JinkoSolar announced its unaudited financial results for the third quarter ended September 30, 2014. In the quarter, the company shipped 708.2MW of solar produces and reached a RMB2.6 billion (approx. US$417.3 million) revenues. Although the shipment and revenues were both increased, the gross margin slightly decreased. This was mainly explained through lower module ASPs and improvements in operating efficiency.

Third Quarter 2014 Highlights

• Total solar product shipments to the third parties amounted to 708.2 MW, consisting of 658.1 MW of solar modules, 30.3 MW of silicon wafers and 19.8 MW of solar cells. This represents an increase of 7.4% from 659.5 MW in the second quarter of 2014 and an increase of 36.5% from 518.9 MW in the third quarter of 2013. Total solar module shipments were 758.1 MW, which includes 100 MW to be used in the Company's downstream projects.
• As of September 30, 2014, the Company has connected 352 MW of solar projects to the grid and expects to connect another 461 MW of solar projects during the fourth quarter of 2014.
• Total revenues were RMB2.6 billion (US$417.3 million), representing an increase of 5.3% from the second quarter of 2014 and an increase of 30.5% from the third quarter of 2013.
• Electricity revenues from solar projects, excluding the effect of value-added taxes for previous quarters, were RMB67.3 million (US$11.0 million), representing an increase of 10.4% over the second quarter of 2014. In the third quarter of 2014, the Company reversed the revenue of RMB19.6 million (US$3.2 million) related to the value-added tax of feed-in tariffs. Electricity revenue, including the effect of value-added taxes, was RMB47.7 million (US$7.8 million) in the third quarter.
• Gross margin was 20.6%, compared with 22.6% in the second quarter of 2014 and 22.3% in the third quarter of 2013.
• Income from operations was RMB239.9 million (US$39.1 million), compared with income from operations of RMB251.6 million in the second quarter of 2014 and income from operations of RMB244.3 million in the third quarter of 2013.
• Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB280.6 million (US$45.7 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB138.2 million in the second quarter of 2014 and net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB103.5 million in the third quarter of 2013.
• Diluted earnings per American depositary share ("ADS") were RMB8.00 (US$1.32), compared with diluted earnings per ADS of RMB4.04 in the second quarter of 2014 and diluted earnings per ADS of RMB4.40 in the third quarter of 2013.
• Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the third quarter of 2014 was RMB322.2 million (US$52.5 million), compared with non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB173.0 million in the second quarter of 2014 and non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB196.9 million in the third quarter of 2013.
• Non-GAAP basic and diluted earnings per ADS were RMB10.40 (US$1.68) and RMB8.28 (US$1.36), respectively, in the third quarter of 2014.