Jinko Solar

JinkoSolar Hits Record High of 2,953 MW Module Shipments in Third Quarter 2018

Media Release: Shanghai, Nov. 28, 2018 -- JinkoSolar Holding Co., Ltd. (“JinkoSolar” or “Company”), (NYSE code:JKS) one of the world's largest solar module manufacturers recently announced its unaudited financial results for the third quarter that ended September 30, 2018. It had a solid quarter with module shipments hitting record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-over-year. Total revenues were RMB6.69 billion (US$974.8 million), an increase of 10.5% from the second quarter of 2018 and an increase of 4.3% from the third quarter of 2017. Gross margin was 14.9%, compared to 12.0% in the second quarter of 2018 and, 12.0% in the third quarter of 2017. Income from operations was RMB188.0 million (US$27.4 million), an increase of 98.7% from the second quarter of 2018 and an increase of 104.6% from the third quarter of 2017. For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5 GW to 11.8 GW.

Strong overseas sales, particularly impressive growth in multiple strategic markets, clearly demonstrates its market leadership and solid execution of globalization.

Turmoil gone, time for grid parity
In the past five months, solar prices dropped 30% roughly after China’s sudden policy change. On one hand, it brought down installation costs for new solar projects, particularly large, utility-scale systems, and spurred new investment opportunities in other countries. On the other hand, it hit smaller companies harder and brought them out, therefore accelerating consolidation.

After a period of turmoil first as the effects spread throughout the global supply chain, eventually, it helped solar compete with conventional power sources without the need of government support, meanwhile it spurred innovation and competition, making the industry more efficient and making the strong stronger. Ultimately, JinkoSolar set a good example. 

Outlook of JinkoSolar in 2019
The current demand environment continues to be strong, despite some softness in a few spots. With a strong product portfolio and robust order pipeline, coupled with increasingly favorable grid parity environment, the company is well positioned to fuel its growth next year and years after. We continue to see strong demand for JinkoSolar’s products for most end-markets and from most geographies as customers are increasingly relying on JinkoSolar as their chosen partner in superior technology and quality.  

In 2019, it is expected to further extend its competitive lead in the industry and also realize full potential capacity of Cheetah products.

About JinkoSolar Holding Co., Ltd.
JinkoSolar (NYSE: JKS) is one of the world’s largest and foremost solar module manufacturers. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9 GW for silicon ingots and wafers, 5 GW for solar cells, and 9 GW for solar modules, as of June 30, 2018.
JinkoSolar has over 12,000 employees across its 6 productions facilities globally, 15 oversea subsidiaries in Japan (2), Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, Bulgaria, Greece, Romania, Jordan, Saudi Arabia, Egypt, Morocco, Ghana, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.
To find out more, please see: www.jinkosolar.com

Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:
In China:
Mr. Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: [email protected]

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