SHANGRAO, China, Oct. 31, 2023 /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, 2023.

Third Quarter 2023 Business Highlights

Leveraging our outstanding N-type technology, extensive global operation network, and advanced integrated capacity structure, module shipments in the third quarter increased 20.4% sequentially and 107.9% year-over-year. At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 190 GW solar modules, covering over 190 countries and regions. Demand for N-type products continued to grow globally. N-type module shipments accounted for more than 60% of all module shipments globally in the third quarter. N-type modules retained their competitive premium over P-type modules and the premium continued to exceed the market average. The mass production efficiency of N-type TOPCon cells reached 25.6% and the power output of N-type modules was 25-30wp higher than that of similar P-type modules. We continued to make progress in sustainability and, recently, scored high in the Ecovadis Ratings, leading the mainstream PV companies.

Third Quarter 2023 Operational and Financial Highlights

Quarterly shipments were 22,597 MW (21,384 MW for solar modules, and 1,213 MW for cells and wafers), up 21.4% sequentially, and up 108.2% year-over-year. Total revenues were RMB31.83 billion (US$4.36 billion), up 3.7% sequentially and up 63.1% year-over-year. Gross profit was RMB6.13 billion (US$840.6 million), up 28.2% sequentially and up 99.7% year-over-year. Gross margin was 19.3%, compared with 15.6% in Q2 2023 and 15.7% in Q3 2022. Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.32 billion (US$181.4 million), compared with RMB1.31 billion in Q2 2023 and RMB549.8 million in Q3 2022. 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 (the "Notes"), (ii) a change in fair value of long-term investment and (iii) the share based compensation expenses, was RMB1.35 billion (US$184.6 million), compared with RMB1.43 billion in Q2 2023 and RMB427.5 million in Q3 2022. Basic and diluted earnings per ordinary share were RMB6.42 (US$0.88) and RMB4.61 (US$0.63), respectively. This translates into basic and diluted earnings per ADS of RMB25.66 (US$3.52) and RMB18.46 (US$2.53), respectively.

Mr. Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, "Despite market volatility, we delivered strong results in the third quarter leveraging our advantages in N-type TOPCon technology, extensive global operation network and advanced integrated capacity structure. Our module shipments, gross margin and net income all increased significantly year-over-year. Total module shipments were approximately 21.4 GW, an increase of 107.9% year-over-year. The cost of polysilicon decreased sequentially. Our premium high-efficient N-type products accounted for over 60% of total shipments, and shipments to the U.S. recorded sequential growth. Year-over-year, net income increased by 140.7% to US$181.4 million, and adjusted net income increased by 215.1% to US$184.6 million, diluted earnings per ordinary share increased by 188.7% to US$0.63, and gross margin increased from 15.7% to 19.3%.

Since the third quarter, price declines in the supply chain have stimulated end demand. For the first nine months of 2023, newly-added installations of PV in China reached 128.9 GW, nearly 50% more than full-year installations in 2022. Meanwhile, intensified competition brought by changes in supply and demand, accelerated technical iteration, high interest rates in some regions, and geopolitical tensions caused some volatility in the global PV market, and posed challenges on all industry players. We believe that we, as the industry leader, will become even stronger as the competition intensifies. At the end of the third quarter, we became the first module manufacturer in the world to have delivered a total of 190 GW solar modules, covering over 190 countries and regions. Our capabilities in global sales, operations and management, together with continuous R&D accumulation and innovation, help us build an all-round competition barrier. We are confident in our ability to navigate through cyclical volatility, achieve healthy and sustainable profitability, and increase shareholder value.

By the end of the third quarter, the mass production efficiency for our N-type TOPCon cells reached 25.6%, and our N-type modules power output was 25-30wp higher than that of similar P-type modules. Demand for these products continued to increase globally as the levelized cost of energy is lower. N-type modules still retained a premium over similar P-type modules, and the premium continued to exceed the market average.

At the end of the third quarter, we already had over 55 GW of N-type cell production capacity, and by the end of the year, our N-type cell production capacity is expected to reach about 70 GW, leading the industry, and our integrated project in Shanxi, China  has started construction recently. Phase I and Phase II of a project with a total of 28 GW wafer-cell-module integrated capacity are expected to start production in the first half of 2024.

Recently, our high-efficiency N-Type monocrystalline silicon solar cell set a new record with a maximum conversion efficiency of 26.89%, creating another important milestone in the innovation of our products and solutions. With higher conversion efficiency and lower industrialization cost, we strongly believe that the TOPCon technology will remain the mainstream technical path in the next 3-5 years. We are confident that we are ahead of the industry in terms of power output, cost efficiency and product competitiveness.

As a responsible global company, we continued to make progress in sustainability and, recently, scored high in the Ecovadis Ratings, leading the mainstream PV companies. We are dedicated to providing clean, high-efficient and reliable solar products and energy storage solutions to more and more countries and regions, and contributing to global energy transition.

We expect our module shipments to be approximately 23.0 GW for the fourth quarter of 2023 and are confident that our full-year module shipments will exceed our guidance of 70 to 75 GW, with N-type modules accounting for approximately 60%. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023, with N-type capacity accounting for over 75%. We are confident that we will continue to lead the industry with our advanced technology and premium high-efficient products. "

Third Quarter 2023 Financial Results

Total Revenues

Total revenues in the third quarter of 2023 were RMB31.83 billion (US$4.36 billion), an increase of 3.7% from RMB30.69 billion in the second quarter of 2023 and an increase of 63.1% from RMB19.52 billion in the third quarter of 2022. The sequential and year-over-year increases were mainly attributable to the increases in the shipment of solar modules due to the increasing demand in the global market.

Gross Profit and Gross Margin

Gross profit in the third quarter of 2023 was RMB6.13 billion (US$840.6 million), compared with RMB4.78 billion in the second quarter of 2023 and RMB3.07 billion in the third quarter of 2022. 

Gross margin was 19.3% in the third quarter of 2023, compared with 15.6% in the second quarter of 2023 and 15.7% in the third quarter of 2022. The sequential and year-over-year increases were mainly due to the decrease in the cost of raw materials.

Income from Operations and Operating Margin

Income from operations in the third quarter of 2023 was RMB2.99 billion (US$409.8 million), compared with RMB1.54 billion in the second quarter of 2023 and RMB63.1 million in the third quarter of 2022. The changes were primarily attributable to the increases in our revenues and gross margin in the third quarter of 2023.  

Operating profit margin was 9.4% in the third quarter of 2023, compared with 5.0% in the second quarter of 2023 and 0.3% in the third quarter of 2022.

Total operating expenses in the third quarter of 2023 were RMB3.14 billion (US$430.8 million), a decrease of 3.1% from RMB3.24 billion in the second quarter of 2023 and an increase of 4.5% from RMB3.01 billion in the third quarter of 2022. The sequential and year-over-year changes were relatively flat.

Total operating expenses accounted for 9.9% of total revenues in the third quarter of 2023, compared to 10.6% in the second quarter of 2023 and 15.4% in the third quarter of 2022. The sequential and year-over-year decreases were mainly due to the increases in the shipment of solar modules and the decreases in average shipment cost.

Interest Expenses, Net

Net interest expenses in the third quarter of 2023 were RMB148.2 million (US$20.3 million), a decrease of 28.9% from RMB208.5 million in the second quarter of 2023 and an increase of 15.1% from RMB128.7 million in the third quarter of 2022. The sequential decrease was mainly due to the increase in interest income and the year-over-year increase was mainly due to an increase in interest expense.

Subsidy Income

Subsidy income in the third quarter of 2023 was RMB64.5 million (US$8.8 million), compared with RMB292.4 million in the second quarter of 2023 and RMB225.3 million in the third quarter of 2022. The sequential and year-over-year changes were mainly attributable to the changes in the cash receipt of subsidies from local governments in China which are non-recurring, not refundable and with no conditions.

Exchange Gain/Loss 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 RMB295.8 million (US$40.5 million) in the third quarter of 2023, compared to a net exchange gain of RMB916.4 million in the second quarter of 2023 and a net exchange gain of RMB520.3 million in the third quarter of 2022. 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 2023.

Change in Fair Value of Convertible Senior Notes 

The Company issued US$85.0 million of 4.5% convertible senior notes due 2024 in May 2019 and has elected to measure the Notes at fair value derived by valuation model, i.e. Binomial Model.

The Company recognized a gain from a change in fair value of the Notes of RMB295.6 million (US$40.5 million) in the third quarter of 2023, compared to a gain of RMB89.7 million in the second quarter of 2023 and a gain of RMB233.0 million in the third quarter of 2022. The changes were primarily due to the changes in the Company’s stock price 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 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, 2023, the Company had RMB956.2 million (US$131.1 million) in long-term investment, compared with RMB1.09 billion as of June 30, 2023.

The Company recognized a loss from change in fair value of RMB130.3 million (US$17.9 million) in the third quarter of 2023, compared with a gain of RMB2.3 million in the second quarter of 2023.

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 RMB22.9 million(US$3.1 million) in the third quarter of 2023, compared with gain of RMB63.3 million in the second quarter of 2023 and gain of RMB38.9 million in the third quarter of 2022. The fluctuation of equity in gain or loss of affiliated companies primarily arose from the net gain or loss incurred by an affiliate company.

Income Tax Expense

The Company recorded an income tax expense of RMB403.3 million (US$55.3 million) in the third quarter of 2023, compared with RMB341.1 million in the second quarter of 2023 and RMB150.8 million in the third quarter of 2022.

Non-Controlling Interests

Net income attributable to non-controlling interests amounted to RMB1.00 billion (US$137.2 million) in the third quarter of 2023, compared with RMB1.11 billion in the second quarter of 2023 and RMB247.8 million in the third quarter of 2022. 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. ("Jiangxi Jinko").

Net Income and Earnings per Share

Net income attributable to the JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.32 billion (US$181.4 million) in the third quarter of 2023, compared with RMB1.31 billion  in the second quarter of 2023 and RMB549.8 million in the third quarter of 2022. Excluding the impact from (i) a change in fair value of the Notes (ii) a change in fair value of the long-term investment and (iii)the share based compensation expenses, the adjusted net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was RMB1.35 billion (US$184.6 million), compared with RMB1.43 billion in the second quarter of 2023 and RMB427.5 million in the third quarter of 2022.

Basic and diluted earnings per ordinary share were RMB6.42 (US$0.88) and RMB4.61 (US$0.63), respectively, in the third quarter of 2023, compared to RMB6.39 and RMB5.55, respectively, in the second quarter of 2023, and RMB2.74 and RMB1.60, respectively, in the third quarter of 2022. As each ADS represents four ordinary shares, this translates into basic and diluted earnings per ADS of RMB25.66 (US$3.52) and RMB18.46 (US$2.53), respectively in the third quarter of 2023; basic and diluted earnings per ADS of RMB25.54 and RMB22.20, respectively, in the second quarter of 2023; and basic and diluted earnings per ADS of RMB10.97 and RMB6.39, respectively, in the third quarter of 2022.

Financial Position

As of September 30, 2023, the Company had RMB14.11 billion (US$1.93 billion) in cash and cash equivalents and restricted cash, compared with RMB17.03 billion as of June 30, 2023.

As of September 30, 2023, the Company’s accounts receivables due from third parties were RMB25.78 billion (US$3.53 billion), compared with RMB21.59 billion as of June 30, 2023.

As of September 30, 2023, the Company’s inventories were RMB19.15 billion (US$2.63 billion), compared with RMB20.09 billion as of June 30, 2023.

As of September 30, 2023, the Company’s total interest-bearing debts were RMB30.83 billion (US$4.23 billion), compared with RMB34.31 billion as of June 30, 2023.

Third Quarter 2023 Operational Highlights

Solar Module, Cell and Wafer Shipments

Total shipments were 22,597 MW in the third quarter of 2023, including 21,384 MW for solar module shipments and 1,213 MW for cell and wafer shipments.

Operations and Business Outlook Highlights

We are optimistic about global market demand and the opportunities brought by penetration of N-type technology. We will continue to maintain our leading position in N-type modules through technology iteration, improvement in mass production capability, and cost optimization. By the end of 2023, we expect mass-produced N-type cell efficiency to reach 25.8%, and the integrated cost of N-type modules to remain competitive with P-type modules. The proportion of N-type modules shipments of our total module shipments is expected to reach about 60% in 2023, as we expect there will be a strong demand for high-efficiency products from a growing number of markets and customers.

As we continue to invest in N-type capacity expansion overseas in the second half of 2023, we expect to reach an integrated capacity of over 12 GW overseas by the end of 2023, with the production capacity of N-type accounting for over 75%. We will continuously strengthen and expand our global industrial chain to provide premium and high-quality products and services to our global clients.

Fourth Quarter and Full Year 2023 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 2023, the Company expects its module shipments to be around 23 GW.

We are confident to exceed the full year module shipment target of 70 to 75 GW.

Solar Products Production Capacity

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023.

Recent Business Developments 

In August 2023, JinkoSolar was appointed a co-chair of the Tech, Innovation, and R&D Taskforce of B20 India. In September 2023, JinkoSolar signed a Memorandum of Understanding with Failte Energy Solutions limited to supply Tiger Neo modules for a total capacity of 200 MW. In September 2023, JinkoSolar’s board of directors declared a cash dividend of US$0.375 per ordinary share of US$0.00002 each of the Company, or US$1.50 per ADS. In October 2023, Jiangxi Jinko announced that its module shipments exceeded 52 GW for the nine months ended September 30, 2023, with N-type modules accounting for about 57% of these shipments. In October 2023, Jiangxi Jinko published its estimates of certain preliminary unaudited financial results for the nine months ended September 30, 2023. In October 2023, JinkoSolar announced that its affiliate has signed the largest ever supply agreement with ACWA Power, to provide 3.8 GW N-type Tiger Neo modules for ACWA Power’s two projects, the 1,581MWp Al KAHFAH and the 2,257MWp AR RASS 2, in Saudi Arabia. In October 2023, JinkoSolar announced that its high-efficiency N-Type monocrystalline silicon solar cell sets new record with maximum conversion efficiency of 26.89%.

Conference Call Information

JinkoSolar’s management will host an earnings conference call on Monday, October 30, 2023 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/10034589-n7xtqc.html 

It will automatically direct you to the registration page of "JinkoSolar Third Quarter 2023 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, 2023. The dial-in details for the replay are as follows:

International:

+61 7 3107 6325

U.S.:

+1 855 883 1031

Passcode:

10034589

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 14 productions facilities globally, 24 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 global 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, 2023.

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 29, 2023, which was RMB7.2960 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: [email protected]

Mr. Rene Vanguestaine
Christensen
Tel: +86 178 1749 0483
Email: [email protected]

In the U.S.:
Ms. Linda Bergkamp
Christensen, Scottsdale, Arizona
Tel: +1-480-614-3004
Email: [email protected]

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, 2022

Jun 30, 2023

Sep 30, 2023

Sep 30, 2022

Sep 30, 2023

RMB’000

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

 Revenues from third parties 

19,418,227

30,635,727

31,737,818

4,350,030

52,876,179

85,623,354

11,735,657

 Revenues from related parties 

101,089

49,372

96,440

13,218

249,062

225,065

30,848

 Total revenues 

19,519,316

30,685,099

31,834,258

4,363,248

53,125,241

85,848,419

11,766,505

 Cost of revenues 

(16,447,649)

(25,902,426)

(25,701,047)

(3,522,622)

(45,055,189)

(70,891,519)

(9,716,491)

 Gross profit 

3,071,667

4,782,673

6,133,211

840,626

8,070,052

14,956,900

2,050,014

 Operating expenses: 

   Selling and marketing 

(1,980,508)

(1,665,996)

(1,739,184)

(238,375)

(4,987,519)

(4,961,480)

(680,027)

   General and administrative 

(823,679)

(800,148)

(1,157,814)

(158,692)

(2,612,076)

(3,042,370)

(416,992)

   Research and development 

(201,690)

(225,574)

(218,097)

(29,893)

(496,370)

(632,227)

(86,654)

   Impairment of long-lived assets 

(2,662)

(552,751)

(27,912)

(3,826)

(159,259)

(580,662)

(79,586)

 Total operating expenses 

(3,008,539)

(3,244,469)

(3,143,007)

(430,786)

(8,255,224)

(9,216,739)

(1,263,259)

 Income from operations 

63,128

1,538,204

2,990,204

409,840

(185,172)

5,740,161

786,755

 Interest expenses, net 

(128,749)

(208,453)

(148,171)

(20,309)

(378,987)

(412,015)

(56,471)

 Subsidy income 

225,336

292,376

64,461

8,835

995,386

620,879

85,099

 Exchange gain/(loss) 

650,466

1,358,867

(253,303)

(34,718)

1,046,064

976,517

133,843

 Change in fair value of foreign exchange derivatives 

(130,196)

(442,492)

(42,474)

(5,822)

(223,701)

(429,628)

(58,885)

 Change in fair value of Long-term Investment 

2,278

(130,311)

(17,861)

–

312,391

42,817

 Change in fair value of convertible senior notes 

232,961

89,747

295,602

40,516

(408,877)

123,914

16,984

 Other income/(loss), net 

(888)

58,971

(25,190)

(3,453)

11,544

36,905

5,059

Income before income taxes

909,504

2,689,498

2,750,818

377,028

850,070

6,969,124

955,201

 Income tax expenses 

(150,775)

(341,144)

(403,305)

(55,278)

(339,887)

(1,059,453)

(145,210)

 Equity in earnings of affiliated companies 

38,904

63,281

(22,937)

(3,144)

45,233

220,299

30,194

 Net income 

797,633

2,411,635

2,324,576

318,606

555,416

6,129,970

840,185

 Less: Net income attributable to non-controlling
          interests 

(247,811)

(1,105,533)

(1,001,203)

(137,226)

(599,932)

(2,711,842)

(371,689)

 Net income attributable to JinkoSolar
 Holding Co., Ltd.’s ordinary shareholders 

549,822

1,306,102

1,323,373

181,380

(44,516)

3,418,128

468,496

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

   Basic 

2.74

6.39

6.42

0.88

(0.23)

16.73

2.29

   Diluted 

1.60

5.55

4.61

0.63

(0.23)

14.85

2.04

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

   Basic 

10.97

25.54

25.66

3.52

(0.90)

66.93

9.17

   Diluted 

6.39

22.20

18.46

2.53

(0.90)

59.38

8.14

 Weighted average ordinary shares outstanding: 

   Basic 

200,494,033

204,566,514

206,286,879

206,286,879

196,930,951

204,273,709

204,273,709

   Diluted 

219,038,845

223,654,851

223,182,957

223,182,957

196,930,951

223,117,023

223,117,023

 Weighted average ADS outstanding: 

   Basic 

50,123,508

51,141,628

51,571,720

51,571,720

49,232,738

51,068,427

51,068,427

   Diluted 

54,759,711

55,913,713

55,795,739

55,795,739

49,232,738

55,779,256

55,779,256

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 Net income 

797,633

2,411,635

2,324,576

318,606

555,416

6,129,970

840,185

 Other comprehensive income/(loss): 

   -Unrealized loss on available-for-sale securities 

1,638

58

–

–

1,638

(973)

(133)

   -Foreign currency translation adjustments 

185,181

282,017

(31,771)

(4,354)

372,219

192,274

26,353

   -Change in the instrument-specific credit risk 

48,293

20,227

5,245

719

106,423

70,690

9,689

 Comprehensive income 

1,032,745

2,713,937

2,298,050

314,971

1,035,696

6,391,961

876,094

 Less: Comprehensive income attributable to non-controlling
interests 

(339,109)

(1,168,875)

(992,475)

(136,030)

(751,880)

(2,747,573)

(376,586)

 Comprehensive income attributable to JinkoSolar Holding Co.,
Ltd.’s ordinary shareholders 

693,636

1,545,062

1,305,575

178,941

283,816

3,644,388

499,508

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

Dec 31, 2022

Sep 30, 2023

RMB’000

RMB’000

USD’000

ASSETS

Current assets:

  Cash and cash equivalents

10,243,500

13,563,594

1,859,045

  Restricted cash 

1,027,454

547,369

75,023

  Restricted short-term investments

8,945,271

7,799,555

1,069,018

  Short-term investments

–

51,922

7,117

  Accounts receivable, net – related parties

139,714

148,826

20,398

  Accounts receivable, net – third parties

16,674,876

25,779,992

3,533,442

  Notes receivable, net – related parties

282,824

1,850

254

  Notes receivable, net – third parties

6,697,096

3,960,907

542,887

  Advances to suppliers, net – related parties

56,860

78,208

10,719

  Advances to suppliers, net – third parties

3,271,284

3,903,922

535,077

  Inventories, net

17,450,284

19,153,303

2,625,179

  Forward contract receivables

119,625

30,717

4,210

  Prepayments and other current assets, net – related parties

23,105

29,518

4,046

  Prepayments and other current assets, net

3,290,902

3,533,424

484,296

  Held-for-sale assets

–

2,231,004

305,785

  Available-for-sale securities

104,499

–

–

Total current assets

68,327,294

80,814,111

11,076,496

Non-current assets:

  Restricted cash

1,378,680

1,575,353

215,920

  Long-term investments

1,711,072

2,302,860

315,634

  Property, plant and equipment, net

32,290,088

36,025,775

4,937,743

  Land use rights, net

1,431,424

1,613,337

221,126

  Intangible assets, net

79,600

186,794

25,602

  Financing lease right-of-use assets, net

558,407

336,096

46,066

  Operating lease right-of-use assets, net

396,966

377,985

51,807

  Deferred tax assets 

704,244

703,856

96,471

  Advances to suppliers to be utilised beyond one year

310,375

669,897

91,817

  Other assets, net – related parties

52,363

55,451

7,600

  Other assets, net – third parties

1,421,669

2,636,924

361,421

  Available-for-sale securities Non current

–

50,000

6,853

Total non-current assets

40,334,888

46,534,328

6,378,060

Total assets

108,662,182

127,348,439

17,454,556

LIABILITIES

Current liabilities:

  Accounts payable – third parties

10,378,076

14,158,209

1,940,544

  Notes payable – related parties

419,500

401,500

55,030

  Notes payable – third parties

20,204,323

22,579,090

3,094,722

  Accrued payroll and welfare expenses

2,035,931

2,382,141

326,500

  Advances from related parties

3,829

884

121

  Advances from  third parties

9,220,267

7,936,887

1,087,841

  Income tax payable

737,735

395,570

54,217

  Other payables and accruals

9,214,384

10,902,493

1,494,312

  Other payables due to related parties

5,964

16,069

2,202

  Forward contract payables

63,137

96,138

13,177

  Convertible senior notes – current

–

635,956

87,165

  Financing lease liabilities – current

168,381

78,277

10,728

  Operating lease liabilities – current

65,489

72,177

9,893

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

12,419,170

12,151,300

1,665,474

  Held-for-sale liabilities

–

1,459,435

200,032

  Deferred revenue 

–

59,703

8,183

Total current liabilities

64,936,186

73,325,829

10,050,141

Non-current liabilities:

  Long-term borrowings

13,022,795

13,047,106

1,788,255

  Convertible senior notes

1,070,699

4,533,415

621,356

  Accrued warranty costs – non current

1,422,276

1,988,279

272,516

  Financing lease liabilities

69,881

–

–

  Operating lease liabilities

339,885

316,188

43,337

  Deferred tax liability

194,808

202,391

27,740

  Long-term Payables

601,759

844,819

115,792

  Guarantee liabilities to related parties 
   – non current

–

–

–

Total non-current liabilities

16,722,103

20,932,198

2,868,996

Total liabilities

81,658,289

94,258,027

12,919,137

SHAREHOLDERS’ EQUITY

Ordinary shares (US$0.00002 par value, 500,000,000
shares authorized 204,135,029 and 209,232,719 shares
issued as of December 31, 2022 and September 30, 2023,
respectively)

28

29

4

Additional paid-in capital

9,912,931

10,569,527

1,448,674

Accumulated other comprehensive income

217,563

390,766

53,559

Treasury stock, at cost; 2,945,840 ordinary shares as of
December 31, 2022 and September 30, 2023

(43,170)

(43,170)

(5,917)

Modification of non-controlling interests

Accumulated retained earnings

6,249,883

9,112,599

1,248,986

Total JinkoSolar Holding Co., Ltd. shareholders’ equity

16,337,235

20,029,751

2,745,306

Non-controlling interests

10,666,658

13,060,661

1,790,113

Total shareholders’ equity

27,003,893

33,090,412

4,535,419

Total liabilities and shareholders’ equity

108,662,182

127,348,439

17,454,556

Source : JinkoSolar Announces Third Quarter 2023 Financial Results

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Preclinical data show SK Life Science Labs compounds have robust anti-tumor efficacy in vivo and oral leads have demonstrated potent selective degradation of SMARCA2 with selective inhibition of proliferation of SMARCA4 mutant cells

KING OF PRUSSIA, Pa., Oct. 31, 2023 /PRNewswire/ — SK Life Science Labs (formerly Proteovant Therapeutics) a subsidiary of SK Biopharmaceuticals, today will present preclinical data supporting its SMARCA protein degradation discovery program at the 6th Annual Targeted Protein Degradation (TPD) Summit. The presentation will highlight the discovery and characterization of SMARCA2 heterobifunctional degraders demonstrating selective SMARCA2 degradation leads to targeted growth inhibition of SMARCA4 mutant cancer cell lines, and share results of in vivo efficacy in a solid tumor xenograft model.

"We are pleased to present the first in vivo data on our potential best-in-class orally available selective SMARCA2 degraders to the scientific and pharmaceutical community participating at this year’s TPD Summit in Boston," said Zhihua Sui, Ph.D., Chief Scientific Officer, SK Life Science Labs. "Our compounds have shown robust anti-tumor efficacy in vivo and our current oral leads have demonstrated potent selective degradation of SMARCA2 and selective inhibition of proliferation of SMARCA4 mutated cancer cells. SMARCA4 is mutated in many cancers including non-small cell lung carcinoma, colon adenocarcinoma, bladder, and endometrial cancer."

Located in King of Prussia, Pennsylvania, SK Life Science Labs is an R&D company leveraging protein degradation to target the undruggable and elicit novel disease-modifying mechanism of action. SK Life Science Labs integrates its AI-enabled target ID platform, protein degrader discovery and development expertise, and MOPED™ molecular glue screening platform to identify and advance novel protein degraders.

"Today’s presentation unveils new data that showcase SK Life Science Labs’ unique approach to discovering compounds with the potential to change the future of cancer therapeutics," said Donghoon Lee, President and CEO of SK Biopharmaceuticals, SK Life Science Inc., and SK Life Science Labs. "Since acquiring SK Life Science Labs earlier this year, we have been focused on leveraging the company’s R&D capabilities and supporting its promising programs. We are very proud of our team’s accomplishments and look forward to continuing to push innovation forward so that we can maximize the potential of our pipeline."

Details of SK Life Science Labs Presentation at the 6th Annual TDP Summit:

Title: SMARCA2 Degraders for the Treatment of Solid Tumors

– Presenter: Jose Clemente, Ph.D., Senior Director of Biology, SK Life Science Labs
– Track: Preclinical Development
– Date/Time: Tuesday, October 31, 2023; 3:10 – 3:40 p.m. ET

About SK Life Science Labs
SK Life Science Labs (formerly Proteovant Therapeutics) exploits the ubiquitin-protease system (UPS) to discover and develop transformative medicines for the treatment of patients with life-altering diseases. Protein degradation harnesses the human body’s innate cellular machinery by way of the UPS to identify and mark disease-causing proteins for destruction. This promising approach provides the opportunity to target proteins of interest, many of which were previously considered undruggable. SK Life Science Labs integrates its AI-enabled target ID platform, degrader drug-hunting expertise, and MOPED™ molecular glue screening platform to advance novel protein degraders. As of August 11, 2023, SK Life Science Labs is part of SK Biopharmaceuticals.

About SK Biopharmaceuticals Co., Ltd.

SK Biopharmaceuticals is a global biotech company focused on the research, development, and commercialization of treatments to help people living with central nervous system (CNS) disorders and change the future of cancer care. Together with its U.S. subsidiary, SK Life Science, Inc., SK Biopharmaceuticals has a pipeline of eight compounds in development. Both companies are part of SK Group, one of the largest conglomerates in Korea and one of TIME’s 100 Most Influential Companies of 2023. For more information, please visit www.skbp.com/eng.

SK Biopharmaceuticals’ parent company SK Inc. continues to enhance its portfolio value by executing long-term investments with a number of competitive subsidiaries in various business areas, including pharmaceuticals and life science, energy and chemicals, information and telecommunication, and semiconductors. In addition, SK Inc. is focused on reinforcing its growth foundations through profitable and practical management based on financial stability, while raising its enterprise value by investing in new future growth businesses. For more information, please visit www.sk-inc.om/en.

SK Biopharmaceuticals
Investor Relations:
Cho Hyoungrae

Public Relations:
H. Park
Lim Soohui
[email protected]

SK Life Science Labs & SK Life Science
Dina Albanese
[email protected] 

Source : SK Life Science Labs, a Subsidiary of SK Biopharmaceuticals, Presents Discovery of Oral SMARCA2 Degraders Data at 6th Annual Targeted Protein Degradation Summit

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SEOUL, South Korea, Oct. 31, 2023 /PRNewswire/ — Amorepacific has secured a new growth engine in the global market by acquiring additional shares of COSRX. With this further stake acquisition, COSRX will be integrated as a subsidiary of Amorepacific.

Amorepacific incorporates COSRX as a subsidiary through additional stake acquisition.

Today, Amorepacific announced through the disclosure that it will acquire 288,000 remaining shares held by COSRX’s largest shareholder and related parties for 755.1 billion won. In September 2021, Amorepacific had previously acquired 38.4% of COSRX shares. At that time, they were granted a call option to purchase the remaining shares, which they have now decided to exercise. With this, Amorepacific is expected to own 93.2% of COSRX shares.

Founded in 2013, COSRX is a hypoallergenic skincare brand designed for sensitive skin. Centered around the ‘Advanced Snail’ line and ‘The RX’ line, it has experienced rapid growth, establishing itself as a rising global skincare titan. The company has shown an average annual sales growth rate of over 60% in the past three years, reporting 204.4 billion won in 2022. This year, in the first half alone, it has achieved 190.2 billion won in sales and 71.7 billion won in operating profit, continuing its sharp growth trend.

Moreover, it has expanded to around 140 countries, including North America, Southeast Asia, Europe, and Japan, with overseas sales accounting for over 90% of its total. Since it entered Amazon in 2018, essential products such as the ‘Advanced Snail 96 Mucin Power Essence’ have topped the Beauty & Personal Care category, particularly distinguishing itself in the North American market. Additionally, COSRX has been recognized as a brand with exceptional digital communication capabilities, evidenced by its TikTok challenge launched in 2022, which saw over 2.1 billion cumulative hashtag views.

After the equity investment in 2021, both companies co-developed and launched products such as ‘The Vitamin C 23 Serum’ and ‘The Retinol 0.1 Cream’ from COSRX’s next-generation core line, The RX, achieving success overseas. In this vein, Amorepacific plans to accelerate its global expansion through multifaceted collaboration with COSRX, which boasts strong global competitiveness.

Seunghwan Kim, CEO of Amorepacific Corporation, stated, "We are thrilled that COSRX, which has shown rapid growth through differentiated products and marketing based on an exceptional understanding of digital channels, has become a part of our group." He further revealed, "Moving forward, we aim to amplify COSRX’s unique strengths while also integrating Amorepacific’s vision and business management expertise to develop it into a captivating brand that global customers will love."

Source : Amorepacific Incorporates COSRX as a Subsidiary through Additional Stake Acquisition

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TAIPEI, Oct. 31, 2023 /PRNewswire/ — YU XUAN FOOD CO., LTD. has recently announced the launch of their in-house brand, "Jin Tai-ZI," with a primary focus on showcasing high-quality Taiwanese food products, particularly dry noodle offerings, while actively expanding into international markets. The Jin Tai-ZI product range includes items such as white fungus beverage, various noodles, chili products, brown sugar, and traditional herbal teas, all crafted with all-natural, top-tier ingredients to ensure consumers enjoy the very best in culinary experiences.

With over three decades of experience, YU XUAN FOOD has established itself as a leading distribution and export company in Taiwan. They act as authorized distributors for various renowned domestic food manufacturers, including Yi-Mei, Uni-President, Hwa Yuan, and Want Want, to name a few. This positions YU XUAN FOOD as an ideal one-stop solution for consumers, offering a vast array of product choices in a single order.

YU XUAN FOOD‘s service portfolio encompasses domestic trade, international trade, cross-strait trade, and the supply of a wide range of shelf-stable food products. Their competitive edge lies in offering diverse product options, helping international importers explore new markets and alleviate inventory pressure. Furthermore, they pride themselves on providing end-to-end solutions, from sourcing to container shipping, labeling, container loading, delivery, and customs clearance, all of which help international importers reduce procurement costs.

Since 2016, YU XUAN FOOD has consistently expanded its business and actively sought new market opportunities. In 2011, they established a subsidiary in Xiamen, China, which marked the beginning of significant export operations, leading to a rapid expansion of their international footprint. In 2017, they introduced their proprietary brand, Jin Tai-ZI, which focuses on traditional Taiwanese noodle products such as sun-dried knife-cut noodles from Tainan and Guan Miao noodles. They also offer other products like White Fungus beverages and chili sauce, all made from premium Taiwanese agricultural products while adhering to a 30-year-old traditional crafting process to guarantee high quality and chewy textures.

One of the flagship products of the Jin Tai-ZI brand is their dry noodles. These noodles are crafted using high-quality wheat flour and traditional techniques, preserving the authentic taste and texture of Taiwanese cuisine. Notably, their production process includes a unique sun-drying step, ensuring that the noodles absorb ample sunlight and air, resulting in a pleasantly chewy that remains consistent throughout the cooking process.

Jin Tai-ZI dry noodles stand out for their excellent flavor and exceptional resistance to overcooking. Compared to regular noodles, Jin Tai-ZI dry noodles can be boiled for an extended period without becoming overly soft or clouding the soup, making them an ideal companion for flavor noodles, noodle dishes, and hot pots.

YU XUAN FOOD has effectively introduced Jin Tai-ZI dry noodles to the international market. These delectable noodles have already made their way to numerous countries and regions, including Hong Kong, mainland China, Singapore, Italy, the UK, and more. Their commitment to providing end-to-end services, from sourcing to container shipping, has assisted international importers in reducing procurement costs and solidified their reputation as a trusted supplier.

The introduction of the Jin Tai-ZI brand marks a significant milestone for YU XUAN FOOD in the food trade sector. The brand will continue its strong push into the international market, offering global consumers the essence of traditional Taiwanese cuisine. Whether relishing a comforting bowl of noodle soup at home or savoring authentic Taiwanese flavors in a restaurant, Jin Tai-ZI dry noodles represent the tradition and quality of Taiwanese food, delivering a delightful culinary choice to consumers.

Source : Leading Food Trade Brand, YU XUAN FOOD, Unveils Self-Brand 'Jin Tai-ZI' with a Strong Emphasis on International Expansion and Premium Dry Noodle Products

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KAOHSIUNG, Oct. 31, 2023 /PRNewswire/ — Asia Frozen Food Corp. (AFFC) has long been Taiwan’s largest exporter of frozen foods, with their flagship product, edamame, enjoying international acclaim. Recent data reveals that edamame exports have surpassed 2.6 billion New Taiwan Dollars, earning it the moniker of "Taiwan’s Green Gold." However, after dominating the Asian frozen food market for 56 years, Asia Frozen Food Corp. is now embarking on its next phase, aimed at achieving corporate sustainability and environmental responsibility.

Established in 1976, Asia Frozen Food Corp. has played a leading role in the food industry ever since. Headquartered in Taiwan, the company boasts manufacturing facilities in both Taiwan and mainland China, producing frozen raw materials and natural chips. Additionally, they have sourcing branches for frozen raw materials in Thailand, Vietnam, mainland China and Indonesia. Asia Frozen Food Corp.’s factories employ cutting-edge technology for food processing and hold certifications such as HACCP, ISO, BRC, Halal, and Kosher.

Edamame, also known as Edamame Mukimame, derives its name from the Japanese term "Eda-beans on mame-branches" and has captivated snack enthusiasts worldwide. Asia Frozen Food Corp.’s meticulous freezing process brings forth the most convenient and delectable way to savor the natural goodness of edamame. Edamame is celebrated as a superfood due to its high protein and fiber content, offering numerous health benefits. Its popularity continues to soar globally, aligning with one of Asia Frozen Food Corp.’s core missions.

In pursuit of sustainability, Asia Frozen Food Corp. spares no effort. One of their future goals is to establish a zero-waste production model, promoting recycling and reuse. Moreover, by utilizing factory waste to generate energy, they aim to reduce production costs while contributing to the preservation of our planet’s resources. To ensure long-term agricultural sustainability, the company is committed to using organic fertilizer, safeguarding land quality for enduring operations.

Asia Frozen Food Corp. operates under the mission of "Love Earth, Love Life, and Love to Eat." They are dedicated to providing sustainable and healthy food for our planet and the generations to come. As they step into the next phase of their journey, Asia Frozen Food Corp. will continue to lead the food industry towards the realization of sustainable dreams.

Source : Asia Frozen Food Corp: The Miracle Maker of 'Taiwan's Green Gold' Sets Sights on Sustainability in Food Manufacturing

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SINGAPORE, Oct. 31, 2023 /PRNewswire/ — Reeracoen, a leading provider of human resource services in Singapore, has released the results of its latest survey, "What Singapore Workers Want". Conducted throughout July and August this year, the survey aimed to uncover the preferences and expectations of Singaporean workers and their career plans amid the evolving changes in Singapore’s economy.

The comprehensive four-part survey garnered 1,587 responses, seeking to provide a deeper understanding of what motivates Singaporean employees and their career plans. The findings shed light on the factors influencing their decisions, with significant implications for employers and workers.

In the first survey, "What Singapore Workers Want Most," the majority of the 293 respondents expressed a strong desire for Work-Life Balance (47%). This was closely followed by Remote Work (26%), Four-day Workweeks (19%), and Professional Development (8%). The second survey included monetary rewards as an option and revealed that Work-Life Balance still topped the list, with 57% of the 424 respondents choosing it, followed by Money (25%), Remote Work (10%), and Four-day Workweek (8%).

The third survey, conducted on 1 August, asked workers about their salary expectations. Most of the 425 respondents (54%) anticipated a 6% to 10% salary increase, while 28% expected a 1% to 5% raise. Only 13% expected their salary to remain the same, and a small percentage anticipated a pay cut (5%).

The series culminated in a final survey on 15 August, which asked if individuals were considering a job change before the end of the year. An overwhelming majority of the 445 respondents (73%) expressed their intent to change jobs. The remaining respondents answered No (12%), Maybe (12%), and I Don’t Know (3%).

The recurring themes of the first two surveys indicated a strong preference for work-life balance, followed by financial considerations. Subsequent surveys highlighted the anticipation of salary increases, prompting contemplation about job transitions in pursuit of better remuneration prospects.

Reeracoen, as a leading employment and recruitment firm, recognises the potential to bridge the gap between job seekers and employers by providing workforce insights. These insights can assist both parties in making informed decisions for a thriving and harmonious professional life.

Mr Kenji Naito, Reeracoen’s Group CEO, stated, "The surveys seem to indicate time and monetary rewards as main factors when Singapore workers consider employment. As part of their talent retention strategies, employers should remain sensitive to their employees’ preferences and financial well-being and strive to offer competitive packages to retain their top talents."

He continued, "The Singaporean workforce’s aspirations for better work-life balance and enhanced financial remuneration reflect the pressing need for companies to foster employee well-being and offer competitive compensation packages. This shift indicates a more nuanced and progressive approach to employment within the dynamic landscape of Singapore’s ever-evolving economy."

Reeracoen envisions that the survey findings will benefit two main groups:

Employers: Understanding these sentiments can help companies develop more effective staff retention strategies to retain their valuable workforce. Firms can use this data to re-evaluate their compensation strategies to stay competitive in retaining and attracting top talent. The survey findings also offer insights into talent acquisition. Singapore Workers: Workers can make informed career decisions with more knowledge about industry trends and shifts. With this knowledge, employees can confidently negotiate better compensation packages and seek employers aligned with their salary and career growth expectations.

Reeracoen’s commitment to providing holistic and beneficial matches between employers and prospective job seekers, based on understanding the evolving needs and expectations of the Singaporean workforce, sets the stage for a mutually advantageous employment landscape.

To access more valuable content and stay updated with Reeracoen, please visit the official website at https://www.reeracoen.sg/en/services/recruitment_solutions and follow on LinkedIn at https://www.linkedin.com/company/reeracoen-singapore-pte-ltd-/.

Reeracoen’s Group CEO, Mr Kenji Naito

About Reeracoen Singapore Pte Ltd

Reeracoen Singapore Pte Ltd is one of Singapore’s leading recruitment agencies. With our extensive networks, we effectively source and match high-calibre candidates to our partners. Our clients enjoy peace of mind knowing that as part of the Neo-career group, Reeracoen is committed to delivering the same Japanese professionalism and service quality across our ten offices in 6 Asian countries. For more information, visit https://www.reeracoen.sg/ and follow us on social media.

Source : Reeracoen Reveals What Singapore Workers Want in Latest Survey

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This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network