SHANGRAO, China, Dec. 7, 2020 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the third quarter ended September 30, 2020.
Strategic Business Updates
Technological transformation towards high-efficiency product portfolio now complete:
- Mono wafer production capacity has been fully ramped up to 20GW - Mono based high efficiency products expected to account for nearly 100% of solar module shipments in 2020, compared to 74% in 2019
Next-generation high-efficiency Tiger Pro Modules well received by the market with secured orders exceeding 2 GW as of the end of October Industry consolidation accelerating at the backdrop of a challenging macroeconomic environment. Market share of JinkoSolar projected to further step up to approximately 15% for full year 2020, compared to approximately 12% in 2019 Successfully maintained stable margin performance despite recent supply shortage of major raw materials, thanks to stringent cost control and resilient supply management Further policy tailwinds from major economies such as China and the US underpins strong future solar demand outlook Principal operating subsidiary Jinko Solar Co., Ltd raised approximately US$458 million in preparation for its listing on the STAR market
Third Quarter 2020 Operational and Financial Highlights
Quarterly shipments were 5,117MW, up 53.8% year over year Total revenues were US$1.29 billion, up 17.2 % year over year Gross profit was US$220.2 million, up 8.2% year over year [1] Gross margin of 17.0%, compared with 17.9% in Q2 2020 and 18.5%[2] in Q3 2019 Income from operations of US$80.4 million, up 27.9 % year over year[3] Non-GAAP net income of US$47.3 million, up 6.7% year over year Net income of US$1.0 million, due to US$46.1 million loss of change in fair value of convertible senior notes and call option, given the sharp rise in stock price for the third quarter.
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