JinkoSolar Announces First Quarter 2014 Financial Results

Shanghai (ots) - JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the
"Company") (NYSE: JKS), a global leader in the solar PV industry,
today announced its unaudited financial results for the first quarter
ended March 31, 2014.

First Quarter 2014 Highlights

- Total solar product shipments were 581.2 megawatts ("MW"),
consisting of 455.1 MW of solar modules, 92.1 MW of silicon
wafers and 34.0 MW of solar cells. This represents a decrease
of 0.9% from 586.3 MW in the fourth quarter of 2013 and an
increase of 71.6% from 338.6 MW in the first quarter of 2013.
- As of March 31, 2014, the Company had completed 213 MW worth of
solar projects and had approximately 100 MW of solar projects
under construction.
- Total revenues were RMB2.0 billion (US$323.9 million),
representing a decrease of 8.0% from the fourth quarter of 2013
and an increase of 73.1% from the first quarter of 2013.
- Electricity revenues generated from solar projects were RMB48.4
million (US$7.8 million), representing an increase of 62.3%
from the fourth quarter of 2013.
- Gross margin was 24.0%, compared with 24.7% in the fourth
quarter of 2013 and 12.7% in the first quarter of 2013.
- Income from operations was RMB203.5 million (US$32.7 million),
compared with income from operations of RMB262.3 million in the
fourth quarter of 2013 and a loss from operations of RMB16.8
million in the first quarter of 2013.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders was RMB9.5 million (US$1.5 million),
compared with net income attributable to JinkoSolar Holding
Co., Ltd.'s ordinary shareholders of RMB164.3 million in the
fourth quarter of 2013 and a net loss attributable to
JinkoSolar Holding Co., Ltd.'s ordinary shareholders of
RMB128.7 million in the first quarter of 2013.
- Diluted loss per American depositary share ("ADS") was RMB1.20
(US$0.20), compared with diluted earnings per ADS of RMB5.88 in
the fourth quarter of 2013 and diluted loss per ADS of RMB5.80
in the first quarter of 2013. Diluted loss per share excluded
gain on changes in the fair value of the convertible bonds
issued in January 2014.
- Non-GAAP net income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders in the first quarter of 2014 was
RMB37.3 million (US$6.0 million), compared with non-GAAP net
income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders of RMB218.5 million in the fourth quarter of 2013
and a non-GAAP net loss attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders of RMB75.3 million in the first
quarter of 2013.
- Non-GAAP basic and diluted earnings per ADS were RMB1.24
(US$0.20) and RMB1.12 (US$0.20), respectively, in the first
quarter of 2014.

"I am pleased to report a strong start to the year as we record
our fourth consecutive quarter of profitability, well within our
previously issued guidance," commented Mr. Kangping Chen,
JinkoSolar's Chief Executive Officer. "We continued to expand our
manufacturing and downstream businesses by increasing our geographic
reach, further cutting costs and keeping gross margins stable. We are
confident in our ability to deliver solid results for the year as we
benefit from the high gross margins in our module business and the
growing profits from our downstream business."

"Our new revenue stream from power generation increased 62.3%
sequentially to RMB48.4 million as we generated a record 50 million
kWh of energy during the quarter. We believe that project development
will quickly rebound in the second quarter, as we work to connect
140MW worth of PV projects to the grid and begin constructing another
200MW to 250MW."

"Our geographic footprint continued to grow, as we expanded into
new emerging markets. We also maintained our market leading position
in China, where we anticipate a strong second quarter and second half
of the year. Shipments to the US and Japan now account for
approximately 30% of total shipments as we expanded our presence
there to take advantage of higher ASPs. We continue to see shipments
to new emerging markets such as South Africa, Chile and India
increase as we leverage our position there as one of largest module
suppliers. We expect module shipments to increase by approximately
30% next quarter and are confident we will meet our full year
guidance."

"We remain a PV technology leader. Last week we proudly unveiled
our new series of 'Eagle +' modules which have been engineered to
reliably reach 275 watts of peak power output, a new record for
mass-produced and commercially available modules in the market."

"I am proud of what we have accomplished during the quarter and am
eager to see our investments in diverse revenues streams bear fruit.
Despite the one-time foreign exchange loss, we will continue to
prudently manage our business going forward as we develop to a
one-stop energy solution provider."

First Quarter 2014 Financial Results

Total Revenues

Total revenues in the first quarter of 2014 were RMB2.0 billion
(US$323.9 million), representing a decrease of 8.0% from RMB2.2
billion in the fourth quarter of 2013 and an increase of 73.1% from
RMB1.16 billion in the first quarter of 2013. The sequential decrease
in revenues was primarily attributable to the decrease in shipments
of solar modules because of the negative impact of seasonality. The
year-over-year increase in total revenues was mainly attributable to
the increase in shipments, improving average selling prices ("ASPs")
of solar modules and the increase in electricity revenues from solar
projects.

During the first quarter of 2014, electricity revenues from solar
projects were RMB48.4 million (US$7.8 million), an increase of 62.3%
from the fourth quarter of 2013. The increase in electricity revenues
was primarily due to the increase in number and capacity of the
Company's solar projects. Gross profit for electricity revenues was
RMB29.7 million (US$4.8 million) during the first quarter of 2014,
representing a gross margin of 61.4%. Net income of solar power plant
entities was RMB25.3 million (US$4.1 million) during the first
quarter of 2014, representing a net profit margin of 52.2%.

The Company has entered into certain sales contracts with
retainage terms (the "Retainage Contracts") since the second half of
2012, under which customers were allowed to withhold payment of 5% to
10% of the full contract price as retainage for the specified period
which generally ranges from one year to two years (the "Retainage
Period"). Given the limited experience the Company has with respect
to the collectability of the retainage under Retainage Contracts, the
Company does not recognize such retainage until the customers pay it
after the Retainage Period expires. The total amounts of retainage
under the Retainage Contracts that were not recognized as revenue
were RMB9.2 million and RMB11.1 million for the first quarter of 2014
and the fourth quarter of 2013, respectively. During the first
quarter of 2014, the Company received retainage payment of RMB11.5
million and recognized it as revenue. As of March 31, 2014, the
cumulative amount of retainage that had not yet been recognized as
revenue was RMB167.3 million (US$26.9 million).

Gross Profit and Gross Margin

Gross profit in the first quarter of 2014 was RMB483.1 million
(US$77.7 million), compared with a gross profit of RMB540.8 million
in the fourth quarter of 2013 and a gross profit of RMB147.3 million
in the first quarter of 2013.

Gross margin was 24.0% in the first quarter of 2014 compared with
24.7% in the fourth quarter of 2013 and 12.7% in the first quarter of
2013. In-house gross margin, which relates to the Company's in-house
silicon wafer, solar cell, and solar module production, was 26.6% in
the first quarter of 2014, compared with 24.3% in the fourth quarter
of 2013 and 13.1% in the first quarter of 2013. The year-over-year
increases in gross margin and in-house gross margin were mainly due
to improvements in operating efficiency, continued cost reductions
for the Company's polysilicon and auxiliary materials and improved
ASPs. The Company also enjoyed higher gross margins generated by
solar project electricity revenues.

Income/(Loss) from Operations and Operating Margin

Income from operations in the first quarter of 2014 was RMB203.5
million (US$32.7 million), compared with income from operations of
RMB262.3 million in the fourth quarter of 2013 and a loss from
operations of RMB16.8 million in the first quarter of 2013. Operating
margin in the first quarter of 2014 was 10.1%, compared with 12.0% in
the fourth quarter of 2013 and negative 1.4% in the first quarter of
2013.

Total operating expenses in the first quarter of 2014 were
RMB279.7 million (US$45.0 million), an increase of 0.4% from RMB278.5
million in the fourth quarter of 2013 and an increase of 70.4% from
RMB164.1 million in the first quarter of 2013. The year-over-year
increase in operating expenses was mainly due to the increase in
shipping and warranty costs and research and development expenses.

Total operating expenses excluding non-cash charges, consisting of
the provision for bad debts and an impairment of long-lived assets,
was RMB263.3 million (US$42.4 million), compared to RMB270.1 million
in the fourth quarter of 2013 and RMB173.8 million in the first
quarter of 2013.

Total operating expenses excluding non-cash charges as a
percentage of total net revenues was 13.1% in the first quarter of
2014, compared to 12.3% in the fourth quarter of 2013 and 14.9% in
the first quarter of 2013.

Interest Expense, Net

Net interest expense in the first quarter of 2014 was RMB61.0
million (US$9.8 million), an increase of 14.2% from RMB53.4 million
in the fourth quarter of 2013 and an increase of 10.3% from RMB55.3
million in the first quarter of 2013. This increase was primarily due
to expenses associated with the issuing of the Company's convertible
notes in January 2014.

Exchange gain/loss

Due to the depreciation of RMB against the US dollar and euro
during the first quarter of 2014, the Company recorded an exchange
loss of RMB137.4 million (US$22.1 million) in the first quarter of
2014, which was primarily due to a foreign currency exchange loss of
RMB23.0 million (US$3.7 million) and loss in fair value change of
forward contracts of RMB114.4 million (US$18.4 million), including an
unrealized loss of RMB110.4 million (US$17.8 million). The Company
had net exchange gain of RMB9.2 million in the fourth quarter of 2013
and net exchange loss of RMB18.7 million in the first quarter of
2013.

Change in Fair Value of Convertible Senior Notes and Capped Call
Options

The Company has elected to measure the convertible senior notes
issued in January 2014 in their entirety at fair value. The Company
recognized gain from a change in fair value of convertible senior
notes of RMB58.0 million (US$9.3 million) and a loss from a change in
fair value of capped call options of RMB31.3 million (US$5.0 million)
primarily due to the changes in the stock price of the Company in the
first quarter of 2014.

Equity in income of affiliated companies

The Company recognized equity income from affiliated companies of
RMB10.2 million (US$1.6 million) in the first quarter of 2014 as a
result of its share of profits for solar projects held by affiliated
companies.

Income Tax Expense

The Company incurred an income tax expense of RMB8.0 million
(US$1.3 million) in the first quarter of 2014, compared with an
income tax expense of RMB0.3 million in the fourth quarter of 2013
and an income tax expense of RMB13.2 thousand during the first
quarter of 2013.

Net Income / (Loss) and Earnings/ (Loss) per Share

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders in the first quarter of 2014 was RMB9.5 million (US$1.5
million), compared with net income attributable to JinkoSolar Holding
Co., Ltd.'s ordinary shareholders of RMB164.3 million in the fourth
quarter of 2013 and a net loss attributable to JinkoSolar Holding
Co., Ltd.'s ordinary shareholders of RMB128.7 million in the first
quarter of 2013.

Basic earnings per share was RMB0.08 (US$0.01) and diluted loss
per share was RMB0.30 (US$0.05) in the first quarter of 2014. Basic
earnings per ADS was RMB0.32 (US$0.04) and diluted loss per ADS was
RMB1.20 (US$0.20) in the first quarter of 2014. The diluted loss per
share reflected changes in the fair value of the convertible bonds
issued in January 2014.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s
ordinary shareholders in the first quarter of 2014 was RMB37.3
million (US$6.0 million), compared with non-GAAP net income
attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders
of RMB218.5 million in the fourth quarter of 2013 and a non-GAAP net
loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders of RMB75.3 million in the first quarter of 2013.

Non-GAAP basic and diluted earnings per share in the first quarter
of 2014 was RMB0.31 (US$0.05) and RMB0.28 (US$0.05), respectively.
This translates into non-GAAP basic and diluted earnings per ADS of
RMB1.24 (US$0.20) and RMB1.12 (US$0.20), respectively, in the first
quarter of 2014.

Financial Position

In January 2014, the Company closed concurrent offerings of
3,750,000 ADSs and US$150.0 million of convertible senior notes. The
Company received aggregate net proceeds of US$272.1 million from
these offerings, after deducting discounts and commissions, but
before offering expenses.

As of March 31, 2014, the Company had RMB1.7 billion (US$271.0
million) in cash and cash equivalents and restricted cash, compared
with RMB854.6 million of cash and cash equivalents and restricted
cash as of December 31, 2013.

As of March 31, 2014, total short-term bank borrowings, including
the current portion of long-term bank borrowings, was RMB1.7 billion
(US$265.9 million), compared with RMB2.0 billion as of December 31,
2013, and total long-term borrowings was RMB352.5 million (US$56.7
million), compared with RMB362.0 million as of December 31, 2013.

As of March 31, 2014, the Company's working capital was negative
RMB0.4 billion (US$63.7 million), compared with negative RMB1.89
billion as of December 31, 2013.

First Quarter 2014 Operational Highlights

Solar Product Shipments

Total solar product shipments in the first quarter of 2014 were
581.2 MW, consisting of 455.1 MW of solar modules, 92.1 MW of silicon
wafers and 34.0 MW of solar cells. In comparison, total shipments for
the fourth quarter of 2013 were 586.3 MW, consisting of 533.3 MW of
solar modules, 7.3 MW of silicon wafers and 45.7 MW of solar cells,
and total solar product shipments in the first quarter of 2013 were
338.6 MW, consisting of 282.4 MW of solar modules, 25.4 MW of silicon
wafers and 30.8 MW of solar cells.

Solar Project Capacity

As of March 31, 2014, the Company had connected approximately 213
MW of solar PV projects to the grid and 100 MW of solar projects
under construction.

Solar Products Production Capacity

As of March 31, 2014, the Company's in-house annual silicon wafer,
ingot, and solar cell production capacity was approximately 2,000 MW
each and solar module production capacity was approximately 2,100 MW.

Recent Business Developments

- In April 2014, JinkoSolar entered into a loan agreement for
RMB241.4 million (US$38.8 million) with China Development Bank
to finance two PV solar projects, one in Xinjiang Province and
another in Gansu Province.
- In April 2014, JinkoSolar signed a distribution agreement with
PROINSO India who will begin distributing JinkoSolar solar PV
modules through its extensive sales network in India.
- In April 2014, JinkoSolar's 24 MW solar PV power plant in
Xinyi, Jiangsu Province and 15 MW solar PV power plant in
Lianyungang, Jiangsu Province were successfully connected to
the grid.
- In April 2014, JinkoSolar signed a 21.09 MW solar PV module
supply agreement with Nan Xin Solar, a subsidiary of China
Southern Power Grid, for a distributed roof-top project located
in Foshan, Guangdong Province.
- In May 2014, JinkoSolar signed contracts to supply 100 MW of PV
modules for two PV projects in Chile.
- In May 2014, JinkoSolar signed a contract to supply 35 MW of
solar PV modules to Clēnera, a leading clean energy
finance and management firm, for the construction of the Avalon
Solar Project.

Operations and Business Outlook

Second Quarter and Full Year 2014 Guidance

For the second quarter of 2014, total solar module shipments are
expected to be between 570 MW and 600 MW. For the full year 2014,
total solar module shipments are expected to be between 2.3 GW and
2.5 GW, with total project development scale expected to be above
400MW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on
Wednesday, May 27, 2014 at 8:00 a.m. U.S. Eastern Daylight Time (8:00
p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International: +852-5808-3202
U.S. Toll Free: +1-855-298-3404
Passcode: JinkoSolar

Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the
conclusion of the conference call through 11:59 p.m. U.S. Eastern
Time, June 3, 2014. The dial-in details for the replay are as
follows:

International: +61-2-9641-7900
U.S. Toll Free: +1-866-846-0868
Passcode: 5375918

Additionally, a live and archived webcast of the conference call
will be available on the Investor Relations section of JinkoSolar's
website at http://www.jinkosolar.com.

About JinkoSolar Holdings Co., Ltd.

JinkoSolar is a global leader in the solar PV industry with
production operations in Jiangxi and Zhejiang Provinces in China and
sales and marketing offices in Shanghai and Beijing, China; Munich,
Germany; Bologna, Italy; Zug, Switzerland; San Francisco, the United
States; Queensland, Australia; Ontario, Canada; Singapore; Tokyo,
Japan and Cape town, South Africa.

JinkoSolar has built a vertically integrated solar product value
chain, with an integrated annual capacity of approximately 2.0 GW
each for silicon ingots, wafers and solar cells and approximately 2.1
GW for solar modules, as of March 31, 2014. JinkoSolar sells
electricity in China and distributes its solar products to a
diversified customer base in the global PV market, including Germany,
Italy, Belgium, Spain, the United States, Eastern Europe, China,
India, Japan, South Africa, and other countries and regions.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in
accordance with United States Generally Accepted Accounting
Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial
measures including, non-GAAP net income (loss), non-GAAP Earnings
(Loss) Per Share, non-GAAP earnings (loss) per ADS, and non-GAAP
diluted weighted average ordinary shares outstanding, which are
adjusted from the comparable GAAP results to exclude certain expenses
or incremental ordinary shares relating to convertible senior notes
and capped call options:

- Non-GAAP net income (loss) is adjusted to exclude the expenses
relating to the issuance costs of convertible senior notes,
changes in fair value of convertible senior notes and capped
call options, interest expenses of convertible senior notes,
and exchange gain on the convertible senior notes and capped
call options;
- Non-GAAP earnings (loss) per share and non-GAAP earnings (loss)
per ADS are adjusted to exclude the expenses relating to the
issuance costs of convertible senior notes, changes in fair
value of convertible senior notes and capped call options,
interest expenses of convertible senior notes and exchange gain
on the convertible senior notes and capped call options; and

The Company believes that the use of non-GAAP information is
useful for analysts and investors to evaluate JinkoSolar's current
and future performances based on a more meaningful comparison of net
income and diluted net income per ADS when compared with its peers
and historical results from prior periods. These measures are not
intended to represent or substitute numbers as measured under GAAP.
The submission of non-GAAP numbers is voluntary and should be
reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made
solely for the convenience of the readers, is based on the noon
buying rate in the city of New York for cable transfers of Renminbi
as certified for customs purposes by the Federal Reserve Bank of New
York as of March 31, 2014, which was RMB6.2164 to US$1.00. No
representation is intended to imply that the Renminbi amounts could
have been, or could be, converted, realized, or settled into U.S.
dollars at that rate or any other rate. The percentages stated in
this press release are calculated based on Renminbi.

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.

Pressekontakt:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-6061-1792
Email: ir@jinkosolar.com