JinkoSolar Announces Second Quarter 2018 Financial Results

SHANGHAI,Aug. 13,2018 /PRNewswire-FirstCall/ -- JinkoSolar Holding Co.,Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS),a global leader in the solar PV industry,today announced its unaudited financial results for the second quarter ended June 30,2018.

Second Quarter 2018 Highlights

Total solar module shipments were 2,794 megawatts ("MW") (including 200 MW to the Company's overseas downstream segment for which no revenue has been recognized),an increase of 38.7% from 2,015 MW in the first quarter of 2018 and a decrease of 3.1% from 2,884 MW in the second quarter of 2017.

Total revenues were RMB6.06 billion (US$915.9 million),an increase of 32.7% from the first quarter of 2018 and a decrease of 23.5% from the second quarter of 2017.

Gross margin was 12.0%,compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017.

Income from operations was RMB94.6 million (US$14.3 million),compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017.

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018,compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Diluted earnings per American depositary share ("ADS") were RMB2.512 (US$0.408) in the second quarter of 2018.

Non-GAAP net income attributable to the Company's ordinary shareholders in the second quarter of 2018 was RMB106.7 million (US$16.1 million),compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ADS were RMB2.728 (US$0.412) and RMB2.708 (US$0.408) in the second quarter of 2018,compared with RMB0.300 and RMB0.296 in the first quarter of 2018 and RMB1.908 and RMB1.892 in the second quarter of 2017.

Mr. Kangping Chen,JinkoSolar's Chief Executive Officer commented,"We delivered a strong quarter with module shipments hitting 2,794 MW while generating total revenue of US$915.9 million. Leveraging our cutting-edge technologies,strong global sales network,and industry leading cost structure,I'm confident in our ability to generate sustainable profits and growth going forward."

"Growth during the quarter was strong and we expect this momentum to continue into the second half of the year despite the impact from the new policies issued by the Chinese government on May 31 as shipments to overseas markets are expected to continue growing and account for an increasing proportion of our shipments. We believe these new policies will have a relatively limited impact on our operations over the short-term and are optimistic about our future prospects. We expect demand from Top Runner Program,poverty alleviation projects,local government subsidies,and self-contained DG projects to continue to drive the growth in the Chinese market,especially in regions with ample sunlight and high commercial power prices."

"We already have good visibility of our order book for the entire year which is predominantly made up of overseas orders to markets which are growing rapidly and will generate significant opportunities ahead. We are taking full advantage of our market leading position and production facility in Florida to expand our presence in the US market. Demand in emerging markets continues to grow,especially in Latin American and the Middle East and North Africa. We are devoting our resources there towards securing large long-term orders through our mature sales network which spans a number of markets there. We believe the Indian solar sector will maintain its long-term growth trajectory despite the short-term impact of recently announced tariffs and will continue to explore opportunities there."

"We continued to develop high-efficiency technologies while optimizing the cost structure of our products. We made significant progress in improving wafer efficiency and reducing both oxygen content and light induced degradation. We are increasing our mono PREC cell capacity which will reach 4.2GW by the end of year. We are also investing in N type technology,especially HOT double sided cell technology. The falling cost of raw materials and our deep experience in rapidly rolling out new technologies will allow us to further optimize our cost structure going forward and help us increase market share by providing clients with high-efficiency products at cost effective prices."

"Despite some industry headwinds,we believe those challenges also create opportunities for us to further strengthen our position as a global leader in the solar PV industry. On one hand they will push the industrial upgrading and accelerate the industry's consolidation by phasing out outdated production capacities and replacing them with high efficiency ones; On the other hand,it will push the rapidly falling cost of solar,making solar more competitive and stimulating the global demand. We are now in a good position and are fully prepared for these new opportunities to continue to expand our market share and further consolidate our leading position in the industry."

Second Quarter 2018 Financial Results

Total Revenues

Total revenues in the second quarter of 2018 were RMB6.06 billion (US$915.9 million),an increase of 32.7% from RMB4.57 billion in the first quarter of 2018 and a decrease of 23.5% from RMB7.92 billion in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules in the second quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the second quarter of 2018 was RMB727.6 million (US$110.0 million),compared with RMB656.1 million in the first quarter of 2018 and RMB834.8 million in the second quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the second quarter of 2018. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules and a slight decrease in the shipment of solar modules,which was partially offset by a decrease in solar module cost in the second quarter of 2018.

Gross margin was 12.0% in the second quarter of 2018,compared with 14.4% in the first quarter of 2018 and 10.5% in the second quarter of 2017. The sequential decrease was mainly attributable to a decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to a decrease in solar module cost,which was partially offset by a decrease in solar module shipments and a decline in the average selling price of solar modules in the second quarter of 2018.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2018 was RMB94.6 million (US$14.3 million),compared with RMB125.0 million in the first quarter of 2018 and RMB85.3 million in the second quarter of 2017. Operating margin in the second quarter of 2018 was 1.6%,compared with 2.7% in the first quarter of 2018 and 1.1% in the second quarter of 2017.

Total operating expenses in the second quarter of 2018 were RMB633.0 million (US$95.7 million),an increase of 19.2% from RMB531.1 million in the first quarter of 2018 and a decrease of 15.5% from RMB749.5 million in the second quarter of 2017. The sequential increase was mainly due to an increase in shipping cost as a result of an increase in solar module shipments,an increase in bad debt expenses and an occurrence of provision for impairment of property,plant and equipment for certain damaged equipment of South Africa manufacturing facilities. The year-over-year decrease was primarily due to a decrease in shipping costs.

Total operating expenses accounted for 10.4% of total revenues in the second quarter of 2018,compared to 11.6% in the first quarter of 2018 and 9.5% in the second quarter of 2017.

Interest Expense,Net

Net interest expense in the second quarter of 2018 was RMB80.6 million (US$12.2 million),a decrease of 5.6% from RMB85.4 million in the first quarter of 2018 and an increase of 0.1% from RMB80.6 million in the second quarter of 2017.

Exchange Gain / (Loss),Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange gain (including change in fair value of forward contracts) of RMB20.8 million (US$3.1 million) in the second quarter of 2018,compared to a net exchange loss of RMB90.8 million in the first quarter of 2018 and a net exchange loss of RMB34.2 million in the second quarter of 2017. The sequential gain was primarily due to the appreciation of the US dollar against the RMB during the quarter.

Change in Fair Value of Derivatives

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate exposure. The Company recorded a gain of RMB14.3 million (US$2.2 million) in the second quarter of 2018,compared to a gain of RMB21.1 million in the first quarter of 2018 and a loss of RMB16.4 million in the second quarter of 2017. The sequential and year-over-year changes were primarily due to an increase in the LIBOR rate.

Equity in Income of Affiliated Companies

The Company indirectly holds 20% equity interest of Sweihan PV Power Company P.J.S.C,which develops and operates solar power projects in Dubai and accounts for its investments using the equity method. The Company also holds 30% equity interest in Jiangsu Jinko-Tiansheng Co.,Ltd,which processes and assembles PV modules as OEM manufacturer and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB 28.0 million (US$ 4.2 million) in the second quarter of 2018,compared with a loss of RMB 5.2 million in the first quarter of 2018 and a loss of RMB 0.2 million in the second quarter of 2017.

Income Tax Benefit,Net

The Company recorded an income tax benefit of RMB10.0 million (US$1.5 million) in the second quarter of 2018,increased from RMB3.3 million in the first quarter of 2018 and decreased from RMB32.5 million in the second quarter of 2017. The sequential increase was mainly due to the additional 2017 income tax deduction for R&D costs approved by the local tax bureau in the second quarter of 2018.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB99.0 million (US$15.0 million) in the second quarter of 2018,compared with RMB3.6 million in the first quarter of 2018 and RMB47.4 million in the second quarter of 2017.

Basic and diluted earnings per ordinary share were RMB0.633 (US$0.096) and RMB0.628 (US$0.095),respectively during the second quarter of 2018. This translates into basic and diluted earnings per ADS of RMB2.532 (US$0.384) and RMB2.512 (US$0.380),respectively.

Non-GAAP net income in the second quarter of 2018 was RMB106.7 million (US$16.1 million),compared with RMB11.0 million in the first quarter of 2018 and RMB61.2 million in the second quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were RMB0.682 (US$0.103) and RMB0.677 (US$0.102),respectively during the second quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS of RMB2.728 (US$0.412) and RMB2.708 (US$0.408),respectively.

Financial Position

As of June 30,2018,the Company had RMB2.56 billion (US$386.5 million) in cash and cash equivalents and restricted cash,compared with RMB2.86 billion as of March 31,2018.

As of June 30,the Company's accounts receivables due from third parties were RMB4.77 billion (US$720.7 million),compared with RMB4.18 billion as of March 31,the Company's inventories were RMB5.89 billion (US$890.2 million),compared with RMB4.71 billion as of March 31,the Company's total interest-bearing debts were RMB9.29 billion (US$1.40 billion),compared with RMB8.38 billion as of March 31,2018.

Second Quarter 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the second quarter of 2018 were 2,794 MW,including 200 MW to the Company's overseas downstream segment.

Solar Products Production Capacity

As of June 30,the Company's in-house annual silicon wafer,solar cell and solar module production capacity was 9.0 GW,5.0 GW and 9.0 GW,respectively.

Recent Business Developments

In June 2018,JinkoSolar announced that its wholly owned subsidiary,JinkoSolar (U.S.) Inc. has entered into a three-year agreement to supply 1.43GW of high efficiency modules to sPower,a leading renewable energy independent power producer.

In June 2018,JinkoSolar announced that it has supplied 275.4 MWdc of high efficiency modules to Green Light Contractors Pty Ltd for use in the Bungala Solar Farm near Port Augusta,South Australia,which is owned by a joint venture between Enel Green Power and Dutch Infrastructure Fund.

In July 2018,JinkoSolar announced that JinkoSolar Japan K.K.,a subsidiary of the Company,has signed a JPY5.3 billion syndicated loan agreement up to two years with a bank consortium led by Sumitomo Mitsui Banking Corporation.

In July 2018,JinkoSolar announced that it will supply 86 MW of solar modules for a PV Plant that will be located in the Cesar,northern Colombia.

In July 2018,JinkoSolar announced that it is ranked 278th on the 2018 Fortune 500 Companies in China and 1st among solar manufacturers.

Operations and Business Outlook

Third Quarter and Full Year 2018 Guidance

For the third quarter of 2018,the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 GW.

For the full year 2018,the Company estimates total solar module shipments to be in the range of 11.5 GW to 12 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Monday,August 13,2018 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

55864212#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

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,August 20,2018. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319295377#

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

About JinkoSolar Holding Co.,Ltd.

JinkoSolar (NYSE: JKS) is a global leader in the solar industry. 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,and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain,with an integrated annual capacity of 9.0 GW for silicon wafers,5.0 GW for solar cells,and 9.0 GW for solar modules,as of June 30,2018.

JinkoSolar has over 12,000 employees across its 8 productions facilities globally,15 oversea subsidiaries in Japan (2),Singapore,Turkey,Switzerland,United States,Canada,Australia and United Arab Emirates,and global sales teams in United Kingdom,Bulgaria,Greece,Romania,Jordan,Saudi Arabia,Egypt,Morocco,Ghana,Kenya,Costa Rica,Colombia,Panama and Argentina.

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

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"),JinkoSolar uses certain non-GAAP financial measures including,non-GAAP net income,non-GAAP earnings per Share,and non-GAAP earnings per ADS,which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation,convertible senior notes and capped call options:

Non-GAAP net income is adjusted to exclude the expenses relating to interest expenses of convertible senior notes,exchange gain on the convertible senior notes,and stock-based compensation; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands,which are not subject to tax exposures,or related to those subsidiaries with tax loss positions which result in no tax impacts,therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and

Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude interest expenses of convertible senior notes and exchange gain on the convertible senior notes,and stock-based compensation.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release,made solely for the convenience of the readers,is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of June 29,which was RMB6.6171 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,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:

Sebastian Liu

JinkoSolar Holding Co.,Ltd.

Tel: +86 21-5183-3056

Email: ir@jinkosolar.com

Christian Arnell

Christensen

Tel: +86-10-5900-2940

Email: carnell@christensenir.com

In the U.S.:

Ms. Linda Bergkamp

Christensen

Tel: +1-480-614-3004

Email: lbergkamp@ChristensenIR.com

JINKOSOLAR HOLDING CO.,LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands,except ADS and Share data)

For the quarter ended

For the six months ended

June 30,2017

March 31,2018

June 30,2017

June 30,2018

RMB

RMB

RMB

USD

RMB

RMB

USD

Revenues from third parties

7,908,533

3,671,345

5,618,862

849,143

13,661,612

9,290,207

1,403,969

Revenues from related parties

15,555

895,491

441,769

66,762

39,279

1,337,260

202,092

Total revenues

7,924,088

4,566,836

6,060,631

915,905

13,700,891

10,627,467

1,606,061

Cost of revenues

(7,089,255)

(3,910,775)

(5,333,000)

(805,942)

(12,217,034)

(9,243,775)

(1,396,953)

Gross profit

834,833

656,061

727,631

109,963

1,483,857

1,383,692

209,108

Operating expenses:

Selling and marketing

(550,823)

(313,897)

(366,077)

(55,323)

(964,635)

(679,974)

(102,760)

General and administrative

(125,029)

(130,831)

(170,509)

(25,768)

(240,979)

(301,340)

(45,539)

Research and development

(73,694)

(86,382)

(81,907)

(12,378)

(136,180)

(168,289)

(25,432)

Impairment of long-lived assets

-

-

(14,548)

(2,199)

-

(14,199)

Total operating expenses

(749,546)

(531,110)

(633,041)

(95,668)

(1,341,794)

(1,164,151)

(175,930)

Income from operations

85,287

124,951

94,590

14,295

142,063

219,541

33,178

Interest expenses,net

(80,572)

(85,411)

(80,636)

(12,186)

(137,693)

(166,047)

(25,093)

Change in fair value of derivatives

(16,394)

21,104

14,284

2,159

(16,018)

35,388

5,348

Subsidy income

49,038

36,581

2,619

396

104,229

39,200

5,924

Exchange (loss)/gain

(29,810)

(91,413)

42,389

6,406

(36,149)

(49,024)

(7,409)

Change in fair value of forward contracts

(4,341)

585

(21,618)

(3,267)

(3,235)

(21,033)

(3,179)

Other income,net

11,773

8,678

9,444

1,427

23,716

18,122

2,739

Loss on disposal of subsidiaries

-

(9,425)

-

-

-

(9,425)

(1,424)

Income before income taxes

14,981

5,650

61,072

9,230

76,913

66,722

10,084

Income tax benefit

32,460

3,293

10,003

1,512

30,933

13,296

2,009

Equity in income of affiliated companies

(194)

(5,240)

28,024

4,235

(194)

22,784

3,443

Net income

47,247

3,703

99,099

14,977

107,652

102,802

15,536

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

interests

(121)

107

117

18

(290)

224

34

Net income attributable to JinkoSolar

Holding Co.,Ltd.'s ordinary shareholders

47,368

3,596

98,982

14,959

107,942

102,578

15,502

Net income attributable to JinkoSolar Holding Co.,Ltd.'s

ordinary shareholders per share:

Basic

0.369

0.025

0.633

0.096

0.846

0.680

0.103

Diluted

0.366

0.024

0.628

0.095

0.838

0.672

0.102

Net income attributable to JinkoSolar Holding Co.,Ltd.'s

ordinary shareholders per ADS:

Basic

1.476

0.100

2.532

0.384

3.384

2.720

0.412

Diluted

1.464

0.096

2.512

0.380

3.352

2.688

0.408

Weighted average ordinary shares outstanding:

Basic

128,247,292

145,540,445

156,457,441

156,441

127,556,967

150,894,845

150,845

Diluted

129,493,716

147,793,780

157,574,069

157,069

128,859,633

152,579,390

152,390

Weighted average ADS outstanding:

Basic

32,061,823

36,385,111

39,114,360

39,360

31,889,242

37,723,711

37,711

Diluted

32,373,429

36,948,445

39,393,517

39,517

32,214,908

38,144,848

38,848

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income

47,536

Other comprehensive income:

-Foreign currency translation adjustments

(22,391)

(33,351)

47,966

7,249

(39,954)

14,615

2,209

Comprehensive income/(loss)

24,856

(29,648)

147,065

22,226

67,698

117,417

17,745

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

controlling interests

(121)

107

117

18

(290)

224

34

Comprehensive income/(loss) attributable to JinkoSolar

Holding Co.,Ltd.'s ordinary shareholders

24,977

(29,755)

146,948

22,208

67,988

117,193

17,711

Reconciliation of GAAP and non-GAAP Results

1. Non-GAAP earnings per share and non-GAAP

earnings per ADS

GAAP net income attributable to ordinary shareholders

47,502

4% of interest expense of convertible senior notes

1

1

1

-

1,556

1

-

Exchange loss/(gain) on convertible senior notes

(1)

(2)

3

-

843

1

-

Stock-based compensation expense

13,822

7,376

7,700

1,164

31,224

15,076

2,278

Non-GAAP net income attributable to ordinary

shareholders

61,190

10,971

106,686

16,123

141,565

117,656

17,780

Non-GAAP earnings per share attributable to ordinary

shareholders -

Basic

0.477

0.075

0.682

0.103

1.110

0.780

0.118

Diluted

0.473

0.074

0.677

0.102

1.099

0.771

0.117

Non-GAAP earnings per ADS attributable to ordinary

shareholders -

Basic

1.908

0.300

2.728

0.412

4.440

3.120

0.472

Diluted

1.892

0.296

2.708

0.408

4.396

3.084

0.468

Non-GAAP weighted average ordinary shares

outstanding

Basic

128,390

Non-GAAP weighted average ADS outstanding

Basic

32,847

38,847

JINKOSOLAR HOLDING CO.,LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31,2018

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,928,303

2,299,826

347,558

Restricted cash

833,072

257,955

38,983

Restricted short-term investments

3,237,773

4,037,172

610,112

Short-term investments

2,685

4,642

702

Accounts receivable,net - related parties

2,113,042

2,163,388

326,939

Accounts receivable,net - third parties

4,497,635

4,768,733

720,668

Notes receivable,net - third parties

571,232

350,504

52,969

Advances to suppliers,net - third parties

397,076

441,902

66,782

Inventories,net

4,273,730

5,890,591

890,207

Other receivables - related parties

46,592

73,237

11,068

Derivative assets

-

10,133

1,531

Prepayments and other current assets

1,706,717

1,360,476

205,601

Total current assets

19,607,857

21,658,559

3,120

Non-current assets:

Restricted cash

248,672

506,529

76,549

Project Assets

473,731

1,314,267

198,617

Long-term investments

22,322

52,972

8,005

Property,plant and equipment,net

6,680,187

7,132,508

1,077,890

Land use rights,net

443,269

580,725

87,761

Intangible assets,net

25,743

26,179

3,956

Deferred tax assets

275,372

300,989

45,487

Other assets - related parties

146,026

112,360

16,980

Other assets - third parties

713,226

1,197,993

181,045

Total non-current assets

9,028,548

11,224,522

1,696,290

Total assets

28,636,405

32,883,081

4,969,410

LIABILITIES

Current liabilities:

Accounts payable - related parties

5,329

40,546

6,128

Accounts payable - third parties

4,202

4,991,274

754,299

Notes payable - related parties

-

14,000

2,116

Notes payable - third parties

5,672,497

4,976,512

752,068

Accrued payroll and welfare expenses

721,380

694,786

104,999

Advances from related parties

37,400

35,158

5,313

Advances from third parties

748,959

2,169,672

327,889

Income tax payable

27,780

41,126

6,215

Other payables and accruals

1,804,799

2,056,294

310,755

Other payables due to related parties

12,333

13,214

1,997

Forward contract payables

4,521

21,618

3,267

Derivative liability

26,486

-

-

Bond payable and accrued interests

10,257

21,373

3,230

Short-term borrowings from third parties,

including current portion of long-term bank

borrowings

6,204,440

7,639,625

1,154,528

Guarantee liabilities to related parties

28,034

33,161

5,011

Total current liabilities

19,962,417

22,748,359

3,437,815

Non-current liabilities:

Long-term borrowings

379,789

855,562

129,296

Accrued income tax - non current

6,041

6,041

913

Long-term payables

538,410

471,215

71,212

Bond payables

298,425

298,950

45,178

Accrued warranty costs - non current

571,718

543,971

82,207

Convertible senior notes

65

66

10

Deferred tax liability

70,122

63,783

9,639

Long-term liabilities of equtiy investment

-

7,537

1,139

Guarantee liabilities to related parties

- non current

120,154

98,517

14,888

Total non-current liabilities

1,984,724

2,345,642

354,482

Total liabilities

21,947,141

25,094,001

3,792,297

SHAREHOLDERS' EQUITY

Ordinary shares (US$0.00002 par value,

500,000,000 shares authorized,146,074

and156,441 shares issued and

outstanding as of December 31,2017

and June 30,respectively)

19

22

3

Additional paid-in capital

3,313,608

3,996,004

603,890

Statutory reserves

516,886

516,886

78,114

Accumulated other comprehensive income

23,296

37,911

5,729

Treasury stock,at cost; 1,200 ordinary

shares as of December 31,2017 and June

30,2018

(13,876)

(13,876)

(2,097)

Accumulated retained earnings

2,849,341

2,951,919

446,105

Total JinkoSolar Holding Co.,Ltd.

shareholders' equity

6,689,274

7,488,866

1,131,744

Non-controlling interests

(10)

300,214

45,369

Total liabilities and shareholders' equity

28,410

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