JinkoSolar Announces Second Quarter 2013 Financial Results

JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a leading global solar power product manufacturer, today announced its unaudited financial results for the second quarter ended June 30, 2013. Its total solar product shipments were 489.2 megawatts (“MW”), and total revenues were RMB1.76 billion (US$287.6 million), representing an increase of 51.7% from the first quarter of 2013 and an increase of 42.6% from the second quarter of 2012. It’s worth mentioning that the gross margin was 17.7%, with the net income of US $8.0 million. All of the data makes JinkoSolar among the first Chinese module producers to return to net profitability since the downturn.

“I am pleased to report JinkoSolar’s first quarter of profitability since the third quarter of 2011,” commented Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer. “During the second quarter of 2013, increasing demand from regions where we have made strategic investments and our ability to efficiently execute our strategy further solidified our leading position in the global PV market. We increased shipment volumes and expanded our gross margin to 17.7%, making JinkoSolar among the first Chinese module producers to return to net profitability. We recently increased our integrated production capacity from 1.2 GW to 1.5 GW as a result of technological improvements and the upgrading of production lines. By persevering through our strategy, we have successfully navigated the rapidly changing solar power environment to emerge a stronger, profitable, more nimble company. Most importantly, we expect to realize net profitability for the entire year as we are confident that this quarter’s strong operational and financial performance is indicative of our future performance. Module shipments for 2013 have been revised upwards and are expected to be in the range of 1.5 GW to 1.7 GW, compared to our previous outlook of 1.2 GW to 1.5 GW.”


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