JinkoSolar has announced its financial results. The total revenue increased y-o-y. The company shipped 789.2MW of solar products during the quarter, aiming to ship 850~950MW in the second quarter and to ship 3.3~3.8GW of solar product in 2015. Additionally, JinkoSolar expects to grid-connect solar power projects with a total capacity of 600~800MW this year.

Net income of 1Q15 was RMB 92.8 million, drastically increased from RMB 10.6 million in the first quarter of 2014. The gross profit also increased y-o-y, while gross margin decreased from 1Q14 and 4Q14.

First Quarter 2015 Highlights

• Total solar product shipments to the third parties amounted to 789.2 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.