JinkoSolar Net Profit up 60%; Global PV Products Shipment Rises 79% in H1 2022

Chinese solar products major JinkoSolar has reported significant growth of 60.14 per cent in its net profit to USD 905 million during the first half of 2022, as compared to the previous year.  
 
During H1 2022, the company’s operating revenue grew to USD 33.407 billion, up 112.44 per cent y-o-y, and achieved an operating cash flow of USD 2.23 billion, up 481 per cent.
 
Moreover, the company shipped a total of 18.92 GW of solar products globally in the first half of 2022, up 79 per cent y-o-y, including 18.21 GW of solar modules.
 
The company in a statement said that “in the semi-annual performance reports of leading solar companies, JinkoSolar ranked top in module shipments globally.”
 
Among JinkoSolar’s global module shipment destinations in the first half of 2022, the European market accounted for the highest percentage with high percentages of China, Asia Pacific and emerging markets.
 
Additionally, JinkoSolar N-type Tiger Neo series modules achieved a large number of orders and high premium levels in the European market.
 
On the other hand in the Chinese market, the company carried out large base projects while focusing on the exploration and development of the distribution market, achieving rapid growth in shipments.
 
Besides, the company achieved fast growth in the Latin American, Indian and other markets through leading layout and seizing market rotation opportunities, JInkoSolar added.
 
On the whole year outlook, the company is confident of completing the module shipment target of 35-40 GW, while continuing to make steady progress toward the N-type product shipment target of 10 GW.
 
JinkoSolar has established a competitive advantage in N-type TOPCon technological innovation and capacity scale. In H1 2022, N-type TOPCon cell efficiency has exceeded 24.8 per cent, which remains the leading level in the industry, and it's still possible to improve its efficiency and reduce cost in the next 2-3 years, the company further said.
 
Vertical integration capability is necessary for solar companies to participate in future competitions. In the first half of 2022, the company selectively strengthened its advanced capacity on the basis of a larger capacity scale.
 
Its 16 GW N-type TOPCon cell project at the beginning of the year has been fully accomplished in the second quarter, the subsequent 8 GW cell project in Hefei has been put into operation, and the 11 GW project in Jianshan is also under construction with the target of higher efficiency and lower cost.
 
The company’s management said that in the future, JinkoSolar will continue to consolidate the industry-leading level of capacity integration, maximize the advantages of vertical integration, realize the rapid embedding of technological innovation in all segments of the industry chain, and continuously reduce the cost of integrated production. Meanwhile, the proportion of N-type production capacity and the proportion of N-type product shipments will also continue to increase.