SHANGHAI, China, May 28, 2015 - JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the PV industry, today announced its unaudited financial results for the first quarter ended March 31, 2015.   First Quarter 2015 Highlights   · Total solar product shipments to the third parties amounted to 789.2 megawatts (“MW”), consisting of 703.5 MW of solar modules, 53.3 MW of silicon wafers and 32.4 MW of solar cells. This represents a decrease of 5.8% from 838.2 MW in the fourth quarter of 2014 and an increase of 35.8% from 581.2 MW in the first quarter of 2014. Total solar module shipments were 753.8 MW, which includes 50.3 MW earmarked for use in the Company’s downstream projects. · As of March 31, 2015, the Company had completed 617 MW worth of solar projects.  · Total revenues were RMB2.7 billion (US$443.5 million), representing a decrease of 7.5% from the fourth quarter of 2014 and an increase of 36.5% from the first quarter of 2014. · Revenue generated from downstream solar power projects were RMB102.1 million (US$16.5 million), representing an increase of 26.9% from the fourth quarter of 2014 and an increase of 111.1% from the first quarter of 2014. Downstream solar power projects generated 115.27 GWh, a 25.3% increase from the fourth quarter of 2014 and an increase of 149.1% from the first quarter of 2014. · Gross margin was 20.3%, compared with 22.8% in the fourth quarter of 2014 and 24.0% in the first quarter of 2014. · Income from operations was RMB230.0 million (US$37.1 million), compared with income from operations of RMB236.6 million in the fourth quarter of 2014 and income from operations of RMB203.5 million in the first quarter of 2014. · Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB51.0 million (US$8.2 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB244.7 million in the fourth quarter of 2014 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB9.5 million in the first quarter of 2014. · Diluted earnings per American depositary share (“ADS”) was RMB1.60 (US$0.24), compared with diluted earnings per ADS of RMB3.12 in the fourth quarter of 2014 and diluted loss per ADS of RMB1.20 in the first quarter of 2014.  · Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2015 was RMB171.2 million (US$27.6 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB237.1 million in the fourth quarter of 2014 and non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB43.7 million in the first quarter of 2014. · Non-GAAP basic and diluted earnings per ADS were RMB5.52 (US$0.88) and RMB5.36 (US$0.88), respectively, in the first quarter of 2015.   Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer commented, “We had another strong quarter with solid growth as we further solidified our leading position in the global solar industry. Total revenues during the first quarter of 2015 reached US$443 million, representing an increase of 36.5% over the same period in 2014. Module shipments to third parties reached 703.5 MW, exceeding the high end of our guidance of 600 MW. As our solar project capacity and pipeline continue to grow and our Malaysia facility begins operations, I am optimistic about new opportunities for the rest of the year.”   “Our Malaysia facility commenced operations on May 26, 2015 with the strong support of the local government as part of our globalized manufacturing strategy. The facility has capacity of 500 MW of cells and 450 MW of modules and is already fully reserved. We expect that our Malaysia facility will be highly cost-competitive. As we increase production capacity, we expect the facility to help drive strong overall gross margins for the rest of the year.”      “Solar power output during the first quarter reached 115 GWh with revenues reaching RMB102 million, representing an increase of 26.9% from the fourth quarter of 2014. We expect to generate 190 GWh to 200 GWh of power in the second quarter of 2015. With our project capacity continuing to grow, we expect to see this high-margin business will contribute more meaningfully to our net profits and total revenues.”   “We connected 114 MW of solar projects to the grid during the quarter, bringing the total capacity of connected projects to 617 MW. With another 370 MW currently under construction, we are on track to connect 600 MW to 800 MW for the year. To support our fast-growing power generation business, we have expanded our project financing capabilities with new strategic financing agreements with China Minsheng Bank and China Development Bank Leasing,”   “Our geographic presence continued to grow thanks to strong brand recognition and deep relationships with global partners. We continued to make progress in the U.S. and new emerging markets such as Chile and Brazil. We also significantly increased our market share and shipments to Japan and the UK, where customers ended their fiscal year during the first quarter. We expect to see strong demand from the Chinese market since next quarter where we remain a market leader. By managing our resources efficiently, we are strengthening our position as a leading solar product supplier for key solar markets.”   “On the technology front, we are focused on increasing the efficiency and output of our mainstream high-efficiency products while we continue to develop high-efficiency black silicon technology and improve our double-glass modules. Non-silicon costs remained flat despite the impact of Chinese New Year and a stronger RMB exchange rate against the US dollar. We are confident that we will maintain our position as the industry cost leader.”     “With a new production facility, strong support from leading financial institutions, and a downstream business rapidly gaining momentum, I am confident that 2015 will be another strong year for JinkoSolar. We will continue to invest in our business in order to increase shareholder value and leverage our momentum for the remainder of the entire year.”    First Quarter 2015 Financial Results   Total Revenues   Total revenues in the first quarter of 2015 were RMB2.7 billion (US$443.5 million), representing a decrease of 7.5% from RMB3.0 billion in the fourth quarter of 2014 and an increase of 36.5% from RMB2.0 billion in the first quarter of 2014. The sequential decrease in revenues was primarily attributable to a decrease in shipments of solar modules primarily as a result of seasonality and slightly decreasing ASPs due to the depreciation of the Euro and Japanese Yen against the RMB. The year-over-year increase in total revenues was mainly attributable to the increases in shipments of solar modules and electricity revenues from solar projects.    During the first quarter of 2015, revenues from downstream solar power projects were RMB102.1 million (US$16.5 million), an increase of 26.9% from the fourth quarter of 2014 and an increase of 111.1% from the first quarter of 2014, of which includes the electricity revenue of RMB99.4 million (US$16.0 million). The increase in solar power project revenues was primarily due to the increase in number and capacity of the Company’s solar projects. Gross profit for solar power project revenues was RMB43.7 million (US$7.1 million) during the first quarter of 2015, representing a gross margin of 42.8%.   The Company has entered into certain sales contracts with retainage terms (the "Retainage Contracts") since the second half of 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for the specified period which generally ranges from one year to two years (the "Retainage Period"). The Company does not recognize such retainage until the customers pay it after the Retainage Period expires. The total amounts of retainage under the Retainage Contracts that were not recognized as revenue were RMB7.7 million (US$1.2 million) and RMB2.4 million for the first quarter of 2015 and the fourth quarter of 2014, respectively. During the first quarter of 2015, the Company received retainage payment of RMB0.5 million and recognized it as revenue. As of March 31, 2015, the cumulative amount of retainage that had not yet been recognized as revenue was RMB201.6 million (US$32.5 million).   Gross Profit and Gross Margin   Gross profit in the first quarter of 2015 was RMB558.5 million (US$90.1 million), compared with a gross profit of RMB678.2 million in the fourth quarter of 2014 and a gross profit of RMB483.1 million in the first quarter of 2014.   Gross margin was 20.3% in the first quarter of 2015 compared with 22.8% in the fourth quarter of 2014 and 24.0% in the first quarter of 2014. In-house gross margin, which relates to the Company’s in-house silicon wafer, solar cell and solar module production, was 24.1% in the first quarter of 2015, compared with 24.3% in the fourth quarter of 2014 and 26.6% in the first quarter of 2014. The sequential and year-over-year decreases were mainly due to a slight decrease in ASPs.   Income from Operations and Operating Margin   Income from operations in the first quarter of 2015 was RMB230.0 million (US$37.1 million), compared with income from operations of RMB236.6 million in the fourth quarter of 2014 and income from operations of RMB203.5 million in the first quarter of 2014. Operating margin in the first quarter of 2015 was 8.4%, compared with 8.0% in the fourth quarter of 2014 and 10.1% in the first quarter of 2014.   Total operating expenses in the first quarter of 2015 were RMB328.5 million (US$53.0 million), a decrease of 25.6% from RMB441.5 million in the fourth quarter of 2014 and an increase of 17.5% from RMB279.7 million in the first quarter of 2014. The sequential decrease in operating expenses was mainly due to a decrease in shipping and warranty costs, and the decrease in bad debt expense. The year-over-year increase in operating expenses was mainly due to the increase in shipping and warranty costs and the increase in the stock-based compensation expenses.    Total operating expenses excluding non-cash charges, including stock-based compensation, changes in allowance for doubtful accounts, the impairment and loss from the disposal of obsolete fixed assets, were RMB344.8 million (US$55.6 million), compared to RMB388.7 million in the fourth quarter of 2014 and RMB255.8 million in the first quarter of 2014.   Total operating expenses excluding non-cash charges as a percentage of total net revenues was 12.5% in the first quarter of 2015, compared to 13.1% in the fourth quarter of 2014 and 12.7% in the first quarter of 2014.   Interest Expense, Net   Net interest expense in the first quarter of 2015 was RMB62.9 million (US$10.2 million), a decrease of 23.3% from RMB82.1 million in the fourth quarter of 2014 and an increase of 3.2% from RMB61.0 million in the first quarter of 2014. The decrease was primarily due to the interest capitalized for the solar project assets under construction in the first quarter of 2015. In addition, the interest rate of the bank borrowings decreased slightly in the first quarter of 2015.   Exchange loss   The Company recorded an exchange loss of RMB26.9 million (US$4.3 million) in the first quarter of 2015, which was primarily due to the gain in fair value change of forward contracts of RMB56.6 million (US$9.1 million) offset by foreign currency exchange loss of RMB83.5 million (US$13.5 million). The Company had a net exchange loss of RMB6.8 million in the fourth quarter of 2014 and RMB137.4 million in the first quarter of 2014.   Change in Fair Value of Convertible Senior Notes and Capped Call Options   The Company recognized a loss from a change in fair value of convertible senior notes of RMB61.3 million (US$9.9 million) which was offset by a gain from a change in fair value of capped call options of RMB31.7 million (US$5.1 million). Loss from change in fair value of convertible senior notes was primarily due to the increase in price of the Company’s stock during the first quarter of 2015.   Equity in income of affiliated companies   The Company recognized equity income from affiliated companies of RMB1.1 million (US$0.2 million) in the first quarter of 2015 as a result of its share of profits for solar projects held by affiliated companies.    Income Tax Expense / (Benefit), net   The Company incurred income tax expense of RMB19.9 million (US$3.2 million) in the first quarter of 2015, compared with income tax benefit of RMB9.4 million in the fourth quarter of 2014 mainly due to the reversal of a valuation allowance as the Company expected to utilize deferred tax assets in the future, and income tax expense of RMB8.0 million during the first quarter of 2014.    Net Income and Earnings/ per Share   Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2015 was RMB51.0 million (US$8.2 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB244.7 million in the fourth quarter of 2014 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB9.5 million in the first quarter of 2014.   Basic earnings per share was RMB0.41 (US$0.07) and diluted earnings per share was RMB0.40 (US$0.06) in the first quarter of 2015, equivalent to basic and diluted earnings per ADS of RMB1.64 (US$0.28) and RMB1.60 (US$0.24), respectively.   Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the first quarter of 2015 was RMB171.2 million (US$27.6 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB237.1 million in the fourth quarter of 2014 and non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB43.7 million in the first quarter of 2014.   Non-GAAP basic and diluted earnings per share in the first quarter of 2015 were RMB1.38 (US$0.22) and RMB1.34 (US$0.22), respectively, equivalent to non-GAAP basic and diluted earnings per ADS of RMB5.52 (US$0.88) and RMB5.36 (US$0.88), respectively, in the first quarter of 2015.   Financial Position   As of March 31, 2015, the Company had RMB1.7 billion (US$282.0 million) in cash and cash equivalents and restricted cash, compared with RMB2.3 billion of cash and cash equivalents and restricted cash as of December 31, 2014.    As of March 31, 2015, total short-term bank borrowings, including the current portion of long-term bank borrowings, was RMB3.0 billion (US$483.0 million), compared with RMB2.6 billion as of December 31, 2014, and total long-term borrowings was RMB1.1 billion (US$180.6 million), compared with RMB956.5 million as of December 31, 2014.   As of March 31, 2015, the Company’s working capital was negative RMB1.2 billion (US$195.9 million), compared with negative RMB116.0 million as of December 31, 2014, which was primarily due to the significant investment in downstream solar power projects and the reclassification of bonds payable of RMB800 million (US$129.1 million) to current liability in the first quarter of 2015.   First Quarter 2015 Operational Highlights   Solar Product Shipments   Total solar product shipments to the third parties in the first quarter of 2015 were 789.2 MW, consisting of 703.5 MW of solar modules, 53.3 MW of silicon wafers and 32.4 MW of solar cells. In comparison, total shipments for the fourth quarter of 2014 were 838.2 MW, consisting of 739.2 MW of solar modules, 53.1 MW of silicon wafers and 45.9 MW of solar cells, and total solar product shipments in the first quarter of 2014 were 581.2 MW, consisting of 455.1 MW of solar modules, 92.1 MW of silicon wafers and 34.0 MW of solar cells.   Solar Project Capacity   As of March 31, 2015, the Company has connected 617 MW of solar projects to the grid.   Solar Products Production Capacity   As of March 31, 2015, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 3.0 GW, 2.0 GW and 3.5 GW, respectively.   Recent Business Developments   l In March 2015, JinkoSolar entered into a five-year RMB3 billion strategic financing agreement with China Minsheng Banking Corp., Ltd. to strengthen the Company's leading position in the development of downstream solar projects and manufacturing capabilities. l In March 2015, JinkoSolar Power Co., Ltd., a subsidiary of the Company, signed a RMB320 million loan agreement with China Development Bank. The loan will be used for solar power projects in Henfeng County, Jiangxi Province, China. l In March 2015, JinkoSolar Power Co., Ltd.  signed a strategic project development agreement with China Development Bank Leasing Limited. l In March 2015, JinkoSolar announced plans to build a solar cell and module manufacturing facility in Penang, Malaysia. l In March 2015, JinkoSolar announced that it will supply 75 MWdc of its PV modules to Swinerton Renewable Energy for the Red Horse 2 Wind and Solar project in Cochise, Arizona. l In March 2015, JinkoSolar signed a strategic collaboration agreement with DuPont (NYSE:DD), reflecting the companies' shared interest in the growth and adoption of efficient and reliable solar electricity. l In March 2015, JinkoSolar  announced that it will supply 104 MW dc of PV panels for the Utah Red Hills Renewable Park project.    l In April 2015, JinkoSolar supplied approximately 3 MW of PV modules to Embotelladora de Sula S.A. ("EMSULA") for Honduras' largest rooftop solar system, which is also the largest PV rooftop project in Central America. l In May 2015, JinkoSolar signed a strategy cooperation agreement for the supply of 1 GW of PV modules with China Minsheng New Energy. l In May 2015, JinkoSolar announced that it will supply 50 MW of PV panels to Tegnatia, one of Turkey's leading renewable energy developers.    Operations and Business Outlook   Second Quarter and Full Year 2015 Guidance For the second quarter of 2015, the Company estimates total solar module shipments to be in the range of 850 MW to 950 MW, which includes 750 MW to 800 MW module shipments to third parties and 100 MW to 150 MW for its own downstream projects. Revenues will not be recognized for the modules shipped to its own downstream projects as required by U.S. GAAP.   For the full year 2015, the Company estimates total solar module shipments to be in the range of 3.3 GW and 3.8 GW which includes 2.7 GW to 3.0 GW module shipments to third parties. The Company expects to grid-connect solar power projects with a total capacity of 600 MW – 800 MW in 2015.   Conference Call Information   JinkoSolar's management will host an earnings conference call on May 28, 2015 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m. Beijing / Hong Kong the same day).   Dial-in details for the earnings conference call are as follows:     Hong Kong / International: +852-5808-3202    U.S. Toll Free: +1-855-298-3404    Passcode: JinkoSolar        Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.   A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, June 4, 2014. The dial-in details for the replay are as follows:     International: +61-2-9641-7900    U.S. Toll Free: +1-866-846-0868    Passcode: 1185898        Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.hyxd168.com.