JinkoSolar (JKS) Reports Prelim FY23 Results

JinkoSolar Holding Co., Ltd. (NYSE: JKS) today announced that its majority-owned principal operating subsidiary Jinko Solar Co., Ltd. published estimates of certain preliminary unaudited financial results for the full year ended December 31, 2023.

For the year ended December 31, 2023, (i) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko is estimated to be in the range from RMB7.25 billion to RMB7.95 billion, increasing by from RMB4.31 billion to RMB5.01 billion and by from 146.92% to 170.76% year over year, and (ii) the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko excluding extraordinary gains and losses is estimated to be in the range from RMB6.55 billion to RMB7.25 billion, increasing by from RMB3.90 billion to RMB4.60 billion and by from 147.59% to 174.05% year over year.

The preliminary unaudited financial results of Jiangxi Jinko for 2023 described in this press release (the "Jiangxi Jinko Preliminary Unaudited Financial Results") are different from JinkoSolar's consolidated financial results (the "Consolidated Financials"), mainly because (i) the consolidation scope of the Jiangxi Jinko Preliminary Unaudited Financial Results differs from that of the Consolidated Financials: the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared solely for Jiangxi Jinko, whereas the Consolidated Financials also include financial statements of JinkoSolar and its other subsidiaries, and (ii) the Jiangxi Jinko Preliminary Unaudited Financial Results and the Consolidated Financials are prepared according to different accounting standards and principles: the Jiangxi Jinko Preliminary Unaudited Financial Results are prepared in accordance with PRC GAAP, whereas the Consolidated Financials are prepared in accordance with accounting principles generally accepted in the United States of America. As such, investors of JinkoSolar should exercise caution when reviewing the Jiangxi Jinko Preliminary Unaudited Financial Results described in this press release and are advised not to base their investment decisions solely on such preliminary unaudited financial results.

JinkoSolar currently owns approximately 58.59% equity interest in Jiangxi Jinko.

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