Jinko Solar, the Chinese solar module and cell manufacturer, in its financial results for the first quarter (Q1) of the year 2022, reported total revenues of RMB 14.76 billion ($2.24 billion), an 86% year-on-year (YoY) growth compared to Q1 2021.

The revenues decreased 10% compared to the previous quarter.

Total shipments during Q1 2022 stood at 8.39 GW, a 57% YoY increase compared to the same period last year. However, shipments were down by 13.4% compared to the previous quarter.

The shipments include 8.031 GW of solar modules and 359 MW of solar cells and wafers.

The company reported a gross profit of RMB 2.23 billion ($338.6 million), a 64% YoY increase compared to the same period last year. However, the gross profit was down by 15.8% compared to the previous quarter.

Jinko Solar recently achieved a maximum conversion efficiency of 25.7% with their N-Type monocrystalline silicon solar cell. The company has also ramped up its 16 GW N-type cell capacity in Hefei and Jianshan production facilities.

Li Xiande, Chairman & Chief Executive Officer of Jinko Solar, said, “Polysilicon prices and shipping costs remained high and volatile during the quarter. This has led to delays in raw material and finished product deliveries and increasing costs for many enterprises.”

Addressing the recent extension of solar tariffs on imports in the U.S., Gener Miao, Jinko Solar’s Chief Marketing Officer, said, “In the U.S., policies have temporarily disrupted the market, and the short-term supply becomes difficult, but we remain bullish about the market potential in the long-term.”

The Biden administration extended the Section 201 solar tariffs imposed on imported crystalline silicon photovoltaic (CSPV) modules for four more years, with several modifications. The decision includes exemption of bifacial solar panels from the duty extension and increases the allowable import quota for solar cells from 2.5 GW to 5 GW.

In January this year, Jinko Solar completed its initial public offering process and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board. Jiangxi Jinko has issued 2 billion shares representing approximately 20% of the total 10 billion shares outstanding after the IPO.