JinkoSolar : Q2 2021 Earnings PPT

JINKOSOLAR HOLDING CO., LTD.

Q2 2021 EARNINGS CALL PRESENTATION

SEP 15, 2021

Disclaimer

This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

The information herein has been prepared by the Company solely for use in this presentation. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

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This presentation may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements are made under the ''safe harbor'' provisions of 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," "confident" and similar statements. Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that our results of operations may fluctuate from period to period; the risk of PRC governmental policy changes; the risk that we face intense competition from other solar companies; the risk that PRC economic, political and social conditions as well as government policies can affect our business and other risks outlined in our public filings with the Securities and Exchange Commission, including our registration statement on Form F-1, as amended.

The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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Q2 2021 financial highlights

Quarterly shipments were 5,203MW (3,976 MW for module, 1,227 MW for cell and wafer), total shipments down 2.8% QoQ, up 16.4% YoY

Total revenues were US$1.23 bn, down 0.2% QoQ, down 6.2% YoY

Gross profit was US$210.5 mn, up 0.1% QoQ, down 10.2% YoY

Gross margin of 17.1%, compared with 17.1% in Q1 2021 and 17.9% in Q2 2020

Quarterly EBITDA of US$143.0 mn, up 16.2% QoQ, up 9.5% YoY

Non-GAAP net income (1) of US$42.5 mn, up 457.4% QoQ, down 27.0% YoY

Net income of US$10.3 mn, down 79.2% YoY, mainly because of the impacts of convertible senior notes

Cash and short-term restricted cash of US$1.01 bn as of Q2 2021 vs US$1.07 bn as of Q1 2021

2021 Q3 guidance: total shipments to be in the range of 5GW to 5.5GW, solar module shipments of 4.5GW to 5GW, revenue of US$ 1.24 bn to US$ 1.37 bn and gross margin of 12% to 15%

Notes: YoY and QoQ changes calculated on the RMB basis.

1. Attributable to ordinary shareholders.

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Business highlights

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As the price of polysilicon rose rapidly in the second quarter, and there was a certain time gap between the prices transmissions from upstream to downstream in the industry chain, we quickly increased the external sales of silicon wafers, and lowered the production volume of solar modules.

Over 7GW of large-size new cell capacity was put into production in the second quarter to support the rapidly growing demand for large-size products.

We sighed a strategic logistic cooperation agreement with Maersk and China COSCO Shipping Corporation to support steady growth in global sales.

We are optimistic about the global demand in the second half of 2021 and 2022, and will accelerate our market expansion in China.

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Consolidate our strength to deal with challenges

Strategic cooperation enhances risk resistance, while R&D and in-house manufacturing capabilities lead the industry

1	Flexible product structure

• Optimized product structure ： Our proportion of distributed generation market are expected to be ~40% for 2021；shipments of 182mm products will account for ~50% in 2H'21.
• Flexible shipments structure ： We adjust external sales of wafers, cells and modules.
• Global network and solid customer relationship：Our products shipped to 160+ countries and regions, we get timely feedback of market information through a sound marketing system and maintain close communication with customers to work out feasible solutions.

2	Continue to optimize and improve our global supply
	chain management
	 Cooperation	with	upstream	specialized
	manufacturers： to enhance the stability of polysilicon
	supply and mitigate supply chain volatility

• Jointly invest in a high-purity crystalline silicon project with annual capacity of
  45,000 MT
• Invest in Inner Mongolia Xinte High- purity Polysilicon Production Project with annual capacity of 100,000 MT
• Signs long-term polysilicon supply agreement for over 70,000 MT

3 Long-term leading R&D advantage

• N-typecell technology leads the industry ：We have built roughly 800MW TOPCon cell capacity in 2019, and has become the industry benchmark in terms of lab efficiency, mass production efficiency and cost control.
• Close track to cutting-edge technologies：We completed the construction of a highly-efficiencylaminated perovskite cell technology platform, with a conversion efficiency target of 30%+ within the year.

24.79%	24.9%	25.25%	30%+

4 Improving in-house manufacturing capabilities

• Over 7 GW of newly-added capacity of large-size cells was put into production during Q2.
• Expanding the investment plan for N-type cell capacity based on technical advantages and two years of mass production experience.
• Module production volume is expected to increase significantly month-over-month in the third quarter.

• Work together to build a stable and safe logistics system：We aim to provide customers with long-term, high-qualitytransportation solutions.

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