Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-34615 |
Entity Registrant Name | JinkoSolar Holding Co., Ltd. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 1 Yingbin Road |
Entity Address, Address Line Two | Shangrao Economic Development Zone |
Entity Address, City or Town | Jiangxi Province |
Entity Address, Postal Zip Code | 334100 |
Entity Address, Country | CN |
Entity Common Stock, Shares Outstanding | 208,560,477 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001481513 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai, the People’s Republic of China |
American Depositary Shares | |
Document and Entity Information | |
Title of 12(b) Security | American Depositary Shares, each representing fourordinary shares, par value US$0.00002 per share |
Trading Symbol | JKS |
Security Exchange Name | NYSE |
Ordinary shares | |
Document and Entity Information | |
Title of 12(b) Security | Ordinary shares, par value US$0.00002 per share* |
Business contract | |
Document and Entity Information | |
Contact Personnel Name | Mengmeng (Pan) Li |
Entity Address, Address Line One | 1 Yingbin Road |
Entity Address, Address Line Two | Shangrao Economic Development Zone |
Entity Address, City or Town | Jiangxi Province |
Entity Address, Postal Zip Code | 334100 |
Entity Address, Country | CN |
City Area Code | 86-793 |
Local Phone Number | 858-8188 |
Contact Personnel Email Address | pan.li@jinkosolar.com |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Total revenues | ¥ 118,678,591 | $ 16,715,530 | ¥ 83,127,296 | ¥ 40,826,521 |
Cost of revenues | (99,630,956) | (14,032,727) | (70,848,983) | (34,168,686) |
Gross profit | 19,047,635 | 2,682,803 | 12,278,313 | 6,657,835 |
Selling and marketing | (6,819,305) | (960,479) | (7,241,888) | (2,856,465) |
General and administrative | (4,583,837) | (645,620) | (3,508,678) | (1,963,562) |
Impairment of long-lived assets | (640,004) | (90,143) | (373,732) | (273,713) |
Research and development | (911,869) | (128,434) | (724,769) | (461,590) |
Total operating expenses | (12,955,015) | (1,824,676) | (11,849,067) | (5,555,330) |
Income from operations | 6,092,620 | 858,127 | 429,246 | 1,102,505 |
Interest expenses | (1,171,136) | (164,952) | (1,079,409) | (838,320) |
Interest income | 553,531 | 77,962 | 588,706 | 214,291 |
Subsidy income | 1,175,000 | 165,565 | 1,089,435 | 465,685 |
Exchange gain/(loss), net | 938,092 | 132,127 | 1,025,891 | (355,499) |
Other income, net | 26,134 | 3,681 | 1,571 | 1,911 |
Income before income taxes | 7,490,165 | 1,054,966 | 1,976,709 | 1,089,903 |
Income tax expenses | (1,260,285) | (177,507) | (605,278) | (194,140) |
Equity in income of affiliated companies | 222,674 | 31,363 | 193,708 | 59,809 |
Net income | 6,452,554 | 908,822 | 1,565,139 | 955,572 |
Less: Net income attributable to the non-controlling interests | (3,005,111) | (423,261) | (944,633) | (234,554) |
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 3,447,443 | $ 485,561 | ¥ 620,506 | ¥ 721,018 |
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per share- | ||||
Basic | (per share) | ¥ 16.60 | $ 2.34 | ¥ 3.13 | ¥ 3.78 |
Diluted | (per share) | 15.23 | 2.15 | 3.10 | 2.01 |
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders per ADS- | ||||
Basic | (per share) | ¥ 66.39 | $ 9.35 | ¥ 12.54 | ¥ 15.12 |
Diluted | 60.90 | 8.58 | 12.38 | 8.02 |
Weighted average ordinary shares outstanding | ||||
Basic | 207,705,476 | 207,705,476 | 198,004,260 | 190,672,869 |
Diluted | 226,113,084 | 226,113,084 | 200,408,494 | 205,719,772 |
Number of ordinary shares per ADS | 4 | 4 | ||
Third parties | ||||
Total revenues | ¥ 118,309,650 | $ 16,663,566 | ¥ 82,794,101 | ¥ 40,794,758 |
Related parties | ||||
Total revenues | 368,941 | 51,964 | 333,195 | 31,763 |
Foreign exchange forward contracts | ||||
Change in fair value of foreign exchange options | (389,166) | (54,813) | (164,356) | 288,880 |
Foreign exchange option | ||||
Change in fair value of foreign exchange options | 74,307 | 10,466 | (4,163) | 18,809 |
long-term investment | ||||
Change in fair value of foreign exchange options | 221,473 | 31,194 | 101,871 | |
Convertible senior notes and call option | ||||
Change in fair value of foreign exchange options | ¥ (31,188) | $ (4,393) | ¥ (12,083) | ¥ 191,641 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | ¥ 6,452,554 | $ 908,822 | ¥ 1,565,139 | ¥ 955,572 |
Other comprehensive income: | ||||
-Unrealized gain on available-for-sale securities | 18,161 | 2,558 | 973 | |
-Change in fair value of interest rate swap cash flow hedges | (12,294) | |||
-Reclassification of change in instrument-specific credit risk | (53,481) | (7,533) | 0 | (14,252) |
-Change in instrument-specific credit risk | 70,732 | 9,962 | 100,158 | 56,224 |
-Foreign currency translation adjustments | 129,232 | 18,202 | 406,149 | (55,438) |
Comprehensive income | 6,617,198 | 932,011 | 2,072,419 | 929,812 |
Less: comprehensive income attributable to non-controlling interests | (3,027,731) | (426,447) | (1,079,975) | (234,554) |
Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 3,589,467 | $ 505,564 | ¥ 992,444 | ¥ 695,258 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 16,060,679 | $ 2,262,100 | ¥ 10,243,500 |
Restricted cash | 3,008,428 | 423,728 | 1,027,454 |
Restricted short-term investments | 7,485,562 | 1,054,319 | 8,945,271 |
Short-term investments | 1,023,695 | 144,184 | |
Advances to suppliers - a related party | 6,555 | 923 | 56,860 |
Advances to suppliers - third parties | 4,559,224 | 642,153 | 3,271,284 |
Inventories, net | 18,215,537 | 2,565,605 | 17,450,284 |
Foreign exchange forward contract receivables | 103,100 | 14,521 | 119,625 |
Other receivables - related parties | ¥ 27,412 | $ 3,861 | ¥ 23,105 |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related parties | Related parties | Related parties |
Held-for-sale assets | ¥ 2,003,417 | $ 282,175 | |
Available-for-sale securities | 0 | 0 | ¥ 104,499 |
Prepayments and other current assets | 3,402,812 | 479,276 | 3,290,903 |
Total current assets | 82,945,199 | 11,682,586 | 68,327,294 |
Non-current assets: | |||
Restricted long-term investments | 1,536,198 | 216,369 | 1,378,680 |
Long-term investments | 2,117,628 | 298,262 | 1,711,072 |
Property, plant and equipment, net | 41,267,187 | 5,812,362 | 32,290,088 |
Land use rights, net | 1,821,012 | 256,484 | 1,431,424 |
Intangible assets, net | 569,088 | 80,154 | 79,600 |
Deferred tax assets | 1,290,004 | 181,693 | 704,244 |
Financing lease right-of-use assets, net | 82,293 | 11,591 | 558,407 |
Operating lease right-of-use assets, net | 660,138 | 92,978 | 396,966 |
Advances to suppliers to be utilized beyond one year | 648,377 | 91,322 | 310,375 |
Available-for-sale securities-non-current | 104,134 | 14,667 | 0 |
Total non-current assets | 52,886,626 | 7,448,925 | 40,334,888 |
Total assets | 135,831,825 | 19,131,511 | 108,662,182 |
Current liabilities: | |||
Accrued payroll and welfare expenses | 2,798,964 | 394,226 | 2,035,931 |
Advances from a related party | 3,412 | 481 | 3,829 |
Advances from third parties | 6,961,886 | 980,561 | 9,220,267 |
Income tax payables | 1,016,039 | 143,106 | 737,735 |
Foreign exchange forward derivatives payables | 26,466 | 3,728 | 63,137 |
Convertible senior notes | 782,969 | 110,279 | |
Financing lease liabilities - current | 36,587 | 5,153 | 168,381 |
Operating lease liabilities - current | 119,344 | 16,809 | 65,489 |
Short-term borrowings, including current portion of long-term borrowings, and failed sale-leaseback financing | 13,583,774 | 1,913,234 | 12,419,170 |
Other payables and accruals - third parties | 13,436,902 | 1,892,546 | 9,214,384 |
Other payables and accruals - related parties | 11,599 | 1,634 | 5,964 |
Held-for-sale liabilities | 1,117,005 | 157,327 | |
Total current liabilities | 81,060,645 | 11,417,151 | 64,936,186 |
Non-current liabilities: | |||
Long-term borrowings | 11,238,806 | 1,582,953 | 13,022,795 |
Long-term payables | 2,378,684 | 335,031 | 601,759 |
Accrued warranty costs - non-current | 2,145,426 | 302,177 | 1,422,276 |
Financing lease liabilities - non-current | 0 | 0 | 69,881 |
Operating lease liabilities - non-current | 557,136 | 78,471 | 339,885 |
Convertible notes | 4,785,480 | 674,021 | 1,070,699 |
Deferred tax liability | 131,506 | 18,522 | 194,808 |
Total non-current liabilities | 21,237,038 | 2,991,175 | 16,722,103 |
Total liabilities | 102,297,683 | 14,408,326 | 81,658,289 |
Commitment and contingencies | |||
Shareholders' equity: | |||
Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 204,135,029 and 209,920,447 shares issued as of December 31, 2022 and December 31, 2023, respectively) | 29 | 4 | 28 |
Additional paid-in capital | 10,738,376 | 1,512,469 | 9,912,931 |
Accumulated other comprehensive income | 359,584 | 50,646 | 217,563 |
Treasury stock, at cost; 2,945,840 and 1,360,000 ordinary shares as of December 31, 2022 and December 31, 2023 | (79,282) | (11,167) | (43,170) |
Retained earnings | 9,137,727 | 1,287,022 | 6,249,883 |
Total JinkoSolar Holding Co., Ltd. Shareholders' equity | 20,156,434 | 2,838,974 | 16,337,235 |
Non-controlling interests | 13,377,708 | 1,884,211 | 10,666,658 |
Total shareholders' equity | 33,534,142 | 4,723,185 | 27,003,893 |
Total liabilities, non-controlling interest and shareholders' equity | 135,831,825 | 19,131,511 | 108,662,182 |
Related parties | |||
Current assets: | |||
Accounts receivable, net - third parties | 296,512 | 41,763 | 139,713 |
Notes receivable, net - third parties | 1,183 | 167 | 282,824 |
Non-current assets: | |||
Other assets - third parties | 55,236 | 7,780 | 52,363 |
Current liabilities: | |||
Accounts payable - third parties | 21,244 | 2,992 | |
Notes payable - third parties | 277,000 | 39,015 | 419,500 |
Third parties | |||
Current assets: | |||
Accounts receivable, net - third parties | 22,662,181 | 3,191,901 | 16,674,876 |
Notes receivable, net - third parties | 4,088,902 | 575,910 | 6,697,096 |
Non-current assets: | |||
Other assets - third parties | 2,735,331 | 385,263 | 1,421,669 |
Current liabilities: | |||
Accounts payable - third parties | 15,453,922 | 2,176,639 | 10,378,076 |
Notes payable - third parties | ¥ 25,413,532 | $ 3,579,421 | ¥ 20,204,323 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | |||
Ordinary shares, par value | $ 0.00002 | $ 0.00002 | |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | |
Ordinary shares, shares issued | 209,920,447 | 204,135,029 | 190,380,309 |
Ordinary shares, shares outstanding | 208,560,447 | 187,434,469 | |
Treasury stock at cost, shares | 1,360,000 | 2,945,840 | 2,945,840 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY $ in Thousands | Ordinary shares CNY (¥) shares | Additional paid-in capital CNY (¥) | Accumulated other comprehensive (loss)/income CNY (¥) | Treasury stock CNY (¥) shares | Retained earnings CNY (¥) | Non-controlling interest CNY (¥) | CNY (¥) shares | USD ($) shares |
Beginning Balance at Dec. 31, 2020 | ¥ 26,000 | ¥ 5,251,245,000 | ¥ (128,615,000) | ¥ (43,170,000) | ¥ 4,908,359,000 | ¥ 3,002,917,000 | ¥ 12,990,762,000 | |
Beginning Balance (in shares) at Dec. 31, 2020 | shares | 190,380,309 | (2,945,840) | ||||||
Share-based compensation expense | ¥ 0 | 9,884,000 | 0 | ¥ 0 | 0 | 0 | 9,884,000 | |
Foreign currency exchange translation adjustment | 0 | 0 | (55,438,000) | 0 | 0 | 0 | (55,438,000) | |
Change in the instrument-specific credit risk | 0 | 0 | 56,224,000 | 0 | 0 | 0 | 56,224,000 | |
Exercise of share options | ¥ 0 | 2,212,000 | 0 | 0 | 0 | 0 | ¥ 2,212,000 | |
Exercise of share option (in shares) | shares | 109,200 | 105,200 | 105,200 | |||||
Net income | ¥ 955,572,000 | |||||||
Net income | ¥ 0 | 0 | 0 | 0 | 721,018,000 | 234,554,000 | 955,572,000 | |
Change in fair value of interest rate swap cash flow hedges | 0 | 0 | (12,294,000) | 0 | 0 | 0 | (12,294,000) | |
Conversion of Convertible senior notes | ¥ 0 | 354,582,000 | (14,252,000) | 0 | 0 | 0 | ¥ 340,330,000 | $ 16,000 |
Conversion of Convertible senior notes (in shares) | shares | 3,281,244 | 3,281,244 | 3,281,244 | |||||
Ending Balance at Dec. 31, 2021 | ¥ 26,000 | 5,617,923,000 | (154,375,000) | ¥ (43,170,000) | 5,629,377,000 | 3,237,471,000 | ¥ 14,287,252,000 | |
Ending Balance (in shares) at Dec. 31, 2021 | shares | 193,770,753 | (2,945,840) | ||||||
Share-based compensation expense | ¥ 0 | 987,259,000 | 0 | ¥ 0 | 0 | 13,610,000 | 1,000,869,000 | |
Foreign currency exchange translation adjustment | 0 | 0 | 270,807,000 | 0 | 0 | 135,342,000 | 406,149,000 | |
Change in the instrument-specific credit risk | 0 | 0 | 100,158,000 | 0 | 0 | 0 | 100,158,000 | |
Unrealized gain on available-for-sale securities | 0 | 0 | 973,000 | 0 | 0 | 0 | 973,000 | |
Subsidiary's offering of its equity interests | 0 | 3,303,660,000 | 0 | 0 | 0 | 6,419,192,000 | 9,722,852,000 | |
Exercise of share options | ¥ 2,000 | 3,853,000 | 0 | ¥ 0 | 0 | 0 | ¥ 3,855,000 | |
Exercise of share option (in shares) | shares | 10,364,276 | 0 | 175,536 | 175,536 | ||||
Repurchase of ordinary shares (in shares) | shares | 0 | |||||||
Contribution from non-controlling interest shareholders | ¥ 0 | 0 | 0 | ¥ 0 | 0 | 17,000,000 | ¥ 17,000,000 | |
Net income | 1,565,139,000 | |||||||
Net income | 0 | 0 | 0 | 0 | 620,506,000 | 944,633,000 | 1,565,139,000 | |
Settlement of non-controlling interests | 0 | 0 | 0 | 0 | (5,418,000) | (5,182,000) | ||
Settlement of non-controlling interests | 236,000 | 5,182,000 | ||||||
Distribution of Jiangxi Jinko's dividend to non-controlling interest shareholders | 0 | 0 | 0 | 0 | 0 | (95,172,000) | (95,172,000) | |
Ending Balance at Dec. 31, 2022 | ¥ 28,000 | 9,912,931,000 | 217,563,000 | ¥ (43,170,000) | 6,249,883,000 | 10,666,658,000 | 27,003,893,000 | |
Ending Balance (in shares) at Dec. 31, 2022 | shares | 204,135,029 | (2,945,840) | ||||||
Share-based compensation expense | ¥ 0 | 804,004,000 | ¥ 0 | 0 | 58,638,000 | 862,642,000 | ||
Foreign currency exchange translation adjustment | 0 | 0 | 110,428,000 | 0 | 0 | 18,804,000 | 129,232,000 | $ 18,202 |
Change in the instrument-specific credit risk | 0 | 0 | 70,732,000 | 0 | 0 | 0 | 70,732,000 | 9,962 |
Unrealized gain on available-for-sale securities | 0 | 0 | 14,342,000 | 0 | 0 | 3,819,000 | 18,161,000 | $ 2,558 |
Cancellation of treasury stock | ¥ 0 | (43,170,000) | 0 | ¥ 43,170,000 | 0 | 0 | 0 | |
Cancellation of treasury stock (in shares) | shares | (2,945,840) | 2,945,840 | ||||||
Subsidiary's offering of its equity interests | ¥ 0 | (115,554,000) | 0 | ¥ 0 | 0 | 160,843,000 | ¥ 45,289,000 | |
Exercise of share option (in shares) | shares | 0 | 0 | 0 | |||||
Repurchase of ordinary shares | ¥ 0 | 0 | 0 | ¥ (79,282,000) | 0 | 0 | ¥ (79,282,000) | |
Repurchase of ordinary shares (in shares) | shares | (1,360,000) | |||||||
Vesting of restricted share units (in shares) | shares | 5,792,846 | |||||||
Vesting of restricted share units | ¥ 1,000 | (1,000) | 0 | ¥ 0 | 0 | 0 | ¥ 0 | |
Vesting of restricted share units (in shares) | shares | 5,792,846 | 5,792,846 | ||||||
Contribution from non-controlling interest shareholders | 0 | 0 | 0 | 0 | 0 | 10,292,000 | ¥ 10,292,000 | |
Net income | 6,452,554,000 | $ 908,822 | ||||||
Net income | 0 | 0 | 0 | 0 | 3,447,443,000 | 3,005,111,000 | 6,452,554,000 | |
Distribution of Jiangxi Jinko's dividend to non-controlling interest shareholders | 0 | 0 | 0 | 0 | 0 | (368,275,000) | (368,275,000) | |
Conversion of Convertible senior notes | ¥ 0 | 300,771,000 | (53,481,000) | 0 | 0 | 0 | ¥ 247,290,000 | $ 14,100 |
Conversion of Convertible senior notes (in shares) | shares | 2,938,412 | 2,938,412 | 2,938,412 | |||||
Share of additional paid-in capital of equity method investees | ¥ 0 | 741,000 | 0 | 0 | 0 | 520,000 | ¥ 1,261,000 | |
Dividend distribution | 0 | 0 | 0 | 0 | (559,599,000) | 0 | (559,599,000) | |
Conversion of convertible notes issued by Jiangxi Jinko | 0 | 23,000 | 0 | 0 | 0 | 16,000 | 39,000 | |
Repurchase of ordinary shares of Jiangxi Jinko | 0 | (121,369,000) | 0 | 0 | 0 | (178,718,000) | (300,087,000) | |
Ending Balance at Dec. 31, 2023 | ¥ 29,000 | ¥ 10,738,376,000 | ¥ 359,584,000 | ¥ (79,282,000) | ¥ 9,137,727,000 | ¥ 13,377,708,000 | ¥ 33,534,142,000 | $ 4,723,185 |
Ending Balance (in shares) at Dec. 31, 2023 | shares | 209,920,447 | (1,360,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | $ 908,822 | ¥ 6,452,554 | ¥ 1,565,139 | ¥ 955,572 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Share-based compensation charge | 121,501 | 862,642 | 1,000,869 | 9,884 |
Change in fair value of foreign exchange forward contracts | (2,546) | (18,079) | 13,818 | 104,643 |
Change in fair value of foreign exchange options | (10,466) | (74,307) | 4,163 | (18,809) |
Change in fair value of convertible senior notes | 4,393 | 31,188 | 12,083 | (327,762) |
Change in fair value of call option | 0 | 0 | 0 | 136,121 |
Change in fair value of short term investments | 158 | 1,125 | 0 | 0 |
Change in fair value of financial liability | 112 | 793 | ||
Deferred income taxes | (119,073) | (845,403) | (320,673) | (262,370) |
Change in fair value of long-term investment | (31,194) | (221,473) | (101,871) | |
Income from licensed patents whose consideration net off licensed patents (Note 5) | (7,124) | (50,581) | ||
Depreciation of property, plant and equipment | 1,106,531 | 7,856,000 | 2,585,018 | 1,603,786 |
Amortization of right-of-use assets | 24,314 | 172,625 | 129,869 | 135,791 |
Depreciation of project assets | 0 | 0 | 0 | 32,559 |
Amortization of land use rights | 5,445 | 38,656 | 27,353 | 18,031 |
Amortization of intangible assets | 17,147 | 121,742 | 17,324 | 11,904 |
Amortization of guarantee liability | 0 | 0 | 0 | (6,364) |
Inventory write-down | 402,693 | 2,859,000 | 1,819,166 | 823,273 |
Provision for expected credit loss | 25,744 | 183,000 | 285,394 | 82,427 |
Loss on disposal of property, plant and equipment | 15,187 | 107,829 | 248,500 | 350,336 |
Loss on disposal of intangible assets | 1,958 | 14,000 | 0 | 0 |
Amortization of deferred losses related to sale-leaseback transactions | 0 | 0 | 0 | 13,424 |
Impairment of long-lived assets | 90,143 | 640,004 | 373,732 | 273,713 |
Equity in loss/(income) of affiliated companies | (31,363) | (222,674) | (193,708) | (59,809) |
Gain on disposal of investment in subsidiaries | 0 | 0 | (14,232) | 0 |
Exchange (gain)/loss, net | (132,127) | (938,092) | (1,025,891) | 355,499 |
Changes in operating assets and liabilities (net of impact of disposition): | ||||
Increase in accounts receivable - third parties | (959,045) | (6,809,123) | (8,610,986) | (3,666,406) |
(Increase)/decrease in accounts receivable - related parties | (23,127) | (164,200) | (115,300) | 364,677 |
(Increase)/decrease in notes receivable - third parties | 352,294 | 2,501,251 | (5,006,954) | (638,398) |
(Increase)/decrease in notes receivable - a related party | 39,668 | 281,641 | (282,824) | 33,001 |
Increase in advances to suppliers - third parties | (249,469) | (1,771,208) | (1,706,688) | (856,574) |
Increase in advances to suppliers - a related party | 7,085 | 50,304 | (56,860) | 0 |
Increase in inventories | (540,200) | (3,835,365) | (6,053,218) | (5,698,689) |
Increase in long term payable | 25,287 | 179,532 | 0 | 0 |
(Increase)/decrease in lease liabilities | 3,025 | 21,474 | (22,365) | (50,426) |
(Increase)/decrease in other receivables - related parties | (604) | (4,287) | (6,248) | 6,408 |
Increase in prepayments and other current assets | (30,967) | (219,861) | (277,283) | (208,125) |
Decrease in other assets - related parties | 3,417 | 104,027 | ||
(Increase)/decrease in other assets - third parties | 8,836 | 62,735 | 621,880 | (139,877) |
Increase in land use right | 0 | 0 | (473,806) | (347,126) |
Increase in accounts payable - third parties | 780,705 | 5,542,926 | 3,588,939 | 2,644,118 |
Increase/(decrease) in accounts payable - related parties | 2,992 | 21,244 | (15,863) | 1,750 |
Increase in accrued payroll and welfare expenses | 115,774 | 821,986 | 795,140 | 245,737 |
Increase in deferred revenue | 200,000 | |||
Increase/(decrease) in advances from - third parties | (320,382) | (2,274,683) | 3,289,191 | 3,533,231 |
Increase/(decrease) in advances from - a related party | (59) | (417) | 3,829 | 0 |
Increase in income tax payables | 48,430 | 343,849 | 522,879 | 141,136 |
Increase in warranty cost - non current | 101,854 | 723,150 | 0 | 0 |
Increase in other payables and accruals - third parties | 194,225 | 1,378,975 | 1,572,549 | 599,618 |
Increase/(decrease) in other payables and accruals - a related party | 794 | 5,635 | 3,734 | (69,285) |
Net cash provided by / (used in) operating activities | 1,947,371 | 13,826,124 | (5,800,784) | 430,646 |
Cash flows from investing activities: | ||||
Maturity of restricted short-term investments | 2,352,094 | 16,699,633 | 8,494,069 | 10,501,200 |
Maturity of short-term investments | 150,000 | 723,000 | ||
Maturity of restricted long-term investments | 194,183 | 1,378,680 | 1,232,960 | 1,648,698 |
Proceeds from disposal of property, plant and equipment and land use right | 66,419 | 471,569 | 714,176 | 20,458 |
Proceeds from pro rata decrease in an equity investment | 1,415 | 10,048 | 94,284 | |
Proceeds from disposal of an equity investment | 15,000 | |||
Net of cash disposed of, cash payment from, disposal of subsidiaries | (91,334) | |||
Purchase of property, plant and equipment | (2,153,542) | (15,289,935) | (12,251,348) | (8,653,859) |
Cash paid for investment in affiliates | (615,100) | (315,000) | ||
Purchase of intangible assets | (27,948) | (198,682) | (42,415) | (32,261) |
Purchase of restricted short-term investments | (2,146,498) | (15,239,924) | (8,177,423) | (13,362,480) |
Purchase of restricted long-term investments | (216,369) | (1,536,198) | (1,406,943) | (1,464,202) |
Purchase of short-term investments | (144,343) | (1,024,820) | (303,000) | |
Proceeds from dividends from associates | 17,939 | 127,363 | 23,213 | |
Purchase of land-use right | (50,986) | (361,997) | ||
Acquisition of a subsidiary, net of cash acquired | 5,126 | 36,398 | ||
Cash paid for investment in equity securities | (38,353) | (272,305) | (227,000) | (95,000) |
Redemption of available-for-sales securities | 14,859 | 105,500 | ||
Loan to third party | (23,459) | |||
Deposits provided for an equity investment | (37,854) | |||
Purchase of available-for-sale securities | (9,155) | (65,000) | (100,000) | |
Net cash used in investing activities | (2,135,159) | (15,159,670) | (12,272,387) | (11,309,233) |
Cash flows from financing activities: | ||||
Proceeds from exercise of call option | 621,059 | |||
Proceeds from issuance of ordinary shares | 641,065 | |||
Subsidiary's offering of its equity interests | 9,770,000 | |||
Cash payment for transaction costs of Jiangxi Jinko's offering | (47,148) | |||
Settlement of non-controlling interests | 5,182 | |||
Cash payment for finance lease as lessee | (39,555) | (280,833) | (216,722) | (286,292) |
Proceeds from exercise of share options | 0 | 5,024 | 10,185 | |
Payment of deposit for finance lease as lessee | (4,257) | |||
Capital contributions from non-controlling interest holder | 1,450 | 10,292 | 17,000 | |
Proceeds from bank borrowings | 2,782,333 | 19,754,288 | 29,663,730 | 30,445,781 |
Repayment of borrowings | (2,932,759) | (20,822,295) | (27,624,208) | (24,280,437) |
Increase/(decrease) in notes payable - related party | (20,071) | (142,500) | 419,500 | |
Increase in notes payable - third party | 733,702 | 5,209,209 | 8,132,100 | 2,737,347 |
Payment of Jiangxi Jinko's dividend to non-controlling interest holders | (51,870) | (368,275) | (95,172) | |
Proceeds from issuance of Jiangxi Jinko's convertible notes | 665,650 | 4,726,048 | ||
Issuance cost paid for issuance of Jiangxi Jinko's convertible notes | (4,492) | (31,891) | ||
Cash payment for dividend | (78,818) | (559,599) | ||
Proceeds from financial liabilities measured at FVPL | 116,979 | 830,540 | ||
Borrowings from government background funds | 91,551 | 650,000 | 2,133,400 | |
Repurchase of shares | (11,167) | (79,282) | ||
Repurchase of ordinary shares of Jiangxi Jinko | (42,266) | (300,087) | ||
Net cash provided by financing activities | 1,217,046 | 8,640,904 | 20,018,922 | 12,017,851 |
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 119,573 | 848,969 | 227,957 | (116,790) |
Net increase in cash, cash equivalents, and restricted cash | 1,148,831 | 8,156,327 | 2,173,708 | 1,022,474 |
Cash, cash equivalents, and restricted cash, beginning of the year | 1,587,481 | 11,270,954 | 9,097,246 | 8,074,772 |
Cash, cash equivalents, and restricted cash, end of the year | 2,736,275 | 19,427,281 | 11,270,954 | 9,097,246 |
Supplemental disclosure of cash flow information | ||||
Cash paid for income tax | 251,249 | 1,783,845 | 400,338 | 157,366 |
Cash paid for interest expenses (net of amounts capitalized) | 147,208 | 1,117,871 | 1,072,812 | 801,873 |
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Purchases of property, plant and equipment included in payables | 1,183,746 | 8,404,479 | 5,674,455 | 2,756,446 |
Proceeds from exercise of share options received in subsequent period | 1,169 | |||
Receivables related to disposal of Property, plant and equipment and land use right | 12,608 | 89,519 | ¥ 378,900 | 111,804 |
Offset of receivables with payables for mutual patent licensing | 7,124 | 50,581 | ||
Conversion of convertible senior notes to ordinary shares | (34,830) | (247,290) | ¥ (340,330) | |
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||
Cash flows from financing activities: | ||||
Proceeds from exercise of share options | $ 6,379 | ¥ 45,289 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS JinkoSolar Holding Co., Ltd. (the “Company” or “JinkoSolar Holding”) was incorporated in the Cayman Islands on August 3, 2007. On May 14, 2010, the Company became listed on the New York Stock Exchange (“NYSE”) in the United States. The Company and its subsidiaries (collectively the “Group”) are principally engaged in the design, development, production and marketing of photovoltaic products. The following table sets forth information concerning the Company’s major subsidiaries as of December 31, 2023: Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar Investment Limited. (“Paker”) November 10, 2006 Hong Kong 100 % Jinko Solar Co., Ltd. (“Jiangxi Jinko”) (Note 24) December 13, 2006 PRC 58.8 % Zhejiang Jinko Solar Co., Ltd. (“Zhejiang Jinko”) June 30, 2009 PRC 58.8 % Jinko Solar Import and Export Co., Ltd. (“Jinko Import and Export”) December 24, 2009 PRC 58.8 % JinkoSolar GmbH (“Jinko GmbH”) April 1, 2010 Germany 58.8 % Zhejiang Jinko Trading Co., Ltd. (“Zhejiang Trading”) June 13, 2010 PRC 58.8 % Xinjiang Jinko Solar Co., Ltd. (“Xinjiang Jinko”) May 30, 2016 PRC 58.8 % Yuhuan Jinko Solar Co., Ltd. (“Yuhuan Jinko”) July 29, 2016 PRC 58.8 % JinkoSolar (U.S.) Inc. (“Jinko US”) August 19, 2010 USA 58.8 % Jiangxi Photovoltaic Materials Co., Ltd. (“Jiangxi Materials”) December 1, 2010 PRC 58.8 % JinkoSolar (Switzerland) AG (“Jinko Switzerland”) May 3, 2011 Switzerland 58.8 % JinkoSolar (US) Holdings Inc. (“Jinko US Holding”) June 7, 2011 USA 58.8 % JinkoSolar Italy S.R.L. (“Jinko Italy”) July 8, 2011 Italy 58.8 % Jinko Solar Canada Co., Ltd. (“Jinko Canada”) November 18, 2011 Canada 58.8 % Jinko Solar Australia Holdings Co. Pty Ltd. (“Jinko Australia”) December 7, 2011 Australia 58.8 % Jinko Solar Japan K.K. (“JinkoSolar Japan”) May 21, 2012 Japan 58.8 % Jinko Solar (Shanghai) Management Co., Ltd. July 25, 2012 PRC 58.8 % Wide Wealth Group Holding Limited. (“Wide Wealth Hong Kong”) June 11, 2012 Hong Kong 100 % Canton Best Limited (“Canton Best BVI”) September 16, 2013 BVI 100 % Jinko Solar Technology Sdn.Bhd. (“JinkoSolar Technology Malaysia”) January 21, 2015 Malaysia 58.8 % JinkoSolar International Development Limited. August 28, 2015 Hong Kong 100 % JinkoSolar Middle East DMCC (“DMCC”) November 6, 2016 Emirates 58.8 % JinkoSolar Trading Privated Limited. February 6, 2017 India 58.8 % JinkoSolar LATAM Holding Limited. August 22, 2017 Hong Kong 100 % JinkoSolar (U.S.) Industries Inc. November 16, 2017 USA 58.8 % JinkoSolar (Haining) Co., Ltd.(Formerly named as “JinkoSolar Technology (Haining) Co., Ltd.”) (“Haining Jinko”)* December 15, 2017 PRC 46.5 % Poyang Ruilixin Information Technology Co., Ltd. December 19, 2017 PRC 58.8 % Jinko Solar Korea Co., Ltd. (“Jinko Korea”) December 3, 2018 Korea 58.8 % Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar (Sichuan) Co., Ltd. (“Jinko Sichuan”)* February 18, 2019 PRC 38.5 % JinkoSolar (Qinghai) Co., Ltd. (“Jinko Qinghai”)* April 3, 2019 PRC 58.8 % Rui Xu Co., Ltd. (“Rui Xu”)* July 24, 2019 PRC 35.3 % JinkoSolar (Yiwu) Co., Ltd. (“Jinko Yiwu”)* September 19, 2019 PRC 35.8 % Omega Solar Sdn. Bhd (Formerly named as “Jinko PV Material Supply SDN. BHD”) September 23, 2019 Malaysia 58.8 % JinkoSolar (Vietnam) Co., Ltd. September 26, 2019 Vietnam 58.8 % JinkoSolar (Chuzhou) Co., Ltd. (“Jinko Chuzhou”)* December 26, 2019 PRC 44.4 % Zhejiang New Materials Co., Ltd. (“Zhejiang New Materials”) March 24, 2020 PRC 58.8 % JinkoSolar (Shangrao) Co., Ltd. (“Jinko Shangrao”)* April 17, 2020 PRC 37.2 % Jinko Solar Denmark ApS May 28, 2020 Denmark 58.8 % JinkoSolar Hong Kong Limited August 17, 2020 Hong Kong 58.8 % Jinko Solar (Malaysia) SDN BHD (“JinkoSolar Malaysia”) August 28, 2020 Malaysia 58.8 % JinkoSolar (Chuxiong) Co., Ltd. (“Jinko Chuxiong”) September 25, 2020 PRC 58.8 % Yiwu New Materials Co., Ltd. (“Yiwu Materials”) October 14, 2020 PRC 58.8 % Jinko Solar (Vietnam) Industries Company Limited. March 29, 2021 Vietnam 58.8 % JinkoSolar (Leshan) Co., Ltd. (“Jinko Leshan”)* April 25, 2021 PRC 41.2 % JinkoSolar (Anhui) Co., Ltd. (“Jinko Anhui”) * September 3, 2021 PRC 32.3 % JinkoSolar (Yushan) Co., Ltd. (“Jinko Yushan”) * September 26, 2021 PRC 47.0 % Fengcheng Jinko PV Materials Co., Ltd August 11, 2021 PRC 58.8 % JinkoSolar (Feidong) Co., Ltd. (“Jinko Feidong”) * September 23, 2021 PRC 32.3 % JinkoSolar (Jinchang) Co., Ltd. (“Jinko Jinchang”) September 24, 2021 PRC 58.8 % JinkoSolar (Poyang) Co., Ltd. (“Jinko Poyang”) December 1, 2021 PRC 58.8 % Shangrao Changxin Enterprise Management Center LP. December 16, 2021 PRC 100 % Jiaxing Jinyue Phase I Venture Capital Partnership April 26, 2022 PRC 78.2 % Shangrao Jinko PV Manufacturing Co., Ltd. March 28, 2022 PRC 58.8 % Shangrao Guangxin Jinko PV Manufacturing Co., Ltd March 23, 2022 PRC 58.8 % Jinko Energy Storage Technology Co., Ltd. (“Jinko Energy”) December 6, 2022 PRC 58.8 % Jiangxi Jinko Energy Storage Co., Ltd May 26, 2022 PRC 58.8 % Mytikas Investment Limited June 1, 2023 Hong Kong 100.0 % Shangrao Xinyuan YueDong Technology Development Co., Ltd(Formerly named as “Shangrao Jinko Green Energy Technology Development Co., Ltd”) (“Shangrao Xinyuan”)* Decemeber 1, 2023 PRC 58.8 % Jiaxing Jinzhen Venture Capital Partnership LP Octomber 23, 2023 PRC 100.0 % Haining JinkoSolar Smart Manufacturing Co., Ltd* August 10, 2023 PRC 58.8 % Zhejiang Jinko Energy Storage Co., Ltd (“ZJES”) April 23, 2023 PRC 58.8 % Shangrao Carbon and Industrial Equity Investment Fund Center LP.**(“Shangrao CEIF”) November 15, 2023 PRC 29.2 % Yantai Jinyi Investment Management Partnership LP.** (“Yantai Jinyi”) July 31, 2023 PRC 21.6 % * These entities are subsidiaries of Jiangxi Jinko with non-controlling interest. The percentage of ownership is the economic interest calculated as the multiple of the Company’s ownership in Jiangxi Jinko and Jiangxi Jinko’s ownership in such subsidiary. ** These entities are limited partnerships consolidated by the Group as the general partner, being established in 2023 by the Group and a group of external limited partners for investments in private companies in solar industry. As of December 31, 2023, these limited partnerships had cash and cash equivalents amounted to RMB272 million, equity securities without readily determinable amounted to RMB50 million and long term payables of investments from limited partners amounted to RMB163 million. As disclosed in Note 22, in April 2023, several trust plans (“Trusts”) were set up by Paker and a group of financial institutions as the trustors. Theses Trusts are structured vehicles consolidated by the Group, being set up for the issuance of Jiangxi Jinko’s convertible notes held by Paker. As of December 31, 2023, these Trusts had outstanding balances of financial liabilities amounted to RMB668 million (Note 18) and restricted cash amounted to RMB207 million. |
PRINCIPAL ACCOUNTING POLICIES
PRINCIPAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
PRINCIPAL ACCOUNTING POLICIES | 2. PRINCIPAL ACCOUNTING POLICIES a. Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include expected credit loss provision, provision for inventories, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, certain accrued liabilities including accruals for warranty costs, guarantees, sale-leaseback, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance. b. Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The Group consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Group is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Group determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Group consolidates an entity when it holds a majority voting interest in an entity. An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive kick - out or participating rights over the general partner. The Group consolidates entities that are VIEs when the Group determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct the activities that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. For the Group’s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows. c. Foreign currency translation The Group’s reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and its PRC subsidiaries use RMB as their functional currency, while local currencies have been determined to be the functional currency of its subsidiaries incorporated outside of PRC such as USD or EUR etc. Transactions denominated in currencies other than the functional currency are translated into the functional currency of the entity at the exchange rates prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of the entity using the applicable exchange rates at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations. For consolidation purpose, the financial statements of the Company’s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income. The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China’s foreign exchange trading system market. The Company’s aggregate amount of cash and cash equivalents, time deposits at banks recorded as short-term investments, restricted short-term investments, restricted cash and restricted long-term investments denominated in RMB amounted to RMB14,243 million and RMB 21,495 million as of December 31, 2022 and 2023, respectively. d. Cash, cash equivalents and restricted cash Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less. Restricted cash represents deposits legally held by banks which are not available for the Group’s general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and foreign exchange forward contracts. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Cash and cash equivalents 10,243,500 16,060,679 Restricted cash 1,027,454 3,008,428 Cash and cash equivalents included in held-for-sale assets (Note 2 (n)) — 358,174 Total 11,270,954 19,427,281 e. Short term investments Short term investments represent i)the time deposits at banks with original maturities longer than three months and less than one year and stated at amortized cost and ii) the equity linked notes issued by financial institutions whose fair value directly linked to the share price of a designated A share listo. f. Restricted short-term and long-term investments Restricted short-term investments represent the time deposits at banks with original maturities longer than three months and less than one year, and restricted long-term investments represent time deposits as banks with original maturities longer than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for borrowings. g. Notes receivable and payable Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables. The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable as financing activities. Notes receivable and payable are typically non-interest bearing and have maturities of less than one year. h. Derivative Instruments Derivative instruments are carried at fair value. The fair values of the derivative financial instruments generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date. The Company’s derivative instruments primarily consisted of foreign currency forward contracts and foreign exchange options which are used to economically hedge certain foreign denominated assets/liabilities and reduce, to the extent practicable, the potential exposure to the changes that exchange rates might have on the Company’s earnings, cash flows and financial position. As the derivative instruments do not qualify for hedge accounting treatment, changes in the fair value are reflected in “change in fair value of foreign exchange forward contracts” and “change in fair value of foreign exchange options” of the consolidated statements of operations. The Company’s solar project subsidiary located in Argentina entered into an interest rate swap contract to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. As the interest rate derivative is designated as cash flow hedge and the hedge is highly effective, all changes in the fair value of the derivative hedging instruments are recorded in other comprehensive income. The Company sold its solar power plants in Argentina in June 2022. i. Current expected credit losses The Company’s trade receivable, notes receivable, guarantee receivables, deposits and other receivables are within the scope of ASC Topic 326. The allowance is management’s estimate of expected credit losses on receivables. The Company estimated the allowance by segmenting receivables into groups based on certain credit risk characteristics, including geographic region and industry. The Company determined an expected loss rate for each group based on the historical credit loss experience, current and future economic conditions, and lifetime for debt recovery. For the year ended December 31, 2021, the Company recorded RMB82 million expected credit loss expense in general and administrative expenses. As of December 31, 2021, the expected credit loss provision for the current and non-current assets were RMB331 million and RMB4 million, respectively. For the year ended December 31, 2022, the Company recorded RMB285 million expected credit loss expense in general and administrative expenses. As of December 31, 2022, the expected credit loss provision for the current and non - current assets were RMB600 million and RMB2 million, respectively. For the year ended December 31, 2023, the Company recorded RMB183 million expected credit loss expense in general and administrative expenses. As of December 31, 2023, the expected credit loss provision for the current and non-current assets were RMB779 million and RMB2 million, respectively. j. Accounts receivable Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group’s customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for credit losses should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group’s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group executes a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is probable. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group’s general practice to suspend further sales to any customer with significant overdue balances. The Group adopted ASC 326 on January 1, 2020 and has also made updates to its policies and internal controls over financial reporting as a result of adoption. Details please refer to Note 2 (i) above. k. Advances to suppliers The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers’ inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management’s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group’s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. No provision of advance to suppliers was recorded for the years ended December 31, 2021, 2022 and 2023. l. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group’s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on the gross margin percentage for any of the years presented. In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no provision recorded related to these long-term contracts for each of the three years ended December 31, 2021, 2022 and 2023. m. Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives (RMB in thousands): Buildings 20 years Machinery and equipment 5~10 years Furniture, fixture and office equipment 3~5 years Motor vehicles 4~5 years Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences. Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal. The Company reviews the estimated useful lives and residential value of its property, plant and equipment on an ongoing basis. Effective from January 1, 2023, the Company updated its estimates for useful lives of certain machinery and equipments from For the year ended December 31, 2021 2022 2023 RMB RMB RMB Decrease in net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders (in RMB thousands) — — 1,242,367 Decrease in basic earnings per share — — 5.98 Decrease in diluted earnings per share — — 5.49 n. Assets and liabilities held for sale Long-lived assets to be sold are classified as held for sale when the following recognition criteria in ASC 360-10-45-9 are met: ¨ Management, having the authority to approve the action, commits to a plan to sell the asset. ¨ The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. ¨ An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. ¨ The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year, ¨ The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. ¨ Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In 2023, Jiangxi Jinko entered into an equity transfer agreement with third parties (the “Acquirers”) to sell its 100% equity interest in Xinjiang Jinko (the “Target Company”), a wholly-owned subsidiary of Jiangxi Jinko, at a consideration of RMB4.3 billion. Payment arrangements are agreed as follows: ● RMB 1.2 billion: Upon sign-off of all related transaction documents etc. ● RMB 1.5 billion: Upon completion of business registration with related authorities etc. ● RMB 1.6 billion: 25% (RMB 0.4 billion) to be paid in each year upon Xinjiang Jinko achieved agreed performance target from 2024 to 2027. In addition, pursuant to the agreement, Jiangxi Jinko promised that the cumulative net profit excluding extraordinary gains and losses of Xingjiang Jinko for the years from 2024 to 2027 shall at least reach RMB 2 billion (the “Commitment”) and i) if the Target Company’s actual accumulated net profit is greater than or equal to zero, but does not reach the Commitment, Jiangxi Jinko shall compensate the Acquirers in cash for the difference between the actual accumulated net profit amount and the Commitment; (ii) if the Target Company’s actual cumulative net profit is less than zero, then Jiangxi Jinko shall compensate the Acquirers in cash according to the absolute value of the actual cumulative net loss capped at RMB 2.7 billion and (iii) if the cumulative net profits of the Target Company from 2024 to 2027 are greater than RMB 2 billion, additional consideration shall be made by the Acquirers based on 30% of the excess portion of earnings. As the disposition has not yet been consummated as of December 31, 2023, the assets and liabilities of Xinjiang Jinko were classified as held for sale with the amount of RMB 1,814 million and RMB 1,117 million, respectivley. No impairment indicator was identified in relation to the held for sale assets. In May 2023, the Group entered into an agreement to sell its land use right and buildings located in Yuhuan, Zhejiang province to a third party with a total amount of RMB 236 million. Related assets were reclassified from land use right and the property, plant and equipment to assets held for sale amounted to RMB 189 million as of December 31, 2023. o. Interest Capitalization Interest expenses during the years ended December 31, 2021, 2022 and 2023 were RMB879 million, RMB1,150 million and RMB1,243 million, net of interest income of RMB214 million, RMB589 million and RMB554 million respectively. The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group’s weighted average cost of borrowings. Interest expense capitalized associated with the construction projects for the years ended December 31, 2021, 2022 and 2023 were RMB41 million, RMB71 million and RMB72 million, respectively. p. Land use rights Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either 50 years or 70 years. The Company classifies land use rights as long term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities. Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years or 70 years, as applicable. q. Intangible assets Intangible assets include purchased software, intellectual property and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 to 10 years, respectively. r. Business combination and assets acquisition U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable. s. Investments The Group’s investments include equity method investments, equity securities with readily determinable fair values, equity securities without readily determinable fair values, equity securities applying fair value option and available-for-sale debt securities. The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its proportionate share of the investees’ income or loss in its consolidated financial statements. Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Fair value option election is made on an instrument-by-instrument basis and equity securities applying fair value option is reported at fair value with changes in fair value recognized in earnings. Equity investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. The Group reviews several factors to determine whether an impairment is recognized. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Debt securities that the Company has positive intent and ability to hold to maturity are classified as held to maturity debt securities and are stated at amortized cost. The Company classified its investments in debt securities, other than the held to maturity debt securities, as available-for-sale securities. Available-for-sale debt securities are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in “Accumulated other comprehensive loss” in the consolidated balance sheets. If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the consolidated statements of operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for credit losses in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected. t. Impairment of long-lived assets The Group’s long-lived assets include property, plant and equipment, land use rights and intangible assets with finite lives. The Group’s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. u. Leases The Company determines if a contract contains a lease at inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an impl |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2023 | |
REVENUES | |
REVENUES | 3. REVENUES The Group’s revenues for the respective periods are detailed as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Sales of solar modules 37,737,383 80,224,354 114,381,172 Sales of solar cells 606,582 1,024,114 1,597,490 Sales of silicon wafers 1,152,055 466,553 283,561 Sales of solar projects — 31,400 41,982 Sales of other solar products 1,043,760 1,380,875 2,374,386 Processing service fees 186,045 — — Revenue from generated electricity 100,696 — — Total 40,826,521 83,127,296 118,678,591 In December 2022 and January 2023, the Company received contingent payments in cash related to its sales of solar projects and recognized revenue of RMB During the years of 2021, 2022 and 2023, electricity revenue generated from certain overseas project assets constructed for sale upon completion, with the amount of nil, RMB47 million and nil, was considered as incidental revenue and accounted for as a reduction of the capitalized project costs for development. The following table summarizes the Group’s net revenues generated in respective region (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Inside China (including Hong Kong and Taiwan) 10,134,888 34,839,410 45,418,257 Europe 7,481,581 19,637,777 21,731,240 Asia Pacific 10,239,162 11,274,447 19,431,642 North America 6,621,799 3,727,493 10,461,589 Rest of the world 6,349,091 13,648,169 21,635,863 Total 40,826,521 83,127,296 118,678,591 |
INTEREST EXPENSES, NET
INTEREST EXPENSES, NET | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST EXPENSES, NET | |
INTEREST EXPENSES, NET | 4. INTEREST EXPENSES, NET Components of interest expenses, net are detailed as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Interest expenses 878,908 1,150,128 1,242,793 Less: Interest capitalization (40,588) (70,719) (71,657) Less: Interest income (214,291) (588,706) (553,531) Total 624,029 490,703 617,605 |
OTHER INCOME, NET
OTHER INCOME, NET | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME, NET | |
OTHER INCOME, NET | 5. OTHER INCOME, NET Components of other income, net are detailed as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Income from licensed patents — — 50,581 Guarantee income 6,365 — — Donations (4,454) (6,824) (25,791) Disposal of Jiangsu Jinko-Tiansheng Co., Ltd.(“Tiansheng”) — 12,474 — Disposal of solar power project in Argentina — 1,758 — Fair value gains from short term investments — — 1,125 Others — (5,837) 219 Total 1,911 1,571 26,134 |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2023 | |
TAXATION | |
TAXATION | 6. TAXATION The Company and its subsidiaries file separate income tax returns. Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries in Cayman Islands are not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no Cayman Islands withholding tax is imposed. 10% withholding income tax is levied on the guarantee payment from JinkoPower (Note 26). British Virgin Islands Under the current laws of the British Virgin Islands(“BVI”), the Company’s subsidiary in BVI is not subject to tax on its income or capital gains. In addition, upon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed. People’s Republic of China On March 16, 2007, the National People’s Congress approved the Corporate Income Tax Law of the People’s Republic of China (the “CIT Law”) with effective on January 1, 2008. The CIT Law enacted a statutory income tax rate of 25%. Jiangxi Jinko, Zhejiang Jinko, Haining Jinko, Jinko Yiwu, Shangrao Jinko,Zhejiang New Materials and Jinko Anhui were designated by the relevant local authorities as “High and New Technology Enterprises” under the CIT Law. Zhejiang Jinko and Jinko Yiwu were designated by the relevant local authorities as a “High and New Technology Enterprise” in 2021, and will enjoy the preferential tax rate of 15% from 2021 to 2023. Jiangxi Jinko, Haining Jinko, Shangrao Jinko and Zhejiang New Materials were designated by the relevant local authorities as a “High and New Technology Enterprise” in December 2022, and will enjoy the preferential tax rate of 15% from 2022 to 2024. Jinko Anhui were designated by the relevant local authorities as a “High and New Technology Enterprise” in November 2023, and will enjoy the preferential tax rate of 15% from 2023 and 2025. Xinjiang Jinko, Jinko Jinchang, Jinko Sichuan, Jinko Leshan, Jinko Qinghai and Jinko Chuxiong was designated by the relevant local authorities as an “Enterprise in the Encouraged Industry” and were subject to a preferential tax rate of 15% since 2021 till 2030. Under the CIT Law, 10% withholding income tax (“WHT”) will be levied on foreign investors for dividend distributions from foreign invested enterprises’ profit earned after January 1, 2008. For certain treaty jurisdictions such as Hong Kong which has signed double tax arrangement with the PRC, the applicable WHT rate could be reduced to 5% if foreign investors directly hold at least 25% shares of invested enterprises at any time throughout the 12-month period preceding the entitlement to the dividends and they are also qualified as beneficial owners to enjoy the treaty benefit. Deferred income taxes are not provided on undistributed earnings of the Company’s subsidiaries that are intended to be permanently reinvested in China. Since Jiangxi Jinko’s initial pubic offering in 2022 (Note 24), the Group provided withholding income tax for the earnings of Jiangxi Jinko, which are expected to be distributed in the future based on its distribution plan. As of December 31, 2023, the Group recognised deferred tax liabilities of RMB68 million, related to the cumulative undistributed earnings of Jiangxi Jinko. The cumulative undistributed earnings of the Company’s PRC subsidiaries intended to be permanently reinvested totaled RMB4,928 million, RMB6,635 million and RMB11,866million as of December 31, 2021, 2022 and 2023 respectively, and the amount of the unrecognized deferred tax liability on the indefinitely reinvested earnings was RMB493 million, RMB663 million and RMB593 million as of December 31, 2021, 2022, 2023 respectively. Hong Kong The Company’s subsidiaries established in Hong Kong are subject to Hong Kong profit tax at a rate of 16.5% on its assessable profit. Japan Jinko Japan is incorporated in Japan and is subject to corporate income tax at 37.6%. Korea Jinko Korea is incorporated in Korea and is subject to corporate income tax at 22% in 2021, 10% in 2022 and 23.1% in 2023. European Countries Jinko Switzerland is incorporated in Switzerland and according to its current business model where it employs limited staff and generates income exclusively from trading activities conducted outside Switzerland, is subject to a combined federal, cantonal and communal tax rate of 9.57% in 2021, 10% in 2022 and 10% in 2023. Jinko GMBH is incorporated in Germany and is subject to Germany profit tax rate of approximately 27.4% on the assessable profit. Jinko Italy is incorporated in Italy and is subject to corporate income tax at 24%. Jinko Denmark is incorporated in Denmark and is subject to corporate income tax at 22%. United States Jinko US, Jinko US holding, and Jinko Solar (U.S.) Industries are Delaware incorporated corporations that are subject to U.S. federal corporate income tax on taxable incomes at a rate of 21% for taxable years beginning after December 31, 2017 and at differing tax rates of various states ranged from 1% to 12%. Malaysia The Income Tax Act 1967 of Malaysia, revised in 1971, enacted a statutory income tax rate of 24%. Nevertheless, Malaysia offers a wide range of tax incentives, including tax exemptions, capital allowances, and enhanced tax deductions, to attract foreign direct investment. JinkoSolar Malaysia Technology, is entitled to a five year 100% tax exemption, approved in February 2017 and retrospectively effective from August 2015, under the pioneer status (PS) incentive scheme as a company engaged in producing high technology products identified by the Malaysian Investment Development Authority (MIDA). The tax exemption was expired in August 2020 and Jinko Malaysia Technology is subject to corporate income tax at 24% from August 2020. JinkoSolar Malaysia is entitled to a five year 70% tax exemption, approved in October 2022 and effective from January 2023, under the pioneer status (PS) incentive scheme as a company engaged in producing high technology products identified by the Malaysian Investment Development Authority (MIDA). The tax exemption will expire in January 2027 and JinkoSolar Malaysia is subject to corporate income tax at 7% from 2023 to 2027. Vietnam Jinko Vietnam was originally entitled to 100% tax exemption for 4 years from 2020 to 2023 and a preferential corporate income tax rate of 10% for 9 years from 2024 to 2032 and 15% for 10 years from 2033 to 2042. On November 23, 2023, the Vietnam National Assembly passed a resolution adopting the Pillar Two global minimum tax rules which is effective from 1 January 2024. Hence, Jinko Vietnam is required to pay a minimum 15% of coporat income tax since 2024. Canada Jinko Canada is incorporated in Canada and is subject to a federal corporate income tax of 15% and provinces and territories income tax of 12%. Australia Jinko Australia is incorporated in Australia and is subject to corporate income tax at 30%. Brazil Jinko Brazil is incorporated in Brazil and is subject to corporate income tax at 34%. Mexico Jinko Mexico is incorporated in Mexico and is subject to corporate income tax at 30%. Argentina Cordillera Solar I, S.A., the wholly owned solar power project subsidiary, is incorporated in Argentina and is subject to corporate income tax at 35%. Composition of Income Tax Expense Income/(loss) before income taxes for the years ended December 31, 2021, 2022 and 2023 were taxed within the following jurisdictions (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Cayman Islands 199,956 (639,136) (607,235) PRC 1,120,667 2,743,467 9,798,930 Other countries (230,720) (127,622) (1,701,530) Income before income taxes 1,089,903 1,976,709 7,490,165 For the year ended December 31, 2023, loss before income taxes in Cayman Islands subsidiaries was mainly due to the charge of share-based compensation expenses. Increase in the income before taxes in PRC subsidiaries was mainly attributable to the higher profits generated by the Group’s subsidiaries in the PRC. Loss before income taxes in other countries subsidiaries was mainly due to the increased demurrage charges in the United States as well as the increased shipping and handling cost in Malaysia. The current and deferred positions of income tax expense included in the consolidated statement of operations for the years ended December 31, 2021, 2022 and 2023 are as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB Current income tax expenses PRC (280,877) (867,937) (2,050,538) Other countries (175,633) (58,014) (55,150) Total current income tax expenses (456,510) (925,951) (2,105,688) Deferred tax (expenses)/benefits PRC 77,741 457,266 615,933 Other countries 184,629 (136,593) 229,470 Total deferred tax benefits 262,370 320,673 845,403 Income tax expenses, net (194,140) (605,278) (1,260,285) Reconciliation of the differences between statutory tax rate and the effective tax rate Reconciliation between the statutory CIT rate of 25% and the Company’s effective tax rate from continuing operations is as follows: For the year ended December 31, 2021 2022 2023 % % % Statutory CIT rate 25.0 25.0 25.0 Effect of permanent differences: —Share-based compensation expenses 0.1 3.2 0.6 —Change in fair value of convertible senior notes and call options (4.4) 0.2 0.1 —Accrued payroll and welfare expenses 0.1 0.1 0.1 —Change of enacted tax rate and preferential tax benefit 2.1 1.6 (1.4) —Other permanent differences (1.8) 3.4 (0.8) Difference in tax rate of subsidiaries outside the PRC 2.2 3.9 2.4 Effect of tax holiday for subsidiaries (12.9) (12.1) (10.7) Change in valuation allowance 7.4 5.3 1.5 Effective tax rate 17.8 30.6 16.8 Other permanent differences including tax preferences in 2021, 2022 and 2023 was mainly due to the additional income tax deduction amounting of RMB74 million, RMB107 million and RMB184 million for R&D costs approved by local tax bureau in the second quarter of 2021, 2022 and 2023, respectively. The aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries as a result of tax holidays are as follows (RMB in thousands, except for per share data): For the year ended December 31, 2021 2022 2023 RMB RMB RMB The aggregate amount of effect* 140,235 239,268 797,930 Per share effect—basic 0.74 1.21 3.84 Per share effect—diluted 0.68 1.19 3.53 * Increase of the aggregated amount of effect in 2023 was mainly attributable to more profit generated by the Group’s PRC subsidiaries with preferential tax rates. Significant components of deferred tax assets/liability (RMB in thousands) As of December 31, 2022 2023 RMB RMB Net operating losses 529,522 220,366 Accrued warranty costs 373,064 546,616 Provision for inventories, accounts receivable, other receivable 230,019 265,131 Timing difference for subsidiary income 166,857 601,568 Timing difference for countervailing duties — 18,534 Other temporary differences 69,183 153,981 Impairment for property, plant and equipment and project assets 35,491 57,221 Total deferred tax assets 1,404,136 1,863,417 Less: Valuation allowance (243,141) (357,198) Less: Deferred tax liabilities in the same tax jurisdiction (456,751) (216,215) Deferred tax assets 704,244 1,290,004 Timing difference for property, plant and equipment (478,515) (234,786) Timing difference for refund of countervailing duties (90,864) — Deferred tax liabilities related to cumulative distributable earnings in Jiangxi Jinko (52,173) (68,461) Other temporary differences (30,007) (44,474) Total deferred tax liabilities (651,559) (347,721) Less: Deferred tax assets in the same tax jurisdiction 456,751 216,215 Deferred tax liabilities (194,808) (131,506) Movement of valuation allowance (RMB in thousands) For the year ended December 31, 2021 2022 2023 RMB RMB RMB At beginning of year (136,847) (217,124) (243,141) Current year additions (88,667) (216,260) (222,649) Utilization and reversal of valuation allowances 8,390 111,296 108,592 Decrease of valuation allowances related to the disposal of a subsidiary — 78,947 — At end of year (217,124) (243,141) (357,198) Valuation allowances were determined by assessing both positive and negative evidence and have been provided on the net deferred tax asset due to the uncertainty surrounding its realization. As of December 31, 2021, 2022 and 2023, valuation allowances of RMB217 million, RMB243 million and RMB357 million were provided against deferred tax assets because it was more likely than not that such portion of deferred tax will not be realized based on the Group’s estimate of future taxable incomes of all its subsidiaries. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will result in a non-cash income statement benefit when those events occur. Due to the strong financial performance and profitable condition of certain subsidiaries, the Company has determined that the future taxable income of those subsidiaries is sufficient to realize the benefits of such deferred tax assets. As a result, the Company reversed the valuation allowance of RMB8 million, RMB111 million and RMB109 million in 2021, 2022 and 2023. |
ACCOUNTS RECEIVABLE, NET - THIR
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | |
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | 7. ACCOUNTS RECEIVABLE, NET — THIRD PARTIES Components of accounts receivables, net-third parties are detailed as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Accounts receivables - current 17,259,003 23,347,412 Allowance for credit losses - current (584,127) (685,231) Accounts receivable, net - current 16,674,876 22,662,181 As of December 31, 2022 and 2023, accounts receivable with net book value of RMB1,006 million and RMB474 million were pledged as collateral for the Group’s borrowings (Note 18). The following table summarizes the activity in the allowance for credit losses related to accounts receivable – current for the year ended December 31, 2021, 2022 and 2023: As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 293,360 323,071 584,127 Addition 91,948 394,285 181,771 Reversal (24,213) (114,770) (76,956) Write off (38,024) (18,459) (3,711) At end of year 323,071 584,127 685,231 The following table summarizes the activity in the allowance for credit losses related to accounts receivable – non-current for the year ended December 31, 2021, 2022 and 2023: As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 1,139 562 — Reversal (577) (562) — At end of year 562 — — |
NOTES RECEIVABLE, NET - THIRD P
NOTES RECEIVABLE, NET - THIRD PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
NOTES RECEIVABLE, NET - THIRD PARTIES | |
NOTES RECEIVABLE, NET - THIRD PARTIES | 8. NOTES RECEIVABLE, NET – THIRD PARTIES Components of notes receivables, net-third parties are detailed as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Notes receivable 6,697,096 4,088,902 Provision for notes receivable — — Notes receivable, net 6,697,096 4,088,902 As of December 31, 2022 and 2023, notes receivable with net book value of RMB1,481 million and RMB225 million were pledged as collateral for the issuance of bank acceptance notes. The following table summarizes the activity in the allowance for credit losses related to notes receivable for the year ended December 31, 2021, 2022 and 2023 (RMB in thousands): As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 182 1,040 — Addition 858 — — Reversal — (1,040) — At end of year 1,040 — — |
ADVANCES TO SUPPLIERS, NET - TH
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES | 9. Advance to suppliers, net – third parties were as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Advances to suppliers - current 3,271,284 4,559,224 Advances to suppliers – non-current 310,375 648,377 Advances to suppliers, net 3,581,659 5,207,601 As of December 31, 2022 and 2023, advances to suppliers with term of less than 1 year mainly represent payments for procurement of recoverable silicon materials, virgin polysilicon and solar cells and the Group has delivery plan with the respective suppliers to receive the materials in the next twelve months. As of December 31, 2022 and 2023, non-current advances to suppliers primarily represent upfront payments for procurement of silicon materials of which related good delivery is scheduled beyond one year. There were no provisions recorded against advances to suppliers for the years ended December 31, 2021, 2022 and 2023. The Group wrote off fully impaired balances of advances to suppliers with the amount of RMB6 million, nil and nil for the years ended December 31, 2021, 2022 and 2023, respectively. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
INVENTORIES | 10. INVENTORIES The Company’s inventories are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Raw materials 5,499,573 4,543,103 Work-in-progress 3,237,480 2,103,946 Finished goods 8,713,231 11,568,488 Total 17,450,284 18,215,537 Write-down of the carrying amount of inventory to its estimated net realizable value was RMB823 million, RMB1,819 million and RMB2,859 million for the years ended December 31, 2021, 2022 and 2023, respectively, and were recorded as cost of revenues in the consolidated statements of operations. Inventory write downs were mainly related to the inventories whose market value is lower than their carrying amount. As of December 31, 2022 and 2023, inventories with net book value of RMB2,809 million and RMB4,362 million were pledged as collateral for the Group’s borrowings (Note 18). |
PREPAYMENTS AND OTHER CURRENT A
PREPAYMENTS AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
PREPAYMENTS AND OTHER CURRENT ASSETS | |
PREPAYMENTS AND OTHER CURRENT ASSETS | 11. PREPAYMENTS AND OTHER CURRENT ASSETS Prepayments and other current assets are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Value-added tax deductible (a) 1,374,908 2,035,412 Prepayment for income tax and deferred charges 233,744 398,359 Receivables related to discount from a supplier 324,002 247,837 Deposit for customer duty, bidding and others 181,371 231,295 Prepayment of electricity and others 198,692 222,115 Receivables related to disposal of land use rights and property, plant and equipment (b) 378,900 89,519 Prepaid leasehold improvements and other assets 27,480 81,882 Loan receivable 23,459 23,459 Deferred issuance cost for convertible notes (Note 22) — 16,866 Prepaid insurance premium 7,281 14,944 Refund receivable of U.S. countervailing duties and anti-dumping duties (Note 16) 480,535 6,668 Others 68,649 114,041 Less: Allowance for credit losses (8,118) (79,585) Total 3,290,903 3,402,812 (a) Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months . (b) Represented the receivables related to disposition of certain equipment for the purpose of upgrading manufacturing facilities and receivables related to disposition of certain land use rights. The following table summarizes the activity in the allowance for credit losses related to prepayments and other current assets for the year ended December 31, 2021, 2022 and 2023 (RMB in thousands): As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 9,588 5,521 8,118 Addition 4,068 2,597 71,467 Reversal (8,135) — — At end of year 5,521 8,118 79,585 |
INVESTMENTS AND AVAILABLE-FOR-S
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES. | |
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES | 12. INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES The Group’s investments are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB -Debt investments Available-for-sale securities - current 104,499 — Available-for-sale securities - non-current — 104,134 Subtotal 104,499 104,134 -Equity investments Investments accounted for under the equity method 1,287,201 1,199,982 Equity securities without readily determinable fair values 245,000 358,526 Equity securities with readily determinable fair values — 330,414 Equity securities applying fair value option 178,871 228,706 Subtotal 1,711,072 2,117,628 Total 1,815,571 2,221,762 - Available-for-sale securities - current In May 2022, the Group purchased a two-year puttable bond with an aggregated principal of RMB 100 million and annual interest of 5.5% from JinkoPower. The Group has the option to require JinkoPower to repurchase all or part of the bonds at the end of the first year in the life of the bond, and JinkoPower has the option to adjust the interest rate at the end of the first year in the life of the bond. In May 2023, the Group exercised the option and redeemed all of the puttable bond and received RMB105.5 million in cash, including RMB100 million principle and RMB 5.5 million interests. For the years ended December 31, 2022 and 2023, unrealized loss on the available-for-sale securities amounted to RMB 1million and RMB 1 million, respectively, which were reported in other comprehensive income (Note 29). Available-for-sale securities – non-current The Company classified its investments in debt securities as available-for-sale securities. The Company’s available-for-sale debt investments mainly include investments with preferential rights including, but not limited to, redemption rights and liuquidation preference etc. Available-for-sale debt securities are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in other comprehensive income. As at December 31, 2022 and 2023, fair value of investments in debt securities was nil and RMB104 million, respectively. Unrealised gain of nil and RMB19 million was recognised in other comprehensive income for the year ended December 31, 2022 and 2023, respectively (Note 29). - Investments accounted for under the equity method. AxiaPower Holdings B.V. (“Axia”) On February 26, 2017, JinkoSolar signed a shareholder agreement with Axia, a subsidiary of Marubeni Corporation, to jointly invest in and establish a company named SweihanSolar Holding Company Limited (“SSHC”) to hold 40% equity interest of Sweihan PV Power Company P.J.S.C (“the Project Company”), which develops and operates solar power projects in Dubai. In April 2019, JinkoSolar made pro rata additional capital injection to SSHC with the amount of RMB295 million. JinkoSolar holds 50% equity interest in the SSHC and accounts for its investment using the equity method. JinkoSolar’s share of SSHC’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of RMB62 million, an income of RMB14 million and an loss of RMB2 million for the years ended December 31, 2021, 2022 and 2023, respectively. The Group received dividend in cash from SSHC with the amount of RMB23 million, nil and RMB9 million during the year of 2021, 2022 and 2023, respectively, which were recorded as reductions of the carrying amount of the investment. In January 2022 and September 2023, JinkoSolar made pro rata decrease of its investment in SSHC with the amount of RMB94 million and RMB10 million, respectively, which was recorded as a reduction of the carrying amount of the investment. The carrying value of this investment was RMB 144 million and RMB 123 million as of December 31, 2022 and 2023. Jinko-Tiansheng On March 30, 2017, JinkoSolar signed a shareholder agreement with Yangzhou Tiansheng PV-Tech Co., Ltd., a Chinese PV enterprise, to jointly invest in and establish to process and assemble PV modules as OEM manufacturer in Jiangsu province, China. JinkoSolar holds 30% equity interest in Jinko-Tiansheng and accounts for its investment using the equity method. In November 2021, the Group entered into a share purchase agreement to dispose all of its equity interest in Jinko-Tiansheng to Jinko-Tiansheng’s other shareholders. The carrying value of the Group’s investment in Jinko-Tiansheng which met recognition criteria in ASC 360-10-45-9 was reclassified as a held for sale asset as of December 31, 2021. Disposition of equity interest in Jinko-Tiansheng was closed in January 2022 and the Group recognized a gain from disposal of the equity interest with the amount of RMB13 million (Note 5). For the years ended December 31, 2021 and 2022, JinkoSolar’s share of Jinko-Tiansheng’s results of operations included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations were a loss of RMB7 million and nil, respectively. Jinko-Tiansheng charged processing fee amounted to RMB5 million and nil to the Company for its OEM services provided (Note 26) during the years ended December 31, 2021 and 2022, respectively. Loss amounted to RMB4 million, and nil due to the intercompany transactions with Jinko-Tiansheng was eliminated for the years ended December 31, 2021 and 2022, respectively. The carrying value of this investment was RMB3 million and nil as of December 31, 2021 and 2022, respectively. Inner Mongolia Xinte Silicon Material Co., Ltd. (“Xinte Silicon”) On June 18, 2021, JinkoSolar signed a shareholder agreement with Xinte Energy Co., Ltd. and JA Solar Co., Ltd to jointly invest in and establish a company named Xinte Silicon to produce polysilicon materials. JinkoSolar made capital injection in cash with the total amount of RMB315 million during the year of 2021. JinkoSolar holds 9% equity interest in Xinte Silicon. JinkoSolar can exercise significant influence on Xinte Silicon and accounts for its investment using the equity method. JinkoSolar’s share of Xinte Silicon’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of RMB 0.003 million, an income of RMB219 million and RMB217 million for the year ended December 31, 2021, 2022 and 2023, respectively. The Group also recorded its proportionate share of Xinte Silicon’s equity adjustments for other comprehensive income of nil, nil and RMB1 million for the years ended December 31, 2021, 2022 and 2023, respectively. JinkoSolar purchased polysilicon of nil, RMB825 million and RMB1,537 million from Xinte Silicon during the years ended December 31, 2021, 2022 and 2023, respectively. Profit amounted to nil, RMB37 million and RMB35 million in connection with these transactions with Xinte Silicon was eliminated for the years ended December 31, 2021, 2022 and 2023, respectively. In 2023, the Group received dividend in cash from Xinte Silicon with the amount of RMB118 million which were recorded as reductions of the carrying amount of the investment. The carrying value of this investment was RMB534 million and RMB634 million as of December 31, 2022 and 2023. Sichuan Yongxiang Technology Co., Ltd. (“Sichuan Yongxiang”) On November 3, 2021, JinkoSolar signed a shareholder agreement with Beijing Jingyuntong Technology Co., Ltd. and Sichuan Yongxiang Co., Ltd to jointly invest in and establish a company named Sichuan Yongxiang to produce polysilicon materials. JinkoSolar made capital injection in cash with the total amount RMB 450 million in 2022 and holds 15% equity interest in Sichuan Yongxiang. JinkoSolar can exercise significant influence on Sichuan Yongxiang and accounts for its investment using the equity method. JinkoSolar’s share of Sichuan Yongxiang’s results of operations is included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations, with a loss of nil, RMB1 million and RMB6 million for the year ended December 31, 2021, 2022 and 2023, respectively. The carrying value of this investment was RMB 449 million and RMB 443 million as of December 31, 2022 and 2023, respectively. Shangrao Xinyuan YueDong Technology Development Co., Ltd(Formerly named as “Shangrao Jinko Green Energy Technology Development Co., Ltd”) (“Shangrao Xinyuan”) Since November 2022, JinkoSolar owns 33.33% equity interests and can exercise significant influence on Shangrao Xinyuan and accounts for the investment using the equity method. The carrying value of this investment was RMB 160 million as of December 31, 2022. In November 2023, Jiangxi Jinko purchased all the equity interests of Shangrao Xinyuan held by other shareholders with the consideration of RMB 248 million. Given Shangrao Xinyuan does not have acutal business operations but to hold the patent rights, the transaction was recorded as an asset acquisition. After consummation of the acquisition in November 2023, Jiangxi Jinko owns 100% equity interests in Shangrao Xinyuan, and therefore, consolidated Shangrao Xinyuan as a fully owned subsidiary. Through to the acquisition in November 2023, JinkoSolar’s share of Shangrao Xinyuan’s results of operations was included in equity (loss)/income in affiliated companies in the Group’s consolidated statements of operations with a loss of RMB 22 million in 2023. As of December 31, 2023, related considerations have not yet been settled and were recorded as liabilities (Note 17). Equity securities without readily determinable fair values As of December 31, 2022 and 2023, the Company’s equity investments without readily determinable fair value primarily consist of small, non-controlling investments in companies for which the Company has equity ownership but cannot exert significant influence. Such equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost as adjusted for observable price changes and impairments.The balance of equity securities without readily determinable fair values were RMB245 million and RMB359 million as of December 31, 2022 and 2023, respectively. Re-measurement gain being recognized in connection with equity investments accounted for using the measurement alternative for the years ended December 31, 2021, 2022 and 2023 were nil, nil and RMB21 million, respectively. Equity securities with readily determinable fair values In 2023, the Group purchased ordinary shares of an A share listed company, with total consideration of RMB180 million. As of December 31, 2023, fair value of the equity securities in Lifecome was RMB330 million. Change in fair value income of RMB150 million was recorded for the year ended December 31, 2023. Equity securities applying fair value option In June 2022, the Group made capital injection in cash with the amount of RMB77 million in a private company based in China and owns 2.98% equity interests. The Group irrevocably elected fair value option to initially and subsequently measure the investment in the private company in its entirety at fair value with changes in fair value recognized in earnings. As at December 31, 2022 and 2023, fair value of the equity securities was RMB179 million and RMB229 million, respectively. Change in fair value income of RMB102 million and RMB50 million were recorded for the year ended December 31, 2022 and 2023, respectively. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT, NET. | |
PROPERTY, PLANT AND EQUIPMENT, NET | 13. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment used in continuing operation and related accumulated depreciation are as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Buildings 12,655,905 17,195,868 Machinery and equipment 22,435,247 30,438,878 Motor vehicles 114,936 183,921 Furniture, fixture and office equipment 1,995,407 1,116,407 37,201,495 48,935,074 Less: Accumulated depreciation (6,462,379) (11,557,978) Subtotal 30,739,116 37,377,096 Construction in progress 1,550,972 3,890,092 Property, plant and equipment, net 32,290,088 41,267,187 Depreciation expenses were RMB1,604 million, RMB2,585 million and RMB7,856 million for the years ended December 31, 2021, 2022 and 2023, respectively. For the years ended December 31, 2021, 2022 and 2023, the Group disposed certain equipment with the net book value amounting of RMB390 million, RMB1,118 million and RMB290 million and recognized related disposal loss amounted to RMB350 million, RMB249 million and RMB108 million, respectively. Increase in disposal loss on property, plant and equipment was mainly due to the automation upgrade of the Group. Construction in progress primarily represents the construction of new production line. Costs incurred in the construction are capitalized and transferred to property and equipment upon completion, at which time depreciation commences. Significant increase of property, plant and equipment during the year ended December 31, 2023 was attributable to the expansion of manufacturing capacity and automation upgrade of the Group. For the years ended December 31, 2021, 2022 and 2023, the Group recorded impairments of RMB150 million, RMB374 million and RMB640 million related to the retirement of certain equipment in production lines that had become obsolete due to automation upgrade of the Group. As of December 31, 2022 and 2023, certain property, plant and equipment with net book value amounting of RMB5,210 million and RMB5,250 million were pledged as collateral for the Group’s borrowings (Note 18). |
LAND USE RIGHTS, NET
LAND USE RIGHTS, NET | 12 Months Ended |
Dec. 31, 2023 | |
LAND USE RIGHTS, NET | |
LAND USE RIGHTS, NET | 14. LAND USE RIGHTS, NET Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 As of December 31, 2022 2023 RMB RMB Land use rights 1,535,556 1,947,145 Less: accumulated amortization (104,132) (126,133) Land use rights, net 1,431,424 1,821,012 Amortization expense was RMB18 million, RMB27 million and RMB39 million for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2023, estimated amortization expense in each of the next five years is RMB39 million. As of December 31, 2022 and 2023, certain land use rights with net book value of RMB169 million and RMB231 million were pledged as collateral for the Company’s borrowings (Note 18). |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS, NET | |
INTANGIBLE ASSETS, NET | 15. INTANGIBLE ASSETS, NET Intangible assets and their related amortization are as follow (RMB in thousands): As of December 31, 2022 2023 RMB RMB Trademark 1,230 1,823 Computer software 135,218 198,429 Intellectual properties — 544,198 Less: accumulated amortization (56,848) (175,363) Intangible assets, net 79,600 569,088 Amortization expense was RMB12 million, RMB17 million and RMB122 million for the years ended December 31, 2021, 2022 and 2023, respectively. The estimated amortization expense for each of the five For the years ended December 31, 2021, 2022 and 2023, the Group disposed certain intangible assets with the net book value amounting of nil, nil and RMB14 million and recognized related disposal loss amounted to nil, nil and RMB14 million, respectively. |
OTHER ASSETS - THIRD PARTIES
OTHER ASSETS - THIRD PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS - THIRD PARTIES | |
OTHER ASSETS - THIRD PARTIES | 16. OTHER ASSETS – THIRD PARTIES Other assets are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Prepayments for purchase of property, plant and equipment 1,162,351 2,541,329 Prepayment for warranty insurance premium 114,088 106,652 Deposit for rent and others 131,611 61,355 Prepayment of income tax attributable to intercompany transactions 15,474 14,142 Refund receivable of U.S. countervailing duties and anti-dumping duties — 12,767 Less: Allowance for credit losses (1,855) (914) Total 1,421,669 2,735,331 During the year of 2018, the U.S. Department of Commerce (“DOC”) issued the amended final results of its fourth administrative review on the counter-veiling duties (“CVD”) imposed on the crystalline silicon photovoltaic, or CSPV, cells, whether or not incorporated into modules, from China. As a result, the Group’s CVD rate was updated to be 10.64% from 20.94%, covering the period from January 1, 2015 to December 31, 2015, and all future exports to the US starting from July 2018 (“CVD AR4”). Pursuant to the final results of fourth administrative review, the Group recorded a reversal of costs of revenues and recognized refundable deposits due from the U.S. Customs with the amount of USD31 million (RMB210 million), representing the difference between the amended rate and the previous rate during the period from January 1, 2015 to December 31, 2015. During the year of 2020, CVD rate was further amended to be 4.22%. The Group recorded a reversal of costs of revenues and refundable deposits with the amount of USD25 million (RMB164 million) based on the difference between the amended rate and the previous rate. In November 2022, due to the acceleration of cash liquidation procedures in relation to the CVD AR4, the Group received CVD AR4 refunds with the amount of USD 69 million (RMB 499 million) from the U.S. Customs, including principal amount of USD 56 million (RMB 400 million) and interests of USD 14 million (RMB 100 million). During the year of 2019, the DOC issued its final results of the fifth administrative review, the Group’s CVD and ADD rate was finalized to be 12.70% from 20.94% and 9.67% to 4.06%, covering the period from January 1, 2016 to December 31, 2016, and all future exports to the US starting from August 2019 (“CVD AR5” and “ADD AR5”). Pursuant to the final results of fifth administrative review, the Group recorded a reversal of costs of sales and recognized refundable deposits due from the U.S. Customs with the amount of USD37 million (RMB260 million) on an amortized cost basis based on its best estimation of related liquidation. In May 2022, CVD rate was further amended to be 5.86%. The Group recorded a reversal of costs of sales and refundable deposits with the amount of USD33 million (RMB 226 million) based on the difference between the amended rate and the previous rate. Due to the acceleration of cash liquidation procedures in relation to the CVD AR5, in light of the acceleration of liquidation of the refundable deposits, based on its communication from the DOC and best estimation, the Group considered the CVD AR5 and ADD AR5 receivables can be collected within the next 12 months and therefore the receivables of USD 87 million (RMB 593 million) from the U.S. Customs, including principal amount of USD 70 million (RMB 477 million) and interests of USD 17 million (RMB 116 million) was reclassified from “Other assets-third parties” to “Prepayments and other current assets” as of December 31, 2022 (Note 11). In January 2023, the Group received CVD AR5 and ADD AR5 refunds of USD 87million(RMB 593 million ), including principal amount of USD70 million (RMB 477 million) and interests of USD17 million (RMB116 million). During the year of 2020, the U.S. Department of Commerce issued its final results of the sixth administrative review, and the finalized CVD rate applicable to the Group was 12.67%, which was initially 20.94%, covering the period from January 1, 2017 to December 31, 2017, and all future exports to the United States starting from December 2020 (“CVD AR6”). Pursuant to the final results of sixth administrative review, the Group recorded a reversal of costs of sales and recognized refundable deposits due from the U.S. Customs with the amount of USD0.4 million (RMB3 million) under “other assets - third parties” on an amortized cost basis based on its best estimation of related liquidation. During the year of 2021, CVD rate was further amended to be 11.97%. The Group recorded a reversal of costs of sales and refundable deposits with the amount of USD0.04 million (RMB0.23 million) based on the difference between the amended rate and the previous rate. As of December 31, 2022, in light of the acceleration of liquidation of the refundable deposits, based on its communication from the DOC and best estimation, the Group considered the CVD AR6 receivables can be collected within the next 12 months and therefore reclassified the receivables from “Other assets-third parties” to “Prepayments and other current assets” (Note 11). During the year of 2023, the U.S. Department of Commerce issued its final results of the nineth administrative review, and the finalized CVD and ADD rate applicable to the Group was 10.34% and 36.5%, which was initially 10.84% and 28.98%, covering the period from January 1, 2020 to December 31, 2020 (“CVD AR9”), and December 1, 2020 to November 30, 2021 (“ADD AR9”), and all future exports to the United States starting from December 2023 (“CVD AR9” & “ADD AR9”). Pursuant to the final results of nineth administrative review, the Group recorded a reversal of costs of sales and recognized refundable deposits due from the U.S. Customs with the amount of USD1.8 million (RMB12.8 million) as “other assets – third parties” on an amortized cost basis based on its best estimation of related liquidation. The following table summarizes the activity in the allowance for credit losses related to deposits for the year ended December 31, 2021, 2022 and 2023(RMB in thousands): As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 849 3,064 1,855 Addition 2,215 — — Reversal — (1,209) (941) At end of year 3,064 1,855 914 |
OTHER PAYABLES AND ACCRUALS
OTHER PAYABLES AND ACCRUALS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER PAYABLES AND ACCRUALS | |
OTHER PAYABLES AND ACCRUALS | 17. OTHER PAYABLES AND ACCRUALS Other payables and accruals are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Payables for purchase of property, plant and equipment 6,412,134 9,497,061 Freight payables 1,359,813 1,110,279 Liabilities in the Trusts (Note 22) — 668,083 Accrued utilities, rentals and interest 629,977 555,534 Value-added tax and other tax payables 329,078 513,586 Payables for investments — 295,647 Commission payables 13,587 262,222 Accrued warranty cost 221,699 261,268 Customs duties 147,759 98,363 Accrued professional service fees 34,110 55,795 Contracted labor fees 20,015 28,323 Insurance premium payables 1,853 6,780 Others 44,359 83,961 Total 9,214,384 13,436,902 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
BORROWINGS | |
BORROWINGS | 18. BORROWINGS (a) Short-term borrowings Components of short-term borrowings as of December 31, 2022 and 2023 were as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Short-term borrowings 10,316,714 10,895,733 Long-term borrowings—current portion 2,102,456 2,688,041 Total short-term borrowings 12,419,170 13,583,774 The short-term borrowings outstanding as of December 31, 2022 and December 31, 2023 carried a weighted average interest rate of 3.10% and 3.48% per annum, respectively. Included in the balance of short-term bank borrowings as of December 31, 2023 were borrowings of RMB679 million, RMB257 million, and RMB613 million which are denominated and repayable in EUR, JPY and USD, respectively. Details of the Group’s short-term borrowings as of December 31, 2023 are (RMB in thousands): Type of loan As of December 31, 2023 Guarantee/Collateral Credit loan 953,833 a) Letter of credit loan 1,804,165 a) Other borrowings 1,495,840 a) 4,685,506 Guaranteed by JinkoSolar Holding b) 1,850,834 Guaranteed by Jiangxi Jinko b) Guaranteed by subsidiaries 494,645 Guaranteed by Jiangxi Jinko and Sichuan Jinko b) of the Group and third parties 597,700 Guaranteed by Zhejiang Jinko b) and/or collateralized on the 90,000 Guaranteed by Zhejiang Jinko and Chuxiong Jinko b) Group’s assets 12,114 Guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd b) 179,425 Guaranteed by Paker b) 468,195 Financings associated with failed sale-leaseback transactions c) 951,517 Guaranteed and collateralized on buildings, equipment and other assets of the Group and shareholders of the Group d) Total 13,583,774 a) As of December 31, 2023, the Group had short-term borrowings of RMB 954 million credit loans, RMB 1,804 million letter of credit loans and RMB 1,496 million loan from government background companies. The remaining short-term borrowings of RMB 9,330 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following: b) Borrowings of RMB 4,686 million guaranteed by JinkoSolar Holding, RMB 1,851 million guaranteed by Jiangxi Jinko, RMB 495 million guaranteed by Jiangxi Jinko and Sichuan Jinko, RMB 598 million guaranteed by Zhejiang Jinko, RMB 90 million guaranteed by Zhejiang Jinko and Chuxiong Jinko, RMB 12 million guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd, and RMB 179 million by Paker, respectively. c) As of December 31, 2023, the Group recorded financings associated with failed sale-lease back transactions with the amount of RMB 1,222 million under long-term borrowings, and RMB 468 million as current portion. d) RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. In addition, included in these borrowings there were borrowings of RMB432 million guaranteed by Jinkosolar Holding, RMB469 million guaranteed by Jiangxi Jinko, and RMB50 million guaranteed by Zhejiang Jinko. (b) Long-term borrowings Components of short-term borrowings as of December 31, 2022 and 2023 were as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Long-term bank borrowings 3,329,075 4,459,363 Long-term financings associated with failed sale-leaseback transactions 2,595,686 1,222,281 Other long-term borrowings 9,200,490 8,245,203 Less: Current portion of long-term bank borrowings (969,811) (724,006) Less: Current portion of financings associated with failed sale-leaseback transactions (1,132,645) (468,195) Less: Current portion of other long-term borrowings — (1,495,840) Total long-term borrowings 13,022,795 11,238,806 Future principal repayments on the long-term borrowings are as follows (RMB in thousands): Year ending December 31, RMB Year ended December 31 2024 2,688,041 2025 2,601,083 2026 4,716,306 2027 1,989,428 2028 1,577,874 Thereafter 354,115 Total 13,926,847 1) Long-term bank borrowings In 2021, the Group entered into a 3 In 2021, the Group entered into two separate 5 In 2022, the Group entered into a 5 In 2022, the Group entered into a 2-year loan agreement with Bank of Communications for a principle amount of RMB100 million with the interest rate of 3.65%, which is due and payable in July 2024. The borrowing was guaranteed by Zhejiang Jinko Sichuan and Jinko Chuxiong, and collateralized on the Group’s certain equipment with the net book value of RMB110 million. As of December 31, 2022, the total outstanding balances amounted to RMB100 million. As of December 31, 2023, the total outstanding balances amounted to RMB90 million, which is due and payable in July 2024. In 2022, the Group entered into a 2-year loan agreement with the Export-Import Bank of China for a principle amount of RMB817 million (EUR110 million) and RMB208 million (EUR28 million) with the interest rate of 2.10% and 2.70%, which is due and payable in October 2023 and September 2024, respectively. As of December 31, 2023, the total outstanding balances amounted to RMB220 million (EUR28 million), which is due and payable in September 2024. In 2022, the Group entered into a 3-year loan agreement with Industrial Bank CO. LTD for a principle amount of RMB150 million with the interest rate of 4.1%, which is due and payable from September 2022 to March 2025. As of December 31, 2022, the outstanding balances amounted to RMB149 million. In 2023, all the outstanding balances were early repaid. In 2022, the Group entered into a 7-year revolving loan facility agreement with a financial consortium constitute by Agricultural Bank of China, China Construction Bank, China CITIC Bank and China Everbright Bank in an aggregate principle amount not exceeding RMB2.4 billion. Borrowings drawn down from the loan facility were guaranteed by Jiangxi Jinko. As of December 31, 2022, the Group drew down borrowings from the bank facility with the amount of RMB397 million with the interest rate of 4.1% which were repayable from November 2022 to December 2029. As of December 31, 2022, the total outstanding balances amounted to RMB397 million, including RMB27 million due in June 2023. As of December 31, 2023, the total outstanding balances amounted to RMB366 million, including RMB58 million due in June 2024. In 2022, the Group entered into a 7-year loan agreement with Industrial Bank Co.,LTD. for a principle amount of RMB31 million with the interest rate of 3.95%. The borrowing was guaranteed by Jiangxi Jinko. In 2023, all the outstanding balances were early repaid. In 2022, the Group entered into a 3-year loan agreement with China Everbright Bank for a principle amount of RMB240 million with the interest rate of 4%. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the outstanding balances amounted to RMB240 million. In 2023, all the outstanding balances were early repaid. In 2022, the Group entered into a 3-year loan agreement with Bank of Shanghai Co.,Ltd. for a principle amount of RMB100 million with the interest rate of 3.65%. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2022, the total outstanding balances amounted to RMB100 million, including RMB10million due in Sepetmber 2023. In 2023, all the outstanding balances were early repaid. In 2022, the Group entered into a 3 In 2022, the Group entered into a 3 In 2022, the Group entered into a 3 In 2022, the Group entered into a 3 In 2022, the Group entered into a 5 In 2022, the Group entered into three separate 5 In 2022, the Group entered into a 2 In 2022, the Group entered into a 4 In 2023, the Group entered into a 2-year loan agreement with Bank of Communications for a principle amount of RMB50 million with the interest rate of 3.3%, which is due and payable in February 2025. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB49.5 million. In 2023, the Group entered into a 2-year loan agreement with China Contruction Bank for a principle amount of RMB30 million with the interest rate of 3.1%, which is due and payable in February 2025. The borrowing was collateralized on the Group’s certain land use rights and buildings with the net book value of RMB8 million and RMB5 million, respectively. As of December 31, 2023, the total outstanding balances amounted to RMB30 million. In 2023, the Group entered into a 13-month loan agreement with China Contruction Bank for a principle amount of RMB100 million with the interest rate of 3.25%, which is due and payable in April 2024. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB100 million, which is due and payable in April 2024. In 2023, the Group entered into a 3-year loan agreement with China Development Bank for a principle amount of RMB366 million with the interest rate of 3.26%, which is due and payable in March 2026. The borrowing was guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd. As of December 31, 2023, the total outstanding balances amounted to RMB366 million, including RMB12 million due in December 2024. In 2023, the Group entered into a 3-year loan agreement with Industrial and Commercial Bank of China for a principle amount of RMB150 million with the interest rate of 3.2%, which is due and payable in January 2026. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB145 million, including RMB45 million due in September 2024. In 2023, the Group entered into a 3-year loan agreement with Industrial Bank of China for a principle amount of RMB80 million with the interest rate of 3.9%, which is due and payable in December 2026. The borrowing was guaranteed by Jiangxi Jinko, and collateralized on the Group’s certain land use rights and buildings with the net book value of RMB15 million and RMB77 million, respectively. As of December 31, 2023, the total outstanding balances amounted to RMB80 million. In 2023, the Group entered into a 10-year loan agreement with Industrial Bank Co.,LTD for a principle amount of RMB319 million with the interest rate of 3.8%, which is due and payable in February 2033. The borrowing was guaranteed by Jiangxi Jinko, and collateralized on the Group’s certain buildings with the net book value of RMB721 million. As of December 31, 2023, the total outstanding balances amounted to RMB319 million. In 2023, the Group entered into a 3-year loan agreement with Minsheng Bank for a principle amount of RMB200 million with the interest rate of 3.3%, which is due and payable in February 2026. The borrowing was a credit loan. As of December 31, 2023, the total outstanding balances amounted to RMB200 million. In 2023, the Group entered into a 5-year loan agreement with Industrial Bank Co.,LTD for a principle amount of RMB500 million with the interest rate of 3.3%, which is due and payable in December 2028. The borrowing was guaranteed by Jiangxi Jinko, and collateralized on the Group’s certain land use rights with the net book value of RMB103 million. As of December 31, 2023, the total outstanding balances amounted to RMB500 million. In 2023, the Group entered into a 5-year loan agreement with Minsheng Bank for a principle amount of RMB93 million with the interest rate of 3.3%, which is due and payable in March 2028. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB89 million, including RMB10 million due and payable in December 2024. In 2023, the Group entered into a 5-year loan agreement with Minsheng Bank for a principle amount of RMB242 million with the interest rate of 3.3%, which is due and payable in April 2028. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB232 million, including RMB27 million due and payable in December 2024. In 2023, the Group entered into a 5-year loan agreement with Ping An Bank for a principle amount of RMB157 million with the interest rate of 3.8%, which is due and payable in December 2028. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB157 million. In 2023, the Group entered into a 2-year loan agreement with the Export-Import Bank of China for a principle amount of RMB200 million with the interest rate of and 3.10%, which is due and payable in June 2025. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB200 million. In 2023, the Group entered into a 2-year loan agreement with the Export-Import Bank of China for a principle amount of RMB786 million (EUR100 million) with the interest rate of and 4.80%, which is due and payable in December 2025. The borrowing was a credit loan. As of December 31, 2023, the total outstanding balances amounted to RMB786 million (EUR100 million). In 2023, the Group entered into a 2-year loan agreement with the Export-Import Bank of China for a principle amount of RMB100 million with the interest rate of and 3.30%, which is due and payable in March 2025. The borrowing was guaranteed by Jiangxi Jinko. As of December 31, 2023, the total outstanding balances amounted to RMB100 million. 2) Financings associated with failed sale-leaseback transactions During the year ended December 31, 2022 and 2023, the Group sold certain machinery and equipment with total carrying amount of RMB1,761 million and RMB58 million to certain third parties (the “purchaser-lessors”) for a total consideration of RMB 1,768 million and RMB75 million and simultaneously entered into contracts to lease back these assets from the purchaser-lessors for periods from one 3) Other long-term borrowings a. In the February 2018, Jiangxi Jinko, together with government background funds, established Jinko Sichuan. Cash capital injections with an aggregate amount of RMB1.3 billion had been made by the non-controlling shareholders through December 31, 2021. The Group controls and consolidates such entity in its financial statements. In October 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background funds, pursuant to which the government background funds will no longer participates in any business decision of Jinko Sichuan and enjoys a fixed annual return of 6% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 30% equity interests (the non-controlling interest) held by the government background funds upon the sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB997 million was derecognized, and the new loan liabilities was recorded at fair value of RMB1,114 million, with the difference recorded against additional paid-in-capital. In addition, in July, September and October 2021, the Jinko Sichuan received capital injection with the amount of RMB100 million, RMB150 million and RMB50 million from government background funds which bear a fixed annual return of 5.18%, and shall be repaid upon the fifth anniversary of the capital injection date. The Group recorded such capital injection as long-term borrowings. As of December 31, 2022, the total outstanding balances amounted to RMB1,535 million. In 2023, Jiangxi Jinko entered into agreement to early repay RMB300 million. As of December 31, 2023, the total outstanding balances amounted to RMB1,223 million, including RMB200 million due in December 2024. b. During the year of 2018 and 2019, government background companies made capital injections with the total amounted of RMB1,070 million into Haining Jinko. In the fourth quarter of 2020, the Group entered into supplementary investments agreement with government background funds, pursuant to which the government background funds will no longer participate in any business decision of Haining Jinko and enjoys fixed annual return within the range from 4.75% to 5.23% on their capital injections respectively. Additionally, the Group shall repurchase all the equity interests (the non-controlling interest) held by the government background funds upon the fifth or sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB1,164 million was derecognized, and the new loan liabilities was recorded at fair value of RMB1,193 million with the difference recorded against additional paid-in-capital. In July 2021, Haining Jinko entered into a 5-year loan agreement with a government background company with the principle amount of RMB690 million and interest rate of LPR plus 10%. The loan will be repaid upon the fifth anniversary of the borrowing date. The borrowing was guaranteed by Jiangxi Jinko and Zhejiang Jinko. In August 2022, Haining Jinko entered into a 5-year c. In the September 2019, Jiangxi Jinko, together with government background funds, established Jinko Yiwu. Cash capital injections with an aggregate amount of RMB765 million had been made by the non-controlling shareholders through December 31, 2020. The Group controls and consolidates such entity in its financial statements. In August 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background funds, pursuant to which the government background funds will no longer participates in any business decision of Jinko Yiwu and enjoys a fixed annual return of 6% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 45% equity interests (the non-controlling interest) held by the government background funds upon the fifth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB779 million was derecognized, and the new loan liabilities was recorded at fair value of RMB818 million, with the difference recorded against additional paid-in-capital. As of December 31, 2022, the total outstanding balances amounted to RMB754 million. In 2023, Jiangxi Jinko entered into agreement to early repay RMB100 million. As of December 31, 2023, the total outstanding balances amounted to RMB668 million, including RMB301 million due in December 2024. d. In the December 2019, Jiangxi Jinko, together with a government background fund, established Jinko Chuzhou. Cash capital injections with an aggregate amount of RMB1.1 billion had been made by the non-controlling shareholder through December 31, 2022. The Group controls and consolidates such entity in its financial statements. In August 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background fund, pursuant to which the government background fund will no longer participates in any business decision of Jinko Chuzhou and enjoys a fixed annual return of 4.35% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 45% equity interests (the non-controlling interest) held by the government background fund upon the sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the government background fund. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. The Group assessed the impact of the above amendments and concluded that these amendments represented a settlement of the non-controlling interests given characteristics of the non-controlling interests has been completely changed to loan liabilities. At the time of the settlement, the carrying amount of the non-controlling interests with the amount of RMB859 million was derecognized, and the new loan liabilities was recorded at fair value of RMB846 million, with the difference recorded against additional paid-in-capital. In July and September 2021, Jinko Chuzhou received two 5-year loans with the amount of RMB150 million and RMB100 million from the government background fund which both bear a fixed annual return of 4.35%. As of December 31, 2022, the total outstanding balances amounted to RMB701 million. In 2023, Jiangxi Jinko entered into agreement to early repay RMB410 million. As of December 31, 2023, the total outstanding balances amounted to RMB288 million. e. In September and October 2021, Rui Xu entered into two 5-year loan agreements with a government background company with the principle amount of RMB20 million and RMB20 million and the interest rate of 5.05% and 5.05%, respectively. As of December 31, 2022 and 2023, the total outstanding balances amounted to RMB40 million and RMB42 million, respectively. f. In April 2020, Jiangxi Jinko, together with a government background fund, established Jinko ShangRao. The Group controls and consolidates such entity in its financial statements. Pursuant to the investment agreement entered by Jiangxi Jinko and the government background fund, the government background fund will provide its investment into Shangrao Jinko of RMB4.5 billion with the interest rate stipulated by bank for the corresponding period. Jiangxi Jinko shall repurchase all the 45% equity interests (the non-controlling interest) held by the government background fund upon the sixth anniversary of the date of the investment agreement with a repurchase price equivalent to the capital injection made by the government background funds. Considering the government investment shall be repaid on a fixed date and for fixed amounts, redemption of the government investment is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. Therefore, these government investments were accounted as loan liabilities. In June 2021, to further support the development of Jinko Shangrao, the government background fund entered into agreement with Jiangxi Jinko to waive interests associated with the government loans during the period from January 1 to December 31, 2021. Considering the cash flow effect on a present value basis is less than 10 percent, the interest waiving is regarded as a modification of the government loan, and therefore, established a new effective interest based on the carrying value of the government loan and the revised cash flows since the modification date on June 25, 2021. No gain or loss was recorded in relation to the modification in 2021. As of December 31, 2022, the total outstanding balances amounted to RMB2,059million. In 2023, Jiangxi Jinko entered into agreement to early repay RMB366 million. As of December 31, 2023, the total outstanding balances amounted to RMB1,679million. g. In July 2020, the Group entered into a 2-year loan agreement with Ping An International Financial Leasing Co., Ltd. for a principle amount of RMB49,263 million which was repayable from July 2020 to July 2022. The borrowing was guaranteed by Jiangxi Jinko. The loan was repaid in July 2022. h. In October 2021, Anhui Jinko entered into a 6 i. In October and December 2021, Yushan Jinko entered into a 6-year loan agreement with a government background company with the principle amount of RMB200 million and RMB100 million and interest rate of 4.90% and 4.90%, respectively. These loans will be repaid upon the sixth anniversary of the borrowing date. In January 2022, Yushan Jinko entered into a 6-year j. In July 2022, Jinko Feidong entered into a 5-year loan agreement with a government background company with the principle amount of RMB205 million and interest rate around 5.58%. The loan will be repaid upon the fifth anniversary of the borrowing date. As of December 31, 2022 and 2023, the total outstanding balances amounted to RMB208 million and RMB207 million, respectively. k. In July 2022, Jinko Leshan entered into a 4-year l. In December 2023, Jinko Energy entered into agreements with a government background company, to sell its 49% equity interests in Shangrao Xinyuan with a total consideration of RMB1.5 billion. Pursuant to the agreements, Jinko Energy committed to repurchase all the 49% equity interests held by the government background company upon the fifth anniversary of the first investment date with a repurchase price equivalent to the investment made by the government background company and a fixed annual return based on 1.1 times of corresponding loan prime rate. As of December 31, 2023, the government background company has paid RMB 650 million. Considering the investment from the government background company shall be repaid on a fixed date and for fixed amounts, redemption of the government background company is considered to be mandatory and certain to occur and is not upon the occurrence of a conditional event nor depends upon the satisfaction of a specified contingency. Therefore, management concluded that the investment from the government background company shall be accounted as loan liabilities. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 19. LEASES The Group’s operating lease primarily represent offices and overseas manufacturing facilities and warehouses. Most of the operating leases are for terms ranging from 2 to 10 years, although terms and conditions can vary from lease to lease. The Group has assessed the specific terms and conditions of each operating lease to determine the amount of the lease payments and the length of the lease term, which includes the minimum period over which lease payments are required plus any renewal options that are both within the Group’s control to exercise and reasonably certain of being exercised upon lease commencement. The Company assesses all relevant factors to determine if sufficient incentives exist as of lease commencement to conclude whether or not renewal is reasonably certain. There are no material residual value guarantees provided by the Company nor any restrictions or covenants imposed by the operating leases to which the Company is a party. In determining the lease liability, the Group utilizes its incremental borrowing rate for debt instruments with terms approximating the term for its operating leases to discount the future lease payments over the lease term to present value. The Company does not incur variable lease payments for its operating leases. The Group’s finance leases primarily represent machinery and equipment utilized in the Group’s production facilities. All of the Group’s finance leases meet one or more of the criteria as: a) the lease transfers ownership of the underlying asset to the Group by the end of the lease term; b) the lease grants the Group an option to purchase the underlying asset that the lessee is reasonably certain to exercise; c) the lease term is for the major part of the remaining economic life of the underlying asset; d) the present value of the sum of the lease payments and any residual value guaranteed by the Group that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset; e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. ROU of capital lease is recorded at the aggregate of future minimum lease payments and estimated residual value of the leased equipment. In determining the lease liability, the Group utilizes its incremental borrowing rate for debt instruments with terms approximating the term for its capital leases to discount the future lease payments over the lease term to present value. The balances for the operating and finance leases where the Group Is the lessee are presented as follows (RMB in thousands): 2022 2023 December 31 December 31 RMB RMB Operating leases: Operating lease liabilities–- current 65,489 119,344 Operating lease liabilities–- non-current 339,885 557,136 Total operating lease liabilities 405,374 676,480 Operating lease right-of-use assets, net 396,966 660,138 Financing leases: Financing lease liabilities–- current 168,381 36,587 Financing lease liabilities–- non-current 69,881 — Total financing lease liabilities 238,262 36,587 Financing lease right-of-use assets, net 558,407 82,293 (a) The components of lease expenses were as follows (RMB in thousands): For the years ended December 31, 2022 2023 RMB RMB Lease cost: Amortization of right-of-use assets 129,869 172,625 Interest of lease liabilities 36,553 30,856 Expenses for short-term lease within 12 months 9,154 12,634 Total lease cost 175,576 216,114 (b) Supplemental cash flow information related to leases was as follows (RMB in thousands): For the years ended December 31, 2022 2023 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases 72,906 101,340 Operating cash outflows for finance leases 19,926 8,910 Financing cash outflows for finance leases 216,722 280,833 Total cash paid for amounts included in the measurement of lease liabilities: 309,554 391,083 Lease obligation accrued in exchange for right-of-use assets: Operating lease liabilities 3,476 348,901 Finance lease liabilities — — Total lease obligation accrued in exchange for right-of-use assets: 3,476 348,901 (c) Supplemental balance sheet information related to leases was as follows (RMB in thousands) : Operating leases: As of December 31, 2022 2023 Weighted-average remaining lease term 6.21 years 5.69 years Weighted-average discount rate 6.46 % 6.48 % Financing leases: As of December 31, 2022 2023 Weighted-average remaining lease term 0.94 years 0.56 years Weighted-average discount rate 5.55 % 5.00 % (d) Maturities of lease liabilities were as follows (RMB in thousands) : Operating leases: Year ending December 31, RMB Year ended December 31, 2024 140,553 2025 140,732 2026 125,444 Thereafter 281,838 Total undiscounted lease payments 688,567 Less: imputed interest 12,087 Total lease liabilities 676,480 Financing leases: Year ending December 31, RMB Year ended December 31, 2024 38,563 Total undiscounted lease payments 38,563 Less: imputed interest 1,976 Total lease liabilities 36,587 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 20. EARNINGS PER SHARE Basic earnings per share and diluted earnings per share have been calculated as follows (RMB in thousands, except for share and per share data): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Numerator: Net income 955,572 1,565,139 6,452,554 Less: Net income attributable to non-controlling interests 234,554 944,633 3,005,111 Net income attributable to JinkoSolar’s ordinary shareholders 721,018 620,506 3,447,443 Dilutive effects of convertible senior notes (308,339) — (5,574) Numerator for diluted income per share 412,679 620,506 3,441,869 Denominator: Denominator for basic earnings per share - weighted average number of ordinary shares outstanding 190,672,869 198,004,260 207,705,476 Dilutive effects of share options 540,620 2,404,234 6,920,728 Dilutive effects of convertible senior notes 14,506,283 — 11,486,880 Denominator for diluted calculation - weighted average number of ordinary shares outstanding 205,719,772 200,408,494 226,113,084 Basic earnings per share attributable to JinkoSolar’s ordinary shareholders 3.78 3.13 16.60 Diluted earnings per share attributable to JinkoSolar’s ordinary shareholders 2.01 3.10 15.23 For the years ended December 31, 2022, convertible senior notes convertible into 14,427,088 shares were not included in the computation of diluted EPS because of their anti-dilutive effect. For the year ended December 31, 2023, convertible notes issued by the Company’s subsidiary, Jiangxi Jinko, was not included in the computation of diluted EPS because of its anti-dilutive effect. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
EMPLOYEE BENEFITS | |
EMPLOYEE BENEFITS | 21. EMPLOYEE BENEFITS According to the guidance promulgated by the central government, companies (and employees) are required to contribute, in specified portions, to the social insurance funds (including medical care insurance, work injury insurance, unemployment insurance, maternity insurance and pension benefits) as well as the housing funds (collectively, “employee welfare funds”) on a monthly basis for all of the employees based on such employees’ actual salaries or the applicable capped salary base, whichever is lower. An employee is entitled to request its employer to make the required portion of contributions in the statutory amounts to the employee welfare funds. In line with local customary practices, the Company has made contributions to the social insurance funds which met the requirement of the local minimum wage standard, instead of its employees’ actual salaries as required by the above described guidance, and has not made full contribution to the housing funds. Based on the Company’s observation of local practices and consultation with relevant government authorities, the Company believes its practice has been consistent with the common practice adopted by businesses in Shangrao and Haining, where the Company’s main subsidiaries operate. However, the Company believes it is probable that it will be required to make additional contributions to the employee welfare funds if (i) the government authorities were to strictly enforce the statutory contribution requirements, or (ii) the employees were to request the Company to make full contributions to their employee welfare funds (such request, if made, would most likely be supported by the labor arbitration center or the labor administrative bureau). Therefore, the Company recognizes the difference between the amount of its actual contributions and the statutory contribution requirements under the guidance promulgated by the central government as a liability for employee welfare benefits. The unpaid balance of accrued liability accrued for the welfare benefits were RMB1,071 million and RMB1,598 million as of December 31, 2022 and December 31, 2023, respectively. On October 28, 2010, the Standing Committee of the National People’s Congress issued and adopted the Social Insurance Law (the “Social Insurance Law”), which became effective on July 1, 2011. The Social Security Law imposes certain fines for the aggregated amount of any outstanding contributions if such contributions are not made within a prescribed time period. In light of this requirement, the Company had accrued a penalty on the basis of a daily rate of 0.05% of the outstanding contributions as provided under the Social Insurance Law prior to 2014. The unpaid balance of penalty accrued for employee welfare benefits were RMB12 million and RMB On September 26, 2013, the Ministry of Human Resources and Social Security of the People’s Republic of China announced “Regulations on the Declaration and Payment of Social Welfare” (“New Social Security Regulation”), which took effect on November 1, 2013. The New Social Security Regulation clarifies that the local social security authority should issue a notification to the employers who fail to make appropriate contribution of social security and a late-payment penalty charge will only be imposed to employers who fail to pay the outstanding contribution within five days upon the receipt of the notification. However, there were different interpretations of the New Social Security Regulation as to applicability of the penalty charge by different local authorities in different cities and provinces in late 2013, therefore, the Company performed investigation and legal assessment as well as communicating with relevant local authorities. Legal assessment was completed in late 2014. In the opinion of the management, the probability that the Company would be required to pay late-payment penalty in connection with the unpaid contribution is remote, given that the Company has received certificates from local social security authorities which confirmed that the Company was in compliance with the local social insurance regulations as of December 31, 2014 and that local social security authorities have not issued any notification for payment of outstanding contribution to the Company. Accordingly, the Company did not accrue for late-payment penalty since then. |
CONVERTIBLE SENIOR NOTES , CONV
CONVERTIBLE SENIOR NOTES , CONVERTIBLE NOTES AND CALL OPTIONS | 12 Months Ended |
Dec. 31, 2023 | |
CONVERTIBLE SENIOR NOTES , CONVERTIBLE NOTES AND CALL OPTIONS | |
CONVERTIBLE SENIOR NOTES , CONVERTIBLE NOTES AND CALL OPTIONS | 22. CONVERTIBLE SENIOR NOTES , CONVERTIBLE NOTES AND CALL OPTIONS 2024 Convertible Senior Notes issued by the Company The Company issued USD85 million of Convertible Senior Notes on May 17, 2019, which will mature on June 1, 2024 (the “2024 Notes”). The interest rate is 4.5% per annum payable semi-annually, in arrears. Holders have the option to convert their 2024 Notes at any time prior to the close of business on the third business day immediately preceding the maturity date at a conversion rate of 52.0833 ADSs per USD1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately USD19.20 per ADS). The conversion rate is subject to change on anti-dilution and upon certain fundamental changes. Fundamental changes are defined as 1) any “person” or “group” beneficially owns (directly or indirectly) 50% or more of the total voting power of all outstanding classes of Company’s shares or has the power to elect a majority of the members of the board of directors; 2) Company consolidates with, or merge with or into, another person or the Company sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets, or any person consolidates with, or merges with or into, the Company; 3) Termination of trading of Company’s ADSs; and 4) adoption of a plan relating to the Company’s liquidation or dissolution. The holders have the option to require the Company to repurchase the 2024 Notes, in whole or in part, in the event of a fundamental change for an amount equal to the 100% of the principal amount and any accrued and unpaid interest in the event of fundamental changes. Management assessed that the likelihood of fundamental change is remote. The holders had the right to require the Company to repurchase for cash all or any portion of their notes on June 1, 2021 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. While the 2024 Notes remain outstanding, the Company or its subsidiaries should not create or permit to subsist any security upon its property, assets or revenues (present or future) to secure any international investment securities or to secure any guarantee of or indemnity of any international investment securities unless the obligations under the Notes and the indenture (a) are secured equally and ratably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by holders of a majority in aggregate principal amount of the Notes then outstanding. During the year of 2021 and 2023, certain 2024 Notes with the principal amount of USD16 million and USD14.1 million were converted into 3,281,244 and 2,938,412 ordinary shares of the Company, respectively. Accounting for 2024 Convertible Senior Notes The Company has RMB as its functional currency, and the 2024 Notes are denominated in USD. As a result, the conversion feature is dual indexed to the Company’s stock as well as the RMB and USD exchange rate, and is considered an embedded derivative which needs to be bifurcated from the host instrument in accordance with ASC 815. ASC 815-15-25 provides that if an entity has a hybrid financial instrument that would require bifurcation of embedded derivatives under ASC 815, the entity may irrevocably elect to initially and subsequently measure a hybrid financial instrument in its entirety at fair value with changes in fair value recognized in earnings. The fair value election can be made instrument by instrument and shall be supported by concurrent documentation or a preexisting documented policy for automatic election. The Company elected to measure the 2024 Notes in their entirety at fair value. According to ASC 825-10-45-5, the Company measures the financial liability at fair value with qualifying changes in fair value recognized in net income. The Company also presents separately in other comprehensive income the portion of the total change in the fair value of the liability that results from a change in the instrument-specific credit risk. Further, as the functional currency of the Company is RMB, the fair value of the 2024 Notes is translated into RMB at each balance sheet date with the difference being reported as exchange gain or loss, except for the exchange rate remeasurement of the component of the change in fair value of the liability resulting from the cumulative changes in instrument-specific credit risk which is presented in other comprehensive income. In addition, all issuance costs associated with the 2024 Notes offering has been expensed as incurred in accordance with ASC 825-10-25-3, which states that upfront costs and fees related to items for which the fair value option is elected shall be recognized in the consolidated statements of operations and comprehensive as incurred and not deferred. As of December 31, 2022 and 2023, the estimated fair value of the 2024 Notes amounted to approximately RMB1,071 million and RMB783 million, respectively. The Company recorded a gain from foreign exchange remeasurement of RMB9 million, a loss from foreign exchange remeasurement of RMB60 million and a gain from foreign exchange remeasurement of RMB55 million in net income for the years ended December 31, 2021, 2022 and 2023, respectively. The Company recorded a gain from change in fair value of 2024 Notes of RMB328 million, a loss from change in fair value of 2024 Notes of RMB12 million and a loss from change in fair value of 2024 Notes of RMB31 million in net income for the years ended December 31, 2021, 2022 and 2023, respectively. The Company recorded gain from change in fair value of 2024 Notes of RMB56 million, RMB100 million and RMB71 million in other comprehensive income for the year ended December 2021, 2022 and 2023, respectively. During the year of 2021 and 2023, certain 2024 Notes with the principal amount of USD16 million and USD14.1 million were converted into 3,281,244 and 2,938,412 ordinary shares of the Company. Upon conversion of the 2024 Notes, accumulated gains due to changes in instrument-specific credit risk with amount of RMB14 million and RMB53 million were reclassified from other comprehensive income to net income (Note 29). As of December 31, 2023, the total outstanding balances of the 2024 Notes with the amount of RMB783 million were recorded as current liabilities. Call Option Concurrent with the issuance of the 2024 Notes, the Company used approximately USD30 million of the net proceeds from the offering to enter into zero-strike call option transactions (“Call option”), covering 1,875,000ADSs, with the initial purchasers of the 2024 Notes (“Dealer”). The Call option is intended to facilitate privately negotiated transactions by which investors in the Notes are able to hedge their investment. The Call option expires on July 28, 2021 or when the Dealer request early settlement. The Company has the right to elect settlement method. If cash settlement applies, the Dealer will deliver the amount of cash to the Company calculated based on the number of shares determined on the commencement date and the volume-weighted average price of the Company shares on the settlement date. If physical settlement applies, the Company will receive the fixed number of ADSs determined at the commencement date of the transaction. The economic substance of the Call option is the same as a traditional forward repurchase contract. Because the Call option permitted net cash settlement, it was classified as a derivative instrument measured initially and subsequently at fair value with changes in fair value recorded in earnings. The Company accounted for the Call option as a free-standing derivative asset on its consolidated balance sheet when the Call option was entered into in May 2019. The derivative asset was initially recorded at its fair value of US$30 million on the commencement date which represented the amount of cash transferred to the Dealer. The derivative asset was subsequently recorded at fair value with the change in fair value through May 2019. The Company recorded a gain from change in fair value of the call option with the amount of RMB476 million and loss of RMB136 million, an exchange loss of the call option with the amount of RMB14 million and an exchange gain of RMB0.3 million for the year ended December 31,2020 and 2021, respectively (Note 30). In 2021, the Company elected cash settlement method and total cash received from the exercise of call options amounted to RMB621 million. 2029 Convertible Notes issued by Jiangxi Jinko On April 26, 2023, Jiangxi Jinko issued RMB10 billion of convertible notes, which will mature on April 19, 2029 (the “2029 Notes”). Among all of the issued convertible notes, RMB5.5 billion was issued to Paker, the holding company of Jiangxi Jinko, and the remaining RMB4.5 billion was issued to third party investors. The interest rate is 0.20% in the first year, 0.40% in the second year, 0.60% in the third year, 1.50% in the fourth year, 1.80% in the fifth year and 2.00% in the sixth year. Unless previously redeemed, converted or purchased and cancelled, Jiangxi Jinko shall redeem 2029 Notes at 108% of its principal amount on the maturity date. Holders of the 2029 Notes have the option to convert their 2029 Notes at any time from the six months after the date of issuance closing (October 26, 2023) to the maturity date at a conversion rate of RMB13.79 per share per RMB100 principal amount of the 2029 Notes. The conversion rate is subject to change on anti-dilution and upon certain share price changes of Jiangxi Jinko. In addition, since the first trading day on October 26, 2023, where the closing price of the Jiangxi Jinko’s shares is lower than 85% of the current conversion price in at least 15 of 30 consecutive trading days, the board of directors of Jiangxi Jinko shall have the right to propose a plan for conversion price reduction and submit for Jiangxi Jinko shareholders’ approval. Such proposal shall be effected only if it is approved by at least two Holders of the 2029 Notes have the option to require Jiangxi Jinko to repurchase the 2029 Notes for an amount equal to 100% of the principal amount and any accrued and unpaid interests, in whole or in part, if the closing price of the Jiangxi Jinko’s shares is less than 70% of the current conversion price for any 30 consecutive trading days within the fifth or sixth year upon issuance of the Notes or in the event of material change in use of the proceeds occurs. Material change in use of the proceeds was defined as a material change in the utilisation of the funds raised from the issuance of the 2029 Notes as compared with the Jiangxi’s commitments in the prospectus, and if the intended use of the proceeds is deemed to be changed according to the relevant regulations of the China Securities Regulatory Commission (“CSRC”) or the Shanghai Stock Exchange (“SSE”). Jiangxi Jinko is also entitled to call all or part of the 2029 Notes for an amount equal to 100% of the principal amount and any accrued and unpaid interests, if the closing price of the Jiangxi Jinko’s shares is not less than 120% (inclusive) of the current conversion price for at least 15 out of 30 consecutive trading days or if the principal amount of the unconverted 2029 Notes is less than RMB30 million. Share issuance costs that are directly attributable to the issue of the 2029 Notes amounting to approximately RMB32million. During the year of 2023, certain 2029 Notes with the principal amount of RMB0.039 million were converted into 2,750 ordinary shares of Jiangxi Jinko, which attributed to Paker and non-controll interests of RMB0.023million and RMB0.016million, respectively. Accounting for 2029 Notes The conversion option is considered as indexed to the entity’s own stock and therefore does not need to be bifurcated from the debt host as a separate derivative. In addition, by considering the put and call option above are clearly and closely related to the debt host, the 2029 Notes was accounted for as a single instrument as a long-term debt at amortized cost. Related debt issuance cost was recorded as reduction to the long-term debts and are amortized as interest expenses using the effective interest method. Given RMB 5.5 billion of the 2029 Notes were issued to Paker, which were not yet issued out of the Group, related issuance costs amounted to RMB 16.9 million were recorded as deferred issuance cost as of December 31, 2023 (Note 11). Trust arrangement for the 2029 Notes In order to sell the 2029 Notes held by Paker in further, in April 2023, Trusts were set up by Paker and a group of financial institutions (bankers and brokers, collectively “Financial Institutions”) as the trustors. The Trusts will purchase all the 2029 Notes held by Paker at a minimum price of RMB105 each and sell to third parties in the market during the period from October 26, 2023 till March 26, 2024. Any excess earnings over RMB105 shall be shared between Paker and the Financial Institutions based on the ratio of 81% and 19% in the form of dividends of the Trusts. The economic substance of the transaction is that Paker engages the Financial Institutions to issue the RMB5.5 billion Notes to third party investors with a commission of 19% earnings over RMB105 each. Considering the factors that i) these Trusts were established to facilitate the Notes issuance, ii) Paker has power over when and how many 2029 Notes to be issued to the Trusts, and iii) these Trusts have been limited and cannot conduct other activity, the Company concluded that Paker is the primary beneficiary of the Trusts and shall consolidate the Trusts. As of December 31, 2023, the Financial Institutions have accumulatively subscribed trust units with a total consideration of consideration of RMB 668 million which was recorded as liabilities in the Group’s consolidated financial statements (Note 17). In 2023, the Trusts purchased the 2029 Notes from Paker at the value of RMB 105 each with a total consideration of RMB 694 million, among which, RMB 221 million of the 2029 Notes was sold by the Trusts at the market with the total consideration of RMB 226 million. As a result, as of December 31, 2023, in the Group’s consolidated financial statement, management recorded long term debt as convertible notes measured at amortized cost with the amount of RMB 226 million upon market sales of these Notes. Profit distributions due to the Financial Institutions with the amount of RMB 1 million were recorded as liabilities and debit to “Other income, net” in the Group’s consolidated financials. |
ORDINARY SHARES
ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2023 | |
ORDINARY SHARES. | |
ORDINARY SHARES | 23. ORDINARY SHARES The Company’s authorized share capital is USD10 comprising 500,000,000 ordinary shares with a par value of USD0.00002 each. As of December 31, 2020, the Company issued 190,380,309 ordinary shares, among which, 187,434,469 shares were outstanding and 2,945,840 shares were recorded as treasury stock. During the year of 2021, certain 2024 Notes with the principal amount of USD16 million were converted into 3,281,244 ordinary shares of the Company (Note 22). As of December 31, 2021 and 2022, total of 736,460 ADSs (2,945,840 shares) were repurchased but have not been retired with a total consideration of RMB43 million which is shown as treasury stock. These treasury stock was cancelled and retried in 2023. During the year of 2023, certain 2024 Notes with the the principal amount of USD14.1 million were converted into 2,938,412 ordinary shares of the Company (Note 22). During the year of 2023, 5,792,846 restricted shares granted by the Company were vested and registered as ordinary shares of the Company. For the year ended December 31, 2023, 340,000 outstanding ADSs (1,360,000 shares) were repurchased with a total consideration of USD11 million (equivalents to RMB79 million), which is shown as treasury stock. As of December 31, 2023, the Company issued 209,920,447 ordinary shares, among which, 208,560,447 shares were outstanding and 1,360,000 shares were recorded as treasury stock. |
SUBSIDIARY'S OFFERING OF ITS EQ
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | |
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | 24. SUBSIDIARY’S OFFERING OF ITS EQUITY INTERESTS In October 2020, Jiangxi Jinko, principal operating subsidiary of the Group, completed an RMB3.10 billion (approximately USD 461 million) equity financing. Immediately after the closing, third-party investors together with the Company’s principal shareholders and senior management personnel, directly or through their investment arms, collectively owned approximately a 26.7% equity interest in Jiangxi Jinko and the Company owned 73.3% equity interest in Jiangxi Jinko. Pursuant to the equity financing agreements, third-party investors have the option to require the Company’s principal shareholders (Mr. Xiande Li, Mr. Kangping Chen and Mr. Xianhua Li) to repurchase their equity interests in Jiangxi Jinko upon the occurrence of certain events. Considering these rights of third-party investors solely against the Company’s principal shareholders and did not change the Group’s rights attached to the Jiangxi Jinko’s ordinary shares, the equity financing in Jiangxi Jinko is not mandatorily nor contingently redeemable against Jiangxi Jinko or the Group, and therefore, the equity financing was classified as noncontrolling interest in the Company’s consolidated financial statements. Given the Group may not have been able to consummate the equity financing without the rights provided by the Company’s principal shareholders, values of the rights provided by the Company’s principal shareholders are deemed as shareholder contributions from the principal shareholders to the Company. Since the contributions from the Company’s principal shareholders incurred directly attributable to Jiangxi Jinko’s equity financing, the contributions were treated as issuance cost of the equity financing and was recorded as a reduction of noncontrolling interest with a credit of additional paid-in capital. Fair value of the rights provided by the Company’s principal shareholders approximated RMB140 million. On January 26, 2022, Jiangxi Jinko completed its IPO and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board (“STAR Market”). The IPO raised net proceeds of approximately RMB 9,723 million, of which, RMB 6,419 million was recorded in the non-controlling interest and RMB 3,304 million was recorded in the additional paid in capital. After the IPO, the Group owned approximately 58.62% of Jiangxi Jinko. Jiangxi Jinko’s non-controlling interests’ ownership of the subsidiary changed from 26.72% to 41.38% due to the IPO. In April 2022, upon approval obtained from the board of directors of Jiangxi Jinko, Jiangxi Jinko declared dividends of RMB230 million for the year ended December 31, 2021, among which RMB95 million was distributed to the Company’s non-controlling interest shareholders. Jiangxi Jinko paid the dividends in 2022. In June 2023, upon approval obtained from the board of directors of Jiangxi Jinko, Jiangxi Jinko declared dividends of RMB890 million for the year ended December 31, 2022, among with RMB368 million was distributed to the Company’s non - controlling interest shareholders. Jiangxi Jinko paid the dividends in 2023. In September 2023, Jiangxi Jinko bought back a total of its 29,721,264 ordinary shares in the STAR market with a total consideration approximated RMB 300 million. The 29,721,264 shares were reserved for Jiangxi Jinko’s future share option grants. Upon consummation of the buy - back transaction, ownership of Jiangxi Jinko’s non - controlling interests decreased from 41.38% to 41.20%. The shares buy - back transaction was treated as transaction with non - controlling interests, and therefore, the aggregated net excess of the consideration over the carrying amounts of acquired non - controlling interests, being approximately RMB 121 million, was recorded as deduction to additional paid - in capital in the consolidated financials. During the year of 2023, certain 2029 Notes with the principal amount of RMB0.038 million were converted into 2,750 ordinary shares of Jiangxi Jinko. In addition, 5,193,983 share option issued by Jiangxi Jinko were exercised (Note 25). Upon consummation of the conversion of 2029 Notes and exercise of share option, ownership of Jiangxi Jinko’s non - controlling interests increased from 41.20% to 41.24%. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
SHARE BASED COMPENSATION | |
SHARE BASED COMPENSATION | 25. SHARE BASED COMPENSATION (a) Incentive plan of JinkoSolar Holding The Company adopted a long-term incentive plan (the “2009 Plan”) in July 2009 which was subsequently amended and restated. The 2009 plan provided for the issuance of options of 10,897,300 ordinary shares. The options have a contractual life of 7 years except for certain options granted to an employee in August 2009 that can be exercised until October 1, 2013. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date. For 953,200 options granted to one employee in August 2009, the share options vested in a series of 36 months, on the last day of each month, commencing from October 1, 2008. The Company adopted a long-term incentive plan (the “2014 Plan”) in August 2014. The 2014 Plan provides for the issuance of options of 12,037,980 ordinary shares. The options have a contractual life of 10 year. The share options will vest in 5 successive equal annual installments on the last day of each year from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date. The Company adopted a long-term incentive plan (the “2021 Plan”) in August 2021. The 2021 Plan provides for the issuance of restricted shares of 354,000 ordinary shares. The restricted shares have a contractual life of 5 year. The restricted shares will vest in 10 successive equal semi-annual installments on the first day of half-year anniversaries starting from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date. The Company adopted a long-term incentive plan (the “2022 Plan”) in February 2022. The 2022 Plan provides for the issuance of restricted shares of 16,684,600 ordinary shares. The restricted shares have a contractual life of 3 year. Fifty percent (50%) of the restricted shares were immediately vested at the grant date and the rest of the restricted shares will vest in 12 successive equal quarter installments on the first day of quarter anniversaries starting from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date. The Company adopted a long - term incentive plan (the “2023 Plan”) in Janurary 2023. The 2023 Plan provides for the issuance of restricted shares of 20,800,000 ordinary shares. The restricted shares have a contractual life of 7 year. The vesting of the Awards is subject to (i) the participants’ continued service with the Company, and (ii) the Company meeting certain financial performance targets and investment targets. The restricted shares will vest in 14 successive equal semi - annual installments on the first day of half - year anniversaries starting from the grant date, provided that the personnel’s service with the Company has not terminated prior to each such vesting date. (i) A summary of the share option activities under the Company’s share-based compensation plan for the years ended December 31, 2021, 2022 and 2023 is as follows (RMB in thousands, except for share, exercise price and contractual term): Number of Weighted-average option Weighted-average remaining Aggregate outstanding exercise price contractual term intrinsic value (USD/share) (in years) (RMB) Balance as of December 31, 2020 716,748 3.46 4.25 58,836 Granted — — — — Exercise (105,200) 3.29 — — Forfeited (264,012) 3.29 — — Balance as of December 31, 2021 347,536 3.65 3.84 17,373 Granted — — — — Exercise (175,536) 3.35 — — Forfeited — — — — Balance as of December 31, 2022 172,000 3.96 2.69 8,305 Granted — — — — Exercise — — — — Balance as of December 31, 2023 172,000 3.96 1.68 7,157 Vested as of December 31, 2023 172,000 3.96 1.68 7,157 Vested and exercisable as of December 31, 2023 172,000 3.96 1.68 7,157 The aggregate intrinsic value is calculated as the difference between the market price of ordinary shares, USD9.24 (RMB65.41) per share as of December 31, 2023 and the exercise prices of the options. Total intrinsic value of options exercised during the years ended December 31, 2021 and 2022 were RMB 6 million and RMB 8 million, respectively. Nil options was exercised for the years ended December 31, 2023. Share-based compensation expenses related to the option awards granted to the employees amounted to RMB0.5 million, nil and nil for the years ended December 31,2021, 2022 and 2023, respectively. The total fair value of shares vested for the years ended December 31, 2021, 2022 and 2023 were RMB2 million, RMB5 million and RMB nil million, respectively. For the years ended December 31, 2021, 2022 and 2023, total cash received from the exercise of share options was RMB 10 million, RMB 5 million and nil, respectively. (ii) The fair value of each restricted share granted with service conditions is estimated based on the fair market value of the underlying ordinary shares of the Company on the date of grant. The following table summarizes activities of the Company’s restricted shares under the 2021 Plan, 2022 Plan and 2023 Plan: Number of restricted shares Weighted average grant outstanding date fair value (RMB) Unvested as of December 31, 2021 318,600 86.38 Granted 16,684,600 72.10 Vested (10,188,740) 72.08 Unvested as of December 31, 2022 6,814,460 72.38 Granted 20,800,000 68.87 Vested (10,671,778) 70.00 Unvested as of December 31, 2023 16,942,682 69.57 Share-based compensation expenses of RMB9 million, RMB968 million and RMB721 million related to restricted shares were recognized for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2021, 2022 and 2023, there were RMB20 million, RMB256 million and RMB968 million of unrecognized compensation expenses related to restricted shares which is expected to be recognized over a weighted-average period of 4.58, 2.28 years and 5.70 years, respectively. (b) Incentive plan of Jiangxi Jinko In October 2022, Jiangxi Jinko adopted its 2022 Equity Incentive Plan (the “Jiangxi Jinko 2022 Plan”), which permits the grant of stock options of Jiangxi Jinko to its employees. The share option have a contractual life of 3 year with thirty percent (30%) vested on each of the first year and second year A summary of share option activities under the Jiangxi Jinko 2022 Plan for the years ended December 31, 2022 and 2023 is as follows (RMB in thousands, except for share, exercise price and contractual term): Number of Weighted-average option Weighted-average remaining Aggregate outstanding exercise price contractual term intrinsic value (RMB/share) (in years) (RMB) Balance as of December 31, 2021 — — — — Granted 32,149,900 8.81 2.89 187,755 Vested — — — — Balance as of December 31, 2022 32,149,900 8.81 2.89 187,755 Exercise (5,193,983) 8.72 — — Forfeited (7,576,422) 8.72 — — Balance as of December 31, 2023 19,379,495 8.72 2.28 2,713 Vested and expected to vest as of December 31, 2023 19,379,495 8.72 2.28 2,713 Vested and exercisable as of December 31, 2023 19,379,495 8.72 2.28 2,713 The aggregate intrinsic value is calculated as the difference between the market price of ordinary shares, RMB8.86 per share as of December 31, 2023 and the exercise prices of the options. Total intrinsic value of options exercised during the year ended December 31, 2022 and 2023 were nil and RMB3 million, respectively. Share-based compensation expenses related to the option awards granted to the employees under Jiangxi Jinko 2022 Plan was amounted to RMB 33 million and RMB 142 million for the years ended December 31, 2022 and 2023, respectively. For the years ended December 31, 2022 and 2023, total cash received from the exercise of share options under the Jiangxi Jinko 2022 Plan were nil and RMB45 million, respectively. As of December 31, 2023, share options vested under the Jiangxi Jinko 2022 Plan were recorded as noncontrolling interests in the Company’s consolidated financials with the amount of RMB132 million. The total share-based compensation expense of continuing operations for the year ended December 31, 2021, 2022 and 2023 was recorded in the respective items (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Costs of revenues 131 17,676 1,734 Selling expenses 131 7,101 28,439 General and administrative expenses 9,622 974,564 825,688 Research and development expenses — 1,528 6,781 Total 9,884 1,000,869 862,642 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
RELATED PARTY TRANSACTIONS AND BALANCES | 26. (a) Related party balances Outstanding amounts due from/to related parties as of December 31, 2022 and 2023 were as follows (RMB in thousands): 2022 2023 December 31 December 31 RMB RMB Accounts receivable from related parties: Accounts receivable from JinkoPower for sales of solar modules and others 139,713 296,512 Notes receivables from a related party: Notes receivables from JinkoPower 282,824 1,183 Advances to a related party: Advance to Xinte Silicon for inventory purchase 56,860 6,555 Prepayment and other receivables from related parties: Prepayments to JinkoPower for outsourcing services 5,664 12,635 Other receivables due from JinkoPower for disposal of solar power projects 12,953 13,141 Other receivables due from Sweihan PV Power Company P.S.J.C (“Sweihan PV”, which develops and operates solar power projects in Dubai) for technical services 1,075 1,224 Other receivables from JinkoPower for miscellaneous transactions 3,413 412 Subtotal 23,105 27,412 Other assets from related parties: Long-term receivables due from JinkoPower for disposal of solar power projects 14,603 16,859 Long-term receivables due from Sweihan PV 37,760 38,376 Subtotal 52,363 55,236 Accounts payable due to a related party: Accounts payable due to Xinte Silicon for inventory purchase — 21,244 Advances from a related party Advances from JinkoPower 3,829 3,412 Notes payables due to a related party Notes payables due to Xinte Silicon for inventory purchase 419,500 277,000 Other payables due to related parties: Other payables due to JinkoPower for payments on behalf of the Company 5,964 11,599 (1) Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms. (b) Related party transactions Transactions related parties for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Revenue from sales of products and providing services to related parties Income of financing guarantees 6,364 — — Revenue from sales of products to JinkoPower 27,099 325,175 353,420 Income of project management provided to Sweihan PV 660 2,979 3,931 Rental services provided to JinkoPower 4,004 5,041 11,590 Service expenses and silicon procurement provided by related parties Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng 5,310 — — Management service provided by JinkoPower 8,753 8,863 16,400 Electricity fee charged by JinkoPower 7,725 25,735 119,352 Silicon procurement from Xinte Silicon (Note 12) — 824,785 1,537,073 Other fees charged by JinkoPower 16 — 5,109 - In connection with the Company’s disposal of JinkoSolar Power downstream business in 2016, the Group entered into a master service agreement with JinkoPower under which the Group agreed to provide a guarantee for JinkoPower’s financing obligations under its separate loan agreements. In the event that JinkoPower fails to perform its obligations under the loan agreements or otherwise defaults thereunder, the Company will become liable for JinkoPower’s obligations under the loan agreements. The Company will charge JinkoPower service fees for the debt payment guarantee service according the master service agreement. Pursuant to the master service agreement, guarantee service fee is to be settled annually, and the management of the Company believes the guarantee fee charges are at market rates. The guarantee receivables are settled upon the receipt of guarantee fees from JinkoPower. The Company received RMB21 million, nil and nil guarantee fees from JinkoPower in 2021, 2022 and 2023, respectively. In the year of 2022, the Group and JinkoPower entered into an agreement to cancel the above guarantee arrangement. As of December 31, 2021, 2022 and 2023, the Company recorded the guarantee fee income receivable amounted to RMB 3 million, RMB 3 million and nil . The Company recorded a guarantee liability amounted to RMB 12 million, nil and nil as of December 31, 2021, 2022 and 2023, respectively. The guarantee liability was amortized over the expected guarantee period from 1 to 16 years which relates to the life of the outstanding guaranteed bank loans in the subsequent reporting periods. Other income from JinkoPower for the guarantee fee amortized for the period during the year ended December 31, 2021, 2022 and 2023 amounted to RMB 6 million, RMB nil and RMB nil , respectively. - Solar module transactions with JinkoPower For the years ended December 31, 2021, 2022 and 2023, sales of solar module products to subsidiaries of JinkoPower amounted to RMB 27 million, RMB 325 million and RMB 353 million, respectively. Payment term offered by the Group to JinkoPower is consistent with the Group’s 3rd party sales arrangement. As of December 31, 2022 and 2023 outstanding receivables due from JinkoPower were RMB 423 million and RMB 298 million, respectively. - Rental services provided to JinkoPower For the years ended December 31, 2021, 2022 and 2023, rental services provided to subsidiaries of JinkoPower amounted to RMB 4 million, RMB 5 million and RMB 12 million, respectively. - Transactions with Jinko-Tiansheng Jinko-Tiansheng is an OEM service provider who provided PV module processing and assembling services to the Group. For the years ended December 31, 2021, 2022 and 2023, Jinko-Tiansheng charged the Group processing fee amounted to RMB 5 million, nil and nil , respectively. The Group entered into a share purchase agreement to dispose all of its equity interest in Jinko-Tiansheng to Jinko-Tiansheng’s other shareholders in November 2021. The carrying value of the Group’s investment in Jinko-Tiansheng which met recognition criteria in ASC 360-10-45-9 was reclassified as a held for sale asset as of December 31, 2021. The disposition was consummated in 2022 with a gain of RMB 12 million recognized (Note 5). - Management service provided by JinkoPower In November 2017, the Company entered into an agreement with JinkoPower, which entrusted JinkoPower to exercise certain shareholders’ rights (other than right of profit distribution, right of residual property distribution and right of disposition) in five operating entities of overseas power stations wholly-owned by the Company, enabling JinkoPower to monitor the construction and daily operations of these power stations. The Company retains ownership of these power stations and there exists no call or other rights of JinkoPower. The Company agrees to pay service fees calculated based on the actual costs incurred by JinkoPower during the power stations’ construction period and a fixed amount fee during the operation period. The Company recorded service expenses incurred in the years of 2021, 2022 and 2023 amounted to RMB 8 million, RMB 7 million and RMB 7 million, respectively. Other than the solar project management service, JinkoPwoer also provided other management services to the Company amounted to RMB 1 million, RMB 2 million and RMB 9 million in 2021, 2022 and 2023, respectively. - Electricity fee charged by JinkoPower For the years ended December 31, 2021 and 2022 and 2023, electricity fee charged by subsidiaries of JinkoPower amounted to RMB 8 million, RMB 27 million and RMB 119 million, respectively. - Silicon procurement from Xinte Silicon JinkoSolar jointly invest in Xinte Silicon in 2021 which was accounted for under the equity method (Note 12). JinkoSolar purchased polysilicon of RMB nil, RMB825 million, and RMB1,537 million from Xinte Silicon during the years ended December 31, 2021, 2022 and 2023, respectively. |
CERTAIN RISKS AND CONCENTRATION
CERTAIN RISKS AND CONCENTRATION | 12 Months Ended |
Dec. 31, 2023 | |
CERTAIN RISKS AND CONCENTRATION | |
CERTAIN RISKS AND CONCENTRATION | 27. CERTAIN RISKS AND CONCENTRATION (a) Concentrations of credit risk Financial instruments that potentially subject the Group to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, restricted short-term investments, restricted long-term investments, accounts receivable, prepayments and other current assets. As of December 31, 2022 and 2023, substantially all of the Group’s cash and cash equivalents, restricted cash, restricted short-term investments, and restricted long-term investments were held by major financial institutions located in the PRC. As of December 31, 2023, the Group has RMB29,115 million in cash and cash equivalents, restricted cash, short-term investments,restricted short-term and long-term investments, among which 89%, 5%, 4%, 1% and 1% is held by financial institutions in the China, United States, Malaysia, Vietnam and Australia as of December 31, 2023, respectively. The Group is also exposed to the credit and financial risks of its suppliers to which the Group made advances. The Group’s financial condition and results of operations may be materially affected if the suppliers fail to meet their obligations of supplying silicon materials according to the contractually agreed schedules. (b) Foreign currency risk The Group has contracts for the sales of products, purchases of materials and equipment which are denominated in foreign currencies, including US Dollars, and Euros. For the year ended December 31, 2023, 61.73% of the Group’s revenues are dominated in foreign currencies, including US Dollars, Euros, Yen, Australian Dollars, Canadian Dollars, South African Rand and Pounds. Renminbi, the functional currency of the Company, is not freely convertible into foreign currencies. The group uses a combination of foreign currency options and foreign currency forwards to hedge its exposure to foreign currency risk. (c) Major customers The Group performs ongoing credit evaluations of its customers’ financial condition whenever deemed necessary and generally does not require collateral. The Group maintains an allowance for credit losses based upon the expected collectability of all accounts receivable, which takes into consideration an analysis of historical bad debts, specific customer creditworthiness and current economic trends. There was no accounts receivable represented by customers with balances over 10% of accounts receivables as of December 31, 2021, 2022 and 2023, respectively. In 2021, 2022 and 2023, the Group’s largest customer accounted for 4.6%, 4.6% and 5.1% of the Group’ total revenue, respectively. (d) Major suppliers In 2021, 2022 and 2023, the Group’s five largest group suppliers accounted for 78.7%, 77.4% and 83.1%, respectively, of its total silicon purchases by value. In 2021, three of its group suppliers individually accounted for more than 10%, and its largest group supplier accounted for 28.5% of its total silicon purchases by value. In 2022, two of its group suppliers individually accounted for more than 10%, and its largest group supplier accounted for 34.0% of its total silicon purchases by value. A “group supplier” refers to an aggregation of the Group’s suppliers that are within the same corporate group. In 2023, four of its group suppliers individually accounted for more than 10%, and its largest group supplier accounted for 30.6% of its total silicon purchases by value. (e) Interest rate The Group’s main interest rate exposure relates to long-term borrowings. Any increase in interest rates would increase the Group’s finance expenses relating to our variable rate indebtedness and increase the costs of issuing new debt or refinancing its existing indebtedness. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | 28. COMMITMENTS AND CONTINGENCIES (a) Capital commitments The Group entered into several purchase agreements and supplementary agreements with certain suppliers to establish manufactory plants and acquire machineries to be used in the manufacturing of its products. The Group’s total future payments under these purchase agreements amounted to RMB20,153 million as of December 31, 2023. Year ending December 31, RMB 2024 7,339,798 2025 10,250,563 Thereafter 2,562,641 Total 20,153,002 (b) Contingencies Arbitration filed by Singapore customer In November 2018, one of the Group’s customers in Singapore (the “Singapore Customer”) filed two Notices of Arbitration (“NoAs”) in two arbitrations with Arbitration No. ARB374/18/PPD (“ARB 374”) and Arbitration No. ARB375/18/PPD (“ARB 375”), respectively, against Jinko Solar Import & Export Co., Ltd. (“Jinko IE”) at Singapore International Arbitration Centre. These NoAs were subsequently amended by the Singapore Customer, and Jinko IE received the amended Notices of Arbitration from the Singapore Customer on December 20, 2018. The Singapore Customer claimed respectively in ARB 374 and ARB 375 that the photovoltaic solar modules supplied by Jinko IE to the Singapore Customer under the purchase agreement dated December 25, 2012 (“2012 Contract”) and January 28, 2013 (“2013 Contract”) were defective. The Singapore Customer sought, inter alia, orders that Jinko IE replace the modules and/or that Jinko IE compensate the Singapore Customer for any and all losses sustained by the Singapore Customer as a result of the supply of allegedly defective modules. In January 2019, Jinko IE issued its responses to the NoAs in ARB 374 and ARB 375, disputing the Singapore Customer’s reliance on the arbitration clauses in the 2012 Contract and the 2013 Contract, denying all claims raised by the Singapore Customer, and disputing that the Singapore Customer was entitled to the reliefs claimed in the arbitrations. Arbitration tribunals in both ARB 374 and ARB 375 were constituted on September 5, 2019, which directed on January 14, 2020 that (i) the Singapore Customer shall submit its statement of claim in both ARB 374 and ARB 375 and Jinko IE shall submit its statement of defense no later than five months after Singapore Customer’s submission of statement of claim; and (ii) the hearing of the arbitrations shall be bifurcated with the liability issue to be first determined by the tribunals, and then depending on the outcome of the liability issue, the issue of remedies/damages payable to be determined in the subsequent proceedings in such manner as may be directed by the tribunals. On August 7, 2020, the Singapore Customer submitted its statement of claim in both ARB 374 and ARB 375. In the statement of claim, the Singapore Customer maintained its claim that the photovoltaic solar modules supplied by Jinko IE to them under the 2012 Contract and the 2013 Contract were defective, and that Jinko IE should be liable in respect of all the modules supplied under the 2012 Contract and the 2013 Contract. On December 16, 2020, following Jinko IE’s request, the tribunals in both ARB 374 and ARB 375 directed that Jinko IE’s statement of defense should be submitted by February 11, 2021. On February 11, 2021, Jinko IE submitted its statement of defense and relevant evidence. In the statement of defense, Jinko IE (i) requested the tribunal to declare that it lacks jurisdiction over the dispute; and (ii) denied all the Singapore Customer claims and requested the same be dismissed by the tribunal. On February 22, 2021, upon mutual agreement by Jinko IE and the Singapore Customer, the tribunal directed that ARB 374 and ARB 375 should be consolidated. On August 24, 2021, the tribunal decided Jinko IE and the Singapore Customer’ respective Redfern Schedules. On October 5, 2021, Jinko IE and the Singapore Customer exchanged documents pursuant to the tribunal’s decision on the Redfern Schedules. On February 19, 2022, the Singapore Customer filed its Reply Memorial (accompanied by all evidence, including factual exhibits, written witness statements, expert reports and legal authorities relied upon). On July 17, 2022, Jinko IE submitted its Rejoinder Memorial with all evidence correspondingly in reply to Reply Memorial. From October 10 to 21, 2022, the hearing for liability issue was held in Singapore, during which the tribunal heard the parties’ oral opening statements, evidence from the parties’ factual and expert witnesses, and oral closing statements. According to the tribunal’s directions, the parties submitted Post-hearing Briefs on January 20, 2023 and the Reply Post-hearing Briefs on March 3, 2023. On August 17, 2023, the tribunal issued Partial Award on Jurisdiction and Liability (the “Partial Award”), as corrected on October 2, 2023. Pursuant to the Partial Award, 365,000 solar modules supplied by Jinko IE to Singapore Customer under 2012 and 2013 Contracts are not fit for the purpose for which the solar modules would ordinarily be used for. The Partial Award also mentioned that the remedies to be awarded (if any) as well as the amount Jinko IE to compensate would be determined in the final award. The final award is expected to be issued within one In November 2023, Jinko IE initiated procedures with the local court to set aside the Partial Award (case number “OA 1165”). On February 21, 2024, Singapore Customer filed and served its submissions on remedies which quantified its claim at US$38,564,987 (RMB 273 million) plus the costs of disposal of the defective Modules and interest on damages at a rate of 5.33%. On April 25,2024, the court dismissed Jinko IE’s application to set aside the Partial Award. Jinko IE will file and serve its submissions on remedies by June 4, 2024 according to the current schedule of the case. In view of the latest submission from Singapore Customer, management reassessed the potential exposures with the assistance from its external legal counsel, management consider that Jinko has a reasonable basis to challenge the quantum of Singapore Customer’s claims for damages in this consolidated arbitration. Based on the asssessment, management concluded that its best estimation with respect to the potential exposures of the arbitration would be RMB 180 million as at December 31, 2023. As a result, the Company recorded accruals with the amount of RMB 180 million as at December 31, 2023. Arbitration filed by Hanwha In March 2019, Hanwha Q CELLS (defined below) filed patent infringement lawsuits against the company and a number of the company’s subsidiaries. (i) On March 4, 2019, Hanwha Q CELLS USA Inc. and Hanwha Solutions Corporation (The plaintiff has been changed from Hanwha Q CELLS & Advanced Materials Corporation to Hanwha Solutions Corporation (registration no. 110111-0360935) during the course of the proceedings because of restructuring undertaken by its affiliate(s) in relation to ownership of the patent in suit) (collectively, “Plaintiffs A”) filed suit against JinkoSolar Holding Co., Ltd and several of its subsidiary entities, i.e. JinkoSolar (U.S.) Inc, Jinko Solar (U.S.) Industries Inc, Jinko Solar Co., Ltd, Zhejiang Jinko Solar Co., Ltd and Jinko Solar Technology Sdn.Bhd (collectively “Respondents”) at the U.S. International Trade Commission (“ITC”). In the complaint, it was alleged that certain photovoltaic solar cells and modules containing these solar cells supplied by the Respondents infringed U.S. Patent No. 9,893,215 purportedly owned by Hanwha Q CELLS & Advanced Materials Corporation and Plaintiffs A requested a permanent limited exclusion order and a cease and desist order be issued against the Respondents’ allegedly infringing products. On March 5, 2019, Hanwha Q CELLS & Advanced Materials Corporation filed a suit against the Respondents before the U.S. District Court for the District of Delaware (“District Court”) alleging that certain photovoltaic solar cells and modules containing these solar cells supplied by the Respondents infringed U.S. Patent No. 9,893,215 allegedly owned by Hanwha Q CELLS & Advanced Materials Corporation and sought reliefs including compensation for alleged infringement activities, enhanced damages and reasonable attorney fees. On April 9, 2019, the ITC published the Notice of Institution on Federal Register. On April 15, 2019, the District Court granted our motion to stay the court litigation pending final resolution of the ITC. On May 3, 2019, the Respondents submitted their response to the complaint of Plaintiffs A to the ITC requesting ITC among other things to deny all relief requested by Plaintiffs A. On September 13, 2019, the Respondents filed motion for summary determination of non-infringement with ITC. On April 10, 2020, the administrative law judge issued the initial determination granting the Respondents’ motion for summary determination of non-infringement. On June 3, 2020, the ITC determined to affirm the initial determination issued by the administrative law judge granting respondents’ motions for summary determination of non-infringement and terminate the investigation (the “Final Determination”). On July 31, 2020, Plaintiffs A filed its petition to review with the United States Court of Appeals for the Federal Circuit against the ITC’s Final Determination. On August 27, 2020, the Respondents filed the motion to intervene of such appeal. Plaintiffs A filed its opening appeal brief in November 2020. The Respondents filed the principal brief in February 2021. On July 12, 2021, the United States Court of Appeals for the Federal Circuit affirmed the ITC’s findings that Respondents’ products do not infringe U.S. Patent No. 9,893,215. On June 27, 2022, the District Court entered a joint motion to dismiss the said court litigation. (ii) On March 4, 2019, Hanwha Q CELLS GmbH (“Plaintiff B”), filed a patent infringement claim against JinkoSolar GmbH before the Düsseldorf Regional Court in Germany alleging that certain photovoltaic solar cells and modules containing these solar cells supplied by JinkoSolar GmbH infringed EP2 220 689 purportedly owned by Plaintiff B. On April 10, 2019, JinkoSolar GmbH filed the first brief with the court stating JinkoSolar GmbH would defend itself against the complaint. On September 9, 2019, JinkoSolar GmbH filed its statement of defense with the court (the “Statement of Defense”), requesting that the claim be dismissed and that Plaintiff B to bear the costs of the legal dispute. On March 3, 2020, Plaintiff B filed its reply to the Statement of Defense with the court. On April 20, 2020, JinkoSolar GmbH filed its rejoinder with the court commenting on Plaintiff B’s reply on March 3, 2020. On May 5, 2020, the oral hearing regarding the validity of the EP2 220 689, Plaintiff B’s entitlement to sue, and the infringement was held before the Düsseldorf Regional Court. On June 16, 2020, the Düsseldorf Regional Court sided with Plaintiff B and ordered that the third party cell technology contained in certain modules delivered by JinkoSolar GmbH infringes Plaintiff B’s patent (the “Judgment”). JinkoSolar GmbH filed its notice of appeal on July 14, 2020. On October 16, 2020, JinkoSolar GmbH submitted grounds of appeal to the Düsseldorf Higher Regional Court. On March 1, 2021, JinkoSolar GmbH submitted appeal joinder to the Düsseldorf Higher Regional Court. On September 28, 2020, Plaintiff B has submitted the request for penalty to Düsseldorf Regional Court, claiming that JinkoSolar GmbH violated the Judgment by continuing to promote infringing products and requesting imposition of penalty for such violation. Though not specified in Plaintiff B’s request, in general we do not expect the amount of such penalty to exceed €250,000. On November 30,2020, JinkoSolar GmbH submitted its response to Plaintiff B’s request for penalty. On April 6, 2021, JinkoSolar GmbH submitted its second response to Plaintiff B’s request for penalty. On August 23, 2021, Düsseldorf Regional Court dismissed Plaintiff B’s request for penalty. The oral proceedings at the Düsseldorf Higher Regional Court was held on March 30, 2023. Following this hearing, the Düsseldorf Higher Regional Court decided on April 20, 2023 that evidence should be taken by firstly hearing a witness and subsequently obtaining a written technical opinion from a court appointed expert. On June 2, 2023, Jiangxi Jinko and Hanwha Solutions Corporation and its affiliates entered into a patent cross-license and settlement agreement (“Patent Cross-License and Settlement Agreement”), pursuant to which both parties agreed that: (a) grant mutual licenses to each other concerning a number of patents, including but not limited to the patents in dispute, and payment of license fees, and (b) terminate all worldwide pending patent infringement and invalidation proceedings between both parties (including each party’s affiliates). Consequently, JinkoSolar GmbH withdrew its appeal on June 22, 2023 and Düsseldorf Higher Regional Court terminated the proceedings by a decision dated June 26, 2023. During the year ended December 31, 2023, the Company recorded the corresponding accounting implication related to the Hanwha Licensed Patents at its consolidated financial statements. (iii) On March 12, 2019, Hanwha Solutions Corporation (registration no. 110111-0360935) (The plaintiff has been changed from Hanwha Q CELLS & Advanced Materials Corporation to Hanwha Solutions Corporation during the course of the proceedings because of restructuring undertaken by its affiliate(s) in relation to ownership of the patent in suit) and Hanwha Q CELLS Australia Pty Ltd (“Plaintiffs C”, together with Plaintiffs A and Plaintiff B, “Hanwha Q CELLS Plaintiffs”) filed suit at Federal Court of Australia (“FCA”) against Jinko Solar Australia Holdings Co. Pty Ltd (“Jinko AUS”). It was alleged that certain photovoltaic solar cells and modules containing these solar cells supplied by Jinko AUS infringed Australian Patent No. 2008323025 purportedly owned by Plaintiffs C. The relief sought by Plaintiffs C includes a declaration of infringement, injunctions restraining future acts of commercial exploitation by way of importing, offering to supply and supplying the relevant products; ancillary relief by way of delivery up for destruction of allegedly infringing product and pecuniary remedies by way of damages (including additional damages) or, at Hanwha’s election, an account of profits; and declarations and injunctions based on the misleading or deceptive conduct claim. It is expected that issues relating to pecuniary relief and their quantum will be separated and deferred for determination after the liability hearing. The FCA served Jinko AUS as the Respondent and the first case management hearing was held on April 12, 2019. The FCA heard the application, and made orders for the conduct of the proceeding at the first case management hearing, following which Jinko AUS submitted its defense and cross-claim to Plaintiffs C’s statement of claim on July 22, 2019. Shortly before the second case management hearing which was held on October 2, 2019, Plaintiffs C requested an amendment to Australian Patent No. 2008323025 (“Amendment Application”) on the stated basis of overcoming prior art relevant to validity and it also appeared that one of the amendments sought by Plaintiffs C was with a view to improving its position in relation to Jinko AUS’s defense to infringement. Plaintiffs C’s Amendment Application was opposed by Jinko AUS and the other Australian respondents and FCA directed Plaintiffs C to give discovery and produce documents in respect to the Amendment Application. The third case management hearing was held on December 13, 2019, after which Jinko AUS submitted particulars of opposition to the Amendment Application and requested for further and better discovery in respect to the Amendment Application. As a result, Hanwha subsequently dropped the amendment in relation to Jinko AUS’s defense to infringement and opposition to the remaining Amendment Application continued for some time but was ultimately not pursued by Jinko AUS and the other Australian respondents. The FCA granted Plaintiffs C’s Amendment Application on August 28, 2020. Following the order directed by FCA at the case management hearing held on November 16, 2020, Plaintiffs C’s has filed its infringement statement at FCA on December 17, 2020 and refers to certain testing undertaken in South Korea in 2018 prior to the commencement of the proceeding, and Jinko AUS has filed a precise non-infringement statement identifying the reasons why certain photovoltaic solar cells and modules supplied by Jinko AUS do not infringe Australian Patent No. 2008323025 on March 9, 2021. Since then, the parties have taken the various procedural steps required by the court’s directions in relation to infringement and validity claims and defences. The final was held from September 23 to 30 and October 10 to 14, 2022. Pursuant to the Patent Cross - License and Settlement Agreement entered into between Jiangxi Jinko and Hanwha Solutions Corporation and its affiliates dated June 2, 2023, Jinko AUS and Hanwha Q CELLS Plaintiffs filed the Notice of Discontinuance dated June 23, 2023, which was acknowledged by the court on June 26, 2023. The Company believes that Hanwha Q CELLS Plaintiffs’ claims in all the above-mentioned cases are lacking legal merit, and will vigorously defend against the claims made by them. The Group is considering all legal avenues including challenging the validity of U.S. Patent No. 9,893,215 (“the ‘215 Patent”), EP 2 220 689 and Australian Patent No. 2008323025 (collectively, the “Asserted Patents”), and demonstrating the Company’s non-infringement of the Asserted Patents. On June 3, 2019, the Company filed a petition for inter partes review (“IPR”) of the ‘215 Patent with the U.S. Patent and Trademark Appeal Board (“PTAB”). IPR is a trial proceeding conducted at the PTAB to review the patentability of one or more claims in a patent. On December 10, 2019, the PTAB instituted the IPR proceedings of the patentability of claims 12-14 of the ‘215 patent claims in view of prior art. On September 9, 2020, the Company attended the oral hearing of IPR of the ‘215 patent. On December 9, 2020, the PTAB issued the final decision on the Company’s petition for IPR, finding that all challenged claims 12-14 of the ‘215 patent are unpatentable. On February 8, 2021, the patent owner of ‘215 Patent, Hanwha Solutions Corporation, appealed to the United States Court of Appeals for the Federal Circuit against such final decision issued by the PTAB (“215 IPR Appeal”). On February 24, 2021, the Company has filed the certificate of interest to participate in 215 IPR Appeal. On May 28, 2021, Hanwha Solutions Corporation filed its opening appeal brief. On July 19, 2021, Hanwha Solutions Corporation filed a motion to remand the case to the United States Patent and Trademark Office. On October 4, 2021, the United States Court of Appeals for the Federal Circuit denied Hanwha Solutions Corporation’s motion to remand. On June 10, 2022, the United States Court of Appeals for the Federal Circuit affirmed the said final decision issued by PTAB that all challenged claims 12-14 of the ‘215 patent are unpatentable. On June 24, 2019, Jinko filed with the European Patent Office a Notice of Intervention in the opposition proceeding regarding the validity of the EP 2 220 689. On March 25 and March 26, 2021, the opposition oral hearing regarding the validity of the EP2 220 689 was held before the European Patent Office. During the hearing, the European Patent Office held that the EP2 220 689 was maintained in amended form. An additional hearing was held on September 28 and 29, 2022, during which the opposition division finally decided to uphold the patent with the limited claims and an amended version of the patent description. Currently, the European Patent Office has not yet issued its decision including the grounds in writing. Following the Patent Cross - License and Settlement Agreement entered between Jiangxi Jinko and Hanwha Solutions Corporation and its affiliates dated June 2, 2023, JinkoSolar GmbH filed the request for withdrawal of the opposition on June 26, 2023 which the European Patent Office acknowledged on the same day. Arbitration filed by Spanish customers On May 7, 2021, one of the company’s Spanish customers (the “Spanish Customer”) submitted a Request for arbitration at International Chamber of Commerce (Case No. 26251/JPA) against Jiangxi Jinko in connection with dispute arising out of a PV Module Sales Contract entered into in August, 2020 (“Contract”). In the Request, the Spanish Customer’s claims are based on (1) Jiangxi Jinko’s alleged breaches of the Contract by being unable to deliver the goods at the initially agreed shipping dates and price; (2) the subsequent termination of the Contract by the Spanish Customer; (3) alleged replacement purchases the Spanish Customer has made to replace the goods originally ordered from Jiangxi Jinko; and (4) alleged further costs and other indirect damages purportedly incurred by the Spanish Customer as a consequence of Jiangxi Jinko ‘s alleged breaches and relating to the PV plant in Australia for which the goods had been intended. On July 21, 2021, Jiangxi Jinko submitted the Answer to the Request and Counterclaim, denying that the Spanish Customer is entitled to the relief it requests and raising a counterclaim for damages its loss of profit as well as wasted costs expended in reliance on the performance of the Contract. On January 28, 2022, the tribunal confirmed the Terms of Reference and Procedural Order No.1 signed by the Spanish Customer and Jiangxi Jinko, according to which, except any extension granted by the tribunal, (1) the Spanish Customer will submit Statement of Claim before April 6, 2022 and Jiangxi Jinko will submit Statement of Defense and Counterclaim before June 6, 2022, (2) the Spanish Customer will submit Statement of Reply and Defense to Counterclaim before September 6, 2022, Jiangxi Jinko will submit Statement of Rejoinder and Reply on Counterclaim before November 4, 2022 and the Spanish Customer will submit Rejoinder on Counterclaim before December 19,2022, (3) the hearing will be held during the week of April 17, 2023. On April 6, 2022, the Spanish Customer submitted Statement of Claim, which maintained the claims as the Request and additionally claimed the legal interest accrued on the amounts requested. On June 6, 2022, Jiangxi Jinko rejected the claims and brought the counterclaim for the wrongful termination in its submission of Statement of Defense and Counterclaim. On September 6, 2022, the Spanish Customer submitted Statement of Reply and Defense to Counterclaim to maintain its positions. On November 4, 2022, Jiangxi Jinko repeatedly denied the claims and claimed for the damgas in its submission of Statement of Rejoinder and Reply on Counterclaim. On December 19, 2022, the Spanish Customer submitted Rejoinder on Counterclaim. The hearing took place from April 18 to 19, 2023 in Madrid. In June 2023, the Spanish Customer and Jiangxi Jinko entered into a settlement agreement (the “Settlement Agreement”), pursuant to which, both parties further entered into a PV Module Sales Contract (the “Sales Contract”) regarding approximatly 325MW PV modules, and mutually agreed that Jiangxi Jinko shall provide a rebate in the form of a credit note in the amount of US$8.5 million (the “Rebate Amount”) to the Spanish Customer in relation to the goods to be purchased under the Sales Contract. The Rebate Amount shall be deducted proportionally from each payment of the purchase price of the Sales Contract. On September 13, 2023, the tribunal ordered the termination of the proceedings upon both parties’ mutual consent. Arbitration filed by Indian customers On June 17, 2022, one of the company’s Indian customers (the “Indian Customer”) submitted a Request for arbitration at International Chamber of Commerce (Case No. 27085/OSI) against Jiangxi Jinko in connection with dispute arising out of a project module supply agreement entered into in May 2017 (“Supply Agreement”). The Indian Customer further submitted Statement of Claim on December 9, 2022, in which the Indian Customer confirmed it does not pursue its claims requiring Jiangxi Jinko to repair or replace relevant modules under the warranty certificate and amended the amount of damages as follows: (i) delay Liquidated Damages in the amount of US$363.3 million; (ii) costs arising from or in connection with the construction / installation of 32MW of additional capacity for the purpose of making up alleged shortfall in the performance of the plant due to allegedly deficient and/or defective modules in the amount of US$14.1 million; and (iii) liquidated damages levied against the EPC Contractor by the owner of the plant in the amount of US$14.6 million, together totalling US$392.0 million. Jiangxi Jinko submited Statement of Defence and Counterclaim on March 10, 2023, strongly defending itself and claiming that the Indian Customer failed to pay the invoices amounting to US$5.3 million. On May 22, 2023, the Indian Customer submitted Reply and Defence to Counterclaim. On June 23, 2023, Jiangxi Jinko submitted Rejoinder to Reply to Defence to Statement of Claim and Reply to Defence to Counterclaim. On June 27, 2023, the Indian Customer submitted Rejoinder to Reply to Defence to Counterclaim. On September 8, 2023, Jiangxi Jinko submitted Surrejoinder to Rejoinder to Reply to Defence to Counterclaim. On October 6, 2023, the Indian Customer submitted Rebutter to Surrejoinder to Rejoinder to Reply to Defence to Counterclaim. On November 9, 2023, Jiangxi Jinko sent a sealed offer to the Indian Customer which was accepted by the Indian Customer and its related parties of the present arbitration on November 15, 2023. Accordingly, Jiangxi Jinko paid a total of US$30,540,793.40 by December 13, 2023, and the Sealed Offer was made in full and final settlement of (1) all of the Indian Customer’s claims and Jiangxi Jinko’s counterclaims as set out in the present arbitration, and (2) all claims that the Indian Customer (or any of its related parties of the present arbitration) has against Jiangxi Jinko (or any of its affiliates): (i) under or in connection with the Supply Agreement and the related warranty certificate; (ii) under or in connection with the module supply agreement relating to the 32MW additional modules; and (iii) in relation to the power project underlying the Supply Agreement. On December 15, the tribual issued an order for Discontinuance of the Arbitration upon both parties’ mutual consent. Pursuant to the Order declared by the tribunal, the Company fully settled the amount of US$30.5 million (equivalents to RMB 216 million) in the fourth quarter of 2023. (c) Guarantees The Company provided the loan guarantee to JinkoPower. In the year of 2022, the Group and JinkoPower entered into an agreement to cancel the guarantee arrangement. (Note 26). |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 29. FAIR VALUE MEASUREMENTS A hierarchy is established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than the quoted price in active markets that are observable either directly or indirectly, or quoted prices in less active markets; and (Level 3) unobservable inputs with respect to which there is little or no market data, which require the Company to develop its own assumptions. Fair value of cash equivalents, restricted cash and restricted short-term investment are categorized as level 1 under the fair value hierarchy, as they based on quoted prices in active markets. Short-term borrowings and long-term borrowing are categorized as level 2 under the fair value hierarchy, as they based on quoted prices in less active markets. Fair value change in forward contracts and foreign exchange options The Company has entered into foreign exchange forward contracts with local banks to reduce the exposure of significant changes in exchange rates between Renminbi and foreign currencies. Authoritative guidance requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the consolidated balance sheets based upon quoted market prices for comparable instruments. The Company’s forward contracts have not met the criteria for hedge accounting within authoritative guidance. Therefore, the foreign exchange forward contracts have been recorded at fair value, with the gain or loss on these transactions recorded in the consolidated statements of operations within “Change in fair value of foreign exchange forward contracts” in the period in which they occur. The Company does not use derivative financial instruments for trading or speculative purposes. The Company held foreign exchange forward contracts with a total notional value of USD 560 million and USD870 million, EUR250 million and EUR170 million, JYP2,000 million and nill as of December 31, 2022 and 2023, respectively. These foreign exchange forward contracts mature within 12 months. The Company used a discounted cash-flow methodology to measure fair value, which requires inputs such as interest yield curves and foreign exchange rates. The significant inputs used in the aforementioned model can be corroborated with market observable data and therefore the fair value measurements are classified as level 2. Typically, any losses or gains on the forward exchange contracts are offset by re-measurement losses or gains on the underlying balances denominated in non-functional currencies. The Company’s foreign currency exchange contract is an over-the-counter instrument. The Company recorded a gain of RMB164 million and a loss from change in fair value of foreign exchange forward contracts of RMB389 million during the year of 2022 and 2023, respectively. The change was primarily due to the appreciation of the U.S. dollars against the RMB during the year of 2022 and 2023. The Group classified the cash flows related to realized gain or loss on settlement of foreign exchange forward contracts as operating activities, which are based on the nature of the cash flows the derivative is economically hedging. The Company entered into USD foreign exchange option contracts with a total notional value of USD120 million, USD65 million and USD520 million, and sold USD foreign exchange option contracts with a total notional value of USD90 million, USD50 million and USD500 million during the years ended December 31, 2021, 2022 and 2023, respectively. The Company entered into EUR foreign exchange option contracts with a total notional value of nil, EUR50 million and nil, and sold EUR foreign exchange option contracts with a total notional value of nil, EUR50 million and nil during the years ended December 31, 2021, 2022 and 2023, respectively. These foreign exchange options mature within 12 months. The Company adopted the Black-Scholes Option Pricing (“B-S”) Model to value the foreign exchange options. The significant inputs used in the aforementioned model are unobservable inputs which there are little or no market data and therefore the fair value measurements are classified as level 3. The foreign exchange option is asset derivatives which need to be fair valued on day one and marked to market subsequently at each reporting period end. The fair value gain or loss arising from the re-measurement is recognized in the consolidated statements of operations and comprehensive income. The fair value change was a gain of RMB19 million, a loss of RMB4 million and a gain of RMB 74.6 million for the year ended December 31, 2021, 2022 and 2023, respectively. Short term investments The Company purchased equity linked notes whose fair value directly linked to the share price of a designated A share listo in China. Equity securities applying fair value option The fair value of equity securities applying fair value option is measured using Level 2 inputs within the fair value hierarchy. In determining the fair value, the Company adopted previous transaction method under market approach, which allows an entity to solve for its implied aggregate equity value by considering its recent arm’s length equity transactions. The Group irrevocably elected fair value option to initially and subsequently measure one of its investments in its entirety at fair value with changes in fair value recognized in earnings, and recorded change in fair value with the amount of RMB102 million and RMB50 million for the year ended December 31, 2022 and 2023, respectively (Note 12). Equity securities with readily determinable fair value Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Equity securities classified within Level 1 are valued using quoted market prices that are currently available. Available-for-sale securities The Group’s available-for-sale securities represents the two Convertible Senior Notes and Call Option The Company has adopted valuation models to assess the fair value for Call option and the Notes, as the Call option is not publicly traded and the trading of the Notes is considered inactive. Management is responsible for determining these fair values and assessing a number of factors. The Notes is valued using the Binominal Tree option pricing model. The valuation involves complex and subjective judgments as well as the Company’s best estimates on the valuation date. Inputs related to the Binomial models for convertible debt fair value are: spot price, conversion price, expected dividend yield, expected share volatility, risk free interest rate, and yield-to-maturity, of which spot price and expected share volatility are most significant to valuation determination of convertible debt. The Call option is valued using the Black-Scholes Model. The valuation involves complex and subjective judgments as well as the Company’s best estimates on the valuation date. Inputs related to the Black-Scholes Models for call option fair value are: call option price, spot price, exercise price, expected dividend yield, risk-free interest rate and time to maturity, of which spot price and exercise price are most significant to valuation determination of call option. The Company recorded loss from change in fair value of convertible senior notes and call option of RMB12 million and RMB31million during the year of 2022 and 2023, respectively. Interest Rate Swap The Company’s exposure to the risk of changes in market interest rates primarily relates to its bank borrowings. To finance its overseas power station business operation and expansion, the Company’s operating subsidiaries located in Mexico obtained long-term bank borrowings from local bank, which carries variable interest rates. With an aim to reduce its interest rate exposure, the Company entered into one long-term interest rate swap contract in 2016 to fix the interest rate as a fixed rate payer. The interest rate swap is a derivative which needs to be fair valued at each reporting period end. The fair value gain or loss arising from the measurement is recognized in the consolidated statements of operations. The fair value change was a loss of RMB79 million for the years ended December 31, 2020. The Company sold its solar power plants in Mexico in March 2020. The Company solar project subsidiary located in Argentina entered into interest rate swap contracts to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. As the interest rate derivatives were designated as cash flow hedges and the hedge is highly effective, all changes in the fair value of the derivative hedging instruments amounted to RMB12 million were recorded in other comprehensive income and as a derivative liability included in the held-for-sale liabilities as of December 31, 2021. The Company sold its solar power plants in Argentina in June 2022. Guarantee liability A guarantee liability is initially recognized at the estimated fair value in the Group’s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group’s consolidated balance sheets at the expected amount payable to the holder. The fair value of the guarantee liability is measured by the total consideration to be received in connection with the provision of guarantee. The guarantee liability would be amortized in straight line during the guarantee period. The guarantee arrangement was canceld in year 2022. Financial liabilities measured at fair value As disclosed in Note 22, in 2023, the Group established Trusts with a group of financial institutions for the issuance of Jiangxi Jinko’s convertible notes held by Paker. As of December 31, 2023, the financial institutions have accumulatively subscribed trust units with a total consideration of RMB 668 million which was recorded as financial liabilities at fair value with changes in fair value recognized in earnings. No change in fair value was recorded for the year ended December 31, 2023. In addition, as disclosed in Note 2(b), in 2023, the Group established and consolidated limited parternships as the general partner for investments in private companies in solar industry. Investments made by external limited partners were recorded as financial liabilities at fair value with changes in fair value recognized in earnings. No change in fair value was recorded for the year ended December 31, 2023. As of December 31, 2022 and 2023, information about the hierarchy of the fair value measurements for the Company’s assets and liabilities that are measured at fair value on a recurring basis subsequent to their initial recognition is as follows (RMB in thousands, except for inputs): Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2022 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Foreign exchange forward contracts- receivable 119,625 — 119,625 — Equity securities applying fair value option 178,871 — — 178,871 Available-for-sale securities – current 104,499 — — 104,499 Liabilities: Convertible senior notes 1,070,699 — — 1,070,699 Foreign exchange forward contracts- payable 59,911 — 59,911 — Foreign exchange options 3,226 — — 3,226 Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2023 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Short term investments - equity linked notes 48,875 48,875 — — Foreign exchange forward contracts- receivable 103,100 — 103,100 — Equity securities applying fair value option 228,706 — — 228,706 Available-for-sale securities – non-current 104,134 — — 104,134 Equity securities with readily determinable fair value 330,414 330,114 — — Liabilities: Convertible senior notes 782,969 — — 782,969 Foreign exchange forward contracts- payable 25,307 — 25,307 — Foreign exchange options 1,159 — — 1,159 Financial liabilities measured at fair value(current and non-current portion) 831,333 — — 831,333 Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3 valuation) A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, 1,831,612 1,098,736 1,070,699 Foreign exchange loss/(gain) (8,560) 60,038 (54,377) Change in fair value of convertible senior notes loss/(gain) (327,762) 12,083 84,669 Change in the instrument-specific credit risk gain (56,224) (100,158) (70,732) Conversion of convertible senior notes (340,330) — (247,290) Balance on December 31, 1,098,736 1,070,699 782,969 A summary of changes in Level 3 fair value of available-for-sale securities – current for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — 104,499 Addition — 100,000 — Interest accrual — 3,526 1,974 Settlement of puttable bond — — (105,500) Change in fair value — 973 (973) Balance on December 31, — 104,499 — A summary of changes in Level 3 fair value of available-for-sale securities - non-current for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — — Addition — — 85,000 Change in fair value — — 19,134 Balance on December 31, — — 104,134 A summary of changes in Level 3 fair value of equity securities applying fair value option for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — 178,871 Addition — 77,000 — Change in fair value — 101,871 49,835 Balance on December 31, — 178,871 228,706 A summary of changes in Level 3 fair value of call option for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, 756,929 — — Issuance of call options — — — Foreign exchange gain 251 — — Change in fair value of call options gain (136,121) — — Settlement of call options (621,059) — — Balance on December 31, — — — A summary of changes in Level 3 fair value of foreign exchange options for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, (12,924) (2,659) (3,226) Addition of foreign exchange options (8,544) 3,596 (72,240) Change in fair value of foreign exchange options gain/(loss) 18,809 (4,163) 74,307 Balance on December 31, (2,659) (3,226) (1,159) A summary of changes in Level 3 fair value of rate swap derivative for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — 12,294 — Change in fair value of interest rate swap — — — Change in fair value of interest rate swap cash flow hedges 12,294 — — Cash settlement — (12,294) — Balance on December 31, 12,294 — — A summary of changes in Level 3 fair value of guarantee liabilities for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, 57,332 12,142 — Additions — — — Amortization (6,365) — — Cancellation (38,825) (12,142) — Balance on December 31, 12,142 — — A summary of changes in Level 3 fair value of financial liabilities measured at fair value for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — — Additions — — 830,540 Profit distribution — — 793 Balance on December 31, — — 831,333 Change in fair value of derivatives The Change in fair value of derivatives recognized in earnings was as follows (RMB in thousands): Type of derivatives Equity Foreign Foreign Available- Available- securities For the year exchange exchange Foreign for-sale for-sale applying ended forward - forward - Convertible exchange Financial securities securities fair value December 31, realized unrealized senior notes Call Option Options liabilities -current non-current option Total 2021 393,523 (104,643) 327,762 (136,121) 18,809 — — — — 499,330 2022 (150,538) (13,818) (12,083) — (4,163) — 973 — 101,871 (77,758) 2023 (407,245) 18,079 (31,188) — 74,307 — (973) 19,134 49,835 (278,051) Significant unobservable inputs The significant unobservable inputs adopted in the valuation of Level 3 instruments as of December 31, 2023 are as follows: Unobservable inputs of convertible senior notes Expected volatility 61.53 % Risk free interest rate 5.11 % Discount rate 24.36 % Unobservable inputs of available-for-sale securities - non-current Expected volatility 50.60 % Risk free interest rate 2.3 % Unobservable inputs of equity securities applying fair value option Expected volatility 33.6 % Risk free interest rate 2.1 % Unobservable inputs of foreign exchange option Expected volatility 5.44% - 6.92 % Risk free interest rate 2.08 % |
RESTRICTED NET ASSETS
RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTED NET ASSETS. | |
RESTRICTED NET ASSETS | 30. RESTRICTED NET ASSETS Relevant PRC laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC GAAP. In addition, the statutory general reserve fund requires annual appropriations of 10% of net after-tax income to be set aside prior to payment of any dividends by the Company’s PRC subsidiaries that are registered as wholly owned foreign investment enterprises or domestic enterprises. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances. Even though the Company does not currently require any such dividends, loans or advances from the Company’s PRC subsidiaries for working capital or other funding purposes, it may in the future require additional cash resources from the PRC subsidiaries due to changes in business conditions, to fund future acquisitions and development, or merely declare dividends or make distributions to the Company’s shareholders. Restricted net assets were RMB20,652 million representing 62% of the Company’s total consolidated net assets as of December 31, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 31. SUBSEQUENT EVENTS Subsequently in February 2024, the Group consummated its disposition of Xinjiang Jinko, a wholly-owned subsidiary of Jiangxi Jinko, and recognized income related to the disposition with the amount of RMB1.2 billion. |
ADDITIONAL INFORMATION-CONDENSE
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | 12 Months Ended |
Dec. 31, 2023 | |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT | |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | 32. ADDITIONAL INFORMATION – CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company’s investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as “Investments in subsidiaries “ and the Company’s shares of the profit or loss of subsidiaries are presented as “Share of (loss) / income from subsidiaries” in the statements of operations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. For the year ended December 31 2021 2022 2023 RMB RMB RMB USD (note 2 (al)) (RMB in thousands) Net revenue — — — — Cost of revenues — — — — Gross profit — — — — Total operating expenses (6,150) (593,204) (590,323) (83,145) Other income, net 1,737 — — — Loss from operations (4,413) (593,204) (590,323) (83,145) Share of income from subsidiaries and affiliates 512,873 1,264,720 4,055,054 571,142 Interest income/(expenses), net 36,613 (19,867) 3,414 481 Exchange gain/(loss) (14,085) (18,586) 10,831 1,526 Change in fair value of convertible senior notes and call option 191,641 (12,083) (31,188) (4,393) Income before income taxes 722,629 620,980 3,447,788 485,611 Income tax expenses (1,611) (474) (345) (49) Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders 721,018 620,506 3,447,443 485,562 Condensed balance sheets: December 31, 2022 December 31, 2023 RMB RMB USD (note 2 (al)) (RMB in thousands) ASSETS Current assets: Cash and cash equivalent 492,440 414,689 58,408 Due from subsidiaries 728,019 380,447 53,585 Due from related parties 3,454 — — Other current assets 1,671 1,637 231 Total current assets 1,225,584 796,773 112,224 Investments in subsidiaries 16,189,323 20,354,397 2,866,855 Total assets 17,414,907 21,151,170 2,979,079 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Due to subsidiaries — 25,829 3,638 Short-term borrowings — 179,425 25,271 Convertible senior notes — 782,969 110,279 Other current liabilities 6,973 6,513 917 Total current liabilities 6,973 994,736 140,105 Convertible senior notes 1,070,699 — — Total liabilities 1,077,672 994,736 140,105 Shareholders’ equity: Ordinary shares (USD $0.00002 par value, 500,000,000 shares authorized, 204,135,029 and 209,920,447 shares issued as of December 31, 2022 and December 31, 2023, respectively, 201,189,189 and 208,560,447 shares outstanding as of December 31, 2022 and December 31, 2023, respectively) 28 29 4 Additional paid-in capital 9,912,931 10,738,376 1,512,469 Accumulated other comprehensive loss 217,563 359,584 50,646 Treasury stock, at cost; 2,945,840 and 1,360,000 ordinary shares as of December 31, 2022 and December 31, 2023 (43,170) (79,282) (11,167) Retained earnings 6,249,883 9,137,727 1,287,022 Total shareholders’ equity 16,337,235 20,156,434 2,838,974 Total liabilities and shareholders’ equity 17,414,907 21,151,170 2,979,079 The current balances of due from subsidiaries represented loans to its subsidiaries which are expected to be collected within twelve months. Other current liabilities represented accrual for unpaid convertible senior notes interest and professional service fees. Condensed cash flow: Condensed statements of cash flows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB USD (note 2 (al)) (RMB in thousands) Cash flows from operating activities: Net income 721,018 620,506 3,447,443 485,562 Adjustments to reconcile net income to net cash used in operating activities: Sharebase compensation charges — 579,368 582,596 82,057 Change in fair value of convertible senior notes (327,762) 12,083 31,188 4,393 Change in fair value of call option 136,121 — — — Share of income from subsidiaries (512,873) (1,264,720) (4,055,054) (571,142) Exchange gain/(loss) 14,085 18,586 (10,831) (1,526) Changes in operating assets and liabilities: Decrease in due from subsidiaries 6,088 1,465,778 (206,412) (29,073) Decrease in due from a related party — 3,292 3,454 486 (Increase)/decrease in other current assets 165 (1,279) 34 5 Decrease in other non-current assets 11,181 — — — Increase/(Decrease) in due to subsidiaries (117) (1,445,183) 25,829 3,638 Decrease in due to a related party — (12,142) — — Increase/(decrease) in other current liabilities 1,978 (6,403) (460) (65) Net cash provided by/(used in) operating activities 49,884 (30,114) (182,213) (25,665) Cash flows from investing activities: Cash collection for loans from subsidiaries — 735,673 553,984 78,027 Cash paid for loans to subsidiaries (1,262,124) (289,620) — — Net cash used in investing activities (1,262,124) 446,053 553,984 78,027 Cash flows from financing activities: Proceeds from exercise of share options 10,185 5,024 — — Proceeds from exercise of call option 621,059 — — — Proceeds from issuance of ordinary shares 641,065 — — — Repurchase of shares — — (79,282) (11,167) Proceeds from bank borrowings — — 179,425 25,271 Dividend distribution — — (559,599) (78,818) Net cash provided by/(used in) financing activities 1,272,309 5,024 (459,456) (64,714) Effect of foreign exchange rate changes on cash and cash equivalents (44,809) 36,710 9,934 1,399 Net increase/(decrease) in cash and cash equivalents 15,260 457,673 (77,751) (10,951) Cash and cash equivalents, beginning of year 19,507 34,767 492,440 69,359 Cash and cash equivalents, end of year 34,767 492,440 414,689 58,408 Supplemental disclosure of non-cash investing and financing cash flow information Proceeds from exercise of share options received in subsequent period 1,169 — — — Conversion of convertible senior notes to ordinary shares 340,330 — 247,290 34,830 Transfer receivable due from subsidiaries to investments in subsidiaries — 1,160,000 — — For the years ended December 31, 2021, 2022 and 2023, no cash dividend was paid to the Company by its consolidated subsidiaries, unconsolidated subsidiaries, nor 50% or less owned persons accounted for by the equity method. For the years ended December 31, 2023, the board of directors of the Company declared a cash dividend of US$0.375 per ordinary share, or US$1.50 per American Depositary Share (the “ADS”). The total amount of cash to be distributed for the dividend was US$79 million (equivalents to RMB 560 million). |
PRINCIPAL ACCOUNTING POLICIES (
PRINCIPAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
Basis of presentation and use of estimates | a. Basis of presentation and use of estimates The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Group bases its estimates on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Company’s consolidated financial statements include expected credit loss provision, provision for inventories, impairment of long-lived assets, the economic useful lives of property, plant and equipment and intangible assets, certain accrued liabilities including accruals for warranty costs, guarantees, sale-leaseback, fair value measurements of share-based compensation and financial instruments, legal contingencies, income taxes and related deferred tax valuation allowance. |
Consolidation | b. Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation. The Group consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Group is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Group determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Group consolidates an entity when it holds a majority voting interest in an entity. An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered VIE unless the limited partners hold substantive kick - out or participating rights over the general partner. The Group consolidates entities that are VIEs when the Group determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct the activities that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. For the Group’s majority-owned subsidiaries, non-controlling interests is recognized to reflect the portion of their equity interests which are not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statement of operation includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests are recorded as non-controlling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows. |
Foreign currency translation | c. Foreign currency translation The Group’s reporting currency is the Renminbi (“RMB”), the official currency in the PRC. The Company and its PRC subsidiaries use RMB as their functional currency, while local currencies have been determined to be the functional currency of its subsidiaries incorporated outside of PRC such as USD or EUR etc. Transactions denominated in currencies other than the functional currency are translated into the functional currency of the entity at the exchange rates prevailing at the dates of the transactions. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of operations. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of the entity using the applicable exchange rates at the applicable balance sheet dates. All such exchange gains or losses are included in exchange loss in the consolidated statements of operations. For consolidation purpose, the financial statements of the Company’s subsidiaries whose functional currencies are other than the RMB are translated into RMB using exchange rates quoted by PBOC. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses and gains and losses are translated using the average exchange rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of in accumulated other comprehensive income in the consolidated statement of comprehensive income. The RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of PBOC, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in China’s foreign exchange trading system market. The Company’s aggregate amount of cash and cash equivalents, time deposits at banks recorded as short-term investments, restricted short-term investments, restricted cash and restricted long-term investments denominated in RMB amounted to RMB14,243 million and RMB 21,495 million as of December 31, 2022 and 2023, respectively. |
Cash, cash equivalents and restricted cash | d. Cash, cash equivalents and restricted cash Cash and cash equivalents represent cash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of three months or less. Restricted cash represents deposits legally held by banks which are not available for the Group’s general use. These deposits are held as collateral for issuance of letters of credit or guarantee, bank acceptance notes to vendors for purchase of machinery and inventories and foreign exchange forward contracts. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Cash and cash equivalents 10,243,500 16,060,679 Restricted cash 1,027,454 3,008,428 Cash and cash equivalents included in held-for-sale assets (Note 2 (n)) — 358,174 Total 11,270,954 19,427,281 |
Short term investments | e. Short term investments Short term investments represent i)the time deposits at banks with original maturities longer than three months and less than one year and stated at amortized cost and ii) the equity linked notes issued by financial institutions whose fair value directly linked to the share price of a designated A share listo. |
Restricted short-term and long-term investments | f. Restricted short-term and long-term investments Restricted short-term investments represent the time deposits at banks with original maturities longer than three months and less than one year, and restricted long-term investments represent time deposits as banks with original maturities longer than one year, which are held as collateral for issuance of letters of credit, guarantee, bank acceptance notes or deposits for borrowings. |
Notes receivable and payable | g. Notes receivable and payable Notes receivable represents bank or commercial drafts that have been arranged with third-party financial institutions by certain customers to settle their purchases from the Group. The carrying amount of notes receivable approximate their fair values due to the short-term maturity of the notes receivables. The Group also issues bank acceptance notes to its suppliers in China in the normal course of business. The Group classifies the changes in notes payable as financing activities. Notes receivable and payable are typically non-interest bearing and have maturities of less than one year. |
Derivative Instruments | h. Derivative Instruments Derivative instruments are carried at fair value. The fair values of the derivative financial instruments generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date. The Company’s derivative instruments primarily consisted of foreign currency forward contracts and foreign exchange options which are used to economically hedge certain foreign denominated assets/liabilities and reduce, to the extent practicable, the potential exposure to the changes that exchange rates might have on the Company’s earnings, cash flows and financial position. As the derivative instruments do not qualify for hedge accounting treatment, changes in the fair value are reflected in “change in fair value of foreign exchange forward contracts” and “change in fair value of foreign exchange options” of the consolidated statements of operations. The Company’s solar project subsidiary located in Argentina entered into an interest rate swap contract to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. As the interest rate derivative is designated as cash flow hedge and the hedge is highly effective, all changes in the fair value of the derivative hedging instruments are recorded in other comprehensive income. The Company sold its solar power plants in Argentina in June 2022. |
Current expected credit losses | i. Current expected credit losses The Company’s trade receivable, notes receivable, guarantee receivables, deposits and other receivables are within the scope of ASC Topic 326. The allowance is management’s estimate of expected credit losses on receivables. The Company estimated the allowance by segmenting receivables into groups based on certain credit risk characteristics, including geographic region and industry. The Company determined an expected loss rate for each group based on the historical credit loss experience, current and future economic conditions, and lifetime for debt recovery. For the year ended December 31, 2021, the Company recorded RMB82 million expected credit loss expense in general and administrative expenses. As of December 31, 2021, the expected credit loss provision for the current and non-current assets were RMB331 million and RMB4 million, respectively. For the year ended December 31, 2022, the Company recorded RMB285 million expected credit loss expense in general and administrative expenses. As of December 31, 2022, the expected credit loss provision for the current and non - current assets were RMB600 million and RMB2 million, respectively. For the year ended December 31, 2023, the Company recorded RMB183 million expected credit loss expense in general and administrative expenses. As of December 31, 2023, the expected credit loss provision for the current and non-current assets were RMB779 million and RMB2 million, respectively. |
Accounts receivable | j. Accounts receivable Specific provisions are made against accounts receivable for estimated losses resulting from the inability of the Group’s customers to make payments. The Group periodically assesses accounts receivable balances to determine whether an allowance for credit losses should be made based upon historical bad debts, specific customer creditworthiness and current economic trends. Accounts receivable in the balance sheets are stated net of such provision, if any. Before approving sales to each customer, the Group conducts a credit assessment for each customer to evaluate the collectability of such sales. The assessment usually takes into consideration the credit worthiness of such customer and its guarantor, if any, the Group’s historical payment experience with such customer, industry-wide trends with respect to credit terms, including the terms offered by competitors, and the macro-economic conditions of the region to which sales will be made. The Group executes a sales order with a customer and arrange for shipment only if its credit assessment concludes that the collectability with such customer is probable. The Group may also from time to time require security deposits from certain customers to minimize its credit risk. After the sales are made, the Group closely monitors the credit situation of each customer on an on-going basis for any subsequent change in its financial position, business development and credit rating, and evaluates whether any of such adverse change warrants further action to be taken by the Group, including asserting claims and/or initiating legal proceedings against the customer and/or its guarantor, as well as making provisions. It is also the Group’s general practice to suspend further sales to any customer with significant overdue balances. The Group adopted ASC 326 on January 1, 2020 and has also made updates to its policies and internal controls over financial reporting as a result of adoption. Details please refer to Note 2 (i) above. |
Advances to suppliers | k. Advances to suppliers The Group provides short-term and long-term advances to secure its raw material needs, which are then offset against future purchases. The Group continually assesses the credit quality of its suppliers and the factors that affect the credit risk. If there is deterioration in the creditworthiness of its suppliers, the Group will seek to recover its advances to suppliers and provide for losses on advances which are akin to receivables in operating expenses because of suppliers’ inability to return its advances. Recoveries of the allowance for advances to supplier are recognized when they are received. The Company classified short-term and long-term advances to suppliers based on management’s best estimate of the expected purchase in the next twelve-months as of the balance sheet date and the Group’s ability to make requisite purchases under existing supply contracts. The balances expected to be utilized outside of the 12 months are recorded in advances to suppliers to be utilized beyond one year. No provision of advance to suppliers was recorded for the years ended December 31, 2021, 2022 and 2023. |
Inventories | l. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted average method. Provisions are made for excessive, slow moving and obsolete inventories as well as for inventories with carrying values in excess of market. Certain factors could impact the realizable value of inventory, so the Group continually evaluates the recoverability based on assumptions about customer demand and market conditions. The evaluation may take into consideration historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, and other factors. The reserve or write-down is equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory reserves or write-downs may be required that could negatively impact the Group’s gross margin and operating results. If actual market conditions are more favorable, the Group may have higher gross margin when products that have been previously reserved or written down are eventually sold. The sale of previously reserved inventory did not have a material impact on the gross margin percentage for any of the years presented. In addition, the Group analyzes its firm purchase commitments, if any, at each period end. Provision is made in the current period if the net realizable value after considering estimated costs to convert polysilicon into saleable finished goods is higher than market selling price of finished goods as of the end of a reporting period. There was no provision recorded related to these long-term contracts for each of the three years ended December 31, 2021, 2022 and 2023. |
Property, plant and equipment, net | m. Property, plant and equipment, net Property, plant and equipment are stated at cost less accumulated depreciation. Cost includes the prices paid to acquire or construct the assets, interest capitalized during the construction period and any expenditure that substantially extends the useful life of an existing asset. Depreciation is computed using the straight-line method over the following estimated useful lives (RMB in thousands): Buildings 20 years Machinery and equipment 5~10 years Furniture, fixture and office equipment 3~5 years Motor vehicles 4~5 years Construction in progress primarily represents the construction of new production line and buildings. Costs incurred in the construction are capitalized and transferred to property, plant and equipment upon completion, at which time depreciation commences. Expenditures for repairs and maintenance are expensed as incurred. The gain or loss on disposal of property, plant and equipment, if any, is the difference between the net sales proceeds and the carrying amount of the disposed assets, and is recognized in the consolidated statement of operations upon disposal. The Company reviews the estimated useful lives and residential value of its property, plant and equipment on an ongoing basis. Effective from January 1, 2023, the Company updated its estimates for useful lives of certain machinery and equipments from For the year ended December 31, 2021 2022 2023 RMB RMB RMB Decrease in net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders (in RMB thousands) — — 1,242,367 Decrease in basic earnings per share — — 5.98 Decrease in diluted earnings per share — — 5.49 |
Assets and liabilities held for sale | n. Assets and liabilities held for sale Long-lived assets to be sold are classified as held for sale when the following recognition criteria in ASC 360-10-45-9 are met: ¨ Management, having the authority to approve the action, commits to a plan to sell the asset. ¨ The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. ¨ An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. ¨ The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year, ¨ The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. ¨ Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. In 2023, Jiangxi Jinko entered into an equity transfer agreement with third parties (the “Acquirers”) to sell its 100% equity interest in Xinjiang Jinko (the “Target Company”), a wholly-owned subsidiary of Jiangxi Jinko, at a consideration of RMB4.3 billion. Payment arrangements are agreed as follows: ● RMB 1.2 billion: Upon sign-off of all related transaction documents etc. ● RMB 1.5 billion: Upon completion of business registration with related authorities etc. ● RMB 1.6 billion: 25% (RMB 0.4 billion) to be paid in each year upon Xinjiang Jinko achieved agreed performance target from 2024 to 2027. In addition, pursuant to the agreement, Jiangxi Jinko promised that the cumulative net profit excluding extraordinary gains and losses of Xingjiang Jinko for the years from 2024 to 2027 shall at least reach RMB 2 billion (the “Commitment”) and i) if the Target Company’s actual accumulated net profit is greater than or equal to zero, but does not reach the Commitment, Jiangxi Jinko shall compensate the Acquirers in cash for the difference between the actual accumulated net profit amount and the Commitment; (ii) if the Target Company’s actual cumulative net profit is less than zero, then Jiangxi Jinko shall compensate the Acquirers in cash according to the absolute value of the actual cumulative net loss capped at RMB 2.7 billion and (iii) if the cumulative net profits of the Target Company from 2024 to 2027 are greater than RMB 2 billion, additional consideration shall be made by the Acquirers based on 30% of the excess portion of earnings. As the disposition has not yet been consummated as of December 31, 2023, the assets and liabilities of Xinjiang Jinko were classified as held for sale with the amount of RMB 1,814 million and RMB 1,117 million, respectivley. No impairment indicator was identified in relation to the held for sale assets. In May 2023, the Group entered into an agreement to sell its land use right and buildings located in Yuhuan, Zhejiang province to a third party with a total amount of RMB 236 million. Related assets were reclassified from land use right and the property, plant and equipment to assets held for sale amounted to RMB 189 million as of December 31, 2023. |
Interest Capitalization | o. Interest Capitalization Interest expenses during the years ended December 31, 2021, 2022 and 2023 were RMB879 million, RMB1,150 million and RMB1,243 million, net of interest income of RMB214 million, RMB589 million and RMB554 million respectively. The interest cost associated with major development and construction projects is capitalized and included in the cost of the property, plant and equipment. Interest capitalization ceases once a project is substantially completed or no longer undergoing construction activities to prepare it for its intended use. When no debt is specifically identified as being incurred in connection with a construction project, the Group capitalizes interest on amounts expended on the project at the Group’s weighted average cost of borrowings. Interest expense capitalized associated with the construction projects for the years ended December 31, 2021, 2022 and 2023 were RMB41 million, RMB71 million and RMB72 million, respectively. |
Land use rights | p. Land use rights Land use rights represent acquisition costs to purchase land use rights from the PRC government, which are evidenced by property certificates. The periods of these purchased land use rights are either 50 years or 70 years. The Company classifies land use rights as long term assets on the balance sheet and cash outflows related to acquisition of land use right as investing activities. Land use rights are carried at cost less accumulated amortization and impairment losses, if any. Amortization is computed using the straight-line method over the term specified in the land use right certificate for 50 years or 70 years, as applicable. |
Intangible assets | q. Intangible assets Intangible assets include purchased software, intellectual property and fees paid to register trademarks and are amortized on a straight-line basis over their estimated useful lives, which are 5 to 10 years, respectively. |
Business combination and assets acquisition | r. Business combination and assets acquisition U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations,” and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. The transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net tangible and intangible assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income. The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. A non-controlling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Company. Consolidated net income on the consolidated statements of operations and comprehensive income includes the net income (loss) attributable to non-controlling interests when applicable. The cumulative results of operations attributable to non-controlling interests are also recorded as non-controlling interests in the Company’s consolidated balance sheets. Cash flows related to transactions with non-controlling interests are presented under financing activities in the consolidated statements of cash flows when applicable. |
Investments | s. Investments The Group’s investments include equity method investments, equity securities with readily determinable fair values, equity securities without readily determinable fair values, equity securities applying fair value option and available-for-sale debt securities. The Group holds equity investments in affiliates in which it does not have a controlling financial interest, but has the ability to exercise significant influence over the operating and financial policies of the investee. These investments are accounted for under equity method of accounting wherein the Group records its proportionate share of the investees’ income or loss in its consolidated financial statements. Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Fair value option election is made on an instrument-by-instrument basis and equity securities applying fair value option is reported at fair value with changes in fair value recognized in earnings. Equity investments are evaluated for impairment when facts or circumstances indicate that the fair value of the investment is less than its carrying value. The Group reviews several factors to determine whether an impairment is recognized. These factors include, but are not limited to, the: (1) nature of the investment; (2) cause and duration of the impairment; (3) extent to which fair value is less than cost; (4) financial conditions and near term prospects of the issuers; and (5) ability to hold the security for a period of time sufficient to allow for any anticipated recovery in fair value. Debt securities that the Company has positive intent and ability to hold to maturity are classified as held to maturity debt securities and are stated at amortized cost. The Company classified its investments in debt securities, other than the held to maturity debt securities, as available-for-sale securities. Available-for-sale debt securities are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in “Accumulated other comprehensive loss” in the consolidated balance sheets. If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the consolidated statements of operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for credit losses in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected. |
Impairment of long-lived assets | t. Impairment of long-lived assets The Group’s long-lived assets include property, plant and equipment, land use rights and intangible assets with finite lives. The Group’s business requires heavy investment in manufacturing equipment that is technologically advanced, but can quickly become significantly under-utilized or rendered obsolete by rapid changes in demand for solar power products produced with those equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that carrying amount of an asset may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of acquired assets and significant negative industry or economic trends. The Group may recognize impairment of long-lived assets in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to these assets. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss, if any, is recognized for the difference between the fair value of the asset and its carrying value. Fair value is generally measured based on either quoted market prices, if available, or discounted cash flow analyses. |
Leases | u. Leases The Company determines if a contract contains a lease at inception of the arrangement based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset and whether it has the right to direct the use of an identified asset in exchange for consideration, which relates to an asset which the Company does not own. Right of use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. The Company does not typically incur variable lease payments related to its leases. For a sale-leaseback transaction, sale-leaseback accounting shall be used by a seller-lessee only if the transaction meet all of the following: a) the transfer of the underlying asset meets the definition of a sale under ASC 606; b) the leaseback transaction does not result in a lease that would be classified as a finance lease; c) the contract does not contain a repurchase option, unless the option is exercisable at the fair value on the exercise date and there are alternative assets substantially the same as the transferred asset available in the market place. If a sale-leaseback transaction does not qualify for sale-leaseback accounting because of the transfer of underlying assets does not meet the definition of sale, it is accounted for as a financing under ASC 360. The Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) elect for each lease not to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC Topic 842 recognition requirements; and (iii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and(c) initial direct costs. |
Guarantees | v. Guarantees The Group issues debt payment guarantees in favor of JinkoPower, a related party. The guarantees require the Group to make payments to reimburse the holders of the debt subject to these guarantees for losses they incur JinkoPower fails to make repayments to the holders, when its liability to the holders falls due. A guarantee liability is initially recognized at the estimated fair value in the Group’s consolidated balance sheets unless it becomes probable that the Group will reimburse the holder of the guarantee for an amount higher than the carrying amount, in which case the guarantee is carried in the Group’s consolidated balance sheets at the expected amount payable to the holder. The fair value of the guarantee liability is measured by the total consideration to be received in connection with the provision of guarantee. The guarantee liability is amortized in straight line during the guarantee period. Receivables have also been recorded for the guarantee payments to be received (Note 26). Pursuant to the master service agreement signed with JinkoPower, guarantee service fee is settled on an annual basis. |
Revenue recognition | w. Revenue recognition The Company negotiated payment terms on a case by case basis and allows most of its overseas’ customers to make full payment within 90 days and its domestic customers to make 90% to 95% of payment within 180 days after delivery and the rest will be paid when the Retainage Period (as defined below) ends. As a result of adopting ASC Topic 606, for the sales contracts with retainage terms, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for a specified period from one year to two year since normal operation of related customer’s solar project (“Retainage Period”), revenue from retainage is recognized upon the Group satisfied its performance obligation to transfer the goods to its customers instead of deferring recognition until the customers pay it after the Retainage Period expires. Revenue recognition for the Group’s other sales arrangements, including sales of solar modules, wafers, cells and revenue from generated electricity, remained materially consistent with historical practice. For the contracts with retainage terms signed and executed before the adoption date of January 1, 2018, as 90%~95% of the revenue was recognized before the date of initial application, which is considered to be substantial, management concluded that these contracts have been completed before the adoption date, and as the company has elected to apply the modified retrospective adoption method only to contracts that were not completed as of January 1, 2018, no cumulative effect related to these retainages is recognized as an adjustment to the opening balance of retained earnings. The revenue recognized upon collection of these retainage amounts is recognized under ASC 605, the prior revenue recognition standard, with the amount of RMB3 million, RMB0.4 million and RMB7 million in 2021, 2022 and 2023. The total amounts of retainage that were not recognized as revenue were RMB24 million, RMB23 million and RMB16 million as of December 31, 2021, 2022 and 2023, respectively. The Group was mainly subject to value added taxes (“VAT”) on its sales from products. The Group recognizes revenue net of VAT. Related surcharges, such as urban maintenance and construction tax as well as surtax for education expenses are recorded in cost of revenues. The Company’s accounting practices under ASC Topic 606, “Revenue from Contracts with Customers” are as followings: (a) Revenue recognition on product sales For all product sales, the Group requires a contract or purchase order which quantifies pricing, quantity and product specifications. The Company’s sales arrangements generally do not contain variable considerations and are short-term in nature. The Company recognizes revenue at a point in time based on management’s evaluation of when the customer obtains control of the products. Revenue is recognized as performance obligation under the terms of a contract with the customer are satisfied and control of the product has been transferred to the customer. Sales of goods do not include multiple product and/or service elements. Practical expedients and exemption Upon the election of the practical expedient under ASC 340-40-25-4, the incremental costs of obtaining a contract are expensed when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. For the years ended December 31, 2021, 2022 and 2023, no incremental cost was capitalized as assets. The Group also selected to apply the practical expedients allowed under ASC Topic 606 to omit the disclosure of remaining performance obligations for contracts with an original expected duration of one year or less and for contracts where the Company has the right to invoice for performance completed to date. Based on the considerations that there is no difference between the amount of promised consideration and the cash selling price of product sales, in addition the actual length of time between when the Group transfers products to the customer and when the customer pays for those products has been generally within one year, the Group assessed and concluded that there is no significant financing component in place within its products sales as a practical expedient in accordance with ASC 606-10-32-18. As the retainage term is made to secure the future effective operation of solar modules and not to provide customer with significant financing, no significant financing component is considered to exist in the sales contract with retainage terms. (b) Sales of solar projects The Company’s sales arrangements for solar projects do not contain any forms of continuing involvement that may affect the revenue or profit recognition of the transactions, nor any variable considerations for energy performance guarantees, minimum electricity end subscription commitments. The Company therefore determined its single performance obligation to the customer is the sale of a completed solar project. The Group recognizes revenue for sales of solar projects at a point in time after the solar project has been grid connected and the customer obtains control of the solar project. (c) Revenue from electricity generation The Group recognizes electricity generation revenue on project assets constructed with a plan to operate the plant when persuasive evidence of a power purchase arrangement with the power grid company exists, electricity has been generated and been transmitted to the grid and the electricity generation records are reconciled with the grid companies, the price of electricity is fixed or determinable and the collectability of the resulting receivable is reasonably assured. (d) Revenue on processing services The Group provides solar power product processing services to customers and the revenue of processing services is recognized at a point in time upon completion which is generally evidenced by delivery of processed products to the customers. VAT on invoice amount is collected on behalf of tax authorities in respect of the sales of product and is not recorded as revenue. VAT collected from customers, net of VAT paid for purchases, is recorded as a liability until it is paid to the tax authorities. |
Segment report | x. Segment report The Group uses the management approach in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker for making operating decisions, allocating resources and assessing performance as the source for determining the Group’s reportable segments. Based on the criteria established by ASC 280 “Segment Reporting”, the Group’s chief operating decision maker has been identified as the Chairman of the Board of Directors as well as the CEO, who only review consolidated results of the Group when making decisions about allocating resources and assessing performance. Hence, the Group has only one operating segment which is vertically integrated solar power products manufacturing business from silicon ingots, wafers, cells to solar modules. |
Cost of revenue | y. Cost of revenue Cost of revenue for sales of photovoltaic products includes production and indirect costs, as well as c for raw materials purchase and provision for inventories. Costs of electricity generation revenue include depreciation of solar power project assets and costs associated with operation and maintenance of the project assets. Cost of electricity sales was RMB31 million, nil and nil for years ended December 31, 2021, 2022 and 2023, respectively. |
Warranty cost | z. Warranty cost - Solar modules produced by the Group are typically sold with either a 5-year or 10-year warranty for product defects, and a 10-year and 25-year warranty against declines of more than 10% and 20%, respectively, from the initial minimum power generation capacity at the time of delivery. Therefore, the Group is exposed to potential liabilities that could arise from these warranties. The potential liability is generally in the form of product replacement or repair. Management applied significant judgements in estimating the expected failure rate of the Company’s solar module products and the estimated replacement costs associated with fulfilling its warranty obligations when measuring the warranty costs. Based on the actual claims incurred during the past years which appears to be consistent with the market practice, the Group projected the expected failure rate as 1% for the whole warranty period, which is consistent with prior assumptions. Based on the Group’s actual claims experience in the historical periods as well as management’s current best estimation, the Group believes that the average selling price of solar modules over the past two years more accurately reflects the estimated warranty cost liability in connection with the products sold by the Group, as opposed to the current and past spot prices. For the years ended December 31, 2021 and 2023, due to the decrease in average selling price of solar modules, the Group reversed previous years’ recorded warranty liability of RMB104 million and RMB387 million, with a corresponding decrease to selling and marketing expenses, respectively. For the year ended December 31, 2022, due to the rising in average selling price of solar modules, the Group increased previous years’ recorded warranty liability of RMB75 million, with a corresponding increase to selling and marketing expenses in 2022. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs–non-current, respectively, which reflect the Group’s estimation of the timing of when the warranty expenditures will likely be made. For the years ended December 31, 2021, 2022 and 2023, warranty costs accrued for the modules and energy storage system delivered in the periods before the increase/reversal due to updated project replacement cost were RMB390 million, RMB773 million and RMB1,372 million, respectively. The utilization of the warranty accruals for the years ended December 31, 2021, 2022 and 2023 were RMB171 million, RMB212 million and RMB222 million, respectively. Movement of accrued warranty cost for solar modules The following table summarizes the movement of accrued warranty cost for solar modules (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 892,131 1,007,805 1,641,721 Additions 390,238 771,244 1,348,516 Utilization (170,776) (212,130) (222,073) Accrue (reversal) to selling and marketing expense (103,788) 74,802 (386,910) At end of year 1,007,805 1,641,721 2,381,254 The Group purchases warranty insurance policy which provides coverage for the product warranty services of solar modules worldwide. Prepayment for warranty insurance premium is initially recorded as other assets and is amortized over the insurance coverage period. Prepayment for warranty insurance premium is not recorded as reduction of estimated warranty liabilities . - ESS products of the Group are typically sold with a 5 to 10 years warranty for product defects. Due to limited warranty claim history, the Group estimates related warranty costs based on an assessment for its competitors’ history while incorporating estimates of failure rates through its quality review. Consequently, the Group accrues the equivalent of 3% of gross revenues of ESS products sales as a warranty liability to accrue the estimated cost of related warranty obligations. Actual warranty costs incurred for warranty claims by customers are recorded in and charged against the accrued warranty liability. To the extent that actual warranty costs differ from the estimates, the Group will prospectively revise its accrual rate. The Group began the sales of ESS products in the fourth quarter of 2022 and has not experienced any material warranty claims to-date. The warranty costs were classified as current liabilities under other payables and accruals, and non-current liabilities under accrued warranty costs – non-current, respectively, which reflect the Company’s estimate of the timing of when the warranty expenditures will likely be made. Movement of accrued warranty cost for ESS products The following table summarizes the movement of accrued warranty cost for ESS products (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB At beginning of year — — 2,254 Additions — 2,254 23,186 Utilization — — — At end of year — 2,254 25,440 Saved as accrued warranty cost for solar modules and ESS products, no significant warranty for solar cells, silicon wafers and other solar materials products defects. |
Shipping and handling | aa. Shipping and handling Costs to ship products to customers are included in selling and marketing expenses in the consolidated statements of operations. Costs to ship products to customers were RMB2,048 million, RMB5,161 million and RMB4,226 million for the years ended December 31, 2021, 2022 and 2023, respectively. |
Research and development | ab. Research and development Research and development costs are expensed when incurred. |
Start-up costs | ac. Start-up costs The Group expenses all costs incurred in connection with start-up activities, including pre-production costs associated with new manufacturing facilities (excluding costs that are capitalized as part of property, plant and equipment) and costs incurred with the formation of new subsidiaries such as organization costs. |
Income Taxes | ad. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the consolidated statements of operations in the period the change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets if it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized. The accounting for uncertain tax positions requires that the Company recognizes in the consolidated financial statements the impact of an uncertain tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group’s policy is to recognize, if any, tax related interest as interest expenses and penalties as general and administrative expenses. As of December 31, 2022 and 2023, there were no uncertain tax positions. |
Commitments and Contingencies | ae. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. |
Fair value of financial instruments | af. Fair value of financial instruments The Group does not have any non-financial assets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (also referred to as an exit price). A hierarchy is established for inputs used in measuring fair value that gives the highest priority to observable inputs and the lowest priority to unobservable inputs. Valuation techniques used to measure fair value shall maximize the use of observable inputs. When available, the Group measures the fair value of financial instruments based on quoted market prices in active markets, valuation techniques that use observable market-based inputs or unobservable inputs that are corroborated by market data. Pricing information the Group obtains from third parties is internally validated for reasonableness prior to use in the consolidated financial statements. When observable market prices are not readily available, the Group generally estimates the fair value using valuation techniques that rely on alternate market data or inputs that are generally less readily observable from objective sources and are estimated based on pertinent information available at the time of the applicable reporting periods. In certain cases, fair values are not subject to precise quantification or verification and may fluctuate as economic and market factors vary and the Group’s evaluation of those factors changes. Although the Group uses its best judgment in estimating the fair value of these financial instruments, there are inherent limitations in any estimation technique. In these cases, a minor change in an assumption could result in a significant change in its estimate of fair value, thereby increasing or decreasing the amounts of the Group’s consolidated assets, liabilities, equity and net income. The Group’s financial instruments consist principally of cash and cash equivalents, restricted cash, restricted short-term and long-term investments, available-for-sale securities, long-term investments, accounts and notes receivable, foreign exchange forward contract receivables, other receivables, prepayments and other current assets, call option, foreign exchange option, accounts and notes payable, other payables and accruals, foreign exchange forward contract payables, guarantee liabilities, lease liabilities, short-term borrowings, long-term borrowings, long-term payables, convertible senior notes, convertible notes and interest rate swap. The foreign exchange forward contracts receivable and payable, call option, foreign exchange options, interest rate swap, equity securities applying fair value option, available-for-sale debt securities and convertible senior notes issued by the Company are measured at fair value (Note 29). The Group measures the equity method investments at fair value on a non-recurring basis only if an impairment charge were to be recognized. For those equity investments without readily determinable fair value, the Group measures them at fair value when observable price changes are identified or impairment charge was recognized. Except for these financial instruments and long-term borrowing, the carrying values of the Group’s other financial instruments approximated their fair values due to the short-term maturity of these instruments. The carrying amount of long-term borrowing approximates their fair value due to the fact that the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities. When the fair value option is elected for financial liabilities, changes in fair value due to changes in instrument-specific credit risk will be recognized separately in other comprehensive income. As the Company elected to measure its convertible senior notes issued in 2019 in their entirety at fair value, the portion of the total change in the fair value of the convertible senior notes that results from a change in the instrument-specific credit risk is presented separately in other comprehensive income. The gains or losses attributable to changes in instrument-specific credit risk were benchmarked by the portion of the total change in fair value that excluding the amount resulting from a change in a risk-free rate. |
Government grants | ag. Government grants Government grants related to technology upgrades and enterprise development are recognized as subsidy income when received. For the years ended December 31, 2021, 2022 and 2023, the Group received financial subsidies of RMB466 million, RMB1,089 million and RMB1,175 million from the local PRC government authorities, respectively. These subsidies were non-recurring, not refundable and with no conditions related to specific use or disposition of the funds, attached. There are no defined rules and regulations to govern the criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government grants related to assets are initially recorded as deferred revenue which are then deducted from the carrying amount when the assets are ready for use and approved by related government. The Company received government grant related to assets of RMB291 million, RMB1,469 million and RMB2,827 million for the years ended December 31, 2021, 2022 and 2023, respectively. |
Repurchase of share | ah. Repurchase of share When the Company’s shares are purchased for retirement, the excess of the purchase price over its par value is recorded entirely to additional paid-in capital subject to the limitation of the additional paid in capital when the shares were originally issued. When the Company’s shares are acquired for purposes other than retirement, the purchase price is shown separately as treasury stock. |
Earnings per share | ai. Earnings per share Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders, as adjusted for the change in income or loss as result from the assumed conversion of those participating securities, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Potential diluted securities consist of the ordinary shares issuable upon the conversion of the convertible senior notes (using the if-converted method), the potential shares underlying call option arrangement and ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method), which are not included in the calculation of dilutive earnings per share if the effect is anti-dilutive. Changes in income or loss of potential dilutive securities as result from the assumed conversion of the convertible senior notes and assumed exercise of call option, if any, are recorded as the adjustment to the consolidated net income from continuing operations to arrive at the diluted net income available to the Company’s ordinary shareholders. Securities issued by a subsidiary that enable their holders to obtain the subsidiary’s common stock is included in computing the subsidiary’s earnings per share data. Those per-share earnings of the subsidiary are then included in the consolidated earnings per share computations based on the consolidated group’s holding of the subsidiary’s securities. |
Share-based compensation | aj. Share-based compensation The Company’s share-based payment transactions with employees, including share options, are measured based on the grant-date fair value of the equity instrument issued. The fair value of the award is recognized as compensation expense, net of estimated forfeitures, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. Employee share option issued by a subsidiary of the Company that qualifies for equity classification is accounted for by the Company as noncontrolling interest (recorded as the option vests) in its consolidated financials totaling the grant date fair value based measure of the employee stock option. |
Other comprehensive income | ak. Other comprehensive income Other comprehensive income is defined as the change in equity during a period from non-owner sources. The Company’s other comprehensive income for each period presented is comprised of foreign currency translation adjustment of the Company’s foreign subsidiaries, the changes in fair value of interest swap cash flow hedges, fair value changes of the Company’s debt securities and changes in instrument-specific credit risk of financial liabilities using fair value option. |
Convenience translation | al. Convenience translation Translations of balances in the consolidated balance sheet, consolidated statement of operation, consolidated statement of comprehensive income and statement of cash flows from RMB into United States dollars (“USD” or “US$”) as of and for the year ended December 31, 2023 are solely for the convenience of readers and were calculated at the rate of RMB7.0999 to USD1.00, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2023, or at any other rate. |
Recent accounting pronouncements | am. Recent accounting pronouncements New Accounting Standards Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The amendments in this Update also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company adopted this update in the first quarter of 2023 and the adoption did not have a material impact to the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-03, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which the Company adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company adopted this update in the first quarter of 2023 and the adoption did not have a material impact to the Company’s consolidated financial statements. New Accounting Standards Not Yet Adopted In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. In November 2023, the FASB issued ASU No. 2023 - 07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in the Company including the additional required disclosures when adopted. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023 - 09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is also permitted, and the disclosures in this standard are required to be applied on a prospective basis with the optionto apply retrospectively. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
Schedule of Subsidiaries | The following table sets forth information concerning the Company’s major subsidiaries as of December 31, 2023: Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar Investment Limited. (“Paker”) November 10, 2006 Hong Kong 100 % Jinko Solar Co., Ltd. (“Jiangxi Jinko”) (Note 24) December 13, 2006 PRC 58.8 % Zhejiang Jinko Solar Co., Ltd. (“Zhejiang Jinko”) June 30, 2009 PRC 58.8 % Jinko Solar Import and Export Co., Ltd. (“Jinko Import and Export”) December 24, 2009 PRC 58.8 % JinkoSolar GmbH (“Jinko GmbH”) April 1, 2010 Germany 58.8 % Zhejiang Jinko Trading Co., Ltd. (“Zhejiang Trading”) June 13, 2010 PRC 58.8 % Xinjiang Jinko Solar Co., Ltd. (“Xinjiang Jinko”) May 30, 2016 PRC 58.8 % Yuhuan Jinko Solar Co., Ltd. (“Yuhuan Jinko”) July 29, 2016 PRC 58.8 % JinkoSolar (U.S.) Inc. (“Jinko US”) August 19, 2010 USA 58.8 % Jiangxi Photovoltaic Materials Co., Ltd. (“Jiangxi Materials”) December 1, 2010 PRC 58.8 % JinkoSolar (Switzerland) AG (“Jinko Switzerland”) May 3, 2011 Switzerland 58.8 % JinkoSolar (US) Holdings Inc. (“Jinko US Holding”) June 7, 2011 USA 58.8 % JinkoSolar Italy S.R.L. (“Jinko Italy”) July 8, 2011 Italy 58.8 % Jinko Solar Canada Co., Ltd. (“Jinko Canada”) November 18, 2011 Canada 58.8 % Jinko Solar Australia Holdings Co. Pty Ltd. (“Jinko Australia”) December 7, 2011 Australia 58.8 % Jinko Solar Japan K.K. (“JinkoSolar Japan”) May 21, 2012 Japan 58.8 % Jinko Solar (Shanghai) Management Co., Ltd. July 25, 2012 PRC 58.8 % Wide Wealth Group Holding Limited. (“Wide Wealth Hong Kong”) June 11, 2012 Hong Kong 100 % Canton Best Limited (“Canton Best BVI”) September 16, 2013 BVI 100 % Jinko Solar Technology Sdn.Bhd. (“JinkoSolar Technology Malaysia”) January 21, 2015 Malaysia 58.8 % JinkoSolar International Development Limited. August 28, 2015 Hong Kong 100 % JinkoSolar Middle East DMCC (“DMCC”) November 6, 2016 Emirates 58.8 % JinkoSolar Trading Privated Limited. February 6, 2017 India 58.8 % JinkoSolar LATAM Holding Limited. August 22, 2017 Hong Kong 100 % JinkoSolar (U.S.) Industries Inc. November 16, 2017 USA 58.8 % JinkoSolar (Haining) Co., Ltd.(Formerly named as “JinkoSolar Technology (Haining) Co., Ltd.”) (“Haining Jinko”)* December 15, 2017 PRC 46.5 % Poyang Ruilixin Information Technology Co., Ltd. December 19, 2017 PRC 58.8 % Jinko Solar Korea Co., Ltd. (“Jinko Korea”) December 3, 2018 Korea 58.8 % Date of Incorporation Place of Percentage Subsidiaries /Acquisition Incorporation of ownership JinkoSolar (Sichuan) Co., Ltd. (“Jinko Sichuan”)* February 18, 2019 PRC 38.5 % JinkoSolar (Qinghai) Co., Ltd. (“Jinko Qinghai”)* April 3, 2019 PRC 58.8 % Rui Xu Co., Ltd. (“Rui Xu”)* July 24, 2019 PRC 35.3 % JinkoSolar (Yiwu) Co., Ltd. (“Jinko Yiwu”)* September 19, 2019 PRC 35.8 % Omega Solar Sdn. Bhd (Formerly named as “Jinko PV Material Supply SDN. BHD”) September 23, 2019 Malaysia 58.8 % JinkoSolar (Vietnam) Co., Ltd. September 26, 2019 Vietnam 58.8 % JinkoSolar (Chuzhou) Co., Ltd. (“Jinko Chuzhou”)* December 26, 2019 PRC 44.4 % Zhejiang New Materials Co., Ltd. (“Zhejiang New Materials”) March 24, 2020 PRC 58.8 % JinkoSolar (Shangrao) Co., Ltd. (“Jinko Shangrao”)* April 17, 2020 PRC 37.2 % Jinko Solar Denmark ApS May 28, 2020 Denmark 58.8 % JinkoSolar Hong Kong Limited August 17, 2020 Hong Kong 58.8 % Jinko Solar (Malaysia) SDN BHD (“JinkoSolar Malaysia”) August 28, 2020 Malaysia 58.8 % JinkoSolar (Chuxiong) Co., Ltd. (“Jinko Chuxiong”) September 25, 2020 PRC 58.8 % Yiwu New Materials Co., Ltd. (“Yiwu Materials”) October 14, 2020 PRC 58.8 % Jinko Solar (Vietnam) Industries Company Limited. March 29, 2021 Vietnam 58.8 % JinkoSolar (Leshan) Co., Ltd. (“Jinko Leshan”)* April 25, 2021 PRC 41.2 % JinkoSolar (Anhui) Co., Ltd. (“Jinko Anhui”) * September 3, 2021 PRC 32.3 % JinkoSolar (Yushan) Co., Ltd. (“Jinko Yushan”) * September 26, 2021 PRC 47.0 % Fengcheng Jinko PV Materials Co., Ltd August 11, 2021 PRC 58.8 % JinkoSolar (Feidong) Co., Ltd. (“Jinko Feidong”) * September 23, 2021 PRC 32.3 % JinkoSolar (Jinchang) Co., Ltd. (“Jinko Jinchang”) September 24, 2021 PRC 58.8 % JinkoSolar (Poyang) Co., Ltd. (“Jinko Poyang”) December 1, 2021 PRC 58.8 % Shangrao Changxin Enterprise Management Center LP. December 16, 2021 PRC 100 % Jiaxing Jinyue Phase I Venture Capital Partnership April 26, 2022 PRC 78.2 % Shangrao Jinko PV Manufacturing Co., Ltd. March 28, 2022 PRC 58.8 % Shangrao Guangxin Jinko PV Manufacturing Co., Ltd March 23, 2022 PRC 58.8 % Jinko Energy Storage Technology Co., Ltd. (“Jinko Energy”) December 6, 2022 PRC 58.8 % Jiangxi Jinko Energy Storage Co., Ltd May 26, 2022 PRC 58.8 % Mytikas Investment Limited June 1, 2023 Hong Kong 100.0 % Shangrao Xinyuan YueDong Technology Development Co., Ltd(Formerly named as “Shangrao Jinko Green Energy Technology Development Co., Ltd”) (“Shangrao Xinyuan”)* Decemeber 1, 2023 PRC 58.8 % Jiaxing Jinzhen Venture Capital Partnership LP Octomber 23, 2023 PRC 100.0 % Haining JinkoSolar Smart Manufacturing Co., Ltd* August 10, 2023 PRC 58.8 % Zhejiang Jinko Energy Storage Co., Ltd (“ZJES”) April 23, 2023 PRC 58.8 % Shangrao Carbon and Industrial Equity Investment Fund Center LP.**(“Shangrao CEIF”) November 15, 2023 PRC 29.2 % Yantai Jinyi Investment Management Partnership LP.** (“Yantai Jinyi”) July 31, 2023 PRC 21.6 % * These entities are subsidiaries of Jiangxi Jinko with non-controlling interest. The percentage of ownership is the economic interest calculated as the multiple of the Company’s ownership in Jiangxi Jinko and Jiangxi Jinko’s ownership in such subsidiary. ** These entities are limited partnerships consolidated by the Group as the general partner, being established in 2023 by the Group and a group of external limited partners for investments in private companies in solar industry. As of December 31, 2023, these limited partnerships had cash and cash equivalents amounted to RMB272 million, equity securities without readily determinable amounted to RMB50 million and long term payables of investments from limited partners amounted to RMB163 million. |
PRINCIPAL ACCOUNTING POLICIES_2
PRINCIPAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PRINCIPAL ACCOUNTING POLICIES | |
Schedule of cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows | Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on our consolidated balance sheet as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Cash and cash equivalents 10,243,500 16,060,679 Restricted cash 1,027,454 3,008,428 Cash and cash equivalents included in held-for-sale assets (Note 2 (n)) — 358,174 Total 11,270,954 19,427,281 |
Schedule of property plant and equipment useful life | Buildings 20 years Machinery and equipment 5~10 years Furniture, fixture and office equipment 3~5 years Motor vehicles 4~5 years |
Schedule of change in accounting estimate | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Decrease in net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders (in RMB thousands) — — 1,242,367 Decrease in basic earnings per share — — 5.98 Decrease in diluted earnings per share — — 5.49 |
Solar modules | |
PRINCIPAL ACCOUNTING POLICIES | |
Schedule of accrued warranty cost | The following table summarizes the movement of accrued warranty cost for solar modules (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 892,131 1,007,805 1,641,721 Additions 390,238 771,244 1,348,516 Utilization (170,776) (212,130) (222,073) Accrue (reversal) to selling and marketing expense (103,788) 74,802 (386,910) At end of year 1,007,805 1,641,721 2,381,254 |
ESS products | |
PRINCIPAL ACCOUNTING POLICIES | |
Schedule of accrued warranty cost | The following table summarizes the movement of accrued warranty cost for ESS products (RMB in thousands): For the year ended December 31, 2021 2022 2023 RMB RMB RMB At beginning of year — — 2,254 Additions — 2,254 23,186 Utilization — — — At end of year — 2,254 25,440 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REVENUES | |
Schedule of revenues by for the respective periods | The Group’s revenues for the respective periods are detailed as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Sales of solar modules 37,737,383 80,224,354 114,381,172 Sales of solar cells 606,582 1,024,114 1,597,490 Sales of silicon wafers 1,152,055 466,553 283,561 Sales of solar projects — 31,400 41,982 Sales of other solar products 1,043,760 1,380,875 2,374,386 Processing service fees 186,045 — — Revenue from generated electricity 100,696 — — Total 40,826,521 83,127,296 118,678,591 |
Summary of revenues in generated in respective region | The following table summarizes the Group’s net revenues generated in respective region (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Inside China (including Hong Kong and Taiwan) 10,134,888 34,839,410 45,418,257 Europe 7,481,581 19,637,777 21,731,240 Asia Pacific 10,239,162 11,274,447 19,431,642 North America 6,621,799 3,727,493 10,461,589 Rest of the world 6,349,091 13,648,169 21,635,863 Total 40,826,521 83,127,296 118,678,591 |
INTEREST EXPENSES, NET (Tables)
INTEREST EXPENSES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTEREST EXPENSES, NET | |
Schedule of Interest Expenses | Components of interest expenses, net are detailed as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Interest expenses 878,908 1,150,128 1,242,793 Less: Interest capitalization (40,588) (70,719) (71,657) Less: Interest income (214,291) (588,706) (553,531) Total 624,029 490,703 617,605 |
OTHER INCOME, NET (Tables)
OTHER INCOME, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER INCOME, NET | |
Schedule of Other Nonoperating Income (Expense) | Components of other income, net are detailed as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Income from licensed patents — — 50,581 Guarantee income 6,365 — — Donations (4,454) (6,824) (25,791) Disposal of Jiangsu Jinko-Tiansheng Co., Ltd.(“Tiansheng”) — 12,474 — Disposal of solar power project in Argentina — 1,758 — Fair value gains from short term investments — — 1,125 Others — (5,837) 219 Total 1,911 1,571 26,134 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
TAXATION | |
Schedule of Income/ (loss) before income taxes | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Cayman Islands 199,956 (639,136) (607,235) PRC 1,120,667 2,743,467 9,798,930 Other countries (230,720) (127,622) (1,701,530) Income before income taxes 1,089,903 1,976,709 7,490,165 |
Schedule of current and deferred positions of income tax expense | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Current income tax expenses PRC (280,877) (867,937) (2,050,538) Other countries (175,633) (58,014) (55,150) Total current income tax expenses (456,510) (925,951) (2,105,688) Deferred tax (expenses)/benefits PRC 77,741 457,266 615,933 Other countries 184,629 (136,593) 229,470 Total deferred tax benefits 262,370 320,673 845,403 Income tax expenses, net (194,140) (605,278) (1,260,285) |
Schedule of reconciliation of the differences between statutory tax rate and the effective tax rate | For the year ended December 31, 2021 2022 2023 % % % Statutory CIT rate 25.0 25.0 25.0 Effect of permanent differences: —Share-based compensation expenses 0.1 3.2 0.6 —Change in fair value of convertible senior notes and call options (4.4) 0.2 0.1 —Accrued payroll and welfare expenses 0.1 0.1 0.1 —Change of enacted tax rate and preferential tax benefit 2.1 1.6 (1.4) —Other permanent differences (1.8) 3.4 (0.8) Difference in tax rate of subsidiaries outside the PRC 2.2 3.9 2.4 Effect of tax holiday for subsidiaries (12.9) (12.1) (10.7) Change in valuation allowance 7.4 5.3 1.5 Effective tax rate 17.8 30.6 16.8 |
Schedule of aggregate amount and per share effect of reduction of CIT for certain PRC subsidiaries | For the year ended December 31, 2021 2022 2023 RMB RMB RMB The aggregate amount of effect* 140,235 239,268 797,930 Per share effect—basic 0.74 1.21 3.84 Per share effect—diluted 0.68 1.19 3.53 * Increase of the aggregated amount of effect in 2023 was mainly attributable to more profit generated by the Group’s PRC subsidiaries with preferential tax rates. |
Schedule of deferred tax assets/liability | As of December 31, 2022 2023 RMB RMB Net operating losses 529,522 220,366 Accrued warranty costs 373,064 546,616 Provision for inventories, accounts receivable, other receivable 230,019 265,131 Timing difference for subsidiary income 166,857 601,568 Timing difference for countervailing duties — 18,534 Other temporary differences 69,183 153,981 Impairment for property, plant and equipment and project assets 35,491 57,221 Total deferred tax assets 1,404,136 1,863,417 Less: Valuation allowance (243,141) (357,198) Less: Deferred tax liabilities in the same tax jurisdiction (456,751) (216,215) Deferred tax assets 704,244 1,290,004 Timing difference for property, plant and equipment (478,515) (234,786) Timing difference for refund of countervailing duties (90,864) — Deferred tax liabilities related to cumulative distributable earnings in Jiangxi Jinko (52,173) (68,461) Other temporary differences (30,007) (44,474) Total deferred tax liabilities (651,559) (347,721) Less: Deferred tax assets in the same tax jurisdiction 456,751 216,215 Deferred tax liabilities (194,808) (131,506) |
Schedule of Movement of valuation allowance | For the year ended December 31, 2021 2022 2023 RMB RMB RMB At beginning of year (136,847) (217,124) (243,141) Current year additions (88,667) (216,260) (222,649) Utilization and reversal of valuation allowances 8,390 111,296 108,592 Decrease of valuation allowances related to the disposal of a subsidiary — 78,947 — At end of year (217,124) (243,141) (357,198) |
ACCOUNTS RECEIVABLE, NET - TH_2
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | |
Schedule of accounts receivables | Components of accounts receivables, net-third parties are detailed as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Accounts receivables - current 17,259,003 23,347,412 Allowance for credit losses - current (584,127) (685,231) Accounts receivable, net - current 16,674,876 22,662,181 |
Summary of allowance for credit losses related to accounts receivable | As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 293,360 323,071 584,127 Addition 91,948 394,285 181,771 Reversal (24,213) (114,770) (76,956) Write off (38,024) (18,459) (3,711) At end of year 323,071 584,127 685,231 As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 1,139 562 — Reversal (577) (562) — At end of year 562 — — |
NOTES RECEIVABLE, NET - THIRD_2
NOTES RECEIVABLE, NET - THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
NOTES RECEIVABLE, NET - THIRD PARTIES | |
Schedule of notes receivable, net - third parties | Components of notes receivables, net-third parties are detailed as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Notes receivable 6,697,096 4,088,902 Provision for notes receivable — — Notes receivable, net 6,697,096 4,088,902 |
Summary of allowance for credit losses related to notes receivable | The following table summarizes the activity in the allowance for credit losses related to notes receivable for the year ended December 31, 2021, 2022 and 2023 (RMB in thousands): As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 182 1,040 — Addition 858 — — Reversal — (1,040) — At end of year 1,040 — — |
ADVANCES TO SUPPLIERS, NET - _2
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES | |
Schedule of advances to suppliers, net - third parties | Advance to suppliers, net – third parties were as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Advances to suppliers - current 3,271,284 4,559,224 Advances to suppliers – non-current 310,375 648,377 Advances to suppliers, net 3,581,659 5,207,601 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
Schedule of inventories | The Company’s inventories are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Raw materials 5,499,573 4,543,103 Work-in-progress 3,237,480 2,103,946 Finished goods 8,713,231 11,568,488 Total 17,450,284 18,215,537 |
PREPAYMENTS AND OTHER CURRENT_2
PREPAYMENTS AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PREPAYMENTS AND OTHER CURRENT ASSETS | |
Schedule of prepayments and other current assets | Prepayments and other current assets are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Value-added tax deductible (a) 1,374,908 2,035,412 Prepayment for income tax and deferred charges 233,744 398,359 Receivables related to discount from a supplier 324,002 247,837 Deposit for customer duty, bidding and others 181,371 231,295 Prepayment of electricity and others 198,692 222,115 Receivables related to disposal of land use rights and property, plant and equipment (b) 378,900 89,519 Prepaid leasehold improvements and other assets 27,480 81,882 Loan receivable 23,459 23,459 Deferred issuance cost for convertible notes (Note 22) — 16,866 Prepaid insurance premium 7,281 14,944 Refund receivable of U.S. countervailing duties and anti-dumping duties (Note 16) 480,535 6,668 Others 68,649 114,041 Less: Allowance for credit losses (8,118) (79,585) Total 3,290,903 3,402,812 (a) Value-added tax deductible represented the balance that the Group can utilize to deduct its value-added tax liability within the next 12 months . (b) Represented the receivables related to disposition of certain equipment for the purpose of upgrading manufacturing facilities and receivables related to disposition of certain land use rights. |
Summary of the activity in the allowance for credit losses related to prepayments and other current assets | The following table summarizes the activity in the allowance for credit losses related to prepayments and other current assets for the year ended December 31, 2021, 2022 and 2023 (RMB in thousands): As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 9,588 5,521 8,118 Addition 4,068 2,597 71,467 Reversal (8,135) — — At end of year 5,521 8,118 79,585 |
INVESTMENTS AND AVAILABLE-FOR_2
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES. | |
Summary of long-term investments | The Group’s investments are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB -Debt investments Available-for-sale securities - current 104,499 — Available-for-sale securities - non-current — 104,134 Subtotal 104,499 104,134 -Equity investments Investments accounted for under the equity method 1,287,201 1,199,982 Equity securities without readily determinable fair values 245,000 358,526 Equity securities with readily determinable fair values — 330,414 Equity securities applying fair value option 178,871 228,706 Subtotal 1,711,072 2,117,628 Total 1,815,571 2,221,762 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT, NET. | |
Schedule of property, plant and equipment | Property, plant and equipment used in continuing operation and related accumulated depreciation are as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Buildings 12,655,905 17,195,868 Machinery and equipment 22,435,247 30,438,878 Motor vehicles 114,936 183,921 Furniture, fixture and office equipment 1,995,407 1,116,407 37,201,495 48,935,074 Less: Accumulated depreciation (6,462,379) (11,557,978) Subtotal 30,739,116 37,377,096 Construction in progress 1,550,972 3,890,092 Property, plant and equipment, net 32,290,088 41,267,187 |
LAND USE RIGHTS, NET (Tables)
LAND USE RIGHTS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LAND USE RIGHTS, NET | |
Schedule of land use rights | Land use rights represent fees paid to the government to obtain the rights to use certain lands over periods of 50 As of December 31, 2022 2023 RMB RMB Land use rights 1,535,556 1,947,145 Less: accumulated amortization (104,132) (126,133) Land use rights, net 1,431,424 1,821,012 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS, NET | |
Schedule of Intangible assets and amortization | Intangible assets and their related amortization are as follow (RMB in thousands): As of December 31, 2022 2023 RMB RMB Trademark 1,230 1,823 Computer software 135,218 198,429 Intellectual properties — 544,198 Less: accumulated amortization (56,848) (175,363) Intangible assets, net 79,600 569,088 |
OTHER ASSETS -THIRD PARTIES (Ta
OTHER ASSETS -THIRD PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS - THIRD PARTIES | |
Schedule of other assets | Other assets are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Prepayments for purchase of property, plant and equipment 1,162,351 2,541,329 Prepayment for warranty insurance premium 114,088 106,652 Deposit for rent and others 131,611 61,355 Prepayment of income tax attributable to intercompany transactions 15,474 14,142 Refund receivable of U.S. countervailing duties and anti-dumping duties — 12,767 Less: Allowance for credit losses (1,855) (914) Total 1,421,669 2,735,331 |
Summary of activity in allowance for credit losses related to deposits | The following table summarizes the activity in the allowance for credit losses related to deposits for the year ended December 31, 2021, 2022 and 2023(RMB in thousands): As of December 31, 2021 2022 2023 RMB RMB RMB At beginning of year 849 3,064 1,855 Addition 2,215 — — Reversal — (1,209) (941) At end of year 3,064 1,855 914 |
OTHER PAYABLES AND ACCRUALS (Ta
OTHER PAYABLES AND ACCRUALS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER PAYABLES AND ACCRUALS | |
Schedule of other payables and accruals | Other payables and accruals are consisted of the follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Payables for purchase of property, plant and equipment 6,412,134 9,497,061 Freight payables 1,359,813 1,110,279 Liabilities in the Trusts (Note 22) — 668,083 Accrued utilities, rentals and interest 629,977 555,534 Value-added tax and other tax payables 329,078 513,586 Payables for investments — 295,647 Commission payables 13,587 262,222 Accrued warranty cost 221,699 261,268 Customs duties 147,759 98,363 Accrued professional service fees 34,110 55,795 Contracted labor fees 20,015 28,323 Insurance premium payables 1,853 6,780 Others 44,359 83,961 Total 9,214,384 13,436,902 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BORROWINGS | |
Schedule of short-term borrowings | Components of short-term borrowings as of December 31, 2022 and 2023 were as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Short-term borrowings 10,316,714 10,895,733 Long-term borrowings—current portion 2,102,456 2,688,041 Total short-term borrowings 12,419,170 13,583,774 |
Schedule of type of short-term borrowings | Details of the Group’s short-term borrowings as of December 31, 2023 are (RMB in thousands): Type of loan As of December 31, 2023 Guarantee/Collateral Credit loan 953,833 a) Letter of credit loan 1,804,165 a) Other borrowings 1,495,840 a) 4,685,506 Guaranteed by JinkoSolar Holding b) 1,850,834 Guaranteed by Jiangxi Jinko b) Guaranteed by subsidiaries 494,645 Guaranteed by Jiangxi Jinko and Sichuan Jinko b) of the Group and third parties 597,700 Guaranteed by Zhejiang Jinko b) and/or collateralized on the 90,000 Guaranteed by Zhejiang Jinko and Chuxiong Jinko b) Group’s assets 12,114 Guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd b) 179,425 Guaranteed by Paker b) 468,195 Financings associated with failed sale-leaseback transactions c) 951,517 Guaranteed and collateralized on buildings, equipment and other assets of the Group and shareholders of the Group d) Total 13,583,774 a) As of December 31, 2023, the Group had short-term borrowings of RMB 954 million credit loans, RMB 1,804 million letter of credit loans and RMB 1,496 million loan from government background companies. The remaining short-term borrowings of RMB 9,330 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following: b) Borrowings of RMB 4,686 million guaranteed by JinkoSolar Holding, RMB 1,851 million guaranteed by Jiangxi Jinko, RMB 495 million guaranteed by Jiangxi Jinko and Sichuan Jinko, RMB 598 million guaranteed by Zhejiang Jinko, RMB 90 million guaranteed by Zhejiang Jinko and Chuxiong Jinko, RMB 12 million guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd, and RMB 179 million by Paker, respectively. c) As of December 31, 2023, the Group recorded financings associated with failed sale-lease back transactions with the amount of RMB 1,222 million under long-term borrowings, and RMB 468 million as current portion. d) RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. In addition, included in these borrowings there were borrowings of RMB432 million guaranteed by Jinkosolar Holding, RMB469 million guaranteed by Jiangxi Jinko, and RMB50 million guaranteed by Zhejiang Jinko. |
Schedule of long-term borrowings | Components of short-term borrowings as of December 31, 2022 and 2023 were as follows (RMB in thousands): As of December 31, 2022 2023 RMB RMB Long-term bank borrowings 3,329,075 4,459,363 Long-term financings associated with failed sale-leaseback transactions 2,595,686 1,222,281 Other long-term borrowings 9,200,490 8,245,203 Less: Current portion of long-term bank borrowings (969,811) (724,006) Less: Current portion of financings associated with failed sale-leaseback transactions (1,132,645) (468,195) Less: Current portion of other long-term borrowings — (1,495,840) Total long-term borrowings 13,022,795 11,238,806 |
Schedule of long-term future principal repayments | Future principal repayments on the long-term borrowings are as follows (RMB in thousands): Year ending December 31, RMB Year ended December 31 2024 2,688,041 2025 2,601,083 2026 4,716,306 2027 1,989,428 2028 1,577,874 Thereafter 354,115 Total 13,926,847 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of balances for the operating and finance leases where the Group is the lessee | The balances for the operating and finance leases where the Group Is the lessee are presented as follows (RMB in thousands): 2022 2023 December 31 December 31 RMB RMB Operating leases: Operating lease liabilities–- current 65,489 119,344 Operating lease liabilities–- non-current 339,885 557,136 Total operating lease liabilities 405,374 676,480 Operating lease right-of-use assets, net 396,966 660,138 Financing leases: Financing lease liabilities–- current 168,381 36,587 Financing lease liabilities–- non-current 69,881 — Total financing lease liabilities 238,262 36,587 Financing lease right-of-use assets, net 558,407 82,293 |
Schedule of components of lease expenses | For the years ended December 31, 2022 2023 RMB RMB Lease cost: Amortization of right-of-use assets 129,869 172,625 Interest of lease liabilities 36,553 30,856 Expenses for short-term lease within 12 months 9,154 12,634 Total lease cost 175,576 216,114 |
Schedule of supplemental cash flow information related to leases | (b) Supplemental cash flow information related to leases was as follows (RMB in thousands): For the years ended December 31, 2022 2023 RMB RMB Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases 72,906 101,340 Operating cash outflows for finance leases 19,926 8,910 Financing cash outflows for finance leases 216,722 280,833 Total cash paid for amounts included in the measurement of lease liabilities: 309,554 391,083 Lease obligation accrued in exchange for right-of-use assets: Operating lease liabilities 3,476 348,901 Finance lease liabilities — — Total lease obligation accrued in exchange for right-of-use assets: 3,476 348,901 |
Schedule of supplemental balance sheet information related to leases | (c) Supplemental balance sheet information related to leases was as follows (RMB in thousands) : Operating leases: As of December 31, 2022 2023 Weighted-average remaining lease term 6.21 years 5.69 years Weighted-average discount rate 6.46 % 6.48 % Financing leases: As of December 31, 2022 2023 Weighted-average remaining lease term 0.94 years 0.56 years Weighted-average discount rate 5.55 % 5.00 % |
Schedule of operating lease liabilities | Operating leases: Year ending December 31, RMB Year ended December 31, 2024 140,553 2025 140,732 2026 125,444 Thereafter 281,838 Total undiscounted lease payments 688,567 Less: imputed interest 12,087 Total lease liabilities 676,480 |
Schedule of finance lease liabilities | Financing leases: Year ending December 31, RMB Year ended December 31, 2024 38,563 Total undiscounted lease payments 38,563 Less: imputed interest 1,976 Total lease liabilities 36,587 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
Schedule of Earnings Per Share | Basic earnings per share and diluted earnings per share have been calculated as follows (RMB in thousands, except for share and per share data): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Numerator: Net income 955,572 1,565,139 6,452,554 Less: Net income attributable to non-controlling interests 234,554 944,633 3,005,111 Net income attributable to JinkoSolar’s ordinary shareholders 721,018 620,506 3,447,443 Dilutive effects of convertible senior notes (308,339) — (5,574) Numerator for diluted income per share 412,679 620,506 3,441,869 Denominator: Denominator for basic earnings per share - weighted average number of ordinary shares outstanding 190,672,869 198,004,260 207,705,476 Dilutive effects of share options 540,620 2,404,234 6,920,728 Dilutive effects of convertible senior notes 14,506,283 — 11,486,880 Denominator for diluted calculation - weighted average number of ordinary shares outstanding 205,719,772 200,408,494 226,113,084 Basic earnings per share attributable to JinkoSolar’s ordinary shareholders 3.78 3.13 16.60 Diluted earnings per share attributable to JinkoSolar’s ordinary shareholders 2.01 3.10 15.23 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE BASED COMPENSATION | |
Summary of stock option activity | A summary of the share option activities under the Company’s share-based compensation plan for the years ended December 31, 2021, 2022 and 2023 is as follows (RMB in thousands, except for share, exercise price and contractual term): Number of Weighted-average option Weighted-average remaining Aggregate outstanding exercise price contractual term intrinsic value (USD/share) (in years) (RMB) Balance as of December 31, 2020 716,748 3.46 4.25 58,836 Granted — — — — Exercise (105,200) 3.29 — — Forfeited (264,012) 3.29 — — Balance as of December 31, 2021 347,536 3.65 3.84 17,373 Granted — — — — Exercise (175,536) 3.35 — — Forfeited — — — — Balance as of December 31, 2022 172,000 3.96 2.69 8,305 Granted — — — — Exercise — — — — Balance as of December 31, 2023 172,000 3.96 1.68 7,157 Vested as of December 31, 2023 172,000 3.96 1.68 7,157 Vested and exercisable as of December 31, 2023 172,000 3.96 1.68 7,157 |
Summary of non vested restricted stock units | Number of restricted shares Weighted average grant outstanding date fair value (RMB) Unvested as of December 31, 2021 318,600 86.38 Granted 16,684,600 72.10 Vested (10,188,740) 72.08 Unvested as of December 31, 2022 6,814,460 72.38 Granted 20,800,000 68.87 Vested (10,671,778) 70.00 Unvested as of December 31, 2023 16,942,682 69.57 |
Schedule of expense allocation | The total share-based compensation expense of continuing operations for the year ended December 31, 2021, 2022 and 2023 was recorded in the respective items (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Costs of revenues 131 17,676 1,734 Selling expenses 131 7,101 28,439 General and administrative expenses 9,622 974,564 825,688 Research and development expenses — 1,528 6,781 Total 9,884 1,000,869 862,642 |
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | |
SHARE BASED COMPENSATION | |
Summary of stock option activity | A summary of share option activities under the Jiangxi Jinko 2022 Plan for the years ended December 31, 2022 and 2023 is as follows (RMB in thousands, except for share, exercise price and contractual term): Number of Weighted-average option Weighted-average remaining Aggregate outstanding exercise price contractual term intrinsic value (RMB/share) (in years) (RMB) Balance as of December 31, 2021 — — — — Granted 32,149,900 8.81 2.89 187,755 Vested — — — — Balance as of December 31, 2022 32,149,900 8.81 2.89 187,755 Exercise (5,193,983) 8.72 — — Forfeited (7,576,422) 8.72 — — Balance as of December 31, 2023 19,379,495 8.72 2.28 2,713 Vested and expected to vest as of December 31, 2023 19,379,495 8.72 2.28 2,713 Vested and exercisable as of December 31, 2023 19,379,495 8.72 2.28 2,713 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |
Schedule of related party balances | Outstanding amounts due from/to related parties as of December 31, 2022 and 2023 were as follows (RMB in thousands): 2022 2023 December 31 December 31 RMB RMB Accounts receivable from related parties: Accounts receivable from JinkoPower for sales of solar modules and others 139,713 296,512 Notes receivables from a related party: Notes receivables from JinkoPower 282,824 1,183 Advances to a related party: Advance to Xinte Silicon for inventory purchase 56,860 6,555 Prepayment and other receivables from related parties: Prepayments to JinkoPower for outsourcing services 5,664 12,635 Other receivables due from JinkoPower for disposal of solar power projects 12,953 13,141 Other receivables due from Sweihan PV Power Company P.S.J.C (“Sweihan PV”, which develops and operates solar power projects in Dubai) for technical services 1,075 1,224 Other receivables from JinkoPower for miscellaneous transactions 3,413 412 Subtotal 23,105 27,412 Other assets from related parties: Long-term receivables due from JinkoPower for disposal of solar power projects 14,603 16,859 Long-term receivables due from Sweihan PV 37,760 38,376 Subtotal 52,363 55,236 Accounts payable due to a related party: Accounts payable due to Xinte Silicon for inventory purchase — 21,244 Advances from a related party Advances from JinkoPower 3,829 3,412 Notes payables due to a related party Notes payables due to Xinte Silicon for inventory purchase 419,500 277,000 Other payables due to related parties: Other payables due to JinkoPower for payments on behalf of the Company 5,964 11,599 (1) Balances due to related parties are interest-free, not collateralized, and have no definitive repayment terms. |
Schedule of transactions with related parties | Transactions related parties for the year ended December 31, 2021, 2022 and 2023 were as follows (RMB in thousands): For the years ended December 31, 2021 2022 2023 RMB RMB RMB Revenue from sales of products and providing services to related parties Income of financing guarantees 6,364 — — Revenue from sales of products to JinkoPower 27,099 325,175 353,420 Income of project management provided to Sweihan PV 660 2,979 3,931 Rental services provided to JinkoPower 4,004 5,041 11,590 Service expenses and silicon procurement provided by related parties Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng 5,310 — — Management service provided by JinkoPower 8,753 8,863 16,400 Electricity fee charged by JinkoPower 7,725 25,735 119,352 Silicon procurement from Xinte Silicon (Note 12) — 824,785 1,537,073 Other fees charged by JinkoPower 16 — 5,109 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES. | |
Schedule of total future payments under these purchase agreements | Year ending December 31, RMB 2024 7,339,798 2025 10,250,563 Thereafter 2,562,641 Total 20,153,002 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE MEASUREMENTS | |
Schedule of Investments Measured at Fair Value on Recurring Basis | Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2022 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Foreign exchange forward contracts- receivable 119,625 — 119,625 — Equity securities applying fair value option 178,871 — — 178,871 Available-for-sale securities – current 104,499 — — 104,499 Liabilities: Convertible senior notes 1,070,699 — — 1,070,699 Foreign exchange forward contracts- payable 59,911 — 59,911 — Foreign exchange options 3,226 — — 3,226 Fair Value Measurements at Reporting Date Using Quote prices in Balance as of active market Significant other Significant December 31, for identical observable unobservable Description 2023 assets (Level 1) inputs (Level 2) inputs (Level 3) Assets: Short term investments - equity linked notes 48,875 48,875 — — Foreign exchange forward contracts- receivable 103,100 — 103,100 — Equity securities applying fair value option 228,706 — — 228,706 Available-for-sale securities – non-current 104,134 — — 104,134 Equity securities with readily determinable fair value 330,414 330,114 — — Liabilities: Convertible senior notes 782,969 — — 782,969 Foreign exchange forward contracts- payable 25,307 — 25,307 — Foreign exchange options 1,159 — — 1,159 Financial liabilities measured at fair value(current and non-current portion) 831,333 — — 831,333 |
Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, 1,831,612 1,098,736 1,070,699 Foreign exchange loss/(gain) (8,560) 60,038 (54,377) Change in fair value of convertible senior notes loss/(gain) (327,762) 12,083 84,669 Change in the instrument-specific credit risk gain (56,224) (100,158) (70,732) Conversion of convertible senior notes (340,330) — (247,290) Balance on December 31, 1,098,736 1,070,699 782,969 For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, (12,924) (2,659) (3,226) Addition of foreign exchange options (8,544) 3,596 (72,240) Change in fair value of foreign exchange options gain/(loss) 18,809 (4,163) 74,307 Balance on December 31, (2,659) (3,226) (1,159) |
Schedule of changes in Level 3 fair value of available-for-sale securities-current | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — 104,499 Addition — 100,000 — Interest accrual — 3,526 1,974 Settlement of puttable bond — — (105,500) Change in fair value — 973 (973) Balance on December 31, — 104,499 — |
Schedule of changes in Level 3 fair value of available-for-sale securities - non-current | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — — Addition — — 85,000 Change in fair value — — 19,134 Balance on December 31, — — 104,134 |
Schedule of assets Measured on Recurring Basis, Equity Securities | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — 178,871 Addition — 77,000 — Change in fair value — 101,871 49,835 Balance on December 31, — 178,871 228,706 |
Schedule of level 3 fair value of guarantee liabilities | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — — — Additions — — 830,540 Profit distribution — — 793 Balance on December 31, — — 831,333 |
Schedule of fair value of call spread option contracts | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, 756,929 — — Issuance of call options — — — Foreign exchange gain 251 — — Change in fair value of call options gain (136,121) — — Settlement of call options (621,059) — — Balance on December 31, — — — |
Schedule of Change in Fair Value of rate swap Derivatives | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, — 12,294 — Change in fair value of interest rate swap — — — Change in fair value of interest rate swap cash flow hedges 12,294 — — Cash settlement — (12,294) — Balance on December 31, 12,294 — — |
Schedule of Change in Fair Value of Derivatives | For the year ended December 31, 2021 2022 2023 RMB RMB RMB Balance on January 1, 57,332 12,142 — Additions — — — Amortization (6,365) — — Cancellation (38,825) (12,142) — Balance on December 31, 12,142 — — Type of derivatives Equity Foreign Foreign Available- Available- securities For the year exchange exchange Foreign for-sale for-sale applying ended forward - forward - Convertible exchange Financial securities securities fair value December 31, realized unrealized senior notes Call Option Options liabilities -current non-current option Total 2021 393,523 (104,643) 327,762 (136,121) 18,809 — — — — 499,330 2022 (150,538) (13,818) (12,083) — (4,163) — 973 — 101,871 (77,758) 2023 (407,245) 18,079 (31,188) — 74,307 — (973) 19,134 49,835 (278,051) |
Summary of significant unobservable inputs adopted in the valuation of Level 3 instruments | Unobservable inputs of convertible senior notes Expected volatility 61.53 % Risk free interest rate 5.11 % Discount rate 24.36 % Unobservable inputs of available-for-sale securities - non-current Expected volatility 50.60 % Risk free interest rate 2.3 % Unobservable inputs of equity securities applying fair value option Expected volatility 33.6 % Risk free interest rate 2.1 % Unobservable inputs of foreign exchange option Expected volatility 5.44% - 6.92 % Risk free interest rate 2.08 % |
ADDITIONAL INFORMATION-CONDEN_2
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT | |
Schedule of condensed statements of operations | For the year ended December 31 2021 2022 2023 RMB RMB RMB USD (note 2 (al)) (RMB in thousands) Net revenue — — — — Cost of revenues — — — — Gross profit — — — — Total operating expenses (6,150) (593,204) (590,323) (83,145) Other income, net 1,737 — — — Loss from operations (4,413) (593,204) (590,323) (83,145) Share of income from subsidiaries and affiliates 512,873 1,264,720 4,055,054 571,142 Interest income/(expenses), net 36,613 (19,867) 3,414 481 Exchange gain/(loss) (14,085) (18,586) 10,831 1,526 Change in fair value of convertible senior notes and call option 191,641 (12,083) (31,188) (4,393) Income before income taxes 722,629 620,980 3,447,788 485,611 Income tax expenses (1,611) (474) (345) (49) Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders 721,018 620,506 3,447,443 485,562 |
Schedule of condensed balance sheets | December 31, 2022 December 31, 2023 RMB RMB USD (note 2 (al)) (RMB in thousands) ASSETS Current assets: Cash and cash equivalent 492,440 414,689 58,408 Due from subsidiaries 728,019 380,447 53,585 Due from related parties 3,454 — — Other current assets 1,671 1,637 231 Total current assets 1,225,584 796,773 112,224 Investments in subsidiaries 16,189,323 20,354,397 2,866,855 Total assets 17,414,907 21,151,170 2,979,079 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Due to subsidiaries — 25,829 3,638 Short-term borrowings — 179,425 25,271 Convertible senior notes — 782,969 110,279 Other current liabilities 6,973 6,513 917 Total current liabilities 6,973 994,736 140,105 Convertible senior notes 1,070,699 — — Total liabilities 1,077,672 994,736 140,105 Shareholders’ equity: Ordinary shares (USD $0.00002 par value, 500,000,000 shares authorized, 204,135,029 and 209,920,447 shares issued as of December 31, 2022 and December 31, 2023, respectively, 201,189,189 and 208,560,447 shares outstanding as of December 31, 2022 and December 31, 2023, respectively) 28 29 4 Additional paid-in capital 9,912,931 10,738,376 1,512,469 Accumulated other comprehensive loss 217,563 359,584 50,646 Treasury stock, at cost; 2,945,840 and 1,360,000 ordinary shares as of December 31, 2022 and December 31, 2023 (43,170) (79,282) (11,167) Retained earnings 6,249,883 9,137,727 1,287,022 Total shareholders’ equity 16,337,235 20,156,434 2,838,974 Total liabilities and shareholders’ equity 17,414,907 21,151,170 2,979,079 |
Schedule of condensed cash flows | For the year ended December 31, 2021 2022 2023 RMB RMB RMB USD (note 2 (al)) (RMB in thousands) Cash flows from operating activities: Net income 721,018 620,506 3,447,443 485,562 Adjustments to reconcile net income to net cash used in operating activities: Sharebase compensation charges — 579,368 582,596 82,057 Change in fair value of convertible senior notes (327,762) 12,083 31,188 4,393 Change in fair value of call option 136,121 — — — Share of income from subsidiaries (512,873) (1,264,720) (4,055,054) (571,142) Exchange gain/(loss) 14,085 18,586 (10,831) (1,526) Changes in operating assets and liabilities: Decrease in due from subsidiaries 6,088 1,465,778 (206,412) (29,073) Decrease in due from a related party — 3,292 3,454 486 (Increase)/decrease in other current assets 165 (1,279) 34 5 Decrease in other non-current assets 11,181 — — — Increase/(Decrease) in due to subsidiaries (117) (1,445,183) 25,829 3,638 Decrease in due to a related party — (12,142) — — Increase/(decrease) in other current liabilities 1,978 (6,403) (460) (65) Net cash provided by/(used in) operating activities 49,884 (30,114) (182,213) (25,665) Cash flows from investing activities: Cash collection for loans from subsidiaries — 735,673 553,984 78,027 Cash paid for loans to subsidiaries (1,262,124) (289,620) — — Net cash used in investing activities (1,262,124) 446,053 553,984 78,027 Cash flows from financing activities: Proceeds from exercise of share options 10,185 5,024 — — Proceeds from exercise of call option 621,059 — — — Proceeds from issuance of ordinary shares 641,065 — — — Repurchase of shares — — (79,282) (11,167) Proceeds from bank borrowings — — 179,425 25,271 Dividend distribution — — (559,599) (78,818) Net cash provided by/(used in) financing activities 1,272,309 5,024 (459,456) (64,714) Effect of foreign exchange rate changes on cash and cash equivalents (44,809) 36,710 9,934 1,399 Net increase/(decrease) in cash and cash equivalents 15,260 457,673 (77,751) (10,951) Cash and cash equivalents, beginning of year 19,507 34,767 492,440 69,359 Cash and cash equivalents, end of year 34,767 492,440 414,689 58,408 Supplemental disclosure of non-cash investing and financing cash flow information Proceeds from exercise of share options received in subsequent period 1,169 — — — Conversion of convertible senior notes to ordinary shares 340,330 — 247,290 34,830 Transfer receivable due from subsidiaries to investments in subsidiaries — 1,160,000 — — |
ORGANIZATION AND NATURE OF OP_3
ORGANIZATION AND NATURE OF OPERATIONS - Schedule of Subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2023 | Nov. 30, 2023 | |
JinkoSolar Investment Limited. ("Paker") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Nov. 10, 2006 | |
Percentage of ownership | 100% | |
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 13, 2006 | |
Percentage of ownership | 58.80% | |
Zhejiang Jinko Solar Co., Ltd. ("Zhejiang Jinko") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jun. 30, 2009 | |
Percentage of ownership | 58.80% | |
Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 24, 2009 | |
Percentage of ownership | 58.80% | |
JinkoSolar GmbH ("Jinko GmbH") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Apr. 01, 2010 | |
Percentage of ownership | 58.80% | |
Zhejiang Jinko Trading Co., Ltd. ("Zhejiang Trading") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jun. 13, 2010 | |
Percentage of ownership | 58.80% | |
Xinjiang Jinko Solar Co., Ltd. ("Xinjiang Jinko") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | May 30, 2016 | |
Percentage of ownership | 58.80% | |
Yuhuan Jinko Solar Co., Ltd. ("Yuhuan Jinko") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jul. 29, 2016 | |
Percentage of ownership | 58.80% | |
JinkoSolar (U.S.) Inc. ("Jinko US") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 19, 2010 | |
Percentage of ownership | 58.80% | |
Jiangxi Photovoltaic Materials Co., Ltd. ("Jiangxi Materials") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 01, 2010 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Switzerland) AG ("Jinko Switzerland") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | May 03, 2011 | |
Percentage of ownership | 58.80% | |
JinkoSolar (US) Holdings Inc. ("Jinko US Holding") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jun. 07, 2011 | |
Percentage of ownership | 58.80% | |
JinkoSolar Italy S.R.L. ("Jinko Italy") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jul. 08, 2011 | |
Percentage of ownership | 58.80% | |
Jinko Solar Canada Co., Ltd. ("Jinko Canada") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Nov. 18, 2011 | |
Percentage of ownership | 58.80% | |
Jinko Solar Australia Holdings Co. Pty Ltd. ("Jinko Australia") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 07, 2011 | |
Percentage of ownership | 58.80% | |
Jinko Solar Japan K.K. ("JinkoSolar Japan") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | May 21, 2012 | |
Percentage of ownership | 58.80% | |
Jinko Solar (Shanghai) Management Co., Ltd | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jul. 25, 2012 | |
Percentage of ownership | 58.80% | |
Wide Wealth Group Holding Limited. ("Wide Wealth Hong Kong") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jun. 11, 2012 | |
Percentage of ownership | 100% | |
Canton Best Limited ("Canton Best BVI") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 16, 2013 | |
Percentage of ownership | 100% | |
Jinko Solar Technology Sdn.Bhd. ("JinkoSolar Technology Malaysia") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jan. 21, 2015 | |
Percentage of ownership | 58.80% | |
JinkoSolar International Development Limited. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 28, 2015 | |
Percentage of ownership | 100% | |
JinkoSolar Middle East DMCC ("DMCC") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Nov. 06, 2016 | |
Percentage of ownership | 58.80% | |
JinkoSolar Trading Privated Limited. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Feb. 06, 2017 | |
Percentage of ownership | 58.80% | |
JinkoSolar LATAM Holding Limited. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 22, 2017 | |
Percentage of ownership | 100% | |
JinkoSolar (U.S.) Industries Inc. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Nov. 16, 2017 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Haining) Co., Ltd.(Formerly named as "JinkoSolar Technology (Haining) Co., Ltd.") ("Haining Jinko") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 15, 2017 | |
Percentage of ownership | 46.50% | |
Poyang Ruilixin Information Technology Co., Ltd. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 19, 2017 | |
Percentage of ownership | 58.80% | |
Jinko Solar Korea Co., Ltd. ("Jinko Korea") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 03, 2018 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Sichuan) Co., Ltd. ("Jinko Sichuan") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Feb. 18, 2019 | |
Percentage of ownership | 38.50% | |
JinkoSolar (Qinghai) Co., Ltd. ("Jinko Qinghai") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Apr. 03, 2019 | |
Percentage of ownership | 58.80% | |
Rui Xu Co., Ltd. ("Rui Xu") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jul. 24, 2019 | |
Percentage of ownership | 35.30% | |
JinkoSolar (Yiwu) Co., Ltd. ("Jinko Yiwu") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 19, 2019 | |
Percentage of ownership | 35.80% | |
Omega Solar Sdn. Bhd (Formerly named as "Jinko PV Material Supply SDN. BHD") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 23, 2019 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Vietnam) Co., Ltd. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 26, 2019 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Chuzhou) Co., Ltd. ("Jinko Chuzhou") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 26, 2019 | |
Percentage of ownership | 44.40% | |
Zhejiang New Materials Co., Ltd. ("Zhejiang New Materials") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Mar. 24, 2020 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Shangrao) Co., Ltd. ("Jinko Shangrao") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Apr. 17, 2020 | |
Percentage of ownership | 37.20% | |
Jinko Solar Denmark ApS | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | May 28, 2020 | |
Percentage of ownership | 58.80% | |
JinkoSolar Hong Kong Limited | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 17, 2020 | |
Percentage of ownership | 58.80% | |
Jinko Solar (Malaysia) SDN BHD ("JinkoSolar Malaysia") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 28, 2020 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Chuxiong) Co., Ltd. ("Jinko Chuxiong") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 25, 2020 | |
Percentage of ownership | 58.80% | |
Yiwu New Materials Co., Ltd. ("Yiwu Materials") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Oct. 14, 2020 | |
Percentage of ownership | 58.80% | |
Jinko Solar (Vietnam) Industries Company Limited. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Mar. 29, 2021 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Leshan) Co., Ltd. ("Jinko Leshan") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Apr. 25, 2021 | |
Percentage of ownership | 41.20% | |
JinkoSolar (Anhui) Co., Ltd. ("Jinko Anhui") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 03, 2021 | |
Percentage of ownership | 32.30% | |
JinkoSolar (Yushan) Co., Ltd. ("Jinko Yushan") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 26, 2021 | |
Percentage of ownership | 47% | |
Fengcheng Jinko PV Materials Co., Ltd | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 11, 2021 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Feidong) Co., Ltd. ("Jinko Feidong") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 23, 2021 | |
Percentage of ownership | 32.30% | |
JinkoSolar (Jinchang) Co., Ltd. ("Jinko Jinchang") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Sep. 24, 2021 | |
Percentage of ownership | 58.80% | |
JinkoSolar (Poyang) Co., Ltd. ("Jinko Poyang") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 01, 2021 | |
Percentage of ownership | 58.80% | |
Shangrao Changxin Enterprise Management Center LP. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 16, 2021 | |
Percentage of ownership | 100% | |
Jiaxing Jinyue Phase I Venture Capital Partnership | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Apr. 26, 2022 | |
Percentage of ownership | 78.20% | |
Shangrao Jinko PV Manufacturing Co., Ltd | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Mar. 28, 2022 | |
Percentage of ownership | 58.80% | |
Shangrao Guangxin Jinko PV Manufacturing Co., Ltd. | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Mar. 23, 2022 | |
Percentage of ownership | 58.80% | |
Jinko Energy Storage Technology Co., Ltd. ("Jinko Energy") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 06, 2022 | |
Percentage of ownership | 58.80% | |
Jiangxi Jinko Energy Storage Co., Ltd | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | May 26, 2022 | |
Percentage of ownership | 58.80% | |
Mytikas Investment Limited | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jun. 01, 2023 | |
Percentage of ownership | 100% | |
Shangrao Xinyuan YueDong Technology Development Co., Ltd(Formerly named as "Shangrao Jinko Green Energy Technology Development Co., Ltd") ("Shangrao Xinyuan") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Dec. 01, 2023 | |
Percentage of ownership | 58.80% | 100% |
Jiaxing Jinzhen Venture Capital Partnership LP | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Oct. 23, 2023 | |
Percentage of ownership | 100% | |
Haining JinkoSolar Smart Manufacturing Co., Ltd | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Aug. 10, 2023 | |
Percentage of ownership | 58.80% | |
Zhejiang Jinko Energy Storage Co., Ltd ("ZJES") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Apr. 23, 2023 | |
Percentage of ownership | 58.80% | |
Shangrao Carbon and Industrial Equity Investment Fund Center LP.("Shangrao CEIF") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Nov. 15, 2023 | |
Percentage of ownership | 29.20% | |
Yantai Jinyi Investment Management Partnership LP. ("Yantai Jinyi") | ||
ORGANIZATION AND NATURE OF OPERATIONS | ||
Date of Incorporation/Acquisition | Jul. 31, 2023 | |
Percentage of ownership | 21.60% |
ORGANIZATION AND NATURE OF OP_4
ORGANIZATION AND NATURE OF OPERATIONS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
ORGANIZATION AND NATURE OF OPERATIONS | |||
Cash and cash equivalents | ¥ 16,060,679 | $ 2,262,100 | ¥ 10,243,500 |
Equity securities without readily determinable fair values | 358,526 | 245,000 | |
Long-term payables | 2,378,684 | $ 335,031 | ¥ 601,759 |
Shangrao Carbon and Industrial Equity Investment Fund Center LP. And Yantai Jinyi Investment Management Partnership LP. | |||
ORGANIZATION AND NATURE OF OPERATIONS | |||
Cash and cash equivalents | 272,000 | ||
Equity securities without readily determinable fair values | 50,000 | ||
Long-term payables | 163,000 | ||
Trusts set up by Paker | |||
ORGANIZATION AND NATURE OF OPERATIONS | |||
Outstanding balance of financial liabilities | 668,000 | ||
Restricted cash | ¥ 207,000 |
PRINCIPAL ACCOUNTING POLICIES -
PRINCIPAL ACCOUNTING POLICIES - Schedule of Cash, cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
PRINCIPAL ACCOUNTING POLICIES | ||||||
Cash and cash equivalents | ¥ 16,060,679 | $ 2,262,100 | ¥ 10,243,500 | |||
Restricted cash | 3,008,428 | 423,728 | 1,027,454 | |||
Cash and cash equivalents included in held-for-sale assets | 358,174 | |||||
Total | ¥ 19,427,281 | $ 2,736,275 | ¥ 11,270,954 | $ 1,587,481 | ¥ 9,097,246 | ¥ 8,074,772 |
PRINCIPAL ACCOUNTING POLICIES_3
PRINCIPAL ACCOUNTING POLICIES - Movement of accrued warranty cost (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PRINCIPAL ACCOUNTING POLICIES | |||
Accrue (reversal) to selling and marketing expense | ¥ 75,000 | ||
Solar modules | |||
PRINCIPAL ACCOUNTING POLICIES | |||
At beginning of year | ¥ 1,641,721 | 1,007,805 | ¥ 892,131 |
Additions | 1,348,516 | 771,244 | 390,238 |
Utilization | (222,073) | (212,130) | (170,776) |
Accrue (reversal) to selling and marketing expense | (386,910) | 74,802 | (103,788) |
At end of year | 2,381,254 | 1,641,721 | ¥ 1,007,805 |
ESS products | |||
PRINCIPAL ACCOUNTING POLICIES | |||
At beginning of year | 2,254 | ||
Additions | 23,186 | 2,254 | |
At end of year | ¥ 25,440 | ¥ 2,254 |
PRINCIPAL ACCOUNTING POLICIES_4
PRINCIPAL ACCOUNTING POLICIES - Change in accounting estimate (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | |
PRINCIPAL ACCOUNTING POLICIES | ||||
Decrease in net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 3,447,443 | $ 485,561 | ¥ 620,506 | ¥ 721,018 |
Decrease in basic earnings per share | (per share) | ¥ 16.60 | $ 2.34 | ¥ 3.13 | ¥ 3.78 |
Decrease in diluted earnings per share | (per share) | ¥ 15.23 | 2.15 | ¥ 3.10 | ¥ 2.01 |
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||
PRINCIPAL ACCOUNTING POLICIES | ||||
Decrease in net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ | ¥ 1,242,367 | |||
Decrease in basic earnings per share | 5.98 | |||
Decrease in diluted earnings per share | $ 5.49 |
PRINCIPAL ACCOUNTING POLICIES_5
PRINCIPAL ACCOUNTING POLICIES - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Jan. 01, 2023 | Jan. 01, 2018 USD ($) | Dec. 31, 2023 CNY (¥) segment | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | May 31, 2023 CNY (¥) | |
Foreign currency translation | ||||||||
Cash, cash equivalents, and restricted cash | ¥ 21,495,000 | ¥ 14,243,000 | ||||||
Current expected credit losses | ||||||||
Retained earnings | 9,137,727 | 6,249,883 | $ 1,287,022 | |||||
Expected credit loss provision | 183,000 | $ 25,744 | 285,394 | ¥ 82,427 | ||||
Short-term and long-term advances to suppliers | ||||||||
Provision for advance to suppliers | 0 | 0 | 0 | |||||
Provision for loss on long-term contracts | ¥ 0 | ¥ 0 | 0 | |||||
Percentage of estimated residential value. | 5 | 10 | 5 | |||||
Net income | ¥ 6,452,554 | 908,822 | ¥ 1,565,139 | 955,572 | ||||
Decrease in net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 3,447,443 | 485,561 | 620,506 | 721,018 | ||||
Depreciation expenses of project assets | 0 | $ 0 | 0 | 32,559 | ||||
Held-for-sale liabilities | 1,117,005 | $ 157,327 | ||||||
Interest Capitalization | ||||||||
Interest expenses | 1,242,793 | 1,150,128 | 878,908 | |||||
Interest and other income | ¥ 554,000 | 589,000 | 214,000 | |||||
Revenue recognition | ||||||||
Period of customers to make full payment | 90 days | 90 days | ||||||
Period of customers to make payment after delivery | 180 days | 180 days | ||||||
Retain percentage, minimum | 5% | 5% | ||||||
Retain percentage, maximum | 10% | 10% | ||||||
Retainage | ¥ 16,000 | 23,000 | 24,000 | |||||
Capitalized contract cost | ¥ 0 | 0 | 0 | |||||
Practical expedients and exemption | true | true | ||||||
Number of operating segments | segment | 1 | 1 | ||||||
Warranty cost | ||||||||
Product defect, minimum warranty | 5 years | 5 years | ||||||
Product defect, maximum warranty | 10 years | 10 years | ||||||
Product decline, minimum warranty | 10 years | 10 years | ||||||
Product decline, maximum warranty | 25 years | 25 years | ||||||
Product decline, minimum percentage | 10% | 10% | ||||||
Product decline, maximum percentage | 20% | 20% | ||||||
Product failure rate over warranty period | 1% | 1% | ||||||
Past years matching actual claims with expected estimates. | 2 years | 2 years | ||||||
Warranty liability | ¥ 387,000 | 104,000 | ||||||
Accrue (reversal) to selling and marketing expense | 75,000 | |||||||
Warranty cost expenses | 1,372,000 | 773,000 | 390,000 | |||||
Utilization of warranty accruals | 222,000 | 212,000 | 171,000 | |||||
Uncertain tax positions | 0 | 0 | ||||||
Government grants | ||||||||
Subsidy income | 1,175,000 | $ 165,565 | 1,089,435 | 465,685 | ||||
Government grants related to assets | ¥ 2,827,000 | 1,469,000 | 291,000 | |||||
Convenience translation | ||||||||
Exchange rate | 7.0999 | 7.0999 | ||||||
Discontinued operations, held-for-sale | Xingjiang Jinko | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Consideration agreed | ¥ 4,300,000 | |||||||
Total | 1,814,000 | |||||||
Held-for-sale liabilities | ¥ 1,117,000 | |||||||
Held-for sale assets and liabilities | Xingjiang Jinko | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Percentage of ownership interest agreed to sell | 100% | 100% | ||||||
Consideration receivable upon achieved agreed performance target | ¥ 1,600,000 | |||||||
Consideration receivable upon sign-off of all related transaction documents | 1,200,000 | |||||||
Consideration receivable upon completion of business registration with related authorities | ¥ 1,500,000 | |||||||
Percentage of consideration receivable upon achieved agreed performance target for each year | 25% | 25% | ||||||
Consideration receivable upon achieved agreed performance target for each year | ¥ 400,000 | |||||||
Threshold cumulative net profit to be achieved by target company during target period | 2,000,000 | |||||||
Maximum compensation to be paid if target company cumulative net profit achieved is less than zero | ¥ 2,700,000 | |||||||
Percentage of additional consideration if cumulative net profit is achieved | 30% | 30% | ||||||
Held-for sale assets and liabilities | Land use right and buildings located in Yuhuan, Zhejiang | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Consideration agreed | ¥ 236,000 | |||||||
Total | ¥ 189,000 | |||||||
ASC 606 | ||||||||
Revenue recognition | ||||||||
Retainage | 7,000 | 400 | 3,000 | |||||
ASC 606 | Adjustment | ||||||||
Revenue recognition | ||||||||
Retained earnings | $ | $ 0 | |||||||
ASU No. 2016-13 | ||||||||
Current expected credit losses | ||||||||
Expected credit loss provision, current | 779,000 | 600,000 | 331,000 | |||||
Expected credit loss provision, non-current assets | 2,000 | 2,000 | 4,000 | |||||
Expected credit loss provision | 285,000 | 82,000 | ||||||
Electricity | ||||||||
Cost of revenue | ||||||||
Cost of electricity sales | ¥ 0 | 0 | 31,000 | |||||
Warranty cost | ||||||||
Product failure rate over warranty period | 3% | 3% | ||||||
Shipping and Handling | ||||||||
Cost of revenue | ||||||||
Cost of electricity sales | ¥ 4,226,000 | 5,161,000 | 2,048,000 | |||||
Revenue from generated electricity | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Incidental revenue | 47,000 | 0 | ||||||
Minimum | ||||||||
Revenue recognition | ||||||||
Percentage of domestic customers to make full payment | 90% | 90% | ||||||
Retainage Period | 1 year | 1 year | ||||||
Percentage of revenue recognized | 90% | |||||||
Maximum | ||||||||
Revenue recognition | ||||||||
Percentage of domestic customers to make full payment | 95% | 95% | ||||||
Retainage Period | 2 years | 2 years | ||||||
Percentage of revenue recognized | 95% | |||||||
Construction projects of continuing operation | ||||||||
Interest Capitalization | ||||||||
Interest capitalized | ¥ 72,000 | ¥ 71,000 | ¥ 41,000 | |||||
Buildings | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 20 years | 20 years | ||||||
Machinery and equipment | Minimum | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||||||
Machinery and equipment | Maximum | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 10 years | 10 years | ||||||
Reviewed estimate of useful life | 6 years | 6 years | 6 years | 10 years | ||||
Furniture, fixture and office equipment | Minimum | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 3 years | 3 years | ||||||
Furniture, fixture and office equipment | Maximum | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||||||
Motor vehicles | Minimum | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 4 years | 4 years | ||||||
Motor vehicles | Maximum | ||||||||
Short-term and long-term advances to suppliers | ||||||||
Property, plant and equipment, estimated useful life | 5 years | 5 years | ||||||
Land use rights | ||||||||
Interest Capitalization | ||||||||
Intangible asset, useful life, minimum | 50 years | 50 years | ||||||
Intangible asset, useful life, maximum | 70 years | 70 years | ||||||
Purchased software and trademark registration fees | ||||||||
Interest Capitalization | ||||||||
Intangible asset, useful life, minimum | 5 years | 5 years | ||||||
Intangible asset, useful life, maximum | 10 years | 10 years |
REVENUES - Schedule of revenues
REVENUES - Schedule of revenues by product (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
REVENUES | ||||||
Total revenues | ¥ 42,000 | ¥ 31,000 | ¥ 118,678,591 | $ 16,715,530 | ¥ 83,127,296 | ¥ 40,826,521 |
Sales of solar modules | ||||||
REVENUES | ||||||
Total revenues | 114,381,172 | 80,224,354 | 37,737,383 | |||
Sales of solar cells | ||||||
REVENUES | ||||||
Total revenues | 1,597,490 | 1,024,114 | 606,582 | |||
Sales of silicon wafers | ||||||
REVENUES | ||||||
Total revenues | 283,561 | 466,553 | 1,152,055 | |||
Sales of solar projects | ||||||
REVENUES | ||||||
Total revenues | 41,982 | 31,400 | 0 | |||
Sales of other solar products | ||||||
REVENUES | ||||||
Total revenues | 2,374,386 | 1,380,875 | 1,043,760 | |||
Processing service fees | ||||||
REVENUES | ||||||
Total revenues | 0 | 0 | 186,045 | |||
Revenue from generated electricity | ||||||
REVENUES | ||||||
Total revenues | ¥ 0 | 0 | 100,696 | |||
Incidental revenue | ¥ 47,000 | ¥ 0 |
REVENUES - Schedule of revenu_2
REVENUES - Schedule of revenues by location (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
REVENUES | ||||||
Total revenues | ¥ 42,000 | ¥ 31,000 | ¥ 118,678,591 | $ 16,715,530 | ¥ 83,127,296 | ¥ 40,826,521 |
China | ||||||
REVENUES | ||||||
Total revenues | 45,418,257 | 34,839,410 | 10,134,888 | |||
Europe | ||||||
REVENUES | ||||||
Total revenues | 21,731,240 | 19,637,777 | 7,481,581 | |||
Asia Pacific | ||||||
REVENUES | ||||||
Total revenues | 19,431,642 | 11,274,447 | 10,239,162 | |||
North America | ||||||
REVENUES | ||||||
Total revenues | 10,461,589 | 3,727,493 | 6,621,799 | |||
Rest of the world | ||||||
REVENUES | ||||||
Total revenues | ¥ 21,635,863 | ¥ 13,648,169 | ¥ 6,349,091 |
INTEREST EXPENSES, NET (Details
INTEREST EXPENSES, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
INTEREST EXPENSES, NET | ||||
Interest expenses | ¥ 1,242,793 | ¥ 1,150,128 | ¥ 878,908 | |
Less: Interest capitalization | (71,657) | (70,719) | (40,588) | |
Less: Interest income | (553,531) | $ (77,962) | (588,706) | (214,291) |
Total | ¥ 617,605 | ¥ 490,703 | ¥ 624,029 |
OTHER INCOME, NET - Schedule Of
OTHER INCOME, NET - Schedule Of Other Nonoperating Income Expense (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER INCOME, NET | |||
Income from licensed patents | ¥ 50,581 | ||
Guarantee income | 0 | ¥ 6,365 | |
Donations | (25,791) | ¥ (6,824) | ¥ (4,454) |
Disposal of Jiangsu Jinko-Tiansheng Co., Ltd.("Tiansheng") | ¥ 0 | ¥ 12,474 | |
Disposal of Jiangsu Jinko-Tiansheng Co., Ltd.("Tiansheng") | Other Income Expense Net | Other Income Expense Net | Other Income Expense Net |
Disposal of solar power project in Argentina | ¥ 0 | ¥ 1,758 | |
Fair value gains from short term investments | 1,125 | ||
Others | 219 | (5,837) | |
Total | ¥ 26,134 | ¥ 1,571 | ¥ 1,911 |
TAXATION (Details)
TAXATION (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||||||
Jan. 01, 2008 | Dec. 31, 2030 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2020 | |
TAXATION | |||||||||
Federal corporate income tax rate | 25% | 25% | 25% | ||||||
Deferred tax liabilities related to the cumulative undistributed earnings | ¥ 68,461 | ¥ 52,173 | |||||||
Utilization and reversal of valuation allowances | 108,592 | 111,296 | ¥ 8,390 | ||||||
Valuation allowance | 357,198 | 243,141 | 217,124 | ¥ 136,847 | |||||
Additional income tax deduction | ¥ 184,000 | ¥ 107,000 | ¥ 74,000 | ||||||
Cayman Islands | JinkoPower | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 10% | ||||||||
JAPAN | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 37.60% | ||||||||
SWITZERLAND | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 10% | 10% | 9.57% | ||||||
GERMANY | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 27.40% | ||||||||
ITALY | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 24% | ||||||||
China | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 25% | ||||||||
Dividend distribution withholding tax | 10% | ||||||||
Statutory reserves | ¥ 11,866,000 | ¥ 6,635,000 | ¥ 4,928,000 | ||||||
Deferred tax liability reinvested earnings | ¥ 593,000 | ¥ 663,000 | ¥ 493,000 | ||||||
China | High and New Technology Enterprise | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 15% | ||||||||
China | Forecast | Enterprise in the Encouraged Industry | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 15% | ||||||||
China | Forecast | High and New Technology Enterprise | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 15% | ||||||||
Reduced statutory rate | 15% | ||||||||
HONG KONG | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 16.50% | ||||||||
Dividend distribution withholding tax | 5% | ||||||||
HONG KONG | Minimum | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 25% | ||||||||
Denmark | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 22% | ||||||||
USA | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 21% | ||||||||
USA | Minimum | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 1% | ||||||||
USA | Maximum | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 12% | ||||||||
CANADA | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 15% | ||||||||
State/Province tax rate | 12% | ||||||||
AUSTRALIA | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 30% | ||||||||
BRAZIL | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 34% | ||||||||
MEXICO | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 30% | ||||||||
MALAYSIA | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 24% | ||||||||
Income tax holiday, description | a five year 100% tax exemption | ||||||||
Preferential Income Tax Rate | 7% | ||||||||
MALAYSIA | Xinjiang Jinko Solar Co., Ltd. ("Xinjiang Jinko") | |||||||||
TAXATION | |||||||||
Income tax holiday, description | five year 70% tax exemption | ||||||||
ARGENTINA | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 35% | ||||||||
KOREA | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 23.10% | 10% | 22% | ||||||
Vietnam | |||||||||
TAXATION | |||||||||
Income tax holiday, description | 100% tax exemption for 4 years | ||||||||
Vietnam | Year 2024 to 2032 | |||||||||
TAXATION | |||||||||
Income tax holiday, description | 10% for 9 years from 2024 to 2032 | ||||||||
Preferential Income Tax Rate | 10% | ||||||||
Preferential Income Tax Period | 9 years | ||||||||
Vietnam | Year 2033 to 2042 | |||||||||
TAXATION | |||||||||
Income tax holiday, description | 15% for 10 years from 2033 to 2042 | ||||||||
Preferential Income Tax Rate | 15% | ||||||||
Preferential Income Tax Period | 10 years | ||||||||
Vietnam | Minimum | |||||||||
TAXATION | |||||||||
Federal corporate income tax rate | 15% |
TAXATION - Composition of Incom
TAXATION - Composition of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
TAXATION | ||||
Income/(loss) before income taxes | ¥ 7,490,165 | $ 1,054,966 | ¥ 1,976,709 | ¥ 1,089,903 |
Cayman Islands | ||||
TAXATION | ||||
Income/(loss) before income taxes | (607,235) | (639,136) | 199,956 | |
PRC | ||||
TAXATION | ||||
Income/(loss) before income taxes | 9,798,930 | 2,743,467 | 1,120,667 | |
Other countries | ||||
TAXATION | ||||
Income/(loss) before income taxes | ¥ (1,701,530) | ¥ (127,622) | ¥ (230,720) |
TAXATION - Current and Deferred
TAXATION - Current and Deferred Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
TAXATION | ||||
PRC | ¥ (2,050,538) | ¥ (867,937) | ¥ (280,877) | |
Other countries | (55,150) | (58,014) | (175,633) | |
Total current income tax expenses | (2,105,688) | (925,951) | (456,510) | |
PRC | 615,933 | 457,266 | 77,741 | |
Other countries | 229,470 | (136,593) | 184,629 | |
Total deferred tax benefits | 845,403 | $ 119,073 | 320,673 | 262,370 |
Income tax expenses, net | ¥ (1,260,285) | $ (177,507) | ¥ (605,278) | ¥ (194,140) |
TAXATION - Income Tax Rate Reco
TAXATION - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
TAXATION | |||
Statutory CIT rate | 25% | 25% | 25% |
-Share-based compensation expenses | 0.60% | 3.20% | 0.10% |
-Change in fair value of convertible senior notes and call options | 0.10% | 0.20% | (4.40%) |
-Accrued payroll and welfare expenses | 0.10% | 0.10% | 0.10% |
-Change of enacted tax rate and preferential tax benefit | (1.40%) | 1.60% | 2.10% |
-Other permanent differences | (0.80%) | 3.40% | (1.80%) |
Difference in tax rate of subsidiaries outside the PRC | 2.40% | 3.90% | 2.20% |
Effect of tax holiday for subsidiaries | (10.70%) | (12.10%) | (12.90%) |
Change in valuation allowance | 1.50% | 5.30% | 7.40% |
Effective tax rate | 16.80% | 30.60% | 17.80% |
TAXATION - Aggregate Amount and
TAXATION - Aggregate Amount and Per Share Effect of Reduction of CIT (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
TAXATION | |||
The aggregate amount of effect | ¥ 797,930 | ¥ 239,268 | ¥ 140,235 |
Per share effect - basic | ¥ 3.84 | ¥ 1.21 | ¥ 0.74 |
Per share effect - diluted | ¥ 3.53 | ¥ 1.19 | ¥ 0.68 |
TAXATION - Deferred Tax Assets
TAXATION - Deferred Tax Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
TAXATION | |||||
Net operating losses | ¥ 220,366 | ¥ 529,522 | |||
Accrued warranty costs | 546,616 | 373,064 | |||
Provision for inventories, accounts receivable, other receivable | 265,131 | 230,019 | |||
Timing difference for subsidiary income | 601,568 | 166,857 | |||
Timing difference for countervailing duties | 18,534 | ||||
Other temporary differences | 153,981 | 69,183 | |||
Impairment for property, plant and equipment and project assets | 57,221 | 35,491 | |||
Total deferred tax assets | 1,863,417 | 1,404,136 | |||
Less: Valuation allowance | (357,198) | (243,141) | ¥ (217,124) | ¥ (136,847) | |
Less: Deferred tax liabilities in the same tax jurisdiction | (216,215) | (456,751) | |||
Deferred tax assets | 1,290,004 | $ 181,693 | 704,244 | ||
Timing difference for property, plant and equipment | (234,786) | (478,515) | |||
Timing difference for refund of countervailing duties | (90,864) | ||||
Deferred tax liabilities related to cumulative distributable earnings in Jiangxi Jinko | (68,461) | (52,173) | |||
Other temporary differences | (44,474) | (30,007) | |||
Total deferred tax liabilities | (347,721) | (651,559) | |||
Less: Deferred tax assets in the same tax jurisdiction | 216,215 | 456,751 | |||
Deferred tax liabilities | ¥ (131,506) | $ (18,522) | ¥ (194,808) |
TAXATION - Movement of Valuatio
TAXATION - Movement of Valuation Allowances (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
TAXATION | |||
At beginning of year | ¥ (243,141) | ¥ (217,124) | ¥ (136,847) |
Current year additions | (222,649) | (216,260) | (88,667) |
Utilization and reversal of valuation allowances | 108,592 | 111,296 | 8,390 |
Decrease of valuation allowances related to the disposal of a subsidiary | 78,947 | ||
At end of year | ¥ (357,198) | ¥ (243,141) | ¥ (217,124) |
ACCOUNTS RECEIVABLE, NET - TH_3
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES - Schedule of accounts receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | |||
Amount of accounts receivable pledged as collateral for borrowings | ¥ 474,000 | ¥ 1,006,000 | |
Third parties | |||
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | |||
Accounts receivables - current | 23,347,412 | 17,259,003 | |
Allowance for credit losses - current | (685,231) | (584,127) | |
Accounts receivable, net - current | ¥ 22,662,181 | $ 3,191,901 | ¥ 16,674,876 |
ACCOUNTS RECEIVABLE, NET - TH_4
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES - Movement of allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts receivables, current | |||
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | |||
At beginning of year | ¥ 584,127 | ¥ 323,071 | ¥ 293,360 |
Addition | 181,771 | 394,285 | 91,948 |
Reversal | (76,956) | (114,770) | (24,213) |
Write off | (3,711) | (18,459) | (38,024) |
At end of year | 685,231 | 584,127 | 323,071 |
Accounts receivables, non current | |||
ACCOUNTS RECEIVABLE, NET - THIRD PARTIES | |||
At beginning of year | ¥ 0 | 562 | 1,139 |
Reversal | (562) | (577) | |
At end of year | ¥ 0 | ¥ 562 |
NOTES RECEIVABLE, NET - THIRD_3
NOTES RECEIVABLE, NET - THIRD PARTIES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Notes Receivable ,Net - Third Parties [Line Items] | |||||
Provision for notes receivable | ¥ 0 | ¥ 0 | ¥ (1,040) | ¥ (182) | |
Notes receivable pledged as collateral | 225,000 | 1,481,000 | |||
Third parties | |||||
Notes Receivable ,Net - Third Parties [Line Items] | |||||
Notes receivable | 4,088,902 | 6,697,096 | |||
Notes receivable, net | ¥ 4,088,902 | $ 575,910 | ¥ 6,697,096 |
NOTES RECEIVABLE, NET - THIRD_4
NOTES RECEIVABLE, NET - THIRD PARTIES - Movement of allowance for notes receivable (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
NOTES RECEIVABLE, NET - THIRD PARTIES | |||
At beginning of year | ¥ 0 | ¥ 1,040 | ¥ 182 |
Addition | 0 | 0 | 858 |
Reversal | 0 | (1,040) | 0 |
At end of year | ¥ 0 | ¥ 0 | ¥ 1,040 |
ADVANCES TO SUPPLIERS, NET - _3
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
ADVANCES TO SUPPLIERS, NET - THIRD PARTIES | ||||
Advances to suppliers - current | ¥ 4,559,224 | ¥ 3,271,284 | $ 642,153 | |
Advances to suppliers - non-current | 648,377 | 310,375 | $ 91,322 | |
Advances to suppliers, net | 5,207,601 | 3,581,659 | ||
Provision for advance to suppliers | 0 | 0 | ¥ 0 | |
Wrote off balances of advances to suppliers | ¥ 0 | ¥ 0 | ¥ 6,000 |
INVENTORIES (Details)
INVENTORIES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
INVENTORIES | |||||
Raw materials | ¥ 4,543,103 | ¥ 5,499,573 | |||
Work-in-progress | 2,103,946 | 3,237,480 | |||
Finished goods | 11,568,488 | 8,713,231 | |||
Total | 18,215,537 | 17,450,284 | $ 2,565,605 | ||
Inventory provision | 2,859,000 | $ 402,693 | 1,819,166 | ¥ 823,273 | |
Inventories with net book value | ¥ 4,362,000 | ¥ 2,809,000 |
PREPAYMENTS AND OTHER CURRENT_3
PREPAYMENTS AND OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
PREPAYMENTS AND OTHER CURRENT ASSETS | |||||
Less: Allowance for credit losses | ¥ (79,585) | ¥ (8,118) | ¥ (5,521) | ¥ (9,588) | |
Total | 3,402,812 | $ 479,276 | 3,290,903 | ||
Foreign exchange option | |||||
PREPAYMENTS AND OTHER CURRENT ASSETS | |||||
Value-added tax deductible | 2,035,412 | 1,374,908 | |||
Prepayment for income tax and deferred charges | 398,359 | 233,744 | |||
Receivables related to discount from a supplier | 247,837 | 324,002 | |||
Deposit for customer duty, bidding and others | 231,295 | 181,371 | |||
Prepayment of electricity and others | 222,115 | 198,692 | |||
Receivables related to disposal of land use rights and property, plant and equipment | 89,519 | 378,900 | |||
Prepaid leasehold improvements and other assets | 81,882 | 27,480 | |||
Loan receivable | 23,459 | 23,459 | |||
Deferred issuance cost for convertible notes | 16,866 | 0 | |||
Prepaid insurance premium | 14,944 | 7,281 | |||
Refund receivable of U.S. countervailing duties and anti-dumping duties | 6,668 | 480,535 | |||
Others | 114,041 | 68,649 | |||
Less: Allowance for credit losses | (79,585) | (8,118) | |||
Total | ¥ 3,402,812 | ¥ 3,290,903 | |||
Maturity period of derivative | 12 months |
PREPAYMENTS AND OTHER CURRENT_4
PREPAYMENTS AND OTHER CURRENT ASSETS - Activity in the allowance for credit losses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Activity in the allowance for credit losses | |||
At beginning of year | ¥ 8,118 | ¥ 5,521 | ¥ 9,588 |
Addition | 71,467 | 2,597 | 4,068 |
Reverse | 0 | 0 | (8,135) |
At end of year | ¥ 79,585 | ¥ 8,118 | ¥ 5,521 |
INVESTMENTS AND AVAILABLE-FOR_3
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES - Schedule of Long-term Investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
-Debt investment | |||
Available-for-sale securities - current | ¥ 0 | $ 0 | ¥ 104,499 |
Available-for-sale securities-non-current | 104,134 | 14,667 | 0 |
Subtotal | 104,134 | 104,499 | |
-Equity investment | |||
Investments accounted for under the equity method. | 1,199,982 | 1,287,201 | |
Equity securities without readily determinable fair values | 358,526 | 245,000 | |
Equity securities with readily determinable fair values | 330,414 | ||
Equity securities applying fair value option | 228,706 | 178,871 | |
Subtotal | 2,117,628 | $ 298,262 | 1,711,072 |
Total | ¥ 2,221,762 | ¥ 1,815,571 |
INVESTMENTS AND AVAILABLE-FOR_4
INVESTMENTS AND AVAILABLE-FOR-SALE SECURITIES (Details) ¥ / shares in Units, $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 18, 2021 CNY (¥) | Nov. 30, 2023 CNY (¥) | Sep. 30, 2023 CNY (¥) | May 31, 2023 CNY (¥) | Jan. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Jun. 30, 2022 CNY (¥) | May 31, 2022 CNY (¥) | Jan. 31, 2022 CNY (¥) | Apr. 30, 2019 CNY (¥) | Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) $ / shares | Nov. 30, 2022 CNY (¥) | Mar. 30, 2017 | Mar. 03, 2017 | Feb. 26, 2017 | |
LONG-TERM INVESTMENTS | |||||||||||||||||||
Aggregated principal | ¥ 100,000,000 | ||||||||||||||||||
Annual interest | 5.50% | ||||||||||||||||||
Bond amount received | ¥ 105,500,000 | ||||||||||||||||||
Bond principal amount | 100,000,000 | ||||||||||||||||||
Bond interest amount | ¥ 5,500,000 | ||||||||||||||||||
Unrealized loss on the available-for-sale securities | ¥ 1,000,000 | ¥ 1,000,000 | |||||||||||||||||
Purchase of Available-for-sale securities | 65,000,000 | $ 9,155 | 100,000,000 | ||||||||||||||||
Fair value of investment | ¥ 0 | 104,134,000 | 0 | $ 14,667 | |||||||||||||||
Unrealized gain on the available-for-sale securities | 19,000,000 | 0 | |||||||||||||||||
Gain in earnings | 21,000,000 | 0 | ¥ 0 | ||||||||||||||||
Equity securities without readily determinable fair values | 245,000,000 | 358,526,000 | 245,000,000 | ||||||||||||||||
Payments for other fees | 5,310,000 | ||||||||||||||||||
Equity method investments | 1,287,201,000 | 1,199,982,000 | 1,287,201,000 | ||||||||||||||||
Revenues | ¥ 42,000,000 | 31,000,000 | 118,678,591,000 | 16,715,530 | 83,127,296,000 | 40,826,521,000 | |||||||||||||
Cash paid for investment in equity securities | 272,305,000 | 38,353 | 227,000,000 | 95,000,000 | |||||||||||||||
Equity securities with readily determinable fair values | ¥ 330,414,000 | ||||||||||||||||||
Lifecome share price | (per share) | ¥ 65.41 | $ 9.24 | |||||||||||||||||
Equity in income of affiliated companies | ¥ 222,674,000 | 31,363 | 193,708,000 | 59,809,000 | |||||||||||||||
Gain on disposal of subsidiaries | ¥ 0 | $ 0 | 14,232,000 | 0 | |||||||||||||||
Term of puttable bond | 2 years | 2 years | 2 years | ||||||||||||||||
Investments in equity securities | 178,871,000 | ¥ 228,706,000 | 178,871,000 | ||||||||||||||||
Zhejiang Xiangbang Technology Co., Ltd . [Member] | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Unrealized gain on equity securities | 50,000,000 | 102,000,000 | |||||||||||||||||
Investments in equity securities | 179,000,000 | 229,000,000 | 179,000,000 | ||||||||||||||||
Xinte Silicon | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Ownership percentage | 9% | ||||||||||||||||||
Equity in income of affiliated companies | ¥ 217,000,000 | 219,000,000 | 3,000 | ||||||||||||||||
Shangrao Xinyuan YueDong Technology Development Co., Ltd(Formerly named as "Shangrao Jinko Green Energy Technology Development Co., Ltd") ("Shangrao Xinyuan") | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Ownership percentage | 100% | 58.80% | 58.80% | ||||||||||||||||
SweihanSolar Holding Company Limited | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Equity interests owned | 50% | 40% | |||||||||||||||||
Cash dividend | ¥ 9,000,000 | 0 | 23,000,000 | ||||||||||||||||
Equity method investments | 144,000,000 | 123,000,000 | 144,000,000 | ||||||||||||||||
Revenues | ¥ 10,000,000 | ||||||||||||||||||
Decrease in investment | 94,000,000 | ||||||||||||||||||
Jiangsu JinkoTiansheng Co Ltd | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Equity interests owned | 30% | ||||||||||||||||||
Gain from disposal of the equity interest | ¥ 13,000,000 | ||||||||||||||||||
Xinte Silicon | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Cash dividend | 118,000,000 | ||||||||||||||||||
Purchases from related party | 1,537,000,000 | 825,000,000 | 0 | ||||||||||||||||
Equity in income of affiliated companies | 1,000,000 | 0 | 0 | ||||||||||||||||
Profit due to elimination of transactions | 35,000,000 | 37,000,000 | 0 | ||||||||||||||||
Xinte Silicon | Xinte Silicon | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Investments in subsidiaries | ¥ 534,000,000 | 634,000,000 | ¥ 534,000,000 | ||||||||||||||||
Sichuan Yongxiang Technology Co., Ltd. | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Equity interests owned | 15% | 15% | |||||||||||||||||
Equity method investments | ¥ 449,000,000 | 443,000,000 | ¥ 449,000,000 | ||||||||||||||||
Capital injection in cash | 450,000,000 | ||||||||||||||||||
Equity in income of affiliated companies | 6,000,000 | 1,000,000 | 0 | ||||||||||||||||
Zhejiang Xiangbang Technology Co., Ltd . [Member] | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Equity interests owned | 2.98% | ||||||||||||||||||
Capital injection in cash | ¥ 77,000,000 | ||||||||||||||||||
Shangrao Xinyuan YueDong Technology Development Co., Ltd(Formerly named as "Shangrao Jinko Green Energy Technology Development Co., Ltd") ("Shangrao Xinyuan") | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Equity method investments | 160,000,000 | 160,000,000 | ¥ 33.33 | ||||||||||||||||
Capital injections | ¥ 248 | ||||||||||||||||||
Equity in income of affiliated companies | 22,000,000 | ||||||||||||||||||
Lifecome Biochemical Co., Ltd | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Cash paid for investment in equity securities | 180,000,000 | ||||||||||||||||||
Equity securities with readily determinable fair values | 150,000,000 | ||||||||||||||||||
Fair value amount | 330,000,000 | ||||||||||||||||||
Jinko Power Co Ltd | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Capital injection to SSHC | ¥ 315,000,000 | ¥ 295,000,000 | |||||||||||||||||
Equity in income of affiliated companies | (2,000,000) | 14,000,000 | (62,000,000) | ||||||||||||||||
Jinko-Tiansheng | |||||||||||||||||||
LONG-TERM INVESTMENTS | |||||||||||||||||||
Equity method investment, unrealized intercompany profit (loss) eliminated, amount | 0 | 4,000,000 | |||||||||||||||||
Payments for other fees | 0 | 5,000,000 | |||||||||||||||||
Equity method investments | ¥ 0 | 0 | ¥ 3,000,000 | ||||||||||||||||
Equity in income of affiliated companies | ¥ 0 | ¥ 7,000,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Property and equipment | ¥ 48,935,074 | ¥ 37,201,495 | |||
Less: Accumulated depreciation | (11,557,978) | (6,462,379) | |||
Subtotal | 37,377,096 | 30,739,116 | |||
Construction in progress | 3,890,092 | 1,550,972 | |||
Property, plant and equipment, net | 41,267,187 | 32,290,088 | $ 5,812,362 | ||
Depreciation of property, plant and equipment | 7,856,000 | $ 1,106,531 | 2,585,018 | ¥ 1,603,786 | |
Receivables related to disposal of certain equipment | 290,000 | 1,118,000 | 390,000 | ||
Gain (loss) on disposition of property plant equipment | (107,829) | $ (15,187) | (248,500) | (350,336) | |
Property, plant and equipment impairment | 640,000 | 374,000 | ¥ 150,000 | ||
Property, plant and equipment pledged as collateral for borrowings | 5,250,000 | 5,210,000 | |||
Buildings | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Property and equipment | 17,195,868 | 12,655,905 | |||
Machinery and equipment | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Property and equipment | 30,438,878 | 22,435,247 | |||
Motor vehicles | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Property and equipment | 183,921 | 114,936 | |||
Furniture, fixture and office equipment | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | |||||
Property and equipment | ¥ 1,116,407 | ¥ 1,995,407 |
LAND USE RIGHTS, NET (Details)
LAND USE RIGHTS, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
LAND USE RIGHTS, NET | |||||
Land use rights | ¥ 1,947,145 | ¥ 1,535,556 | |||
Less: accumulated amortization | (126,133) | (104,132) | |||
Land use rights, net | 1,821,012 | 1,431,424 | $ 256,484 | ||
Amortization of land use rights | 38,656 | $ 5,445 | 27,353 | ¥ 18,031 | |
Estimated future amortization expense | 39,000 | ||||
Land use rights pledged | ¥ 231,000 | ¥ 169,000 | |||
Minimum [Member] | |||||
LAND USE RIGHTS, NET | |||||
Period of land use rights | 50 years | 50 years | |||
Maximum [Member] | |||||
LAND USE RIGHTS, NET | |||||
Period of land use rights | 70 years | 70 years |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
INTANGIBLE ASSETS, NET | |||||
Less: accumulated amortization | ¥ (175,363) | ¥ (56,848) | |||
Intangible assets, net | 569,088 | 79,600 | $ 80,154 | ||
Amortization of intangible assets | ¥ 121,742 | $ 17,147 | 17,324 | ¥ 11,904 | |
Estimated amortization expense (in years) | 5 years | 5 years | |||
Estimated amortization expense | ¥ 89,000 | ||||
Payments for intangible assets | 198,682 | $ 27,948 | 42,415 | 32,261 | |
Intangible assets net book value | 14,000 | 0 | 0 | ||
Loss on disposal of intangible assets | 14,000 | $ 1,958 | 0 | ¥ 0 | |
Trademark | |||||
INTANGIBLE ASSETS, NET | |||||
Intangible assets, gross | 1,823 | 1,230 | |||
Computer software | |||||
INTANGIBLE ASSETS, NET | |||||
Intangible assets, gross | 198,429 | ¥ 135,218 | |||
Intellectual properties | |||||
INTANGIBLE ASSETS, NET | |||||
Intangible assets, gross | ¥ 544,198 |
OTHER ASSETS - THIRD PARTIES (D
OTHER ASSETS - THIRD PARTIES (Details) - Third parties ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Related Party Transaction [Line Items] | |||
Prepayments for purchase of property, plant and equipment | ¥ 2,541,329 | ¥ 1,162,351 | |
Prepayment for warranty insurance premium | 106,652 | 114,088 | |
Deposit for rent and others | 61,355 | 131,611 | |
Prepayment of income tax attributable to intercompany transactions | 14,142 | 15,474 | |
Refund receivable of U.S. countervailing duties and anti-dumping duties | 12,767 | ||
Less: Allowance for credit losses | (914) | (1,855) | |
Total | ¥ 2,735,331 | $ 385,263 | ¥ 1,421,669 |
OTHER ASSETS - THIRD PARTIES -
OTHER ASSETS - THIRD PARTIES - Additional (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2023 USD ($) | Jan. 31, 2023 CNY (¥) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Jan. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | May 31, 2022 USD ($) | May 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Nov. 30, 2021 | Dec. 31, 2020 | Dec. 01, 2020 | Dec. 31, 2019 USD ($) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2017 CNY (¥) | Jan. 01, 2017 USD ($) | Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 USD ($) | Dec. 31, 2015 CNY (¥) | Jan. 01, 2015 | |
OTHER ASSETS - THIRD PARTIES | |||||||||||||||||||||||||
Counter veiling duty percentage | 5.86% | 5.86% | 11.97% | 11.97% | 10.84% | 4.22% | 10.34% | 20.94% | 12.67% | 20.94% | 12.70% | 20.94% | 20.94% | 10.64% | |||||||||||
Reversal of refundable deposits | $ 40 | ¥ 230 | $ 33,000 | ¥ 226,000 | $ 25,000 | ¥ 164,000 | $ 37,000 | ¥ 260,000 | ¥ 3,000 | $ 400 | $ 31,000 | ¥ 210,000 | |||||||||||||
Refunds received from the U.S. customs | $ 87,000 | ¥ 593,000 | $ 69,000 | ¥ 499,000 | |||||||||||||||||||||
Refund received, principal amount | 70,000 | 477,000 | 56,000 | 400,000 | |||||||||||||||||||||
Refund received, interest amount | 17,000 | ¥ 116,000 | $ 14,000 | ¥ 100,000 | |||||||||||||||||||||
The percentage of anti-dumping duty | 28.98% | 36.50% | 4.06% | 9.67% | |||||||||||||||||||||
Receivable for recovery of import duties | $ 1,800 | ¥ 12,800 | |||||||||||||||||||||||
Amount of refund receivable | $ 70,000 | ¥ 477,000 |
OTHER ASSETS - THIRD PARTIES _2
OTHER ASSETS - THIRD PARTIES - Summary of activity in allowance for credit losses related to deposits (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER ASSETS - THIRD PARTIES | |||
At beginning of year | ¥ 1,855 | ¥ 3,064 | ¥ 849 |
Addition | 2,215 | ||
Reversal | (941) | (1,209) | |
At end of year | ¥ 914 | ¥ 1,855 | ¥ 3,064 |
OTHER PAYABLES AND ACCRUALS (De
OTHER PAYABLES AND ACCRUALS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
OTHER PAYABLES AND ACCRUALS | |||
Payables for purchase of property, plant and equipment | ¥ 9,497,061 | ¥ 6,412,134 | |
Freight payables | 1,110,279 | 1,359,813 | |
Liabilities in the Trusts | 668,083 | ||
Accrued utilities, rentals and interest | 555,534 | 629,977 | |
Value-added tax and other tax payables | 513,586 | 329,078 | |
Payables for investments | 295,647 | ||
Commission payables | 262,222 | 13,587 | |
Accrued warranty cost | 261,268 | 221,699 | |
Customs duties | 98,363 | 147,759 | |
Accrued professional service fees | 55,795 | 34,110 | |
Contracted labor fees | 28,323 | 20,015 | |
Insurance premium payables | 6,780 | 1,853 | |
Others | 83,961 | 44,359 | |
Total | ¥ 13,436,902 | $ 1,892,546 | ¥ 9,214,384 |
BORROWINGS - Short-term borrowi
BORROWINGS - Short-term borrowings (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
BORROWINGS | |||
Short-term borrowings | ¥ 10,895,733 | ¥ 10,316,714 | |
Long-term borrowings-current portion | 2,688,041 | 2,102,456 | |
Total short-term borrowings | ¥ 13,583,774 | [1] | ¥ 12,419,170 |
[1] RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. |
BORROWINGS - Type of short-term
BORROWINGS - Type of short-term (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
BORROWINGS | ||||
Short-term borrowings | ¥ 13,583,774 | [1] | ¥ 12,419,170 | |
Credit Loans | ||||
BORROWINGS | ||||
Short-term borrowings | [2] | 953,833 | ||
Letter of Credit | ||||
BORROWINGS | ||||
Short-term borrowings | [2] | 1,804,165 | ||
Other borrowings | ||||
BORROWINGS | ||||
Short-term borrowings | 1,495,840 | |||
Guaranteed by JinkoSolar Holding | ||||
BORROWINGS | ||||
Short-term borrowings | [3] | 4,685,506 | ||
Guaranteed by Jinkosolar Holding and Shareholders of the Group | ||||
BORROWINGS | ||||
Short-term borrowings | [4] | 1,850,834 | ||
Guaranteed by Jiangxi Jinko and certain shareholders of the Group | ||||
BORROWINGS | ||||
Short-term borrowings | [3] | 494,645 | ||
Guaranteed by Zhejiang Jinko and Chuxiong Jinko | ||||
BORROWINGS | ||||
Short-term borrowings | 90,000 | |||
Guaranteed by Zhejiang Jinko | ||||
BORROWINGS | ||||
Short-term borrowings | 597,700 | |||
Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch | ||||
BORROWINGS | ||||
Short-term borrowings | 12,000 | |||
Guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd | ||||
BORROWINGS | ||||
Short-term borrowings | [3] | 12,114 | ||
Guaranteed by Paker | ||||
BORROWINGS | ||||
Short-term borrowings | 179,425 | |||
Guaranteed by China Export & Credit Insurance Corporation | ||||
BORROWINGS | ||||
Short-term borrowings | 179,000 | |||
Financings associated with failed sale lease back transactions | ||||
BORROWINGS | ||||
Short-term borrowings | [5] | 468,195 | ||
Guaranteed and collateralized on buildings, equipment and other assets of the Group and shareholders of the Group | ||||
BORROWINGS | ||||
Short-term borrowings | ¥ 951,517 | |||
[1] RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. As of December 31, 2023, the Group had short-term borrowings of RMB 954 million credit loans, RMB 1,804 million letter of credit loans and RMB 1,496 million loan from government background companies. The remaining short-term borrowings of RMB 9,330 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following: Borrowings of RMB 4,686 million guaranteed by JinkoSolar Holding, RMB 1,851 million guaranteed by Jiangxi Jinko, RMB 495 million guaranteed by Jiangxi Jinko and Sichuan Jinko, RMB 598 million guaranteed by Zhejiang Jinko, RMB 90 million guaranteed by Zhejiang Jinko and Chuxiong Jinko, RMB 12 million guaranteed by Shangrao Innovation Development Industry Investment Group Co., Ltd, and RMB 179 million by Paker, respectively. Borrowings of RMB 4,686 million guaranteed by JinkoSolar Holding, RMB 1,851 million guaranteed by Jiangxi Jinko, RMB 495 million As of December 31, 2023, the Group recorded financings associated with failed sale-lease back transactions with the amount of RMB 1,222 million under long-term borrowings, and RMB 468 million as current portion. |
BORROWINGS - Short-term narrati
BORROWINGS - Short-term narrative (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
BORROWINGS | ||||
Short-term loans interest rate | 3.48% | 3.10% | ||
Short-term borrowings | ¥ 13,583,774 | [1] | ¥ 12,419,170 | |
Amount of short-term bank borrowings guaranteed or collateralized | 9,330,000 | |||
Long-term borrowings-current portion | 2,688,041 | 2,102,456 | ||
Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch | ||||
BORROWINGS | ||||
Short-term borrowings | 12,000 | |||
Guaranteed by China Export & Credit Insurance Corporation | ||||
BORROWINGS | ||||
Short-term borrowings | 179,000 | |||
Financings associated with failed sale lease back transactions | ||||
BORROWINGS | ||||
Long-term borrowings-current portion | 1,222,000 | |||
Current portion of debt | 468,195 | ¥ 1,132,645 | ||
Loans denominated and repayable in EURO | ||||
BORROWINGS | ||||
Short-term borrowings | 679,000 | |||
Loans denominated and repayable in USD | ||||
BORROWINGS | ||||
Short-term borrowings | 613,000 | |||
Loans denominated and repayable in JPY | ||||
BORROWINGS | ||||
Short-term borrowings | 257,000 | |||
Land Use Rights | Loan Six | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 359,000 | |||
Inventories | Loan Three | Collateral Pledged. | ||||
BORROWINGS | ||||
Short-term borrowings | 175,000 | |||
Inventories | Loan Four | Guaranteed by affiliate | Trade Accounts Receivable | ||||
BORROWINGS | ||||
Short-term borrowings | 257,000 | |||
Building and Equipment | Loan Five | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 160,000 | |||
JinkoSolar Holding | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 4,686,000 | |||
JinkoSolar Holding | Loan Seven | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 432,000 | |||
Jinkosolar Holding and Shareholders | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 1,851,000 | |||
Jiangxi Jinko | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 495,000 | |||
Jiangxi Jinko | Loan Seven | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 50,000 | |||
Guaranteed by Jiangxi Jinko | Guaranteed by Agricultural Bank of China Shangrao Guangxin Branch | ||||
BORROWINGS | ||||
Short-term borrowings | 598,000 | |||
Zhejiang Jinko | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 90,000 | |||
JinkoSolar Holding and Zhejiang Jinko | Loan Seven | Guaranteed by affiliate | ||||
BORROWINGS | ||||
Short-term borrowings | 469,000 | |||
Credit Loans | ||||
BORROWINGS | ||||
Short-term borrowings | [2] | 953,833 | ||
Letter of Credit | ||||
BORROWINGS | ||||
Short-term borrowings | [2] | 1,804,165 | ||
Other borrowings | ||||
BORROWINGS | ||||
Short-term borrowings | ¥ 1,495,840 | |||
[1] RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. As of December 31, 2023, the Group had short-term borrowings of RMB 954 million credit loans, RMB 1,804 million letter of credit loans and RMB 1,496 million loan from government background companies. The remaining short-term borrowings of RMB 9,330 million were either guaranteed by other parties and/or collateralized on the Group’s assets, detailed as following: |
BORROWINGS - Long-term (Details
BORROWINGS - Long-term (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
BORROWINGS | |||
Long-term bank borrowings | ¥ 4,459,363 | ¥ 3,329,075 | |
Long-term financings associated with failed sale-leaseback transactions | 13,926,847 | ||
Less: Current portion of long-term borrowings | (724,006) | (969,811) | |
Total long-term borrowings | 11,238,806 | $ 1,582,953 | 13,022,795 |
Financings associated with failed sale lease back transactions | |||
BORROWINGS | |||
Long-term financings associated with failed sale-leaseback transactions | 1,222,281 | 2,595,686 | |
Less: Current portion of transactions | (468,195) | (1,132,645) | |
Other long term borrowings | |||
BORROWINGS | |||
Long-term financings associated with failed sale-leaseback transactions | 8,245,203 | ¥ 9,200,490 | |
Less: Current portion of transactions | ¥ (1,495,840) |
BORROWINGS - Long-term future p
BORROWINGS - Long-term future principal repayments (Details) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
BORROWINGS | |
2024 | ¥ 2,688,041 |
2025 | 2,601,083 |
2026 | 4,716,306 |
2027 | 1,989,428 |
2028 | 1,577,874 |
Thereafter | 354,115 |
Total | ¥ 13,926,847 |
BORROWINGS - Long-term narrativ
BORROWINGS - Long-term narrative (Details) ¥ in Thousands, € in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2023 CNY (¥) | Aug. 31, 2022 CNY (¥) | Jan. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Oct. 31, 2021 CNY (¥) | Sep. 30, 2021 CNY (¥) | Jul. 31, 2021 CNY (¥) | Aug. 31, 2020 | Jul. 31, 2020 CNY (¥) | Apr. 30, 2020 CNY (¥) | Sep. 30, 2020 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Sep. 30, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | Oct. 31, 2020 CNY (¥) | |||
BORROWINGS | |||||||||||||||||||
Long-term Debt | ¥ 13,926,847 | ¥ 13,926,847 | |||||||||||||||||
Loans payable to bank | 4,459,363 | 4,459,363 | ¥ 3,329,075 | ||||||||||||||||
Loans payable to bank, current | 724,006 | 724,006 | 969,811 | ||||||||||||||||
Short-term borrowings | 13,583,774 | [1] | 13,583,774 | [1] | 12,419,170 | ||||||||||||||
Balance due on first year | ¥ 2,688,041 | 2,688,041 | |||||||||||||||||
Investment Company | Jinko Energy Storage Technology Co., Ltd. | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Equity interest that will be repurchased (as a percent) | 49% | ||||||||||||||||||
JinkoSolar (Chuzhou) Co., Ltd. ("Jinko Chuzhou") | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | 5 years | |||||||||||||||||
Aggregate principal amount | ¥ 100,000 | ¥ 150,000 | |||||||||||||||||
Interest rate (in %) | 4.35% | 4.35% | |||||||||||||||||
Long-term Debt | ¥ 288,000 | 288,000 | 701,000 | ||||||||||||||||
Ownership interest held | 45% | ||||||||||||||||||
Fixed annual return (as a percent) | 4.35% | ||||||||||||||||||
Equity interest that will be repurchased (as a percent) | 45% | ||||||||||||||||||
Noncontrolling interest derecognized | ¥ 859,000 | ||||||||||||||||||
New loan liabilities at fair value | 846,000 | ||||||||||||||||||
Amount repaid | 410,000 | ||||||||||||||||||
JinkoSolar (Yiwu) Co., Ltd. ("Jinko Yiwu") | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Long-term Debt | 668,000 | 668,000 | ¥ 754,000 | ||||||||||||||||
Fixed annual return (as a percent) | 6% | ||||||||||||||||||
Equity interest that will be repurchased (as a percent) | 45% | ||||||||||||||||||
Noncontrolling interest derecognized | 779,000 | ||||||||||||||||||
New loan liabilities at fair value | 818,000 | ||||||||||||||||||
Amount repaid | 100,000 | ||||||||||||||||||
JinkoSolar (Yiwu) Co., Ltd. ("Jinko Yiwu") | Government Background Companies | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Capital injections | 765,000 | ||||||||||||||||||
JinkoSolar (Shangrao) Co., Ltd. ("Jinko Shangrao") | Government Background Companies | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Interest rate (in %) | 10% | ||||||||||||||||||
Net book value collateralized | 1,679,000 | 1,679,000 | ¥ 2,059,000 | ||||||||||||||||
Carrying value of the loan | 0 | ||||||||||||||||||
Capital injections | ¥ 50,000 | ¥ 150,000 | ¥ 4,500,000 | ||||||||||||||||
Fixed annual return (as a percent) | 5.18% | 5.18% | 5.18% | ||||||||||||||||
Amount repaid | 366,000 | ||||||||||||||||||
JinkoSolar (Sichuan) Co., Ltd. ("Jinko Sichuan") | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Long-term Debt | 1,223,000 | 1,223,000 | 1,535,000 | ||||||||||||||||
Fixed annual return (as a percent) | 6% | ||||||||||||||||||
Noncontrolling interest derecognized | ¥ 997,000 | ||||||||||||||||||
New loan liabilities at fair value | ¥ 1,114,000 | ||||||||||||||||||
Amount repaid | 300,000 | ||||||||||||||||||
JinkoSolar (Sichuan) Co., Ltd. ("Jinko Sichuan") | Government Background Companies | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Capital injections | ¥ 100,000 | 1,300,000 | |||||||||||||||||
Financings associated with failed sale lease back transactions | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Long-term Debt | 1,222,281 | 1,222,281 | 2,595,686 | ||||||||||||||||
Current portion of debt | 468,195 | 468,195 | 1,132,645 | ||||||||||||||||
Carrying amount of solar project sold | 58,000 | 58,000 | 1,761,000 | ||||||||||||||||
Cash consideration received on sale of solar project | ¥ 75,000 | ¥ 1,768,000 | |||||||||||||||||
Financings associated with failed sale lease back transactions | Minimum | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Lease term | 1 year | ||||||||||||||||||
Financings associated with failed sale lease back transactions | Maximum | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Lease term | 6 years | ||||||||||||||||||
Loan agreement with The Export-Import Bank of China | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | ||||||||||||||||||
Aggregate principal amount | ¥ 200,000 | ¥ 200,000 | € 28 | ||||||||||||||||
Interest rate (in %) | 3.10% | 3.10% | 3.10% | ||||||||||||||||
Long-term Debt | ¥ 220,000 | ¥ 220,000 | € 28 | ||||||||||||||||
2-year loan agreement with the Export-Import Bank of China, one | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | ||||||||||||||||||
Aggregate principal amount | ¥ 786,000 | ¥ 786,000 | € 100 | ||||||||||||||||
Interest rate (in %) | 4.80% | 4.80% | 4.80% | ||||||||||||||||
Long-term Debt | ¥ 786,000 | ¥ 786,000 | € 100 | ||||||||||||||||
2-year loan agreement with the Export-Import Bank of China, two | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | ||||||||||||||||||
Aggregate principal amount | ¥ 100,000 | ¥ 100,000 | |||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 3.30% | ||||||||||||||||
Long-term Debt | ¥ 100,000 | ¥ 100,000 | |||||||||||||||||
7-year loan agreement with Industrial Bank Co.,Ltd | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 7 years | ||||||||||||||||||
Aggregate principal amount | ¥ 31,000 | ||||||||||||||||||
Interest rate (in %) | 3.95% | ||||||||||||||||||
Other long term borrowings | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Long-term Debt | 8,245,203 | 8,245,203 | ¥ 9,200,490 | ||||||||||||||||
Current portion of debt | 1,495,840 | 1,495,840 | |||||||||||||||||
Rui Xu's Loan Agreement With Government Background Company | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | 5 years | |||||||||||||||||
Aggregate principal amount | ¥ 20,000 | ¥ 20,000 | |||||||||||||||||
Interest rate (in %) | 5.05% | 5.05% | |||||||||||||||||
Long-term Debt | 42,000 | ¥ 42,000 | 40,000 | ||||||||||||||||
Loan Agreement With Ping An International Financial Leasing Co., Ltd | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | 5 years | |||||||||||||||||
Aggregate principal amount | ¥ 157,000 | ¥ 49,263,000 | ¥ 157,000 | ||||||||||||||||
Interest rate (in %) | 3.80% | 3.80% | 3.80% | ||||||||||||||||
Long-term Debt | ¥ 157,000 | ¥ 157,000 | |||||||||||||||||
Jiangxi Jinko Loan Agreement With Shangrao Changxi Trade Co.,Ltd | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Long-term Debt | 200,000 | 200,000 | |||||||||||||||||
Loan Agreement with Deutsche Bank Co.,LTD | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Loan Agreement With Haining Jinko | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | 5 years | |||||||||||||||||
Aggregate principal amount | ¥ 1,000,000 | ¥ 690,000 | |||||||||||||||||
Interest rate (in %) | 5.06% | 10% | |||||||||||||||||
Long-term Debt | 2,591,000 | 2,591,000 | ¥ 2,695,000 | ||||||||||||||||
Loan Agreement With Anhui Jinko | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 6 years | 6 years | |||||||||||||||||
Aggregate principal amount | ¥ 455,000 | ||||||||||||||||||
Interest rate (in %) | 5.58% | ||||||||||||||||||
Long-term Debt | 381,000 | 381,000 | ¥ 680,000 | ||||||||||||||||
Amount repaid | 300,000 | ||||||||||||||||||
Loan Agreement With Yushan Jinko | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 6 years | 6 years | 6 years | ||||||||||||||||
Aggregate principal amount | ¥ 100,000 | ¥ 100,000 | ¥ 200,000 | ¥ 100,000 | |||||||||||||||
Interest rate (in %) | 4.90% | 4.90% | 4.90% | 4.90% | |||||||||||||||
Long-term Debt | 375,000 | ¥ 375,000 | ¥ 378,000 | ||||||||||||||||
5-year loan agreements with Industrial Bank Co.,LTD | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | 5 years | |||||||||||||||||
Aggregate principal amount | ¥ 500,000 | ¥ 500,000 | ¥ 190,000 | ||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 4.30% | 3.30% | |||||||||||||||
Long-term Debt | ¥ 71,000 | ¥ 71,000 | ¥ 138,000 | ||||||||||||||||
Net book value collateralized | 73,000 | ||||||||||||||||||
Balance due on first year | 26,000 | 26,000 | 18,000 | ||||||||||||||||
Balance due on second year | 24,000 | 24,000 | |||||||||||||||||
5-year loan agreements with Industrial Bank Co.,LTD | Land Use Rights | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 103,000 | 103,000 | |||||||||||||||||
5-year loan agreements with Industrial Bank Co.,LTD, one | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | ||||||||||||||||||
Aggregate principal amount | ¥ 100,000 | ¥ 25,000 | ¥ 100,000 | ||||||||||||||||
Interest rate (in %) | 5.30% | 4.80% | 5.30% | ||||||||||||||||
Long-term Debt | ¥ 500,000 | ¥ 73,000 | ¥ 500,000 | ¥ 90,000 | ¥ 73,000 | ||||||||||||||
5-year loan agreements with Industrial Bank Co.,LTD, two | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | ||||||||||||||||||
Aggregate principal amount | ¥ 19,000 | ¥ 92,000 | ¥ 19,000 | ||||||||||||||||
Interest rate (in %) | 4.60% | 5.30% | 4.60% | 5.30% | 4.60% | ||||||||||||||
Long-term Debt | ¥ 153,000 | ¥ 153,000 | 181,000 | ||||||||||||||||
Balance due on first year | 41,000 | 41,000 | |||||||||||||||||
5-year loan agreements with Industrial Bank Co.,LTD, three | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Aggregate principal amount | ¥ 21,000 | ||||||||||||||||||
Interest rate (in %) | 4.60% | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co. Ltd | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Interest rate (in %) | 4.10% | ||||||||||||||||||
Long-term Debt | ¥ 149,000 | ||||||||||||||||||
Revolving loan facility | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Long-term Debt | 366,000 | 366,000 | 397,000 | ||||||||||||||||
Balance due on first year | 58,000 | 58,000 | ¥ 27,000 | ||||||||||||||||
Maximum aggregate principal amount | 2,400,000 | 2,400,000 | |||||||||||||||||
Amount drew down | 397,000 | ||||||||||||||||||
3-year loan agreement with Bank of Shanghai Co.,Ltd | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 100,000 | ||||||||||||||||||
Interest rate (in %) | 3.65% | ||||||||||||||||||
Long-term Debt | 90,000 | ¥ 90,000 | ¥ 100,000 | ||||||||||||||||
Net book value collateralized | ¥ 10,000 | ||||||||||||||||||
3-year loan agreement with China Construction Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 80,000 | ||||||||||||||||||
Interest rate (in %) | 4.10% | ||||||||||||||||||
2-year loan agreement with China Construction Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | ||||||||||||||||||
Aggregate principal amount | ¥ 30,000 | ¥ 30,000 | |||||||||||||||||
Interest rate (in %) | 3.10% | 3.10% | 3.10% | ||||||||||||||||
Long-term Debt | ¥ 30,000 | ¥ 30,000 | |||||||||||||||||
2-year loan agreement with China Construction Bank | Land Use Rights | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 8,000 | 8,000 | |||||||||||||||||
2-year loan agreement with China Construction Bank | Buildings | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 5,000 | ¥ 5,000 | |||||||||||||||||
13-month loan agreement with China Construction Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 13 months | ||||||||||||||||||
Aggregate principal amount | ¥ 100,000 | ¥ 100,000 | |||||||||||||||||
Interest rate (in %) | 3.25% | 3.25% | 3.25% | ||||||||||||||||
Long-term Debt | ¥ 100,000 | ¥ 100,000 | |||||||||||||||||
13-month loan agreement with China Construction Bank, one | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 months | ||||||||||||||||||
Aggregate principal amount | ¥ 366,000 | ¥ 366,000 | |||||||||||||||||
Interest rate (in %) | 3.26% | 3.26% | 3.26% | ||||||||||||||||
Long-term Debt | ¥ 366,000 | ¥ 366,000 | |||||||||||||||||
Balance due on first year | 12,000 | ¥ 12,000 | |||||||||||||||||
3-year loan agreement with Industrial and Commercial Bank of China | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 150,000 | ¥ 150,000 | |||||||||||||||||
Interest rate (in %) | 3.20% | 3.20% | 3.20% | ||||||||||||||||
Long-term Debt | ¥ 145,000 | ¥ 145,000 | |||||||||||||||||
Balance due on first year | 45,000 | ¥ 45,000 | |||||||||||||||||
3-year loan agreement with Industrial Bank of China | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 80,000 | ¥ 80,000 | |||||||||||||||||
Interest rate (in %) | 3.90% | 3.90% | 3.90% | ||||||||||||||||
Long-term Debt | ¥ 80,000 | ¥ 80,000 | |||||||||||||||||
3-year loan agreement with Industrial Bank of China | Land Use Rights | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 15,000 | 15,000 | |||||||||||||||||
3-year loan agreement with Industrial Bank of China | Buildings | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 77,000 | ¥ 77,000 | |||||||||||||||||
3-year loan agreement with Industrial Bank Co.,LTD | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 150,000 | ||||||||||||||||||
Interest rate (in %) | 4.10% | ||||||||||||||||||
Long-term Debt | ¥ 38,000 | ||||||||||||||||||
Balance due on first year | 366,000 | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co.,LTD | Land Use Rights | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 400,000 | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co.,LTD | Buildings | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 60 | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co.,LTD, one | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Aggregate principal amount | 100,000 | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co.,LTD, two | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Aggregate principal amount | 100,000 | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co.,LTD, three | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Aggregate principal amount | ¥ 200,000 | ||||||||||||||||||
10-year loan agreement with Industrial Bank Co.,LTD | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 10 years | ||||||||||||||||||
Aggregate principal amount | ¥ 319,000 | ¥ 319,000 | |||||||||||||||||
Interest rate (in %) | 3.80% | 3.80% | 3.80% | ||||||||||||||||
Long-term Debt | ¥ 319,000 | ¥ 319,000 | |||||||||||||||||
10-year loan agreement with Industrial Bank Co.,LTD | Buildings | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Net book value collateralized | 721,000 | 721,000 | |||||||||||||||||
3-year loan agreement with China Everbright Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 50,000 | ||||||||||||||||||
Interest rate (in %) | 3.65% | ||||||||||||||||||
Long-term Debt | 48,000 | 48,000 | ¥ 50,000 | ||||||||||||||||
Balance due on first year | ¥ 500 | ||||||||||||||||||
3-year loan agreement with China Everbright bank Co., ltd | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 240,000 | ||||||||||||||||||
Interest rate (in %) | 4% | ||||||||||||||||||
Long-term Debt | ¥ 240,000 | ||||||||||||||||||
3-year loan agreement with Hua Xia Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 70,000 | ||||||||||||||||||
Interest rate (in %) | 3.40% | ||||||||||||||||||
Long-term Debt | 1,000 | 1,000 | ¥ 70,000 | ||||||||||||||||
Balance due on first year | ¥ 10,000 | ||||||||||||||||||
5-year loan agreement with Fudian Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | ||||||||||||||||||
Aggregate principal amount | ¥ 17,000 | ||||||||||||||||||
Interest rate (in %) | 5.10% | ||||||||||||||||||
Long-term Debt | ¥ 16,000 | ||||||||||||||||||
Balance due on first year | ¥ 3,000 | ||||||||||||||||||
2-year loan agreement with China Everbright Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | ||||||||||||||||||
Aggregate principal amount | ¥ 50,000 | ||||||||||||||||||
Interest rate (in %) | 3.50% | ||||||||||||||||||
4-year loan agreement with China CITIC Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 4 years | ||||||||||||||||||
Aggregate principal amount | ¥ 164,000 | ||||||||||||||||||
Interest rate (in %) | 3.65% | ||||||||||||||||||
Long-term Debt | 157,000 | 157,000 | ¥ 160,000 | ||||||||||||||||
Net book value collateralized | 159,000 | ||||||||||||||||||
Balance due on first year | 48,000 | ¥ 48,000 | ¥ 4,000 | ||||||||||||||||
2-year loan agreement with Bank of Communications | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 2 years | 2 years | |||||||||||||||||
Aggregate principal amount | ¥ 50,000 | ¥ 50,000 | ¥ 100,000 | ||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 3.65% | 3.30% | |||||||||||||||
Long-term Debt | ¥ 49,500 | ¥ 49,500 | |||||||||||||||||
Net book value collateralized | ¥ 110,000 | ||||||||||||||||||
3-year loan agreement with Minsheng Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 3 years | ||||||||||||||||||
Aggregate principal amount | ¥ 200,000 | ¥ 200,000 | |||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 3.30% | ||||||||||||||||
Long-term Debt | ¥ 200,000 | ¥ 200,000 | |||||||||||||||||
5-year loan agreement with Minsheng Bank | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | ||||||||||||||||||
Aggregate principal amount | ¥ 93,000 | ¥ 93,000 | |||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 3.30% | ||||||||||||||||
Long-term Debt | ¥ 89,000 | ¥ 89,000 | |||||||||||||||||
Balance due on first year | 10,000 | ¥ 10,000 | |||||||||||||||||
5-year loan agreement with Minsheng Bank, One | |||||||||||||||||||
BORROWINGS | |||||||||||||||||||
Term of loan agreement | 5 years | ||||||||||||||||||
Aggregate principal amount | ¥ 242,000 | ¥ 242,000 | |||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 3.30% | ||||||||||||||||
Long-term Debt | ¥ 232,000 | ¥ 232,000 | |||||||||||||||||
Balance due on first year | ¥ 27,000 | ¥ 27,000 | |||||||||||||||||
[1] RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. |
BORROWINGS - Other long-term bo
BORROWINGS - Other long-term borrowings (Details) ¥ in Thousands, € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2023 CNY (¥) | Aug. 31, 2022 CNY (¥) | Jul. 31, 2022 CNY (¥) | Jan. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Oct. 31, 2021 CNY (¥) | Sep. 30, 2021 CNY (¥) | Jul. 31, 2021 CNY (¥) | Oct. 31, 2020 CNY (¥) | Aug. 31, 2020 | Jul. 31, 2020 CNY (¥) | Apr. 30, 2020 CNY (¥) | Sep. 30, 2018 CNY (¥) | Jun. 30, 2018 CNY (¥) | Sep. 30, 2020 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | |
BORROWINGS | ||||||||||||||||||||
Long-term Debt | ¥ 13,926,847 | ¥ 13,926,847 | ||||||||||||||||||
JinkoSolar (Sichuan) Co., Ltd. ("Jinko Sichuan") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Fixed annual return (as a percent) | 6% | |||||||||||||||||||
Noncontrolling interest derecognized | ¥ 997,000 | |||||||||||||||||||
New loan liabilities at fair value | ¥ 1,114,000 | |||||||||||||||||||
Long-term Debt | 1,223,000 | 1,223,000 | ¥ 1,535,000 | |||||||||||||||||
Outstanding balance in next 12 months | 200,000 | 200,000 | ||||||||||||||||||
Amount repaid | 300,000 | |||||||||||||||||||
JinkoSolar (Haining) Co., Ltd.(Formerly named as "JinkoSolar Technology (Haining) Co., Ltd.") ("Haining Jinko") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Noncontrolling interest derecognized | 1,164,000 | |||||||||||||||||||
New loan liabilities at fair value | 1,193,000 | |||||||||||||||||||
Outstanding balance in next 12 months | 994,000 | 994,000 | ||||||||||||||||||
Amount repaid | 106,000 | |||||||||||||||||||
JinkoSolar (Haining) Co., Ltd.(Formerly named as "JinkoSolar Technology (Haining) Co., Ltd.") ("Haining Jinko") | Minimum | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Fixed annual return (as a percent) | 4.75% | |||||||||||||||||||
JinkoSolar (Haining) Co., Ltd.(Formerly named as "JinkoSolar Technology (Haining) Co., Ltd.") ("Haining Jinko") | Maximum | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Fixed annual return (as a percent) | 5.23% | |||||||||||||||||||
JinkoSolar (Yiwu) Co., Ltd. ("Jinko Yiwu") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Fixed annual return (as a percent) | 6% | |||||||||||||||||||
Equity interest that will be repurchased (as a percent) | 45% | |||||||||||||||||||
Noncontrolling interest derecognized | 779,000 | |||||||||||||||||||
New loan liabilities at fair value | 818,000 | |||||||||||||||||||
Long-term Debt | 668,000 | 668,000 | 754,000 | |||||||||||||||||
Outstanding balance in next 12 months | 301,000 | 301,000 | ||||||||||||||||||
Amount repaid | 100,000 | |||||||||||||||||||
JinkoSolar (Chuzhou) Co., Ltd. ("Jinko Chuzhou") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Fixed annual return (as a percent) | 4.35% | |||||||||||||||||||
Equity interest that will be repurchased (as a percent) | 45% | |||||||||||||||||||
Ownership interest held | 45% | |||||||||||||||||||
Noncontrolling interest derecognized | 859,000 | |||||||||||||||||||
New loan liabilities at fair value | ¥ 846,000 | |||||||||||||||||||
Term of loan agreement | 5 years | 5 years | ||||||||||||||||||
Interest-free half-year loan | ¥ 100,000 | ¥ 150,000 | ||||||||||||||||||
Interest rate (in %) | 4.35% | 4.35% | ||||||||||||||||||
Long-term Debt | 288,000 | 288,000 | 701,000 | |||||||||||||||||
Amount repaid | 410,000 | |||||||||||||||||||
Jinko Energy Storage Technology Co., Ltd. | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Investments in subsidiaries | 1,500,000 | |||||||||||||||||||
Loan Agreement With Yushan Jinko | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 6 years | 6 years | 6 years | |||||||||||||||||
Interest-free half-year loan | ¥ 100,000 | ¥ 100,000 | ¥ 200,000 | |||||||||||||||||
Interest rate (in %) | 4.90% | 4.90% | 4.90% | 4.90% | ||||||||||||||||
Long-term Debt | 375,000 | 375,000 | ¥ 378,000 | |||||||||||||||||
Loan Agreement With Anhui Jinko | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 6 years | 6 years | ||||||||||||||||||
Interest-free half-year loan | ¥ 455,000 | |||||||||||||||||||
Interest rate (in %) | 5.58% | |||||||||||||||||||
Long-term Debt | 381,000 | 381,000 | ¥ 680,000 | |||||||||||||||||
Amount repaid | 300,000 | |||||||||||||||||||
Loan Agreement With Haining Jinko | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 5 years | 5 years | ||||||||||||||||||
Interest-free half-year loan | ¥ 1,000,000 | ¥ 690,000 | ||||||||||||||||||
Interest rate (in %) | 5.06% | 10% | ||||||||||||||||||
Long-term Debt | 2,591,000 | ¥ 2,591,000 | 2,695,000 | |||||||||||||||||
Loan Agreement With Ping An International Financial Leasing Co., Ltd | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 2 years | 5 years | ||||||||||||||||||
Interest-free half-year loan | ¥ 157,000 | ¥ 49,263,000 | ¥ 157,000 | |||||||||||||||||
Interest rate (in %) | 3.80% | 3.80% | ||||||||||||||||||
Long-term Debt | ¥ 157,000 | ¥ 157,000 | ||||||||||||||||||
Jiangxi Jinko Loan Agreement With Shangrao Changxi Trade Co.,Ltd | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Long-term Debt | 200,000 | 200,000 | ||||||||||||||||||
Rui Xu's Loan Agreement With Government Background Company | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 5 years | 5 years | ||||||||||||||||||
Interest-free half-year loan | ¥ 20,000 | ¥ 20,000 | ||||||||||||||||||
Interest rate (in %) | 5.05% | 5.05% | ||||||||||||||||||
Long-term Debt | 42,000 | 42,000 | ¥ 40,000 | |||||||||||||||||
3-year loan agreement with Deutsche Bank Co.,Ltd | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Interest-free half-year loan | ¥ 75,000 | $ 12 | ||||||||||||||||||
Interest rate (in %) | 1.92% | 1.92% | ||||||||||||||||||
Long-term Debt | 55,000 | ¥ 55,000 | ||||||||||||||||||
2-year loan agreement with Bank of Communications | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 2 years | 2 years | ||||||||||||||||||
Interest-free half-year loan | ¥ 50,000 | ¥ 50,000 | ¥ 100,000 | |||||||||||||||||
Interest rate (in %) | 3.30% | 3.30% | 3.65% | 3.65% | ||||||||||||||||
Net book value collateralized | ¥ 110,000 | |||||||||||||||||||
Long-term Debt | ¥ 49,500 | ¥ 49,500 | ||||||||||||||||||
2-year loan agreement with The Export-Import Bank of China with interest rate of 2.10 | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 2 years | |||||||||||||||||||
Interest-free half-year loan | ¥ 817,000 | € 110 | ||||||||||||||||||
Interest rate (in %) | 2.10% | 2.10% | ||||||||||||||||||
2-year loan agreement with The Export-Import Bank of China with interest rate of 2.70 | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Interest-free half-year loan | ¥ 208,000 | |||||||||||||||||||
Interest rate (in %) | 2.70% | 2.70% | ||||||||||||||||||
3-year loan agreement with Industrial Bank Co. Ltd | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 3 years | |||||||||||||||||||
Interest rate (in %) | 4.10% | 4.10% | ||||||||||||||||||
Long-term Debt | ¥ 149,000 | |||||||||||||||||||
7-year loan agreement with bank consortium | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 7 years | |||||||||||||||||||
Interest rate (in %) | 4.10% | 4.10% | ||||||||||||||||||
7-year loan agreement with Industrial Bank Co.,Ltd | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 7 years | |||||||||||||||||||
Interest-free half-year loan | ¥ 31,000 | |||||||||||||||||||
Interest rate (in %) | 3.95% | 3.95% | ||||||||||||||||||
3-year loan agreement with China Everbright bank Co., ltd | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 3 years | |||||||||||||||||||
Interest-free half-year loan | ¥ 240,000 | |||||||||||||||||||
Interest rate (in %) | 4% | 4% | ||||||||||||||||||
Long-term Debt | ¥ 240,000 | |||||||||||||||||||
Loan Agreement With Jinko Feidong | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 5 years | |||||||||||||||||||
Interest-free half-year loan | ¥ 205,000 | |||||||||||||||||||
Interest rate (in %) | 5.58% | 5.58% | ||||||||||||||||||
Long-term Debt | ¥ 207,000 | ¥ 207,000 | 208,000 | |||||||||||||||||
Outstanding balance in next 12 months | 141,000 | 141,000 | ¥ 148,000 | |||||||||||||||||
Loan Agreement With Anhui Jinko One | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Interest rate (in %) | 5.58% | 5.58% | ||||||||||||||||||
Loan Agreement With Anhui Jinko Three | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Interest-free half-year loan | ¥ 215,000 | |||||||||||||||||||
Loan Agreement With Jinko Leshan | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Term of loan agreement | 4 years | |||||||||||||||||||
Interest-free half-year loan | ¥ 150,000 | |||||||||||||||||||
Interest rate (in %) | 5.18% | |||||||||||||||||||
Government Background Companies | JinkoSolar (Sichuan) Co., Ltd. ("Jinko Sichuan") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Capital injections | ¥ 100,000 | 1,300,000 | ||||||||||||||||||
Government Background Companies | JinkoSolar (Haining) Co., Ltd.(Formerly named as "JinkoSolar Technology (Haining) Co., Ltd.") ("Haining Jinko") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Capital injections | ¥ 1,070,000 | ¥ 1,070,000 | ||||||||||||||||||
Government Background Companies | JinkoSolar (Yiwu) Co., Ltd. ("Jinko Yiwu") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Capital injections | 765,000 | |||||||||||||||||||
Government Background Companies | JinkoSolar (Shangrao) Co., Ltd. ("Jinko Shangrao") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Capital injections | ¥ 50,000 | ¥ 150,000 | ¥ 4,500,000 | |||||||||||||||||
Fixed annual return (as a percent) | 5.18% | 5.18% | 5.18% | |||||||||||||||||
Interest rate (in %) | 10% | 10% | ||||||||||||||||||
Net book value collateralized | ¥ 1,679,000 | 1,679,000 | ¥ 2,059,000 | |||||||||||||||||
Carrying value of the loan | 0 | |||||||||||||||||||
Amount repaid | 366,000 | |||||||||||||||||||
Government Background Companies | Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Capital injections | ¥ 1,100,000 | |||||||||||||||||||
Equity interest that will be repurchased (as a percent) | 30% | |||||||||||||||||||
Investment Company | Shangrao Xinyuan | ||||||||||||||||||||
BORROWINGS | ||||||||||||||||||||
Capital injections | ¥ 650,000 | |||||||||||||||||||
Fixed annual return of loan prime rate | 1.1 |
LEASES (Details)
LEASES (Details) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Residual value guarantee | false |
Minimum | |
LEASES | |
Operating lease term | 2 years |
Maximum | |
LEASES | |
Operating lease term | 10 years |
LEASES - Operating and finance
LEASES - Operating and finance leases (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Operating leases: | |||
Operating lease liabilities - current | ¥ 119,344 | $ 16,809 | ¥ 65,489 |
Operating lease liabilities - non-current | 557,136 | 78,471 | 339,885 |
Total operating lease liabilities | 676,480 | 405,374 | |
Operating lease right-of-use assets, net | 660,138 | 92,978 | 396,966 |
Financing leases: | |||
Financing lease liabilities - current | 36,587 | 5,153 | 168,381 |
Financing lease liabilities - non-current | 0 | 0 | 69,881 |
Total financing lease liabilities | 36,587 | 238,262 | |
Financing lease right-of-use assets, net | ¥ 82,293 | $ 11,591 | ¥ 558,407 |
LEASES - Components of lease ex
LEASES - Components of lease expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Amortization of right-of-use assets | ¥ 172,625 | ¥ 129,869 |
Interest of lease liabilities | 30,856 | 36,553 |
Expenses for short-term lease within 12 months | 12,634 | 9,154 |
Total lease cost | ¥ 216,114 | ¥ 175,576 |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflows for operating leases | ¥ 101,340 | ¥ 72,906 |
Operating cash outflows for finance leases | 8,910 | 19,926 |
Financing cash outflows for finance leases | 280,833 | 216,722 |
Total cash paid for amounts included in the measurement of lease liabilities: | 391,083 | 309,554 |
Lease obligation accrued in exchange for right-of-use assets: | ||
Operating lease liabilities | 348,901 | 3,476 |
Total lease obligation accrued in exchange for right-of-use assets: | ¥ 348,901 | ¥ 3,476 |
Operating leases: Weighted-average remaining lease term | 5 years 8 months 8 days | 6 years 2 months 15 days |
Operating leases: Weighted-average discount rate | 6.48% | 6.46% |
Financing leases: Weighted-average remaining lease term | 6 months 21 days | 11 months 8 days |
Financing leases: Weighted-average discount rate | 5% | 5.55% |
LEASES - Maturities of lease li
LEASES - Maturities of lease liabilities (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating leases: | ||
2024 | ¥ 140,553 | |
2025 | 140,732 | |
2026 | 125,444 | |
Thereafter | 281,838 | |
Total undiscounted lease payments | 688,567 | |
Less: imputed interest | 12,087 | |
Total operating lease liabilities | 676,480 | ¥ 405,374 |
Financing leases: | ||
2024 | 38,563 | |
Total undiscounted lease payments | 38,563 | |
Less: imputed interest | 1,976 | |
Total financing lease liabilities | ¥ 36,587 | ¥ 238,262 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Net income | ¥ 6,452,554 | ¥ 1,565,139 | ¥ 955,572 |
Less: Net income attributable to non-controlling interests | 3,005,111 | 944,633 | 234,554 |
Net income attributable to JinkoSolar's ordinary shareholders | 3,447,443 | 620,506 | 721,018 |
Numerator for diluted income per share | ¥ 3,441,869 | ¥ 620,506 | ¥ 412,679 |
Denominator for basic earnings per share - weighted average number of ordinary shares outstanding | 207,705,476 | 198,004,260 | 190,672,869 |
Denominator for diluted calculation - weighted average number of ordinary shares outstanding | 226,113,084 | 200,408,494 | 205,719,772 |
Continuing operations: | |||
Basic earnings per share attributable to JinkoSolar's ordinary shareholders | ¥ 16.60 | ¥ 3.13 | ¥ 3.78 |
Diluted earnings/(loss) per share attributable to JinkoSolar's ordinary shareholders | ¥ 15.23 | ¥ 3.10 | ¥ 2.01 |
Share-Based Payment Arrangement, Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Dilutive effects of share options | 6,920,728 | 2,404,234 | 540,620 |
Convertible senior note payable | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share | |||
Dilutive effects of convertible senior notes | ¥ (5,574) | ¥ (308,339) | |
Dilutive effects of convertible notes | 11,486,880 | 14,506,283 |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
EARNINGS PER SHARE | |
Antidilutive securities excluded | 14,427,088 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2013 | Dec. 31, 2012 | |
EMPLOYEE BENEFITS | ||||
Accrued employee benefits | ¥ 1,598 | ¥ 1,071 | ¥ 26 | ¥ 12 |
Penalty on daily rate basis as a percentage of outstanding contribution | 0.05% |
CONVERTIBLE SENIOR NOTES AND CA
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS - 2024 Convertible Notes (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
May 17, 2019 USD ($) $ / shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 USD ($) | |
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||||
Amount of conversion of convertible securities | ¥ 247,290 | $ 14,100 | ¥ 340,330 | $ 16,000 | |||
Ordinary shares issued upon a conversion of convertible securities (in shares) | shares | 2,938,412 | 2,938,412 | 3,281,244 | 3,281,244 | |||
Gain (Loss) on change in fair value recorded in other comprehensive income | ¥ (70,732) | $ (9,962) | ¥ (100,158) | ¥ (56,224) | |||
Gain (Loss) on change in fair value recorded in net income | 31,188 | 4,393 | 12,083 | (327,762) | |||
Reclassification of accumulated gains due to changes in instrument-specific credit risk | 53,481 | 7,533 | 0 | ¥ 14,252 | |||
Convertible senior notes | ¥ 782,969 | $ 110,279 | |||||
2024 Convertible Notes | |||||||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||||
Aggregate principal amount | $ | $ 85,000 | ||||||
Interest rate (in %) | 4.50% | ||||||
Debt covenant, ownership interest threshold (in %) | 50% | ||||||
Percentage of principal amount available for repurchase (in %) | 100% | ||||||
Percentage of notes repurchased (in %) | 100% | ||||||
Amount of conversion of convertible securities | $ | $ 14,100 | $ 16,000 | |||||
Ordinary shares issued upon a conversion of convertible securities (in shares) | shares | 2,938,412 | 2,938,412 | 3,281,244 | 3,281,244 | |||
Fair value of convertible notes | ¥ 783,000 | 1,071,000 | |||||
Gain (Loss) on change in fair value recorded in other comprehensive income | 71,000 | 100,000 | ¥ 56,000 | ||||
Foreign exchange gain (loss) | 55,000 | (60,000) | 9,000 | ||||
Gain (Loss) on change in fair value recorded in net income | (31,000) | ¥ (12,000) | 328,000 | ||||
Reclassification of accumulated gains due to changes in instrument-specific credit risk | 53,000 | ¥ 14,000 | |||||
Convertible senior notes | ¥ 783,000 | ||||||
2024 Convertible Notes | American Depositary Shares | |||||||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||||
Aggregate principal amount | $ | $ 1,000 | ||||||
Convertible debt, conversion rate | 52.0833 | ||||||
Convertible debt, conversion price (in $ per ADS) | $ / shares | $ 19.20 |
CONVERTIBLE SENIOR NOTES AND _2
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS - Call options (Details) ¥ in Thousands, $ in Millions | 12 Months Ended | ||
May 17, 2019 USD ($) shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||
Proceeds from exercise of call option | ¥ 621,059 | ||
Call Option | 2024 Convertible Notes | |||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||
Net proceeds from the offering | $ | $ 30 | ||
Proceeds from exercise of call option | 621,000 | ||
Derivative asset fair value | $ | $ 30 | ||
Gain from change in fair value | ¥ 476,000 | ||
Loss from change in fair value | 136,000 | ||
Exchange loss for call option | ¥ 14,000 | ||
Exchange gain for call option | ¥ 300 | ||
Call Option | American Depositary Shares | 2024 Convertible Notes | |||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||
Issuance of shares (in shares) | shares | 1,875,000 |
CONVERTIBLE SENIOR NOTES AND _3
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS - 2029 Convertible Notes (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 26, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2021 shares | |
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||
Issuance cost paid for issuance of convertible senior notes | ¥ 31,891 | $ 4,492 | |||
Conversion of Convertible senior notes (in shares) | shares | 2,938,412 | 2,938,412 | 3,281,244 | ||
2029 Convertible Notes | |||||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||
Principal amount of debt converted | ¥ 38 | ||||
2029 Convertible Notes | Jiangxi Jinko | |||||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||
Aggregate principal amount | ¥ 10,000,000 | ||||
Interest rate in first year | 0.20% | ||||
Interest rate in second year | 0.40% | ||||
Interest rate in third year | 0.60% | ||||
Interest rate in fourth year | 1.50% | ||||
Interest rate in fifth year | 1.80% | ||||
Interest rate in sixth year | 2% | ||||
Debt Instrument, redemption price, percentage of principal amount Redeemed | 108% | ||||
Conversion term after issuance | 6 months | ||||
Convertible debt, conversion price (in $ per ADS) | ¥ / shares | ¥ 13.79 | ||||
Principal amount considered for conversion price | ¥ 100 | ||||
Threshold percentage of conversion price considered for a plan to reduce conversion price | 85% | ||||
Minimum number of days considered for threshold percentage of conversion price | 15 days | ||||
Issuance cost paid for issuance of convertible senior notes | ¥ 32,000 | ||||
Non-controlling interests | 23 | ||||
Transaction attributed to non-controlling owners | 16 | ||||
Deferred issuance cost for convertible notes | ¥ 16,900 | 16,900 | |||
Consecutive trading days considered for threshold percentage of conversion price | 30 days | ||||
Percentage of voting rights required for the effect of reduction in conversion price | 0.66% | ||||
Threshold number of trading days prior to shareholders meeting considered for average trading price of A shares | 20 days | ||||
Percentage of the principal amount holder had the option to require company to repurchase | 100% | ||||
Threshold percentage of conversion price, holder to have option to require the company to repurchase | 70% | ||||
Percentage of principal amount entitled to call | 100% | ||||
Minimum percentage of conversion price for entitlement to call notes | 120% | ||||
Maximum amount of unconverted balance of notes issued for entitlement to call | ¥ 30,000 | ||||
Principal amount of debt converted | ¥ 39 | ||||
Conversion of Convertible senior notes (in shares) | shares | 2,750 | 2,750 | |||
2029 Convertible Notes | Jiangxi Jinko | Related parties | Paker | |||||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||
Amount of debt issued | 5,500,000 | ¥ 5,500,000 | |||
2029 Convertible Notes | Jiangxi Jinko | Third parties | Paker | |||||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | |||||
Amount of debt issued | ¥ 4,500,000 |
CONVERTIBLE SENIOR NOTES AND _4
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS - Trust arrangement for 2029 Notes (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended |
Apr. 30, 2023 | Dec. 31, 2023 | |
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | ||
Amount of consideration for subscribed trust units | ¥ 668,083,000 | |
Convertible Notes 2029 [Member] | ||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | ||
Minimum purchase price of note by trust | ¥ 105 | |
Amount in excess of earnings shared | ¥ 105,000 | |
Issue amount of notes to third parties | ¥ 5,500,000,000 | |
Percentage of commission | 19% | |
Amount in excess of earnings for each note, eligible for commission | ¥ 105 | |
Amount of consideration for subscribed trust units | 668,000,000 | |
Amount of consideration sold by the trusts at the market | ¥ 226 | |
Purchase price of note by trust | ¥ 105 | |
Consideration for purchase of notes by trust | ¥ 694,000,000 | |
Amount of notes sold by trust in the market | 221,000,000 | |
Amortized cost | 226,000,000 | |
Amount of profit distributions due | ¥ 1,000,000 | |
Convertible Notes 2029 [Member] | Paker | ||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | ||
Percentage of sharing ratio in the form of dividends of the Trusts | 81% | |
Convertible Notes 2029 [Member] | Financial Institutions | ||
CONVERTIBLE SENIOR NOTES AND CALL OPTIONS | ||
Percentage of sharing ratio in the form of dividends of the Trusts | 19% |
ORDINARY SHARES (Details)
ORDINARY SHARES (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2020 shares | |
REFERRED SHARES | |||||||
Authorized capital | $ | $ 10 | ||||||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | |||||
Ordinary shares, par value | $ / shares | $ 0.00002 | $ 0.00002 | |||||
Ordinary shares, shares issued | 209,920,447 | 204,135,029 | 190,380,309 | ||||
Ordinary shares, shares outstanding | 208,560,447 | 187,434,469 | |||||
Treasury stock at cost, shares | 1,360,000 | 2,945,840 | 2,945,840 | ||||
Amount of conversion of convertible securities | ¥ 247,290 | $ 14,100 | ¥ 340,330 | $ 16,000 | |||
Ordinary shares issued upon a conversion of convertible securities (in shares) | 2,938,412 | 2,938,412 | 3,281,244 | 3,281,244 | |||
Treasury stock, value, acquired, cost method | ¥ | ¥ 43,000 | ¥ 43,000 | |||||
Vesting of restricted share units (in shares) | 5,792,846 | 5,792,846 | |||||
American Depositary Shares | |||||||
REFERRED SHARES | |||||||
Treasury stock, shares, acquired | 340,000 | 340,000 | 736,460 | 736,460 | 736,460 | ||
Treasury stock, value, acquired, cost method | ¥ 79,000 | $ 11,000 | |||||
Other Common Stock | |||||||
REFERRED SHARES | |||||||
Treasury stock, shares, acquired | 1,360,000 | 1,360,000 | 2,945,840 | 2,945,840 | 2,945,840 |
SUBSIDIARY'S OFFERING OF ITS _2
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 26, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Sep. 30, 2023 CNY (¥) shares | Jun. 30, 2023 CNY (¥) | Apr. 30, 2022 CNY (¥) | Oct. 31, 2020 CNY (¥) | Oct. 31, 2020 USD ($) | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Aug. 31, 2023 | Jan. 25, 2022 | |
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Contribution from non-controlling interest shareholders | ¥ 10,292 | ¥ 17,000 | ||||||||||||
Treasury stock, value, acquired, cost method | ¥ 43,000 | ¥ 43,000 | ||||||||||||
Repurchase of ordinary shares of Jiangxi Jinko | ¥ (300,087) | |||||||||||||
Ordinary shares issued upon a conversion of convertible securities (in shares) | shares | 2,938,412 | 2,938,412 | 3,281,244 | |||||||||||
Exercise of share option (in shares) | shares | 0 | 0 | 175,536 | 105,200 | ||||||||||
Cash received from the exercise of share options | ¥ 0 | ¥ 5,024 | ¥ 10,185 | |||||||||||
Non-controlling interest | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Contribution from non-controlling interest shareholders | 10,292 | 17,000 | ||||||||||||
Repurchase of ordinary shares of Jiangxi Jinko | (178,718) | |||||||||||||
Additional paid-in capital | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Contribution from non-controlling interest shareholders | 0 | 0 | ||||||||||||
Repurchase of ordinary shares of Jiangxi Jinko | ¥ (121,369) | |||||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Ownership interest held | 58.62% | |||||||||||||
Amount of dividends declared | ¥ 890,000 | ¥ 230,000 | ||||||||||||
Amount of dividends distributed | ¥ 368,000 | ¥ 95,000 | ||||||||||||
Jiangxi Jinko | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Percentage of ownership | 73.30% | 73.30% | ||||||||||||
Non-controlling interests' ownership of the subsidiary | 41.24% | 41.20% | 41.24% | 41.24% | 41.24% | 41.38% | ||||||||
Repurchase of ordinary shares (in shares) | shares | 29,721,264 | |||||||||||||
Treasury stock, value, acquired, cost method | ¥ 300,000 | |||||||||||||
Treasury stock, shares, acquired | shares | 29,721,264 | |||||||||||||
Ordinary shares issued upon a conversion of convertible securities (in shares) | shares | 2,750 | |||||||||||||
Jiangxi Jinko | Additional paid-in capital | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Repurchase of ordinary shares of Jiangxi Jinko | ¥ 121,000 | |||||||||||||
Jiangxi Jinko | Jiangxi Jinko 2022 Plan | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Exercise of share option (in shares) | shares | 5,193,983 | |||||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Percentage of ownership | 58.80% | 58.80% | 58.80% | 58.80% | ||||||||||
Non-controlling interests' ownership of the subsidiary | 41.38% | 26.72% | ||||||||||||
Cash received from the exercise of share options | ¥ 45,289 | $ 6,379 | ||||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | IPO | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Net proceeds from IPO | ¥ 9,723,000 | |||||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | IPO | Non-controlling interest | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Net proceeds from IPO | 6,419,000 | |||||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | IPO | Additional paid-in capital | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Net proceeds from IPO | ¥ 3,304,000 | |||||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | Jiangxi Jinko 2022 Plan | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Exercise of share option (in shares) | shares | 5,193,983 | 5,193,983 | ||||||||||||
Cash received from the exercise of share options | ¥ 45,000 | ¥ 0 | ||||||||||||
JinkoSolar Investment Limited. ("Paker") | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Percentage of ownership | 100% | 100% | 100% | 100% | ||||||||||
2029 Convertible Notes | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Principal amount of debt converted | ¥ 38 | |||||||||||||
JinkoSolar International Development Limited. | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Net of cash disposed of, cash payment from, disposal of subsidiaries | ¥ 3,100,000 | $ 461,000 | ||||||||||||
Contribution from non-controlling interest shareholders | ¥ 140,000 | |||||||||||||
JinkoSolar International Development Limited. | Jiangxi Jinko | ||||||||||||||
SUBSIDIARY'S OFFERING OF ITS EQUITY INTERESTS | ||||||||||||||
Percentage of ownership | 26.70% | 26.70% |
SHARE BASED COMPENSATION (Detai
SHARE BASED COMPENSATION (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Oct. 10, 2014 installment | Dec. 31, 2023 CNY (¥) ¥ / shares shares | Jan. 31, 2023 installment shares | Oct. 31, 2022 | Feb. 28, 2022 installment shares | Aug. 31, 2021 installment shares | Aug. 31, 2014 installment shares | Aug. 31, 2009 shares | Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 $ / shares | Jul. 31, 2009 shares | |
SHARE BASED COMPENSATION | ||||||||||||||
Market value of ordinary shares | (per share) | ¥ 65.41 | ¥ 65.41 | $ 9.24 | |||||||||||
Intrinsic value of options exercised | ¥ 8,000 | ¥ 6,000 | ||||||||||||
Share-based compensation | ¥ 862,642 | 1,000,869 | 9,884 | |||||||||||
Cash received from the exercise of share options | 0 | 5,024 | 10,185 | |||||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Cash received from the exercise of share options | 45,289 | $ 6,379 | ||||||||||||
Stock Options | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Share-based compensation | ¥ 0 | ¥ 0 | ¥ 500 | |||||||||||
Restricted shares | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Number of restricted shares issued | shares | 16,942,682 | 16,942,682 | 6,814,460 | 318,600 | ||||||||||
Share-based compensation | ¥ 721,000 | ¥ 968,000 | ¥ 9,000 | |||||||||||
Unrecognized share-based compensation expense | ¥ 968,000 | ¥ 968,000 | ¥ 256,000 | ¥ 20,000 | ||||||||||
2009 Plan | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Ordinary shares that may be issued | shares | 10,897,300 | |||||||||||||
Contractual life | 7 years | |||||||||||||
2009 Plan | Share-based Payment Arrangement, Employee | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Options granted | shares | 953,200 | |||||||||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 36 months | |||||||||||||
2009 Plan | Stock Options | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Number of vesting installments | installment | 5 | |||||||||||||
2014 Plan | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Ordinary shares that may be issued | shares | 12,037,980 | |||||||||||||
Contractual life | 10 years | |||||||||||||
2014 Plan | Stock Options | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Number of vesting installments | installment | 5 | |||||||||||||
Long-term incentive plan 2021 | Restricted shares | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Number of restricted shares issued | shares | 354,000 | |||||||||||||
Contractual life | 5 years | |||||||||||||
Number of vesting installments | installment | 10 | |||||||||||||
Long-term incentive plan 2022 | Restricted shares | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Number of restricted shares issued | shares | 16,684,600 | |||||||||||||
Contractual life | 3 years | |||||||||||||
Number of vesting installments | installment | 12 | |||||||||||||
Long-term incentive plan 2023 | Restricted shares | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Ordinary shares that may be issued | shares | 20,800,000 | |||||||||||||
Contractual life | 7 years | |||||||||||||
Number of vesting installments | installment | 14 | |||||||||||||
Jiangxi Jinko 2022 Plan | Jinko Solar Co., Ltd. ("Jiangxi Jinko") | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Contractual life | 3 years | |||||||||||||
Options granted | shares | 32,149,900 | |||||||||||||
Market value of ordinary shares | ¥ / shares | ¥ 8.86 | ¥ 8.86 | ||||||||||||
Intrinsic value of options exercised | ¥ 3,000 | ¥ 0 | ||||||||||||
Share-based compensation | ¥ 142,000 | 33,000 | ||||||||||||
Cash received from the exercise of share options | ¥ 45,000 | ¥ 0 | ||||||||||||
Jiangxi Jinko 2022 Plan | Jinko Solar Co., Ltd. ("Jiangxi Jinko") | First year | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Vesting | 30% | |||||||||||||
Jiangxi Jinko 2022 Plan | Jinko Solar Co., Ltd. ("Jiangxi Jinko") | Second year | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Vesting | 30% | |||||||||||||
Jiangxi Jinko 2022 Plan | Jinko Solar Co., Ltd. ("Jiangxi Jinko") | Third year | ||||||||||||||
SHARE BASED COMPENSATION | ||||||||||||||
Vesting | 40% |
SHARE BASED COMPENSATION - Stoc
SHARE BASED COMPENSATION - Stock Option Activity (Details) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 CNY (¥) $ / shares shares | Dec. 31, 2021 CNY (¥) $ / shares shares | Dec. 31, 2020 CNY (¥) $ / shares shares | Dec. 31, 2023 CNY (¥) shares | |
Number of option outstanding | |||||
Beginning balance | shares | 172,000 | 347,536 | 716,748 | ||
Exercise | shares | 0 | (175,536) | (105,200) | ||
Forfeited | shares | (264,012) | ||||
Ending balance | shares | 172,000 | 172,000 | 347,536 | 716,748 | |
Vested as of December 31, 2023 | shares | 172,000 | ||||
Vested and exercisable as of December 31, 2023 | shares | 172,000 | ||||
Weighted-Average Exercise Price | |||||
Beginning balance | $ 3.96 | $ 3.65 | $ 3.46 | ||
Granted | 0 | ||||
Exercise | 3.35 | 3.29 | |||
Forfeited | 3.29 | ||||
Ending balance | 3.96 | $ 3.96 | $ 3.65 | $ 3.46 | |
Vested as of December 31, 2023 | 3.96 | ||||
Vested and exercisable as of December 31, 2023 | $ 3.96 | ||||
Weighted-Average Remaining Contractual Term | |||||
Balance | 1 year 8 months 4 days | 2 years 8 months 8 days | 3 years 10 months 2 days | 4 years 3 months | |
Vested as of December 31, 2023 | 1 year 8 months 4 days | ||||
Vested and exercisable as of December 31, 2023 | 1 year 8 months 4 days | ||||
Aggregate Intrinsic value | |||||
Balance | ¥ | $ 8,305 | $ 17,373 | $ 58,836 | ¥ 7,157 | |
Vested as of December 31, 2023 | ¥ | 7,157 | ||||
Vested and exercisable as of December 31, 2023 | ¥ | ¥ 7,157 |
SHARE BASED COMPENSATION - Summ
SHARE BASED COMPENSATION - Summary of Non-vested Shares (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average fair value on grant date (RMB/Share) | |||
Fair value of shares vested | ¥ 0 | ¥ 5,000 | ¥ 2,000 |
Proceeds from exercise of share options | ¥ 0 | ¥ 5,024 | ¥ 10,185 |
SHARE BASED COMPENSATION - Rest
SHARE BASED COMPENSATION - Restricted Shares (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Share-based compensation | ¥ 862,642 | ¥ 1,000,869 | ¥ 9,884 |
Vesting of restricted share units (in shares) | 5,792,846 | ||
Restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested as of beginning of the period | 6,814,460 | 318,600 | |
Granted | 20,800,000 | 16,684,600 | |
Vested | (10,671,778) | (10,188,740) | |
Unvested as of end of the period | 16,942,682 | 6,814,460 | 318,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested as of beginning of the period | ¥ 72.38 | ¥ 86.38 | |
Granted | 68.87 | 72.10 | |
Vested | 70 | 72.08 | |
Unvested as of end of the period | ¥ 69.57 | ¥ 72.38 | ¥ 86.38 |
Share-based compensation | ¥ 721,000 | ¥ 968,000 | ¥ 9,000 |
Unrecognized compensation expenses | ¥ 968,000 | ¥ 256,000 | ¥ 20,000 |
Weighted-average period | 5 years 8 months 12 days | 2 years 3 months 10 days | 4 years 6 months 29 days |
SHARE BASED COMPENSATION - Shar
SHARE BASED COMPENSATION - Share options activities (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 CNY (¥) ¥ / shares $ / shares shares | Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares $ / shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 CNY (¥) $ / shares | Dec. 31, 2020 CNY (¥) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Oct. 31, 2022 shares | |
SHARE BASED COMPENSATION | |||||||||||
Exercise price | $ / shares | $ 3.96 | ||||||||||
Number of option outstanding | |||||||||||
Beginning balance | 172,000 | 172,000 | 347,536 | 716,748 | |||||||
Exercise | 0 | 0 | (175,536) | (105,200) | |||||||
Forfeited | (264,012) | ||||||||||
Ending balance | 172,000 | 172,000 | 172,000 | 172,000 | 172,000 | 347,536 | 716,748 | ||||
Vested and expected to vest as of December 31, 2023 | 172,000 | 172,000 | 172,000 | 172,000 | |||||||
Vested and exercisable as of December 31, 2023 | 172,000 | 172,000 | 172,000 | 172,000 | |||||||
Weighted-Average Exercise Price | |||||||||||
Beginning balance | $ / shares | $ 3.96 | $ 3.65 | $ 3.46 | ||||||||
Granted | $ / shares | 0 | ||||||||||
Exercise | $ / shares | 3.35 | 3.29 | |||||||||
Forfeited | $ / shares | 3.29 | ||||||||||
Ending balance | $ / shares | $ 3.96 | $ 3.96 | $ 3.96 | $ 3.65 | $ 3.46 | ||||||
Vested and expected to vest as of December 31, 2023 | $ / shares | $ 3.96 | ||||||||||
Vested and exercisable as of December 31, 2023 | $ / shares | 3.96 | ||||||||||
Weighted-Average Remaining Contractual Term | |||||||||||
Balance | 1 year 8 months 4 days | 1 year 8 months 4 days | 2 years 8 months 8 days | 3 years 10 months 2 days | 4 years 3 months | ||||||
Vested and expected to vest as of December 31, 2023 | 1 year 8 months 4 days | 1 year 8 months 4 days | |||||||||
Vested and exercisable as of December 31, 2023 | 1 year 8 months 4 days | 1 year 8 months 4 days | |||||||||
Aggregate Intrinsic value | |||||||||||
Balance | ¥ | ¥ 7,157 | $ 7,157 | ¥ 7,157 | ¥ 8,305 | $ 8,305 | ¥ 17,373 | $ 17,373 | $ 58,836 | |||
Vested and expected to vest as of December 31, 2023 | ¥ | 7,157 | 7,157 | 7,157 | ||||||||
Vested and exercisable as of December 31, 2023 | ¥ | ¥ 7,157 | $ 7,157 | ¥ 7,157 | ||||||||
Market value of ordinary shares | (per share) | ¥ 65.41 | $ 65.41 | ¥ 65.41 | $ 9.24 | |||||||
Intrinsic value of options exercised | ¥ | 8,000 | 6,000 | |||||||||
Share-based compensation expenses | ¥ | ¥ 862,642 | 1,000,869 | 9,884 | ||||||||
Cash received from the exercise of share options | ¥ | 0 | 5,024 | 10,185 | ||||||||
Share-Based Payment Arrangement, Option | |||||||||||
Aggregate Intrinsic value | |||||||||||
Share-based compensation expenses | ¥ | 0 | ¥ 0 | ¥ 500 | ||||||||
Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member] | |||||||||||
Aggregate Intrinsic value | |||||||||||
Cash received from the exercise of share options | ¥ 45,289 | $ 6,379 | |||||||||
Jiangxi Jinko 2022 Plan | Jinko Solar Co., Ltd. ("Jiangxi Jinko") [Member] | |||||||||||
SHARE BASED COMPENSATION | |||||||||||
Ordinary shares reserved for issuance | 40,187,375 | ||||||||||
Exercise price | ¥ / shares | ¥ 8.72 | $ 8.72 | ¥ 8.72 | ¥ 8.81 | $ 8.81 | ||||||
Number of option outstanding | |||||||||||
Beginning balance | 32,149,900 | 32,149,900 | |||||||||
Granted | 32,149,900 | ||||||||||
Exercise | (5,193,983) | (5,193,983) | |||||||||
Forfeited | (7,576,422) | (7,576,422) | |||||||||
Ending balance | 19,379,495 | 19,379,495 | 19,379,495 | 19,379,495 | 32,149,900 | ||||||
Vested and expected to vest as of December 31, 2023 | 19,379,495 | 19,379,495 | 19,379,495 | 19,379,495 | |||||||
Vested and exercisable as of December 31, 2023 | 19,379,495 | 19,379,495 | 19,379,495 | 19,379,495 | |||||||
Weighted-Average Exercise Price | |||||||||||
Beginning balance | ¥ / shares | ¥ 8.81 | ||||||||||
Granted | ¥ / shares | ¥ 8.81 | ||||||||||
Exercise | ¥ / shares | 8.72 | ||||||||||
Forfeited | ¥ / shares | 8.72 | ||||||||||
Ending balance | ¥ / shares | ¥ 8.72 | 8.72 | ¥ 8.81 | ||||||||
Vested and expected to vest as of December 31, 2023 | ¥ / shares | 8.72 | $ 8.72 | 8.72 | ||||||||
Vested and exercisable as of December 31, 2023 | ¥ / shares | ¥ 8.72 | $ 8.72 | ¥ 8.72 | ||||||||
Weighted-Average Remaining Contractual Term | |||||||||||
Balance | 2 years 3 months 10 days | 2 years 3 months 10 days | 2 years 10 months 20 days | ||||||||
Vested and expected to vest as of December 31, 2023 | 2 years 3 months 10 days | 2 years 3 months 10 days | |||||||||
Vested and exercisable as of December 31, 2023 | 2 years 3 months 10 days | 2 years 3 months 10 days | |||||||||
Aggregate Intrinsic value | |||||||||||
Balance | ¥ | ¥ 2,713 | $ 2,713 | ¥ 2,713 | ¥ 187,755 | $ 187,755 | ||||||
Vested and expected to vest as of December 31, 2023 | ¥ | 2,713 | 2,713 | 2,713 | ||||||||
Vested and exercisable as of December 31, 2023 | ¥ | ¥ 2,713 | $ 2,713 | ¥ 2,713 | ||||||||
Market value of ordinary shares | ¥ / shares | ¥ 8.86 | $ 8.86 | ¥ 8.86 | ||||||||
Intrinsic value of options exercised | ¥ | ¥ 3,000 | 0 | |||||||||
Share-based compensation expenses | ¥ | ¥ 142,000 | 33,000 | |||||||||
Cash received from the exercise of share options | ¥ | ¥ 45,000 | ¥ 0 | |||||||||
Grant-date fair value of options | $ | $ 132,000 |
SHARE BASED COMPENSATION - Expe
SHARE BASED COMPENSATION - Expense Allocation (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SHARE BASED COMPENSATION | |||
Share-based compensation | ¥ 862,642 | ¥ 1,000,869 | ¥ 9,884 |
Costs of revenues | |||
SHARE BASED COMPENSATION | |||
Share-based compensation | 1,734 | 17,676 | 131 |
Selling expenses | |||
SHARE BASED COMPENSATION | |||
Share-based compensation | 28,439 | 7,101 | 131 |
General and administration expenses | |||
SHARE BASED COMPENSATION | |||
Share-based compensation | 825,688 | 974,564 | ¥ 9,622 |
Research and development expenses | |||
SHARE BASED COMPENSATION | |||
Share-based compensation | ¥ 6,781 | ¥ 1,528 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Balances (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Outstanding amounts due from related parties: | |||
Notes receivables from a related party | ¥ 225,000 | ¥ 1,481,000 | |
Prepayment and other receivables from related parties | 27,412 | 23,105 | |
Long-term receivables due from Sweihan PV | 38,376 | 37,760 | |
Subtotal | 55,236 | 52,363 | |
Advances from a related party | |||
Advances from JinkoPower | 3,412 | 3,829 | |
Jinko Power | |||
Outstanding amounts due from related parties: | |||
Notes receivables from a related party | 1,183 | 282,824 | |
Notes payables due to a related party | |||
Other payables due to a related party | 11,599 | 5,964 | |
Xinte Silicon for inventory purchase | |||
Outstanding amounts due from related parties: | |||
Advances to a related party | 6,555 | 56,860 | |
Notes payables due to a related party | |||
Notes payables due to Xinte Silicon for inventory purchase | 277,000 | 419,500 | |
JinkoPower for outsourcing services | |||
Outstanding amounts due from related parties: | |||
Prepayment and other receivables from related parties | 12,635 | 5,664 | |
JinkoPower for disposal of solar power projects | |||
Outstanding amounts due from related parties: | |||
Prepayment and other receivables from related parties | 13,141 | 12,953 | |
Other assets from related parties | 16,859 | 14,603 | |
Sweihan PV Power Company P.S.J.C ("Sweihan PV", which develops and operates solar power projects in Dubai) for technical services | |||
Outstanding amounts due from related parties: | |||
Prepayment and other receivables from related parties | 1,224 | 1,075 | |
JinkoPower for miscellaneous transactions | |||
Outstanding amounts due from related parties: | |||
Prepayment and other receivables from related parties | 412 | 3,413 | |
Related parties | |||
Outstanding amounts due from related parties: | |||
Accounts receivable, net - current | 296,512 | $ 41,763 | 139,713 |
Other payables due to a related party: | |||
Accounts payable - third parties | 21,244 | 2,992 | |
Related parties | Xinte Silicon | |||
Other payables due to a related party: | |||
Accounts payable - third parties | 21,244 | ||
Third parties | |||
Outstanding amounts due from related parties: | |||
Accounts receivable, net - current | 22,662,181 | 3,191,901 | 16,674,876 |
Other payables due to a related party: | |||
Accounts payable - third parties | 15,453,922 | $ 2,176,639 | 10,378,076 |
Third parties | Jiangxi Jinko Engineering for sales of solar modules and others [Member] | |||
Outstanding amounts due from related parties: | |||
Accounts receivable, net - current | ¥ 296,512 | ¥ 139,713 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Transaction From Related Party (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Revenue from sales of products and providing services to related parties | ||||
Income of financing guarantees | ¥ 6,364 | |||
Service expenses and silicon procurement provided by related parties | ||||
Processing fee of OEM service charged by Jiangsu Jinko-Tiansheng | 5,310 | |||
Sweihan Pv | ||||
Revenue from sales of products and providing services to related parties | ||||
Income of financing guarantees | ¥ 3,931 | ¥ 2,979 | 660 | |
JinkoPower | ||||
Revenue from sales of products and providing services to related parties | ||||
Revenue from related parties | 353,420 | 325,175 | 27,099 | |
Revenue from rental services | 11,590 | 5,041 | 4,004 | |
Service expenses and silicon procurement provided by related parties | ||||
Electricity fee charged by related party | 119,352 | 25,735 | 7,725 | |
Other fees charged by JinkoPower | 5,109 | 16 | ||
Xinte Silicon | ||||
Service expenses and silicon procurement provided by related parties | ||||
Silicon procurement | 1,537,073 | 824,785 | ¥ 0 | |
Related parties | ||||
Service expenses and silicon procurement provided by related parties | ||||
Loan receivable | 1,183 | 282,824 | $ 167 | |
Third parties | ||||
Service expenses and silicon procurement provided by related parties | ||||
Loan receivable | ¥ 4,088,902 | ¥ 6,697,096 | $ 575,910 | |
JinkoPower | ||||
Service expenses and silicon procurement provided by related parties | ||||
Management service provided by JinkoPower | 16,400 | 8,863 | 8,753 | |
Management services to the company | ¥ 9,000 | ¥ 2,000 | ¥ 1,000 |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND BALANCES - Transactions (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Guarantor obligations proceeds of guarantee fee | ¥ 0 | ¥ 0 | ¥ 21,000 |
Guarantor obligations, guarantee fee income receivable | 0 | 3,000 | 3,000 |
Guarantor obligations, carrying value | 0 | 0 | 12,000 |
Other Income | 0 | 0 | 6,000 |
Payments for other fees | 5,310 | ||
Gain on disposition | ¥ 0 | 12,474 | |
Minimum | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Amortization period for guarantee liability | 1 year | ||
Maximum | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Amortization period for guarantee liability | 16 years | ||
Xinte Silicon | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Silicon procurement | ¥ 1,537,073 | 824,785 | 0 |
Jinko Power | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Revenues from sales of products and provision of processing services to related party | 353,000 | 325,000 | 27,000 |
Due from related parties | 298,000 | 423,000 | |
Revenue from rental services | 12,000 | 5,000 | 4,000 |
Payments made in advance related to service fee | 7,000 | 7,000 | 8,000 |
Electricity fee charged by related party | 119,000 | 27,000 | 8,000 |
Jinko-Tiansheng | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Payments for other fees | ¥ 0 | 0 | ¥ 5,000 |
Gain on disposition | ¥ 12,000 | ||
Jinko Power Group [Member] | |||
RELATED PARTY TRANSACTIONS AND BALANCES | |||
Management service provided by JinkoPower | 16,400 | 8,863 | 8,753 |
CERTAIN RISKS AND CONCENTRATI_2
CERTAIN RISKS AND CONCENTRATION - Foreign Currency and Major Customers (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CERTAIN RISKS AND CONCENTRATION | |||
Cash and cash equivalents, restricted cash, short-term investments, restricted short-term and long-term investments | ¥ 29,115 | ||
Group Revenues | Foreign Currency Concentration Risk | |||
CERTAIN RISKS AND CONCENTRATION | |||
Threshold concentration risk percentage (in %) | 61.73% | ||
Accounts Receivables | Customer Concentration Risk - Largest Customer | |||
CERTAIN RISKS AND CONCENTRATION | |||
Threshold concentration risk percentage (in %) | 10% | 10% | 10% |
Accounts Receivables | Customer Concentration Risk - Largest Customer | Three customers | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 5.10% | 4.60% | 4.60% |
Percentage held by financial institutions | Credit concentration | China | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 89% | ||
Percentage held by financial institutions | Credit concentration | USA | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 5% | ||
Percentage held by financial institutions | Credit concentration | MALAYSIA | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 4% | ||
Percentage held by financial institutions | Credit concentration | Vietnam | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 1% | ||
Percentage held by financial institutions | Credit concentration | AUSTRALIA | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 1% |
CERTAIN RISKS AND CONCENTRATI_3
CERTAIN RISKS AND CONCENTRATION - Major Suppliers (Details) - Total Silicon Purchases - Supplier Concentration Risk | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Largest Group Supplier | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 30.60% | 34% | 28.50% |
Two of the group suppliers | |||
CERTAIN RISKS AND CONCENTRATION | |||
Threshold concentration risk percentage (in %) | 10% | ||
Three of the group suppliers | |||
CERTAIN RISKS AND CONCENTRATION | |||
Threshold concentration risk percentage (in %) | 10% | ||
Four of the group suppliers | |||
CERTAIN RISKS AND CONCENTRATION | |||
Threshold concentration risk percentage (in %) | 10% | ||
Five largest group suppliers | |||
CERTAIN RISKS AND CONCENTRATION | |||
Concentration risk percentage (in %) | 83.10% | 77.40% | 78.70% |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Capital commitments (Details) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
COMMITMENTS AND CONTINGENCIES. | |
2024 | ¥ 7,339,798 |
2025 | 10,250,563 |
Thereafter | 2,562,641 |
Total purchase obligation | ¥ 20,153,002 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Contingencies and Guarantees (Details) € in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 13, 2023 USD ($) CNY (¥) | Aug. 17, 2023 item | Jun. 17, 2022 USD ($) MWh | Sep. 28, 2020 EUR (€) | Jun. 30, 2023 USD ($) CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 15, 2023 USD ($) | Dec. 15, 2023 CNY (¥) | Mar. 10, 2023 USD ($) | |
HRD | ||||||||||
Contingencies [Line Items] | ||||||||||
Number of supplied solar modules inherently defective and constitutes breach of obligations | item | 365,000 | |||||||||
Amount of claim | $ 38,564,987,000 | ¥ 273,000,000 | ||||||||
HRD | Jinko Solar Import and Export Co., Ltd. ("Jinko Import and Export") | ||||||||||
Contingencies [Line Items] | ||||||||||
Percentage of interest on damages | 5.33% | 5.33% | ||||||||
Loss contingency accrual | ¥ | ¥ 180,000,000 | |||||||||
Maximum | HRD | ||||||||||
Contingencies [Line Items] | ||||||||||
Expected period for final award determining remedies and compensation to be issued | 2 years | |||||||||
Minimum | HRD | ||||||||||
Contingencies [Line Items] | ||||||||||
Expected period for final award determining remedies and compensation to be issued | 1 year | |||||||||
Jiangxi Jinko | ||||||||||
Contingencies [Line Items] | ||||||||||
Supply agreement amount | $ 363,300,000 | |||||||||
Construction installation electric power energy capacity | MWh | 32 | |||||||||
Plant defective modules in amount | $ 14,100,000 | |||||||||
Owner of the plant in the amount | 14,600,000 | |||||||||
Total of plant and interest and costs | $ 392,000,000 | |||||||||
Invoice amount failed to pay by the Indian customer | $ 5,300,000 | |||||||||
Payments for legal settlements | $ 30,540,793.40 | |||||||||
Additional number of megawatts under supply agreement | ¥ | 32 | |||||||||
Settlement of liabilities, Current | $ 30,500,000 | ¥ 216,000,000 | ||||||||
Payments for Legal Settlements | $ 30,540,793.40 | |||||||||
Case Against Hanwha Q CELLS GmbH | ||||||||||
Contingencies [Line Items] | ||||||||||
Maximum imposition of penalties | € | € 250,000 | |||||||||
Sales Contract, Settlement Agreement With Spanish Customer [Member] | Jiangxi Jinko | ||||||||||
Contingencies [Line Items] | ||||||||||
Number of megawatts PV modules involved | ¥ | 325 | |||||||||
Rebate amount in relation to the goods to be purchas | $ 8,500,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) € in Millions, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 JPY (¥) | May 31, 2022 | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 CNY (¥) | |
FAIR VALUE MEASUREMENTS | |||||||||||||
Change in fair value of equity securities | ¥ 50,000,000 | ¥ 102,000,000 | |||||||||||
Term of puttable bond | 2 years | 2 years | 2 years | 2 years | 2 years | ||||||||
Unrealized gain on the available-for-sale securities | ¥ 19,000,000 | 10,000,000 | ¥ 0 | ||||||||||
Amount of consideration for subscribed trust units | 668,083,000 | ||||||||||||
Change in fair value of warrants | 0 | 0 | 0 | ||||||||||
Fair value by liability | |||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||
Change in fair value of warrant liability | 0 | ||||||||||||
Amount of consideration for subscribed trust units | 668,000,000 | ||||||||||||
Change in fair value of derivative forward contracts | |||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||
Derivative, notional amount | $ 870 | € 170 | ¥ 0 | $ 560 | € 250 | ¥ 2,000 | |||||||
Loss/ gain on derivative | ¥ 389,000,000 | 164,000,000 | |||||||||||
Foreign exchange option | |||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||
Derivative, notional amount | 520 | 0 | 65 | 50 | $ 120 | € 0 | |||||||
Derivative sold, notional amount | $ 500 | € 0 | $ 50 | € 50 | $ 90 | € 0 | |||||||
Remaining maturity of foreign currency derivative | 12 months | ||||||||||||
Loss/ gain on derivative | ¥ 74,600,000 | 4,000,000 | ¥ 19,000,000 | ||||||||||
Convertible senior note payable | |||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||
Loss/ gain on derivative | ¥ 31,000,000 | ¥ 12,000,000 | |||||||||||
Interest Rate Swap | |||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||
Derivative, notional amount | ¥ 79,000,000 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets and Liabilities on a Recurring Basis) (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) |
Assets: | ||||
Available-for-sale securities - current | ¥ 0 | $ 0 | ¥ 104,499 | |
Available-for-sale securities-non-current | ¥ 104,134 | 14,667 | ¥ 0 | |
Fair Value, Measurements, Recurring | ||||
Assets: | ||||
Short term investments - equity linked notes | 48,875 | |||
Equity securities applying fair value option | 228,706 | $ 178,871 | ||
Available-for-sale securities - current | 104,499 | |||
Available-for-sale securities-non-current | 104,134 | |||
Equity securities with readily determinable fair value | 330,414 | |||
Liabilities: | ||||
Convertible senior notes | 782,969 | 1,070,699 | ||
Foreign exchange forward contracts- payable | 25,307 | 59,911 | ||
Financial liabilities measured at fair value(current and non-current portion) | 831,333 | |||
Foreign exchange forward contracts- payable | 25,307 | 59,911 | ||
Fair Value, Measurements, Recurring | Foreign exchange forward contracts | ||||
Assets: | ||||
Derivative assets | 103,100 | 119,625 | ||
Fair Value, Measurements, Recurring | Foreign exchange option | ||||
Liabilities: | ||||
Foreign exchange forward contracts- payable | 3,226 | |||
Derivative liability interest rate swap | 1,159 | |||
Foreign exchange forward contracts- payable | 3,226 | |||
Fair Value, Measurements, Recurring | Level 1 | ||||
Assets: | ||||
Short term investments - equity linked notes | 48,875 | |||
Equity securities applying fair value option | 0 | |||
Available-for-sale securities - current | 0 | |||
Equity securities with readily determinable fair value | 330,114 | |||
Liabilities: | ||||
Convertible senior notes | 0 | |||
Foreign exchange forward contracts- payable | 0 | |||
Foreign exchange forward contracts- payable | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange forward contracts | ||||
Assets: | ||||
Derivative assets | 0 | |||
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange option | ||||
Liabilities: | ||||
Foreign exchange forward contracts- payable | 0 | |||
Foreign exchange forward contracts- payable | 0 | |||
Fair Value, Measurements, Recurring | Level 2 | ||||
Liabilities: | ||||
Foreign exchange forward contracts- payable | 25,307 | 59,911 | ||
Foreign exchange forward contracts- payable | 25,307 | 59,911 | ||
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange forward contracts | ||||
Assets: | ||||
Derivative assets | 103,100 | 119,625 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Assets: | ||||
Equity securities applying fair value option | 228,706 | 178,871 | ||
Available-for-sale securities - current | 104,499 | |||
Available-for-sale securities-non-current | 104,134 | |||
Liabilities: | ||||
Convertible senior notes | 782,969 | 1,070,699 | ||
Financial liabilities measured at fair value(current and non-current portion) | 831,333 | |||
Fair Value, Measurements, Recurring | Level 3 | Foreign exchange option | ||||
Liabilities: | ||||
Foreign exchange forward contracts- payable | 3,226 | |||
Derivative liability interest rate swap | $ 1,159 | |||
Foreign exchange forward contracts- payable | $ 3,226 |
FAIR VALUE MEASUREMENTS (Asse_2
FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured Using Unobservable Inputs) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Call Option | |||
Balance at January 1, | ¥ 756,929 | ||
Foreign exchange gain/(loss) | 251 | ||
Change in fair value of call options | (136,121) | ||
Settlement of call options | (621,059) | ||
Convertible Senior Notes | |||
Balance at January 1, | ¥ 1,070,699 | ¥ 1,098,736 | 1,831,612 |
Foreign exchange loss/(gain) | (54,377) | 60,038 | (8,560) |
Change in fair value of convertible senior notes loss/(gain) | 84,669 | 12,083 | (327,762) |
Change in the instrument-specific credit risk | (70,732) | (100,158) | (56,224) |
Conversion of convertible senior notes | (247,290) | (340,330) | |
Balance at December 31, | ¥ 782,969 | ¥ 1,070,699 | ¥ 1,098,736 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Changes in Level 3 fair value of available-for-sale securities) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Available for sale securities current | ||
Net Investment Income [Line Items] | ||
Balance at January 1, | ¥ 104,499 | |
Addition | ¥ 100,000 | |
Interest accrual | 1,974 | 3,526 |
Settlement of puttable bond | (105,500) | |
Change in fair value | (973) | 973 |
Balance at December 31, | ¥ 104,499 | |
Available for sale securities non current | ||
Net Investment Income [Line Items] | ||
Addition | 85,000 | |
Change in fair value | 19,134 | |
Balance at December 31, | ¥ 104,134 |
FAIR VALUE MEASUREMENTS (chan_2
FAIR VALUE MEASUREMENTS (changes in Level 3 fair value of equity securities) (Details) - Equity Securities - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Impairment Effects on Earnings Per Share [Line Items] | ||
Balance at January 1, | ¥ 178,871 | |
Additions | ¥ 77,000 | |
Change in fair value of warrant liability | 49,835 | 101,871 |
Balance at December 31, | ¥ 228,706 | ¥ 178,871 |
FAIR VALUE MEASUREMENTS (Chan_3
FAIR VALUE MEASUREMENTS (Changes in fair value of Foreign Exchange Option) (Details) - Foreign exchange option - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, assets measured on recurring basis, unobservable input reconciliation | |||
Balance at January 1, | ¥ (3,226) | ¥ (2,659) | ¥ (12,924) |
Addition of foreign exchange options | (72,240) | 3,596 | (8,544) |
Change in fair value of foreign exchange options gain/(loss) | 74,307 | (4,163) | 18,809 |
Balance at December 31, | ¥ (1,159) | ¥ (3,226) | ¥ (2,659) |
FAIR VALUE MEASUREMENTS (Chan_4
FAIR VALUE MEASUREMENTS (Changes in fair value of rate swap derivative) (Details) - Interest Rate Swap - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Balance at January 1, | ¥ 12,294 | |
Change in fair value of interest rate swap cash flow hedges | ¥ 12,294 | |
Cash settlement | ¥ (12,294) | |
Balance at December 31, | ¥ 12,294 |
FAIR VALUE MEASUREMENTS (Chan_5
FAIR VALUE MEASUREMENTS (Changes in Level 3 fair value of financial liabilities) (Details) - Financial Liabilities ¥ in Thousands | 12 Months Ended |
Dec. 31, 2023 CNY (¥) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Addition | ¥ 830,540 |
Issuance of convertible senior notes | 793 |
Balance at December 31, | ¥ 831,333 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value Of Rap Cap Derivative) (Details) - Interest Rate Cap - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
FAIR VALUE MEASUREMENTS | ||
Balance at January 1, | ¥ 12,142 | ¥ 57,332 |
Amortization | (6,365) | |
Cancellation | ¥ (12,142) | (38,825) |
Balance at December 31, | ¥ 12,142 |
FAIR VALUE MEASUREMENTS (Chan_6
FAIR VALUE MEASUREMENTS (Change in Fair Value of Derivatives) (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Convertible Senior Notes | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | ¥ (31,188,000) | ¥ (12,083,000) | ¥ 327,762,000 |
Available for sale securities current | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | (973) | 973 | |
Available for sale securities non current | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | 19,134 | ||
Equity securities Applying fair value option | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | 49,835,000 | 101,871,000 | |
Change in fair value of derivative forward contracts | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | (407,245,000) | (150,538,000) | 393,523,000 |
Embedded Derivative Financial Instruments | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | 18,079,000 | (13,818,000) | (104,643,000) |
Call Option | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | (136,121,000) | ||
Foreign exchange option | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | 74,307,000 | (4,163,000) | 18,809,000 |
Total | |||
FAIR VALUE MEASUREMENTS | |||
Change in fair value of foreign exchange options | ¥ (278,051,000) | ¥ (77,758,000) | ¥ 499,330,000 |
FAIR VALUE MEASUREMENTS (Signif
FAIR VALUE MEASUREMENTS (Significant Unobservable Inputs) (Details) - Level 3 [Member] | Dec. 31, 2023 |
Expected volatility | Available for sale securities non current | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 50.60 |
Expected volatility | Equity securities Applying fair value option | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 33.6 |
Risk free interest rate | Available for sale securities non current | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 2.3 |
Risk free interest rate | Equity securities Applying fair value option | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 2.1 |
Convertible Senior Notes | Expected volatility | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 61.53 |
Convertible Senior Notes | Risk free interest rate | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 5.11 |
Convertible Senior Notes | Discount rate | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 24.36 |
Foreign exchange option | Expected volatility | Minimum [Member] | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 5.44 |
Foreign exchange option | Expected volatility | Maximum [Member] | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 6.92 |
Foreign exchange option | Risk free interest rate | |
FAIR VALUE MEASUREMENTS | |
Unobservable inputs | 0.0208 |
RESTRICTED NET ASSETS (Details)
RESTRICTED NET ASSETS (Details) ¥ in Millions | Dec. 31, 2023 CNY (¥) |
RESTRICTED NET ASSETS. | |
Restricted net assets | ¥ 20,652 |
Percentage of total assets | 62% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - CNY (¥) ¥ in Billions | 1 Months Ended | 12 Months Ended |
Feb. 29, 2024 | Dec. 31, 2023 | |
SUBSEQUENT EVENTS | ||
Disposal Group Not Discontinued Operation Gain Loss On Disposal Statement Of Income Extensible List [Not Disclosed Flag] | false | |
Subsequent Event | ||
SUBSEQUENT EVENTS | ||
Loss of disposal amounted | ¥ 1.2 |
ADDITIONAL INFORMATION-CONDEN_3
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed statements of operations (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | ||||||
Net revenue | ¥ 42,000 | ¥ 31,000 | ¥ 118,678,591 | $ 16,715,530 | ¥ 83,127,296 | ¥ 40,826,521 |
Cost of revenues | (99,630,956) | (14,032,727) | (70,848,983) | (34,168,686) | ||
Gross profit | 19,047,635 | 2,682,803 | 12,278,313 | 6,657,835 | ||
Total operating expenses | (12,955,015) | (1,824,676) | (11,849,067) | (5,555,330) | ||
Other income, net | 0 | 0 | 6,000 | |||
Loss from operations | 6,092,620 | 858,127 | 429,246 | 1,102,505 | ||
Share of income from subsidiaries and affiliates | 222,674 | 31,363 | 193,708 | 59,809 | ||
Interest income/(expenses), net | (617,605) | (490,703) | (624,029) | |||
Exchange gain/(loss), net | 938,092 | 132,127 | 1,025,891 | (355,499) | ||
Change in fair value of convertible senior notes and call option | 18,079 | 2,546 | (13,818) | (104,643) | ||
Income tax expenses | (1,260,285) | (177,507) | (605,278) | (194,140) | ||
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | 3,447,443 | 485,561 | 620,506 | 721,018 | ||
Parent Company | Reportable Legal Entities | ||||||
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | ||||||
Net revenue | 0 | 0 | 0 | 0 | ||
Cost of revenues | 0 | 0 | 0 | 0 | ||
Gross profit | 0 | 0 | 0 | 0 | ||
Total operating expenses | (590,323) | (83,145) | (593,204) | (6,150) | ||
Other income, net | 1,737 | |||||
Loss from operations | (590,323) | (83,145) | (593,204) | (4,413) | ||
Share of income from subsidiaries and affiliates | 4,055,054 | 571,142 | 1,264,720 | 512,873 | ||
Interest income/(expenses), net | 3,414 | 481 | (19,867) | 36,613 | ||
Exchange gain/(loss), net | 10,831 | 1,526 | (18,586) | (14,085) | ||
Change in fair value of convertible senior notes and call option | (31,188) | (4,393) | (12,083) | 191,641 | ||
Income before income taxes | 3,447,788 | 485,611 | 620,980 | 722,629 | ||
Income tax expenses | (345) | (49) | (474) | (1,611) | ||
Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders | ¥ 3,447,443 | $ 485,562 | ¥ 620,506 | ¥ 721,018 |
ADDITIONAL INFORMATION-CONDEN_4
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed balance sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Current assets: | ||||
Cash and cash equivalents | ¥ 16,060,679 | $ 2,262,100 | ¥ 10,243,500 | |
Other current assets | 3,402,812 | 479,276 | 3,290,903 | |
Total current assets | 82,945,199 | 11,682,586 | 68,327,294 | |
Non-current assets: | ||||
Total assets | 135,831,825 | 19,131,511 | 108,662,182 | |
Current liabilities: | ||||
Due to related parties | 3,412 | 481 | 3,829 | |
Short-term borrowings | 13,583,774 | [1] | 12,419,170 | |
Convertible senior notes | 782,969 | 110,279 | ||
Total current liabilities | 81,060,645 | 11,417,151 | 64,936,186 | |
Convertible senior notes | 4,785,480 | 674,021 | 1,070,699 | |
Total liabilities | 102,297,683 | 14,408,326 | 81,658,289 | |
Shareholders' equity: | ||||
Ordinary shares (USD $0.00002 par value, 500,000,000 shares authorized, 204,135,029 and 209,920,447 shares issued as of December 31, 2022 and December 31, 2023, respectively, 201,189,189 and 208,560,447 shares outstanding as of December 31, 2022 and December 31, 2023, respectively) | 29 | 4 | 28 | |
Additional paid-in capital | 10,738,376 | 1,512,469 | 9,912,931 | |
Accumulated other comprehensive loss | 359,584 | 50,646 | 217,563 | |
Treasury stock, at cost; 2,945,840 and 1,360,000 ordinary shares as of December 31, 2022 and December 31, 2023 | (79,282) | (11,167) | (43,170) | |
Total shareholders' equity | 20,156,434 | 2,838,974 | 16,337,235 | |
Total liabilities and shareholders' equity | 135,831,825 | 19,131,511 | 108,662,182 | |
Related parties | ||||
Current assets: | ||||
Due from subsidiaries | 296,512 | 41,763 | 139,713 | |
Current liabilities: | ||||
Due to subsidiaries | 21,244 | 2,992 | ||
Reportable Legal Entities | Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 414,689 | 58,408 | 492,440 | |
Other current assets | 1,637 | 231 | 1,671 | |
Total current assets | 796,773 | 112,224 | 1,225,584 | |
Non-current assets: | ||||
Investments in subsidiaries | 20,354,397 | 2,866,855 | 16,189,323 | |
Total assets | 21,151,170 | 2,979,079 | 17,414,907 | |
Current liabilities: | ||||
Short-term borrowings | 179,425 | 25,271 | ||
Convertible senior notes | 782,969 | 110,279 | ||
Other current liabilities | 6,513 | 917 | 6,973 | |
Total current liabilities | 994,736 | 140,105 | 6,973 | |
Convertible senior notes | 1,070,699 | |||
Total liabilities | 994,736 | 140,105 | 1,077,672 | |
Shareholders' equity: | ||||
Ordinary shares (USD $0.00002 par value, 500,000,000 shares authorized, 204,135,029 and 209,920,447 shares issued as of December 31, 2022 and December 31, 2023, respectively, 201,189,189 and 208,560,447 shares outstanding as of December 31, 2022 and December 31, 2023, respectively) | 29 | 4 | 28 | |
Additional paid-in capital | 10,738,376 | 1,512,469 | 9,912,931 | |
Accumulated other comprehensive loss | 359,584 | 50,646 | 217,563 | |
Treasury stock, at cost; 2,945,840 and 1,360,000 ordinary shares as of December 31, 2022 and December 31, 2023 | (79,282) | (11,167) | (43,170) | |
Retained earnings | 9,137,727 | 1,287,022 | 6,249,883 | |
Total shareholders' equity | 20,156,434 | 2,838,974 | 16,337,235 | |
Total liabilities and shareholders' equity | 21,151,170 | 2,979,079 | 17,414,907 | |
Reportable Legal Entities | Parent Company | Subsidiary of Common Parent [Member] | ||||
Current assets: | ||||
Due from subsidiaries | 380,447 | 53,585 | 728,019 | |
Current liabilities: | ||||
Due to subsidiaries | ¥ 25,829 | $ 3,638 | ||
Reportable Legal Entities | Parent Company | Related parties | ||||
Current assets: | ||||
Due from related parties | ¥ 3,454 | |||
[1] RMB 175 million collateralized on certain inventories of the Group, RMB 257 million collateralized on certain inventiories and account receivables of the Group, RMB 160 million collateralized on the Group’s certain building and land use right, RMB 359 million collateralized on the Group’s certain equipment. |
ADDITIONAL INFORMATION-CONDEN_5
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed balance sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | |||
Ordinary shares, par value | $ 0.00002 | $ 0.00002 | |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | |
Ordinary shares, shares issued | 209,920,447 | 204,135,029 | 190,380,309 |
Ordinary shares, shares outstanding | 208,560,447 | 187,434,469 | |
Treasury stock at cost, shares | 1,360,000 | 2,945,840 | 2,945,840 |
Parent Company | Reportable Legal Entities | |||
ADDITIONAL INFORMATION - CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY | |||
Ordinary shares, par value | $ 0.00002 | $ 0.00002 | |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | |
Ordinary shares, shares issued | 209,920,447 | 204,135,029 | |
Ordinary shares, shares outstanding | 208,560,447 | 201,189,189 | |
Treasury stock at cost, shares | 1,360,000 | 2,945,840 |
ADDITIONAL INFORMATION-CONDEN_6
ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY - Condensed cash flows (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | $ 908,822 | ¥ 6,452,554 | ¥ 1,565,139 | ¥ 955,572 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Sharebase compensation charges | 121,501 | 862,642 | 1,000,869 | 9,884 |
Change in fair value of convertible senior notes | 4,393 | 31,188 | 12,083 | (327,762) |
Change in fair value of call option | 0 | 0 | 0 | 136,121 |
Share of income from subsidiaries | (31,363) | (222,674) | (193,708) | (59,809) |
Exchange gain/(loss) | (132,127) | (938,092) | (1,025,891) | 355,499 |
Changes in operating assets and liabilities: | ||||
(Increase)/decrease in other current assets | (30,967) | (219,861) | (277,283) | (208,125) |
Decrease in other non-current assets | (3,417) | (104,027) | ||
Decrease in due to a related party | (59) | (417) | 3,829 | 0 |
Net Cash Provided by (Used in) Operating Activities | 1,947,371 | 13,826,124 | (5,800,784) | 430,646 |
Cash flows from investing activities: | ||||
Net cash used in investing activities | (2,135,159) | (15,159,670) | (12,272,387) | (11,309,233) |
Cash flows from financing activities: | ||||
Proceeds from exercise of share options | 0 | 5,024 | 10,185 | |
Issuance cost paid for issuance of Jiangxi Jinko's convertible notes | (4,492) | (31,891) | ||
Net cash provided by/(used in) financing activities | 1,217,046 | 8,640,904 | 20,018,922 | 12,017,851 |
Effect of foreign exchange rate changes on cash and cash equivalents | 119,573 | 848,969 | 227,957 | (116,790) |
Net increase/(decrease) in cash and cash equivalents | 1,148,831 | 8,156,327 | 2,173,708 | 1,022,474 |
Cash, cash equivalents, and restricted cash, beginning of the year | 1,587,481 | 11,270,954 | 9,097,246 | 8,074,772 |
Cash, cash equivalents, and restricted cash, end of the year | 2,736,275 | 19,427,281 | 11,270,954 | 9,097,246 |
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Proceeds from exercise of share options received in subsequent period | 1,169 | |||
Conversion of convertible senior notes to ordinary shares | (34,830) | (247,290) | (340,330) | |
Parent Company | ||||
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Dividends | 0 | 0 | 0 | |
Reportable Legal Entities | Parent Company | ||||
Cash flows from operating activities: | ||||
Net income | 485,562 | 3,447,443 | 620,506 | 721,018 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Sharebase compensation charges | 82,057 | 582,596 | 579,368 | |
Change in fair value of convertible senior notes | 4,393 | 31,188 | 12,083 | (327,762) |
Change in fair value of call option | 136,121 | |||
Share of income from subsidiaries | (571,142) | (4,055,054) | (1,264,720) | (512,873) |
Exchange gain/(loss) | (1,526) | (10,831) | 18,586 | 14,085 |
Changes in operating assets and liabilities: | ||||
Decrease in due from subsidiaries | (29,073) | (206,412) | 1,465,778 | 6,088 |
Decrease in due from a related party | 486 | 3,454 | 3,292 | |
(Increase)/decrease in other current assets | 5 | 34 | (1,279) | 165 |
Decrease in other non-current assets | 11,181 | |||
Increase/(Decrease) in due to subsidiaries | 3,638 | 25,829 | (1,445,183) | (117) |
Decrease in due to a related party | (12,142) | |||
Increase/(decrease) in other current liabilities | (65) | (460) | (6,403) | 1,978 |
Net Cash Provided by (Used in) Operating Activities | (25,665) | (182,213) | (30,114) | 49,884 |
Cash flows from investing activities: | ||||
Cash collection for loans from subsidiaries | 78,027 | 553,984 | 735,673 | |
Cash paid for loans to subsidiaries | (289,620) | (1,262,124) | ||
Net cash used in investing activities | 78,027 | 553,984 | 446,053 | (1,262,124) |
Cash flows from financing activities: | ||||
Proceeds from exercise of share options | 5,024 | 10,185 | ||
Proceeds from exercise of call option | 621,059 | |||
Proceeds from issuance of ordinary shares | 641,065 | |||
Repurchase of shares | (11,167) | (79,282) | ||
Proceeds from bank borrowings | 25,271 | 179,425 | ||
Cash payment for dividend | (78,818) | (559,599) | ||
Net cash provided by/(used in) financing activities | (64,714) | (459,456) | 5,024 | 1,272,309 |
Effect of foreign exchange rate changes on cash and cash equivalents | 1,399 | 9,934 | 36,710 | (44,809) |
Net increase/(decrease) in cash and cash equivalents | (10,951) | (77,751) | 457,673 | 15,260 |
Cash, cash equivalents, and restricted cash, beginning of the year | 69,359 | 492,440 | 34,767 | 19,507 |
Cash, cash equivalents, and restricted cash, end of the year | 58,408 | 414,689 | 492,440 | 34,767 |
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Proceeds from exercise of share options received in subsequent period | 1,169 | |||
Conversion of convertible senior notes to ordinary shares | $ 34,830 | 247,290 | ¥ 340,330 | |
Transfer receivable due from subsidiaries to investments in subsidiaries | ¥ 1,160,000 | |||
Dividend declared per share | $ / shares | $ 0.375 | |||
Dividends | $ 79,000 | ¥ 560,000 | ||
Reportable Legal Entities | Parent Company | American Depositary Shares | ||||
Supplemental disclosure of non-cash investing and financing cash flow information | ||||
Dividend declared per share | $ / shares | $ 1.50 |