣ connected intelligence platform, multidomestic IoT connectivity powered by eSIM orchestration, managed cybersecurity services, AI-driven network automation, and network-as-a-service capabilities. These solutions simplify network and security management, strengthen cyber resilience, improve operational visibility, and provide enterprises with scalable, secure, and high-performing connectivity across cloud, edge, IoT, and hybrid infrastructures.

By streamlining service delivery through intelligent automation, centralized orchestration, proactive monitoring, and flexible managed and co-managed service models, Singtel continues to help organizations reduce operational complexity while improving service reliability and business agility. Its ability to integrate best-of-breed technologies in a unified operational framework, combined with strong regional network ownership and localized expertise, enables customers to confidently scale digital initiatives while maintaining security, governance, and operational excellence.

Frost & Sullivan commends Singtel for setting a high standard in competitive strategy, execution, and customer value across multiple technology domains. By combining intelligent networking, secure digital infrastructure, AI-enabled operations, and cross-border IoT capabilities in an integrated platform strategy, the company is shaping the future of enterprise connectivity while helping organizations build resilient, future-ready digital ecosystems.

Each year, Frost & Sullivan presents its Company of the Year and Customer Value Leadership recognitions to organizations that demonstrate outstanding strategy development and implementation, resulting in measurable improvements in customer satisfaction, competitive positioning, and business performance. These recognitions honor forward-thinking companies that continuously raise industry standards through innovation, operational excellence, and long-term value creation.

Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.

Contact:
Tarini Singh
E: Tarini.Singh@frost.com

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SOURCE Frost & Sullivan

Technology

Emdoor Launches “Ailyn” AI Hub at WAIC 2026: Unifying Intelligence Across Every Device

Published

7 hours ago

July 19, 2026

SHANGHAI, July 18, 2026 /PRNewswire/ — Emdoor, a leading provider of intelligent computing devices, unveiled its latest innovation — Ailyn, an integrated software-hardware AI hub — at the World Artificial Intelligence Conference (WAIC) 2026. Under the theme “Intelligence in All Things, Boundless Edge Intelligence”, Emdoor’s Booth X1B-804 showcases four immersive scenarios spanning personal, home, enterprise, and industrial use cases, demonstrating how AI can flow seamlessly across devices.

With decades of experience across cloud, edge, device, and wearable form factors, Emdoor has established one of the industry’s most comprehensive intelligent hardware portfolios. Yet the company recognized a critical gap: while individual devices grow smarter, they often operate in isolation.

Ailyn is Emdoor’s answer to this challenge. Introduced on the WAIC Magic Box stage, Ailyn serves as a unified intelligence layer that orchestrates storage, computing power, AI models, and data across PCs, NAS systems, computing boxes, and IoT devices. The result is a scalable, centrally managed intelligence platform that delivers seamless cross-device collaboration, data privacy, and AI capabilities that improve with use.

At its core, Ailyn follows a device-first, multi-device connected philosophy. By prioritizing on-device model deployment, it reduces costs while preserving privacy, minimizing latency, and enabling offline functionality. Key capabilities include unified data access, uninterrupted task handoff between devices, intelligent multi-model routing, and dynamic compute scaling — plus built-in features for knowledge accumulation, skill expansion, persona customization, and automated task execution.

Four Scenarios, One Intelligent Ecosystem

The enterprise lineup features high-performance AI workstations, AI servers, AI NAS, Mini PCs, and motherboards. Workstations support up to 96-core processors and four double-width GPUs with integrated BMC remote management. AI servers run dual Intel Xeon scalable processors with up to eight mainstream AI accelerators. The single-GPU workstation series offers dual-platform compatibility with both Intel and AMD, featuring a PCIe 5.0 ×16 slot and up to 128GB DDR5 memory. Available in two form factors — a 23.9L tower chassis and a 15.3L compact chassis with tempered glass side panel — it delivers balanced performance for both creative workloads and local AI inference. The AI NAS unifies storage and AI computing power in one device, with192GB of octa-channel LPDDR5X memory to support local large model deployment. Ailyn unifies these resources into a private computing backbone, intelligently offloading heavy workloads so users get instant on-device responsiveness with datacenter-grade power on demand.

For individual users, the showcase includes Mini PCs, AI PCs, AI tablets, and multimodal wearables. The AP16, powered by Intel’s 3rd Generation Core™ Ultra processor, delivers 180 TOPS of AI performance with sustained 54W output — capable of running large models locally. Multimodal wearable solutions built on Qualcomm and BES chips offer faster time-to-market for brand partners. Within the Ailyn ecosystem, PCs handle heavy computing while wearables provide continuous environmental awareness, each device strengthening the whole.

Industrial visitors will find AI BOX units, rugged AI notebooks, handheld terminals, and industrial PCs. AI BOX devices come preloaded with industry-specific models for production line visual inspection. Rugged notebooks deliver reliable performance for mobile field operations. Industrial PCs feature industrial-grade architecture for 24/7 uptime. Through Ailyn, these connected devices break down traditional data silos, enabling intelligent resource orchestration and a closed-loop perception-decision-execution system that accelerates industrial digital transformation.

At the center of the home scenario are AI tablets and home NAS, connected to a full-house AIoT network. The NAS acts as the family’s private data and computing hub, while the tablet serves as the primary interface for senior health reminders and children’s learning support. Ailyn weaves these devices into a cohesive system covering family memories, health care, companionship, and home security — bringing intelligence into daily life without intruding on it.

The launch of Ailyn marks a significant evolution for Emdoor — shifting from a hardware manufacturer to a builder of intelligent infrastructure. It represents the convergence of the company’s deep hardware heritage and its AI innovation roadmap. Moving forward, Emdoor will continue investing in edge AI technology and expanding the Ailyn ecosystem alongside partners, bringing distributed intelligence from the showroom into everyday life.

Company: Emdoor Digital Technology Co.,Ltd.
Contact Person: Yao Zhou
Email: marketing.digi@emdoor.com
Website: http://www.emdoordigi.com/
City: Shenzhen, China

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SOURCE Emdoor Digital