| ADDITIONAL INFORMATION-CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY |
33. ADDITIONAL INFORMATION – CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY The separate condensed financial statements of the Company as presented below have been prepared in accordance with Securities and Exchange Commission Regulation S-X Rule 5-04 and Rule 12-04 and present the Company’s investments in its subsidiaries under the equity method of accounting. Such investment is presented on separate condensed balance sheets of the Company as “Investments in subsidiaries “ and the Company’s shares of the profit or loss of subsidiaries are presented as “Share of (loss) / income from subsidiaries” in the statements of operations. Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. | | | | | | | | | | | For the year ended December 31 | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | USD | | | | | | | | | (note 2 (ak)) | | | (RMB in thousands) | Net revenue | | — | | — | | — | | — | Cost of revenues | | — | | — | | — | | — | | | | | | | | | | Gross profit | | — | | — | | — | | — | | | | | | | | | | Total operating expenses | | (590,323) | | (324,964) | | (203,692) | | (29,128) | | | | | | | | | | Loss from operations | | (590,323) | | (324,964) | | (203,692) | | (29,128) | | | | | | | | | | Share of income from subsidiaries and affiliates | | 4,055,054 | | 93,252 | | (4,165,946) | | (595,723) | | | | | | | | | | Interest expenses | | (19,962) | | (25,511) | | (5,041) | | (721) | Interest income | | 23,376 | | 15,203 | | 4,886 | | 699 | Exchange gain/(loss) | | 10,831 | | (26,914) | | (6,007) | | (859) | Change in fair value of convertible senior notes | | (31,188) | | 323,474 | | — | | — | Income before income taxes | | 3,447,788 | | 54,540 | | (4,375,800) | | (625,732) | Income tax expenses | | (345) | | — | | (134) | | (19) | Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders | | 3,447,443 | | 54,540 | | (4,375,934) | | (625,751) |
Condensed balance sheets: | | | | | | | | | December 31, 2024 | | December 31, 2025 | | | RMB | | RMB | | USD | | | | | | | (note 2 (ak)) | | | (RMB in thousands) | ASSETS | | | | | | | Current assets: | | | | | | | Cash and cash equivalent | | 124,313 | | 96,771 | | 13,838 | Due from subsidiaries | | 358,722 | | 130,028 | | 18,593 | Other current assets | | 2,049 | | 2,020 | | 289 | Total current assets | | 485,084 | | 228,819 | | 32,720 | Investments in subsidiaries | | 19,608,702 | | 15,625,438 | | 2,234,408 | Total assets | | 20,093,786 | | 15,854,257 | | 2,267,128 | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Current liabilities: | | | | | | | Due to subsidiaries | | 26,214 | | 26,674 | | 3,814 | Short-term borrowings | | 162,140 | | — | | — | Convertible senior notes | | — | | — | | — | Other current liabilities | | 6,523 | | 3,065 | | 438 | Total current liabilities | | 194,877 | | 29,739 | | 4,252 | | | | | | | | Shareholders’ equity: | | | | | | | Ordinary shares (US$0.00002 par value, 500,000,000 shares authorized, 211,083,301 and 209,551,893 shares issued as of December 31, 2024 and December 31, 2025, respectively) | | 29 | | 29 | | 4 | Additional paid-in capital | | 11,245,665 | | 11,834,567 | | 1,692,321 | Accumulated other comprehensive loss | | 225,141 | | 212,071 | | 30,326 | Treasury stock, at cost; 5,574,244 and 122,540 ordinary shares as of December 31, 2024 and December 31, 2025 | | (216,507) | | (3,970) | | (568) | Retained earnings | | 8,644,581 | | 3,781,821 | | 540,793 | Total shareholders’ equity | | 19,898,909 | | 15,824,518 | | 2,262,876 | | | | | | | | Total liabilities and shareholders’ equity | | 20,093,786 | | 15,854,257 | | 2,267,128 |
The current balances of due from subsidiaries represented loans to its subsidiaries which are expected to be collected within twelve months. Other current liabilities represented accrual for unpaid convertible senior notes interest and professional service fees. Condensed cash flow: Condensed statements of cash flows: | | | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | USD | | | | | | | | | (note 2 (ak)) | | | (RMB in thousands) | Cash flows from operating activities: | | | | | | | | | Net income | | 3,447,443 | | 54,540 | | (4,375,934) | | (625,751) | Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | Share based compensation charges | | 582,596 | | 319,452 | | 198,120 | | 28,331 | Change in fair value of convertible senior notes | | 31,188 | | (323,474) | | — | | — | Share of income from subsidiaries | | (4,055,054) | | (93,252) | | 4,165,946 | | 595,723 | Exchange (gain)/loss | | (10,831) | | 26,914 | | 6,007 | | 859 | Changes in operating assets and liabilities: | | | | | | | | | Decrease in due from subsidiaries | | (206,412) | | — | | — | | — | Decrease in due from a related party | | 3,454 | | — | | — | | — | (Increase)/decrease in other current assets | | 34 | | — | | 31 | | 5 | Increase/(Decrease) in due to subsidiaries | | 25,829 | | (412) | | — | | — | Increase/(decrease) in other current liabilities | | (460) | | 10 | | (3,462) | | (496) | Net cash used in operating activities | | (182,213) | | (16,222) | | (9,292) | | (1,329) | | | | | | | | | | Cash flows from investing activities: | | | | | | | | | Cash collection for loans from subsidiaries | | 553,984 | | 633,977 | | 370,108 | | 52,925 | Cash paid for loans to subsidiaries | | — | | — | | (7,087) | | (1,013) | Net cash used in investing activities | | 553,984 | | 633,977 | | 363,021 | | 51,912 | | | | | | | | | | Cash flows from financing activities: | | | | | | | | | Proceeds from exercise of share options | | — | | 3,691 | | — | | — | Repurchase of shares | | (79,282) | | (874,964) | | (3,970) | | (568) | Repayments of borrowing | | — | | (543,675) | | (162,140) | | (23,186) | Proceeds from bank borrowings | | 179,425 | | 526,390 | | — | | — | Dividend distribution | | (559,599) | | (547,686) | | (486,826) | | (69,615) | Dividends received from a subsidiary (offset with loans to the subsidiary) | | — | | 550,880 | | 277,000 | | 39,610 | Net cash provided by/(used in) financing activities | | (459,456) | | (885,364) | | (375,936) | | (53,759) | | | | | | | | | | Effect of foreign exchange rate changes on cash and cash equivalents | | 9,934 | | (22,767) | | (5,337) | | (762) | | | | | | | | | | Net decrease in cash and cash equivalents | | (77,751) | | (290,376) | | (27,542) | | (3,938) | Cash and cash equivalents, beginning of year | | 492,440 | | 414,689 | | 124,313 | | 17,776 | Cash and cash equivalents, end of year | | 414,689 | | 124,313 | | 96,771 | | 13,838 | | | | | | | | | | Supplemental disclosure of non-cash investing and financing cash flow information | | | | | | | | | Conversion of convertible senior notes to ordinary shares | | 247,290 | | 465,167 | | — | | — | Offset of dividend receivable with loans to a subsidiary | | — | | 610,000 | | — | | — |
For the years ended December 31, 2023, no cash dividend was paid to the Company by its consolidated subsidiaries, unconsolidated subsidiaries, nor 50% or less owned persons accounted for by the equity method. For the year ended December 31, 2024, cash dividends of RMB1,161 million were declared and paid to the Company by its consolidated subsidiary, respectively. For the year ended December 31, 2025, cash dividends of RMB360 million were declared to the Company by its consolidated subsidiary, among which, RMB277 million was paid to the Company and the remaining RMB83 million was recorded as receivable due from the subsidiary. For the year ended December 31, 2023, the board of directors of the Company declared a cash dividend of US$0.375 per ordinary share, or US$1.50 per American Depositary Share (the “ADS”). The total amount of cash to be distributed for the dividend was US$79 million (equivalents to RMB560 million). For the year ended December 31, 2024, the board of directors of the Company declared a cash dividend of US$0.375 per ordinary share, or US$1.50 per American Depositary Share (the “ADS”). The total amount of cash to be distributed for the dividend was US$77 million (equivalents to RMB548 million). For the year ended December 31, 2025, the board of directors of the Company declared a cash dividend of US$0.325 per ordinary share, or US$1.30 per American Depositary Share (the “ADS”). The total amount of cash to be distributed for the dividend was US$68.1 million (equivalents to RMB487 million).
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