JinkoSolar : Q4 2021 Earnings PPT

JINKOSOLAR HOLDING CO., LTD.

Q4 2021 EARNINGS CALL PRESENTATION

MAR 23, 2022

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.

By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided. Participants agree further not to photograph, copy or otherwise reproduce these materials in any form or pass on these materials to any other person for any purpose, during the presentation or while in the conference room. Participants must return this presentation and all others materials provided in connection herewith to the Company at the completion of the presentation.

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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Q4 2021 financial highlights

Quarterly shipments were 9,693 MW (9,024 MW for solar modules, 669 MW for cells and wafers), total shipments up 94.1% QoQ, and up 67.9% YoY

Total revenues were US$2.57 bn, up 91.2% QoQ, and up 73.9% YoY

Gross profit was US$414.9 mn, up 104.0% QoQ and up 75.5% YoY

Gross margin was 16.1%, compared with 15.1% in Q3 2021 and 16.0% in Q4 2020

Quarterly EBITDA of US$ 183.1 mn, up 104.4% QoQ, up 79.6% YoY

Non-GAAP net income (1) was US$34.3 mn, up 12.8 times QoQ and up 5.5 times YoY

Net income was US$37.6 mn, compared with net income of US$30.1 mn in Q3 2021 and net loss of US$57.8mn in Q4 2020

Cash and short-term restricted cash of US$1.40 bn as of Q4 2021 vs US$1.14 bn as of Q3 2021

2022 Q1 guidance: total shipments to be in the range of 7.5 GW to 8.0 GW

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

1. Attributable to ordinary shareholders.

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FY2021 financial highlights

Annual shipments were 25,242 MW(including 22,233 MW for solar modules), up 18.4% YoY for solar modules shipments

Total revenues were US$6.41 bn, up 16.2% YoY

Gross profit was US$1.04 bn, up 7.9% (1) YoY

Gross margin of 16.3%, compared with 17.6% (1) in 2020

Record full-year EBITDA of US$537.4 mn for 2021, up 4.9% YoY

Income from operations of US$173.0 mn, down 38.2% (1) YoY

Net income (2) of US$113.1 mn, up 2.1 times YoY

2022 full year guidance: total shipments to be in the range of 35 GW to 40 GW

Notes:

1. Including the reversal benefit of CVD and ADD.
2. Attributable to ordinary shareholders.

(3)	Net debt calculated as total debt minus cash and short-term restricted cash. Short-term debt includes short-term borrowings, financing and operating lease liabilities and	3
	bond payable. Long-term debt includes long-term borrowings, convertible senior notes and financing and operating lease liabilities.

Business highlights

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Despite supply chain challenge in the fourth quarter of 2021, we achieved significant growth in both shipments and revenues compared to the third quarter of 2021.

Proportion of shipments in the Chinese market increased to approximately 34% in the fourth quarter of 2021. We actively participated the distribution market business while enhanced our competitiveness in utility business.

The mass production efficiency of approximately 900MW N-type Topcon Cells in Haining production facility has reached 24.5% in the fourth quarter of 2021, with the yield rate close to that PERC.

The next-generationN-typeUltra-efficiency Tiger Neo Module with better power generation performance remains popular in the market since its launch in the fourth quarter of 2021, giving the Company a competitive advantage with premium pricing.

Jiangxi Jinko completed its IPO process in the first quarter of 2022. Access to this new source of growth capital, combined with the Company's competitiveness accumulated over the years, will further strengthen its leading position in the industry.

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