Fourth Quarter and Full Year 2022 Business Highlights
Significant year-over-year growth in module shipments in the fourth quarter and full year 2022 on back of strong global demand. At the end of 2022, we became the first module manufacturer in the world to have delivered a total of 130GW solar modules. In December 2022, our high-efficiency N-Type monocrystalline silicon solar cell set a new record with maximum conversion efficiency of 26.4%, exceeding the record of 26.1% we set in October 2022. At the end of 2022, the mass production efficiency of N-type TOPCon cells reached 25.1%, and the integrated cost of N-type modules was close to that of P-type modules. N-type module shipments of approximately 7GW in the fourth quarter helped us achieve the 10GW target we set for the full year 2022. Fourth Quarter 2022 Operational and Financial Highlights
Quarterly shipments were 16,802 MW (16,020 MW for solar modules, and 782 MW for cells and wafers), up 54.8% sequentially, and up 73.3% year-over-year. Total revenues were RMB30.40 billion (US$4.41 billion), up 55.8% sequentially and up 85.5% year-over-year. The sequential and year-over-year increases were mainly attributable to an increase in the shipment of solar modules. Gross profit was RMB4.28 billion (US$620.0 million), up 39.2% sequentially and up 61.7% year-over-year. Gross margin was 14.1%, compared with 15.7% in Q3 2022 and 16.1% in Q4 2021. The sequential and year-over-year decreases were mainly due to an increase in the cost of silicon. Net income attributable to JinkoSolar Holding Co., Ltd's ordinary shareholders was RMB709.7 million (US$102.9 million), compared with RMB549.8 million in Q3 2022 and RMB239.5 million in Q4 2021. Adjusted net income attributable to JinkoSolar Holding Co., Ltd's ordinary shareholders, which excludes the impact from (i) a change in fair value of the convertible senior notes (the "Notes"), (ii) a change in fair value of long-term investment and (iii) the share based compensation expenses, was RMB312.4 million (US$45.3 million), compared with RMB427.5 million in Q3 2022 and RMB234.6 million in Q4 2021. Basic and diluted earnings per ordinary share were RMB3.53 (US$0.51) and RMB1.46 (US$0.21), respectively. This translates into basic and diluted earnings per ADS of RMB14.11 (US$2.05) and RMB5.83 (US$0.85), respectively.
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