JINKOSOLAR HOLDING CO., LTD.

Q4 2020 EARNINGS CALL PRESENTATION

APRIL 09, 2021

Disclaimer

This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

The information herein has been prepared by the Company solely for use in this presentation. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

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This presentation may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that our results of operations may fluctuate from period to period; the risk of PRC governmental policy changes; the risk that we face intense competition from other solar companies; the risk that PRC economic, political and social conditions as well as government policies can affect our business and other risks outlined in our public filings with the Securities and Exchange Commission, including our registration statement on Form F-1, as amended.

The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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Q4 2020 financial highlights

Quarterly shipments were 5,774MW, up 27.2% YoY

Total revenues were US$1.44bn, down 1.1% YoY

Gross profit (1) was US$230.9mn, down 12.9%YoY

Gross margin of 16.0%, compared with 17.0% in Q3 2020 and 18.2% in Q4 2019

Quarterly EBITDA of US$100.0mn, down 43.0% YoY

Income from operations (1) of US$11.0mn, down 88.0% YoY

Non-GAAP net income (2) of US$5.1mn, down 92.3% YoY

Net loss of US$57.8mn, due to US$65.5mn loss of change in fair value of convertible senior notes and call option, given the sharp rise in stock price for the fourth quarter

Cash and short-term restricted cash of US$1,240mn as of Q4 2020 vs US$943.3mn as of Q3 2020

2021 Q1 guidance: module shipments of 4.5GW to 5.0GW, revenue of US$1.18bn to US$1.30bn and gross margin of 12% to 15%

Notes: YoY and QoQ changes calculated on the RMB basis.

(1) Including the reversal benefit of anti-dumping (AD) and countervailing duty (CVD)

(2)

Attributable to ordinary shareholders.

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FY2020 financial highlights

Record full-year shipments of 18.8GW, up 31.4% YoY

Record full-year revenues of US$5.38bn for 2020, up 18.1% YoY

Record full-year gross profit (1) of US$945.8mn for 2020, up 13.6% YoY

Gross margin of 17.6% for 2020 compared with 18.3% for 2019

Record full-year EBITDA of US$463.5mn for 2020, up 20.6% YoY

Record full-year income from operations (1) of US$273.6mn, up 3.2% YoY

Full-yearnon-GAAP net income (2) of US$146.9mn, down 1.2% YoY

Net debt (3) of US$1,561.5mn as of end 2020, compared to US$1,030.9mn as of end 2019

Net debt / EBITDA of 3.4x as of end 2020, compared to 2.7x as of end 2019

Full-year 2021 shipments guidance of 25.0-30.0 GW(including wafer, cell and module)

Notes: YoY changes calculated on the RMB basis.

  1. Including the reversal benefit of anti-dumping (AD) and countervailing duty (CVD)
  2. Attributable to ordinary shareholders.

(3)

Net debt calculated as total debt minus cash and short-term restricted cash. Short-term debt includes short-term borrowings, financing and operating lease liabilities and

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bond payable. Long-term debt includes long-term borrowings, convertible senior notes and financing and operating lease liabilities.

Business highlights

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Despite extreme challenges, we experienced significant growth in both revenues and

shipments for the full year compared with 2019.

As of the end of 2020, JinkoSolar became the world's largest PV manufacturer, with aggregate module of 70GW. We expect shipments to sustain a growth rate of over 30% in 2021.

Unrelenting volatility in the industrial value chain underscored the resilience to risk of integrated manufacturers. We adjusted each link of the production process smoothly and flexibly.

Our new generation Tiger Pro flagship products will account for 40% to 50% of the total shipments this year, with cumulative orders of over 10 GW.

JinkoSolar is leveraging our capacity for technical innovation and our brand reputation built on years of global marketing and excellent service, in order to continue expanding successfully and develop new business models.

Uncertainty has had the effect of consolidating the market, with heightened competition among key players. In response we have been optimizing supply chain management throughout the network and partners on an ongoing basis.

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JinkoSolar Holdings Company Ltd. published this content on 09 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 April 2021 11:33:01 UTC.