YINGLI GREEN ENERGY HOLDING CO., LTD.
Yingli Green Energy Reports Fourth Quarter and Full Year 2017 Results

Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading solar panel manufacturers, known as "Yingli Solar," today announced its unaudited consolidated financial results for the quarter and full year ended December 31, 2017.

Fourth Quarter 2017 Consolidated Financial and Operating Summary

• Total net revenues were RMB2,273.2 million (US$349.4 million), compared to RMB1,678.7 million in the third quarter of 2017.
• Total photovoltaic ("PV") module shipments were 837.9 MW, representing an increase of 40% compared to 597.7 MW in the third quarter of 2017.
• Gross profit and gross margin were RMB163.3 million (US$25.1 million) and 7.2% respectively, compared to RMB26.5 million and 1.6% respectively in the third quarter of 2017. Gross margin on sales of PV modules was 8.1%.
• Operating loss was RMB391.8 million (US$60.2 million), compared to operating loss of RMB2,266.7 million in the third quarter of 2017.
• On a non-GAAP⁽¹⁾ basis, earnings before interest, tax expenses, depreciation and amortization ("EBITDA") were negative RMB256.4 million (US$39.4 million), compared to negative RMB2,116.3 million in the third quarter of 2017.
• Net loss⁽²⁾ and loss per American Depositary Share (the "ADS", one ADS represents ten ordinary shares) were RMB491.9 million (US$75.6 million) and RMB27.1 (US$4.2) respectively, compared to RMB2,344.0 million and RMB129.0 respectively in the third quarter of 2017. On an adjusted non-GAAP basis, adjusted net loss and adjusted loss per ADS were RMB286.7 million (US$44.1 million) and RMB15.8 (US$2.4) respectively, compared to RMB330.0 million and RMB18.2 respectively in the third quarter of 2017.

Full Year 2017 Consolidated Financial and Operating Summary

• Total net revenues were RMB8,363.7 million (US$ 1,285.5 million).
• Total PV module shipments were 2953.0 MW, exceeding the previous guidance of 2.8 GW to 2.9 GW and an increase of 36% from 2016.
• Gross profit was RMB304.8 million (US$46.8 million), representing a gross margin of 3.6%. Gross margin on sales of PV modules was 5.6%.
• Operating loss was RMB2,942.9 million (US$452.3 million).
• On an adjusted non-GAAP basis, earnings before interest, tax expenses, depreciation and amortization (EBITDA) were negative RMB2,299.2 million (US$353.4 million).
• Net loss was RMB3,318.0 million (US$510.0 million) and loss per ADS was RMB182.5 (US$ 28.0). On an adjusted non-GAAP basis, adjusted net loss was RMB1,127.7 million (US$173.3 million).

Fourth Quarter 2017 Financial Results

Total Net Revenues

Total net revenues were RMB2,273.2 million (US$349.4 million), increased from RMB1,678.7 million in the third quarter of 2017 and RMB2,041.4 million in the fourth quarter of 2016. Total PV module shipments were 837.9 MW, increased from 597.7 MW in the third quarter of 2017 and 635.1MW in the fourth quarter of 2016.

The increase of total net revenues from the third quarter of 2017 to the fourth quarter of 2017 was primarily due to [the increase of PV module shipments from 597.7 MW to 837.9 MW].

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