Recently, Jinko Power disclosed its first quarter report for 2024. The company achieved revenue of 778 million yuan in the first quarter of 2024, a year-on-year decrease of 4.93%; The loss was 99 million yuan, turning from profit to loss.
Jinko Power was listed on the A-share market in May 2020, and the company raised a total of more than 8.5 billion yuan through IPO, convertible bonds, and private placement.
Bread Finance analysis found that Jinko Power has received a number of fines since its listing. In November 2023, Jinko Power received a fine from the Jiangxi Securities Regulatory Bureau for inconsistent investment of IPO proceeds with the disclosure.
In the first quarter, it turned from profit to loss
Jinko Power's main business is mainly divided into two major segments: photovoltaic power plant operation and photovoltaic power plant EPC, involving solar photovoltaic power plant development, power plant investment, power plant construction, power plant operation and power plant management, as well as photovoltaic power plant EPC project general contracting, power plant operation integrated service solutions, etc.
Jinko Power is one of the 50 constituent stocks of the CSI PV Industry Index.
In 2023, Jinko Power will achieve revenue of 4.37 billion yuan, an increase of 36.72% year-on-year; The net profit attributable to the parent company was 383 million yuan, an increase of 77.05% year-on-year.
In the first quarter of 2024, Jinko Power achieved revenue of 778 million yuan, a year-on-year decrease of 4.93%; The loss was 99 million yuan, turning from profit to loss. The company said that the net profit attributable to the parent company was mainly due to the decline in investment income generated by the company's disposal of power stations in the current period.
Since its listing, it has raised more than 8.5 billion yuan
Jinko Power was listed on the A-share market in May 2020 and raised RMB 2.598 billion in its initial offering. Subsequently, the company raised a total of more than 5.997 billion yuan through convertible bonds and private placements.
The most recent fundraising took place in 2023, Jinko Power raised 2.997 billion yuan through a private placement, which was used for the 300MW photovoltaic power generation project on the western slope of Jinchuan District, Jinchang City, the Jingliang 200MW photovoltaic power generation project in Jinta County, the 300MW agricultural photovoltaic complementary photovoltaic power generation project (Phase I) of Guangdong Agricultural Reclamation Red October Farm, distributed photovoltaic power generation projects, replenishment of working capital or repayment of bank loans.
In recent years, a number of fines have been received
According to the statistics of the regulatory authorities, Jinko Power has received a number of fines in recent years.
In November 2023, the Jiangxi Securities Regulatory Bureau issued the "Decision on Issuing Warning Letters to Jinko Power Technology Co., Ltd., Chen Yan and Yang Li". According to the document, "on April 30, 2020, the company disclosed the prospectus for the initial public offering of shares, in which 600 million yuan was raised for the purpose of "repaying bank loans". On August 9, 2023, the company disclosed a reply to the regulatory work letter of the Shanghai Stock Exchange, stating that after a comprehensive self-examination by the company, the supervision account of the Shanghai Pudong Development Bank raised funds in the initial offering had repaid loans from other financial institutions and the government. Among them, from May 2020 to March 2021, the company used the funds raised in the initial offering to repay the due debts of 54 million yuan of silver bills, 50 million yuan of additional bank bill margins, 83 million yuan of financial leasing companies and 51 million yuan of loans from supply chain financing enterprises, and 34 million yuan of project cooperation loans from Leizhou Municipal Government. The use of the above total 273 million yuan of raised funds is inconsistent with the investment of the raised funds disclosed in the previous period to "repay bank loans".
(Article Serial Number: 1789862564952412160)
Disclaimer: This article does not constitute any investment advice to anyone. Intellectual Property Rights Statement: The intellectual property rights of Bread Finance works are owned by Shanghai Miaotan Network Technology Co., Ltd.