JA Solar Technology Co., Ltd.
April 2025
Section I. Important Notice, Contents and Definitions
The board of directors, supervisory committee as well as directors, supervisors and senior
managers of the Company are responsible for the authenticity, accuracy and completeness of
the information contained in this Annual Report without false records, misleading statements
or material omissions, and assume joint and several liability therefor.
Jin Baofang, head of the Company, Li Shaohui, head of accounting affairs and Sun Peng,
head of accounting department represent that they are responsible for the authenticity,
accuracy and completeness of the financial statements in this Annual Report. All directors were
present in the board meeting that reviewed this Report.
The forward-looking statements, future plans, and business objectives mentioned in this
Report do not constitute a substantive commitment by the Company to investors. Investors and
relevant persons are required to maintain sufficient risk awareness and understand the
differences between plans, forecasts, and commitments. Investors need to know there are risks
in investments.
Please refer to XI Outlook for Future Development in Section III Management Discussion
and Analysis for details on the potential risks inherent in the Company’s operations.
The Company has decided not to distribute cash dividends, issue bonus shares, or convert
its capital reserve into share capital.
*The 2024 Annual Report of JA Solar Technology Co., Ltd. was published both in Chinese and English. Where any discrepancy
arises between the English and the Chinese content, the Chinese version shall prevail. The English version here was only used for
investors’ reference.
Table of Contents
List of documents to be checked
I. Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting affairs, and the
head of the accounting department；
II. Original auditor’s report bearing the seal of the accounting firm and the signatures of the CPAs;
III. Formal copies of all Company documents and the original announcements publicly disclosed in the media designated by
CSRC; and
IV. The original full text and summary of the Company’s 2024 Annual Report bearing the signature of the Company’s legal
representative.
The above documents are lodged in the Company’s Securities Affairs Department located in No. 8 Building, Nuode Center,
No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing.
Definitions
Term Description
Company and JA Solar Refer to JA Solar Technology Co., Ltd.
Articles of Association Refers to The Articles of Association of JA Solar Technology Co., Ltd.
Company Law Refers to The Company Law of the People’s Republic of China
Securities Law Refers to Securities Law of the People’s Republic of China
CSRC Refers to China Securities Regulatory Commission
Yuan, 10,000 yuan, 100m
Refers to RMB 1 yuan, RMB 10,000 yuan, RMB 100 million yuan
yuan
JA Solar Holdings Refers to JA Solar Holdings Co., Ltd.
Jingtaifu Refers to Dongtai Jingtaifu Technology Co., Ltd.
A power plant that involves converting solar energy through large-scale
Ground-mounted power solar panel arrays directly into DC electricity which is then transmitted to
plant or centralized power Refers to the grid via AC distribution cabinets, step-up transformers, and high-
plant voltage switching devices, allowing the photovoltaic power to be delivered
to the grid which centrally allocates and distributes the electricity to users.
A solar power project located near users, where the generated electricity is
utilized on-site, and connects to the grid at voltage levels lower than or
Distributed power plant Refers to
equal to 35 kilovolts, and individual grid-connected points have a total
installed capacity of no more than 6 megawatts.
Electricity generation power of the photovoltaic power generation system
consisting of large-area solar panels and components such as power
Installed capacity Refers to
controllers. These solar panels are resulted from solar cells connected in
series, encapsulated and protected.
Crystalline silicon materials including polysilicon, monocrystalline silicon
Crystalline silicon Refers to
and others.
The monocrystalline form of silicon where the crystal lattice of the entire
Monocrystalline silicon Refers to
solid is continuous.
A material consisting of a number of monocrystalline silicon crystallites
Polysilicon Refers to
with different crystal orientations.
An rod shaped intermediate product produced by melting crystalline
Silicon rod Refers to silicon material in a high-temperature furnace filled with special gases and
then processed or drawn.
Silicon wafers Refers to Thin slices of monocrystalline silicon or polysilicon rods.
Cells, solar cells, PV cells, Semiconductor devices that convert sunlight directly into electricity by
Refers to
and photovoltaic cells using the photovoltaic effect.
Solar cells developed based on high-quality monocrystalline silicon
Monocrystalline solar cells Refers to material and processing techniques, typically employing surface texturing,
emitter passivation, and localized doping technologies.
The unit of power used for measuring the electricity generation capacity
W, KW, MW, GW, and
Refers to of a PV power plant. 1 TW=1,000 GW=1,000,000 MW=1,000,000,000
TW
kW=1,000,000,000,000 W
kWh Refers to A measure of electricity.
A solar panel that consists of a single layer of glass and two-sided solar
Single-glass solar module Refers to
cells.
Double-glass solar module Refers to A solar panel that consists of two layer of glass and two-sided solar cells.
That a solar cell is equipped with more than 5 busbars, such as 6, 9, 11 or
Multi-busbar (MBB) Refers to
Half-cut Refers to The half-cut cell process used on top of the existing technology.
An n-type silicon wafer-based double-sided cell which features a
passivated contact structure on the surface with carrier selectivity, meeting
the requirements for surface passivation while suppressing the carrier
Bycium cell Refers to
recombination at the metal-silicon interface. This enhancement leads to
improved open-circuit voltage and fill factor, thereby increasing the
overall conversion efficiency of the cell.
Heterojunction technology cells which utilize different semiconductor
materials on each side of the junction, typically involving a combination
of crystalline silicon substrate and amorphous silicon thin film, compared
HJT cells Refers to
to the homojunction structure of traditional silicon solar cells. These cells
feature excellent surface passivation, resulting in a higher open-circuit
voltage.
LCOE Refers to Levelized Cost of Energy.
Section II. Company Profile and Major Financial Indicators
I. Company Information
Stock name JA Solar Stock code 002459
Stock exchange Shenzhen Stock Exchange
Full Chinese name 晶澳太阳能科技股份有限公司
Short Chinese name 晶澳科技
Full foreign language name
JA Solar Technology Co., Ltd.
(if any)
Short foreign language name
JA Solar
(if any)
Legal representative Jin Baofang
Registered address No. 123, Xinxing Road, Ninjin County, Hebei Province
Post code of the registered
address
On April 23, 2020, in light of the completion of a significant asset restructuring and to
Changes of the registered accommodate the Company’s development and internal management needs, the Company had its
address registered address changed from No. 3 Tianshan North Road, Economic and Technological
Development Zone, Qinhuangdao City to No. 123 Xinxing Road, Ningjin County, Hebei Province.
Office location No. 8 Building, Nuode Center, No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing
Post code of the office 100160
Website www.jasolar.com
Email ir@jasolar.com
II. Contacts and Contact Details
Secretary of the Board of Directors Representative of Securities Affairs
Name Qin Shilong Yuan Haisheng
No. 8 Building, Nuode Center, No.1 No. 8 Building, Nuode Center, No.1
Address Courtyard, East Auto Museum Road, Courtyard, East Auto Museum Road,
Fengtai District, Beijing Fengtai District, Beijing
Telephone 010-63611960 010-63611960
Fax 010-63611980 010-63611980
Email ir@jasolar.com ir@jasolar.com
III. Information Disclosure and Storage Sites
Stock exchange website where the Company discloses its
Shenzhen Stock Exchange http://www.szse.cn
annual reports
Media names and websites where the Company discloses its China Securities Journal and CNINFO website
annual reports (http://www.cninfo.com.cn)
Location where the Company stores its annual reports Securities Affairs Department
IV. Changes of the Registration
Uniform Social Credit Code 91130300601142274F
The Company completed a significant asset restructuring in November 2019. Prior
to the restructuring, the Company was primarily engaged in the design,
manufacturing, sales, and construction of lifting and transportation equipment for
Changes in operating activities since the
railways and bridges as well as for other fields. After the restructuring, the
Company’s listing (if any)
Company’s business shifted to the research, production, and sales of silicon
wafers, photovoltaic cells, and solar modules, as well as the development,
construction, and operation of photovoltaic power plants.
The Company completed a significant asset restructuring in November 2019.
Changes in controlling shareholder (if any) After the restructuring, the controlling shareholder changed from Huajian Yingfu
to Jingtaifu, and the actual controller changed from Mr. He Zhiping to Mr. Jin
Baofang.
V. Additional information
Accounting firm engaged by the Company
Name of accounting firm KPMG Huazhen Certified Public Accountants (Special General Partnership)
Office of the accounting firm 8th Floor, KPMG Tower, Oriental Plaza, 1 East Chang An Avenue, Beijing
Signatory accountants Fu Qiang and Zhang Xinhua
Sponsor that performs continuous supervision duties in the reporting period
?Applicable □ Not applicable
Period of continuous
Sponsor name Sponsor office Sponsor’s representatives
supervision
North Block, Times Square
Excellence (Phase II), No.8
From September 27, 2021 to
CITIC Securities Co., Ltd. Zhongxin 3rd Road, Futian Dai Shun and Li Ning
December 31, 2024
District, Shenzhen,
Guangdong Province
Financial advisors that perform continuous supervision duties in the reporting period
□ Applicable ? Not applicable
VI. Major Accounting Data and Financial Indicators
Retrospective adjustment or restatement of the previously reported accounting data is needed
? Yes □ No
Reason for retrospective adjustment or restatement
Changes in accounting policies
Increase/
Before After After Before After
adjustment adjustment adjustment adjustment adjustment
Operating revenue
(yuan)
Net profit attributable
to shareholders of the -4,655,943,814.17 7,039,490,537.23 7,039,490,537.23 -166.14% 5,533,792,625.25 5,533,792,625.25
listed company (yuan)
Net profit net of non-
recurring gain or loss
attributable to -4,268,758,175.81 7,140,499,107.08 7,140,499,107.08 -159.78% 5,558,418,499.58 5,558,418,499.58
shareholders of the
listed company (yuan)
Net cash flow
generated from
operating activities
(yuan)
Basic earnings per
-1.42 2.14 2.14 -166.36% 1.71 1.71
share (yuan/share)
Diluted earnings per
-1.42 2.10 2.10 -167.62% 1.70 1.70
share (yuan/share)
Weighted average
-14.80% 22.52% 22.52% -37.32% 24.17% 24.17%
return on net assets
(%)
Operating cost (yuan) 66,979,216,270.41 66,773,075,559.67 67,163,948,649.19 -0.28% 62,204,704,732.46 62,556,427,648.88
Sales expense (yuan) 1,077,841,072.90 1,380,055,285.54 989,182,196.02 8.96% 1,050,008,147.01 698,285,230.59
Increase/
Before After After Before After
adjustment adjustment adjustment adjustment adjustment
Total assets (yuan) 112,958,012,308.73 106,589,466,073.52 106,589,466,073.52 5.97% 72,435,835,821.85 72,435,835,821.85
Net assets attributable
to shareholders of the 27,896,247,512.33 35,116,183,344.37 35,116,183,344.37 -20.56% 27,534,705,794.95 27,534,705,794.95
listed company (yuan)
Reasons for changes in accounting policies and accounting corrections
Please refer to Section X Financial Statements of this Report for further details.
For the past three consecutive fiscal years, the net profit after non-recurring gains or losses has been negative, and the latest auditor’s
report indicates uncertainty about the Company’s ability to continue as a going concern
□ Yes ? No
The Company’s audited figures for the latest fiscal year show negative values when taking the lowest among: total profit, net profit,
and net profit after deducting non-recurring gains and losses.
?Yes □No
Item 2024 2023 Remarks
Operating revenue (yuan) 70,120,697,029.73 81,556,177,236.98 /
Deductions from operating Material sales & scrap/waste
revenue (yuan) disposal
Operating revenue after
deductions (yuan)
VII. Differences between Accounting Data under Domestic and Foreign Accounting Standards
accounting standards
□ Applicable ? Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under IFRS and China’s accounting standards
for the Company in the reporting period.
standards and China’s accounting standards
□ Applicable ? Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under overseas accounting standards and
China’s accounting standards for the Company in the reporting period.
VIII. Quarterly Financial Indicators
Unit: Yuan
Q1 Q2 Q3 Q4
Operating revenue 15,971,496,835.21 21,385,034,158.57 16,991,324,029.89 15,772,842,006.06
Net profit attributable
-482,832,185.16 -391,372,404.46 389,840,979.03 -4,171,580,203.58
to shareholders of the
listed company
Net profit net of non-
recurring gain and loss
attributable to -368,835,896.37 -450,050,377.36 224,586,143.83 -3,674,458,045.91
shareholders of the
listed company
Net cash flow
generated from -3,543,263,545.57 1,683,967,846.63 2,092,164,502.15 3,113,707,158.33
operating activities
Are the above financial indicators or their aggregate amounts significantly different from the relevant financial indicators disclosed in
the Company’s quarterly or semi-annual reports
□ Yes ? No
IX. Non-recurring Gains or Loss Items and Amounts
?Applicable □ Not applicable
Unit: Yuan
Item 2024 amount 2023 amount 2022 amount Remarks
Gains or losses on
disposal of non-current
assets (including the
reversal of previously 9,288,043.40 -213,483,538.13 -175,137,208.54
recognized impairment
loss provision for
assets）
Government grants
included in current
profits or losses
(excluding government
grants that are closely
related to the normal Mainly due to
operating activities of government grants
the Company, have a received in the current
lasting impact on the period
Company’s profits or
losses, and to which the
Company is entitled
under national policies
and regulations）
In addition to the
effective hedging
business related to the
normal operating
activities of the
Company, the fair value
Mainly due to losses on
gain and loss from held-
-295,926,673.57 -425,313,440.17 -85,720,183.22 exchange rate lock-in
for-trading financial
activities
assets and liabilities held
by a non-financial
company as well as gain
or loss on the disposal of
financial assets and
liabilities
Losses incurred on -129,937,106.78 Mainly due to losses
assets due to force from natural disasters
majeure events, such as at power plants
natural disasters
Reversal of impairment
provision for accounts
receivable subject to 509,788.33 8,711,579.54 12,141,067.07
individual impairment
test
Net profit or loss from
the beginning of the
reporting period to the
consolidation date
generated by -64,717.16 -541,083.10
subsidiaries resulting
from business
combinations under
common control
Non-recurring share-
based payment charge
arising from -189,921,386.68
termination/amendment
of share incentive plans
Non-operating revenue
and expenses other than -76,085,039.99 32,392,123.01 -132,882,073.62
aforementioned items
Other non-recurring gain
and loss items
Less: Effects of income
tax
Effects of minority
-404,033.21 18,113,902.67 -26,658,847.29
interest (after tax)
Total -387,185,638.36 -101,008,569.85 -24,625,874.33 --
Other gain or loss items qualifying as non-recurring gains or losses
□ Applicable ? Not applicable
The Company had no other gain or loss items qualifying as non-recurring gains or losses in the reporting period.
Note on listing the non-recurring gain and loss items mentioned in the Explanatory Announcement on Information Disclosure for
Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as recurring gain and loss items
□ Applicable ? Not applicable
The Company experienced no circumstances where any non-recurring gain or loss items mentioned in the Explanatory Announcement
on Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items were
defined as recurring gain or loss items.
Section III. Management Discussion and Analysis
I. Industry Where the Company Operated in the Reporting Period
In recent years, advancements in photovoltaic technology have significantly enhanced mass production techniques resulting in
improved product performance and reduced costs. Since 2024, the push for global carbon neutrality, alongside considerable price
reductions due to supply-demand imbalances, has further amplified the competitiveness of solar power generation. These
transformations position solar energy as a robust and viable alternative in the energy landscape.
(1) Solar installations break global records
In 2024, the global energy transition continued to accelerate. Driven by technological advancements, efficiency improvements,
cost reductions, and policy support, worldwide photovoltaic installations sustained robust growth. According to data released by
BloombergNEF, global PV additions reached 599 GW in 2024, a 35% year-on-year increase, setting another record high. By the end
of 2024, cumulative global PV capacity exceeded 2 TW. Projections indicate that by the end of 2025, total installed PV capacity will
surpass that of coal-fired power, becoming the world’s largest power source by capacity.
Data Source: BloombergNEF (BNEF)
(2) Higher GW-scale adoption with great potential from emerging markets
In 2024, the leading photovoltaic markets included China, the United States, India, Germany, Brazil, Spain, Pakistan, Türkiye,
Saudi Arabia, and Italy, which together represented over 75% of the global market share. Concurrently, the rapid decline in solar power
generation costs has catalyzed the growth of GW-scale markets. According to BloombergNEF, the number of countries and regions
achieving GW-scale solar installations rose to 36 in 2024, an increase of 4 compared with 2023,with expectations to reach 40 by 2025.
Data Source: BloombergNEF (BNEF)
(3) Bright future for global PV expansion
At the 28th United Nations Climate Change Conference (COP28) in Dubai, UAE, in 2023, over 100 nations forged a pivotal
agreement to triple global renewable energy capacity to a minimum of 11.2 TW by 2030. This commitment was further solidified at
the G7 Summit in June 2024 and the G20 Environment and Climate Sustainability Ministerial Meeting in October 2024, where
actionable strategies to combat climate change were proposed.
The global photovoltaic market in 2025 presents a landscape of simultaneous opportunities and challenges. Propelled by the
ongoing energy transition and robust new energy investments, global PV installations are poised for continued growth. Nonetheless,
the industry faces significant uncertainties, including heightened power system balancing challenges due to increased renewable
penetration, price volatility from market overcapacity, geopolitical influences on key demand, and rising trade barriers alongside
localization requirements.
In 2025, China, Europe, and the United States will continue to dominate the global photovoltaic market, although their growth
rates are expected to gradually decelerate. Concurrently, emerging markets in Southeast Asia, Latin America, and the Middle East are
witnessing significant increases in PV installations. This surge is driven by persistent electricity demand and urgent energy transition
requirements, resulting in these regions capturing an expanding share of the global market.
China: According to data from the China Photovoltaic Industry Association, China’s newly installed photovoltaic capacity
reached 277.57 GW (AC side) in 2024, indicating a 28.3% year-on-year increase. This achievement solidifies China’s position as the
global leader in PV capacity for the eleventh consecutive year. Cumulatively, the nation’s installed PV capacity has exceeded 880 GW,
maintaining its status as the world’s top provider for the nineth consecutive year. Looking ahead to 2025, policies such as the National
Energy Administration’s Distributed PV Power Generation Development and Construction Management Measures (GNFXNG 2025
No. 7) and the National Development and Reform Commission’s Notice on Deepening Market-Oriented Reform of New Energy Feed-
in Tariffs (NDRCJG 2025 No.136) are set to influence market dynamics. Consequently, there will be a concentration of new PV
projects and grid connections in the first half of the year, while the second half may experience volatility. As a result, China’s growth
in PV installations is expected to moderate in 2025.
Europe: According to a report by Solar Power Europe, the 27 EU countries added 65.5 GW of new photovoltaic (PV) capacity in
expansion rates experienced between 2021 and 2023. Looking ahead, the association projects that Europe will achieve 70 GW of new
installations in 2025 under a medium scenario, bolstered by a robust pipeline of utility-scale projects registered in the past two years.
Nevertheless, anticipated grid connection constraints and prevailing market uncertainties are expected to impede growth to
approximately 3% in 2026. Overall, annual PV additions in Europe are forecasted to sustain a growth rate of 3-7% from 2025 to 2028,
with Germany, Spain, and Italy poised to lead the market, collectively contributing 139 GW—representing 46% of Europe’s total
installations.
Data Source: SolarPower Europe with 2025-2030 data from forecasts
United States: In September 2024, the U.S. government escalated tariffs on Chinese photovoltaic products to 50% under Section
entering the U.S. market. In addition, the U.S. Department of Commerce launched anti-dumping and countervailing investigations
concerning PV products from four Southeast Asian nations: Vietnam, Thailand, Malaysia, and Cambodia. By April 2025, final
determinations indicated proposed tariffs of nearly 400% on Thailand and Vietnam, 651.85% on Cambodia, and 34.41% on Malaysia.
Non-compliant companies faced significantly higher tariffs, whereas some complying firms benefitted from reduced rates or
exemptions. Following the return of Donald Trump to office in 2025, uncertainty lingers regarding the future of the Inflation Reduction
Act (IRA) policies. Nonetheless, investment growth in emerging industries continues, with BloombergNEF forecasting an increase in
U.S. PV installations from 49 GW (DC side) in 2024 to 54 GW in 2025, primarily driven by rising demand from technology companies
for renewable energy.
In 2024, multiple segments of the global photovoltaic industry chain demonstrated significant growth, as reported by PV Infolink.
Polysilicon production capacity surged nearly 50% year-on-year to reach 3.07 million tons—approximately 1,426 GW. Furthermore,
silicon wafer capacity experienced anincrease of 23%, totaling 1,147 GW, while module production capacity rose 15% to attain 1,350
GW.
In 2024, despite a notable increase in global photovoltaic installations totaling 600 GW, this addition fell significantly short of the
production capacity exceeding 1,100 GW across various industry segments. This discrepancy highlights a pronounced structural and
periodic oversupply within the market. Consequently, the imbalance between supply and demand triggered substantial price declines
throughout the PV value chain. Data from the China Photovoltaic Industry Association indicate that polysilicon prices plummeted by
over 39%, silicon wafers by more than 50%, solar cells by over 30%, and modules by over 29%. This rapid price erosion severely
compressed corporate profit margins, resulting in industry-wide losses and contributing to the bankruptcy of several small and medium-
sized enterprises.
The global photovoltaic supply chain is predominantly concentrated in China, with PV Infolink data revealing that the country
accounted for 95% of global polysilicon production capacity, 96% of silicon wafers, 91% of solar cells, and 81% of modules in 2024.
In response to the prevailing supply-demand imbalance, Chinese authorities have initiated comprehensive policy measures aimed at
fostering a more sustainable industry landscape. These interventions include stricter investment requirements, targeted support for
leading enterprises, and enhanced intellectual property protections. A significant development occurred in November 2024 with the
Ministry of Industry and Information Technology's release of the Photovoltaic Manufacturing Industry Standards (2024 Edition), which
established rigorous criteria for new or expanded projects across nine critical dimensions, including facility siting, production
technologies, resource efficiency, and environmental compliance.
Fueled by the global energy transition and an increasing commitment to climate change mitigation, solar photovoltaic power has
rapidly developed into a cornerstone of clean and renewable energy, driving the worldwide energy revolution. As the PV industry scales
and matures, its growth patterns reveal cyclical characteristics influenced by a range of economic, technological, and regulatory factors,
underscoring its dynamic evolution.
Policy factors are critical determinants of the cyclical fluctuations observed within the photovoltaic industry. The advancement of
the PV sector is intricately linked to strategic policy decisions, underscored by a global consensus on green development that fosters a
continuous introduction of supportive industrial measures worldwide. These policies establish stable expectations regarding both
market growth and feed-in tariffs, providing a reliable framework for investment and expansion. While the current global landscape of
energy policies universally promotes clean energy generation—solar power being a primary beneficiary—temporary adjustments may
emerge in specific regions, such as the United States. Nonetheless, it is highly unlikely that any fundamental policy reversals or dramatic
shifts will occur in the foreseeable future.
Market demand evolution is a pivotal factor shaping the development of the photovoltaic industry. The sector is closely linked to
macroeconomic conditions, particularly in terms of electricity consumption patterns and changes in the power mix. As solar PV reaches
grid parity in emerging markets, the growth mechanisms are shifting from being policy-driven to demand-driven. This transition
heightens the industry’s sensitivity to market fluctuations and reinforces its cyclical nature. With demand growth slowing in key
markets and grid integration challenges intensifying, the industry is poised for significant adjustments ahead.
Technological iteration and capacity optimization are essential cyclical drivers within the photovoltaic industry. Continuous
advancements in PV technology—such as innovative photovoltaic materials, high-efficiency modules, and intelligent solar systems—
propel the sector’s development. However, the market adoption of these emerging technologies necessitates an incubation period.
During this transitional phase, as novel technologies gradually supplant conventional options, companies typically allocate substantial
investments to enhance production capacity. The simultaneous introduction of new capacity throughout the value chain often results in
temporary overcapacity and inventory accumulation. Nonetheless, from a long-term perspective, the gradual phasing out of outdated
and inefficient production facilities will prompt industrial restructuring, paving the way for a new growth cycle in the sector.
JA Solar stands as a prominent leader in photovoltaic product solutions and is among China’s pioneering solar enterprises. It has
established a comprehensive industrial chain that includes solar silicon rods, wafers, cells, modules, energy storage systems, and the
development, construction, and operation of photovoltaic power plants, along with photovoltaic materials and equipment. This
integrated value chain solidifies JA Solar’s position as one of the industry’s most vertically coordinated and structurally balanced
leaders.
In recent years, JA Solar has markedly enhanced its photovoltaic product supply capabilities through strategic capacity expansion
and the extension of its industrial chain. This proactive approach has enabled the organization to effectively address the growing and
diverse demands of the downstream market, thereby solidifying its leadership position within the solar industry. According to PV
InfoLink, the Company has consistently ranked among the world’s top photovoltaic module suppliers, achieving a top-three position
in 2024. Furthermore, building on its module advantage, JA Solar successfully passed the evaluation to be included once again in the
national Manufacturing Single-Category Champion list, recognized as a fifth-batch champion enterprise in March 2024.
JA Solar has distinguished itself as a frontrunner in the photovoltaic industry, demonstrating exceptional accomplishments in
technological research and development as well as product innovation. The Company prioritizes the advancement of next-generation
solar cell technologies to significantly enhance photoelectric conversion efficiency, striving toward theoretical limits. JA Solar is also
dedicated to reducing production costs for emerging solar cell technologies, fostering continuous improvements in both technical
capabilities and market competitiveness throughout the solar photovoltaic value chain. Notably, in June 2024, PVEL, a leading
independent PV testing organization, released its 2024 PV Module Reliability Scorecard, in which JA Solar was recognized as a Top
Performer module supplier for the ninth consecutive year, underscoring its commitment to product reliability. Furthermore, in July
Tables (Version 64), published in the esteemed Journal Progress in Photovoltaics by an international research team led by Professor
Martin Green at the University of New South Wales.
II. Core Business Operations During the Reporting Period
The Company operates within a vertically integrated framework across the solar photovoltaic industry chain, demonstrating an
unwavering commitment to delivering comprehensive PV system solutions to global clients. Its core business encompasses the research
and development, production, and sales of solar silicon wafers, cells, modules, and energy storage systems. Additionally, the Company
engages in the development, construction, and operation of solar power plants, alongside the research, manufacturing, and distribution
of photovoltaic materials and equipment. With strategically positioned production facilities both domestically and internationally, its
Chinese manufacturing bases span Inner Mongolia, Hebei, Jiangsu, Anhui, Shanghai, Zhejiang, and Yunnan provinces. Furthermore, it
operates an established facility in B?c Giang, Vietnam, with an upcoming plant in Oman currently in preparation, reinforcing its global
presence and operational capabilities.
The Company is strategically enhancing its organizational framework within the Photovoltaic and Energy Storage Business Group,
which serves as the backbone of its industry chain. By establishing the Smart Energy Business Group, the Company is significantly
amplifying investments in downstream photovoltaic applications, thereby accelerating the development and construction of utility-
scale, commercial, and residential distributed PV power plants. In tandem, it is actively exploring diverse PV application scenarios and
crafting comprehensive energy solutions that incorporate energy efficiency, resource recycling, energy storage, and carbon management.
Furthermore, the formation of the Materials and Equipment Business Group exemplifies the Company’s commitment to advancing
research and development of innovative PV materials and manufacturing equipment—such as junction boxes, encapsulant films, and
ribbon wires—ensuring a stable supply chain while continuously driving cost reductions.
Guided by the principle of seeking progress while maintaining stability, reducing costs, and improving efficiency, the Company
is poised to enhance its intelligent photovoltaic manufacturing operations. By refining its new photovoltaic materials and equipment
business and actively developing downstream solar power applications, this strategic framework effectively positions the Company to
deliver superior comprehensive energy system solutions to customers globally.
(I) Main businesses and products
(1) Silicon rods and wafers
The Company procures upstream raw materials—polysilicon,and utilizes crystal pulling technology in monocrystalline furnaces
to produce silicon rods, which are then processed into wafers through cutting operations.
The Company specializes in the production of monocrystalline silicon wafers, integral to the manufacturing of high-efficiency
solar cells. A significant majority of the silicon rods and wafers produced are designated for internal processing, with a smaller fraction
allocated for external sales. Through continuous advancements in crystal pulling technology, the monthly production capacity of silicon
rods per furnace has markedly increased, while production costs have diminished, establishing benchmarks within the industry.
Furthermore, innovations in wire diameter and material consumption during wire sawing, combined with expedited ramp-up cycles
and reduced costs for large-size wafers, robustly underpin the Company’s strategic initiatives in high-efficiency cells and high-power
modules.
(2) PV cells
The Company utilizes the silicon wafers it produces for manufacturing cells which are mainly used for internal processing into
modules, with only a limited quantity of wafers sold externally. The Company’s cell technology predominantly includes n-type
Bycium+. As the Company’s new cell projects smoothly commence and reach full production, there is a substantial increase in
conversion efficiency and a noticeable decrease in production costs. Large-sized cells now stand at the forefront of the industry in terms
of both conversion efficiency and production costs.
The Company’s latest n-type Bycium+ cell at mass production stage has achieved a highest conversion efficiency of 27%. The
manufacturing process will continue to undergo improvements to further reduce production costs and enhance the cost-effectiveness.
(3) PV modules
The Company processes both internally produced cells and externally purchased ones through encapsulation processes to
manufacture modules which constitute its primary end products for sales. The primary customers for these modules include domestic
and international photovoltaic power plant investors, engineering contractors, as well as distributors of distributed photovoltaic systems.
The Company’s main module products consist of monocrystalline MBB half-cut modules, double glass/single-glass modules, and high-
density modules. These products are available in specifications primarily featuring 54, 66, 72, and 78 cells. High-power modules based
on large-sized silicon wafer technology, high-efficient cell technology, high-performance encapsulation materials, and high-density
packaging techniques meet the mainstream demands across various market applications. Furthermore, the Company can customize the
development of photovoltaic modules to meet customers’ requirements for specific application scenarios.
Leveraging its independent research and development capabilities, the Company has successfully introduced several market-
leading products that significantly enhance client value and address diverse application needs. In 2024, the Company upgraded its
DeepBlue 4.0 Pro technology, launching three notable innovations: (1) Offshore PV Series - SKYBLUE and OCEANBLUE Modules:
These modules deliver an impressive power output of up to 650W and achieve 23.3% efficiency. They build upon the flagship
advantages of JA Solar’s n-type DeepBlue 4.0 Pro, including high power, efficiency, energy yield, and reliability. Additionally, these
modules are engineered to resist salt mist, UV exposure, humidity, and hot spots, thereby ensuring robust return on investment for
offshore installations. (2) 0BB (Busbar-less) Cell Solutions: Drawing from decades of expertise in busbar design, this innovative
solution enhances light absorption while minimizing internal resistance and low-angle light loss, resulting in an efficiency of 655W
and 23.5%. The application of low-temperature soldering techniques reduces thermal stress and mitigates the formation of microcracks,
thus improving overall reliability. (3) Bycium+-Based Anti-Soiling Single-Glass Modules: These advanced modules, with a power
output of 655W and 23.5% efficiency, showcase industry-leading performance. They utilize advanced encapsulation technology to
prevent moisture corrosion and are equipped with patented self-cleaning frames that improve drainage, combat soiling-induced power
loss, mitigate bottom-edge hot spots, and ultimately reduce operations and maintenance costs.
In early 2025, the Company proudly introduced the DeepBlue 5.0 ultra-high-performance module, a significant advancement in
solar technology. This module is grounded in the proprietary Bycium+ 5.0 cell technology platform, which integrates cutting-edge
innovations, including advanced structural optimization, material enhancements, and upgraded electrical architecture. Notably, the
DeepBlue 5.0 achieves exceptional performance metrics, with a power output of 670W and a conversion efficiency of 24.8%.
Furthermore, leveraging the Company’s strengths in intelligent manufacturing and quality control, this module upholds the renowned
reliability characteristic of the DeepBlue product family. Its adaptability across diverse environmental conditions—extreme cold, high
altitudes, arid heat, sandstorms, humid heat, and marine settings—establishes a new benchmark for ultra-high-performance solar
modules, adept for various application scenarios.
The technological advancements and practical applications of these products exemplify JA Solar’s strong commitment to its
product design philosophy of Creating Value for Customers.
(4) Energy Storage Systems
The Company exemplifies unwavering dedication to technological innovation and business model evolution within the energy
storage sector. It offers comprehensive solar-plus-storage solutions through three specialized product series: the BlueStar residential
energy storage system for residential applications, the BluePlanet commercial and industrial energy storage system designed for
business use, and the BlueGalaxy grid-side energy storage system tailored for utility-scale solar plants.
The Company has successfully launched an integrated residential solar-storage solution designed specifically for household
applications, featuring both all-in-one and split-type systems to accommodate diverse customer requirements. These innovations ensure
simplified installation, safe and efficient operation, and advanced maintenance capabilities. Following successful deployment in
European markets in 2023, the residential solar-storage systems are poised for further expansion into African and South American
markets in 2024.
The BluePlanet commercial and industrial energy storage series, meticulously engineered for business applications, employs an
innovative all-in-one design that integrates battery cells, liquid cooling systems, temperature regulation, fire protection, and 3S systems
(BMS/PCS/EMS). This sophisticated configuration results in an impressive system efficiency exceeding 89.5%. Successfully deployed
in both domestic and international markets in 2024, these industrial storage solutions have been instrumental in advancing distributed
energy initiatives and zero-carbon park projects, significantly reducing electricity costs for end-users.
The Company has introduced its cutting-edge BlueGalaxy grid-side energy storage series, designed specifically for large-scale
commercial, industrial, and utility power plant applications. This air-liquid hybrid cooled system boasts capacities ranging from 2MWh
to 5MWh. According to test reports from the China Electric Power Research Institute, these operational energy storage systems have
achieved an impressive efficiency of 88.93%, positioning them among the highest performance levels in the industry.
The three energy storage system series are highly versatile, applicable across generation-side, grid-side, and user-side contexts.
The Company confidently offers comprehensive “one-stop” solar-storage solutions, covering project consultation, site assessment,
system design, engineering implementation, and intelligent operation and maintenance throughout the project lifecycle.
The Smart Energy Business Group is resolutely dedicated to establishing itself as a premier global provider of one-stop zero-
carbon solutions. By harnessing a wide array of clean energy technologies, energy efficiency strategies, and resource recycling systems,
it offers integrated energy operation solutions characterized by coordinated multi-energy complementarity, systematic multi-process
integration, and synergistic multi-scenario development.
The business group operates through three business units: Zero-Carbon Energy Business Unit, Utility-Scale Business Unit, and
International Business Unit. It employs a dual-strategy framework that effectively integrates Products + Systems and Systems +
Services. In the context of power market liberalization, the business group has positioned solar-storage generation systems at its core,
thereby developing robust solution capabilities for various scenarios, including utility-scale plants, distributed generation systems, and
urban PV+ applications. By leveraging advanced design capabilities, cloud computing, and big data analytics, the business group
continuously enhances its EPC engineering, smart O&M, and integrated energy services, thereby empowering diverse application
scenarios and leading the way in sustainable global energy integration.
As of December 31, 2024, the Company’s operational photovoltaic power plant portfolio achieved an impressive scale of
approximately 3.7 GW.
To address supply chain risks, foster technological innovation, optimize costs, and enhance overall competitiveness, the Materials
and Equipment Business Group has implemented a horizontal integration development strategy centered on photovoltaic materials and
manufacturing equipment. This strategy effectively bolsters business specialization and promotes strategic synergy within the core
industrial chain. The business group currently focuses on producing essential products, including photovoltaic materials such as
junction boxes, encapsulant films, and ribbon wires, along with crystal pulling equipment. While maintaining operational stability, the
group is resolutely increasing its proportion of high-tech products and advancing its R&D capabilities into core technologies.
(II) Operation models
(1) Procurement model
The Company relies on essential raw and auxiliary materials, including polysilicon, diamond wires, pastes, glass, and backsheets,
to sustain its production processes. The Supply Chain Management Department effectively oversees procurement by employing a
hybrid centralized-decentralized purchasing model. This strategy facilitates continuous communication with suppliers while closely
monitoring fluctuations in end-market demand and upstream material markets. Consequently, this approach not only ensures a stable
supply of raw materials for uninterrupted production but also enhances material quality, minimizes procurement costs, and guarantees
timely delivery of products to customers.
(2) Production model
Following the cost-effectiveness principle, the Company predominantly operates on a “make-to-order” model, where production
aligns with customer orders. Furthermore, the Company keeps limited stock of high-demand mainstream products.
The Company’s production facilities, both domestically and internationally, are equipped with the full production capabilities for
the photovoltaic industry chain, spanning from crystal pulling to wafer slicing, cell manufacturing, and module assembly. In addition
to capitalizing on the cost advantages of domestic production facilities, we have our solar modules from manufacturing plants in
Southeast Asia cater to global customers, ensuring supply to customers. In addition to the main industry chain, the Company produces
a small quantity of auxiliary materials to ensure their supply, and combine technological innovation with main industry chain to drive
down costs for these materials.
Typically, the production department, taking into account the specific capabilities of each manufacturing facility, schedules
production based on detailed customer order requirements, including product type, specifications, and delivery deadlines. Ultimately,
each production facility completes the production. What is more, headquarters and all production facilities have implemented a
comprehensive set of management protocols, including Production Process Management Procedures, Safe Production Management
Procedures, and Pollution Emission Control Procedures to ensure the orderly execution of production activities and compliance with
safety and environmental regulations.
(3) Sale model and settlement model
The Company mainly produces silicon wafers, cells and modules. A limited quantity of intermediate products from the Company
such as silicon wafers and solar cells are sold or produced on behalf of customers, while the majority undergo further processing into
modules for external sales. The Company’s sales department oversees both domestic and international sales operations. The
international sales team has been localized to provide efficient product sales and technical support to overseas customers. The Company
formulates tailored sales strategies to suit the distinct characteristics of different global photovoltaic markets. In emerging markets, it
employs a direct sales approach supported by distribution. With the ongoing maturation of the photovoltaic market, the distribution
proportion in various countries and regions is witnessing a notable increase.
In terms of settlement model, full prepayment is generally mandated prior to shipment. For post-shipment payments, it is essential
to secure irrevocable letters of credit, bank guarantees, or comprehensive credit coverage from approved insurance providers before
dispatch. Established clients possessing a strong credit profile may be eligible for credit terms ranging from one to three months.
Domestic transactions exclusively accept wire transfers or bank drafts (with maturities not exceeding six months) from pre-approved
institutions, while international orders accommodate only wire transfers or letters of credit with terms limited to three months.
(4) R&D model
The Company’s R&D activities primarily involve two approaches: independent R&D and collaborative R&D with third parties.
The Company focuses mainly on independent R&D, boasting a highly efficient team of R&D personnel. These individuals are
primarily cultivated internally, possessing strong research capabilities and extensive experience, particularly in silicon wafers, cells,
and module technologies. While ensuring the stability of core technical personnel, the Company vigorously recruits top-notch R&D
professionals to keep up with the fast-paced technological advancements and production processes in the photovoltaic industry. To
support its operations across the full photovoltaic industry chain, the Company has instituted a comprehensive R&D framework,
comprising the Crystalline Silicon R&D Center, Cell R&D Center, Module R&D Center, and Energy Storage R&D Center. These
centers engage in ongoing research and development activities and drive enhancements in production processes within the photovoltaic
sector.
At the same time, the Company highly values research and development collaborations with third parties. Adopting a model that
integrates “Industry-University-Research (IUR)” is pivotal to the Company’s R&D endeavors. It has forged extensive partnerships
with renowned universities, research institutions, and international companies worldwide. Through these collaborations, the Company
introduces and develops cutting-edge photovoltaic technologies, thereby accelerating the pace of industrialization. Furthermore, the
Company joins various standard organizations and industry alliances, contributing to the formulation and promotion of national and
industry photovoltaic standards.
(1) Procurement model
The primary products required for power plant investment and construction include photovoltaic modules, inverters, combiner
boxes, compact substations, cables, mounting structures, and other electrical equipment. Among these, photovoltaic modules are
produced in-house. The business unit has established a Supply Chain Management department responsible for implementing
procurement plans. It adopts a procurement model that combines centralized tendering-based procurement with occasional price
comparison-based procurement.
(2) Operation model
The Company primarily operates through two business models: independent investment and cooperative development. In the
independent investment model, market development personnel actively seek opportunities for power plant investments, secure
construction quotas, and independently finance construction. The Company then generates revenue through self-operation or by selling
through transfer of these power plants. In terms of cooperative development, the Company collaborates with clients (owners), and other
investors through various means to generate revenue through business models such as Build-Operate-Transfer and Energy Management
Contracting.
The Zero-Carbon Energy Business Unit effectively manages a diverse portfolio that includes distributed commercial and industrial
(C&I) solar plants, residential photovoltaic systems, and innovative urban PV+ applications. This comprehensive approach
encompasses a range of clean energy solutions, advanced energy-saving technologies, carbon reduction initiatives, industrial
wastewater/sludge treatment, carbon asset management, and electricity market trading. Revenue generation for distributed C&I projects
is achieved through several avenues, including joint development, Engineering, Procurement, and Construction (EPC) services, Energy
Performance Contracting (EPC), plant investments, and asset transfers. Focusing on the residential PV sector in East and South China,
the unit operates through extensive dealer networks utilizing roof leasing agreements and turnkey system sales, bolstered by robust
post-installation services such as electricity billing systems, operation and maintenance management, asset transfer facilitation, and
channel partner oversight. In the villa markets, it provides integrated solar-energy-storage-charging (SSC) systems through dealers,
offering customized all-in-one solutions and full lifecycle energy management services. This strategic approach maximizes space
utilization—leveraging roofs, courtyards, parking spots, and terraces—while employing intelligent multi-scene adaptation to create
low-carbon, smart, and eco-friendly home energy ecosystems that empower personalized household energy stewardship.
The Utility-Scale Business Unit concentrates on centralized power plant initiatives, aligning with national mega-base programs
for new energy and provincial renewable energy development plans that incorporate local socioeconomic needs. The Company engages
in collaborative investments and the construction of utility-scale solar plants with regional governments. Following grid connection,
operations are managed through either self-operated power generation and maintenance or by utilizing third-party evaluations to
negotiate sales to other renewable energy operators at competitive market prices, based on thorough cost-benefit analyses.
The International Business Unit is committed to cultivating localized clean energy solutions across the globe. It provides
comprehensive investment-construction-operation lifecycle services specifically tailored to the unique needs of host countries. Its
diverse portfolio includes greenfield projects, PPA-based initiatives, solar-storage-charging (SSC) hybrid systems, and zero-carbon
industrial parks. Through these innovative business models, the unit significantly propels the global transition to renewable energy
infrastructure while promoting the sustainable development of clean power worldwide.
(3) Sale model and settlement model
Utility-scale power plants employ a full grid feed-in electricity sales model, wherein all generated power is linked to the grid, with
prices established through market-based trading mechanisms. Furthermore, a segment of this electricity can command premium pricing
through green power transactions, with rates for green electricity determined by market dynamics.
Distributed commercial and industrial (C&I) solar plants predominantly utilize the self-consumption with surplus grid feed-in
model. In this framework, the Company enters Energy Management Contracts (EMC) with clients, wherein generated electricity is
primarily sold to rooftop owners at negotiated rates, while any excess is directed to the grid at prevailing market prices. The electricity
fed into the grid initially engages in a price differential settlement mechanism, with any remaining volumes settled at market-traded
rates. Notably, projects registered and grid-connected prior to May 1, 2025, retain the option to adopt the full feed-in model, employing
settlement methods akin to those of utility-scale plants. This model reflects a strategic and adaptive approach to energy management
in response to evolving policy landscapes.
Residential solar systems already in operation can maintain the full feed-in model, adhering to existing tariff structures that align
with current pricing policies, generally capped at the local coal-based benchmark rate. Conversely, new projects are required to
implement market-based pricing mechanisms. Moreover, the Company provides residential solar-storage systems, effectively
generating revenue through both equipment sales and energy stewardship services.
(1) Procurement model
To minimize overall procurement costs, the Materials and Equipment Business Group employs a centralized purchasing model.
The Procurement Department engages in continuous communication and collaboration with suppliers while diligently monitoring
downstream customer demand and upstream raw material market conditions. This strategy effectively secures a stable supply of raw
materials, optimizes procurement expenditures, and ensures the timely delivery of products to customers.
(2) Production model
The Materials and Equipment Business Group employs a make-to-order with moderate inventory production strategy that
effectively aligns with market demand. While certain high-value or rapidly evolving technology products eschew proactive stockpiling,
the majority of items are produced based on confirmed orders, supported by judiciously maintained safety stock. This balanced,
demand-driven approach, enhanced by a strategic inventory buffer, ensures that the organization remains agile and responsive to market
fluctuations.
(3) Sale model and settlement model
The Materials and Equipment Business Group predominantly utilizes a direct sales model, enabling a comprehensive
understanding of customer needs and preferences. Payment terms and credit periods for settlements are product-specific, carefully
established based on market-oriented principles.
(4) R&D model
The Materials and Equipment Business Group employs a primarily in-house research and development strategy, complemented
by strategic collaborative efforts. To adeptly monitor technological advancements in photovoltaic materials and equipment, the business
group is committed to enhancing its independent R&D team, increasing investments in innovation, optimizing production processes,
and reducing manufacturing costs, all of which are designed to provide enhanced value to customers.
III. Analysis of Core Competitiveness
Since 2010, the Company has transformed from a singular solar cell manufacturer into a fully integrated player within the
photovoltaic industry. Over the past two decades, it has developed a synergistic ecosystem comprised of three principal business groups:
Photovoltaics and Energy Storage Business Group, Smart Energy Business Group, and Materials and Equipment Business Group. The
Photovoltaics and Energy Storage Business Group encompasses the entire production chain, from silicon wafers and cells to modules
and energy storage systems. By the end of 2024, the Company's ambitions include achieving a remarkable 100 GW in module
production capacity, with wafer and cell capacities projected to surpass 80% and 70% of module output, respectively. This vertical
alignment enables stringent quality control over product performance and durability, concurrently mitigating supply chain risks. The
Smart Energy Business Group actively drives the development, construction, operation, and marketing of solar power plants, including
zero-carbon industrial parks. These projects not only enhance module shipments but also function as practical platforms for product
innovation. Meanwhile, the Materials and Equipment Business Group delivers essential supporting products—such as crystal pulling
equipment, conductive materials, and encapsulation components—while pioneering new technologies and business models aimed at
balancing revenue growth with cost efficiency. This comprehensive operational model cultivates profound industry expertise across
all photovoltaic segments, promotes collaboration in supply chain management, manufacturing, quality assurance, logistics, and energy
applications, and ultimately strengthens the Company’s pricing power and comprehensive competitiveness.
Since its inception, the Company has adopted a robust global development strategy. While maintaining a strong focus on
established photovoltaic markets such as China, Europe, the United States, and Japan, it has pursued expansion into emerging markets
across Southeast Asia, Australia, Latin America, the Middle East, and Africa. The establishment of 16 overseas sales subsidiaries has
enabled a far-reaching service network that spans 178 countries and regions. Overseas offices have evolved from mere product
distribution points into regional operational centers, equipped with comprehensive capabilities, including technical support, financial
services, legal compliance, and logistics management. Coupled with future overseas production facilities and localized supply chain
development, these centers will function as fully autonomous regional hubs, enhancing operational efficiency and effectiveness.
The Company capitalizes on the inherent quality and cost advantages of its domestic production bases to serve both Chinese and
global markets effectively. To bolster its international service capabilities, it operates PV manufacturing facilities in Southeast Asia
and is establishing a new plant in Oman. This initiative is integral to a comprehensive globalization strategy that encompasses R&D,
procurement, production, sales, and service, thereby ensuring the delivery of high-performance solar modules at competitive costs
worldwide.
The Company’s global deployment strategy adeptly mitigates regional market downturns and international trade disputes,
fostering stable growth. This approach ensures consistency in technology research and development, production line enhancements,
and equipment investments, cultivating a virtuous cycle that reinforces long-term competitiveness.
JA Solar effectively implements an innovative research and development (R&D) strategy characterized by the mass-producing
one generation, reserving one generation, and developing one generation. This approach allows the Company to continuously enhance
its investment in research and innovation, thereby significantly improving its technological capabilities. JA Solar’s R&D team is
comprised of highly qualified scientists and graduates with advanced degrees from prestigious institutions worldwide, specializing in
semiconductors, electronics, chemistry, and materials science. This expertise facilitates a profound understanding of cutting-edge
photovoltaic technologies and emerging trends. The Company has established dedicated R&D centers focusing on silicon materials,
cells, modules, and energy storage. Furthermore, it actively collaborates with esteemed global universities and research institutions. A
systematic R&D management framework has been established to streamline processes and motivate the team, fostering a culture of
proactive technological advancement. As of December 2024, JA Solar has secured 1,899 patents, including 1,031 invention patents,
which fortify its intellectual property portfolio.
JA Solar has strategically positioned itself at the forefront of the solar energy industry through substantial investments in research
and development. The Company has achieved significant advancements in cell and module technologies, demonstrating superior
conversion efficiency, power output, quality, and cost-effectiveness. In 2022, JA Solar launched its inaugural n-type high-efficiency
module, DeepBlue 4.0, followed by the enhanced DeepBlue 4.0 Pro in 2023. By 2024, the Company set a benchmark by achieving
world records for mass-production-sized cells, notably in TOPCon cell efficiency and open-circuit voltage, reaching 748.6 mV. At the
conversion efficiency of 24.8%. These innovations, utilizing Bycium+ 5.0 cell technology with optimized designs, also achieve an
exceptional bifaciality factor of 85% and outstanding low-light performance. JA Solar's technological leadership has been
acknowledged globally, with several overseas projects receiving prestigious awards, including the 2024 MIIT BRI Energy International
Cooperation Best Practice Award and the NEA Small but Beautiful Energy International Cooperation Best Practice Award.
JA Solar has established an extensive quality management system that comprehensively oversees the entire industry chain,
meticulously managing each phase from research and development to procurement, production, testing, shipment, and logistics. This
systematic approach ensures the delivery of high-quality products while significantly enhancing customer value. By adhering to
integrity-driven practices, JA Solar guarantees the reliability of its products and services, fostering trust and support from clients
globally. The Company's commitment to quality has garnered recognition from major strategic partners, culminating in lasting
partnerships with leading solar project developers, EPC firms, and distributors across international markets.
JA Solar’s commitment to exceptional product quality is underscored by the accolades its manufacturing facilities in Ningjin,
Hefei, and Yangzhou have received, achieving provincial-level quality awards. Notably, by the end of 2024, JA Solar has been
recognized with the Overall Highest Achiever award by the Renewable Energy Test Center (RETC) for five consecutive years.
Furthermore, the Company has consistently been designated as a Top Performer by PVEL, a leading independent PV testing agency,
for nine years running. JA Solar has also earned the prestigious Top Brand PV title from EuPD Research across multiple countries,
including Germany, France, Poland, Italy, the Netherlands, Switzerland, Australia, and Vietnam. The Company sustains its competitive
edge by being classified as a Tier 1 bankable brand by BloombergNEF for a decade and achieving PVModuleTech’s AAA bankability
rating, and received the IFF Global Green Finance Award. The T?V Rheinland’s “All Quality Matters” Solar & Storage Award and
T?V NORD’s Solar & Storage Quality Efficiency Award reflect the Company’s unwavering commitment to quality and innovation
in the solar industry.
The Company is resolutely committed to high-quality development, actively pursuing opportunities to enhance operations through
digitalization and intelligent technologies. By integrating automated guided vehicles (AGVs), 5G networks, artificial intelligence (AI),
and other advanced solutions into its production facilities, the Company markedly improves workforce productivity and product quality.
Its comprehensive production management system integrates seamlessly with core business platforms, facilitating fluid data and
workflow connectivity across all facets of manufacturing, including equipment, processes, quality control, warehousing, operations,
and industrial engineering. This strategic approach to visual management provides robust digital and intelligent support for real-time
decision-making, quality enhancement, cost reduction, and efficiency optimization throughout all manufacturing bases.
During the wafer production stage, the Company has implemented an advanced production analysis system that facilitates
continuous, 24 hours real-time monitoring and automatic alerts for production data. This strategic use of digital intelligence enables
precise quality control of silicon wafers. In cell manufacturing, each facility aggregates quality and process data to construct a
comprehensive quality management system, thereby ensuring standardized quality control protocols. To enhance equipment reliability,
the Company employs state-of-the-art automated systems, including monocrystalline batch texturing machines, low-pressure soft-
landing diffusion systems, and fully automated electroluminescence (EL) inspection systems. These technologies facilitate end-to-end
intelligent process control and monitoring. In module assembly, production lines are outfitted with cutting-edge automation—dual-
track high-speed stringers, dual-chamber laminators, fully automated framing machines, and auto-aligners featuring industrial-grade
robotic arms. This infrastructure offers high adaptability, enabling seamless synchronization across processes and efficient switching
of product specifications. Furthermore, the Company has developed a robust in-house fault management system, empowering
production managers to swiftly identify issues and receive real-time failure alerts, thus reinforcing operational efficiency.
By the end of 2024, JA Solar’s manufacturing facilities in Fengxian, Hefei, Xingtai, and Baotou were prominently included in the
Ministry of Industry and Information Technology's (MIIT) Smart PV Pilot Demonstration Enterprise catalog. Moreover, the Ningjin,
Fengxian, and Yangzhou plants garnered recognition as MIIT Intelligent Manufacturing Model Factories. Notably, the smart
manufacturing initiatives at the Yangzhou and Yiwu sites were selected as exemplary Outstanding Intelligent Manufacturing Scenarios
by MIIT. The strategic implementation of digital-intelligent technologies has significantly augmented production output, lowered costs,
improved product cost-performance ratios, and enhanced JA Solar’s competitive position in the market.
JA Solar’s core management team, possessing over a decade of extensive experience in the photovoltaic industry, has consistently
maintained a forward-looking perspective on sector development. Having adeptly navigated various industry cycles, the team is
committed to delivering high-quality products and services while offering profound insights into global PV technology trends and
business evolution. In late 2024, the Company spearheaded an organizational transformation, implementing a collaborative
management framework that integrates business operations, product technology, supply chain, and functional support. This strategic
restructuring optimizes resource allocation and substantially enhances operational efficiency.
JA Solar has strategically cultivated a robust portfolio of competitive advantages, effectively integrating industry influence,
operational management, risk control, technological innovation, and market expansion. This comprehensive approach propels the
Company toward sustainable growth characterized by low-cost, high-quality, and efficient operations, while ensuring resilience amid
various industry cycles. Since its inception in 2005, JA Solar has navigated a range of significant challenges, including the global
financial crisis, U.S. and EU anti-dumping measures, China’s “531 Policy”, and ongoing structural and cyclical overcapacity within
the photovoltaic supply chain. Despite these market fluctuations and continuous technological disruptions, JA Solar has consistently
established itself as a top-tier global player, maintaining a position among the world’s four leading module suppliers by annual
shipments for over a decade.
JA Solar has solidified its commitment to sustainability through its G2G (Green to Green, Green to Grow, Green to Great)
philosophy, strategy, and vision, which are closely aligned with the United Nations Sustainable Development Goals (SDGs). As a
frontrunner in clean energy, the Company prioritizes green manufacturing throughout the entire product lifecycle, seamlessly
integrating environmental stewardship into its research and development, procurement, production, logistics, and recycling processes.
Moreover, JA Solar has developed a 6+ Green Ecosystem that encompasses green factories, advanced technologies and products,
sustainable supply chains, renewable energy procurement, eco-conscious office and lifestyle initiatives, and awareness campaigns.
This comprehensive framework effectively minimizes environmental impact and resource consumption, reinforcing JA Solar's mission
as a low-carbon, resource-efficient, and environmentally responsible enterprise. In addition to ensuring regulatory compliance, the
Company actively contributes to China's dual carbon goals and global net-zero commitments.
As of the end of 2024, six of JA Solar’s production bases have been recognized on the MIIT national-level Green Factory list.
The Company’s flagship products have successfully obtained carbon footprint certification from Certisolis in France, as well as
Environmental Product Declaration (EPD) assessments from both Norway and Italy, and eco-label certification from South Korea.
Additionally, JA Solar products are featured in the National Development and Reform Commission's (NDRC) Green Technology
Promotion Catalog and the MIIT’s Green Design Product catalog. Due to its exceptional progress in green development, JA Solar has
been honored as a Green Design Demonstration Enterprise by the MIIT and recognized as a Best Practice Case for Green and Low-
Carbon Development by the China Federation of Industrial Economics.
IV. Analysis of Main Businesses
With the increasingly prominent global issues of structural energy shortages, environmental pollution, and climate change,
actively promoting an energy revolution and vigorously developing clean energy have become critical strategic choices for countries
to foster new economic growth drivers and achieve sustainable development. The advancement of photovoltaic technology and the
cost of solar power generation continues to decrease, makes photovoltaics the most competitive clean energy source. The increasing
demand for electricity driven by economic and social development, coupled with global efforts to accelerate the carbon neutrality
process and global heightened attention to energy security, has positioned photovoltaics as the preferred choice for energy transition
worldwide. Market demand will be the driving force behind the ongoing high-quality development of the photovoltaic industry.
The rapid expansion of the industry has intensified market competition significantly. Since 2023, newly added production
capacity throughout the supply chain has gradually come online, resulting in supply-demand imbalances. This has led to a dramatic
decline in prices across the industrial chain, with numerous segments falling below cost levels, causing widespread losses.
Consequently, production line shutdowns, project delays, and cancellations have become increasingly prevalent, signaling the
industry's shift toward a necessary phase of supply-side reform.
Amid heightened market competition, significant price declines for products, and increasingly challenging conditions in
international trade, the profitability of the Company’s core business has faced substantial deterioration during the reporting period.
Upon identifying potential indicators of impairment in long-term assets, the Company undertook impairment tests. Following a
thorough evaluation, it recognized significant asset impairment provisions in accordance with accounting standards, substantially
affecting its financial performance. During the reporting period, the Company reported operating revenue of 70,120,697,000 yuan, a
net profit attributable to shareholders of -4,655.943.800 yuan, total assets of 112,958,012,300 yuan, and shareholders’ equity of
During the reporting period, the Company implemented the following key measures to address mounting industry challenges:
During the reporting period, the Company effectively utilized its extensive global marketing service network and brand reputation
to enhance market expansion efforts. This strategy resulted in a substantial year-over-year increase in cell and module shipments, which
totaled 79.447 GW(including 1.544 GW self-use). Notably, overseas module shipments comprised approximately 49% of the total.
The Company is committed to long-term investments in technological research and development and process innovation. Driven
by market demand and informed by rigorous technical research, the R&D team focuses on process improvements to enhance
technological leadership. In 2024, R&D expenditures reached 3.711 billion yuan, constituting 5.29% of total revenue. By the end of
the reporting period, the Company held 1,899 valid patents, which included 1,031 invention patents.
In early 2025, the Company introduced the revolutionary DeepBlue 5.0 ultra-high-performance module, engineered to provide
exceptional value to clients while accommodating a wide range of application needs. This state-of-the-art product, grounded in the
proprietary Bycium+ 5.0 cell technology platform, incorporates advanced structural optimizations, material enhancements, and
improved electrical architecture. As a result, the module achieves an impressive 670W power output and 24.8% conversion efficiency.
Drawing on the Company’s strengths in intelligent manufacturing and rigorous quality control, the DeepBlue 5.0 not only maintains
the proven reliability of the DeepBlue product family but also demonstrates remarkable adaptability across extreme environments,
including polar conditions, high-altitude terrains, arid deserts, humid tropics, and marine settings. This innovation establishes a new
benchmark for ultra-high-performance modules, ensuring comprehensive compatibility across diverse scenarios.
During the reporting period, the Company successfully accelerated the production of n-type cells, resulting in marked
improvements in product yield, conversion efficiency, and reduced manufacturing costs. Its large-format cells now set industry
benchmarks for both efficiency and cost-effectiveness. By the end of 2024, the Company achieved a module production capacity of
to n-type technology in cell production has been fully realized.
The latest n-type Bycium+ cells have achieved an impressive mass-production conversion efficiency of up to 27%. Ongoing
process improvements are strategically focused on further lowering production costs while enhancing overall cost-performance
competitiveness.
In response to the rising tide of international trade protectionism, the strategic deployment of globalized production capacity is
essential. Aligned with its globalization development strategy, the Company actively expedited 6GW high-efficiency solar cell and a
clientele.
In a clear demonstration of confidence in its future growth and recognition of its intrinsic value, the Company has enacted a long-
term incentive mechanism through the approval of a share repurchase plan valued between 400 million yuan and 800 million yuan.
This decision takes into account operational performance, business prospects, financial health, and expected profitability. As of October
the Shenzhen Stock Exchange, acquiring 26,945,700 shares at prices ranging from 9.71 to 22.16 yuan per share. The total expenditure
amounted to 489,990,021.55 yuan, excluding taxes and transaction fees, thereby officially concluding the repurchase initiative.
During the reporting period, the Company successfully executed its 2023 profit distribution plan. Based on 3,285,192,903
outstanding shares (total outstanding shares of 3,309,669,203 minus 24,476,300 repurchased shares), it declared a cash dividend of
allocated for share repurchases, the total payout represented an impressive 30% of the 2023 net profit attributable to shareholders as
reflected in the consolidated financial statements.
The Company explored the use of digitization and intelligence to empower business development, enhancing operational
efficiency and facilitating cost reduction. We continued to reinforce our team and capabilities in data information, enhancing
information security. We have completed the establishment and optimization of management systems, including marketing,
manufacturing, operations, logistics, and finance. We established the Intelligent Manufacturing Research Institute, and elevated the
intelligent manufacturing capabilities across our various facilities. Several units have been recognized at the national level as Intelligent
Manufacturing Demonstration Factory and for their Excellence in Intelligent Manufacturing Scenarios. The integration of digital and
intelligent technologies has markedly increased production output, lowered manufacturing costs, improved product cost-performance
ratios, and bolstered market competitiveness.
Guided by the sustainability philosophy of Building a Green Cycle, Seeking Green Development Together, and Creating a Green
Future, the Company has implemented a comprehensive green manufacturing system where resource conservation and efficient
utilization are emphasized, and digital technology and intelligent manufacturing are extensively employed to establish green, intelligent
manufacturing facilities. The Company strategically collaborates with both upstream and downstream supply chain partners to establish
a carbon-neutral ecosystem, while concurrently addressing its social responsibilities through initiatives such as charitable donations,
disaster relief, and educational support. Notably, six of its manufacturing facilities have achieved recognition as national-level Green
Factories. The Company has also obtained prestigious accolades, including an AAA ESG rating from the SinoSec Index and the
EcoVadis Silver Medal for sustainability performance. For three consecutive years, it has published comprehensive Sustainability and
ESG Reports, effectively communicating its values and propelling high-quality development.
(1) Operating revenue composition
Unit: Yuan
Percent of Percent of YoY growth
Amount Amount
operating revenue operating revenue
Total operating
revenue
Industry
New energy 70,120,697,029.73 100.00% 81,556,177,236.98 100.00% -14.02%
Product
PV modules 66,627,740,897.28 95.02% 78,174,617,903.22 95.86% -14.77%
Operation of
photovoltaic 1,242,289,894.94 1.77% 843,274,457.51 1.03% 47.32%
powerplants
Others 2,250,666,237.51 3.21% 2,538,284,876.25 3.11% -11.33%
Region
Domestic 29,701,012,209.25 42.36% 37,128,416,721.90 45.53% -20.00%
Americas 16,386,094,109.62 23.37% 13,571,634,350.71 16.64% 20.74%
Europe 12,726,712,255.65 18.15% 17,619,601,271.02 21.60% -27.77%
Asia and
Oceania
Africa and
Others
Sale model
Direct sale 56,122,809,226.84 80.04% 59,428,565,574.59 72.87% -5.56%
Dealership/
distribution
(2) Industries, products, regions, and sale models that account for over 10% of the operating revenue or operating profit
?Applicable □ Not applicable
Unit: Yuan
Gross YoY change of YoY change
YoY change of
Operating revenue Operating cost profit operating of gross
operating cost
margin revenue profit margin
Industry
New energy 70,120,697,029.73 66,979,216,270.41 4.48% -14.02% -0.28% -13.17%
Product
PV modules 66,627,740,897.28 63,413,018,052.91 4.82% -14.77% -1.34% -12.96%
Region
Domestic 29,701,012,209.25 32,069,945,835.07 -7.98% -20.00% -1.72% -20.09%
Americas 16,386,094,109.62 11,235,383,255.96 31.43% 20.74% 29.48% -4.63%
Europe 12,726,712,255.65 13,173,793,281.96 -3.51% -27.77% -13.39% -17.19%
Asia and
Oceania
Sale model
Direct sale 56,122,809,226.84 51,732,679,968.45 7.82% -5.56% 7.46% -11.18%
Dealership/
distribution
If modifications are made to the statistical scope for reporting core business data during the reporting period, the Company presents
the adjusted core business data for the latest year based on the scopey effective at the reporting period's conclusion.□ Applicable ?
Not applicable
(3) Sales revenue greater than service revenue
? Yes □ No
Industry Item Unit 2024 2023 YoY growth
Sale MW 72,675.51 53,145.46 36.75%
New energy Production MW 73,177.141 59,953.472 22.06%
Inventory MW 8,024.96 9,073.91 -11.56%
Note: 1 included volumeproduced on behalf of clients.
Reasons for YoY changes greater than 30%
?Applicable □ Not applicable
The Company has seen a substantial increase in sales volume and production volume levels in 2024 compared to 2023, reflecting the
expansion of its production and sales scale. The sales volume of 2024 does not include the Company’s self-use quantity of 1543.95
megawatts.
(4) Fulfillment of major existing purchase or sales contracts as of the end of the reporting period
□ Applicable ? Not applicable
(5) Operating cost composition
Industry and product
Unit: Yuan
Industry Item 2024 2023 YoY growth
Percent of Percent of
Amount Amount
operating cost operating cost
New energy Operating cost 66,979,216,270.41 100.00% 67,163,948,649.19 100.00% -0.28%
Unit: Yuan
Product Item Percent of Percent of YoY growth
Amount Amount
operating cost operating cost
PV modules Material cost 42,243,848,264.71 66.62% 47,550,397,346.66 73.98% -11.16%
Direct labor
PV modules 2,739,917,336.41 4.32% 2,562,641,098.79 3.99% 6.92%
cost
Manufacturing
PV modules 13,963,566,498.82 22.02% 11,058,756,555.68 17.20% 26.27%
expense
Fulfillment
PV modules 4,465,685,952.97 7.04% 3,104,123,798.65 4.83% 43.86%
costs and others
Remarks
None.
(6) Scope of consolidation changed or not in the reporting period
? Yes □ No
The entities included in the scope of consolidated financial statements for this period have changed compared to the previous period.
Refer to Section X Financial Statements of this 2024 Annual Report.
(7) Significant changes or adjustments in businesses, products or services in the reporting period
□ Applicable ? Not applicable
(8) Major customers and suppliers
Main customers
Combined sales amount from top five customers (yuan) 13,741,636,722.07
Combined sales amount from top five customers as a percentage
of the annual total sales
Related party sales amount within the combined sales amount
from top five customers, as a percentage of the annual total sales
Top 5 customers
No. Customer name Sales amount (yuan) Percent of annual total sales
Total -- 13,741,636,722.07 19.59%
Additional information on main customers
□ Applicable ? Not applicable
Main suppliers
Combined purchase amount to top five suppliers 9,613,668,559.25
Combined purchase amount to top five suppliers as a
percentage of the annual total purchases
Related-party purchase amount within the combined 2.52%
purchase amount to top five suppliers as a percentage
of the annual total purchases
Top 5 suppliers
Percent of annual total
No. Supplier name Purchase amount (yuan)
purchases
Total -- 9,613,668,559.25 21.66%
Additional information on main suppliers
□ Applicable ? Not applicable
Unit: Yuan
Remarks on significant
changes
Primarily attributable
to higher professional
service fees and
Sales expense 1,077,841,072.90 989,182,196.02 8.96%
marketing/exhibition
expenses compared to
the previous year
Mainly due to reduced
Management expense 2,006,853,598.56 2,345,294,394.91 -14.43% employee
compensation
Resulted from a
combination of lower
foreign exchange
Financial expense 548,882,847.38 -359,870,372.75 252.52%
gains, increased
interest income, and
higher financing costs
Chiefly caused by
R&D expense 986,673,572.66 1,142,079,441.86 -13.61% decreased R&D
material expenditures.
?Applicable □ Not applicable
Expected impact on the
Key R&D project
Purpose Progress Objective Company’s
name
development
The investment in n-
type high-quality
monocrystalline 6.0
Reducing the oxygen Monocrystalline
Research and technology, particularly
content in n-type oxygen content
development of n-type aimed at further
monocrystalline to Large-scale reduced by ≥3ppm,
high-quality reducing oxygen
enhance minority deployment minority carrier
monocrystalline 6.0 content and enhancing
carrier lifetime in the lifetime improved by
technology minority carrier
monocrystalline silicon ≥20%
lifetime, will
significantly improve
the conversion
efficiency, yield rate,
and reliability of n-type
monocrystalline cells.
The cost of AI technology will
Empowering crystal
monocrystalline significantly advance
growth with AI
technology will be the photovoltaic
technology by
reduced by more than industry by
Research and dynamically
development of AI- optimizing process
comprehensive factories characterized
driven intelligent parameters, enabling R&D pilot phase
restructuring of the by a dual-helix
crystal pulling material genome
human-machine structure, which
technology engineering design,
capability matrix and seamlessly integrates
and intelligently
resulting in the an AI execution layer
diagnosing crystal
reduction of over 25% with a human decision-
defects.
of labor positions. making layer.
The advancement and
implementation of This will provide
The large-size n-type
fifth-generation technology solutions
passivated contact cell
Large-size n-type Partial capacity TOPCon cell for mass production
technology will be
passivated contact cell upgraded to 5th-gen technology, with the photovoltaic cells with
iteratively enhanced
technology upgrade technology module power increase higher conversion
and introduced into
of over 10W compared efficiency to meet
mass production.
to the fourth market demand.
generation.
This will diversify the
product lineup of the
We are advancing the
Achieving full back- Company’s
research and
Mass production contact modules that photovoltaic modules
development of
solution development exhibit a 0.5% increase to bolster
innovative, cost- Small-batch trial runs
for new back-contact in front-side efficiency competitiveness with
effective back-contact completed
cells (BC cells) and when compared to efficient, premium
cells and modules
modules traditional TOPCon offerings tailored to
designed for scalable
modules. specific applications
mass production.
like rooftops and
distributed systems.
Achieving a
photoelectric
This will enhance the
Pilot production of HJT conversion efficiency
Development of high- Phase objectives Company’s technical
cells and continuously of >26.5% for
efficiency HJT cells at achieved, transitioned capabilities in high-
improving efficiency heterojunction (HJT)
low costs to technology reserve efficiency cell
while reducing costs cells, with the small-
technologies.
scale trial production
done.
Our objective is to
significantly enhance
This will result in
module load
stronger module
Enhancing the performance by over
Development of high- products, improved
reliability of modules 30%, while reducing
strength module Product pilot testing power generation, and
and extending their costs and improving
technology greater adaptability to
lifespan aesthetics through
diverse application
meticulous equipment
scenarios.
and process
optimization.
Development of high- Our purpose is to The objective is to This will effectively
precision enhance module decrease silver reduce the cost per watt
Pilot testing
interconnection module efficiency, reduce cost consumption in cell of high-efficiency
technology per watt, and minimize production by more modules, optimize their
precious metal than 10%, effectively aesthetics, and
consumption. lowering both the significantly enhance
Balance of System the competitiveness of
(BOS) and the our products.
Levelized Cost of
Energy (LCOE).
Our purpose is to
effectively address the
The objective is to
Research and critical technical This will achieve a
design and validate a
demonstration challenges associated groundbreaking
large-scale,
application of Key with 1,500V DC milestone in energy
prefabricated energy
technologies for system integration, Larg-scale deployment storage technology and
storage prototype
utilizing a 1,500V
liquid-cooled energy cutting-edge high- us at the forefront of
high-voltage liquid-
storage systems voltage liquid-cooled the industry.
cooled system.
energy storage
technology platform.
Our purpose is to
launch the JA Solar This will advance
The objective is to
Development of energy Nebula series of energy storage safety
address critical
storage EMS and cloud integrated energy and intelligent
Demonstration technical challenges in
platform for industrial management solutions, evolution, while
application data communication,
and commercial achieving digital driving technology
system architecture,
purposes. convergence of standardization and
and energy dispatch.
business and cost reduction.
technology.
R&D personnel
Number of R&D staff 2,471 2,276 8.57%
Percent of R&D staff to total
staff
Education background of R&D staff
Bachelor’s degree 892 1,005 -11.24%
Master 226 211 7.11%
Others 1,030 1,255 -17.93%
Age groups
Under 30 years old 491 914 -46.28%
R&D expenditure
R&D expenditure (yuan) 3,710,699,801.90 4,445,889,371.64 -16.54%
R&D expenditure to
operating revenue
Capitalized R&D expenditure
(Yuan)
Capitalized R&D expenditure
as a percentage of R&D 0.00% 0.00% 0.00bp
expenditure
Reasons for material changes in R&D staff structure and the impact on the Company’s development
□ Applicable ? Not applicable
Reason for significant YoY change in the ratio of total R&D expenditure to operating revenue
□ Applicable ? Not applicable
Reason and explanation for significant change in capitalized rate of R&D expenditure
□ Applicable ? Not applicable
Unit: Yuan
Item 2024 2023 YoY growth
Subtotal of cash inflows from
operating activities
Subtotal of cash outflows
from operating activities
Net cash flow generated from
operating activities
Subtotal of cash inflows from
investing activities
Subtotal of cash outflows
from investing activities
Net cash flow generated from
-13,112,436,265.15 -17,793,483,177.69 26.31%
investing activities
Subtotal of cash inflows from
financing activities
Subtotal of cash outflows
from financing activities
Net cash flow generated from
financing activities
Net increase in cash and cash
equivalents
Description on major factors for significant YoY changes
?Applicable □ Not applicable
sales collections;
term asset acquisitions;
period.
Explanation for the significant difference between the net cash flows from operating activities and the net profit for the current period
□ Applicable ? Not applicable
V. Analysis of non-operating activities
?Applicable □ Not applicable
Unit: Yuan
Amount Percent of total profit Reason Sustainable or not
Primarily due to equity
Investment gain -9,988,113.66 0.19% No
change gains from
invested entities,
realized losses on
foreign exchange
hedging settlements,
and equity method
accounting losses.
Mainly attributable to
unrealized mark-to-
Profit/loss from change
-248,756,571.01 4.79% market losses on No
in fair value
foreign exchange
hedging positions.
Primarily from
impairment provisions
Asset impairment -3,154,379,299.46 60.71% No
for long-term assets,
etc.
Primarily driven by
penalty income, late
Non-operating revenue 27,824,209.61 -0.54% fee revenues, and gains No
from non-current asset
disposals.
This primarily
encompasses losses
from non-current asset
Non-operating cost 252,148,273.02 -4.85% disposals, contract No
settlement payments,
and penalty or late fee
costs.
Primarily due to equity
change gains from
invested entities,
realized losses on
foreign exchange
hedging settlements,
and equity method
accounting losses.
Items classified as
Primarily due to recurring profit or loss
government grants and according to
Other income 504,266,152.94 -9.71%
additional deductible Explanatory
VAT credits. Announcement No. 1
on Information
Disclosure by
Companies Offering
Securities to the
Public—Non-recurring
Gains and Losses
(2023 Revision) are
regarded as sustainable
and reliable.
Primarily encompasses
impairment provisions
Credit impairment loss -174,353,188.35 3.36% No
for accounts receivable
and other receivables.
Primarily due to loss
Gain on asset disposal -52,235,589.97 1.01% on scrap of non-current No
assets
VI. Assets and Liabilities
Unit: Yuan
Remarks on
Percent of Percent of Change in
significant
Amount total Amount total percent
changes
assets assets
Primarily due to
Cash at bank increased
and in hand borrowings during
the current period.
Accounts
receivable
Contract assets 131,644.87 0.00% 65,858,189.43 0.06% -0.06%
Primarily due to
reduced ending
inventory
quantities, lower
Inventories 10,570,741,220.23 9.36% 14,471,851,729.28 13.58% -4.22% unit product costs,
and heightened
inventory
impairment
provisions.
Investment
properties
Long-term
equity 638,728,175.38 0.57% 899,155,598.20 0.84% -0.27%
investments
This primarily
reflects the
combined impact
of completed
transfers from
construction-in-
Fixed assets 41,584,089,103.99 36.81% 36,865,874,794.59 34.59% 2.22%
progress to fixed
assets and
increased
impairment
provisions for
fixed assets.
This is primarily
attributable to the
Construction in transfer of
progress completed
projects to fixed
assets.
Right-of-use
assets
This is primarily
Short-term attributable to
borrowings new borrowings
secured during the
reporting period.
Mainly resulting
Contract from decreased
liabilities advance payments
from customers.
This is primarily
attributable to
Long-term
borrowings
secured during the
reporting period.
Lease liabilities 1,827,807,017.16 1.62% 1,153,292,043.48 1.08% 0.54%
Other
receivables
Non-current
assets due 2,871,642,531.35 2.54% 2,668,540,265.43 2.50% 0.04%
within one year
Other current
assets
Intangible
assets
Deferred tax
assets
Primarily driven
by an increase in
Other non- term deposits with
current assets maturities
surpassing one
year.
This primarily
indicates the
Notes payable 14,345,592,887.14 12.70% 18,609,296,613.85 17.46% -4.76% maturation of
notes payable
during the period.
Accounts
payable
This primarily
reflects the
settlement of
Other payables 10,232,056,708.65 9.06% 14,369,723,054.48 13.48% -4.42% outstanding
engineering and
equipment
payables.
Non-current
liabilities due 1,765,458,153.16 1.56% 824,307,166.77 0.77% 0.79%
within one year
Bonds payable 8,623,651,496.24 7.63% 8,359,739,960.81 7.84% -0.21%
This is mainly
attributable to a
Long-term rise in sale-
payables leaseback
financing
arrangements.
Estimated
liabilities
Deferred
revenue
High ratio of overseas assets
?Applicable □ Not applicable
Overseas
Control
assets as Existence
measures to
Specific Operation percentage of material
Reason Asset size Location safeguard Revenue
asset model of impairment
asset
Company’s risks
security
net assets
JA Solar
establishment 6.639 billion Independently 2.226 billion
Vietnam Co., Vietnam Insurance 23.80% No
by investment yuan operated yuan
Ltd.
?Applicable □ Not applicable
Unit: Yuan
Current Cumulative
Impairment
Opening profit/loss from change in fair Purchase in the Sale in the
Item provision in the Other changes Closing amount
amount change in fair value recorded current period current period
current period
value into equities
Financial assets
financial assets
investments
current 109,366,352.60 109,366,352.60
financial assets
Sub-total
financial assets
Receivable
financing
Total 943,114,132.33 -8,589,922.99 -12,567,875.96 -45,773,257.32 -78,007,854.28 798,175,221.78
Financial
liabilities
Other changes
The other changes stemmed primarily from equity fluctuations in invested entities, alterations in accounts receivable financing, and
foreign currency translation adjustments when consolidating the financial statements of overseas subsidiaries.
Any significant changes in the measurement attributes of the major assets during the reporting period or not
□ Yes ? No
Refer to Note 24 “assets with restrictive ownership titles or right-of use in in Section X Financial Statements of this Report for details
on restricted assets.
VII. Investment Analysis
?Applicable □ Not applicable
Investment amount in the reporting period (yuan) Prior period Investment (yuan) Change
?Applicable □ Not applicable
Unit: Yuan
Investme
nt gain or Litigatio
Investme Investme Disclosur
Investme Equity Sources Product Progress on the Expected loss in n Disclosure index
Investee name Main business nt Partner nt e date (if
nt form percent of funds type balance sheet date return the involved (if any)
amount duration any)
current or not
period
In July 2024, China Orient
Asset Management Co., Ltd.
transferred its 23.07% equity
interest in JA (Yangzhou)
Solar Technology Co., Ltd.
(“Yangzhou Cell”) to JA
Solar Holdings (“JA Solar
Holdings”) for a
consideration of 2 billion
yuan. Following this
transaction, the Group JA Solar Technology
increased its ownership stake Co., Ltd.
in Yangzhou Cell to 94.23%, Announcement on the
while ABC Financial Asset Acquisition of Partial
JA (Yangzhou) Self-funding Producing
Producing and Acquisition 2,502,944,44 Investment Co., Ltd. retained July 10, Equity in a Controlled
Solar Technology 100.00% and fund- None Long-term and selling No
selling solar cells 4.00 a 5.77% interest. 2024 Subsidiary –
Co., Ltd. raising solar cells
Consequently, Yangzhou Cell Published on the
continued to be classified as CNINFO website
a consolidated subsidiary in (http://www.cninfo.co
the Group’s financial m.cn).
statements. In August 2024,
JA Solar further consolidated
its position by acquiring the
remaining 5.77% stake from
ABC Financial Asset
Investment Co., Ltd. for
in the Group achieving
complete ownership of
Yangzhou Cell.
Total -- -- -- -- -- -- -- -- 0.00 0.00 -- -- --
?Applicable □ Not applicable
Unit: Yuan
Cumulative Reason for
Cumulative
Amount return not meeting
Fixed asset investment
Investment Industry invested in the Sources of Project Expected realized by expected Disclosure
Project name investment or amount by the Disclosure index (if any)
form involved reporting funds progress return the end of the progress and date (if any)
not end of the
period reporting expected
reporting period
period return
Self- Self-
Pulling, 10GW Silicon Yes Photovoltaic 78,210,732.47 78,210,732.47 - June 06, 2023 the announcement titled
construction funding
Wafer, and 10GW Announcement on
Module Project in the Investment and Construction
Ordos High-Tech Zone of Integrated Production
Capacity published on the
CNINFO website
(http://www.cninfo.com.cn).
Total -- -- -- 78,210,732.47 78,210,732.47 -- -- 0.00 0.00 -- -- --
(1) Securities investments
□ Applicable ? Not applicable
The Company had no securities investments in the reporting period.
(2) Derivatives investments
?Applicable □ Not applicable
?Applicable □ Not applicable
Unit: 10,000 yuan
Ratio of
closing
investment
Cumulative
Current Amount Amount sold amount to
Initial change in
Derivatives Opening profit/loss bought in the in the Closing the
investment fair value
investment type amount from change reporting reporting amount Company’s
amount recorded into
in fair value period period net assets at
equities
the end of
the reporting
period
Forward exchange,
options
Total 1,256,306.74 1,256,306.74 -24,875.66 640.63 3,614,726.75 4,776,076.55 94,956.94 3.40%
Accounting
policies and
principles for
This year, the Company has successfully fulfilled the requirements for hedge accounting and has commenced its application. In alignment
hedging activities
with the Ministry of Finance’s Accounting Standards for Business Enterprises—specifically No. 22 (Recognition and Measurement of
in the reporting
Financial Instruments), No. 23 (Transfer of Financial Assets), No. 24 (Hedge Accounting), and No. 37 (Presentation of Financial
period, and any
Instruments)—the Company has implemented appropriate accounting treatments for its hedging activities, ensuring compliance and
significant changes
enhancing financial reporting accuracy.
compared to the
previous reporting
period
Note on the actual
During the reporting period, the income from fair value adjustments was -248,756,600 yuan and the settlement
profit/loss in the
income totaled -40,763,800 yuan.
reporting period
The Company conducts regular meetings of its foreign exchange working group to evaluate current exposure positions, analyze the
effectiveness of hedging strategies, and ensure alignment with operational requirements. A rigorous one-to-one matching is maintained
Note on the effect
between hedging instruments and the underlying items, encompassing currency, amount, and duration. Gains or losses from these hedging
of hedge activities
activities are designed to directly offset fluctuations in exchange gains or losses from foreign currency-denominated monetary items. This
strategic approach effectively mitigates risks associated with foreign exchange rate volatility.
Sources of funds
for derivative Self-owned funds
investments
Throughout the duration of exchange derivatives, revaluation gains or losses will accrue in each accounting period. Upon maturity
or forward delivery of exchange derivatives, any disparity between the contracted exchange rate and the prevailing market rate on
Note on risk
the delivery date will yield actual transaction gains or losses. These gains or losses will offset the cumulative revaluation gains or
analysis and control losses, resulting in investment gains or losses. Exchange derivative transactions are conducted with the principle of mitigating
measures for operational risks arising from exchange rate fluctuations and are not for speculative arbitrage trading.
derivative holdings 2. Liquidity risk: Unreasonable purchases of foreign exchange derivatives can trigger liquidity risks. The trading scheme will be
based on exchange assets and liabilities, with a rigorous review of import and export contracts. It will involve prudent planning of
in the reporting exchange funds and timely selection of exchange derivatives, including appropriate netting derivatives, to reduce the demand for
period (including cash flow at maturity and ensure sufficient funds for settlement at delivery. All exchange derivative transactions will be conducted
but not limited to on the premise of normal trade business backgrounds, with strengthened risk control over accounts receivable, and strict
management of overdue receivables and bad debts.
market risk, 3. Fulfillment risk: The selection of inappropriate trading schemes could potentially expose the Company to fulfillment risks relating
liquidity risk, credit to exchange derivatives. As such, the Company will assess financial institutions with strong creditworthiness and with which the
risk, operational Company has established long-term business relationships to mitigate any potential fulfillment risks.
risk, and legal risk) 4. Other risks: Unclear terms in exchange derivative contracts could potentially expose the Company to legal risk. The Company
will prudentially examine contract terms agreed upon with partners and rigorously adhere to risk management protocols to
mitigate legal risks.
The changes in
prices or fair values
of derivatives held
in the reporting
period, specific
The Company’s derivative investments encompass, but are not limited to, forward exchange contracts (fixed-date and option
methods and the
period), options, and structured forward exchange contracts. Relevant parameters for fair value measurement are directly from the
settings of relevant
forward exchange contract rates provided by the principal banks.
assumptions and
parameters should
be disclosed for the
analysis of the fair
values.
Litigation (if
None
applicable)
Disclosure date of
board meeting
announcement
December 13,2023
regarding derivatives
investment approval
(if any)
Disclosure date of
general meeting
announcement
December 29, 2023
regarding derivatives
investment approval
(if any)
□ Applicable ? Not applicable
The Company had not derivative investments held for speculation in the reporting period.
?Applicable □ Not applicable
(1) Overall use of raised funds
?Applicable □ Not applicable
Unit: 10,000 yuan
Fundrai Fundraising Listing Total amount Net amount Total Cumulative Proportion of raised Total Cumulat Cumulative Total amount Purpose and Amount
sing method date raised raised amount amount used capital expended by amount ive amount used not used direction of idle for
year (1) used in the (2) reporting period end used for amount for other amount not more
current （3）=（2）/（1） other used for purpose as a used than two
period purpose in other percent of total years
the purpose amount raised
reporting
period
Refer to
“Description of
Private placement Oct, 30, Overall
of shares 2020 Utilization of
Raised Funds
for details
Refer to
“Description of
Private placement May 16, Overall
of shares 2022 Utilization of
Raised Funds
for details
Refer to
“Description of
Public offering of
Aug 04, Overall
corporate bonds
Raised Funds
for details
Total -- -- 1,916,030.77 1,906,076.39 214,842.96 1,738,865.19 91.23% 0 0 0.00% 167,211.2 -- 0
Description of overall utilization of raised funds
2020 No.1759), the Company issued 244,131,455 RMB-denominated common shares (A-share) to 18 entities at an offering price of 21.3 yuan/share
and raised 5,199,999,991.50 yuan in total. Net of the underwriting fee of 39,245,282.95 yuan (excluding tax), the remaining raised funds were
of 187,529,600 yuan of the raised funds was used in the reporting period. As of the end of the reporting period, a cumulative amount of 5,077,207,300
yuan (including the self-funding that has been invested into the projects and later replaced by the raised funds) of the raised funds was used, and the
amount not yet used was 8,1029,400 yuan. Idle raised funds of 92,000,000 yuan were used for temporary supplementation of working capital and the
balance in the special account for raised funds was 2,254,100 yuan; the difference is from interest income on the special account for raised funds,
handling charge expenditure and income on cash management of the raised funds.
2022 No.430), the Company issued 74,382,624 RMB-denominated common shares (A-share) via a private placement an offering price of 67.22
yuan/share and raised 4,999,999,985.28 yuan in total. Net of the underwriting fee of 31,320,754.63 yuan (excluding tax), the remaining raised funds
were 4,968,679,230.65 yuan. In 2021, the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project, financed through
a private share placement, was successfully completed. The exact funding amount will be determined based on the bank settlement balance at the
time of transfer. A remaining capital balance of 357,365,500 yuan is slated for allocation to the Baotou JA (Phase III) 20GW Crystal Pulling and
Slicing Project, which has a revised total investment of 4,614,930,300 yuan. By December 31, 2024, 100,000,000 yuan from the leftover funds of the
private share placement for Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project had been transferred to the
special account designated for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project. During the reporting period, a total of 321,360,900
yuan in raised capital was utilized. Cumulatively, as of the reporting period's close, the total capital utilized reached 4,424,726,900 yuan, including
funds redirected to replace previously self-raised investments. The remaining balance of raised capital stands at 443,952,300 yuan, with 445,000,000
yuan temporarily allocated to support working capital needs. The special account currently reflects a balance of 3,498,500 yuan, inclusive of interest
income and handling charges incurred.
(ZJXK 2023 No.1164), the Company issued convertible corporate bonds at a face value of 100 yuan/bond to raise at most 8,960,307,700 yuan. The
total funds raised through this public offering were 8,960,307,700.00 yuan, and the net amount after offering fee was 8,933,848,025.97 yuan. The
been successfully concluded. The precise funding total will be confirmed in accordance with the bank settlement balance as of the transfer date. We
propose reallocating the remaining capital of 357,365,500 yuan to the 2023 public offering of convertible bonds for the Baotou JA (Phase III) 20GW
Crystal Pulling and Slicing Project, which has an adjusted total investment of 9,291,213,500 yuan. By December 31, 2024, 100,000,000 yuan from
the leftover funds of the private share placement for Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project had
been transferred to the special account designated for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project During the reporting period,
a total of 1,639,539,100 yuan in raised capital was utilized. Cumulatively, as of the reporting period's close, the total capital utilized reached
of 41,881,200 yuan, inclusive of interest income and handling charges incurred.
(2) Overview of Project Commitments Funded by Raised Capital
?Applicable □Not applicable
Unit：10,000yuan
Cumulative
Project investment Cumulative
Committed Amount Date of Return
changed or Amount percentage benefits Expected Significant
Financing projects and Total Adjusted invested in project realized in
not invested in the by the end realized as return change in
project Listing date purpose of Project type committed committed the reaching the
(including reporting of the of the realized or project
name excessively raised amount amount (1) reporting usability reporting
partial period reporting reporting not feasibility
amount period status period
change) period (3) = period end
(2)/(1)
Committed project
Annual 5GW high-
efficiency cell and
Private
placement Oct 30, 2020 No 370,000 312,603.9 18,752.96 303,222.96 97.00% -76,353.42 78,580.68 No No
facilities with construction
of shares
supporting
facilities project
Private
Supplementing Supplementing Not
placement Oct 30, 2020 No 145,823.67 204,497.76 0 204,497.77 100.00% No
working capital working capital applicable
of shares
Annual 20GW
Monocrystalline
Private
Silicon Rods and Production and
placement May 16, 2022 No 320,000 284,625.11 19,277.51 270,785.67 95.14% -75,338.28 221,695.15 No No
of shares
Monocrystalline
Wafers Project
Private Pilot run for high-
Not
placement May 16, 2022 efficiency cell R&D No 30,000 30,000 12,858.58 24,819.1 82.73% No
applicable
of shares development
Private
Supplementing Supplementing Not
placement May 16, 2022 No 146,867.92 146,867.92 0 146,867.92 100.00% No
working capital working capital applicable
of shares
Public Baotou JA
offering of (Phase III)
Production and
convertible Aug 04, 2023 20GW Crystal No 270,000 305,736.55 84,482.99 278,828.68 91.20% -73,042.15 -52,060.23 No No
construction
corporate Pulling and
bonds Slicing Project
Public Annual 10GW
offering of High-Efficiency
Production and
convertible Aug 04, 2023 Cells and 5GW No 233,448.46 233,448.46 55,286.85 156,869.33 67.20% -52,764.66 -80,707.88 No No
construction
corporate High-Efficiency
bonds Modules Project
Public Aug 04, 2023 Annual 10GW Production and No 150,000 150,000 24,184.07 113,037.42 75.36% -11,175.24 -29,420.4 No No
offering of High-Efficiency construction
convertible Solar Cells Project
corporate
bonds
Public
offering of
Supplementing Supplementing Not
convertible Aug 04, 2023 No 239,936.34 239,936.34 0 239,936.34 100.00% No
working capital working capital applicable
corporate
bonds
Subtotal committed projects -- 1,906,076.39 1,907,716.04 214,842.96 1,738,865.19 -- -- -288,673.75 138,087.32 -- --
Use of over-raised funds
No over- Not
Aug 04, 2023 Not applicable Not applicable No No
raised funds applicable
Total -- 1,906,076.39 1,907,716.04 214,842.96 1,738,865.19 -- -- -288,673.75 138,087.32 -- --
projects include the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project, the
Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project, the Baotou JA (Phase III) 20GW Crystal
Explanation of
Pulling and Slicing Project, the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and the Annual 10GW
project delays and
High-Efficiency Solar Cells Project.
expected return
shortfall and
to in projected benefit assessments.
reason (including
the reason for
selecting “non-
Both phases have now successfully achieved normal production conditions, and ongoing construction activities are progressively being
applicable” for
converted into fixed assets. However, due to corporate-wide capacity planning adjustments, certain delays in project construction have
“expected return
occurred. The civil engineering works are yet to finalize their accounting processes, and some machinery is still awaiting acceptance
realized or not”)
inspection. As a result, the project does not currently satisfy the criteria for final completion. Originally anticipated for completion
within 32 months (by June 2024), the project timeline has been revised to extend completion to June 2025. This extension was duly
approved by the 24th Meeting of the sixth board of directors and the 14th meeting of the sixth supervisory committee, in light of the
prevailing circumstances and future project strategies.
Note on
significant change
Not applicable
in project
feasibility
Amount
overraised,
purpose and Not applicable
progress of such
amount
Change on
location of the Not applicable
project
Applicable6
Incurred during the reporting period
On December 19, 2024, the 32nd meeting of the sixth board of directors and the 18th meeting of the sixth supervisory committee
convened, followed by the Third Extraordinary General Meeting of Shareholders on December 30, 2024, and the First Meeting of
Adjustment of Bondholders for JA Convertible Bonds on January 14, 2025. During these critical meetings, the Proposal to Modify the Implementation
implementation Method of Certain Fundraising Investment Projects and Increase Capital in Subsidiaries was unanimously approved. Specifically, the
resolution outlined modifications to the funding strategy for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project and
method for the the Yangzhou Annual 10GW High-Efficiency Solar Cells Project. The initial approach of extending loans to Baotou JA Solar Technology
project Co., Ltd. (“Baotou JA”) and JA (Yangzhou) Solar Technology Co., Ltd. (“Yangzhou JA”) will now transition to direct capital increases
for these subsidiaries. All other aspects of the projects will remain unchanged, thereby ensuring continuity and stability in our operational
commitments.
Capital Increase in Baotou JA: The Company has utilized 2,009,010,600 yuan in raised capital to enhance its investment in JA Solar
Holdings. This capital infusion amounted to 2,009,010,600 billion yuan directed to Yangzhou JA and 690,989,400 yuan to Hefei JA
Solar Technology Co., Ltd. (“Hefei JA”). Subsequently, Yangzhou JA transferred 2,009,010,600 yuan to Hefei JA, which then allocated
the entire amount of 2.7 billion yuan to Baotou JA. This strategic multi-tiered capital increase will be executed solely through debt-to-
equity conversion, thereby obviating cash flow transactions. Notably, the transaction structure does not necessitate the establishment of
special raised capital accounts for the parties involved.
Capital increase in Yangzhou JA: The Company employed 1.5 billion yuan in raised capital to bolster its investment in JA Solar
Holdings, which subsequently transferred the entire amount to Yangzhou JA. This capital infusion will be implemented through two
primary methods: (i) the conversion of 1.14 billion yuan in existing loans from the Company to Yangzhou JA into equity, and (ii) a cash
capital contribution of the remaining 360 million yuan that has yet to be loaned. The cash injection process necessitates the establishment
of a specialized raised capital account by JA Solar Holdings, coupled with a dedicated supervisory agreement with the pertinent
custodian bank and sponsoring institution.
Applicable
On September 25, 2020, the 15th meeting of the 5th board of directors and the 10th meeting of the 5th supervisory committee of the
Company respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was
agreed that the Company would utilize raised funds totaling 1,605,868,435.04 yuan to replace the self-raised funds invested already in
these projects and the paid offering costs. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership)
conducted a special audit on the Company’s use of self-raised funds for investment up to September 11, 2020, and issued an Assurance
Report (XHSBZ 2020 No. ZB11680 and XHSBZ 2020 No. ZB11681) on JA Solar Technology Co., Ltd.’s Early Investment in Projects
Funded via Raised Funds. The sponsor, China Securities Co., Ltd., provided verification opinions.
On April 29, 2022, the 32nd meeting of the 5th board of directors and the 21st meeting of the 5th supervisory committee of the Company
Early investment respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was agreed that the
and later Company would utilize raised funds totaling 570,204,647.20 yuan to replace self-raised funds invested already in these projects. BDO
replacement of China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership) conducted a special audit on the Company’s use of
funds for these self-raised funds for investment up to April 15, 2022, and issued an Assurance Report (XHSBZ 2022 No. ZB10624 and XHSBZ 2022
projects No. ZB10625) on JA Solar Technology Co., Ltd.’s Early Investment in Projects Funded via Raised Funds. The sponsor, CTIC Securities
Co., Ltd., provided verification opinions.
On July 27, 2023, the 8th meeting of the 6th board of directors and the 8th meeting of the 6th supervisory committee of the Company
respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was agreed that
the Company would utilize raised funds totaling 2,072,716,606.56 yuan to replace self-raised funds invested already in these projects.
KPMG Huazhen (Special General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up
to July 14, 2023, and issued an Assurance Report (XHSBZ No. 2301528) on JA Solar Technology Co., Ltd.’s Early Investment through
its Self-raised Funds in Projects Funded via Raised Funds and its Payment of Offering Costs through its Self-raised Funds. The
sponsor, CTIC Securities Co., Ltd., provided verification opinions.
Applicable
On September 25, 2020, the 15th meeting of the 5th board of directors and the 10th meeting of the 5th supervisory committee of the
Company respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was
agreed that the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement
working capital with idle raised funds not exceeding 2.4 billion yuan. The usage period would not exceed 12 months from the date of
approval by the board of directors (September 25, 2020), and the funds would be promptly returned to the Company’s special account
for raised funds upon maturity. In the year 2020, the Company actually utilized idle raised funds to temporarily supplement working
capital in the amount of 2.4 billion yuan. As of July 14, 2021, the Company fully returned the idle raised funds used for temporary
working capital supplementation to the special account for raised funds, within the period not exceeding 12 months.
Temporary On July 23, 2021, the 25th meeting of the 5th board of directors and the 17th meeting of the 5th supervisory committee of the Company
supplementation respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
of working capital the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
with idle raised capital with idle raised funds not exceeding 1.9 billion yuan. The usage period would not exceed 12 months from the date of approval
funds by the board of directors (July 23, 2021), and the funds would be promptly returned to the Company’s special account for raised funds
upon maturity. In the year 2021, the Company actually used idle raised funds of 1.9 billion yuan for temporary supplementation of
working capital. As of April 22, 2022, the Company fully returned the idle raised funds used for temporary working capital
supplementation to the special account for raised funds, within the period not exceeding 12 months.
On April 29, 2022, the 32nd meeting of the 5th board of directors and the 21st meeting of the 5th supervisory committee of the Company
respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
capital with idle raised funds not exceeding 4.3 billion yuan. Specifically, a maximum of 1.5 billion yuan from the idle funds raised via
the private placement in the year 2020 intended for the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with
Supporting Facilities Project would be used. The usage period would not exceed 12 months from the date of approval by the board of
directors (April 29, 2022), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity.
In the year 2022, the Company actually used idle raised funds of 1.5 billion yuan raised via the private placement in the year 2020
intended for the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project to
temporarily supplement working capital. As of April 23, 2023, the Company fully returned the idle raised funds used for temporary
working capital supplementation to the special account for raised funds, within the period not exceeding 12 months.
On April 26, 2023, the 5th meeting of the 6th board of directors and the 5th meeting of the 6th supervisory committee of the Company
respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
capital with idle raised funds not exceeding 2.2 billion yuan. Specifically, a maximum of 1.0 billion yuan from the idle funds raised via
the private placement in the year 2020 intended for the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with
Supporting Facilities Project would be used. The usage period would not exceed 12 months from the date of approval by the board of
directors (April 26, 2023), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity.
The Company actually utilized idle raised funds to temporarily supplement working capital in the amount of 1.0 billion yuan which was
raised via the private placement in the year 2020 for the project of Annual 5GW High-Efficiency Cells and 10GW High-Efficiency
Modules with Supporting Facilities Project. As of July 26, 2023, the Company fully returned the idle raised funds used for temporary
working capital supplementation to the special storage account for raised funds, within the period not exceeding 12 months.
On July 27, 2023, the 8th meeting of the 6th board of directors and the 8th meeting of the 6th supervisory committee of the Company
respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
capital with idle raised funds not exceeding 6.3 billion yuan. Specifically, a maximum of 0.9 billion yuan from the idle funds raised via
the private placement in the year 2020 intended for the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with
Supporting Facilities Project would be used. The usage period would not exceed 12 months from the date of approval by the board of
directors (July 27, 2023), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity.
The Company actually used idle raised funds of 0.9 billion yuan raised via the private placement in the year 2020 intended for the
Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project to temporarily supplement
working capital. As of July 24, 2024, the Company has returned all previously utilized idle raised capital to the designated special raised
capital account. This repayment occurred within a usage period not exceeding 12 months.
On July 25, 2024, the 25th meeting of the sixth board of directors, alongside the 15th meeting of the sixth supervisory committee of the
Company, ratified the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. This resolution
empowers the Company to allocate up to 2.76 billion yuan of idle raised capital to temporarily bolster its working capital, while
simultaneously ensuring the seamless execution of ongoing fundraising investment projects. Specifically, the resolution permits the
utilization of up to 150 million yuan from the idle capital associated with the 2020 private placement project, namely the Annual 5GW
High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project. The defined usage period for this amount
is capped at 12 months from the Board approval date. Importantly, the funds will be returned to the Company’s special account upon
maturity. As of December 31, 2024, the Company had effectively utilized the full 150 million yuan for temporary working capital
supplementation and had returned 58 million yuan, leaving an outstanding balance of 92 million yuan. Additionally, the balance in the
special account as of December 31, 2024, was recorded at 2,254,066.04 yuan, with available funds amounting to 94,254,066.04 yuan,
accounting for 1.83% of the initial net raised capital. The fundraising project has reached completion, and the surplus funds will be
permanently allocated to working capital. The Company will retain the special account until all final payments are fully resolved. Any
resultant residual funds from interest income, after deducting handling charges, will similarly be directed to augment working capital.
On April 29, 2022, the 32nd meeting of the 5th board of directors and the 21st meeting of the 5th supervisory committee of the Company
respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
capital with idle raised funds not exceeding 4.3 billion yuan. Specifically, a maximum of 2.6 billion yuan from the idle funds raised via
the private placement in the year 2021 intended for the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers
Project and a maximum of 2 billion yuan from the idle funds raised via the private placement in the year 2021 intended for the High-
Efficiency Solar Cell R&D Pilot Project would be used. The usage period would not exceed 12 months from the date of approval by the
board of directors (April 29, 2022), and the funds would be promptly returned to the Company’s special account for raised funds upon
maturity. In the year 2022, the Company actually used idle raised funds of 2.6 billion yuan raised via the private placement in the year
of 2.0 billion yuan raised via the private placement in the year 2021 intended for the High-Efficiency Solar Cell R&D Pilot Project to
temporarily supplement working capital. As of April 23, 2023, the Company fully returned the idle raised funds used for temporary
working capital supplementation to the special account for raised funds, within the period not exceeding 12 months.
On April 26, 2023, the 5th meeting of the 6th board of directors and the 5th meeting of the 6th supervisory committee of the Company
respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
capital with idle raised funds not exceeding 2.2 billion yuan. Specifically, a maximum of 1.0 billion yuan from the idle funds raised via
the private placement in the year 2021 intended for the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers
Project and a maximum of 0.2 billion yuan from the idle funds raised via the private placement in the year 2021 intended for the High-
Efficiency Solar Cell R&D Pilot Project would be used. The usage period would not exceed 12 months from the date of approval by the
board of directors (April 26, 2023), and the funds would be promptly returned to the Company’s special account for raised funds upon
maturity. The Company utilized 1 billion yuan of idle raised capital from the 2021 private placement project, specifically the Annual
Solar Cell R&D Pilot Project. As of July 26, 2023, the Company has completely returned all temporarily utilized idle raised capital to
the special accounts, adhering to the stipulated usage period of no more than 12 months.
On July 27 2023, the 8th meeting of the 6th board of directors and the 8th meeting of the 6th supervisory committee of the Company
respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that
the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working
capital with idle raised funds not exceeding 6.3 billion yuan. Specifically, a maximum of 1.0 billion yuan from the idle funds raised via
the private placement in the year 2021 intended for the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers
Project and a maximum of 0.2 billion yuan from the idle funds raised via the private placement in the year 2021 intended for the High-
Efficiency Solar Cell R&D Pilot Project would be used. The usage period would not exceed 12 months from the date of approval by the
board of directors (July 27, 2023), and the funds would be promptly returned to the Company’s special account for raised funds upon
maturity. The Company utilized 900 million yuan of idle raised capital from the 2021 private placement project, specifically the Annual
Solar Cell R&D Pilot Project. As of July 23, 2024, the Company has completely returned all temporarily utilized idle raised capital to
the special accounts, adhering to the stipulated usage period of no more than 12 months.
On July 25, 2024, the 25th meeting of the sixth board of directors and the 15th meeting of the sixth supervisory committee convened to
review and approve the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. The board resolution
authorizes the Company to allocate up to 2.76 billion yuan of idle raised capital for temporary working capital purposes, while ensuring
the continued execution of existing fundraising investment projects. This includes the disbursement of up to 550 million yuan from the
Project, as well as up to 160 million yuan from the 2021 private placement project concerning the High-Efficiency Solar Cell R&D Pilot
Project. The authorized utilization period is confined to a maximum of 12 months from the date of board approval (July 25, 2024), after
which the funds will be promptly returned to the Company’s special accounts for raised capital. To date, the Company has utilized 550
million yuan from the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project for working capital
supplementation, with 156 million yuan returned as of December 31, 2024, leaving an outstanding balance of 394 million yuan.
Furthermore, 160 million yuan has been utilized from the High-Efficiency Solar Cell R&D Pilot Project, with 109 million yuan returned,
resulting in an outstanding balance of 51 million yuan. As of December 31, 2024, the remaining unused balance within the special raised
capital accounts stands at 3,498,466.70 yuan, while available funds total 448,498,466.70 yuan, demonstrating a prudent management of
financial resources that represents 9.03% of the initial net raised capital.
The Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project, associated with this fundraising initiative,
has reached completion, resulting in a remaining raised capital of 357.3655 million yuan. In accordance with the approvals from the
Meeting of 2024, these surplus funds will be strategically reallocated to support the 2023 public offering of convertible bonds project,
specifically the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project. The Company will retain the special raised capital
account for the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project until the settlement of all
outstanding final payments. It is important to note that any residual funds generated from net interest income, after the deduction of
handling charges, will be permanently designated to supplement working capital. The High-Efficiency Solar Cell R&D Pilot Project
was completed in December 2024, with no surplus funds remaining. The Company will maintain the project’s special account until all
pending final payments are complete. Any residual net interest income generated after transaction fees will continue to be allocated to
expenditures associated with this project.
On July 27, 2023, the 8th meeting of the sixth board of directors and the 8th meeting of the sixth supervisory committee of the Company
approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. The resolution authorizes the
allocation of up to 6.3 billion yuan in idle capital for this purpose, while simultaneously ensuring the continued implementation of
various fundraising investment projects. Specifically, the resolution permits the following allocations: up to 1.5 billion yuan from the
Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, up to 1.7 billion yuan from the Annual 10GW High-Efficiency Cells
and 5GW High-Efficiency Modules Project, and up to 1.0 billion yuan from the Annual 10GW High-Efficiency Solar Cells Project. The
utilization period is capped at 12 months from the approval date; after this period, the funds will be promptly returned to the special
accounts designated for raised capital. The Company effectively utilized 1.5 billion yuan from the Baotou JA (Phase III) 20GW Crystal
Pulling and Slicing Project, 1.47 billion yuan from the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project,
and 1.0 billion yuan from the Annual 10GW High-Efficiency Solar Cells Project for temporary working capital needs. As of July 24,
respective special raised capital accounts, adhering to the stipulated timeframe of 12 months.
On July 25, 2024, the 25th meeting of the sixth board of directors, along with the 15th meeting of the sixth supervisory committee of
the Company, critically reviewed and subsequently approved the Proposal on Using Partial Idle Raised Funds to Temporarily
Supplement Working Capital. This resolution empowers the Company to allocate up to 2.76 billion yuan of idle raised capital for interim
working capital needs while ensuring the continued execution of core fundraising investment projects. Specifically, the proposal
delineates the allocation of funds as follows: up to 400 million yuan from the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing
Project, up to 1.0 billion yuan from the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and up to 500
million yuan from the Annual 10GW High-Efficiency Solar Cells Project. Importantly, the approved usage period for these funds is
limited to a maximum of 12 months from the date of Board approval, July 25, 2024. After this timeframe, the funds will be promptly
returned to the Company's designated special raised capital deposit accounts. The Company efficiently utilized the approved funds,
employing 400 million yuan from the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, 1.0 billion yuan from the Annual
Solar Cells Project for supplementary working capital purposes. As of December 31, 2024, the Company has successfully returned 400
million yuan from the Baotou project, leaving a zero balance; 248 million yuan from the 10GW Cells and 5GW Modules project, leaving
an outstanding balance of 752 million yuan; and 140 million yuan from the 10GW Solar Cells project, with an outstanding balance of
reached 1,153,881,221.24 yuan, representing 12.91% of the initial net raised capital.
The fundraising initiatives, specifically the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, as well as
the Annual 10GW High-Efficiency Solar Cells Project, reached their full production capacity and were completed in December 2024,
yielding no surplus funds. The Company will uphold the special accounts for both projects until all outstanding final payments are
settled. Any remaining funds accrued from net interest income, after deducting handling charges, will be allocated to project-related
expenditures.
Applicable
Cells and 10GW High-Efficiency Modules with Supporting Facilities Project, which has now achieved its intended operational status.
Consequently, the Company has resolved to permanently allocate the remaining capital of 586.741 million yuan (subject to the bank
settlement balance on the date of fund transfer) to bolster working capital for ongoing production and operations. The surplus capital
resulted from several strategic factors. First, the Company adhered rigorously to principles of rationality, efficiency, and economy in
utilizing the raised funds. During the initial implementation phase in the first half of 2020, volatile market conditions significantly
reduced construction demand, leading to decreases in costs associated with engineering, materials, and overall construction expenses.
Consequently, the per-unit costs for facilities, such as factories and warehouses, fell below the original estimates established during the
feasibility study. Moreover, the feasibility study had initially included projections for upgrading production lines from p-type to n-type
cells to align with anticipated advancements in photovoltaic technology. However, the robust performance of the p-type production lines
post-commissioning has led to a temporary deferment of these upgrades. The timeline for future enhancements will be strategically
determined based on emerging technological developments and market demand.
Amount and Monocrystalline Wafers Project, has successfully reached the operational status of its primary components. Initially, the project was
reasons for allocated 3.2 billion yuan. As of August 23, 2024, the cumulative investment from these funds totaled approximately 2,644,664,800
surplus capital yuan, with pending payments amounting to 201,586,300 yuan, resulting in a surplus of 357,365,500 yuan. This surplus capital can be
accrued from the attributed to several key factors. First, the Company has consistently applied principles of rationality, efficiency, and economic prudence
implementation of in utilizing the raised funds, implementing stringent cost control measures that have optimized project expenses. Second, significant
the projects technological advancements within the industry have enhanced equipment performance and production capacities, thereby reducing the
number of devices required relative to initial budget projections. Lastly, improvements in domestic equipment manufacturing
capabilities and the maturation of industry technologies have resulted in actual procurement prices being lower than those anticipated
during the project's planning phase, yielding substantial overall cost savings.
operational status for its principal components. The Company confidently concludes this project without any surplus funds.
Efficiency Modules Project, has successfully reached operational status for its principal components. The Company confidently
concludes this project with no surplus funds remaining.
has successfully reached operational status for its principal components. The Company confidently concludes this project with no
surplus funds remaining.
As of December 31, 2024, the Company’s raised capital, aside from the aforementioned fundraising investment projects, was actively
being deployed, with no surplus capital remaining unutilized.
Purpose and On August 30, 2024, the 26th meeting of the sixth board of directors, alongside the 16th meeting of the sixth supervisory committee,
allocation of conducted a thorough review and subsequently approved the Proposal Regarding The Completion of Fundraising Investment Projects
unused raised and the Reallocation of Surplus Funds to Additional Fundraising Investment Projects. The Board recognized that significant components
capital of the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project—financed through the 2021 private
placement initiative—had successfully achieved operational status. Consequently, the Company resolved to conclude this project and
reallocate the surplus capital amounting to approximately 357,365,500 yuan to the Baotou JA (Phase III) 20GW Crystal Pulling and
Slicing Project, supported by the 2023 public offering of convertible bonds. On October 8, 2024, the Second Extraordinary General
Meeting ratified this proposal. The Company will maintain a special account for the raised capital associated with this project until all
final payments have been satisfactorily processed. Additionally, any residual funds generated from net interest income, after deducting
applicable handling charges, will be permanently earmarked to augment the working capital. As of December 31, 2024, any remaining
unused raised capital would be deployed in strict accordance with the designated purposes outlined in the relevant issuance proposals.
Issues or other
circumstances in
In the reporting period, there were no instances of untimely disclosure, misinformation, inaccuracies, or incompleteness regarding the
the use and
information related to the use of raised funds disclosed by the Company. There were no violations involving the raised funds.
disclosure of
raised capital
Note: 1. The Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project was carried
forward by phase from the commencement of the operation. It reached full capacity since April 2022 and was closed in July 2023.
aligned with construction timelines, achieving full production capacity in January 2023 and culminating in completion by June 2024.
alignment with construction schedules, attaining full production readiness by February 2024 and concluding in December 2024.
production capability by April 2024 and concluding in December 2024.
of directors, the 9th meeting of the 6the supervisory committee and the 3rd extraordinary general meeting for the year 2023 approved
the Proposal on Amendment to the Construction of Some Committed Projects and Adjustment of Internal Investment Structure of the
Projects. To advance the manufacturing processes and make breakthroughs in the maximum conversion efficiency of the Company’s
HJT cells, as well as to maximize the research and development functions of the pilot run line, the Company has planned to optimize
equipment selection and enhance processes and technologies on the basis of the planned HJT pilot run line. As a result, it proposed to
adjust specific aspects of the project construction and the internal investment structure, without any adjustments made to the project
implementation methods.
(3) Change in committed projects
□ Applicable ? Not applicable
The Company did not change any committed projects in respect of the fund raising activities.
VIII. Sale of Significant Assets and Equities
□ Applicable ? Not applicable
The Company did not sell any significant assets in the reporting period.
□ Applicable ? Not applicable
IX. Analysis of Entities were the Company Holds Shares
?Applicable □ Not applicable
Subsidiaries which contribute to over 10% of the net profit of the Company
Unit: 10,000 yuan
Registered Operating
Entity name Entity type Main business Total assets Net assets Operating profit Net income
capital revenue
JA Solar Research,
Subsidiary 2,127,197.57 4,128,851.07 2,945,754.46 327,786.00 250,468.63 281,772.56
Holdings Co., development,
Ltd. production and
sale of solar
cells and
modules
Research,
JA (Yangzhou) development,
Solar production and
Subsidiary 283,185.97 1,171,212.71 395,986.86 592,208.45 -99,243.82 -100,693.97
Technology sale of solar
Co., Ltd. cells and
modules
Research,
development,
Hefei JA Solar
production and
Technology Subsidiary 216,734.00 1,694,663.93 357,911.22 2,123,072.88 51,019.81 53,869.49
sale of solar
Co., Ltd.
cells and
modules
Research,
development,
JA Solar production and
Vietnam Co., Subsidiary sale of modules, 90 million USD 826,463.64 663,928.84 927,050.04 262,833.54 222,598.39
Ltd. silicon rods,
and silicon
wafers
Research,
development,
Baotou JA Solar
production and
Technology Subsidiary 178,000.00 684,029.50 111,558.58 481,465.20 -104,095.70 -88,134.22
sale of silicon
Co., Ltd.
rods, and
silicon wafers
Research,
Qujing Jinglong development,
Electronic production and
Subsidiary 52,000.00 522,029.15 396,033.33 74,696.13 112,991.74 113,654.97
Materials Co., sale of silicon
Ltd. rods, and
silicon wafers
Research,
development,
Yiwu JA Solar
production and
Technology Subsidiary 411,651.86 917,653.67 486,767.45 946,017.27 -124,191.46 -105,009.06
sale of solar
Co., Ltd.
cells and
modules
Research,
development,
Qujing JA PV
production and
Technology Subsidiary 130,000.00 718,346.02 405,206.71 429,296.13 -88,424.52 -75,338.28
sale of silicon
Co., Ltd.
rods, and
silicon wafers
Research,
development,
Qujing JA Solar
production and
Technology Subsidiary 333,448.46 646,328.79 220,440.78 510,591.92 -62,158.48 -52,764.66
sale of solar
Co., Ltd.
cells and
modules
Dongtai JA Research,
Solar development,
Subsidiary 150,000.00 798,596.15 2,683.88 913,991.09 -101,379.88 -101,215.49
Technology production and
Co., Ltd. sale of solar
cells and
modules
Research,
Shijiazhuang JA
development,
Solar
Subsidiary production and 100,000.00 527,830.49 15,269.22 294,860.75 -69,214.94 -69,138.57
Technology
sale of solar
Co., Ltd.
cells
JA Solar Subsidiary
Investment Overseas
(Hong Kong) investment
Limited
Acquisition and disposal of subsidiaries in the reporting period
? Applicable □Not applicable
Methods of acquiring and disposing Impact on overall operations and
Subsidiary name
subsidiaries during the reporting period financial performance
Refer to Section X Financial Statements
for details.
Analysis of entities where the Company holds shares
X. Structured Entities Controlled by the Company
□ Applicable ? Not applicable
XI. Outlook for Future Development of the Company
(I) Corporate Development strategy
The photovoltaic sector has confronted substantial challenges due to various factors, including evolving industry cycles, supply-demand
imbalances, and shifting geopolitical and economic landscapes. In response to these conditions, the Company has effectively executed
its three strategic initiatives: Globalization, Digital and Intelligent Transition, and Ecosystem Development. By prioritizing
transformation and market-oriented value creation, the Company has actively embraced its core principle of Customer First. This
commitment has enabled the continuous delivery of competitive products and services, thereby enhancing its overall market
competitiveness. The Photovoltaics and Energy Storage Business Group has further solidified its competitive edge through the
development of integrated solar-storage solutions and a commitment to excellence in photovoltaic manufacturing. Concurrently, the
Smart Energy Business Group has adeptly navigated power market policy changes, expanded into emerging sectors such as microgrids
and zero-carbon parks, and accelerated international growth. The Materials and Equipment Business Group has intensified its focus on
innovation while pursuing recycling initiatives, elevating R&D investments, and establishing leadership in niche markets.
(1) Strategic positioning
JA Solar steadfastly upholds its corporate mission of developing solar power to benefit the planet and its core values of being customer-
centered, promoting welfare for staff members and creating value for the owners. The Company actively engages with both upstream
and downstream partners to cultivate a cohesive ecological value system, positioning itself as a globally leading enterprise in new
energy technology.
(2) Specific actions
The Company is unwavering in its commitment to the core principle of " Creating Value for Customers," while rigorously implementing
a customer-centered philosophy. Through comprehensive and systematic organizational transformation, it enhances its value creation
capabilities, striving not only to meet but also to anticipate and lead market demand, thereby ensuring sustainable growth and long-
term success. The Company prioritizes several key areas to enhance its strategic framework. First, it emphasizes technology-driven
innovation, continuously developing competitive products. A market-oriented approach fortifies its marketing and service capabilities,
addressing evolving customer needs. Additionally, the organization leverages digital transformation to achieve operational excellence
and fosters efficiency and quality leadership through continuous improvement. It prioritizes building resilient and sustainable supply
chains while implementing balanced risk management to ensure prudent operations amidst strategic growth pursuits.
(II). Potential Risks
(1) Risk from global industrial policies
The pace and quality of development within the photovoltaic industry are critically shaped by global policy dynamics regarding solar
energy. Domestically, China’s PV sector has transitioned into a post-subsidy era; however, forthcoming industrial policies related to
grid integration, energy storage allocation, and market-based pricing mechanisms—such as the Notice on Deepening the Market-
Oriented Reform of New Energy Feed-in Tariffs to Promote High-Quality Development of New Energy (NDRCJG 2025 No. 136)—
may introduce significant uncertainties surrounding industry upgrades and domestic market operations. Internationally, key markets
are increasingly advocating for manufacturing reshoring, which is facilitating the creation of regionalized PV supply chains. The
shifting renewable energy targets and frequent policy adjustments across various countries further enhance operational uncertainties
for PV enterprises engaged in overseas markets.
(2) International trade protectionism risk
Since 2022, import restrictions on Chinese photovoltaic products imposed by regions such as Europe, the United States, and India have
diversified significantly. Traditional trade barriers, including anti-dumping, countervailing, and anti-circumvention measures, have
been augmented by emerging restrictions focused on carbon emissions, environmental protection, human rights, technical patents, and
product certification. Noteworthy examples include the European Union’s Carbon Border Adjustment Mechanism (CBAM) and Net-
Zero Industry Act, the U.S. Uyghur Forced Labor Prevention Act, and India’s Approved List of Models and Manufacturers (ALMM).
Moreover, these restrictions extend beyond China, impacting Chinese firms operating abroad. For instance, in November 2024, the
U.S. Department of Commerce issued a preliminary ruling in its anti-dumping investigation concerning crystalline photovoltaic cells
imported from four Southeast Asian nations—Cambodia, Malaysia, Thailand, and Vietnam. This development poses significant
operational risks for Chinese photovoltaic enterprises that have invested in production facilities within these regions.
(3) Supply-demand imbalance risk
The optimistic outlook for new photovoltaic installations in light of global carbon neutrality initiatives has catalyzed not only significant
capacity expansion within the PV industry but also prompted leading enterprises from various sectors to enter this market. In recent
years, the aggressive introduction of substantial new production capacity has resulted in a marked imbalance between supply and
demand within the industry. According to data from the China Photovoltaic Industry Association, by the end of 2024, domestic
production capacities for silicon wafers, cells, and modules each exceeded 1,100 GW, far surpassing the global demand for new
installations. This scenario has manifested as both cyclical and structural overcapacity in the PV sector, contributing to a persistent
decline in prices across all segments — even driving prices below production costs. Consequently, these dynamics have led to
widespread financial losses throughout the primary PV manufacturing value chain.
(4) Technology upgrade risk
The photovoltaic industry is experiencing swift technological advancement, evidenced by the rising market share of next-generation
cell and module technologies, particularly n-type TOPCon. This shift significantly influences p-type production capacities, compelling
numerous companies to recognize the necessity of asset impairment provisions. Additionally, the rapid emergence of high-efficiency
cell technologies such as BC, HJT, and perovskite compounds introduces substantial uncertainty for PV manufacturers regarding future
technology selection.(5) Geopolitical risk
In recent years, a series of geopolitical upheavals such as the Russia-Ukraine conflict, the Israel-Palestine conflict, and the Red Sea
crisis have brought about multifaceted impacts on market demand, transportation, financial settlements, and other aspects. These may
pose challenges and operational risks to major photovoltaic companies deeply integrated into the global market.
(6) Exchange rate risk
As one of the flagship industries that “go global”, the photovoltaic sector boasts a significant portion of overseas operations among its
leading companies. In overseas operations, foreign currency settlement remains predominant, and fluctuations in exchange rates
directly impact the operation performance of internationalized companies. It is increasingly challenging to manage exchange rate risk
due to adjustments to fiscal and monetary policies across countries, and changes in international trade landscape and environment.
Failure to take effective measures may expose photovoltaic companies to negative impact caused by exchange rate volatility.
XII. Reception of Surveys, Communications and Interviews in the Reporting Period
?Applicable □ Not applicable
What was
Reception discussed and Information
Reception date Reception form Guest type Guest
location materials index
provided
For details,
please refer to
the Investor
Relations
Investor
Activity Log
Analysts and Relations
Telephone (April 30,
April 30, 2024 Online Institution institutional Activity Log
communication 2024)
investors (April 30,
published on
the CNINFO
website
(http://www.cni
nfo.com.cn).
Investors For details,
Investor
attended the please refer to
Finenter Relations
May 22, 2024 Online platform Others Company's the Investor
Technology Activity Log
(May 22, 2024)
performance Activity Log
briefing online (May 22, 2024)
published on
the CNINFO
website
(http://www.cni
nfo.com.cn).
For details,
please refer to
the Investor
Relations
Investor
Activity Log
Analysts and Relations
September 02, Finenter (September 2,
Online platform Institution institutional Activity Log
investors (September 2,
published on
the CNINFO
website
(http://www.cni
nfo.com.cn).
For details,
please refer to
the Investor
Relations
Investor
Investor Activity Log
Investors Relations
October 15, Relations (October 15,
Online platform Others submitting Activity Log
inquiries online (October 15,
Platform published on
the CNINFO
website
(http://www.cni
nfo.com.cn).
For details,
please refer to
the Investor
Relations
Investor
Activity Log
Analysts and Relations
October 31, Finenter (October 31,
Online platform Institution institutional Activity Log
investors (October 31,
published on
the CNINFO
website
(http://www.cni
nfo.com.cn).
XIII. Status of Implementation for Market Capitalization Management System and Valuation
Enhancement Plan
Has the Company established a market capitalization management system?
?Yes □No
Has the Company disclosed a valuation enhancement plan?
□Yes ?No
On March 10, 2025, the Company convened the 35th meeting of its sixth board of directors. In a decisive move to enhance market
capitalization management practices and to standardize corporate conduct, the Board established the Market Capitalization
Management System for JA Solar Technology Co., Ltd. This initiative aligns with the stipulations of the Company Law, Securities Law,
and Regulatory Guidelines for Listed Companies No. 10 — Market Value Management, among other relevant statutes and the
Company's Articles of Association. The formulation reflects a careful consideration of the Company’s unique circumstances, ensuring
robust protection for the rights of the Company and its stakeholders.
XIV. Status of Implementation for the Dual Enhancement of Quality and Returns Initiative
Has the Company disclosed an announcement regarding the Dual Enhancement of Quality and Returns action plan?
?Yes □No
In 2024, the Company maintained its focus on core operations, effectively utilizing its extensive global marketing and service
networks, alongside brand advantages, to enhance market presence. During the reporting period, the shipment volume of cells and
modules demonstrated a substantial year-over-year increase, reaching 79.447 GW (including 1.544 GW self-use), with overseas module
shipments comprising approximately 49% of the total. Nonetheless, heightened market competition, significant declines in product
prices, and increasingly challenging international trade conditions adversely affected the profitability of the Company’s core business.
In response, the Company conducted impairment tests on long-term assets that exhibited signs of impairment, ultimately recognizing
asset impairment provisions in accordance with accounting standards. This decision markedly influenced financial performance,
leading to reported operating revenue of 70,120,697,000 yuan and a net profit attributable to shareholders of -4,655,943,800 yuan for
The Company has consistently prioritized innovation through robust support for technological research and development and
process innovation. Its research team employs a market demand-oriented approach, underpinned by a technology-driven foundation
and a strong emphasis on process improvements. In 2024, the Company allocated 3.711 billion yuan to R&D, accounting for 5.29% of
its operating revenue. By the close of the reporting period, the Company successfully held 1,899 valid patents, including 1,031 invention
patents.
In 2024, the Company made significant strides in digitalization and intelligent transformation, leveraging advanced technologies
to empower business development. These enhancements have notably increased operational efficiency, boosted labor productivity,
improved product quality, and reduced costs. The Company has fortified its data capabilities while upgrading its information security
systems, developing robust management frameworks across marketing, manufacturing, operations, logistics, and finance. The
establishment of the Smart Manufacturing Research Institute has further elevated intelligent production levels, with several facilities
achieving recognition as national Smart Manufacturing Demonstration Factories and Outstanding Smart Manufacturing Scenarios. The
strategic adoption of digital intelligence has led to substantial increases in production line output and cost efficiency, thereby enhancing
market competitiveness.
On May 30, 2024, the Company successfully executed its 2023 profit distribution plan. Following the deduction of 24,476,300
repurchased shares, the total share capital amounted to 3,285,192,903 shares. The Company declared a cash dividend of 0.563 yuan
per share (tax inclusive), amounting to a total distribution of 1.849 billion yuan to its shareholders. In the year 2023, the Company also
repurchased 12,483,600 shares through centralized bidding on the Shenzhen Stock Exchange, totaling a transaction value of 260 million
yuan, exclusive of associated transaction costs. Collectively, the cash dividends and share repurchases for 2023 reached 2.109 billion
yuan, reflecting 30% of the net profit attributable to shareholders as outlined in the consolidated financial statements.
As of October 29, 2024, the Company concluded its share repurchase program. Utilizing the centralized bidding system on the
Shenzhen Stock Exchange, a total of 26,945,700 shares were repurchased, accounting for 0.81% of the total share capital. The
cumulative transaction value reached 489,990,021.55 yuan, exclusive of applicable transaction fees such as stamp duty and
commissions.
The Company rigorously complies with legal statutes and regulatory frameworks regarding information disclosure. Our
disclosures consistently uphold the principles of truth, accuracy, completeness, timeliness, and fairness. We prioritize an investor-
centric approach, ensuring that our disclosures meet investor needs and provide useful insights for investment decisions. Emphasizing
the significance of disclosure, we communicate valuable information to investors, focusing on industry dynamics, operations, and risk
factors. Our commitment is to continuously enhance the quality of our disclosures. While maintaining compliance with regulatory
disclosure requirements, the Company will continuously strengthen investor relations management by broadening channels for investor
communication through various avenues such as shareholder meetings, performance briefings, site visits, brokerage strategy sessions,
https://irm.cninfo.com.cn/ and investor hotlines. These efforts ensure robust interaction and communication with diverse investor
groups.
In addition, the Company is committed to consolidating governance foundations, fostering robust internal controls, and fortifying
risk management, and elevating the level of strategic decision-making, in order to establish a sustainable and steady trajectory for long-
term growth and to safeguard the legitimate rights and interests of our investors effectively.
Section IV. Company Governance
I. Governance Overview
The Company strictly adheres to the requirements outlined in the Company Law, Securities Law, Code of Corporate Governance
for Listed Companies, Shenzhen Stock Exchange Listing Rules, Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen
Stock Exchange—Regulated Operation of Companies Listed on Main Board, and other relevant laws and regulations issued by the
China Securities Regulatory Commission and the Shenzhen Stock Exchange. The Company continuously refines its internal
governance structure and internal control mechanisms, further regulate corporate conduct, enhance communication with investors to
safeguard their interests comprehensively. These efforts contribute to the continual improvement of corporate governance standards.
(I) Shareholders and general meeting
The Company strictly complies with the regulations and requirements set forth in the Articles of Association and the Rules of
Procedures for General Meeting to govern the convening, holding, and voting procedures of general meetings. This ensures equitable
treatment for all shareholders, particularly minority stakeholders, enabling them to fully exercise their rights without any prejudice to
their interests. The Company maintains sole ownership of its assets, with no instances of shareholders or their affiliates appropriating
or transferring any funds, assets, or other resources of the Company. Additionally, the Company has not provided guarantees for
shareholders or their affiliates.
(II) Company and its controlling shareholder
The Company manages its relationship with the controlling shareholder in accordance with the provisions of the Company Law,
Securities Law, Articles of Association, and relevant regulations issued by regulatory authorities. The Company operates entirely
separately from its controlling shareholder across businesses, personnel, assets, organizational structure, and financial operations. It
possesses autonomous operational capabilities, with its board of directors, supervisory committee, and internal departments functioning
independently.
The controlling shareholder adheres strictly to regulations, lawfully exercises its rights, and fulfills its obligations. There is no
instance of the controlling shareholder directly or indirectly intervening in the Company’s decision-making or operational activities
beyond the authority of the general meeting or the board of directors.
(III) Directors and board of directors
Directors are elected and appointed in accordance with the procedures outlined in the Articles of Association. The board of
directors consists of 9 directors, including 3 independent directors, accounting for one-third of the total board members. The
composition and number of directors meet the requirements stipulated by laws, regulations, and the Articles of Association. The board
has four special committees, namely the Strategy and Sustainability Committee, the Audit Committee, the Nomination Committee, and
the Remuneration and Assessment Committee. All directors conduct their activities in compliance with the regulations outlined in the
Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange—Regulated Operation of Companies Listed on
Main Board, the Rules of Procedures for Board Meetings, the Independent Director System, and the regulations of various specialized
committees. They actively participate in relevant training sessions, acquaint themselves with applicable laws and regulations, and fulfill
their responsibilities as directors.
(IV) Supervisory committee and supervisors
Supervisors are elected and appointed in accordance with applicable laws and regulations including the Company Law, and
Articles of Association. The supervisory committee consists of 3 supervisors, including 1 staff representative supervisor. The
composition and number of supervisors meet the requirements stipulated by relevant laws and regulations. The supervisors fulfill their
duties in accordance with the provisions outlined in the Rules of Procedures for Supervisory Committee Meetings. They effectively
supervise significant matters, related-party transactions, financial conditions, the performance of directors and managers, and the use
of raised funds, while providing constructive feedback.
(V) Performance assessment and incentive mechanisms
The board of directors has a Remuneration and Assessment Committee which is responsible for developing and reviewing the
Company’s compensation policies and schemes for directors and senior managers, as well as establishing assessment criteria and
conducting evaluations for directors and senior managers. In compliance with regulations like the Work Rules of the Remuneration and
Assessment Committee, the Company conducts performance evaluations for directors and managers in a transparent and open manner.
The Company has implemented an incentive mechanism that ties manager compensation to both corporate performance and individual
achievements. Managers perform their responsibilities as stipulated by relevant regulations including the Company Law, Articles of
Association, and the Work Rules of the General Manager.
(VI) Stakeholders
The Company demonstrates a robust sense of social responsibility and a keen awareness of collective interests, respecting and
safeguarding the legitimate rights of all stakeholders. Aiming for the harmonious development of society, shareholders, the Company,
suppliers, customers, and employees, the Company takes collaboration with stakeholders and promotes its long-term sustainability.
While pursuing continuous growth and maximizing shareholder value, the Company also prioritizes environmental protection and
philanthropy. By actively engaging in charitable initiatives, it places significant emphasis on corporate social responsibility.
(VII) Disclosure and transparency
The Company rigorously complies with relevant laws, regulations, and its own Information Disclosure Management Policy,
ensuring the truthful, accurate, complete, timely, and equitable disclosure of information, and guaranteeing equal access to information
by all shareholders. The Company prioritizes communication with investors by providing dedicated phone lines and email addresses
for investor inquiries, and attentively addressing all queries. The Company also strengthens communication with investors through
online performance briefings, https://ir.p5w.net/, and other channels.
(VIII) Internal policies regarding governance
The Company consistently strengthens its governance policies, now encompassing corporate governance, information
disclosure, investment, trading, auditing, subsidiary management, and other key areas. These policies offer robust institutional
support for the Company’s standardized operations and sustainable growth.
Any significant difference between the corporate governance and provisions of laws, regulations and rules of the CSRC on listed
companies
□ Yes ? No
There is no significant difference between the corporate governance and provisions of laws, regulations and rules of the CSRC on
listed companies.
II. Company’s Separation from Its Controlling Shareholder and Actual Controller in Terms of
Assets, Personnel, Financial affairs, Organizational Structure and Business Activities
The Company’s primary operations include research, production, and sales of silicon wafers, cells, modules and storage energy
systems, as well as the development, construction, and operation of photovoltaic power plants, along with research, production, and
sales of photovoltaic materials and equipment. The Company independently conducts research and development, manufacturing, and
sales of its products. It possesses a comprehensive operational framework covering research and development, raw material
procurement, manufacturing, quality control, and sales. With the capability to operate autonomously in the market, it does not rely on
the controlling shareholder, actual controller, or businesses under their control. Furthermore, there are no conflicts of interest or unfair
related-party transactions with the controlling shareholder, actual controller, or businesses under their control.
The directors, supervisors, and senior managers of the Company are appointed in accordance with the conditions and procedures
stipulated in the Company Law and Articles of Association. The Company has instituted an independent HR management department
and a robust personnel management system. Senior executives, including the General Manager and Deputy General Managers, do not
hold positions beyond director or supervisor in businesses under the control of the controlling shareholder or actual controller.
Moreover, they do not receive remuneration from these businesses. No financial staff of the Company takes any part-time job in the
controlling shareholder, actual controller or businesses under their control.
The Company possesses essential production systems, auxiliary production systems, and supporting facilities related to its
operations. It lawfully owns the title or use-right of assets such as machinery, buildings, land usage rights, trademarks, and patents
pertinent to production and operations. The ownership of key assets is clearly defined, and there are no significant disputes regarding
ownership. Its assets are independent from the controlling shareholder, actual controller or businesses under their control. The Company
does not provide guarantees using its assets and equity for businesses under the control of its controlling shareholder or actual controller.
There are also no instances of assets or funds being unlawfully appropriated by businesses under the control of its controlling
shareholder or actual controller. The Company maintains full control and ownership rights over all of its assets.
The Company has established and refined the systems for the general meeting, the board of directors, and the supervisory
committee, resulting in a robust corporate governance structure. In terms of internal organization, the Company has established
organizational structures tailored to its developmental requirements. These structures define the functions of each department and
establish corresponding internal management and control systems, enabling independent conduct of production and operational
activities within the Company. There is no organizational overlap between the Company’s organizational structure and those of
businesses under the control of its controlling shareholder or actual controller.
The Company has created an independent, comprehensive, and standardized accounting and financial management system in
accordance with the Accounting Standards for Business Enterprises and relevant regulations. Additionally, it has implemented
corresponding internal controls, enabling autonomous financial decision-making. The Company has opened its own bank account and
does not share any bank account with its controlling shareholder, actual controller or businesses under their control. As an independent
taxpayer, the Company does not engage in mixed taxation with businesses under the control of its controlling shareholder or actual
controller.
III. Horizontal Competition
□ Applicable ? Not applicable
IV. Annual General Meeting and Extraordinary General Meetings Held in the Reporting
Period
Percent of investor
Session No. Session type Session date Disclosure date Resolutions
attendance
For details, please refer to the
The First
Resolution Announcement of
Extraordinary
Extraordinary the First Extraordinary
General Meeting 55.55% March 13, 2024 March 14, 2024
General Meeting General Meeting of
of Shareholders of
Shareholders of 2024
published on the CNINFO
website
(http://www.cninfo.com.cn).
For details, please refer to the
Annual General Resolution Announcement of
the Annual General Meeting
Meeting of Annual General
Shareholders of Meeting published on the CNINFO
(http://www.cninfo.com.cn).
For details, please refer to the
The Second Resolution Announcement of
Extraordinary the Second Extraordinary
Extraordinary October 08, October 09, General Meeting of
General Meeting 53.42%
General Meeting 2024 2024 Shareholders of 2024
of Shareholders of published on the CNINFO
(http://www.cninfo.com.cn).
For details, please refer to the
The Third Resolution Announcement of
Extraordinary the Third Extraordinary
Extraordinary December 30, December 31, General Meeting of
General Meeting 51.08%
General Meeting 2024 2024 Shareholders of 2024
of Shareholders of published on the CNINFO
(http://www.cninfo.com.cn).
restored
□ Applicable ? Not applicable
V. Information of Directors, Supervisors and Senior Managers
Shareholdi Shareholdi
ngs ngs
Opening increased decreased Other Closing
Office Reason for
Name Gender Age Title Start date End date shareholdings in the in the changes shareholdings
status changes
(share) current current (share) (share)
period period
(share) (share)
Chairman,
December 05,
Jin Baofang Male 72 and General Current December 11, 2025
Manager
Deputy
April 29,
Yang Aiqing Male General Current December 11, 2025
Manager
Director Current June 08, 2022 December 11, 2025
December 12,
Jin Junhui Female 46 Director Current December 11, 2025
Director, and
Deputy December 05,
Tao Ran Male 38 Current December 11, 2025
General 2019
Manager
Director December 05,
Cao Yangfeng Male 51 Current December 11, 2025 1,346,184 1,346,184
Director December 12,
Jia Shaohua Male 74 Current December 11, 2025
Independent December 05,
Zhao Yuwen Male 85 Current December 11, 2025
director 2019
Independent December 05,
Zhang Miao Female 41 Current December 11, 2025
director 2019
Independent December 05,
Qin Xiaolu Female 49 Current December 11, 2025
director 2019
Chairman of
the December 05,
Li Yuntao Male 45 Current December 11, 2025
Supervisory 2019
Committee
December 05,
Li Jing Female 34 Supervisor Current December 11, 2025
December 05,
Li Binbin Female 28 Supervisor Current December 11, 2025
Deputy
General
December 06,
Wu Tingdong Male 50 Manager, and Left March10, 2025 1,321,823 1,321,823
Secretary of
the Board
Finance December 06,
Li Shaohui Male 50 Current December 11, 2025 1,744,008 1,744,008
Director 2019
Secretary of March10,
Qin Shilong Male 39 Current December 11, 2025
the Board 2025
Total -- -- -- -- -- -- 5,238,245 0 0 5,238,245 --
Directors or supervisors leaving their positions or dismissals of senior managers in the reporting period
□ Yes ? No
Changes in directors, supervisors, and senior managers
? Applicable □Not applicable
Name Title Type Date Reason
Deputy General
Wu Yandong Manager, Board Dismissal March 10, 2024 Work Transfer
Secretary
The professional backgrounds, work experiences, and main responsibilities of the current directors, supervisors, and senior managers
within the Company
Mr. Jin Baofang, born in 1952, Chinese citizen, senior political work specialist, and senior economic specialist. In April 1972, he
was selected to study at Xingtai School of Finance and Trade. In June 1974, he was appointed as an accountant in the preparatory office
of Xingtai Cement Factory. In October 1975, he became the Director of the Office of Agricultural Machinery Bureau in Ningjin County.
In March 1984, he was promoted to Deputy Director of the Agricultural Machinery Bureau in Ningjin County, concurrently serving as
the Manager of the Agricultural Machinery Supply Company in Ningjin County. In 1992, he was appointed as the Party Secretary and
Director of the Ningjin County Power Bureau in Hebei Province. Since 2003, he has served as the Chairman of Jinglong Industrial
Group Co., Ltd. From May 2005 to May 2024, he has also held the position of Chairman at JA Solar Holdings Co., Ltd. He received
honors such as Hebei Province Model Worker, Outstanding Entrepreneur of Hebei Province, National May 1st Labor Medal, National
Model Worker, among others. He has also served as a delegate to the 10th, 11th, and 12th National People’s Congress. Since December
Mr. Yang Aiqing, born in 1981, Chinese citizen, bachelor’s degree. From 2005 to 2009, he held various positions at JA Solar
Holdings Co., Ltd., including technician, team leader, line leader, workshop director, and deputy manager of the production department.
From September 2009 to December 2015, he served in various roles at JA (Yangzhou) Solar Technology Co., Ltd., such as production
manager, process manager, manufacturing director, assistant to the general manager, deputy general manager, and executive deputy
general manager. From 2016 to March 2017, he was the general manager of Shanghai JA Solar Technology Co., Ltd. From 2017 to
business unit and assistant to the president of JA Solar Holdings Co., Ltd. Since January 2022, he has been serving as the acting
president and executive president of the Company successively. Additionally, since April 2022, he has held the position of deputy
general manager, and since June 2022, he has been a director of the Company.
Ms. Jin Junhui, born in 1978, a Chinese national with a postgraduate degree. From September 1998 to March 2009, she took
various roles within Ningjin County, Hebei Province. Her positions included Clerk and Section Member at the County Personnel and
Labor Bureau, as well as Deputy Section Chief of the Cadre Division at the County Party Committee Organization Department. She
further advanced to Chief of the Staff Division and thereafter served as Deputy Director of the Grassroots Office. From March 2009 to
October 2021, Ms. Jin contributed to the Hebei Provincial Directly Affiliated Organs Work Committee, progressing from Deputy
Section Member to Section Member, and subsequently becoming Deputy Director and then Director of several key departments,
including the United Front (Mass Work) Department, the Women’s Work Committee, and the Youth Work Committee. In her
subsequent roles, from November 2021 to December 2024, she served as Assistant President and General Manager of the Shijiazhuang
Base. Since December 2022, she has been a Director of the Company, and in December 2024, she ascended to the role of President of
the China Region within the Company’s Regional Operations Center.
Mr. Tao Ran, born in 1987, a Chinese national with a postgraduate degree. He commenced his professional journey at Shanghai
JA Solar PV Technology Co., Ltd. as Assistant to the CEO Office from May 2012 to March 2015. His capabilities earned him a
promotion to Assistant President, a position he held briefly from March to June 2015. Subsequently, Mr. Ran took on the role of
Assistant President at Beijing JA Solar PV Technology Co., Ltd. from July 2015 to January 2018, ultimately advancing to Vice
President until December 2019. Since then, he has served as Director and Deputy General Manager of the Company. Additionally,
since January 2020, he has undertaken roles as Vice President of the Company, and the President of the Infrastructure Engineering
Center.
Mr. Cao Yangfeng, born in 1973, a Chinese national with a doctoral degree. He served as the Director of the JA Solar Strategy
and Brand Committee from November 2018 to December 2019. Since December 2019, he has held the position of Director of the
Company and Chairman of the Strategy and Sustainable Development Committee. In December 2024, he was appointed Deputy
Director of the Company’s Business Management Committee. Additionally, Mr. Cao is a Professor of Management Practice at Peking
University Guanghua School of Management.
Mr. Jia Shaohua, born in December 1950, Doctor’s degree, professor, and researcher in economics. He serves as a graduate
supervisor at the University of Chinese Academy of Social Sciences, Honorary Director of the Finance and Tax Cadre Education and
Training Center at the School of Continuing Education of Central University of Finance and Economics, and Vice Chairman of the
China Association for Fiscal and Tax Law. He has held various positions including Director of the Finance Department of Ningxia Hui
Autonomous Region, Deputy General Manager of Hainan Province Commercial Management Group, Deputy Director of the State
Taxation Bureau of Jiangxi Province and Hainan Province, Director of the Tax Cadre Continuing Education College of the State
Administration of Taxation, and Chief Editor of the China Taxation Publishing House. In 1996, he was awarded the title of Outstanding
Expert with Outstanding Contributions by the Hainan Provincial People’s Government for his contributions in enterprise management.
In 2001, he was awarded the title of Outstanding Expert with Outstanding Contributions by the State Council for his contributions in
tax research and teaching, and he received the special government allowance. Since December 2022, he has been a director of the
Company.
Mr. Zhao Yuwen, born in 1939, Chinese citizen, bachelor’s degree. In 1978, he joined the Beijing Solar Energy Research Institute,
where he successively held positions as a researcher, deputy director, chief engineer and director of academic commission. From 1999
to 2017, he served as the Vice Chairman of the China Renewable Energy Society (formerly the China Solar Energy Society) and
Director of the Photovoltaic Professional Committee. From 2017 to March 2022, he was the Chief Supervisor of the China Renewable
Energy Society. From 2005 to 2017, he served as a member of the International Advisory Committee for the Photovoltaic Science and
Engineering Conference (PVSEC) and the World Conference on Photovoltaic Energy Conversion (WCPEC). Since 2017, he has been
an Honorary Member of the International Advisory Committee for the PVSEC. Since 2017, he has also served as the Honorary Director
of the Photovoltaic Professional Committee of the China Renewable Energy Society. Since December 2019, he has been an independent
director of the Company.
Ms. Zhang Miao, a Chinese national born in 1983, possesses a master’s degree. She served as Prosecutor and Director of the
Public Prosecution Department at the Beijing Dongcheng District People’s Procuratorate from July 2005 to June 2012. Subsequently,
she was the Director of the Litigation Department at Beijing Li Xiaobin Law Firm until May 2014, when she became a Senior Partner
at Beijing Hylands Law Firm. Since December 2019, she has effectively contributed as an Independent Director of the Company.
Ms. Qin Xiaolu, a Chinese national born in 1975, a Senior Accountant with a postgraduate degree. She has been recognized as a
Leading Management Accounting Talent in Fujian Province. In her current roles, she serves as a part-time Master Candidate’s
Supervisor at the Xiamen National Accounting Institute and as an Industry Mentor for accounting, auditing, and doctoral students at
Xiamen University. Her professional journey includes financial leadership positions at Fujian Zhongyou Putai Mobile Equipment Co.,
Ltd., where she advanced from Deputy Financial Director to Financial Director between March 2005 and July 2012. Subsequently, she
held executive roles at Fujian Aoyuan Group from July 2012 to June 2024, culminating as President after also serving as Executive
Vice President and Financial Director. Since December 2019, she has been an Independent Director of the Company.
Mr. Li Yuntao, born in 1979, Chinese citizen. Since January 2010, he has served successively in various roles at Jinglong
Industrial Group Co., Ltd., including Finance Section Chief, Finance Manager, Director of Financial Management Center, Senior
Manager of Investment Business Unit, and Assistant to the General Manager. He has been the chairman of the supervisory committee
of the Company since December 2019.
Ms. Li Jing, born in 1991, master’s degree from Peking University. From September 2013 to August 2015, she served as the
Marketing Manager at Beijing BMEI Co., Ltd. In August 2015, she joined Beijing JA Solar PV Technology Co., Ltd. Since December
at the Company.
Ms. Li Binbin, born in 1996, Chinese citizen, bachelor’s degree. From December 2017 to February 2019, she worked as a
receptionist at the administrative department of Beijing JA Solar PV Technology Co., Ltd. From February 2019 to July 2023, she
served as an administrative secretary at Beijing JA Solar PV Technology Co., Ltd. From July 2023 to now, she held the position of
Head of the quality management system at Qujing JA Solar Technology Co., Ltd. She has also been an employee representative
supervisor of the Company since December 2019.
The background of Mr. Jin Baofang, the General Manager, Mr. Yang Aiqing, the Deputy General Manager, and Mr. Tao Ran, the
Deputy General Manager.
Mr. Wu Tingdong, born in 1975, Chinese citizen, bachelor’s degree. From 2011 to 2018, he held various positions successively
at JA Solar Holdings Co. Ltd., including Senior Manager of Public Relations Department, Senior Manager of Power Plant Development
Project Department, Deputy General Manager of Power Plant Business Unit, Secretary to the Board of Directors, and Assistant to the
President. From July 2018 to December 2019, he has been serving as Assistant to the President at JA Solar Holdings Co., Ltd. From
August 2015 to May 2024, he has also served as a director of JA Solar Holdings Co., Ltd. From December 2019 to March 2025, he
has been serving as Deputy General Manager and Secretary to the Board of Directors of the Company. Additionally, since January
Mr. Li Shaohui, born in 1974, Chinese citizen, master’s degree, accountant, Chinese CPA, Chinese certified tax agent, and Chinese
certified public valuer. From January 2001 to September 2005, he served as an auditor at Xingtai Huaxin Certified Public Accountants
Co., Ltd. From October 2005 to August 2007, he worked as the Finance Director at Xingtai Xinhui Copper Industry Special Wire Co.,
Ltd. From September 2007 to January 2012, he held the positions of legal representative and general manager at Xingtai Jinxin Taxation
Agent Co., Ltd. From April 2010 to January 2012, he served as a shareholder and supervisor at Hebei Tianfang Asset Appraisal Co.,
Ltd. From February 2012 to October 2013, she served as the Finance Director at JA Solar Holdings Co., Ltd. From November 2013 to
September 2015, he served as Deputy General Manager at JA Solar Holdings Co., Ltd. From October 2015 to December 2019, he
served as the Finance Director and Assistant to the President at Beijing JA Solar PV Technology Co., Ltd. Since December 2019, he
has been responsible for finance at the Company. Additionally, since January 2020, he has been serving as Vice President and President
of Finance Management Center at the Company successively.
Mr. Qin Shilong, a Chinese national born in 1986, possesses a master’s degree and an impressive array of professional
certifications, including the Chinese Legal Professional Qualification Certificate, Shenzhen Stock Exchange Board Secretary
Qualification Certificate, and Independent Director Qualification Certificate. His extensive experience in asset management and legal
affairs distinguishes him in the field. Notably, Mr. Qin has served as board secretary for several publicly listed companies and has been
honored with induction into the New Fortune Golden Board Secretary Hall of Fame. From February 2012 to June 2017, he advanced
through progressively responsible roles at Tianjin Zhonghuan Electronic Information Group Co., Ltd., ultimately becoming Deputy
Minister of both the Asset Management and Legal Affairs Departments. from June 2017 to November 2024, he served as Deputy
General Manager and Board Secretary at TCL Zhonghuan Renewable Energy Technology Co., Ltd. Currently, he continues to excel
in his role as Board Secretary, a position he has held since March 2025.
Offices in shareholders
?Applicable □ Not applicable
Whether
compensation or
Name in office Shareholder name Title Start date End date allowances are
received from
shareholder
Dongtai Jingtaifu
Jin Baofang Technology Co., Executive director No
Ltd.
Offices in other entities
?Applicable □ Not applicable
Whether
compensation or
Name in office Entity name Title Start date End date
allowances are
received from
other entities
Jinglong Industrial
Jin Baofang Chairman
Group Co., Ltd.
Jinglong
Jin Baofang Technology Executive director
Holding Co., Ltd.
Beijing Jingguan
Energy
Jin Baofang Chairman
Technology Co.,
Ltd.
Ningjin Jingyuan
Jin Baofang New Energy Co., Executive director
Ltd.
Jinglong Property
Jin Baofang Executive director
Co., Ltd.
Beijing Yangguang
Jinglong
Jin Baofang Executive director
Technology and
Trade Co., Ltd.
Jinglong
Jin Baofang Director
Group Co., Ltd.
Sanhe Huadian
Yili Technology
Jin Baofang Executive director
and Trade Co.,
Ltd.
JASO
Jin Baofang Top Holdings Director
Limited
JASO
Jin Baofang Director
Holdings Limited
Ningjin Rural
Jin Baofang Director
Bank Co., Ltd.
Yangguang
Guifeng Electronic
Jin Baofang Executive director
Technology Co.,
Ltd.
Beijing Zhongrui
Lesang Hotel
Jin Baofang Director
Management Co.,
Ltd.
Tianjin Zhonglong
Jin Baofang Future Technology Director
Co., Ltd.
Guanghua School Professor of
Cao Yangfeng of Management, management
Peking University practices
University of
Master candidate
Jia Shaohua China Academy of
supervisor
Social Sciences
China Association
Jia Shaohua for Fiscal and Tax Vice Chairman
Law
Shunfeng
Independent
Zhao Yuwen International Clean
director
Energy Limited
Beijing Haotian
Zhang Miao Senior partner
Law Firm
Xiamen National Master candidate
Qin Xiaolu Accounting supervisor (off -
Institute campus)
China Dragon
Qin Xiaolu Securities Co., Supervisor
Ltd.
Industry Mentor
for Doctoral
Candidates in
Accounting,
Master’s
Qin Xiaolu Xiamen University
Candidates in
Accounting, and
Master’s
Candidates in
Auditing
Jinglong Industrial Assistant to
Li Yuntao
Group Co., Ltd. General Manager
Jinglong
Li Yuntao Technology General Manager
Holding Co., Ltd.
Ningjin Jingyuan
Li Yuntao New Energy Co., Manager
Ltd.
Hebei Finance
Li Yuntao Investment Supervisor
Leasing Co., Ltd.
JA (Tianjin)
Li Yuntao Finance Lease Co., Chairman
Ltd.
Hebei Jingning
Li Yuntao Elderly Care Director
Services Co., Ltd.
Li Yuntao Ningjin Director
Rongcheng
Enterprise Service
Co., Ltd.
Li Yuntao Bank of Xingtai Director
Co., Ltd.
Li Yuntao Xingtai Qichang
Director and
Hotel Management
General Manager
Co., Ltd.
Penalties imposed on current and departing directors, supervisors, and senior managers by securities regulatory authorities in the past
three years
□ Applicable ? Not applicable
Decision-making process, criteria for determination, and actual payment status of remuneration for directors, supervisors, and senior
managers
Decision-making process for the The Company adheres to its Articles of Association and the Remuneration Assessment
remuneration for directors, supervisors, Policy for Directors, Supervisors, and Senior Managers.
and senior managers
Criteria for the renumeration for Directors, supervisors, and senior managers serving in the Company receive
directors, supervisors, and senior remuneration according to their administrative positions and duties, in accordance with
managers the Company’s existing compensation policy.
Actual payments to directors, The Company follows the decision-making process and criteria for determining the
supervisors, and senior managers remuneration of directors, supervisors, and senior managers, ensuring that their
compensation is paid on time.
Renumeration of directors, supervisors, and senior managers in the reporting period
Unit: 10,000 yuan
Whether
Total before-tax receiving
compensation compensation
Name Gender Age Title Office status
from the from related
Company parties of the
Company
Chairman, and
Jin Baofang Male 72 Current 347.64 No
General Manager
Director, and Deputy
Yang Aiqing Male 43 Current 356.33 No
General Manager
Jin Junhui Female 46 Director Current 315.16 No
Director, and Deputy
Tao Ran Male 38 Current 248.16 No
General Manager
Cao Yangfeng Male 51 Director Current 157.04 No
Jia Shaohua Male 74 Director Current 12 No
Zhao Yuwen Male 85 Independent director Current 20 No
Zhang Miao Female 41 Independent director Current 20 Yes
Qin Xiaolu Female 49 Independent director Current 20 Yes
Chairman of the
Li Yuntao Male 45 Supervisory Current 0 Yes
Committee
Li Jing Female 34 Supervisor Current 71.59 No
Employee
Li Binbin Female 28 representative Current 15.05 No
supervisor
Deputy General
Manager, and
Wu Tingdong Male 50 Left 238.16 No
Secretary of the
Board
Li Shaohui Male 50 Finance Director Current 238.25 No
Total -- -- -- 2,059.38 --
Other notes
□ Applicable ? Not applicable
VI. Performance of Duties by Directors in the Reporting Period
Session No. Session date Disclosure date Resolutions
Refer to the Seventeenth
Meeting of the Sixth Board of
February 26,2024 February 27,2024 Directors on
of directors
http://www.cninfo.com.cn for
details.
Refer to the Second Meeting
of the Eighteenth Board of
March 19,2024 Directors on
of directors March 18,2024
http://www.cninfo.com.cn for
details.
of directors Meeting of the Sixth Board of
Directors on
http://www.cninfo.com.cn for
details.
Refer to the Twentieth
Meeting of the Sixth Board of
April 29,2024 April 30,2024 Directors on
of directors
http://www.cninfo.com.cn for
details.
Refer to the Twenty-first
Meeting of the Sixth Board of
May 06,2024 May 07,2024 Directors on
of directors
http://www.cninfo.com.cn for
details.
Refer to the Twenty-second
Meeting of the Sixth Board of
May 27,2024 May 28,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-third
Meeting of the Sixth Board of
June 18,2024 June 19,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-fourth
Meeting of the Sixth Board of
July 09,2024 July 10,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-fifth
Meeting of the Sixth Board of
July 25,2024 July 26,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-sixth
Meeting of the Sixth Board of
August 30,2024 August 31,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-seventh
Meeting of the Sixth Board of
September 06,2024 September 07,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-eighth
Meeting of the Sixth Board of
September19,2024 September 20,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Twenty-nineth
Meeting of the Sixth Board of
October 28,2024 October 29,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Thirtieth Meeting
October 30,2024 October 31,2024 of the Sixth Board of
of directors
Directors on
http://www.cninfo.com.cn for
details
Refer to the Thirty-first
Meeting of the Sixth Board of
December 10,2024 December 11,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Refer to the Thirty-second
Meeting of the Sixth Board of
December 19,2024 December 20,2024 Directors on
of directors
http://www.cninfo.com.cn for
details
Director attendance at board meetings and general meetings
Board
Not attendance
meetings the
Attendances at in person or via
director Attendances at Attendances at Attendances at
board meetings Absences from communication
Director name should have board meetings board meetings general
via board meetings at two
attended in the in person by proxy meetings
communication consecutive
reporting
board meetings
period
Jin Baofang 16 16 0 0 0 No 4
Yang Aiqing 16 7 9 0 0 No 4
Jin Junhui 16 1 15 0 0 No 4
Tao Ran 16 12 4 0 0 No 4
Cao Yangfeng 16 2 14 0 0 No 4
Jia Shaohua 16 1 15 0 0 No 4
Zhao Yuwen 16 2 14 0 0 No 4
Zhang Miao 16 0 16 0 0 No 4
Qin Xiaolu 16 2 14 0 0 No 4
Not attendance in person or via communication at two consecutive board meetings
Whether directors raised objections regarding Company matters
□ Yes ? No
No objections were raised by the directors regarding Company matters during the reporting period.
Whether the suggestions from directors regarding Company matters adopted
? Yes □ No
Note on adoption or not adoption of the suggestions from directors regarding Company matters
In the reporting period, the Company’s directors fulfilled their responsibilities in strict adherence to relevant regulations such as the
Company Law, Securities Law, Code of Corporate Governance for Listed Companies, Shenzhen Stock Exchange Listing Rules, Articles
of Association and Rules of Procedures for Board Meetings. They provided valuable insights into the Company’s daily operational
decisions, significantly enhancing the Company’s compliance and fostering informed decision-making.
VII. Committees under the Board of Directors in the Reporting Period
Important Additional Specific
Number
Committee name Members Session date Content opinions and informatio information
of
recommendati n on on objections
meetings ons raised performanc (if any)
e of duties
Audit Qin Xiaolu, Jia
January Q4 2023 audit review and Proposal
Committee Shaohua, Zhao 6
Yuwen
Audit Qin Xiaolu, Jia
January KPMG presentation of 2023 Proposal
Committee Shaohua, Zhao 6
Yuwen
Audit Qin Xiaolu, Jia
April KPMG annual audit work Proposal
Committee Shaohua, Zhao 6
Yuwen
Audit Review of the following
Committee reports/topics 2023 Annual
Qin Xiaolu, Jia Report, Q1 2024 Report,
April Proposal
Shaohua, Zhao 6 2023 Internal Control Self-
Yuwen Assessment Report, and
proposal on 2023 asset
impairment provisions
Audit Review of the following
Committee Qin Xiaolu, Jia topics: 2024 Interim Report
August Proposal
Shaohua, Zhao 6 and proposal on
Yuwen reappointment of 2024
external auditor
Audit Qin Xiaolu, Jia
October Review of the Q3 2024 Proposal
Committee Shaohua, Zhao 6
Yuwen
Cao Yangfeng,
Strategy and Yang Ai Qing,
March Review of power plant Proposal
Sustainability Tao Ran, Zhao 4
Committee Yuwen, Zhang
Miao
Cao Yangfeng,
Strategy and Yang Ai Qing,
April Review of the Sustainability Proposal
Sustainability Tao Ran, Zhao 4
Committee Yuwen, Zhang
Miao
Cao Yangfeng,
Review of JA Solar
Strategy and Yang Ai Qing,
Holdings’ acquisition of Proposal
Sustainability Tao Ran, Zhao 4 July 03,2024
minority equity in Yangzhou approved
Committee Yuwen, Zhang
JA
Miao
Cao Yangfeng,
Strategy and Yang Ai Qing,
December Review of the Oman cell and Proposal
Sustainability Tao Ran, Zhao 4
Committee Yuwen, Zhang
Miao
Remuneration Zhang Miao, Review of termination of the
February Proposal
and Assessment Tao Ran, Zhao 4 2022 and 2023 equity
Committee Yuwen incentive plans
Review of cancellation of
Remuneration Zhang Miao,
April unexercised options under Proposal
and Assessment Tao Ran, Zhao 4
Committee Yuwen
incentive plan
Remuneration Zhang Miao, Evaluation of 2023
April Proposal
and Assessment Tao Ran, Zhao 4 performance and
Committee Yuwen compensation (allowances)
of non-director senior
management
Remuneration Zhang Miao,
December 2024 work report by senior Proposal
and Assessment Tao Ran, Zhao 4
Committee Yuwen
VIII. Performance of Duties by Supervisory Committee
Whether the supervisory committee identified any risks during its oversight activities in the reporting period
□ Yes ? No
The supervisory committee did not raise any objection to matters supervised in the reporting period.
IX. Employees
Number of employees in the parent company at the end of the
reporting period
Number of employees in major subsidiaries at the end of the
reporting period
Total employees at the end of the reporting period 37,289
Total employees receiving compensation in the current period 37,289
Number of retirees for whom the parent and major subsidiaries
must bear relevant expenses
Profession structure
Profession Number of employees
Production 30,630
Sales 761
Technology 2,148
Finance 353
Administration 3,397
Total 37,289
Education structure
Education background Number of employees
Master’s degree or higher 782
Bachelor’s degree 6,545
Three-year college 9,974
Others 19,988
Total 37,289
The Company adeptly navigates the complexities of a dynamic industry landscape by adopting differentiated compensation strategies
that align with its strategic development objectives. Informed by comprehensive benefits analysis and industry salary benchmarks, we
continually refine our benefits system, including annual comprehensive health check-ups and wellness seminars. Additionally, our
employee care initiatives, which celebrate birthdays, marriages, and other significant life events, significantly enhance job satisfaction.
To retain talent, we have developed diverse incentive programs for critical positions, incorporating project bonuses and performance-
based rewards. This performance-driven approach effectively links employee incentives to operational outcomes, optimizing workforce
engagement and stability.
The Company prioritizes talent development as a fundamental strategic initiative, with a focus on addressing employees’ career growth
needs. We effectively integrate both internal and external premium resources to create customized development pathways, while
continuously adapting our training approaches to align with industry trends. Internally, we capture and disseminate management
expertise through the extraction of knowledge from middle and senior leaders, complemented by the development of an internal trainer
system that refines best operational practices. Externally, we adopt advanced management tools and solutions. In alignment with our
global expansion strategy, we have established a multi-tiered talent pipeline that spans management, operations, general skills, and
cultural competencies, effectively meeting the demands of our business growth. This comprehensive approach not only enhances
specialized capabilities and holistic competencies but also strengthens our organizational competitiveness, advancing our framework
for international talent deployment and cultivation.
□ Applicable ? Not applicable
X. Profit Distribution and Capital Reserve Conversion into Share Capital
The profit distribution policy during the reporting period, particularly the formulation, implementation, or adjustment of the cash
dividend policy
?Applicable □ Not applicable
(I) The Company’s profit distribution policy is as below in accordance with its Articles of Association:
The profit distribution policy allows for dividends to be distributed in either cash or stock The cash dividend policy aims to
distribute residual dividends.
significant capital expenditure arrangements. Based on these factors, they should propose a differentiated cash dividend policy in
accordance with the procedures outlined in the Company’s Articles of Association.
(1) In the case where the Company is in a mature development stage and has no significant capital expenditure arrangements, the
proportion of cash dividends in the current profit distribution should be no less than 80%;
(2) In the case where the Company is in a mature development stage and has significant capital expenditure arrangements, the
proportion of cash dividends in the current profit distribution should be no less than 40%;
(3) In the case where the Company is in a growth development stage and has significant capital expenditure arrangements, the
proportion of cash dividends in the current profit distribution should be no less than 20%;
In the case where it is not easy to determine the Company’s development stage but the Company has significant capital expenditure
arrangements, the preceding rule applies.
The profit distribution policy should prioritize ensuring investors receive fair returns on their investments while maintaining
consistency and stability. The Company may distribute its profit in cash or stock within the cumulative distributable profits and without
damaging the Company’s going concern.
In the decision-making and review process of profit distribution policy, the board of directors, the supervisory committee, and the
general meeting of shareholders should give full consideration to the opinions of independent directors and public investors.
(1) Profit distribution forms: Cash and/or stock with cash distribution preferred.
(2) Specific conditions and ratios for the cash dividend distribution:
If none of the following conditions are met, the Company will distribute at least 10% of the annual distributable profit in cash
each year, and the cumulative cash dividends over the past three years will be no less than 30% of the average annual distributable
profit over the same period.
If any of the following conditions is met, the Company may choose not to distribute profits for the year:
① The auditors for the latest financial statements of the Company have expressed an opinion other than unqualified opinion or an
unqualified opinion for paragraphs regarding significant uncertainty related to going concern;
② The Company’s debt-to-asset ratio exceeds 80%;
③ The Company’s net operating cash flow is negative;
④ The Company has significant investment plans or substantial cash outflows;
⑤ The Company’s cumulative distributable profit (i.e., the after-tax profit after offsetting losses and creating reserves) at the end
of the year is zero or negative; or
⑥ The Company’s net profit attributable to shareholders of the listed company for the year is zero or negative.
A significant investment plan or substantial cash outflow is defined as one of the following circumstances:
① Over the next twelve months, the Company plans to invest externally, acquire assets, or purchase equipment, with cumulative
expenditures reaching or exceeding 50% of its latest audited net assets, and exceeding 50 million yuan;
② Over the next twelve months, the Company plans to invest externally, acquire assets, or purchase equipment, with cumulative
expenditures reaching or exceeding 30% of its latest audited total assets;
Where shareholders are found to have improperly used funds of the listed company, the Company should deduct cash dividends
allocated to such shareholders to repay the funds they have misappropriated.
The undistributed profits retained by the Company after profit distribution for the year should be used for the development of the
Company’s main business.
(3) The specific conditions for paying stock dividends: In the event of rapid growth and a perceived disparity between the
Company’s share price and share capital scale, the board of directors may propose a plan to distribute stock dividends, provided that
the aforementioned cash dividend distribution is completed. The statutory reserve is utilized to offset the Company’s losses, expand
production and operation scale, or increase the Company’s capital. When statutory reserve is converted into capital, the retained amount
of such reserve shall be no less than 25% of the Company’s registered capital before the conversion.
(4) Profit distribution intervals: Usually, annual dividends are distributed, but the board of directors may also propose mid-year
dividends based on the Company’s financial needs.
(5) Profit distribution should comply with the following principles:
① statutory distribution sequence;
② not profit distribution when uncovered losses exist;
③ Pari-Passu principle;
④ The Company may not receive profit distribution for its shareholdings in the Company.
(II) Implementation of cash dividend policy in the reporting period
On April 29, 2024, the 20th meeting of the sixth board of directors and the 13th meeting of the sixth supervisory committee were
convened, during which the Proposal on the 2023 Profit Distribution Plan was reviewed and approved. The plan stipulates a cash
dividend distribution of 0.563 yuan per share (tax inclusive) to all shareholders, based on the total share capital recorded on the
implementation date. Importantly, no bonus shares or capital reserve conversions would occur. Following approval at the 2023 annual
general meeting of shareholders, the Company successfully executed the profit distribution on May 30, 2024.
Special note on cash dividend policy
Compliance with provisions of the Articles of Association or
Yes
resolutions of the general meeting:
Dividend standards and ratios are clear: Yes
Relevant decision-making procedures and mechanism are
Yes
complete:
Independent directors perform their duties and played their
Yes
role:
In the event of the Company not carrying out cash dividends,
specific reasons should be disclosed along with proposed Yes
measures for enhancing investor returns in the future:
Middle and small shareholders have opportunities to fully
express their views and needs with their legitimate rights and Yes
interests fully protected:
Conditions and procedures are in compliance with regulations
Not applicable, there was no adjustment or change in the cash
and transparent where the cash dividend policy is adjusted or
dividend policy in the reporting period.
changed:
The Company has achieved profits and the profit attributable to shareholders of the parent company is positive but no cash dividend
proposal is raised
□ Applicable ? Not applicable
Profit distribution and capital reserve converted to share capital in the reporting period
□Applicable ? Not applicable
The Company has decided not to distribute cash dividends, issue bonus shares, or convert capital reserves for the current fiscal year.
XI. Implementation of Share Incentive Plan, Employee Stock Ownership Plan or Other
Employee Incentive Measures
?Applicable □ Not applicable
Stock option and restricted share incentive plan for the year 2020
In March 2020, to bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the fourth meeting
of the fifth board of directors and the third extraordinary general meeting in 2020, the Company approved to implement the 2020 Stock
Option and Restricted Share Incentive Plan. The initial grant of stock options, totaling 16.5523 million share options, was recorded on
May 20, 2020, benefiting 110 incentive recipients. On June 18, 2020, the initial grant of restricted shares, totaling 9.5257 million shares,
was recorded, benefiting 436 incentive recipients. On May 13, 2021, the reservation grant of restricted shares was recorded, providing
On May 17, 2021, the 22nd meeting of the fifth board of directors and the 16th meeting of the fifth supervisory committee
approved the Proposal on Meeting the Exercise Conditions of the First Exercise Period for Initial Stock Option Grant within the Stock
Option and the Restricted Share for the Year 2020, and the Proposal on Meeting the Vesting Conditions of the First Vesting Period for
the Initial Restricted Share Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed that the relevant
exercise conditions and vesting conditions were met. In the first vesting period for the initial grant of restricted shares, the restrictions
on a total of 2,829,000 shares were removed. In the first exercise period (May 28, 2021 to May 19, 2022) for the initial grant of stock
options, a total of 4,904,430 stock options were exercised.
On April 29, 2022, the 32nd meeting of the fifth board of directors and the 21st meeting of the fifth supervisory committee
approved the Proposal on Meeting the Exercise/Vesting Conditions of the Second Exercise/Vesting Period for Initial Grant within the
Stock Option and the Restricted Share for the Year 2020, and the Proposal on Meeting the Exercise/Vesting Conditions of the First
Exercise/Vesting Period for the Reservation Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed
that the relevant exercise conditions and vesting conditions were met. In the second vesting period for the initial grant of restricted
shares, the restrictions on a total of 3,929,562 shares were removed. In the second exercise period (May 20, 2022 to May 19, 2023) for
the initial grant of stock options, a total of 6,059,409 stock options were exercised. In the first vesting period for the reservation grant
of restricted shares, the restrictions on a total of 227,150 shares were removed. In the first exercise period (May 31, 2022 to May 30,
On April 26, 2023, the 5th meeting of the sixth board of directors and the 5th meeting of the sixth supervisory committee approved
the Proposal on Meeting the Exercise/Vesting Conditions of the Third Exercise/Vesting Period for Initial Grant within the Stock Option
and the Restricted Share for the Year 2020, and the Proposal on Meeting the Exercise/Vesting Conditions of the Second
Exercise/Vesting Period for the Reservation Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed
that the relevant exercise conditions and vesting conditions were met. In the third vesting period for the initial grant of restricted shares,
the restrictions on a total of 7,306,880 shares were removed. In the third exercise period (May 22, 2023 to March 29, 2024) for the
initial grant of stock options, a total of 12,639,805 stock options were exercised. In the second vesting period for the reservation grant
of restricted shares, the restrictions on a total of 445,214 shares were removed. In the second exercise period (May 31, 2022 to February
The incentive plan for the year 2020 was completely implemented.
Stock option and restricted share incentive plan for the year 2022
To bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the 32nd meeting of the fifth
board of directors on April 29, 2022 and the annual general meeting for the year 2021 on June 8, 2022, the Company approved to
implement the 2022 Stock Option and Restricted Share Incentive Plan. On July 25, 2022, the grant of stock options and restricted
shares was recorded; a total of 15,027,600 stock options were granted to 837 incentive recipients; and a total of 4,298,000 restricted
shares were granted to 32 incentive recipients.
On July 13, 2023, the 7th meeting of the sixth board of directors and the 7th meeting of the six supervisory committee approved
the Proposal on Meeting the Exercise Conditions of the First Exercise/Vesting Period for Initial Grant within the Stock Option and the
Restricted Share for the Year 2022. It was agreed that the relevant exercise conditions and vesting conditions were met. In the first
vesting period for the initial grant of restricted shares, the restrictions on a total of 1,805,160 shares were removed. The first exercise
period (July 25, 2023 to July 24, 2024) for the initial grant of stock options, stock options can be exercised.
On February 26, 2024, the 17th meeting of the sixth board of directors and the 12th meeting of the sixth supervisory committee
approved the Proposal on Terminating the Implementation of the Stock Option and Restricted Share Incentive Plan for the Year 2022
and Canceling Stock Options and Repurchasing Canceled Restricted Shares. On March 13, 2024, the Company held the year’s first
extraordinary general meeting which approved the above proposal.
As of the termination of the incentive plan for the year 2022, a total of 1,805,160 restricted shares were released from restriction,
and a total of 665,914 stock options were exercised; the Company canceled 19,793,722 stock options that had been granted but not yet
exercised and repurchased and canceled 4,212,040 restricted stocks that had been granted but not yet released from restriction.
Stock option and restricted share incentive plan for the year 2023
To bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the 11th meeting of the sixth
board of directors on August 30, 2023 and the third extraordinary general meeting for the year 2023 on September 18, 2023, the
Company approved to implement the Stock Option and Restricted Share Incentive Plan for the Year 2023. On October 18, 2023, the
grant of restricted shares was recorded with a total of 3.4 million restricted shares granted to 11 incentive recipients; and on December
On February 26, 2024, the 17th meeting of the sixth board of directors and the 12th meeting of the sixth supervisory committee
approved the Proposal on Terminating the Implementation of the Stock Option and Restricted Share Incentive Plan for the Year 2023
and Canceling Stock Options and Repurchasing Canceled Restricted Shares. On March 13, 2024, the Company held the year’s first
extraordinary general meeting which approved the above proposal.
As of the termination of the incentive plan for the year 2023, the Company canceled 78,840,200 stock options that had been
granted but not yet exercised and repurchased and canceled 3.4 million restricted stocks that had been granted but not yet released from
restriction.
Share incentives granted to directors and senior managers
?Applicable □ Not applicable
Unit: Share
Exercise
Stock price of Restricted
Grant price
options Options Options options Closing Shares shares
of
newly exercisable exercised exercised Closing market vetted in newly Closing
Opening stock Opening restricted restricted
Name Title granted in in the in the in the stock price the granted in restricted
options shares shares
the reporting reporting reporting options (yuan/share reporting the shares
(yuan/share
reporting period period period ) period reporting
)
period (yuan/share period
)
Director, and
Yang Aiqing Deputy General 588,000 0 0 0 0 0 13.75 500,000 0 0 0 0
Manager
Cao
Director 0 0 0 0 0 0 13.75 437,200 0 0 0 0
Yangfeng
Deputy General
Manager, and
Wu Tingdong 0 0 0 0 0 0 13.75 564,640 0 0 0 0
Secretary of the
Board
Li Shaohui Finance Director 0 0 0 0 0 0 13.75 564,640 0 0 0 0
Total -- 588,000 0 0 0 -- 0 -- 2,066,480 0 0 -- 0
On February 26, 2024, the 17th meeting of the sixth board of directors and the 12th meeting of the sixth supervisory
committee reviewed and approved the Proposal to Terminate the 2022 Stock Option and Restricted Stock Incentive Plan,
along with the Cancellation of Stock Options and the Repurchase/Cancelation of Restricted Shares, as well as the Proposal
Notes (if any) to Terminate the 2023 Stock Option and Restricted Stock Incentive Plan, along with the Cancellation of Stock Options and
the Repurchase/Cancelation of Restricted Shares. Subsequently, on March 13, 2024, the Company convened the first
extraordinary general meeting of shareholders for 2024, which also approved these pivotal proposals. Consequently, the
stock options and restricted shares held by relevant directors and senior management have been effectively canceled.
Assessment mechanism and incentive arrangements for senior managers
The Company has established a comprehensive remuneration assessment system, whereby the Remuneration and Assessment
Committee determines the salary range for senior managers based on their positions, responsibilities, job performance, and completion
of assigned tasks. This system reflects the principle of parity between responsibility and rights, ensuring that compensation is
commensurate with the importance of the position, workload, and level of responsibility. In the reporting period, the Company’s senior
managers demonstrated a commitment to upholding their responsibilities in accordance with legal and regulatory requirements. They
actively implemented decisions made by the general meeting and the board of directors, fulfilled their assigned duties, and effectively
achieved the objectives set for the year.
□ Applicable ? Not applicable
□ Applicable ? Not applicable
XII. Development and Implementation of Internal Controls in the Reporting Period
In compliance with the Company Law, Securities Law, and relevant regulations of the China Securities Regulatory Commission
and the Shenzhen Stock Exchange, following the fundamental principles of internal control and given the Company’s specific needs,
the Company has refined and adjusted the internal control system to encompass crucial aspects of corporate management and ensure
the design of internal controls is sound, reasonable, and effective. The Company has established a robust corporate governance structure,
an organization framework aligned with its business needs, effective incentive mechanisms, and a comprehensive risk assessment
system.
(1) The general meeting, the board of directors, and the supervisory committee operate legally and made decisions based on sound
principles. Independent directors and supervisors are able to fully and independently fulfill their oversight responsibilities and provide
independent evaluations. In response to the strategy and sustainable development requirements of the Company and to advance the
realization of the Company’s ESG objectives, the board of directors has established a Strategy and Sustainability Committee. This
strengthens the board’s oversight of the Company’s sustainability initiatives.
(2) The internal audit department conducts internal audits independently and in compliance with the law, ensuring effective
oversight of management and the proper functioning of internal controls.
(3) The Company consistently arranges training sessions regarding regulatory compliance for directors, supervisors, and senior
managers to raise the corporate governance standards of the leadership team. Furthermore, tailored compliance training is conducted
for middle-level managers and ordinary employees to heighten their awareness of risk prevention and reinforce a culture of compliance.
These initiatives ensure the effective implementation of internal controls and contribute to the Company’s adherence to operational
standards, facilitating its sustainable development.
In the reporting period, the board of directors conducted a thorough self-assessment of the Company’s internal controls. The 2024
Annual Internal Control Self-Assessment Report provides a comprehensive, accurate, and truthful depiction of the Company’s internal
control landscape. According to the report, the Company’s internal control framework has been effectively implemented, ensuring
robust financial reporting controls across all significant areas in compliance with internal control standards and relevant regulations.
Furthermore, there were no material weaknesses identified in internal controls for non-financial reporting during the reporting period.
In the upcoming period, the Company will further refine its internal controls, ensure the standardized execution of internal controls,
strengthen supervision and inspection mechanisms, and foster the Company’s healthy and sustainable development.
□ Yes ? No
XIII. Management and Control over Subsidiaries in the Reporting Period
Subsidiary Integration Issues found in Resolution Subsequent
Integration plan Measures taken
name progress integration progress solution
Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
XIV. Internal Control Evaluation Report or Internal Control Audit Report
Disclosure date of the full text of internal
April 25,2025
control evaluation report
Index to disclosed full text of internal
www.cninfo.com.cn
control evaluation report
Total assets of entities covered by the
evaluation as a percent of the total assets
in the Company’s consolidated financial
statements
Operating revenue of entities covered by
the evaluation as a percent of the
operating revenue in the Company’s
consolidated financial statements
Deficiency criteria
Category Financial reporting Non-financial reporting
Qualitative criteria for material weakness Qualitative criteria for material weakness
include: include:
(1) absence of decision-making (1) The Company is exposed to severe
Qualitative criteria procedure; penalties from regulatory authorities for
(2) material error caused by the decision- serious violations of laws or regulations;
making procedure; (2) Improper critical decision-making
(3) Violation of national laws and/or causes critical direct property losses;
regulations and punishment imposed (3) Overall absence of systemic controls
consequently; lead to a company-wide control failure;
(4) absence of controls or systemic (4) The Company is subject to critical
failures in significant business activities; penalties from the China Securities
(5) material weaknesses in internal Regulatory Commission or warnings
controls not corrected. from stock exchanges.
Qualitative criteria for significant Qualitative criteria for significant
deficiency include: deficiency include:
(1) decision-making procedure with (1) The Company is subject to significant
deficiencies leading to significant losses; fines due to violation of laws or
(2) significant error caused by the regulations;
decision-making procedure; (2) Improper critical decision-making
(3) significant loss caused by breach of causes significant direct property losses;
internal rules; (3) Absence of policies and systemic
(4) significant faults in important business controls over significant business
policies or systems; activities or key processes, compounded
(5) significant deficiencies in internal by a lack of adequate compensatory
controls not corrected. measures, resulting in the failure of
control in the business;
Qualitative criteria for moderate (4) Occurrences of significant quality,
deficiency include: environmental, and occupational health
Control deficiencies causing and safety incidents cause significant
misstatement in financial statements reputational damage.
other than critical and significant
Qualitative criteria for moderate
deficiencies mentioned above. deficiency include:
Control deficiencies other than critical
and significant deficiencies mentioned
above.
Operating revenue and total assets are the
measures in quantitative criteria. Operating revenue and total assets are the
measures in quantitative criteria.
The potential or realized losses resulting
from an internal control deficiency are The potential or realized losses resulting
measured by total assets if they are related from an internal control deficiency are
to balance sheet. The deficiency is defined measured by total assets if they are related
as a moderate deficiency if the potential to balance sheet. The deficiency is defined
or realized misstatement amount in the as a moderate deficiency if the potential
financial reports resulting from the or realized misstatement amount in the
deficiency alone or in combination with financial reports resulting from the
other deficiencies is less than 0.2% of deficiency alone or in combination with
total assets; a significant deficiency if the other deficiencies is less than 0.2% of
amount reaches or exceeds 0.2% but is total assets; a significant deficiency if the
less than 0.5% of total assets; a material amount reaches or exceeds 0.2% but is
weakness if the amount reaches or less than 0.5% of total assets; a material
exceeds 0.5% of total assets. weakness if the amount reaches or
exceeds 0.5% of total assets.
Quantitative criteria The potential or realized losses resulting
The potential or realized losses resulting
from an internal control deficiency are
from an internal control deficiency are
measured by operating revenue if they
measured by operating revenue if they are
are related to income statement. The
related to income statement. The
deficiency is defined as a moderate
deficiency is defined as a moderate
deficiency if the potential or realized
deficiency if the potential or realized
misstatement amount in the financial
misstatement amount in the financial
reports resulting from the deficiency
reports resulting from the deficiency
alone or in combination with other
alone or in combination with other
deficiencies is less than 0.2% of
deficiencies is less than 0.2% of operating
operating revenue; a significant
revenue; a significant deficiency if the
deficiency if the amount reaches or
amount reaches or exceeds 0.2% but is
exceeds 0.2% but is less than 0.5% of
less than 0.5% of operating revenue; a
operating revenue; a material weakness if
material weakness if the amount reaches
the amount reaches or exceeds 0.5% of
or exceeds 0.5% of operating revenue.
operating revenue.
Material weaknesses in financing
reporting
Material weaknesses in non-financial
reporting
Significant deficiencies in financing
reporting
Significant deficiencies in non-financing
reporting
?Applicable □ Not applicable
Audit opinion paragraph in the internal control audit report
JA Solar maintained effective internal control over financing reporting in all material aspects for the year ending December 31,
Disclosure of internal control audit report Disclosed
Disclosure date of the full text of internal control audit report April 25, 2025
Index to disclosed full text of internal control audit report www.cninfo.com.cn
Type of audit opinion in the internal control audit report Unqualified opinion
Any material weaknesses in non-financial reporting No
Any internal control audit report with an opinion other than unqualified opinion issued by the accounting firm
□ Yes ? No
Werther the internal control audit report issued by the accounting firm is consistent with the opinion in the board of director’s elf-
evaluation report
? Yes □ No
XV. Correction of Issues Identified in the Special Action on the Governance of Listed
Company
Not applicable
Section V. Environmental and Social Responsibility
I．Material Environmental Events
Whether the listed company and/or its subsidiaries are key waste discharge entities published by the environmental protection
authority
? Yes □ No
Policies and industrial standards in environmental protection
The Company actively identifies and adheres to industry standards, national and local laws, including the Environmental Protection
Law of the People’s Republic of China, Environmental Impact Assessment Law of the People’s Republic of China, Management
Measures for Enterprise Environmental Information Disclosure, Atmospheric Pollution Prevention and Control Law of the People’s
Republic of China, Water Pollution Prevention and Control Law of the People’s Republic of China, Soil Pollution Prevention and
Control Law of the People’s Republic of China, Law of the People’s Republic of China on Prevention and Control of Environmental
Pollution by Solid Waste, Law of the People’s Republic of China on Promoting Clean Production, Energy Conservation Law of the
People’s Republic of China and Pollutant Discharge Permit Management Measures (2024). We strive to enhance the Company’s
energy efficiency and resource utilization, continuously improve the ISO 14001 environmental management system, explore circular
economy new model, promote clean production, drive the establishment of green factories and zero waste factories , and facilitate the
group’s sustainable development.
Environmental permits
The Company conducts environmental impact assessments and approvals for all projects in accordance with national environmental
protection regulations such as the Environmental Impact Assessment Law of the People’s Republic of China and Pollutant Discharge
Permit Management Measures. This ensures that environmental protection facilities are designed, constructed, put into operation, and
used simultaneously with the main projects. We have established environmental management systems and fully implemented the
environmental protection responsibility system. We regulate environmental behaviors, prevent environmental pollution, and minimize
environmental pollution.
In 2024, the Company’s headquarters conducted comprehensive Compliance Due Diligence on Pollutant Emissions across all
photovoltaic manufacturing facilities, achieving a remarkable 100% timely response rate. All Environmental, Health, and Safety (EHS)
personnel at domestic production sites have successfully completed training on the newly implemented Pollutant Discharge Permit
Management Measures (2024). Each operational base, including international facilities, has secured valid pollutant discharge permits
or equivalent local environmental permits. In alignment with the Measures for the Mandatory Disclosure of Enterprise Environmental
Information, all domestic sites transparently disclose emission data via national or local government ecological platforms or through
on-site public displays, thereby ensuring accountability and public oversight.
Specific details of industry discharge standards and the discharges of pollutants involved in production and operational activities
Types of
main Names of main Number
Company or
pollutants pollutants and of Distribution of Approved Over-limit
subsidiary Discharge method Discharge concentration/intensity Discharge standards Total discharge amounts
and distinctive discharg discharge outlets discharge limits discharge
name
distinctive pollutants e outlets
pollutants
Exhaust gases Emission Standard of
undergo Pollutants for Battery Chlorine (Cl₂): 4.042t;
Fluorides, Ammonia: 3 mg/m?,
treatment via air Industry, Emission Control Hydrogen Chloride: 12.953t;
Hydrogen Nitrogen Oxides: 3.7 mg/m?,
pollution control Standard of Volatile Organic Fluorides (F): 14.289t;
Chloride, NMTHC: 5.05 mg/m?,
JA Solar systems before 22 in the Third Zone, Compounds for Industrial Ammonia: 12.4465t; Nitrogen
Air Chlorine, Fluorides (F): 2.78 mg/m?, Below
Holdings being discharged, 49 8 in the Fifth Zone Enterprises, Emission Particulate Matter (PM): Oxides:
Pollutants Nitrogen Oxides, Particulate Matter: 7.2 mg/m?, limits.
Co., Ltd. ensuring and 19 in Dongcheng Standards for Odor 9.598t; 62.547t/a.
Particulate Hydrogen Sulfide: 0.11 mg/m?,
compliance with Pollutants (GB 14554-93), NMTHC: 15.752t;
Matter, NMTHC, Hydrogen Chloride: 4.2 mg/m?,
regulatory Integrated Emission Standard Nitrogen Oxides: 3.076t;
Odors, NH?, H₂S Chlorine: 2.5 mg/m?
emission of Air Pollutants (GB 16297- Hydrogen Sulfide: 0.02751t.
standards. 1996)
After treatment at
the plant’s
COD: 195.788t,
wastewater COD: 25 mg/L;
COD, BOD, NH?-N: 16.944t,
treatment facility, BOD: 19.1 mg/L;
NH?-N, Integrated Wastewater TP: 0.661t, COD:
the effluent is NH?-N: 5.04 mg/L;
JA Solar Suspended 2 in the Third Zone, Discharge Standard, TN: 24.446t, 708.721t/a;
Water discharged to the Suspended Solids: 12 mg/L; Below
Holdings Solids, Fluorides, 4 1 in the Fifth Zone Emission Standard of Suspended Solids: 35.79t, NH?-
Pollutants municipal Fluorides: 5.36 mg/L; limits.
Co., Ltd. TN, TP, and 1 in Dongcheng Pollutants for Battery BOD: 42.051t, N:104.277t/a.
wastewater TN: 6.88 mg/L;
Petroleum Industry Fluorides: 16.889t.
treatment plant TP: 0.12 mg/L;
Hydrocarbons Petroleum Hydrocarbons:
for further Petroleum Hydrocarbons: 15 mg/L.
treatment before
final release.
Welding fumes Plant 1, Plant 2,
Integrated Emission Standard
are efficiently Plant 3, Plant 4, and
PM, Sn & of Air Pollutants (DB31/933-
Hefei JA directed through Plant 5 each have NMTHC: 16.25mg/m?;
compounds, 2015), special limits in the PM: 0.59t;
Solar Air exhaust ducts to two waste gas PM: 3.91mg/m?; Below
NMTHC, NOx, 30 Standard for Fugitive NMTHC: 45.48t; N/A
Technology Pollutants a two-stage emission outlets. The Sn & compounds: ＜0.3mg/m? limits.
SO₂, Xylene, Emission of Volatile Organic Sn & compounds: 0t.
Co., Ltd. activated carbon Smart Factory’s
H₂S, NH? Compounds (GB 37822—
adsorption Phase I, Phase II,
system for Phase III, and Phase
thorough IV projects are
treatment before equipped with four
being released emission outlets
through elevated each. Furthermore,
stacks. Similarly, the facility includes
lamination one boiler emission
exhaust gases are outlet, one laboratory
channeled to an waste gas outlet, one
electrostatic oil wastewater treatment
removal unit, station outlet, and
followed by a one outlet from the
two-stage hazardous waste
activated carbon storage facility.
adsorption
system, ensuring
effective
treatment prior to
emission. The
boiler system has
been retrofitted
for low nitrogen
oxides, with its
exhaust gases
discharged
directly.
Laboratory
exhaust
undergoes
rigorous
treatment
through a two-
stage activated
carbon
adsorption
system before
being emitted via
elevated stacks.
Hefei JA Water COD, BOD, The wastewater 1 main discharge COD: 38.33mg/L; Effluent Acceptance COD: 5.43t; COD: 38.90t/a; Below
Solar Pollutants NH?-N, is treated by the outlet at the TN: 24.68mg/L; Standards of Western Cluster TN: 3.28t; NH?-N:3.42t/a; limits.
Technology Suspended plant’s wastewater treatment NH?-N: 5.65mg/L; Wastewater Treatment Plant NH?-N: 0.72t; TN: 15.89t/a.
Co., Ltd. Solids, TN, TP wastewater station located in the TP: 1.93mg/L; TP: 0.27t;
treatment facility southwest corner of BOD: 11.95mg/L; Suspended Solids: 2.38t;
before being the plant area. Suspended Solids: 15.92mg/L BOD5: 1.67t.
discharged into
the municipal
sewage network,
with online
monitoring
equipment
installed to
ensure
compliance.
Exhaust gases
undergo 5 in the No.1 Module HCl: 4.5mg/m3; Emission Standard of
NH?: 2.49t,
Fluorides, HCl, treatment via air Factory, 5 in the No. Fluorides: 1.05mg/m3; Pollutants for Battery
HCl: 2.564t,
Chlorine, PM, pollution control 2 Module Factory, 9 PM: 1.4mg/m3; Industry (GB 30484-2013),
Yiwu JA Fluorides: 2.126t,
NH?, NMTHC, systems before in the No. 1 Cell Chlorine <0.2 mg/m3; Emission Standards for Odor
Solar Air Chlorine: 0.029t, VOCs ： Below
H₂S, Odor being discharged, 33 Factory, 12 in the NH?: 2.77mg/m3; Pollutants (GB 14554-93),
Technology Pollutants PM: 4.164t, 27.402t/a limits.
Concentration, ensuring No.2 Cell Factory NMTHC: 3.42mg/m3; Integrated Emission Standard
Co., Ltd. NMTHC: 10.99tt,
Ethanol, Tin & compliance with and 2 in the H₂S: 0.147mg/m3; of Air Pollutants (GB 16297-
H₂S: 0.065t,
Compounds regulatory wastewater treatment Tin & Compounds: 1.11ug/m3; 1996)
Tin & Compounds: 0.0023t.
emission station. Odor Concentration:549.
standards.
The effluent is
TN: 21.2 mg/L;
treated at the
TP: 0.52 mg/L;
waste water COD: 44.64t,
Yiwu JA SS: 29 mg/L; COD:
pH, COD, SS, station within the 1 main discharge Emission Standard of NH?-N: 9.14t,
Solar Water COD: 39.46 mg/L; 646.966t/a; Below
TN, TP, NH?-N, plant area before 1 outlet on the western Pollutants for Battery TN: 23.99t,
Technology Pollutants NH?-N: 8.08 mg/L; NH?-N: limits.
Fluorides (F) being discharged side of the plant area. Industry (GB 30484-2013)） Fluorides (F): 4.41t,
Co., Ltd. Fluorides (F): 3.9 mg/L; 129.393t/a.
to Choujiang TP: 0.59t.
pH: 6.76.
Sweage
Treatment Plant.
Fluorides, HCl, Exhaust gases 4 in the module Isopropanol: 13.3mg/m3; Emission Standard of Isopropanol: 5.6824t;
Cl₂, PM, NH?, undergo workshop, 19 in the Tin & Compounds: 0.00083mg/m3; Pollutants for Battery Tin & Compounds: 0.00042t;
Dongtai JA
Air H₂S, NMTHC, treatment via air cell workshop, 1 in NH?: 9.61mg/m3; Industry (GB 30484-2013), NH?: 1.7886t; Below
Solar 25 N/A
Pollutants Ethanol, Xylene, pollution control the wastewater H₂S: 0.00975mg/m3; Emission Standards for Odor H₂S: 0.0019t, limits.
Technology
Tin & systems before treatment station and Cl₂: 2.875mg/m3 Pollutants (DB32/4041- Cl₂: 1.1874t,
Compounds, being discharged, 1 in the hazardous PM: 1.4988mg/m3; 2021), Emission Standards PM: 1.0857t,
Isopropanol, ensuring waste storage NMTHC: 22.23mg/m3 for Odor Pollutants (GB NMTHC: 22.8595t.
NOx, Ozone, SO₂ compliance with facility. 14554-93), Emission
regulatory standard of Air Pollutants for
emission Boiler (DB32/4385-2022)
standards.
The wastewater
COD: 25.808mg/L;
is treated at the COD: 100.0221t,
SS: 7.75mg/L;
plant’s SS: 30.2853t,
NH?-N: 6.6276mg/L;
pH, COD, SS, wastewater NH?-N: 25.8142t,
TP: 0.1825mg/L;
TN, TP, NH?-N, treatment facility 1 main discharge TP: 0.7132t,
Dongtai JA TN: 4.1475mg/L; Emission Standard of
Water Fluorides (F), before being outlet on the TN: 16.2075t, Fluorides (F): Below
Solar 1 Fluorides (F): 3.41mg/L; Pollutants for Battery
Pollutants Chlorides, discharged to northern side of the Fluorides (F): 12.9644t, 25.8t/a limits.
Technology Chlorides: 480mg/L; Industry (GB 30484-2013)
Salinity, Animal Dongtai plant area. Chlorides: 1875.7341t,
Total Salinity: 2157.5mg/L;
& Vegetable Oils Rundong Water Total Salinity: 8431.0339t,
Animal & Vegetable Oils:
Purification Co., Animal & Vegetable Oils:
Ltd. for further 0.6057t.
pH: 7.3.
treatment.
Emission Standard of
Pollutants for Battery
Exhaust gases Industry (GB 30484-2013),
undergo Emission Control Standard of Cl₂: 2.036t,
workshop, 4 in the Cl₂: 0.9mg/m?;
Fluorides, HCl, treatment via air Volatile Organic Compounds HCl: 25.794t, VOCs：
wafer slicing Fluorides: 0.47mg/m?;
Cl₂, NOx, PM, pollution control for Industrial Enterprises, Fluorides: 19.794t, 54.8064t/a。
Shijiazhuang workshop, 2 in the Ammonia: 0.93kg/h;
NMTHC, SO₂, systems before Emission Standards for Odor Ammonia: 1.074t, SO₂: 1.936t/a,
JA Solar Air centralized liquid NOx: 25mg/m?; Below
Odor being discharged, 37 Pollutants (GB 14554-93), PM: 3.782t, NOx: 24.65t/a,
Technology Pollutants and gas supply NMTHC: 3.58mg/m?; limits.
Concentration, ensuring Emission Control Standard of NMTHC: 18.403t, VOCs:
Co., Ltd. facility, 1 in the PM: 3.6mg/m?;
Ammonia, compliance with Volatile Organic Compounds NOx: 7.924t, 54.8064t/a.
wastewater station, Hydrogen Sulfide: 0.18mg/m?;
Hydrogen Sulfide regulatory for Industrial Enterprises SO₂: 0t,
and 10 in the boiler SO₂: ND;
emission (DB 13/ 2322—2016), Hydrogen Sulfide: 0.029t.
facility. Odor Concentration: 549.
standards. Emission standard of Air
Pollutants for Boiler (GB
The wastewater COD：44mg/L;
Emission Standard of COD: 140.020t,
is treated at the NH?-N: 7.61mg/L;
Shijiazhuang 1 main discharge Pollutants for Battery NH?-N: 18.234t, COD:
COD, NH?-N, plant’s SS: 31mg/L;
JA Solar Water outlet on the Industry (GB 30484-2013) TP: 0.274t, 742.500t/a; Below
SS, Fluorides (F), wastewater 1 Fluorides (F): 0.7mg/L;
Technology Pollutants northern side of the and Effluent Acceptance TN: 19.029t, NH?-N: limits.
TN, TP treatment facility TN: 9.53mg/L;
Co., Ltd. plant area. Standards of Liangcun South SS: 64.162t, 123.75t/a.
before being TP: 0.03mg/L.
Wastewater Treatment Plant Fluorides (F): 1.973t.
discharged to the
Liangcun South
Wastewater
Treatment Plant
for further
treatment and
final release.
Exhaust gases 8 in the No. 12 Emission Standard of
undergo factory, 5 in the No.5 Pollutants for Battery
Fluorides, Ammonia: 6.05mg/m?; Chlorine: 0t,
treatment via air factory, 1 in the No.6 Industry, Emission Control
JA Hydrogen Nitrogen Oxides: 0.38mg/m?; Hydrogen Chloride: 5.05t,
pollution control factory, 3 in the Standard of Volatile Organic Particulate
(Yangzhou) Chloride, VOCs: 0.377mg/m?; Fluorides: 7.04t,
systems before wastewater station, 1 Compounds for Industrial Matter:
Solar Air Chlorine, Fluorides: 2.238mg/m?; NH?: 2.779t, Below
being discharged, 23 in the hazardous Enterprises, Emission 10.038t,
Technology Pollutants Nitrogen Oxides, PM: 2.188mg/m?; Particulate Matter: 0.616t, limits.
ensuring waste storage Standards for Odor VOCs:
Co., Ltd. Particulate H₂S: 0.027mg/m?; VOCs: 0.335t,
compliance with facility, 1 in the Pollutants (GB 14554-93), 2.8836t.
(Jinghui Park) Matter, VOCs, Hydrogen Chloride: 1.423mg/m?; Nitrogen Oxides: 0.246t,
regulatory special gas station, Integrated Emission Standard
Ozone, NH?, H₂S Chlorine: 0mg/m? H₂S: 0.00058t.
emission and 5 in the R&D of Air Pollutants (GB 16297-
standards. center. 1996)
After being
treated by the
plant's
wastewater COD: 18.745mg/L; COD: 25.9t, COD:
JA
treatment facility, NH?-N: 1.467mg/L; Integrated Wastewater NH?-N: 2.32t, 537.6885t,
(Yangzhou)
pH, COD, NH?- the effluent is SS: 13.775mg/L; Discharge Standard, TP: 0.3071t, NH?-N:
Solar Water 1 at the east side of Below
N, SS, Fluorides discharged to the 1 Fluorides (F): 2.342mg/L; Emission Standard of TN: 13.29t, 57.6114t,
Technology Pollutants Jinghui Park limits.
(F), TN, TP municipal TN: 7.649mg/L; Pollutants for Battery SS: 17.596t, TP: 5.9256t,
Co., Ltd.
wastewater TP: 0.148mg/L. Industry (GB 30484-2013) Fluorides (F): 4.262t. TN: 167.0686t.
(Jinghui Park)
treatment plant
for further
treatment before
final release.
Pollutant treatment
Waste gas
The Company complies with the requirements outlined in the Integrated Emission Standard of Air Pollutant, Emission Standard of
Pollutants for Battery Industry, Emission Standards for Odor Pollutants, and Emission Control Standard for Industrial Enterprises
Volatile Organic Compounds for waste gas treatment. It strategically equips a range of waste gas treatment facilities, including organic
waste gas purification towers, acid mist treatment towers, and bag dust collectors. Moreover, it installs online monitoring devices, over-
limit alarm systems, and categorized electricity metering devices, all interconnected with environmental protection authorities. Through
continuous real-time monitoring, the Company ensures that the concentration of emitted gases complies with both national and local
regulations.
Wastewater
Wastewater primarily originates from certain production processes, such as acidic and alkaline wastewater generated during texturing
and alkali etching processes, wastewater from gas scrubbing towers, clean wastewater from purified water preparation, and domestic
sewage from employee facilities. The Company rigorously adheres to both national and local standards for wastewater discharge. It
has constructed and operates sewage treatment stations, employing processes like neutralization, sedimentation, A/O, and Anbot towers.
Real-time online monitoring of pollutant factors is conducted and shared with environmental authorities to ensure compliance with
standards such as the Integrated Wastewater Discharge Standard, Emission Standard of Pollutants for Battery Industry, and
Wastewater Quality Standards for Discharge to Municipal Sewers. Continuous optimization of treatment processes is pursued, making
internal discharge standards higher than local regulatory requirements.
Solid waste and hazardous waste
The Company complies with the legal requirements of the People’s Republic of China, encompassing the Law of the People’s Republic
of China on Prevention and Control of Environmental Pollution by Solid Waste, Management Measures for the Transfer of Hazardous
Waste, and National Catalog of Hazardous Waste. In alignment with ISO 14001 Environmental Management System standards, it
effectively categorizes and manages solid waste generated during production and operational processes, including household waste,
general solid waste, and hazardous waste. The hazardous waste primarily consists of waste activated carbon felts from waste gas
treatment, waste chemical packaging materials, waste oil, experimental waste liquids from water testing equipment, and waste
pharmaceutical liquids from online monitoring devices. General solid waste mainly includes fluorinated calcium sludge generated from
sewage treatment plants, waste scraps generated during production processes, such as waste trimmings, cardboard boxes, pallets, and
packaging bags.
For general solid waste, dedicated personnel manage every stage, including generation, transfer, storage, and disposal. A
comprehensive solid waste register is maintained to document types, quantities, direction, storage, utilization, and disposal information
accurately. The Company promotes a circular economy, aiming to reduce resource waste at the source. And implement various methods
to collect, recycle, and utilize solid waste that has already been generated. For solid waste without utility value, the Company engages
certified recycling and disposal entities for its collection, transportation, and disposal. The Company follows national guidelines when
selecting waste disposal entities, verifying their eligibility, environmental compliance, and technical capabilities. The Company
oversees the transportation, utilization, and disposal of industrial solid waste by entrusted entities, ensuring compliance with legal
regulations and pollution prevention requirements stipulated in contracts.
The Company delegates the collection and disposal of household garbage to sanitation entities：
For hazardous waste, the Company employs specialized measures such as sun-shielding and leakage prevention for warehouses and
storage facilities. Hazardous waste is categorized and stored according to its hazardous characteristics. Qualified entities are
commissioned for recycling of hazardous waste. The Company strictly adheres to the transfer application and transfer documentation
system for hazardous waste, submitting data declarations via the Solid Waste Dynamic Information Platform. It welcomes supervision
from higher-level environmental authorities and the public to ensure the safe storage and compliant disposal of hazardous waste. The
hazardous waste storage warehouse is equipped with an intelligent monitoring system, enabling data tracking at every stage from waste
generation, transfer, weighing, storage, to disposal, ensuring compliance.
Self-monitoring plans
The Company utilizes a hybrid approach of manual and automatic monitoring to analyze pollutant emissions, ensuring the efficient
operation of environmental control facilities. Automatic monitoring involves online devices tracking COD and ammonia nitrogen levels
in wastewater. Manual monitoring includes assessments of waste gas, wastewater, noise, groundwater, and environmental air quality.
The Company engages third-party testing agencies through commission contracts to conduct regular comprehensive monitoring and
analysis. For example, waste gas and boundary noise are monitored quarterly, while air quality assessments are conducted annually.
All pollutant discharges from the Company comply with relevant national standards.
Environmental-related emergency response plans
In accordance with national regulations such as the Management Measures for Environmental Emergencies, the Company has
developed comprehensive management systems for environmental protection, environmental testing, operation and maintenance of
pollution control facilities, and environmental education and training. These systems aim to standardize and promote the orderly
implementation of environmental protection efforts. Designated personnel conduct regular inspections, maintenance, and cleaning
operations as per procedures. Each subsidiary establishes an emergency response plan for environmental incidents, which is filed with
the environmental protection authorities. Targeted environmental emergency drills are conducted regularly to validate the operation
and response capabilities of environmental equipment and facilities. The emergency response system is continuously enhanced to
ensure swift and efficient activation of measures in the event of an environmental incident, minimizing potential damages and hazards.
Amidst the backdrop of sustainable development and carbon reduction across the world, the Company actively responds to national
and local alerts for heavy pollution weather conditions. It regulates production and operational activities to minimize emissions of
particulates and pollutants, thereby reducing the burden on the ecological environment.
Information on expenditure in environmental governance and protection, as well as payment of environmental protection taxes
The Company paid 1,738,000 yuan of environmental protection tax in the reporting period.
Emission reduction actions in the reporting period and the effect
?Applicable □ Not applicable
As a leading enterprise in the photovoltaic sector, JA Solar prioritizes the mitigation of climate change as a fundamental aspect of
its sustainable development strategy. The Company has implemented comprehensive carbon management initiatives, including regular
verification of carbon emissions, the establishment of science-based targets, and the promotion of green transformation throughout its
value chain. By deeply integrating into the global low-carbon transition, JA Solar continuously enhances its climate resilience.
Furthermore, the Company actively expands its smart energy business, increasing self-consumed solar power generation and pioneering
PV-plus integrated solutions across various industries, thereby empowering customers in their low-carbon transitions.
JA Solar rigorously complies with internationally recognized standards, including the Greenhouse Gas Protocol: Corporate
Accounting and Reporting Standard (GHG Protocol) and ISO 14064-1:2018 Greenhouse Gases - Part 1: Specification with Guidance
at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals. The Company conducts
annual greenhouse gas inventories across all domestic and international subsidiaries under its operational control. To enhance data
accuracy and integrity, JA Solar engages independent third-party institutions to verify its Scope 1, Scope 2, and Scope 3 emissions in
accordance with ISO 14064-3:2019 Greenhouse Gases - Part 3: Specification with Guidance for the Verification and Validation of
Greenhouse Gas Statements.
JA Solar is committed to addressing climate change in alignment with China’s dual carbon strategy and supports the overarching
objectives of the Paris Agreement to limit the global average temperature rise to within 1.5°C above pre-industrial levels. In 2022, the
Company joined the Science Based Targets initiative (SBTi), reinforcing its proactive stance on climate action through the
establishment of robust greenhouse gas emission reduction targets and action plans. Its science-based targets have received official
verification from SBTi, underscoring a strong alignment with international climate science standards. JA Solar boldly commits to
reducing its Scope 1 and Scope 2 greenhouse gas emissions by 58.8% by 2034, compared to 2023 levels. Additionally, it aims to cut
Scope 3 emissions—stemming from purchased goods and services related to its photovoltaic products —by 63.8% in the same
timeframe. By 2050, the Company sets an ambitious goal of achieving a 90% reduction in Scope 1 and Scope 2 emissions and a
remarkable 97% reduction in Scope 3 emissions per megawatt of photovoltaic products produced compared to 2023.
In November 2024, JA Solar distinguished itself as the first photovoltaic enterprise to release a TCFD Report during the COP29
Climate Change Conference. The 2023 Climate-Related Disclosure Report, developed in collaboration with S&P Global, undertook a
thorough analysis of climate change-related risks and opportunities, evaluating their financial implications. This comprehensive
approach not only supports effective climate risk and opportunity management but also informs the Company’s strategic decision-
making, fortifying its commitment to sustainability.
JA Solar embraces the Green to Green sustainable development philosophy, actively facilitating green transformation across
critical stages of its value chain. This comprehensive approach encompasses product design, supplier management, raw material
procurement, manufacturing, and logistics, all grounded in low-carbon principles. The Company exemplifies leadership in circular
economy solutions, ensuring sustainability permeates both the industrial chain and the product lifecycle.
（1）Supplier management
The Company has implemented a comprehensive Supplier Social Responsibility and Sustainability Assessment system that
encompasses multiple dimensions, including product quality, community engagement, environmental management, and business ethics.
This system integrates carbon disclosure, carbon footprint analysis, and renewable energy usage into supplier evaluation metrics,
empowering value chain partners to enhance sustainability awareness and improve their sustainable management practices.
（2）Material procurement
The JA Solar Responsible Sourcing Policy has been created, which mandates carbon footprint certification for raw materials and
implements stringent sustainability monitoring. Additionally, the policy advocates for localized and low-carbon procurement to
effectively mitigate environmental impacts across the supply chain.
（3）Research and development
The Company seamlessly integrates green and low-carbon principles into its product design philosophy, prioritizing
environmental impact at every stage. In addition to utilizing low-carbon materials in the design phase, we are committed to ongoing
innovation and research and development, which enhance product conversion efficiency and module power output, consequently
reducing carbon emissions per unit of electricity generated. Several factories have completed comprehensive lifecycle assessments,
and our flagship n-type DeepBlue 4.0 Pro products have achieved certification from French Certisolis for carbon footprints, meeting
Environmental Product Declaration (EPD) standards in Norway and Italy. Notably, the mass production conversion efficiency of n-
type Bycium+ cells has reached an impressive 27%, positioning us at the forefront of low-carbon photovoltaic technology through
relentless innovation.
（4）Production
The Company has systematically implemented a comprehensive energy management framework, fostering a culture of energy
conservation and optimization. We have actively pursued energy-saving transformations and enhanced the efficiency of energy
consumption across our operations. Furthermore, we have championed the development of distributed photovoltaic systems at our
global production sites, thereby increasing the proportion of self-generated green energy through initiatives such as the procurement
of green certificates. In 2024, we will establish benchmark net-zero factories, exemplified by the third phase of Qujing JA Solar, which
has garnered carbon neutrality certification from the China Beijing Green Exchange, and Yangzhou Jingshan Park, recognized with a
net-zero factory certification from T?V Süd.
（5）Packaging
The Company effectively implements circular packaging solutions through the optimization of cross-packing methods, the
reduction of non-essential packaging, and ongoing enhancements in packaging and loading efficiency. We have commenced trials
aimed at eliminating wooden edge protectors for domestic shipments and are proactively investigating lifecycle carbon reduction
strategies. A standardized management system for recycling used packaging materials has been established, with dedicated collection
programs at all manufacturing facilities to minimize material usage and energy consumption in packaging production.
（6）Warehousing and logistics
The Company develops innovative, environmentally friendly three-dimensional warehouses that facilitate real-time analysis and
intelligent management of inbound/outbound logistics, storage, and inventory data, establishing highly automated, digital, and
intelligent warehousing centers.
The Company actively advances the diesel-to-electric conversion project for forklifts, aiming to significantly reduce carbon
emissions in on-site logistics and promote the establishment of zero-carbon green factories. For off-site transportation, the Company
explores efficient and environmentally friendly solutions, including sea-rail intermodal and barge transportation. Concurrently, it is
prioritizing the adoption of clean energy alternatives, such as biomass fuels and methanol. Furthermore, the Company is strategically
developing local supply chains and advocating for localized procurement to further minimize transportation-related carbon emissions.
（7）Recycle and reuse
JA Solar employs a robust classification-based approach alongside resource recycling for its products, effectively facilitating the
recovery and reuse of recyclable materials, including metals and glass, to mitigate environmental impacts. In addressing the recycling
of end-of-life photovoltaic modules, the Company adheres to European Union directives, notably the Waste Electrical and Electronic
Equipment (WEEE) Directive and the Restriction of Hazardous Substances (RoHS) Directive. JA Solar has established a fully
compliant photovoltaic module recycling and circular utilization mechanism within the European market. Furthermore, the company
has forged long-term strategic alliances with PV CYCLE, a globally recognized leader in photovoltaic module recycling. As an active
global member of PV CYCLE, JA Solar diligently fulfills its obligations through the Compliance and Take Back Scheme, ensuring
that all exported module products meet WEEE Directive requirements and electronic waste disposal regulations across respective EU
member states. In non-EU regions, JA Solar confidently implements end-of-life solutions for its products, effectively promoting global
sales and advancing the circular utilization of its photovoltaic modules.
JA Solar, as a globally positioned and industry-leading enterprise, demonstrates a steadfast commitment to capability building
and talent cultivation to confront climate change effectively. The Company prioritizes enhancing suppliers’ competencies in addressing
climate issues, fostering continuous communication and regular empowerment initiatives to promote collaborative development
throughout the entire supply chain. This approach ensures a unified effort in mitigating climate impacts.
（1）Capability building
JA Solar is committed to capacity building in carbon emissions management, employing over 50 internal carbon emission officers
to deepen the Company’s expertise in climate change mitigation. A robust carbon management system is supported by comprehensive
education, training, advocacy, and oversight. Through targeted training sessions and thematic activities, the Company disseminates its
sustainable development philosophy and actively enhances employees’ environmental awareness.
（2）Supplier empowerment
In December 2022, JA Solar established a strategic partnership with CDP, positioning itself as the first photovoltaic company
globally to launch the CDP Supply Chain Decarbonization initiative. Over the past two years, the Company has effectively spearheaded
decarbonization efforts among its suppliers. In 2024, the initiative engaged 37 suppliers, with 32 contributing to the climate change
questionnaire, which represented over 65% of total raw and auxiliary material procurement expenditures. Leveraging its leadership
within the value chain, JA Solar is poised to set pioneering international industry standards, working collaboratively with supply chain
partners to address the pressing challenges of climate change.
Administrative penalties due to environmental problems in the reporting period
Company or Impact on the Correction actions
Penalty reason Circumstance Penalty result
subsidiary name operations of the by the Company
listed company
None None None None None None
Other environmental information that should be disclosed
None
Additional environmental protection information
None
II. Social Responsibility
The Company has implemented a structured and efficient management system characterized by scientific standards and clear
boundaries. It has established a corporate governance framework comprising the general meeting, board of directors, supervisory
committee, and senior management. Under the board of directors, there are specialized committees including the Strategy and
Sustainability Committee, Audit Committee, Renumeration and Assessment Committee, and Nomination Committee, each supported
by corresponding decision-making and operational management mechanisms. These measures effectively protect the rights of all
shareholders and creditors. The Company rigorously complies with relevant laws, regulations, ensuring the truthful, accurate, complete,
timely, and equitable disclosure of information, and guaranteeing equal access to information relating to the Company by all
shareholders. The Company communicates with investors through various channels such as on-site receptions, online performance
briefings, telephone, web messages, fax, and email. Important decisions are announced on the Company’s official website, and sections
dedicated to investor education and contact details for the board secretary are provided, enabling shareholders and investors to better
understand the Company’s operations.
The Company upholds a principle of openness, fairness, and impartiality in its employment policies, actively fostering harmonious and
stable labor relations. It strictly adheres to labor standards and relevant laws and regulations in all its factories and offices worldwide.
The Company unequivocally prohibits forced labor and does not tolerate any form of coercion through violence, threats, or illegal
restriction of personal freedom to compel employees to work. It strictly prohibits any harassment of employees and does not interfere
with their freedom of belief. The Company prohibits discrimination against employees based on factors such as ethnicity, race,
nationality, religious beliefs, gender, age, disability, marital status, sexual orientation, pregnancy, or any other factors. Child labor is
strictly prohibited, and the Company ensures equal pay for equal work, promotes gender equality, and respects employees’ rights to
freedom of association and collective bargaining. To enhance the protection of employees’ human rights, the Company has set relevant
corporate systems in accordance with international standards and implemented a range of comprehensive measures.
The Company strictly adheres to labor laws and regulations such as the Labor Law and the Labor Contract Law, and lawfully
contributes to social insurance schemes including pension, medical, maternity, unemployment, and work-related injury insurance for
employees. In accordance with national regulations on employee leave, the Company implements a paid annual leave system and
provides employees with various types of leave including marriage leave, maternity leave, paternity leave, breastfeeding leave, and
bereavement leave. The labor union, representing employees, signs Collective Labor Contract, Special Collective Contract on Wage
Negotiation, and Special Collective Contract on Special Interests for Female Workers with the Company. These agreements
comprehensively safeguard the legitimate rights and interests of employees in terms of wages, working hours, rest and leave,
occupational safety and health, insurance benefits, and vocational skills training.
The Company upholds a philosophy of integrity and legal compliance, maintaining rigorous standards in its business operations while
honoring all relevant contracts and regulations. It ensures the full protection of the legitimate rights and interests of both suppliers and
customers, fostering strong relationships with them. By delivering premium products and enhancing post-sales services, the Company
aims for mutual success and beneficial partnerships with its customers. Regarding suppliers, the Company adopts a dynamic evaluation
approach, scoring suppliers across dimensions such as quality, commerce, technology, supply, and social responsibility to encourage
continuous improvement. It offers assistance to suppliers, aiding them in quality enhancement and expediting product development.
Long-term trust-based cooperation is prioritized over short-term contracts, thereby enhancing efficiency and reducing transaction and
management costs. Establishing a sustained information exchange mechanism with suppliers, the Company collaborates with suppliers
to drive industrial advancement.
When it comes to customers (including developers, and distributors), the Company upholds a customer-first service philosophy. It
consistently improves its customer service framework and standardizes cooperation process management to ensure customers are
satisfied with both products and services. The Company not only generates value for its clients but also actively collaborates to create
value with them. Long-term trust-based partnerships supersede short-term contracts, this helps foster enduring relationships with
customers. The Company guarantees the security of customer information and their right to be informed, while providing convenient
access for customers to gain comprehensive insights into the Company.
The Company upholds the principle of Safety First and Production Second, placing workplace safety as its paramount concern for
sustainable growth. It consistently innovates its management approaches, reinforces the responsibilities of safety departments, and
enhances safety training, risk identification, and hazard investigation efforts to safeguard its stable development.
The Company conducts annual special training on fire facilities, traffic safety, electrical safety, and more. It also organizes activities
such as fire drills and safety knowledge competitions to effectively enhance employees’ awareness of safety. The Company has created
an EHS (Environment, Health, and Safety) learning platform to facilitate employees’ access to safety knowledge relevant to their roles.
Since the inception of our safety improvement project in 2021, we have engaged a reputable safety management team for consultation
and guidance. Beginning with our Yiwu base as a pilot, we aim to establish a model for safety management across the Company. This
initiative seeks to gather practical insights into safety enhancement, which will be translated into internal safety management schemes
for broader implementation throughout the organization. Ultimately, our goal is to foster a more robust and systematic safety
management system.
In February 2024, JA Solar was invited to participate in the sixth session of the United Nations Environment Assembly (UNEA-6),
representing the only global photovoltaic enterprise. The assembly convened under the imperative theme Effective, Inclusive, and
Sustainable Multilateral Actions to Tackle Climate Change, Biodiversity Loss, and Pollution. In March 2024, JA Solar joined forces
with the World Wide Fund for Nature (WWF) to participate in Earth Hour, recognized as the world’s largest public environmental
initiative. This collaboration involved symbolically turning off lights to Light Up Hope, while also committing an additional hour of
clean energy to benefit our planet. Furthermore, during March, JA Solar formally endorsed the Forward Faster initiative, launched by
the United Nations Global Compact (UNGC). This commitment emphasizes an accelerated approach to achieving the Sustainable
Development Goals (SDGs), encompassing essential action areas such as gender equality, climate action, living wages, and sustainable
finance. In April, JA Solar expanded its impact by collaborating with the SEE Foundation on a desertification control project,
successfully planting 30,000 sand willows in Ordos. This initiative not only aims to enhance carbon reduction but also seeks to restore
local ecosystems.
In 2024, JA Solar achieved significant milestones as its short-term, long-term, and net-zero targets received formal validation from the
Science Based Targets initiative (SBTi). Additionally, JA Solar was honored with the Best Social Responsibility Award for Carbon
Neutrality and the Best Carbon Neutrality Practice Award within the Solar and Storage Industry, bestowed by the PV Committee of
the China Green Supply Chain Alliance, the Yangtze River Delta Solar Photovoltaic Technology Innovation Center, and the Electrical
Energy Storage Alliance. Further reinforcing its leadership in transparency and accountability, JA Solar earned the P4EAST certificate
from the International Sustainability Standards Board (ISSB) in Beijing. The Company also proudly featured on the 2024 Fortune
China ESG Impact List. In June, its Xingtai Low-Carbon Green Campus project, integrating talent development with sustainability
initiatives, received the esteemed 520 Social Responsibility Day Climate Action Best Case Award, while JA Solar was selected for the
second consecutive year for the China ESG Listed Companies Pioneer 100.
In March 2024, JA Solar was invited to participate in the Sustainable Markets Initiative (SMI) 2024 CEO Spring Summit. Notably, as
the sole photovoltaic module manufacturer present, JA Solar also secured a position on 2024 Fortune Asia Future 30 ranking. In May,
JA Solar formally adopted the United Nations Women’s Empowerment Principles (WEPs). This initiative integrates the United Nations
Sustainable Development Goals (UN SDGs) into the Company’s corporate strategy and operations, allowing JA Solar to identify
sustainability objectives pertinent to its value chain and actively pursue actions to expedite progress toward these aims. In July, JA
Solar’s exemplary performance in sustainable development earned its inclusion in the 2024 Sustainability Yearbook (China Edition),
further demonstrating the Company’s leadership in this critical area. August witnessed JA Solar’s substantial support for Tsinghua
International Case Analysis Competition of Public Policy on SDGs. In November, Jin Baofang, Chairman of JA Solar, delivered a
keynote video address at the opening session of the 29th United Nations Climate Change Conference (COP29), where the Company
reaffirmed its commitment to collaborative climate action with partners and stakeholders to foster a sustainable future. Board member
Jin Junhui also participated in the She Power Side Event on the inaugural day of COP29, showcasing the Company’s dedication to
diversity, equity, and inclusion (DEI) within its corporate culture. During COP29, JA Solar conducted a press conference to unveil its
inaugural Task Force on Climate-related Financial Disclosures (TCFD) Report. Furthermore, in the same month, the Company earned
recognition on Fortune’s list of 2024 Most Admired Chinese Industry Stars. In December, JA Solar partnered with the Library Project
Special Fund of the Wuxi Lingshan Charity Foundation, donating 201 science-themed reading kits to children across three schools in
Inner Mongolia, Hebei and Anhui. Notably, the Company also received the ESG Golden Bull Award – Top 100, underscoring its
robust commitment to sustainable development and corporate responsibility.
The Company demonstrates a steadfast commitment to charitable initiatives, encompassing poverty alleviation and disaster relief. It
effectively fosters societal warmth through tangible actions. By organizing volunteer teams, the Company engages in a range of public
welfare activities, including tree planting, blood donation, and support for military families. Such efforts in assisting traffic police,
firefighters, elderly residents, children in welfare centers, and educators contribute significantly to promoting a more harmonious and
compassionate society. A donation of 282,000 yuan was made to aid earthquake relief and reconstruction efforts in Gansu Province.
Additionally, a One-Day Donation campaign on May 19 at the Company’s two bases in Jiangsu successfully raised 80,000 yuan,
specifically targeting disadvantaged groups and local development initiatives. To enhance youth engagement and promote sports, the
Baotou base contributed 30,000 yuan, providing 60 sets of sports gift packs to primary and secondary school students. The Yangzhou
base further exemplified its commitment to education by allocating 20,000 yuan in teaching awards and scholarships to bolster
elementary education within its jurisdiction. In the latter half of the year, the Ningjin and Xingtai bases collectively granted
approximately 164,400 yuan in Sunshine Scholarships and Financial Aid. Moreover, the Ningjin base supported individuals with
disabilities with a donation of 20,600 yuan and contributed 98,900 yuan to the Brightness Project. The Gaoyou base supported the
Women and Children’s Foundation with a 10,000 yuan donation. Through the Beijing Charity Foundation, JA Solar donated 400,000
yuan to two Hope Primary Schools. Furthermore, employees at the Baotou base raised around 13,100 yuan through the Gratitude and
Warmth Initiative and over 50,000 yuan in the Love for a Day campaign.
III. Efforts for Solidifying Poverty Alleviation and Advancing Rural Revitalization
The Company robustly engages with national initiatives by capitalizing on its strengths in the industrial chain, product technology,
and ecological partnerships. It has successfully pioneered a green photovoltaic model that melds ecological development with the
construction of clean energy infrastructure. Notably, the Company has established photovoltaic poverty alleviation power stations in
Yanchi, Ningxia, and Kangbao, Hebei. These initiatives are projected to deliver over 200 million yuan in financial support to
disadvantaged areas over the next 20 years, benefiting 3,388 impoverished households.
By the end of December 2024, the Company disbursed approximately 108.09 million yuan in financial support through its poverty
alleviation projects.
These initiatives strategically leverage multi-scenario synergistic development, including livestock-PV, fishery-PV, agriculture-PV,
and mountainous PV applications. This innovative approach establishes a comprehensive rural revitalization model, effectively
integrating financial aid, lease payments, and job creation to drive sustainable progress in underdeveloped regions.
Section VI. Important Matters
I. Fulfillment of Commitments
Company that would be complete fulfilled but not completely fulfilled in or by the reporting period
?Applicable □ Not applicable
Commitm
Reason for Commitmen Commitmen Commitmen
Commitment ent Fulfillment
commitment t party t type t time
duration
I. There are no unfair related-party transactions
between the Company or any operating entity it
controls and the listed company. II. After this
transaction is completed, the Company and any
operating entity it controls will regulate and avoid or
minimize the related-party transactions with the
listed company and its subsidiaries. For unavoidable
or reasonably justified related-party transactions, the
market-based principles of fairness, and
transparency shall be followed, agreements shall be
signed in accordance with the law, legal procedures
shall be fulfilled, and disclosure obligations and
relevant approval procedures shall be carried out in
accordance with relevant laws, regulations,
normative documents, and articles of association.
The price of related-party transactions shall be
Jingtaifu,
determined based on the prices of similar
Qichang
transactions with independent third parties, ensuring
Electronics,
fairness. Efforts are taken to ensure that related-party
Shenzhen
Commitmen transactions do not harm the legitimate rights and
Boyuan,
t on interests of the listed company and other
Jingjun
Commitments reducing shareholders. III. After this transaction is completed,
Ningyu,
made during and the Company will continue to exercise shareholder May 27, Fulfillment
Jingli Long term
asset regulating rights in accordance with relevant laws, regulations, 2019 in progress
Ninghua,
restructuring related- normative documents, and the articles of association
Jingren
party of the listed company. When voting on related-party
Ninghe,
transactions transactions involving the Company at the general
Jingde
meeting of the listed company, it will fulfill the
Ningfu, and
obligation to abstain from voting. IV. The Company
Dongtai
undertakes to fulfill the disclosure obligations
Bona
regarding related-party transactions in accordance
with relevant laws, regulations, normative
documents, and the articles of association of listed
company. The Company commits to refraining from
unlawfully transferring funds or profits of the listed
company through related-party transactions,
avoiding any harm to the interests of non-related
shareholders, and abstaining from any illegal or
improper utilization of the funds or assets of the
listed company. V. The Company is willing to take
labile for any economic losses, claims, and
additional expenses incurred by the listed company
and its subsidiaries due to violations of the
aforementioned commitments. The Company will
bear the corresponding compensation liability
accordingly.
I. There are no unfair related-party transactions
between me and any operating entity under my
control and the listed company. II. After this
transaction is completed, I and any operating entity
under my control will regulate and avoid or
minimize the related-party transactions with the
listed company and its subsidiaries. For unavoidable
or reasonably justified related-party transactions, the
market-based principles of fairness, and
transparency shall be followed, agreements shall be
signed in accordance with the law, legal procedures
shall be fulfilled, and disclosure obligations and
relevant approval procedures shall be carried out in
accordance with relevant laws, regulations,
normative documents, and articles of association.
The price of related-party transactions shall be
determined based on the prices of similar
transactions with independent third parties, ensuring
Commitmen fairness. Efforts are taken to ensure that related-party
t on transactions do not harm the legitimate rights and
Commitments reducing interests of the listed company and other
Jin Baofang,
made during and shareholders. III. After this transaction is completed, May 27, Fulfillment
and Jin Long term
asset regulating I will continue to exercise shareholder rights in 2019 in progress
Junmiao
restructuring related- accordance with relevant laws, regulations,
party normative documents, and the articles of association
transactions of the listed company. When voting on related-party
transactions involving me at the general meeting of
the listed company, I will fulfill the obligation to
abstain from voting. IV. I undertake to fulfill the
disclosure obligations regarding related-party
transactions in accordance with relevant laws,
regulations, normative documents, and the articles of
association of listed company. I commit to refraining
from unlawfully transferring funds or profits of the
listed company through related-party transactions,
avoiding any harm to the interests of non-related
shareholders, and abstaining from any illegal or
improper utilization of the funds or assets of the
listed company. V. I am willing to take labile for any
economic losses, claims, and additional expenses
incurred by the listed company and its subsidiaries
due to violations of the aforementioned
commitments. I will bear the corresponding
compensation liability accordingly.
the Company nor entities under its control are
currently engaged, either domestically or
internationally, in any business or activities that
directly or indirectly compete with the business
Commitments conducted or potentially conducted by JA Solar, the
Non-
made during listed company after this transaction is completed, or May 27, Fulfillment
Jingtaifu competition Long term
asset its subsidiaries. 2. After this restructuring is 2019 in progress
commitment
restructuring completed,
except for the listed company and its subsidiaries,
neither the Company nor other entities under its
control will engage, either independently or with
others, in any manner (including but not limited to
investment, mergers and acquisitions, joint ventures,
partnerships, collaborations, consortia, contracting or
leasing operations, purchasing listed company
stocks, or equity participation) directly or indirectly
in any business or activities that compete or might
compete with the business conducted by the listed
company and its subsidiaries, either domestically or
internationally. 3. After this restructuring is
completed, in cases where the Company or other
entities under its control acquires any business
opportunities identical or similar to those conducted
by the listed Company and its subsidiaries for any
reason, the Company shall promptly notify the listed
company, granting them the preferential right to
seize such opportunities. Should the listed company
or its subsidiaries choose to undertake such business,
the Company and entities under its control shall
refrain from engaging in it. The Company will
provide all necessary assistance to the listed
company for fulfilling disclosure obligations as per
relevant laws, regulations, stock exchange rules, and
regulatory requirements. 4. After this restructuring is
completed, in cases where the Company or other
entities under its control obtains any acquisition
opportunities for an entity engaged in any businesses
identical or similar to those conducted by the listed
company and its subsidiaries for any reason, the
Company shall promptly notify the listed company
to ensure that the listed company and its subsidiaries
have the opportunity to acquire the said entity.
Should the listed company or its affiliates choose to
acquire the mentioned entity, the Company and
entities under its control will relinquish the
acquisition opportunity. The Company will provide
all necessary assistance to the listed company for
fulfilling disclosure obligations as per relevant laws,
regulations, stock exchange rules, and regulatory
requirements. 5. After this restructuring is
completed, if the listed company and its subsidiaries
decide to forgo the business opportunities or
acquisition opportunities mentioned in points 3 and 4
above, and subsequently, the Company or any
entities under its control engage in competitive
businesses arising from these opportunities, the
listed company and its subsidiaries have the right to
acquire, at any time and in one lump sum or multiple
installments, any equity, assets, or other interests
related to the competitive business. Alternatively, the
listed company and its subsidiaries may choose, in
accordance with national laws and regulations, to
entrust the operation, lease, or contract the operation
of the assets or business of the Company and any
entities under its control involved in the competitive
business. 6. After this restructuring is completed,
when the Company or any entities under its control
intends to transfer, sell, lease, license for use, or
otherwise dispose of assets and businesses that
directly or indirectly compete with the main business
of the listed company and its subsidiaries, the
Company any entities under its control will provide
the listed company and its subsidiaries with a right
of first refusal to purchase. 7. After this restructuring
is completed, the Company will not exploit its
position as the controlling shareholder of the listed
company to detrimentally affect the interests of the
listed company and its other shareholders. 8. In the
event of any breach of the above commitment by the
Company, the listed company and its other
shareholders have the right, in accordance with this
commitment, to lawfully request the enforcement of
this commitment by the Company and seek
compensation for all losses suffered as a result.
Additionally, any benefits gained by the Company
through the violation of the commitment shall be
relinquished to the listed company.
nor entities under my control are currently engaged,
either domestically or internationally, in any
business or activities that directly or indirectly
compete with the business conducted or potentially
conducted by JA Solar, the listed company after this
transaction is completed, or its subsidiaries. 2.After
this restructuring is completed,
except for the listed company and its subsidiaries,
neither I nor entities under my control will engage,
either independently or with others, in any manner
(including but not limited to investment, mergers
and acquisitions, joint ventures, partnerships,
collaborations, consortium, contracting or leasing
operations, purchasing listed company stocks, or
equity participation) directly or indirectly in any
business or activities that compete or might compete
with the business conducted by the listed company
and its subsidiaries, either domestically or
Commitments internationally. 3. After this restructuring is
Jin Baofang, Non-
made during completed, in cases where I or entities under my May 27, Fulfillment
and Jin competition Long term
asset control acquire any business opportunities identical 2019 in progress
Junmiao commitment
restructuring or similar to those conducted by the listed company
and its subsidiaries for any reason, I shall promptly
notify the listed company, granting them the
preferential right to seize such opportunities. Should
the listed company or its subsidiaries choose to
undertake such business, I and entities under my
control shall refrain from engaging in it. I will
provide all necessary assistance to the listed
company for fulfilling disclosure obligations as per
relevant laws, regulations, stock exchange rules, and
regulatory requirements. 4. After this restructuring is
completed, in cases where I or entities under my
control obtain any acquisition opportunities for an
entity engaged in any businesses identical or similar
to those conducted by the listed company and its
subsidiaries for any reason, I shall promptly notify
the listed company to ensure that the listed company
and its subsidiaries have the opportunity to acquire
the said entity. Should the listed company or its
affiliates choose to acquire the mentioned entity, I
and entities under my control will relinquish the
acquisition opportunity. I will provide all necessary
assistance to the listed company for fulfilling
disclosure obligations as per relevant laws,
regulations, stock exchange rules, and regulatory
requirements. 5. After this restructuring is
completed, if the listed company and its subsidiaries
decide to forgo the business opportunities or
acquisition opportunities mentioned in points 3 and 4
above, and subsequently, I or entities under my
control engage in competitive businesses arising
from these opportunities, the listed company and its
subsidiaries have the right to acquire, at any time
and in one lump sum or multiple installments, any
equity, assets, or other interests related to the
competitive business. Alternatively, the listed
company and its subsidiaries may choose, in
accordance with national laws and regulations, to
entrust the operation, lease, or contract the operation
of the assets or business of I and any entities under
my control involved in the competitive business. 6.
After this restructuring is completed,
when I or any entities under my control intend to
transfer, sell, lease, license for use, or otherwise
dispose of assets and businesses that directly or
indirectly compete with the main business of the
listed company and its subsidiaries, I and any entities
under my control will provide the listed company
and its subsidiaries with a right of first refusal to
purchase. 7. After this restructuring is completed, I
will not exploit my position as the person acting in
concert with the actual controller/controlling
shareholder of the listed company to detrimentally
affect the interests of the listed company and its
other shareholders. 8. If I breach the above
commitment, the listed company and its other
shareholders have the right, in accordance with this
commitment, to lawfully request the enforcement of
this commitment by me and seek compensation for
all losses suffered as a result. Additionally, any
benefits gained by me through the violation of the
commitment shall be relinquished to the listed
company.
I. Prior to this restructuring, JA Solar has always
operated independently from other entities controlled
by the Company in terms of business, assets,
organization, personnel, and finances. The
Commitmen operations, assets, personnel, finances, and
t on keeping organizational structure of JA Solar have been
Commitments
the independent. II. After this restructuring is completed,
made during May 27, Fulfillment
Jingtaifu independenc the Company and other entities under its control will Long term
asset 2019 in progress
e of the not exploit the status of being the controlling
restructuring
listed shareholder or person acting in concert with the
company controlling shareholder of the listed company to
influence its independence, and ensure the
independence of the listed company in terms of
business, assets, organization, personnel, and
finances: 1. Ensuring the independence of the listed
company in operations: (1) Ensuring that the listed
company possesses independent assets, personnel,
qualifications, and capabilities to conduct business
activities independently, maintaining the ability to
operate continuously in the market independently
and autonomously.
(2) The Company will refrain from intervening in
the business activities of the listed company, except
when exercising shareholder rights or fulfilling
duties while holding positions within the listed
company.(3) Ensuring that the Company and other
entities under its control do not engage in businesses
that compete with the main business of the listed
company.(4) Ensuring that the Company and
affiliated enterprises minimize related-party
transactions with the listed company and its
subsidiaries. In cases where related-party
transactions are deemed necessary and unavoidable,
ensuring fair operations based on market principles
and fair prices, and complying with relevant laws,
regulations, and normative documents regarding
transaction procedures and disclosure obligations. 2.
Ensuring the independence of the listed company in
assets: (1) Ensure the independence and integrity of
the listed company’s assets, with all such assets
under the control of the listed company and
exclusively owned and operated by the listed
company. (2) The Company does not and will not
unlawfully or improperly utilize the funds, assets, or
other resources of the listed company in any manner.
(3) The Company will not provide guarantees for its
own debts using the assets of the listed company. (4)
Except for exercising shareholder rights in
accordance with the law, the Company guarantees
not to intervene beyond the decisions of the general
meeting and/or the board of directors regarding
significant matters concerning the integrity of the
listed company’s assets. 3. Ensuring the
independence of the listed company in
organizational structure: (1) Ensuring the listed
company maintains a sound corporate governance
structure and possesses an independent and integral
organizational framework. (2) Ensuring that the
general meeting, board of directors, independent
directors, supervisory committee, general manager,
and other personnel of the listed company
independently exercise their powers in accordance
with laws, regulations, and company articles of
association. (3) Ensuring that the Company and its
affiliated enterprises do not have a situation of
institutional overlapping with the listed company
and its subsidiaries, and that they are completely
separated in terms of office premises and production
and operation locations. 4. Ensuring the
independence of the listed company in personnel: (1)
Ensuring that the general manager, deputy general
manager, financial director, board secretary, and
other senior managers of the listed company work
full-time for the listed company and receive
compensation accordingly. They shall not hold any
position other than director or supervisor in other
entities controlled by the Company, thus maintaining
the independence of personnel in the listed company.
(2) Ensuring that the listed company has a complete
and independent labor, personnel, and compensation
management system, guaranteeing full independence
between this system and the Company and other
entities under its control. (3) Ensuring that directors,
supervisors, and senior managers are elected or
appointed through legal procedures, and the
Company refrains from interfering with personnel
appointment and dismissal decisions made by the
board of directors and general meeting of the listed
company. 5. Ensuring the independence of the listed
company in finance: (1) Ensuring that the listed
company continues to maintain an independent
finance department and an independent financial
accounting system. (2) Ensuring that the listed
company independently opens bank accounts and
does not share a bank account with the Company or
other entities under its control. (3) Ensuring that the
listed company can make independent financial
decisions, and the Company refrains from
intervening in the use and allocation of assets of the
listed company through unlawful means. (4)
Ensuring that the financial personnel of the listed
company remain independent and do not hold part-
time positions or receive compensation from other
entities under the control of the Company.
I. Prior to this restructuring, JA Solar has always
operated independently from other entities under my
control in terms of business, assets, organization,
personnel, and finances. The operations, assets,
personnel, finances, and organizational structure of
JA Solar have been independent. II. After this
restructuring is completed, neither I nor other
entities under my control will exploit the status of
being the controlling shareholder or person acting in
concert with the controlling shareholder of the listed
Commitmen company to influence its independence, and ensure
t on keeping the independence of the listed company in terms of
Commitments
Jin Baofang, the business, assets, organization, personnel, and
made during May 27, Fulfillment
and Jin independenc finances: 1. Ensuring the independence of the listed Long term
asset 2019 in progress
Junmiao e of the company in operations: (1) Ensuring that the listed
restructuring
listed company possesses independent assets, personnel,
company qualifications, and capabilities to conduct business
activities independently, maintaining the ability to
operate continuously in the market independently
and autonomously.
(2) I will refrain from intervening in the business
activities of the listed company, except when
exercising shareholder rights or fulfilling duties
while holding positions within the listed
company.(3) Ensuring that neither I more other
entities under my control engage in businesses that
compete with the main business of the listed
company.(4) Ensuring that I and my affiliated
enterprises minimize related-party transactions with
the listed company and its subsidiaries. In cases
where related-party transactions are deemed
necessary and unavoidable, ensuring fair operations
based on market principles and fair prices, and
complying with relevant laws, regulations, and
normative documents regarding transaction
procedures and disclosure obligations. 2. Ensuring
the independence of the listed company in assets: (1)
Ensure the independence and integrity of the listed
company’s assets, with all such assets under the
control of the listed company and exclusively owned
and operated by the listed company. (2) I do not and
will not unlawfully or improperly utilize the funds,
assets, or other resources of the listed company in
any manner. (3) I will not provide guarantees for its
own debts using the assets of the listed company. (4)
Except for exercising shareholder rights in
accordance with the law, I guarantee not to intervene
beyond the decisions of the general meeting and/or
the board of directors regarding significant matters
concerning the integrity of the listed company’s
assets. 3. Ensuring the independence of the listed
company in organizational structure: (1) Ensuring
the listed company maintains a sound corporate
governance structure and possesses an independent
and integral organizational framework. (2) Ensuring
that the general meeting, board of directors,
independent directors, supervisory committee,
general manager, and other personnel of the listed
company independently exercise their powers in
accordance with laws, regulations, and company
articles of association. (3) Ensuring that I and my
affiliated enterprises do not have a situation of
institutional overlapping with the listed company
and its subsidiaries, and that they are completely
separated in terms of office premises and production
and operation locations. 4. Ensuring the
independence of the listed company in personnel: (1)
Ensuring that the general manager, deputy general
manager, financial director, board secretary, and
other senior managers of the listed company work
full-time for the listed company and receive
compensation accordingly. They shall not hold any
position other than director or supervisor in other
entities under my control, thus maintaining the
independence of personnel in the listed company. (2)
Ensuring that the listed company has a complete and
independent labor, personnel, and compensation
management system, guaranteeing full independence
between this system and I and other entities under
my control. (3) Ensuring that directors, supervisors,
and senior managers are elected or appointed
through legal procedures, and I refrain from
interfering with personnel appointment and dismissal
decisions made by the board of directors and general
meeting of the listed company. 5. Ensuring the
independence of the listed company in finance: (1)
Ensuring that the listed company continues to
maintain an independent finance department and an
independent financial accounting system. (2)
Ensuring that the listed company independently
opens bank accounts and does not share a bank
account with me or other entities under my control.
(3) Ensuring that the listed company can make
independent financial decisions, and I refrain from
intervening in the use and allocation of assets of the
listed company through unlawful means. (4)
Ensuring that the financial personnel of the listed
company remain independent and do not hold part-
time positions or receive compensation from other
entities under my control.
authority to interfere in the operational and
management activities of the listed company and not
to expropriate the interests of the listed company. 2.
Commitmen
From the date of this commitment until the
t relating the
completion of the listed company’s current private
effective
placement, if the China Securities Regulatory
implementat
Commission (CSRC) issues new regulatory
ion of
requirements regarding measures to compensate for
measures to
returns and related commitments, and the above
Commitments Jingtaifu, Jin compensate
commitment do not meet such requirements, I/the
relating to Baofang, for the August 23, Fulfillment
Company commit(s) to provide one or more Long term
IPO or and Jin immediate 2021 in progress
supplementary commitments in accordance with the
refinancing Junmiao dilution of
latest CSRC regulations at that time. 3. I/the
earnings per
Company commit(s) to effectively implement the
share
measures formulated by the Company to compensate
resulting
for the immediate returns and to fulfill any
from the
commitments made regarding such measures. If I/the
private
Company violate(s) the above commitments and
placement
cause losses to the listed company or investors, I/the
Company am/are willing to assume compensation
responsibility to the listed company or investors in
accordance with the law.
or individuals without compensation or on unfair
Commitmen terms, and not to harm the Company’s interests in
t relating the any other way. 2. I commit to control my position-
effective related consumption acts. 3. I commit not to use any
implementat assets of the Company for investment or
ion of consumption activities unrelated to my duties. 4. I
All directors measures to commit to support the linkage between the
Commitments of the fifth compensate compensation system created by the board of
relating to board of for the directors or the Remuneration and Assessment August 23, Fulfillment
Long term
IPO or directors, immediate Committee and the implementation of the 2021 in progress
refinancing and senior dilution of Company’s measures to compensate for returns. 5. If
managers earnings per the Company subsequently launches an equity
share incentive plan, I commit to support the linkage
resulting between the exercise conditions of the proposed
from the equity incentive plan and the implementation of the
private Company’s measures to compensate for returns. 6.
placement From the date of this commitment until the
completion of the listed company’s current private
placement, if the China Securities Regulatory
Commission (CSRC) issues new regulatory
requirements regarding measures to compensate for
returns and related commitments, and the above
commitment do not meet such requirements, I
commit to provide one or more supplementary
commitments in accordance with the latest CSRC
regulations at that time. 7. I commit to effectively
implement the measures formulated by the Company
to compensate for the immediate returns and to
fulfill any commitments made regarding such
measures. If I violate the above commitments and
cause losses to the listed company or investors, I am
willing to assume compensation responsibility to the
listed company or investors in accordance with the
law.
Relevant interfere in the operational and management activities
party’s of the listed company and not to expropriate the
commitment interests of the listed company.
s regarding 2. From the date of this commitment until the
the completion of the listed company’s current public
offering, if the China Securities Regulatory
immediate
Commission (CSRC) issues new regulatory
dilution of requirements regarding measures to compensate for
returns returns and related commitments, and the above
Commitments resulting commitment do not meet such requirements, the
relating to from the Company commits to provide one or more August 25, Fulfillment
Jingtaifu supplementary commitments in accordance with the Long term
IPO or public 2022 in progress
latest CSRC regulations at that time.
refinancing offering of
convertible
the measures formulated by the Company to
corporate
compensate for the immediate returns and to fulfill
bonds in A-
any commitments made regarding such measures. If
share, the
the Company violates the above commitments and
implementat
cause losses to the listed company or investors, the
ion of
Company is willing to assume compensation
compensato
responsibility to the listed company or investors in
ry measures
accordance with the law.
Relevant 1. I commit not to overstep authority to interfere in
party’s the operational and management activities of the
listed company and not to expropriate the interests of
commitment
the listed company.
s regarding 2. From the date of this commitment until the
the completion of the listed company’s current issuance,
immediate if the China Securities Regulatory Commission
dilution of (CSRC) issues new regulatory requirements
returns regarding measures to compensate for returns and
Commitments related commitments, and the above commitment do
Jin Baofang, resulting
relating to not meet such requirements, I commit to provide one August 25, Fulfillment
and Jin from the or more supplementary commitments in accordance Long term
IPO or 2022 in progress
Junmiao public with the latest CSRC regulations at that time.
refinancing
offering of 3. I commit to effectively implement the measures
convertible formulated by the Company to compensate for the
bonds in A- immediate returns and to fulfill any commitments
share, the made regarding such measures. If I violate the above
implementat commitments and cause losses to the listed company
ion of or investors, I am willing to assume compensation
compensato responsibility to the listed company or investors in
ry measures accordance with the law.
Commitments All directors Relevant August 25, Fulfillment
individuals without compensation or on unfair terms, Long term
relating to of the fifth party’s and not to harm the Company’s interests in any other 2022 in progress
IPO or board of commitment way.
refinancing directors, s regarding 2. I commit to control my position-related
and senior the consumption acts.
managers immediate investment or consumption activities unrelated to my
dilution of duties.
returns 4. I commit to support the linkage between the
resulting compensation system created by the board of
from the directors or the Remuneration and Assessment
public Committee and the implementation of the Company’s
measures to compensate for returns.
offering of
convertible incentive plan, I commit to support the linkage
bonds in A- between the exercise conditions of the proposed
share, the equity incentive plan and the implementation of the
implementat Company’s measures to compensate for returns.
ion of 6. From the date of this commitment until the
completion of the listed company’s current issuance,
compensato
if the China Securities Regulatory Commission
ry measures (CSRC) issues new regulatory requirements
regarding measures to compensate for returns and
related commitments, and the above commitment do
not meet such requirements, I commit to provide one
or more supplementary commitments in accordance
with the latest CSRC regulations at that time.
formulated by the Company to compensate for the
immediate returns and to fulfill any commitments
made regarding such measures. If I violate the above
commitments and cause losses to the listed company
or investors, I am willing to assume compensation
responsibility to the listed company or investors in
accordance with the law.
Fulfilled on
Yes
time or not
the profit forecast period, the Company should explain the reasons for the assets and projects reach the
profit forecasts
□ Applicable ? Not applicable
II. The Listed Company’s Funds Possessed by the Controlling Shareholder or Other Related
Parties for Non-operating Purposes
□ Applicable ? Not applicable
During the reporting period, the controlling shareholder or other related parties did not make non-operational use of funds from the
listed company.
III. Guarantees in Violation of Provisions
□ Applicable ? Not applicable
There wereno illeagl outward guarantees during the reporting period.
IV. Note by the Board of Directors on the Latest Non-standard Audit Report
□ Applicable ? Not applicable
V. Note by the Board of Directors, Supervisory Committee, Independent Director(s) (if any)
on the Non-standard Audit Report issued by the Accounting Firm for this Period
□ Applicable ? Not applicable
VI. Note on Changes in Accounting Policies, Accounting Estimates or Corrections of Material
Accounting Errors Compared to Previous Year
?Applicable □ Not applicable
Please refer to Section X Financial Statements for details.
VII. Note on Change in Consolidation Scope Compared to Previous Year
?Applicable □ Not applicable
The entities included in the scope of consolidated financial statements for this period have changed compared to the
previous period. Refer to Section X Financial Statements for details.
VIII. Engagement and Dismissal of Accounting Firm
Current accounting firm
KPMG Huazhen Certified Public Accountants (Special General
Name of domestic accounting firm
Partnership)
Remuneration for domestic accounting firm (10,000 yuan) 4001
Consecutive years of service provided by domestic accounting
firm
CPA names of domestic accounting firm Fu Qiang and Zhang Xinhua
Consecutive years of service provided by CPAs of domestic
accounting firm
Name of overseas accounting firm (if any) Not applicable
Remuneration for overseas accounting firm (10,000 yuan) (if
any)
Consecutive years of service provided by overseas accounting
Not applicable
firm (if any)
CPA names from overseas accounting firm (if any) Not applicable
Consecutive years of service provided by CPAs from overseas
Not applicable
accounting firm (if any)
Note: 1. KPMG Huazhen Certified Public Accountants (Special General Partnership) provides financial audit and internal control
audit services for the Company, with an audit fee of 3 million yuan for the financial audit and 1 million yuan for the internal control
audit.
Change in accounting firm for the current period
□ Yes ? No
Information on the engagement of accounting firm for internal control audit, financial consultants, or sponsors.
?Applicable □ Not applicable
According to the regulations of the China Securities Regulatory Commission (CSRC) and the Ministry of Finance, the Company is
required to disclose the audit of internal controls over financial reporting together with the annual report. During the reporting period,
the Company engaged KPMG Huazhen Certified Public Accountants (Special General Partnership) to audit the effectiveness of the
internal controls over the Company’s financial reporting for the year 2024.
IX. Delisting After Annual Report Disclosure
□ Applicable ? Not applicable
X. Matters relating to Bankruptcy and Reorganization
□ Applicable ? Not applicable
The Company did not experience matters relating to bankruptcy and reorganization in the reporting period.
XI. Material Litigation and Arbitration Matters
□ Applicable ? Not applicable
There were no material litigation and arbitration matters in connection with the Company in the reporting period.
XII. Penalties and Corrections
□ Applicable ? Not applicable
There were no penalties or corrections regarding the Company in the reporting period.
XIII. Integrity Status of the Company and Its Controlling Shareholder and Actual Controller
□ Applicable ? Not applicable
XIV. Material Related-party Transactions
? Applicable □Not applicable
Refer to Section X Financial Statements for details.
□ Applicable ? Not applicable
During the reporting period, no related-party transactions involving the acquisition or disposal of assets or equity took place.
□ Applicable ? Not applicable
There were no related-party transactions involving joint outward investments during the reporting period.
?Applicable □ Not applicable
Related-party debts and claims for non-operating purpose
? Yes □ No
Related-party claims receivable
Occupation of Amount Amount
Opening Current Closing
funds for non- increased in recovered in
Related party Relationship Reason amount Interest rate interest rate amount
operating current period current period
(10,000yuan) (10,000 yuan) (10,000yuan)
purpose (10,000yuan) (10,000yuan)
Datang
Angli
(Lingwu) Dividend
Associate Yes 304.2 304.2
New payment
Energy
Co., Ltd.
Inner
Mongolia
Dividend
Silicon Associate Yes 0 11,628.43 11,628.43 0
payment
Materials
Company
Impact of related-party
claims on operating The aforementioned matters do not materially affect the Company’s operational outcomes or financial
outcomes and financial standing.
status of the Company
Related-party debts payable
Amount
Opening Amount repaid in Closing
Current
amount increased in current amount
Related interest rate
Relationship Reason current period Interest rate
party (10,000 (10,000 (10,000
yuan) period (10,000 yuan)
yuan)
(10,000 yuan)
yuan)
No non-
operating
payables to
related
parties
□ Applicable ? Not applicable
The Company does not have any deposit accounts, loans, lines of credit, or other financial transactions with financial companies with
which the Company has a related-party relationship.
Company
□ Applicable ? Not applicable
There are no deposit accounts, loans, lines of credit, or other financial transactions between financial companies controlled by the
Company and related parties of the Company.
?Applicable □ Not applicable
Refer to Section X Financial Statements of this Report.
On December 23, 2023, the Company convened the 15th meeting of the sixth board of directors, where it considered and approved the
Proposal on the Estimated Routine Related-Party Transactions for the Year 2024. According to operational requirements, it is
anticipated that the total amount of routine related-party transactions between the Company and its subsidiaries, and related parties in
Query on website where extraordinary reports about material related-party transactions are disclosed
Extraordinary announcements Disclosure date Disclosure website
Announcement on the Estimated Routine
Related-Party Transactions for the Year December 13, 2023 www.cninfo.com.cn
XV. Material Contracts and Performance Thereof
(1) Custody
□ Applicable ? Not applicable
There were no custody matters regarding the Company in the reporting period.
(2) Contracting
□ Applicable ? Not applicable
There were no contracting matters regarding the Company in the reporting period.
(3) Lease
□ Applicable ? Not applicable
There were no lease matters regarding the Company in the reporting period.
?Applicable □ Not applicable
Unit: 10,000 yuan
Outward guarantees by the Company and its subsidiaries (excluding guarantees for subsidiaries)
Disclosure Related-
Counter- Fulfilled
date for Guarantee Guarantee Guaranteed Guarantee Collateral Guarantee party
Guaranteed party guarantee completely
announcement limit date amount type (if any) duration guarantee or
(if any) or not
on guarantee not
limit
Guarantees by the Company for subsidiaries
Disclosure
Related-
date for Counter- Fulfilled
Guarantee Guarantee Guaranteed Guarantee Collateral Guarantee party
Guaranteed party announcement guarantee completely
limit date amount type (if any) duration guarantee or
on guarantee (if any) or not
not
limit
Chaoyang JA Joint and
Solar Power several
January July
Generation Co., 8,894.6 liability 5.8years No No
Ltd. guarantee,
pledge
Joint and
JA (Yangzhou)
January October several
New Energy Co., 36,000 9.3years No No
Ltd.
guarantee
Joint and
JA Solar
December March several
Australia PTY 444.36 3.1years Yes No
Limited
guarantee
Joint and
Shanghai JA
December April several
Solar Technology 12,000 2.77years Yes No
Co., Ltd.
guarantee
Chaoyang Joint and
Xinghua Solar December June several
Power Generation 16,2020 15,2021 liability
Co., Ltd. guarantee
Joint and
Yiwu JA Solar
December September several
Technology Co., 25,000 2.77years Yes No
Ltd.
guarantee
Joint and
Shanghai JA
December September several
Solar Technology 5,500 3.1years Yes No
Co., Ltd.
guarantee
Joint and
JA Solar Vietnam December September several
Co., Ltd. 16,2020 23,2021 liability
guarantee
Joint and
December September several
JA Solar GmbH 12,414.84 25.3years No No
guarantee
Qujing Jinglong Joint and
Electronic December October several
Materials Co., 16,2020 18,2021 liability
Ltd. guarantee
Joint and
JA Solar
December November several
International 35,942 3.1years Yes No
Limited
guarantee
Joint and
JA Solar
December December several
Holdings Co., 70,000 2.32years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
December January several
Technology Co., 13,000 2.08years Yes No
Ltd.
guarantee
Joint and
Daqing Jingsheng
several
Solar Power December February
Generation Co., 10,2021 28,2022
guarantee,
Ltd.
pledge
Joint and
Yiwu JA Solar
December March 02, several
Technology Co., 15,000 3.1years No No
Ltd.
guarantee
Joint and
JA (Xingtai)
December March several
Solar Co., Ltd. 21,000 1.94years Yes No
guarantee
Joint and
JA Solar
December May several
International 16,123.23 2.4years Yes No
Limited
guarantee
Jing Hai Yang
Joint and
Semiconductor
December June several
Materials 10,000 2.14years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA Solar
December June several
Holdings Co., 10,000 2years Yes No
Ltd.
guarantee
Joint and
December July several
JA Solar GmbH 11,351.29 25.8years No No
guarantee
Joint and
Baotou JA Solar
December July several
Technology Co., 20,000 1.95years Yes No
Ltd.
guarantee
Joint and
JA Solar
December August several
International 8,985.5 3.1years No No
Limited
guarantee
Joint and
JA Solar
December August several
International 1,653.33 3.1years No No
Limited
guarantee
Joint and
JA Solar
December September several
Holdings Co., 20,000 3.1years No No
Ltd..
guarantee
Joint and
Yiwu Jingcheng
December September several
PV Materials Co., 25,000 5.6years No No
Ltd.
guarantee
Qujing JA PV Joint and
December September
Technology Co., 9,940 several 1.58years Yes No
Ltd. liability
guarantee
Joint and
JA Solar
December September several
Holdings Co., 79,400 3.3years No No
Ltd.
guarantee
Joint and
JA Solar
December September several
International 21,565.2 1.46years Yes No
Limited
guarantee
Joint and
Hefei JA Solar
December October several
Technology Co., 20,000 1.59years Yes No
Ltd.
guarantee
Joint and
Qujing JA PV
December October several
Technology Co., 30,000 1.48years Yes No
Ltd.
guarantee
Joint and
JA Solar
December November several
Holdings Co., 40,000 1.5years Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December December several
Solar Technology 8,000 2.5years No No
Co., Ltd.
guarantee
Joint and
JA Solar
December December several
Australia PTY 48,069.13 5.1years No No
Limited
guarantee
Joint and
Hefei JA Solar
November January several
Technology Co., 20,000 2.9years No No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November January several
Materials 5,000 1.15years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
Qujing JA PV
November January several
Technology Co., 30,000 11months Yes No
Ltd.
guarantee
Qujing Jinglong Joint and
Electronic November January several
Materials Co., 24,2022 06,2023 liability
Ltd. guarantee
Joint and
Yiwu JA Solar
November January several
Technology Co., 20,000 11months Yes No
Ltd.
guarantee
Qujing Jinglong Joint and
Electronic November January several
Materials Co., 24,2022 16,2023 liability
Ltd. guarantee
JA Solar Joint and
November February
Holdings Co., 30,000 several 11months Yes No
Ltd. liability
guarantee
Joint and
Hefei JA Solar
November February several
Technology Co., 30,000 11months Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November February several
Solar Technology 8,000 11months Yes No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November February several
New Energy Co., 10,000 11months Yes No
Ltd.
guarantee
Joint and
JA (Xingtai) November February several
Solar Co., Ltd. 24,2022 13,2023 liability
guarantee
Joint and
JA Solar
November February several
Holdings Co., 96,000 11months Yes No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November February several
Materials 10,000 1.9 years No No
(Donghai) Co.
guarantee
Ltd.
Joint and
Hefei JA Solar
November February several
Technology Co., 30,000 1.09years Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November February several
Solar Technology 10,000 2.9years No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November March several
Solar Technology 6,000 1year Yes No
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November March several
Materials 10,000 10 months Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Yangzhou)
November March several
Solar Technology 20,000 10 months Yes No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November March several
New Energy Co., 13,000 1.21years Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November March several
Solar Technology 17,000 1.08years Yes No
Co., Ltd.
guarantee
JA (Yangzhou) November March 10,000 Joint and 11 个月 Yes No
Solar Technology 24,2022 16,2023 several
Co., Ltd. liability
guarantee
Joint and
JA (Xingtai) November March several
Solar Co., Ltd. 24,2022 17,2023 liability
guarantee
Qujing Jinglong Joint and
Electronic November March several
Materials Co., 24,2022 17,2023 liability
Ltd. guarantee
Joint and
Qujing JA PV
November March several
Technology Co., 20,000 0.87years Yes No
Ltd..
guarantee
Joint and
Shanghai JA
November March several
Solar Technology 21,000 1.2years Yes No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November March several
Solar Technology 15,000 0.99years Yes No
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November March several
Technology Co., 9,000 3years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
November April several
Technology Co., 10,000 1.19years Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November April several
Solar Technology 10,000 2.05years No No
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November April several
Technology Co., 40,000 0.87years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November April several
Technology Co., 15,000 0.95years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November April several
Technology Co., 45,000 1.52years Yes No
Ltd.
guarantee
Joint and
JA Solar
November April several
Australia PTY 33,940.61 8.9years No No
Limited
guarantee
Joint and
JA (Yangzhou)
November April several
Solar Technology 10,000 11 个月 Yes No
Co., Ltd.
guarantee
JA Solar November May Joint and
International 24,2022 01,2023 several
Limited liability
guarantee
Joint and
Hefei JA Solar
November May several
Technology Co., 15,000 1.23years Yes No
Ltd.
guarantee
Joint and
JA Solar
November May several
International 14,376.8 3years No No
Limited
guarantee
Joint and
Hefei JA Solar
November May several
Technology Co., 20,000 1.34years Yes No
Ltd.
guarantee
Joint and
Baotou JA Solar
November May several
Technology Co., 20,000 1.01years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November May several
Technology Co., 20,000 1.25years Yes No
Ltd.
guarantee
Joint and
JA Solar
November May several
Holdings Co., 55,000 0.81years Yes No
Ltd.
guarantee
Joint and
November June several
JA Solar GmbH 47,247.48 31.5years No No
guarantee
Joint and
November June several
JA Solar GmbH 24,163.31 1.5years Yes No
guarantee
Joint and
JA (Xingtai) November June several
Solar Co., Ltd. 24,2022 09,2023 liability
guarantee
Joint and
JA (Yangzhou)
November June several
New Energy Co., 20,000 1.22years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November June several
Technology Co., 5,000 1.12years Yes No
Ltd.
guarantee
Qujing Jinglong Joint and
Electronic November June several
Materials Co., 24,2022 28,2023 liability
Ltd. guarantee
Joint and
Qujing JA PV
November June several
Technology Co., 40,000 1year Yes No
Ltd.
guarantee
JA (Yangzhou) Joint and
November July
Solar Technology 10,000 several 0.75years Yes No
Co., Ltd. liability
guarantee
Jing Hai Yang
Joint and
Semiconductor
November July several
Materials 4,000 1.06years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Yangzhou)
November July several
Solar Technology 27,000 1.9years No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November July several
New Energy Co., 40,000 1.94years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November July several
New Energy Co., 20,000 3.64years No No
Ltd.
guarantee
Joint and
Shanghai JA
November July several
Solar Technology 15,000 1.25years Yes No
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
November July several
Technology Co., 4,000 2years No No
Ltd.
guarantee
Joint and
JA (Xingtai) November August several
Solar Co., Ltd. 24,2022 01,2023 liability
guarantee
JA (Yangzhou)
Joint and
New Energy Co.,
November August several
Ltd., JA Solar 19,013.32 2years No No
International
guarantee
Limited
Joint and
JA (Xingtai) November August several
Solar Co., Ltd. 24,2022 09,2023 liability
guarantee
Shanghai JA
Solar Technology
Co., Ltd., JA
Solar
International
Joint and
Limited, Hefei JA
November August several
Solar Technology 214,401 2years No No
Co., Ltd., Yiwu
guarantee
JA Solar
Technology Co.,
Ltd., JA
(Yangzhou) New
Energy Co., Ltd.
Jing Hai Yang
Joint and
Semiconductor
November August several
Materials 20,000 0.88years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Yangzhou)
November August several
New Energy Co., 61.2 0.5years Yes No
Ltd.
guarantee
Joint and
Shanghai JA
November August several
Solar Technology 20,000 0.79years Yes No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November August several
New Energy Co., 15,000 1year Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November August several
Technology Co., 20,000 1.2years Yes No
Ltd.
guarantee
Joint and
Yiwu JA Solar
November August several
Technology Co., 1,039.83 0.49years Yes No
Ltd.
guarantee
Joint and
Baotou JA Solar
November August several
Technology Co., 15,000 1year Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November August several
New Energy Co., 870.73 0.41years Yes No
Ltd.
guarantee
Joint and
Shanghai JA
November August several
Solar Technology 8,000 1.33years Yes No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November August several
New Energy Co., 20,000 1year Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
November August several
New Energy Co., 50,000 1year Yes No
Ltd.
guarantee
Joint and
Yiwu JA Solar
November August several
Technology Co., 32,500 1.24years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November September several
Technology Co., 25,000 2.3years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
November September several
Technology Co., 100,000 1year Yes No
Ltd.
guarantee
Joint and
JA (Xingtai) November September several
Solar Co., Ltd. 24,2022 08,2023 liability
guarantee
JA (Yangzhou) November September 6,000 Joint and 1year Yes No
Solar Technology 24,2022 19,2023 several
Co., Ltd. liability
guarantee
Joint and
Yiwu JA Solar
November September several
Technology Co., 30,000 0.75years Yes No
Ltd.
guarantee
Joint and
November September several
JA Solar GmbH 14,925.32 2.7years No No
guarantee
Joint and
November September several
JA Solar GmbH 12,807.31 2.7years No No
guarantee
Joint and
November September several
JA Solar GmbH 25,312.43 2.7years No No
guarantee
Joint and
November September several
JA Solar GmbH 1,981.62 31years No No
guarantee
Joint and
Hefei JA Solar
November September several
Technology Co., 20,000 1year Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
November September several
Technology Co., 70,000 1year Yes No
Ltd.
guarantee
Joint and
JA Solar
November October several
International 21,565.2 0.48years Yes No
Limited
guarantee
Joint and
JA Solar
November October several
International 7,188.4 0.48years Yes No
Limited
guarantee
Joint and
Hefei JA Solar
November October several
Technology Co., 115,000 0.91years Yes No
Ltd.
guarantee
Joint and
JA (Wuxi) PV
November November several
Technology Co., 20,000 1.5years No No
Ltd.
guarantee
Joint and
November November several
JA Solar GmbH 47,656.22 0.9years Yes No
guarantee
Joint and
November November several
JA Solar GmbH 3,180.83 0.9years Yes No
guarantee
Hefei Jingjiu November November Joint and
Photovoltaic 24,2022 09,2023 several
Technology Co., liability
Ltd. guarantee
Joint and
JA (Xingtai) November November several
Solar Co., Ltd. 24,2022 20,2023 liability
guarantee
Joint and
Shanghai JA
November November several
Solar Technology 20,000 1.24years No No
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November November several
Materials 5,000 1year Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
Yiwu JA Solar
November December several
Technology Co., 20,000 1.56years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
November December several
Technology Co., 49,000 1.49years No No
Ltd.
guarantee
Joint and
Qujing JA PV
November December several
Technology Co., 20,000 1.32years No No
Ltd.
guarantee
Joint and
Hefei JA Solar
November December several
Technology Co., 40,000 0.49years Yes No
Ltd.
guarantee
Joint and
JA Solar
November December several
Holdings Co., 50,000 3years No No
Ltd.
guarantee
Joint and
Hefei JA Solar
November December several
Technology Co., 43,000 3years No No
Ltd.
guarantee
Joint and
November December several
JA Solar GmbH 320.92 0.64years Yes No
guarantee
Joint and
JA (Yangzhou)
November December several
New Energy Co., 10,000 1year Yes No
Ltd.
guarantee
Joint and
JA (Xingtai) November December several
Solar Co., Ltd. 24,2022 19,2023 liability
guarantee
Joint and
JA (Yangzhou)
November December several
New Energy Co., 10,000 1.35years No No
Ltd.
guarantee
JA (Yangzhou) November December Joint and
New Energy Co., 24,2022 21,2023 several
Ltd. liability
guarantee
Joint and
Shijiazhuang JA
November December several
Solar Technology 30,000 1.46years No No
Co., Ltd.
guarantee
Joint and
JA (Xingtai) November December several
Solar Co., Ltd. 24,2022 28,2023 liability
guarantee
Joint and
JA (Wuxi) PV
November December several
Technology Co., 16,000 1.41years No No
Ltd.
guarantee
Joint and
December 13, January several
JA Solar GmbH 3,801.12 0.84years Yes No
guarantee
Joint and
JA Solar
December 13, January several
Australia PTY 55,866.86 3.46years No No
Limited
guarantee
Joint and
JA Solar USA December 13, January several
Inc. 2023 03,2024 liability
guarantee
Joint and
Dongtai JA Solar
December 13, January several
Technology Co., 20,000 1year No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, January several
PV Technology 20,000 1.04years No No
Co., Ltd.
guarantee
Qujing Jinglong Joint and
Electronic December 13, January several
Materials Co., 2023 17,2024 liability
Ltd. guarantee
Joint and
Qujing JA PV
December 13, January several
Technology Co., 30,000 1year No No
Ltd.
guarantee
Joint and
several
JA Solar PV December 13, January
Vietnam Co., Ltd. 2023 18,2024
guarantee,
mortgage
Joint and
Qujing JA PV
December 13, January several
Technology Co., 10,000 0.54years Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, January several
New Energy Co., 20,000 1.38years No No
Ltd.
guarantee
Shanghai JA December 13, January Joint and
Solar Technology 2023 25,2024 several
Co., Ltd. liability
guarantee
Joint and
Shanghai JA
December 13, January several
Solar Technology 20,000 1.06years No No
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, January several
Materials 20,000 0.9years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
Hefei JA Solar
December 13, February several
Technology Co., 40,000 0.11years Yes No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, February several
Materials 2.34 0.25years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Xingtai) December 13, February several
Solar Co., Ltd. 2023 06,2024 liability
guarantee
Qujing Jinglong Joint and
Electronic December 13, February several
Materials Co., 2023 19,2024 liability
Ltd. guarantee
Joint and
Qujing JA PV
December 13, February several
Technology Co., 30,000 1year No No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, February several
Technology Co., 30,000 1year No No
Ltd.
guarantee
Joint and
JA Solar
December 13, February several
Holdings Co., 80,000 1year No No
Ltd.
guarantee
Joint and
JA (Xingtai) December 13, February several
Solar Co., Ltd. 2023 23,2024 liability
guarantee
Joint and
JA Solar
December 13, February several
Holdings Co., 30,000 1.02years No No
Ltd.
guarantee
Joint and
JA (Xingtai) December 13, February several
Solar Co., Ltd. 2023 26,2024 liability
guarantee
Joint and
Hefei JA Solar
December 13, February several
Technology Co., 115,000 1year No No
Ltd.
guarantee
Baotou JA Solar December 13, February 20,000 Joint and 1year No No
Technology Co., 2023 26,2024 several
Ltd. liability
guarantee
Joint and
JA (Xingtai) December 13, February several
Solar Co., Ltd. 2023 26,2024 liability
guarantee
Joint and
December 13, February several
JA Solar GmbH 52,814.58 31.87years No No
guarantee
Joint and
JA (Wuxi) PV
December 13, February several
Technology Co., 10,000 1year No No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, February several
Materials 5,000 1year No No
(Donghai) Co.
guarantee
Ltd.
Joint and
Qujing JA PV
December 13, March several
Technology Co., 14.27 0.49years Yes No
Ltd.
guarantee
Joint and
December 13, March several
JA Solar GmbH 12,141.66 0.84years Yes No
guarantee
Joint and
Hefei Jingjiu
December 13, March several
Solar Technology 5,000 1year No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, March several
New Energy Co., 623.23 0.33years Yes No
Ltd.
guarantee
Joint and
Shanghai JA
December 13, March several
Solar Technology 10,000 1year No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, March several
Solar Technology 10,000 1year No No
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, March several
Technology Co., 40,000 3years No No
Ltd.
guarantee
Joint and
JA Solar
December 13, March several
International 43,130.4 0.41years Yes No
Limited
guarantee
Joint and
JA (Yangzhou)
December 13, March several
Solar Technology 15,000 0.82years No No
Co., Ltd.
guarantee
JA (Donghai) December 13, March 10,000 Joint and 1year No No
New Materials 2023 19,2024 several
Technology Co., liability
Ltd. guarantee
Joint and
Shanghai JA
December 13, March several
Solar Technology 1,053.1 0.33years Yes No
Co., Ltd.
guarantee
Joint and
JA (Xingtai) December 13, March several
Solar Co., Ltd. 2023 20,2024 liability
guarantee
Joint and
JA (Wuxi) PV
December 13, March several
Technology Co., 5,000 0.99years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, March several
New Energy Co., 10,000 0.99years No No
Ltd.
guarantee
Joint and
JA Solar
December 13, March several
Holdings Co., 85,000 0.99years No No
Ltd.
guarantee
Joint and
JA (Xingtai) December 13, March several
Solar Co., Ltd. 2023 25,2024 liability
guarantee
Joint and
Hefei JA Solar
December 13, March several
Technology Co., 40,000 2years No No
Ltd.
guarantee
Joint and
JA Solar
December 13, March several
Holdings Co., 50,000 1year No No
Ltd.
guarantee
Joint and
Donghai JA Solar
December 13, March several
Technology Co., 20,000 0.87years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, March several
New Energy Co., 893.56 0.33years Yes No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, March several
Technology Co., 40,000 1year No No
Ltd.
guarantee
Joint and
JA Solar
December 13, March several
Holdings Co., 103,000 5.76years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, April several
Solar Technology 10,000 3years No No
Co., Ltd.
guarantee
JA (Yangzhou) December 13, April Joint and
New Energy Co., 2023 01,2024 several
Ltd. liability
guarantee
Joint and
JA Solar
December 13, April several
International 21,565.2 3.41years No No
Limited
guarantee
Joint and
JA Solar
December 13, April several
International 7,188.4 6.25years No No
Limited
guarantee
Joint and
December 13, April several
JA Solar GmbH 1,144.91 0.33years Yes No
guarantee
Joint and
Qujing JA PV
December 13, April several
Technology Co., 67.26 0.5years Yes No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, April several
Materials 8,000 1year No No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Yangzhou)
December 13, April several
New Energy Co., 10,000 1year No No
Ltd.
guarantee
Joint and
JA Solar
December 13, April several
International 50,318.8 2years No No
Limited
guarantee
Joint and
Baotou JA Solar
December 13, April several
Technology Co., 50,000 4.47years No No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, April several
Technology Co., 20,000 0.91years No No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, April several
Materials 24.31 0.15years Yes No
(Donghai) Co.
guarantee
Ltd.
Joint and
Dongtai JA Solar
December 13, April several
Technology Co., 131,160 6.94years No No
Ltd.
guarantee
Joint and
Qujing JA PV
December 13, April several
Technology Co., 20,000 0.95years No No
Ltd.
guarantee
Qujing Jinglong Joint and
Electronic December 13, April several
Materials Co., 2023 17,2024 liability
Ltd. guarantee
Qujing JA Solar December 13, April 10,000 Joint and 0.96years No No
Technology Co., 2023 17,2024 several
Ltd. liability
guarantee
Joint and
Qujing JA PV
December 13, April several
Technology Co., 2.24 0.5years Yes No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, April several
New Energy Co., 709.57 0.33years Yes No
Ltd.
guarantee
Joint and
December 13, April several
JA Solar GmbH 6,690.34 0.69years Yes No
guarantee
Joint and
Dongtai JA Solar
December 13, April several
Technology Co., 14,000 1year No No
Ltd.
guarantee
Joint and
Baotou JA Solar
December 13, April several
Technology Co., 200 0.94years No No
Ltd.
guarantee
Joint and
JA (Xingtai) December 13, April several
Solar Co., Ltd. 2023 26,2024 liability
guarantee
Joint and
JA (Xingtai) December 13, April several
Solar Co., Ltd. 2023 26,2024 liability
guarantee
Joint and
JA Solar
December 13, April several
Holdings Co., 10,000 0.99years No No
Ltd.
guarantee
Inner Mongolia
Yijing PV
Technology Co.,
Ltd., Nanning
Jingcheng New
Energy
Technology Co.,
Ltd., Zhengzhou
Jingkun New
Energy Joint and
Technology Co., December 13, April several
Ltd., Inner 2023 29,2024 liability
Mongolia Heao guarantee
PV Technology
Co., Ltd.,
Changzhi Anjing
New Energy
Technology Co.,
Ltd., Inner
Mongolia
Youjing PV
Technology Co.,
Ltd., Putian
Aoshuo New
Energy
Technology Co.,
Ltd., Inner
Mongolia
Huixing PV
Technology Co.,
Ltd., etc.
Joint and
December 13, April several
JA Solar GmbH 619.43 0.68years No No
guarantee
Joint and
December 13, May several
JA Solar GmbH 5,488.56 0.57years Yes No
guarantee
Joint and
JA Solar
December 13, May several
International 4,445.29 3.01years No No
Limited
guarantee
Joint and
JA Solar
December 13, May several
International 4,691.9 3.02years No No
Limited
guarantee
Joint and
JA Solar
December 13, May several
International 4,589.88 2.94years No No
Limited
guarantee
Joint and
JA Solar
December 13, May several
International 4,597.33 2.85years No No
Limited
guarantee
Joint and
Hefei JA Solar
December 13, May several
Technology Co., 40,000 3years No No
Ltd.
guarantee
Joint and
December 13, May several
JA Solar GmbH 309.72 0.65years No No
guarantee
Joint and
December 13, May several
JA Solar GmbH 1,066.31 1.52years No No
guarantee
Joint and
December 13, May several
JA Solar GmbH 2,985.68 1.39years No No
guarantee
Joint and
JA (Yangzhou)
December 13, May several
Solar Technology 10,000 1year No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, May several
New Energy Co., 15,000 1year No No
Ltd.
guarantee
Joint and
Shijiazhuang JA
December 13, May several
Solar Technology 10,000 1year No No
Co., Ltd.
guarantee
Joint and
Qujing JA Solar
December 13, May several
Technology Co., 10,000 1year No No
Ltd.
guarantee
Joint and
December 13, May several
JA Solar GmbH 1,316.85 1.31years No No
guarantee
Joint and
December 13, May several
JA Solar GmbH 724.1 1.27years No No
guarantee
Joint and
December 13, May several
JA Solar GmbH 9,108.79 30.62years No No
guarantee
Joint and
Hefei JA Solar
December 13, May several
Technology Co., 20,000 0.89years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, May several
New Energy Co., 10,000 1year No No
Ltd.
guarantee
Qujing Jinglong Joint and
Electronic December 13, May several
Materials Co., 2023 23,2024 liability
Ltd. guarantee
Joint and
Qujing JA PV
December 13, May several
Technology Co., 20,000 3years No No
Ltd.
guarantee
Joint and
Yiwu Jingcheng
December 13, May several
PV Materials Co., 15,000 3years No No
Ltd
guarantee
Joint and
Hefei JA Solar
December 13, May several
Technology Co., 40,000 0.53years Yes No
Ltd.
guarantee
Joint and
JA Solar
December 13, June several
International 17,971 3years No No
Limited
guarantee
Joint and
JA Solar
December 13, June several
International 10,782.6 3years No No
Limited
guarantee
Joint and
JA (Wuxi) PV
December 13, June several
Technology Co., 10,000 1year No No
Ltd.
guarantee
Jing Hai Yang December 13, June 120 Joint and 0.56years Yes No
Semiconductor 2023 11,2024 several
Materials liability
(Donghai) Co. guarantee
Ltd.
Joint and
JA Solar
December 13, June several
International 56,788.36 1.08years No No
Limited
guarantee
Inner Mongolia
Yijia PV Joint and
Technology Co., several
December 13, June
Ltd. Inner 4,616.43 liability 1year No No
Mongolia Ruijing guarantee,
PV Technology pledge
Co., Ltd.
Joint and
Yiwu JA Solar
December 13, June several
Technology Co., 50,000 1year No No
Ltd.
guarantee
Joint and
Qujing JA PV
December 13, June several
Technology Co., 22.8 0.5years Yes No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, June several
Technology Co., 50,000 1year No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, June several
Technology Co., 60,000 0.25years Yes No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, June several
Technology Co., 10,000 0.76years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, June several
Technology Co., 30,000 1year No No
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, June several
Materials 5,000 1year No No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Xingtai) December 13, June several
Solar Co., Ltd. 2023 26,2024 liability
guarantee
Joint and
JA (Xingtai) December 13, June several
Solar Co., Ltd. 2023 26,2024 liability
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 13, June several
Materials 8,000 4years No No
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Xingtai) December 13, June several
Solar Co., Ltd. 2023 27,2024 liability
guarantee
Joint and
Baotou JA Solar
December 13, June several
Technology Co., 25,000 4years No No
Ltd.
guarantee
Qujing Jinglong Joint and
Electronic December 13, June several
Materials Co., 2023 27,2024 liability
Ltd. guarantee
Daqing Jingsheng Joint and
Solar Power December 13, June several
Generation Co., 2023 28,2024 liability
Ltd. guarantee
Joint and
Yinchuan
December 13, June several
Aiyouen Energy 7,000 15.01years No No
Power Co., Ltd.
guarantee
Joint and
JA Solar
December 13, July several
International 15,000 0.38years Yes No
Limited
guarantee
Joint and
JA Solar
December 13, July several
International 8,626.08 5years No No
Limited
guarantee
Joint and
JA Solar
December 13, July several
International 1,119.67 1.23years No No
Limited
guarantee
Qujing Jinglong Joint and
Electronic December 13, July several
Materials Co., 2023 29,2024 liability
Ltd. guarantee
Joint and
Hefei JA Solar
December 13, July several
Technology Co., 10,000 0.83years No No
Ltd.
guarantee
Joint and
December 13, August several
JA Solar GmbH 951.61 0.53years No No
guarantee
Joint and
December 13, August several
JA Solar GmbH 957.99 0.33years Yes No
guarantee
Joint and
December 13, August several
JA Solar GmbH 3,851.86 0.69years No No
guarantee
Joint and
December 13, August several
JA Solar GmbH 2,699.97 0.36years Yes No
guarantee
JA Solar GmbH December 13, August 7,648.08 Joint and 0.69years No No
liability
guarantee
Joint and
December 13, August several
JA Solar GmbH 5,980.38 0.61years No No
guarantee
Joint and
December 13, August several
JA Solar GmbH 4,358.7 0.61years No No
guarantee
Joint and
JA Solar
December 13, August several
International 43,130.4 4years No No
Limited
guarantee
Joint and
JA Solar
December 13, August several
International 43,130.4 4years No No
Limited
guarantee
Dongtai Jingdong
Joint and
New Energy
December 13, August several
Technology 43,188.16 15.01years No No
Development
guarantee
Co., Ltd.
Joint and
December 13, August several
JA Solar GmbH 2,093.4 0.71years No No
guarantee
JA Intelligent Joint and
Energy December 13, August several
Technology 2023 21,2024 liability
(Hainan) Co., Ltd guarantee
Joint and
JA Solar
December 13, August several
International 37,628.5 4.95years No No
Limited
guarantee
Joint and
Shijiazhuang JA
December 13, August several
Solar Technology 10,000 1year No No
Co., Ltd.
guarantee
Joint and
JA Solar
December 13, August several
Holdings Co., 5,000 2.99years No No
Ltd.
guarantee
Joint and
December 13, August several
JA Solar GmbH 239.83 0.53years No No
guarantee
Joint and
December 13, August several
JA Solar GmbH 267.41 0.53years No No
guarantee
Joint and
JA (Yangzhou)
December 13, August several
New Energy Co., 13,000 0.61years No No
Ltd.
guarantee
JA (Yangzhou) December 13, August 20,000 Joint and 0.61years No No
Solar Technology 2023 29,2024 several
Co., Ltd. liability
guarantee
Joint and
JA (Yangzhou)
December 13, August several
Solar Technology 50,000 2.96years No No
Co., Ltd.
guarantee
Qujing Jinglong Joint and
Electronic December 13, August several
Materials Co., 2023 30,2024 liability
Ltd. guarantee
Joint and
Qujing JA Solar
December 13, August several
Technology Co., 9,600 5years No No
Ltd.
guarantee
Joint and
JA (Wuxi) PV
December 13, August several
Technology Co., 10,000 0.61years No No
Ltd.
guarantee
Joint and
December 13, September several
JA Solar GmbH 7,399.86 0.48years No No
guarantee
Joint and
Yiwu JA Solar
December 13, September several
Technology Co., 60,000 1year No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, September several
Technology Co., 30,000 1year No No
Ltd.
guarantee
Joint and
JA Solar
December 13, September several
International 21,565.2 5years No No
Limited
guarantee
Joint and
Inner Mongolia
several
Fujia PV December 13, September
Technology Co., 2023 14,2024
guarantee,
Ltd.
pledge
Joint and
Inner Mongolia
several
Fengjia PV December 13, September
Technology Co., 2023 14,2024
guarantee,
Ltd.
pledge
Joint and
Inner Mongolia
several
Riao PV December 13, September
Technology Co., 2023 14,2024
guarantee,
Ltd.
pledge
Joint and
Inner Mongolia
several
Huiao PV December 13, September
Technology Co., 2023 14,2024
guarantee,
Ltd.
pledge
Inner Mongolia December 13, September Joint and
Liao PV 2023 14,2024 several
Technology Co., liability
Ltd. guarantee,
pledge
Joint and
Inner Mongolia
several
Fengxing PV December 13, September
Technology Co., 2023 14,2024
guarantee,
Ltd.
pledge
Suiyang Jingneng Joint and
Energy December 13, September several
Technology Co., 2023 14,2024 liability
Ltd guarantee
Joint and
JA Solar
December 13, September several
International 8,689.73 2.88years No No
Limited
guarantee
Joint and
Lanping JA PV
December 13, September several
Technology Co., 779.14 0.48years No No
Ltd.
guarantee
JA Intelligent Joint and
Energy December 13, September several
Technology 2023 19,2024 liability
(Hainan) Co., Ltd guarantee
Joint and
Hefei JA Solar
December 13, September several
Technology Co., 150,000 2years No No
Ltd.
guarantee
Joint and
JA Intelligent several
Energy December 13, September liability
Technology 2023 25,2024 guarantee,
(Hainan)Co., Ltd pledge,
mortgage
Joint and
Dongtai JA Solar
December 13, September several
PV Technology 244.24 0.25years Yes No
Co., Ltd.
guarantee
Joint and
Qujing JA Solar
December 13, September several
Technology Co., 10,000 1.89years No No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, September several
Technology Co., 50,000 1year No No
Ltd.
guarantee
Joint and
Qujing JA PV
December 13, October several
Technology Co., 40,000 3.75years No No
Ltd.
guarantee
Joint and
Beijing JA Solar
December 13, October several
PV Technology 5,000 0.94years No No
Co., Ltd.
guarantee
Joint and
December 13, October
JA Solar GmbH 729.46 several 0.41years No No
liability
guarantee
JA Solar Joint and
Investment (Inner December 13, October several
Mongolia) Co., 2023 14,2024 liability
Ltd. guarantee
Joint and
JA (Yangzhou)
December 13, October several
New Energy Co., 50,000 0.83years No No
Ltd.
guarantee
Joint and
Baotou JA Solar
December 13, October several
Technology Co., 15,000 1year No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, October several
Technology Co., 10,000 0.78years No No
Ltd.
guarantee
Joint and
December 13, October several
JA Solar GmbH 6,123.33 0.42years No No
guarantee
Joint and
December 13, October several
JA Solar GmbH 1,761.39 0.22years No No
guarantee
Joint and
December 13, October several
JA Solar GmbH 1,684.11 0.67years No No
guarantee
Joint and
JA (Yangzhou)
December 13, October several
Solar Technology 10,000 1year No No
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, October several
Technology Co., 70,000 1year No No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, October several
Technology Co., 20,000 1year No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, November several
Technology Co., 3,405.08 0.41years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, November several
Technology Co., 893.44 0.48years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, November several
Technology Co., 313.4 0.56years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, November several
New Energy Co., 34.82 0.13years Yes No
Ltd.
guarantee
Joint and
JA (Gaoyou) PV
December 13, November several
Technology Co., 830.27 0.39years No No
Ltd.
guarantee
Joint and
JA (Gaoyou) PV
December 13, November several
Technology Co., 2,015.22 0.47years No No
Ltd.
guarantee
Joint and
JA (Gaoyou) PV
December 13, November several
Technology Co., 300.21 0.63years No No
Ltd.
guarantee
Joint and
JA (Xingtai) December 13, November several
Solar Co., Ltd. 2023 01, 2024 liability
guarantee
Joint and
JA (Xingtai) December 13, November several
Solar Co., Ltd. 2023 01, 2024 liability
guarantee
Joint and
JA (Xingtai) December 13, November several
Solar Co., Ltd. 2023 01, 2024 liability
guarantee
Joint and
JA (Yangzhou)
December 13, November several
Solar Technology 5,000 0.76years No No
Co., Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, November several
PV Technology 180.4 0.25years No No
Co., Ltd.
guarantee
Joint and
Yangzhou JA PV several
December 13, November
Power Generation 10,077.79 liability 5years No No
Co., Ltd. guarantee,
pledge
Joint and
Dongtai JA Solar
December 13, November several
Technology Co., 4,363.58 0.49years No No
Ltd.
guarantee
Joint and
JA Solar
December 13, November several
International 2,282.04 2.31years No No
Limited
guarantee
Joint and
JA Solar
December 13, November several
International 2,283.41 2.48years No No
Limited
guarantee
Joint and
JA Solar
December 13, November several
International 2,277.23 2.39years No No
Limited
guarantee
Hefei JA Solar December 13, November 241.93 Joint and 0.5years No No
Technology Co., 2023 22, 2024 several
Ltd. liability
guarantee
Joint and
Hefei JA Solar
December 13, November several
Technology Co., 806.93 0.5years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, November several
Technology Co., 1,977.23 0.49years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, November several
Technology Co., 7,637.08 0.49years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, November several
Technology Co., 30,500 0.84years No No
Ltd.
guarantee
Joint and
Ordos JA Solar
December 13, November several
Technology Co., 529.71 0.49years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, November several
Technology Co., 15.11 0.49years No No
Ltd.
guarantee
Joint and
JA Solar
December 13, November several
International 35,000 5years No No
Limited
guarantee
Inner Mongolia Joint and
Solar PV December 13, November several
Technology Co., 2023 26, 2024 liability
Ltd. guarantee
Joint and
Qujing JA Solar
December 13, November several
Technology Co., 1,083.55 0.5years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, November several
New Energy Co., 978.15 0.5years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, November several
New Energy Co., 304.35 0.5years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, November several
New Energy Co., 2,191.74 0.5years No No
Ltd.
guarantee
Joint and No No
Shanghai JA
December 13, November several
Solar Technology 167.34 0.5years
Co., Ltd.
guarantee
Shanghai JA December 13, November Joint and
Solar Technology 2023 29, 2024 several
Co., Ltd. liability
guarantee
Joint and
Dongtai JA Solar
December 13, December several
Technology Co., 13.93 0.86years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, December several
Technology Co., 6.96 0.86years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, December several
Technology Co., 1,583.33 0.7years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, December several
Technology Co., 511.15 0.56years No No
Ltd.
guarantee
Joint and
Qujing JA Solar
December 13, December several
Technology Co., 441.83 0.21years No No
Ltd.
guarantee
Shijiazhuang JA Joint and
Electrornic December 13, December several
Technology Co., 2023 01, 2024 liability
Ltd. guarantee
Joint and
Dongtai JA Solar
December 13, December several
Technology Co., 543.19 0.5years No No
Ltd.
guarantee
Shijiazhuang JA Joint and
Electrornic December 13, December several
Technology Co., 2023 04, 2024 liability
Ltd. guarantee
Hebei Jinglong Joint and
Sunshine December 13, December several
Equipment Co., 2023 05, 2024 liability
Ltd. guarantee
Hebei Jinglong Joint and
Sunshine December 13, December several
Equipment Co., 2023 05, 2024 liability
Ltd. guarantee
Joint and
JA (Yangzhou)
December 13, December several
Solar Technology 5,000 0.78years No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, December several
New Energy Co., 15,000 0.78years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, December several
PV Technology 271.06 0.24years No No
Co., Ltd.
guarantee
JA (Gaoyou) PV Joint and
December 13, December
Technology Co., 39.01 several 0.5years No No
Ltd. liability
guarantee
Joint and
JA (Gaoyou) PV
December 13, December several
Technology Co., 67.8 0.5years No No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, December several
Technology Co., 49,000 1year No No
Ltd.
guarantee
Joint and
Shijiazhuang JA
December 13, December several
Solar Technology 19.32 0.33years No No
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, December several
Technology Co., 0.88 0.83years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, December several
Technology Co., 148.04 0.83years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, December several
Technology Co., 275.21 0.83years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, December several
Technology Co., 191.28 0.83years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, December several
Technology Co., 93.68 0.83years No No
Ltd.
guarantee
Joint and
Hefei JA Solar
December 13, December several
Technology Co., 806.93 0.5years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, December several
New Energy Co., 1,355.06 0.65years No No
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 13, December several
Technology Co., 354.31 0.65years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, December several
New Energy Co., 1,035.98 0.5years No No
Ltd.
guarantee
Joint and
JA (Xingtai) December 13, December several
Solar Co., Ltd. 2023 19, 2024 liability
guarantee
Joint and
Qujing JA Solar
December 13, December several
Technology Co., 273.99 0.5years No No
Ltd.
guarantee
Joint and
JA Solar
December 13, December several
Investment 10,000 1.4years No No
(China) Co., Ltd.
guarantee
Joint and
Shanghai JA
December 13, December several
Solar Technology 969.28 0.5years No No
Co., Ltd.
guarantee
Joint and
Shanghai JA
December 13, December several
Solar Technology 49.2 0.5years No No
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, December several
New Energy Co., 241.52 0.5years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, December several
New Energy Co., 18.49 0.5years No No
Ltd.
guarantee
Joint and
Dongtai JA Solar
December 13, December several
Technology Co., 39.52 0.5years No No
Ltd.
guarantee
Joint and
JA (Yangzhou)
December 13, December several
New Energy Co., 20,000 0.63years No No
Ltd.
guarantee
Joint and
Qujing JA Solar
December 13, December several
Technology Co., 3,000 0.5years No No
Ltd.
guarantee
Joint and
Qujing JA Solar
December 13, December several
Technology Co., 3,000 0.5years No No
Ltd.
guarantee
Joint and
Qujing JA Solar
December 13, December several
Technology Co., 941.6 0.5years No No
Ltd.
guarantee
Joint and
Ordos JA Solar
December 13, December several
Technology Co., 473.65 0.5years No No
Ltd.
guarantee
Inner Mongolia Joint and
JA Solar PV December 13, December several
Technology Co., 2023 26, 2024 liability
Ltd. guarantee
Inner Mongolia Joint and
JA Solar PV December 13, December several
Technology Co., 2023 26, 2024 liability
Ltd. guarantee
Inner Mongolia Joint and
JA Bayannur December 13, December several
New Energy Co., 2023 27, 2024 liability
Ltd. guarantee
Shanghai JA December 13, December 232.49 Joint and 0.5years No No
Solar Technology 2023 30, 2024 several
Co., Ltd. liability
guarantee
Joint and
Shanghai JA
December 13, December several
Solar Technology 376.93 0.5years No No
Co., Ltd.
guarantee
Joint and
December 13, December several
JA Solar GmbH 369.77 0.61years No No
guarantee
Joint and
December 13, December several
JA Solar GmbH 388.34 0.61years No No
guarantee
Total actual guarantees
Total approved guarantee
provided to subsidiaries
limits for subsidiaries during 4,290,299.14 4,290,299.14
during the reporting
the reporting period（B1）
period（B2）
Total outstanding
Total approved guarantee
guarantees for
limits for subsidiaries at the
end of the reporting period
of the reporting period
（B3）
（B4）
Guarantees between subsidiaries
Disclosure
Related-
date for Counter- Fulfilled
Guarantee Guarantee Guaranteed Guarantee Collateral Guarantee party
Guaranteed party announcement guarantee completely
limit date amount type (if any) duration guarantee or
on guarantee (if any) or not
not
limit
Lincheng Joint and
Jingneng New several
January
Energy 28,300 liability 8.74years Yes No
Development guarantee,
Co., Ltd. pledge
Joint and
several
Japan Shiojiri PV September
Power Station 06,2016
guarantee,
pledge
Joint and
Shexian County
several
JA PV Power May
Generation Co., 01,2017
guarantee,
Ltd.
pledge
Joint and
several
Datong JA PV
May liability
Power Generation 30,000 12.3years No No
Co., Ltd.
mortgage,
pledge
Jing Hai Yang
Semiconductor
January July
Materials 5,240 Mortgage 3.67years Yes No
(Donghai) Co.
Ltd.
Joint and
December December several
JA Solar GmbH 47,926.42 25.4years No No
guarantee
Joint and
December December several
JA Solar GmbH 13,005.75 25.4years No No
guarantee
Joint and
JA Solar
November February several
Holdings Co., 72,000 11 months Yes No
Ltd.
guarantee
Joint and
JA Solar Japan November July several
Limited 24,2022 31,2023 liability
guarantee
Joint and
November September several
JA Solar GmbH 9,109.27 24years No No
guarantee
Lincheng
Joint and
Jingneng New
November December several
Energy 4,644.44 0.8years Yes No
Development
guarantee
Co., Ltd.
JA Solar
November December
Technology Co., 7,700 Pledge 0.5years Yes No
Ltd.
JA Solar
November December
Technology Co., 10,000 Pledge 0.5years Yes No
Ltd.
Joint and
JA Solar USA December 13, February several
Inc. 2023 06,2024 liability
guarantee
Joint and
JA Solar
December 13, February several
Holdings Co., 60,000 1year No No
Ltd.
guarantee
Joint and
JA Solar
December 13, March several
Holdings Co., 30,000 0.42years Yes No
Ltd.
guarantee
Joint and
December 13, March several
JA Solar GmbH 3,180.83 0.84years No No
guarantee
JA Solar
December 13, March
Technology Co., 4,500 Pledge 0.5years Yes No
Ltd.
Joint and
Baotou JA Solar
December 13, March several
Technology Co., 15,000 3years No No
Ltd.
guarantee
JA Solar
December 13, April
Technology Co., 10,000 Pledge 0.92years No No
Ltd.
Hefei JA Solar
December 13, May
Technology Co., 35,500 Pledge 0.5years Yes No
Ltd.
Hefei JA Solar
December 13, May
Technology Co., 12,143.33 Pledge 0.5years Yes No
Ltd.
Joint and
December 13, June several
JA Solar AZ 5,268.19 1year No No
guarantee
Joint and
JA Solar
December 13, June several
International 86,261.62 1.01years No No
Limited
guarantee
Joint and
December 13, July several
JA Solar GmbH 2,315.96 0.46years Yes No
guarantee
Joint and
JA Solar Japan December 13, July several
Limited 2023 31,2024 liability
guarantee
Hebei Jinglong Joint and
Sunshine December 13, August several
Equipment Co., 2023 26,2024 liability
Ltd. guarantee
Joint and
December 13, September several
JA Solar GmbH 55,350.68 1.5years No No
guarantee
Joint and
December 13, November several
JA Solar GmbH 1,823.41 12.29years No No
guarantee
Joint and
December 13, December several
JA Solar GmbH 3,396.95 0.52years No No
guarantee
Joint and
Xingtai Jinglong
December 13, December several
PV Materials Co., 1,000 1.49years No No
Ltd.
guarantee
Joint and
Shanghai
December 13, December several
Xinggong Energy 17.83 0.44years No No
Co., Ltd.
guarantee
Total actual guarantees
Total approved guarantee
provided to subsidiaries
limits for subsidiaries during 387,186.26 387,186.26
during the reporting
the reporting period (C1)
period (C2)
Total outstanding
Total approved guarantee
guarantees for
limits for subsidiaries at the
end of the reporting period
of the reporting period
(C3)
(C4)
Total guaranteed amount by the Company (the sum of the top three items)
Total approved guarantee Total actual guarantees
limits during the reporting 4,677,485.4 during the reporting 4,677,485.4
period (A1+ B1+ C1) period (A2+ B2+ C2)
Total approved guarantee Total outstanding
limits at the end of the guarantees at the end of
reporting period (A3+ B3+ the reporting period
C3) (A4+ B4+ C4)
Total outstanding guarantees (A4+B4+C4) as a percent
of the Company’s net assets
Including:
Outstanding guarantees for shareholders, actual controller
and its related parties (D)
Balance of indirect or direct debt guarantee for guaranteed
parties whose debt to asset ratio is over 70% (E)
Amount out of the actual guarantees that exceeds 50% of
the net assets (F)
Total of the above three items (D+ E+ F) 7,614,907.11
For unexpired guarantee contracts, explain cases where
guarantee liability occurred during the reporting period or
None
evidence indicates a potential for joint and several liability
(if any)
Note on outward guarantees in violation of the prescribed
None
procedures (if any)
Note: 1 Inner Mongolia JA Bayannur New Energy Co., Ltd. has engaged in financial leasing agreements with Zhejiang Chouzhou
Financial Leasing Co., Ltd. In this arrangement, JA Solar Technology Co., Ltd. has provided a 100% joint and several liability guarantee,
while minority shareholders have issued counter-guarantees commensurate with their 49% equity stake.
Detailed note on composite guarantees
(1) Entrusted wealth management
□ Applicable ? Not applicable
There were no entrusted wealth management regarding the Company in the reporting period.
(2) Entrusted loans
□ Applicable ? Not applicable
There were no entrusted loans regarding the Company in the reporting period.
□ Applicable ? Not applicable
There were no other material contracts regarding the Company in the reporting period.
XVI. Other Important Matters
?Applicable □ Not applicable
Issuing convertible corporate bonds to the public
To further enhance the Company’s vertically integrated industrial chain, scale up operations, and maintain its industry-leading
position, while capitalizing on the maturation of its n-type product technology by increasing the capacity of large-size n-type silicon
wafers, solar cells and modules, the Company plans to issue convertible corporate bonds to the public. The funds raised, not exceeding
Qujing Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and the Yangzhou Annual 10GW High-
Efficiency Solar Cells Project. Additionally, a portion of the funds will be used to supplement working capital. This strategic initiative
aims to seize the historic opportunity presented by technological advancements, establishing a leading position of the Company in the
industrialization of large-size n-type products.
On July 18, 2023, the Company issued 89,603,077 convertible corporate bonds to the public, each with a face value of 100 yuan,
raising a total of 8,960,307,700.00 yuan. The bonds were listed for trading at Shenzhen Stock Exchange from August 4, 2023 under
the short name of JA Convertible Bonds and the code of 127089.
On January 24, 2024, the “JA Convertible Bonds” commenced their conversion period.
XVII. Subsidiary’s Material Matters
?Applicable □ Not applicable
On July 9, 2024, the Company held its 24th meeting of the sixth board of directors, where it approved the Proposal on Acquiring
Partial Equity in a Controlled Subsidiary. Through its wholly-owned subsidiary, JA Solar Holdings, the Company acquired a 23.0681%
equity stake in JA (Yangzhou) Solar Technology Co., Ltd. from China Orient Asset Management Co., Ltd. for a total transaction value
of 2 billion yuan. Following this transaction, the Company will increase its ownership interest in JA (Yangzhou) Solar Technology
Co., Ltd. to 94.2330% via JA Solar Holdings.
Section VII. Changes in Shares and Shareholders
I. Share Changes
Unit: Share
Before the change Change (+, -) After the change
Capital
Bonus reserve
Number Percentage New issue Others Sub-total Number Percentage
issue converted
to shares
I. Restricted
shares
held by the
state
held by the
state-owned
legal entities
held by other
domestic
investors
In which:
shares held by
domestic legal
entities
Shares
held by
domestic
natural persons
held by
overseas
investors
Including,
shares held by
overseas legal
entities
Shares
held by
overseas natural
persons
II. Unrestricted
shares
common shares
shares listed in
Chinese
mainland
shares listed
outside Chinese
mainland
III. Total shares 3,316,259,833 100.00% 1,030,941 -7,612,040 -6,581,099 3,309,678,734 100.00%
Reason for changes in shares
?Applicable □ Not applicable
(1) During the reporting period, incentive recipients voluntarily exercised 1,004,576 shares under the 2020 Stock Option and
Restricted Stock Incentive Plan, along with 11 shares from the 2022 Plan.
(2) During the reporting period, a total of 26,354 shares were converted from JA Convertible Bonds.
During the reporting period, the Company terminated its 2022 and 2023 Stock Option and Restricted Stock Incentive Plans,
successfully repurchasing and canceling a total of 7,612,040 unvested restricted shares.
Approval of changes in share changes
?Applicable □ Not applicable
(1) The Company implemented a voluntary exercise model for stock options under the 2020 and 2022 Stock Option and Restricted
Stock Incentive Plans. This model has received approval from the Shenzhen Stock Exchange and has successfully completed the
necessary registration and filing procedures with the China Securities Depository and Clearing Corporation Limited (Shenzhen Branch).
(2) With the approval of the China Securities Regulatory Commission (CSRC) in its Reply regarding JA Solar Technology Co., Ltd.’s
Registration for a Public Offering of Convertible Corporate Bonds (ZJXK 2023 No. 1164), the Company successfully issued
on the Shenzhen Stock Exchange on August 4, 2023, under the designation JA Convertible Bonds, with the trading code 127089. The
conversion period for these bonds is established from January 24, 2024, to July 17, 2029.
Following the approval of the general meeting, the Company has resolved to terminate its 2022 and 2023 Stock Option and Restricted
Stock Incentive Plans. This action includes the repurchase and cancellation of 7,612,040 restricted shares that were granted but not yet
vested. The China Securities Depository and Clearing Corporation Limited (Shenzhen Branch) has thoroughly reviewed and confirmed
the completion of these repurchase and cancellation procedures.
Registration of changes in share changes
□ Applicable ? Not applicable
Impact of the share changes on financial indicators such as the earnings per share, diluted earnings per share, net assets per share
attributed to the common shareholders of the Company for the latest year and the latest period
□ Applicable ? Not applicable
Other disclosures the Company thinks necessary or required by the CSRC
□ Applicable ? Not applicable
?Applicable □ Not applicable
Unit: Share
Restricted Restricted
Opening Closing
Shareholder shares shares Reason for
restricted restricted Unlocking date
name increased unlocked in restriction
shares shares
in current the current
period period
The Company has
terminated the 2022 and
Recipients of
Equity Restricted Stock Incentive
restricted
incentive Plans. Additionally, on
shares under 4,212,040 4,212,040 0
restricted March 29, 2024, it
the 2022 Equity
shares completed the necessary
Incentive Plan
registration procedures for
share repurchase and
cancellation.
The Company has
terminated the 2022 and
Recipients of
Equity Restricted Stock Incentive
restricted
incentive Plans. Additionally, on
shares under 3,400,000 3,400,000 0
restricted March 29, 2024, it
the 2023 Equity
shares completed the necessary
Incentive Plan
registration procedures for
share repurchase and
cancellation.
The shares are managed in
Directors,
Lock-up accordance with the
supervisors and
senior
executives governing executive
managers
shareholdings.
Total 11,679,255 0 7,981,412 3,697,843 -- --
II. Issuance and Listing of Securities
? Applicable □Not Applicable
Name of
Approved
stock and Issue price
quantity to Transaction Disclosure Disclosure
its Issue date (or interest Issue size Listing date
trade on end date index date
derivative rate)
market
securities
Stock type
Voluntary
option 1,004,587 1,004,587
exercise
Conversion
of the JA
Convertible
Bonds
Convertible bonds, detachable convertible corporate bonds, and corporate bonds
Other derivative securities
Note on the issuance of securities (excluding preference shares) in the reporting period
Restricted Stock Incentive Plan, along with 11 shares from the 2022 Plan.
liability structure
?Applicable □ Not applicable
Stock Option and Restricted Stock Incentive Plan and 11 shares under the 2022 plan. This action led to an increase in the Company’s
total share capital by 1,004,587 shares.
shares in the Company’s total share capital.
Stock Option and Restricted Stock Incentive Plans. This action includes the repurchase and cancellation of 7,612,040 restricted shares
that were granted but not yet vested. The China Securities Depository and Clearing Corporation Limited (Shenzhen Branch) has
thoroughly reviewed and confirmed the completion of these repurchase and cancellation procedures. This led to a decrease of 7,612,040
shares in the Company’s total share capital.
□ Applicable ? Not applicable
III. Shareholders and Actual Controller
Unit: Share
Total
Total
common
preference
shareholder Total preference
shareholders
s at the end shareholders with voting
Total common with voting
of the rights restored at the end
shareholders at rights restored
the end of the at the end of
to the disclosure date of annual
reporting period the reporting
disclosure report (if any) (refer to
period (if any)
date of Note 8)
(refer to Note
annual
report
Shareholding of shareholders holding 5% or more of the shares, or the top 10 shareholders (excluding shares borrowed through “stock financing
transfer”
Change in the Pledge, mark or freeze
Shareholder Sharehol Equity Restricted Unrestricted
Closing shares reporting
name der type percent shares shares Status Number
period
Domestic
investor
Dongtai Jingtaifu other than
Not
Technology Co., state- 47.45% 1,570,307,572 0 0 1,570,307,572 0
applicable
Ltd. owned
legal
entities
Hong Kong
Securities
Overseas Not
Clearing 7.20% 238,286,710 79,396,525 0 238,286,710 0
legal entity applicable
Company
Limited
Shanghai Pudong Others 1.50% 49,642,567 11,265,795 0 49,642,567 Not 0
Development applicable
Bank Co., Ltd. -
Guangdong
Development
High-End
Manufacturing
Equity Sponsor-
initiated Fund
Domestic
Shenzhen
investor
Zhoubo Fangwei
other than
Business Not
state- 1.25% 41,358,726 -6,150,000 0 41,358,726 0
Management applicable
owned
Center (Limited
legal
Partnership)
entities
China
Construction
Bank
Corporation -
Guangdong Not
Others 1.21% 40,208,583 -1,027,100 0 40,208,583 0
Development applicable
Technology
Pioneer Mixed
Security
Investment Fund
Industrial and
Commercial
Bank of China
Not
Limited - Huatai- Others 1.04% 34,374,600 22,048,700 0 34,374,600 0
applicable
PineBridge CSI
Traded Fund
China Merchants
Bank Co., Ltd. -
Not
Quanguo Xuyuan Others 0.91% 30,107,055 -3,467,520 0 30,107,055 0
applicable
Three-Year
Mixed Fund
Shanghai Pudong
Development
Bank Co., Ltd. -
Guangdong Not
Others 0.82% 26,983,353 7,264,552 0 26,983,353 0
Development applicable
Small Cap
Growth Mixed
Fund (LOF)
China Minsheng
Banking Corp.,
Ltd. –
Guangdong Not
Others 0.76% 25,219,479 -4,558,500 0 25,219,479 0
Development applicable
Industry Select
Three-Year
Mixed Fund
China
Construction Not
Others 0.71% 23,660,649 19,086,829 0 23,660,649 0
Bank applicable
Corporation - E
Fund CSI 300
Exchange Traded
Sponsor-initiated
Fund
Strategic investors or general
legal entities which became
top ten shareholders due to None.
allotment of new shares (if
any) (refer to Note 3)
Note on the said shareholders’
The Company does not know whether there is any affiliation among the above shareholders or if they qualify as
relationship or acting in
persons acting in concert as defined by the Management Measures for the Acquisition of Listed Companies.
concert
Note on delegation of voting
rights or wavier of voting None
rights by the said shareholders
Note on special repurchase
accounts held by top ten Through the JA Solar Technology Co., Ltd. Special Account for Share Repurchase, the Company repurchased
shareholders (if any) (refer to 26,945,700 shares, representing 0.81% of its total outstanding shares as of the end of the reporting period.
Note 10)
Shareholding of Top 10 Shareholders with Unrestricted Shares
(Excluding shares lent through securities lending arrangements and executive lock-up shares)
Share type
Shareholder name Closing unrestricted shares
Share type Number
RMB
Dongtai Jingtaifu Technology
Co., Ltd.
share
RMB
Hong Kong Securities
Clearing Company Limited
share
Shanghai Pudong
Development Bank Co., Ltd. - RMB
Guangdong Development 49,642,567 common 49,642,567
High-End Manufacturing share
Equity Sponsor-initiated Fund
Shenzhen Zhoubo Fangwei RMB
Business Management Center 41,358,726 common 41,358,726
(Limited Partnership) share
China Construction Bank
Corporation -Guangdong RMB
Development Technology 40,208,583 common 40,208,583
Pioneer Mixed Security share
Investment Fund
Industrial and Commercial
RMB
Bank of China Limited -
Huatai-PineBridge CSI 300
share
Exchange Traded Fund
China Merchants Bank Co., RMB
Ltd. - Quanguo Xuyuan 30,107,055 common 30,107,055
Three-Year Mixed Fund share
Shanghai Pudong
Development Bank Co., Ltd. - RMB
Guangdong Development 26,983,353 common 26,983,353
Small Cap Growth Mixed share
Fund (LOF)
China Minsheng Banking 25,219,479 RMB 25,219,479
Corp., Ltd. – Guangdong common
Development Industry Select share
Three-Year Mixed Fund
China Construction Bank
RMB
Corporation - E Fund CSI 300
Exchange Traded Sponsor-
share
initiated Fund
Note on the relationship or
concerted actions among the
The Company does not know whether there is any affiliation among the top 10 unrestricted circulating
top 10 unrestricted circulating
shareholders and between the top 10 unrestricted circulating shareholders and the top 10 shareholders or if they
shareholders and between the
qualify as persons acting in concert as defined by the Management Measures for the Acquisition of Listed
top 10 unrestricted circulating
Companies.
shareholders and the top 10
shareholders
Note on participation in
financing and securities
lending by the top 10 None
common shareholders （if
any) (refer to Note 4)
Shares lent through securities financing arrangements by shareholders holding >5% and top 10 shareholders/top 10 unrestricted
tradable shareholders
? Applicable □Not applicable
Unit: share
Shares lent through securities financing arrangements by shareholders holding >5% and top 10 shareholders/top 10 unrestricted tradable
shareholders
Regular account and margin Regular account and margin
Outstanding securities lent Outstanding securities
account holdings at period account holdings at period
at period beginning lent at period end
beginning end
Shareholder As a
As a As a As a
name (full name) percentag
percentage percentage percentage
e of the
Total of the total Total of the total Total of the total Total
total
share share share
share
capital capital capital
capital
Industrial and
Commercial
Bank of China
Limited - Huatai- 12,325,900 0.37% 48,800 0.00% 34,374,600 1.04% 0 0.00%
PineBridge CSI
Traded Fund
China
Construction
Bank
Corporation - E
Fund CSI 300
Exchange Traded
Sponsor-initiated
Fund
Changes in Top 10 shareholders & top 10 unrestricted tradable shareholders due to securities financing arrangements (share
lending/return activities)
□ Applicable ? Not applicable
Whether the top ten common shareholders and the top ten common shareholders with unrestricted shares performed any agreed
repurchase transactions during the reporting period
□ Yes ? No
The top ten common shareholders and the top ten common shareholders with unrestricted shares did not perform any agreed
repurchase transactions during the reporting period.
Nature of the controlling shareholder: natural person
Type of the controlling shareholder: legal entity
Name of the Legal
Date of Organization Main
controlling representative/person in
incorporation code businesses
shareholder name charge
Technical service,
technology
development, technical
consulting, technical
exchange, technology
Dongtai Jingtaifu transfer, technology
Jin Baofang June 26, 2018 91130528MA0CF7X33W
Technology Co., Ltd. promotion;
development of new
material technologies;
business management;
business management
consulting.
The equity status of
the controlling
shareholder in other
domestic and foreign
listed companies None
controlled or invested
in by the controlling
shareholder during the
reporting period.
Controlling shareholder change in the reporting period
□ Applicable ? Not applicable
In the reporting period, the controlling shareholder did not change.
Nature of the actual controller: Overseas natural person
Type of the actual controller: natural person
Relationship with the actual Residence right in other
Name of the actual controller Nationality
controller country/region
Jin Baofang Jin Baofang China No
Acting in concert (including
Jin Junmiao via agreement, relative, or China Yes
common control)
Main professions and titles Mr. Jin Baofang is the Chairman and General Manager of the Company.
Listed companies within and Mr. Jin Baofang was the actual controller of JA Solar Holdings Co., Ltd. which was listed in the
outside Chinese mainland United States. In 2018, JA Solar Holdings Co., Ltd. was privatized and delisted from the US
controlled by the actual market.
controller in the latest 10 years
Actual controller change in the reporting period
□ Applicable ? Not applicable
In the reporting period, the actual controller did not change.
Box diagram specifying the ownership and control relationship between the Company and its actual controller
Actual controller controls the Company via trust or other asset management approaches
□ Applicable ? Not applicable
acting in concert account for at least 80% of the total shares
□ Applicable ? Not applicable
□ Applicable ? Not applicable
other commitment entities
□Applicable ? Not applicable
IV. Specific Implementation of Share Repurchases in the Reporting Period
Progress of share repurchases
?Applicable □ Not applicable
Shares
repurchased
as a percent
Proposed
Plan As a percent of Proposed of the target
Shares to be repurchase Purpose of Shares
disclosure the total share repurchase shares
repurchased amount (10,000 repurchase repurchased
date capital period relating to
yuan)
the share
incentive
plan (if any)
Within 12
months after
(estimated with a repurchase
October 31, (estimated with a million yuan and stock
repurchase price plan is 26,945,700
limit of 36.12 approved by
limit of 36.12 million yuan plan or share
yuan/share) the board of
yuan/share) incentive
director
meeting
Progress on repurchasing shares through centralized competitive bidding trading
□ Applicable ? Not applicable
Section VIII. Preference Shares
□ Applicable ? Not applicable
The Company had no preference shares in the reporting period.
Section IX. Bonds
?Applicable □ Not applicable
I. Enterprise Bonds
□ Applicable ? Not applicable
The Company had no enterprise bonds in the reporting period.
II. Corporate Bonds
□ Applicable ? Not applicable
The Company had no corporate bonds in the reporting period.
III. Non-financial Enterprise Debt-financing Instruments
□ Applicable ? Not applicable
The Company had no non-financial enterprise debt-financing instruments in the reporting period.
IV. Convertible Corporate Bonds
?Applicable □ Not applicable
bond, raising a total of 8,960,307,700.00 yuan. Starting from August 4, 2023, the bonds were listed and traded on the Shenzhen Stock
Exchange under the short name of JA Convertible Bonds and the code 127089. The initial conversion price was set at 38.78 yuan per
share.
options voluntarily, resulting in an increase of 2,409,389 shares in the Company’s share capital. Specifically, in the third exercise
period for the initial grant of stock options as part of the 2020 stock option and restricted share incentive plan, 1,727,865 stock shares
were exercised at an exercise price of 7.89 yuan/option; in the second exercise period for the reservation grant of stock options as part
of the 2020 stock option and restricted share incentive plan, 15,921 stock options were exercised at an exercise price of 17.66
yuan/option; in the first exercise period for the stock options as part of the 2022 stock options and restricted share incentive plan,
On September 18, 2023, the 13th meeting of the sixth board of directors and the 10th meeting of the sixth supervisory committee
approved the Proposal on Granting Stock Option and Restricted Shares to Incentive Recipients. It was agreed that September 18, 2023
was the grant date and 3.4 million restricted shares were granted to 11 incentive recipients. On October 13, 2023, following
confirmation by the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited, the Company completed the
registration of granting 3.4 million restricted shares to 11 incentive recipients at a grant price of 14.50 yuan per share.
In accordance with the recent changes in share capital and as stipulated in the Prospectus, the conversion price of JA Convertible
Bonds was adjusted from 38.78 yuan/share to 38.74 yuan/share effective on October 18, 2023.
options voluntarily, resulting in an increase of 1,117,047 shares in the Company’s share capital. Specifically, in the third exercise
period for the initial grant of stock options as part of the 2020 stock option and restricted share incentive plan, 931,602 stock shares
were exercised at an exercise price of 7.89 yuan/option; in the second exercise period for the reservation grant of stock options as part
of the 2020 stock option and restricted share incentive plan, 185,134 stock options were exercised at an exercise price of 17.66
yuan/option; in the first exercise period for the stock options as part of the 2022 stock options and restricted share incentive plan, 311
stock options were exercised at an exercise price of 30.21 yuan/option.
Approved by the 11th meeting of the sixth board of directors, the 9th meeting of the sixth supervisory committee, and the third
extraordinary general meeting of shareholders in 2023, the Company resolved to repurchase and cancel 12,622 restricted shares granted
to 3 leaving incentive recipients that were still subject to restrictions. Following confirmation by the Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited, the Company completed the repurchase and cancellation of the 12,622
restricted shares on December 22, 2023, resulting in a decrease of 12,622 shares in the Company’s share capital.
Approved by the 17th meeting of the sixth board of directors, the 12th meeting of the sixth supervisory committee, and the first
extraordinary general meeting in 2024, the Company decided to terminate the 2022 and 2023 stock option and restricted share incentive
plans, as well as repurchase and cancel a total of 7,612,040 restricted shares that were granted and still subject to restriction.
In accordance with the recent changes in share capital and as stipulated in the Prospectus, the conversion price of JA Convertible
Bonds was adjusted from 38.74 yuan/share to 38.78 yuan/share effective on April 02, 2024.
yuan per share to 38.22 yuan per share. This adjustment took effect on May 30, 2024.
?Applicable □ Not applicable
Cumulative
shares
converted as
Short name of Cumulative Amount not
Start and end Total issue Cumulative a percent of Amount not
the Total issue conversion converted as a
dates of amount shares the shares converted
convertible (bond) amount percent of the total
conversion (yuan) converted issued by the (yuan)
bonds (yuan) issue amount
Company
before the
conversion
JA From January
Convertible 24, 2024 to 89,603,077 8,960,307,700.00 1,022,100.00 26,354 0.00% 8,959,285,600.00 99.99%
Bonds July 17, 2029
Closing
convertible bonds
Bondholder Closing Closing amount of
No. Bondholder name as a percent of
nature convertible bonds convertible bonds
total convertible
bonds
Domestic
investor other
Dongtai Jingtaifu Technology Co.,
Ltd.
owned legal
entities
China Merchants Bank Co., Ltd. -
Exchangeable Bond ETF
China Foreign Economy and Trade
Trust Co., Ltd. – Foreign Trade
Trust - Ruijun Stable Income
Private Placement Investment Fund
Shanghai Pudong Development
Return Bond Fund
Northwest Investment Management
Overseas legal
entities
Flying Dragon Fund Limited
E Fund Stable Income Fixed-
Income Pension Product - Industrial
and Commercial Bank of China
Limited
China Minsheng Banking Co., Ltd.
Bond Fund
Shanghai Ruijun Asset
RuiXiang Private Placement Fund
E Fund Stable Return Fixed-Income
Communications Co., Ltd.
Industrial Bank Co., Ltd. –
Tianhong Yongli Bond Fund
□Applicable ? Not applicable
arrangements for debt repayment in the next year
For a comprehensive analysis of the Company’s leverage ratio, interest coverage ratio, loan repayment rate, interest payment ratio,
and associated indicators as of the reporting period’s end, please see Section IX: Bonds.
Based on a thorough analysis of the Company’s operational status and prevailing industry conditions, Golden Credit Rating issued
the 2024 Tracking Rating Report for JA Solar Technology Co., Ltd. (Issuer) and its JA Convertible Bonds on June 26, 2024. The key
rating findings are as follows: Issuer Credit Rating: AA+ (maintained), Convertible Bond Credit Rating: AA+ (maintained), and
Rating Outlook: Stable (unchanged).
The current issuance of convertible corporate bonds features an annual interest payment structure, with both the principal and the final
year’s interest due upon maturity. The coupon rates are structured as follows: Year 1: 0.20%, Year 2: 0.40%, Year 3: 0.60%, Year 4:
access to bank credit facilities, adequate liquidity reserves, and full capacity for servicing its debt obligations.
V. Loss Recorded in the Consolidated Financial Statements for the Reporting Period
Exceeding 10% of the Net Assets as of the End of Previous Year
? Applicable □Not applicable
Impact on the Company’s
Item Loss description Reason for loss operations and debt servicing
capacity
The ongoing supply-demand
imbalances in the
photovoltaic industry,
heightened market
competition, and substantial
price declines across key
product segments, coupled The Company’s profitability
with increasingly complex has been negatively impacted
In 2024, the net income
international trade conditions, by fluctuations in the industry.
attributable to shareholders of
have all significantly Nevertheless, it has
the listed company amounted
Net income attributable to the impacted the Company’s core implemented proactive
to -4.656 billion yuan,
shareholders of the listed business profitability during strategies, maintaining stable
reflecting a loss that exceeds
company the reporting period. In light bank credit lines and
of identified impairment sufficient capital reserves,
at the end of the previous
indicators, the Company thereby ensuring its capability
fiscal year.
conducted thorough to meet debt obligations
impairment testing on long- effectively.
term assets and will
judiciously recognize asset
impairment provisions in
compliance with Accounting
Standards for Business
Enterprises.。
VI. Overdue Interest-bearing Debts other than Bonds at the End of the Reporting Period
□ Applicable ? Not applicable
VII. Violations of Regulations in the Reporting Period
□ Yes ? No
VIII. Major Accounting Data and Financial Indicators within the Latest Two Years at the end
of the Reporting Period
Unit: 10,000yuan
Item End of this reporting period End of previous year YoY change
Current ratio 1.10 0.98 12.24%
L/A ratio 74.74% 64.35% 10.39%
Quick ratio 0.89 0.69 28.99%
This reporting period Previous reporting period YoY change
Net profit excluding non-
-426,875.82 714,049.91 -159.78%
recurring profits and losses
Total debt/EBITDA 5.69% 74.82% -69.13%
Interest coverage ratio -3.89 16.78 -123.18%
Cash coverage ratio 9.75 97.99 -90.05%
EBITDA coverage 2.21 24.66 -91.04%
Repayment ratio 100.00% 100.00% 0.00%
Interest repayment ratio 100.00% 100.00% 0.00%
Section X. Financial Statements
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