JinkoSolar : Q3 2021 Earnings PPT

JINKOSOLAR HOLDING CO., LTD.

Q3 2021 EARNINGS CALL PRESENTATION

NOV 30, 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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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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Q3 2021 financial highlights

Quarterly shipments were 4,993 MW (4,671 MW for module, 322 MW for cell and wafer), total shipments down 4.0% QoQ, down 2.4% YoY

Total revenues were US$1.33 bn, up 8.1% QoQ, down 2.3% YoY

Gross profit was US$201.1 mn, down 4.6% QoQ, down 13.3% YoY

Gross margin of 15.1%, compared with 17.1% in Q2 2021 and 17.0% in Q3 2020

Quarterly EBITDA of US$89.0 mn, down 38.0 % QoQ, down 41.7% YoY

Non-GAAP net income (1) of US$2.5 mn, down 94.2% QoQ, down 95.1% YoY

Net income of US$30.1 mn, up 193.2% sequentially, up 27.3 times YoY, mainly because of the impacts of convertible senior notes

Cash and short-term restricted cash of US$1.14 bn as of Q3 2021 vs US$1.01 bn as of Q2 2021

2021 Q4 guidance: total shipments to be in the range of 7.3GW to 8.8GW, solar module shipments of 7GW to 8.5GW, revenue of US$1.8 bn to US$2.2 bn and gross margin of 13% to 16%

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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JinkoSolar's High-efficiencyN-Type Monocrystalline Silicon Solar Cell Sets New World Record with Highest Conversion Efficiency of 25.4%.

Over 7GW of new cell capacity put into production in the second quarter reached full production in the third quarter, reducing cell production cost in the third quarter by more than 10% compared with the second quarter.

China has strong market demand, and JinkoSolar's percentage of module shipments in the Chinese market in the third quarter doubled compared to the second quarter.

JinkoSolar's competitive large-size module products accounted for nearly 50% of shipments in the third quarter, compared with less than 20% in the first half of 2021.

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Consolidating our strengths to navigate challenges

Strategic cooperations mitigate risks; R&D and in-house manufacturing capabilities lead the industry

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Flexible business strategy

• Optimized product structure ： Shipments of Tiger Pro products accounted for ~50% in Q3'21,compared with less than 20% in 1H'21, and are expected to exceed 70% in Q4'21.
• Optimized business structure ： Our distributed business accounted for approximately 35-40%in Q3， and over 50% in some markets such as Australia, Japan and Brazil.
• Module shipments by region: Chinese market shipments doubled sequentially.

Optimization of our global supply chain

• Cooperation with upstream material manufacturers： Polysilicon supply agreements with overseas manufacturers and strategic investment in Tongwei and Xinte for High-purityPolysilicon Production Project.
• 7GW mono wafer plant in Vietnam will commence production in Q1'22 to serve our production facilities in Malaysia and the United States when production ramps up.

3 Long-term leading R&D and product advantage

• N-typecell technology leads the industry ：our high-efficiency N-typemonocrystalline silicon solar cell sets new world record with maximum conversion efficiency of 25.4%. We have become the industry benchmark in terms of lab efficiency, mass production efficiency and cost control.
• Leading industry into high-efficientN-type era： We launched a new series of N-typemodules with maximum power output of 620W.

4 Improving in-house manufacturing cost

• Thickness of our mono wafers reduced by ~15% since beginning of the year, which significantly saves on polysilicon material.
• Over 7 GW high-efficiency PERC capacity put into production in Q2'21 reached full capacity in Q3'21, reducing cell production cost by more than 10% sequentially.

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