JA Solar Technology Co. Ltd.ENGLISH TRANSLATION OF CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR 1 JANUARY 2024 TO 31 DECEMBER 2024

IF THERE IS ANY CONFLICT BETWEEN THE CHINESE

VERSION AND ITS ENGLISH TRANSLATION

THE CHINESE VERSION WILL PREVAILKPMG Huazhen LLP 毕马威华振会计师事务所

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AUDITOR’S REPORT毕马威华振审字第2512726号

To the shareholders of JA Solar Technology Co. Ltd.:

Opinion

We have audited the accompanying financial statements of JA Solar Technology Co. Ltd.(“JA Solar Technology”) which comprise the consolidated and company balance sheets as at

31 December 2024 the consolidated and company income statements the consolidated and

company cash flow statements the consolidated and company statements of changes in

shareholders’ equity for the year then ended and notes to the financial statements.In our opinion the accompanying financial statements present fairly in all material respects

the consolidated and company financial position of JA Solar Technology as at 31 December

2024 and the consolidated and company financial performance and cash flows of JA Solar

Technology for the year then ended in accordance with Accounting Standards for Business

Enterprises issued by the Ministry of Finance of the People’s Republic of China.Basis for Opinion

We conducted our audit in accordance with China Standards on Auditing for Certified Public

Accountants (“CSAs”). Our responsibilities under those standards are further described in the

Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We

are independent of JA Solar Technology in accordance with the China Code of Ethics for

Certified Public Accountants (“the Code”) and we have fulfilled our other ethical

responsibilities in accordance with the Code. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.Page 1 of 9

KPMG Huazhen LLP a People's Republic of China 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计

partnership and a member firm of the KPMG global 师事务所，是与毕马威国际有限公司(英国私营担保有限公organisation of independent member firms affiliated with 司)相关联的独立成员所全球组织中的成员。

KPMG International Limited a private English company

limited by guarantee.AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of most

significance in our audit of the financial statements of the current period. These matters were

addressed in the context of our audit of the financial statements as a whole and in forming our

opinion thereon and we do not provide a separate opinion on these matters.Revenue recognitionPlease refer to the accounting policy described in Note 25 under “III. Significant accountingpolicies and accounting estimates” as well as Note 51 under “V. Notes to the consolidatedfinancial statements” and Note 4 under “XVIII. Notes to the Company’s financial statements”

to JA Solar Technology’s financial statements.How the matter was addressed in our

The Key Audit Matter

audit

The revenue of JA Solar Technology is Our audit procedures related to revenue

mainly derived from the sales of solar recognition included the following:

modules and other products across the * Understanding and evaluating the design

domestic and overseas market. For the year and operating effectiveness of the key

ended 31 December 2024 JA Solar internal controls over financial reporting

Technology’s consolidated operating income related to revenue recognition;

amounted to RMB 70120697029.73 * Selecting sales contracts/orders to

representing a decrease of 14.02% on a identify terms related to the transfer of

year-on-year basis. control of goods and evaluating whether

For the sales of solar modules JA Solar the accounting policies for revenue

Technology recognizes revenue when the recognition meet the requirements of the

customer obtains control of relevant goods Accounting Standards for Business

or services. According to the sales contract Enterprises;

entered into between JA Solar Technology * On a sampling basis reconciling the

and customers trading terms delivery

revenue transactions to relevant

method and business arrangements

supporting files such as relevant

revenue is recognized: (1) when the relevant contracts or orders bills of lading

goods are delivered and the customer signs

delivery receipts sales invoices etc. to

for acceptance for sales to domestic

evaluate whether revenue is recognized

customers in China; (2) when the relevant in accordance with the accounting policy

goods are delivered and the bill of lading is

of revenue recognition;

obtained or when the customer signs for

* On a sampling basis inspecting the

acceptance according to the trading terms of

record of revenue recognition before and

the orders for sales to overseas customers.after the balance sheet date against

We identified revenue recognition as a key

relevant supporting files such as relevant

audit matter because revenue as one of the

contracts or orders bills of lading

key performance indicators of JA Solar

delivery receipts sales invoices etc.to

Technology involves significant amounts

evaluate whether revenue is recorded in

and has an inherent risk that revenue may

the appropriate period;

be recognized in an incorrect period or could

be manipulated to reach the performance

goals.Page 2 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Key Audit Matters (continued)

Revenue recognition (continued)Please refer to the accounting policy described in Note 25 under “III. Significant accountingpolicies and accounting estimates” as well as Note 51 under “V. Notes to the consolidatedfinancial statements” and Note 4 under “XVIll. Notes to the Company’s financial statements”

to JA Solar Technology’s financial statements.How the matter was addressed in our

The Key Audit Matter

audit

* Selecting customers and performing

confirmation letter procedures on the

balance as at the balance sheet date and

the sales transaction during the current

year;

* Selecting major customers checking the

public information on date of registration

registered capital and business scope

through the enterprise information query

tool to evaluate whether there are any

anomalies in the relevant transactions;

* Checking whether significant sales

returns exist in sales record after the

balance sheet date selecting sales return

records (if any) and checking them

against relevant supporting files in order

to evaluate whether the relevant revenue

is recorded in the appropriate period;

* Selecting accounting entries related to

revenue recognition that meet specific

risk criteria inquiring the management

about the reasons for making these

accounting entries and checking related

supporting documents.Page 3 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Key Audit Matters (continued)

Provision for impairment of inventoriesPlease refer to the accounting policy described in Note 12 under “III. Significant accountingpolicies and accounting estimates” as well as Note 8 under “V. Notes to the consolidatedfinancial statements”.The Key Audit Matter How the matter was addressed in our audit

The inventories of JA Solar Our audit procedures to provision for impairment of

Technology mainly consist of solar inventories included the following:

modules relevant raw materials and * Understanding and evaluating the design and

work in progress. As at 31 December operating effectiveness of key internal controls

2024 the book value of inventories in of financial reporting over the inventory

JA Solar Technology’s consolidated management (including provision for impairment

balance sheet is of inventories);

RMB12086624098.91 and * Evaluating whether management's inventory

RMB1515882878.68 has been impairment policies are in compliance with the

recognized for impairment provision of Accounting Standards for Business Enterprises

inventories. and verifying the accuracy of the year-end

At the balance sheet date inventories inventory impairment provision based on the

are carried at the lower of cost and above policies;

net realizable value. Net realizable * Performing observation on stock taking

value is the estimated selling price

procedure over JA Solar Technology’s year-end

less the estimated costs of completion

inventory. On a sampling basis checking the

(if any) and the estimated costs quantity and condition of the inventories paying

necessary to make the sale and

special attention to any obsoleteness;

relevant taxes. When determining net

* Selecting inventory items comparing the

realizable value the management

expected selling price with the actual selling

estimates the expected selling price

price the expected selling expense rate with the

selling expense rate and costs of

actual selling expense rate near or after the

completion based on internal and

balance sheet date to evaluate the

external information.reasonableness of relevant estimates used in

We have identified the provision for

the calculation of net realizable value;

impairment of inventories as a key

audit matter due to the significant * Selecting inventory items and evaluate the

value of inventories and the reasonableness of management's estimate of

determination of provision for of the costs to completion by comparing actual

inventory impairment. The costs to completion for similar work in process;

determination of the provision involves and

significant management judgement * Selecting inventory items at the beginning of the

and estimation and management period compare management's estimation from

judgement is inherently uncertain and the previous year with actual results of the net

subject to bias. realizable value and evaluate whether there is

any indication of management bias.Page 4 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Key Audit Matters (continued)

Impairment of fixed assetsPlease refer to the accounting policy described in Note 20 under “III. Significant accountingpolicies and accounting estimates” as well as Note 17 under “V. Notes to the consolidatedfinancial statements”.The Key Audit Matter How the matter was addressed in our audit

The revenue stream of JA Solar Our audit procedures to provision for impairment of

Technology is primarily derived from inventories included the following:

the production and sale of * Understanding and evaluating the design and

photovoltaic modules. Due to the operating effectiveness of key internal controls

impact of technological advancements of financial reporting over the impairment testing

in production processes JA Solar of fixed assets;

Technology has disposed or plans to * Based on our understanding of JA Solar

dispose obsoleted production lines. Technology’s business evaluating whether the

Additionally affected by the market followings are in accordance with Accounting

downturn in photovoltaic modules JA Standards for Business Enterprises: 1) basis

Solar Technology maintains relatively used by management on identifying impairment

low profit margins. As at 31 December indication of fixed assets 2) the methods used

2024 the book amount of fixed assets on identifying asset groups and 3) the methods

in the consolidated balance sheet of used on allocating impairment losses to each

JA Solar Technology was asset in the asset group;

RMB57453011798.79 with * Based on our understanding of the industry in

accumulated impairment provisions which JA Solar Technology operates and the

for fixed assets amounting to

historical performance of relevant asset groups

RMB3423931838.12.as well as related industry research information

evaluating the reasonableness of assumptions

used by management in impairment testing of

fixed assets including expected future income;

* Evaluating the competency professionalism and

objectivity of external valuation experts engaged

by management;

* With the assistance of our valuation specialist

evaluating the appropriateness of the methods

for fixed assets’ impairment testing adopted by

management and valuation experts as well as

the reasonableness of key assumptions such as

market price and discount rate;

Page 5 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Key Audit Matters (continued)

Impairment of fixed assets (continued)Please refer to the accounting policy described in Note 20 under “III. Significant accountingpolicies and accounting estimates” as well as Note 17 under “V. Notes to the consolidatedfinancial statements”.The Key Audit Matter How the matter was addressed in our audit

The carrying amounts of fixed assets * Performing sensitivity analysis on key

are reviewed at each balance sheet assumption (such as market price expected

date to identify whether there is any future income and discount rates) and

indication of impairment. In case of evaluating the impact of changes in key

identifying indications of impairment assumptions (individually or as a group) on the

JA Solar Technology compares the conclusion of the impairment test and whether

carrying amount of the assets group there are indications of management bias; and

to which the asset belongs to with the * Evaluating whether the disclosure of impairment

recoverable amount of the assets of fixed assets in the financial statements is in

group to determine the impairment accordance with Accounting Standards for

loss. The recoverable amount of an Business Enterprises.assets group is the higher of its fair

value less costs of disposal and the

present value of its expected future

cash flows. Management uses

significant judgement and estimation

when determining the recoverable

amount of fixed assets particularly

those involving key assumptions

including market price estimated

income and discount rates.We identified the impairment of fixed

assets as a key audit matter due to

the significant carrying amount

involved and the significant

judgements and estimations made by

the management relating to

impairment testing of fixed assets.These judgements and estimations

are inherently uncertain and may be

affected by management bias.Page 6 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Other Information

JA Solar Technology’s management is responsible for the other information. The other

information comprises all the information included in 2024 annual report of JA Solar

Technology other than the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not

express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other

information and in doing so consider whether the other information is materially inconsistent

with the financial statements or our knowledge obtained in the audit or otherwise appears to

be materially misstated.If based on the work we have performed we conclude that there is a material misstatement

of this other information we are required to report that fact. We have nothing to report in this

regard.Responsibilities of Management and Those Charged with Governance for the Financial

Statements

Management is responsible for the preparation and fair presentation of the financial

statements in accordance with the Accounting Standards for Business Enterprises and for

the design implementation and maintenance of such internal control necessary to enable

that the financial statements are free from material misstatement whether due to fraud or

error.In preparing the financial statements management is responsible for assessing JA Solar

Technology’s ability to continue as a going concern disclosing as applicable matters related

to going concern and using the going concern basis of accounting unless management either

intends to liquidate JA Solar Technology or to cease operations or has no realistic alternative

but to do so.Those charged with governance are responsible for overseeing JA Solar Technology’s

financial reporting process.Page 7 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2512726号

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as

a whole are free from material misstatement whether due to fraud or error and to issue an

auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance

but is not a guarantee that an audit conducted in accordance with CSAs will always detect a

material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if individually or in the aggregate they could reasonably be expected to

influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements

whether due to fraud or error design and perform audit procedures responsive to those

risks and obtain audit evidence that is sufficient and appropriate to provide a basis for

our opinion. The risk of not detecting a material misstatement resulting from fraud is

higher than for one resulting from error as fraud may involve collusion forgery

intentional omissions misrepresentations or the override of internal control.* Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances.* Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.* Conclude on the appropriateness of management’s use of the going concern basis of

accounting and based on the audit evidence obtained whether a material uncertainty

exists related to events or conditions that may cast significant doubt on JA Solar

Technology’s ability to continue as a going concern. If we conclude that a material

uncertainty exists we are required to draw attention in our auditor’s report to the

related disclosures in the financial statements or if such disclosures are inadequate to

modify our opinion. Our conclusions are based on the audit evidence obtained up to

the date of our auditor’s report. However future events or conditions may cause JA

Solar Technology to cease to continue as a going concern.* Evaluate the overall presentation structure and content of the financial statements

including the disclosures and whether the financial statements represent the

underlying transactions and events in a manner that achieves fair presentation.Page 8 of 9JA Solar Technology Co. Ltd.Notes to the financial statements

(Expressed in Renminbi Yuan unless otherwise indicated)

I Basic Information of the Company

JA Solar Technology Co. Ltd. (hereinafter referred to as “the Company”) formerly known asQinhuangdao Tianye Tonglian Heavy Industry Co. Ltd. (hereinafter referred to as “Tian YeTong Lian”) the predecessor of the Company is Qinhuangdao Beidaihe Tonglian Road and

Bridge Machinery Co. Ltd. which was founded on October 20 2000 after several capital

increase and equity transfer in July 2008 the Company was changed to a joint stock company

with May 31 2008 as the benchmark date and the share capital of the Company was

RMB120.00 million after the change. The Company went through the formalities for industrial

and commercial registration change at the Qinhuangdao City Administration for Industry and

Commerce of Hebei Province on July 18 2008. On August 10 2010 Tian Ye Tong Lian

successfully listed in Shenzhen Stock Exchange. On November 15 2019 JA Solar Co. Ltd.(hereinafter referred to as "JA Solar") has successfully back door listed in Shenzhen Stock

Exchange through Tian Ye Tong Lian. On December 11 2019 Tian Ye Tong Lian completed

the industrial and commercial change and officially changed its name to "JA Solar Technology

Co. Ltd.". On December 13 2019 the abbreviation of Tian Ye Tong Lian securities was

officially changed to "JA Technology". As of December 31 2024 the Company's total share

capital is RMB 3309678734.00 and par value of each share is RMB 1.As of 31 December 2024 the registered capital of the Company was RMB 3309670663.00.Registered address: No. 123. Xinxing Road Ningjin County Hebei Province. Office address:

Building No. 8 Noble Centre Automobile Museum East Road Fengtai District Beijing.Uniform social credit code: 91130300601142274F.The parent company of the Company is Dongtai Jingtaifu Technology Co. Ltd. (formerly known

as Ningjin Jingtaifu Technology Co. Ltd.) and the actual controller is Jin Baofang.The principal business activities of the Company and its subsidiaries (referred to as “theGroup”) are: production and processing of monocrystalline silicon rods and monocrystalline

silicon wafers; production of solar cells and modules; research and develop solar products;

sales of solar cells modules and related products and raw materials; solar photovoltaic grid-

connected power generation electricity sales; development construction operation

management and maintenance of solar photovoltaic power plants; import and export of goods

and technology; engaged in technology development and technology transfer in the field of

solar cells; workshop lease; space lease; electrical equipment rental (those involving

administrative licensing shall be operated with permits). (For any item subject to approval

according to the law relevant business activities shall be conducted upon approval by the

relevant departments). For information about the subsidiaries of the Company refer to Note

VIII.During the reporting period the information about increases and decreases in the Group’s

subsidiaries is disclosed in Note VII.

22JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

II Basis of preparation

1 Basis of preparationThis financial statement is in accordance with the “Accounting Standards for BusinessEnterprises - Basic Standard” and relevant specific standards application materialsinterpretations (together hereinafter referred to as “Accounting Standards for BusinessEnterprises”) issued by the Ministry of Finance and the disclosure requirements relating tofinancial statements and notes from “Information Disclosure Rules for Companies of securitiesfor public issuance No. 15 - General Regulations for Financial Statements” amended by the

China Securities Regulatory Commission (hereinafter referred to as “CSRC”) in 2023.

2 Going concern

As of 31 December 2024 the Company has the ability to continue as a going concern for at

least the next twelve months and no material uncertainties exist that may cast significant doubt

on the Company’s ability to continue as a going concern.III Significant accounting policies and accounting estimates

1 Statement of compliance with China Accounting Standards for Business Enterprises

The financial statements present the requirements of the Accounting Standards for Business

Enterprises promulgated by the Ministry of Finance. It truly and completely reflects the

Company’s merger on December 31 2024 and the financial position of the parent company

as well as the 2024 merger and the operating results and cash flow of the parent company.

2 Accounting year

The Accounting year is from 1 January to 31 December.

3 Operating period

The operating period is twelve months.

4 Functional currency

The Company and its domestic subsidiaries use RMB as the functional currency. The foreign

subsidiaries of the Company determine their functional currency according to the currency of

the main economic environment in which they operate and the main currency of business

income and expenditure.

23JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

5 Method used to determine the materiality threshold and the basis for selection

Item Materiality threshold

Significant receivables for which

provisions for bad and doubtful debts equals to or more than RMB5 million

are individually assessed

has an ongoing financing project; or its amount

Significant construction in progress incurred for the period/balance exceeds 10% of

the total fixed assets.the carrying amount of the investment in the joint

venture or associate is greater than 0.2% of total

assets in the consolidated balance sheet; or the

Significant joint arrangements or

profit (loss expressed in absolute terms) from

associates

the investment in the joint venture or associate is

greater than 0.2% of operating profit in the

consolidated balance sheet.Significant non-wholly-owned its profit represents 10% of the Group's net profit

subsidiaries (loss expressed in absolute terms).Significant cash flow from investing amount of the individual cash inflow or outflow

activities represents 0.2% of the total assets.Significant contract liabilities with ageing amount of the individual contract liability

of more than one year represents 0.2% of the total assets.Significant reversal or recovery of loss

equals to or more than RMB5 million

allowance on accounts receivables

Significant write-offs of accounts

equals to or more than RMB5 million

receivables

the change in the carrying amount of an

Significant changes in the carrying

individual contract asset represents 0.2% of the

amount of contract assets

total assets

6 Accounting treatments for business combinations involving entities under common control and

not under common control

Business combinations involving entities under common control

The assets and liabilities that the Group acquired in a business combination shall be measured

on the basis of their carrying amount of acquiree’s assets liabilities (as well as the goodwill

arising from the business combination) in the consolidated financial statement of the ultimate

controller on the combining date. As for the balance between the carrying amount of the portion

of the net assets obtained by the Group and the carrying amount of the consideration paid by

it (or the total par value of the shares issued) capital reserve needs to be adjusted. If the

capital reserve is insufficient to absorb the difference the remaining amount shall first be offset

against the surplus reserve and then the undistributed profits.

24JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Business combinations involving entities not under common control

The Group shall on the acquisition date measure the assets given and liabilities incurred or

assumed by an enterprise for a business combination in light of their fair values and shall

record the balances between them and their carrying amounts into the profits and losses at

the current period. The Group shall recognize the excess of the combination cost over the fair

value of the identifiable net assets acquired (after considering the relevant deferred tax effects)

as goodwill. The Group shall treat the negative balance between the combination costs and

the fair value of the identifiable net assets it obtains from the acquiree into the profits and

losses of the current period.The intermediary costs and relevant fees for the business combination paid by the acquirer

including the expenses for audit assessment and legal services shall be recorded into the

profits and losses at the current period. The transaction expenses for the issuance of equity

securities for the business combination shall be recorded into the initial recognition amount of

equity securities.

7 Criteria of control and preparation of consolidated financial statements

Criteria for control

Control exists when the investor has all of the following: power over the investee; variable

returns from its involvement with the investee; and the ability to affect those returns through its

power over the investee. When assessing whether the Group has power only substantive

rights (held by the Group and other parties) are considered.Consolidation of Financial Statements

(1) Scope of consolidation

The scope of consolidation of consolidated financial statements is determined based on

control. All the subsidies (including separable sections of the investees controlled by the

Group) have been consolidated into the scope of consolidation for this period ended.

(2) Procedure of consolidation

The consolidated financial statements shall be presented by the parent based on the financial

statements of both the Company and its subsidiaries according to the related information.When preparing consolidated financial statements the Group shall consider the entire group

as an accounting entity adopt uniform accounting policies and apply the requirements of

Accounting Standard for Business Enterprises related to recognition measurement and

presentation. The consolidated financial statements shall reflect the overall financial position

operating results and cash flows of the Group.The accounting policy and accounting period of the subsidiaries within the consolidation scope

shall be in accordance with those of the Group. If not it is necessary to make the adjustment

according to the Group’s accounting policies and accounting period when preparing the

consolidated financial statements. For subsidiaries through acquisition that are now under

common control the financial statements are adjusted according to fair value of identifiable

net assets on the acquisition date. For subsidiaries through acquisition that are under common

control the assets liabilities (as well as the goodwill arising from purchasing the subsidiary by

the ultimate controller) are adjusted according to book value of net assets in the financial

statements of the ultimate controller.

25JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

The owners’ interests profit or loss and comprehensive income of the subsidiary attributable

to the non-controlling shareholders shall be presented separately in the shareholders’ equity

of the consolidated balance sheet and under the item of net profit of the consolidated statement

of comprehensive income and under the item of total comprehensive income. Where losses

assumed by the minority exceed the minority’s interests in the beginning equity of a subsidiary

the excess shall be charged against the minority’s interests.(a) Increasing new subsidiaries or businesses

If the Group has a new subsidiary due to business combination under common control

during the reporting period it shall adjust the beginning amount in the consolidated

statement of financial position when preparing consolidated statement of financial

position. The revenue expenses and profits of the subsidiaries from the acquisition date

to the end of the reporting period are included in the Group’s consolidated statement of

comprehensive income. The cash flow of the subsidiaries from the acquisition date to

the end of the reporting period is included in the Group’s consolidated statement of cash

flows. And meanwhile the Group shall adjust the relevant items of the comparative

financial statements as if the reporting entity for the purpose of consolidation has been

in existence since the date the ultimate controlling party first obtained control.When the Group becomes capable of exercising control over an investee under common

control due to additional investment or other reasons adjustment shall be made as if the

reporting entity after the combination has been in existence since the date the ultimate

controlling party first obtained control. The investment income recognized between date

of previously obtaining equity investment and the date the acquiree and acquirer are

under common control which is later and the combining date other comprehensive

income and other changes of net assets arising from the equity investment previously-

held before obtaining the control the acquiree shall be adjusted against the prior retained

earnings of the comparative financial statements and the current profit or loss

respectively.During the reporting period if a subsidiary or business is added due to a business

combination not under the same control the beginning balance of the consolidated

balance sheet shall not be adjusted. The revenue expenses and profits of the

subsidiaries from the acquisition date to the end of the reporting period are included in

the Group’s consolidated statement of comprehensive income. The cash flow of the

subsidiaries from the acquisition date to the end of the reporting period is included in the

Group’s consolidated statement of cash flows.When the Group becomes capable of exercising control over an investee not under

common control due to additional investment or other reasons the acquirer shall

remeasure its previously held equity interest in the acquiree to its fair value at the

acquisition date. The difference between the fair value and the carrying amount shall be

recognized as investment income for the period when the acquisition takes place. When

the previously-held equity investment is accounted for under the equity method any

other comprehensive income previously recognized in relation to the acquiree’s equity

changes and other equity changes rather than changes from net profit other

comprehensive income and profit distribution shall be transferred to profit or loss for the

current period when the acquisition takes place. Other comprehensive income arising

from remeasurement of defined benefit plan is excluded.

26JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(b) Disposing subsidiaries or businesses

General treatment

If the Group disposes a subsidiary during the reporting period the revenue expenses

and profits of the subsidiary from the beginning of the reporting period to disposal date

are included in the Group’s consolidated statement of comprehensive income. The cash

flow of the subsidiaries from the beginning of the reporting period to disposal date is

included in the Group’s consolidated statement of cash flows.When the Group loses control over an investee due to partial disposal or other reasons

the acquirer shall re-measure the remaining equity interests in the acquiree to its fair

value at the acquisition date. The difference between sums of consideration received for

disposal equity shares and fair value of the remaining shares and sums of share of net

assets of the subsidiary calculated continuously from the acquisition date or the

combination date based on the previous shareholding proportion and goodwill shall be

recognized as investment income for the period when the Group loses control over

acquiree. When the previously-held equity investment is accounted for under the equity

method any other comprehensive income previously recognized in relation to the

acquiree’s equity changes and other equity changes rather than changes from net profit

other comprehensive income and profit distribution shall be transferred to investment

income for the current period when the Group loses control over acquiree. Other

comprehensive income arising from re-measurement of defined benefit plan is excluded.When the Group loses control over a subsidiary due to the increase of capital from other

investors and thus the shareholding ratio of the Group declines accounting treatment

shall be in accordance with the above-mentioned principles.Disposing subsidiaries by multiple transactions

Where the Group loses control of a subsidiary in multiple transactions in which it disposes

of its subsidiary in stages in determining whether to account for the multiple transactions

as a single transaction the Group shall consider all of the terms and conditions of the

transactions and their economic effects. One or more of the following may indicate that

the Group shall account for the multiple arrangements as a single transaction:

- Arrangements are entered into at the same time or in contemplation of each other;

- Arrangements work together to achieve an overall commercial effect;

- The occurrence of one arrangement is dependent on the occurrence of at least one

other arrangement; and

- One arrangement considered on its own is not economically justified but it is

economically justified when considered together with other arrangements.If each of the multiple transactions forms part of a bundled transaction which eventually

results in loss of control of the subsidiary these multiple transactions shall be accounted

for as a single transaction. In the consolidated financial statements the difference

between the consideration received and the corresponding proportion of the subsidiary’s

net assets in each transaction prior to the loss of control shall be recognized in other

comprehensive income and transferred to the profit or loss when the Group eventually

loses control of the subsidiary.

27JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

If each of the multiple transactions which eventually results in loss of control of the

subsidiary do not form part of a bundled transaction apply the treatment of disposing

partial long-term equity investments in a subsidiary without loss of control prior to the

loss of control. After the loss of control apply the treatment of disposing the subsidiary

in common cases.(c) Acquiring the subsidiaries’ equity interest held by non-controlling shareholders

Where the Group has acquired a subsidiary’s equity interest held by non-controlling

shareholders the difference between the increase in the cost of long-term investments

as a result of acquisition of non-controlling interests and the share of net assets of the

subsidiary calculated continuously from the acquisition date or the combination date

based on the new shareholding proportion shall be adjusted to the capital reserve( capital

premium or share premium) in the consolidated financial statements. If the balance of

the capital reserve is not sufficient any excess shall be adjusted against retained

earnings.(d) Disposing portion of equity investments in subsidiaries without losing control

When the Group disposes of a portion of the long-term equity investments in a subsidiary

without loss of control the difference between the amount of the consideration received

and the corresponding portion of the nest assets of the subsidiary calculated

continuously from the acquisition date or the combination date related to the disposal of

the long-term equity investments shall be adjusted to the capital reserve (capital premium

or share premium) in the consolidated financial statements. If the balance of the capital

reserve is not sufficient any excess shall be adjusted against retained earnings.

8 Cash and cash equivalents

For the purpose of preparing the statement of cash flows the term “cash” refers to the cash

on hand and the unrestricted deposit. And the term “cash equivalents” refers to short-term

(maturing within three months from acquisition) and highly liquid investments that are readily

convertible to known amounts of cash and which are subject to an insignificant risk of change

in value.

9 Foreign currency transaction and translation of foreign currency financial statements

(1) Foreign currency transaction

Foreign currency transactions are translated into RMB at the current exchange rate and

approximate exchange rate at the day of transactions.The foreign currency monetary items shall be translated at the spot exchange rate on the

balance sheet date. The balance of exchange arising from the difference between the spot

exchange rate on the balance sheet date and the spot exchange rate at the time of initial

recognition or prior to the balance sheet date except those arising from the raising of special

foreign debt for the purchase or construction of capitalizable assets thus shall be capitalized

according to the borrowing costs capitalization principle shall be recorded into the profits and

losses at the current period.

28JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Translation of foreign currency financial statements

The asset and liability items in the statement of financial position shall be translated at a spot

exchange rate on the balance sheet date. Among the owner’s equity items except the ones

as “undistributed profits” others shall be translated at the spot exchange rate at the time when

they are incurred. The income and expense items in the income statement are converted using

the average exchange rate during the transaction period.When disposing an overseas business the Group shall shift the balance which is presented

under the items of the owner’s equities in the statement of financial position and arises from

the translation of foreign currency financial statements related to this oversea business into

the disposal profits and losses of the current period. If the overseas business is disposed of

partially the Group shall calculate the balance arising from the translation of foreign currency

statements of the part of disposal based on the disposal rate and shall shift them into the profits

and losses of the current period.

10 Financial instruments

When the Group becomes a party to a financial instrument contract it recognizes a financial

asset financial liability or equity instrument.

(1) Classification of financial instruments

The Group shall classify financial assets on the basis of both the entity’s business model for

managing the financial assets and the contractual cash flow characteristics of the financial

asset as: financial assets measured at amortised cost financial assets measured at fair value

through other comprehensive income (debt instrument) and financial assets measured at fair

value through profit or loss at initial measurement.A financial asset shall be measured at amortised cost if both of the following conditions are

met. The financial asset is held within a business model whose objective is to hold financial

assets in order to collect contractual cash flows and the contractual terms of the financial asset

give rise on specified dates to cash flows that are solely payments of principal and interest on

the principal amount outstanding. A financial asset shall be measured at fair value through

other comprehensive income if both of the following conditions are met. The financial asset is

held within a business model whose objective is achieved by both collecting contractual cash

flows and selling financial assets and the contractual terms of the financial asset give rise on

specified dates to cash flows that are solely payments of principal and interest on the principal

amount outstanding. Other financial assets other than these are classified as financial assets

measured at fair value through profit or loss.The Group may make an election at initial recognition for non-trading equity instrument

investments whether it is designated as a financial asset (equity instrument) that is measured

at fair value through other comprehensive income. At the initial recognition in order to eliminate

or significantly reduce accounting mismatches financial assets can be designated as financial

assets measured at fair value through profit or loss.The Group shall classify financial liabilities as financial liabilities measured at amortised cost

and financial liabilities measured at fair value through profit or loss at initial measurement.

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Financial statements for the year ended 31 December 2024

The Group may at initial recognition designate a financial liability as measured at fair value

through profit or loss because either:

(a) it eliminates or significantly reduces an accounting mismatch;

(b) a group of financial liabilities or financial assets and financial liabilities is managed and

its performance is evaluated on a fair value basis in accordance with a documented risk

management or investment strategy and information about the Group is provided

internally on that basis to the entity’s key management personnel;

(c) the financial liability contains embedded derivatives that need to be separated.

(2) Recognition and measurement of financial instruments

(a) Financial assets measured at amortised cost

Financial assets measured at amortized cost include notes receivables accounts

receivables other receivables long-term receivables debt investments etc. At initial

recognition the Group shall measure a financial asset at its fair value plus or minus

transaction costs that are directly attributable to the acquisition or issue of the financial

asset. The Group shall measure account receivables at their transaction price if the

account receivables do not contain a significant financing component and accounts

receivables that the Group has decided not to consider for a financing component of no

more than one year.Interests calculated by using the effective interest method during the holding period shall

be recognized in profit or loss.When recovering or disposing the receivables the difference between the price obtained

and the carrying value shall be recognized in current profit or loss.(b) Financial assets measured at fair value through other comprehensive income (debt

instruments)

Financial assets measured at fair value through other comprehensive income (debt

instruments) include receivables financing other debt investments etc. At initial

recognition the Group shall measure a financial asset at its fair value plus transaction

costs that are directly attributable to the acquisition or issuance of the financial asset.The financial assets are subsequently measured at fair value. Changes in fair value are

included in other comprehensive income except for interest calculated using the effective

interest method impairment losses or gains and exchange gains and losses.When the financial assets are derecognized the accumulated gain or loss previously

recognized in other comprehensive income is transferred from other comprehensive

income and recognized in profit or loss.(c) Financial assets at fair value through other comprehensive income (equity instruments)

Financial assets at fair value through other comprehensive income (equity instruments).include other equity instrument investments etc. At initial recognition the Group shall

measure a financial asset at its fair value plus transaction costs that are directly

attributable to the acquisition or issue of the financial asset. The financial assets are

subsequently measured at fair value. Changes in fair value are included in other

comprehensive income. The dividends obtained are recognized in profit and loss.

30JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

When the financial assets are derecognized the accumulated gain or loss previously

recognized in other comprehensive income is transferred from other comprehensive

income and recognized in retained earnings.(d) Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include transactional financial assets

derivative financial assets other non-current financial assets etc. The Group shall

measure the financial assets at fair value at initial recognition. Transaction costs are

recognized in profit or loss. Changes in fair value are included in profit or loss.(e) Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include current financial liabilities

derivative financial liabilities etc. The Group shall measure the financial assets at fair

value at initial recognition. Transaction costs are recognized in profit or loss. Changes in

fair value are included in profit or loss.(f) Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost include short-term borrowings notes

payables accounts payables other payables long-term borrowings bonds payables

long-term payables. At initial recognition the Group shall measure a financial liability at

its fair value plus. transaction costs that are directly attributable to the acquisition or issue

of the financial asset.Interests calculated by using the effective interest method during the holding period shall

be. recognized in profit or loss.When the financial liabilities are derecognized the difference between the price obtained

and the carrying value shall be recognized in profit and loss.

(3) Derecognition of financial assets and transfer of financial assets

Where the Group has transferred nearly all of the risks and rewards related to the ownership

of the financial asset to the transferee it shall stop recognizing the financial asset. If it retained

nearly all of the risks and rewards related to the ownership of the financial asset it shall not

stop recognizing the financial asset.To judge whether the transfer of a financial asset can satisfy the conditions as prescribed in

these Standards for stopping the recognition of a financial asset the Group shall follow the

principle of the substance over form. Transfer of an entire financial asset can be divided into

partial financial assets transfer and entire financial asset transfer. If the transfer of an entire

financial asset satisfies the conditions for de-recognition the difference between the amounts

of the following two items shall be recorded in the profits and losses of the current period:

- The book value of the transferred financial asset; and

- The sum of consideration received from the transfer and the accumulative amount of the

changes of the fair value originally recorded in the owners’ equities (in the event that the

financial asset involved in the transfer is available-for-sale financial asset.

31JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

If the transfer of partial financial asset satisfies the conditions to derecognize the entire book

value of the transferred financial asset shall between the portion whose recognition has been

stopped and the portion whose recognition has not been stopped (under such circumstance

the service asset retained shall be deemed as a portion of financial asset whose recognition

has not been stopped) be apportioned according to their respective relative fair value and the

difference between the amounts of the following 2 items shall be included into the profits and

losses of the current period:

- The book value of the portion whose recognition has been stopped; and

- The sum of consideration of the portion whose recognition has been stopped and the

portion of the accumulative amount of the changes in the fair value originally recorded in

the owner’s equities which is corresponding to the portion whose recognition has been

stopped (in the event that the financial asset involved in the transfer is a financial asset

Available-for-sale).If the transfer of financial assets does not satisfy the conditions to stop the recognition it shall

continue to be recognized as financial assets and the consideration received shall be

recognized as financial liabilities.

(4) Derecognition of financial liabilities

Only when the prevailing obligations of a financial liability are relieved in all or in part may the

recognition of the financial liability be terminated in all or partly. Where the Group (debtor)

enters into an agreement with a creditor so as to substitute the existing financial liabilities by

way of any new financial liability and if the contractual stipulations regarding the new financial

liability is substantially different from that regarding the existing financial liability it shall

terminate the recognition of the existing financial liability and shall at the same time recognize

the new financial liability.Where the Group makes substantial revisions to part or all of the contractual stipulations of the

existing financial liability it shall terminate the recognition of the existing financial liability or

part of it and at the same time recognize the financial liability after revising the contractual

stipulations as a new financial liability.Where the recognition of a financial liability is totally or partially terminated the Group shall

include into the profits and losses of the current period the difference between the carrying

amount which has been terminated from recognition and the considerations it has paid

(including the non-cash assets it has transferred out and the new financial liabilities it has

assumed).Where the Group buys back part of its financial liabilities it shall distribute on the date of

repurchase the carrying amount of the whole financial liabilities in light of the comparatively

fair value of the part that continues to be recognized and the part whose recognition has

already been terminated. The gap between the carrying amount which is distributed to the part

whose recognition has terminated and the considerations it has paid (including the noncash

assets it has transferred out and the new financial liabilities it has assumed) shall be recorded

into the profits and losses of the current period.

32JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(5) Determination of the fair value of the financial assets (liabilities)

If active markets for the financial instruments exist the fair value shall be measured by quoted

prices in the active markets. If active markets for the financial instruments do not exist

valuation techniques shall be applied for the measurement. The Group uses valuation

techniques appropriate in the circumstances and for which sufficient data are available to

measure fair value. The Group chooses relevant observable inputs for identical or similar

assets or liabilities. Only when relevant observable inputs are unavailable or should the Group

use unobservable inputs for the asset or liability.

(6) Testing methods and accounting treatment methods for impairment of financial assets

The Group considers all reasonable and relevant information including forward-looking

information to recognize the expected credit loss on financial assets measured at amortized

cost and financial assets measured at fair value through other comprehensive income (debt

instruments) on the individual or portfolio basis. The measurement of expected credit loss

depends on whether there is a significant increase in credit risk of financial assets since the

initial recognition.If the credit risk of the financial instrument has increased significantly since the initial

confirmation the Group shall measure the loss allowance for a financial instrument at an

amount equal to the lifetime expected credit losses. If the credit risk on a financial instrument

has not increased significantly since initial recognition the Group shall measure the loss

allowance for that financial instrument at an amount equal to 12-month expected credit losses.The increase or reversal amount of loss allowance thus formed shall be included in the current

profits and losses as impairment losses or gams.Generally the Group believes that the credit risk of the financial instrument has significantly

increased over 30 days after the due date unless there is solid evidence that the credit risk of

the financial instrument has not increased significantly since initial recognition.If the credit risk of a financial instrument at the reporting date is relatively low the Group

considers that the credit risk of the financial instrument has not increased significantly since

the initial recognition.If there is objective evidence indicating that a certain financial asset has been impaired the

Group shall recognize provision for impairment of the financial asset individually.For account receivables whether a significant financing component is contained or not the

Group shall always measure the loss allowance at an amount equal to lifetime expected credit

losses. For the receivables from Energy Performance Contracting long-term receivables

formed by the Group through the sale of goods or rendering of services the Group chooses to

measure the expected credit loss at an amount equal to 12-month expected credit losses

(stage one).

33JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

When individual financial assets that cannot be used to estimate expected credit losses at

reasonable cost the Group shall divide receivables based on the credit risk characteristics into

different portfolio and calculate expected credit loss based on portfolios. The criteria for the

portfolio are as follows:

Bills receivable The Group classifies bills receivable into bank and commercial

acceptance bills based on the credit risk characteristics of the acceptor.Accounts According to the historical experience of the Group there are

receivable differences in the losses of different customer groups. As a result the

Group classifies accounts receivable into receivables from companies

within the scope of consolidation electricity fees due from Power Grid

Companies and accounts receivable due from external customers

(excluding power grid companies).Receivables Receivables under financing held by the Group for dual purpose are

under financing bank acceptance bills receivable and accounts receivable. The Group

classifies receivables under financing into bank acceptance bill portfolio

and commercial acceptance bill portfolio based on the credit risk

characteristics of the acceptor.Other According to the nature of receivables and the credit risk characteristics

receivables of different counterparties the Group classifies other receivables into

amounts due from related parties deposits and warranties equity

transfer receivable amounts due from other entities prepaid duties

refund receivable export rebates receivables and subsidies receivable.Contract assets According to the historical experience of the Group this portfolio is

based on power bills receivables due from Power Grid Companies.Long-term The Group’s long-term receivables are composed primarily of

receivables receivables from Energy Performance Contracting and Instalment sale.According to the credit risk characteristics of different counterparties

the Group classifies long-term receivables as amounts due from

companies within the scope of consolidation and other current

accounts.For the accounts receivable and contract assets divided into portfolios the Group shall based

on past events current conditions and forecasts of future economic conditions calculate

expected credit losses using comparison table of the other receivables aging analysis and

lifetime expected credit loss ratio.For the notes receivable and account receivable financing formed by daily business activities

such as sales of goods and service which are divided into portfolios the Group shall based

on past events current conditions and forecasts of future economic conditions calculate

expected credit losses using the default risk exposure and the expected credit loss rate of the

whole lifetime. Besides notes receivable account receivable financing and other receivables

will be divided into portfolios the Group shall based on past events current conditions and

forecasts of future economic conditions calculate expected credit losses using the default risk

exposure and the expected credit loss rate within the next 12 months or the whole lifetime.The Group shall recognize the amount of expected credit losses or reversal in profit or loss.For debt instruments measured at fair value through other comprehensive incomes the Group

shall recognize the amount of expected credit losses or gains in profit or loss and adjust other

comprehensive income.

34JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(7) Equity instruments

For equity instruments issued by the Group the proceeds are recognized in shareholders’

equity at the actual issuance price. Related transaction costs are deducted from shareholders’

equity (capital reserve). If the capital reserve is insufficient to cover the deduction the excess

shall first be offset against the surplus reserve and then the undistributed profits. Consideration

and transaction costs paid by the Group for repurchasing its own equity instruments are

deducted from shareholders’ equity.

(8) Convertible instruments

- Convertible instruments containing an equity component

Convertible instruments issued by the Group that can be converted to equity instruments of

the Group where a fixed number of equity instruments is issued in exchange for a fixed

amount of consideration at the time of conversion are accounted for as compound financial

instruments containing both liability and equity components.The initial carrying amount of a compound financial instrument is allocated to its equity and

liability components. The Group first determines the fair value of the liability component

which includes the fair value of any embedded derivatives other than the equity component.The amount allocated to the equity component is the residual amount after deducting the

fair value of the liability component from the fair value of the entire compound instrument.Transaction costs that relate to the issue of a compound financial instrument are allocated

to the liability and equity components of the instrument in proportion to the allocation of

proceeds.Subsequent to initial recognition the liability component is measured at amortised cost

using the effective interest method unless it is designated upon recognition as measured

at fair value through profit or loss. The equity components will not be re-measured.If the convertible instrument is converted the liability component together with the equity

component is transferred to equity. If the convertible instrument is redeemed the

consideration paid for the redemption together with the transaction costs that relate to the

redemption are allocated to the liability and equity components. The method used to

allocate the consideration and transaction costs is the same as that used for issuance. After

allocating the consideration and transaction costs the difference between the allocated and

carrying amounts is charged to profit and loss if it relates to the liability component or is

directly recognized in equity if it relates to the equity component.- Convertible instruments without equity component

For other convertible instruments issued by the Group which do not contain an equity

component at initial recognition the derivative component is measured at fair value and

any excess of proceeds over the derivative component is recognized as the liability

component.The derivative component is subsequently measured at fair value through profit or loss. The

host liability component is subsequently carried at amortised cost using the effective interest

method.

35JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Upon conversion the carrying amounts of the derivative and host liability components are

transferred to the relevant financial captions in equity. If the instrument is redeemed any

difference between the redemption amount paid and the carrying amounts of both

components is recognized in profit or loss.

11 Contract assets and contract liabilities

(1) Confirmation methods and standards of contract assets and contract liabilities

The Group lists contract assets or contract liabilities on the balance sheet based on the

relationship between performance obligations and customer payments. The Group has the

right to receive consideration for the transfer of goods or services to customers (and the right

depends on other factors other than the passage of time) listed as contract assets. Contract

assets and contract liabilities under the same contract are presented in net terms. The Group’s

unconditional (only depends on the passage of time) right to collect consideration from

customers are separately listed as receivables.

(2) Determination methods and accounting treatment methods of expected credit loss of contract

assets

The methods for determining the expected credit loss of contract assets and the accounting

treatment methods are detailed in this Note III.10(6). Testing methods and accounting

treatment methods for impairment of financial assets.

12 Inventories

(1) Classification and cost of inventories

Inventories include materials in transit raw materials finished goods semi-finished goods

materials for consigned processing goods in transit etc.

(2) Valuation method for inventories dispatched

The weighted average method is used to confirm the actual cost of the inventories dispatched.

(3) Inventory count system

The Group uses perpetual inventory system.

(4) Amortisation method for low-value consumables and packaging materials

- Low-valued consumables shall be amortized in full amount on issuance.- Packing materials shall be amortized in full amount on issuance.

36JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(5) Criteria and method for provision for impairment of inventories

At the balance sheet date inventories are carried at the lower of cost and net realizable value.The net realizable value of inventories (finished products stock commodity material etc.) held

for direct selling in the daily business activity shall be calculated by deducting the estimated

sale expense and relevant taxes from the estimated sale price of inventories; The net realizable

value of inventories for further processing in the daily business activity shall be calculated by

deducting the estimated cost of completion estimated sale expense and relevant taxes from

the estimated sale price of inventories; The net realizable value of inventories held for the

execution of sales contracts or labour contracts shall be calculated on the ground of the

contract price. If the Group holds more inventories than the quantities subscribed in the sales

contract the net realizable value of the excessive part of the inventories shall be calculated on

the ground of the general sales price.The Group shall make provision for loss on decline in value of inventories on the ground of

each item of inventories at the year end. For inventories with large quantity and relatively low

unit prices the provision for loss on decline in value of inventories shall be made on the ground

of the categories of inventories. For the inventories related to the series of products

manufactured and sold in the same area and of which the final use or purpose is identical or

similar thereto and if it is difficult to measure them by separating them from other items the

provision for loss on decline in value of inventories shall be made on a combination basis.Unless clear evidence shows that the market price is exceptionally fluctuating the net

realizable value of inventories is based on the market price at the balance sheet date.The net realizable value of inventories at the year-end is based on the market price at the

balance sheet date.

13 Assets held for sale and discontinued operations

(1) Non-current assets or disposal groups held for sale

The Group classifies non-current assets or disposal asset groups when the assets meet the

following criterion into holding categories for sale simultaneously:

- According to the practice of selling such assets or disposal asset groups in similar

transactions they can be sold immediately under current conditions;

- The sale of assets is highly probable as the Group has already made a resolution on a sale

plan and obtained a certain purchase commitment and the transaction is expected to be

completed within one year. The relevant regulations that the assets can be sold have been

approved by relevant authorities or regulatory authorities of the Group.Non-current assets or disposal groups held for sale are stated at the lower of carrying amount

and fair value less costs to sell (except financial assets (see Note III.10) and deferred tax

assets (see Note III.28)) initially and subsequently. Any excess of the carrying amount over the

fair value less costs to sell is recognized as an impairment loss in profit or loss.In case of any subsequent reversals of the above impairment losses of assets a reversal of

an impairment loss will not result in the asset’s carrying amount exceeding what the carrying

amount at the date of impairment reversal would have been had no impairment loss been

recognized in prior years.

37JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Discontinued operations

Discontinuing operation is a component that has been disposed or classified as held for sale

by the Group and can be distinguished separately in operating and preparing financial

statements when one of the following conditions is met:

- The component stands for an independent main business or a major business area;

- The component is a part of disposal plan of an independent main business or a major

business area;

- The component is a subsidiary which is acquired only for sale again.Where an operation is classified as discontinued in the current period profit or loss from

continuing operations and profit or loss from discontinued operations are separately presented

in the income statement for the current period. The comparative information for profit or loss

from discontinued operations which used to present as profit or loss from continuing

operations in the prior period is re-presented as profit or loss from discontinued operations in

the comparative income statement.

14 Long-term equity investment

(1) Criteria of joint control and significant influence

Joint control is the contractually agreed sharing of control of an arrangement which exists only

when decisions about the relevant activities require the unanimous consent of the parties

sharing control. If the Group and other joint venture have joint control of the investee and have

rights to the net assets of the investee the investee is a joint venture of the Group.Significant influence is the power to participate in the financial and operating policy decisions

of the investee but not control or join control of those policies. If the Group could exert

significant influence over the investee the investee is the associate of the Group.

(2) The initial cost of long-term equity investment from business acquisition

(a) Long-term equity investment from business acquisition

For a business combination under common control where the consideration is satisfied

by paying cash transferring non-cash assets assuming liabilities or issuing equity

securities the initial investment cost of the long-term equity investment shall be the

absorbing party’s share of the carrying amount of the owner’s equity attributable to the

absorbed party in the consolidated financial statements of the ultimate controlling party

as of the combination date. The difference between the initial investment cost of the long-

term equity investment as of the combination date and the sum of (i) the carrying amount

of the previously-held equity investment prior to the combination and (ii) the carrying

amount of the additional consideration paid for newly acquired shares at the combination

date shall be adjusted against the capital reserve (share premium). If the capital reserve

(share premium) is insufficient to absorb the difference the remaining amount shall first

be offset against the surplus reserve and then the undistributed profits.For a business combination not under common control the initial investment cost of the

long-term equity investment shall be the acquisition cost at the acquisition date. When

an investor becomes capable of exercising control over an investee due to additional

investment or other reasons the initial investment cost under the cost method shall be

the carrying amount of previously-held equity investment together with the additional

investment cost.

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Financial statements for the year ended 31 December 2024

(b) The initial cost of the long-term equity investment other than from business acquisition

The initial cost of a long-term equity investment obtained by making payment in cash

shall be the purchase cost which is actually paid.The initial cost of a long-term equity investment obtained on the basis of issuing equity

securities shall be the fair value of the equity securities issued.If the exchange of non-monetary assets is commercial in nature and the fair values of

both the assets received and surrendered can be reliably measured the fair value of the

assets surrendered shall be used as the basis for determining the cost of the assets

received unless there is any exact evidence showing that the fair value of the assets

received is more reliable. Where any non-monetary assets transaction does not meet

the conditions as prescribed above the carrying value and relevant payable taxes of the

assets surrendered shall be the initial cost of the assets received.The initial cost of a long-term equity investment obtained by debt restructuring shall be

ascertained on the basis of fair values.

(3) Subsequent measurement and profit or loss recognition

(a) Cost method

The Group adopts cost method for the long-term investment in subsidiary company.Under the cost method an investing enterprise shall in accordance with the attributable

share of the net profits or losses of the invested entity recognize the investment profits

or losses except the dividend declared but unpaid which is included in the payment when

acquiring the investment.(b) Equity method

A long-term equity investment in an associate or a joint venture shall be accounted for

using the equity method. Where the initial investment cost of a long-term equity

investment exceeds an investor’s interest in the fair values of an investee’s identifiable

net assets at the acquisition date no adjustment shall be made to the initial investment

cost. Where the initial cost is less than the investor’s interest in the fair values of the

investee’s identifiable net assets at the acquisition date the difference shall be credited

to profit or loss for the current period.The Group shall recognize its share of the investee’s net profits or losses as well as its

share of the investee’s other comprehensive income as investment income or losses

and other comprehensive income and adjust the carrying amount of the investment

accordingly. The carrying amount of the investment shall be reduced by the portion of

any profit distributions or cash dividends declared by the investee that is attributable to

the investor. The investor’s share of the investee’s owners’ equity changes other than

those arising from the investee’s net profit or loss other comprehensive income or profit

distribution and the carrying amount of the long-term equity investment shall be adjusted

accordingly.

39JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

The investor shall recognize its share of the investee’s net profits or losses after making

appropriate adjustments according to the Group’s accounting principles and operating

period based on the fair values of the investee’s identifiable net assets at the acquisition

date. During the holding period if the investee makes consolidated financial statements

the Group shall calculate its share based on the investee’s net profit other

comprehensive income and the amount of other owners’ equity attribute to the investee

in the consolidated financial statements.The unrealized profits or losses resulting from transactions between the investor and its

associate or joint venture shall be eliminated in proportion to the investor’s equity interest

in the investee based on which investment income or losses shall be recognized. Any

losses resulting from transactions between the investor and investee which are

attributable to asset impairment shall be recognized in full. If the transaction of

investment or sale of assets among the Group and associate and joint venture and theassets is a business it shall apply the treatment mentioned in Note III.5 “The accountingtreatment for Business combination under/not under common control” and Note III.6

“Consolidation of Financial Statements”.When the Group recognizes the losses of invested enterprise it shall follow the following

sequence: First of all offset the book value of long-term equity investment. If the book

value of long-term equity is insufficient to dilute the investing enterprise shall recognize

the net losses of the invested enterprise until the book value of the long-term equity

investment and other long-term rights and interests which substantially form the net

investment made to the invested entity are reduced to zero. If the Group still has the

obligation to undertake extra losses per contract and then estimated liabilities shall be

recognized into current profit and loss accordingly to the estimated obligation.(c) Disposal of long-term equity investment

When disposing long-term equity investment the difference between the proceeds

actually received and the carrying amount shall be recognized in profit or loss for the

current period.When the previously-held equity investment is accounted for under the equity method

any other comprehensive income previously recognized shall be accounted for on the

same basis as would have been required if the investee had directly disposed of the

related assets or liabilities. Those owner’s equity recognized other than the change of

net profits or loss other comprehensive income profit distribution of the invested entity

shall be transferred proportionally into profit or loss of current period other

comprehensive income arising from the re-measurement of defined benefit plan is

excluded.

40JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

When an investor can no longer exercise joint control of or significant influence over an

investee due to partial disposal of equity investment or other reasons the remainingequity investment shall be accounted for in accordance with “Accounting Standard forBusiness Enterprises No. 22-Financial instruments: recognition and measurement”. The

difference between the fair value and the carrying amount at the date of the loss of join

control or significant influence shall be charged to profit or loss for the current period.When the previously-held equity investment is accounted for under the equity method

any other comprehensive income previously recognized shall be accounted for on the

same basis as would have been required if the investee had directly disposed of the

related assets or liabilities for the current period upon discontinuation of the equity

method. Those owner’s equity recognized other than the change of net profits or loss

other comprehensive income profit distribution of the invested entity shall be transferred

into profit or loss of current period in full when the Group cease to adopt the equity

method.When the Group can no longer exercise control over an investee due to partial disposal

of equity investment or due to decrease of shareholding ratio because of additional

investment by other investors and with the retained interest still has joint control of or

significant influence over the investee when preparing the individual financial

statements the investor shall change to the equity method and adjust the remaining

equity investment as if the equity method had been applied from the date of the f irst

acquisition. If the investor cannot exercise joint control of or significant influence over the

investee after partial disposal of equity investment the remaining equity investment shallbe accounted for in accordance with “Accounting Standard for Business EnterprisesNo.22-Financial instruments: Recognition and Measurement” and the difference

between the fair value and carrying amount at the date of the loss of control shall be

charged to profit or loss for the current period.When the equity investment disposed is acquired through business combination due to

additional investment or other reasons in preparing stand-alone financial statement the

remaining equity investment shall adopt cost method or equity method any other

comprehensive income and other owner’s interests previously recognized of the

previously-held equity investment under the equity method shall be transferred

proportionally. For those remaining equity investments accounted for in accordance with“Accounting Standard for Business Enterprises No.22-Financial instruments:Recognition and Measurement” after disposal other comprehensive income and other

owner’s interests previously recognized shall be transferred to profit or loss in full.

15 Investment property

Investment property refers to real estate held for the purpose of earning rent or capital

appreciation or both including leased land use rights land use rights held and prepared for

transfer after appreciation and leased buildings (Buildings that are leased after completion of

self-construction or development activities and buildings that are being used for rental in the

future during construction or development).Subsequent expenditures related to investment property are included in the cost of investment

property when the relevant economic benefits are likely to flow in and their costs can be reliably

measured. Otherwise they are included in the current profit and loss when incurred.The Group uses the cost model to measure the existing investment property. For investment

property measured according to the cost model that is the rental building adopts the same

depreciation policy as the fixed assets of the Group and the land use right for rental is

amortized according to the same amortization policy as the intangible assets.

41JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

16 Fixed assets

(1) Recognition of Fixed assets

The term “fixed assets” refers to the tangible assets held for the sake of producing

commodities rendering labour service renting or business management and of which useful

life is in excess of one fiscal year. No fixed asset may be recognized unless it simultaneously

meets the conditions as follows:

- The economic benefits pertinent to the fixed asset are likely to flow into the enterprise; and

- The cost of the fixed asset can be measured reliably.

(2) Fixed assets depreciation

Fixed assets are depreciated under the straight-line method. The depreciation rate is

determined according to the category of assets the useful life and the expected residual rate.If the components of the fixed assets have different useful lives or provide the economic

benefits in a different way then different depreciation rate or method shall be applied and the

depreciation of the components shall be calculated separately.Details of classification depreciation period residual value rate and annual depreciation rate

are as follows:

Depreciation Depreciation Residual Value Depreciation Rate

Category

method Period (year) Rate (%) (%)

Straight-line

Plants and Buildings 20 0 - 5 4.75 - 5.00

method

Photovoltaic power Straight-line

200-104.50-5.00

station method

Straight-line

Machinery 5 - 10 0 - 5 9.50 - 20.00

method

Straight-line

Transportation 4 - 5 0 - 5 19.00 - 25.00

method

Straight-line

IT and office equipment 3 - 5 0 - 5 19.00 - 33.33

method

At least at the end of each year the Group will review the service life estimated net salvage

value and depreciation method of fixed assets.

(3) Disposal of fixed assets

When a fixed asset is disposed of or it is expected that no economic benefits will be generated

through use or disposal the fixed asset should be derecognized. The amount of disposable

income from the sale transfer scrap or damage of fixed assets after deducting its book value

and related taxes included in the current profit and loss.

42JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

17 Construction in progress

The cost of fixed assets transferred from a construction in progress includes all the necessary

expenses incurred for bringing the asset to the expected conditions for use. Construction in

progress is transferred to fixed asset when it has reached its working condition for its intended

use. In case the final project accounts have not been completed or approved the asset shall

be transferred to fixed assets at an estimated value by considering project budget cost or

actual cost of the project and etc. and the depreciation of the said fixed assets shall be

provided in accordance with the Group’s accounting policy since it has reached its working

condition for its intended use. After the project accounts have been approved the estimated

values shall be adjusted based on the actual cost but those provided deprecation shall not be

adjusted.Criteria and timing for reclassification of construction in progress to fixed assets:

Criteria and timing for reclassification of construction in

Category

progress to fixed assets

When main and supporting constructions are completed

Plant & buildings

substantially and are ready for their intended uses.When (1) the relevant equipment and its supporting facilities

have been installed; (2) the equipment is able to maintain a

Machinery & equipment normal and steady operation for a period of time after tuning

and testing; (3) the production equipment can consistently

produce good quality products for a certain period of time.When the performance of the power plant has been verified

Photovoltaic power station

and accepted after connection to the power grid.When an enterprise sells products or by-products produced before a fixed asset is available

for its intended use the proceeds and related cost are accounted for in accordance with CAS

14 - Revenue and CAS 1 - Inventories respectively and recognized in profit or loss for the

current period.

18 Borrowing costs

(1) Principle of the recognition of capitalized borrowing costs

The borrowing costs shall include interest on borrowings amortization of discounts or

premiums on borrowings ancillary expenses and exchange balance on foreign currency

borrowings.Where the borrowing costs incurred to an enterprise can be directly attributable to the

acquisition and construction or production of assets eligible for capitalization it shall be

capitalized and recorded into the costs of relevant assets. Other borrowing costs shall be

recognized as expenses on the basis of the actual amount incurred and shall be recorded into

the current profits and losses.Assets eligible for capitalization refer to the fixed assets investment real estate inventories

and other assets of which the acquisition and construction or production may take quite a long

time to get ready for its intended use or for sale.

43JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

The borrowing costs shall not be capitalized unless they simultaneously meet the following

requirements:

- The asset disbursements have already incurred which shall include cash transferred non-

cash assets or interest-bearing debts paid for the acquisition and construction or production

activities for preparing assets eligible for capitalization;

- The borrowing costs has already incurred; and

- The acquisition and construction or production activities which are necessary to prepare the

asset for its intended use or sale have already started.

(2) The capitalization period of borrowing costs

The capitalization period shall refer to the period from the commencement to the cessation of

capitalization of the borrowing costs excluding the period of suspension of capitalization of the

borrowing costs.When the qualified asset under acquisition and construction or production is ready for the

intended use or sale the capitalization of the borrowing costs shall be ceased.Where each part of a qualified asset under acquisition and construction or production is

completed separately and is ready for use the capitalization of the borrowing costs in relation

to this part of asset shall be ceased.Where each part of an asset under acquisition and construction or production is completed

separately and is ready for use or sale during the continuing construction of other parts but it

cannot be used or sold until the asset is entirely completed the capitalization of the borrowing

costs shall be ceased when the asset is completed entirely.

(3) The suspension of capitalization of borrowing costs

Where the acquisition and construction or production of a qualified asset is interrupted

abnormally and the interruption period lasts for more than 3 months the capitalization of the

borrowing costs shall be suspended. If the interruption is a necessary step for making the

qualified asset under acquisition and construction or production ready for the intended use or

sale the capitalization of the borrowing costs shall continue. The borrowing costs incurred

during such period shall be recognized as expenses and shall be recorded into the profits and

losses of the current period till the acquisition and construction or production of the asset

restarts.

(4) Method of calculating the capitalization rate and capitalized amount of borrowing costs

For interest expense (minus the income of interests earned on the unused borrowing loans as

a deposit in the bank or investment income earned on the loan as a temporary investment)

and the ancillary expense incurred to a specifically borrowed loan those incurred before a

qualified asset under acquisition construction or production is ready for the intended use or

sale shall be capitalized at the incurred amount when they are incurred and shall be recorded

into the costs of the asset eligible for capitalization.The Group shall calculate and determine the to-be-capitalized amount of interests on the

general borrowing by multiplying the weighted average asset disbursement of the part of the

accumulative asset disbursements minus the general borrowing by the capitalization rate of

the general borrowing used. The capitalization rate shall be calculated and determined in light

of the weighted average interest rate of the general borrowing.

44JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

19 Intangible Assets

(1) Useful life and the basis for its determination estimation amortization methods or review

procedures

(i) Measurement of Intangible Assets

(a) Initial measurement is based on cost upon acquisition

The cost of an intangible asset on acquisition include the purchase price relevant taxes

and other necessary disbursements which may be directly attributable to bringing the

intangible asset to the conditions for the expected purpose. If the payment for an

intangible asset is delayed beyond the normal credit conditions and it is of the financing

nature the cost of the intangible asset shall be determined on the basis of the present

value of the purchase price.For intangible assets obtained from debt restructuring as settlement of liabilities from

debtors initial recognition is based on its fair value of the abandoned equity and other

costs such as taxes that can be directly attributable to the asset’s intended use and the

difference between the fair value and book value of the debt are recognized in the current

profit and loss.For intangible assets obtained from non-monetary transactions with commercial

substance and the fair value of the assets obtained or surrendered can be reliably

measured the initial recognition of the asset obtained is based on the fair value of the

asset surrendered unless there is strong evidence that the fair value of the asset

obtained is more reliable. For intangible assets obtained through non-monetary

transactions which do not meet the above criteria the initial recognition is based on the

book value of the assets surrendered and the relevant taxes payable. No gain or loss

will be recognized.(b) Subsequent measurement

The Group shall analyze and judge the beneficial period of intangible assets upon

acquisition.Intangible assets with finite beneficial period shall be amortized under the straight-line

method during the period when the intangible asset can bring economic benefits to the

enterprise. If it is unable to estimate the beneficial period of the intangible asset it shall

be regarded as an intangible asset with uncertain service life and shall not be amortized.(ii) Estimated useful lives of intangible assets with limited useful lives

Item Estimated useful life Criteria

Land use right 40 - 50 years Estimated useful life

Patent right 5 - 10 years Estimated useful life

Non-patented technology 5 - 10 years Estimated useful life

Software 3 - 10 years Estimated useful life

Other intangible assets 5 - 10 years Estimated useful life

The Group shall review the useful lives and amortization methods of intangible assets with

limited useful lives at each year end.

45JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

After review there is no difference between the useful lives and amortization method of

intangible assets at the end of this year and previous estimates.(iii) Determination of intangible assets with uncertain useful lives

As at the balance sheet date the useful lives of intangible assets which are uncertain have

been reviewed. If there is evidence that the period during which the intangible assets bring

economic benefits to the Group is foreseeable its useful life will be estimated and amortized

according to the amortization policy for intangible assets with limited service life.

(2) The scope of research and development expenditures and the related accounting treatments

(i) The scope of research and development expenditures and the related accounting treatments

The Group classifies research and development expenditures mainly as material expenses

salaries and benefits fuel expenses and others according to the research and development

projects.Expenditures on internal research and development projects are classified into expenditures

incurred during the research phase and expenditures incurred during the development phase.Expenditures during the research phase are expensed when incurred. Expenditures during the

development phase are recognized as intangible assets when meeting the capitalization

criteria.(ii) Classification criteria for internal research phase and development phase

Research phase refers to the phase of creative and planned investigation to acquire and study

to acquire and understand new scientific or technological knowledge.Development phase refers to the phase during which the result of research phase or other

knowledge is applied into certain projects or designs for the manufacturing of new or

substantially improved material device and product.(iii) Specific conditions for capitalization of expenditure for development phase

Expenditures of internal research and project development phase shall be recognized as

intangible assets when the following conditions are met simultaneously:

- It is technically feasible to complete the intangible assets so that they can be used or sold;

- Have the intention to complete the intangible assets and use or sell them;

- The ways in which intangible assets generate economic benefits including the ability to

prove that there is a market for the products produced by using the intangible assets or

there is a market for the intangible assets themselves and that the intangible assets will be

used internally can prove its usefulness;

- Have sufficient technical financial and other resources support to complete the

development of the intangible assets and have the ability to use or sell the intangible

assets;

- The expenditure attributable to the development stage of the intangible assets can be

reliably measured.

46JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

20 Impairment of long-term assets

For long-term assets under the cost model such as long-term equity investments fixed assets

construction in progress intangible assets with limited useful lives right-of-use assets long-

term deferred expenses etc. the Group shall perform impairment tests at the period end if

there is clear indication of impairment. If the recoverable amounts of long-term assets are less

than their carrying amounts the carrying amounts of the assets shall be written down to their

recoverable amounts. The write-downs are recognized as impairment losses and charged to

current profit and loss. The recoverable amounts of long-term assets are the higher of their fair

values less costs to sell and the present values of the future cash flows expected to be derived

from the assets. The Group shall estimate its recoverable amount on an individual basis.Where it is difficult to do so it shall determine the recoverable amount of the Group assets on

the basis of the asset group to which the asset belongs. The term “group assets” refers to a

minimum combination of assets by which the cash flows could be generated independently.The goodwill and the intangible assets with uncertain service life shall be subject to an

impairment test at least at the end of each year.When the Group makes an impairment test of goodwill it shall as of the purchasing day

apportion the carrying value of the business reputation formed by merger of enterprises to the

relevant asset groups by a reasonable method. Where it is difficult to do so it shall be

apportioned to the relevant combinations of asset groups.When making an impairment test on the relevant asset groups or combination of asset groups

containing business goodwill if any evidence shows that the impairment of asset groups or

combinations of asset groups is possible the Group shall first make an impairment test on the

asset groups or combinations of asset groups not containing business goodwill calculate the

recoverable amount compare it with the relevant carrying value and recognize the

corresponding impairment loss. Then the Group shall make an impairment test of the asset

groups or combinations of asset groups containing business goodwill and compare the

carrying value of these asset groups or combinations of asset groups (including the carrying

value of the business reputation apportioned thereto) with the recoverable amount. Where the

recoverable amount of the relevant assets or combinations of the asset groups is lower than

the carrying value thereof it shall recognize the impairment loss of the business reputation.Impairment losses on long-term assets shall not be reversed in subsequent accounting periods

once recognized.

21 Long-term deferred expense

The long-term deferred expense refers to the expenses incurred but shall be borne by current

and subsequent accounting period which is more than one year. The long-term deferred

expense shall be amortized over its beneficiary period evenly.

47JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

22 Employee benefits

(1) Accounting treatment for short-term employee benefits

The Group shall recognize in the accounting period in which an employee provides service

actually occurred short-term employee benefits as a liability with a corresponding charge to

the profit or loss or cost of an asset for the current period.Payments made by an enterprise of social security contributions for employees payments of

housing funds and union running costs employee education costs provided in accordance with

relevant requirements shall in the accounting period in which employees provide services be

calculated according to prescribed bases and percentages in determining the amount of

employee benefits.The employee benefits which are non-monetary benefits shall be measured at fair value if it

could be measured reliably.

(2) Accounting treatment of post-employment benefits

The Group adopt defined contribution plan for post-employment benefits. The Group shall

recognize in the accounting period in which an employee provides service pension fund and

unemployment fund for employees as a liability according to the local government regulations.The amount shall be calculated according to local prescribed bases and percentages in

determining the amount of employee benefits with a corresponding charge to the profit or loss

or cost of an asset for the current period.

(3) Accounting treatment of termination benefits

The Group shall recognize an employee benefits liability for termination benefits with a

corresponding charge to the profit or loss for the current period at the earlier of the following

dates: when the Group cannot unilaterally withdraw the offer of termination benefits because

of an employment termination plan or a curtailment proposal; or when the Group recognizes

costs or expenses related to a restructuring that involves the payment of termination benefits.

23 Estimated liabilities

(1) Recognition criteria of estimated liabilities

The obligation pertinent to a Contingency (litigation guarantees loss contract restructuring)

shall be recognized as an estimated liability when the following conditions are satisfied

simultaneously:

- That obligation is a current obligation of the enterprise;

- It is likely to cause any economic benefit to flow out of the enterprise as a result of

performance of the obligation; and

- The amount of the obligation can be measured in a reliable way.

48JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Measurement of all kinds of estimated liabilities

The estimated liabilities shall be initially measured in accordance with the best estimate of the

necessary expenses for the performance of the current obligation.To determine the best estimate an enterprise shall take into full consideration of the risks

uncertainty time value of money and other factors pertinent to the Contingencies. If the time

value of money is of great significance the best estimate shall be determined after discounting

the relevant future outflow of cash.The best estimate shall be conducted in accordance with the following situations respectively:

If there is a continuous range for the necessary expenses and if all the outcomes within this

range are equally likely to occur the best estimate shall be determined in accordance with the

average estimate within the range that is the average of the upper and lower limit.If there is not a sequent range for the necessary expenses and if the outcomes within this

range are not equally likely to occur the best estimate shall be determined as follows:

If the Contingencies concern a single item it shall be determined in the light of the most likely

outcome.If the Contingencies concern two or more items the best estimate shall be calculated and

determined in accordance with all possible outcomes and the relevant probabilities.When all or some of the expenses necessary for the liquidation of an estimated debts of an

enterprise is expected to be compensated by a third party the compensation shall be

separately recognized as an asset only when it is virtually certain that the reimbursement will

be obtained. The amount recognized for the reimbursement shall not exceed the book value

of the estimated debts.The details are as follows:

(a) Onerous contract

An onerous contract is a contract in which the inevitable costs of performing contractual

obligations exceed the expected economic benefits. If the contract to be executed

becomes an onerous contract and the obligations arising from the onerous contract

meet the above-mentioned conditions for confirming the estimated liabilities the portion

of the contract losses expected to exceed the confirmed impairment losses (if any) of the

underlying assets of the contract is recognized as estimated liabilities.(b) Product quality guarantee

Product quality guarantee refers to a commitment to provide services to customers after

selling products or providing services. During the agreed period if the quality or other

problems related to the product are in the normal range during the normal use of the

product or service the Group is responsible for replacing the product repairing it free of

charge or only receiving the cost price. If the conditions for the confirmation of the

aforementioned estimated liabilities are met they are recognized as estimated liabilities.

49JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

24 Share-based payment

The Group’s share-based payment is a transaction that grants equity instruments or assumes

liabilities determined on the basis of equity instruments in order to obtain services provided by

employees or other parties. The Group’s share-based payment is an equity-settled share-

based payment.

(1) Accounting method of share-based payment

Equity-settled share-based payment in exchange for services provided by employees shall be

measured at the fair value of the equity instruments granted to employees on the grant date.The fair value amount is calculated on the basis of the best estimate of the number of vesting

equity instruments during the waiting period and included in the relevant cost according to the

straight-line method when the service in the waiting period is completed or the specified

performance conditions are met. Or expenses. When the right is exercised immediately after

the grant the relevant costs or expenses are included on the grant date and the capital reserve

is increased accordingly.On each balance sheet date during the waiting period the Group makes the best estimate of

the number of vested equity instruments based on the latest obtained changes in the number

of vested employees whether the specified performance conditions are met and other follow-

up information and revises the expected number of vested equity instruments. The impact of

the above estimates is included in the relevant costs or expenses of the current period and

the capital reserve is adjusted accordingly. However if the right can be exercised immediately

after the grant it shall be included in the relevant costs or expenses at the fair value on the

grant date and the capital reserve shall be increased accordingly.For share-based payments that cannot be exercised costs or expenses are not recognized

unless the exercise conditions are market conditions or non-exercising conditions. At this time

regardless of whether the market conditions or non-exercising conditions are met as long as

all of the exercise conditions are met Non-market conditions are deemed to be exercisable.

(2) Relevant accounting method for modification and termination of share-based payment plans

When the Group revises the share-based payment plan if the revision increases the fair value

of the equity instruments granted the increase in the fair value of the equity instruments is

correspondingly confirmed to obtain an increase in services. The increase in the fair value of

equity instruments refers to the difference between the fair values of the equity instruments

before and after the modification on the modification date. If the modification reduces the total

fair value of the share-based payment or adopts other methods that are not conducive to the

employees the accounting treatment of the services obtained will continue to be treated as if

the change has never occurred unless the Group cancels part or all of the granted rights and

interests tool.During the waiting period if the granted equity instruments are cancelled the Group treats the

cancellation of the granted equity instruments as an accelerated exercise and the amount that

should be confirmed during the remaining waiting period is immediately included in the current

profit and loss and the capital reserve is confirmed at the same time. If employees or other

parties can choose to meet the non-exercising conditions but have not met within the waiting

period the Group will treat them as the cancellation of the granted equity instruments.

50JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

25 Revenue

(1) Accounting policies used in revenue recognition and measurement

The Group has fulfilled the performance obligations in the contract that is the revenue is

recognized when the customer obtains control of the relevant goods or services. Obtaining

control over related goods or services means being able to lead the use of the goods or

services and obtain almost all of the economic benefits from it.If the contract contains two or more performance obligations the Group will allocate the

transaction price to each individual performance obligation in accordance with the relative

proportion of the stand-alone selling price of the goods or services promised by each individual

performance obligation on the date of the contract. The Group measures revenue based on

the transaction price allocated to each individual performance obligation.The transaction price refers to the amount of consideration that the Group expects to be

entitled to receive due to the transfer of goods or services to customers excluding payments

collected on behalf of third parties and payments expected to be returned to customers. The

Group determines the transaction price in accordance with the terms of the contract and

combined with its past customary practices. When determining the transaction price it

considers the impact of variable consideration major financing components in the contract

non-cash consideration consideration payable to customers and other factors. The Group

determines trading price at the best estimate of the variable consideration according to the

expected value or the most likely amount and determines the amount that includes the variable

consideration at an amount that does not exceed the amount that the accumulated recognized

income is unlikely to be significantly reversed when the relevant uncertainty is eliminated. If

there is a major financing component in the contract the Group will adjust the transaction price

according to the financing component in the contract; if the interval between the transfer of

control and the payment by the customer is less than one year the Group will not consider the

financing component.If one of the following conditions is met it belongs to the performance obligation within a certain

period of time otherwise it belongs to the performance obligation at a certain point in time:

- The customer obtains and consumes the economic benefits brought by the Group’s

performance at the same time as the Group’s performance.- Customers can control the products under construction in the Group’s performance

process.- The goods produced by the Group during the performance of the contract have

irreplaceable uses and the Group has the right to collect payment for the cumulative

performance part that has been completed so far during the entire contract period.For performance obligations performed within a certain period of time the Group recognizes

revenue in accordance with the performance progress during that period except where the

performance progress cannot be reasonably determined. The Group considers the nature of

the goods or services and adopts the output method or the input method to determine the

progress of the contract. When the performance progress cannot be reasonably determined

and the cost incurred is expected to be compensated the Group shall recognize the revenue

according to the amount of the cost incurred until the performance progress can be reasonably

determined.

51JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

For performance obligations performed at a certain point in time the Group recognizes

revenue at the point when the customer obtains control of the relevant goods or services.When judging whether the customer has obtained control of goods or services the Group

considers the following signs:

- The Group has the right to receive payment for the goods or services that is the customer

has the current payment obligation for the goods or services

- The Group has transferred the legal ownership of the product to the customer that is the

customer has the legal ownership of the product.- The Group has transferred the product to the customer that is the customer has taken

possession of the product.- The Group has transferred the main risks and rewards of the ownership of the goods to the

customers that is the customers have obtained the main risks and rewards of the

ownership of the goods.- The customer has accepted the goods or services etc.- Other signs that the customer has obtained control of the product.

(2) The specific accounting policies related to the main activities of obtaining income are described

as follows:

(a) Photovoltaic power plant operation

The Group supplies electricity to the grid company and the grid company recognizes

revenue when it obtains control of the power.(b) Sales of solar modules and relevant products

The Group’s sales of solar module products will recognize revenue when the control is

transferred to the customer in accordance with the contractual agreement.(c) Sales of monocrystalline furnaces and other photovoltaic equipment

Revenue is recognized based on the above policy for the sale of goods including PV

modules. When the settlement period between the Group and the customer exceeds one

year the financing component in the contract is considered in determining the transaction

price and the transaction price is adjusted accordingly.(d) Service income

The service provided by the Group recognizes revenue during the period of service

provision.

26 Contract cost

Contract costs are divided into contract performance costs and contract acquisition costs.The cost incurred by the Group to perform the contract is recognized as an asset as the

contract performance cost when the following conditions are met:

- This cost is directly related to a current or expected contract;

- This cost increases the Group’s future resources for fulfilling contract performance

obligations;

- The cost is expected to be recovered.

52JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

The incremental cost incurred by the Group in order to obtain the contract is expected to be

recovered and it shall be recognized as an asset as the cost of obtaining the contract.Assets related to contract costs are amortized on the same basis as the revenue recognition

of goods or services related to the asset; however if the amortization period of contract

acquisition costs does not exceed one year the Group will recognize them in the current profits

and losses when the cost incurred.For assets related to contract costs if the book value is higher than the difference between the

following two items the Group will make provision for impairment for the excess part and

recognize it as an asset impairment loss:

- The remaining consideration expected to be obtained due to the transfer of goods or

services related to the asset;

- Estimate the cost that will be incurred for the transfer of the related goods or services.

27 Government Subsidies

(1) Types

A government subsidy means the monetary or non-monetary assets obtained free of charge

by the Group from the government. Government subsidies consist of the government subsidies

pertinent to assets and government subsidies pertinent to income.Government subsidies related to assets are government subsidies whose primary condition is

that an entity qualifying for them should purchase construct or otherwise acquire long-term

assets. The government subsidies related to incomes refers to government subsidies other

than those related to assets.The standard of the Group recognizing the government subsidies related to assets is: an entity

qualifying for them should purchase construct or otherwise acquire long-term assets.The standard of the Group recognizing the government subsidies related to income is: In

addition to government subsidies related to assets government subsidies that have been

clearly targeted for subsidies.

(2) Recognition

Government subsidies related to assets shall be recognized by deducting the subsidies at the

caring amount of the assets or recognized as deferred income. Subsidies that recognized as

deferred income shall be recognized in profit or loss over the periods during the useful lives of

the relevant assets.The government subsidies related to incomes to compensate future expenses shall be

recognized as deferred income and transferred to current profit or loss. Government subsidies

to compensate expenses or losses already incurred shall be recognized in current profit and

loss.

53JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Accounting treatment

Government subsidies related to assets shall be recognized by deducting the subsidies at the

caring amount of the assets or recognized as deferred income. Subsidies that recognized as

deferred income shall be recognized in profit or loss on a systematic basis over the periods

during the useful lives of the relevant assets (Subsidies related to daily activities should be

recorded in Other Income. Subsidies that unrelated to daily activities should be recorded in

Non-operating Income).The government subsidies related to incomes to compensate future expenses shall be

recognized as deferred income and transferred to current profit or loss (Subsidies related to

daily activities should be recorded in Other Income. Subsidies that unrelated to daily activities

should be recorded in Non-operating Income) in the period during which the expenses

compensation is recognized or deduct relevant cost or loss. Government subsidies to

compensate expenses or losses already incurred shall be recognized in current profit and loss

(Subsidies related to daily activities should be recorded in Other Income. Subsidies unrelated

to daily activities should be recorded in Non-operating Income) or deduct relevant cost or loss.The policy-related preferential loan interest discount obtained by the Group shall be divided

into the following two situations and be accounted for separately:

- The finance allocates interest discount funds to the lending bank and the lending bank

provides loans to the Group at a preferential policy interest rate. The Group uses the actual

loan amount received as the entry value of the loan based on the loan principal and the

policy preferential interest rate to calculate related borrowing costs.- If the finance directly allocates the interest discount funds to the Group the Group will offset

the corresponding interest discount to reduce the relevant borrowing costs.

28 Deferred tax assets and deferred tax liabilities

An enterprise shall recognize the deferred income tax assets arising from a deductible

temporary difference to the extent of the amount of the taxable income which it is most likely

to obtain and which can be deducted from the deductible temporary difference. As for any

deductible loss or tax deduction that can be carried forward to the next year the corresponding

deferred income tax assets shall be determined to the extent that the amount of future taxable

income to be offset by the deductible loss or tax deduction to be likely obtained.All taxable temporary differences shall be recognized as deferred tax liabilities with certain

limited exceptions.Deferred tax is not recognized for temporary differences arising from the initial recognition of

assets or liabilities in a single transaction that is not a business combination affects neither

accounting profit nor taxable profit (or deductible loss) and does not give rise to equal taxable

and deductible temporary differences. Deferred tax is also not recognized for taxable

temporary differences arising from the initial recognition of goodwill.Where there is a legal right to net settlement and there is an intention to net settlement or to

acquire assets and pay off liabilities at the same time current income tax assets and current

income tax liabilities shall be presented as the net offset.

54JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

An entity shall offset deferred tax assets and deferred tax liabilities if and only if: (a) the entity

has a legally enforceable right to set off current tax assets against current tax liabilities; and

(b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the

same taxation authority on either:(i) the same taxable entity; or (ii) different taxable entities

which intend either to settle current tax liabilities and assets on a net basis or to realize the

assets and settle the liabilities simultaneously in each future period in which significant

amounts of deferred tax liabilities or assets are expected to be settled or recovered.

29 Leases

(1) The Group as lessee

(a) Right-of-use assets

At commencement date the Group recognizes the right-of-use assets for leases other

than short-term leases and low value asset leases. The right-of-use assets are initially

measured at cost. The cost includes:

- Initial measurement amount of lease liabilities;

- For the lease payment paid on or before the commencement date if there is lease

incentive the relevant amount of lease incentive enjoyed shall be deducted;

- Initial direct costs incurred;

- The estimated costs incurred for dismantling and removing the underlying assets

restoring the site where the underlying assets are located or restoring the underlying

assets to the state agreed in the lease terms but it does not include costs incurred in

producing inventory.Depreciation method of right-of-use assets the Group adopts the straight-line method for

depreciation. If it can be reasonably determined that the ownership of the underlying

asset will be obtained at the expiration of the lease term the Group shall accrue

depreciation within the remaining useful life of the underlying asset; otherwise the

underlying asset shall be depreciated within the shorter of the lease term and the

remaining useful life of the underlying asset.For the principles which Group determines whether the right-of-use asset has beenimpaired please refer to Note III 20 Impairment of long-term assets under “III Significantaccounting policies and accounting estimates”.

55JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(b) Lease liabilities

At commencement date the Group recognizes the present value of the unpaid lease

payments as lease liabilities except for short-term leases and low value asset leases.The lease liability is initially measured at the present value of outstanding lease

payments. Lease payments include:

- Fixed payments (including in-substance fixed payments) if there is a lease incentive

deduct the relevant amount of the lease incentive;

- Variable lease payments that depend on an index or ratio;

- Amounts expected to be payable by the lessee under residual value guarantees;

- The exercise price of a purchase option if the lessee is reasonably certain to exercise

that option;

- Payments of penalties for terminating the lease if the lease term reflects the lessee

exercising an option to terminate the lease.The Group uses the interest rate implicit in the lease as the discount rate but if the

interest rate implicit in the lease cannot be reasonably determined the Group’s

incremental borrowing rate is used as the discount rate.The Group calculates the interest expense of the lease liability in each period of the lease

term according to the fixed periodic interest rate and includes it into the current profit

and loss or the cost of related assets. Variable lease payments that are not included in

the measurement of lease liabilities are included in the current profit and loss or the cost

of related assets when they are actually incurred.After the commencement date of lease the Group shall re-measure the lease liabilities

and adjust the corresponding right-of-use assets under the following circumstances. If

the book value of the right-of-use assets is reduced to zero and there is a further

reduction in the measurement of the lease liability the difference is included in the current

profit and loss:

- When there is a change in the evaluation results of the purchase option lease renewal

option or termination option or the actual exercise of the aforementioned options is

inconsistent with the original evaluation result the Group shall calculate the lease

payment amount after the change and the revised discounted value. Remeasure the

lease liability at the present value of the rate calculation;

- When the actual fixed payment changes the estimated payable amount of the

residual value guarantee changes or the index or ratio used to determine the lease

payment changes the Group calculates the present value based on the changed

lease payment and the original discount rate Remeasure the lease liability. However

where changes in lease payments result from changes in floating interest rates a

revised discount rate is used to calculate the present value.(c) Short-term leases and low-value asset leases

The Group chooses not to recognize right-of-use assets and lease liabilities for short-

term leases and low-value asset leases and includes the relevant lease payments in the

current profit and loss or related asset costs on a straight-line basis over each period of

the lease term. Short-term leases refer to leases with a lease term of not more than 12

months and excluding purchase options on the commencement date of the lease term.A low-value asset lease refers to a lease with a lower value when a single leased asset

is a brand-new asset. If the Group subleases or expects to sublease the leased assets

the original lease is not a low-value asset lease.

56JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(d) Lease modification

A lessee shall account for a lease modification as a separate lease if both:

- The modification increases the scope of the lease by adding the right to use one or

more underlying assets;

- The consideration for the lease increases by an amount commensurate with the

stand-alone price for the increase in scope and any appropriate adjustments to that

stand-alone price to reflect the circumstances of the particular contract

If the lease change is not accounted for as a separate lease on the effective date of the

lease change the Group re-allocates the consideration of the contract after the change

re-determines the lease term and calculates the current value based on the lease

payment after the change and the revised discount rate. value to remeasure the lease

liability.If the lease change leads to the narrowing of the lease scope or the shortening of the

lease term the Group will reduce the book value of the right-of-use asset accordingly

and include the relevant gains or losses on partial or complete termination of the lease

into the current profit and loss. If other lease changes result in re-measurement of lease

liabilities the Group adjusts the book value of the right-of-use asset accordingly.(e) Sale and leaseback transactions

The Group apply the requirements for determining when a performance obligation is

satisfied in Note III 25 Revenue under " III Significant accounting policies and accounting

estimates" to determine whether the transfer of an asset is accounted for as a sale of

that asset.If the asset transfer in the sale and leaseback transaction is a sale the Group as the

lessee measures the right-of-use asset formed by the sale and leaseback according to

the part of the original book value of the asset that is related to the right of use obtained

by leaseback and only transfers to the leased asset. If the asset transfer in the sale-and-

leaseback transaction is not a sale the Group as the lessee continues to recognize the

transferred asset and recognizes a financial liability equal to the transfer income. For the

accounting treatment of financial liabilities please refer to Note III 10 Financial

instruments under " III Significant accounting policies and accounting estimates".

57JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) The Group as lessor

At commencement date the Group classifies leases into finance leases and operating leases.A lease is classified as a finance lease if it transfers substantially all the risks and rewards

incidental to ownership of an underlying asset Operating leases refer to leases other than

finance leases.(a) Accounting treatment of operating leases

Lease receipts from operating leases are recognized as rental income on a straight-line

basis over each period of the lease term. The Group capitalizes the initial direct expenses

incurred in relation to operating leases and is amortized and included in the current profit

and loss on the same basis as the rental income is recognized during the lease term.Variable lease payments not included in lease receipts are included in profit or loss for

the period when they are actually incurred. If the operating lease is changed the Group

will account for it as a new lease from the effective date of the change and the advance

receipts or lease receivables related to the lease before the change are regarded as the

receipts of the new lease.(b) Accounting treatment of financial lease

At lease commencement date the Group recognizes the finance lease receivables for

the finance lease and derecognizes the finance lease assets. When the Group initially

measures the finance lease receivables the net investment in the lease is regarded as

the entry value of the finance lease receivables. The net lease investment is the sum of

the unguaranteed residual value and the present value of the lease receipts not yet

received at the commencement date of the lease term discounted at the interest rate

implicit in the lease.The Group calculates and recognizes the interest income in each period of the lease

period according to the fixed periodic interest rate. For the derecognition and impairmentof finance lease receivables please refer to Note III 10 Financial instruments under “IIISignificant accounting policies and accounting estimates.Variable lease payments that are not included in the net lease investment measurement

are included in the current profit and loss when they are actually incurred.(c) Sale and leaseback transactions

If the asset transfer in the sale and leaseback transaction is a sale the Group as the

lessor accounts for the purchase of the asset according to the aforementioned

accounting treatments relating to operating leases and financial lease; If the asset

transfer in the sale-and-leaseback transaction is not a sale the Group as the lessor

does not recognize the transferred asset but recognizes a financial asset equal to the

transfer income. For the accounting treatment of financial assets please refer to Note III

10 Financial instruments under “III Significant accounting policies and accountingestimates”.

58JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

30 Hedge accounting

Hedge accounting refers to the method of recognizing gains or losses from hedging

instruments and hedged items in the same accounting period within profit or loss (or other

comprehensive income) to reflect the impact of risk management activities.Hedged items are identifiable reliably measurable items that expose the Group to risks of

changes in fair value or cash flows and are designated as hedged items. The Group designates

as hedged items firm commitments denominated in foreign currency that expose the Group to

foreign exchange risk specifically designating the “foreign exchange risk of firm commitments”

as hedged items.Hedging instruments are financial instruments designated by the Group for hedging purposes

whose changes in fair value or cash flows are expected to offset changes in the fair value or

cash flows of the hedged items.The Group assesses at the inception of the hedge and on an ongoing basis whether the

hedging relationship meets the hedge effectiveness requirements. A hedging relationship

qualifies for hedge accounting only if all the following conditions are met:

- An economic relationship exists between the hedged item and the hedging instrument;

- The effect of credit risk does not dominate the value changes arising from the economic

relationship between the hedged item and the hedging instrument;

- The hedge ratio of the hedging relationship equals the ratio of the quantity of the hedged

item to the quantity of the hedging instrument used to hedge it.If a hedging relationship no longer meets the hedge effectiveness requirements due to changes

in the hedge ratio but the risk management objective for designating the hedging relationship

remains unchanged the Group performs hedge rebalancing by adjusting the quantities of the

hedged item or hedging instrument in the existing relationship to restore compliance with the

hedge effectiveness requirements.The Group discontinues hedge accounting in the following circumstances:

- The hedging relationship no longer meets the risk management objective due to changes

in such objectives;

- The hedging instrument expires is sold terminated or exercised;

- The economic relationship between the hedged item and the hedging instrument ceases

to exist or the effect of credit risk begins to dominate their value changes;

- The hedging relationship no longer satisfies other conditions for applying hedge accounting.For the “foreign exchange risk of firm commitments” the Group applies cash flow hedge

accounting (subject to meeting hedge accounting criteria) with the following specific

accounting policies:

Cash flow hedges are hedges of exposure to variability in cash flows. The effective portion of

gains or losses on the hedging instrument is recognized as a cash flow hedge reserve within

other comprehensive income (OCI). The amount of the cash flow hedge reserve is the lower

of the absolute values of:

- The cumulative gain or loss on the hedging instrument from the inception of the hedge;

- The cumulative change in the present value of expected future cash flows of the hedged

item from the inception of the hedge.

59JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

The amount of OCI recognized for the cash flow hedge reserve in each period reflects the

change in the reserve during that period.The ineffective portion of gains or losses on the hedging instrument is recognized directly in

profit or loss.The Group reclassifies the cash flow hedge reserve amount from OCI to profit or loss in the

same period(s) in which the hedged expected cash flows affect profit or loss.When the Group discontinues cash flow hedge accounting the cumulative cash flow hedge

reserve balance recognized in OCI is treated as follows:

- If the hedged future cash flows are still expected to occur the cumulative reserve remains

in OCI and is accounted for under the cash flow hedge policy described above;

- If the hedged future cash flows are no longer expected to occur the cumulative reserve is

reclassified from OCI to profit or loss.

31 Other significant accounting policies and accounting estimates

Segment report

The Group determines the operating segment based on the internal organizational structure

management requirements and internal reporting system and determines the reporting

segment based on the operating segment and discloses segment information.Operating segment refers to the component of the Group that meets the following conditions

at the same time:

(1) The component can generate income and expenses in daily activities;

(2) The management of the Group can regularly evaluate the operating results of this

component to determine the allocation of resources to it and evaluate its performance;

(3) The Group can obtain relevant accounting information such as the financial status

operating results and cash flow of this component. If two or more operating segments

have similar economic characteristics and meet certain conditions they can be combined

into one operating segment.

60JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

32 Description and reasons of changes in accounting policies

During the fiscal year 2024 the Group implemented relevant accounting standards and

guidelines issued by the Ministry of Finance in recent years including:

- Provisions under Accounting Standards for Business Enterprises Interpretation No. 17

(Caikuai [2023] No. 21) (hereinafter referred to as “Interpretation No. 17”) regarding the

classification of current and non-current liabilities and disclosures for supplier financing

arrangements;

- Provisions under Compilation of Application Guidance for Accounting Standards for

Business Enterprises 2024 and Accounting Standards for Business EnterprisesInterpretation No. 18 (Caikuai [2024] No. 24) (hereinafter referred to as “Interpretation No.

18”) regarding the accounting treatment for assurance-type warranties that do not

constitute separate performance obligations.(a) Key impacts of adopting the above provisions

(i) Classification of current and non-current liabilities

In accordance with Interpretation No. 17 the Group classifies liabilities as current

or non-current based solely on whether it has a substantive right to defer settlement

of the liability for at least twelve months after the balance sheet date (hereinafter

referred to as the “right to defer settlement”) without considering the Group’s

subjective intent to exercise such right.For liabilities arising from loan agreements where the right to defer settlementdepends on compliance with covenants (hereinafter referred to as “loancovenants”) the Group considers only covenants required to be met on or before

the balance sheet date when classifying the liability’s liquidity disregarding

covenants applicable after the balance sheet date.For liabilities that may be settled by delivering the Group’s equity instruments at the

counterparty’s option if the option is classified as an equity component of a

compound financial instrument under Accounting Standards for Business

Enterprises No. 37 – Presentation of Financial Instruments such classification does

not affect the liability’s liquidity classification. If the option cannot be classified as

an equity instrument it impacts the liability’s liquidity classification.The adoption of these provisions has no material impact on the Group’s financial

position or operating results.

61JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(ii) Disclosures for supplier financing arrangements

Under Interpretation No. 17 the Group discloses the following for supplier financing

arrangements:

(1) Terms and conditions of the arrangements (e.g. extended payment periods

guarantees provided);

(2) (a) Line items and carrying amounts of financial liabilities under supplier

financing arrangements in the balance sheet; (b) For liabilities in (a) where

suppliers have received payments from financiers disclose the corresponding

line items and carrying amounts; (c) Payment maturity ranges for liabilities in (a)

and comparable payables not under supplier financing arrangements. If

maturity ranges are wide explanatory or additional interval information shall be

provided;

(3) Types and effects of non-cash changes (e.g. business combinations foreign

exchange fluctuations) in the carrying amounts of related financial liabilities.When disclosing liquidity risk information under Accounting Standards for Business

Enterprises No. 37 the Group considers whether it has access to credit facilities

enabling extended payment terms to suppliers or early payments to suppliers via

financing arrangements.When assessing concentration of liquidity risk the Group accounts for the

aggregation of financial liabilities originally payable to suppliers but now

concentrated with financiers due to supplier financing arrangements.The Group adopted these provisions from January 1 2024. Upon initial application

comparative period disclosures and certain opening balance information (as

required under item (2)(b) and (c)) are exempted.The adoption of these provisions has no material impact on the Group’s financial

position or operating results.(iii) Presentation of assurance-type warranty costs

Under Interpretation No. 18 and the Compilation of Application Guidance for

Accounting Standards 2024 the Group now recognizes provisioned assurance-

type warranty costs in “operating costs” instead of “selling and distributionexpenses”.The Group applied the retrospective adjustment method to restate comparative

financial statements.

62JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(b) The effects on the financial statements

The effects of the above accounting policy changes on the 2024 consolidated and the

Company income statements are summarized as follows:

Increase/(Decrease) in the amount of

statement items after the adoption of the

changed accounting policies

The Group The Company

Operating costs 333138704.49 170005.74

Selling and distribution expenses (333138704.49) (170005.74)

(c) The effects on the comparative financial statements

The effects of the above accounting policy changes on the 2023 consolidated and the

Company income statements are summarized as follows:

Increase/(Decrease) in the amount of

statement items after the adoption of the

changed accounting policies

The Group The Company

Operating costs 390873089.52 448668.99

Selling and distribution expenses (390873089.52) (448668.99)

IV. Taxation

1. Main types of taxes and corresponding tax rates

Tax type Tax basis Tax rate

According to tax laws output VAT is

calculated on product sales and taxable

Value-added tax (VAT) services revenue. VAT payable is 3% - 19%

determined by deducting input VAT from

output VAT for the period

City maintenance and

Based on VAT paid 5% 7%

construction tax

Corporate income tax Based on taxable profits 15% 20% 25% etc.Ad valorem basis: Property tax is calculated

at 1.2% of the remaining value after a one-

time deduction of 10% to 30% from the

Property tax original property value; 1.2% 12%

Rental income basis: Property tax is

calculated at 12% of the gross rental

income.?

63JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

The corporate income tax rate of the Company’s domestic subsidiaries is the statutory rate of

25% (2023: 25%). The corporate income tax of its overseas subsidiaries should be recognized

in accordance with the local income tax laws and regulations of its registration place which

are disclosed as follows:

Name of taxpayer Income tax rate

JA Solar 15.00%

Hefei JA Solar Technology Co. Ltd. 15.00%

JA Solar (Xingtai) Co. Ltd. 15.00%

Jing Hai Yang Semiconductor Material (Donghai) Co. Ltd. 15.00%

JA Solar New Energy Yangzhou Co. Ltd. 15.00%

Shanghai JA Solar Technology Co. Ltd. 15.00%

JA Solar Technology Yangzhou Co. Ltd. 15.00%

Xingtai Jinglong PV Materials Co. Ltd. 15.00%

Yiwu JA Solar Technology Co. Ltd. 15.00%

JA Solar (Wuxi) PV Technology Co. Ltd. 15.00%

Beijing Jinghong Energy Economization Technology Co.

15.00%

Ltd.Qujing Jinglong Electronic Materials Co. Ltd. 15.00%

Qujing JA Solar PV Technology Co. Ltd. 15.00%

Qujing JA Solar Technology Co. Ltd. 15.00%

Baotou JA Solar Technology Co. Ltd. 15.00%

Baotou Jingxu Carbon-carbon Technology Co. Ltd. 15.00%

Baotou JA Carbon Technology Co. Ltd. 15.00%

Inner Mongolia JA Solar PV Technology Co. Ltd. 15.00%

Baotou JA New Material Co. Ltd. 15.00%

Dongtai JA Solar Technology Co. Ltd. 15.00%

Yiwu Jingcheng PV Material Co. Ltd. 15.00%

JA Wisdom Energy Technology (Hainan) Co. Ltd. 15.00%

Qujing JA Trading Co. Ltd. 5.00%

3 - year exemption and 3 - year

PV Power Station Project companies

half payment or 20% or 15%

JA Solar Middle East DMCC 9.00%

JA Solar DMCC 9.00%

JA Solar Australia PTY Limited 30.00%

Federal tax rate 15.825%+ state

JA Solar GmbH

tax

JA Solar International Limited 16.50%

JA Solar Investment (Hong Kong) Limited 16.50%

JA Solar HongKong Limited 16.50%

JA Solar Smart Energy (Hong Kong) Limited 16.50%

JA Solar Energy Investment (Hong Kong) Co. Limited 16.50%

JA Solar Renewable Energy Limited 16.50%

JA Solar Trading Limited 16.50%

JA Solar Malaysia Sdn. Bhd. 24.00%

JA Solar Korea Co. Ltd. 20.90%

JA Solar South Africa (PTY) Ltd. 27.00%

JA Solar SA (PTY) Ltd 27.00%

JA Solar Brasil Ltda 15.00%+ additional tax

JA Solar USA Inc. Federal tax rate 21%+ state tax

JA Solar AZ LLC. Federal tax rate 21%+ state tax

JA Solar Industrial Corp. Federal tax rate 21%+ state tax

64JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

?

Name of taxpayer (continued) Income tax rate

JA Solar Japan Limited 30.62%

JA Solar VietNam Company Limited 15.00%

JA Solar PV VietNam Company Limited 15.00%

JA Solar NE VietNam Company Limited 15.00%

JA Solar OM (FZC) SPC 15.00%

2 Tax preferential treatments

During the reporting period the major preferential tax treatments entitled by the Group are as

follows:

(1) The subsidiary JA Solar Co. Ltd. (referred to as “JA Solar”) was re-certified by Hebei

Provincial Department of Science and Technology Hebei Provincial Department of

Finance and Hubei Provincial Office of the State Administration of Taxation on 18 October

2022 and obtained a High-tech Enterprise Certificate (No.GR202213000628) with the

validity period lasting for 3 years. A 15% corporate income tax rate is applicable to high-

tech enterprises within the validity period.

(2) The subsidiary Hefei JA Solar Technology Co. Ltd. (referred to as “Hefei JA Solar”) was

re-certified by Anhui Provincial Department of Science and Technology Anhui Provincial

Department of Finance and Anhui Provincial Office of the State Administration of Taxation

on 18 October 2022 and obtained a High-tech Enterprise Certificate

(No.GR202234000794) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(3) The subsidiary JA Solar (Xingtai) Solar Co. Ltd. (referred to as “Xingtai Module”) was

certified by Hebei Provincial Department of Science and Technology Hebei Provincial

Department of Finance and Hubei Provincial Office of the State Administration of

Taxation on 6 November 2023 and obtained a High-tech Enterprise Certificate

(No.GR202313001646) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(4) The subsidiary Jing Hai Yang Semiconductor Material (Donghai) Co. Ltd. (referred to as

“Jing Hai Yang”) was certified by Jiangsu Provincial Department of Science and

Technology Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of

the State Administration of Taxation on 6 November 2023 and obtained a High-tech

Enterprise Certificate (No.GR202332006222) with the validity period lasting for 3 years.A 15% corporate income tax rate is applicable to high-tech enterprises within the validity

period.

(5) The subsidiary JA Solar New Energy Yangzhou Co. Ltd. (referred to as “YangzhouModule”) was re-certified by Jiangsu Provincial Department of Science and Technology

Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 12 December 2022 and obtained a High-tech Enterprise

Certificate (No.GR202232011093) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

65JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(6) The subsidiary Shanghai JA Solar Technology Co. Ltd. (referred to as “FengxianModule”) was re-certified by Shanghai Municipal Department of Science and Technology

Shanghai Municipal Department of Finance and Shanghai Municipal Office of the State

Administration of Taxation on 12 December 2023 and obtained a High-tech Enterprise

Certificate (No.GR202331005925) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(7) The subsidiary JA Solar Technology Yangzhou Co. Ltd. (referred to as “YangzhouBattery”) was re-certified by Jiangsu Provincial Department of Science and Technology

Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 6 November 2023 and obtained a High-tech Enterprise

Certificate (No.GR202332002014) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(8) The subsidiary Xingtai Jinglong PV Materials Co. Ltd. (referred to as “Jinglong PV”) was

certified by Hebei Provincial Department of Science and Technology Hebei Provincial

Department of Finance and Hebei Provincial Office of the State Administration of

Taxation on 5 December 2023 and obtained a High-tech Enterprise Certificate

(No.GR202313003014) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(9) The subsidiary Yiwu JA Solar Technology Co. Ltd. (referred to as “Yiwu JA”) was certified

by Zhejiang Provincial Department of Science and Technology Zhejiang Provincial

Department of Finance and Zhejiang Provincial Office of the State Administration of

Taxation on 6 December 2024 and obtained a High-tech Enterprise Certificate

(No.GR202433010127) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(10) The subsidiary JA Solar (Wuxi) PV Technology Co. Ltd. (referred to as “Wuxi JA”) was

certified by Jiangsu Provincial Department of Science and Technology Jiangsu

Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 16 December 2024 and obtained a High-tech Enterprise

Certificate (No.GR202432015896) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(11) The subsidiary Beijing Jinghong Energy Economization Technology Co. Ltd. (referred to

as “Jinghong Energy Economization”) was certified by Beijing Municipal Science and

Technology Commission Beijing Municipal Finance Bureau and Beijing Municipal Office

of the State Administration of Taxation on 30 November 2023 and obtained a High-tech

Enterprise Certificate (No.GR202311003991) with the validity period lasting for 3 years.A 15% corporate income tax rate is applicable to high-tech enterprises within the validity

period.

(12) The subsidiary Dongtai JA Solar Technology Co. Ltd. (referred to as “DongtaiBasement”) was certified by Jiangsu Provincial Department of Science and Technology

Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 16 December 2024 and obtained a High-tech Enterprise

Certificate (No.GR202432007279) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

66JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(13) The subsidiary Yiwu Jingcheng PV Material Co. Ltd. (referred to as “Yiwu Jingcheng”)

was certified by Zhejiang Provincial Department of Science and Technology Zhejiang

Provincial Department of Finance and Zhejiang Provincial Office of the State

Administration of Taxation on 6 December 2024 and obtained a High-tech Enterprise

Certificate (No.GR202433005081) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(14) In accordance with the “Announcement of the Ministry of Finance the StateAdministration of Taxation and the National Development and Reform Commission onContinuing the Income Tax Policy for Enterprises in the Great Western Development”

(No. 23 [2020] ) from 1 January 2021 to 31 December 2030 the enterprises established

in the western region whose principal businesses are industry projects stipulated in the

Catalogue of Encouraged Industries in the Western Region and whose income from

principal businesses constitutes 60% or more of their total income CIT shall be levied at

a reduced tax rate of 15%. The following subsidiaries are entitled to the above mentioned

preferential tax treatment: Qujing Jinglong Electronic Materials Co. Ltd. (referred to as

“Qujing Jinglong” ) Qujing JA PV Technology Co. Ltd. (referred to as “Qujing JA” )

Qujing JA Solar Technology Co. Ltd. (referred to as “Qujing Technology” ) Baotou JA

Solar Technology Co. Ltd. (referred to as “Baotou JA” ) Baotou Jingxu Carbon-carbon

Technology Co. Ltd. (referred to as “Baotou Jingxu” ) Baotou JA Carbon Technology

Co. Ltd. (referred to as “JA Carbon” ) Inner Mongolia JA Solar PV Technology Co. Ltd.(referred to as “Inner Mongolia Module” ) Baotou JA New Material Co. Ltd. (referred to

as “Baotou New Material” ).

(15) In accordance with Notice on Preferential CIT Policies for the Hainan Free Trade Port

(Cai Shui [2020] No. 31) enterprises in encouraged industries registered in the Hainan

Free Trade Port and engaging in substantive operations are entitled to corporate income

tax at a reduced tax rate of 15%. Enterprises in encouraged industries are those mainly

engaged in businesses stipulated in the List of Encouraged Industries in the Hainan Free

Trade Port and the income from their principal activities must account for at least 60%

of their total income.The subsidiary JA Wisdom Energy Technology (Hainan) Co. Ltd.(“JA Hainan”) is entitled to the above mentioned preferential tax treatment from 1 January

2023 to 31 December 2024.

(16) The Company’s PV Power Station Project companies are eligible for the preferential tax

treatments as follows:

(a) Eligible for the “3-year exemption and 3-year half payment” preferential treatment

According to the provisions of the Article 27 of Corporate Income Tax Law of the

People’s Republic of China and the Article 87 of the Implementation Rules of

Enterprise Income Tax Law of the People’s Republic of China income derived by

an enterprise investing and operating a key public infrastructure project supported

by the State shall be exempted from Corporate Income Tax for the first year to the

third year with effect from the tax year in which the first sum of production and

business revenue is derived from the project and be subject to Corporate Income

Tax at 50% reduction for the fourth year to the sixth year.

67JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024According to the “Notice from the Ministry of Finance the State Administration ofTaxation and the National Development and Reform Commission on the

Promulgation of the Catalogue for Public Infrastructure Projects Eligible for aFavorable Corporate Income Tax” (Cai Shui [2008] No. 116) and the “Notice ofMinistry of Finance and State Administration of Taxation on Issues relating to

Implementation of Catalogue of Corporate Income Tax Preferential Incentives forPublic Infrastructure Projects” (Cai Shui [2008] 46) newly established solar power

plant project is within the preferential catalogue. Some of the Group's subsidiaries

are photovoltaic power plants and meet the criteria therefore fall in the scope of

the above preferential tax treatments.(b) Eligible for the preferential tax treatments of Catalogue of Encouraged Industries

in the Western Region (15%):In accordance with the “Announcement of the Ministry of Finance the StateAdministration of Taxation and the National Development and Reform Commission

on Continuing the Income Tax Policy for Enterprises in the Great WesternDevelopment” (No. 23 [2020]) from 1 January 2021 to 31 December 2030 the

enterprise income tax on an enterprise in an encouraged industry established in

western China shall still be paid at the reduced rate of 15%. Enterprises in

encouraged industries referred to herein shall mean enterprises whose principalbusinesses are industry projects stipulated in the “Catalogue of EncouragedIndustries in the Western Region” and whose income from principal businesses

constitutes 60% or more of their total income. The following enterprises are eligible

for the above preferential policies: JA Solar PV Electric (Yanchi) Co. Ltd. Aiyouen

Power Electric (Yinchuan) Co. Ltd.(c) Preferential tax treatments for small meagre-profit enterprises (20%):

In accordance with the Notice of Ministry of Finance and State Taxation

Administration on Implementing the Inclusive Tax Deduction and Exemption

Policies for Small Meagre-profit Enterprises (Caishui No.77 [2018]) and the Notice

of Ministry of Finance and State Taxation Administration on Implementing the

Inclusive Tax Deduction and Exemption Policies for Small Meagre-profit

Enterprises (Caishui No.13 [2019]) for small meagre-profit enterprises the

applicable rate of corporate income tax is 20%. Some of the Group's subsidiaries

are photovoltaic power plants and meet the criteria as small meagre-profit

enterprises therefore fall in the scope of the above preferential tax treatments.

(17) On 29 November 2023 the National Assembly of the Socialist Republic of Vietnam

adopted a resolution on the OECD Pillar Two Model Rules (GloBE). This resolution took

effect on 1 January 2024. The following subsidiaries of the Group: JA Solar VietNam

Company Limited (“Vietnam JA Solar”) JA Solar PV VietNam Company Limited

(“Vietnam JA PV”) JA Solar NE VietNam Company Limited (“Vietnam JA NE”) are

subject to the 15% Global Minimum Tax (GMT) under GloBE from 1 January 2024.

(18) In accordance with Announcement on the Weighted VAT Deduction Policy for Advanced

Manufacturing Enterprises (Announcement No. 43 [2023] of the Ministry of Finance and

the State Taxation Administration) with effect from 1 January 2023 to 31 December 2027

advanced manufacturing enterprises are allowed to deduct weighted 5% of the current

deductible input tax amount from the VAT payable (hereinafter referred to as the

"Weighted Deduction Policy"). Some of the Group’s subsidiaries meet the criteria and fall

in the scope of the Weighted Deduction Policy.

68JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

3 Others

In 2024 the United States increased the Section 301 tariffs on Chinese photovoltaic (PV)

products to 50% and initiated anti-dumping and countervailing duty (AD/CVD) investigations

into PV products manufactured in Vietnam Thailand Malaysia and Cambodia. The Group’s

PV products manufactured in Vietnam and exported to the United States and other overseas

markets are subject to uncertainties arising from these tariff policies.V. Notes to the consolidated financial statements

1 Cash at bank and on hand

Item 2024 2023

Deposits with banks 12547835841.74 6763088775.67

Other monetary funds 12540906456.52 9225344774.40

Total 25088742298.26 15988433550.07

Including: Total overseas deposits 5775343617.92 2479554046.77

?

As of December 31 2024 the details of other monetary funds of the Group are as follows:

Item 2024 2023

Deposits for bills 9967966647.06 7378106051.04

Deposits for letter of guarantee 711213279.29 1648619731.90

Deposits for letter of credit 140002639.34 40280549.46

Time deposits or demand deposits for guarantee 1092608000.45 150913171.16

Time deposits 580000000.00 -

Others 49115890.38 7425270.84

Total 12540906456.52 9225344774.40

?

2 Derivative financial assets

Item 2024 2023

Foreign currency derivatives 1296536.44 11847761.02

?

The Group engages in risk management by conducting hedging activities through entering into

forward foreign exchange contracts with banks.

3 Bills receivable

(1) Classification of bills receivable

Item 2024 2023

Bank acceptance bills 194424818.99 158375167.52

Commercial acceptance bills 14715175.66 21999672.28

Sub-total 209139994.65 180374839.80

Less: Provision for bad and doubtful debts 147151.76 219996.72

Total 208992842.89 180154843.08

?

All of the above bills are due within one year.

69JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Outstanding endorsed or discounted bills that have not matured at the end of the year:

Amount Amount not

Item derecognized at derecognized at

year end year end

Bank acceptance bills - 178816352.77

?

70JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Bills receivable by provisioning method

20242023

Provision for bad Provision for bad

Category Book value Book value

and doubtful debts Carrying amount and doubtful debts

Carrying

amount

Amount Percentage (%) Amount Percentage (%) Amount Percentage (%) Amount Percentage (%)

Individual assessment - - - - - - - - - -

Collective assessment 209139994.65 100.00 147151.76 0.07 208992842.89 180374839.80 100.00 219996.72 0.12 180154843.08

- Bank acceptance bills 194424818.99 92.96 - - 194424818.99 158375167.52 87.80 - - 158375167.52

- Commercial acceptance bills 14715175.66 7.04 147151.76 1.00 14568023.90 21999672.28 12.20 219996.72 1.00 21779675.56

Total 209139994.65 100.00 147151.76 0.07 208992842.89 180374839.80 100.00 219996.72 0.12 180154843.08

71JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(4) Movements of provisions for bad and doubtful debts

?20242023

Balance at the beginning of the year 219996.72 -

Additions during the year 384121.43 219996.72

Recoveries or reversals 456966.39 -

Balance at the end of the year 147151.76 219996.72

4 Accounts receivable

(1) Accounts receivable by customer type are as follows:

Type 2024 2023

Amounts due from related parties 61011365.62 75070090.31

Amounts due from third parties 9360885569.99 9437561810.63

Sub-total 9421896935.61 9512631900.94

Less: Provision for bad and doubtful debts 451070006.88 346644227.33

Total 8970826928.73 9165987673.61

?

(2) The ageing analysis of accounts receivable is as follows:

Ageing 2024 2023

Within 6 months (inclusive) 7330391981.85 7835543209.01

Over 6 months but within 1 year (inclusive) 716491042.48 692599666.15

Over 1 year but within 2 years (inclusive) 660089039.38 462557322.05

Over 2 years but within 3 years (inclusive) 234377553.51 185989733.72

Over 3 years but within 4 years (inclusive) 169394349.04 103493625.14

Over 4 years but within 5 years (inclusive) 80505201.33 54199556.64

Over 5 years 230647768.02 178248788.23

Sub-total 9421896935.61 9512631900.94

Less: Provision for bad and doubtful debts 451070006.88 346644227.33

Total 8970826928.73 9165987673.61

?

The ageing is counted starting from the date when accounts receivable are recognized.

72JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Accounts receivable by provisioning method

20242023

Category Book value Provision for bad and doubtful debts Book value Provision for bad and doubtful debts

Carrying value Carrying value

Amount Percentage (%) Amount Percentage (%) Amount Percentage (%) Amount Percentage (%)

Individual assessment 232859151.07 2.47 183574075.58 78.83 49285075.49 150897028.45 1.59 134539976.78 89.16 16357051.67

Collective assessment 9189037784.54 97.53 267495931.30 2.91 8921541853.24 9361734872.49 98.41 212104250.55 2.27 9149630621.94

- Accounts receivables due from

external customers (except for 8482454110.38 90.03 256897176.20 3.03 8225556934.18 8697309873.02 91.43 202137875.56 2.32 8495171997.46

power grid companies)

- Electricity fees due from Power

706583674.167.5010598755.101.50695984919.06664424999.476.989966374.991.50654458624.48

Grid Companies

Total 9421896935.61 100.00 451070006.88 4.79 8970826928.73 9512631900.94 100.00 346644227.33 3.64 9165987673.61

?

73JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(a) Rationale for individual assessment in 2024:

Provision for bad Rationale for

Item Book value Percentage (%)

and doubtful debts provision

Full amount expected

Company 1 42501010.44 12750303.13 30.00%

to be unrecoverable

Amount expected to

Company 2 42280901.12 42280901.12 100.00%

be unrecoverable

Amount expected to

Company 3 20430000.00 20430000.00 100.00%

be unrecoverable

Amount expected to

Company 4 18021837.53 18021837.53 100.00%

be unrecoverable

Full amount expected

Company 5 17034731.56 3406946.31 20.00%

to be unrecoverable

Full amount expected

Company 6 13466685.81 9426680.07 70.00%

to be unrecoverable

Amount expected to

Company 7 13022320.77 13022320.77 100.00%

be unrecoverable

Amount expected to

Company 8 11472198.40 11472198.40 100.00%

be unrecoverable

Amount expected to

Company 9 11434086.91 11434086.91 100.00%

be unrecoverable

Amount expected to

Company 10 6124160.00 6124160.00 100.00%

be unrecoverable

Amount expected to

Company 11 5780267.26 5780267.26 100.00%

be unrecoverable

Other (individual amount less than Full amount expected

31290951.2729424374.0894.03%

RMB5 million) to be unrecoverable

Total 232859151.07 183574075.58 ? ?

?

(b) Criteria for collective assessment in 2024 and details:

Accounts receivables are classified into several portfolios based on their similar credit

risk characteristics and the expected credit loss is calculated on a collective basis. The

basis of determining the portfolios is as follows:

Portfolio 1: Accounts receivables due from external customers (except for power grid

companies)

Portfolio 2: Electricity fees due from Power Grid Companies

(c) Assessment of ECLs on accounts receivable:

At all times the Group measures the impairment loss for accounts receivable at an

amount equal to lifetime ECLs and the ECLs are based on the number of ageing and

the expected loss rate. According to the historical experience of the Group the losses of

different customer groups are as follows:

74JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Portfolio 1: Accounts receivables due from external customers (except for power grid

companies)

2024

Impairment loss

Expected credit Carrying amount at

? allowance at the

loss rate the end of the year

end of the year

Within 6 months (inclusive) 1.00% 7126003873.05 71260038.69

Over 6 months but within 1 year (inclusive) 5.00% 632236113.21 31611805.66

Over 1 year but within 2 years (inclusive) 10.00% 508703165.41 50870316.54

Over 2 years but within 3 years (inclusive) 30.00% 114329903.65 34298971.10

Over 3 years but within 4 years (inclusive) 50.00% 64650021.71 32325010.86

Over 4 years but within 5 years (inclusive) 100.00% 22093119.30 22093119.30

Over 5 years 100.00% 14437914.05 14437914.05

Total ? 8482454110.38 256897176.20

?

2023

Impairment loss

Expected credit Carrying amount at

? allowance at the

loss rate the end of the year

end of the year

Within 6 months (inclusive) 1% 7685312060.69 76853120.61

Over 6 months but within 1 year (inclusive) 5% 577178139.19 28858906.96

Over 1 year but within 2 years (inclusive) 10% 297676522.94 29767652.29

Over 2 years but within 3 years (inclusive) 30% 74772922.30 22431876.69

Over 3 years but within 4 years (inclusive) 50% 36287817.78 18143908.89

Over 4 years but within 5 years (inclusive) 100% 1812735.60 1812735.60

Over 5 years 100% 24269674.52 24269674.52

Total ? 8697309873.02 202137875.56

?

Portfolio 2: Electricity fees due from power grid companies

2024

Impairment loss

Expected credit Carrying amount at

Item allowance at the

loss rate the end of the year

end of the year

Electricity fees due from Power Grid

1.50%706583674.1610598755.10

Companies

?

2023

Impairment loss

Expected credit Carrying amount at

Item allowance at the

loss rate the end of the year

end of the year

Electricity fees due from Power Grid

1.50%664424999.479966374.99

Companies

?

The expected credit losses is measured based on the actual credit loss experience in

the past period and is adjusted for the differences among the economic conditions during

the historical period the current economic conditions and the anticipated economic

conditions during the expected lifetime.

75JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(4) Movements of provisions for bad and doubtful debts:

? Note 2024 2023

Balance at the beginning of the year 346644227.33 288302930.23

Additions during the year 108554649.20 66706966.56

Recoveries or reversals during the year ? 509788.33 8711579.54

Written-off during the year (a) 12322.72 2495862.36

Others (3606758.60) 2841772.44

Balance at the end of the year 451070006.88 346644227.33

(a) Accounts receivable written off during the year

Item Written-off amount

Accounts receivable written-off 12322.72

(5) Five largest accounts receivable and contract assets by debtor at the end of the year:

2024

Balance at the end of the year

Percentage of total

Provision for bad

Debtor Accounts accounts

and doubtful

receivable receivable and

debts

contract assets (%)

The First 344781657.11 3.66 3447816.57

The Second 259954164.93 2.76 2599541.65

The Third 242571235.95 2.57 3638568.54

The Fourth 238572788.62 2.53 2385727.89

The Fifth 229284336.99 2.43 2292843.37

Total 1315164183.60 13.95 14364498.02

?

2023

Balance at the end of the year

Percentage of total

Provision for bad

Debtor Accounts accounts

and doubtful

receivable receivable and

debts

contract assets (%)

The First 403549418.03 4.21 4035494.18

The Second 341067606.83 3.56 3410676.07

The Third 327506362.62 3.42 3275063.63

The Fourth 252380788.42 2.63 2523807.88

The Fifth 247093774.20 2.58 2470937.74

Total 1571597950.10 16.40 15715979.50

?

76JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

5 Receivables under financing

Accumulated impairment

Item 2024 2023 losses recognized in other

comprehensive income

Bills receivable 595548294.65 831051690.24 -

Accounts receivable 50640490.30 550000.00 -

Total 646188784.95 831601690.24 -

?

(a) Receivables under financing that are endorsed or discounted but have not matured at the end

of the year:

Amount at the end Amount at the end

of the year of what of the year of what

Category

has been has not been

derecognized derecognized

Bills receivable 15176043390.04 -

Accounts receivable 152964842.31 -

Total 15329008232.35 -

6 Prepayments

(1) Prepayments by category:

Item 2024 2023

Material and service payment in advance 770275474.06 1837771374.26

Others 108147782.09 152139599.00

Total 878423256.15 1989910973.26

?

(2) The ageing analysis of prepayments is as follows:

20242023

Ageing

Amount Percentage (%) Amount Percentage (%)

Within 1 year (inclusive) 683929135.86 77.86 1415027063.05 71.11

Over 1 year but within 2 years

48681442.535.54359477369.7018.07

(inclusive)

Over 2 years but within 3 years

821315.660.09213412660.7710.72

(inclusive)

Over 3 years 144991362.10 16.51 1993879.74 0.10

Total 878423256.15 100.00 1989910973.26 100.00

?

The ageing is counted starting from the date when prepayments are recognized.Prepayments with ageing of over 1 year are mainly for long-term procurement of raw materials.

77JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Five largest prepayments by debtor at the end of the year:

Balance at the end of Percentage of total

Debtor

the year prepayments (%)

The First 169485443.20 19.29

The Second 112000000.00 12.75

The Third 56720000.00 6.46

The Fourth 54127573.74 6.16

The Fifth 50000000.00 5.69

Total 442333016.94 50.35

?

7 Other receivables

Item Note 2024 2023

Dividends receivable (1) 3042037.80 3042037.80

Others (2) 1204755581.61 908004745.50

Total ? 1207797619.41 911046783.30

?

(1) Dividends receivable

Investee 2024 2023

Datang Angli (Lingwu) New Energy Co. Ltd. 3042037.80 3042037.80

Total 3042037.80 3042037.80

?

(2) Others

(a) Analysis by customer type is as follow:

Customer type 2024 2023

Amounts due from related parties 16200.00 13000.00

Amounts due from third parties 1294876980.67 953051865.87

Sub-total 1294893180.67 953064865.87

Less: Provision for bad and doubtful

90137599.0645060120.37

debts

Total 1204755581.61 908004745.50

?

(b) The ageing analysis is as follows:

Ageing 2024 2023

Within 1 year (inclusive) 598731517.06 565601500.51

Over 1 year but within 2 years (inclusive) 318172577.61 17936300.86

Over 2 years but within 3 years (inclusive) 9974063.55 74529177.54

Over 3 years but within 4 years (inclusive) 72366787.66 154943110.61

Over 4 years but within 5 years (inclusive) 155855782.07 30158625.26

Over 5 years 139792452.72 109896151.09

Sub-total 1294893180.67 953064865.87

Less: Provision for bad and doubtful

90137599.0645060120.37

debts

Total 1204755581.61 908004745.50

?

The ageing is counted starting from the date when other receivables are recognized.

78JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(c) Others by provisioning method:

2024

2024

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 384621306.08 29.70 70616486.29 18.36 314004819.79

Collective assessment 910271874.59 70.30 19521112.77 2.14 890750761.82

Total 1294893180.67 100.00 90137599.06 6.96 1204755581.61

2023

2023

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 41193035.80 4.32 37201149.92 90.31 3991885.88

Collective assessment 911871830.07 95.68 7858970.45 0.86 904012859.62

Total 953064865.87 100.00 45060120.37 4.73 908004745.50

Basis for significant individual assessments

Balance at the beginning of the year Balance at the end of the year

Provision for bad Provision for bad Basis for

Item Percentage

Book value and doubtful Book value and doubtful provision

(%)

debts debts

Individual Amount

41193035.8037201149.92384621306.0870616486.2918.36

assessment expected to

be

Total 41193035.80 37201149.92 384621306.08 70616486.29 18.36

unrecoverable

(d) Movements of provisions for bad and doubtful debts

2024

Stage 1 Stage 2 Stage 3

Provision for bad and doubtful Lifetime ECL

Lifetime ECL Total

debts 12 - month ECL - Not credit

- Credit impaired

impaired

Balance at 1 January 2024 6243187.27 - 38816933.10 45060120.37

Additions during the year 12325324.96 30396465.44 1610718.15 44332508.55

Translation differences arising from

translation of foreign currency - 284775.90 471811.12 756587.02

financial statements

Other movements (10916.50) - (700.38) (11616.88)

Balance at the end of the year 18557595.73 30681241.34 40898761.99 90137599.06

?

2023

Stage 1 Stage 2 Stage 3

Provision for bad and doubtful Lifetime ECL

Lifetime ECL Total

debts 12 - month ECL - Not credit

- Credit impaired

impaired

Balance at 1 January 2023 1143219.52 - 19912033.63 21055253.15

Transfer to stage 3 (633553.60) -? 633553.60 -

Additions during the year 5733521.35 -? 19620803.78 25354325.13

Written-off during the year - -? 1267073.12 1267073.12

Translation differences arising from

translation of foreign currency - - (82384.79) (82384.79)

financial statements

Balance at the end of the year 6243187.27 -? 38816933.10 45060120.37

?

79JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(e) Provisions for bad and doubtful debts

Movements during the year

Translation

Balance at the differences

Balance at the

Category beginning of arising from Recoveries or Transfers or Other end of the year

the year Provision reversals translation of write-offs movements

foreign currency

financial

statements

Provision for bad

and doubtful 45060120.37 44332508.55 - - 756587.02 (11616.88) 90137599.06

debts

Total 45060120.37 44332508.55 - - 756587.02 (11616.88) 90137599.06

(f) Others categorized by nature

Nature of other receivables 2024 2023

Amounts due from related parties 16200.00 13000.00

Deposits and warranties 762162601.63 778478246.68

Equity transfer receivable 253148002.11 127489000.00

Amounts due from other entities 140501552.34 22355533.25

Prepaid duties refund receivable 118164700.56 -

Export rebates receivables 18286196.99 21315091.16

Subsidies receivable 2613927.04 3413994.78

Total 1294893180.67 953064865.87

?

(g) Five largest others by debtor at the end of the year

2024

Ending balance of

Nature of the Balance at the end of Percentage of ending

Debtor? Ageing?? provision for bad and

receivable? the year? balance of others (%)

doubtful debts?

1 - 5 years and over

The First Deposits 336417120.00 25.98 30681241.34

five years

The Second Deposits 255587220.40 0 - 3 years 19.74 -

Equity transfer

The Third 166211400.00 Within 1 year 12.84 8310570.00

receivable

Prepaid duties refund

The Fourth 118164700.56 Within 1 year 9.13 -

receivable

Equity transfer

The Fifth 57171437.11 0 - 2 years 4.42 4528571.86

receivable

Total ? 933551878.07 72.11 43520383.20

2023

Ending balance of

Nature of the Balance at the end of Percentage of ending

Debtor? Ageing?? provision for bad and

receivable? the year? balance of others (%)

doubtful debts?

0 - 5 years and over

The First Deposits 331470360.00 34.78 -

five years

The Second Deposits 306216341.55 0 - 2 years 32.13 -

Equity transfer

The Third 98400000.00 Within 1 year 10.32 4920000.00

receivable

Equity transfer

The Fourth 21494000.00 3 - 4 years 2.26 17500000.00

receivable

The Fifth Deposits 11830706.00 0 - 2 years 1.24 -

Total ? 769411407.55 80.73 22420000.00

80JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

8 Inventories

(1) Inventories by category:

20242023

Provision for Provision for

Item

Book value impairment of Carrying amount Book value impairment of Carrying amount

inventories inventories

Raw materials 4147879513.69 593993714.83 3553885798.86 3340999537.34 47246587.82 3293752949.52

Materials in transit 605159041.87 - 605159041.87 481573852.98 - 481573852.98

Goods in transit 161184630.30 25324152.52 135860477.78 1384289217.50 10022712.44 1374266505.06

Material for consigned processing 10951109.08 - 10951109.08 3628781.21 - 3628781.21

Semi-finished goods 2051066015.55 276655256.15 1774410759.40 3119086544.63 597543569.20 2521542975.43

Finished goods 5110383788.42 619909755.18 4490474033.24 7614330848.29 817244183.21 6797086665.08

Total 12086624098.91 1515882878.68 10570741220.23 15943908781.95 1472057052.67 14471851729.28

(2) Provision for impairment of inventories

Translation

differences arising

Balance at the Balance at the

Item Provision or reversals Written-off from translation of

beginning of the year end of the year

foreign currency

financial statements

Raw materials 47246587.82 610978337.27 (64344280.89) 113070.63 593993714.83

Goods in transit 10022712.44 15400453.24 - (99013.16) 25324152.52

Semi-finished goods 597543569.20 (321070039.62) - 181726.57 276655256.15

Finished goods 817244183.21 (180809135.22) - (16525292.81) 619909755.18

Total 1472057052.67 124499615.67 (64344280.89) (16329508.77) 1515882878.68

?

81JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) The basis for the determination of the net realizable value and the provision for impairment of inventories for the current period

Basis for the determination of the provision for

Items Basis for the determination of the net realizable value

impairment of inventories

The net realizable value shall be calculated by deducting The estimated selling prices of certain products are

Raw materials and semi- the estimated cost of completion estimated sale expense expected to decline resulting in the recoverable

finished goods and relevant taxes from the estimated sale price of amount of inventory being lower than the book

inventories. value.The estimated selling prices of certain products are

The net realizable value shall be calculated by deducting

Finished goods and goods in expected to decline resulting in the recoverable

the estimated sale expense and relevant taxes from the

transit amount of inventory being lower than the book

estimated sale price of inventories.value.

9 Contract assets

(1) Contract assets analyzed by nature as follows:

20242023

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

Electricity fees due from Power Grid

133649.612004.74131644.8766861106.031002916.6065858189.43

Companies

?

(2) Contract assets by provisioning method

20242023

Type Book value Provision for impairment Carrying Book value Provision for impairment Carrying

Amount Percentage (%) Amount Percentage (%) amount Amount Percentage (%) Amount Percentage (%) amount

Collective assessment 133649.61 100.00 2004.74 1.50 131644.87 66861106.03 100.00 1002916.60 1.50 65858189.43

Attributable to: ? ? ? ? ? ? ? ? ? ?

- Electricity fees due from Power Grid

133649.61100.002004.741.50131644.8766861106.03100.001002916.601.5065858189.43

Companies

Total 133649.61 100.00 2004.74 1.50 131644.87 66861106.03 100.00 1002916.60 1.50? 65858189.43

?

82JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Collective assessment:

Balance at the end of the year

Item Provision for

Contract assets Percentage (%)

impairment

Electricity fees due from

133649.612004.741.50

Power Grid Companies

?

(3) Provision for impairment of contract assets:

2024

Balance

Transfers out or Balance

at the Additions Reversals

Item written-off at the end

beginning during the year during the year

during the year of the year

of the year

Electricity fees due from

1002916.60387.891001299.75-2004.74

Power Grid Companies

?

2023

Balance

Transfers out or Balance

at the Additions Reversals

Item written-off at the end

beginning during the year during the year

during the year of the year

of the year

Electricity fees due from

1363361.60175705.36536150.36-1002916.60

Power Grid Companies

?

83JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

10 Assets and liabilities held for sale

Inner Mongolia Mengjia PV

?

Technology Co. Ltd.? Book value

Cash at bank and on hand 23779240.14

Accounts receivable 1583659.76

Including: book value of accounts receivable 1607776.41

bad debt provision for accounts receivable (24116.65)

Prepayments 47169.81

Other receivables 207413.50

Including: book value of other receivables 218330.00

bad debt provision for other receivables (10916.50)

Other current assets 69197848.32

Fixed assets 611466578.79

Including: cost of fixed assets 639987882.13

accumulated depreciation of fixed assets (28521303.34)

Deferred tax assets 29646883.45

Total assets held for sale 735928793.77

Taxes payable 6665684.34

Other payables 538039764.29

Long-term payables 246000000.00

Total liabilities held for sale of Inner Mongolia Mengjia 790705448.63

Less: inter-company loans 527023012.34

Total liabilities held for sale 263682436.29

In December 2024 the Group’s subsidiary JA Smart Distributed Energy Technology (Hainan)

Co. Ltd. entered into a Share Purchase Agreement with Guangzhou Yuexiu Guanghui Phase

I Equity Investment Fund Partnership (Limited Partnership) (“Guangzhou Yuexiu”). Pursuant

to the agreement the Group agreed to dispose of its 100% equity interest in Inner Mongolia

Mengjia PV Technology Co. Ltd. to Guangzhou Yuexiu for a total consideration of RMB

43722835.07. As at December 31 2024 the Company had received equity transfer proceeds

of RMB27272624.49 and the disposal had been completed in January 2025. The related

assets and liabilities have been classified as a disposal group held for sale and stated at the

lower of carrying amount and fair value less costs to sell. There are no cumulative income or

expenses included in OCI relating to the disposal group.

11 Non-current assets due within one year

Item 2024 2023

Time deposits due within one year 2598225693.39 2498637840.30

Long-term receivables due within one year 273416837.96 169902425.13

Total 2871642531.35 2668540265.43

?

84JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

12 Other current assets

Item 2024 2023

Input VAT to be deducted/certified 3441194438.27 2481748420.90

Prepaid taxes 140155856.89 283809448.75

Prepaid expenses 44595984.30 30802023.74

Others 131957234.47 50446396.63

Total 3757903513.93 2846806290.02

?

13 Long-term receivables

2024

Range of

Item Note Book Provision for

Carrying amount discount

value impairment

rate

Receivables from Energy

15600983.50780049.1814820934.324.57%

Performance Contracting

Including: Unearned finance

?3356022.65-3356022.65?

income

2.14%-2.15%

Instalment sale 500293386.62 50029338.64 450264047.98

6.00%

Including: Unearned finance

?22938302.65-22938302.65?

income

Subtotal ? 515894370.12 50809387.82 465084982.30 ?

Less: Due within one year -

Receivables from Energy V.11 1486302.95 74315.15 1411987.80 4.57%

Performance Contracting

Less: Due within one year - 2.14%-2.15%

V.11? 302227611.27 30222761.11 272004850.16

Instalment sale 6.00%

Total ? 212180455.90 20512311.56 191668144.34 ?

2023

Range of

Item Note Book Provision for

Carrying amount discount

value impairment

rate

Receivables from Energy

12792474.02639623.7012152850.324.57%

Performance Contracting

Including: Unearned finance

?3029068.24-?3029068.24?

income

Instalment sale 562422004.67 28121100.23 534300904.44 6.00%

Including: Unearned finance

?46864651.33-?46864651.33?

income

Subtotal ? 575214478.69 28760723.93 546453754.76 ?

Less: Due within one year -

Receivables from Energy V.11 1088948.40 54447.42 1034500.98 4.57%

Performance Contracting

Less: Due within one year -

V.11? 177755709.63 8887785.48 168867924.15 6.00%

Instalment sale

Total ? 396369820.66 19818491.03 376551329.63 ?

85JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(1) By method of provisioning

2024

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 198065775.35 93.35 19806577.53 10.00 178259197.82

Collective assessment 14114680.55 6.65 705734.03 5.00 13408946.52

- Amounts due from other

14114680.556.65705734.035.0013408946.52

entities

Total 212180455.90 100.00 20512311.56 9.67 191668144.34

2023

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 384666295.04 97.05 19233314.75 5.00 365432980.29

Collective assessment 11703525.62 2.95 585176.28 5.00 11118349.34

- Receivables from companies

within the scope of - - - - -

consolidation

- Amounts due from other

11703525.622.95585176.285.0011118349.34

entities

Total 396369820.66 100.00 19818491.03 5.00 376551329.63

(2) Provisions for bad and doubtful debts

Balance at the Movements during the year

Balance at the

Category beginning of Recoveries or Transfers or Other

Provision end of the year

the year reversals write-offs movements

Receivables from

companies within the 585176.28 177546.01 - - (56988.26) 705734.03

scope of consolidation

Instalment sale 19233314.75 9937174.00 - - (9363911.22) 19806577.53

total 19818491.03 10114720.01 - - (9420899.48) 20512311.56

14 Long-term equity investments

(1) Long-term equity investments by category:

Item 2024 2023

Investment in joint ventures 7755317.88 -

Investments in associates 630972857.50 899155598.20

Less: Provision for impairment - -

Total 638728175.38 899155598.20

?

86JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Movements of long-term equity investments during the year are as follows:

Movements during the year

Translation

Balance of

Balance differences arising Balance

Investment gains or provision for

Investee at the beginning of Increase Reduce Other equity Declared distribution from translation of at the end

losses recognized Others impairment at the

the year investments investments movements of cash profits foreign currency of the year

under equity method end of the year

financial

statements

Joint ventures

Jiangsu Jinghetianxia

New Energy - 9000000.00 - (1244682.12) - - - - 7755317.88 -?

Technology Co. Ltd

Sub-total - 9000000.00 - (1244682.12) - - - - 7755317.88 -

Associates ? ? ? ? ? ? ?

Luoyang Jiwa Materials

14781343.13--(1466102.64)300.00---13315540.49-

Technology Co. Ltd.Yuhong JA New

Energy Technology 9838359.44 - - (1035982.44) - 3777748.53 - - 5024628.47 -

Co. Ltd.Datang Angli (Lingwu)

New Energy Co. 37485671.74 - - 809272.99 1.24 - - - 38294945.97 -

Ltd.JA Solar PV Electric

63788695.86--8316656.30139740.29---72245092.45-

(Lincheng) Co. Ltd.Jingguan PV Electric

(Yugan Xian) Co. - - - - - - - - - -

Ltd. (Note 2)

Fukushima Nakamori

Power Plant

83945761.76--3003363.06-6837991.98(6743131.25)-73368001.59-

Contract Company

(Note 1)

Suzhou JSolar

Technology Co. Ltd. 57201398.17 - 9371213.08 (1545837.77) 4960858.79 - - (51245206.11) - -

(Note 3)

Inner Mongolia Silicon

632114368.10--(88696744.61)1591348.75116284323.71--428724648.53-

Material Company

Sub-total 899155598.20 - 9371213.08 (80615375.11) 6692249.07 126900064.22 (6743131.25) (51245206.11) 630972857.50 -?

Total 899155598.20 9000000.00 9371213.08 (81860057.23) 6692249.07 126900064.22 (6743131.25) (51245206.11) 638728175.38 -

?

Note 1: JA Solar Japan Limited (referred to as “JA Solar Japan”) adopted an investment method of “Contract company - anonymous portfolio”

which means that the Group does not have control of Fukushima Nakamori Power Plant Contract Company but the Group has significant

influence over it. Therefore the equity investments is accounted for using the equity method and was not incorporated into consolidated

scope.

87JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Note 2: In January 2019 Jingneng New Energy Development (Ningjin) Co. Ltd. (referred to as “Ningjin Jingneng”) made a capital contribution

of RMB 9 million to establish the Jingguan PV Electric (Yugan Xian) Co. Ltd. (referred to as “Yugan Power Station”) and held 90% of its

equity. Since the Group does not have control or common control over Yugan Power Station but has significant influence over i t the long-

term equity investments in Yugan Power Station should be accounted for as associates based on equity method.Note 3: In February 2024 the Group disposed 1.30% of the equity in Suzhou JSolar Technology Co. Ltd. (referred to as “Suzhou JSolar”). After

the disposal the Group ceased to assign directors and exercise significant influence over Suzhou JSolar and the remaining equity would

be accounted for as financial instruments.

88JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

15 Investments in other equity instruments

Item 2024 2023

Yonz Technology Co. Ltd. 33519866.72 55861000.00

Nordkette (SuZhou) Intelligent Equipment Co.Ltd. 7803681.07 13803681.07

Duowei Union Group Co. Ltd. - 30000000.00

Total 41323547.79 99664681.07

?

(1) Investments in other equity instruments

Changes during the year Amount Reasons for

Cumulative

Reason for being Gains Losses reclassified reclassifying

Dividend gains

designated at fair recognized in recognized in from other items from other

Beginning Ending income recognized in

Items value through other Reduction in other other comprehensiv comprehensive

balance balance recognized other

comprehensive investment comprehensive comprehensive e income to income to

for the year comprehensiv

income income during income during retained retained

e income

the year the year earnings earnings

With the intention of

Yonz establishing or

Technology maintaining a long- 55861000.00 - - 22341133.28 33519866.72 - 13509866.72 -

Co. Ltd. term investment for

strategic reasons

Nordkette With the intention of

(SuZhou) establishing or

Intelligent maintaining a long- 13803681.07 6730000.00 730000.00 - 7803681.07 - 9533681.07 4556666.68 Disposal of equity

Equipment term investment for

Co.Ltd. strategic reasons

With the intention of

Duowei establishing or

Union Group maintaining a long- 30000000.00 32636955.85 2636955.85 - - 1229345.52 2636955.85 2636955.85 Disposal of equity

Co. Ltd. term investment for

strategic reasons

Total ? 99664681.07 39366955.85 3366955.85 22341133.28 41323547.79 1229345.52 25680503.64 7193622.53

(2) Description of derecognition in this year

Accumulated gains transferred to retained Reason for

Item

earnings due to derecognition derecognition

Nordkette (SuZhou) Intelligent

4556666.68 Disposal of equity

Equipment Co.Ltd.Duowei Union Group Co. Ltd. 2636955.85 Disposal of equity

Total 7193622.53 ?

16 Other non-current financial assets

Item 2024 2023

Financial assets at fair value through profit

109366352.60-

or loss

Including: equity instrument investment 109366352.60 -

17 Fixed assets

Item 2024 2023

Fixed assets 41567254509.37 36859908408.98

Disposal of fixed assets 16834594.62 5966385.61

Total 41584089103.99 36865874794.59

?

89JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(1) Details of fixed assets

Electronic and office

? Plant & buildings Machinery & equipment Transportation vehicles Photovoltaic power station Total

equipments

Cost ? ? ? ? ? ?

Balance at the beginning of the year 13753020029.82 25299629427.99 77993362.56 386367947.66 7494696362.32 47011707130.35

Additions during the year

- Purchases 116769264.63 21068013.68 2807402.38 80371005.21 - 221015685.90

- Transfers from construction in progress 2010573692.05 8257078811.19 33032370.45 135003656.93 4152956860.17 14588645390.79

Disposals or written-offs during the year (1463653.72) (2762568679.99) (3175086.62) (19540102.92) (234801047.80) (3021548571.05)

Classified as held for sale - - - - (639987882.13) (639987882.13)

Change of consolidation scope - - (496503.44) (1358827.65) (533415059.39) (535270390.48)

Other decreases in this year (60650027.92) (159187777.30) - - - (219837805.22)

Translation differences arising from

translation of foreign currency financial 17060800.61 32601049.93 33630.40 178705.63 (1585945.94) 48288240.63

statements

Balance at the end of the year 15835310105.47 30688620845.50 110195175.73 581022384.86 10237863287.23 57453011798.79

Accumulated depreciation ? ? ? ? ? ?

Balance at the beginning of the year 1804567780.61 5693726177.06 39067311.39 204426484.93 701694799.46 8443482553.45

Additions during the year ? ? ? ? ? ?

- Charge for the year 745231893.63 4418163357.36 16941237.45 92419240.99 424015342.37 5696771071.80

Disposals or written-offs during the year (294369.85) (1361273163.23) (2837540.70) (13996564.38) (6824855.29) (1385226493.45)

Classified as held for sale - - - - (28521303.34) (28521303.34)

Change of consolidation scope - - (339652.53) (1284088.85) (199527419.66) (201151161.04)

Other decreases in this year (14803350.64) (59420403.41) - - - (74223754.05)

Translation differences arising from

translation of foreign currency financial 2007600.56 10320759.40 13294.25 (67604.69) (1579511.59) 10694537.93

statements

Balance at the end of the year 2536709554.31 8701516727.18 52844649.86 281497468.00 889257051.95 12461825451.30

Provision for impairment ? ? ? ? ? ?

Balance at the beginning of the year - 1615969281.30 69154.00 - 92277732.62 1708316167.92

Charge for the year 101435674.48 2481072785.66 292992.46 17624316.37 256101620.01 2856527388.98

Disposals or written-offs during the year - (1111808828.27) (69154.00) - (2975501.01) (1114853483.28)

Other decreases in this year - (32243279.31) - - - (32243279.31)

Translation differences arising from

translation of foreign currency financial 346056.72 5735940.96 - 103046.13 - 6185043.81

statements

Balance at the end of the year 101781731.20 2958725900.34 292992.46 17727362.50 345403851.62 3423931838.12

Carrying amounts ? ? ? ? ? ?

At the end of the year 13196818819.96 19028378217.98 57057533.41 281797554.36 9003202383.66 41567254509.37

At the beginning of the year 11948452249.21 17989933969.63 38856897.17 181941462.73 6700723830.24 36859908408.98

?

90JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Major long-term asset impairment losses incurred this year

This Group conducted impairment tests on asset groups that included fixed assets construction in progress right-of-use assets intangible assets

and long-term deferred expenses during the current year.Assets group Determination method of Key parameters and their

Item Account Book value Recoverable amount Impairment amount

identification recoverable amount determination basis

The recoverable amount is

1) The average unit price of

determined by reference to

land referencing auction

The recoverable its fair value less costs of

information for similar land;

amount is disposal.

2) The costs of disposal

determined by The method used to

include handling fees

Plants Fixed assets reference to determine the fair value and

taxes and other expenses

buildings and intangible 953639269.89 1137416584.67 101435674.48 individual asset and the cost of disposal: fair

related to asset disposals;

and lands assets all such assets value is modified considering

3) The remaining useful life

belong to the the condition of the asset

and actual physical

manufacturing based on its current market

condition of buildings are

segment. value. The costs of disposal

considered when

are expenses related to the

determining their value.disposal of the asset.The recoverable amount is

determined by reference to

Fixed assets 3097246576.88 621857485.10 2498990094.49 Based on the its fair value less costs of

management or disposal.monitoring methods

employed by The method used to 1) Fair value is determined

management for determine the fair value and based on the historical

Construction in

44927264.83 20523002.00 24404262.83 operating activities the cost of disposal: fair transaction prices market Equipments progress identify the smallest value is determined quotations of the assets

and other

asset group or considering relevant and other methods;

long-term

individual asset that modifying factors based on 2) The costs of disposal

assets to be

generates cash the contract price or market include handling fees

disposal or

Intangible inflows quotations or the transaction taxes transportation transformed 63741949.74 - 63741949.74

assets independently. price of similar equipment or expenses and other

The underlying based on the amount expenses related to asset

assets and asset realized from selling the disposals.groups belong to the asset after it has been

Long-term manufacturing divided. The costs of

deferred 54455714.00 4507242.00 50016943.63 segment. disposal are expenses

expenses related to the disposal of the

asset.

91JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Recoverable Impairment Determination method of Key parameters and their

Item Account Book value Assets group identification

amount amount recoverable amount determination basis

Operational power stations

1) The forecast period for

Fixed assets 1174766603.36 921428516.97 256101620.01 Upon completion of operational power stations refers to

construction each the remaining operating years of the

The recoverable amount

photovoltaic power station power station;

of the operational power

project is operated 2) The pre-tax discount rate ranges

PV power stations is determined by

independently and from 8.09% to 11.00%;

station Right-of-use reference to the present

201819257.84 171190463.89 32257797.90 generates electricity 3) Future income is predicted based related assets value of expected future revenue on a standalone on the expected electricity sales

equipments cash flows; the

basis. Consequently each and relevant electricity prices.and other recoverable amount of

power station project is

long-term the outage power stations

designated as a distinct Outage power stations

assets is determined by

cash-generating unit 1) Determine based on historical

reference to its fair value

Intangible (CGU). All such CGUs are transaction prices of assets market

11714506.88 7808039.72 3932252.57 less costs of disposal.

assets classified under the Power quotations etc.;

Station segment. 2) The costs of disposal include

handling fees taxes and other

expenses related to asset disposals

In addition by the end of 2024 the Group conducted impairment testing on other relevant production lines and equipments of the manufacturing

segment by reference to the smallest asset group or individual asset that generates cash inflows independently and the underlying recoverable

amount is determined by reference to the present value of expected future cash flows. According to the test results there is no credit impaired.Furthermore the pre-tax discount rate used to estimate the present value is 10.82% to 12.67% with a forecast period from 2025 to 2030 based

on the expected useful life of the assets. Other key parameters included the expected future sales and prices of modules which were primarily

based on external forecasts of new PV installations and sales prices.

92JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Temporarily idle fixed assets

Accumulated Provision for

Item Cost Carrying amount

depreciation impairment

Plant & buildings 1205807619.64 389043079.84 101781840.14 714982699.66

Machinery & equipment 5134436353.19 2320164660.28 2391481477.72 422790215.19

Electronic and office equipments 45970425.08 28991725.02 14937849.99 2040850.07

Photovoltaic power station 21298746.00 2811334.00 12291010.48 6196401.52

Total 6407513143.91 2741010799.14 2520492178.33 1146010166.44

?

(4) Fixed assets leased out under operating leases

Item Plant & buildings

Cost ?

Balance at the beginning of the year 71658244.19

Additions during the year 27805139.92

Disposals or written-offs during the year (14980163.18)

Balance at the end of the year 84483220.93

Accumulated depreciation ?

Balance at the beginning of the year 51593934.68

Additions during the year 6530249.89

Disposals or written-offs during the year (10785717.26)

Balance at the end of the year 47338467.31

Carrying amounts ?

At the end of the year 37144753.62

At the beginning of the year 20064309.51

?

(5) Fixed assets pending certificates of ownership

Reason why certificates of

Item Carrying amount

ownership is pending

Self-built new buildings which certificates

of ownership are being applied and the

Plant & buildings 8232164449.54

buildings constructed by the government

agency

?

(6) Disposal of fixed assets

Item 2024 2023

Disposal of fixed assets 16834594.62 5966385.61

?

18 Construction in progress

? Note 2024 2023

Construction in progress (1) 3244291543.72 9740436205.07

?

93JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(1) Construction in progress

20242023

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

American 2GW modules project 1121606535.88 - 1121606535.88 - - -

Photovoltaic power station 796106614.96 - 796106614.96 848002989.74 - 848002989.74

Wuxi JA Waylion annual output of 500 monocrystalline furnaces and 100 tons

235577005.02-235577005.02108226878.63-108226878.63

of silver paste project

Installing equipment 142769035.33 - 142769035.33 57301658.09 - 57301658.09

Yangzhou annual output of 2GW high-efficiency batteries project 142439517.22 - 142439517.22 280723609.76 - 280723609.76

Yangzhou annual output of 10GW half piece passivation new project 87527423.60 - 87527423.60 - - -

Bayannur annual output of 5GW modules new project 142481043.09 - 142481043.09 - - -

Shijiazhuang annual output of 10GW slicing and 10GW batteries project and

84729559.45-84729559.451459815513.28-1459815513.28

supporting facilities

Qujing JA Solar 20GW monocrystalline silicon rods and annual 20GW

35513655.34-35513655.3475085275.40-75085275.40

monocrystalline silicon rods and wafers project

Yiwu annual output of 5GW high-efficiency batteries and 10GW high-efficiency

46316814.16-46316814.161295575.24-1295575.24

modules and supporting projects modules

JA Solar NE VietNam (2nd) silicon wafer upgrade project 43476875.92 - 43476875.92 114005891.82 - 114005891.82

JA Solar Chengdu R&D center’s perovskite project 38655979.00 - 38655979.00 - - -

Qujing Technology 10GW high-efficiency batteries and 5GW high-efficiency

37606685.02-37606685.021208542355.14-1208542355.14

modules project

Dongtai annual output of 10GW batteries and 10GW modules project 35874587.00 - 35874587.00 855565384.64 - 855565384.64

Ningjin 5GW slice and 6GW high-efficiency batteries project 27101392.80 - 27101392.80 77857619.24 - 77857619.24

Fengxian workshop No.2 annual output of 4.25GW modules reconstruction

18908971.74-18908971.74---

and expansion project

High-efficiency solar cells R&D pilot project 20500585.07 - 20500585.07 168821040.36 - 168821040.36

Vietnam annual 3.5GW high-power modules project 16463644.28 - 16463644.28 1265401.27 - 1265401.27

Xuanhua County JA Solar 1GW solar modules production project 62748077.44 53211178.39 9536899.05 62748077.44 53211178.39 9536899.05

Xingtai Module 5GW solar cells and modules project 7642477.89 - 7642477.89 20337627.51 - 20337627.51

Baotou JA Solar (3rd) 20GW pulled crystal and slicing project 7374269.49 - 7374269.49 1515487056.22 - 1515487056.22

Kangbao Module annual production of 1000MW solar modules project 39011575.72 32439027.07 6572548.65 39011575.72 32439027.07 6572548.65

Ningjin 1.3GW high-efficiency battery project 3229196.85 - 3229196.85 7742386.45 - 7742386.45

Inner Mongolia annual output of 5GW modules project 2729337.13 - 2729337.13 266024527.70 - 266024527.70

Annual output of 10GW high-efficiency batteries project 2377935.31 - 2377935.31 725360379.72 - 725360379.72

Yiwu Jingcheng 10GW modules and supporting project 2035711.24 - 2035711.24 4269276.73 - 4269276.73

Xingtai Module workshop renovation 1835398.23 - 1835398.23 13550354.39 - 13550354.39

New Energy Technology Institute project phase 1 838245.72 - 838245.72 115248128.17 - 115248128.17

Donghai 15GW velum project 1273335.47 - 1273335.47 31081185.72 - 31081185.72

Yangzhou annual output of 10GW solar batteries project 1178090.25 - 1178090.25 1215087279.43 - 1215087279.43

Vietnam JA Solar (1st) silicon wafer upgrade project 830554.71 - 830554.71 5493677.34 - 5493677.34

Hefei 11GW high-power modules expansion project 16438621.85 - 16438621.85 73150489.16 - 73150489.16

Yangzhou Module annual 6GW high-performance solar modules project - - - 14893990.30 - 14893990.30

Vietnam annual 3.5GW batteries project - - - 14547680.37 - 14547680.37

Yiwu 5GW high-efficiency battery project - - - 5679375.65 - 5679375.65

Other projects 142352932.69 35609935.69 106742997.00 460946286.60 21082136.70 439864149.90

Total 3365551684.87 121260141.15 3244291543.72 9847168547.23 106732342.16 9740436205.07

94JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Movements of major construction projects in progress during the year

Balance Balance Percentage of Accumulated Percentage of Interest rate for

Budget Additions Transfers to Project progress

Project at the beginning of Other decreases at the end actual cost to capitalised actual cost to capitalisation in Sources of funding

(In RMB10000) during the year fixed assets (%)

the year of the year budget (%) interest budget (%) 2024 (%)

Baotou JA Solar (3rd) 20GW pulled crystal Fund raising and self-

363983.001515487056.22229421117.101737533903.83-7374269.4994.76%94.76%---

and slicing project financing

Qujing Technology 10GW high-efficiency

Fund raising and self-

batteries and 5GW high-efficiency 400315.12 1208542355.14 318336862.19 1489272532.31 - 37606685.02 91.09% 91.09% - - -

financing

modules project

Annual output of 10GW high-efficiency Fund raising and self-

204476.46725360379.7235326826.28758309270.69-2377935.3187.27%87.27%---

batteries project financing

Fund raising and self-

High-efficiency solar cells R&D pilot project 35548.00 168821040.36 29831955.77 178152411.06 - 20500585.07 103.73% 103.73% - - -

financing

Qujing JA Solar 20GW monocrystalline

silicon rods and annual 20GW Fund raising and self-

394789.7175085275.40113796947.82153368567.88-35513655.3499.49%99.49%---

monocrystalline silicon rods and wafers financing

project

Total 3693296106.84 726713709.16 4316636685.77 - 103373130.23 -?

?

(3) Impairement testing of construction in progress

For the impairement testing of construction in progress in the current year refer to note V.17(2).

95JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

19 Right-of-use assets

(1) As a lessee

Machinery & Electronic equipment Photovoltaic power

Item Plant & buildings Land use rights Transportation vehicles Total

equipment and others station

Cost ? ? ? ? ? ? ?

Balance at the beginning of the year 1113711312.97 404565074.15 46192705.69 50922549.92 242011.70 163421379.06 1779055033.49

Additions during the year 766923453.97 294420405.10 82494677.60 24051847.81 108862.13 - 1167999246.61

(1) Leases 762604658.73 290915299.76 82494677.60 23927091.12 108862.13 - 1160050589.34

(2) Others 4318795.24 3505105.34 - 124756.69 - - 7948657.27

Decreases during the year (218563727.87) (36624431.73) (945183.66) (15213510.50) (16221.27) (21456280.97) (292819356.00)

(1) Early termination of leases (156120527.24) (2647163.99) (945183.66) (3669458.36) - (21456280.97) (184838614.22)

(2) Expiration of leases (62443200.63) (157307.86) - (11544052.14) - - (74144560.63)

(3) Change of consolidation scope - (33819959.88) - - - - (33819959.88)

(4) Others - - - - (16221.27) - (16221.27)

Balance at the end of the year 1662071039.07 662361047.52 127742199.63 59760887.23 334652.56 141965098.09 2654234924.10

Accumulated depreciation ? ? ? ? ? ? ?

Balance at the beginning of the year 135497999.94 38301525.54 1892094.41 23692281.43 116033.11 25708064.82 225207999.25

Additions during the year 207466461.25 18791181.09 12363105.12 22384250.65 98285.54 7457141.66 268560425.31

(1) Provision 206765600.93 18700225.44 12363105.12 22282941.85 98285.54 7457141.66 267667300.54

(2) Others 700860.32 90955.65 - 101308.80 - - 893124.77

Decreases during the year (95079559.57) (6762700.57) (378009.73) (13464525.98) (9530.87) (14189885.65) (129884212.37)

(1) Early termination of leases (32636358.94) (398442.96) (378009.73) (1774329.68) - (14189885.65) (49377026.96)

(2) Expiration of leases (62443200.63) (157307.86) - (11544052.14) - - (74144560.63)

(3) Change of consolidation scope - (6206949.75) - - - - (6206949.75)

(4) Others - - - (146144.16) (9530.87) - (155675.03)

Balance at the end of the year 247884901.62 50330006.06 13877189.80 32612006.10 204787.78 18975320.83 363884212.19

Provision for impairment ? ? ? ? ? ? ?

Balance at the beginning of the year - - - - - - -

Additions during the year - 30554449.08 - - - 1703348.82 32257797.90

(1) Provision - 30554449.08 - - - 1703348.82 32257797.90

Balance at the end of the year - 30554449.08 - - - 1703348.82 32257797.90

Carrying amount

At the end of the year 1414186137.45 581476592.38 113865009.83 27148881.13 129864.78 121286428.44 2258092914.01

At the beginning of the year 978213313.03 366263548.61 44300611.28 27230268.49 125978.59 137713314.24 1553847034.24

For the Group's specific arrangements relating to leasing activities refer to note V.69.

(2) Impairment test of right to use assets

For the impairment test of right to use assets in the current year refer to note V.17(2).

96JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

20 Intangible assets

(1) Intangible assets

Other intangible

Item Land use rights Patent right Know-how Software Ownership of land Total

assets

Cost

Balance at the beginning of the year 2264323647.76 114076088.28 12792901.16 190149225.36 956891.14 22270582.15 2604569335.85

Additions during the year

- Purchases 67529606.62 146716800.00 - 133370344.66 - 787472.75 348404224.03

- Translation differences arising from

translation of foreign currency financial 3287491.01 - - 184319.21 - (177671.99) 3294138.23

statements

Decreases during the year

- Disposals (45927524.00) - - (4574537.23) - - (50502061.23)

- Change of consolidation scope (2416947.59) - - (124778.76) - - (2541726.35)

- Others (211957050.87) - - - - - (211957050.87)

Balance at the end of the year 2074839222.93 260792888.28 12792901.16 319004573.24 956891.14 22880382.91 2691266859.66

Accumulated amortization ? ? ? ? ? ? ?

Balance at the beginning of the year 197345992.15 24703083.29 12792901.16 95764478.88 - 11179006.42 341785461.90

Additions during the year

- Charge for the year 47031553.84 54075299.99 - 37566372.46 - 4500924.47 143174150.76

- Translation differences arising from

translation of foreign currency financial 307077.19 - - 64973.30 - (74741.30) 297309.19

statements

Decreases during the year

- Disposals (15787586.34) - - (3004841.00) - - (18792427.34)

- Change of consolidation scope (1146255.93) - - (59010.50) - - (1205266.43)

- Others (4612106.55) - - - - - (4612106.55)

Balance at the end of the year 223138674.36 78778383.28 12792901.16 130331973.14 - 15605189.59 460647121.53

Provision for impairment

Balance at the beginning of the year - - - - - - -

Additions during the year

(1) Provision 3920732.47 58045000.00 - 5708469.84 - - 67674202.31

Balance at the end of the year 3920732.47 58045000.00 - 5708469.84 - - 67674202.31

Carrying amounts ? ? ? ? ? ? ?

At the end of the year 1847779816.10 123969505.00 - 182964130.26 956891.14 7275193.32 2162945535.82

At the beginning of the year 2066977655.61 89373004.99 - 94384746.48 956891.14 11091575.73 2262783873.95

?

The Group does not have any intangible asset arising from internal development.

97JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Intangible assets impairment test

For the intangible assets impairment test in the current year refer to note V.17 (2).

(3) Land use rights pending certificates of ownership

Project Carrying amount Reason why certificates of ownership are pending

Mainly are the land use rights newly added in the current

Land use rights 210933997.18

period and being purchased and delivered by the government

?

21 Long-term deferred expenses

Balance Accrued impairment Balance

Additions Amortization

Item at the beginning amount in the at the end

during the year for the year

of the year current year of the year

Installing expense 2062857.44 573647.50 1099067.37 192580.18 1344857.39

Reconstruction expense 108796837.11 15589848.26 50416316.62 33269719.47 40700649.28

Decoration expense 22836201.95 6719966.35 7947952.09 362625.00 21245591.21

Graphite pieces thermal field

289740079.25147101659.01318741333.2316192018.98101908386.05

and other expense

Total 423435975.75 169985121.12 378204669.31 50016943.63 165199483.93

?

For the impairement testing of long-term deferred expenses in the current year refer to note

V.17 (2).

22 Deferred tax assets and deferred tax liabilities

(1) Deferred tax assets and deferred tax liabilities

20242023

Item Temporary Temporary

Deferred tax Deferred tax

differences differences

Deferred tax assets:

Asset depreciation and amortization 1135860737.94 172239036.97 616722651.27 94454204.39

Provision for impairment of assets 3720716169.95 565739363.12 2149682987.21 328283337.59

Provisions 1427327066.13 221449648.38 1215086352.32 187317043.48

Accrued expenses 134864538.52 29248902.80 20856044.35 3128406.65

Unrealized profits of intra-group

1244385198.43189358329.983825527352.33512591208.00

transactions

Deferred income 597452024.20 90088790.18 458514947.44 68956734.17

Deductible tax losses 4742931013.65 711067178.55 498415392.07 76214077.10

Lease liabilities 2009386523.47 381617315.03 1243728176.84 213028366.34

Share-based payment - - 8971787.66 1822795.46

Changes in fair value of derivative

22201945.213330291.78--

financial liabilities

Sub-total 15035125217.50 2364138856.79 10037505691.49 1485796173.18

Amount offset 6793550783.40 1106483925.23 3460182599.23 553014372.51

Balance after offsetting 8241574434.10 1257654931.56 6577323092.26 932781800.67

Deferred tax liabilities ? ?

Capitalization of interest 20508352.61 3076252.89 78043862.92 11918451.00

Right-of-use assets 1957765080.91 373653692.44 1235044161.06 211480514.11

Asset depreciation and amortization 5532848627.29 835410405.37 5760273955.28 868809505.05

Changes in fair value of investments in

18486881.114621720.2844654681.0711163670.27

other equity instruments

Changes in fair value of derivative

1296536.44194480.477389914.401108487.16

financial assets

Convertible bonds 335634103.76 83908525.94 600567739.20 150141934.80

Installment sale 80482945.73 12072441.86 92818697.71 23204674.43

Sub-total 7947022527.85 1312937519.25 7818793011.64 1277827236.82

Amount offset 6793550783.40 1106483925.23 3460182599.23 553014372.51

Balance after offsetting 1153471744.45 206453594.02 4358610412.41 724812864.31

?

98JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(1) Details of unrecognized deferred tax assets

Item 2024 2023

Deductible temporary differences 4467453536.86 2685533684.78?

Deductible tax losses 7873230716.19 3603443193.26?

Total 12340684253.05 6288976878.04?

?

(1) Expiration of deductible tax losses for unrecognized deferred tax assets

Year 2024 2023

2024-34227497.33

202512393448.6013978340.39

202639488060.7429176196.80

202730090237.0273854415.23

2028545374893.40998734927.00

20292262189377.7117930282.22

Years afterwards 4983694698.72 2435541534.29

Total 7873230716.19 3603443193.26

?

23 Other non-current assets

20242023

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

Prepayments for equity

4630416.49-4630416.49165000000.00-165000000.00

investments

Prepayments for long-term

1535430394.84-1535430394.841304517312.54-1304517312.54

assets and raw materials

Input VAT to be

336530731.13-336530731.1362806986.34-62806986.34

deducted/certified

Time deposits of more than 1

7087670755.54-7087670755.545269208573.03-5269208573.03

year

Less: Time deposits due within

2598225693.39-2598225693.392498637840.30-2498637840.30

one year

Total 6366036604.61 - 6366036604.61 4302895031.61 - 4302895031.61

?

99JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

24 Assets with restrictive ownership titles or right-of-use

20242023

Item Restriction Reason for Restriction Reason for

Book value Carrying amount Book value Carrying amount

types restriction types restriction

Cash at bank and on hand 11960906456.52 11960906456.52 Pledge Deposits etc 9225344774.40 9225344774.40 Pledge Deposits etc

Outstanding Outstanding

endorsed or endorsed or

Bills receivable 178816352.77 178816352.77 Pledge discounted bills that 155083276.94 155018442.36 Pledge discounted bills that

have not matured at have not matured at

the end of the year the end of the year

Loan secured by Loan secured by

Accounts receivable 501756979.25 494502246.99 Pledge pledges and finance 406188266.96 400095442.96 Pledge pledges and finance

leases leases

Receivables under financing - - - - 174350594.00 174350594.00 Pledge Bills pledge

Non-current assets due within

2598225693.39 2598225693.39 Pledge Deposits etc 2498637840.30 2498637840.30 Pledge Deposits etc

one year

Loan secured by Loan secured by

mortgages mortgages

Fixed assets 10261610513.87 7599453408.38 Mortgage finance leases and 5373103863.73 4254272062.52 Mortgage finance leases and

government agency government agency

construction etc construction etc

Loan secured by Loan secured by

mortgages and mortgages and

Intangible assets 335566836.26 280227239.36 Mortgage 453873160.38 392438094.97 Mortgage

government agency government agency

construction etc construction etc

Other non-current assets 3464445062.15 3464445062.15 Pledge Deposits etc 2770570732.73 2770570732.73 Pledge Deposits etc

total 29301327894.21 26576576459.56 21057152509.44 19870727984.24

100JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

25 Short-term loans

(1) Short-term loans by category:

Category 2024 2023

Credit loans 3394392840.56 706735733.19

Guaranteed loans 4516220199.96 260827484.01

Pledged loans 550071111.06 6483457.88

Guarantees and mortgages 36942763.72 -

Guaranteed and pledged loans - 4544400.00

Total 8497626915.30 978591075.08

?

Guaranteed loans are obtained by the Company and the Group’s subsidiaries as guarantees

for their subsidiaries.

26 Derivative financial liabilities

Item Note 2024 2023

Foreign currency derivatives V.2 240166648.02 -

?

27 Bills payable

Item 2024 2023

Bank acceptance bills 13312487351.35 18480904576.50

Commercial acceptance bills 1033105535.79 128392037.35

Total 14345592887.14 18609296613.85

?

There is no due but unpaid bill payable at the end of the year. The bills above are all due within

one year.

28 Accounts payable

Item 2024 2023

Payable for materials and service fees 9814115775.05 8816378706.33

?

29 Advance Receipts

Item 2024 2023

Equity transfer funds received in advance 27272624.49 -

30 Contract liabilities

Item 2024 2023

Advances for goods 3406761047.28 4872292085.69

?

101JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

31 Employee benefits payable

(1) Employee benefits payable

Balance Balance

Accrued Decreased

Items Note at the beginning at the end

during the year during the year

of the year of the year

Short-term employee

(2)1064147000.805181806830.035789609157.18456344673.65

benefits

Post-employment benefits

(3)11325185.03448951022.99445362220.9014913987.12

- defined contribution plans

Termination benefits 284692.53 33471927.98 32211291.94 1545328.57

Total 1075756878.36 5664229781.00 6267182670.02 472803989.34

?

(2) Short-term employee benefits

Balance Balance

Accrued Decreased

Items at the beginning at the end

during the year during the year

of the year of the year

Salaries bonuses allowances and

1027409923.244371506232.094988588682.56410327472.77

subsidies

Staff welfare 4987215.11 294306528.86 290072806.82 9220937.15

Social insurance ? ? ? ?

- Medical insurance 5732224.68 231991071.74 229296813.22 8426483.20

- Work-related injury insurance 204120.71 16702802.10 16427479.18 479443.63

- Maternity insurance 53861.93 11871268.04 11362921.49 562208.48

Housing fund 8133103.91 193503532.65 196071428.52 5565208.04

Labour union fee staff and workers’

17626551.2261925394.5557789025.3921762920.38

education fee

Total 1064147000.80 5181806830.03 5789609157.18 456344673.65

?

(3) Post-employment benefits - defined contribution plans

Balance Balance

Accrued Decreased

Item at the beginning at the end

during the year during the year

of the year of the year

Basic pension insurance 10870937.69 432997147.65 429628701.10 14239384.24

Unemployment insurance 454247.34 15551758.80 15444539.24 561466.90

Enterprise annuity - 402116.54 288980.56 113135.98

Total 11325185.03 448951022.99 445362220.90 14913987.12

?

102JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

32 Taxes payable

Item 2024 2023

Corporate income tax 534690089.84 231234915.34

Value-added tax (VAT) 38269235.40 159901779.55

Property tax 23420356.69 18897603.63

Stamp duty 18999513.07 35611976.45

Land use tax 10375612.13 10145004.02

Individual income tax 10284463.92 22327570.80

Urban maintenance and construction tax 2014784.79 5405270.64

Education surcharges 1464807.18 4009137.16

Consumption tax 2748.64 1122080.53

River management fees 667791.65 1502546.47

Others 3777762.15 1082022.59

Total 643967165.46 491239907.18

?

33 Other payables

? Note 2024 2023

Dividends payable (1) - 252599002.24

Others (2) 10232056708.65 14117124052.24

Total ? 10232056708.65 14369723054.48

?

(1) Dividends payable

Item 2024 2023

KEI CHEONG(HK) Co. Ltd. - 89261071.50

China Orient Asset Management Co. Ltd. - 121666399.00

ABC Financial Asset Investment Co. Ltd. - 30416599.75

Hong Kong Jinhua Semiconductor Materials

-11254931.99

Corporation

Total - 252599002.24

(2) Others

Details of others by nature are as follows:

Items 2024 2023

Equipment and construction fee 8420071004.69 11650444216.92

Freight customs declaration service fees 1247866760.00 1776829893.14

Amounts due to other entities 35349240.08 40007182.45

Deposits security deposit 528769703.88 513682964.24

Repurchase obligation of restricted shares - 136159795.49

Total 10232056708.65 14117124052.24

?

103JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

34 Non-current liabilities due within one year

Non-current liabilities due within one year by category are as follows:

Item 2024 2023

Long-term loans due within one year 441563968.20 228796034.14

Debentures payable due within one year 16398620.54 8150197.69

Long-term payables due within one year 944869550.94 364871521.03

Lease liabilities due within one year 335390099.48 222489413.91

Other long-term liabilities due within one year

27235914.00-

(Note)

Total 1765458153.16 824307166.77

?

Note: Yangzhou Battery signed a construction assignment agreement with Yangzhou

Lingang Construction and Development Co. Ltd. in October 2017. According to theagreement as the consignee of “JA No.11 High-efficiency Battery Workshop andAuxiliary Building Project” Yangzhou Lingang construction and development Co. Ltd.should assist the management committee in fund raising payment and supervision

and assist in construction site management. Five years after the first payment of

Yangzhou Lingang Construction and Development Co. Ltd. and Yangzhou Batteryshall have a bullet repay without interest. As of 31 December 2024 “JA No.11 High-efficiency Battery Workshop and Auxiliary Building Project” has been completed.Yangzhou Lingang Construction Development Co. Ltd. has cumulatively raised RMB

183875914.00 for the project. Yangzhou Battery has repaid RMB 100000000.00 of

this amount leaving an outstanding balance of RMB 83875914.00 of which RMB

27235914.00 is due within one year.

35 Other current liabilities

Item 2024 2023

Pending output VAT 266148100.74 228496447.73

?

104JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

36 Long-term loans

Item Note 2024 2023

Credit loans 5522911418.45 50000000.00

Guaranteed loans 7575696167.53 543352351.74

Mortgaged loans 100467748.00 -

Guarantees and mortgages 554519257.10 -

Guaranteed and pledged loans 886921275.96 1069255555.11

Guaranteed mortgaged and pledged loans 43040000.00 43040000.00

Less: Long-term loans due within one year V.34 441563968.20 228796034.14

Including: Guaranteed loans due

233984222.88191624178.73

within one year

Credit loans due within one

48471418.45-

year

Guarantees and mortgages

74263328.91-

due within one year

Guaranteed and pledged

74844997.9637171855.41

loans due within one year

Guaranteed mortgaged

and pledged loans due 10000000.00 -

within one year

Total 14241991898.84 1476851872.71

?

Guaranteed loans are obtained by the Company and the Group's subsidiaries as guarantees

for their subsidiaries.

105JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

37 Debentures payable

(1) Debentures payable

Item 2024 2023

Convertible bonds 8640050116.78 8367890158.50

Less: Debentures payable due within one year 16398620.54 8150197.69

Total 8623651496.24 8359739960.81

(2) Details of debentures payable

Balance Issuance Amortisation Balance at

Face Issuance Maturity Interest at Repayment Share conversion Default

Debenture Issuance amount at the beginning during the of discounts or the end

value date period face value during the year during the year (Y/N)

of the year year premium of the year

JA Convertible

100.00 18 July 2023 Six years 8960307700.00 8367890158.50 - 26167636.42 264877060.19 17919213.60 965524.73 8640050116.78 N?

Bonds

(3) Description of Conditions for conversion and timing of convertible bonds

In accordance with the resolutions of the 36th Meeting of the 5th Board of Directors of JA Solar

Technology held on 25 August 2022 and the 24th Meeting of the 5th Supervisory Committee

held on the same date and the resolution of its 1st Extraordinary General Meeting of

Shareholders of 2022 held on 13 September 2022 as well as the resolution of the 28th Meeting

of the Listing Committee of Shenzhen Stock Exchange held on 27 April 2023 plus the Approval

of the Registration of the Issuance of Convertible Bonds to Public by JA Solar Technology Co.Ltd. By the CSRC (Zheng Jian Xu Ke No.1164 [2023]) JA Solar Technology Co. Ltd. has

publicly issued RMB8.96 billion convertible bonds. Fund raised amounted to RMB8.93 billion

after costs of issuance (RMB26.46 million). The convertible bonds have been listed and traded

on the Shenzhen Stock Exchange since 4 August 2023 with the abbreviation of "JA

Convertible Bonds" and the bond code of "127089".According to the Prospectus of JA Solar Technology Co. Ltd. on Issuance of Convertible

Bonds to the Public the initial conversion price of the convertible bonds is RMB38.78 per

share. The coupon rate of the convertible bonds is 0.20% for the first year 0.40% for the

second year 0.60% for the third year 1.50% for the fourth year 1.80% for the fifth year and

2.00% for the sixth year.

The issuance ended on 24 July 2023. The conversion period starts from 24 January 2024 (the

first trading day six months after 24 July 2023) to 17 July 2029 (the maturity date of the

convertible bond).In 2023 the Company recognized other equity instruments of RMB515408280.06 relating to

the issuance of convertible bonds. As of 31 December 2024 the Company reduced other

equity instruments by RMB58792.49 due to the conversion of convertible bonds.

38 Lease liabilities

Item Note 2024 2023

Long-term lease liabilities ? 2163197116.64 1375781457.39

Less: Lease liabilities due within

V.34 335390099.48 222489413.91

one year

Total ? 1827807017.16 1153292043.48

See Note V.69 for specific arrangements regarding the Group’s leases.

106JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

39 Long-term payables

Item Note 2024 2023

Long-term payables 7349135495.79 4359874503.93

Less: Long-term payables due within

V.34 944869550.94 364871521.03

one year

Total 6404265944.85 3995002982.90

?

40 Provisions

Translation

differences arising

Balance Balance

Additions Reductions from translation of Reasons

Item at the beginning at the end

during the year during the year foreign currency for the provision

of the year of the year

financial

statements

Warranties for product

1518973691.70333138704.4933094213.462117047.631821135230.36?

quality

Outstanding litigation - 16608775.75 - - 16608775.75 Note?

Total 1518973691.70 349747480.24 33094213.46 2117047.63 1837744006.11 ?

Note: In 2024 the customer filed a lawsuit on the sales contract dispute with JA Solar

Technology. As of 31 December 2024 relevant cases have not been settled and JA

Solar Technology has accrued estimated liabilities according to the estimated

compensation amount.

41 Deferred income

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Government grant 900906604.49 399117854.00 151150996.55 1148873461.94

Unrealized profit from long-term

105797219.71--105797219.71

investment under equity method

Total 1006703824.20 399117854.00 151150996.55 1254670681.65

?

42 Other non-current liabilities

Item Note 2024 2023

Other non-current liabilities V.34 56640000.00 83875914.00

?

107JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

43 Share capital

Balance Changes during the year: Increase / (Decrease) Balance

Item at the beginning Issuance of new Transfer from at the end

Bonus shares Others Sub-total

of the year shares reserves of the year

Total shares 3316259833.00 1030941.00 - - (7612040.00) (6581099.00) 3309678734.00

?

1. In 2024 the number of stock options exercised under the first grant and the reserved

grant of the 2020 Stock Option and Restricted Stock Incentive Plan and the 2022 Stock

Option Incentive Plan of the Company was 1004587.00 and the share capital has

accordingly increased by RMB 1004587.00.

2. In 2024 the number of shares converted from the convertible corporate bonds issued by

our company was 26354.00 shares increasing the share capital by RMB 26354.00.

3. On 26 February 2024 the seventeenth meeting of the Sixth Board of Directors and the

twelfth meeting of the Sixth Board of Supervisors of the Company approved the

Resolution on the Termination of the 2022 Stock Option and Restricted Stock Incentive

Plan and the Cancellation of Stock Options and the Repurchase and Cancellation of

Restricted Stocks and the Proposal for Termination of the 2023 Incentive Plan and

Cancellation of Stock Options and Repurchase and Cancellation of Restricted Share.The Company decided to terminate 2022 and 2023 Incentive Plans and all stock options

granted but not yet exercised shall be cancelled all restricted stock granted but not yet

vested shall be repurchased and cancelled. The 1st Extraordinary General Meeting of

2024 was held by the Company on 13 March 2024 and approved the above resolutions

at the meeting. As at 2 April 2024 the Company repurchased 4212040.00 restricted

shares not yet vested under the 2022 Incentive Plan at a price of RMB 20.06 per share

plus the deposit interest with the People’s Bank of China (PBOC) for the same period

and repurchased 3400000.00 restricted shares not yet vested under the 2023 Incentive

Plan at a price of RMB 14.50 per share plus the deposit interest with PBOC for the same

period. The total reduction in share capital was RMB 7612040.00.

44 Other equity instruments

(1) Financial instruments (including preference shares and perpetual bonds) that remain

outstanding at the end of the year are set out as follows:

Outstanding Maturity date

Issuance Accounting Dividend or Issuance Conversion

financial Quantity Amount or renewal Conditions for conversion

date classification interest rate price status

instruments status

The conversion period is

the first trading day after six

JA Convertible Other equity Conversion

18 July 2023 0.20% - 2.00% 100.00 89592856.00 515349487.57 17 July 2029 months from the date when

Bonds instruments started

the issuance of convertible

corporate bonds ends

?

(2) Movement of the financial instruments (including preference shares and perpetual bonds) that

remain outstanding at the end of the year:

At the beginning Additions Reductions At the end

Outstanding financial of the year during the year during the year of the year

instruments

Quantity Carrying value Quantity Carrying value Quantity Carrying value Quantity Carrying value

JA Convertible Bonds 89603077.00 515408280.06 - - 10221.00 58792.49 89592856.00 515349487.57

?

108JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

45 Capital reserve

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Share premium 13293660574.37 656379309.70 1007777498.00 12942262386.07

Other capital reserves 456957578.01 213316598.19 656495531.10 13778645.10

Total 13750618152.38 869695907.89 1664273029.10 12956041031.17

?

As of 31 December 2024 the reason for changes in the Group’s capital reserves are as follows:

1. In 2024 the number of stock options exercised under the first grant and reserved grant

portions of the 2020 Incentive Plan as well as the 2022 Incentive Plan is 1004587.00

resulting in an increase of RMB8515313.60 in the share premium under the capital

reserve after taking into account related transaction costs;

2. Due to the recognition of the vesting period expenses for the 2022 Incentive Plan in

January 2024 and the termination of the 2022 Incentive Plan the accelerated exercise

resulted in an increase of RMB 206624349.12 in the other capital reserves under the

capital reserve;

3. Due to the termination of the 2022 and 2023 Incentive Plans the Company repurchased

7612040.00 shares of restricted stock granted but not yet vested resulting in a

decrease of RMB128547755.49 in the share premium under the capital reserve;

4. In 2024 the Company exercised the stock options under the 2022 Incentive Plan

resulting in a decrease of RMB266.53 in the other capital reserves under the capital

reserve and an increase of RMB266.53 in the share premium under the capital reserve.Additionally due to the termination of the 2022 Incentive Plan the Company transferred

the corresponding other additional paid-in capital to share premium resulting in a

decrease of RMB645419647.29 in the other capital reserves under the capital reserve

and an increase of RMB645419647.29 in the share premium under the capital reserve;

5. In 2024 the Company repurchased shares for employee stock ownership plan and

equity incentive，and related transaction cost resulted in a decrease of RMB18734.46in the share premium under the capital reserve;

6. In 2024 26354.00 shares of convertible bonds issued by the Company were converted

resulting in an increase of RMB1006591.06 in the share premium under the capital

reserve;

7. Capital reserve - other capital reserve increased by RMB 1731390.28 due to changes

in other equity of associated enterprises;

8. In July 2024 and August 2024 the Company acquired the minority shareholders' equity

of the subsidiary JA Solar Technology Yangzhou Co. Ltd. resulting in a reduction of

RMB879211008.05 in capital reserve share premium;

9. In July 2024 the Company acquired the minority shareholders' equity of the subsidiary

Ningjin Jingxing Electronic Material Co. Ltd. resulting in an increase of RMB

1437491.22 in capital reserve share premium;

109JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

10. The Company held the equity of Suzhou JSolar Technology Co. Ltd. which was

passively diluted due to the financing of associated companies resulting in an increase

of RMB4960858.79 in capital reserve other capital reserve;

11. In February 2024 the Company disposed of 1.30% of the equity of Suzhou Jusheng in

disposal. After disposal the Company will no longer exert significant influence on Suzhou

JSolar Technology Co. Ltd. resulting in a decrease of RMB 11075617.28 in capital

reserve other capital reserve.

46 Treasury shares

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Treasury shares 396088524.11 230061292.93 136159795.49 489990021.55

?

1. In 2024 due to the termination of the 2022 and 2023 stock option and restricted stock

incentive plans the Company repurchased 7612040.00 shares of restricted stocks that

had been granted but not yet lifted reducing treasury shares by RMB 136159795.49;

2. In 2024 the Company repurchased 14462100.00 ordinary shares and increased

treasury shares by RMB 230061292.93 because of repurchasing shares for employee

stock ownership plan or equity incentive.

110JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

47 Other comprehensive income

Balance at the Movements during the year Balance at the end

beginning of the Less: Previously Net-of-tax amount of the year

Less: Previously Net-of-tax amount

Item year attributable Before-tax recognized amount Less: Income attributable to attributable to

recognized amount attributable to non-

to shareholders amount transferred to tax expenses shareholders of the shareholders of the

transferred to profit or loss controlling interests

of the Company retained earnings Company Company

Item that will not be

33491010.80(18974177.43)-5395216.90(4743544.36)(19625849.97)-13865160.83

reclassified to profit or loss

- Changes in fair value of

investments in other 33491010.80 (18974177.43) - 5395216.90 (4743544.36) (19625849.97) - 13865160.83

equity instruments

Item that may be reclassified

14952818.26187814572.426406301.47--181408270.95-196361089.21

to profit or loss

- Cash flow hedge

-6406301.476406301.47-----

reserve

- Translation differences

arising from

translation of foreign 14952818.26 181408270.95 - - - 181408270.95 - 196361089.21

currency financial

statements

Total other comprehensive

48443829.06168840394.996406301.475395216.90(4743544.36)161782420.98-210226250.04

income

?

111JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

48 Specific reserve

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Safety fund 25935682.38 21409278.51 7896853.40 39448107.49

?

49 Surplus reserve

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Statutory surplus reserve 783484265.87 - - 783484265.87

?

50 Retained earnings

Item Note 2024 2023

Retained earnings at the beginning of the

?17072121825.7310815830846.99

year

Add: Business combination under

?-(20883103.49)

common control

Changes in accounting policies - 881254.01

Add: Net (losses) / profits for the year

attributable to shareholders of the (4655943814.17) 7039490537.23

Company

Less: Appropriation for statutory surplus

?-251500356.12

reserve

Dividends to ordinary shares (1) 1849563570.72 565629224.16

Others (2) (5395216.90) (53931871.27)

Retained earnings at the end of the year 10572009657.74 17072121825.73

?

(1) Dividends in respect of ordinary shares declared during the year

Pursuant to the shareholders’ approval at the shareholders’ general meeting on 21 May 2024

a cash dividend of RMB 0.56 per share (2023: RMB 2.4 per share) totalling RMB

1849563570.72 (2023: RMB 565629224.16) was declared and paid to the Company’s

ordinary shareholders on 30 May 2024.

(2) In 2024 the Group sold part of the equity in Nordkette (SuZhou) Intelligent Equipment Co.

Ltd. and Duowei Union Group Co. Ltd. RMB 5395216.90 of the accumulated other

comprehensive income was transferred to the retained earnings.

112JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

51 Operating income and operating costs

(1) Operating income and operating costs

20242023

Item

Income Cost Income Cost (Restated)

Principal activities 69285007793.24 66686970370.75 80747270951.15 66900391057.49

Other operating activities 835689236.49 292245899.66 808906285.83 263557591.70

Total 70120697029.73 66979216270.41 81556177236.98 67163948649.19

?

(2) Disaggregation of operating income and operating costs

20242023

Type of contract

Income Cost Income Cost (Restated)

By type of products ? ? ? ?

Solar module 66627740897.28 63413018052.91 78174617903.22 64275918799.78

Operation of photovoltaic power station 1242289894.94 669125174.45 843274457.51 481624584.51

Others 2250666237.51 2897073043.05 2538284876.25 2406405264.90

Total 70120697029.73 66979216270.41 81556177236.98 67163948649.19

By geographical regions ? ?

Mainland 29701012209.25 32069945835.07 37128416721.90 32631871429.43

America 16386094109.62 11235383255.96 13571634350.71 8677567902.96

Europe 12726712255.65 13173793281.96 17619601271.02 15209970179.49

Asia and Oceania 9010975935.09 8235502183.11 11142627268.22 8846907939.72

Africa and others 2295902520.12 2264591714.31 2093897625.13 1797631197.59

Total 70120697029.73 66979216270.41 81556177236.98 67163948649.19

52 Taxes and surcharges

Item 2024 2023

Stamp duty 89983485.33 130031410.97

City maintenance and construction tax 50023271.96 101217305.48

Education and local education surcharges 34813564.70 80761979.88

Property tax 91762566.34 53820023.55

Land use tax 37532115.34 34876948.51

River management fees 10116269.13 14350447.99

Others 43163204.65 6568753.91

Total 357394477.45 421626870.29

?

53 Selling and distribution expenses

Item 2024 2023 (Restated)

Salaries and benefits 431290437.35 438061901.51

Promotion and exhibition and marketing fees 227127413.23 160309885.93

Storage and rental charge 154581537.87 180201906.44

Professional service fees 130193163.69 103671019.76

Office travel expenses 63593062.67 47407417.11

Others 71055458.09 59530065.27

Total 1077841072.90 989182196.02

?

113JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

54 General and administrative expenses

Item 2024 2023

Salaries and benefits 905513942.61 1294727383.96

Depreciation and amortization 227538024.48 185345343.28

Share-based payment 206624349.12 306762489.43

Pre-operating expenses 194524614.53 141047599.04

Expenses for advisory auditing and evaluating 155211210.16 96743257.53

Office travel expenses 87834647.94 115511979.34

Property management fee 65338955.03 50507097.91

Insurance premium 46806405.03 19602373.66

Rental charge 25640248.76 25897726.49

Others 91821200.90 109149144.27

Total 2006853598.56 2345294394.91

?

55 Research and development expenses

Item 2024 2023

Material expenses 446134588.66 560820993.93

Salaries and benefits 310136578.58 332035406.26

Fuel expenses 109839369.72 130805057.41

Others 120563035.70 118417984.26

Total 986673572.66 1142079441.86

?

56 Financial expenses

Item 2024 2023

Interest expenses from loans and payables 692750020.77 312192135.34

Interest expenses from debentures payable 291044696.61 130073063.95

Interest expenses from lease liabilities 78151930.55 66568480.62

Less: Borrowing costs capitalised - 2549244.74

Interest income from deposits and receivables (570251855.75) (364837863.67)

Net foreign exchange gains (74695438.57) (585237913.56)

Other financial expenses 131883493.77 83920969.31

Total 548882847.38 (359870372.75)

?

57 Other income

Item 2024 2023

Government grants 407208809.91 724034368.08

Additional deduction of input VAT 90891973.21 3476473.45

Refund of handling fee for individual income tax 6165369.82 5860426.67

Total 504266152.94 733371268.20

?

114JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

58 Investment income

Investment income by item

Item 2024 2023

Investment (losses) / income from long-term equity

(64413224.96)277063417.49

investments accounted for using equity method

Investment income from disposal of long-term

41584252.95203384130.79

equity investments

Dividend income from investments in other equity

1229345.52-

instruments during holding period

Investment losses from disposal of derivative

(47170102.56)(550954146.01)

financial instruments

Dividend income from other non-current financial

660468.90-

assets during the holding period

Gains from remeasurement of residual equity at fair

58121146.49-

value after loss of significant impact

Total (9988113.66) (70506597.73)

?

59 Gains from changes in fair value

Item 2024 2023

(Losses)/Gains on fair value changes of derivative

(248756571.01)125640705.84

financial instruments proceeds

?

60 Credit losses

Item 2024 2023

Reversal / (Losses) of bad and doubtful debts on

72844.96(219996.72)

bills receivable

Losses of bad and doubtful debts on accounts

(108044860.87)(57995387.02)

receivable

Losses of bad and doubtful debts on other

(44332508.55)(25354325.13)

receivables

Losses of bad and doubtful debts on long-term

(22048663.89)(28760723.93)

receivables (due within one year inclusive)

Total (174353188.35) (112330432.80)

?

61 Impairment losses

Item 2024 2023

Inventories (124499615.67) (1014609062.89)

Contract assets 1000911.86 360445.00

Fixed assets (2856527388.98) (1291932119.05)

Construction in progress (24404262.83) -

Right-of-use assets (32257797.90) -

Intangible assets (67674202.31) -

Long-term deferred expenses (50016943.63) -

Total (3154379299.46) (2306180736.94)

?

115JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

62 Gains from asset disposals

Item 2024 2023

Losses from disposal of fixed assets (38379958.33) (110683232.83)

(Losses) / Gains from disposal of right-of-use

(28022259.82)985946.27

assets

Gains from disposal of intangible assets 14166628.18 -

Total (52235589.97) (109697286.56)

63 Non-operating income and non-operating expenses

(1) Non-operating income by item is as follows:

Amount

recognized in

Item 2024 2023

extraordinary gain

and loss in 2024

Gains from damage or scrapping of non-

6271814.872967661.146271814.87

current assets

Insurance claim 2272402.34 3087162.50 2272402.34

Written-off on payables 3008871.02 2985501.11 3008871.02

Income from default fine and penalties 10718110.61 8265241.90 10718110.61

Others 5553010.77 3318588.38 5553010.77

Total 27824209.61 20624155.03 27824209.61

?

(2) Non-operating expenses

Amount

recognized in

Item 2024 2023

extraordinary gain

and loss in 2024

Losses on damage or scrapping of fixed

154510838.29106753912.71154510838.29

assets

Donations provided 6204726.22 35408894.39 6204726.22

Expenses for contract settlement fees fines

63691644.832640325.4263691644.83

and late payment penalty

Outstanding litigation 16608775.75 (57447283.15) 16608775.75

Others 11132287.93 4662434.22 11132287.93

Total 252148273.02 92018283.59 252148273.02

?

64 Income tax expenses

Item Note 2024 2023

Current tax expense for the year based on

769793416.00849577280.03

tax law and regulations

Changes in deferred tax assets/liabilities (1) (870783646.80) 882015.15

Total (100990230.80) 850459295.18

(1) The analysis of changes in deferred tax assets/liabilities is set out below:

Item 2024 2023

Origination and reversal of temporary differences (870783646.80) 882015.15

?

116JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Reconciliation between income tax expenses and accounting profit:

Item 2024 2023

Profit before taxation (5195935482.55) 8042818848.91

Expected income tax expense at tax rate of 25% (1298983870.64) 2010704712.23

Effect of different tax rates applied by subsidiaries 309274340.88 (1745013904.56)

Adjustments to income tax of previous years 26552736.81 (5210135.02)?

Effect of non-taxable income 19835781.46 (63418570.05)

Effect of non-deductible costs expense and losses 45151631.62 51169794.54

Effect of using the deductible losses for which no

deferred tax asset was recognized in previous (74908573.59) (49602676.62)

periods

Effect of deductible temporary differences or

deductible losses for which no deferred tax asset 950092778.29 797438542.59

was recognized at the end of this year

Others (78005055.63) (145608467.93)

Income tax expenses (100990230.80) 850459295.18?

?

65 Basic (losses) / earnings per share and diluted earnings per share

(1) Basic (losses) / earnings per share

Basic earnings per share is calculated as dividing consolidated net profit attributable to ordinary

shareholders of the Company by the weighted average number of ordinary shares outstanding:

?20242023

Consolidated net (losses) / profit attributable to

(4655943814.17)7039490537.23

ordinary shareholders of the Company

Less: Net profits distributed to the shareholders of

-2363286.24

restricted shares during the period

Weighted average number of ordinary shares

3286477826.623295316958.40

outstanding

Basic (losses) / earnings per share (RMB / share) (1.42) 2.14

?

Weighted average number of ordinary shares is calculated as follows:

? Note 2024 2023

Issued ordinary shares at the beginning of

?3296164193.203285097214.00

the year

Effect of repurchase of equity interest (10550616.08) (1040300.00)

Effect of the release of restricted shares - 4665298.17

Effect of share options exercised V.43 848336.83 6594746.23

Impact of convertible bond conversion V.43 15912.67 -?

Weighted average number of ordinary shares

?3286477826.623295316958.40

at the end of the year

?

The Company has issued the Implementation Report on the 2022 Annual Equity Distribution

in April 2023 and increased 4 shares for every 10 shares to all shareholders by transferring

the share premium in the capital reserve. The calculation of the weighted average number of

ordinary shares has considered the effect of transferring capital reserves into shares.

117JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Diluted (losses) / earnings per share

Diluted earnings per share is calculated as dividing consolidated net (losses) / profit attributable

to ordinary shareholders of the Company (diluted) by the weighted average number of ordinary

shares outstanding (diluted).In 2024 the Company had potential ordinary shares due to the impact of convertible bonds

but due to the loss of this year the potential ordinary shares were not dilutive so the diluted

loss per share was equal to the basic loss per share.? Note 2023

Consolidated net profit attributable to ordinary

(a) 7137045335.19

shareholders of the Company (diluted)

Weighted average number of ordinary shares outstanding

(b) 3406373769.25

(diluted)

Diluted earnings per share (RMB / share) ? 2.10

?

(a) Consolidated net profit attributable to ordinary shareholders of the Company (diluted) is

calculated as follows:

?2023

Consolidated net profit attributable to ordinary

7039490537.23

shareholders of the Company

Diluted adjustments:

After-tax effect of effective interest on the liability

97554797.96

component of convertible bonds

Consolidated net profit attributable to ordinary

7137045335.19

shareholders of the Company (diluted)

?

(b) Weighted average number of the Company’s ordinary shares (diluted) is calculated as

follows:

?2023

Weighted average number of ordinary shares at the end

3295316958.40

of the year

Diluted adjustments:

Effect of convertible bonds 96372264.89

Effect of granting restricted shares 186983.63

Effect of share options 14497562.33

Weighted average number of ordinary shares (diluted) at

3406373769.25

the end of the year

?

118JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

66 Cash flow statement

(1) Proceeds from other operating activities:

Item 2024 2023

Deposits 7145319938.45 5888178587.56

Government grant 695723821.53 1087057686.64

Interest income 482563130.68 168584938.67

Capital flows and others 310103566.93 542921972.60

Total 8633710457.59 7686743185.47

?

(2) Payments for other operating activities:

Item 2024 2023

Deposits 9219195068.62 5806147592.59

Cash paid expenses and others 1532250840.97 1419051212.99

Service charges 67211131.76 59778306.30

Non-operating expenses 60690172.26 57481565.22

Total 10879347213.61 7342458677.10

?

(3) Proceeds from other investing activities:

Item 2024 2023

Recovery of forward foreign exchange contracts

389701693.70125569344.43

foreign exchange options

Returned prepaid equity investment 18283200.00 -

Received equity transfer deposit 20000000.00 -

Recover the amounts due from disposed

-336255681.49

subsidiaries

Total 427984893.70 461825025.92

?

(4) Payments for other investing activities:

Item 2024 2023

Payment for forward foreign exchange contracts

429120697.75672534465.27

foreign currency option loss

Time deposits 1605000000.00 -

Payment for deposits - 158818599.05

Others 715235.00 -

Total 2034835932.75 831353064.32

?

(5) Proceeds from other financing activities:

Item 2024 2023

Sale and leaseback financing funds 2800091634.54 -

Others 3000000.00 -

Total 2803091634.54 -

?

119JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(6) Payments for other financing activities:

Item 2024 2023

Lease and installment purchase of assets 1230830234.09 1004809027.24

Business combination under common control - 56000000.00

Repayment of the principal and interest of the

-807000000.00

borrowing funds

Purchase of minority shareholders' equity 2638595513.22 218450000.00

Share repurchase funds 366240138.82 259928728.62

Financing deposits 862608000.00 -

Other expenses relating to financing 79522689.75 15624158.01

Total 5177796575.88 2361811913.87

?

(7) Changes in liabilities relating to financing activities:

Balance at the Additions during the year Decreases during the year

Balance at the end

beginning of the Change in non-cash Change in non-cash

year Change in cash Change in cash

of the year

items items

Dividends payable 252599002.24 -? 2052480573.55 2302314606.97 2764968.82 -

Short-term and long-term loans

2684238981.9325934687390.42622039972.526059783562.53-23181182782.34

(including loans due within one year)

Lease liabilities (including lease liabilities

1375781457.39-1025227774.62237812115.37-2163197116.64

due within one year)

Long-term payables (including long-term

4359874503.932800091634.541182187476.04993018118.72-7349135495.79

payables due within one year)

Debentures payable (including

debentures payable due within one 8367890158.50 - 291044696.61 17919213.60 965524.73 8640050116.78

year)

Other non-current liabilities (including

other non-current liabilities due within 83875914.00 - - - - 83875914.00

one year)

Total 17124260017.99 28734779024.96 5172980493.34 9610847617.19 3730493.55 41417441425.55

120JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

67 Supplementary information on cash flow statement

(1) Supplement to cash flow statement

a. Reconciliation of net profit to cash flows from operating activities:

Item 2024 2023

Net (losses) / profit (5094945251.75) 7192359553.73

Add: Credit losses 174353188.35 112330432.80

Impairment losses 3154379299.46 2306180736.94

Depreciation of fixed assets 5696771071.80 3335579122.40

Depreciation of right-of-use assets 267667300.54 213592423.67

Amortization of intangible assets 143174150.76 96021367.20

Amortization of long-term deferred

378204669.31366781603.85

expenses

Losses from disposal of fixed assets

intangible assets and other long-term 52235589.97 109697286.56

assets

Losses from scrapping of fixed assets 148239023.42 103786251.57

Losses / (Gains) from changes in fair

248756571.01(125640705.84)

value

Net financial expenses / (income) 1071820317.52 (82953378.39)

Investment losses 9988113.66 70506597.73

Increase in deferred tax assets (913998668.58) (123385811.88)

Increase in deferred tax liabilities 43215021.78 124267827.03

Decrease / (Increase) in inventories 2309754123.09 (3552725398.62)

Increase in operating receivables (841464863.56) (5042117656.50)

(Decrease) / Increase in operating

(3976718667.13)7093904139.20

payables

Others 475144971.89 215960994.30

Net cash inflows from operating activities 3346575961.54 12414145385.75

?

b. Change in cash and cash equivalents:

Item 2024 2023

Cash and cash equivalents at the end of the

12571615081.886763088775.67

year

Less: Cash and cash equivalents at the

6763088775.676120476584.90

beginning of the year

Net increase in cash and cash equivalents 5808526306.21 642612190.77

?

121JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Information on disposals of subsidiaries during the year

?20242023

Cash or cash equivalents received from the

197435071.51257875200.00

disposal of subsidiaries during the current year

Including: Jiuquan Jingyang New Energy Co. Ltd. 1000000.00 -

Jingneng New Energy Development

100806250.00-

(Lincheng) Co. Ltd.Jingneng New Energy Development

68193750.00-

(Renxian) Co. Ltd.Inner Mongolia Mengjia PV Technology Co.

27272624.49-

Ltd.Meishan Aoshun New Energy Co. Ltd. 151968.02 -

Yantai Xinaoguang New Energy Technology

10000.00-

development Co. Ltd.Zhongmou Jingteng PV Technology Co.

475.00-

Ltd.Ruyang Jingtai New Energy Co. Ltd. 1.00 -

Yongji Jingtai New Energy Co. Ltd. 1.00 -

Xiaoao (Yichang) New Energy Technology

1.00-

Co. Ltd.Huaibei Aohai New Energy Co. Ltd. 1.00 -

Kunshan Jinghai Energy Technology Co.-476000.00

Ltd.Xinsheng PV Electric (Tuquan) Co. Ltd. - 195000000.00

Inner Mongolia YiAo PV Technology Co.-16603200.00

Ltd.Inner Mongolia ChengAo PV Technology

-21249700.00

Co. Ltd.Inner Mongolia Huijia PV Technology Co.-24546300.00

Ltd.Less: Cash and cash equivalents held by

56673858.7525187094.26

subsidiaries on the date control was lost

Including: Jiuquan Jingyang New Energy Co. Ltd. 535355.02 -

Jingneng New Energy Development

42832995.27-

(Lincheng) Co. Ltd.Jingneng New Energy Development

13153476.63-

(Renxian) Co. Ltd.Meishan Aoshun New Energy Co. Ltd. 151968.02 -

122JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Information on disposals of subsidiaries during the year (continued)

?20242023

Yantai Xinaoguang New Energy Technology

63.81-

development Co. Ltd.Kunshan Jinghai Energy Technology Co.-179419.00

Ltd.Xinsheng PV Electric (Tuquan) Co. Ltd. - 1901822.00

Inner Mongolia YiAo PV Technology Co.-9142649.56

Ltd.Inner Mongolia ChengAo PV Technology

-7115160.13

Co. Ltd.Inner Mongolia Huijia PV Technology Co.-6848043.57

Ltd.Add: Cash or cash equivalents received from the

disposal of subsidiaries in previous years but 66616660.00 23850000.00

received during the current year

Including: Xinsheng PV Electric (Tuquan) Co.

65000000.00-

Ltd.Inner Mongolia Huijia PV Technology Co.

1616660.00-

Ltd.Hai Tian Da PV Electric (Hoboksar) Co.-23850000.00

Ltd.Net cash received from disposal of subsidiaries 207377872.76 256538105.74

(3) Details of cash and cash equivalents

Item 2024 2023

Cash 12547835841.74 6763088775.67

Including: Cash on hand - -

Bank deposits available on demand 12547835841.74 6763088775.67

Add: Cash and cash equivalents transferred out to

23779240.14-

assets held for sale (Note V.10)

Closing balance of cash and cash equivalents 12571615081.88 6763088775.67

?

123JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(4) Information on supplier finance arrangements:

(a) Terms and conditions of supplier finance arrangements:

The Group has introduced a third-party supply chain information service platform to

provide financing services to suppliers holding electronic certificates of creditor rights

issued by the Group. The Group’s payment obligation under the electronic certificates

of creditor rights is unconditional and irrevocable and is not affected by any commercial

disputes among related parties involved in the circulation of the certificates. The Group

will not assert offsetting or defense with respect to this payment liability. The Group will

transfer the corresponding amount under the electronic certificates of creditor rights at

the payment date in accordance with the business rules. The electronic certificates of

creditor rights can be transferred and used for financing.(b) Information related to financial liabilities arising from supplier financing arrangements:

31 December 2024 1 January 2024

Short-term loans 307091727.47 -

Including: supplier has received funds

307091727.47 N/A

from financing provider

The payment maturity range of the above financial liabilities is as follows:

Item 31 December 2024

Financial liabilities belonging to supplier financing

162-363 days from receipt of invoice

arrangements

Comparable accounts payable that are not part of

10-180 days from receipt of invoice

supplier financing arrangements

Due to the financing arrangements for suppliers the Group derecognized accounts

payable and recognized short-term loans amounting to RMB 307091727.47 in 2024

which was considered as non-cash changes. The above changes in the Group’s

financial liabilities were not affected by business combinations or foreign exchange rate

changes.

124JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

68 Foreign-currency monetary items

(1) Foreign-currency monetary items

Balance at foreign Balance at RMB

Item currency at the Exchange rate equivalent at the

end of the year end of the year

Cash at bank and on hand ? ? ?

Including: AUD 3773435.99 4.5070 17006876.01

BRL 1397817.62 1.1635 1626360.80

EUR 33679935.12 7.5257 253465087.75

HKD 656785.20 0.9260 608209.37

JPY 1446997913.40 0.0462 66899054.53

KRW 9176993948.97 0.0049 45315996.12

MYR 39872.31 1.6199 64589.35

TRY 12104157.78 0.2051 2482647.49

USD 833245994.90 7.1884 5989705509.72

VND 97021506819.79 0.0003 27457086.43

ZAR 15751775.64 0.3844 6055108.57

GBP 739366.74 9.0765 6710862.21

AED 293478.96 1.9711 578488.71

THB 20739850.54 0.2126 4410101.08

Accounts receivable

Including: AUD 214414.20 4.5070 966364.80

EUR 205901349.79 7.5257 1549551788.08

JPY 749811749.62 0.0462 34666046.62

KRW 21122431883.35 0.0049 104302568.64

USD 424148785.25 7.1884 3048951127.90

VND 507297561.84 0.0003 143565.21

ZAR 14911379.99 0.3844 5732053.76

?

125JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Balance at foreign Balance at RMB

Item (continued) currency at the Exchange rate equivalent at the

end of the year end of the year

Other receivables

Including: AED 1600.00 1.9711 3153.83

AUD 9600.00 4.5070 43267.20

BRL 40600.00 1.1635 47238.10

EUR 2139367.67 7.5257 16100239.27

JPY 25012659.14 0.0462 1156410.27

KRW 80628703.93 0.0049 398144.54

MYR 2837914.96 1.6199 4597152.63

USD 102308161.17 7.1884 735431985.76

VND 3330365371.02 0.0003 942493.40

Short-term loans

Including: EUR 4908880.73 7.5257 36942763.73

JPY 600000000.00 0.0462 27739800.00

Accounts payable

Including: EUR 4611501.01 7.5257 34704773.14

JPY 245355.91 0.0462 11343.54

USD 50177122.46 7.1884 360693227.08

VND 24260386784.45 0.0003 6865689.46

Other payables

Including: AUD 353695.20 4.5070 1594104.26

BRL 195512.13 1.1635 227478.36

EUR 4195346.03 7.5257 31572915.65

JPY 98997168.26 0.0462 4576936.08

KRW 1963378021.47 0.0049 9695160.67

MYR 145571.47 1.6199 235811.95

TRY 164147.49 0.2051 33667.80

USD 97754342.98 7.1884 702697319.05

VND 329014523356.89 0.0003 93111110.11

ZAR 10859478.91 0.3844 4174470.57

GBP 16570.00 9.0765 150397.61

Long-term loans (including loans due within one

year)

Including: EUR 73683412.45 7.5257 554519257.09

VND 13788980636.04 0.0003 3902281.52

?

126JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Details of foreign operations

Principal place of Functional

Name of the Subsidiary Native name Reasons for funcational currency

business currency

JA Solar International Limited JA Solar International Limited Hong Kong USD Settlement currency for operating activities

JA Solar Trading Limited JA Solar Trading Limited Hong Kong USD Settlement currency for operating activities

JA Solar Investment (Hong Kong) Limited JA Solar Investment (Hong Kong) Limited Hong Kong USD Settlement currency for operating activities

JA Solar HongKong Limited JA Solar HongKong Limited Hong Kong USD Settlement currency for operating activities

JA Solar Smart Energy (Hong Kong) Limited JA Solar Smart Energy (Hong Kong) Limited Hong Kong USD Settlement currency for operating activities

JA Solar Energy Investment (Hong Kong)

JA Solar Energy Investment (Hong Kong) Co.Limited Hong Kong Settlement currency for operating activities

Co.Limited USD

JA Solar Renewable Energy Limited JA Solar Renewable Energy Limited Hong Kong USD Settlement currency for operating activities

JA Solar Malaysia Sdn. Bhd. JA Solar Malaysia Sdn. Bhd. Malaysia MYR Settlement currency for operating activities

JA Solar Australia PTY Limited JA Solar Australia PTY Limited Australia AUD Settlement currency for operating activities

JA Solar Brasil Ltda JA Solar Brasil Ltda Brazil BRL Settlement currency for operating activities

JA Solar Middle East DMCC JA Solar Middle East DMCC Dubai AED Settlement currency for operating activities

JA Solar DMCC JA Solar DMCC Dubai AED Settlement currency for operating activities

JA Solar GmbH JA Solar GmbH Germany EUR Settlement currency for operating activities

JA Solar Japan Limited JA ソーラー?ジャパン株式会社 (JA Solar Japan Limited) Japan JPY Settlement currency for operating activities福島中森土地合同会社

Japan JPY Settlement currency for operating activities

Fukushimanakamori Real Estate LLC (Fukushimanakamori Real Estate LLC)

JA ソーラー?ジャパン?アセットマネジメント合同会

社 Japan JPY Settlement currency for operating activities

JA Solar Japan Asset Management LLC (JA Solar Japan Asset Management LLC)

エコプレクサス塩尻プロジェクト合同会社

Japan JPY Settlement currency for operating activities

Ecoplexus Shiojiri Project LLC (Ecoplexus Shiojiri Project LLC)

JA Solar Korea Co. Ltd. ????????? ???? (JA Solar Korea Co. Ltd.) Korea KRW Settlement currency for operating activities

JA Solar OM (FZC) SPC JA Solar OM (FZC) SPC Oman USD Settlement currency for operating activities

JA Solar South Africa (PTY) Ltd. JA Solar South Africa (PTY) Ltd. South Africa ZAR Settlement currency for operating activities

JA Solar SA (PTY) Ltd JA Solar SA (PTY) Ltd South Africa ZAR Settlement currency for operating activities

JA SOLAR ENERGY SPAIN SOCIEDAD

LIMITADA JA SOLAR ENERGY SPAIN SOCIEDAD LIMITADA Spain EUR Settlement currency for operating activities

JA Solar Enerji Yatirim Ticaret Limited Sirketi JA Solar Enerji Yatirim Ticaret Limited Sirketi Turkey TRY Settlement currency for operating activities

JA Solar USA Inc. JA Solar USA Inc. U.S.A. USD Settlement currency for operating activities

JA Solar Industrial Corp. JA Solar Industrial Corp. U.S.A. USD Settlement currency for operating activities

JA Solar AZ LLC. JA Solar AZ LLC. U.S.A. USD Settlement currency for operating activities

JA Solar VietNam Company Limited JA Solar VietNam Company Limited VietNam USD Settlement currency for operating activities

JA SOLAR PV VIETNAM COMPANY LIMITED JA SOLAR PV VIETNAM COMPANY LIMITED VietNam USD Settlement currency for operating activities

JA SOLAR NE VIETNAM COMPANY LIMITED JA SOLAR NE VIETNAM COMPANY LIMITED VietNam USD Settlement currency for operating activities

127JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

69 Leases

(1) As a lessee

Item 2024 2023

Short-term lease expenses for which the practical

76693458.7361476672.79

expedient has been applied

Expenses relating to leases of low-value assets for

which the practical expedient has been applied 137849425.85 40631888.26

excluding short-term leases of low-value assets

Total cash outflow for leases 444957731.07 525622493.45

?

(2) As a lessor

Operating lease

Item 2024 2023

Lease income 11373618.49 10320544.16

Including: Income relating to variable lease

--

payments not included in lease receipts

?

The undiscounted lease receipts to be received after the balance sheet date are as follows:

Item 2024 2023

Within 1 year (inclusive) 5744582.20 7232129.45

Over 1 year but within 2 years (inclusive) 2267650.20 5068959.06

Over 2 years but within 3 years (inclusive) 1222951.14 3229026.32

Over 3 years but within 4 years (inclusive) 701687.31 2181953.82

Over 4 years but within 5 years (inclusive) - 544609.25

Over 5 years - -

Total 9936870.85 18256677.90

?

VI. Research and development expenses

Presentation by nature

Item 2024 2023

Material expenses 446134588.66 560820993.93

Salaries and benefits 310136578.58 332035406.26

Fuel expenses 109839369.72 130805057.41

Others 120563035.70 118417984.26

Total 986673572.66 1142079441.86

Including: research and development expenditures

986673572.661142079441.86

that are expensed

128JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

VII. Change of consolidation scope

1 Disposal of subsidiaries

Transactions or events losing control of subsidiaries in the current year

Difference

between

Shareholding Disposal

consideration

being method Basis for

Consideration received and the

disposed on on the Date of losing determining

Entity name on the date of related share of

the date of date of control date of losing

losing control net assets in

losing control losing control

consolidated

(%) control

financial

statements

Jiuquan Jingyang New Equity transfer

1000000.00 100.00 Transfer January 24 2024 24644.98

Energy Co. Ltd. completed

Yantai Xinaoguang New

Equity transfer

Energy Technology 10000.00 100.00 Transfer August 12 2024 3957.44

completed

development Co. Ltd.Meishan Aoshun New Equity transfer

151968.02 100.00 Transfer August 30 2024 -

Energy Co. Ltd. completed

Zhongmou Jingteng PV September 11 Equity transfer

500.00 100.00 Transfer 500.00

Technology Co. Ltd. 2024 completed

Jingneng New Energy

September 30 Equity transfer

Development (Lincheng) 205620900.50 100.00 Transfer 12353477.61

2024 completed

Co. Ltd.Jingneng New Energy

September 30 Equity transfer

Development (Renxian) 127804316.00 100.00 Transfer (1146276.22)

2024 completed

Co. Ltd.

129JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

2 Other reasons for change of consolidation scope

In January 2024 the Group established the following new companies: Bijie Jingyuan New

Energy Technology Co. Ltd. Bijie Aofei New Energy Co. Ltd. Guangxi Jingle New Energy

Technology Co. Ltd. Hainan Aosheng New Energy Technology Co. Ltd. Hainan Jingsheng

New Energy Technology Co. Ltd. Juancheng Aosheng New Energy Technology Co. Ltd.Langfang Anjing New Energy Technology Co. Ltd. Liupanshui Aoneng New Energy

Technology Co. Ltd. Qujing Jingan New Energy Co. Ltd. Qujing Yijing New Energy Co. Ltd.Shanghai Jingjietong New Energy Co. Ltd. Shijiazhuang Jingteng PV Technology Co. Ltd.Wuxi Jingruishi New Energy Technology Co. Ltd. Zhangzhou Jingmei New Energy Co. Ltd.and Zhuzhou Jingcan New Energy Technology Co. Ltd.;

In February 2024 the Group established Foshan Aohai New Energy Co. Ltd. Jining Aochuan

New Energy Technology Co. Ltd. Jieyang Jinning New Energy Co. Ltd. Shanghai Xinggong

Energy Co. Ltd. Shanghai Xingjian Energy Co. Ltd. Xintai Huijing New Energy Technology

Co. Ltd. and Yantai Xinaoguang New Energy Technology development Co. Ltd. Additionally

the Group dissolved Zhangjiagang Hongneng PV Technology Co. Ltd.;

In March 2024 the Group established Chengdu Jingmeng New Energy Technology Co. Ltd.Dongaolin beach (Beijing) New Energy Technology Co. Ltd. Huludao Gangao Solar PV Co.Ltd. Huaibei Aohai New Energy Co. Ltd. Qujing JA Trading Co. Ltd. Shanghai Aowei PV

Technology Co. Ltd. Suizhou Aoshun New Energy Co. Ltd. Yongji Jintai New Energy Co.Ltd. Zhoukou Aohai New Energy Co. Ltd. and Zhongmou Jingteng PV Technology Co. Ltd.Additionally the Group dissolved Nanchang Hongjie New Energy Development Co. Ltd.;

In April 2024 the Group established Chaoyang Jingsheng New Energy Technology Co.Ltd.Eerduosi Jingning New Energy Co. Ltd. Guangxi Jingyong New Energy Technology Co.Ltd.Huaibei Jingyi New Energy Technology Development Co. Ltd. Hefei Jinglang New Energy

Co. Ltd. Kangbao Jingsheng New Energy Technology Co.Ltd. Inner Mongolia JA Naoer New

Energy Co. Ltd. Qinhuangdao Jingxu PV Technology Co. Ltd. And Chongqing Aohui New

Energy Co. Ltd. Additionally the Group dissolved Lushan Honghui New Energy Development

Co. Ltd. Yanhe Jingyang Energy Technology Co. Ltd. Yanhe Jingneng Energy Technology

Co. Ltd. and Daqing Jingyang Wind Power Co. Ltd.;

In May 2024 the Group established Hanzhong Jingyouqin New Energy Technology Co.Ltd.Hangzhou Chunao New Energy Technology Co.Ltd JA SOLAR ENERGY SPAIN SOCIEDAD

LIMITADA Jingjian (Linyi) New Energy Technology Co. Ltd. Neimenggu Jingao New Energy

investment Co. Ltd. Xiamen Jingju New Energy Co. Ltd. Shanghai Jingji New Energy

Technology Co. Ltd. Weifang Qingjing New Energy Technology Co.Ltd. Xiaoao (Yichang)

New Energy Technology Co. Ltd. Xingtai Jingrui Commercial Management Co. Ltd. Yichang

Jinghan New Energy Technology Co. Ltd. And Chongqing Aochang Energy Co. Ltd.Additionally the Group dissolved JA PV Technology Co. Ltd.;

130JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

In June 2024 the Group established the following companies: Chaoyang Fengsheng New

Energy Co. Ltd. Guiyang Jincai New Energy Technology Co. Ltd. Mojiang Jingyang New

Energy Co. Ltd. Shanghai Gujing Energy Co. Ltd. Shanghai Xiangao Energy Co. Ltd. and

Xingtai Polytechnic Institute of New Energy. Additionally the Group sold Ruyang Jingtai New

Energy Co. Ltd. and Yongji Jingtai New Energy Co. Ltd. at cash consideration of RMB1;

In July 2024 the Group established the following companies: Bazhong Jingzhou Energy

Technology Co. Ltd. Cangzhou Jingxiong New Energy Technology Co. Ltd. Guangzhou

Huiao Smartenergy Co. Ltd. Jinzhou Wangchu New Energy Technology Co. Ltd. Lanao

(Linyi) New Energy Co. Ltd. Ningjin Jingsheng New Energy Technology Co. Ltd. Putian

Jingming New Energy Co. Ltd. and Zhangzhou Aohai New Energy Technology Co. Ltd.;

In August 2024 the Group established Qinhuangdao Jingteng PV Electric Co. Ltd. and

Qingdao Aosheng New Energy Co. Ltd.;

In September 2024 the Group established Jinzhou Qingneng New Energy Technology Co.Ltd. Kangbao Weilan New Energy Technology Co. Ltd. Qujing Jingrui New Energy

Technology Co. Ltd. and Yangzhou Jingming PV Electric Co. Ltd. Additionally the Group

dissolved Chengdu Jingmeng New Energy Technology Co. Ltd. and Huaibei Jingyi New

Energy Technology Development Co. Ltd. and sold Xiaoao (Yichang) New Energy

Technology Co. Ltd. at cash consideration of RMB1;

In October 2024 the Group established Daqing Zaoneng New Energy Co. Ltd. Jilin Jisheng

New Energy Co. Ltd. Jingshi Mingyuan (Dezhou) New Energy Co. Ltd. Xuancheng Jingyi

New Energy Technology Co. Ltd. and Chongqing Jingteng PV Electric Co. Ltd. Additionally

the Group dissolved Xingsheng PV Electric (Zhengxiang Bai Banner) Co. Ltd. The Group

purchased Hefei Haiyao New Energy Co. Ltd. for a merger consideration of 1 RMB cash and

sold HuaiBei Aohai New Energy Co. Ltd. at cash consideration of RMB1;

In November 2024 the Group established Cangzhou Aofeng Electric Power Co. Ltd.Huangye Jingxin PV Electric Co. Ltd. JA Solar (Beijing) Hydrogen Energy Technology Co.Ltd. JA Solar OM (FZC) SPC JA Solar Singapore Pte. Ltd. Lianyungang Aochang New

Energy Co. Ltd. Rizhao Jingyao New Energy Co. Ltd. Shijiazhuang Jingyu PV Electric Co.Ltd. Shijiazhuang Luanjing New Energy Co. Ltd. Tianjin Baodi PV Electric Co. Ltd. and

Yangzhou Jiejing Jicheng Fine Chemistry Co. Ltd. Additionally the Group dissolved Anlu

Aoliang New Energy Co. Ltd. Jiujiang Jingming New Energy Co.Ltd. Sihong Huayi New

Energy Co. Ltd. and Yichun Jingming New Energy Co.Ltd.;

In December 2024 the Group established Dongguan Jingyang New Energy Technology Co.Ltd. Foshan Jinglv New Energy Technology Co. Ltd. Hainan JA Solar PV Technology Co.Ltd. and Jinzhou Jingxin New Energy Technology Co. Ltd. Additionally the Group dissolved

Bijie Jingyuan New Energy Technology Co. Ltd. Bijie Aofei New Energy Co. Ltd. Hubei Aowei

New Energy Co. Ltd. Langfang Anjing New Energy Technology Co. Ltd. Shiyan Aosheng

New Energy Technology Co. Ltd. Shiyan Aoshun New Energy Technology Co. Ltd. Shiyan

Baojing New Energy Technology Co. Ltd. Yiyang Jingzhen New Energy Co. Ltd. and

Zhangjiakou Jingxing New Energy Technology Co. Ltd..

131JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

VIII. Interests in other entities

1 Interests in subsidiaries

(1) Composition of the Group

Shareholding

Principal place of

Name of the Subsidiary Registration place Business nature Registered capital percentage (%) Acquisition method

business

Direct Indirect

JA Solar Hebei Province Hebei Province Production base RMB21271975746.37 100.00 - Reverse acquisition

JA Solar Technology Yangzhou Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB2831859675.00 - 100.00 Purchase

Shanghai JA Solar Technology Co. Ltd. Shanghai Shanghai Production base RMB821450520.00 - 100.00 Purchase

Hefei JA Solar Technology Co. Ltd. Anhui Province Anhui Province Production base RMB2167340000.00 - 100.00 Purchase

JA Solar (Xingtai) Co. Ltd. Hebei Province Hebei Province Production base RMB1236007700.00 - 100.00 Purchase

JA Solar (Zhangjiakou) Co. Ltd. Hebei Province Hebei Province Production base RMB130000000.00 - 100.00 Set up

JA Solar (Kangbao) Co. Ltd. Hebei Province Hebei Province Production base RMB100000000.00 - 100.00 Set up

Solar Silicon Valley Electronic Science and

Hebei Province Hebei Province Production base RMB351407014.00 - 100.00 Purchase

Technology Co. Ltd.Jing Hai Yang Semiconductor Material

Jiangsu Province Jiangsu Province Production base RMB714482900.00 - 100.00 Set up

(Donghai) Co. Ltd.

Donghai JA Solar Technology Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB250000000.00 - 100.00 Set up

Inner Mongolia Inner Mongolia

Baotou JA Solar Technology Co. Ltd. Production base RMB1780000000.00 - 100.00 Purchase

Autonomous Region Autonomous Region

Qujing Jinglong Electronic Materials Co. Ltd. Yunnan Province Yunnan Province Production base RMB520000000.00 - 100.00 Purchase

Xingtai Jinglong PV Materials Co. Ltd. Hebei Province Hebei Province Production base RMB25710000.00 - 100.00 Purchase

Hebei Jinglong Sun Equipment Co. Ltd. Hebei Province Hebei Province Production base RMB248100000.00 - 100.00 Purchase

Hebei Jingle Optoelectronic Technology Co.Hebei Province Hebei Province Production base RMB30000000.00 - 80.00 Purchase

Ltd.Ningjin Jingxing Electronic Material Co. Ltd. Hebei Province Hebei Province Production base RMB323090000.00 - 100.00 Purchase

JA Solar New Energy Yangzhou Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB1900000000.00 - 100.00 Set up

Yiwu JA Solar Technology Co. Ltd. Zhejiang Province Zhejiang Province Production base RMB4116518557.00 - 90.12 Set up

Qujing JA PV Technology Co. Ltd. Yunnan Province Yunnan Province Production base RMB1300000000.00 - 100.00 Set up

Baotou Jingxu Carbon-carbon Technology Co. Inner Mongolia Inner Mongolia

Production base RMB30000000.00 - 80.00 Set up

Ltd. Autonomous Region Autonomous Region

JA Solar (Wuxi) PV Technology Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB388878000.00 - 100.00 Set up

JA Solar (Gaoyou) PV Technology Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB200000000.00 - 100.00 Set up

Yiwu Jingcheng Photovoltaic Materials Co. Ltd. Zhejiang Province Zhejiang Province Production base RMB160000000.00 - 100.00 Set up

Hefei Jingjiu PV Technology Co. Ltd. Anhui Province Anhui Province Production base RMB56000000.00 - 100.00 Set up

Inner Mongolia Inner Mongolia

Baotou JA Carbon Technology Co. Ltd. Production base RMB9000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Qujing JA Solar Technology Co. Ltd. Yunnan Province Yunnan Province Production base RMB3334484600.00 - 100.00 Set up

Zhejiang JA New Materials Technology Co. Ltd. Zhejiang Province Zhejiang Province Production base RMB30000000.00 - 75.00 Set up

JA (Donghai) New Materials Technology Co.Jiangsu Province Jiangsu Province Production base RMB65000000.00 - 100.00 Set up

Ltd.JA Solar Technology Chaoyang Co. Ltd. Liaoning province Liaoning province Production base RMB100000000.00 - 100.00 Set up

Dongtai JA Solar Technology Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB1500000000.00 - 100.00 Set up

Shijiazhuang JA Solar Technology Co. Ltd. Hebei Province Hebei Province Production base RMB1000000000.00 - 100.00 Set up

Research and Business combination

Shijiazhuang JA PV Technology Co. Ltd. Hebei Province Hebei Province development RMB200000000.00 - 100.00 under common

company control

Wuxi JA Waylion New Energy Technology Co.Jiangsu Province Jiangsu Province Production base USD50000000.00 - 100.00 Set up

Ltd.Inner Mongolia JA Solar PV Technology Co. Inner Mongolia Inner Mongolia

Production base RMB200000000.00 - 100.00 Set up

Ltd. Autonomous Region Autonomous Region

Inner Mongolia Inner Mongolia

JA Solar Investment (Inner Mongolia) Co. Ltd. Investment company RMB1000000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Inner Mongolia Inner Mongolia

Ordos JA Solar Technology Co. Ltd. Production base RMB1000000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Shanghai JA Waylion New Energy Technology

Shanghai Shanghai Production base RMB50000000.00 - 100.00 Set up

Co. Ltd.?

132JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding

Acquisition

Name of the subsidiaries (continued) Principal place of business Registration place Business nature Registered capital percentage (%)

method

Direct Indirect

Jiangsu JA International Investment Co. Ltd. Jiangsu Province Jiangsu Province Investment company RMB550000000.00 - 100.00 Set up

Shijiazhuang JA Electronic Technology Co. Ltd. Hebei Province Hebei Province Production base RMB150000000.00 - 100.00 Set up

Dongtai JA New Energy Technology Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB500000000.00 - 100.00 Set up

Inner Mongolia Inner Mongolia

Baotou JA New Material Co. Ltd. Production base RMB30000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Inner Mongolia Inner Mongolia

Inner Mongolia JA Naoer New Energy Co. Ltd. Production base RMB280000000.00 - 51.00 Set up

Autonomous Region Autonomous Region

Xinyi JA PV Technology Co. Ltd. Jiangsu Province Jiangsu Province Trading company RMB10000000.00 - 100.00 Set up

Qujing JA Trading Co. Ltd. Yunnan Province Yunnan Province Trading company RMB10000000.00 - 100.00 Set up

Yangzhou JA Solar PV Engineering Co. Ltd. Jiangsu Province Jiangsu Province Engineering company RMB68270000.00 - 100.00 Purchase

Beijing Jinghong Energy Economization Energy economizing

Beijing Beijing RMB100000000.00 - 100.00 Purchase

Technology Co. Ltd. company

Trading and investment

Beijing JA Solar PV Technology Co. Ltd. Beijing Beijing RMB500000000.00 - 100.00 Purchase

company

JA Solar Investment China Co. Ltd. Shanghai Shanghai Investment company RMB7721974500.00 - 100.00 Purchase

Shanghai JA Solar PV Technology Co. Ltd. Shanghai Shanghai Trading company RMB251424000.00 - 100.00 Purchase

Shanghai Jinglong Solar Technology Co. Ltd. Shanghai Shanghai Others RMB180000000.00 - 100.00 Purchase

Jiangsu JA Convention Centre Co. Ltd. Jiangsu Province Jiangsu Province Service company RMB10000000.00 - 100.00 Purchase

Dongtai JA Solar PV Technology Co. Ltd. Jiangsu Province Jiangsu Province Trading company USD206000000.00 - 100.00 Set up

JA Wisdom Energy Technology (Hainan) Co.Hainan Province Hainan Province Investment company RMB500000000.00 - 100.00 Set up

Ltd.Headquarters platform

Beijing JA Energy Technology Co. Ltd. Beijing Beijing RMB500000000.00 - 100.00 Set up

company

JA Wisdom Distributed Energy Technology Management platform

Hainan Province Hainan Province RMB2917560000.00 - 100.00 Set up

(Hainan) Co. Ltd. company

JA New Energy Power Investment (Hainan) Management platform

Hainan Province Hainan Province RMB1000000000.00 - 100.00 Set up

Co. Ltd. company

Shanghai Jiejing Jicheng Chemical Technology

Shanghai Shanghai Engineering company RMB50000000.00 - 70.00 Set up

Co. Ltd.Lanping JA PV Technology Co. Ltd. Yunnan Province Yunnan Province Trading company RMB1000000.00 - 100.00 Set up

Chengdu Jingxin Mingneng PV Technology Co. Research and

Sichuan Province Sichuan Province RMB100000000.00 - 65.00 Set up

Ltd. development company

Inner Mongolia Inner Mongolia

Erdos Jingfei PV Co. Ltd. Investment company USD4000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Inner Mongolia Inner Mongolia Centralized project

JA Solar PV Electric (Baotou) Co. Ltd. RMB100000000.00 - 100.00 Purchase

Autonomous Region Autonomous Region companies

Centralized project

JA Solar (Chaoyang) Electric Co. Ltd. Liaoning province Liaoning province RMB120000000.00 - 100.00 Set up

companies

Centralized project

Jingneng Solar PV Electric (Daqing) Co. Ltd. Heilongjiang Province Heilongjiang Province RMB120000000.00 - 100.00 Set up

companies

Centralized project

JA Solar PV Electric (Datong) Co. Ltd. Shanxi Province Shanxi Province RMB100000000.00 - 100.00 Purchase

companies

Distributed project

Jingkong PV Electric (Foshan) Co. Ltd. Guangdong Province Guangdong Province RMB10000000.00 - 100.00 Set up

companies

Distributed project

JA Solar PV Electric (Hefei) Co. Ltd. Anhui Province Anhui Province RMB18000000.00 - 100.00 Purchase

companies

Jiuzhou Fangyuan New Energy (Yichang) Co.Hubei Province Hubei Province Investment company RMB120000000.00 - 100.00 Purchase

Ltd.Jingneng New Energy Development (Kangbao) Centralized project

Hebei Province Hebei Province RMB30000000.00 - 100.00 Purchase

Co. Ltd. companies

Centralized project

JA Solar PV Electric (Laiwu) Co. Ltd. Shandong Province Shandong Province RMB60000000.00 - 100.00 Purchase

companies

Centralized project

JA Solar PV Electric (Linzhou) Co. Ltd. Henan Province Henan Province RMB110000000.00 - 100.00 Purchase

companies

Jingneng New Energy Development (Ningjin) Distributed project

Hebei Province Hebei Province RMB50000000.00 - 100.00 Set up

Co. Ltd. companies

Jingsheng Agricultural Technology (Renxian)

Hebei Province Hebei Province Agriculture RMB10000000.00 - 100.00 Purchase

Co. Ltd.Distributed project

JA Solar PV Electric (Shanghai) Co. Ltd. Shanghai Shanghai RMB2000000.00 - 100.00 Purchase

companies

Centralized project

JA Solar PV Electric (Shexian) Co. Ltd. Hebei Province Hebei Province RMB110000000.00 - 100.00 Purchase

companies

Inner Mongolia Inner Mongolia Centralized project

JA Solar PV Electric (Wulanchabu) Co. Ltd. RMB70000000.00 - 100.00 Purchase

Autonomous Region Autonomous Region companies

Distributed project

JA Solar PV Electric (Xingtai) Co. Ltd. Hebei Province Hebei Province RMB10000000.00 - 100.00 Set up

companies

Ningxia Hui Autonomous Ningxia Hui Autonomous Centralized project

JA Solar PV Electric (Yanchi) Co. Ltd. RMB180000000.00 - 100.00 Purchase

Region Region companies

Distributed project

JA Solar PV Electric (Yangzhou) Co. Ltd. Jiangsu Province Jiangsu Province RMB26850000.00 - 100.00 Set up

companies

Ningxia Hui Autonomous Ningxia Hui Autonomous Centralized project

Aiyouen Power Electric (Yinchuan) Co. Ltd. RMB100000000.00 - 100.00 Purchase

Region Region companies

Distributed project

Jingneng PV Electric (Zhengding) Co. Ltd. Hebei Province Hebei Province RMB10000000.00 - 100.00 Set up

companies

Centralized project

Longsheng PV Electric (Chaoyang) Co. Ltd. Liaoning province Liaoning province RMB390000000.00 - 100.00 Set up

companies

Distributed project

Xusheng New Enegy Electric (Kazuo) Co. Ltd. Liaoning province Liaoning province RMB1000000.00 - 100.00 Set up

companies

?

133JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding

Acquisition

Name of the subsidiaries (continued) Principal place of business Registration place Business nature Registered capital percentage (%)

method

Direct Indirect

Qingdao Qing Heng Han New Energy Technology Distributed project

Shandong Province Shandong Province RMB10000000.00 - 100.00 Purchase

Co. Ltd. companies

Qingdao Hai Neng Zhi Guang PV Technology Co. Distributed project

Shandong Province Shandong Province RMB3000000.00 - 100.00 Purchase

Ltd. companies

Centralized project

Xinghua PV Electric (Chaoyang) Co. Ltd. Liaoning province Liaoning province RMB380000000.00 - 100.00 Set up

companies

Centralized project

Dongsheng PV Electric (Chaoyang) Co. Ltd. Liaoning province Liaoning province RMB10000000.00 - 100.00 Set up

companies

JA New Energy Development (Hebei) Co. Ltd. Hebei Province Hebei Province Others RMB50000000.00 - 100.00 Purchase

Centralized project

Jingsheng PV Electric (Daqing) Co. Ltd. Heilongjiang Province Heilongjiang Province RMB200000000.00 - 100.00 Set up

companies

Changde Dingcheng Xingyang PV Electric Centralized project

Hunan Province Hunan Province RMB70000000.00 - 100.00 Set up

Technology Co. Ltd. companies

Distributed project

Qingdao Shun Yao Yang PV Technology Co. Ltd. Shandong Province Shandong Province RMB1000000.00 - 100.00 Purchase

companies

Distributed project

Jingyuan PV Electric (Yiwu) Co. Ltd. Zhejiang Province Zhejiang Province RMB40000000.00 - 100.00 Set up

companies

Changde Jingsheng PV Technology Co. Ltd. Hunan Province Hunan Province Trading company RMB28100000.00 - 100.00 Set up

Distributed project

Beijing Jingtong PV Technology Co. Ltd. Beijing Beijing RMB1000000.00 - 100.00 Set up

companies

Distributed project

JA Solar PV Electric (Qujing) Co. Ltd. Yunnan Province Yunnan Province RMB60000000.00 - 100.00 Set up

companies

Residential project

Jingxin PV Electric (Wuqiang) Co. Ltd. Hebei Province Hebei Province RMB1000000.00 - 100.00 Set up

companies

Inner Mongolia Inner Mongolia

Tuquan Xinhua New Energy Co. Ltd. Trading company RMB1000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Energy storage project

Changde Xiangchu Technology Co. Ltd. Hunan Province Hunan Province RMB24000000.00 - 100.00 Set up

companies

Electricity sales

Hebei Ruineng Electricity Sales Co. Ltd. Hebei Province Hebei Province intermediary service RMB50000000.00 - 100.00 Purchase

companies

Distributed project

Jingneng PV Electric (Longyao) Co. Ltd. Hebei Province Hebei Province RMB5000000.00 - 100.00 Set up

companies

Distributed project

Linyi Xingjing PV Technology Co. Ltd. Shandong Province Shandong Province RMB1000000.00 - 100.00 Set up

companies

Inner Mongolia Residential project

Inner Mongolia Chengjing PV Technology Co. Ltd. Shandong Province RMB69000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Li’ao PV Technology Co. Ltd. Hebei Province RMB19030000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Hui’ao PV Technology Co. Ltd. Hebei Province RMB109000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia An’ao PV Technology Co. Ltd. Hebei Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Rui’ao PV Technology Co. Ltd. Shanxi Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia You’ao PV Technology Co. Ltd. Shanxi Province RMB56000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Ruijia PV Technology Co. Ltd. Henan Province RMB86000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia He’ao PV Technology Co. Ltd. Henan Province RMB160000000.00 - 100.00 Set up

Autonomous Region companies

Centralized project

Changde Jingyang Technology Co. Ltd. Hunan Province Hunan Province RMB3000000.00 - 100.00 Set up

companies

Centralized project

Suiyang Jingneng Energy Technology Co. Ltd. Guizhou Province Guizhou Province RMB40000000.00 - 100.00 Set up

companies

Centralized project

Suiyang Jingyang Energy Technology Co. Ltd. Guizhou Province Guizhou Province RMB40000000.00 - 100.00 Set up

companies

Inner Mongolia Residential project

Inner Mongolia Anjing PV Technology Co. Ltd. Hebei Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Huijing PV Technology Co. Ltd. Shandong Province RMB35000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Huixing PV Technology Co. Ltd. Henan Province RMB42000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Yijia PV Technology Co. Ltd. Shandong Province RMB21000000.00 - 100.00 Set up

Autonomous Region companies

Centralized project

Jingneng New Energy (Dalian) Co. Ltd. Liaoning province Liaoning province RMB3000000.00 - 100.00 Set up

companies

JA Yuhong New Energy Power Development Co. Distributed project

Tianjin Tianjin RMB100000000.00 - 65.00 Set up

Ltd. companies

Beijing JA Haibo Energy Storage Technology Co. Energy storage project

Beijing Beijing RMB100000000.00 - 50.50 Set up

Ltd. companies

JA Yuhong Project

Hainan Honghui New Energy Technology Co. Ltd. Hainan Province Hainan Province RMB5000000.00 - 100.00 Set up

companies

Solution project

Yiwu Jingda New Energy Co. Ltd. Zhejiang Province Zhejiang Province RMB8000000.00 - 100.00 Set up

company

Tangxian Jingxing New Energy Technology Co. Residential project

Hebei Province Hebei Province RMB20000000.00 - 100.00 Set up

Ltd. companies

134JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding

percentage (%) Acquisition

Name of the subsidiaries (continued) Principal place of business Registration place Business nature Registered capital

method

Direct Indirect

Inner Mongolia Inner Mongolia Residential project

Inner Mongolia Mengjia PV Technology Co. Ltd. RMB51000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Pujia PV Technology Co. Ltd. Shanxi Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Fengjia PV Technology Co. Ltd. Anhui Province RMB88000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Fujia PV Technology Co. Ltd. Anhui Province RMB127000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Fengxing PV Technology Co. Ltd. Anhui Province RMB17160000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Fengjing PV Technology Co. Ltd. Anhui Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Lijia PV Technology Co. Ltd. Shanxi Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Hejia PV Technology Co. Ltd. Shanxi Province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Residential project

Inner Mongolia Feng’ao PV Technology Co. Ltd. Tianjin RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Inner Mongolia Inner Mongolia Centralized project

Xinrong PV Electric (Tuquan) Co. Ltd. RMB1000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Distributed project

Xuzhou Hongjing PV Technology Co. Ltd. Jiangsu Province Jiangsu Province RMB12600000.00 - 100.00 Set up

companies

Distributed project

Qidong Hongguang PV Technology Co. Ltd. Jiangsu Province Jiangsu Province RMB23430000.00 - 100.00 Set up

companies

Distributed project

Liaocheng Aozhi PV Technology Co. Ltd. Shandong Province Shandong Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Ningjin Ning’ao New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB50000000.00 - 100.00 Set up

companies

Qionghai Jinneng New Energy Development Co. Centralized project

Hainan Province Hainan Province RMB3000000.00 - 100.00 Set up

Ltd.(Hainan) companies

Inner Mongolia Residential project

Inner Mongolia Ruijing PV Technology Co. Ltd. Guangdong Province RMB33000000.00 - 100.00 Set up

Autonomous Region companies

Hubei Province Hunan Inner Mongolia Residential project

Inner Mongolia Yijing PV Technology Co. Ltd. RMB20000000.00 - 100.00 Set up

Province Autonomous Region companies

Fujian Province Jiangxi Inner Mongolia Residential project

Inner Mongolia Youjing PV Technology Co. Ltd. RMB63000000.00 - 100.00 Set up

Province Autonomous Region companies

Residential project

Hainan Fengjing New Energy Technology Co. Ltd. Hainan Province Hainan Province RMB152000000.00 - 100.00 Set up

companies

Residential project

Tianjin Lijing New Energy Technology Co. Ltd. Tianjin Tianjin RMB20000000.00 - 100.00 Set up

companies

Mengchenge Mengjing New Energy Technology Residential project

Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

Co. Ltd. companies

Distributed project

Ningjin Jingteng PV Electric Co. Ltd. Hebei Province Hebei Province RMB28780000.00 - 100.00 Set up

companies

Residential project

Changzhi Anjing New Energy Technology Co. Ltd. Shanxi Province Shanxi Province RMB20000000.00 - 100.00 Set up

companies

Inner Mongolia Residential project

Inner Mongolia Lijing PV Technology Co. Ltd. Liaoning province RMB20000000.00 - 100.00 Set up

Autonomous Region companies

Tangshan Honggao New Energy Development Co. Distributed project

Hebei Province Hebei Province RMB1000000.00 - 100.00 Set up

Ltd. companies

Residential project

Jinzhou Ruijing New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB30000000.00 - 100.00 Set up

companies

Centralized project

Dongtai Jingdong New Energy Technology Co. Ltd. Jiangsu Province Jiangsu Province RMB300000000.00 - 66.67 Set up

companies

Residential project

Anhui Chengjia New Energy Technology Co. Ltd. Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

companies

Distributed project

Shanghai Jingzhihui New Energy Co. Ltd. Shanghai Shanghai RMB20000000.00 - 100.00 Set up

companies

Distributed project

Tianjin Jingtong PV Electric Co. Ltd. Tianjin Tianjin RMB1000000.00 - 100.00 Set up

companies

Residential project

Langfang Fujing New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB20000000.00 - 100.00 Set up

companies

Rongcheng Hejing New Energy Technology Co. Residential project

Shandong Province Shandong Province RMB20000000.00 - 100.00 Set up

Ltd. companies

Solution project

Xingtai Jingyi Energy Technology Co. Ltd. Hebei Province Hebei Province RMB20000000.00 - 100.00 Set up

company

Distributed project

Taiyuan Honghui PV Technology Co. Ltd. Shanxi Province Shanxi Province RMB5840000.00 - 100.00 Set up

companies

Linzhou Mengxing New Energy Technology Co. Residential project

Henan Province Henan Province RMB20000000.00 - 100.00 Set up

Ltd. companies

?

135JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding

Principal place of percentage (%) Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

Bozhou Yijing New Energy Technology Co. Ltd. Anhui Province Anhui Province Residential project companies RMB20000000.00 - 100.00 Set up

Distributed platform company of

Dongtai JA Distributed Energy Co. Ltd. Jiangsu Province Jiangsu Province RMB1000000000.00 - 100.00 Set up

industry and commerce

Guangdong Xingjia New Energy Technology Co.Guangdong Province Guangdong Province Residential project companies RMB20000000.00 - 100.00 Set up

Ltd.Zhengyang Anxing New Energy Technology Co.Henan Province Henan Province Residential project companies RMB20000000.00 - 100.00 Set up

Ltd.Putian Aoshuo New Energy Technology Co. Ltd. Fujian Province Fujian Province Residential project companies RMB20000000.00 - 100.00 Set up

Tianjin DingAo New Energy Technology Co. Ltd. Tianjin Tianjin Residential project companies RMB20000000.00 - 100.00 Set up

Yangzhou Crystal Storage New Energy Co. Ltd. Jiangsu Province Jiangsu Province Energy storage project companies RMB1000000.00 - 100.00 Set up

Zhengzhou Jingkun New Energy Technology Co.Henan Province Henan Province Residential project companies RMB20000000.00 - 100.00 Set up

Ltd.TaiAn Aosheng New Energy Technology Co. Ltd. Shandong Province Shandong Province Residential project companies RMB20000000.00 - 100.00 Set up

Hengyang Shuojing New Energy Technology Co.Hunan Province Hunan Province Residential project companies RMB20000000.00 - 100.00 Set up

Ltd.Yiyang Jingnuo New Energy Co. Ltd. Hunan Province Hunan Province Residential project companies RMB20000000.00 - 100.00 Set up

Shijiazhuang Chengjing New Energy Technology

Hebei Province Hebei Province Residential project companies RMB20000000.00 - 100.00 Set up

Co. Ltd.Meizhou Fuao New Energy Technology Co. Ltd. Guangdong Province Guangdong Province Residential project companies RMB20000000.00 - 100.00 Set up

LuAn HuiAo New Energy Technology Co. Ltd. Anhui Province Anhui Province Residential project companies RMB20000000.00 - 100.00 Set up

Nanning Jingcheng New Energy Technology Co. Guangxi Zhuang Guangxi Zhuang

Residential project companies RMB20000000.00 - 100.00 Set up

Ltd. Autonomous Region Autonomous Region

Jingxing Shuke (Beijing) Energy Co. Ltd. Beijing Beijing Solution project company RMB13000000.00 - 100.00 Set up

Inner Mongolia Inner Mongolia

Ordos Jingyang New Energy Co. Ltd. Centralized project companies RMB9000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Inner Mongolia Inner Mongolia

Baotou Jingyun New Energy Co. Ltd. Distributed project companies RMB50000000.00 - 100.00 Set up

Autonomous Region Autonomous Region

Dongfang Shuojing New Energy Technology

Hainan Province Hainan Province Residential project companies RMB20000000.00 - 100.00 Set up

Co.Ltd.Jingxingbao (Guangxi) New Energy Technology Guangxi Zhuang Guangxi Zhuang

Residential project companies RMB20000000.00 - 100.00 Set up

Co.Ltd. Autonomous Region Autonomous Region

Suzhou Jinghui New Energy Technology Co.Ltd Anhui Province Anhui Province Residential project companies RMB20000000.00 - 100.00 Set up

Suzhou Yuanao PV Technology Co.Ltd. Anhui Province Anhui Province Residential project companies RMB20000000.00 - 100.00 Set up

136JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding

percentage (%) Acquisition

Name of the subsidiaries (continued) Principal place of business Registration place Business nature Registered capital

method

Direct Indirect

Residential project

Maanshan Aoxiong New Energy Technology Co. Ltd. Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

companies

Distributed project

Jinzhou Ruineng New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB20000000.00 - 100.00 Purchase

companies

Qujing Development Zone Jiantou Green Energy Distributed project

Yunnan Province Yunnan Province RMB5000000.00 - 51.00 Set up

Technology Co. Ltd. companies

Residential project

Anhui Aokang New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Datong Jingxing New Energy Co. Ltd. Shanxi Province Shanxi Province RMB20000000.00 - 100.00 Set up

companies

Distributed project

Baoding Honghui New Energy Development Co. Ltd. Hebei Province Hebei Province RMB10000000.00 - 100.00 Set up

companies

Residential project

Zhumadian Xingao New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Xunxian Lijing New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Distributed project

Jingzhou Jingyao New Energy Technology Co. Ltd. Hubei Province Hubei Province RMB1000000.00 - 80.00 Set up

companies

Hunan Jingde New Energy Technology Co. Ltd

Residential project

(Formerly known as “Changde Jingde New Energy Hunan Province Hunan Province RMB20000000.00 - 100.00 Set upcompaniesTechnology Co. Ltd. ”)

Residential project

Shaoyang Jingju New Energy Technology Co.Ltd. Hunan Province Hunan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Shaoyang Jingshao New Energy Technology Co.Ltd. Hunan Province Hunan Province RMB20000000.00 - 100.00 Set up

companies

Distributed project

Chongqing Hongjing PV Technology Co. Ltd. Chongqing Chongqing RMB14000000.00 - 100.00 Set up

companies

Residential project

Shanxi Jingyu New Energy Technology Co.Ltd Shanxi Province Shanxi Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Chenzhou Yongjing New Energy Technology Co.Ltd. Hunan Province Hunan Province RMB20000000.00 - 100.00 Set up

companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingyang New Energy Technology Co.Ltd. RMB20000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Distributed project

Zhumadian Fengda New Energy Co. Ltd. Henan Province Henan Province RMB2200000.00 - 100.00 Purchase

companies

Residential project

Anhui Aosbang New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Yancheng Ausheng Energy Co. Ltd (Formerly known

Residential projectas “Anhui Aosheng New Energy Technology Jiangsu Province Jiangsu Province RMB5000000.00 - 100.00 Set upcompaniesCo.Ltd. ”)

Residential project

Wenxian Fuao New Energy Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Pingdingshan Jingming New Energy Technology Residential project

Henan Province Henan Province RMB20000000.00 - 100.00 Set up

Co.Ltd. companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingrui New Energy Technology Co.Ltd. RMB10000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Residential project

Xuchang Jinghao New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Xinyang Aoxing New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Chizhou Jingfeng Energy Technology Co. Ltd

Residential project

(Formerly known as “Fuyang Jingfeng Energy Anhui Province Anhui Province RMB20000000.00 - 100.00 Set upcompaniesTechnology Co.Ltd.”)

Residential project

Taikang Jingsheng New Energy Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Suixian Jingfeng New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Shenqiu Aofeng New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Cangzhou Jingpeng New Energy Technology Co. Ltd

Residential project

(Formerly known as “Zhengzhou Qianao New Hebei Province Hebei Province RMB5000000.00 - 100.00 Set upcompaniesEnergy Technology Co.Ltd.”)

Residential project

Qujing Jinghao New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Centralized project

Haerbin Jingguan New Energy Technology Co. Ltd. Heilongjiang Province Heilongjiang Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Xiangxi Jinghong New Energy Technology Co.Ltd. Hunan Province Hunan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Chizhou Jingxing Energy Technology Co. Ltd. Anhui Province Anhui Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Huainan Jinghong New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Residential project

Zhoukou Jinghui New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Wushe Ruijing New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Xinyang Aoan New Energy Technology Co.Ltd. Henan Province Henan Province RMB5000000.00 - 100.00 Set up

companies

Residential project

Xinyang Jingan New Energy Technology Co.Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Suqian Xujing New Energy Technology Co. Ltd. Jiangsu Province Jiangsu Province RMB20000000.00 - 100.00 Set up

companies

Suqian Jing High tech Energy Co. Ltd (Formerly Residential project

Jiangsu Province Jiangsu Province RMB3000000.00 - 100.00 Set up

known as “Qujing Jingsheng New Energy Co. Ltd”) companies

Residential project

Anhui Aoteng New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Distributed project

Nanyang Jingling New Energy Technology Co. Ltd. Henan Province Henan Province RMB30000000.00 - 100.00 Set up

companies

Distributed project

Haerbin Aohai New Energy Co. Ltd. Heilongjiang Province Heilongjiang Province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Jinzhou Jingshun New Energy Co. Ltd. Liaoning province Liaoning province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Shenyang Jingshun New Energy Co. Ltd. Liaoning province Liaoning province RMB17500000.00 - 100.00 Set up

companies

Distributed project

Donghai Jinglu New Energy Co. Ltd. Jiangsu Province Jiangsu Province RMB20000000.00 - 100.00 Set up

companies

Distributed project

Ezhou Kasilaite New Energy Co. Ltd. Hubei Province Hubei Province RMB17600000.00 - 100.00 Purchase

companies

137JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding percentage (%)

Principal place of Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

Distributed project

Suzhou Yaoka New Energy Technology Co. Ltd. Jiangsu Province Jiangsu Province RMB7000000.00 - 100.00 Set up

companies

Distributed project

Wuhan Aohai New Energy Co. Ltd. Hubei Province Hubei Province RMB62000000.00 - 100.00 Set up

companies

Residential project

Hefei Jingyue New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

companies

Shanxi Jingyang Risheng New Energy Technology Residential project

Shanxi Province Shanxi Province RMB20000000.00 - 100.00 Set up

Co. Ltd. companies

Huangshan Jingbao New Energy Technology Residential project

Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

Co.Ltd. companies

Distributed project

Xinxiang Jingshun New Energy Co. Ltd. Henan Province Henan Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Anhui Aoqing New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Hube Chuangguang New Energy Technology Residential project

Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Zhangzhou Aolong New Energy Technology Residential project

Fujian Province Fujian Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingyu New Energy Technology Co.Ltd. RMB3000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Residential project

Hubei Aofan New Energy Technology Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Xuzhou Aozhi New Energy Technology Co.Ltd Jiangsu Province Jiangsu Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Anhui Chenao New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Dongguan Jingshun New Energy Technology Residential project

Guangdong Province Guangdong Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Heyuan Jinghuo New Energy Technology Co.Ltd. Guangdong Province Guangdong Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Aoyu New Energy Technology Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Mingguang Aosheng New Energy Technology Residential project

Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Yangquan Aoya New Energy Technology Co.Ltd. Shanxi Province Shanxi Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yuzhou Longao New Energy Co.Ltd. Henan Province Henan Province RMB3000000.00 - 100.00 Set up

companies

Tangshan Youjing New Energy Technology Co. Residential project

Hebei Province Hebei Province RMB20000000.00 - 100.00 Set up

Ltd. companies

Residential project

Fuyang Haotai New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Residential project

Hefei Jingwanjia New Energy Co.Ltd. Anhui Province Anhui Province RMB3000000.00 - 100.00 Set up

companies

Fengqiu Lichuang New Energy Technology Residential project

Henan Province Henan Province RMB5000000.00 - 100.00 Set up

Co.Ltd. companies

Distributed project

Puyang Jingzhong New Energy Co. Ltd. Henan Province Henan Province RMB1000000.00 - 100.00 Set up

companies

Residential project

Quanzhou Jinxin New Energy Technology Co.Ltd. Fujian Province Fujian Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Anhui Jingran New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Distributed project

Beijing Jingchuang New Energy Co. Ltd. Beijing Beijing RMB6000000.00 - 100.00 Set up

companies

Distributed project

Zhengzhou Aohai New Energy Co. Ltd. Henan Province Henan Province RMB1000000.00 - 100.00 Set up

companies

Solution project

Dongtai Jingzhihui New Energy Co. Ltd. Jiangsu Province Jiangsu Province RMB10000000.00 - 100.00 Set up

company

Tianchang Jingyong New Energy Technology Residential project

Anhui Province Anhui Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Suzhou Jinghong New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Zhejiang Suao New Energy Technology Co.Ltd. Zhejiang Province Zhejiang Province RMB10000000.00 - 100.00 Set up

companies

Yuanyang Mingchang New Energy Technology Residential project

Henan Province Henan Province RMB5000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Yanjin Yunche New Energy Technology Co.Ltd. Henan Province Henan Province RMB5000000.00 - 100.00 Set up

companies

Residential project

Hubei Aoyu New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Anhui Jingteng New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Residential project

Henan Yaojing New Energy Co.Ltd. Henan Province Henan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Qingxu Aojie New Energy Technology Co.Ltd. Shanxi Province Shanxi Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yangxin Yuzhiyuan New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Luotian Jingxing New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Chuzhou Aofeng New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Chujing New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yicheng Jingyu New Energy Co.Ltd. Hubei Province Hubei Province RMB20000000.00 - 100.00 Set up

companies

Residential project

Hubei Yichang New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Centralized project

Jilin jisheng New Energy Co. Ltd. Jilin Province Jilin Province RMB1000000.00 - 100.00 Set up

companies

138JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding percentage (%)

Principal place of Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

Residential project

Hubei Aoyu New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Jingran New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Xiangcheng Jingsheng New Energy Technology Residential project

Henan Province Henan Province RMB20000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Gongan Jingle New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Donghai Jinghang New Energy Technology Co. Residential project

Jiangsu Province Jiangsu Province RMB20000000.00 - 100.00 Set up

Ltd. companies

Guangdong Jinghuo New Energy Technology Residential project

Guangdong Province Guangdong Province RMB5000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Daye Jingyu New Energy Technology Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Jingxing New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Jingyang New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingan New Energy Technology Co.Ltd. RMB3000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Residential project

Hubei Aobo New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Shanghai Jiahe Energy Co.Ltd. Fujian Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Hubei Province Residential project

Shanghai Xingyao New Energy Co.Ltd. Shanghai RMB20000000.00 - 100.00 Set up

Hunan Province companies

Residential project

Shanghai Xingzheng Energy Co.Ltd. Zhejiang Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Hubei Jingmian New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Jinghao New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yuncheng Anjing New Energy Technology Co.Ltd. Shanxi Province Shanxi Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Shanxi Anjing New Energy Technology Co.Ltd. Shanxi Province Shanxi Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Luyi Aofeng PV Technology Co. Ltd. Henan Province Henan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Jieyang Ruijing New Energy Co.Ltd. Guangdong Province Guangdong Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yichang Jingyan New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Qujing Jingding New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Qujing Jingsheng New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Puer Jingfeng New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Shanghai Xingjing Energy Co.Ltd. Jiangsu Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Shanghai Xingfeng New Energy Co.Ltd. Jiangxi Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Shanghai Mingjia Energy Co.Ltd. Guangdong Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Shanghai Jiaming Energy Co.Ltd. Henan Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Shanghai Xinjia Energy Co.Ltd. Hubei Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Distributed project

Zhangzhou Jingmei New Energy Co. Ltd. Fujian Province Fujian Province RMB11700000.00 - 100.00 Set up

companies

Residential project

Heze Aosheng New Energy Technology Co.Ltd. Shandong Province Shandong Province RMB20000000.00 - 100.00 Set up

companies

Shayang Jingaoda New Energy Technology Residential project

Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Energy storage

JA Energy Storage Technology (Shanghai) Co. Ltd. Shanghai Shanghai RMB20000000.00 - 100.00 Set up

project companies

Distributed project

Boao Energy (Jiangsu) Co. Ltd. Jiangsu Province Jiangsu Province RMB10000000.00 - 80.00 Set up

companies

Residential project

Gejiu Jingsheng New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Honghe Jingfeng New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingzuo New Energy Technology Co.Ltd. RMB3000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Jingzhou Jingsheng New Energy Technology Co. Centralized project

Hebei Province Hebei Province RMB27600000.00 - 100.00 Set up

Ltd. companies

Centralized project

Yuanshi Jingsheng Energy Co. Ltd. Hebei Province Hebei Province RMB2000000.00 - 70.00 Set up

companies

Distributed project

Wuxi Jingruishi New Energy Technology Co. Ltd. Jiangsu Province Jiangsu Province RMB11100000.00 - 100.00 Set up

companies

Residential project

Hainan Aosheng New Energy Technology Co.Ltd. Hainan Province Hainan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hainan Jingsheng New Energy Technology Co.Ltd. Hainan Province Hainan Province RMB3000000.00 - 100.00 Set up

companies

139JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding percentage (%)

Principal place of Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

Shenze Jingsheng New Energy Technology Co. Centralized project

Hebei Province Hebei Province RMB3000000.00 - 100.00 Set up

Ltd. companies

Residential project

Hubei Jingxu New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Xingtang Jingsheng New Energy Technology Co. Centralized project

Hebei Province Hebei Province RMB9000000.00 - 100.00 Set up

Ltd. companies

Residential project

Jieyang Jingning New Energy Co.Ltd. Guangdong Province Guangdong Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yunnan Fengjing New Energy Technology Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Yunnan Fengjia New Energy Technology Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Kunming Jingsheng New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Juancheng Aosheng New Energy Technology Residential project

Shandong Province Shandong Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Residential project

Jining Aochuan New Energy Technology Co.Ltd. Shandong Province Shandong Province RMB3000000.00 - 100.00 Set up

companies

Huai'an Aoneng New Energy Technology Co. Ltd

Residential project

(Formerly known as “Anhui Aoning New Energy Jiangsu Province Jiangsu Province RMB5000000.00 - 100.00 Set upcompaniesTechnology Co.Ltd.”)

Residential project

Qujing Jingfeng New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Zaoyang Jingying New Energy Development Residential project

Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Distributed project

Foshan Aohai New Energy Co. Ltd. Guangdong Province Guangdong Province RMB13000000.00 - 100.00 Set up

companies

Distributed project

Shijiazhuang Jingming PV Technology Co. Ltd. Hebei Province Hebei Province RMB5000000.00 - 100.00 Set up

companies

Residential project

Binzhou Jingyan New Energy Co.Ltd. Hunan Province Hunan Province RMB3000000.00 - 100.00 Set up

companies

Inner Mongolia Inner Mongolia Centralized project

Xinbaerhu Jingyao New EnergyCo. Ltd. RMB1000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Distributed project

Shijiazhuang Jingteng PV Technology Co. Ltd. Hebei Province Hebei Province RMB60000000.00 - 100.00 Set up

companies

Residential project

Anhui Yeteng New Energy Technology Co.Ltd. Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Distributed project

Zhoukou Aohai New Energy Co. Ltd. Henan Province Henan Province RMB18500000.00 - 100.00 Set up

companies

Fuzhou Jingding New Energy Technology Co. Ltd

Residential project

(Formerly known as “Sanming Jingding New Fujian Province Fujian Province RMB3000000.00 - 100.00 Set upcompaniesEnergy Technology Co. Ltd”)

Shanghai Xingjian EnergyCo.Ltd. Shanghai Shanghai Others RMB20000000.00 - 100.00 Set up

Qinzhou Jingyang New Energy Technology Co. Guangxi Zhuang Guangxi Zhuang Distributed project

RMB21000000.00 - 100.00 Set up

Ltd. Autonomous Region Autonomous Region companies

Residential project

Shanghai Xinggong Energy Co.Ltd. Jiangsu Province Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Xingtai Huijing New Energy Technology Co.Ltd. Hebei Province Hebei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Huludao Gangao Solar PV Co. Ltd. Liaoning province Liaoning province RMB3000000.00 - 100.00 Set up

companies

Residential project

Zhuzhou Jingcan New Energy Technology Co.Ltd. Hunan Province Hunan Province RMB3000000.00 - 100.00 Set up

companies

Distributed project

Hefei Jinglang New Energy Co. Ltd. Anhui Province Anhui Province RMB16000000.00 - 100.00 Set up

companies

Dongaolin beach (Beijing) New Energy Technology Distributed project

Beijing Beijing RMB12000000.00 - 100.00 Set up

Co. Ltd. companies

Residential project

Qujing Jingan New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Qujing Jingsheng New Energy Co. Ltd Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Qujing Jingfeng New Energy Co. Ltd Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Chongqing Aohui New Energy Co. Ltd. Chongqing Chongqing RMB3000000.00 - 100.00 Set up

companies

Hanzhong Jingyouqin New Energy Technology Residential project

Shanxi Province Shanxi Province RMB3000000.00 - 100.00 Set up

Co.Ltd. companies

Distributed project

Suizhou Aoshun New Energy Co. Ltd. Hubei Province Hubei Province RMB44000000.00 - 100.00 Set up

companies

Residential project

Shanxi Yuanao New Energy Technology Co.Ltd. Shanxi Province Shanxi Province RMB3000000.00 - 100.00 Set up

companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingle New Energy Technology Co.Ltd. RMB3000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Guangxi Zhuang Guangxi Zhuang Residential project

Guangxi Jingyong New Energy Technology Co.Ltd. RMB3000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Liupanshui Aoneng New Energy Technology Co. Residential project

Guizhou Province Guizhou Province RMB3000000.00 - 100.00 Set up

Ltd. companies

Distributed project

Yichang Jinghan New Energy Technology Co. Ltd. Hubei Province Hubei Province RMB6300000.00 - 100.00 Set up

companies

Solution project

Shanghai Jingjietong New Energy Co. Ltd. Shanghai Shanghai RMB20000000.00 - 100.00 Set up

company

Residential project

Weifang Qingjing New Energy Technology Co.Ltd. Shandong Province Shandong Province RMB3000000.00 - 100.00 Set up

companies

Distributed project

Shanghai Jingji New Energy Technology Co. Ltd. Shanghai Shanghai RMB13050000.00 - 100.00 Set up

companies

Residential project

Zhangzhou Aohai New Energy Technology Co.Ltd. Fujian Province Fujian Province RMB3000000.00 - 100.00 Set up

companies

140JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding percentage (%)

Principal place of Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

Residential project

Putian Jingming New Energy Co. Ltd. Fujian Province Fujian Province RMB3000000.00 - 100.00 Set up

companies

Solution project

Shanghai Jinglianghui New Energy Co. Ltd. Shanghai Shanghai RMB5000000.00 - 100.00 Set up

company

Operation and

Shanghai Aowei PV Technology Co. Ltd. Shanghai Shanghai RMB20000000.00 - 100.00 Set up

maintenance company

Residential project

Chongqing Aochang Energy Co. Ltd. Chongqing Chongqing RMB3000000.00 - 100.00 Set up

companies

Distributed project

Jingjian(Linyi)New Energy Technology Co. Ltd. Shandong Province Shandong Province RMB19000000.00 - 100.00 Set up

companies

Jinzhou Wangchu New Energy Technology Co. Centralized project

Hebei Province Hebei Province RMB3000000.00 - 100.00 Set up

Ltd. companies

Centralized project

Ningjin Jingsheng New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB3000000.00 - 100.00 Set up

companies

Zhangzhou Jinghe New Energy Technology Co.Residential projectLtd (Formerly known as “Ningde Jinghui New Fujian Province Fujian Province RMB5000000.00 - 100.00 Set upcompaniesEnergy Technology Co.Ltd.”)

Distributed project

Qinhuangdao Jingteng PV Electric Co. Ltd. Hebei Province Hebei Province RMB2500000.00 - 100.00 Set up

companies

Distributed project

Qingdao Aosheng New Energy Co. Ltd. Shandong Province Shandong Province RMB5200000.00 - 100.00 Set up

companies

Distributed project

Lanao (Linyi) New Energy Co. Ltd. Shandong Province Shandong Province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Guangzhou Huiao Smartenergy Co. Ltd. Guangdong Province Guangdong Province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Chongqing Jingteng PV Electric Co. Ltd. Chongqing Chongqing RMB4840000.00 - 100.00 Set up

companies

Distributed project

Hefei Haiyao New Energy Co. Ltd. Anhui Province Anhui Province RMB500000.00 - 100.00 Purchase

companies

Distributed project

Yangzhou Jingming PV Electric Co. Ltd. Jiangsu Province Jiangsu Province RMB4840000.00 - 100.00 Set up

companies

Centralized project

Qujing Jingrui New Energy Technology Co. Ltd. Yunnan Province Yunnan Province RMB7000000.00 - 51.00 Set up

companies

Enping Yuanjia New Energy Technology Co. Ltd.

(Formerly known as “Yangchun Xingjia New Residential projectGuangdong Province Guangdong Province RMB3000000.00 - 100.00 Set upEnergy Technology Co.Ltd.” and “Taishan companiesXingjia New Energy Technology Co. Ltd.”)

Chongqing Jingyonghai New Energy Technology Distributed project

Chongqing Chongqing RMB6000000.00 - 100.00 Set up

Co. Ltd. companies

Distributed project

Rizhao Jingyao New Energy Co. Ltd. Shandong Province Shandong Province RMB1000000.00 - 100.00 Set up

companies

Residential project

Qujing Yijing New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Distributed project

Tianjin Baodi PV Electric Co. Ltd. Tianjin Tianjin RMB1000000.00 - 100.00 Set up

companies

Cangzhou Jingxiong New Energy Technology Co. Distributed project

Hebei Province Hebei Province RMB10000000.00 - 100.00 Set up

Ltd. companies

Distributed project

Lianyungang Aochang New Energy Co. Ltd. Jiangsu Province Jiangsu Province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Huangye Jingxin PV Electric Co. Ltd. Hebei Province Hebei Province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Jinzhou Jingxin New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB1000000.00 - 100.00 Set up

companies

Dongguan Jingyang New Energy Technology Co. Distributed project

Guangdong Province Guangdong Province RMB2650000.00 - 100.00 Set up

Ltd. companies

Hebei JA Education Technology Co. Ltd. Hebei Province Hebei Province Education company RMB500000000.00 100.00 - Set up

Xingtai Jingrui Commercial Management Co. Ltd. Hebei Province Hebei Province Catering company RMB2000000.00 - 100.00 Set up

Xingtai Polytechnic Institute of New Energy Hebei Province Hebei Province Education company RMB6000000.00 - 100.00 Set up

Hangzhou Chunao New Energy Technology Co.Ltd

Residential project

(Formerly known as “Dongming Aosheng New Zhejiang Province Zhejiang Province RMB3000000.00 - 100.00 Set upcompaniesEnergy Technology Co. Ltd.”)

Zhuhai Hengqin JA New Energy Investment Co.Guangdong Province Guangdong Province Investment company RMB1000000.00 - 100.00 Set up

Ltd.Zhuhai Hengqin JA Trading Co. Ltd. Guangdong Province Guangdong Province Trading company RMB1000000.00 - 100.00 Set up

141JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding percentage (%)

Principal place of Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

Zhuhai Hengqin JA Information Consulting Service

Guangdong Province Guangdong Province Consulting company RMB1000000.00 - 100.00 Set up

Co. Ltd.Wuxi Jinghao New Materials Technology Co. Ltd. Jiangsu Province Jiangsu Province Production base RMB10000000.00 - 51.00 Set up

Guangxi Zhuang Guangxi Zhuang Distributed project

Beihai Jinghai New Energy Technology Co. Ltd. RMB1000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Centralized project

Jinping Jingjian(Shantou) Technology Co. Ltd. Guangdong Province Guangdong Province RMB10000000.00 - 100.00 Set up

companies

Distributed project

Suiping Siao New Energy Co. Ltd. Henan Province Henan Province RMB1000000.00 - 100.00 Set up

companies

Residential project

Hubei Jingfeng New Energy Technology Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Residential project

JA Wisdom Energy Technology (Shanghai) Co. Ltd. Shanghai Shanghai RMB100000000.00 - 100.00 Set up

companies

Residential project

Qujing Fengjing New Energy Co.Ltd. Yunnan Province Yunnan Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Zhanjiang Yuanjia New Energy Co.Ltd. Guangdong Province Guangdong Province RMB3000000.00 - 100.00 Set up

companies

Residential project

Hubei Weifeng New Energy Co.Ltd. Hubei Province Hubei Province RMB3000000.00 - 100.00 Set up

companies

Distributed project

Jingzhou Jingrui New Energy Technology Co. Ltd. Hubei Province Hubei Province RMB10000000.00 - 100.00 Set up

companies

Inner Mongolia Inner Mongolia Distributed project

Eerduosi Jingning New Energy Co. Ltd. RMB50000000.00 - 100.00 Set up

Autonomous Region Autonomous Region companies

Kangbao Jingsheng New Energy Technology Centralized project

Hebei Province Hebei Province RMB5000000.00 - 100.00 Set up

Co.Ltd. companies

Distributed project

Qinhuangdao Jingxu PV Technology Co. Ltd. Hebei Province Hebei Province RMB20000000.00 - 100.00 Set up

companies

Chaoyang Jingsheng New Energy Technology Centralized project

Liaoning province Liaoning province RMB10000000.00 - 100.00 Set up

Co.Ltd. companies

Distributed project

Xiamen Jingju New Energy Co. Ltd. Fujian Province Fujian Province RMB31988400.00 - 100.00 Set up

companies

Centralized project

Chaoyang Fengsheng New Energy Co. Ltd. Liaoning province Liaoning province RMB1000000.00 - 100.00 Set up

companies

Centralized project

Mojiang Jingyang New Energy Co. Ltd. Yunnan Province Yunnan Province RMB1000000.00 - 100.00 Set up

companies

Residential project

Shanghai Xiangao Energy Co. Ltd. Shanghai Shanghai RMB20000000.00 - 100.00 Set up

companies

Residential project

Shanghai Gujing Energy Co. Ltd. Shanghai Shanghai RMB20000000.00 - 100.00 Set up

companies

Distributed project

Guiyang Jingcai New Energy Technology Co. Ltd. Guizhou Province Guizhou Province RMB19000000.00 - 100.00 Set up

companies

Centralized project

Kangbao Weilan New Energy Technology Co. Ltd. Hebei Province Hebei Province RMB3000000.00 - 100.00 Set up

companies

Jinzhou Qingneng New Energy Technology Co. Centralized project

Hebei Province Hebei Province RMB3000000.00 - 100.00 Set up

Ltd. companies

Centralized project

Daqing Zaoneng New Energy Co. Ltd. Heilongjiang Province Heilongjiang Province RMB1000000.00 - 100.00 Set up

companies

Distributed project

Jingshi Mingyuan (Dezhou) New Energy Co. Ltd. Shandong Province Shandong Province RMB8500000.00 - 100.00 Set up

companies

Distributed project

Shijiazhuang Luanjing New Energy Co. Ltd. Hebei Province Hebei Province RMB100000.00 - 100.00 Set up

companies

JA Solar (Beijing) Hydrogen Energy Technology

Beijing Beijing Investment company RMB100000000.00 - 100.00 Set up

Co. Ltd.Distributed project

Shijiazhuang Jingyu PV Electric Co. Ltd. Hebei Province Hebei Province RMB1000.00 - 100.00 Set up

companies

Operation and

Yangzhou Jiejing Jicheng Fine Chemistry Co. Ltd. Jiangsu Province Jiangsu Province maintenance RMB500000.00 - 70.00 Set up

company

Distributed project

Cangzhou Aofeng Electric Power Co. Ltd. Hebei Province Hebei Province RMB70000.00 - 100.00 Set up

companies

Distributed project

Foshan Jinglv New Energy Technology Co. Ltd. Guangdong Province Guangdong Province RMB5000000.00 - 100.00 Set up

companies

Investment and

Hainan JA Solar PV Technology Co. Ltd. Hainan Province Hainan Province RMB20000000.00 - 100.00 Set up

trading company

Neimenggu Jingao New Energy investment Co. Inner Mongolia Inner Mongolia Centralized project

RMB1000000.00 - 100.00 Set up

Ltd. Autonomous Region Autonomous Region companies

Centralized project

Bazhong Jingzhou Energy Technology Co. Ltd. Sichuan Province Sichuan Province RMB3000000.00 - 100.00 Set up

companies

Distributed project

Xuancheng Jingyi New Energy Technology Co. Ltd Anhui Province Anhui Province RMB5000000.00 - 100.00 Set up

companies

Investment and

JA Solar International Limited Hong Kong Hong Kong HKD100000.00 - 100.00 Set up

trading company

JA Solar Trading Limited Hong Kong Hong Kong Trading company HKD100000.00 - 100.00 Set up

JA Solar Investment (Hong Kong) Limited Hong Kong Hong Kong Investment company USD100000.00 - 100.00 Purchase

JA Solar HongKong Limited Hong Kong Hong Kong Investment company HKD10000.00 - 100.00 Purchase

JA Solar Smart Energy (Hong Kong) Limited Hong Kong Hong Kong Investment company USD100000.00 - 100.00 Set up

JA Solar Energy Investment (Hong Kong) Co.Hong Kong Hong Kong Investment company USD100000.00 - 100.00 Set up

Limited

JA Solar Renewable Energy Limited Hong Kong Hong Kong Investment company HKD100000.00 - 100.00 Set up

JA Solar Malaysia Sdn. Bhd. Malaysia Malaysia Production base MYR100000000.00 - 100.00 Set up

142JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Shareholding percentage (%)

Principal place of Acquisition

Name of the subsidiaries (continued) Registration place Business nature Registered capital

business method

Direct Indirect

JA Solar Australia PTY Limited Australia Australia Trading company AUD1000.00 - 100.00 Set up

JA Solar Brasil Ltda Brazil Brazil Trading company BRL10819318.00 - 100.00 Set up

JA SOLAR MIDDLE EAST DMCC United Arab Emirates United Arab Emirates Trading company AED50000.00 - 100.00 Set up

JA Solar DMCC Dubai Dubai Trading company AED50000.00 - 100.00 Set up

JA Solar GmbH Germany Germany Trading company EUR25000.00 - 100.00 Purchase

Ja Solar Ireland Limited Ireland Ireland Trading company - - 100.00 Set up

JA Solar Japan Limited Japan Japan Trading company JPY99990000.00 - 100.00 Purchase

Fukushimanakamori Real Estate LLC Japan Japan Land lease JPY100000.00 - 100.00 Set up

JA Solar Japan Asset Management LLC Japan Japan Asset management JPY100000.00 - 100.00 Set up

Centralized project

Ecoplexus Shiojiri Project LLC Japan Japan JPY200000.00 - 100.00 Purchase

companies

JA Solar Korea Co. Ltd. South Korea South Korea Trading company KRW100000000.00 - 100.00 Set up

JA Solar Mexico Energy Mexico Mexico Trading company MXN50000.00 - 100.00 Set up

JA Solar OM (FZC) SPC Oman Oman Production base OMR250000.00 - 100.00 Set up

JA Solar Singapore Pte. Ltd. Singapore Singapore Investment company SGD100.00 - 100.00 Set up

JA Solar South Africa (PTY) Ltd. South Africa South Africa Trading company ZAR100.00 - 100.00 Purchase

JA SOLAR SA (PTY) LTD South Africa South Africa Trading company ZAR100.00 - 100.00 Set up

JA SOLAR ENERGY SPAIN SOCIEDAD

Spain Spain Trading company EUR25000.00 - 100.00 Set up

LIMITADA

JA Solar Enerji Yatirim Ticaret Limited Sirketi Turkey Turkey Trading company TL10000.00 - 100.00 Set up

JA Solar USA Inc. USA USA Trading company USD50000.00 - 100.00 Purchase

JA Solar Industrial Corp. USA USA Investment company - - 100.00 Set up

JA Solar AZ LLC. USA USA Production base - - 100.00 Set up

JA Solar VietNam Company Limited Vietnam Vietnam Production base USD90000000.00 - 100.00 Set up

JA Solar PV VietNam Company Limited Vietnam Vietnam Production base USD60000000.00 - 100.00 Set up

JA Solar NE VietNam Company Limited Vietnam Vietnam Production base USD30000000.00 - 100.00 Set up

143JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Material non-wholly owned subsidiaries

Proportion of Profit or loss allocated Dividend declared to

Balance of non-

ownership interest to non-controlling non-controlling

Name of the Subsidiary controlling interests at

held by non- interests during the shareholders during

the end of the year

controlling interests year the year

Yiwu JA Solar Technology Co. Ltd. 9.88% (91062240.02) 55000000.00 502816772.55

?

(3) Key financial information about material non-wholly owned subsidiaries

2024

Name of the Subsidiary

Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities

Yiwu JA Solar Technology Co. Ltd. 5937904322.55 3238632427.29 9176536749.84 3376789285.22 932072989.21 4308862274.43

?

2023

Name of the Subsidiary

Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities

Yiwu JA Solar Technology Co. Ltd. 8795018216.11 3648608095.41 12443626311.52 5499186619.68 475990837.07 5975177456.75

?

20242023

Total Total

Name of the Subsidiary Net loss for the comprehensive Cash flows from Net profit for the comprehensive Cash flows from

Operating income Operating income

year income for the operating activities year income for the operating activities

year year

Yiwu JA Solar Technology Co. Ltd. 9460172736.71 (1050090619.21) (1050090619.21) 1755283064.20 21154819542.78 751402046.83 751402046.83 (692274491.39)

?

144JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

2 Transactions that cause changes in the Group’s interests in subsidiaries that do not result in

loss of control

(1) Changes in the Group’s interests in subsidiaries:

In July 2024 JA Solar acquired 26.15% and 3.85% equity stakes in Ningjin Jingxing Electronic

Material Co. Ltd. (referred to as “Ningjin Jingxing”) held by minority shareholders Hong Kong

Qi Chang Company and Hong Kong Jinhua Semiconductor Materials Company respectively.The total consideration paid for these acquisitions was RMB 122333765.80. Following this

acquisition the Group now holds 100% ownership of Ningjin Jingxing.In July 2024 China Orient Asset Management Co. Ltd. transferred 23.07% of its equity stake

in Yangzhou Battery to JA Solar at a transfer consideration of RMB 2000000000.00.Following this equity transfer the Group holds 94.23% of Yangzhou Battery’s shares while

Agricultural Bank Financial Asset Investment Co. Ltd. holds 5.77% of the shares. Yangzhou

Battery remains a consolidated subsidiary within the Group’s financial statements.In August 2024 JA Solar acquired a 5.77% equity stake in Yangzhou Battery held by minority

shareholder Agricultural Bank Financial Asset Investment Co. Ltd. paying a consideration of

RMB 502944444.00. Following this acquisition the Group now holds 100% of Yangzhou

Battery’s shares.

(2) Impact from transactions with non-controlling interests and equity attributable to the

shareholders of the Company:

JA Solar Technology Yangzhou Ningjin Jingxing Electronic

?

Co. Ltd. Material Co. Ltd.Acquisition cost 2502944444.00 122333765.80

Less: share of net assets in subsidiaries

1623733435.95123771257.02

based on the shares acquired

Difference 879211008.05 (1437491.22)

Including: Adjustment on capital reserve 879211008.05 (1437491.22)

3 Interests in joint ventures or associates

Item 31 December 2024 31 December 2023

Joint ventures

- Immaterial joint ventures 7755317.88 -

Associates

- Material associates 428724648.53 632114368.10

- Immaterial associates 202248208.97 267041230.10

Sub-total 638728175.38 899155598.20

Less: Provision for impairment - -

Total 638728175.38 899155598.20

?

145JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(1) Material associates

Shareholding percentage (%) Accounting

Principal place of treatment of

Name of associate Registered place Nature of business Registered capital

business Direct Indirect investments in

associates

Inner Mongolia Inner Mongolia Production and

Inner Mongolia Silicon Material Company 9.00 - Equity method RMB3500000000.00?

Autonomous Region Autonomous Region sales of polysilicon

?

146JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Key financial information of material associates:

20242023

Inner Mongolia Inner Mongolia

Item

Silicon Material Silicon Material

Company Company

Current assets 2379665973.42 5227754291.29

Non-current assets 8244941416.46 8578206719.71

Total assets 10624607389.88 13805961011.00

Current liabilities 4007835620.49 3836028252.54

Non-current liabilities 1853164563.60 2946439779.65

Total liabilities 5861000184.09 6782468032.19

Non-controlling interests - -

Equity attributable to shareholders of the

4763607205.797023492978.81

Company

Group’s share of net assets 428724648.53 632114368.10

Adjustments - -

Carrying amount of equity investments in

428724648.53632114368.10

associates

Operating income 2611902595.87 9078630667.85

Net (loss) / profit for the year (985519384.59) 2462815556.75

Net profit from discontinued operations - -

Other comprehensive income for the year - -

Total comprehensive income for the year (985519384.59) 2462815556.75

Dividends received from associates during the

116284323.71118304406.02

year

(3) Summarized financial information of immaterial associates:

?20242023

Joint ventures:

Aggregate carrying amount of investments 7755317.88 -

Aggregate amount of share of

- Net loss (1244682.12) -

- Total comprehensive income (1244682.12) -

Associates:

Aggregate carrying amount of investments 202248208.97 267041230.10

Aggregate amount of share of ?

- Net profit 8081369.50 28201978.01

- Other comprehensive income - 6535373.91

- Total comprehensive income 8081369.50 34737351.92

147JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(4) Excess loss from associates

Accumulated

Accumulated Unrecognized

unrecognized loss

Name of enterprise unrecognized loss loss at the end

at the end

in prior periods of the year

of the year

Jingguan PV Electric (Yugan Xian) Co. Ltd. (90435276.02) (24861964.26) (115297240.28)

?

IX. Government grants

1 Details of government grants

2024

Amount recognized

Item Amount Presentation item in profit or loss for

the current period

Industrial development support funds 65428467.31 Other income 65428467.31

Fixed assets subsidy and infrastructure support funds 109889813.15 Other income 109889813.15

Research and development subsidy 7841142.87 Other income 7841142.87

Special funds 34398101.17 Other income 34398101.17

Electricity subsidy 8000000.00 Other income 8000000.00

Tax rebate support funds 87991500.00 Other income 87991500.00

Housing support funds 21666273.60 Other income 21666273.60

Project grants 23252433.91 Other income 23252433.91

Foreign trade subsidy 12242158.29 Other income 12242158.29

Job stabilization subsidy 14715102.00 Other income 14715102.0

Technical transformation subsidy funds 8112412.39 Other income 8112412.39

Land support funds 1318074.50 Other income 1318074.50

Loan discount subsidy 31897300.00 Financial expenses 31897300.00

Others (individual amount less than 1 million) 12353330.72 Other income 12353330.72

2023

Amount recognized

Item Amount Presentation item in profit or loss for

the current period

Industrial development support funds 438157882.60 Other income 438157882.60

Fixed assets subsidy and infrastructure support funds 74283138.12 Other income 74283138.12

Research and development subsidy 48327944.00 Other income 48327944.00

Special funds 39693989.85 Other income 39693989.85

Electricity subsidy 24487907.95 Other income 24487907.95

Tax rebate support funds 19144087.31 Other income 19144087.31

Housing support funds 17178300.00 Other income 17178300.00

Project grants 24150474.22 Other income 24150474.22

Foreign trade subsidy 10699998.84 Other income 10699998.84

Job stabilization subsidy 8551670.00 Other income 8551670.00

Technical transformation subsidy funds 6703411.13 Other income 6703411.13

Land support funds 1318074.00 Other income 1318074.00

Loan discount subsidy 19894040.02 Financial expenses 19894040.02

Others (individual amount less than 1 million) 11337490.06 Other income 11337490.06

148JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

2 Liabilities relating to government grants

Amounts

Amounts

Balance at the recognized in

Additions during recogniesd in Other changes Balance at the Related to

Item beginning of the non-operating

the year other income during the year end of the year assets/income

year income during the

during the year

year

Deferred income 896592734.20 396741000.00 - 142584549.21 7041340.21 1143707844.78 Related to assets

Deferred income 4313870.29 2376854.00 - 1525107.13 - 5165617.16 Related to income

X. Risk related to financial instruments

The Group has exposure to the following main risks from its use of financial instruments in the

normal course of the Group’s operations:

- Credit risk

- Liquidity risk

- Interest rate risk

- Foreign currency risk

- Other price risks

The following mainly presents information about the Group’s exposure to each of the above

risks and their sources their changes during the year and the Group’s objectives policies and

processes for measuring and managing risks and their changes during the year.The Group aims to seek appropriate balance between the risks and benefits from its use of

financial instruments and to mitigate the adverse effects that the risks of financial instruments

have on the Group’s financial performance. Based on such objectives the Group’s risk

management policies are established to identify and analyse the risks faced by the Group to

set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk

management policies and systems are reviewed regularly to reflect changes in market

conditions and the Group’s activities.

1 Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the

other party by failing to discharge an obligation. The Group is mainly exposed to credit risk

arising from customers’ failure to discharge an obligation in sales on credit. The Group mainly

faces customer credit risks caused by sales on account. Prior to the conclusion of the new

contract the Group will evaluate the credit risk of the new customer including the external

credit rating and bank credential letter under some circumstances (if it is available). The Group

sets a credit limit for each customer. The limit is the maximum amount unnecessary for

additional approval.The Group quarterly monitors the existing customer credit rating and monthly reviews aging

analysis of accounts receivable to ensure that the Group’s overall credit risk is within the

controllable range. When monitoring the credit risk of the customer the Group will divide the

customer into groups by their credit risk characteristics. Customers rated as “high risk” level

will be placed in a restricted customer list. The Group may sell goods to such customers on

credit in future periods in case of additional approval otherwise the Group must require

advance payments of the corresponding amount.The maximum exposure to credit risk is represented by the carrying amount of each financial

asset including derivative financial instruments in the balance sheet. The Group does not

provide any other guarantees which would expose the Group to credit risk.

149JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

2 Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in meeting obligations that

are settled by delivering cash or another financial asset. The Group’s policy is to maintain

sufficient cash to meet maturing obligations. Liquidity risk is centralized controlled by the

Company’s finance department. The finance department monitors cash balances readily

realizable marketable securities and rolling forecasts of cash flows over the next 12 months

to ensure that the Company has sufficient funds to repay debts under all reasonable forecasts.The following tables set out the remaining contractual maturities at the balance sheet date of

the Group’s financial liabilities which are based on contractual undiscounted cash flows

(including interest payments computed using contractual rates or if floating based on rates

current at the balance sheet date) and the earliest date the Group can be required to pay:

2024 Contractual undiscounted cash flow

Carrying amount

More than 1 year More than 2 years

Item Within 1 year or at balance sheet

but less than but less than More than 5 years Total

demand (inclusive) date

2 years (inclusive) 5 years (inclusive)

Short-term loans 8541969119.28 - - - 8541969119.28 8497626915.30

Derivative financial

240166648.02---240166648.02240166648.02

liabilities

Bills payable 14345592887.14 - - - 14345592887.14 14345592887.14

Accounts payable 9814115775.05 - - - 9814115775.05 9814115775.05

Other payables 10232056708.65 - - - 10232056708.65 10232056708.65

Long-term loans

(including the portion 852008029.85 4786478583.74 9192207998.59 914869360.17 15745563972.35 14683555867.04

due within one year)

Convertible

bonds(including the

35841230.8053761846.209972822470.10-10062425547.108640050116.78

portion due within one

year)

Lease liabilities

(including the portion 418548090.60 348371657.53 617337821.45 1648720265.42 3032977835.00 2163197116.64

due within one year)

Long-term payables

(including the portion 1193274761.11 1637107063.45 2241091408.90 3711120055.25 8782593288.71 7349135495.79

due within one year)

Other non-current

liabilities (including

27235914.00-56640000.00-83875914.0083875914.00

the portion due within

one year)

Total 45700809164.50 6825719150.92 22080099699.04 6274709680.84 80881337695.30 76049373444.41

?

2023 Contractual undiscounted cash flow

Carrying amount

More than 1 year More than 2 years

Item Within 1 year or at balance sheet

but less than but less than More than 5 years Total

demand (inclusive) date

2 years (inclusive) 5 years (inclusive)

Short-term loans 1062995428.03 - - - 1062995428.03 978591075.08

Bills payable 18609296613.85 - - - 18609296613.85 18609296613.85

Accounts payable 8816378706.33 - - - 8816378706.33 8816378706.33

Other payables 14369723054.48 - - - 14369723054.48 14369723054.48

Long-term loans

(including the

262010256.25212244481.30675916499.35881823654.802031994891.701705647906.85

portion due within

one year)

Convertible

bonds(including the

17920615.4035841230.80349452000.309677132316.0010080346162.508367890158.50

portion due within

one year)

Lease liabilities

(including the

292704714.13471747100.32337370153.33761182360.861863004328.641375781457.39

portion due within

one year)

Long-term payables

(including the

417614564.83215104698.021620646959.183357887011.745611253233.774359874503.93

portion due within

one year)

Other non-current

liabilities (including

-27235914.0056640000.00-83875914.0083875914.00

the portion due

within one year)

Total 43848643953.30 962173424.44 3040025612.16 14678025343.40 62528868333.30 58667059390.41

?

150JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

3 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will

fluctuate because of changes in market interest rates. The Group’s exposure to currency risk

is primarily arising from variable-rate bank balances and variable-rate borrowings. The Group

has not yet formulated a policy to manage its interest rate risk but the management will closely

monitor interest rate risk and use interest rate swaps when necessary to achieve the expected

interest rate structure. Although this measure cannot completely prevent the Company from

paying the risk that the interest rate paid exceeds the current market interest rate nor can it

completely eliminate the cash flow risk associated with fluctuations in interest income and

expenditure the management believes that this measure achieves a reasonable balance

between these risks.

(1) As at 31 December the Group held the following interest-bearing financial instruments:

Fixed rate financial instruments:

Item 2024 2023

Effective interest Effective interest

Financial assets Amounts Amounts

rate rate

Non-current assets due within one year 2.70% - 3.55% 2598225693.39 2.70% - 3.99% 2498637840.30

Long-term receivables (including the

2.14%-6.00%465084982.304.57%-6.00%546453754.76

portion due within one year)

Other non-current assets 1.70% - 2.98% 4489445062.15 2.65% - 3.55% 2770570732.73

Financial liabilities ? ? ? ?

Short-term loans 0 - 3.30% 6733305937.42 0 - 3.89% 641944879.17

Long-term loans (including the portion

2.50%-3.80%3921752473.482.70%-2.95%268327205.56

due within one year)

Convertible bonds(including the portion

0.20%-2.00%8640050116.780.20%-2.00%8367890158.50

due within one year)

Lease liabilities (including the portion due

3.20%-6.70%2163197116.643.56%-6.70%1375781457.39

within one year)

Long-term payables (including the portion

2.25%-6.00%7349135495.793.56%-6.00%4359874503.93

due within one year)

Total (21254685402.27) ? (9198155876.76)

?

Variable rate financial instruments:

Item 2024 2023

Effective interest Effective interest

Financial assets Amounts Amounts

rate rate

Cash at bank and on hand 0 - 7.50% 25088742298.26 0 - 7.50% 15988433550.07

Financial liabilities

Short-term loans 2.10% - 3.98% 1764320977.88 2.65% - 3.65% 336646195.91

Long-term loans (including the portion

2.18%-9.38%10761803393.562.80%-8.66%1437320701.29

due within one year)

Total 12562617926.82 ? 14214466652.87

?

(2) Sensitivity analysis

As at 31 December 2024 it is estimated that a general increase/decrease of 100 basis points

in interest rates with all other variables held constant would increase/decrease the Group’s

equity by RMB123113655.68 (2023: RMB126508753.21) and net profit by

RMB123113655.68 (2023: RMB126508753.21).

151JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

4 Foreign currency risk

In respect of cash at bank and on hand accounts receivable and payable short-term loans

denominated in foreign currencies other than the functional currency the Group ensures that

its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot

rates when necessary to address short-term imbalances.

(1) As at 31 December the Group’s exposure to currency risk arising from recognized assets or

liabilities denominated in foreign currencies is presented in the following tables. For

presentation purposes the amounts of the exposure are shown in Renminbi translated using

the spot rate at the balance sheet date. Differences resulting from the translation of the

financial statements denominated in foreign currency are excluded.

20242023

Item Balance in foreign Balance in RMB Balance in foreign Balance in RMB

currency equivalent currency equivalent

Cash at bank and on hand

- USD 833245994.90 5989705509.72 408181587.14 2891027727.22

- EUR 33679935.12 253465087.75 23344459.80 183468778.44

- Other foreign currencies 179215380.67 218688151.88

Derivative financial assets

- USD - - 589264.13 4173581.05

Accounts receivable

- USD 424148785.25 3048951127.90 649998749.76 4603746144.90

- EUR 205901349.79 1549551788.08 176640804.34 1388255409.44

- Other foreign currencies 145810599.03 289621346.39

Other receivables

- USD 102308161.17 735431985.76 92129104.83 652522810.79

- EUR 2139367.67 16100239.27 2296123.53 18045694.05

- Other foreign currencies ? 7187859.97 8500448.37

Short-term loans

- EUR 4908880.73 36942763.73 1800582.75 14151139.95

- Other foreign currencies 27739800.00 -

Derivative financial liabilities

- USD 29739819.80 213781720.66 - -

Accounts payable

- USD 50177122.46 360693227.08 76566780.61 542299537.00

- EUR 4611501.01 34704773.14 2356668.40 18521528.25

- Other foreign currencies 6877033.00 23921301.92

Other payables

- USD 97754342.98 702697319.05 153987232.21 1090645369.57

- EUR 4195346.03 31572915.65 6686211.00 52548269.52

- Other foreign currencies ? 113799137.41 138992391.64

Long-term loans (including the portion due

within one year)

- EUR 73683412.45 554519257.09 - -

- Other foreign currencies ? 3902281.52 35775190.70

Gross balance sheet exposure

- USD 1182031656.08 8496916356.59 920344693.04 6518525357.39

- EUR 154321512.36 1161377405.49 191437925.52 1504548944.21

- Other foreign currencies 179895587.74 318121062.38

?

152JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) The following are the exchange rates for Renminbi against foreign currencies applied by the

Group:

Balance sheet date mid-spot

? Average rate

rate

?2024202320242023

USD 7.1217 7.0467 7.1884 7.0827

EUR 7.7248 7.6425 7.5257 7.8592

?

(3) Sensitivity analysis

Assuming all other risk variables remained constant a 5% strengthening of the Renminbi

against other foreign currencies at 31 December would have decreased / increased the

shareholders’ equity and net profit by the amount shown below whose effect is in Renminbi

and translated using the spot rate at the year-end date:

Shareholders’

? Net profit

equity

As at 31 December 2024

Increase by 5% (482348523.02) (482348523.02)

Decrease by 5% 482348523.02 482348523.02

As at 31 December 2023

Increase by 5% (372959265.23) (372959265.23)

Decrease by 5% 372959265.23 372959265.23

?

A 5% weakening of the Renminbi against other foreign currencies at 31 December would have

had the equal but opposite effect to the amounts shown above on the basis that all other

variables remained constant.

5 Other price risks

The Group’s other price risks primarily arise from various equity instrument investments

measured at fair value which are subject to the risk of changes in the price in equity

instruments. As at 31 December 2024 the carrying amount of the Group’s equity instrument

investments measured at fair value with quoted market prices was not significant and the

related other price risks were low.

153JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

XI. Fair value disclosure

The following table presents the fair value information and the fair value hierarchy at the end

of the current reporting period of the Group’s assets and liabilities which are measured at fair

value at each balance sheet date on a recurring or non-recurring basis. The level in which fair

value measurement is categorized is determined by the level of the fair value hierarchy of the

lowest level input that is significant to the entire fair value measurement. The levels are defined

as follows:

Level 1 inputs: unadjusted quoted prices in active markets that are observable at the

measurement date for identical assets or liabilities;

Level 2 inputs: inputs other than Level 1 inputs that are either directly or indirectly observable

for underlying assets or liabilities;

Level 3 inputs: inputs that are unobservable for underlying assets or liabilities.

1 Fair value of assets and liabilities measured at fair value at the end of the year

31 December 2024

Item Note Level 1 Fair value Level 2 Fair value Level 3 Fair value

Total

measurement measurement measurement

Recurring fair value measurements ?

Derivative financial assets V.2 - 1296536.44 - 1296536.44

Receivables under financing V.5 - - 646188784.95 646188784.95

Investments in other equity

V.15 33519866.72 - 7803681.07 41323547.79

instruments

Other non-current financial assets V.16 - - 109366352.60 109366352.60

Total assets measured at fair value

?33519866.721296536.44763358818.62798175221.78

on a recurring basis

Derivative financial liabilities V.26 - 240166648.02 - 240166648.02

Total liabilities measured at fair

-240166648.02-240166648.02

value on a recurring basis

?

31 December 2023

Item Note Level 1 Fair value Level 2 Fair value Level 3 Fair value

Total

measurement measurement measurement

Recurring fair value measurements ?

Derivative financial assets V.2 - 11847761.02 - 11847761.02

Receivables under financing V.5 - - 831601690.24 831601690.24

Investments in other equity

V.15 - - 99664681.07 99664681.07

instruments

Other non-current financial assets V.16 - - - -

Total assets measured at fair value

?-11847761.02931266371.31943114132.33

on a recurring basis

Derivative financial liabilities V.26 - - - -

Total liabilities measured at fair

----

value on a recurring basis

?

2 Basis for determining market price for recurring and non-recurring fair value measurements

categorized within Level 1

The Group’s investments in other equity instruments measured at fair value in Level 1 refer to

the equity in Yonz Technology Co. LTD. held by the Company. The fair value of these

investments in other equity instruments is determined based on the closing price of the last

trading day in the public trading market.

154JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

3 Valuation techniques used and the qualitative and quantitative information of key parameters

for recurring and non-recurring fair value measurements categorized within Level 2

The Group uses the input value verified by the market as the basis for determining the fair

value of the second-level financial assets.

4 Valuation techniques used and the qualitative and quantitative information of key parameters

for recurring and non-recurring fair value measurements categorized within Level 3

The Group uses the unobservable input value as the basis for determining the fair value of the

third-level financial assets.The Group's receivables under financing for items measured at fair value in Level 3 is mainly

bank acceptance bills. These bills will mature in a relatively short period of time and there is

no significant difference between their carrying amount and fair value. The fair value is based

on the carrying value of the bank acceptance bills.The Group's investments in other equity instruments measured at fair value in Level 3 are the

equity interests in Yonz Technology Co. Ltd. Nordkette (SuZhou) Intelligent Equipment

Co.Ltd. and Duowei Union Group Co. Ltd. The fair value of investments in other equity

instruments is based on the fair value of the initial investment consideration in the investee and

adjustments to the investment cost considering the operations of the investee.The Group’s other non-current financial assets measured at fair value in Level 3 refer to the

equity held in Suzhou JSolar Technology Co. Ltd. The fair value of these other non-current

financial assets is determined based on the fair value of recent financing of the investee and

adjustments to the investment cost considering the operations of the investee.XII. Related parties and related party transactions

1 Information about the parent of the Company

Registered

Registered Business Shareholding Percentage of

Company name capital

place nature percentage (%) voting rights (%)

(RMB’0000)

Dongtai Jingtaifu Technology Dongtai

Investment 3000.00 47.45 47.45

Co. Ltd. Jiangsu

?

The parent company of the Company is Dongtai Jingtaifu Technology Co. Ltd. and the

ultimate controlller of the Company is Jin Baofang.

2 Information about the subsidiaries of the Company

For information about the subsidiaries of the Group refer to Note VIII. Interests in other entities.

155JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

3 Information about joint ventures and associates of the Company

For information about the joint ventures and associates of the Group refer to Note VIII.Interests in other entities. Joint ventures and associates that have related party transactions

with the Group during this year or the previous year are as follows:

Name of entity Relationship with the Company

Inner Mongolia Silicon Material Company Associates of the Company

Jingguan PV Electric (Yugan Xian) Co. Ltd. Associates of the Group

Yuhong JA New Energy Technology Co. Ltd. Associates of the Group

Fukushima Nakamori Power Plant Contract Company Associates of the Group

Datang Angli (Lingwu) New Energy Co. Ltd. Associates of the Group

?

Note: In 2024 the Group will dispose of 1.30% equity of Suzhou JSolar Technology Co. Ltd.(hereinafter referred to as "Suzhou JSolar"). After disposal the Group will no longer appoint

any director and exert significant influence on Suzhou JSolar. On December 31 2024 Suzhou

JSolar will no longer be a related parties of the Group.

156JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

4 Information on other related parties

Name of other related parties Related party relationship

Company invested by the ultimate

Bank of Xingtai Co. Ltd.controller

Company controlled by the same ultimate

Qujing Dinghong Catering Management Co. Ltd.controller

Ningjin County Heilonggang Construction and Company under the significant influence

Installation Co. Ltd. of close relatives of executives

Company controlled by the same ultimate

Hebei Jinglong Logistics Co. Ltd.controller

Company controlled by the same ultimate

Jinglong Industrial Group Co. Ltd.controller

Company controlled by the same ultimate

Sanhe Jingning Catering Co. Ltd.controller

Company controlled by the same ultimate

Yiwu Hongyang Catering Management Co. Ltd.controller

Baotou Hongyang Catering Management Co. Company controlled by the same ultimate

Ltd. controller

Company controlled by the same ultimate

Hefei Dinghong Catering Management Co. Ltd.controller

Company controlled by the same ultimate

Tianjin Jinfeng Logistics Co. Ltd.controller

Yangzhou Hongkang Catering Management Co. Company controlled by the same ultimate

Ltd. controller

Company controlled by the same ultimate

Jinglong Catering Co. Ltd.controller

Hebei Jinglong Human Resource Service Co. Company controlled by the same ultimate

Ltd. controller

Company controlled by the same ultimate

Hebei Jinglong Hotel Co. Ltd.controller

Company controlled by the same ultimate

Xingtai Jingning Catering Management Co. Ltd.controller

Company controlled by the same ultimate

Ningjin County Jinglong Hotel Co. Ltd.controller

Company controlled by the same ultimate

Jinglong Property Co. Ltd.controller

Company controlled by the same ultimate

Baotou Jinglong Hotel Co. Ltd.controller

Yangzhou Jinglong Catering Management Co. Company controlled by the same ultimate

Ltd. controller

?

157JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Name of other related parties (continued) Related party relationship

Company controlled by the same

Lianyungang Jingkanghong Catering Co. Ltd.ultimate controller

Company controlled by the same

Jiangsu Jinglong Logistics Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Qujing) Catering Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Dongtai) Catering Management Co. Ltd.ultimate controller

Jinglong (Shijiazhuang) Catering Management Co. Company controlled by the same

Ltd. ultimate controller

Company controlled by the same

JASO HOLDINGS LIMITED

ultimate controller

Jinghe (Henan) New Energy Engineering Co. Ltd. Subsidiaries of joint ventures

Company controlled by the same

Jinglong (Beijing) Catering Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Anhui) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Xingtai) Property Co. Ltd.ultimate controller

Company controlled by the same

Yunnan Jinglong Property Co. Ltd.ultimate controller

Company controlled by the same

Yiwu Jinghong Supermarket Co. Ltd.ultimate controller

Yuhong JA New Energy Technology (Tianjin) Co.Ltd. Subsidiary of associates

Yancheng Jiwa New Material Technology Co. Ltd. Subsidiary of associates

Company controlled by the same

Jinglong Technology Holdings Limited

ultimate controller

Company controlled by the same

Jinglong (Zhejiang) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Jiangsu) Property Co. Ltd.ultimate controller

Company controlled by the same

Yangzhou Jingrun Investment Co. Ltd.ultimate controller

Company controlled by the same

Jingrunyang (Shanghai) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Lianyungang) Property Co. Ltd.ultimate controller

158JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Name of other related parties (continued) Related party relationship

Company controlled by the same

Jinglong (Inner Mongolia) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Wuxi) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Dongtai) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Hebei) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Ordos City) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Bayannur) Property Co. Ltd.ultimate controller

Company controlled by the same

Ningjin County Jingdian Jingwei Pastry Co. Ltd.ultimate controller

Company controlled by the same

Xingtai Hongfan Trading Co. Ltd.ultimate controller

Company controlled by the same

Yangzhou Jinglefu Supermarket Co. Ltd.ultimate controller

Company controlled by the same

Ningjin County Chengzhi Trading Co. Ltd.ultimate controller

Company controlled by the same

Ningjin County Dinggao Trading Co. Ltd.ultimate controller

Company controlled by the same

Baotou Jinghong Trading Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Dongtai) Trading Co. Ltd.ultimate controller

Company controlled by the same

Sanhe Lewanjia Trading Co. Ltd.ultimate controller

Company controlled by the same

Sanhe Huadian Yili Technology And Trade Co. Ltd.ultimate controller

Company controlled by the same

Sunshine Silicon Peak Electronic Technology Co. Ltd.ultimate controller

Beijing Sunshine Jinglong Technology and Trade Co. Company controlled by the same

Ltd. ultimate controller

Ningjin County Jingyuan New Energy Investment Co. Company controlled by the same

Ltd. ultimate controller

Ningjin County Xinghe Real Estate Development Co. Company controlled by the same

Ltd. ultimate controller

Company controlled by the same

Ordos Hongyang Catering Co. Ltd.ultimate controller

Note: The Group’s actual controller indirectly holds equity in the Silicon Materials Supply

Group. Due to the large transaction amount in 2023 it was recognized as a related party.However in 2024 and future years it will no longer be recognized as a related party due

to the immateriality of the related procurement amounts.

159JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

5 Transactions with related parties

(1) Purchase of goods / receiving of services (excluding remuneration of key management

personnel)

Name of related party Nature of transaction 2024 2023

Interest and handling

Bank of Xingtai Co. Ltd. 156210.30 1625358.78

fees

Procurement of

Qujing Dinghong Catering Management Co. Ltd. 11177200.74 15802827.00

services

Ningjin County Heilonggang Construction and Procurement of

203845.87299026.61

Installation Co. Ltd. services

Procurement of

Hebei Jinglong Logistics Co. Ltd. 260104615.41 149087669.47

services

Procurement of

Jinglong Industrial Group Co. Ltd. 143028.49 227690.15

services

Procurement of

Sanhe Jingning Catering Co. Ltd. - 76625.00

services

Procurement of

Yiwu Hongyang Catering Management Co. Ltd. 16631543.34 27066722.25

services

Procurement of

Baotou Hongyang Catering Management Co. Ltd. 16412038.22 9545937.00

services

Procurement of

Hefei Dinghong Catering Management Co. Ltd. 16671064.50 20284857.00

services

Procurement of

Tianjin Jinfeng Logistics Co. Ltd. 62557716.58 90206008.53

services

Procurement of

Yangzhou Hongkang Catering Management Co. Ltd. 16311497.07 19660582.58

services

Procurement of

Jinglong (Anhui) Property Co. Ltd. 25478.49 7895.43

services

Procurement of

Jinglong Catering Co. Ltd. 10120204.01 17451911.67

services

Procurement of

Hebei Jinglong Human Resource Service Co. Ltd. 273674.46 408098.26

services

Procurement of

Hebei Jinglong Hotel Co. Ltd. 1213926.54 1328892.27

services

Procurement of

Xingtai Jingning Catering Management Co. Ltd. 12451419.97 16423184.86

services

Procurement of

Ningjin County Jinglong Hotel Co. Ltd. 5074.00 52503.96

services

Procurement of

Yuhong JA New Energy Technology (Tianjin) Co. Ltd. 1443569.31 51440459.56

services

Procurement of

Jinglong Property Co. Ltd. 42776.55 12182.55

services

Procurement of

Baotou Jinglong Hotel Co. Ltd. 97912.97 70379.61

services

Jinglong (Shijiazhuang) Catering Management Co. Procurement of

11438826.973628664.20

Ltd. services

Procurement of

Yangzhou Jinglong Catering Management Co. Ltd. 11752250.90 3247451.17

services

Procurement of

Lianyungang Jingkanghong Catering Co. Ltd. 1465918.29 635621.87

services

Procurement of

Jinglong (Qujing) Catering Co. Ltd. 15196748.12 4175593.35

services

Procurement of

Jinglong (Dongtai) Catering Management Co. Ltd. 19776949.55 6444271.48

services

Procurement of

Jiangsu Jinglong Logistics Co. Ltd. 2859403.64 -

services

Procurement of

28301.88-

Jinglong (Xingtai) Property Co. Ltd. services

Procurement of

665913.67-

Jinghe (Henan) New Energy Engineering Co. Ltd. services

Procurement of

4847762.84-

Jinglong (Beijing) Catering Co. Ltd. services

Procurement of

30188.68-

Yunnan Jinglong Property Co. Ltd. services

160JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Name of related party (continued) Nature of transaction 2024 2023

Jinglong (Zhejiang) Property Co. Ltd. Procurement of services 53773.59 -

Yangzhou Jingrun Investment Co. Ltd. Procurement of services 680635.90 -

Procurement of

Inner Mongolia Silicon Material Company 1119526244.34 3696235710.83

materials

Procurement of

Yancheng Jiwa New Material Technology Co. Ltd. 11501006.20 4531407.30

materials

Procurement of

Silicon Materials Supply Group - 2083004602.49

materials

Rental and property

Jinglong (Xingtai) Property Co. Ltd. 3747433.72 3389434.00

management fees

Rental and property

Jinglong Technology Holdings Limited 2180683.03 2170098.12

management fees

Rental and property

Jinglong (Jiangsu) Property Co. Ltd. 9892999.47 9185369.76

management fees

Rental and property

Jinglong (Hebei) Property Co. Ltd. 1623898.05 1535173.63

management fees

Rental and property

Jinglong (Zhejiang) Property Co. Ltd. 7437656.01 7812073.23

management fees

Rental and property

Jinglong (Inner Mongolia) Property Co. Ltd. 5123921.88 3345542.14

management fees

Rental and property

Jinglong (Lianyungang) Property Co. Ltd. 2113138.74 2073834.88

management fees

Rental and property

Yunnan Jinglong Property Co. Ltd. 10915847.93 7174992.07

management fees

Rental and property

Jinglong Property Co. Ltd. 2522580.23 2966436.27

management fees

Rental and property

Jinglong (Anhui) Property Co. Ltd. 3531655.96 2799730.90

management fees

Rental and property

Jinglong (Dongtai) Property Co. Ltd. 6279470.84 3925247.87

management fees

Rental and property

Yangzhou Jingrun Investment Co. Ltd. 400948.05 -

management fees

Rental and property

Jingrunyang (Shanghai) Property Co. Ltd. 798818.50 -

management fees

Rental and property

Jinglong (Wuxi) Property Co. Ltd. 290542.45 -

management fees

Rental and property

Jinglong (Ordos City) Property Co. Ltd. 293020.74 -

management fees

Rental and property

Jinglong (Bayannur) Property Co. Ltd. 235165.09 -

management fees

Ningjin County Jingdian Jingwei Pastry Co. Ltd. Procurement of goods 167797.00 153984.70

Ningjin County Jinglong Hotel Co. Ltd. Procurement of goods - 442859.00

Hebei Jinglong Hotel Co. Ltd. Procurement of goods 3215261.06 2571452.69

Xingtai Hongfan Trading Co. Ltd. Procurement of goods - 734

Yangzhou Jinglefu Supermarket Co. Ltd. Procurement of goods 99492.15 162782.89

Ningjin County Chengzhi Trading Co. Ltd. Procurement of goods - 14842.00

Ningjin County Dinggao Trading Co. Ltd. Procurement of goods 1695948.00 2730041.71

Yiwu Jinghong Supermarket Co. Ltd. Procurement of goods 367183.93 465798.80

Jinglong Catering Co. Ltd. Procurement of goods - 36600.00

Jinglong Property Co. Ltd. Procurement of goods - 35761.60

Yiwu Hongyang Catering Management Co. Ltd. Procurement of goods - 5349.50

Baotou Jinghong Trading Co. Ltd. Procurement of goods 26755.80 21374.24

Jinglong (Qujing) Catering Co. Ltd. Procurement of goods 186700.00 11040.00

Qujing Dinghong Catering Management Co. Ltd. Procurement of goods 150000.00 410450.00

Xingtai Jingning Catering Management Co. Ltd. Procurement of goods 7251.71 1909.44

Baotou Hongyang Catering Management Co. Ltd. Procurement of goods 9152.00 -

Jinglong (Dongtai) Trading Co. Ltd. Procurement of goods 1800.00 -

Total 1689181843.73 6276425048.67

161JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Sale of goods/rendering of services

Name of related party Nature of transaction 2024 2023

Bank of Xingtai Co. Ltd. Interest income 10523385.96 1504393.04

Jingguan PV Electric (Yugan Xian) Co. Ltd. Sale of goods - 1374848.68

Sanhe Lewanjia Trading Co. Ltd. Sale of goods - 6293.85

Yuhong JA New Energy Technology Co. Ltd. Sale of goods 246349448.28 516515263.28

Silicon Materials Supply Group Sale of goods - 54557.52

Hebei Jinglong Logistics Co. Ltd. Sale of goods 99393.37 344992.49

Jinglong Industrial Group Co. Ltd. Sale of goods 90010.61 135163.05

Jinglong Property Co. Ltd. Sale of goods - 1017.69

Hebei Jinglong Hotel Co. Ltd. Sale of goods 221.24 4619.46

Yangzhou Jinglong Catering Management Co. Ltd. Sale of goods 78053.10 -

Jinglong (Dongtai) Catering Management Co. Ltd. Sale of goods - -

Jinglong (Anhui) Property Co. Ltd. Rendering of services 543248.39 484475.11

Fukushima Nakamori Power Plant Contract Company Rendering of services 565379.04 602689.52

Yiwu Hongyang Catering Management Co. Ltd. Rendering of services 53086.74 159077.82

Jinglong (Hebei) Property Co. Ltd. Rendering of services - 59687.78

Baotou Jinglong Hotel Co. Ltd. Rendering of services 489317.42 780483.80

Hefei Dinghong Catering Management Co. Ltd. Rendering of services 187155.96 93577.98

Jinglong (Inner Mongolia) Property Co. Ltd. Rendering of services 4403.64 236240.90

Jinglong (Dongtai) Catering Management Co. Ltd. Rendering of services 10468.75 60311.06

Jinglong (Xingtai) Property Co. Ltd. Rendering of services 6666.65 -

Baotou Hongyang Catering Management Co. Ltd. Rendering of services 5137.61 -

Qujing Dinghong Catering Management Co. Ltd. Rendering of services 38849.36 -

Yunnan Jinglong Property Co. Ltd. Rendering of services 56468.34 -

Jinglong (Qujing) Catering Co. Ltd. Rendering of services 38183.76 -

Xingtai Jingning Catering Management Co. Ltd. Rendering of services 15238.10 -

Hebei Jinglong Logistics Co. Ltd. Rendering of services 199274.31 -

Total 259353390.63 522417693.03

?

162JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Leases

As the lessee:

Short-term rental expense and low-

Interest expenses incurred on lease Increased right-

value lease expense to which the Rental paid Decreased right-of-use assets

Name of lessor Type of assets leased liabilities of-use assets

practical expedient is applied

2024202320242023202420232024202320242023

Plant and buildings

Jinglong Technology

transportation 979947.25 435495.51 21346979.90 19103709.40 1589766.81 382221.49 55064817.46 - - -

Holdings Limited

vehicles

Land use rights plant

Jinglong Industrial Group and buildings

451805.151683225.1647990098.1852764777.483345407.401683144.95119391586.9921310761.9695184121.71-

Co. Ltd. transportation

vehicles

Sanhe Huadian Yili

Technology And Trade Plant and buildings - 3725037.48 - 3847384.17 - 294752.80 - - - -

Co. Ltd.Sunshine Silicon Peak

Machinery and

Electronic Technology - 4800000.00 - 5961809.23 - 169656.94 - - - -

equipment

Co. Ltd.Plant and buildings

Hebei Jinglong Logistics

transportation 1261423.34 1561254.12 1533935.44 1999952.34 10478.79 13598.55 131228.84 354446.79 139058.63 -

Co. Ltd.vehicles

Beijing Sunshine Jinglong

transportation

Technology and Trade 138053.10 - 156000.00 - - - - - - -

vehicles

Co. Ltd.Hebei Jinglong Hotel Co.Plant and buildings 62358.51 - 64900.00 - - - - - - -

Ltd.Total 2893587.35 12205012.27 71091913.52 83677632.62 4945653.00 2543374.73 174587633.29 21665208.75 95323180.34 -

163JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(4) Guarantees with related parties

(a) The Group does not act as a guarantor for the year.(b) The Group as the guarantee holder

Amount of Inception date of Maturity date of Guarantee expired

Name of guarantor

guarantee guarantee guarantee (Y/N)

Sanhe Huadian Yili Technology

210000000.00 01/04/2022 15/03/2023 N

And Trade Co. Ltd.Jinglong Industrial Group Co. Ltd. 300000000.00 10/04/2024 09/04/2026 N

Note: 1. The collateral assets of Sanhe Huadian Yili Technology and Trade Co. Ltd. were

released on 11 March 2025.

2. The collateral assets of Jinglong Industrial Group Co. Ltd. were released on 7 March

2025.

(5) Funding from related parties

No intercompany lending activities took place within the Group during the current year.

(6) Fund usage fees and guarantee fee paid to the related parties

Nature of

Name of related party Current period Prior period

transaction

Sanhe Huadian Yili Technology And Trade

Guarantee fee 2100000.00 2100000.00

Co. Ltd.Jinglong Industrial Group Co. Ltd. Guarantee fee 2183333.33 -

JASO HOLDINGS LIMITED Guarantee fee - 10293764.83

Dongtai Jingtaifu Technology Co. Ltd. Guarantee fee - 1716657.53

Jinglong Technology Holdings Limited Guarantee fee - 420273.97

Total 4283333.33 14530696.33

(7) Transfer of assets and debt restructuring between related parties

Name of related party Nature of transaction 2024 2023

Acquire 100% equities of

Shijiazhuang JA PV Technology

Ningjin County Jingyuan New Energy

Co. Ltd. (formerly known as - 56000000.00

Investment Co. Ltd.Shijiazhuang Jinglong

Electronic Materials Co. Ltd.)

Jinglong Industrial Group Co. Ltd. Disposal of equipment - 90086.44

Jinglong Property Co. Ltd. Disposal of equipment - 789.31

Ningjin County Xinghe Real Estate Development

Disposal of equipment - 176.99

Co. Ltd.Sanhe Huadian Yili Technology And Trade Co.Disposal of equipment - 6686.22

Ltd.Jinglong Industrial Group Co. Ltd. Procurement of equipment - 26548.67

Xingtai Jingning Catering Management Co. Ltd. Disposal of equipment 672.34 -

?

164JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(8) Remuneration of key management personnel

Item 2024 2023

Remuneration of key management personnel 38603650.15 56560196.57

Share-based payments for key management

17945164.8728423921.66

personnel

?

165JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

6 Receivables from and payables to related parties

(1) Receivables from related parties

20242023

Item Related party Provision for bad and Provision for bad and

Book value Book value

doubtful debts doubtful debts

Cash at bank and on hand Bank of Xingtai Co. Ltd. 300475882.32 - 76358206.21 -

Accounts receivable Jingguan PV Electric (Yugan Xian) Co. Ltd. 60256010.40 36763982.40 66006736.00 23606556.80

Jinglong Industrial Group Co. Ltd. - - 2970.00 29.7

Yuhong JA New Energy Technology Co. Ltd. 353430.00 3534.30 7873424.10 82635.74

Jinglong (Anhui) Property Co. Ltd. 39685.60 396.86 77224.42 772.24

Baotou Jinglong Hotel Co. Ltd. - - 852192.83 8521.93

Jinglong (Inner Mongolia) Property Co. Ltd. - - 257542.96 2575.43

Yunnan Jinglong Property Co. Ltd. 57000.00 570 - -

Qujing Dinghong Catering Management Co. Ltd. 39887.19 398.87 - -

Jinglong (Qujing) Catering Co. Ltd. 40172.43 401.72 - -

Hebei Jinglong Logistics Co. Ltd. 225180.00 2251.80 - -

Prepayments Silicon Materials Supply Group - - 156192000.00 -

Inner Mongolia Silicon Material Company - - 74180337.19 -

Jinglong Technology Holdings Limited - - 198476.19 -

Other receivables Jinglong Technology Holdings Limited 13000.00 - 13000.00 -

Xingtai Jingning Catering Management Co. Ltd. 3200.00 160 - -

Dividends receivable Datang Angli (Lingwu) New Energy Co. Ltd. 3042037.80 - 3042037.80 -

Other non-current assets Silicon Materials Supply Group - - 83920000.00 -

Other current assets Jinglong Technology Holdings Limited 198204.29 - - -

Hebei Jinglong Logistics Co. Ltd. 19638.72 - - -

?

166JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Payables to related parties

Item Related party 2024 2023

Bills payable Yancheng Jiwa New Material Technology Co. Ltd. 989970.90 -

Accounts payable Tianjin Jinfeng Logistics Co. Ltd. - 10181172.00

? Ningjin County Heilonggang Construction and Installation Co. Ltd. 8869.04 205678.28

? Jinglong Catering Co. Ltd. 123972.00 233744.00

? Hebei Jinglong Hotel Co. Ltd. 50240.00 33200.00

? Hebei Jinglong Logistics Co. Ltd. 27202522.26 6993211.82

? Suzhou JSolar Technology Co. Ltd. - 16876905.85

? Jinglong Industrial Group Co. Ltd. 207400.00 -

? Yancheng Jiwa New Material Technology Co. Ltd. 8494264.68 475805.30

? Jinglong (Zhejiang) Property Co. Ltd. 91170.00 31273.50

Yiwu Hongyang Catering Management Co. Ltd. 204396.00 97994.00

Yiwu Jinghong Supermarket Co. Ltd. - 3690.00

Jinglong (Qujing) Catering Co. Ltd. 941289.00 1215564.00

Jinglong (Hebei) Property Co. Ltd. - 64800.00

Jinglong (Xingtai) Property Co. Ltd. 346650.00 -

Inner Mongolia Silicon Material Company 111083250.01 -

Qujing Dinghong Catering Management Co. Ltd. 1407525.00 -

Yunnan Jinglong Property Co. Ltd. 1927197.99 -

Jinglong (Inner Mongolia) Property Co. Ltd. 5000.00 -

Jinglong (Lianyungang) Property Co. Ltd. 21192.00 -

Jinglong (Wuxi) Property Co. Ltd. 218833.34 -

Jingrunyang (Shanghai) Property Co. Ltd. 19224.00

Other payables Yiwu Jinghong Supermarket Co. Ltd. 736.35 676.35

? Yiwu Hongyang Catering Management Co. Ltd. 33622.00 1742734.12

? Baotou Hongyang Catering Management Co. Ltd. 3761915.00 3764007.00

? Hefei Dinghong Catering Management Co. Ltd. 1164622.00 2384538.00

? Tianjin Jinfeng Logistics Co. Ltd. - 12406314.92

? Ningjin County Heilonggang Construction and Installation Co. Ltd. 36693.75 342041.39

? Jinglong (Lianyungang) Property Co. Ltd. 146950.00 367415.54

? Ningjin County Dinggao Trading Co. Ltd. 26200.00 177080.00

? Jinglong Industrial Group Co. Ltd. 35176978.60 4458530.01

? Jinglong Catering Co. Ltd. 347733.62 1286890.00

? Hebei Jinglong Human Resource Service Co. Ltd. - 93185.02

? Hebei Jinglong Hotel Co. Ltd. 48183.00 85566.00

? Hebei Jinglong Logistics Co. Ltd. 51041941.87 65117623.42

? Fukushima Nakamori Power Plant Contract Company 298665.18 324375.98

? Jinglong (Anhui) Property Co. Ltd. 636648.97 631750.34

? Xingtai Jingning Catering Management Co. Ltd. 659433.37 1369334.00

? Jinglong Property Co. Ltd. 123300.00 134288.35

? Jinglong (Jiangsu) Property Co. Ltd. 1367771.94 -

Jinghe (Henan) New Energy Engineering Co. Ltd. 665913.67 -

Lianyungang Jingkanghong Catering Co. Ltd. - 213248.32

Yunnan Jinglong Property Co. Ltd. 10000.00 -

Jinglong (Inner Mongolia) Property Co. Ltd. 498789.42 1127509.43

Baotou jinghong Trading Co. Ltd. - 3600.00

Yangzhou Jinglong Catering Management Co. Ltd. 1665345.19 879154.25

? Jinglong (Zhejiang) Property Co. Ltd. 1099465.91 714306.84

? Jinglong (Shijiazhuang) Catering Management Co. Ltd. 110207.32 1491960.00

? Jinglong (Hebei) Property Co. Ltd. - 117794.00

? Yuhong JA New Energy Technology (Tianjin) Co. Ltd. 796965.59 3412890.86

? Suzhou JSolar Technology Co. Ltd. - 800000.00

Jinglong (Qujing) Catering Co. Ltd. 1500.00 -

Jinglong (Ordos City) Property Co. Ltd. 174037.81 -

Ordos Hongyang Catering Co. Ltd. 100000.00 -

Jinglong (Bayannur) Property Co. Ltd. 245165.09 -

Jiangsu Jinglong Logistics Co. Ltd. 25000 -

Jinglong (Dongtai) Catering Management Co. Ltd. 15197.66 -

Jinglong (Dongtai) Property Co. Ltd. 490000.00 -

Yangzhou Hongkang Catering Management Co. Ltd. 4194.00 -

Contract liabilities Fukushima Nakamori Power Plant Contract Company 333189.67 361872.55

? Baotou Jinglong Hotel Co. Ltd. 381766.22 -

Jinglong (Inner Mongolia) Property Co. Ltd. 353.98 -

?

167JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Item (continued) Related party 2024 2023

Lease liabilities Jinglong Industrial Group Co. Ltd. 4613262.70 13219821.92

? Jinglong Technology Holdings Limited 18306674.15 -

? Hebei Jinglong Logistics Co. Ltd. 55717.29 175348.26

Non-current liabilities due within one year Jinglong Industrial Group Co. Ltd. 3574243.74 14619026.62

? Jinglong Technology Holdings Limited 19001173.95 -

? Hebei Jinglong Logistics Co. Ltd. 76979.49 150497.04

Other current liabilities Baotou Jinglong Hotel Co. Ltd. 49629.61 -

Jinglong (Inner Mongolia) Property Co.

46.02-

Ltd.

7 Commitments of the related parties

Item Related party 2024 2023

Procurement of

Inner Mongolia Silicon Material Company Note 1 Note 1

materials

Procurement of

Yancheng Jiwa New Material Technology Co. Ltd. 2347289.00 6120000.00

materials

Receipt of service Hebei Jinglong Human Resource Service Co. Ltd. - 130000.00

Receipt of service Jinglong (Anhui) Property Co. Ltd. 2733723.84 2592400.56

Receipt of service Jinglong (Hebei) Property Co. Ltd. 212987.28 908364.00

Receipt of service Jinglong (Jiangsu) Property Co. Ltd. 5572221.65 4970805.60

Receipt of service Jinglong (Lianyungang) Property Co. Ltd. 1232550.00 2160493.24

Receipt of service Jinglong (Inner Mongolia) Property Co. Ltd. 4578387.50 5747333.33

Receipt of service Jinglong (Zhejiang) Property Co. Ltd. 4608630.00 7500000.00

Receipt of service Jinglong Technology Holdings Limited - 2300304.00

Receipt of service Jinglong (Xingtai) Property Co. Ltd. 849000.00 5125500.00

Receipt of service Jinglong Property Co. Ltd. 1400400.00 1630800.00

Receipt of service Yuhong JA New Energy Technology (Tianjin) Co. Ltd. - 609612.07

Receipt of service Yunnan Jinglong Property Co. Ltd. 7381756.80 7024271.12

Rendering of services Fukushima Nakamori Power Plant Contract Company 5095419.84 298572.57

Leases - Lease out Baotou Jinglong Hotel Co. Ltd. 6902333.20 323547.00

Leases - Lease out Fukushima Nakamori Power Plant Contract Company 3994531.20 232091.01

Leases - Lease out Jinglong (Inner Mongolia) Property Co. Ltd. 4000.00 107848.83

Leases - Rent in Beijing Sunshine Jinglong Technology and Trade Co. Ltd. - 156000.00

Leases - Rent in Jinglong Technology Holdings Limited - 60000.00

Leases - Rent in Jinglong Industrial Group Co. Ltd. - 1226473.66

Receipt of service Yangzhou Jingrun Investment Co. Ltd. 8324233.55 -

Leases - Lease out Baotou Hongyang Catering Management Co. Ltd. 36000.00 -

Leases - Lease out Hebei Jinglong Logistics Co. Ltd. 675539.91 -

Receipt of service Jinghe (Henan) New Energy Engineering Co. Ltd. 8278133.33 -

Receipt of service Jinglong (Dongtai) Property Co. Ltd. 10249814.19 -

Receipt of service Jingrunyang (Shanghai) Property Co. Ltd. 1509600.00 -

?

Note 1: According to the contract the unit price of the product is determined by monthly

negotiation and the specific amount is subject to the contract execution confirmation

sheet signed in the current period.

168JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

XIII. Share-based payments

1 Information about share-based payments

Total amount of equity instruments granted during the

-

year

Total amount of equity instruments exercised during

1004587.00

the year

Total amount of equity instruments forfeited during the

106510735.00

year

Range of exercise prices and remaining contractual life

None

of stock options outstanding at the end of the year

Range of exercise prices and remaining contractual

life of other equity instruments outstanding at the end None

of the year

?

Expenses recognized during the year arising from share-based payments are as follows:

Item 2024 2023

Equity-settled share-based payments 206624349.12 306762489.43

?

2 Equity-settled share-based payments

(1) Method for determining the fair value of equity instruments at the grant date

Fair value of share options and model inputs are as follows:

Item 2024 2023

Calculated and Calculated and

confirmed confirmed

Method for determining the fair value of equity

according to the according to the

instruments at the grant date

Black-Scholes Black-Scholes

model model

Method for determining the best estimate of the Management’s best Management’s best

number of exercisable equity instruments estimate estimate?

The Company

decided to

terminate the

Reasons for material differences between

implementation of

estimates for the current period and previous None?

2022 and 2023

period

stock option and

restricted stock

incentive plans

The cumulative amount of equity-settled share-

817857201.37611232852.25

based payments included in the capital reserves

The total amount of expenses recognized for the

year arising from equity-settled share-based 206624349.12 306762489.43

payments

169JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Basis of determining the number of equity instruments expected to vest

At each balance sheet date during the vesting period the best estimation is made according

to the latest information such as the number of employees who are granted options and the

number of equity instruments expected to be vested is revised accordingly. On the vesting

date the estimated number is equal to the number of equity instruments that are ultimately

vested.

(3) Modification and termination of share-based payments

Given the significant changes in the domestic and international macroeconomic and market

environment continuing to implement the equity incentive plan may fail to achieve the original

objectives and effects which is not conducive to fully motivating the enthusiasm of the core

employees. The Company decided to terminate the 2022 and 2023 Incentive Plans.On February 26 2024 on the 17th meeting of the 6th Board and the 12th meeting of the 6th

Board of Supervisors the Company considered and passed the Proposal on Termination of

the Implementation of the 2022 Stock Option and Restricted Stock Incentive Plan and the

Proposal on Termination of the Implementation of the 2023 Stock Option and Restricted Stock

Incentive Plan the Company decide to terminate the 2022 and 2023 stock option and restricted

stock incentive plans cancel all stock options that have been granted but not yet exercised

and repurchase and cancel all restricted stocks that have been granted but not yet released.On March 13 2024 the company held the first extraordinary general meeting of shareholders

in 2024 which reviewed and passed the above proposal. The Company repurchased

4212040.00 restricted shares that had not been released from the 2022 equity incentive plan

at the price of 20.06 yuan/share plus the interest of the PBOC over the same period and

3400000.00 restricted shares that had not been released from the 2023 equity incentive plan

at the price of 14.50 yuan/share plus the interest of the PBOC over the same period.According to the 2022 Incentive Plan the Company recognized expenses related to share-

based payment of RMB211961179.76 in 2022 RMB303081297.91 in 2023 and

cumulatively recognized RMB206624349.12 in 2024. The Company recognized expenses

related to share-based payment of RMB16702962.44 in January 2024 and recognized the

remaining expenses related to share-based payment of RMB189921386.68 for the vesting

period in February 2024 all of the expenses were charged in 2024.XIV. Capital management

The Group’s primary objectives when managing capital are to safeguard its ability to continue

as a going concern so that it can continue to provide returns for shareholders by pricing

products and services commensurately with the level of risk and by securing access to finance

at a reasonable cost.The Group defines “capital” as including all components of shareholders’ equity. The balances

of related party transactions are not regarded by the Group as capital.The Group’s capital structure is regularly reviewed and managed to achieve an optimal

structure and return for shareholders. Factors for the Group’s consideration include: its future

funding requirements capital efficiency actual and expected profitability expected cash flows

and expected capital expenditure. Adjustments are made to the capital structure in light of

changes in economic conditions affecting the Group.The Group’s capital structure is monitored on the basis of an adjusted net debt-to-capital ratio.

170JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

XV. Significant commitments

1 Capital commitments

Item 2024 2023

Signed assets procurement and assets

construction contracts which are beinig

2870757679.788002287297.17

executed and the one signed or approved but

not yet executed.

2 Significant procurement commitments

The Group has signed long-term supply agreements with some supplier. The actual purchase

price is negotiated monthly. The specific quantity and price are subject to the purchase orders

/ contracts reached monthly.XVI. Subsequent events

1 Application for issuance plan of H Shares

On February 21 2025 on the 34th meeting of the 6th Board and the 19th meeting of the 6th

Board of Supervisors the Company reviewed and passed the Proposal on the Company's

Issuance of H Shares and listing on the Exchange of Hong Kong Limited the Proposal on the

implementation of Company's Issuance of H Shares and listing on the Exchange of Hong Kong

Limited. On March 31 2025 the Company held the first extraordinary general meeting of

shareholders in 2025 which reviewed and passed the above proposals. As of the approval

date of the financial statements the application for issuance of H Shares of the Company is in

progress.

2 Sale of interest in subsidiaries

One of the US subsidiaries of the Group signed an equity transfer agreement on March 28

2025. According to the agreement the abovementioned subsidiary intends to transfer its equity

interest in the other subsidiary. After the completion of equity interest transfer the disposed US

subsidiary will no longer be included in the consolidation scope of the Group. As of the approval

date of the financial statements the equity interest transfer has been completed.

3 Impact of changes in US tariff policy

On April 2 2025 President Trump of the United States signed an executive order announcing

the implementation of "equivalent tariffs" for 185 countries and regions around the world with

the minimum basic tax rate of 10% and the maximum of 50%. At the same time some countries

will be imposed additional tariffs including 34% for China and 46% for Vietnam. After the

issuance of the administrative order the tariff policy is constantly changing and updating. At

present the Group is evaluating the impact of the above tariff policies on the Group's export

sales and business performance which is expected to lead to an increase in the Group's future

product sales costs.

171JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

XVII. Other significant items

1 Segment reporting

(1) Determination basis and accounting policies of reporting segments

According to the Group’s internal organizational structure management requirements and

internal reporting system two reporting segments have been established namely

manufacturing segment and power station segment. Each reporting segment of the Group

provides different products or services or operates in different region. As each segment

requires different technologies or market strategies the Group’s management separately

operates business activities of each reporting segment and regularly evaluates the business

results of these reporting segments to decide on allocation of resources to them and evaluate

their performance.The transfer price between segments is determined on the basis of the actual transaction price

and the expenses indirectly attributable to each segment are allocated among the segments

according to the proportion of revenue. Assets are allocated based on the operations of the

segments and the location of the assets. Segment liabilities include the liabilities attributable

to the segment arising from the segment’s operating activities. If expenses related to liabilities

shared by more than one operating segment are allocated to these operating segments the

shared liability is also allocated to those operating segments.

(2) Financial information about reportable segments

Manufacturing Elimination among

Item Power station segment Total

segment segments

Total assets 109636427023.95 15707317307.17 (12385732022.39) 112958012308.73

Total liabilities 80784203075.73 8121650585.27 (4476976571.21) 84428877089.79

Total owners’ equity 28852223948.22 7585666721.90 (7908755451.18) 28529135218.94

Operating income 69811629331.98 1686417912.48 (1377350214.73) 70120697029.73

Operating costs 67185845843.16 983885025.28 (1190514598.03) 66979216270.41

Net loss (4681977380.18) (326064623.99) (86903247.58) (5094945251.75)

?

XVIII. Notes to the Company’s financial statements

1 Accounts receivable

(1) Accounts receivable by customer type are as follows:

Type 2024 2023

Amounts due from subsidiaries and related parties 20630386.16 218611637.40

Amounts due from third parties 1439477127.87 491295574.26

Sub-total 1460107514.03 709907211.66

Less: Provision for bad and doubtful debts 35852135.70 15681489.49

Total 1424255378.33 694225722.17

?

172JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) The ageing analysis of accounts receivable is as follows:

Ageing 2024 2023

Within 6 months (inclusive) 1176355002.80 286362313.96

Over 6 months but within 1 year (inclusive) 96535796.69 208599987.82

Over 1 year but within 2 years (inclusive) 172643838.85 214944909.88

Over 2 years but within 3 years (inclusive) 14572875.69 -

Sub-total 1460107514.03 709907211.66

Less: Provision for bad and doubtful debts 35852135.70 15681489.49

Total 1424255378.33 694225722.17

?

The ageing is counted starting from the date when accounts receivable is recognized.

173JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Accounts receivable by provisioning method

20242023

Book value Provision for bad and doubtful debts Book value Provision for bad and doubtful debts

Category

Percentage Percentage Carrying amount Percentage Percentage Carrying amount

Amount Amount Amount Amount

(%)(%)(%)(%)

Individual assessment - - - - - - - - - -

Collective assessment 1460107514.03 100.00 35852135.70 2.46 1424255378.33 709907211.66 100.00 15681489.49 2.21 694225722.17

Attributable to: ? ? ? ? ?

- Accounts receivables due from

external customers (except for 1439477127.87 98.59 35852135.70 2.49 1403624992.17 491393111.71 69.22 15681489.49 3.19 475711622.22

power grid companies)

- Amounts due from companies

20630386.161.41--20630386.16218514099.9530.78--218514099.95

within the scope of consolidation

Total 1460107514.03 100.00 35852135.70 2.46 1424255378.33 709907211.66 100.00 15681489.49 2.21 694225722.17

?

(a) Criteria for collective assessment in 2024 and details:

Accounts receivables are classified into several portfolios based on their similar credit risk characteristics and their expected credit loss are

determined on a collectively basis. The basis of determining the portfolios is as follows:

Portfolio 1: Accounts receivables from external customers (except for power grid companies)

Portfolio 3: Amounts due from companies within the scope of consolidated financial statements

174JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(b) Assessment of ECLs on accounts receivable:

At all times the Company measures the impairment loss for accounts receivable at an

amount equal to lifetime ECLs and the ECLs are based on the number of ageing and

the expected loss rate. According to the historical experience of the Group the losses of

different customer groups are as follows:

Portfolio 1: Accounts receivables due from external customers (except for power grid

companies)

2024

Expected credit Carrying amount at Impairment loss at

?

loss rate the end of the year the end of the year

Within 6 months (inclusive) 1.00% 1176355002.80 11763550.03

Over 6 months but within 1 year (inclusive) 5.00% 95024873.29 4751243.66

Over 1 year but within 2 years (inclusive) 10.00% 155459167.65 15545916.77

Over 2 years but within 3 years (inclusive) 30.00% 12638084.13 3791425.24

Total 1439477127.87 35852135.70

?

2023

Expected credit loss Carrying amount at Impairment loss at

?

rate the end of the year the end of the year

Within 6 months (inclusive) 1% 255864692.06 2558646.92

Over 6 months but within 1 year

5%208599987.8210429999.39

(inclusive)

Over 1 year but within 2 years (inclusive) 10% 26928431.83 2692843.18

Total ? 491393111.71 15681489.49

?

(4) Movements of provisions for bad and doubtful debts

20242023

Balance at the beginning of the year 15681489.49 1225867.02

Additions during the year 20170646.21 14455622.47

Balance at the end of the year 35852135.70 15681489.49

?

175JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(5) Five largest accounts receivable and contract assets by debtor at the end of the year

2024

Balance at the end of the year

Percentage in the

Debtor total balance of Provision for bad

Accounts receivable

accounts receivable and doubtful debts

(%)

The First 259954164.93 17.80 2599541.65

The Second 238572788.62 16.34 2385727.89

The Third 229284336.99 15.70 2292843.37

The Fourth 89002968.20 6.10 890029.68

The Fifth 52447119.17 3.59 524471.19

Total 869261377.91 59.53 8692613.78

?

2023

Balance at the end of the year

Percentage in the

Debtor total balance of Provision for bad

Accounts receivable

accounts receivable and doubtful debts

(%)

The First 188016478.05 26.49 -

The Second 95967673.76 13.52 4133228.35

The Third 49423007.16 6.96 1778693.81

The Fourth 45672398.13 6.43 1978853.01

The Fifth 45325328.61 6.38 1640742.68

Total 424404885.71 59.78 9531517.85

?

2 Other receivables

Item Note 2024 2023

Dividends receivable (1) 1000000000.00 2200000000.00

Others (2) 4384685873.57 2925453888.79

Total ? 5384685873.57 5125453888.79

?

(1) Dividends receivable

Dividends receivable by category:

Investee 2024 2023

JA Solar 1000000000.00 2200000000.00

176JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(2) Others

(a) Others by customer type:

Customer type 2024 2023

Amounts due from related parties 4350081473.85 2900391000.24

Amounts due from third parties 34604399.72 25062888.55

Sub-total 4384685873.57 2925453888.79

Less: Provision for bad and doubtful

--

debts

Total 4384685873.57 2925453888.79

?

(b) The ageing analysis is as follows:

Ageing 2024 2023

Within 1 year (inclusive) 1725345092.65 2912396867.71

Over 1 year but within 2 years (inclusive) 2648226575.49 13057021.08

Over 2 years but within 3 years (inclusive) 11114205.43 -

Sub-total 4384685873.57 2925453888.79

Less: Provision for bad and doubtful

--

debts

Total 4384685873.57 2925453888.79

?

The ageing is counted starting from the date when other receivables are recognized.(c) Others categorized by nature

Nature of other receivables 2024 2023

Amounts due to/from subsidiaries 4350081473.85 2900391000.24

Deposits 34410470.00 24752500.00

Others 193929.72 310388.55

Total 4384685873.57 2925453888.79

?

177JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(d) Five largest others by debtor at the end of the year

2024

Ending balance of

Percentage of

Nature of the Balance at the provision for bad

Debtor Ageing ending balance of

receivable end of the year and doubtful

others (%)

debts

Amounts due to / within 2 years

The First 2704830667.33 61.69 -

from subsidiaries (inclusive)

Amounts due to / within 2 years

The Second 1214945031.89 27.71 -

from subsidiaries (inclusive)

Amounts due to / Within 1 year

The Third 106072755.95 2.42 -

from subsidiaries (inclusive)

Amounts due to / Within 1 year

The Fourth 52154397.13 1.19 -

from subsidiaries (inclusive)

Amounts due to / within 2 years

The Fifth 51757922.90 1.18 -

from subsidiaries (inclusive)

Total 4129760775.20 94.19 -

?

2023

Ending balance of

Percentage of

Nature of the Balance at the provision for bad

Debtor Ageing ending balance of

receivable end of the year and doubtful

others (%)

debts

Amounts due to / Within 1 year

The First 1963902507.26 67.13 -

from subsidiaries (inclusive)

Amounts due to / Within 1 year

The Second 903469788.06 30.88 -

from subsidiaries (inclusive)

Amounts due to / within 2 years

The Third 11360661.29 0.39 -

from subsidiaries (inclusive)

Within 1 year

The Fourth Deposits 6200000.00 0.21 -

(inclusive)

Amounts due to / Within 1 year

The Fifth 4999268.97 0.17 -

from subsidiaries (inclusive)

Total 2889932225.58 98.78? -

?

178JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

3 Long-term equity investments

(1) Long-term equity investments by category:

20242023

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

Investments in

27387499181.55-27387499181.5527141241312.84-27141241312.84

subsidiaries

Investments in

428724648.53-428724648.53632114368.10-632114368.10

associates

Total 27816223830.08 - 27816223830.08 27773355680.94 - 27773355680.94

?

(2) Investments in subsidiaries:

Balance Balance Impairment

Increase Decrease

Investee at the beginning at the end at the end

during the year during the year

of the year of the year of the year

Hebei JA Education Technology

455000000.0045000000.00-500000000.00-

Co. Ltd.JA Solar 26085026046.37 - - 26085026046.37 -

Long-term equity investment

recognized arising from

601215266.47201257868.71-802473135.18-

equity-settled share-based

payments

Total 27141241312.84 246257868.71 - 27387499181.55 -

?

For information about the subsidiaries of the Company refer to Note VIII.

179JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Investments in associates

Increase/decrease in the current year

Balance Investment Declared Balance Impairment

Name of investee at the beginning Gains or losses Other changes distribution of at the end at the end

of the year under equity in equity cash dividends of the year of the year

method or profits

Associates ? ? ? ? ?

Inner Mongolia Silicon Material

632114368.10(88696744.61)1591348.75116284323.71428724648.53-

Company

180JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

4 Operating income and operating costs

(1) Operating income and operating costs

2024 2023 (Restated)

Item

Income Cost Income Cost

Principal activities 9954221189.26 9917217224.04 10888372803.67 10650504959.76

Other operating activities 245426384.44 - 58928082.24 -

Total 10199647573.70 9917217224.04 10947300885.91 10650504959.76

?

(2) Disaggregation of operating income and operating costs

Item 2024 2023

Solar module 9847946663.64 10888372803.67

Others 351700910.06 58928082.24

Total 10199647573.70 10947300885.91

?

5 Investment income

Item 2024 2023

Income from long-term equity investments

-2200000000.00

accounted for using cost method

(Losses) / Income from long-term equity

(88696744.61)221653400.11

investments accounted for using equity method

Total (88696744.61) 2421653400.11

?

181JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

XIX. Extraordinary gains and losses in 2024

Item Amount Note

Disposal of non-current assets 9288043.40 ?

Government grants recognized through profit or

Mainly are the

loss (excluding those having close relationships

government grants

with the Group’s operation and enjoyed in fixed 296521560.73

received during the

amount or quantity according to uniform national

period?

standard)

Mainly due to

Various asset losses caused by force majeure natural disaster

(129937106.78)?

(such as natural disasters) losses of the power

station

Changes in fair value of financial assets and

liabilities held for trading and derivative financial Mainly are losses

assets and liabilities and disposal of financial arising from

assets and liabilities held for trading derivative (295926673.57)? forward sale and

financial assets and liabilities and other debt purchase of foreign

investments other than those held for effective exchange?

hedging related to normal operations

Reversal of provision for bad and doubtful debts of

receivables and contract assets assessed on an 509788.33? ?

individual basis

Share-based payments expense confirmed at one

time due to cancellation and modification of equity (189921386.68)

incentive plan

Other items that qualify as extraordinary gain and

330300.00?

loss

Other non-operating income and expenses besides

(76085039.99)?

items above

Sub-total (385220514.56)? ?

Tax effect 2369157.01 ?

Effect on non-controlling interests after taxation (404033.21) ?

Total (387185638.36) ?

?

182JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

XX. Return on net assets and (losses) / earnings per shareIn accordance with “Regulation on the Preparation of Information Disclosures by CompaniesIssuing Securities No.9 – Calculation and Disclosure of the Return on Net Assets and EarningsPer Share” (2010 revised) issued by the CSRC and relevant accounting standards the Group’s

return on net assets and earnings per share are calculated as follows:

Weighted average

Basic loss per Diluted loss per

Profit for the reporting period return on net assets

share share

(%)

Net loss attributable to the Company’s ordinary

(14.80)(1.42)(1.42)

equity shareholders

Net loss excluding extraordinary gain and loss

attributable to the Company’s ordinary equity (13.57) (1.30) (1.30)

shareholders

1 Calculation of (losses) / earnings per share

(1) Basic (losses) / earnings per share

For calculation of the basic (losses) / earnings per share refer to Note V.65.

(2) Basic (losses) / earnings per share excluding extraordinary gain and loss

Basic (losses) / earnings per share excluding extraordinary gain and loss is calculated as

dividing consolidated net (losses) / profit excluding extraordinary gain and loss attributable to

ordinary shareholders of the Company by the weighted average number of ordinary shares

outstanding:

20242023

Consolidated net (losses) / profit attributable to

(4655943814.17)7039490537.23

ordinary shareholders of the Company

Less: Extraordinary gains and losses attributable to

(387185638.36)(101008569.85)

ordinary shareholders of the Company

Net profit distributed to the shareholders of

-2363286.24

restricted shares for the period

Consolidated net (losses) / profit (excluding

extraordinary gain and loss and net profits

distributed to the shareholders of restricted (4268758175.81) 7138135820.84

shares for the period) attributable to the

Company’s ordinary equity shareholders

Weighted average number of ordinary shares

3286477826.623295316958.40

outstanding

Basic (losses) / earnings per share excluding

(1.30)2.17

extraordinary gain and loss (RMB / share)

183JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

(3) Diluted (losses) / earnings per share

For calculation of the diluted (losses) / earnings per share refer to Note V.65.

(4) Diluted (losses) / earnings per share excluding extraordinary gain and loss

Diluted earnings per share excluding extraordinary gain and loss is calculated as dividing

consolidated net profit excluding extraordinary gain and loss attributable to ordinary

shareholders of the Company (diluted) by the weighted average number of ordinary shares

outstanding (diluted):

In 2024 the Company has potential ordinary shares due to the impact of convertible bonds

but due to the loss of this year the potential ordinary shares are not dilutive. Therefore the

diluted loss per share after excluding extraordinary gain and loss is equal to the basic loss per

share after excluding extraordinary gain and loss.

2023

Consolidated net profit attributable to ordinary shareholders of the

7137045335.19

Company (diluted)

Less: Extraordinary gains and losses attributable to ordinary

(101008569.85)

shareholders of the Company

Consolidated net profit excluding extraordinary gain and loss attributable

7238053905.04

to the Company’s ordinary equity shareholders (diluted)

Weighted average number of ordinary shares outstanding (diluted) 3406373769.25

Diluted earnings per share excluding extraordinary gain and loss (RMB /

2.12

share)

2 Calculation of weighted average return on net assets

(1) Weighted average return on net assets

Weighted average return on net assets is calculated as dividing consolidated net (losses) /

profit attributable to ordinary shareholders of the Company by the weighted average amount

of consolidated net assets:

20242023

Consolidated net (losses) / profit attributable to

(4655943814.17)7039490537.23

ordinary shareholders of the Company

Weighted average amount of consolidated net

31455851124.7231265657778.87

assets

Weighted average return on net assets (%) (14.80) 22.52

184JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2024

Calculation of weighted average amount of consolidated net assets is as follows:

20242023

Consolidated net assets at the beginning of the

35116183344.3727534705796.26

year

Effect of consolidated net (losses) / profit

attributable to ordinary shareholders of the (2327971907.09) 3519745268.62

Company

Effect of net assets attributable to ordinary

shareholders of the Company increased by

593295.29-

issuance of new shares or debt-to-equity swaps

during the reporting period

Effect of net assets attributable to ordinary

shareholders of the Company decreased by

(1253203893.50)(397171270.64)

redemption or cash dividends during the reporting

period

Effect of changes of net assets arising from other

(79749714.35)608377984.63

transactions or events

Weighted average amount of consolidated net

31455851124.7231265657778.87

assets

(2) Weighted average return on net assets excluding extraordinary gain and loss

Weighted average return on net assets excluding extraordinary gain and loss is calculated as

dividing consolidated net (losses) / profit excluding extraordinary gain and loss attributable to

ordinary shareholders of the Company by the weighted average amount of consolidated net

assets:

20242023

Consolidated net (losses) / profit excluding

extraordinary gain and loss attributable to the (4268758175.81) 7140499107.08

Company’s ordinary equity shareholders

Weighted average amount of consolidated net

31455851124.7231263236763.93

assets

Weighted average return on net assets excluding

(13.57)22.84

extraordinary gains and losses (%)

185