JinkoSolar Announces Second Quarter 2010 Results 6:00a ET August 16, 2010 (PR NewsWire) JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a fast-growing solar product manufacturer with low-cost operations based in China, today announced its unaudited financial results for the second quarter ended June 30, 2010.
Second Quarter 2010 Highlights
-- Total solar product shipments were a record 99.9 megawatts ("MW"), compared to 83.0 MW in the first quarter of 2010 and 34.4 MW in the second quarter of 2009, representing an increase of 20.4% sequentially and 190.4% year-over-year.
-- Total revenues were a record RMB900.6 million (US$132.8 million), an increase of 64.1% sequentially and 307.1% year-over-year.
-- Gross profit margin was a record 26.9%, compared to 23.7% for the first quarter of 2010 and 6.7% for the second quarter of 2009.
-- Net income was a record RMB180.7 million (US$26.6 million) (including a gain of RMB74.6 million (US$11.0 million) as a result of a change in the fair value of foreign exchange forward contract derivatives), an increase of 146.2% sequentially and 4,202.4% year-over-year.
-- Fully diluted earnings per share were RMB2.36 (US$0.35), compared to RMB0.84 in the first quarter of 2010, and a fully diluted loss per share of RMB0.63 in the second quarter of 2009.
-- Fully diluted earnings per American depositary share ("ADS") were RMB9.42 (US$1.39), compared to RMB3.37 in the first quarter of 2010, and a fully diluted loss per ADS of RMB2.51 in the second quarter of 2009.
-- The Company increased the vertical integration of its production process with annual silicon ingot, silicon wafer, solar cell and solar module production capacities reaching approximately 400 MW, 400 MW, 300 MW and 300 MW respectively.
"We are pleased to have delivered strong growth in the second quarter and are excited to report our financial results for the first time as a public company," said Mr. Kangping Chen, JinkoSolar's chief executive officer. "During the quarter we achieved record shipments of approximately 100 MW, expanded our annual silicon wafer production capacity to 400 MW and annual solar cell and solar module production capacities to 300 MW each and significantly increased the vertical integration of our production process, which will improve our control over our manufacturing processes and costs across the value chain. Furthermore, our listing on the New York Stock Exchange in May has enhanced our brand name and provided us with additional resources and the platform to strive toward becoming a leading global solar company. As we look forward into the second half of the year, we expect to continue our strong momentum and we are well positioned to meet our established objectives in 2010."