First Quarter 2023 Business Highlights
The decline in polysilicon prices stimulated module demand in the first quarter. Our quarterly module shipments increased by more than 60% year over year, of which our shipments to the Chinese market increased by more than 2 times year over year. Our orderbook visibility for 2023 exceeds 60%, with overseas orders as the major contributor. N-type module shipments in the first quarter were approximately 6GW; N-type modules retained a competitive premium over P-type modules. The mass production efficiency of N-type TOPCon cells reached 25.3%. Jinko Solar Co., Ltd. ("Jiangxi Jinko"), our majority-owned principal operating subsidiary, issued convertible bonds in the principal amount of RMB10 billion to support capacity expansion for advanced N-type. First Quarter 2023 Operational and Financial Highlights
Quarterly shipments were 14,490 MW (13,038 MW for solar modules, and 1,452 MW for cells and wafers), down 12.8% sequentially, and up 72.7% year-over-year. Total revenues were RMB23.33 billion (US$3.40 billion), down 22.2% sequentially and up 58.0% year-over-year. Gross profit was RMB4.04 billion (US$588.4 million), down 4.0% sequentially and up 81.5% year-over-year. Gross margin was 17.3%, compared with 14.0% in Q4 2022 and 15.1% in Q1 2022. Net income attributable to JinkoSolar Holding Co., Ltd's ordinary shareholders was RMB788.7 million (US$114.8 million), compared with RMB665.0 million in Q4 2022 and RMB28.9 million in Q1 2022. 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 RMB836.4 million (US$121.8 million), compared with RMB267.8 million in Q4 2022 and RMB328.4 million in Q1 2022. Basic and diluted earnings per ordinary share were RMB3.91 (US$0.57) and RMB3.74 (US$0.54), respectively. This translates into basic and diluted earnings per ADS of RMB15.62 (US$2.28) and RMB14.95 (US$2.18), respectively.
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