Jinkosolar Business Factsheet

Shipment (MW)
Second Quarter 2019 Highlights
2019 like many other years has been a challenging one, and
JinkoSolar is keeping a very close eye on market developments.
Competition remains intense with many industry peers acting
aggressively in the market. JinkoSolar, however, remains in a strong
position. In the first six months, the company has achieved two
record breaking quarters with 6 gigawatts (GW) of module
deliveries and a doubling of mono module shipments compared to
last year.
Recently, JinkoSolar announced its financial results for Q2 2019.
Total solar module shipments were 3.386 GW, a year-over-year
increase of 21.2% and a sequential increase of 11.5%.
2019 Q1 2019 Q2
2018 Q2 2019 Q2
Revenues (RMB Billion)
Total revenues were RMB 6.91 billion (US$1.01 billion), an increase
of 18.7% from Q1 2019 and an increase of 14.1% from Q2 2018.
Gross margin was 16.5%, up from 12.0% during the same period in
2018. Net income attributable to the Company’s ordinary
shareholders was RMB 125.4 million (US$18.3 million) in Q2 2019,
compared with RMB 40.2 million in Q1 2019 and RMB 99.0 million
in Q2 2018.
2019 Q1 2019 Q2
By the end of 2019, in-house annual silicon wafer, solar cell, and
solar module production capacity will reach 15.0 GW, 10.5 GW, and
16.0 GW, respectively, including 11.5 GW of mono wafer capacity,
9.7 GW of PERC cell capacity, and 800 MW of N-type cell capacity.
Leshan, the company’s new 5.0 GW mono wafer production
capacity is expected to begin production in Q3 2019 and reach full
capacity by Q4 2019. A second 5.0 GW phase will result in 16.5 GW
of mono wafer capacity by first half of 2020.
2018 Q2 2019 Q2
Gross Margin
2019 Q1 2019 Q2
2018 Q2 2019 Q2
Capacity (MW)
Net Income (RMB Million)
16,000
14,000
12,000
10,000
8,000
5,000
4,000
3,000
6,500
5,000
4,000
8,000 8,000
5,000
9,700 10,800
7,000
16,000
15,000
10,500
2019 Q1 2019 Q2
2,000
1,000
0
2016
2017 2018
2019 (est.)
Wafer Cell Module
2018 Q2 2019 Q2

Third Quarter and Full Year 2019 Guidance
For Q3 2019, the Company expects total solar module shipments to be in the range of 3.2 GW to 3.5 GW. Total revenue
for the third quarter is expected to be in the range of US $980 million to US $1.07 billion. Gross margin for the third
quarter is expected to be between 18% and 20% with good order visibility in the second half. For the full year 2019, the
Company estimates total solar module shipments to be in the range of 14.0 GW to 15.0 GW.
5,000
4,500
Shipment (MW)
20%
Gross Margin (%)
4,000
3,500
3,000
2,000
19%
18%
17%
1,000
16%
0
2019 Q1 2019 Q2 2019 Q3 (est.) 2019 Q4 (est.)
0
2019 Q1 2019 Q2 2019 Q3 (est.)
Key Achievements
The Company has accelerated the transition of its product portfolio toward high efficiency mono, expecting to reach
70% mono in 2019. This transition, including 16.5 GW of mono wafer capacity by Q2 2020, will strengthen the
Company’s vertical integration and optimize the cost structure.
The Company is matching the market with new products that customers demand. This is evident considering over 7
GW of pre-orders of Cheetah and Swan modules in the past 12 months. The next generation of module technology is
on its way with pilot production and certification process ongoing. The number of customers has grown steadily with a
cumulative 3600+ worldwide by Q2 2019.
2016 2017 2018 2019 Q2

JinkoSolar has been named a BNEF Tier 1 Solar Module Manufacturer
for 8 consecutive years, which is one of the longest runs of any
manufacturer. The Company has also been rated a Top Performer in
the PVEL / DNV GL PV Module Reliability Scorecard five consecutive
times.
increase in overseas sales. In the United
States, it has clearly defended its top
position and remained the supplier of
choice due to strong and repeated
execution. In Japan, it recorded the best
year in its history, ranking as the number 1
seller for the first time. In Europe, thanks to
the phase out of the MIP, Europe once
again became a strong JinkoSolar sales
region. In Australia, Jinkosolar secured its
position as the best-selling premium brand
in 2018. In India, ROA, and MEMA, where
low cost poly remains most prevalent,
JinkoSolar was one of the few premium
mono manufacturers to succeed, growing
its market share to 30%. In Latin America, it
is the first brand to sell more than 5 GW of
modules cumulatively.
Looking back, JinkoSolar continues to
grow rapidly, with CAGRs consistently
higher than industry rates. In 2018,
JinkoSolar delivered 11.4 GW to 2,828
customers, an increase of 16.0% from
9.8 GW for the year 2017. Our global
leading market share reached 12.8%.
The Company was able to accomplish
all this due to a timely transition to
premium mono products and major
investments in both Chinese and
overseas production.
JinkoSolar generated revenue of
US$3.64 billion in module sales in
2018, and achieved gross margin of
14.0% compared with 11.3% for the
year 2017 and income from operations
almost doubled that of 2017. Net
income attributed to the Company's
ordinary shareholders was three times
that of 2017. In China, it still grew very
quickly despite the slowdown caused
by the 531 policy change. However,
one major reason for the Company’s
success, even in the face of troubles in
the China mar ket, was a marked
Total shipment
customers
countries
market share
The rollout of the Cheetah family of
products in 2018 was one of the most
important events of the year, as it set the
stage for future sales. In the first 12 months
of market launch, the Company sold more
than 5.5 GW, a new benchmark for new
modules in the industry.

he Swan bifacial series is similarly stimulating
additional interest. It is the first and only bifacial
module using a transparent backsheet. It embodies a
combination of the most recent groundbreaking
technologies: Cheetah half cut cells, bifacial generation,
and DuPont® TedlarTM PVF transparent backsheets.
With a maximum output of 415 watts plus 5-25% extra
power generated from the rear side (depending on
ground reflection), and 25% less weight compared to
conventional bifacial, Swan is a clear winner.
One of the major focuses in 2018 was on investment in
the expansion of new production facilities, including in
Malaysia and the United States. The Company now has
seven plants in three countries. It has expanded its
capacity and upgraded process technologies in Penang
with capacity of 3.0 GW for solar cells and 2.5 GW for
solar modules, as of Q4 2018 , and commenced
module production in Florida in November 2018. The
decision to manufacture in the U.S. is based on a few
factors, including getting more established in the
market, shorter delivery times, and more flexibility.
Locating this factory in Florida also makes JinkoSolar
more independent of currency and policy fluctuations.
Today, with fully automatic, advanced manufacturing in
Shangrao’s F5 workshop and Jacksonville, Florida,
JinkoSolar is the first solar module producer to start
smart factory production at a GW scale. These steps
strengthen JinkoSolar’s global production network
capabilities.
JinkoSolar Business Fact Sheets .