JinkoSolar Announces First Quarter 2019 Financial Results

SHANGHAI,June 28,2019 /PRNewswire-FirstCall/ -- 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 first quarter ended March 31,2019.

First Quarter 2019 Highlights

Total solar module shipments were 3,037 megawatts ("MW"),a decrease of 16.1% from 3,618 (including intragroup solar module shipments) MW in the fourth quarter of 2018 and an increase of 50.7% from 2,015 MW in the first quarter of 2018.

Total revenues were RMB 5.82 billion (US$867.5 million),a decrease of 24.6% from the fourth quarter of 2018 and an increase of 27.5% from the first quarter of 2018.

Gross margin was 16.6%,compared with 14.7% in the fourth quarter of 2018,and 14.4% in the first quarter of 2018.

Income from operations was RMB235.7 million (US$35.1 million),compared with RMB237.4 million in the fourth quarter of 2018 and RMB125.0 million in the first quarter of 2018.

Net income attributable to the Company's ordinary shareholders was RMB40.2 million (US$6.0 million) in the first quarter of 2019,compared with RMB114.8 million in the fourth quarter of 2018 and RMB3.6 million in the first quarter of 2018.

Diluted earnings per American depositary share ("ADS") were RMB1.016 (US$0.152) in the first quarter of 2019.

Non-GAAP net income attributable to the Company's ordinary shareholders in the first quarter of 2019 was RMB33.3 million (US$5.0 million),compared with RMB111.8 million in the fourth quarter of 2018 and RMB11.0 million in the first quarter of 2018.

Non-GAAP basic and diluted earnings per ADS were RMB0.848 (US$0.128) and RMB0.840 (US$0.124) in the first quarter of 2019,compared with RMB2.852 and RMB2.852 in the fourth quarter of 2018 and RMB0.300 and RMB0.296 in the first quarter of 2018,respectively.

Mr. Kangping Chen,JinkoSolar's Chief Executive Officer commented,"We started the year strongly as we continue diversifying our global distribution network and expanding our market share in key overseas markets. Module shipments during the first quarter were 3,037 megawatts,an increase of 50.7% year-over-year and a decrease of 16.1% sequentially. Our gross margin was 16.6%,up from 14.7% sequentiallyand 14.4% year-over-yearas we increasingly benefit from a higher proportion of sales being generated by our self-produced high efficiency mono products and further reductions in production cost."

"We continue to see strong demand from overseas markets and have secured the vast majority of our order book for the rest of the year. The global solar market continues to generate rapid and sustainable growth momentum as grid parity approaches,in particular for our high-efficiency mono products which are continuouslyin short supply. Our global distribution network allowed us to quickly meet growing demand for our high-efficiency mono products over the past few quarters as the market transitioned. We are accelerating the expansion of our high-efficiency monoproductioncapacity and estimate theywill account for over 60% of our total shipments for the year."

"On the domestic front,policiesrecently laid out by China's National Energy Administration are expected to create a strong demandduring the second half of the year. China is expected to install 40 GW this year. European markets continue to perform very well following the cancellation of the minimum import price policy,resulting in a surge in demand from price-sensitive projects. We expect European installations to hit 17 GW this year. In the U.S.,recent policy changes exempting bifacial solar modules from Section 201 tariffs are expected to further accelerate medium and long-term demand and significantly increase the application of bifacial modules.The U.S.is expected to install 12GW to 15GWthis year."

"We successfully raised US$160 million last month in a follow-on offering of ADSs and concurrent private placement of convertible senior notes,which is beingdeployed to expand our mono wafer and PERC cell capacities. Our new 5 GW mono wafer production facility in Leshan,Sichuan Province began trial production this month and will ramp up to full capacity by the fourth quarter of this year. This new production facility will serve as a benchmark for the industry with its cutting-edge technology and industry-leading cost structure. The additional mono wafer capacity will allow us to significantly increase the proportion of self-produced high-efficiency products and improve overall profitability."

"This year,we also launched the latest addition to our premium Cheetahproducts,the "Swan" bifacial module with a new DuPont Clear DuPont™ Tedlar®-based backsheet.Thismodule uses lightweight materials,whichalleviate a number of problems during the installation process and lower cost per kilowatt hour of electricity produced for our customers. We believe that demand for bifacial transparent backsheet products will grow rapidly as they become more mainstream going forward."

"I am pleased with the progress we made during the quarter in reinforcing our competitive strengths and favorably positioning ourselves for the future. We will continue to expand our market share in China and overseas,ramp up production of high-efficiency mono products and leverage our strong brand recognition and reputation for quality to meet global demand."

First Quarter 2019 Financial Results

Total Revenues

Total revenues in the first quarter of 2019 were RMB5.82 billion (US$867.5 million),a decrease of 24.6% from RMB7.72 billion in the fourth quarter of 2018 and an increase of 27.5% from RMB4.57 billion in the first quarter of 2018. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules in the firstquarter of 2019. The year-over-year increase was mainly attributable to an increase in the shipment of solar modules,which was partially offset by a decline in the average selling price of solar modules in the firstquarter of 2019.

Gross Profit and Gross Margin

Gross profit in the first quarter of 2019 was RMB964.3 million(US$143.7 million),compared with RMB1.13 billion in the fourth quarter of 2018 and RMB656.1 million in the first quarter of 2018. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules in the firstquarter of 2019. The year-over-year increase was mainly attributable to(i) an increase in the shipment of solar modules in the first quarter of 2019,and (ii) a decrease ofsolar module cost in the first quarter of 2019. The year-over-year increase waspartially offset by a decline in the average selling price of solar modules in the first quarter of 2019.

Gross margin was 16.6% in the first quarter of 2019,compared with 14.7% in the fourth quarter of 2018 and 14.4% in the first quarter of 2018. The sequential increase was attributable to a higher proportion of self-produced high-efficiency mono products and further reductions in production cost in the first quarter of 2019. The year-over-year increase was mainly attributable toa decrease in solar module cost in the first quarter of 2019,which was partially offset by a decline in the average selling price of solar modules in the first quarter of 2019.

Income from Operations and Operating Margin

Income from operations in the first quarter of 2019 was RMB235.7million (US$35.1 million),compared with RMB237.4 million in the fourth quarter of 2018 and RMB125.0 million in the first quarter of 2018. Operating margin in the first quarter of 2019 was 4.0%,compared with 3.1% in the fourth quarter of 2018 and 2.7% in the first quarter of 2018.

Total operating expenses in the first quarter of 2019 were RMB728.6million (US$108.6million),a decrease of 18.6% from RMB895.1 million in the fourth quarter of 2018 and an increase of 37.2% from RMB531.1 million in the first quarter of 2018. The sequential decease was mainly due to a decrease in shipping costs associated with a decrease in solar module shipments in the first quarter of 2019. The year-over-year increase was primarily due to an increase in shipping costs in the first quarter of 2019.

Total operating expenses accounted for 12.5% of total revenues in the first quarter of 2019,compared to 11.6% in the fourth quarter of 2018 and 11.6% in the first quarter of 2018. The sequential increase of operating expense as a percentage of total revenuewasprimarily due to the increase of shipping costsas a percentage of total revenue associated with a significanthigherpercentage ofshipments to overseas markets in the first quarter of 2019.

Interest Expense,Net

Net interest expense in the first quarter of 2019 was RMB96.1 million (US$14.3 million),anincrease of 29.8% from RMB74.0 million in the fourth quarter of 2018 and an increase of 12.5% from RMB85.4 million in the first quarter of 2018. The sequential increase was mainly due to (i) an increase in borrowings,and (ii) an increase in interest expense associated with discounted notes receivable. The year-over-year increase was mainly due to (i) an increase in borrowings and (ii) the cessation of interest capitalization on certain completed solar projects.

Exchange 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 RMB62.9million (US$9.4 million) in the first quarter of 2019,compared to a net exchange loss of RMB35.1 million in the fourth quarter of 2018 and a net exchange loss of RMB90.8 million in the first quarter of 2018. The Company bought foreign exchange forward contracts and foreign exchange options from several banks for the purpose of reducing exchange rate risk exposure. The sequential changewas primarily due to the depreciation of the US dollar against the RMB in the first quarter of 2019.

Change in Fair Value of Interest Rate Swap

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposureassociated with the Company's overseas solar power projects. The Company recorded a lossarising from change in fair value of interest rate swap of RMB30.2 million (US$4.5 million) in the first quarter of 2019,compared to a loss of RMB38.5 million in the fourth quarter of 2018.The loss arising from change in fair value of interest swapwasprimarily due to a continuous decrease in the long-terminterest rates.The Company did not elect to use hedge accounting for any of its derivatives.

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 accounts for its investment using the equity method. The Company also holds a 30% equity interest in Jiangsu Jinko-Tiansheng Co.,Ltd,which processes and assembles PV modules asanOEM manufacturer,and accounts for its investments using the equity method. The Company recorded equity in lossof affiliated companies of RMB23.7million (US$3.5million) in the first quarter of 2019,compared with a loss of RMB25.1 million in the fourth quarter of 2018 and a loss of RMB5.2 million in the first quarter of 2018.The loss was primarily arising from change in fair value of interest rate swap agreements purchased by Sweihan PV Power Company P.J.S.Cdue to a continuous decrease in the long-terminterest rates.Hedge accounting was not applied for the derivative.

Income Tax Benefit,Net

The Company recorded an income tax benefitof RMB4.3million (US$0.6million) in the first quarter of 2019,compared with an income tax benefit of RMB43.5 million in the fourth quarter of 2018 and an income tax benefit of RMB3.3 million in the first quarter of 2018.

The Company recorded an out-of-period adjustment of RMB4.1million (US$0.6 million) in the first quarter of 2019 resulting from income tax expensefor one of itsforeignentities,which should have been recorded in 2018. Neither the originating amount in 2018nor the out-of-period adjustment amount recorded in 2019was material to the Company's consolidated financial statements for the respective periods.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB40.2million (US$6.0million) in the first quarter of 2019,compared with RMB114.8 million in the fourth quarter of 2018 and RMB3.6 million in the first quarter of 2018.

Basic and diluted earnings per ordinary share wereRMB0.256(US$0.038) and RMB0.254(US$0.038),respectively,during the first quarter of 2019. This translates into basic and diluted earnings per ADSof RMB1.024(US$0.152) and RMB1.016(US$0.152),respectively.

Non-GAAP net income attributable to the Company's ordinary shareholders in the first quarter of 2019 was RMB33.3million (US$5.0million),compared with RMB111.8 million in the fourth quarter of 2018 and RMB11.0 million in the first quarter of 2018.

Non-GAAP basic and diluted earnings per ordinary share wereofRMB0.212(US$0.032) and RMB0.210(US$0.031),during the first quarter of 2019. This translates into non-GAAP basic and diluted earnings per ADSof RMB0.848(US$0.128) and RMB0.840(US$0.124),respectively.

Financial Position

As of March 31,2019,the Company had RMB4.36 billion (US$649.8million) in cash and cash equivalents and restricted cash,compared with RMB3.48 billion as of December31,2018.

As of March 31,the Company's accounts receivables due from third parties were RMB5.20 billion (US$774.2million),compared with RMB5.44 billion as of December31,the Company's inventories were RMB6.48 billion (US$965.6million),compared with RMB5.74 billion as of December31,the Company's total interest-bearing debts were RMB12.04 billion (US$1.79billion),compared with RMB9.71 billion as of December31,2018. The increase of interest-bearing debts was mainly due to (i) an increasing in short-term borrowings for working capital purpose and (ii) an increase in long-term borrowings for capital expenditure.

First Quarter 2019 Operational Highlights

Solar Module Shipments

Total solar module shipments in the first quarter of 2019 were 3,037 MW.

Solar Products Production Capacity

As of March 31,the Company's in-house annual silicon wafer,solar cell and solar module production capacity was 10.5 GW (including 6.5 GW of mono wafers),7.0 GW (including 5.4 GW of PERC cells) and 11.0 GW,respectively.

JinkoSolar expects its annual silicon wafer,solar cell and solar module production capacity to reach 15.0 GW (including 11.5 GW of mono wafers),10.0 GW (including 9.2 GW of PERC cells) and 16.0 GW,by the end of 2019.

Recent Business Developments

In January 2019,JinkoSolar renewed its partnership with GRID Alternatives,a national leader in making solar technology and job training accessible to low-income communities.

In January 2019,JinkoSolar was awarded the "Top Brand PV Europe Seal 2019" award by EuPD Research for the first time in its corporate history.

In January 2019,JinkoSolar products underwent LeTID testing by Wind Power Systems Quality Test Center,IEE,and CAS.

In February 2019,JinkoSolar held the opening ceremony for its new state-of-the-art solar panel manufacturing facility at 4660 POW-MIA Memorial Parkway,Jacksonville,Florida.

In February 2019,JinkoSolar promoted Mr. Gener Miao,the Company's then Vice President for Global Sales and Marketing,to Chief Marketing Officer.

In March 2019,JinkoSolar promoted Mr. Zhiqun Xu to Chief Operating Officer.

In April 2019,JinkoSolar won the 5th All Quality Matters Award for PV Module Energy Yield Simulation (Mono Group) at the Solar Congress 2019 organized by TÜV Rheinland.

In April 2019,JinkoSolar supplied 100MW of high efficient solar modules for the Srepok 1 and Quang Minh Solar Power Plant Complex,one of the Vietnam's largest solar power projects up to April 24,2019.

In April 2019,JinkoSolar expanded its high efficiency mono wafer production capacity with the construction of a new greenfield 5 GW mono wafer production facility in Leshan,Sichuan Province,China.

In April 2019,JinkoSolar secured over 10.7 GW in orders for 2019.

In May 2019,JinkoSolar supplied 250,000 pieces of 345Watt - 1500V monocrystalline standard modules for one of the largest solar power plants in Colombia which was then inaugurated and is located in Cesar Department.

In May 2019,JinkoSolar officially launched the latest addition to the Company's range of premium Cheetah products,the "Swan" bifacial module with new DuPont Clear DuPont™ Tedlar®-based backsheet at Intersolar Europe 2019.

In May 2019,JinkoSolar won the Intersolar Award 2019 in the Photovoltaics category for its Swan bifacial module with transparent backsheet from DuPont.

In May 2019,JinkoSolar closed the follow-on equity offering of 4,671,875 ADSs,each representing four ordinary shares of the Company,par value US$0.00002 per share,at US$16.00 per ADS,and the concurrent private placement of US$85 million convertible senior notes due 2024.

In June 2019,JinkoSolar announced that the maximum conversion efficiency of its cheetah size cells and N-type cells reached 24.38% and 24.58%,respectively. Additionally,power generated by JinkoSolar's 72 version high efficiency monocrystalline module (cell: 158.75*158.75) reached 469.3W. JinkoSolar has made significant breakthroughs in the field of high efficiency and high power of cells and modules,setting a new industry standard for peak performance.

In June 2019,JinkoSolar ranked as a Top Performer for the 5thconsecutive year in the 2019 PV Module Reliability Scorecard,published by PVEL in partnership with DNV GL.

In June 2019,JinkoSolar launched seven hero products at 2019 SNEC Shanghai,including Cheetah high efficiency series and Swan bifacial series,leading the industry into a new era featuring high-efficiency Mono for grid parity.

In June 2019,JinkoSolar supplied Trung Nam Group with 258MW of monocrystalline PERC double glass modules which were installed at one of the largest solar-wind hybrid projects in Vietnam.

In June 2019,JinkoSolar supplied Power Construction Corporation of China with 351MW of solar modules which were installed at the Hồng Phong solar PV plant in Vietnam,one of the largest PV projects in the Asia Pacific region

Operations and Business Outlook

Second Quarter and Full Year 2019 Guidance

For the second quarter of 2019,the Company estimates total solar module shipments to be in the range of 3.2GW to 3.3GW.

For the full year 2019,the Company estimates total solar module shipments to be in the range of 14.0GW to 15.0GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Friday,2019 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:

33159306#

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,July 5,2019. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319318918#

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 one of the largest and most innovative solar module manufacturersin 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,and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain,with an integrated annual capacity of 10.5GW for silicon wafers,7.0GW for solar cells,and 11.0GW for solar modules,as of March 31,2019.

JinkoSolar has over 13,500 employees across its 7 productions facilities globally,15 oversea subsidiaries in Japan,Korea,Singapore,Turkey,Switzerland,United States,Canada,Australia and United Arab Emirates,and global sales teams in China,United Kingdom,Netherlands,Bulgaria,Greece,Romania,Ukraine,Jordan,Saudi Arabia,Tunisia,Egypt,Morocco,Nigeria,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 compensationand,convertible senior notes:

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.

Impact of the Recently Adopted Major Accounting Pronouncement

The Company adopted ASU No. 2016-02 and ASU No.2018-11,"Leases" beginning January 1,2019 and elected to utilize the additional transition method which allowed the Company to initially apply the new lease standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings of 2019,with no adjustments to prior periods presented. No cumulative effect adjustment to the opening balance of retained earnings was required. Upon adoption of ASC 842 on January 1,the Company recognized right of use assets as well as lease liabilities of RMB269 million for operating leases. For financing leases existed before the adoption date,the Company reclassified leased assets from property,plant and equipment to right of use assets with the amount of RMB748 million,and related financing lease obligations with the amount of RMB338 million recorded in long-term payables and RMB 287 million recorded in other payables and accruals were reclassified to leased liabilities. The adoption of the new guidance did not have a material effect on our results of operations,financial condition or liquidity.

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 March 29,which was RMB6.7112 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:

Ripple Zhang

JinkoSolar Holding Co.,Ltd.

Tel: +86 21-5183-3105

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

March 31,2018

December 31,2018

March 31,2019

Continuing operations

RMB

RMB

RMB

USD

Revenues from third parties

3,345

7,695,214

5,677,227

845,933

Revenues from related parties

895,491

25,118

144,821

21,580

Total revenues

4,566,836

7,720,332

5,822,048

867,513

Cost of revenues

(3,910,775)

(6,587,907)

(4,857,711)

(723,822)

Gross profit

656,061

1,132,425

964,337

143,691

Operating expenses:

Selling and marketing

(313,897)

(551,658)

(459,314)

(68,440)

General and administrative

(130,831)

(249,221)

(191,902)

(28,594)

Research and development

(86,382)

(94,183)

(77,378)

(11,530)

Total operating expenses

(531,110)

(895,062)

(728,594)

(108,564)

Income from operations

124,951

237,363

235,743

35,127

Interest expenses,net

(85,411)

(74,047)

(96,110)

(14,321)

Subsidy income

36,581

8,234

4,741

707

Exchange loss

(91,413)

(36,006)

(80,980)

(12,066)

Change in fair value of interest rate swap

21,104

(38,467)

(30,199)

(4,500)

Change in fair value of foreign exchange derivatives

585

950

18,114

2,699

Other income/(expense),net

8,678

(2,287)

7,398

1,102

Loss from disposal of subsidiaries

(9,425)

-

-

-

Income before income taxes

5,650

95,740

58,707

8,748

Income tax benefit

3,293

43,451

4,250

633

Equity in loss of affiliated companies

(5,240)

(25,090)

(23,709)

(3,533)

Net income

3,703

114,101

39,248

5,848

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

interests

107

(712)

(939)

(140)

Net income attributable to JinkoSolar

Holding Co.,Ltd.'s ordinary shareholders

3,596

114,813

40,187

5,988

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

ordinary shareholders per share:

Basic

0.025

0.732

0.256

0.038

Diluted

0.024

0.732

0.254

0.038

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

ordinary shareholders per ADS:

Basic

0.100

2.928

1.024

0.152

Diluted

0.096

2.928

1.016

0.152

Weighted average ordinary shares outstanding:

Basic

145,540,445

156,855,085

156,888,381

156,381

Diluted

147,793,780

156,859,208

158,017,104

158,104

Weighted average ADS outstanding:

Basic

36,385,111

39,213,771

39,222,095

39,095

Diluted

36,948,445

39,214,802

39,504,276

39,276

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Net income

3,848

Other comprehensive income:

-Foreign currency translation adjustments

(33,351)

3,670

(17,459)

(2,601)

Comprehensive income

(29,648)

117,771

21,789

3,247

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

controlling interests

107

(712)

(939)

(140)

Comprehensive income/(loss) attributable to JinkoSolar

Holding Co.,Ltd.'s ordinary shareholders

(29,755)

118,483

22,728

3,387

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

3,988

4% of interest expense of convertible senior notes

1

1

-

-

Exchange gain on convertible senior notes and capped

call options

(2)

-

-

-

Stock-based compensation (benefit)/expense

7,376

(3,023)

(6,924)

(1,032)

Non-GAAP net income attributable to ordinary

shareholders

10,971

111,791

33,263

4,956

Non-GAAP earnings per share attributable to ordinary

shareholders -

Basic

0.075

0.713

0.212

0.032

Diluted

0.074

0.713

0.210

0.031

Non-GAAP earnings per ADS attributable to ordinary

shareholders -

Basic

0.300

2.852

0.848

0.128

Diluted

0.296

2.852

0.840

0.124

Non-GAAP weighted average ordinary shares outstanding

Basic

145,104

Non-GAAP weighted average ADS outstanding

Basic

36,276

JINKOSOLAR HOLDING CO.,LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

December 31,2018

Mar 31,2019

RMB

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

3,104,917

3,259,573

485,692

Restricted cash

377,111

1,101,581

164,141

Restricted short-term investments

4,058,419

5,134,906

765,125

Accounts receivable,net - related parties

675,768

655,208

97,629

Accounts receivable,net - third parties

5,436,371

5,195,710

774,185

Notes receivable,net - third parties

1,010,469

892,087

132,925

Advances to suppliers,net - third parties

665,221

1,177,212

175,410

Inventories,net

5,743,328

6,480,031

965,555

Forward contract receivables

1,192

14,759

2,199

Other receivables - related parties

67,730

58,448

8,709

Derviatvie assets

847

861

128

Prepayments and other current assets

1,712,889

2,206,097

328,718

Total current assets

22,854,262

26,176,473

3,900,416

Non-current assets:

Restricted cash

921,300

899,202

133,985

Project Assets

1,770,621

1,895,122

282,382

Long-term investments

25,531

21,779

3,245

Property,plant and equipment,275,900

7,897

1,118,265

Land use rights,net

574,945

572,054

85,239

Intangible assets,net

35,361

36,690

5,467

Financing lease right-of-use assets,net*

-

721,563

107,516

Operating lease right-of-use assets,net*

-

261,416

38,952

Deferred tax assets

338,069

331,508

49,396

Other assets - related parties

144,984

111,600

16,629

Other assets - third parties

912,210

1,157,980

172,544

Total non-current assets

12,998,921

13,513,811

2,013,620

Total assets

35,853,183

39,690,284

5,914,036

LIABILITIES

Current liabilities:

Accounts payable - related parties

698

-

-

Accounts payable - third parties

5,327,094

5,727,409

853,411

Notes payable - related parties

35,000

38,300

5,707

Notes payable - third parties

6,036,577

6,562,990

977,916

Accrued payroll and welfare expenses

810,921

736,710

109,773

Advances from related parties

910

910

136

Advances from third parties

2,395,229

3,059,976

455,951

Income tax payable

70,240

61,223

9,123

Other payables and accruals

2,281,025

2,192,538

326,696

Other payables due to related parties

20,819

22,057

3,287

Forward contract payables

9,464

2,854

425

Convertible senior notes - current

69

-

-

Financing lease liabilities - current*

-

280,004

41,722

Operating lease liabilities - current*

-

27,679

4,124

Derivative liability - current

12,786

42,978

6,404

Bond payable and accrued interests

10,318

315,846

47,063

Short-term borrowings from third parties,

including current portion of long-term bank

borrowings

7,103,399

8,706,748

1,297,346

Guarantee liabilities to related parties

26,639

27,079

4,035

Total current liabilities

24,141,188

27,805,301

4,143,119

Non-current liabilities:

Long-term borrowings

1,954,831

2,197,494

327,437

Long-term payables

338,412

-

-

Bond payables

299,475

-

-

Accrued warranty costs - non current

573,641

565,297

84,232

Financing lease liabilities*

-

275,072

40,987

Operating lease liabilities*

-

234,261

34,906

Deferred tax liability

25,893

25,893

3,858

Long-term liabilities of equtiy investment

-

20,463

3,049

Guarantee liabilities to related parties

- non current

65,765

53,629

7,991

Total non-current liabilities

3,258,017

3,372,109

502,460

Total liabilities

27,399,205

31,410

4,645,579

SHAREHOLDERS' EQUITY

Ordinary shares (US$0.00002 par value,

500,000,000 shares authorized,156,864,737

and157,364,737 shares issued and

outstanding as of December 31,2018 and

March 31,respectively)

22

22

3

Additional paid-in capital

4,740

4,014,847

598,231

Statutory reserves

570,176

570,176

84,959

Accumulated other comprehensive income

70,301

52,842

7,873

Treasury stock,at cost; 1,723,200 ordinary

shares as of December 31,2018 and March

31,2019

(13,876)

(13,876)

(2,068)

Accumulated retained earnings

3,202,528

3,242,715

483,180

Total JinkoSolar Holding Co.,Ltd. shareholders' equity

7,839,891

7,866,726

1,172,178

Non-controlling interests

614,087

646,148

96,279

Total liabilities and shareholders' equity

35,036

Note: *The Company adopted ASU No. 2016-02 and ASU No.2018-11,"Leases" beginning

January 1,2019 and elected to utilize the additional transition method which allowed the Company

to initially apply the new lease standard at the adoption date and recognize a cumulative effect

adjustment to the opening balance of retained earnings of 2019,with no adjustments to prior

periods presented. No cumulative effect adjustment to the opening balance of retained earnings

was required. Upon adoption of ASC 842 on January 1,the Company recognized right of

use assets as well as lease liabilities of RMB269 million for operating leases. For financing

leases existed before the adoption date,

plant and equipment to right of use assets with the amount of RMB748 million,and related

financing lease obligations with the amount of RMB338 million recorded in long-term payables

and RMB 287 million recorded in other payables and accruals were reclassified to leased liabilities.

The adoption of the new guidance did not have a material effect on our results of operations,financial

condition or liquidity.

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