JinkoSolar(JKS) - 2023 Q4 - Annual Report

Financial Position - As of December 31, 2023, the company held RMB16.06 billion (US$2.26 billion) in cash and cash equivalents, with RMB4.45 billion (US$626.5 million) denominated in U.S. dollars[790]. - The company has short-term borrowings of RMB13.58 billion (US$1.91 billion) and long-term borrowings of RMB11.24 billion (US$1.58 billion) as of December 31, 2023[792]. - The average interest rate for long-term borrowings was 5.8% as of December 31, 2023[792]. - The company has a convertible senior note of US$85 million due in 2024, with US$71.0 million already converted[797]. Foreign Exchange and Gains - The company recorded a net foreign exchange gain of RMB0.94 billion (US$132.1 million) in 2023 due to the appreciation of the U.S. dollar against the Renminbi[789]. - The company has entered into foreign exchange forward contracts with notional values of US$870.0 million and €170.0 million, maturing within 12 months[788]. Credit Losses and Warranty Obligations - The provision for credit losses is estimated based on past collection experience and current economic conditions, with an expected credit loss increase of RMB2.5 million if forward-looking factors increase by 5%[632]. - The company estimates a 1% expected failure rate for solar module warranties over the warranty period[635]. - An increase of 5% in key assumptions for warranty obligations would raise the accrued warranty liability by RMB38.4 million[636]. Depositary Fees and Expenses - The depositary collects a fee of $5.00 (or less) per 100 ADSs for issuance and cancellation of ADSs[801]. - A fee of$0.05 (or less) per ADS is charged for any cash distribution to ADS registered holders[801]. - The annual reimbursement from the depositary for legal and investor relations expenses in 2023 is US$301.6 thousand[802]. - A fee of$1.50 per ADR is applicable for the transfer of ADRs[801]. - The depositary may charge $0.05 per ADS per calendar year for depositary services[801]. - Taxes and governmental charges related to ADSs or underlying shares are applicable as necessary[801]. - The depositary may refuse to provide services until its fees are paid[800]. - Expenses incurred by the depositary for servicing deposited securities may be charged as necessary[801]. - The depositary collects fees for making distributions by deducting from amounts distributed or selling a portion of distributable property[800]. - The depositary's annual fee for depositary services may be collected through deductions from cash distributions[800]. Economic Conditions - Inflation in China was reported at 0.2% in 2023, which has not materially impacted the company's operations[786].