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Solar Jinko Building Your Trust in Solar JinkoSolar Announces First Quarter 2021 Financial Results June 25 , 2021 SHANGRAO , China , June 25 , 2021 / PRNewswire / -- Jinko Solar 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 first quarter ended March 31 , 2021 . First Quarter 2021 Business Highlights • Sharp rise in the price of polysilicon has driven up the price of modules , which has affected the downstream demand in the short term . • The lower demand has kept the materials ' prices from rising further ; as the prices of polysilicon stabilize , downstream demand is expected to resume in the second half of the year . • Our proportion of distributed generation market is gradually increasing , and we enjoy the price premium in this market , especially in regions where we have high brand awareness and reputation . • We are providing system integration and technical services to energy storage clients in connection with their residential , industrial and commercial projects ; we also provide utility - scale PV energy storage systems to these clients . • We are technologically advanced in the development of N - type cell and has become the industry benchmark in terms of lab efficiency , mass production efficiency and cost control . • We have entered into a strategic investment agreement with Inner Mongolia Xinte Silicon Materials Co. , Ltd . recently to secure our polysilicon material supply . • We entered into a strategic cooperation agreement with China COSCO Shipping Corporation , which will help us provide customers with long - term , high - quality transportation solutions . First Quarter 2021 Operational and Financial Highlights • Quarterly shipments were 5,354 MW ( 4,562 MW for solar modules , 792 MW for cells and wafers ) , solar module shipments up 33.7 % year over year . • Total revenues were RMB7.94 billion ( US $ 1.21 billion ) , down 6.4 % ( or up 9.0 % excluding the impact from the disposal of solar power plants in Mexico in the first quarter of 2020 ) year over year . • Gross profit was RMB1.36 billion ( US $ 207.3 million ) , down 18.0 % year over year . • Gross margin was 17.1 % , compared with 16.0 % in Q4 2020 and 19.5 % in Q1 2020 . • Net income was RMB221.1 million ( US $ 33.7 million ) , down 21.7 % year over year . • Non - GAAP net income was RMB49.3 million ( US $ 7.5 million ) , down 78.3 % year over year . • Basic and diluted earnings / ( loss ) per share were RMB1.16 ( US $ 0.18 ) and RMB ( 0.90 ) ( US $ ( 0.14 ) ) , respectively . Basic and diluted earnings per ADS were RMB4.64 ( US $ 0.71 ) and RMB ( 3.61 ) ( US $ ( 0.55 ) ) , respectively . • Non - GAAP basic and diluted earnings per share were RMB0.26 ( US $ 0.04 ) and RMB0.24 ( US $ 0.04 ) , respectively . Non - GAAP basic and diluted earnings per ADS were RMB1.04 ( US $ 0.16 ) and RMB0.96 ( US $ 0.15 ) , respectively . Mr. Xiande Li , Jinko Solar's Chairman of the Board of Directors and Chief Executive Officer , commented , " In the first quarter of 2021 , our strategy was to carefully manage our supply chain as volatility continued to increase prices of raw materials quarter - over - quarter . As macroeconomic conditions continued to raise commodity prices , we remained flexible and focused on manufacturing process improvements to ease pressure on costs . Gross margin for the second quarter is expected to be in the range of 12 % to 15 % . Full year 2021 shipments ( including solar wafers , cells and modules ) are expected to be in the range of 25GW to 30GW . Taking into account this year's supply chain and market conditions , we have adjusted our capacity expansion plan . By the end of 2021 , we expect our in - house annual production capacity of monocrystalline silicon wafers , high efficiency solar cells and modules to reach 30GW , 24 GW and 32 GW , respectively . " " During the first quarter , the imbalance between polysilicon supply and strong downstream demand as well as many other factors continued to increase module prices on top of many factors , but we believe this the impact on downstream customers is temporary . The lower demand has kept the prices from rising ; as the prices of polysilicon stabilize , downstream demand is expected to resume in the second half of the year , with the present polysilicon supply chain sufficient to support 160GW of installations this year and 210GW of installations in 2022. " • " Recently , we have strategically invested in Xinte Energy to secure the stability of polysilicon material supply in anticipation of our future shipments growth . At the same time , we signed a strategic cooperation agreement with China COSCO Shipping Corporation , which will enable us to provide customers with long - term , high - quality transportation solutions . " " As an integrated manufacturer , we have the ability to adjust production volumes and shipment structure according to prevailing market conditions and reduce the impact of price volatility on our profitability . Despite rising material costs , integrated production companies with advanced technologies have first - mover advantages and relatively stable economic benefits as the industry continues to consolidate globally . " " JinkoSolar's long - term commitment to R & D has enabled it to continue to launch industry leading products . We have also completed the construction