2025 Annual Report of JA Solar Technology Co. Ltd.
JA Solar Technology Co. Ltd.2025 Annual Report
April 2026
12025 Annual Report of JA Solar Technology Co. Ltd.
2025 Annual Report
Section I. Important Notice Contents and Definitions
The Board of Directors as well as directors and senior managers of the Company are
responsible for the authenticity accuracy and completeness of the information contained in
this Annual Report without false records misleading statements or material omissions and
assume joint and several liability therefor.Jin Baofang head of the Company and Sun Peng head of accounting affairs and head
of accounting department represent that they are responsible for the authenticity accuracy
and completeness of the financial statements in this Annual Report. All directors were
present in the board meeting that reviewed this Report.The forward-looking statements future plans and business objectives mentioned in
this Report do not constitute a substantive commitment by the Company to investors.Investors and relevant persons are required to maintain sufficient risk awareness and
understand the differences between plans forecasts and commitments. Investors need to
know there are risks in investments.Please refer to XI Outlook for Future Development in Section III Management
Discussion and Analysis for details on the potential risks inherent in the Company’s
operations.The Company has decided not to distribute cash dividends issue bonus shares or
convert its capital reserve into share capital.
22025 Annual Report of JA Solar Technology Co. Ltd.
Contents
Section I. Important Notice Contents and Definitio....2
Section II. Company Profile and Major Financial In... 7
Section III. Management Discussion and Analysis......12
Section IV. Company Governance Environment and Soc...44
Section V. Important Matters........................ 66
Section VI. Changes in Shares and Shareholders......118
Section VII. Bonds................................. 125
Section VIII. Financial Statements................. 129
32025 Annual Report of JA Solar Technology Co. Ltd.
List of documents to be checked
I. Financial statements bearing the signatures and seals of the head of the Company the head of the accounting affairs and the
head of the accounting department;
II. Original auditor’s report bearing the seal of the accounting firm and the signatures of the CPAs;
III. Formal copies of all Company documents and the original announcements publicly disclosed in the media designated by
CSRC; and
IV. The original full text and summary of the Company’s 2025 Annual Report bearing the signature of the Company’s legal
representative.The above documents are lodged in the Company’s Securities Affairs Department located in No. 8 Building Nuode Center
No.1 Courtyard East Auto Museum Road Fengtai District Beijing.
42025 Annual Report of JA Solar Technology Co. Ltd.
Definitions
Term Description
Company and JA Solar Refer to JA Solar Technology Co. Ltd.Articles of Association Refers to The Articles of Association of JA Solar Technology Co. Ltd.Company Law Refers to The Company Law of the People’s Republic of China
Securities Law Refers to Securities Law of the People’s Republic of China
CSRC Refers to China Securities Regulatory Commission
Yuan 10000 yuan 100m
Refers to RMB 1 yuan RMB 10000 yuan RMB 100 million yuan
yuan
JA Solar Holdings Refers to JA Solar Holdings Co. Ltd.Jingtaifu Refers to Dongtai Jingtaifu Technology Co. Ltd.A power plant that involves converting solar energy through large-scale solar
Ground-mounted power panel arrays directly into DC electricity which is then transmitted to the grid via
plant or centralized power Refers to AC distribution cabinets step-up transformers and high-voltage switching
plant devices allowing the photovoltaic power to be delivered to the grid which
centrally allocates and distributes the electricity to users.A solar power project located near users where the generated electricity is
utilized on-site and connects to the grid at voltage levels lower than or equal to
Distributed power plant Refers to
35 kilovolts and individual grid-connected points have a total installed capacity
of no more than 6 megawatts.Electricity generation power of the photovoltaic power generation system
consisting of large-area solar panels and components such as power controllers.Installed capacity Refers to
These solar panels result from solar cells connected in series encapsulated and
protected.Crystalline silicon materials including polysilicon monocrystalline silicon and
Crystalline silicon Refers to
others.The monocrystalline form of silicon where the crystal lattice of the entire solid is
Monocrystalline silicon Refers to
continuous.A material consisting of a number of monocrystalline silicon crystallites with
Polysilicon Refers to
different crystal orientations.A rod-shaped intermediate product produced by melting crystalline silicon
Silicon rod Refers to material in a high-temperature furnace filled with special gases and then
processed or drawn.Silicon wafers Refers to Thin slices of monocrystalline silicon or polysilicon rods.Cells solar cells PV cells Semiconductor devices that convert sunlight directly into electricity by using the
Refers to
and photovoltaic cells photovoltaic effect.Solar cells developed based on high-quality monocrystalline silicon material and
Monocrystalline solar cells Refers to processing techniques typically employing surface texturing emitter
passivation and localized doping technologies.The unit of power used for measuring the electricity generation capacity of a PV
W KW MW GW and TW Refers to power plant. 1 TW=1000 GW=1000000 MW=1000000000
kW=1000000000000 W
kWh Refers to Ameasure of electricity.Single-glass solar module Refers to A solar panel that consists of a single layer of glass and two-sided solar cells.Double-glass solar module Refers to A solar panel that consists of two-layer of glass and two-sided solar cells.That a solar cell is equipped with more than 5 busbars such as 6 9 11 or 12
Multi-busbar (MBB) Refers to
busbars.Half-cut Refers to The half-cut cell process used on top of the existing technology.An n-type silicon wafer-based double-sided cell which features a passivated
Bycium cell Refers to contact structure on the surface with carrier selectivity meeting the requirements
for surface passivation while suppressing the carrier recombination at the metal-
52025 Annual Report of JA Solar Technology Co. Ltd.
silicon interface. This enhancement leads to improved open-circuit voltage and
fill factor thereby increasing the overall conversion efficiency of the cell.Heterojunction technology cells which utilize different semiconductor materials
on each side of the junction typically involving a combination of crystalline
HJT cells Refers to silicon substrate and amorphous silicon thin film compared to the homojunction
structure of traditional silicon solar cells. These cells feature excellent surface
passivation resulting in a higher open-circuit voltage.LCOE Refers to Levelized Cost of Energy.
62025 Annual Report of JA Solar Technology Co. Ltd.
Section II. Company Profile and Major Financial Indicators
I. Company Information
Stock name JA Solar Stock code 002459
Stock exchange Shenzhen Stock Exchange
Full Chinese name 晶澳太阳能科技股份有限公司
Short Chinese name 晶澳科技
Full foreign language name
JA Solar Technology Co. Ltd.(if any)
Short foreign language name
JA Solar
(if any)
Legal representative Jin Baofang
Registered address No. 123 Xinxing Road Ningjin County Hebei Province
Post code of the registered
055550
address
On April 23 2020 in light of the completion of a significant asset restructuring and to
accommodate the Company’s development and internal management needs the Company had its
Changes of the registered
registered address changed from No. 3 Tianshan North Road Economic and Technological
address
Development Zone Qinhuangdao City to No. 123 Xinxing Road Ningjin County Hebei
Province.No. 8 Building Nuode Center No.1 Courtyard East Auto Museum Road Fengtai District
Office location
Beijing
Post code of the office 100160
Website www.jasolar.com
Email ir@jasolar.com
II. Contacts and Contact Details
Secretary of the Board of Directors Representative of Securities Affairs
Name Qin Shilong Yuan Haisheng
No. 8 Building Nuode Center No.1 Courtyard No. 8 Building Nuode Center No.1 Courtyard
Address
East Auto Museum Road Fengtai District Beijing East Auto Museum Road Fengtai District Beijing
Telephone 010-63611960 010-63611960
Fax 010-63611980 010-63611980
Email ir@jasolar.com ir@jasolar.com
III. Information Disclosure and Storage Sites
Stock exchange website where the Company discloses its annual
Shenzhen Stock Exchange http://www.szse.cn
reports
Media names and websites where the Company discloses its China Securities Journal Securities Daily and CNINFO website
annual reports (http://www.cninfo.com.cn)
Location where the Company stores its annual reports Securities Affairs Department
IV. Changes of the Registration
Uniform Social Credit Code 91130300601142274F
72025 Annual Report of JA Solar Technology Co. Ltd.
The Company completed a significant asset restructuring in November 2019. Prior to
the restructuring the Company was primarily engaged in the design manufacturing
Changes in operating activities since the
sales and construction of lifting and transportation equipment for railways and bridges
Company’s listing (if any)
as well as for other fields. After the restructuring the Company’s main business
shifted to solar photovoltaic related business.The Company completed a significant asset restructuring in November 2019. After the
Changes in controlling shareholder
restructuring the controlling shareholder changed from Huajian Yingfu to Jingtaifu
(if any)
and the actual controller changed from Mr. He Zhiping to Mr. Jin Baofang.V.Additional Information
Accounting firm engaged by the Company
Name of accounting firm KPMG Huazhen Certified Public Accountants (Special General Partnership)
Office of the accounting firm 8th Floor KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing
Signatory accountants Fu Qiang and Zhang Xinhua
Sponsor that performs continuous supervision duties in the reporting period
□Applicable□Not Applicable
Financial advisors that perform continuous supervision duties in the reporting period
□Applicable□Not Applicable
VI. Major Accounting Data and Financial Indicators
Retrospective adjustment or restatement of the previously reported accounting data is needed
□Yes□No
Increase/
202520242023
decrease YoY
Operating revenue (yuan) 49128712950.94 70120697029.73 -29.94% 81556177236.98
Net profit attributable to
shareholders of the listed -4608260132.26 -4655943814.17 1.02% 7039490537.23
company (yuan)
Net profit net of non-
recurring gain or loss
-5026630428.71-4268758175.81-17.75%7140499107.08
attributable to shareholders
of the listed company (yuan)
Net cash flow generated
from operating activities 4279976369.76 3346575961.54 27.89% 12414145385.75
(yuan)
Basic earnings per share
-1.41-1.420.70%2.14
(yuan/share)
Diluted earnings per share
-1.41-1.420.70%2.10
(yuan/share)
Weighted average return on
-18.32% -14.80% -3.52PP 22.52%
net assets (%)
Increase/
2025 close 2024 close 2023 close
decrease YoY
Total assets (yuan) 105009906906.66 112958012308.73 -7.04% 106589466073.52
Net assets attributable to
shareholders of the listed 22346583215.94 27896247512.33 -19.89% 35116183344.37
company (yuan)
For the past three consecutive fiscal years the net profit after non-recurring gains or losses has been negative and the latest auditor’s
report indicates uncertainty about the Company’s ability to continue as a going concern
□ Yes□ No
The Company’s audited figures during the reporting period show negative values when taking the lowest among: total profit net
82025 Annual Report of JA Solar Technology Co. Ltd.
profit and net profit after deducting non-recurring gains and losses.□Yes □No
Item 2025 2024 Remarks
Operating revenue (yuan) 49128712950.94 70120697029.73 /
Revenue from businesses unrelated to
Material sales & scrap/waste disposal 747681129.06 835689236.49
main operations
Deductions from operating revenue
747681129.06 835689236.49 Material sales & scrap/waste disposal
(yuan)
Operating revenue after deductions
48381031821.8869285007793.24/
(yuan)
Companies with equity incentive plans and employee stock ownership plans may disclose net profit excluding the impact of share-
based payment
Main accounting data 2025 2024 Increase/decrease YoY 2023
Net profit excluding the
impact of share-based -4499869907.92 -4886498107.17 7.91% 7513335471.39
payment (yuan)
VII. Differences between Accounting Data under Domestic and Foreign Accounting Standards
1. Difference in net profit and net assets in the financial reports disclosed under IFRS and China’s
accounting standards
□Applicable□ Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under IFRS and China’s accounting standards
for the Company in the reporting period.
2. Difference in net profit and net assets in the financial reports disclosed under overseas accounting
standards and China’s accounting standards
□Applicable□ Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under overseas accounting standards and
China’s accounting standards for the Company in the reporting period.VIII. Quarterly Financial Indicators
Unit: Yuan
Q1 Q2 Q3 Q4
Operating revenue 10672288503.90 13232259234.58 12904469233.41 12319695979.05
Net profit attributable to
shareholders of the listed -1638489294.15 -941547608.62 -972948042.70 -1055275186.79
company
Net profit net of non-
recurring gain and loss
-1405941969.61-880651266.84-1165969971.33-1574067220.93
attributable to shareholders
of the listed company
Net cash flow generated
787073071.873720671265.33187254364.66-415022332.10
from operating activities
Are the above financial indicators or their aggregate amounts significantly different from the relevant financial indicators disclosed in
the Company’s quarterly or semi-annual reports
□ Yes□ No
92025 Annual Report of JA Solar Technology Co. Ltd.
IX. Non-recurring Gains or Loss Items andAmounts
□Applicable □Not Applicable
Unit: Yuan
Item 2025 amount 2024 amount 2023 amount Remarks
Gains or losses on disposal of Mainly attributable to
non-current assets (including the gains from disposal of
reversal of previously recognized 566004265.83 9288043.40 -213483538.13 fixed assets and equity
impairment loss provision for interests of overseasassets） subsidiaries
Government grants included in
current profits or losses
(excluding government grants that
are closely related to the normal Mainly attributable to
operating activities of the government grants
454534126.91296521560.73627197400.18
Company have a lasting impact received during the
on the Company’s profits or current period
losses and to which the Company
is entitled under national policiesand regulations）
Mainly attributable to
losses from foreign
In addition to the effective exchange lock
hedging business related to the transactions fair value
normal operating activities of the fluctuation losses of
Company the fair value gain and equity investments
loss from held-for-trading -577516619.40 -295926673.57 -425313440.17 measured at fair value
financial assets and liabilities held during the holding period
by a non-financial company as and fair value fluctuation
well as gain or loss on the disposal gains arising from
of financial assets and liabilities contingent consideration
related to the disposal of
overseas subsidiaries
Losses incurred on assets due to
force majeure events such as -20171797.76 -129937106.78
natural disasters
Reversal of impairment provision
for accounts receivable subject to 5267073.88 509788.33 8711579.54
individual impairment test
Net profit or loss from the
beginning of the reporting period
to the consolidation date
-64717.16
generated by subsidiaries resulting
from business combinations under
common control
Gains or losses from debt
20895928.75
restructuring
Non-recurring share-based
payment charge arising from
-189921386.68
termination/amendment of share
incentive plans
Non-operating revenue and
72997049.75-76085039.9932392123.01
expenses other than
102025 Annual Report of JA Solar Technology Co. Ltd.
aforementioned items
Other non-recurring gain and loss
2567.98330300.002063434.84
items
Less: Effects of income tax 102338480.42 2369157.01 114397509.29
Effects of minority interest (after
1303819.07-404033.2118113902.67
tax)
Total 418370296.45 -387185638.36 -101008569.85 --
Other gain or loss items qualifying as non-recurring gains or losses
□ Applicable□ Not applicable
The Company had no other gain or loss items qualifying as non-recurring gains or losses in the reporting period.Note on listing the non-recurring gain and loss items mentioned in the Explanatory Announcement on Information Disclosure for
Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as recurring gain and loss items
□ Applicable□ Not applicable
The Company experienced no circumstances where any non-recurring gain or loss items mentioned in the Explanatory
Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and
Loss Items were defined as recurring gain or loss items.
112025 Annual Report of JA Solar Technology Co. Ltd.
Section III. Management Discussion and Analysis
I. Main Business Operated in the Reporting Period
Vertical Integration Industrial Chain and Main Products
PV Power Station and
Silicon Rods Silicon Wafers PV Cells PVModules Energy Storage System
The global energy transition characterized by an escalating demand for clean energy has positioned the Company as a great
player in the photovoltaic industry. Leveraging its extensive expertise the Company has constructed a comprehensive new energy
industrial chain encompassing photovoltaic wafers cells modules energy storage systems power plant development and
operation and dedicated photovoltaic equipment manufacturing. This industrial platform underpins the Company’s commitment to
supplying global clients with photovoltaic products that exhibit high power output superior reliability and favorable power
generation returns. In conjunction with energy storage technologies the Company delivers integrated green energy solutions
thereby contributing significantly to the worldwide green transformation of the energy mix. With a presence in over 180 countries
and regions the Company has consistently reinforced its role as a trusted partner in the provision of green energy solutions
globally. The Company’s success can be attributed to its reliable products technological innovation prowess brand influence
global footprint and prudent operational management.The Company’s strategic foresight is evident in its continuous optimization of organizational structure and diversification of
business activities. Building upon its core PV Business Group the Company has established an Energy Storage Business Division
to expedite business expansion. This strategic move is underpinned by the Company’s development strategy of PV-energy storage
plus applications which has resulted in a full-range product lineup. This lineup includes large-scale industrial and commercial
and household energy storage solutions all of which are underpinned by the Company’s brand advantages and global sales
networks. The Smart Energy Business Division further expands the Company’s business horizons by focusing on emerging sectors
such as microgrids virtual power plants zero-carbon parks and green power carbon trading for photovoltaic equipment. This
division has evolved from a mere equipment sales entity to a full-lifecycle service provider. Furthermore it is actively exploring
emerging specialized equipment sectors to foster new growth drivers and form a diversified product portfolio. The Intelligent
Equipment Business Division on the other hand is dedicated to R&D manufacturing and the provision of intelligent solutions.This division operates on the foundation of the Company’s existing centralized industrial-commercial and household distributed
photovoltaic power station operations.
1. PV Business Group
(1) Silicon rods and silicon wafers
The Company procures upstream raw materials—polysilicon and utilizes crystal pulling technology in monocrystalline
furnaces to produce silicon rods which are then processed into wafers through cutting operations.The Company specializes in the production of monocrystalline silicon wafers integral to the manufacturing of high-
efficiency solar cells. A significant majority of the silicon rods and wafers produced are designated for internal processing with a
smaller fraction allocated for external sales. The intelligent upgrades and technological advancements in crystalline pulling
equipment have demonstrably enhanced production efficiency. The introduction of a digital intelligent slicing platform facilitates
the collection integration and management of multi-source data thereby augmenting slicing yield. This strategic initiative not
only bolsters cost reduction but also significantly contributes to overall efficiency improvement.
122025 Annual Report of JA Solar Technology Co. Ltd.
(2) PV cells
The Company utilizes the silicon wafers it produces for manufacturing cells which are mainly used for internal processing
into modules with only a limited quantity of wafers sold externally. The Company’s cell technology predominantly includes n-
type Bycium+. With the technological upgrading of the Company’s cell production lines the cell conversion efficiency has been
gradually improved and reached the industry-leading level.The Company’s latest n-type Bycium+ cell at mass production stage has achieved a highest conversion efficiency of 27.5%.The manufacturing process will continue to undergo improvements to further reduce production costs and enhance the cost-
effectiveness.
(3) PV modules
The Company processes both internally produced cells and externally purchased ones through encapsulation processes to
manufacture modules which constitute its primary end products for sales. The primary customers for these modules include
domestic and international photovoltaic power plant investors engineering contractors as well as distributors of distributed
photovoltaic systems. The Company’s main module products consist of monocrystalline MBB half-cut and multi-segment modules
double glass/single-glass modules and high-density modules. High-power modules based on large-sized silicon wafer technology
high-efficient cell technology high-performance encapsulation materials and high-density packaging techniques meet the
mainstream demands across various market applications.The Company’s commitment to robust research and development initiatives positions it to deliver enhanced customer value
and effectively address diverse application demands. By officially introducing all-encompassing solutions tailored to extreme cold
plateau arid heat sandstorm humid tropics marine transportation and industrial & commercial distributed scenarios the
Company demonstrates its confidence in meeting the stringent requirements of various environments. Tailored products and
targeted solutions are strategically designed to mitigate practical pain points inherent in each specific context.Molan photovoltaic products are strategically engineered to cater to the unique demands of low-rainfall high-sandstorm
strong-wind and extreme-temperature environments. By incorporating state-of-the-art high-weather-resistant encapsulation
materials these modules exhibit unparalleled resilience in arid terrains including deserts Gobi and barren lands. The integration
of nano-scale self-cleaning coatings characterized by superior compactness and hardness significantly enhances wear resistance
corrosion resistance and scratch resistance. Consequently power loss due to abrasion is mitigated by 14% in comparison to
conventional modules. The innovative high-temperature adaptation design optimizes the temperature coefficient to -0.28%/℃.Furthermore the robust high-strength steel frame provides exceptional front and rear wind load resistance of 6000Pa and 4000Pa
respectively thereby guaranteeing consistent performance in the face of fierce winds. The comprehensive superior performance of
Molan modules is substantiated by their successful validation in the Ulan Buh Desert project which recorded a power generation
gain of 4.49% over conventional products during the statistical period.Yaolan photovoltaic products are strategically deployed in tidal flats high salinity and fog zones and coastal waters. These
robust systems have passed rigorous Grade 8 salt spray and extensive salt spray aging tests maintaining power attenuation at a
mere 1%. Furthermore they have withstood wind tunnel tests at wind speeds reaching 60m/s. Consequently they exhibit
exceptional resilience and stability in windy and wave-prone environments.Aolan photovoltaic products engineered to mitigate the adverse effects of bird droppings effectively address power loss
safety hazards and maintenance challenges prevalent in the industry. By transitioning from passive response to active protection
Aolan’s innovative approach capitalizes on cutting-edge technological advancements. The core feature of these modules centered
on photodegradation under light and self-cleaning capabilities with water offers a groundbreaking solution. This is achieved
through functional surface treatments and inherent organic self-cleaning properties. The product’s advanced photocatalytic
superhydrophilic nano-coating facilitates the automatic removal of organic contaminants thereby eliminating safety risks and
significantly reducing maintenance workload. In addition the modules maintain superior power generation performance.Furthermore bespoke photovoltaic modules are engineered to cater to the unique requirements of specialized application
scenarios. These advanced designs incorporate a range of functionalities encompassing fire resistance dust accumulation
prevention anti-glare properties hail resistance high load-bearing capacity and lightweight construction.The Company has unveiled the high-power DeepBlue 5.0 module a cutting-edge product that leverages integrated
advancements in silicon wafers cells modules materials and manufacturing processes. It employs the advanced Bycium+ 5.0 n-
type passivated contact cell technology coupled with HDP high-density packaging and GFI zero-spacing flexible interconnection
technology thereby augmenting the effective power generation area by 1.82%. The mainstream dimension of the module is
2382mm*1134mm with a maximum power output of 670W and a peak efficiency of 24.8%. This product represents a significant
leap forward in terms of footprint quality energy efficiency and application adaptability delivering superior BOS cost and LCOE
performance. In this way it offers enhanced value to our customers.The technological advancements and practical applications of these products exemplify JA Solar’s strong commitment to its
132025 Annual Report of JA Solar Technology Co. Ltd.
product design philosophy of Creating Value for Customers.
2. Energy Storage Business Division
The Energy Storage Business Division is dedicated to advancing electrochemical energy storage systems through robust
research and development system integration project delivery and comprehensive full-lifecycle operation and maintenance
services. It provides safe efficient and practical systematic solutions for power generation power grid and end-user clients.Driven by the integrated development strategy of PV-storage plus applications the energy storage business has built a full-
spectrum product lineup covering utility-scale commercial & industrial (C&I) and residential energy storage. Its business scope
encompasses R&D and sales of energy storage products system integration and project delivery design and implementation of
integrated PV-storage solutions development and application of proprietary Energy Management Systems (EMS) as well as full-
lifecycle technical services and operational management. The business also actively explores innovative scenarios such as energy
storage integrated with green transportation and microgrids.By the end of the reporting period the energy storage business has established an initial presence in key global regions
including Europe the Middle East and Africa. It has successfully completed the critical transition from business incubation to
preliminary commercial operation laying a solid foundation for large-scale expansion.The Company boasts a comprehensive product matrix covering utility-scale C&I and residential energy storage supported
by self-developed Energy Management Systems (EMS). The products feature a high degree of standardization strong scenario
adaptability and reliable safety performance.
(1) Large-scale Energy Storage Systems（JAGalaxy）
The energy storage solutions designed within 20-foot standard containers boast a standard capacity of 5MWh with the latest
generation boasting an enhanced capacity of 6.26MWh. These products find extensive application in diverse scenarios including
energy storage integration for renewable energy projects retrofitting of thermal power units for enhanced flexibility grid
frequency and peak regulation and power trading by standalone energy storage power stations. With a discharge capability
spanning 2 to 4 hours these products are ideally suited for large-scale projects on both grid and power generation sides mitigating
output fluctuations of renewable energy sources and bolstering grid operational stability.
(2) Industrial & Commercial Energy Storage Systems（JAPlanet）
These outdoor cabinet units each boasting a standard capacity of 261 kWh are designed to cater to industrial parks data
centers energy-intensive enterprises and photovoltaic-storage-charging stations. By facilitating peak shaving and valley filling
demand management virtual power plant operation on-site PV power consumption and backup power supply these units
effectively address the multifaceted energy needs of industrial and commercial scenarios. Their adaptability to grid-connected off-
grid and hybrid operation modes further enhances their utility enabling the formation of AC/DC coupled PV-energy storage
systems with the Company’s photovoltaic modules. This strategic integration not only bolsters system efficiency but also augments
economic benefits.
(3) Household Energy Storage Systems（JAStar）
The compact rack-mounted energy storage units each with a 5kWh capacity exhibit remarkable cost-effectiveness. Their
primary applications encompass household power supply off-grid solutions in remote locales and emergency backup power in
regions characterized by weak grid infrastructure. These products are strategically positioned in distribution markets across Africa
Southeast Asia and beyond.
(4) JANebula EMS (JANebula)
With intellectual properties owned by the Company the system has achieved Class-3 national cybersecurity classified
protection certification. Functioning as the pivotal control and dispatching hub for energy storage systems it facilitates critical
operations such as optimized energy dispatching intelligent operational monitoring safety early warning and revenue
management. This sophisticated technology enhances system operating efficiency prolongs equipment service life and guarantees
secure and stable project operation.
3. Smart Energy Business Division
The Samrt Energy Business Division committed to delivering cost-effective and reliable renewable energy solutions globally
aspires to establish itself as a distinguished energy service provider. By harnessing comprehensive clean energy technologies
energy conservation strategies and resource recycling methodologies the division offers integrated energy operation solutions.These solutions encompass coordinated and complementary multiple energy sources unified management across diverse
operational links and the development of diverse energy scenarios.The Smart Energy Business Division operates within three principal units: zero-carbon energy centralized energy and
overseas solutions thereby constituting a globally integrated Energy-as-a-Service (EaaS) platform. In response to the accelerating
142025 Annual Report of JA Solar Technology Co. Ltd.
growth of renewable energy worldwide and evolving policy landscapes the division concentrates on the development and
deployment of smart microgrid systems and electricity-carbon trading services. Its comprehensive offerings encompass full-
lifecycle solutions for a diverse array of new energy power stations and PV-plus scenarios encompassing critical components such
as power generation grid infrastructure load management energy storage and digital intelligence. The division consistently
enhances its capabilities across the spectrum of system sales engineering services operational services and project investment
spanning the investment construction and operational stages. Furthermore the division actively explores innovative business
models and empowers diverse application scenarios. Through continuous refinement of self-owned power plant assets and
invested projects the division accelerates asset turnover for existing and newly-built stations thereby establishing a profit cycle
via optimized asset sales and equity transactions. Ultimately the division achieves a dual-driven business operation and a strategic
layout characterized by domestic and international dual-cycles.As of December 31 2025 the Company’s installed power station capacity amounted to approximately 2.85 gigawatts.
4. Intelligent Equipment Business Division
The Intelligent Equipment Business Division is poised to emerge as a leading global supplier of advanced smart equipment
solutions establishing a state-of-the-art technology incubation platform. The division’s core competencies encompass the research
and development manufacturing and provision of intelligent photovoltaic equipment solutions. A key innovation within the
division’s portfolio is the flagship intelligent monocrystalline furnace which boasts fully self-developed thermal field design
sophisticated control algorithms and AI-driven crystal pulling software thereby significantly enhancing product competitiveness.The division is deeply committed to the intelligent upgrading and technological renovation of its in-house production lines
thereby augmenting productivity and smart manufacturing capabilities. Verified solutions are standardized and commercialized
into high-value-added intelligent equipment offerings for external distribution thereby facilitating a transformative shift from
standalone equipment sales to comprehensive full-lifecycle service provision. Furthermore the division targets emerging
specialized equipment sectors to cultivate new growth drivers and cultivate a diversified product portfolio.II. Industry Overview during the Reporting Period
1. Global PV market
Against the backdrop of global carbon neutrality the photovoltaic industry’s rapid expansion and accelerated power
generation technology upgrades have advanced and matured mass production techniques. Concurrently substantial declines in PV
product prices coupled with heightened power generation efficiency and reduced electricity costs have consistently bolstered the
economic viability of solar power globally. This evolution has transformed solar energy from an alternative source into a major
energy supplier.
(1) Global PV Installed Capacity Continued Its Overall Steady Growth
In 2025 the global energy transition has gained momentum propelled by technological advancements efficiency
improvements cost reductions and policy incentives with global installed capacity maintaining a steady upward trajectory.According to S&P Global Energy’s latest data newly installed PV capacity worldwide reached 617GW in 2025 marking a year-
on-year increase of 12.6%. By the end of 2025 cumulative global installed PV capacity had surpassed the 2.8TW.In the long term PV installed capacity is poised to exhibit a steady growth trajectory notwithstanding the absence of a linear
upward market expansion. The high base effect stemming from the rapid capacity expansion observed in recent years coupled
with the implementation of industrial policies in key markets such as the United States and China is anticipated to disrupt local
installation progress. Consequently global new PV installations are projected to experience periodic negative growth in 2026.However post-2026 the sector is expected to witness a resurgence in demand from emerging markets notably India the Middle
East and North Africa. This renewed demand is projected to catalyze a new development cycle for global PV installations driven
by the diversification of regional markets.Global PV New Installed Capacity (DC Side
152025 Annual Report of JA Solar Technology Co. Ltd.
GW)
Data Sources: S&P Global Energy
(2) Future Global PV Market Still Holds Considerable Growth Potential
At the 28th United Nations Climate Change Conference (COP28) convened in Dubai United Arab Emirates in 2023 an
important consensus was achieved among over 100 participating nations. This landmark agreement aspires to amplify global
installed renewable energy capacity to a minimum of 11.2 TW by 2030.The annual growth rate of global newly installed renewable energy capacity from 2023 to 2024 fell short of the requisite
16.1% average essential for attaining the threefold expansion target by 2030. To meet this goal the International Renewable
Energy Agency (IRENA) has projected that the average annual compound growth rate must escalate to 16.6% over the subsequent
five years. This necessitates an average annual new renewable energy installation of 1122 GW between 2025 and 2030.Projections indicate that renewable energy will constitute 74% of the world’s total installed power capacity by 2030 with
photovoltaic power capacity accounting for 41% of this aggregate. Consequently the average annual newly installed PV capacity
is anticipated to reach 716 GW from 2025 to 2030.
(3) Regional Markets Will See Differentiated Development
Looking ahead the global photovoltaic market is poised to capitalize on opportunities while navigating challenges. Despite
stringent policies in the United States and China’s PV industry transitioning from scale expansion to high-quality development the
overarching trajectory of global renewable energy remains optimistic and promising.China:
In 2025 China’s commitment to the Paris Agreement’s objectives was exemplified through its ambitious Nationally
Determined Contribution (NDC) unveiled at the United Nations Climate Change Conference (COP30) (COP30). The country set
an ambitious target of surpassing 30% non-fossil energy in total energy consumption by 2035 coupled with a projected sixfold
increase in wind and solar power installed capacity by 2020 levels aiming for a cumulative capacity of 3600 GW. According to
the China Photovoltaic Industry Association 2025 witnessed a remarkable 13.3% year-on-year surge in newly installed
photovoltaic capacity reaching 315.07 GW (AC side). This achievement solidifies China’s position as the world’s leading
photovoltaic market for the eleventh consecutive year with cumulative installed capacity surpassing the 1200 GW milestone and
maintaining its top global ranking for a decade.In 2025 the National Development and Reform Commission and the National Energy Administration jointly issued the
Notice on Furthering the Market-oriented Reform of On-grid Tariffs for New Energy and Promoting High-quality Development of
the New Energy Industry (FGJG [2025] No.136) which outlines the deepening of market-oriented reforms for grid tariffs and the
promotion of high-quality development in the new energy sector. This policy shift mandates that all newly constructed renewable
energy projects commence transactions within the market-based power market from June 2025. The transition to market-oriented
pricing for photovoltaic projects is anticipated to result in reduced expected returns and moderate investment activities in the short
term. Consequently newly installed capacity is projected to experience a slight decline in 2026 compared to 2025. However
driven by policy outcomes such as the integrated development of new energy and direct green power connection projects during
the 15th Five-Year Plan period it is expected that newly installed capacity will resume growth. Forecasts by the China
Photovoltaic Industry Association indicate that China’s average annual newly installed photovoltaic capacity will range from
238GW to 287GW during this period surpassing the annual average of 190GW observed in the 14th Five-Year Plan period.
162025 Annual Report of JA Solar Technology Co. Ltd.
Forecast on China’s New PV Installation Capacity During the 15th Five-Year Plan Period
Conservative situation
Optimistic situation
Data Source: CPIA China PV Industry Development Roadmap (2025-2026)
Europe:
In 2025 the European Union’s cumulative photovoltaic and wind energy output surpassed fossil fuels heralding a
transformative milestone. Solar power surged by 22% supplanting hydropower to become the second-largest renewable energy
source trailing only wind energy.Europe’s energy landscape has undergone a significant transformation with its reliance on energy imports becoming
increasingly precarious due to regional geopolitical conflicts. This instability has prompted a strategic pivot towards renewable
energy with the primary objective shifting from climate objectives to energy security. The geopolitical tensions between the
United States Israel and Iran in early 2026 further exacerbated this shift leading to a sharp escalation in energy prices and a
disruption in fossil fuel supply. In response the demand for photovoltaic power in Europe has surged. As evidenced by projections
from S&P Global Energy the anticipated installation of 93.7GW of PV capacity in 2026 marking a 16.8% year-on-year increase
from 80.2GW in 2025.Europe PV Installed Capacity Forecast 2025–2030 (DC Side GW)
European Union Other Countries in Europe
Data Sources: S&P Global Energy
United States:
Since Donald Trump’s ascension to the U.S. Presidency fossil fuels have regained prominence in policy discourse while
renewable energy deployment has encountered significant headwinds. These challenges stem from suspended project approvals
frozen federal funding and the imposition of new tariffs on critical imported commodities. The passage of the One Big Beautiful
Bill Act in July 2025 further complicates the renewable energy landscape presenting formidable obstacles to development in the
forthcoming period.
172025 Annual Report of JA Solar Technology Co. Ltd.
According to Solar Energy Industries Association newly installed photovoltaic capacity in the United States experienced a
14% year-on-year decline in 2025 reaching 43.2 GW. Anticipated annual new PV installations are projected to average
approximately 40 GW over the subsequent five years a decrease from the 2023-2025 period. The prevailing uncertainties
surrounding the sector may precipitate further reductions in installed capacity.U.S. PV New Installed Capacity Forecast (DC Side GW)
Data Sources: Solar Energy Industries Association (SEIA)
Middle East:
The Middle East is experiencing a robust surge in photovoltaic installations driven by a concerted energy transition across
the region such as Saudi Arabia’s target of installing 130GW of clean energy capacity by 2030. The region’s abundant solar
resources and declining technological costs have catalyzed this growth. According to S&P Global Energy the Middle East added
approximately 13.37GW of new PV capacity in 2025 marking a year-on-year increase of 23%. Saudi Arabia alone contributed
around 8.2GW representing over 61.5% of the regional total. Projections indicate that new PV installations in the Middle East are
poised to reach 16.8GW in 2026 reflecting a projected 26% year-on-year growth.Middle East PV New Installed Capacity Forecast (DC Side
GW)
Data Sources: S&P Global Energy
(4) The Capacity Imbalance in the Global PV Industry Chain Remains
According to PV InfoLink’s 2025 statistics global capacities for polysilicon silicon wafers solar cells and modules
collectively reached 1681GW 1232GW 1235GW and 1466GW respectively. China’s dominance in these segments is evident
commanding 96% 96% 89% and 80% of the global capacities in polysilicon silicon wafers solar cells and modules
respectively.
182025 Annual Report of JA Solar Technology Co. Ltd.
Global PV Industrial Chain Capacity Data (GW)
Polysilicon SiliconWafers Solar Cells Modules
Data Source: PV Infolink
Despite the expansion of newly installed photovoltaic capacity persistent overcapacity remains a structural challenge as
production capacities across each industrial segment exceed 1100GW. This supply-demand imbalance has precipitated market
price reductions in critical industrial links with prices falling below the industry’s average cost. Consequently the sector has been
plunged into losses. According to the China Photovoltaic Industry Association in 2025 polysilicon prices declined by over 8%
silicon wafer prices plummeted by more than 36% cell prices decreased by over 16% and module prices dropped by nearly 19%.The sharp price decline has significantly eroded corporate profit margins exacerbated industry losses and imposed severe survival
pressures on small and medium-sized enterprises. As inefficient capacity is phased out and the industrial structure is optimized the
industry is poised to enter a new growth cycle.PV Value Chain Price Trend in China During the 14th Five-Year Plan Period
Silicon wafers Cells (yuan/W) Modules (yuan/W) Polysilicon (yuan/Kg)
(yuan/pcs)
Plot Area
Data Source: China Photovoltaic Industry Association（CPIA）
2. Rapid growth of global energy storage market supports global transition to new energy
The global energy storage market is experiencing a robust phase of expansion propelled by the escalating demand for
renewable energy consumption enhanced power grid security and the requisite infrastructure for AI data centers. Key markets are
centered in China the United States and Europe while emerging regions such as the Middle East Southeast Asia and Latin
America are witnessing substantial capacity growth. According to BloombergNEF (BNEF) global energy storage capacity
excluding pumped hydro storage reached 92GW/247GWh in 2025 reflecting a 23% year-on-year increase. This upward trajectory
is anticipated to continue with projections indicating a further rise to 123GW/360GWh by 2026. China and the United States
continue to dominate the market collectively accounting for 64% of global new installations.The global energy storage market is poised for substantial growth with annual newly installed capacity projected to reach
220-228GW/955-972GWh by 2035 approximately 2.4 times the 2025 level. This expansion will result in a cumulative installed
capacity of 2TW/7.3TWh. The market will continue to be dominated by China and the United States while Europe the Middle
East Africa and Latin America will experience rapid growth. The evolution of growth drivers will transition from policy-
192025 Annual Report of JA Solar Technology Co. Ltd.
mandated energy storage allocation to market-oriented profit models. Lithium batteries will maintain their position as the
predominant technology while the share of long-duration energy storage is anticipated to rise emerging as a critical component in
the global energy transition.Global Energy Storage New Installed Capacity Forecast (GW)
Reserved Capacity
Other Regions
Türkiye
Sub-SaharanAfrica
MENA (Middle East and North Africa)
Other Countries in Europe
Poland Europe Middle
Iberian Peninsula
France East& Africa
UK
Italy
Germany
Canada
LatinAmerica Americas
US
Southeast Asia
South Korea
Japan
Australia Asia-Pacific
India
China
Data Sources: BloombergNEF (BNEF)
III. Analysis of Core Competitiveness
1. Global footprint
Since its inception the Company has steadfastly pursued a global development strategy. In response to international trade
protectionism and industrial cyclical fluctuations it has diligently constructed a supply chain system catering to global markets
consolidated core international operational capabilities and established a resilient barrier through forward-thinking global
expansion.The Company’s strategic deployment of its global sales network capitalizes on mature core PV markets such as China and
Europe while proactively positioning itself in burgeoning markets including Southeast Asia Latin America the Middle East and
Africa. This approach ensures comprehensive global market coverage. By the end of 2025 the Company had established 16
overseas sales subsidiaries with its sales and service network spanning over 180 countries and regions. The establishment of
regional operation centers which integrate technical support financial management legal services and delivery assurance in
mature overseas markets facilitates refined management and localized operations thereby underscoring the company’s unwavering
commitment to global excellence.The Company’s strategic global capacity layout demonstrates a resolute commitment to advancing its overseas supply chain
infrastructure. Leveraging the robust operational foundation established in Vietnam the Company has engaged in the collaborative
Oman project which encompasses a 6GW high-efficiency solar cell and 3GW high-power module production capacity. Scheduled
for official commencement of production in 2026 this milestone significantly bolsters the resilience of the Company’s global
supply chain. Furthermore the Company’s proactive optimization of supply chain deployment across the Middle East and North
Africa serves to consolidate and fortify its comprehensive global supply network.To effectively execute its global strategy the Company has established an international competency center. By harnessing
core technological strengths and proven operational expertise it fortifies global production collaboration and constructs a localized
operation ecosystem fortified by an efficient cost-effective and resilient global supply chain.
2. Quality and brand
The Company has established a comprehensive quality management system that spans the entire industrial chain
encompassing research and development design raw material procurement manufacturing inspection and verification product
delivery and logistics. By adhering to stringent standards the Company ensures that all products meet industry-leading delivery
criteria thereby safeguarding product quality. By the end of 2025 the Company had achieved the All Top Performer award from
the Renewable Energy Test Center (RETC) for six consecutive years. Furthermore it has been recognized as a Top Performer
module supplier ten times by PVEL a globally renowned independent third-party PV testing institution. The Company’s
202025 Annual Report of JA Solar Technology Co. Ltd.
exceptional performance encompassing quality stability product performance and long-term reliability firmly positions it among
the industry’s elite underscoring its outstanding product quality strength.The Company’s unwavering commitment to stringent quality control measures has consistently positioned it as a S&P Global
Tier 1 PV module supplier throughout 2025 and beyond. This achievement is further underscored by the acquisition of Top PV
Brand certifications from EUPD Research across multiple countries and regions including Germany France Poland Italy the
Netherlands Switzerland Australia and Vietnam. The Company’s consistent recognition as a bankable tier-one brand by
BloombergNEF for ten consecutive years attests to its steadily growing brand credibility and market recognition. Moreover the
Global Solar Module Manufacturer Ranking H1 2025 released by Wood Mackenzie has firmly established the Company as the
world’s top-ranked manufacturer boasting an industry-leading score of 91.7. This remarkable accomplishment not only highlights
the company’s unwavering brand influence but also solidifies its core market competitiveness on a global scale.Concurrently the Company’s sustainable development practices garnered widespread acclaim domestically and
internationally in 2025. It was listed in the 2024-2025 Forbes China Sustainable Industrial Enterprises and selected as an
outstanding case in the 2025 Corporate ESG Case Collection Campaign hosted by the Center for Environmental Education and
Communications of the Ministry of Ecology and Environment. Furthermore the green and low-carbon supply chain assessment
conducted by the Institute of Public and Environmental Affairs ranked the Company fourth in the Corporate Information
Transparency Index and sixth in the Corporate Climate Action Index.
3. Vertical integration
After two decades of strategic accumulation the Company has successfully transitioned from a standalone cell manufacturer
to a global leader in smart energy solutions. Its industrial ecosystem characterized by one body and two wings is anchored in
intelligent PV manufacturing complemented by energy services and high-end equipment as two strategic pillars. This
comprehensive solution portfolio spans photovoltaic energy storage smart energy and intelligent equipment sectors underscoring
the Company’s confident position in the global market.The Company has successfully established a vertically integrated industrial ecosystem exercising comprehensive control
over the entire value chain from raw material acquisition to end-product delivery. This strategic approach provides an in-depth
understanding of technical intricacies and operational dynamics across all segments of the photovoltaic industry. By fostering
synergistic collaboration among business units in supply chain management production quality assurance logistics and power
generation applications the Company effectively reduces system costs fortifies its bargaining power and fortifies its competitive
position within the global market.
4. Customer-oriented multi-scenarios products and solutions
The Company’s customer-centric approach is exemplified through the development of comprehensive product and solution
portfolios characterized by full-scenario applicability differentiated design and high reliability. These offerings are tailored to
address the core demands of diverse clients and application scenarios. In response to extreme environments the Company has
introduced specialized modules including Molan for desert conditions Gobi and barren land adaptations Yaolan for offshore
settings hail-resistant and heavy-load types as well as ultra-cold and plateau-adapted models. These products are fortified with
weather-resistant encapsulation self-cleaning functionality and robust resistance against wind salt spray and hail rendering them
ideally suited for harsh conditions such as deserts sea areas plateaus and frigid regions.Furthermore the Company demonstrates a steadfast commitment to innovation by actively developing integrated system
solutions thereby realizing full-chain management of PV-storage integration. This strategic approach enables the provision of one-
stop scenario-based and high-value solutions encompassing design delivery and full-lifecycle services. By consistently
delivering efficient stable and cost-effective green energy value the Company effectively addresses the evolving needs of clients
across diverse application scenarios. In December 2025 a significant milestone was achieved with the successful grid connection
of an integrated PV and energy storage demonstration project equipped with a 2.61MWh energy storage system at a modern
aquaculture base in Sicily Italy. This system exemplifies the intelligent coordination of photovoltaic energy storage and power
load operations thereby maximizing local PV consumption and effectively alleviating power grid capacity constraints on the
island. The project serves as a compelling global application case of JA Solar’s PV-storage-plus-X model.
5. Technological innovation capabilities
The Company’s unwavering commitment to research and development innovation is exemplified by its strategic approach of
mass-producing one generation reserving one generation and developing one generation. It has established a world-class R&D
team comprised of leading scientists doctors and scholars from prestigious domestic and international universities. The Company
has strategically established specialized R&D centers encompassing crystalline silicon solar cells modules and energy storage
thereby forming a comprehensive multi-dimensional research system. Furthermore the company’s collaborative efforts with
renowned global universities and leading research institutions serve to augment its global innovation capacity.In 2024 JA Solar demonstrated a pioneering commitment to advancing photovoltaic technology by setting new world records
212025 Annual Report of JA Solar Technology Co. Ltd.
in mass-produced crystalline silicon cells achieving a TOPCon cell efficiency of 748.6 mV and an open-circuit voltage of 748.6
mV. In June 2025 JA Solar achieved a significant milestone by establishing a new conversion efficiency record of 25.5% for n-
type TOPCon modules a feat verified by TüV. This achievement was particularly noteworthy given the Company’s subsequent
breakthrough in August wherein it successfully commercialized large-size perovskite tandem cells attaining efficiencies of
30.54% in forward scan and 31.27% in reverse scan. This milestone represents a critical advancement in the industrialization of
crystalline silicon-perovskite tandem cells. The Company’s new-generation TOPCon cells employ a revolutionary five-in-one
multi-slicing technology which significantly enhances core product performance. Advanced doping technology applied to silicon
wafers has resulted in improved resistivity uniformity while an optimized passivated contact n-type cell structure has delivered
remarkable performance gains. At the module stage JA Solar has integrated four core technologies: Gap-free Flexible
Interconnection High-density Packaging Composite Structure Enhancement and Ultra-transparent Material Optimization
thereby establishing a robust competitive advantage in the market. JA Solar’s DeepBlue 5.0 modules exemplify the Company’s
commitment to delivering superior performance. These modules exhibit an annual linear degradation rate as low as 0.35% a
temperature coefficient of -0.26%/°C and a bifacial rate up to 85%. The products maintain steady and outstanding power
generation output under challenging conditions including weak light partial shading and other complex operating scenarios.By the end of 2025 the Company had amassed a portfolio of 2286 patents comprising 1249 invention patents. This strategic
accumulation of intellectual property positioned the Company at the 223rd position among China’s Top 500 Private Enterprises
based on R&D investment and the 293rd in the Top 500 list of invention patents.
6. Lean and intelligent operations
The Company demonstrates unwavering commitment to high-quality development persistently pursuing a growth trajectory
propelled by digitalization and intelligence. By focusing on AI and digital technologies the Company strategically optimizes
operational efficiency advances lean and intelligent manufacturing and fortifies its dual core strengths in digital intelligence and
sophisticated production.The Company strategically integrates advanced digital and intelligent technologies encompassing Automated Guided
Vehicles (AGVs) 5G networks and artificial intelligence across its manufacturing facilities. Comprehensive production
management systems are seamlessly integrated with core business systems facilitating uninterrupted data and workflow
connectivity across production equipment processing quality control warehousing operation and industrial engineering
departments. A sophisticated production analysis system is employed in silicon wafer manufacturing enabling continuous
monitoring and automatic warning of production data. In cell production each manufacturing base establishes a robust quality
management system by consolidating quality and process data generated throughout the production process. The workshop module
leverages state-of-the-art equipment such as fully automatic dual-track high-speed stringers double-chamber laminators and
automatic framing machines to ensure intelligent linkage throughout the entire production process. By harnessing the power of
big data the company employs AI-powered image recognition technology on production lines significantly enhancing the
efficiency of product quality inspection.The Company’s strategic deployment and continuous enhancement of a comprehensive suite of digital operation management
systems underpinned by advanced AI technology facilitates real-time data sharing across all platforms and visualized supply
chain management. This integration of digital and intelligent transformation significantly bolsters production capacity reduces
manufacturing costs enhances product cost-effectiveness and fortifies JA Solar’s competitive edge in the global market.By the end of 2025 the Company’s core production facilities namely Fengxian Hefei Xingtai and Baotou were
consistently recognized by the Ministry of Industry and Information Technology (MIIT) as Smart Photovoltaic Pilot and
Demonstration Enterprises. Concurrently bases in Ningjin Fengxian and Yangzhou were designated as Smart Manufacturing
Demonstration Factories by MIIT. Notably the Fengxian facility has emerged as one of the photovoltaic industry’s pioneering
benchmark sites to join MIIT’s Excellence-Level smart manufacturing benchmark enterprise list thereby solidifying the
company’s preeminent position in digital intelligence and lean manufacturing.IV. Analysis of Main Businesses
1. Overview
During the reporting period the Company demonstrated a resolute commitment to expanding its market presence and
fortifying its global footprint. By harnessing its extensive global marketing and service infrastructure coupled with its robust
brand reputation and technological superiority the Company maintained a commanding position in the solar cell and module
shipment market. However the intensified capacity expansion along the photovoltaic industrial chain precipitated a cyclical
supply-demand imbalance thereby exacerbating market competition and exerting downward pressure on mainstream product
prices on a year-over-year basis. Concurrently escalating international trade protection policies adversely impacted the average
222025 Annual Report of JA Solar Technology Co. Ltd.
selling price and profitability of modules culminating in intermittent operational losses. The Company’s financial performance for
the period was characterized by a total revenue of 49128713000 yuan accompanied by a net profit attributable to shareholders of
the listed company amounting to-4608260100 yuan. The Company’s total assets reached 105009906900 yuan with net assets
attributable to shareholders standing at 22346583200 yuan at the end of the reporting period.
1.Leveraged its advantages to maintain shipment volume in the industry’s first tier
During the reporting period the Company effectively leveraged its global marketing service network and brand influence to
maintain its position among industry leaders in solar cell and module shipments. Achieving a total shipment volume of 69.563 GW
the Company allocated 157 MW for internal use with overseas module shipments constituting 51.29% of total exports.
2. Focused on industry demands accelerated production upgrades and diversified product offerings
In response to the industry’s core demands for enhanced power output superior reliability reduced levelized cost of
electricity and multi-scenario applicability the Company has accelerated capacity upgrades steadily enhanced product
technological strength and diversified its product portfolio.The introduction of all-scenario solutions encompassing extreme cold plateau arid heat sand-dust humid tropical marine
transportation and industrial & commercial distributed power generation underscores the company’s commitment to delivering
comprehensive tailored and high-performance power generation systems. Customized products and targeted solutions have been
developed to mitigate practical challenges thereby enhancing operational efficiency. The Molan PV products engineered for arid
regions with scarce rainfall heavy sand dust strong winds and pronounced temperature fluctuations exhibit robust encapsulating
materials that ensure resilience in harsh environments. Similarly the Yaolan PV products designed for tidal flats high salt spray
zones and offshore areas have successfully passed stringent Grade 8 salt spray and comprehensive aging tests guaranteeing
stable long-term operation amidst challenging marine conditions. Lastly the Aolan PV products tackle power loss safety risks
and maintenance issues associated with bird contamination transitioning from passive mitigation to active protection through
innovative technological solutions. These developments collectively position the company as a leader in the power generation
sector adept at meeting the evolving needs of diverse applications.Furthermore the development of customized photovoltaic modules tailored for specific application scenarios is underscored
by their diverse functionalities encompassing fire resistance dust accumulation prevention anti-glare performance hail resistance
high load resistance and lightweight design.The Company has introduced its high-power DeepBlue 5.0 modules which integrate cutting-edge innovations in silicon
wafers cells modules materials and manufacturing processes. By incorporating the upgraded Bycium+ 5.0 n-type passivated
contact cell technology alongside HDP high-density packaging and GFI gap-free flexible interconnection technology the
DeepBlue 5.0 modules have successfully increased the effective power generation area by 1.82%. With a mainstream industry size
of 2382mm*1134mm these modules deliver a maximum power output of 670W and achieve a peak efficiency of 24.8%. The
DeepBlue 5.0 modules’ notable improvements in footprint quality energy efficiency and scenario adaptability not only optimize
Balance of System (BOS) costs and Levelized Cost of Energy (LCOE) but also create substantial value for customers.
3. Sustained R&D spending fueled tech innovation and iterative breakthroughs
The Company’s unwavering commitment to technological innovation is evident in its strategic allocation of resources as
evidenced by the substantial increase in R&D expenditure to 2.958 billion yuan in 2025 constituting 6.02% of operating revenue.This investment has culminated in a robust patent portfolio encompassing 2286 valid patents including 1249 invention patents
which collectively safeguard the Company’s technological advancements in the domains of solar cells modules and system
solutions.The Company’s pioneering work in core crystalline silicon cell technologies has resulted in the attainment of a maximum
mass-production conversion efficiency exceeding 27.5% for its n-type Bycium+ cells.
4. Strengthened operations management and further controlled costs
The Company has instituted specialized teams dedicated to cost reduction efficiency enhancement sales efficiency
improvement and expense optimization. These initiatives have yielded significant advancements across multiple dimensions
encompassing design cost optimization module power upgrade manufacturing cost reduction production-supply-sales
coordination expense control and digital intelligent construction. Through collaborative efforts and the implementation of robust
measures the Company is poised to further diminish costs and expenses thereby significantly bolstering its competitiveness
across all operational domains.
5. Built a global supply chain and advanced global footprint
The escalating intensity of international trade protectionism has necessitated the urgent adoption of diversified supply chains.In alignment with the Company’s global development strategy a comprehensive evaluation of logistics costs supply capacity
operational stability and trade policies has been undertaken. By optimizing the global logistics network layout and restructuring
diversified supply routes we have effectively mitigated risks stemming from trade policy fluctuations.
232025 Annual Report of JA Solar Technology Co. Ltd.
6.Refined business footprint and achieved the integrated pv-storage strategy
The Company’s unwavering commitment to diversification is evident in its strategic embrace of the PV-storage-plus-
applications development paradigm within the energy storage sector. By constructing a comprehensive product portfolio
encompassing large-scale industrial-commercial and residential energy storage solutions the Company has effectively positioned
itself at the forefront of the industry. Leveraging its robust industrial chain brand advantages and extensive marketing network the
company delivers reliable efficient and practical end-to-end solutions catering to the power generation grid and end-user
domains. By the end of the reporting period the Company had already established a formidable presence in key global regions
including Europe the Middle East and Africa.
7. Implemented equity incentives to secure human resources for navigating the cyclical bottom
The Company’s 2025 Stock Option Incentive Plan approved and enacted by the general meeting underscores its unwavering
commitment to fostering long-term value creation. By granting a total of 161.698185 million stock options to 1926 recipients the
Company demonstrates a robust approach to aligning employee interests with shareholder value. Concurrently the launch of the
2025 Employee Stock Ownership Plan utilizing repurchased corporate shares as the underlying asset further solidifies the
company’s dedication to employee ownership and engagement. With 52 participants subscribing for a total of 39499986 shares
this initiative not only incentivizes core employees but also stimulates their initiative and creativity. This comprehensive equity
incentive scheme effectively retains and attracts top-tier professional and managerial talent fortifies the Company’s human
resource advantages and propels its development amidst industrial transformations and future growth.
8. Deepening the sustainable development strategy to promote the high-quality business development
Guided by the sustainability philosophy of Building a Green Cycle Seeking Green Development Together and Creating a
Green Future the Company has implemented a comprehensive green manufacturing system where resource conservation and
efficient utilization are emphasized and digital technology and intelligent manufacturing are extensively employed to establish
green intelligent manufacturing facilities. The Company strategically collaborates with both upstream and downstream supply
chain partners to establish a carbon-neutral ecosystem while concurrently addressing its social responsibilities through initiatives
such as charitable donations and inclusive educational practices. Notably seven of its manufacturing facilities have achieved
recognition as national-level Green Factories. The Company has also obtained prestigious accolades including an AAA ESG
rating from the SinoSec Index and the EcoVadis Silver Medal for sustainability performance. For four consecutive years it has
published comprehensive Sustainability and ESG Reports effectively communicating its values and propelling high-quality
development.
2. Revenue and cost
(1) Operating revenue composition
Unit: Yuan
20252024
Percent of Percent of YoY growth
Amount Amount
operating revenue operating revenue
Total operating
49128712950.94100%70120697029.73100%-29.94%
revenue
Industry
New energy 49128712950.94 100.00% 70120697029.73 100.00% -29.94%
Product
PV modules 45031048918.48 91.66% 66627740897.28 95.02% -32.41%
PV cells 1373362172.88 2.80% 864453698.43 1.23% 58.87%
Operation of
photovoltaic 1213883074.18 2.47% 1242289894.94 1.77% -2.29%
powerplants
Others 1510418785.40 3.07% 1386212539.08 1.98% 8.96%
Region
Domestic 21893010850.26 44.56% 29701012209.25 42.36% -26.29%
Europe 9755040560.16 19.86% 12726712255.65 18.15% -23.35%
Asia and Oceania 6770148890.06 13.78% 9010975935.09 12.85% -24.87%
Americas 7881251935.00 16.04% 16386094109.62 23.37% -51.90%
Africa and Others 2829260715.46 5.76% 2295902520.12 3.27% 23.23%
Sale model
242025 Annual Report of JA Solar Technology Co. Ltd.
Direct sale 32525687052.07 66.21% 56122809226.84 80.04% -42.05%
Dealership/
16603025898.8733.79%13997887802.8919.96%18.61%
distribution
(2) Industries products regions and sale models that account for over 10% of the operating revenue or operating profit
□Applicable □ Not applicable
Unit: Yuan
YoY change of
Gross profit YoY change of YoY change of
Operating revenue Operating cost gross profit
margin operating revenue operating cost
margin
Industry
New energy 49128712950.94 50161114115.39 -2.10% -29.94% -25.11% -6.58PP
Product
PV modules 45031048918.48 46844798268.83 -4.03% -32.41% -26.13% -8.85PP
PV cells 1373362172.88 1618872233.44 -17.88% 58.87% -20.38% +117.31PP
Region
Domestic 21893010850.26 22630518540.89 -3.37% -26.29% -29.43% +4.61PP
Europe 9755040560.16 9932436420.69 -1.82% -23.35% -24.60% +1.69PP
Asia and Oceania 6770148890.06 7093696262.66 -4.78% -24.87% -13.86% -13.39PP
Americas 7881251935.00 7435503183.92 5.66% -51.90% -33.82% -25.77PP
Africa and Others 2829260715.46 3068959707.23 -8.47% 23.23% 35.52% -9.83PP
Sale model
Direct sale 32525687052.07 32795052321.33 -0.83% -42.05% -36.61% -8.65PP
Dealership/
16603025898.87 17366061794.06 -4.60% 18.61% 13.90% +4.32PP
distribution
If modifications are made to the statistical scope for reporting core business data during the reporting period the Company
presents the adjusted core business data for the latest year based on the scopey effective at the end of the reporting period.□Applicable□Not Applicable
(3) Sales revenue greater than service revenue
□Yes □ No
Industry Item Unit 2025 2024 YoY growth
Sale MW 66527.68 72675.51 -8.46%
Production MW 65843.841 73177.142 -10.02%
PV modules
Inventory MW 7478.55 8024.96 -6.81%
Sale MW 2878.66 5227.98 -44.94%
Production MW 53842.64 70399.61 -23.52%
PV cells
Inventory MW 1789.59 4156.22 -56.94%
Note: 1 included volume produced on behalf of clients. 2 included volume produced on behalf of clients.Reasons for YoY changes greater than 30%
□Applicable □Not Applicable
1: 2025 module sales volume (excluding internal consumption by the Company) reached 157.14 MW; 2025 cell sales volume
(excluding internal consumption by the Company) reached 67828.02 MW.
2: The Company prioritizes internal supply for its cell products. Due to dynamic inventory optimization both external sales
volume and ending inventory of cells in 2025 decreased compared to 2024.
(4) Fulfillment of major existing purchase or sales contracts by the end of the reporting period
□Applicable□ Not applicable
252025 Annual Report of JA Solar Technology Co. Ltd.
(5) Operating cost composition
Industry and product
Unit: Yuan
20252024
Percent of
Industry Item Percent of YoY growth
Amount operating Amount
operating cost
cost
New energy Operating cost 50161114115.39 100.00% 66979216270.41 100.00% -25.11%
Unit: Yuan
20252024
Percent of YoY
Product Item Percent of
Amount operating Amount growth
operating cost
cost
PV cells and
Material cost 30368186377.62 62.66% 43340049634.78 66.22% -29.93%
modules
PV cells and
labor cost 1783140069.60 3.68% 2872279062.35 4.39% -37.92%
modules
PV cells and Manufacturing
13175586625.9227.19%14768153342.2622.57%-10.78%
modules expense
Fulfillment
PV cells and
costs and 3136757429.13 6.47% 4465685952.97 6.82% -29.76%
modules
others
Remarks
None.
(6) Scope of consolidation changed or not in the reporting period
□Yes □ No
The entities included in the scope of consolidated financial statements for this period have changed compared to the previous period.Refer to IX Change in the Scope of Consolidation in Section VIII Financial Statements for details.
(7) Significant changes or adjustments in businesses products or services in the reporting period
□Applicable□ Not applicable
(8) Major customers and suppliers
Main customers
Combined sales amount from top five customers (yuan) 9205740061.13
Combined sales amount from top five customers as a percentage of the
18.73%
annual total sales
Related party sales amount within the combined sales amount from top five
0.00%
customers as a percentage of the annual total sales
Top 5 customers
No. Customer name Sales amount (yuan) Percent of annual total sales
1 First 3577471536.72 7.28%
2 Second 1739759447.92 3.54%
3 Third 1651469055.45 3.36%
4 Fourth 1362811468.27 2.77%
5 Fifth 874228552.77 1.78%
Total -- 9205740061.13 18.73%
Additional information on main customers
262025 Annual Report of JA Solar Technology Co. Ltd.
□Applicable□Not Applicable
Main suppliers
Combined purchase amount to top five suppliers 8546620871.03
Combined purchase amount to top five suppliers as a percentage of the annual
25.08%
total purchases
Related-party purchase amount within the combined purchase amount to top five
0.00%
suppliers as a percentage of the annual total purchases
Top 5 suppliers
Percent of annual total
No. Supplier name Purchase amount (yuan)
purchases
1 Supplier 1 2191424144.73 6.43%
2 Supplier2 1977183436.18 5.80%
3 Supplier3 1479046391.22 4.34%
4 Supplier 4 1451301726.68 4.26%
5 Supplier5 1447665172.22 4.25%
Total -- 8546620871.03 25.08%
Additional information on main suppliers
□Applicable□Not Applicable
The revenue from trading business accounted for over 10% of the total operating revenue during the reporting period
□Applicable□Not Applicable
3. Expenses
Unit: Yuan
2025 2024 YoY growth Remarks on significant changes
Mainly caused by the combined
effect of higher employee
remuneration and lower
Sales expense 1040667707.66 1077841072.90 -3.45%
marketing expenses warehouse
rental fees and professional
service fees in the current year.Mainly caused by lower share-
based payment and start-up
Management expense 1875503621.71 2006853598.56 -6.55% expenses as well as increased
employee remuneration for the
year.Mainly caused by higher
exchange gains from currency
Financial expense 401282955.79 548882847.38 -26.89% fluctuations rising interest
expenses and declining interest
income.Mainly caused by decreased
R&D expense 783978332.64 986673572.66 -20.54%
R&D material expenditures.
4. R&D expenditure
□Applicable □Not Applicable
Expected impact on the
Key R&D project
Purpose Progress Objective Company’s
name
development
Energy conservation Gen-1 solution mass- The constant-diameter It delivers short? term
Energy-Saving
and consumption produced; Gen-2 crystal pulling process cost savings and
Thermal Field System
reduction: exploring solution rolling out; achieves an ~10% reduced process energy
R&D
green and low-carbon now advancing Gen-3 reduction in power consumption while
272025 Annual Report of JA Solar Technology Co. Ltd.
path for PV industrial energy-saving 3.0 consumption while enabling us to build
chain technology aiming to boost output competitive moats over
per monocrystalline the medium to long
silicon rod by 3%. term through
technology cost
control and ESG
management — driving
high? quality
development.The wafer slicing
digital platform
addresses information
The yield rate of A digital slicing
silos by integrating
silicon wafer slicing is platform will be
data dynamically
Smart Wafer Slicing expected to increase by established to unify the
tracking process
Digital Platform R&D pilot stage 0.5% and the detection collection integration
parameters enabling
Development rate of abnormalities and management of
engineering design of
during cutting will rise data from multiple
cutting materials and
by 5%. sources.providing intelligent
diagnostics for wire
cutting defects.This will further
Conducting pilot trials enhance the
of HYPERGEN cells Stage goals achieved; The cell efficiency is Company’s
n-type Gen 2.0 Solar
while improving development in increased by up to technological
Cell Technology R&D
efficiency and reducing progress 0.4%. advantage in the field
costs. of high? efficiency
solar cells.This initiative
In line with the
addresses market
Company’s High-efficiency cells
demand with
Cell Efficiency overarching objective adopting edge
mass? production
Enhancement and Edge of enhancing efficiency passivation technology
Pilot run completed technical solutions for
Passivation Technology and lowering costs it can boost module
higher? efficiency PV
Development strengthens the core power output by over
cells while also
competitiveness of its 15W.boosting product
products.reliability and yield.Cost is significantly
more competitive than Adopting an
the silver paste electrochemical The low-cost
approach; process aligned with metallization solution
Gen-1 solution ready;
Novel Back-Contact Development of the Company’s product delivered by this
Gen-2 technology in
Cell Electrochemical electroplating for back- roadmap reduces costs initiative will
design and
Technology R&D contact cells was enables silver-free strengthen the
development.completed and the production and Company’s product
corresponding improves product competitiveness.technical roadmap was efficiency by 0.1%.established.The full-screen module The objectives are a This will lower the
design increases the power gain of 8W per per-watt cost improve
Shingled Full-Screen Technical development
screen-to-body ratio product and full the aesthetics and
Module Development phase
and boosts power compliance with IEC boost the
performance while reliability standards. competitiveness of the
282025 Annual Report of JA Solar Technology Co. Ltd.
also improving the Company’s
product’s aesthetics. high- efficiency
modules.Having achieved initial
success in
30.54% (forward scan)
next? generation
A new breakthrough 31.27% (reverse scan)
High-Efficiency perovskite products
has been achieved in marking key progress Modules offering
Perovskite/Crystalline the R&D center will
the efficiency of made by JA Solar in stability reliability and
Silicon 2T Tandem ramp up investment in
perovskite-silicon two- the development of high energy yield.Cell R&D tandem modules to
terminal tandem cells. perovskite-silicon
solidify the Company’s
tandem cells.leadership in future
product markets.The goal is to achieve
low-silver technology This will diversify the
that significantly Company’s PV module
Developing new high-
reduces non-silicon portfolio and enhance
Jingxian (Crystal efficiency low-cost full
costs delivers the competitiveness of
String) Cell and back contact cells and Development stage
excellent module its high? efficiency
Module Development modules optimized for
power output and premium products for
mass production.ensures product quality rooftop and distributed
meets applicable applications.standards.To meet the demanding
Development of This initiative focuses
operating requirements
second-generation anti- on multi? scenario
of diverse special
glare modules; applications in harsh
scenarios we address
Development of V3 environments
Gen-1 mass production key technical
Application-Specific products for overcomes the
finished; product now challenges and develop
Product Development desert/Gobi adaptability limitations
being upgraded. scenario? specific PV
environments; of conventional
modules that are
Development of high modules and addresses
customizable highly
voltage? resistant unmet needs in niche
reliable and highly
products. market segments.efficient.It is expected to enable
intelligent analysis
linking equipment
parameters throughout
By harnessing AI
AI-Based Production the battery and module
technologies we
Line Process Parameter Building a “data brain” production chain to
empower the
Prediction Model and to achieve predictable final product
Design and photovoltaic industry
Laser QR Code Full- and optimizable R&D performance allowing
Development stage and build a digital twin
Chain Traceability and production rapid process window
factory — all driven by
Technology processes. optimization smart
an AI? powered data
Development root? cause diagnosis
brain.of anomalies and
virtual metrology of
critical performance
metrics.R&D personnel
2025 2024 Change (%)
Number of R&D staff 2117 2148 -1.44%
Percent of R&D staff to total 8.38% 5.76% 2.62%
292025 Annual Report of JA Solar Technology Co. Ltd.
staff
Education background of R&D staff
Bachelor’s degree 929 892 4.15%
Master 313 226 38.50%
Others 875 1030 -15.05%
Age groups
Under 30 years old 662 491 34.83%
30 to 40 years old 1195 1336 -10.55%
41 to 49 years old 237 296 -19.93%
50 years old or above 23 25 -8.10%
R&D expenditure
2025 2024 Change (%)
R&D expenditure (yuan) 2958492511.75 3710699801.90 -20.27%
R&D expenditure to
6.02%5.29%0.73%
operating revenue
Capitalized R&D expenditure
0.000.000.00%
(Yuan)
Capitalized R&D expenditure
as a percentage of R&D 0.00% 0.00% 0.00%
expenditure
Reasons for material changes in R&D staff structure and the impact on the Company’s development
□ Applicable□ Not applicable
Reason for significant YoY change in the ratio of total R&D expenditure to operating revenue
□ Applicable□ Not applicable
Reason and explanation for significant change in capitalized rate of R&D expenditure
□ Applicable□ Not applicable
5. Cash flows
Unit: Yuan
Item 2025 2024 YoY growth
Subtotal of cash inflows from
57111748576.0771723318225.99-20.37%
operating activities
Subtotal of cash outflows
52831772206.3168376742264.45-22.73%
from operating activities
Net cash flow generated from
4279976369.763346575961.5427.89%
operating activities
Subtotal of cash inflows from
7038581012.26760261847.93825.81%
investing activities
Subtotal of cash outflows
7942207839.2513872698113.08-42.75%
from investing activities
Net cash flow generated from
-903626826.99-13112436265.1593.11%
investing activities
Subtotal of cash inflows from
17987149566.9828882053199.33-37.72%
financing activities
Subtotal of cash outflows
17859740152.6513557813958.9831.73%
from financing activities
Net cash flow generated from
127409414.3315324239240.35-99.17%
financing activities
Net increase in cash and cash
3513200217.325808526306.21-39.52%
equivalents
Description on major factors for significant YoY changes
□Applicable □ Not applicable
302025 Annual Report of JA Solar Technology Co. Ltd.
1. The year-over-year surge in net cash flow generated from operating activities can be attributed to intensified competition within
the photovoltaic sector and a decline in module prices resulting in reduced cash receipts from sales decreased expenditures on
raw material acquisitions and employee compensation and an augmented net inflow of deposits.
2. The net cash flow generated from experienced a notable year-over-year decrease primarily driven by diminished cash outlays
for the acquisition and construction of long-term assets and heightened collections of receivables from disposed subsidiaries.
3. The net cash flow generated from financing activities exhibited a significant year-over-year decline primarily due to a reduction
in cash proceeds from new borrowings and an increase in cash repayments for outstanding debts during the period.Explanation for the significant difference between the net cash flow generated from operating activities and the net profit for the
current period
□ Applicable□ Not applicable
V.Analysis of Non-operating Activities
□Applicable □Not Applicable
Unit: Yuan
Percent of total
Amount Reason Sustainable or not
profit
Primarily due to losses on
physical settlement of foreign
exchange hedges and equity
Investment gain -99102529.60 1.96% No
method investments as well as
gains on equity and business
disposals and debt restructuring.Primarily due to losses on foreign
exchange hedging fair value
losses on equity investments
Profit/loss from change
338953907.57 -6.71% measured at fair value and fair No
in fair value
value gains on contingent
consideration from the disposal of
overseas subsidiaries.Primarily due to provisions for
Asset impairment -680012798.21 13.46% impairment of long? term assets No
and inventory write? downs.Primarily due to insurance
indemnities and gains on damage
Non-operating revenue 102627953.81 -2.03% No
and scrapping of non? current
assets.Primarily due to losses on damage
and scrapping of fixed assets
reversal of accrued litigation
Non-operating cost 50854077.33 -1.01% losses external donations No
contract settlement payments
fines and late payment
surcharges.Items classified as
recurring profit or
loss according to
Primarily due to government Explanatory
Other income 799530236.37 -15.83% grants and additional VAT Announcement No.deductions. 1 on Information
Disclosure by
Companies Offering
Securities to the
312025 Annual Report of JA Solar Technology Co. Ltd.
Public—Non-
recurring Gains and
Losses (2023
Revision) are
regarded as
sustainable and
reliable.Primarily due to provisions for
bad debts on accounts receivable
Credit impairment loss -191318271.67 3.79% No
other receivables and long? term
receivables.Primarily due to gains on the
Gain on asset disposal 176549077.35 -3.50% No
disposal of non? current assets.VI. Assets and Liabilities
1. Significant changes in asset structure
Unit: Yuan
2025 close 2025 opening
Remarks on
Percent of total Percent of total Change in percent
Amount Amount significant changes
assets assets
Cash at bank and in
25242273705.53 24.04% 25088742298.26 22.21% +1.83 PP
hand
Accounts receivable 9208013845.16 8.77% 8970826928.73 7.94% +0.83 PP
Contract assets 0.00% 131644.87 0.00% +0.00 PP
Inventories 10058466745.30 9.58% 10570741220.23 9.36% +0.22 PP
Investment
0.00% 0.00% +0.00 PP
properties
Long-term equity
1228393794.55 1.17% 638728175.38 0.57% +0.60 PP
investments
This is mainly
attributable to the
completion and
transfer of
construction-in-
Fixed assets 36147099091.94 34.42% 41584089103.99 36.81% -2.39 PP progress assets
depreciation
accrual provision
for impairment of
fixed assets and
asset disposal.Construction in
2125055615.07 2.02% 3244291543.72 2.87% -0.85 PP
progress
Right-of-use assets 2214051596.57 2.11% 2258092914.01 2.00% +0.11 PP
This is mainly
attributable to new
Short-term
9061307423.27 8.63% 8497626915.30 7.52% +1.11 PP borrowings incurred
borrowings
during the current
period.Contract liabilities 3012786212.54 2.87% 3406761047.28 3.02% -0.15 PP
Long-term This is mainly
17520134473.11 16.68% 14241991898.84 12.61% +4.07 PP
borrowings attributable to new
322025 Annual Report of JA Solar Technology Co. Ltd.
borrowings incurred
during the current
period.Lease liabilities 1952919712.10 1.86% 1827807017.16 1.62% +0.24 PP
Receivables
1637936392.79 1.56% 646188784.95 0.57% +0.99 PP
financing
Prepayments 1570793855.39 1.50% 878423256.15 0.78% +0.72 PP
Other receivables 1236857061.78 1.18% 1207797619.41 1.07% +0.11 PP
Non-current assets
2339833348.85 2.23% 2871642531.35 2.54% -0.31 PP
due within one year
Other current assets 3626060898.87 3.45% 3757903513.93 3.33% +0.12 PP
Intangible assets 2085564393.55 1.99% 2162945535.82 1.91% +0.08 PP
Deferred tax assets 1740845863.48 1.66% 1257654931.56 1.11% +0.55 PP
This is mainly due
to a decrease in time
deposits due over
Other non-current
3065677741.40 2.92% 6366036604.61 5.64% -2.72 PP one year as well as
assets
a reduction in long-
term prepayments
for assets.This is mainly
attributable to the
maturity of notes
outstanding at the
end of the previous
Notes payable 10886527060.52 10.37% 14345592887.14 12.70% -2.33 PP
year and the
reduction in
procurement
volume during the
current period.This is mainly
attributable to the
reduction in
Accounts payable 8008439628.44 7.63% 9814115775.05 8.69% -1.06 PP
procurement
volume during the
current period.This is mainly
attributable to the
settlement of
Other payables 8122824933.41 7.74% 10232056708.65 9.06% -1.32 PP payables for
engineering
equipment during
the current period.This is mainly due
to the combined
effects of three
factors during the
Non-current
current period: an
liabilities due within 5750983972.14 5.48% 1765458153.16 1.56% +3.92 PP
increase in current
one year
maturities of bank
borrowings sale-
and-leaseback
financing and a
332025 Annual Report of JA Solar Technology Co. Ltd.
decrease in lease
liabilities.Bonds payable 8878910378.93 8.46% 8623651496.24 7.63% +0.83PP
Long-term payables 4970732771.50 4.73% 6404265944.85 5.67% -0.94 PP
Estimated liabilities 1999235176.88 1.90% 1837744006.11 1.63% +0.27 PP
Deferred revenue 1402889419.51 1.34% 1254670681.65 1.11% +0.23 PP
High ratio of overseas assets
□Applicable □ Not applicable
Overseas
Control
assets as Existence
measures to
Specific Operation percentage of material
Reason Asset size Location safeguard Revenue
asset model of impairment
asset
Company’s risks
security
net assets
JA Solar Establishm 6.587
Independentl 0.097billio
Vietnam ent by billion Vietnam Insurance 29.48% No
y operated n yuan
Co. Ltd. investment yuan
2. Assets and liabilities measured at fair value
□Applicable □Not Applicable
Unit: Yuan
Current Cumulative
Impairment
profit/loss from change in fair Purchase in the Sale in the
Item Opening amount provision in the Other changes Closing amount
change in fair value recorded current period current period
current period
value into equities
Financial assets
Trading financial
assets (excluding
0.000.000.000.000.000.000.000.00
derivative
financial assets)
2. Derivative
1296536.4472829929.120.000.000.000.000.0074126465.56
financial assets
Other debt
0.000.000.000.000.000.000.000.00
instruments
4. Other equity
41323547.790.0093702.730.004000000.00-41417250.520.004000000.00
investments
5. Other non-
current financial 109366352.60 26290517.32 0.00 0.00 3375000.00 0.00 732224482.64 871256352.56
assets
Sub-total
151986436.8399120446.4493702.730.007375000.00-41417250.52732224482.64949382818.12
financial assets
Investment
0.000.000.000.000.000.000.000.00
property
Bearer biological
0.000.000.000.000.000.000.000.00
assets
Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Receivable
646188784.950.000.000.000.000.00991747607.841637936392.79
financing
Total 798175221.78 99120446.44 93702.73 0.00 7375000.00 -41417250.52 1723972090.48 2587319210.91
Financial
240166648.02-239833461.130.000.000.000.00-333186.890.00
liabilities
Other changes
342025 Annual Report of JA Solar Technology Co. Ltd.
Other changes include contingent consideration from equity transfers of overseas subsidiaries fluctuations in receivable financing
changes in derivative financial instruments and foreign currency translation differences arising from the translation of overseas
entities’ financial statements.Any significant changes in the measurement attributes of the major assets during the reporting period or not
□ Yes□ No
3. Main restricted assets at the end of the reporting periodRefer to V. Note 23 “Assets with Restrictive Ownership Titles or Right-of Use in Section VIII Financial Statements of this Reportfor details on restricted assets.VII. Investment Analysis
1. Overview
□Applicable □Not Applicable
Investment amount in the reporting period (yuan) Prior period Investment (yuan) Change
7286271980.5010015484148.82-27.25%
2. Significant equity investments acquired in the reporting period
□Applicable□Not Applicable
3. Significant non-equity investments in progress in the reporting period
□Applicable □Not Applicable
Unit: Yuan
Cumulative Reason for
Cumulative
return not meeting
Fixed asset Amount investment
Industry Sources of Project Expected realized by expected Disclosure
Project name Investment form investment invested in the amount by the Disclosure index (if any)
involved funds progress return the end of the progress and date (if any)
or not reporting period end of the
reporting expected
reporting period
period return
For details please refer to
20GWAnnual the announcement titled
Silicon Wafer and Announcement on
30GW Cells March Investment and Construction
Self-construction Yes Photovoltaic 252708690.71 252708690.71 Self-funding /
Project in the 232023 of Integrated Production
Ordos High-Tech Capacity published on the
Zone CNINFO website
(http://www.cninfo.com.cn).For details please refer to
30GWAnnual
the announcement titled
Crystal Pulling
Announcement on
10GW Silicon
Investment and Construction
Wafer and 10GW Self-construction Yes Photovoltaic 307024206.63 385234939.10 Self-funding / June 62023
of Integrated Production
Module Project in
Capacity published on the
the Ordos High-
CNINFO website
Tech Zone
(http://www.cninfo.com.cn).Total -- -- -- 559732897.34 637943629.81 -- -- 0.00 0.00 -- -- --
4. Investments into financial assets
(1) Securities investments
□Applicable□ Not applicable
The Company had no securities investments in the reporting period.
352025 Annual Report of JA Solar Technology Co. Ltd.
(2) Derivatives investments
□Applicable □ Not applicable
1) Derivative investments held for hedging in the reporting period
□Applicable □Not Applicable
Unit: 10000 yuan
Ratio of
closing
Cumulative investment
Current Amount Amount sold
Initial change in fair amount to the
Derivatives Opening profit/loss bought in the in the Closing
investment value Company’s
investment type amount from change reporting reporting amount
amount recorded into net assets at
in fair value period period
equities the end of the
reporting
period
Forward exchange
94956.9494956.9431266.340854762.54872933.5776785.913.44%
options futures
Total 94956.94 94956.94 31266.34 0 854762.54 872933.57 76785.91 3.44%
Accounting
policies and
principles for
hedging activities In alignment with the Ministry of Finance’s Accounting Standards for Business Enterprises—specifically No. 22
in the reporting (Recognition and Measurement of Financial Instruments) No. 23 (Transfer of Financial Assets) No. 24 (Hedge
period and any Accounting) and No. 37 (Presentation of Financial Instruments)—the Company has implemented appropriate
significant changes accounting treatments for its hedging activities ensuring compliance and enhancing financial reporting accuracy.compared to the
previous reporting
period
Note on the actual
During the reporting period the income from fair value adjustments was 312663400 yuan and the settlement
profit/loss in the
income totaled -1345858700 yuan.reporting period
The Company conducts regular meetings of its foreign exchange working group to evaluate current exposure
positions analyze the effectiveness of hedging strategies and ensure alignment with operational requirements. A
Note on the effect rigorous one-to-one matching is maintained between hedging instruments and the underlying items encompassing
of hedge activities currency amount and duration. Gains or losses from these hedging activities are designed to directly offset
fluctuations in exchange gains or losses from foreign currency-denominated monetary items. This strategic approach
effectively mitigates risks associated with foreign exchange rate volatility.Sources of funds
for derivative Self-owned funds
investments
1. Market risk:
For foreign exchange derivatives throughout the duration of exchange derivatives revaluation gains or losses will
Note on risk accrue in each accounting period. Upon maturity or forward delivery of exchange derivatives any disparity between
analysis and control the contracted exchange rate and the prevailing market rate on the delivery date will yield actual transaction gains or
measures for losses. These gains or losses will offset the cumulative revaluation gains or losses resulting in investment gains or
derivative holdings losses. Exchange derivative transactions are conducted with the principle of mitigating operational risks arising from
in the reporting exchange rate fluctuations and are not for speculative arbitrage trading.period (including Commodity futures are subject to high market price volatility which may lead to price fluctuation risks and trading
but not limited to losses. In extreme cases sharp swings in futures and derivatives prices can prevent hedging positions from being
market risk closed within favorable price ranges resulting in losses. There is also a risk of forced liquidation if margin calls
liquidity risk credit cannot be met in a timely manner. To mitigate these risks it is advisable to maintain an appropriate hedging ratio and
risk operational adhere to the principle of neutrality. Additionally risk management can be enhanced by diversifying hedging
risk and legal risk) instruments and contract months as well as selecting highly liquid contracts and a variety of derivative products.
2. Liquidity risk:
For foreign exchange derivatives unreasonable purchases of foreign exchange derivatives can trigger liquidity risks.
362025 Annual Report of JA Solar Technology Co. Ltd.
The trading scheme will be based on exchange assets and liabilities with a rigorous review of import and export
contracts. It will involve prudent planning of exchange funds and timely selection of exchange derivatives including
appropriate netting derivatives to reduce the demand for cash flow at maturity and ensure sufficient funds for
settlement at delivery. All exchange derivative transactions will be conducted on the premise of normal trade business
backgrounds with strengthened risk control over accounts receivable and strict management of overdue receivables
and bad debts.Low liquidity in commodity futures contracts may cause hedging transactions to fail or be executed at unfavorable
prices resulting in material deviations between actual trading outcomes and the designed plan. To mitigate such risks
hedging positions should be established and closed in phases to prevent large orders from going unfilled or incurring
significant price slippage. Additionally liquidity risk early warning mechanisms and emergency response measures
should be implemented for risk control.
3. Fulfillment risk:
For exchange and commodity futures the selection of inappropriate trading schemes could potentially expose the
Company to fulfillment risks relating to exchange derivatives. As such the Company will assess financial institutions
with strong creditworthiness and with which the Company has established long-term business relationships to
mitigate any potential fulfillment risks.
4. Other risks:
Unclear terms in exchange derivative contracts and commodity futures contracts could potentially expose the
Company to legal risk. The Company will prudentially examine contract terms agreed upon with partners and
rigorously adhere to risk management protocols to mitigate legal risks.The changes in
prices or fair values
of derivatives held
in the reporting
period specific
The Company’s derivative investments encompass but are not limited to forward exchange contracts (fixed-date and
methods and the
option period) options structured forward exchange contracts and commodity futures contracts. Relevant parameters
settings of relevant
for fair value measurement are directly from the forward prices provided by the principal financial institutions.assumptions and
parameters should
be disclosed for the
analysis of the fair
values.Litigation (if
None
applicable)
Disclosure date of
board meeting
announcement
regarding December 11 2024
derivatives
investment
approval (if any)
Disclosure date of
general meeting
announcement
regarding December 31 2024
derivatives
investment
approval (if any)
2) Derivative investments held for speculation in the reporting period
□Applicable□ Not applicable
The Company had not derivative investments held for speculation in the reporting period.VIII. Sale of Significant Assets and Equities
372025 Annual Report of JA Solar Technology Co. Ltd.
1. Sale of significant assets
□Applicable□ Not applicable
The Company did not sell any significant assets in the reporting period.
2. Sale of significant equities
□Applicable□ Not applicable
IX. Analysis of Entities were the Company Holds Shares
□Applicable □ Not applicable
Subsidiaries which contribute to over 10% of the net profit of the Company
Unit: 10000 yuan
Operating Operating
Entity name Entity type Main business Registered capital Total assets Net assets Net income
revenue profit
Research
JA Solar
development
Holdings Co. Subsidiary RMB2547197.57 4301371.38 3315415.19 163711.57 -56344.91 -50536.93
production and sale
Ltd.of solar cells
Research
JA (Yangzhou) development
Solar Technology Subsidiary production and sale RMB634087.03 1375908.52 653107.90 654660.60 -96472.13 -94729.21
Co. Ltd. of solar cells and
modules
Research
Dongtai JA Solar development
Technology Co. Subsidiary production and sale RMB150000.00 826902.30 -65756.35 700808.81 -69881.12 -69838.35
Ltd. of solar cells and
modules
JA Solar
Sale of solar cells
International Co. Subsidiary HKD10.00 968624.08 88366.67 896205.80 -87334.61 -86918.68
and modules
Ltd.Sale of solar cells
JA Solar GmbH Subsidiary EUR2.50 358979.70 -48297.99 921655.07 76890.59 72481.86
and modules
Acquisition and disposal of subsidiaries in the reporting period
□Applicable □Not applicable
Methods of acquiring and disposing Impact on overall operations and
Subsidiary name
subsidiaries during the reporting period financial performance
Refer to IX Change in the Scope of
Consolidation in Section Section VIII
Financial Statements for details.Analysis of entities where the Company holds shares
X. Structured Entities Controlled by the Company
□Applicable□ Not applicable
XI. Outlook for Future Development of the Company
1. Corporate development strategy
(1) Strategy Positioning
The Company remains committed to its mission of developing solar power to benefit the planet. Rooted in the core trinity of
382025 Annual Report of JA Solar Technology Co. Ltd.
values—being customer-centered promoting the welfare of our staff members and creating value for our owners—we deeply
integrate global industrial resources and collaborate closely with upstream and downstream partners to build an ecosystem founded
on symbiosis sharing and win-win cooperation. Our goal is to become a trusted global partner for green energy solutions.
(2) Overall Strategy
The Company exhibits a steadfast progression across its three strategic initiatives: globalization digital intelligence and
ecosystem development. Guided by a commitment to transformation and informed by market performance and commercial value
the Company has seamlessly integrated the core value of customer-centricity into its organizational DNA. Adhering to principles
of sound operation and sustainable profitability the Company persistently ascends the value chain. During the initial growth curve
the Company harnesses technological innovation to redefine the growth landscape of its core photovoltaic business thereby
maintaining its leading edge in operational efficiency and cost control. The second growth curve sees the acceleration of business
ecosystem deployment exemplified by energy storage solutions and zero-carbon parks. These offerings synergize with PV
products to deliver comprehensive full-scenario solutions thereby establishing a distinct competitive moat. The third growth
curve involves the active exploration of disruptive technologies in emerging sectors enabling the accumulation of strategic
technological assets for long-term sustainable development.By cultivating a customer-centric organization characterized by agile response and efficient collaboration the Company
consistently develops a globally competitive product portfolio and full-scenario solutions. Committed to serving as a trusted global
partner for green energy solutions the Company pursues high-level industrial layout to reshape the evolving landscape of global
energy competition.
(3) Business Strategy
Photovoltaic Intelligent Manufacturing. Our core photovoltaic business will undergo strategic expansion and stabilization
focusing on the fundamentals that underpin our operations. By leveraging forward-looking intensive research and development
efforts we are poised to surmount key technological barriers thereby solidifying our global leadership in product efficiency and
reliability. Furthermore we will address the demands of segmented markets and diverse application scenarios demonstrating agile
innovation in response to evolving market dynamics. This will be achieved through the construction of a comprehensive solution
portfolio reflecting our commitment to innovation and customer-centricity. Our strategic approach will encompass a robust
globalization and localization strategy optimizing our overseas production capacity to substantially augment our overseas business
proportion and brand influence. By deepening vertical integration and fostering horizontal collaboration across the industrial chain
we will forge a value community with our partners thereby consolidating our position as a core hub within the global photovoltaic
manufacturing sector.Energy Service. The Company’s strategic pivot towards an all-scenario green energy service provider underpinned by the
synergistic integration of energy storage and smart energy technologies positions it as a leader in the renewable energy sector. By
capitalizing on JA Solar’s competitive advantages and expansive sales network the Company is strategically positioned to
dominate utility-scale and industrial/commercial energy storage markets. Through rigorous scenario analysis and iterative solution
development the Company cultivates differentiated strengths across segmented markets including both end-users and power grid
operators. In the realm of smart energy the Company capitalizes on the burgeoning power marketization trend expediting the
deployment of innovative business models such as microgrids virtual power plants zero-carbon parks and green power & carbon
trading initiatives. This strategic approach culminates in the creation of an integrated energy operation platform. Adhering to an
asset-light transformation model the Company strategically invests in high-value regions on a rolling basis thereby optimizing
capital allocation and maximizing the value potential of its energy service offerings.Equipment. The Company is strategically advancing its equipment business from a pure sales model to a comprehensive
lifecycle-oriented service provider. By consolidating its competitive advantages within the established single-crystal furnace
market the Company innovatively expands its service portfolio to encompass maintenance spare parts supply and process
upgrading. Concurrently the Company assumes a pivotal role in the intelligent upgrading and technological renovation of
production lines at its manufacturing facilities. By targeting niche segments the Company adopts a diverse array of cooperative
models with external equipment manufacturers thereby fostering a robust lineup of SRDI equipment products that exert
significant industry influence.
2. Possible risks
(1) Global industrial policies risk
PV industry’s development trajectory is profoundly influenced by global industrial policies. Domestically the PV sector has
transitioned into a subsidy-free era yet the advent of new national policies concerning grid integration consumption green
transition power market reform production capacity regulation and anti-cutthroat competition introduces uncertainties to the
industry’s transformation and upgrading as well as the business operations of domestic PV enterprises. A pertinent illustration is
392025 Annual Report of JA Solar Technology Co. Ltd.
the Notice on Furthering the Market-oriented Reform of On-grid Tariffs for New Energy and Promoting High-quality Development
of the New Energy Industry (FGJG [2025] No.136) jointly issued in 2025 by the National Development and Reform Commission
and the National Energy Administration. Internationally major countries and regions are spearheading the reshoring of
manufacturing chains engendering a regionalized development trend in PV manufacturing. The ongoing adjustments to local PV
policies and updates to renewable energy development targets across jurisdictions will further engender uncertainties for PV
companies operating in overseas markets.
(2) International trade protectionism risk
In recent years persistent global trade frictions have engendered a heightened focus on domestic PV industries prompting
several countries and regions to implement anti-dumping and anti-subsidy investigations safeguard measures and tariff barriers
against Chinese PV products. The United States as the primary party involved has been at the forefront of these measures since
2011. The US Department of Commerce has initiated multiple anti-dumping and anti-subsidy investigations against crystalline
silicon PV cells and modules imported from Chinese mainland subsequently imposing corresponding anti-dumping and
countervailing duties on these products. Furthermore the U.S. has levied tariffs pursuant to Section 201 and Section 301 of the
Trade Act of 1974 commonly referred to as the Section 201 and Section 301 tariffs.The anti-dumping and anti-subsidy investigations targeting Chinese photovoltaic (PV) enterprises have extended their reach
beyond China to Southeast Asian nations. In March 2022 the U.S. Department of Commerce initiated an anti-circumvention
investigation into crystalline silicon PV cells and modules assembled in Vietnam Thailand Malaysia and Cambodia using
Chinese materials and exported to the United States. This investigation was subsequently followed by the issuance of Executive
Order 10414 in June 2022 which granted a two-year exemption from anti-dumping and countervailing duties imposed under the
anti-circumvention probe on solar cells and modules imported from the four Southeast Asian nations. In August 2023 the U.S.Department of Commerce released its final determination ruling that manufacturers producing and shipping PV cells and modules
from Vietnam Thailand Malaysia and Cambodia to the U.S. were circumventing the anti-dumping and countervailing duties
imposed on Chinese PV products. This decision further exacerbated the operational risks faced by Chinese PV companies with
investments in these regions. In May 2024 the U.S. Department of Commerce initiated anti-dumping and countervailing duty
investigations on crystalline silicon PV cells imported from Cambodia Malaysia Thailand and Vietnam irrespective of whether
they were assembled into modules. In April 2025 the department announced the final duty rates for these investigations with anti-
dumping rates ranging from 0% to 271.28% and countervailing duty rates between 14.64% and 3403.96% for PV products from
the four Southeast Asian countries. The U.S. Court of International Trade (CIT) played a pivotal role in this matter ruling in
August 2025 that the tariff exemption order for Southeast Asian PV products issued by the Biden administration in June 2022
constituted an abuse of authority. The court held that the administration lacked the right to waive punitive trade duties and ordered
the collection of retroactive tariffs on PV goods imported from Cambodia Malaysia Thailand and Vietnam between April 2022
and June 2024. In February 2026 the U.S. Department of Justice filed a motion to withdraw its appeal against the CIT ruling.Concurrently the U.S. Department of Commerce issued preliminary countervailing duty determinations on crystalline silicon PV
cells imported from India Indonesia and Laos (whether or not assembled into modules) with preliminary rates ranging from
80.67% to 143.30%. In April 2026 the department released the corresponding preliminary anti-dumping duty determinations with
rates set from 22.46% to 123.04%.Beyond the existing anti-dumping anti-subsidy safeguard and anti-circumvention investigations a burgeoning array of trade
barriers is emerging primarily driven by green low-carbon policies human rights considerations patents and certification
standards. Some examples include the European Proposal for a Ban on Products Manufactured with Forced Labor the EU
Foreign Subsidies Regulation the US’s Uyghur Forced Labor Prevention Act and India’s Approved List of Models and
Manufacturers (ALMM). Concurrently an increasing number of nations are instituting stricter local manufacturing requirements.Notable policy frameworks encompass the US’s One Big Beautiful Bill Act the EU’s Net Zero Industry Act and India’s
Production-Linked Incentive (PLI) scheme.Escalating international trade tensions and the burgeoning deglobalization trend within the photovoltaic sector have exerted
notable implications on China’s PV industry development. Consequently the Company must remain vigilant against potential risks
such as the imposition or retroactive collection of applicable tariffs as well as the potential loss of a portion or entirety of security
deposits.
(3) Supply-demand imbalance risk
The sector’s regulatory landscape characterized by the introduction of policies and measures aimed at mitigating cutthroat
competition exhibits a confident trajectory towards long-term efficacy. However the temporal lag inherent in policy transmission
and practical verification necessitates a cautious optimism. In the interim the outcomes of capacity consolidation and integration
remain underdeveloped and the industry persists in grappling with phased and structural overcapacity. According to incomplete
statistics from the Photovoltaic Industry Association by the end of 2025 China’s domestic production capacity for polysilicon
402025 Annual Report of JA Solar Technology Co. Ltd.
silicon wafers solar cells and modules is projected to surpass 1100 GW a figure that significantly outpaces the cumulative newly
installed capacity globally. Concurrently market demand in the downstream sector remains relatively subdued. In the face of
intense competition and mounting inventory pressures product prices across major industrial links have remained low
precipitating instances of price inversion and in some cases undermining corporate profit margins. This financial strain poses
severe challenges to the sustainable operation of businesses within the sector.
(4) Intellectual properties risk
The global photovoltaic industry is undergoing a transformative phase characterized by intense technology-driven
competition. This evolution has engendered a surge in patent disputes which have become a commonplace occurrence within the
sector. Notably patent litigation surrounding TOPCon cell technologies has emerged as a focal point of contention in major global
markets encompassing a spectrum of issues such as technology licensing infringement allegations and cross-licensing
arrangements. A particular example is the Section 337 investigation initiated by the U.S. International Trade Commission (ITC) in
March 2026 following a petition filed by First Solar. This landmark dispute represents one of the most extensive intellectual
property conflicts in the history of the photovoltaic industry directly impacting the market presence of Chinese PV enterprises in
the United States. Concurrently the competitive landscape is witnessing a heightened intensity in the pursuit of patent rights over
next-generation disruptive technologies including bifacial cells and perovskite-based photovoltaics. The emergence of potential
patent barriers and infringement risks presents formidable challenges for enterprises necessitating careful consideration of
technical route selection market access strategies and overseas operational frameworks.
(5) Technological iteration risk
The photovoltaic industry is undergoing a transformative phase characterized by rapid technological iteration. Notably n-type
TOPCon technology has emerged as the predominant technical route owing to its potential for sustained efficiency gains and a
mature industrial ecosystem. This trajectory is anticipated to persist for an extended period thereby solidifying its dominant
position within the sector. Conversely BC technology is progressively capturing a larger market share driven by its front grid-free
structure and superior conversion efficiency. Concurrently the advent of cutting-edge high-efficiency cell technologies such as
perovskite tandem cells introduces a layer of complexity to future technology planning for PV companies. Despite uncertainties
surrounding their commercialization timelines these innovations necessitate a reevaluation of strategic planning. As mainstream
technologies approach their performance limits and the accelerated phase-out of p-type production capacity engenders asset
impairment pressures enterprises confront significant strategic dilemmas and decision-making risks. These challenges encompass
the selection of technical routes and the allocation of R&D expenditures.
(6) ESG risk
The escalating global carbon constraints and the stringent low-carbon requirements are increasingly becoming pivotal
determinants of market access in some regions. The impending end of the EU Carbon Border Adjustment Mechanism (CBAM)
transition period slated for early 2026 underscores the potential inclusion of photovoltaic products within its ambit thereby
accentuating the risk associated with such a scenario. The Bureau of Indian Standards (BIS) has instituted more rigorous
certification protocols mandating enhanced carbon footprint verification for imported PV products as of 2025. Simultaneously
China’s Dual Carbon goals are being realized through the expansion of its national carbon market which now encompasses critical
sectors such as power steel cement electrolytic aluminum and chemicals. This development necessitates carbon reduction as an
inescapable imperative for enterprises operating within the country. Regulatory scrutiny is also intensifying with the China
Securities Regulatory Commission mandating the disclosure of carbon-related data for listed entities. Furthermore the U.S.Securities and Exchange Commission’s Climate-Related Disclosure Rules have entered into force imposing stringent carbon
accounting requirements on U.S.-listed companies. The confluence of low-carbon barriers in target markets clients’ growing
demand for green supply chains and the imposition of increasingly stringent carbon disclosure regulations presents formidable
challenges to the operational and compliance management of photovoltaic enterprises both domestically and internationally.
(7) Geopolitical risk
The escalating global geopolitical risks characterized by intensified major-power rivalries prolonged regional conflicts and
the proliferation of unilateral sanctions and bloc formations have placed unprecedented strain on the global security and
governance system. The Russia-Ukraine conflict currently deadlocked has significantly undermined Europe’s security
architecture while the deteriorating situation in the Middle East marked by direct confrontations between the United States Israel
and Iran poses substantial threats to critical maritime routes such as the Strait of Hormuz and global energy supply. Furthermore
rivalries are intensifying in strategic regions including the Asia-Pacific Latin America and the Arctic with geoeconomic
confrontations over technology critical minerals and market access becoming commonplace. The diminishing effectiveness of
multilateral mechanisms and their inadequate capacity for crisis management have exacerbated these challenges leading to
heightened risks of miscalculation and spillover effects. Consequently these multifaceted factors have created formidable
challenges for global trade cross-border investment and industrial chain security.
412025 Annual Report of JA Solar Technology Co. Ltd.
(8) Exchange rate risk
As one of the flagship industries that made in China “go global” the photovoltaic sector boasts a significant portion of overseas
operations among its leading companies. In overseas operations foreign currency settlement remains predominant and fluctuations
in exchange rates directly impact the operation performance of internationalized companies. It is increasingly challenging to manage
exchange rate risk due to adjustments to fiscal and monetary policies across countries and changes in international trade landscape
and environment. Failure to take effective measures may expose photovoltaic companies to negative impact caused by exchange rate
volatility.XII. Reception of Surveys Communications and Interviews in the Reporting Period
□Applicable □Not Applicable
What was
Reception
Reception date Reception form Guest type Guest discussed and Information index
location
materials provided
For details please refer to
the Investor Relations
Analysts and Investor Relations
Telephone Activity Log (January 2025)
January 1 2025 Online Institution institutional Activity Log
communication published on the CNINFO
investors (January 2025)
website
(http://www.cninfo.com.cn)
For details please refer to
the Investor Relations
Analysts and Investor Relations
Telephone Activity Log (February
February 1 2025 Online Institution institutional Activity Log
communication 2025) published on the
investors (February 2025)
CNINFO website
(http://www.cninfo.com.cn)
For details please refer to
the Investor Relations
Analysts and Investor Relations
Telephone Activity Log (April 30
April 30 2025 Online Institution institutional Activity Log
communication 2025) published on the
investors (April 30 2025)
CNINFO website
(http://www.cninfo.com.cn)
For details please refer to
the Investor Relations
Analysts and Investor Relations
Activity Log (May 13 2025)
May 13 2025 Comein.cn Online Institution institutional Activity Log (May
published on the CNINFO
investors 13 2025)
website
(http://www.cninfo.com.cn)
For details please refer to
the Investor Relations
Analysts and Investor Relations
Telephone Activity Log (August 26
August 26 2025 Online Institution institutional Activity Log
communication 2025) published on the
investors (August 26 2025)
CNINFO website
(http://www.cninfo.com.cn)
Investors who
participated online
For details please refer to
in the 2025 Online
Investor Relations the Investor Relations
Collective
September 15 Activity Log Activity Log (September 15
P5W.net Online Others Investor
2025 (September 15 2025) published on the
Reception for
2025) CNINFO website
Listed Companies
(http://www.cninfo.com.cn)
in Hebei Province
and the 2025
422025 Annual Report of JA Solar Technology Co. Ltd.
Interim Results
Briefing
For details please refer to
Investor Relations the Investor Relations
Analysts and
November 3 Telephone Activity Log Activity Log (November 3
Online Institution institutional
2025 communication (November 3 2025) published on the
investors
2025) CNINFO website
(http://www.cninfo.com.cn)
XIII. Status of Implementation for Market Value Management System and Valuation
Enhancement Plan
Has the Company established a market value management system
□Yes □No
Has the Company disclosed a valuation enhancement plan
□Yes□No
On March 10 2025 the Company convened the 35th meeting of its sixth Board of Directors. In a decisive move to enhance
market value management practices and to standardize corporate conduct the Board established the Market ValueManagement
System for JA Solar Technology Co. Ltd. This initiative aligns with the stipulations of the Company Law Securities Law and
Regulatory Guidelines for Listed Companies No. 10—Market Value Management among other relevant statutes and the
Company’s Articles of Association. The formulation reflects a careful consideration of the Company’s unique circumstances
ensuring robust protection for the rights of the Company and its stakeholders.XIV. Status of Implementation for the Dual Enhancement of Quality and Returns Initiative
Has the Company disclosed an announcement regarding the Dual Enhancement of Quality and Returns action plan
□Yes □No
The guiding principles articulated during the recent meeting of the Political Bureau of the Communist Party of China Central
Committee aimed at invigorating the capital market and bolstering investor confidence have been integrated into the Company’s
strategic framework. Concurrently the State Council’s executive meeting underscored the imperative to elevate the quality and
investment value of listed entities necessitating the adoption of robust and effective market stabilization measures. In response to
these directives the Company has devised a comprehensive Action Plan for the Dual Enhancement of Quality and Returns
Initiative aligned with its overarching development strategy and business objectives. This strategic initiative is elucidated in detail
within the Company’s Announcement No. 2024-007 published on February 27 2024.For a comprehensive overview of the implementation progress during the reporting period stakeholders are directed to the
accompanying Announcement on the Progress of the Action Plan for Dual Enhancement of Quality and Returns also released on
the same date.
432025 Annual Report of JA Solar Technology Co. Ltd.
Section IV. Company Governance Environment and Society
I. Governance Overview
The Company strictly adheres to the requirements outlined in the Company Law Securities Law Code of Corporate
Governance for Listed Companies Shenzhen Stock Exchange Listing Rules Self-Regulatory Guidelines No. 1 for Companies Listed
on Shenzhen Stock Exchange—Regulated Operation of Companies Listed on Main Board and other relevant laws and regulations
issued by the China Securities Regulatory Commission and the Shenzhen Stock Exchange. The Company continuously refines its
internal governance structure and internal control mechanisms further regulate corporate conduct enhance communication with
investors to safeguard their interests comprehensively. These efforts contribute to the continual improvement of corporate
governance standards.(I) Shareholders and general meeting
The Company strictly complies with the regulations and requirements set forth in the Articles of Association and the Rules of
Procedures for General Meeting to govern the convening holding and voting procedures of general meetings. This ensures
equitable treatment for all shareholders particularly minority stakeholders enabling them to fully exercise their rights without any
prejudice to their interests. The Company maintains sole ownership of its assets with no instances of shareholders or their affiliates
appropriating or transferring any funds assets or other resources of the Company. Additionally the Company has not provided
guarantees for shareholders or their affiliates.(II) Company and its controlling shareholder
The Company manages its relationship with the controlling shareholder in accordance with the provisions of the Company Law
Securities Law Articles of Association and relevant regulations issued by regulatory authorities. The Company operates entirely
separately from its controlling shareholder across businesses personnel assets organizational structure and financial operations. It
possesses autonomous operational capabilities with its Board of Directors and internal operational management departments
functioning independently.The controlling shareholder adheres strictly to regulations lawfully exercises its rights and fulfills its obligations. There is no
instance of the controlling shareholder directly or indirectly intervening in the Company’s decision-making or operational activities
beyond the authority of the general meeting or the Board of Directors.(III) Directors and Board of Directors
Directors are elected and appointed in accordance with the procedures outlined in the Articles of Association. The Board of
Directors consists of 9 directors including 3 independent directors accounting for one-third of the total board members. The
composition and number of directors meet the requirements stipulated by laws regulations and the Articles of Association. The
board has four special committees namely the Strategy and Sustainability Committee the Audit Committee the Nomination
Committee and the Remuneration and Assessment Committee. All directors conduct their activities in compliance with the
regulations outlined in the Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange—Regulated
Operation of Companies Listed on Main Board the Rules of Procedures for Board Meetings the Independent Director System and
the regulations of various specialized committees. They actively participate in relevant training sessions acquaint themselves with
applicable laws and regulations and fulfill their responsibilities as directors.To further enhance corporate governance the Company convened the 5th Extraordinary General Meeting of Shareholders of
2025 on December 8 2025. Pursuant to the Company Law of the People’s Republic of China the Guidelines on the Articles of
Association of Listed Companies (2025 Revision) and other laws and regulations and in light of the Company’s actual circumstances
the Company revised the Articles of Association and its appendices. The Company will no longer establish a Supervisory Committee
or supervisors; the powers and functions originally exercised by the Supervisory Committee shall be performed by the Audit
Committee of the Board of Directors. Corresponding adjustments have been made to relevant references to the Supervisory
Committee and supervisors. Meanwhile the Company’s Rules of Procedures for Supervisory Committee shall be abolished.(IV) Performance assessment and incentive mechanisms
The Board of Directors has a Remuneration and Assessment Committee which is responsible for developing and reviewing the
Company’s remuneration policies and schemes for directors and senior managers as well as establishing assessment criteria and
conducting evaluations for directors and senior managers. In compliance with regulations like the Work Rules of the Remuneration
and Assessment Committee the Company conducts performance evaluations for directors and managers in a transparent and open
manner. The Company has implemented an incentive mechanism that ties manager remuneration to both corporate performance and
individual achievements. Managers perform their responsibilities as stipulated by relevant regulations including the Company Law
Articles of Association and theWork Rules of the General Manager.
442025 Annual Report of JA Solar Technology Co. Ltd.
(V) Stakeholders
The Company demonstrates a robust sense of social responsibility and a keen awareness of collective interests respecting and
safeguarding the legitimate rights of all stakeholders. Aiming for the harmonious development of society shareholders the Company
suppliers customers and employees the Company takes collaboration with stakeholders and promotes its long-term sustainability.While pursuing continuous growth and maximizing shareholder value the Company also prioritizes environmental protection and
philanthropy. By actively engaging in charitable initiatives it places significant emphasis on corporate social responsibility.(VI) Disclosure and transparency
The Company rigorously complies with relevant laws regulations and its own Information Disclosure Management Policy
ensuring the truthful accurate complete timely and equitable disclosure of information and guaranteeing equal access to
information by all shareholders. The Company prioritizes communication with investors by providing dedicated phone lines and
email addresses for investor inquiries and attentively addressing all queries. The Company also strengthens communication with
investors through online performance briefings https://ir.p5w.net/ and other channels.(VII) Internal policies regarding governance
The Company consistently strengthens its governance policies now encompassing corporate governance information disclosure
investment trading auditing subsidiary management and other key areas. These policies offer robust institutional support for the
Company’s standardized operations and sustainable growth.Any significant difference between the corporate governance and provisions of laws regulations and rules of the CSRC on listed
companies
□ Yes□ No
There is no significant difference between the corporate governance and provisions of laws regulations and rules of the CSRC on
listed companies.II. Company’s Separation from Its Controlling Shareholder and Actual Controller in Terms of
Assets Personnel Financial affairs Organizational Structure and Business Activities
1. Business independence
The Company’s primary operations include research production and sales of silicon wafers cells modules and storage energy
systems as well as the development construction and operation of photovoltaic power plants along with research production and
sales of photovoltaic materials and equipment. The Company independently conducts research and development manufacturing and
sales of its products. It possesses a comprehensive operational framework covering research and development raw material
procurement manufacturing quality control and sales. With the capability to operate autonomously in the market it does not rely on
the controlling shareholder actual controller or businesses under their control. Furthermore there are no conflicts of interest or
unfair related-party transactions with the controlling shareholder actual controller or businesses under their control.
2. Personnel independence
The directors and senior managers of the Company are appointed in accordance with the conditions and procedures stipulated in
the Company Law and Articles of Association. The Company has instituted an independent HR management department and a robust
personnel management system. Senior executives including the General Manager and Deputy General Managers do not hold
positions beyond director in businesses under the control of the controlling shareholder or actual controller. Moreover they do not
receive remuneration from these businesses. No financial staff of the Company takes any part-time job in the controlling shareholder
actual controller or businesses under their control.
3. Asset independence
The Company possesses essential production systems auxiliary production systems and supporting facilities related to its
operations. It lawfully owns the title or use-right of assets such as machinery buildings land usage rights trademarks and patents
pertinent to production and operations. The ownership of key assets is clearly defined and there are no significant disputes regarding
ownership. Its assets are independent from the controlling shareholder actual controller or businesses under their control. The
Company does not provide guarantees using its assets and equity for businesses under the control of its controlling shareholder or
actual controller. There are also no instances of assets or funds being unlawfully appropriated by businesses under the control of its
controlling shareholder or actual controller. The Company maintains full control and ownership rights over all of its assets.
4. Institutional structure independence
The Company has established and refined the systems for the general meeting and the Board of Directors resulting in a robust
corporate governance structure. In terms of internal organization the Company has established organizational structures tailored to
its developmental requirements. These structures define the functions of each department and establish corresponding internal
management and control systems enabling independent conduct of production and operational activities within the Company. There
452025 Annual Report of JA Solar Technology Co. Ltd.
is no organizational overlap between the Company’s organizational structure and those of businesses under the control of its
controlling shareholder or actual controller.
5. Financial independence
The Company has created an independent comprehensive and standardized accounting and financial management system in
accordance with the Accounting Standards for Business Enterprises and relevant regulations. Additionally it has implemented
corresponding internal controls enabling autonomous financial decision-making. The Company has opened its own bank account
and does not share any bank account with its controlling shareholder actual controller or businesses under their control. As an
independent taxpayer the Company does not engage in mixed taxation with businesses under the control of its controlling
shareholder or actual controller.III. Horizontal Competition
□Applicable□ Not applicable
IV. Information of Directors and Senior Managers
1. Basic information
Shareholdings Shareholdings
Opening Closing
increased in the decreased in the Other changes
Name Gender Age Title Office status Start date End date shareholdings shareholdings Reason for changes
current period current period (share)
(share) (share)
(share) (share)
December 7
Jin Baofang Male 73 Chairman Current December 5 2019
2028
December 7
Jin Baofang Male 73 General Manager Current December 6 2019
2028
Male Deputy General December 7
Yang Aiqing 44 Current April 29 2022
Manager 2028
826230826230
Male December 7
Yang Aiqing 44 Director Current June 8 2022
2028
December 7
Jin Junhui Female 47 Director Current December 12 2022
2028
December 7
Tao Ran Male 39 Director Current December 5 2019
2028
Deputy General December 8
Tao Ran Male 39 Left December 6 2019
Manager 2025
December 7
Cao Yangfeng Male 52 Director Current December 5 2019 1346184 1346184
2028
Employee December 7
Jin Bin Male 47 Current December 5 2019
Director 2028
Independent December 7
Xie Zhihua Male 66 Current December 5 2019
director 2028
Independent December 7
Zhu Zhongqun Male 62 Current December 8 2019
director 2028
Independent December 7
Chen Jue Female 47 Current December 8 2019
director 2028
Deputy General December 7
Li Shaohui Male 51 Current December 8 2019
Manager 2028
17440081744008
December 8
Li Shaohui Male 51 Finance Director Left December 6 2019
2025
Mr. Sun Peng has
served as the
Company’s finance
director since
Male December 7
Sun Peng 42 Finance Director Current December 8 2025 0 7400 7400 December 8 2025
2028
holding 7400
shares of the
Company prior to
taking office.Qin Shilong 40 Secretary of the Current March 10 2025 December 7
462025 Annual Report of JA Solar Technology Co. Ltd.
Male Board 2028
December 8
Jia Shaohua Male 75 Director Left December 12 2022
2025
Independent December 8
Zhao Yuwen Male 86 Left December 5 2019
director 2025
Independent December 8
Zhang Miao Female 42 Left December 5 2019
director 2025
Independent December 8
Qin Xiaolu Female 50 Left December 5 2019
director 2025
Deputy General
Male Manager March 10
Wu Tingdong 51 Left December 6 2019 1321823 1321823
Secretary of the 2025
Board
Total -- -- -- -- -- -- 5238245 7400 0 5245645 --
Directors and senior managers leaving their positions in the reporting period
□Yes □No
1. The Company received Mr. Wu Tingdong’s resignation application submitted on March 10 2025 as Deputy General Manager
and Secretary to the Board. In light of internal organizational adjustments Mr. Wu Tingdong has relinquished his dual roles
retaining other positions within the Company.
2. On November 17 2025 the Company convened its 47th Board of Directors meeting wherein it deliberated and endorsed a suite
of proposals. These encompassed the Board Transition and Election of Non-independent Directors for the forthcoming 7th Board
of Directors the Board Transition and Election of Independent Directors for the 7th Board of Directors and the amendment of the
Company’s Articles of Association and relevant Rules of Procedure. These deliberations were subsequently forwarded to the
general shareholders’ meeting for comprehensive review and deliberation. On December 8 2025 the Company convened the 5th
Extraordinary General Meeting wherein the proposals pertaining to the board transition and the election of non-independent and
independent directors for the 7th Board of Directors were unanimously approved thereby concluding the board renewal election.Concurrently the proposal to amend the Company’s Articles of Association and relevant Rules of Procedure was also ratified.Upon the expiration of their respective terms of office Mr. Jia Shaohua relinquished his directorship while Mr. Zhao Yuwen Ms.Qin Xiaolu and Ms. Zhang Miao ceased to serve as independent directors.On December 8 2025 the Company convened the first meeting of the 7th Board of Directors wherein proposals pertaining to
senior managers appointments were examined and approved. The meeting subsequently released the Announcement on
Completion of Board Renewal and Appointment of Senior Managers Head of Internal Audit and Securities Affairs Representative.Notably Mr. Tao Ran relinquished his positions as Deputy General Manager and Finance Director while Mr. Li Shaohui was
appointed to the role of Deputy General Manager.Changes in directors and senior managers
□Applicable □Not Applicable
Name Title Type Date Reason
Deputy General
Wu Tingdong Manager Secretary of Dismissal March 10，2025 Work change
the Board
Left after tenure December 8 2025
Jia Shaohua Director Election
expires
Left after tenure December 8 2025 Election
Zhao Yuwen Independent director
expires
Left after tenure December 8 2025 Election
Zhang Miao Independent director
expires
Left after tenure December 8 2025 Election
Qin Xiaolu Independent director
expires
Deputy General Left after tenure December 8 2025 Election
Tao Ran
Manager expires
Li Shaohui Finance Director Left after tenure December 8 2025 Election
472025 Annual Report of JA Solar Technology Co. Ltd.
expires
2. Background information
The professional backgrounds work experiences and main responsibilities of the current directors and senior managers within the
Company
1. Directors
Mr. Jin Baofang born in 1952 Chinese citizen senior political work specialist and senior economic specialist. In April 1972
he was selected to study at Xingtai School of Finance and Trade. In June 1974 he was appointed as an accountant in the preparatory
office of Xingtai Cement Factory. In October 1975 he became the Director of the Office of Agricultural Machinery Bureau in
Ningjin County. In March 1984 he was promoted to Deputy Director of the Agricultural Machinery Bureau in Ningjin County
concurrently serving as the Manager of the Agricultural Machinery Supply Company in Ningjin County. In 1992 he was appointed
as the Party Secretary and Director of the Ningjin County Power Bureau in Hebei Province. Since 2003 he has served as the
Chairman of Jinglong Industrial Group Co. Ltd. From May 2005 to May 2024 he has also held the position of Chairman at JA Solar
Holdings Co. Ltd. Since December 2019 to now he has been the Chairman and General Manager of the Company. He received
honors such as Hebei Province Model Worker Outstanding Entrepreneur of Hebei Province National May 1st Labor Medal
National Model Worker among others. He has also served as a delegate to the 10th 11th and 12th National People’s Congress.Mr. Yang Aiqing born in 1981 Chinese citizen bachelor’s degree. From 2005 to 2009 he held various positions at JA Solar
Holdings Co. Ltd. including technician team leader line leader workshop director and deputy manager of the production
department. From September 2009 to December 2015 he served in various roles at JA (Yangzhou) Solar Technology Co. Ltd. such
as production manager process manager manufacturing director assistant to the general manager deputy general manager and
executive deputy general manager. From January 2016 to March 2017 he was the general manager of Shanghai JA Solar Technology
Co. Ltd. From April 2017 to December 2021 he held positions including general manager of JA (Yangzhou) Solar Technology Co.Ltd. general manager of the second business unit and assistant to the president of JA Solar Holdings Co. Ltd. Since January 2022
he has been serving as the acting president executive president company president and president of solar business cluster of the
Company successively. Additionally since April 2022 he has held the position of deputy general manager and since June 2022 he
has been a director of the Company.Ms. Jin Junhui born in 1978 Chinese citizen postgraduate degree. From September 1998 to March 2009 she took various
roles within Ningjin County Hebei Province. Her positions included Clerk and Section Member at the Ningjin County Personnel
and Labor Bureau as well as Deputy Section Chief of the Cadre Division at the County Party Committee Organization
Department. She further advanced to Chief of the Staff Division and thereafter served as Deputy Director of the Grassroots Office.From March 2009 to October 2021 Ms. Jin contributed to the United Front Work Department of Working Committee of Hebei
Provincial Party Committee for Directly Affiliated Organs progressing from Deputy Section Member to Section Member and
subsequently becoming Deputy Director and then Director of several key departments including the United Front (Mass Work)
Department the Women’s Work Committee and the Youth Work Committee. In her subsequent roles from November 2021 to
December 2024 she served as Assistant President and General Manager of the Shijiazhuang Base. From December 2022 to
December 2025 she has been a Director of the Company and in December 2024 she ascended to the role of Vice President of the
Company’s Regional Operations Center and the President of the China Region. From December 2025 to the present serving as
Chairman of the Energy Storage Business Division and concurrently as President of the Education Company.Mr. Tao Ran born in 1987 Chinese citizen postgraduate degree. He commenced his professional journey at Shanghai JA
Solar PV Technology Co. Ltd. as Assistant to the CEO Office from May 2012 to March 2015. His capabilities earned him a
promotion to Assistant President a position he held briefly from March to June 2015. Subsequently Mr. Ran took on the role of
Assistant President at Beijing JA Solar PV Technology Co. Ltd. from July 2015 to January 2018 ultimately advancing to Vice
President until December 2019. From December 2019 to December 2025 he served as Deputy General Manager. Since December
2019 he has served as Director of the Company. Additionally since January 2020 to now he has undertaken roles as Vice
President of the Company and the President of the Infrastructure Engineering Center.Mr. Cao Yangfeng born in 1973 Chinese citizen doctoral degree. He served as the Director of the JA Solar Strategy and
Brand Committee from November 2018 to December 2019. Since December 2019 he has held the position of Director of the
Company and Chairman of the Strategy and Sustainable Development Committee. In December 2024 he was appointed Deputy
482025 Annual Report of JA Solar Technology Co. Ltd.
Director of the Company’s Business Management Committee. Additionally Mr. Cao is a Professor of Management Practice at
Peking University Guanghua School of Management.Mr. Jin Bin born in 1979 Chinese citizen bachelor’s degree commenced his professional journey in 2001. His career
includes roles such as Vice President of International Business at XPeng Motors Vice President at Yonghui Superstores Vice
President of Human Resources for the Northeast Europe and Southeast Africa regions and General Manager of Overseas
Subsidiaries at Huawei Technologies. Currently he assumes the position of President of the Company’s Energy Storage Division.Since September 2025 Mr. Jin Bin has served as an employee director of the Company.Mr. Xie Zhihua born in 1959 Chinese citizen holds a Doctorate in Economics is a Certified Public Accountant and serves
as a professor. His career is underscored by his recognition as an Expert Entitled to Special Government Allowances in 2000 and
his designation as a Distinguished Accounting Expert by the Ministry of Finance in 2018. Prior to his current role Mr. Xie held
academic positions at State-owned Datonghu Farm in Hu’nan and Xiangxi Autonomous Prefecture Commercial School as well as
at Beijing Business University and Beijing Technology and Business University where he served as Associate Professor
Professor and Vice President. Currently he continues to contribute his expertise as a professor at Beijing Technology and
Business University. Additionally Mr. Xie serves as an independent director for three non-listed companies namely Yunnan
Hongta Bank Co. Ltd. Jiaxing Bank Co. Ltd. and Jiangsu Tianbing Aerospace Technology Co. Ltd. as well as a listed company
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd. He has been an independent director of our
Company since September 2025.Mr. Zhu Zhongqun born in 1963 Chinese citizen is an economist with a Doctorate in Economics and extensive experience
in the financial sector. His professional trajectory includes roles such as Assistant President of Shanghai International Group Co.Ltd. from May 2010 to May 2016 Deputy General Manager of Shanghai Insurance Exchange from June 2016 to November 2019
and Deputy General Manager of China Taiping Insurance (Hong Kong) Company Limited from November 2019 to August 2020.Subsequently he served as General Manager of the Business Management Department at China Taiping Insurance Group from
August 2020 to June 2021 before assuming the role of Deputy General Manager of China Taiping Insurance (Hong Kong)
Company Limited once again from June 2021 to January 2024. Since February 2024 Mr. Zhu has been leading Hong Kong
Financial Trading and Services Limited. Furthermore he has served as an independent director of the Company since December
2025.
Ms. Chen Jue born in 1978 Chinese citizen holds a postgraduate degree and extensive experience in the legal profession.Her professional trajectory includes serving as Partner and Lawyer at the Shanghai branches of both Beijing Long An Law Firm
and Shanghai Hansheng Law Firm. Currently she assumes the role of Founding Partner and Lawyer at Shanghai Huanzhong Law
Firm. Additionally Ms. Chen acts as a mediator at Shanghai Baoshan Pan-Asia International Commercial Mediation Center
serves on the Editorial Board of Case Collection for Enterprises Going Global under the Case Research and Development Center
of Antai College of Economics and Management Shanghai Jiao Tong University and is an invited lecturer at the Industrial
Transfer Promotion Center (Shanghai Base of the Ministry of Commerce). She has been an independent director of the Company
since December 2025.
2. Senior managers
The background of Mr. Jin Baofang the General Manager and Mr. Yang Aiqing the Deputy General Manager are same as the
above.Mr. Li Shaohui born in 1974 Chinese citizen master’s degree accountant Chinese CPA Chinese certified tax agent and
Chinese certified public valuer. From February 2012 to October 2013 he served as the Finance Director at JA Solar Holdings Co.Ltd. From November 2013 to September 2015 he served as Deputy General Manager at JA Solar Holdings Co. Ltd. From October
2015 to December 2019 he served as the Finance Director and Assistant to the President at Beijing JA Solar PV Technology Co.
Ltd. From December 2019 to December 2025 he has been responsible for finance at the Company. Additionally since December
2025 he has been serving as Deputy General Manager and concurrently the role of Vice Preident of the Company’s Regional
Operations Center and the President of the China Region.Mr. Qin Shilong born in 1986 Chinese citizen possesses a master’s degree and an impressive array of professional
certifications including the Chinese Legal Professional Qualification Certificate Shenzhen Stock Exchange Board Secretary
Qualification Certificate and Independent Director Qualification Certificate. His extensive experience in asset management and legal
492025 Annual Report of JA Solar Technology Co. Ltd.
affairs distinguishes him in the field. Notably Mr. Qin has served as board secretary for several publicly listed companies and has
been honored with induction into the New Fortune Golden Board Secretary Hall of Fame. From February 2012 to June 2017 he
advanced through progressively responsible roles at Tianjin Zhonghuan Electronic Information Group Co. Ltd. ultimately becoming
Deputy Minister of both the Asset Management and Legal Affairs Departments. from June 2017 to November 2024 he served as
Deputy General Manager and Board Secretary at TCL Zhonghuan Renewable Energy Technology Co. Ltd. Currently he continues
to excel in his role as Board Secretary a position he has held since March 2025.Mr. Qin Shilong born in 1986 Chinese citizen possesses a master’s degree and an impressive array of professional
certifications including the Chinese Legal Professional Qualification Certificate Shenzhen Stock Exchange Board Secretary
Qualification Certificate and Independent Director Qualification Certificate. His extensive experience in asset management and legal
affairs distinguishes him in the field. Notably Mr. Qin has served as board secretary for several publicly listed companies and has
been honored with induction into the New Fortune Golden Board Secretary Hall of Fame. From February 2012 to June 2017 he
advanced through progressively responsible roles at Tianjin Zhonghuan Electronic Information Group Co. Ltd. ultimately becoming
Deputy Minister of both the Asset Management and Legal Affairs Departments. from June 2017 to November 2024 he served as
Deputy General Manager and Board Secretary at TCL Zhonghuan Renewable Energy Technology Co. Ltd. Since March 2025 he
served as Board Secretary of the Company.Mr. Sun Peng born in 1984 Chinese citizen holds a Master of Business Administration and is a Certified Management
Accountant (CMA) and a Full Member of the Association of International Accountants (AAIA). His professional trajectory includes
service in the finance departments of Beijing Longfor Property Service Co. Ltd. Beijing Long Smart Technology Co. Ltd. and
Beijing Zhichuang Digital Technology Service Co. Ltd. all affiliates of Longfor Group from June 2020 to November 2023.Subsequently he served as Chief Financial Officer (CFO) of Beijing ZVISION Technology Co. Ltd. from November 2023 to March
2025. Since March 2025 Mr. Sun has successively held the positions of Vice President and President of the Finance & Management
Center of the Company. He has been the Finance Director of the Company since December 2025.The controlling shareholder and the actual controller simultaneously serve as the chairman and general manager of the listed
company
□Applicable □Not Applicable
The Company has delineated the authority distribution between the Board of Directors and the General Manager within the
Articles of Association complemented by pertinent rules of procedure and comprehensive working regulations. This appointment
framework enhances corporate decision-making efficacy and operational implementation aligning with the Company’s
operational realities and growth trajectory thereby exhibiting a judicious approach. The Company also upholds unwavering
independence and integrity across five dimensions: assets personnel finance organization and businesses. By fortifying corporate
governance mechanisms including the oversight of independent directors scrutiny of connected transactions internal control and
audit and stringent information disclosure the Company bolsters checks balances and supervision. This comprehensive approach
effectively safeguards the independence of the listed entity and the interests of all shareholders.Offices in shareholders
□Applicable □Not Applicable
Whether
remuneration or
Name in office Shareholder name Title Start date End date allowances are
received from
shareholder
Dongtai Jingtaifu
Jin Baofang Technology Co. Executive director No
Ltd.Offices in other entities
□Applicable □Not Applicable
Whether
Name in office Entity name Title Start date End date remuneration or
allowances are
received from
502025 Annual Report of JA Solar Technology Co. Ltd.
other entities
Jinglong Industrial
Jin Baofang Chairman
Group Co. Ltd.Jinglong Technology Executive
Jin Baofang
Holding Co. Ltd. director
Ningjin Jingyuan New
Jin Baofang Director
Energy Co. Ltd.Jinglong Property Co.Jin Baofang Director
Ltd.Beijing Yangguang
Executive
Jin Baofang Jinglong Technology
director
and Trade Co. Ltd.Jinglong Group Co.Jin Baofang Director
Ltd.Sanhe Huadian Yili
Executive
Jin Baofang Technology and Trade
director
Co. Ltd.JASO Top Holdings
Jin Baofang Director
Limited
JASO Holdings
Jin Baofang Director
Limited
Ningjin Rural Bank
Jin Baofang Director
Co. Ltd.Yangguang Guifeng
Executive
Jin Baofang Electronic Technology
director
Co. Ltd.Beijing Zhongrui
Jin Baofang Lesang Hotel Director
Management Co. Ltd.Tianjin Zhonglong
Jin Baofang Future Technology Co. Director
Ltd.Hebei Jingfu Medical
Jin Baofang and Elderly Care Director
Industry Co. Ltd.Yunnan Jingfu Medical
Jin Baofang and Elderly Care Director
Industry Co. Ltd.Donghai Fulushoukang
Jin Baofang Medical and Elderly Director
Care Industry Co. Ltd.Beijing Jingfu Medical
Jin Baofang and Elderly Care Director
Industry Co. Ltd.Guanghua School of Professor of
Cao Yangfeng Management Peking management
University practices
Yunnan Baiyao Group Independent
Cao Yangfeng
Co. Ltd. director
Professor of Beijing
Xie Zhihua Technology and Professor
Business University
Yunnan Hongta Bank Independent
Xie Zhihua
Co. Ltd. director
Bank of Jiaxing Co. Independent
Xie Zhihua
Ltd. director
512025 Annual Report of JA Solar Technology Co. Ltd.
Jiangsu Space Pioneer Independent
Xie Zhihua
Co. Ltd. director
China Nonferrous
Metal Industry’s
Independent
Xie Zhihua Foreign Engineering
director
and Construction Co.Ltd.Hong Kong Financial
Zhu Zhongqun Transactions and Principal
Services Limited
Founding
Shanghai Huanzhong
Chen Jue Partner and
Law Firm
Lawyer
Penalties imposed on current and departing directors and senior managers by securities regulatory authorities in the past three years
□Applicable□Not Applicable
3. Remuneration for directors and senior managers
Decision-making process criteria for determination and actual payment status of remuneration for directors and senior managers
Decision-making process for the remuneration for directors and senior managers: Remuneration schemes for directors and senior
managers are formulated by the Remuneration and Assessment Committee. The directors’ scheme requires approval from both the
Board of Directors and the General Meeting of Shareholders while the senior managers scheme requires only Board approval.Criteria for the remuneration for directors and senior managers: Independent directors receive fixed allowances while
remuneration for other directors and senior managers holding positions in the Company is determined by their specific managerial
posts considering factors such as job value authority and responsibility.Actual payments to directors and senior managers: Independent directors receive fixed monthly allowances while remuneration
for other directors and senior managers holding positions in the Company is paid in accordance with the Company’s relevant
remuneration regulations.Remuneration of directors and senior managers in the reporting period
Unit: 10000 yuan
Whether
Total before-tax receiving
remuneration remuneration
Name Gender Age Title Office status
from the from related
Company parties of the
Company
Chairman and
Jin Baofang Male 73 Current 336.88 No
General Manager
Director and Deputy
Yang Aiqing Male 44 Current 190.99 No
General Manager
Jin Junhui Female 47 Director Current 118.89 No
Tao Ran Male 39 Director Current 159.83 No
Cao Yangfeng Male 52 Director Current 117.42 No
Jin Bin Male 47 Employee Director Current 60.95 No
Xie Zhihua Male 66 Independent director Current 6.28 No
Zhu Zhongqun Male 62 Independent director Current 1.29 No
Chen Jue Female 47 Independent director Current 1.29 No
Deputy General
Li Shaohui Male 51 Current 161.44 No
Manager
Sun Peng Male 42 Finance Director Current 5.91 No
Secretary of the
Qin Shilong Male 40 Current 58.09 No
Board
522025 Annual Report of JA Solar Technology Co. Ltd.
Jia Shaohua Male 75 Director Left 0 No
Zhao Yuwen Male 86 Independent director Left 18.71 No
Zhang Miao Female 42 Independent director Left 18.71 No
Qin Xiaolu Female 50 Independent director Left 18.71 No
Secretary of the
Wu Tingdong Male 51 Left 30.55 No
Board
Total -- -- -- -- 1305.941 --
Note: 1. Jin Bin has served as Employee Director since September 8 2025; Xie Zhihua has served as Independent Director since
September 8 2025; Zhu Zhongqun and Chen Jue have served as Independent Directors since December 8 2025; Qin Shilong has
served as Secretary of the Board since March 10 2025; Sun Peng has served as Finance Director since December 8 2025; Jia
Shaohua Zhao Yuwen Zhang Miao and Qin Xiaolu completed their terms and left office on December 8 2025; Wu Tingdong left
on March 10 2025.The total pre? tax remuneration received by the above? mentioned personnel from the Company represents only the pre? tax
income earned during their respective tenures as directors or senior managers.The Company conducts comprehensive assessments based on
Basis for assessing the actual remuneration received by all its remuneration rules considering factors such as corporate
directors and senior managers at the end of the reporting period performance indicators management duty performance and
work objective completion.Completion status of assessment on actual remuneration of all
Completed
directors and senior managers at the end of the reporting period
Deferred payment arrangements for actual remuneration of all
Not Applicable
directors and senior managers at the end of the reporting period
Clawback of actual remuneration for all directors and senior
Not Applicable
managers at the end of the reporting period
Other notes
□Applicable□Not Applicable
V. Performance of Duties by Directors in the Reporting Period
1. Board meetings in the reporting period
Director attendance at board meetings and general meetings
Not
Board
attendance in
meetings the Attendances
Attendances Attendances person or via
director at board Absences Attendances
at board at board communicati
Director name should have meetings via from board at general
meetings in meetings by on at two
attended in communicati meetings meetings
person proxy consecutive
the reporting on
board
period
meetings
Jin Baofang 16 14 2 0 0 No 6
YangAiqing 16 11 5 0 0 No 6
Jin Junhui 16 12 4 0 0 No 6
Tao Ran 16 15 1 0 0 No 6
Cao Yangfeng 16 2 14 0 0 No 6
Jin Bin 5 2 3 0 0 No 2
Jia Shaohua 15 0 15 0 0 No 6
Zhao Yuwen 15 0 15 0 0 No 6
Zhang Miao 15 1 14 0 0 No 6
Qin Xiaolu 15 2 13 0 0 No 6
Xie Zhihua 5 1 4 0 0 No 2
532025 Annual Report of JA Solar Technology Co. Ltd.
Chen Jue 1 1 0 0 0 No 1
Zhu Zhongqun 1 1 0 0 0 No 1
Not attendance in person or via communication at two consecutive board meetings
2.Director objections regarding Company matters
Whether directors raised objections regarding Company matters
□ Yes□ No
No objections were raised by the directors regarding Company matters during the reporting period.
3. Additional information on performance of duties by directors
Whether the suggestions from directors regarding Company matters adopted
□Yes □ No
Note on adoption or not adoption of the suggestions from directors regarding Company matters
In the reporting period the Company’s directors fulfilled their responsibilities in strict adherence to relevant regulations such as the
Company Law Securities Law Code of Corporate Governance for Listed Companies Shenzhen Stock Exchange Listing Rules
Articles of Association and Rules of Procedures for Board Meetings. They provided valuable insights into the Company’s daily
operational decisions significantly enhancing the Company’s compliance and fostering informed decision-making.VI. Committees under the Board of Directors in the Reporting Period
Additional
Important Specific
information
Number of opinions and information on
Committee name Members Session date Content on
meetings recommendations objections (if
performance
raised any)
of duties
Received the 2024
Qin Xiaolu January 22
Zhao Yuwen 2025 annual audit planAudit Committee 7 Proposal approved
Jia Shaohua report from the
external audit firm.Qin Xiaolu Engaged the audit
Audit Committee Zhao Yuwen 7 February 202025 firm for the H? share Proposal approvedJia Shaohua issuance and listing.Reviewed the
Company’s 2024
Qin Xiaolu Annual Report 2025
Audit Committee Zhao Yuwen 7 April 23 2025 Proposal approved
Jia Shaohua First Quarter Report
and other relevant
reports.Reviewed the
Company’s 2025
Qin Xiaolu Interim Report and
Audit Committee Zhao Yuwen 7 August 212025 the reappointment of Proposal approvedJia Shaohua the accounting firm
for 2025 among
other matters.Reviewed the
Qin Xiaolu Company’s 2025
Audit Committee Zhao Yuwen 7 October 29
Jia Shaohua 2025
Proposal approved
Third Quarter
Report.Xie Zhihua Reviewed matters
Zhu relating to the
Audit Committee Zhongqun 7 December 8 appointment of the Proposal approved
Chen Jue Jin 2025 Chief Finance
Bin Tao Ran Officer and the Head
542025 Annual Report of JA Solar Technology Co. Ltd.
of Internal Audit.Xie Zhihua Received the 2025
Zhu
Audit Committee Zhongqun 7 December 30
annual audit plan
2025 Proposal approvedChen Jue Jin report from the
Bin Tao Ran external audit firm.Reviewed matters
including the
nomination of
Zhao Yuwen
Nomination independent director
Zhang Miao 4 March 7 2025 Proposal approved
Committee candidates and the
YangAiqing
appointment of the
Secretary of the
Board of Directors.Nominated
Zhao Yuwen candidates for
Nomination
Zhang Miao 4 August 202025 independent directors Proposal approvedCommittee
YangAiqing of the Sixth Board of
Directors.Nominated
candidates for
non? independent
Nomination Zhao YuwenZhang Miao 4 November 142025 and independent Proposal approvedCommittee YangAiqing directors of the
Seventh Board of
Directors.Reviewed matters
relating to the
appointment of
Chen Jue Xie senior managers
Zhihua Zhu including the GeneralNomination Zhongqun Jin 4 December 82025 Manager Deputy Proposal approvedCommittee Junhui Tao General Managers
Ran Chief Finance
Officer and
Secretary of the
Board of Directors.Reviewed the
performance and
remuneration of
non? independent
Remuneration and Zhang Miao
Zhao Yuwen April 23 2025
directors and senior
Assessment 5 managers for 2024 Proposal approved
Committee Tao Ran as well as the
performance and
allowance payment
of independent
directors.Reviewed the draft of
the 2025 Equity
Incentive Plan the
draft of the
Remuneration and Zhang Miao August 20 Employee Stock
Assessment Zhao Yuwen 5 2025 Proposal approved
Tao Ran Ownership Plan andCommittee
their respective
assessment and
management
measures.
552025 Annual Report of JA Solar Technology Co. Ltd.
Reviewed matters
including the
adjustment of the
beneficiary list and
Remuneration and Zhang Miao September 18
Zhao Yuwen 2025 quantity under theAssessment 5 Proposal approved
Committee Tao Ran
2025 Equity
Incentive Plan and
the granting of stock
options to incentive
recipients.Reviewed the
Revised Draft of the
2025 Employee Stock
Remuneration and Zhang MiaoZhao Yuwen October 22 Ownership Plan and
Assessment Tao Ran 5 2025 the Revised Proposal approved
Committee Administrative
Measures for the
2025 Employee Stock
Ownership Plan.Reviewed the
Remuneration
Remuneration and Zhang MiaoZhao Yuwen November 14
Assessment Tao Ran 5 2025
(Allowance) Scheme
Proposal approved
for Directors of the
Committee
Seventh Board of
Directors.Reviewed matters
Cao Yangfeng relating to the
Strategy and YangAiqing February 20 Company’s issuance
Sustainability Jin Junhui 2025Zhao Yuwen 2 of H? shares and Proposal approved
Committee Tao Ran their listing on The
Zhang Miao Stock Exchange of
Hong Kong Limited.Cao Yangfeng Reviewed the
Strategy and YangAiqing April 23 2025 proposal regarding
Sustainability Jin JunhuiZhao Yuwen 2 the 2024 ESG and Proposal approved
Committee Tao Ran Sustainability Report
Zhang Miao and related policies.VII. Performance of Duties by Audit Committee
Whether the audit committee identified any risks during its oversight activities in the reporting period
□ Yes□ No
The audit committee did not raise any objection to matters supervised in the reporting period.VIII. Employees
1. Staff number composition of professional and education background
Number of employees in the parent company at the end of the reporting period 34
Number of employees in major subsidiaries at the end of the reporting period 25226
Total employees at the end of the reporting period 25260
Total employees receiving remuneration in the current period 25260
Number of retirees for whom the parent and major subsidiaries must bear relevant
3
expenses
562025 Annual Report of JA Solar Technology Co. Ltd.
Profession structure
Profession Number of employees
Production 18470
Sales 820
Technology 2117
Finance 384
Administration 3469
Total 25260
Education structure
Education background Number of employees
Master’s degree or higher 1107
Bachelor’s degree 5530
Three-year college 6888
Others 11735
Total 25260
2. Remuneration policy
The Company adeptly navigates the complexities of a dynamic industry landscape by adopting differentiated remuneration
strategies that align with its strategic development objectives. Informed by comprehensive benefits analysis and industry salary
benchmarks we continually refine our benefits system including annual comprehensive health check-ups and wellness seminars.Additionally our employee care initiatives which celebrate birthdays marriages and other significant life events significantly
enhance job satisfaction. To retain talent we have developed diverse incentive programs for critical positions incorporating
project bonuses and performance-based rewards. This performance-driven approach effectively links employee incentives to
operational outcomes optimizing workforce engagement and stability.
3. Training plan
The Company prioritizes talent development as a fundamental strategic initiative with a focus on addressing employees’ career
growth needs. We effectively integrate both internal and external premium resources to create customized development pathways
while continuously adapting our training approaches to align with industry trends. Internally we capture and disseminate
management expertise through the extraction of knowledge from middle and senior leaders complemented by the development of
an internal trainer system that refines best operational practices. Externally we adopt advanced management tools and solutions.In alignment with our global expansion strategy we have established a multi-tiered talent pipeline that spans management
operations general skills and cultural competencies effectively meeting the demands of our business growth. This comprehensive
approach not only enhances specialized capabilities and holistic competencies but also strengthens our organizational
competitiveness advancing our framework for international talent deployment and cultivation.
4. Labor outsourcing
□Applicable□Not Applicable
IX. Profit Distribution and Capital Reserve Conversion into Share Capital
The profit distribution policy during the reporting period particularly the formulation implementation or adjustment of the cash
dividend policy
□Applicable□Not Applicable
The Company has achieved profits and the profit attributable to shareholders of the parent company is positive but no cash dividend
proposal is raised
□ Applicable□ Not applicable
Profit distribution and capital reserve converted to share capital in the reporting period
□Applicable□ Not applicable
572025 Annual Report of JA Solar Technology Co. Ltd.
The Company has decided not to distribute cash dividends issue bonus shares or convert capital reserves for the current fiscal
year.X. Implementation of Share Incentive Plan Employee Stock Ownership Plan or Other
Employee Incentive Measures
□Applicable □ Not applicable
1. Share incentive
To strengthen the Company’s long? term incentive mechanism and attract and retain top talent the 2025 Stock Option Incentive Plan
was approved on August 22 2025 (43rd meeting of the Sixth Board of Directors) and on September 8 2025 (4th Extraordinary
General Meeting of Shareholders). The grant and registration procedures were completed on October 31 2025 with a total of
161698185 stock options granted to 1926 recipients.
Share incentives granted to directors and senior managers
□Applicable □Not Applicable
Unit: Share
Exercise Restricted
Stock options Options Options price of Shares shares Grant price
Opening newly granted in exercisable exercised options Closing stock Closing Opening vetted in newly of restricted Closing
Name Title stock the reporting in the in the exercised in options market price restricted the granted in shares restricted
options period reporting reporting the reporting (yuan/share) shares reporting the (yuan/share) shares
period period period period reporting
(yuan/share) period
Director and
Yang Aiqing Deputy General 4920000 4920000 11.45
Manager
Cao Yangfeng Director 1680000 1680000 11.45
Jin Bin Director 2800000 2800000 11.45
Li Shaohui Deputy General 5830000 5830000 11.45
Manager
Sun Peng Finance Director 1400000 1400000 11.45
Secretary of the
Qin Shilong Board 1600000 1600000 11.45
Total -- 0 18230000 0 0 -- 18230000 -- 0 0 0 -- 0
Assessment mechanism and incentive arrangements for senior managers
The Company has established a comprehensive remuneration assessment system whereby the Remuneration and Assessment
Committee determines the salary range for senior managers based on their positions responsibilities job performance and
completion of assigned tasks. This system reflects the principle of parity between responsibility and rights ensuring that
compensation is commensurate with the importance of the position workload and level of responsibility. In the reporting period the
Company’s senior managers demonstrated a commitment to upholding their responsibilities in accordance with legal and regulatory
requirements. They actively implemented decisions made by the general meeting and the Board of Directors fulfilled their assigned
duties.
2. Implementation of employee stock ownership plan
□Applicable □Not Applicable
Overview of all valid employee stock ownership plans during the reporting period
Funding sources
Proportion in total
Employee Number of shares for the
Employee scope Change share capital of the
number held (shares) implementation
listed company
plan
Directors and senior Legitimate
managers (excluding employee
independent directors) of 52 39499986 None 1.19% remuneration self-
the company and its raised funds and
holding subsidiaries; core other methods
582025 Annual Report of JA Solar Technology Co. Ltd.
technical personnel and permitted by laws
key staff of the Company and regulations
and its holding
subsidiaries
Shareholdings of directors and senior managers in employee stock ownership plans during the reporting period
Number of shares held Number of shares held Proportion in total
Name Position at the beginning of at the end of period share capital of listed
period (shares) (shares) company
Director Deputy
Yang Aiqing 0 2110000 0.06%
General Manager
Cao Yangfeng Director 0 1720000 0.05%
Jin Bin Employee Director 0 1200000 0.04%
Deputy General
Li Shaohui 0 5370000 0.16%
Manager
Qin Shilong Secretary of the Board 0 700000 0.02%
Sun Peng Finance Director 0 600000 0.02%
Changes in asset management firm during the reporting period
□Applicable□Not Applicable
Changes in equity arising from holders’ disposal of shares during the reporting period
□Applicable□Not Applicable
Exercise of shareholders’ rights during the reporting period
During the reporting period the Company’s Employee Stock Ownership Plan neither voted at general meetings nor exercised any
other shareholder rights.Other relevant circumstances and explanations regarding the Employee Stock Ownership Plan during the reporting period
□Applicable□Not Applicable
Changes in members of the Management Committee of the Employee Stock Ownership Plan
□Applicable□Not Applicable
Financial impact of the Employee Stock Ownership Plan on the listed company during the reporting period and relevant
accounting treatments
□Applicable □Not Applicable
Termination of the Employee Stock Ownership Plan during the reporting period
□Applicable□Not Applicable
Other notes:
3. Other employee incentive measures
□Applicable□Not Applicable
XI. Development and Implementation of Internal Controls in the Reporting Period
1. Development and implementation of internal controls
In compliance with the Company Law Securities Law and relevant regulations of the China Securities Regulatory Commission
and the Shenzhen Stock Exchange following the fundamental principles of internal control and given the Company’s specific
needs the Company has refined and adjusted the internal control system to encompass crucial aspects of corporate management
and ensure the design of internal controls is sound reasonable and effective. The Company has established a robust corporate
governance structure an organization framework aligned with its business needs effective incentive mechanisms and a
comprehensive risk assessment system.
(1) The general meeting and the Board of Directors operate legally and made decisions based on sound principles. Independent
directors are able to fully and independently fulfill their oversight responsibilities and provide independent evaluations. In
response to the strategy and sustainable development requirements of the Company and to advance the realization of the
Company’s ESG objectives the Board of Directors has established a Strategy and Sustainability Committee. This strengthens the
board’s oversight of the Company’s sustainability initiatives.
(2) The internal audit department conducts internal audits independently and in compliance with the law ensuring effective
oversight of management and the proper functioning of internal controls.
592025 Annual Report of JA Solar Technology Co. Ltd.
(3) The Company consistently arranges training sessions regarding regulatory compliance for directors and senior managers to
raise the corporate governance standards of the leadership team. Furthermore tailored compliance training is conducted for
middle-level managers and ordinary employees to heighten their awareness of risk prevention and reinforce a culture of
compliance. These initiatives ensure the effective implementation of internal controls and contribute to the Company’s adherence
to operational standards facilitating its sustainable development.In the reporting period the Board of Directors conducted a thorough self-assessment of the Company’s internal controls. The 2025
Annual Internal Control Self-Assessment Report provides a comprehensive accurate and truthful depiction of the Company’s
internal control landscape. According to the report the Company’s internal control framework has been effectively implemented
ensuring robust financial reporting controls across all significant areas in compliance with internal control standards and relevant
regulations. Furthermore there were no material weaknesses identified in internal controls for non-financial reporting during the
reporting period. In the upcoming period the Company will further refine its internal controls ensure the standardized execution
of internal controls strengthen supervision and inspection mechanisms and foster the Company’s healthy and sustainable
development.
2. Specific information on material weaknesses identified in internal controls in the reporting period
□ Yes□ No
XII. Management and Control over Subsidiaries in the Reporting Period
Subsidiary Integration Issues found in Resolution Subsequent
Integration plan Measures taken
name progress integration progress solution
Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Abnormalities in the management and control of subsidiaries
□Yes□ No
XIII. Internal Control Evaluation Report or Internal Control Audit Report
1. Internal control evaluation report
Disclosure date of the full text of internal
April 292026
control evaluation report
Index to disclosed full text of internal
www.cninfo.com.cn
control evaluation report
Total assets of entities covered by the
evaluation as a percent of the total assets
91.59%
in the Company’s consolidated financial
statements
Operating revenue of entities covered by
the evaluation as a percent of the
89.35%
operating revenue in the Company’s
consolidated financial statements
Deficiency criteria
Category Financial reporting Non-financial reporting
Qualitative criteria for material weakness Qualitative criteria for material weakness
include: include:
(1) absence of decision-making (1) The Company is exposed to severe
procedure; penalties from regulatory authorities for
(2) material error caused by the decision- serious violations of laws or regulations;
Qualitative criteria making procedure; (2) Improper critical decision-making
(3) Violation of national laws and/or causes critical direct property losses;
regulations and punishment imposed (3) Overall absence of systemic controls
consequently; leads to a company-wide control failure;
(4) absence of controls or systemic (4) The Company is subject to critical
failures in significant business activities; penalties from the China Securities
602025 Annual Report of JA Solar Technology Co. Ltd.
(5) material weaknesses in internal Regulatory Commission or warnings
controls not corrected. from stock exchanges.Qualitative criteria for significant Qualitative criteria for significant
deficiency include: deficiency include:
(1) decision-making procedure with (1) The Company is subject to significant
deficiencies leading to significant losses; fines due to violation of laws or
(2) significant error caused by the regulations;
decision-making procedure; (2) Improper critical decision-making
(3) significant loss caused by breach of causes significant direct property losses;
internal rules; (3) Absence of policies and systemic
(4) significant faults in important controls over significant business
business policies or systems; activities or key processes compounded
(5) significant deficiencies in internal by a lack of adequate compensatory
controls not corrected. measures resulting in the failure of
control in the business;
Qualitative criteria for moderate (4) Occurrences of significant quality
deficiency include: environmental and occupational health
Control deficiencies causing and safety incidents cause significant
misstatement in financial statements reputational damage.other than critical and significant Qualitative criteria for moderate
deficiencies mentioned above. deficiency include:
Control deficiencies other than critical
and significant deficiencies mentioned
above.Operating revenue and total assets are Operating revenue and total assets are
the measures in quantitative criteria. the measures in quantitative criteria.The potential or realized losses resulting The potential or realized losses resulting
from an internal control deficiency are from an internal control deficiency are
measured by total assets if they are measured by total assets if they are
related to balance sheet. The deficiency related to balance sheet. The deficiency
is defined as a moderate deficiency if the is defined as a moderate deficiency if the
potential or realized misstatement potential or realized misstatement
amount in the financial reports resulting amount in the financial reports resulting
from the deficiency alone or in from the deficiency alone or in
combination with other deficiencies is combination with other deficiencies is
less than 0.2% of total assets; a less than 0.2% of total assets; a
significant deficiency if the amount significant deficiency if the amount
reaches or exceeds 0.2% but is less than reaches or exceeds 0.2% but is less than
0.5% of total assets; a material weakness 0.5% of total assets; a material weakness
if the amount reaches or exceeds 0.5% of if the amount reaches or exceeds 0.5% of
total assets. total assets.Quantitative criteria The potential or realized losses resulting The potential or realized losses resulting
from an internal control deficiency are from an internal control deficiency are
measured by operating revenue if they measured by operating revenue if they
are related to income statement. The are related to income statement. The
deficiency is defined as a moderate deficiency is defined as a moderate
deficiency if the potential or realized deficiency if the potential or realized
misstatement amount in the financial misstatement amount in the financial
reports resulting from the deficiency reports resulting from the deficiency
alone or in combination with other alone or in combination with other
deficiencies is less than 0.2% of deficiencies is less than 0.2% of
operating revenue; a significant operating revenue; a significant
deficiency if the amount reaches or deficiency if the amount reaches or
exceeds 0.2% but is less than 0.5% of exceeds 0.2% but is less than 0.5% of
operating revenue; a material weakness if operating revenue; a material weakness if
the amount reaches or exceeds 0.5% of the amount reaches or exceeds 0.5% of
operating revenue. operating revenue.Material weaknesses in financing
0
reporting
Material weaknesses in non-financial 0
612025 Annual Report of JA Solar Technology Co. Ltd.
reporting
Significant deficiencies in financing
0
reporting
Significant deficiencies in non-financing
0
reporting
2. Internal control audit report
□Applicable □ Not applicable
Audit opinion paragraph in the internal control audit report
JA Solar maintained effective internal control over financing reporting in all material aspects for the year ending December 31
2025 in accordance with Basic Guidelines for Internal Controls in Businesses and applicable provisions.
Disclosure of internal control audit report Disclosed
Disclosure date of the full text of internal control audit report April 29 2026
Index to disclosed full text of internal control audit report www.cninfo.com.cn
Type of audit opinion in the internal control audit report Unqualified opinion
Any material weaknesses in non-financial reporting No
Any internal control audit report with an opinion other than unqualified opinion issued by the accounting firm
□ Yes□ No
Werther the internal control audit report issued by the accounting firm is consistent with the opinion in the board of director’s elf-
evaluation report
□Yes □ No
XIV. Correction of Issues Identified in the Special Action on the Governance of Listed
Company
Not Applicable
XV. Environmental Information Disclosure
Whether the listed company and its major subsidiaries are included in the mandatory environmental information disclosure
enterprise list
□Yes □No
Number of enterprises included in the mandatory
7
environmental information disclosure list
Retrieval index for mandatory environmental information disclosure
No. Enterprise name
report
Department of Ecology and Environment of Zhejiang Province –
1 Yiwu JA Solar Technology Co. Ltd. Enterprise Environmental Information Mandatory Disclosure System
https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search
Enterprise Environmental Information Mandatory Disclosure System
2 Shijiazhuang JA Solar Technology Co. Ltd.
http://121.29.48.71:8080/#/fill/yearR
Disclosure website: http://218.94.78.91:18181/spsarchive-
3 Dongtai JA Solar Technology Co. Ltd. webapp/web/viewRunner.htmlviewId=http://218.94.78.91:18181/spsa
rchive-webapp/web/sps/views/yfpl/views/home/index.js
Enterprise Environmental Information Mandatory Disclosure System
Hebei Province
4 JA Solar Holdings Co. Ltd. （ ）
http://121.29.48.71:8080/#/fill/detailenpId=6CB0BE09-90C5-4BC2-
8FE0-11EF0C7ED2E2&year=2025
Enterprise Environmental Information Mandatory Disclosure System
5 Hefei JA Solar Technology Co. Ltd. （Anhui Province）
https://39.145.37.16:8081/zhhb/yfplpub_html/#/home
622025 Annual Report of JA Solar Technology Co. Ltd.
Inner Mongolia Ecological Window Enterprise Comprehensive Service
Platform
6 Baotou JA Solar Technology Co. Ltd.
http://111.56.142.62:40010/cas/loginpagePublishTicket=888f4e8f2c91
403aaf2149d2d9322e91
Jiangsu Provincial Department of Ecology and Environment –
Corporate Environmental Information Disclosure System
http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-
7 JA (Yangzhou) Solar Technology Co. Ltd.
webapp/web/viewRunner.htmlviewId=http://ywxt.sthjt.jiangsu.gov.cn:
18181/spsarchive-
webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js
XVI. Social Responsibility
1. Protection of the rights and interests of shareholders and creditors
The Company has implemented a structured and efficient management system characterized by scientific standards and clear
boundaries. It has established a corporate governance framework comprising the general meeting Board of Directors and senior
managers. Under the Board of Directors there are specialized committees including the Strategy and Sustainability Committee
Audit Committee Remuneration and Assessment Committee and Nomination Committee each supported by corresponding
decision-making and operational management mechanisms. These measures effectively protect the rights of all shareholders and
creditors. The Company rigorously complies with relevant laws regulations ensuring the truthful accurate complete timely and
equitable disclosure of information and guaranteeing equal access to information relating to the Company by all shareholders and
creditors. The Company communicates with investors through various channels such as on-site receptions online performance
briefings telephone web messages fax and email. Important decisions are announced on the Company’s official website and
sections dedicated to investor education and contact details for the board secretary are provided enabling shareholders creditors
and investors to better understand the Company’s operations.
2. Protection of rights and interests of employees
The Company upholds a principle of openness fairness and impartiality in its employment policies actively fostering harmonious
and stable labor relations. It strictly adheres to labor standards and relevant laws and regulations in all its factories and offices
worldwide. The Company unequivocally prohibits forced labor and does not tolerate any form of coercion through violence
threats or illegal restriction of personal freedom to compel employees to work. It strictly prohibits any harassment of employees
and does not interfere with their freedom of belief. The Company prohibits discrimination against employees based on factors such
as ethnicity race nationality religious beliefs gender age disability marital status sexual orientation pregnancy or any other
factors. Child labor is strictly prohibited and the Company ensures equal pay for equal work promotes gender equality and
respects employees’ rights to freedom of association and collective bargaining. To enhance the protection of employees’ human
rights the Company has set relevant corporate systems in accordance with international standards and implemented a range of
comprehensive measures.The Company strictly adheres to labor laws and regulations such as the Labor Law and the Labor Contract Law and lawfully
contributes to social insurance schemes including pension medical maternity unemployment and work-related injury insurance
for employees. In accordance with national regulations on employee leave the Company implements a paid annual leave system
and provides employees with various types of leave including marriage leave maternity leave paternity leave breastfeeding leave
and bereavement leave. The labor union representing employees signs Collective Labor Contract Special Collective Contract on
Wage Negotiation and Special Collective Contract on Special Interests for Female Workers with the Company. These agreements
comprehensively safeguard the legitimate rights and interests of employees in terms of wages working hours rest and leave
occupational safety and health insurance benefits and vocational skills training.
3. Supplier cooperation
The Company upholds a philosophy of integrity and legal compliance maintaining rigorous standards in its business operations
while honoring all relevant contracts and regulations. It ensures the full protection of the legitimate rights and interests of both
suppliers and customers fostering strong relationships with them. By delivering premium products and enhancing post-sales
services the Company aims for mutual success and beneficial partnerships with its customers. Regarding suppliers the Company
adopts a dynamic evaluation approach scoring suppliers across dimensions such as quality commerce technology supply and
social responsibility to encourage continuous improvement. It offers assistance to suppliers aiding them in quality enhancement
and expediting product development. Long-term trust-based cooperation is prioritized over short-term contracts thereby
632025 Annual Report of JA Solar Technology Co. Ltd.
enhancing efficiency and reducing transaction and management costs. Establishing a sustained information exchange mechanism
with suppliers the Company collaborates with suppliers to drive industrial advancement.
4. Protection of the rights and interests of customers
When it comes to customers (including developers and distributors) the Company upholds a customer-first service
philosophycore value. It consistently improves its customer service framework and standardizes cooperation process management
to ensure customers are satisfied with both products and services. The Company not only generates value for its clients but also
actively collaborates to create value with them. Long-term trust-based partnerships supersede short-term contracts; this helps foster
enduring relationships with customers. The Company guarantees the security of customer information and their right to be
informed while providing convenient access for customers to gain comprehensive insights into the Company.
5. Safety management
The Company upholds the principle of Safety First and Production Second placing workplace safety as its paramount concern for
sustainable growth. It consistently innovates its management approaches reinforces the responsibilities of safety departments and
enhances safety training risk identification and hazard investigation efforts to safeguard its stable development.The Company conducts annual special training on fire facilities traffic safety electrical safety and more. It also organizes
activities such as fire drills and safety knowledge competitions to effectively enhance employees’ awareness of safety. The
Company has created an EHS (Environment Health and Safety) learning platform to facilitate employees’ access to safety
knowledge relevant to their roles.
6. Environmental Protection and Sustainable Development
In April 2025 JA Solar was honored with the Sustainable Supply Chain Award at the 2025 Sustainability & Innovation Awards
organized by the British Chamber of Commerce in Shanghai. Concurrently the Company engaged in a collaborative endeavor
with a team of Harvard University professors at the 2nd Harvard College AUSCR Summit for Young Leaders in China. This
partnership facilitated the sharing of joint research and development achievements in supply chain carbon reduction initiatives. In
May 2025 JA Solar in conjunction with 24 upstream and downstream enterprises within the global photovoltaic supply chain
inaugurated the Global Solar Sustainable Alliance (GSSA). This initiative solicits the participation of all stakeholders within the
photovoltaic industry and its supply chain to adopt sustainable development philosophies and strategies thereby fostering
proactive actions towards environmental stewardship. Furthermore at the 2025 Family Legacy Conference hosted by the China
Charity Federation JA Solar was recognized as an innovative case under the theme Business for Good. This accolade was
bestowed in recognition of the Company’s commendable work on the Xingtai New Energy Vocational College. In June 2025 JA
Solar was listed on the Fortune China ESG Impact List for the second consecutive year. Moreover the Company achieved dual
certifications for its compliance management system under ISO 37301:2021 and GB/T 3577-2022. These certifications encompass
critical areas such as corporate governance anti-bribery measures intellectual property rights export control labor management
anti-monopoly and fair competition. JA Solar was subsequently bestowed with the Standards Pioneer trophy by the British
Standards Institution. Similarly in June 2025 JA Solar was invited to the 2025 International Sustainability Conference where it
delivered a compelling speech as the sole representative of private enterprises. Concurrently JA Solar participated in the
construction of the Zero-Carbon Micro-unit Science and Technology Yard in Tongzhou Beijing and attended the Zero-Carbon
Transition Seminar and the launch ceremony for the official operation of the Tongzhou zero-carbon complex. The Company’s
contribution to this project was significant as it donated high-efficiency n-type solar modules. Through the adoption of an
integrated generation-storage-utilization model the project achieved an annual carbon dioxide emission reduction of 45 tones. In
July 2025 JA Solar further demonstrated its leadership in decarbonization and innovation by attending the International
Symposium on Decarbonization and Innovation in Global Supply Chains co-hosted by the World Business Council for
Sustainable Development and Alibaba.
7. Public Relations
In February 2025 JA Solar was officially recognized as a member of the Network of Chinese Participation in APEC Energy
Cooperation thereby becoming an integral part of both the New and Renewable Energy Group and the General Group. This
membership facilitated JA Solar’s participation in various mechanisms including the APEC Energy Working Group. Concurrently
the Company joined the International Renewable Energy Agency (IRENA) Coalition for Action thereby establishing a robust
international platform for extensive exchanges and cooperation with global partners. This collaboration aimed to jointly explore
new directions for the development of renewable energy. In April JA Solar was honored with the Sustainable Supply Chain
Award at the 2025 Sustainability & Innovation Awards hosted by the British Chamber of Commerce in Shanghai. May witnessed
642025 Annual Report of JA Solar Technology Co. Ltd.
a significant engagement with the International Sustainability Standards Board (ISSB) as a delegation from the organization
visited JA Solar. The discussions centered on the latest updates to ISSB standards as well as the challenges and opportunities
associated with sustainability-related disclosure in the photovoltaic sector. In June JA Solar’s outstanding Environmental Social
and Governance (ESG) practices were prominently featured in the China ESG Leaders Report 2025. The Company was
subsequently awarded the ESG Leader badge. Additionally JA Solar was listed on the 2024-2025 Forbes China List of Industrial
Enterprises for Sustainable Development. The Company’s presence in Africa was further accentuated in June as JA Solar
participated in the 4th China-Africa Economic and Trade Expo. Selected for the Well-known Brands Exhibition for China-Africa
Cooperation JA Solar showcased its benchmark project achievements and cutting-edge high-efficiency module technologies
developed through long-term operations across the African market (JA Solar 2025). In July JA Solar was invited to a special
forum on the economic situation held by the National Development and Reform Commission. August saw JA Solar’s active
participation in the 7th China-Arab States Expo. The Company’s strategic presence aimed to deepen China-Arab economic and
trade cooperation thereby driving regional economic prosperity through green energy innovation. In September a government
delegation from BRICS countries paid a visit to JA Solar. The discussions focused on new approaches to high-quality
development of the global photovoltaic industry and in-depth exchanges on collaborative development and cooperation
opportunities for new energy under the BRICS Plus framework. JA Solar also delivered a video address at COP30 sharing its
practical experience in sustainable development with the international community. Finally in December JA Solar attended the
2025 Annual Conference of the China Photovoltaic Industry. At the concurrent 2025 Seminar on Innovative Application and
Development of Photovoltaics the Company presented its latest flagship product DeepBlue 5.0 and elaborated on high-value
solutions to advance industrial chain collaboration and build a new power system through technological innovation.
8. Charitable Practices
JA Solar demonstrates a steadfast commitment to charitable initiatives encompassing poverty alleviation and disaster relief.Guided by the mission of disseminating enlightenment and fostering benevolence the Company actively contributes to community
welfare through tangible actions. Regularly organized volunteer teams engage in a variety of activities including tree planting
scholarship grants and charitable donations. In response to the post-disaster reconstruction efforts in Taohai Town Wuyuan
County Bayannur City Inner Mongolia JA Solar made a designated donation of 30000 yuan through the Beijing Charity
Foundation alleviating the living hardships of affected residents. At its Shijiazhuang base the Youth in Blood Love at JA Solar
campaign successfully mobilized over 180 employees to donate a total of 54000 milliliters of blood while 67 staff members at the
Qujing base volunteered for blood donation to bolster rural medical resources. Furthermore the Ningjin base launched the Chasing
the Light Sunshine Scholarship Program disbursing 25000 yuan in scholarships and providing 95000 yuan in financial aid to
impoverished students. The Xingtai base implemented the Brightness Project rewarding students admitted to key universities
thereby fostering rural talent revitalization through educational incentives. Consistently the Yangzhou base has operated the JA
Solar Education Scholarship Program at Yangzhou Bali Central Primary School while also serving as a charitable partner of the
Finless Porpoise Conservation Association donating environmental monitoring equipment.In 2025 the Company invested 344000 yuan in public welfare and charitable initiatives. Its bases in Qujing Ordos and other
regions donated photovoltaic-specific books and school supplies and jointly established education and practice bases. These
efforts helped rural schools address gaps in new energy knowledge and illuminated the path of growth for students. All charitable
activities were carried out transparently and in full compliance with applicable regulations.XVII. Efforts for Solidifying Poverty Alleviation and Advancing Rural Revitalization
The Company robustly engages with national initiatives by capitalizing on its strengths in the industrial chain product technology
and ecological partnerships. It has successfully pioneered a green photovoltaic model that melds ecological development with the
construction of clean energy infrastructure. Notably the Company has established photovoltaic poverty alleviation power stations
in Yanchi Ningxia and Kangbao Hebei. These initiatives are projected to deliver financial support to disadvantaged areas over
the next 20 year.By the end of December 2025 the Company disbursed approximately 112.65 million yuan in financial support through its poverty
alleviation projects.These initiatives strategically leverage multi-scenario synergistic development including livestock-PV fishery-PV agriculture-
PV and mountainous PV applications. This innovative approach establishes a comprehensive rural revitalization model
effectively integrating financial aid lease payments and job creation to drive sustainable progress in underdeveloped regions.
652025 Annual Report of JA Solar Technology Co. Ltd.
Section V. Important Matters
I. Fulfillment of Commitments
1. Commitments made by the Company’s actual controller shareholders related parties acquirers and the
Company that would be complete fulfilled but not completely fulfilled in or by the reporting period
□Applicable □ Not applicable
Reason for Commitment Commitment Commitment Commitment
Commitment Fulfillment
commitment party type time duration
I. There are no unfair related-party
transactions between the Company or
any operating entity it controls and
the listed company. II. After this
transaction is completed the
Company and any operating entity it
controls will regulate and avoid or
minimize the related-party
transactions with the listed company
and its subsidiaries. For unavoidable
or reasonably justified related-party
transactions the market-based
principles of fairness and
transparency shall be followed
agreements shall be signed in
accordance with the law legal
procedures shall be fulfilled and
disclosure obligations and relevant
Jingtaifu
approval procedures shall be carried
Qichang
out in accordance with relevant laws
Electronics
regulations normative documents
Shenzhen Commitment
Commitments and articles of association. The price
Boyuan Jingjun on reducing
made during of related-party transactions shall be Long-term Fulfillment in
Ningyu Jingli and regulating May 27 2019
asset determined based on the prices of validity progress
Ninghua related-party
restructuring similar transactions with independent
Jingren Ninghe transactions
third parties ensuring fairness.Jingde Ningfu
Efforts are taken to ensure that
and Dongtai
related-party transactions do not harm
Bona
the legitimate rights and interests of
the listed company and other
shareholders. III. After this
transaction is completed the
Company will continue to exercise
shareholder rights in accordance with
relevant laws regulations normative
documents and the articles of
association of the listed company.When voting on related-party
transactions involving the Company
at the general meeting of the listed
company it will fulfill the obligation
to abstain from voting. IV. The
Company undertakes to fulfill the
disclosure obligations regarding
related-party transactions in
accordance with relevant laws
662025 Annual Report of JA Solar Technology Co. Ltd.
regulations normative documents
and the articles of association of
listed company. The Company
commits to refraining from
unlawfully transferring funds or
profits of the listed company through
related-party transactions avoiding
any harm to the interests of non-
related shareholders and abstaining
from any illegal or improper
utilization of the funds or assets of the
listed company. V. The Company is
willing to take labile for any
economic losses claims and
additional expenses incurred by the
listed company and its subsidiaries
due to violations of the
aforementioned commitments. The
Company will bear the corresponding
compensation liability accordingly.I. There are no unfair related-party
transactions between me and any
operating entity under my control and
the listed company. II. After this
transaction is completed I and any
operating entity under my control will
regulate and avoid or minimize the
related-party transactions with the
listed company and its subsidiaries.For unavoidable or reasonably
justified related-party transactions
the market-based principles of
fairness and transparency shall be
followed agreements shall be signed
in accordance with the law legal
procedures shall be fulfilled and
disclosure obligations and relevant
Commitment
Commitments approval procedures shall be carried
on reducing
made during Jin Baofang and out in accordance with relevant laws Long-term Fulfillment in
and regulating May 27 2019
asset Jin Junmiao regulations normative documents validity progress
related-party
restructuring and articles of association. The price
transactions
of related-party transactions shall be
determined based on the prices of
similar transactions with independent
third parties ensuring fairness.Efforts are taken to ensure that
related-party transactions do not harm
the legitimate rights and interests of
the listed company and other
shareholders. III. After this
transaction is completed I will
continue to exercise shareholder
rights in accordance with relevant
laws regulations normative
documents and the articles of
association of the listed company.When voting on related-party
transactions involving me at the
672025 Annual Report of JA Solar Technology Co. Ltd.
general meeting of the listed
company I will fulfill the obligation
to abstain from voting. IV. I undertake
to fulfill the disclosure obligations
regarding related-party transactions in
accordance with relevant laws
regulations normative documents
and the articles of association of
listed company. I commit to
refraining from unlawfully
transferring funds or profits of the
listed company through related-party
transactions avoiding any harm to the
interests of non-related shareholders
and abstaining from any illegal or
improper utilization of the funds or
assets of the listed company. V. I am
willing to take labile for any
economic losses claims and
additional expenses incurred by the
listed company and its subsidiaries
due to violations of the
aforementioned commitments. I will
bear the corresponding compensation
liability accordingly.
1. Except for JA Solar and its
subsidiaries neither the Company nor
entities under its control are currently
engaged either domestically or
internationally in any business or
activities that directly or indirectly
compete with the business conducted
or potentially conducted by JA Solar
the listed company after this
transaction is completed or its
subsidiaries. 2. After this
restructuring is completed
except for the listed company and its
subsidiaries neither the Company nor
other entities under its control will
Commitments
Non- engage either independently or with
made during Long-term Fulfillment in
Jingtaifu competition others in any manner (including but May 27 2019
asset validity progress
commitment not limited to investment mergers
restructuring
and acquisitions joint ventures
partnerships collaborations
consortia contracting or leasing
operations purchasing listed
company stocks or equity
participation) directly or indirectly in
any business or activities that
compete or might compete with the
business conducted by the listed
company and its subsidiaries either
domestically or internationally. 3.After this restructuring is completed
in cases where the Company or other
entities under its control acquires any
business opportunities identical or
682025 Annual Report of JA Solar Technology Co. Ltd.
similar to those conducted by the
listed Company and its subsidiaries
for any reason the Company shall
promptly notify the listed company
granting them the preferential right to
seize such opportunities. Should the
listed company or its subsidiaries
choose to undertake such business
the Company and entities under its
control shall refrain from engaging in
it. The Company will provide all
necessary assistance to the listed
company for fulfilling disclosure
obligations as per relevant laws
regulations stock exchange rules and
regulatory requirements. 4. After this
restructuring is completed in cases
where the Company or other entities
under its control obtains any
acquisition opportunities for an entity
engaged in any businesses identical or
similar to those conducted by the
listed company and its subsidiaries
for any reason the Company shall
promptly notify the listed company to
ensure that the listed company and its
subsidiaries have the opportunity to
acquire the said entity. Should the
listed company or its affiliates choose
to acquire the mentioned entity the
Company and entities under its
control will relinquish the acquisition
opportunity. The Company will
provide all necessary assistance to the
listed company for fulfilling
disclosure obligations as per relevant
laws regulations stock exchange
rules and regulatory requirements. 5.After this restructuring is completed
if the listed company and its
subsidiaries decide to forgo the
business opportunities or acquisition
opportunities mentioned in points 3
and 4 above and subsequently the
Company or any entities under its
control engage in competitive
businesses arising from these
opportunities the listed company and
its subsidiaries have the right to
acquire at any time and in one lump
sum or multiple installments any
equity assets or other interests
related to the competitive business.Alternatively the listed company and
its subsidiaries may choose in
accordance with national laws and
regulations to entrust the operation
lease or contract the operation of the
692025 Annual Report of JA Solar Technology Co. Ltd.
assets or business of the Company
and any entities under its control
involved in the competitive business.
6. After this restructuring is
completed
when the Company or any entities
under its control intends to transfer
sell lease license for use or
otherwise dispose of assets and
businesses that directly or indirectly
compete with the main business of
the listed company and its
subsidiaries the Company any
entities under its control will provide
the listed company and its
subsidiaries with a right of first
refusal to purchase. 7. After this
restructuring is completed the
Company will not exploit its position
as the controlling shareholder of the
listed company to detrimentally affect
the interests of the listed company
and its other shareholders. 8. In the
event of any breach of the above
commitment by the Company the
listed company and its other
shareholders have the right in
accordance with this commitment to
lawfully request the enforcement of
this commitment by the Company and
seek compensation for all losses
suffered as a result. Additionally any
benefits gained by the Company
through the violation of the
commitment shall be relinquished to
the listed company.
1.Except for JA Solar and its
subsidiaries neither I nor entities
under my control are currently
engaged either domestically or
internationally in any business or
activities that directly or indirectly
compete with the business conducted
or potentially conducted by JA Solar
the listed company after this
Commitments transaction is completed or its
Non-
made during Jin Baofang and subsidiaries. 2.After this restructuring Long-term Fulfillment in
competition May 27 2019
asset Jin Junmiao is completed validity progress
commitment
restructuring except for the listed company and its
subsidiaries neither I nor entities
under my control will engage either
independently or with others in any
manner (including but not limited to
investment mergers and acquisitions
joint ventures partnerships
collaborations consortium
contracting or leasing operations
purchasing listed company stocks or
702025 Annual Report of JA Solar Technology Co. Ltd.
equity participation) directly or
indirectly in any business or activities
that compete or might compete with
the business conducted by the listed
company and its subsidiaries either
domestically or internationally. 3.After this restructuring is completed
in cases where I or entities under my
control acquire any business
opportunities identical or similar to
those conducted by the listed
company and its subsidiaries for any
reason I shall promptly notify the
listed company granting them the
preferential right to seize such
opportunities. Should the listed
company or its subsidiaries choose to
undertake such business I and
entities under my control shall refrain
from engaging in it. I will provide all
necessary assistance to the listed
company for fulfilling disclosure
obligations as per relevant laws
regulations stock exchange rules and
regulatory requirements. 4. After this
restructuring is completed in cases
where I or entities under my control
obtain any acquisition opportunities
for an entity engaged in any
businesses identical or similar to
those conducted by the listed
company and its subsidiaries for any
reason I shall promptly notify the
listed company to ensure that the
listed company and its subsidiaries
have the opportunity to acquire the
said entity. Should the listed company
or its affiliates choose to acquire the
mentioned entity I and entities under
my control will relinquish the
acquisition opportunity. I will provide
all necessary assistance to the listed
company for fulfilling disclosure
obligations as per relevant laws
regulations stock exchange rules and
regulatory requirements. 5. After this
restructuring is completed if the
listed company and its subsidiaries
decide to forgo the business
opportunities or acquisition
opportunities mentioned in points 3
and 4 above and subsequently I or
entities under my control engage in
competitive businesses arising from
these opportunities the listed
company and its subsidiaries have the
right to acquire at any time and in
one lump sum or multiple
712025 Annual Report of JA Solar Technology Co. Ltd.
installments any equity assets or
other interests related to the
competitive business. Alternatively
the listed company and its
subsidiaries may choose in
accordance with national laws and
regulations to entrust the operation
lease or contract the operation of the
assets or business of I and any entities
under my control involved in the
competitive business. ]6. After this
restructuring is completed
when I or any entities under my
control intend to transfer sell lease
license for use or otherwise dispose
of assets and businesses that directly
or indirectly compete with the main
business of the listed company and its
subsidiaries I and any entities under
my control will provide the listed
company and its subsidiaries with a
right of first refusal to purchase. 7.After this restructuring is completed
I will not exploit my position as the
person acting in concert with the
actual controller/controlling
shareholder of the listed company to
detrimentally affect the interests of
the listed company and its other
shareholders. 8. If I breach the above
commitment the listed company and
its other shareholders have the right
in accordance with this commitment
to lawfully request the enforcement of
this commitment by me and seek
compensation for all losses suffered
as a result. Additionally any benefits
gained by me through the violation of
the commitment shall be relinquished
to the listed company.I. Prior to this restructuring JA Solar
has always operated independently
from other entities controlled by the
Company in terms of business assets
organization personnel and finances.The operations assets personnel
finances and organizational structure
Commitment
Commitments of JA Solar have been independent.on keeping the
made during II. After this restructuring is Long-term Fulfillment in
Jingtaifu independence May 27 2019
asset completed the Company and other validity progress
of the listed
restructuring entities under its control will not
company
exploit the status of being the
controlling shareholder or person
acting in concert with the controlling
shareholder of the listed company to
influence its independence and
ensure the independence of the listed
company in terms of business assets
722025 Annual Report of JA Solar Technology Co. Ltd.
organization personnel and finances:
1. Ensuring the independence of the
listed company in operations: (1)
Ensuring that the listed company
possesses independent assets
personnel qualifications and
capabilities to conduct business
activities independently maintaining
the ability to operate continuously in
the market independently and
autonomously.
(2) The Company will refrain from
intervening in the business activities
of the listed company except when
exercising shareholder rights or
fulfilling duties while holding
positions within the listed
company.(3) Ensuring that the
Company and other entities under its
control do not engage in businesses
that compete with the main business
of the listed company.(4) Ensuring
that the Company and affiliated
enterprises minimize related-party
transactions with the listed company
and its subsidiaries. In cases where
related-party transactions are deemed
necessary and unavoidable ensuring
fair operations based on market
principles and fair prices and
complying with relevant laws
regulations and normative documents
regarding transaction procedures and
disclosure obligations. 2. Ensuring
the independence of the listed
company in assets: (1) Ensure the
independence and integrity of the
listed company’s assets with all such
assets under the control of the listed
company and exclusively owned and
operated by the listed company. (2)
The Company does not and will not
unlawfully or improperly utilize the
funds assets or other resources of the
listed company in any manner. (3)
The Company will not provide
guarantees for its own debts using the
assets of the listed company. (4)
Except for exercising shareholder
rights in accordance with the law the
Company guarantees not to intervene
beyond the decisions of the general
meeting and/or the Board of Directors
regarding significant matters
concerning the integrity of the listed
company’s assets. 3. Ensuring the
independence of the listed company
in organizational structure: (1)
732025 Annual Report of JA Solar Technology Co. Ltd.
Ensuring the listed company
maintains a sound corporate
governance structure and possesses
an independent and integral
organizational framework. (2)
Ensuring that the general meeting
Board of Directors independent
directors Supervisory Committee
general manager and other personnel
of the listed company independently
exercise their powers in accordance
with laws regulations and company
articles of association. (3) Ensuring
that the Company and its affiliated
enterprises do not have a situation of
institutional overlapping with the
listed company and its subsidiaries
and that they are completely
separated in terms of office premises
and production and operation
locations. 4. Ensuring the
independence of the listed company
in personnel: (1) Ensuring that the
general manager deputy general
manager financial director board
secretary and other senior managers
of the listed company work full-time
for the listed company and receive
compensation accordingly. They shall
not hold any position other than
director or supervisor in other entities
controlled by the Company thus
maintaining the independence of
personnel in the listed company. (2)
Ensuring that the listed company has
a complete and independent labor
personnel and compensation
management system guaranteeing
full independence between this
system and the Company and other
entities under its control. (3) Ensuring
that directors supervisors and senior
managers are elected or appointed
through legal procedures and the
Company refrains from interfering
with personnel appointment and
dismissal decisions made by the
Board of Directors and general
meeting of the listed company. 5.Ensuring the independence of the
listed company in finance: (1)
Ensuring that the listed company
continues to maintain an independent
finance department and an
independent financial accounting
system. (2) Ensuring that the listed
company independently opens bank
accounts and does not share a bank
742025 Annual Report of JA Solar Technology Co. Ltd.
account with the Company or other
entities under its control. (3) Ensuring
that the listed company can make
independent financial decisions and
the Company refrains from
intervening in the use and allocation
of assets of the listed company
through unlawful means. (4) Ensuring
that the financial personnel of the
listed company remain independent
and do not hold part-time positions or
receive compensation from other
entities under the control of the
Company.I. Prior to this restructuring JA Solar
has always operated independently
from other entities under my control
in terms of business assets
organization personnel and finances.The operations assets personnel
finances and organizational structure
of JA Solar have been independent.II. After this restructuring is
completed neither I nor other entities
under my control will exploit the
status of being the controlling
shareholder or person acting in
concert with the controlling
shareholder of the listed company to
influence its independence and
ensure the independence of the listed
company in terms of business assets
organization personnel and finances:
1. Ensuring the independence of the
Commitment
Commitments listed company in operations: (1)
on keeping the
made during Jin Baofang and Ensuring that the listed company Long-term Fulfillment in
independence May 27 2019
asset Jin Junmiao possesses independent assets validity progress
of the listed
restructuring personnel qualifications and
company
capabilities to conduct business
activities independently maintaining
the ability to operate continuously in
the market independently and
autonomously.
(2) I will refrain from intervening in
the business activities of the listed
company except when exercising
shareholder rights or fulfilling duties
while holding positions within the
listed company.(3) Ensuring that
neither I more other entities under my
control engage in businesses that
compete with the main business of
the listed company.(4) Ensuring that I
and my affiliated enterprises
minimize related-party transactions
with the listed company and its
subsidiaries. In cases where related-
party transactions are deemed
752025 Annual Report of JA Solar Technology Co. Ltd.
necessary and unavoidable ensuring
fair operations based on market
principles and fair prices and
complying with relevant laws
regulations and normative documents
regarding transaction procedures and
disclosure obligations. 2. Ensuring
the independence of the listed
company in assets: (1) Ensure the
independence and integrity of the
listed company’s assets with all such
assets under the control of the listed
company and exclusively owned and
operated by the listed company. (2) I
do not and will not unlawfully or
improperly utilize the funds assets or
other resources of the listed company
in any manner. (3) I will not provide
guarantees for its own debts using the
assets of the listed company. (4)
Except for exercising shareholder
rights in accordance with the law I
guarantee not to intervene beyond the
decisions of the general meeting
and/or the Board of Directors
regarding significant matters
concerning the integrity of the listed
company’s assets. 3. Ensuring the
independence of the listed company
in organizational structure: (1)
Ensuring the listed company
maintains a sound corporate
governance structure and possesses
an independent and integral
organizational framework. (2)
Ensuring that the general meeting
Board of Directors independent
directors Supervisory Committee
general manager and other personnel
of the listed company independently
exercise their powers in accordance
with laws regulations and company
articles of association. (3) Ensuring
that I and my affiliated enterprises do
not have a situation of institutional
overlapping with the listed company
and its subsidiaries and that they are
completely separated in terms of
office premises and production and
operation locations. 4. Ensuring the
independence of the listed company
in personnel: (1) Ensuring that the
general manager deputy general
manager financial director board
secretary and other senior managers
of the listed company work full-time
for the listed company and receive
compensation accordingly. They shall
762025 Annual Report of JA Solar Technology Co. Ltd.
not hold any position other than
director or supervisor in other entities
under my control thus maintaining
the independence of personnel in the
listed company. (2) Ensuring that the
listed company has a complete and
independent labor personnel and
compensation management system
guaranteeing full independence
between this system and I and other
entities under my control. (3)
Ensuring that directors supervisors
and senior managers are elected or
appointed through legal procedures
and I refrain from interfering with
personnel appointment and dismissal
decisions made by the Board of
Directors and general meeting of the
listed company. 5. Ensuring the
independence of the listed company
in finance: (1) Ensuring that the listed
company continues to maintain an
independent finance department and
an independent financial accounting
system. (2) Ensuring that the listed
company independently opens bank
accounts and does not share a bank
account with me or other entities
under my control. (3) Ensuring that
the listed company can make
independent financial decisions and I
refrain from intervening in the use
and allocation of assets of the listed
company through unlawful means. (4)
Ensuring that the financial personnel
of the listed company remain
independent and do not hold part-time
positions or receive compensation
from other entities under my control.
1. I/the Company commit(s) not to
overstep authority to interfere in the
operational and management
Commitment
activities of the listed company and
relating the
not to expropriate the interests of the
effective
listed company. 2. From the date of
implementatio
this commitment until the completion
n of measures
of the listed company’s current
to compensate
Commitments Jingtaifu Jin private placement if the China
for the August 23 Long-term Fulfillment in
relating to IPO Baofang and Jin Securities Regulatory Commission
immediate 2021 validity progress
or refinancing Junmiao (CSRC) issues new regulatory
dilution of
requirements regarding measures to
earnings per
compensate for returns and related
share resulting
commitments and the above
from the
commitment do not meet such
private
requirements I/the Company
placement
commit(s) to provide one or more
supplementary commitments in
accordance with the latest CSRC
772025 Annual Report of JA Solar Technology Co. Ltd.
regulations at that time. 3. I/the
Company commit(s) to effectively
implement the measures formulated
by the Company to compensate for
the immediate returns and to fulfill
any commitments made regarding
such measures. If I/the Company
violate(s) the above commitments and
cause losses to the listed company or
investors I/the Company am/are
willing to assume compensation
responsibility to the listed company
or investors in accordance with the
law.
1. I commit not to transfer interests to
other entities or individuals without
compensation or on unfair terms and
not to harm the Company’s interests
in any other way. 2. I commit to
control my position-related
consumption acts. 3. I commit not to
use any assets of the Company for
investment or consumption activities
unrelated to my duties. 4. I commit to
support the linkage between the
compensation system created by the
Board of Directors or the
Remuneration and Assessment
Committee and the implementation of
Commitment the Company’s measures to
relating the compensate for returns. 5. If the
effective Company subsequently launches an
implementatio equity incentive plan I commit to
n of measures support the linkage between the
All directors of to compensate exercise conditions of the proposed
Commitments
the fifth Board for the equity incentive plan and the August 23 Long-term Fulfillment in
relating to IPO
of Directors and immediate implementation of the Company’s 2021 validity progress
or refinancing
senior managers dilution of measures to compensate for returns.earnings per 6. From the date of this commitment
share resulting until the completion of the listed
from the company’s current private placement
private if the China Securities Regulatory
placement Commission (CSRC) issues new
regulatory requirements regarding
measures to compensate for returns
and related commitments and the
above commitment do not meet such
requirements I commit to provide
one or more supplementary
commitments in accordance with the
latest CSRC regulations at that time.
7. I commit to effectively implement
the measures formulated by the
Company to compensate for the
immediate returns and to fulfill any
commitments made regarding such
measures. If I violate the above
commitments and cause losses to the
782025 Annual Report of JA Solar Technology Co. Ltd.
listed company or investors I am
willing to assume compensation
responsibility to the listed company
or investors in accordance with the
law.
1. The Company commits not to
overstep authority to interfere in the
operational and management
activities of the listed company and
not to expropriate the interests of the
listed company.
2. From the date of this commitment
Relevant until the completion of the listed
party’s company’s current public offering if
commitments the China Securities Regulatory
regarding the Commission (CSRC) issues new
immediate regulatory requirements regarding
dilution of measures to compensate for returnsand related commitments and the
returns above commitment do not meet such
resulting from
Commitments requirements the Company commits
the public to provide one or more supplementary August 25 Long-term Fulfillment in
relating to IPO Jingtaifu
offering of commitments in accordance with the 2022 validity progress
or refinancing
convertible latest CSRC regulations at that time.corporate 3. The Company commits to
bonds in A- effectively implement the measures
share the formulated by the Company to
implementatio compensate for the immediate returns
n of and to fulfill any commitments made
compensatory regarding such measures. If the
measures Company violates the above
commitments and cause losses to the
listed company or investors the
Company is willing to assume
compensation responsibility to the
listed company or investors in
accordance with the law.
1. I commit not to overstep authority
to interfere in the operational and
management activities of the listed
company and not to expropriate the
Relevant interests of the listed company.party’s 2. From the date of this commitment
commitments until the completion of the listed
regarding the company’s current issuance if the
immediate China Securities RegulatoryCommission (CSRC) issues new
dilution of regulatory requirements regarding
returns measures to compensate for returns
Commitments resulting from and related commitments and the
Jin Baofang and August 25 Long-term Fulfillment in
relating to IPO the public above commitment do not meet such
Jin Junmiao
or refinancing offering of requirements I commit to provide
2022 validity progress
convertible one or more supplementarycommitments in accordance with the
bonds in A- latest CSRC regulations at that time.share the 3. I commit to effectively implement
implementatio the measures formulated by the
n of Company to compensate for the
compensatory immediate returns and to fulfill any
measures commitments made regarding such
measures. If I violate the above
commitments and cause losses to the
listed company or investors I am
792025 Annual Report of JA Solar Technology Co. Ltd.
willing to assume compensation
responsibility to the listed company
or investors in accordance with the
law.
1. I commit not to transfer interests to
other entities or individuals without
compensation or on unfair terms and
not to harm the Company’s interests
in any other way.
2. I commit to control my position-
related consumption acts.
3. I commit not to use any assets of
the Company for investment or
consumption activities unrelated to
my duties.
4. I commit to support the linkage
between the compensation system
created by the Board of Directors or
the Remuneration and Assessment
Committee and the implementation of
Relevant the Company’s measures to
party’s compensate for returns.commitments 5. If the Company subsequentlylaunches an equity incentive plan I
regarding the commit to support the linkage
immediate between the exercise conditions of the
dilution of proposed equity incentive plan and
returns the implementation of the Company’s
All directors of
Commitments resulting from measures to compensate for returns.the fifth Board
relating to IPO the public 6. From the date of this commitment
August 25 Long-term Fulfillment in
of Directors and until the completion of the listed 2022 validity progress
or refinancing offering of
senior managers company’s current issuance if the
convertible China Securities Regulatory
bonds in A- Commission (CSRC) issues new
share the regulatory requirements regarding
implementatio measures to compensate for returns
n of and related commitments and theabove commitment do not meet such
compensatory requirements I commit to provide
measures one or more supplementary
commitments in accordance with the
latest CSRC regulations at that time.
7. I commit to effectively implement
the measures formulated by the
Company to compensate for the
immediate returns and to fulfill any
commitments made regarding such
measures. If I violate the above
commitments and cause losses to the
listed company or investors I am
willing to assume compensation
responsibility to the listed company
or investors in accordance with the
law.Fulfilled on time
Yes
or not
802025 Annual Report of JA Solar Technology Co. Ltd.
2. Where profit forecasts are made for assets or projects of the Company and the reporting period falls into
the profit forecast period the Company should explain the reasons for the assets and projects reach the
profit forecasts
□Applicable□Not Applicable
3. Performance commitment
□Applicable□Not Applicable
II. The Listed Company’s Funds Possessed by the Controlling Shareholder or Other Related
Parties for Non-operating Purposes
□Applicable□Not Applicable
During the reporting period the controlling shareholder or other related parties did not make non-operational use of funds from the
listed company.III. Guarantees in Violation of Provisions
□Applicable□Not Applicable
There were no illegal outward guarantees during the reporting period.IV. Note by the Board of Directors on the Latest Non-standard Audit Report
□Applicable□Not Applicable
V. Note by the Board of Directors and Independent Director(s) (if any) on the Non-standard
Audit Report issued by the Accounting Firm for this Period
□Applicable□Not Applicable
VI. Note on Changes in Accounting Policies Accounting Estimates or Corrections of Material
Accounting Errors Compared to Previous Year
□Applicable□Not Applicable
During the reporting period the Company has no accounting policies accounting estimates or corrections of material accounting
errors.VII. Note on Change in Consolidation Scope Compared to Previous Year
□Applicable □Not Applicable
The entities included in the scope of consolidated financial statements for this period have changed compared to the previous period.Refer to IX Change in the Scope of Consolidation in Section VIII Financial Statements for details.VIII. Engagement and Dismissal of Accounting Firm
Current accounting firm
Name of domestic accounting firm KPMG Huazhen Certified Public Accountants (Special General
Partnership)
Remuneration for domestic accounting firm (10000 yuan) 3701
Consecutive years of service provided by domestic accounting
4 years
firm
CPA names of domestic accounting firm Fu Qiang and Zhang Xinhua
Consecutive years of service provided by CPAs of domestic
4 years and 4 years
accounting firm
Name of overseas accounting firm (if any) Not Applicable
Remuneration for overseas accounting firm (10000 yuan) (if
Not Applicable
any)
Consecutive years of service provided by overseas accounting Not Applicable
812025 Annual Report of JA Solar Technology Co. Ltd.
firm (if any)
CPA names from overseas accounting firm (if any) Not Applicable
Consecutive years of service provided by CPAs from overseas
Not Applicable
accounting firm (if any)
Note: 1. KPMG Huazhen Certified Public Accountants (Special General Partnership) provides financial audit and internal control
audit services for the Company. The 2025 audit fees of this project are 3.7 million yuan (excluding tax) with an audit fee of 2.9
million yuan for the financial audit and 0.8 million yuan for the internal control audit.Change in accounting firm for the current period
□ Yes□ No
Information on the engagement of accounting firm for internal control audit financial consultants or sponsors.□Applicable □ Not applicable
According to the regulations of the China Securities Regulatory Commission (CSRC) and the Ministry of Finance the Company is
required to disclose the audit of internal controls over financial reporting together with the annual report. During the reporting period
the Company engaged KPMG Huazhen Certified Public Accountants (Special General Partnership) to audit the effectiveness of the
internal controls over the Company’s financial reporting for the year 2025.IX. Delisting After Annual Report Disclosure
□Applicable□Not Applicable
X. Matters relating to Bankruptcy and Reorganization
□Applicable□ Not applicable
The Company did not experience matters relating to bankruptcy and reorganization in the reporting period.XI. Material Litigation andArbitration Matters
□Applicable□ Not applicable
There were no material litigation and arbitration matter in connection with the Company in the reporting period.XII. Penalties and Corrections
□Applicable□ Not applicable
There were no penalties or corrections regarding the Company in the reporting period.XIII. Integrity Status of the Company and Its Controlling Shareholder and Actual Controller
□Applicable□Not Applicable
XIV. Material Related-party Transactions
1. Related-party transactions pertaining to everyday operations
□Applicable□Not Applicable
There were no related-party transactions pertaining to everyday operations regarding the Company in the reporting period.
2. Related-party transactions due to acquisition or sale of assets or shares
□Applicable□Not Applicable
During the reporting period no related-party transactions involving the acquisition or disposal of assets or equity took place.
3. Related-party transactions for joint outward investments
□Applicable□Not Applicable
There were no related-party transactions involving joint outward investments during the reporting period.
822025 Annual Report of JA Solar Technology Co. Ltd.
4. Related-party debts and claims
□Applicable □Not Applicable
Related-party debts and claims for non-operating purpose
□Yes □No
Related-party claims receivable
Occupation Amount Amount
Current
of funds for Opening increased in recovered in Closing
Interest interest rate
Related party Relationship Reason non- amount current current amount
rate (10000
operating (10000yuan) period period (10000yuan)
yuan)
purpose (10000yuan) (10000yuan)
Datang Angli
(Lingwu) Group’s Dividend
Yes 304.20 304.20
New Energy associate payment
Co. Ltd.Impact of related-party
claims on operating
The aforementioned matters do not materially affect the Company’s operational outcomes or financial standing.outcomes and financial
status of the Company
Related-party debts payable
Opening Amount Amount repaid Current
Related party Relationship Reason amount
increased in in current Interest Closing amount
interest rate
(10000 yuan) current period
period rate (10000 yuan)
(10000 yuan)
(10000 yuan) (10000 yuan)
A company in
which the
Bank of Borrowing
ultimate
Xingtai Co. from related 50000.00 4.25% 1092.01 50059.03
controller
Ltd. parties
holds a
minority stake
Hebei Jingning
The common Current
Elderly Care
ultimate accounts with 1000.00
Service Co.controller related parties1
Ltd.Effect of Related? Party
Borrowings on the Company’s The above borrowings have no material impact on the Company’s operating performance and financial
Operating Performance and condition.Financial ConditionNote: 1. The Group entered into an Equity Transfer Agreement with Hebei Jingning Elderly Care Service Co. Ltd. (“JingningElderly Care Service”) to sell its 100% equity interest in Jiangsu JA Solar Conference Center Co. Ltd. (the “Conference Center”)
to Jingning Elderly Care Service. To ensure a smooth handover Jingning Elderly Care Service contributed 10.00 million yuan to
the Conference Center prior to the handover date to settle its other payables owed to affiliated companies within the Group. The
handover of the Conference Center was completed on 2 December 2025.
5. Transactions with financial companies with which the Company has a related-party relationship
□Applicable□Not Applicable
The Company does not have any deposit accounts loans lines of credit or other financial transactions with financial companies with
which the Company has a related-party relationship.
6. Transactions between financial companies controlled by the Company and related parties of the
Company
□Applicable□Not Applicable
There are no deposit accounts loans lines of credit or other financial transactions between financial companies controlled by the
832025 Annual Report of JA Solar Technology Co. Ltd.
Company and related parties of the Company.
7. Other material related-party transactions
□Applicable □Not Applicable
Refer to 5. Related-party transactions in XIV. Related Parties and Related-party Transactions Section VIII Financial Statements of
this Report.On December 10 2024 the Company convened the 31st meeting of the sixth Board of Directors where it considered and approved
the Proposal on the Estimated Routine Related-Party Transactions for the Year 2025. According to operational requirements it is
anticipated that the total amount of routine related-party transactions between the Company and its subsidiaries and related parties in
2025 would not exceed 1001.91 million yuan. For details of the announcement please refer to http://www.cninfo.com.cn/.
Query on website where extraordinary reports about material related-party transactions are disclosed
Extraordinary announcements Disclosure date Disclosure website
Announcement on the Estimated Routine Related-
December 11 2024 www.cninfo.com.cn
Party Transactions for the Year 2025
XV. Material Contracts and Performance Thereof
1. Custody contracting and lease matters
(1) Custody
□Applicable□ Not applicable
There were no custody matters regarding the Company in the reporting period.
(2) Contracting
□Applicable□ Not applicable
There were no contracting matters regarding the Company in the reporting period.
(3) Lease
□Applicable□ Not applicable
There were no lease matters regarding the Company in the reporting period.
2. Material guarantees
□Applicable □ Not applicable
Unit: 10000
yuan
Outward guarantees by the Company and its subsidiaries (excluding guarantees for subsidiaries)
Disclosure
date for Counter- Fulfilled Related-
Guaranteed party announcement Guarantee Guarantee Guaranteed Collaterallimit date amount Guarantee type (if any) guarantee
Guarantee
duration completely
party
on guarantee (if any) or not guarantee
limit or not
Inner Mongolia Anao
PV Technology Co. April 1 2025 May 6 2025 12398.85 Pledge 25years No No
Ltd.Inner Mongolia
Fengjing PV April 1 2025 May 6 2025 6211.74 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia
Ruijing PV April 1 2025 May 6 2025 19424.8 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia
Youao PV April 1 2025 May 6 2025 7673.36 Pledge 25years No No
Technology Co. Ltd.Shanghai Mingjia
Energy Co. Ltd. April 1 2025 May 6 2025 5768.6 Pledge 25years No No
Inner Mongolia April 1 2025 May 30 2025 7221.28 Pledge 25years No No
842025 Annual Report of JA Solar Technology Co. Ltd.
Chengjing PV
Technology Co. Ltd.Inner Mongolia
Huijing PV April 1 2025 May 30 2025 8511.97 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia
Huixing PV April 1 2025 May 30 2025 10344.91 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia Pujia
PV Technology Co. April 1 2025 May 30 2025 6123.92 Pledge 25years No No
Ltd.Inner Mongolia
Ruiao PV April 1 2025 May 30 2025 11841.09 Pledge 25years No No
Technology Co. Ltd.Shanghai Xingjing
Energy Co. Ltd. April 1 2025 May 30 2025 54955.81 Pledge 25years No No
Shanghai Xingjing
Energy Co. Ltd. April 1 2025 June 42025 6174.74 Pledge 25years No No
Inner Mongolia
Yijing PV April 1 2025 June 13 2025 15288.57 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia
Ruijia PV April 1 2025 June 13 2025 9020.47 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia
Fengjia PV April 1 2025 June 13 2025 17396.38 Pledge 25years No No
Technology Co. Ltd.Changzhi Anjing
New Energy April 1 2025 June 30 2025 7825.13 Pledge 25years No No
Technology Co. Ltd.Zhangzhou Aolong
New Energy April 1 2025 June 30 2025 10094.23 Pledge 25years No No
Technology Co. Ltd.Shanxi Anjing New
Energy Technology April 1 2025 June 30 2025 6351.21 Pledge 25years No No
Co. Ltd.Rongcheng Hejing
New Energy April 1 2025 June 30 2025 4411.11 Pledge 25years No No
Technology Co. Ltd.Putian Aoshuo New
Energy Technology April 1 2025 June 30 2025 8590.43 Pledge 25years No No
Co. Ltd.Ningjin Xinao New
Energy Technology April 1 2025 June 30 2025 8339.45 Pledge 25years No No
Co. Ltd.Luan Huiao New
Energy Technology April 1 2025 June 30 2025 9521.78 Pledge 25years No No
Co. Ltd.Guangdong Xingjia
New Energy April 1 2025 June 30 2025 7531.5 Pledge 25years No No
Technology Co. Ltd.Taian Aosheng New
Energy Technology April 1 2025 June 30 2025 7373.06 Pledge 25years No No
Co. Ltd.Shijiazhuang
Chengjing New
Energy Technology April 1 2025 June 30 2025 5657.23 Pledge 25years No No
Co. Ltd.Nanning Jingcheng
New Energy April 1 2025 June 30 2025 20383.4 Pledge 25years No No
Technology Co. Ltd.Inner Mongolia
Youao PV
Technology Co. Ltd. April 1 2025 August 28Inner Mongolia 2025 178.77 Pledge 25years No No
Youao PV
Technology Co. Ltd.Shanghai Mingjia
Energy Co. Ltd. April 1 2025
August 28
2025 1091.51 Pledge 25years No No
Inner Mongolia Anao
PV Technology Co. April 1 2025 August 282025 528.2 Pledge 25years No NoLtd.
852025 Annual Report of JA Solar Technology Co. Ltd.
Inner Mongolia
Fengjing PV April 1 2025 August 28 250.42 Pledge 25years No No
Technology Co. Ltd. 2025
Inner Mongolia
Chengjing PV April 1 2025 August 28
Technology Co. Ltd. 2025
138.99 Pledge 25years No No
Inner Mongolia
Fengjia PV April 1 2025 August 28 180.6 Pledge 25years No No
Technology Co. Ltd. 2025
Inner Mongolia
Huijing PV April 1 2025 August 28
Technology Co. Ltd. 2025
102.93 Pledge 25years No No
Inner Mongolia
Huixing PV April 1 2025 August 282025 599.55 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia Pujia
PV Technology Co. April 1 2025 August 28
Ltd. 2025
142.28 Pledge 25years No No
Inner Mongolia
Ruiao PV April 1 2025 August 282025 530.96 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Ruijia PV April 1 2025 August 282025 113.76 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Ruijing PV April 1 2025 August 28
Technology Co. Ltd. 2025
860.23 Pledge 25years No No
Inner Mongolia
Yijing PV April 1 2025 August 282025 352.23 Pledge 25years No NoTechnology Co. Ltd.Shanghai Xingjing August 28
Energy Co. Ltd. April 1 2025 2025 1096.55 Pledge 25years No No
Guangdong Xingjia
New Energy April 1 2025 August 282025 94.9 Pledge 25years No NoTechnology Co. Ltd.Luan Huiao New
Energy Technology April 1 2025 August 282025 1273.51 Pledge 25years No NoCo. Ltd.Nanning Jingcheng
New Energy April 1 2025 August 282025 129.4 Pledge 25years No NoTechnology Co. Ltd.Ningjin Ningao New
Energy Technology April 1 2025 August 28
Co. Ltd. 2025
56.74 Pledge 25years No No
Putian Aoshuo New
Energy Technology April 1 2025 August 282025 725.96 Pledge 25years No NoCo. Ltd.Shijiazhuang
Chengjing New
Energy Technology April 1 2025
August 28
2025 103.21 Pledge 25years No No
Co. Ltd.Zhangzhou Aolong
New Energy April 1 2025 August 282025 498.62 Pledge 25years No NoTechnology Co. Ltd.Changzhi
AnjingAnjing New August 28
Energy Technology April 1 2025 2025 427.9 Pledge 25years No No
Co. Ltd.Changzhi Anjing
New Energy April 1 2025 November14 2025 133.15 Pledge 25years No NoTechnology Co. Ltd.Zhangzhou Aolong
New Energy April 1 2025 November14 2025 33.76 Pledge 25years No NoTechnology Co. Ltd.Taian Aosheng New
Energy Technology April 1 2025 November14 2025 999.81 Pledge 25years No NoCo. Ltd.Shijiazhuang
Chengjing New November
Energy Technology April 1 2025 14 2025 26.97 Pledge 25years No No
Co. Ltd.Shanghai Xingjing April 1 2025 NovemberEnergy Co. Ltd. 14 2025 488.62 Pledge 25years No No
862025 Annual Report of JA Solar Technology Co. Ltd.
Shanghai Mingjia November
Energy Co. Ltd. April 1 2025 14 2025 261.42 Pledge 25years No No
Rongcheng Hejing
New Energy April 1 2025 November14 2025 1015.92 Pledge 25years No NoTechnology Co. Ltd.Putian Aoshuo New
Energy Technology April 1 2025 November14 2025 148.95 Pledge 25years No NoCo. Ltd.Ningjin Ningao New
Energy Technology April 1 2025 November14 2025 1209.46 Pledge 25years No NoCo. Ltd.Inner Mongolia
Youao PV April 1 2025 November14 2025 51.38 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Yijing PV April 1 2025 November14 2025 277.28 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Ruijing PV April 1 2025 November 334.66 Pledge 25years No No
Technology Co. Ltd. 14 2025
Inner Mongolia
Ruijia PV April 1 2025 November14 2025 189.99 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Ruiao PV April 1 2025 November14 2025 78.66 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia Pujia
PV Technology Co. April 1 2025 November14 2025 73.95 Pledge 25years No NoLtd.Inner Mongolia
Huixing PV April 1 2025 November
Technology Co. Ltd. 14 2025
262.4 Pledge 25years No No
Inner Mongolia
Huijing PV April 1 2025 November
Technology Co. Ltd. 14 2025
172.44 Pledge 25years No No
Inner Mongolia
Fengjing PV April 1 2025 November14 2025 300.16 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Fengjia PV April 1 2025 November14 2025 322.8 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Chengjing PV April 1 2025 November14 2025 90.16 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia Anao
PV Technology Co. April 1 2025 November14 2025 163.64 Pledge 25years No NoLtd.Nanning Jingcheng
New Energy April 1 2025 November 392.02 Pledge 25years No No
Technology Co. Ltd. 14 2025
Luan Huiao New
Energy Technology April 1 2025 November14 2025 285.07 Pledge 25years No NoCo. Ltd.Guangdong Xingjia
New Energy April 1 2025 November 109.32 Pledge 25years No No
Technology Co. Ltd. 14 2025
Luan Huiao New
Energy Technology April 1 2025 December26 2025 5.81 Pledge 25years No NoCo. Ltd.Nanning Jingcheng
New Energy April 1 2025 December 41.9 Pledge 25years No No
Technology Co. Ltd. 26 2025
Inner Mongolia Anao
PV Technology Co. April 1 2025 December26 2025 12.27 Pledge 25years No NoLtd.Inner Mongolia
Chengjing PV April 1 2025 December26 2025 36.14 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Fengjia PV April 1 2025 December 116.28 Pledge 25years No No
Technology Co. Ltd. 26 2025
Inner Mongolia
Fengjing PV April 1 2025
December
26 2025 26.3 Pledge 25years No No
872025 Annual Report of JA Solar Technology Co. Ltd.
Technology Co. Ltd.Inner Mongolia
Huixing PV April 1 2025 December 39.48 Pledge 25years No No
Technology Co. Ltd. 26 2025
Inner Mongolia Pujia
PV Technology Co. April 1 2025 December26 2025 9.25 Pledge 25years No NoLtd.Inner Mongolia
Ruiao PV April 1 2025 December26 2025 27.45 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Ruijia PV April 1 2025 December 10.44 Pledge 25years No No
Technology Co. Ltd. 26 2025
Inner Mongolia
Ruijing PV April 1 2025 December26 2025 126.68 Pledge 25years No NoTechnology Co. Ltd.Inner Mongolia
Yijing PV April 1 2025 December
Technology Co. Ltd. 26 2025
78.4 Pledge 25years No No
Ningjin Ningao New
Energy Technology April 1 2025 December 48.56 Pledge 25years No No
Co. Ltd. 26 2025
Rongcheng Hejing
New Energy April 1 2025 December
Technology Co. Ltd. 26 2025
16.87 Pledge 25years No No
Shanxi Anjing New
Energy Technology April 1 2025 December 534.64 Pledge 25years No No
Co. Ltd. 26 2025
Shanghai Mingjia
Energy Co. Ltd. April 1 2025
December
26 2025 83.91 Pledge 25years No No
Shanghai Xingjing April 1 2025 DecemberEnergy Co. Ltd. 26 2025 23.16 Pledge 25years No No
Changzhi Anjing
New Energy April 1 2025 December26 2025 16.1 Pledge 25years No NoTechnology Co. Ltd.Total approved guarantee limits 312587.84 Total actual guarantees during theduring the reporting period A1 reporting period A2 312587.84（ ） （ ）
Total approved guarantee limits at Total actual outstanding guarantees
the end of the reporting period 312587.84 at the end of the reporting period 312587.84
（A3） （A4）Guarantees by the Company for subsidiaries
Disclosure
date for Counter- Fulfilled Related-
Guaranteed party announcement Guarantee Guarantee Guaranteed Guarantee type Collateral guarantee Guarantee completely party
on guarantee limit date amount (if any) (if any) duration or not guarantee
limit or not
JA (Yangzhou) Solar December 10 Joint and several
Technology Co. Ltd. 2021 May 122022 8000 liability guarantee 2.5years Yes No
Yiwu JA Solar December 10 March 2
Technology Co. Ltd. 2021 2022 15000
Joint and several
liability guarantee 3.1years Yes No
JA Solar International December 10 August 16 8786 Joint and severalLimited 2021 2022 liability guarantee 3.1years Yes No
JA Solar International December 10 August 16
Limited 2021 2022 1616.62
Joint and several
liability guarantee 4years No No
JA Solar Holdings December 10 September Joint and several
Co. Ltd. 2021 14 2022 20000 liability guarantee 3.1years Yes No
JA Solar Holdings December 10 September
Co. Ltd. 2021 19 2022 79400
Joint and several
liability guarantee 3.3years No No
Chaoyang JA Solar
Power Generation January 8 Joint and several
Co. Ltd. 2020 July 3 2020 8894.6 liability guarantee 5.8years No Nopledge
JA Solar Australia December 10 December 9
PTY Limited 2021 2022 47001.88
Joint and several
liability guarantee 5.1years No No
Yiwu Jingcheng PV December 10 September Joint and several
Materials Co. Ltd. 2021 15 2022 25000 liability guarantee 5.6years No No
JA Solar Vietnam December 16 September 34441.12 Joint and severalCo. Ltd. 2020 23 2021 liability guarantee 7.1years No No
JA (Yangzhou) New January 8 October 12
Energy Co. Ltd. 2020 2020 36000
Joint and several
liability guarantee 9.3years No No
882025 Annual Report of JA Solar Technology Co. Ltd.
Chaoyang Xinghua
Solar Power December 162020 June 15 2021 103000
Joint and several
Generation Co. Ltd. liability guarantee
15.3years No No
JA Solar GmbH December 16 September Joint and several2020 30 2021 13585.77 liability guarantee 25.3years No No
JA Solar GmbH December 10 July 15 2022 12421.91 Joint and several2021 liability guarantee 25.8years No No
Hefei JA Solar November 24 January 1 20000 Joint and severalTechnology Co. Ltd. 2022 2023 liability guarantee 2.03years Yes No
Jing Hai Yang
Semiconductor November 24 February Joint and several
Materials (Donghai) 2022 162023 10000 liability guarantee 1.9years Yes No
Co. Ltd.JA (Yangzhou) Solar November 24 February Joint and several
Technology Co. Ltd. 2022 272023 10000 liability guarantee 2.9years No No
Hefei JA Solar November 24 March 27 Joint and several
Technology Co. Ltd. 2022 2023 9000 liability guarantee 3years No No
JA (Yangzhou) Solar November 24 April Joint and several
Technology Co. Ltd. 2022 132023 10000 liability guarantee 1.78years Yes No
JA Solar International November 24
Limited 2022 May 15 2023 14057.6
Joint and several
liability guarantee 3years No No
JA Solar International November 24 Joint and several
Limited 2022 May 1 2023 7731.68 liability guarantee 2.8years No No
JA Solar GmbH November 24 June 6 2023 51703.71 Joint and several2022 liability guarantee 31.5years No No
JA Solar Australia November 24 April 24 Joint and several
PTY Limited 2022 2023 33187.05 liability guarantee 8.9years No No
JA (Yangzhou) Solar November 24 July 14 2023 27000 Joint and severalTechnology Co. Ltd. 2022 liability guarantee 2.07years Yes No
JA (Yangzhou) New November 24 July 14 2023 40000 Joint and severalEnergy Co. Ltd. 2022 liability guarantee 2.07years Yes No
JA (Yangzhou) New November 24
Energy Co. Ltd. 2022 July 24 2023 20000
Joint and several
liability guarantee 3.64years No No
Yiwu JA Solar November 24
Technology Co. Ltd. 2022 July 31 2023 4000
Joint and several
liability guarantee 2years Yes No
JA (Yangzhou) New
Energy Co. Ltd.; JA November 24 August 1 Joint and several
Solar International 2022 2023 18591.18 liability guarantee 3years No No
Limited
Shanghai JA Solar
Technology Co. Ltd.;
JA Solar International
Limited; Hefei JA
Solar Technology November 24 August 10
Co. Ltd.; Yiwu JA 2022 2023 214401
Joint and several
liability guarantee 1.4years Yes No
Solar Technology
Co. Ltd.; JA
(Yangzhou) New
Energy Co. Ltd.Hefei JA Solar November 24 Joint and several
Technology Co. Ltd. 2022 July 9 2023 25000 liability guarantee 2.3years Yes No
JA Solar GmbH November 24 September2022 222023 16333.03
Joint and several
liability guarantee 2.7years No No
JA Solar GmbH November 24 September2022 222023 14015.26
Joint and several
liability guarantee 2.7years No No
JA Solar GmbH November 24 September Joint and several2022 222023 27699.82 liability guarantee 2.7years No No
JA Solar GmbH November 24 September Joint and several2022 222023 2168.52 liability guarantee 31years No No
JA (Wuxi) PV November 24 November 1
Technology Co. Ltd. 2022 2023 20000
Joint and several
liability guarantee 1.5years Yes No
JA (Xingtai) Solar November 24 November Joint and several
Co. Ltd. 2022 20 2023 25000 liability guarantee 3years No No
Shanghai JA Solar November 24 November Joint and several
Technology Co. Ltd. 2022 27 2023 20000 liability guarantee 1.24years Yes No
Yiwu JA Solar November 24 December
Technology Co. Ltd. 2022 12023 20000
Joint and several
liability guarantee 1.75years Yes No
Yiwu JA Solar November 24 December 49000 Joint and severalTechnology Co. Ltd. 2022 12023 liability guarantee 1.24years Yes No
JA Solar Holdings November 24 December Joint and several
Co. Ltd. 2022 42023 50000 liability guarantee 3years No No
JA (Yangzhou) New November 24 December 10000 Joint and several 1.35years Yes No
892025 Annual Report of JA Solar Technology Co. Ltd.
Energy Co. Ltd. 2022 202023 liability guarantee
Hefei JA Solar November 24 December Joint and several
Technology Co. Ltd. 2022 52023 43000 liability guarantee 3years No No
Qujing JA PV November 24 December Joint and several
Technology Co. Ltd. 2022 12023 20000 liability guarantee 1.32years Yes No
Shijiazhuang JA
Solar Technology November 24 December Joint and several
Co. Ltd. 2022 282023
30000 liability guarantee 1.07years Yes No
JA (Wuxi) PV November 24 December Joint and several
Technology Co. Ltd. 2022 282023 16000 liability guarantee 1.41years Yes No
Dongtai JA Solar December 13 January 20000 Joint and severalTechnology Co. Ltd. 2023 152024 liability guarantee 1year Yes No
Dongtai JA Solar PV December 13 January 20000 Joint and severalTechnology Co. Ltd. 2023 152024 liability guarantee 1.04years Yes No
Qujing Jinglong
Electronic Materials December 13 January2023 172024 12000
Joint and several
Co. Ltd. liability guarantee
1year Yes No
Qujing JA PV December 13 January Joint and several
Technology Co. Ltd. 2023 182024 30000 liability guarantee 1.49years Yes No
JA Solar PV Vietnam December 13 January Joint and several
Co. Ltd. 2023 182024 64924.76 liability guarantee 1.08years Yes Nomortgage
JA (Yangzhou) New December 13 January 20000 Joint and severalEnergy Co. Ltd. 2023 222024 liability guarantee 1.38years Yes No
Shanghai JA Solar December 13 January Joint and several
Technology Co. Ltd. 2023 302024 21000 liability guarantee 3years No No
Shanghai JA Solar December 13 January Joint and several
Technology Co. Ltd. 2023 302024 20000 liability guarantee 1.06years Yes No
JA Solar Australia December 13 January
PTY Limited 2023 32024 54626.48
Joint and several
liability guarantee 3.46years No No
JA (Xingtai) Solar December 13 February 6 Joint and several
Co. Ltd. 2023 2024 15000 liability guarantee 1year Yes No
Qujing Jinglong
Electronic Materials December 13 February 192023 2024 10000
Joint and several
Co. Ltd. liability guarantee
1year Yes No
Qujing JA PV December 13 February 19 30000 Joint and severalTechnology Co. Ltd. 2023 2024 liability guarantee 1.16 years Yes No
Hefei JA Solar December 13 February 19 Joint and several
Technology Co. Ltd. 2023 2024 30000 liability guarantee 0.92years Yes No
JA Solar Holdings December 13 February 23
Co. Ltd. 2023 2024 80000
Joint and several
liability guarantee 3.02years No No
JA (Xingtai) Solar December 13 February 23 40000 Joint and severalCo. Ltd. 2023 2024 liability guarantee 3years No No
JA Solar Holdings December 13 February 26
Co. Ltd. 2023 2024 30000
Joint and several
liability guarantee 1.02years Yes No
JA (Xingtai) Solar December 13 February 26
Co. Ltd. 2023 2024 10000
Joint and several
liability guarantee 1.16years Yes No
Hefei JA Solar December 13 February 26
Technology Co. Ltd. 2023 2024 115000
Joint and several
liability guarantee 1.04years Yes No
Baotou JA Solar December 13 February 26 Joint and several
Technology Co. Ltd. 2023 2024 20000 liability guarantee 1.33years Yes No
JA (Xingtai) Solar December 13 February 26 24000 Joint and severalCo. Ltd. 2023 2024 liability guarantee 0.85years Yes No
JA Solar GmbH December 13 February 26 Joint and several2023 2024 57795.88 liability guarantee 31.87years No No
JA (Wuxi) PV December 13 February 27 Joint and several
Technology Co. Ltd. 2023 2024 10000 liability guarantee 1year Yes No
Jing Hai Yang
Semiconductor December 13 February 28 Joint and several
Materials (Donghai) 2023 2024 5000 liability guarantee 1year Yes No
Co. Ltd.Hefei Jingjiu PV December 13 March 5000 Joint and severalTechnology Co. Ltd. 2023 42024 liability guarantee 1year Yes No
Shanghai JA Solar December 13 March Joint and several
Technology Co. Ltd. 2023 152024 10000 liability guarantee 1year Yes No
JA (Yangzhou) Solar December 13 March Joint and several
Technology Co. Ltd. 2023 152024 10000 liability guarantee 1year Yes No
Hefei JA Solar December 13 March
Technology Co. Ltd. 2023 152024 40000
Joint and several
liability guarantee 3years No No
JA (Yangzhou) Solar December 13 March Joint and several
Technology Co. Ltd. 2023 192024 15000 liability guarantee 1.02years Yes No
JA (Donghai) New December 13 March 10000 Joint and several 2.01years No No
902025 Annual Report of JA Solar Technology Co. Ltd.
Material Technology 2023 192024 liability guarantee
Co. Ltd.JA (Xingtai) Solar December 13 March
Co. Ltd. 2023 202024 20000
Joint and several
liability guarantee 3years No No
JA (Wuxi) PV December 13 March
Technology Co. Ltd. 2023 212024 5000
Joint and several
liability guarantee 0.99years Yes No
JA (Yangzhou) New December 13 March Joint and several
Energy Co. Ltd. 2023 212024 10000 liability guarantee 0.99years Yes No
JA Solar Holdings December 13 March Joint and several
Co. Ltd. 2023 212024 85000 liability guarantee 1.15years Yes No
JA (Xingtai) Solar December 13 March Joint and several
Co. Ltd. 2023 252024 50000 liability guarantee 1year Yes No
Hefei JA Solar December 13 March Joint and several
Technology Co. Ltd. 2023 262024 40000 liability guarantee 2years No No
JA Solar Holdings December 13 March
Co. Ltd. 2023 262024 50000
Joint and several
liability guarantee 3.23years No No
Donghai JA Solar December 13 March Joint and several
Technology Co. Ltd. 2023 272024 20000 liability guarantee 0.87years Yes No
Hefei JA Solar December 13 March
Technology Co. Ltd. 2023 282024 40000
Joint and several
liability guarantee 1.36years Yes No
JA Solar Holdings December 13 March 103000 Joint and severalCo. Ltd. 2023 292024 liability guarantee 5.76years No No
JA (Yangzhou) Solar December 13
Technology Co. Ltd. 2023 April 1 2024 10000
Joint and several
liability guarantee 3years No No
JA (Yangzhou) New December 13
Energy Co. Ltd. 2023 April 1 2024 30000
Joint and several
liability guarantee 3years No No
JA Solar International December 13
Limited 2023 April 1 2024 21086.4
Joint and several
liability guarantee 3.41years No No
JA Solar International December 13
Limited 2023 April 1 2024 7028.8
Joint and several
liability guarantee 6.25years No No
Jing Hai Yang
Semiconductor December 13 Joint and several
Materials (Donghai) 2023 April 7 2024 8000 liability guarantee 1year Yes No
Co. Ltd.JA (Yangzhou) New December 13 April 8 2024 10000 Joint and severalEnergy Co. Ltd. 2023 liability guarantee 1year Yes No
JA Solar International December 13 April 8 2024 49201.6 Joint and severalLimited 2023 liability guarantee 2years No No
Baotou JA Solar December 13 April 11 50000 Joint and severalTechnology Co. Ltd. 2023 2024 liability guarantee 0.94years Yes No
Hefei JA Solar December 13 April 11 Joint and several
Technology Co. Ltd. 2023 2024 20000 liability guarantee 0.91years Yes No
Dongtai JA Solar December 13 April 17 Joint and several
Technology Co. Ltd. 2023 2024 131160 liability guarantee 6.94years No No
Qujing JA PV December 13 April 17 Joint and several
Technology Co. Ltd. 2023 2024 20000 liability guarantee 0.92years Yes No
Qujing Jinglong
Electronic Materials December 13 April 17 10000 Joint and several
Co. Ltd. 2023 2024 liability guarantee
0.95years Yes No
Qujing JA Solar December 13 April 17 10000 Joint and severalTechnology Co. Ltd. 2023 2024 liability guarantee 0.92years Yes No
Dongtai JA Solar December 13 April 24
Technology Co. Ltd. 2023 2024 14000
Joint and several
liability guarantee 1year Yes No
Baotou JA Solar December 13 April 24 200 Joint and severalTechnology Co. Ltd. 2023 2024 liability guarantee 0.94years Yes No
JA (Xingtai) Solar December 13 April 26 10000 Joint and severalCo. Ltd. 2023 2024 liability guarantee 0.95years Yes No
JA (Xingtai) Solar December 13 April 26 Joint and several
Co. Ltd. 2023 2024 50000 liability guarantee 1year Yes No
JA Solar Holdings December 13 April 26 Joint and several
Co. Ltd. 2023 2024 10000 liability guarantee 0.99years Yes No
Inner Mongolia
Yijing PV
Technology Co. Ltd.Nanning Jingcheng
New Energy
Technology Co. Ltd. December 13 April 29 300000 Joint and several2023 2024 liability guarantee 0.96years Yes NoZhengzhou Jingkun
New Energy
Technology Co. Ltd.Inner Mongolia Heao
PV Technology Co.
912025 Annual Report of JA Solar Technology Co. Ltd.
Ltd.; Changzhi
Anjing New Energy
Technology Co. Ltd.;
Inner Mongolia
Youjing PV
Technology Co. Ltd.Putian Aoshuo New
Energy Technology
Co. Ltd. Inner
Mongolia Huixing
PV Technology Co.Ltd. etc.JA Solar GmbH December 13 April 29 605.68 Joint and several2023 2024 liability guarantee 0.68years Yes No
JA Solar International December 13
Limited 2023 May 82024 4346.6
Joint and several
liability guarantee 3.01years No No
JA Solar International December 13 May 82024 4587.73 Joint and severalLimited 2023 liability guarantee 3.02years No No
JA Solar International December 13 May 82024 4487.97 Joint and severalLimited 2023 liability guarantee 2.94years No No
JA Solar International December 13
Limited 2023 May 82024 4495.26
Joint and several
liability guarantee 2.85years No No
Hefei JA Solar December 13 Joint and several
Technology Co. Ltd. 2023 May 102024 40000 liability guarantee 3years No No
JA Solar GmbH December 132023 May 112024 302.84
Joint and several
liability guarantee 0.65years Yes No
JA Solar GmbH December 132023 May 112024 1042.64
Joint and several
liability guarantee 1.52years Yes No
JA Solar GmbH December 132023 May 112024 2919.39
Joint and several
liability guarantee 1.39years Yes No
JA (Yangzhou) Solar December 13 May 132024 10000 Joint and severalTechnology Co. Ltd. 2023 liability guarantee 1year Yes No
JA (Yangzhou) New December 13
Energy Co. Ltd. 2023 May 132024 15000
Joint and several
liability guarantee 1.11years Yes No
JA (Yangzhou) New December 13
Energy Co. Ltd. 2023 May 232024 10000
Joint and several
liability guarantee 1year Yes No
Shijiazhuang JA
Solar Technology December 132023 May 132024 10000
Joint and several
Co. Ltd. liability guarantee
1year Yes No
Qujing JA Solar December 13 May 152024 10000 Joint and severalTechnology Co. Ltd. 2023 liability guarantee 1year Yes No
JA Solar GmbH December 13 May 152024 1441.05 Joint and several2023 liability guarantee 1.31years Yes No
JA Solar GmbH December 132023 May 152024 792.4
Joint and several
liability guarantee 1.27years Yes No
JA Solar GmbH December 132023 May 152024 9967.9
Joint and several
liability guarantee 30.62years No No
Hefei JA Solar December 13 May 202024 20000 Joint and severalTechnology Co. Ltd. 2023 liability guarantee 1.21years Yes No
Qujing Jinglong
Electronic Materials December 132023 May 232024 10000
Joint and several
Co. Ltd. liability guarantee
3years No No
Qujing JA PV December 13 Joint and several
Technology Co. Ltd. 2023 May 232024 20000 liability guarantee 3years No No
Yiwu Jingcheng PV December 13 May 232024 15000 Joint and severalMaterials Co. Ltd. 2023 liability guarantee 3years No No
JA Solar International December 13
Limited 2023 June 7 2024 17572
Joint and several
liability guarantee 3years No No
JA Solar International December 13
Limited 2023 June 7 2024 10543.2
Joint and several
liability guarantee 3years No No
JA (Wuxi) PV December 13
Technology Co. Ltd. 2023 June 11 2024 10000
Joint and several
liability guarantee 1year Yes No
JA Solar International December 13 June 14 2024 55527.52 Joint and severalLimited 2023 liability guarantee 0.87years Yes No
Inner Mongolia Yijia
PV Technology Co.Ltd. December 13 Joint and several
Inner Mongolia 2023 June 18 2024 4616.43 liability guarantee 0.81years Yes No
Ruijing PV pledge
Technology Co. Ltd.Yiwu JA Solar December 13
Technology Co. Ltd. 2023 June 18 2024 50000
Joint and several
liability guarantee 0.55years Yes No
922025 Annual Report of JA Solar Technology Co. Ltd.
Dongtai JA Solar December 13
Technology Co. Ltd. 2023 June 20 2024 50000
Joint and several
liability guarantee 1year Yes No
Yiwu JA Solar December 13
Technology Co. Ltd. 2023 June 21 2024 10000
Joint and several
liability guarantee 1.04years Yes No
Dongtai JA Solar December 13
Technology Co. Ltd. 2023 June 25 2024 30000
Joint and several
liability guarantee 1year Yes No
Jing Hai Yang
Semiconductor December 13
Materials (Donghai) 2023 June 26 2024 5000
Joint and several
liability guarantee 0.84years Yes No
Co. Ltd.JA (Xingtai) Solar December 13
Co. Ltd. 2023 June 26 2024 10000
Joint and several
liability guarantee 5years No No
JA (Xingtai) Solar December 13
Co. Ltd. 2023 June 26 2024 8434.56
Joint and several
liability guarantee 0.72years Yes No
Jing Hai Yang
Semiconductor December 13 Joint and several
Materials (Donghai) 2023 June 27 2024 8000 liability guarantee 0.84years Yes No
Co. Ltd.JA (Xingtai) Solar December 13 Joint and several
Co. Ltd. 2023 June 27 2024 32000 liability guarantee 4years No No
Baotou JA Solar December 13 June 27 2024 25000 Joint and severalTechnology Co. Ltd. 2023 liability guarantee 4years No No
Qujing Jinglong
Electronic Materials December 13 June 27 2024 15000 Joint and several 4years No No
Co. Ltd. 2023 liability guarantee
Daqing Jingsheng
Solar Power December 13 June 28 2024 40000 Joint and several
Genenration Co. Ltd. 2023 liability guarantee
15.01years No No
Yinchuan Aiyouen
Energy Power Co. December 132023 June 28 2024 7000
Joint and several
liability guarantee 15.01years No NoLtd.JA Solar International December 13
Limited 2023 July 10 2024 8434.56
Joint and several
liability guarantee 0.68years Yes No
JA Solar International December 13 Joint and several
Limited 2023 July 18 2024 1225.27 liability guarantee 1.23years Yes No
Qujing Jinglong
Electronic Materials December 13 July 29 2024 8000 Joint and several 3years No No
Co. Ltd. 2023 liability guarantee
Hefei JA Solar December 13 July 29 2024 10000 Joint and severalTechnology Co. Ltd. 2023 liability guarantee 1.24years Yes No
JA Solar GmbH December 13 August 62023 2024 989.15
Joint and several
liability guarantee 0.53years Yes No
JA Solar GmbH December 13 August 62023 2024 4003.83
Joint and several
liability guarantee 0.69years Yes No
JA Solar GmbH December 13 August 6 Joint and several2023 2024 7949.83 liability guarantee 0.69years Yes No
JA Solar GmbH December 13 August 6 6216.32 Joint and several2023 2024 liability guarantee 0.61years Yes No
JA Solar GmbH December 13 August 6 4530.66 Joint and several2023 2024 liability guarantee 0.61years Yes No
JA Solar International December 13 August 11 Joint and several
Limited 2023 2024 42172.8 liability guarantee 4.02years No No
JA Solar International December 13 August 11 Joint and several
Limited 2023 2024 42172.8 liability guarantee 4years No No
Dongtai Jingdong
New Energy December 13 August 14 Joint and several
Technology 2023 2024 43188.16 liability guarantee 15.01years No No
Development o. Ltd.JA Solar GmbH December 13 August 16 2176 Joint and several2023 2024 liability guarantee 0.71years Yes No
JA Intelligent Energy
Technology (Hainan) December 13 August 21 5000 Joint and several2023 2024 liability guarantee 1year Yes NoCo. Ltd.JA Solar International December 13 August 22 Joint and several
Limited 2023 2024 41177.5 liability guarantee 4.95years No No
Shijiazhuang JA
Solar Technology December 13 August 22 10000 Joint and several
Co. Ltd. 2023 2024 liability guarantee
0.55years Yes No
JA Solar Holdings December 13 August 26
Co. Ltd. 2023 2024 5000
Joint and several
liability guarantee 2.99years No No
JA Solar GmbH December 13 August 27 234.51 Joint and several2023 2024 liability guarantee 0.53years Yes No
932025 Annual Report of JA Solar Technology Co. Ltd.
JA Solar GmbH December 13 August 272023 2024 261.48
Joint and several
liability guarantee 0.53years Yes No
JA (Yangzhou) New December 13 August 29 Joint and several
Energy Co. Ltd. 2023 2024 13000 liability guarantee 1.06years Yes No
JA (Yangzhou) Solar December 13 August 29
Technology Co. Ltd. 2023 2024 20000
Joint and several
liability guarantee 0.92years Yes No
JA (Yangzhou) Solar December 13 August 29 50000 Joint and severalTechnology Co. Ltd. 2023 2024 liability guarantee 2.96years No No
Qujing Jinglong
Electronic Materials December 13 August 30 19200 Joint and several
Co. Ltd. 2023 2024 liability guarantee
5years No No
Qujing JA Solar December 13 August 30 Joint and several
Technology Co. Ltd. 2023 2024 9600 liability guarantee 5years No No
JA (Wuxi) PV December 13 August 30 Joint and several
Technology Co. Ltd. 2023 2024 10000 liability guarantee 0.61years Yes No
JA Solar GmbH December 13 September 62023 2024 8097.79
Joint and several
liability guarantee 0.48years Yes No
Yiwu JA Solar December 13 September Joint and several
Technology Co. Ltd. 2023 13 2024 60000 liability guarantee 1year Yes No
Yiwu JA Solar December 13 September Joint and several
Technology Co. Ltd. 2023 13 2024 30000 liability guarantee 1year Yes No
JA Solar International December 13 September
Limited 2023 13 2024 21086.4
Joint and several
liability guarantee 5years No No
Inner Mongolia Fujia
PV Technology Co. December 13 September
Joint and several
2023 14 2024 19500 liability guarantee 0.57years Yes NoLtd. pledge
Inner Mongolia
Fengjia PV December 13 September
Joint and several
2023 14 2024 14000 liability guarantee 0.6years Yes NoTechnology Co. Ltd. pledge
Inner Mongolia December 13 September Joint and severalRuiao PV 2023 14 2024 11300 liability guarantee 0.57years Yes NoTechnology Co. Ltd. pledge
Inner Mongolia December 13 September Joint and severalHuiao PV 2023 14 2024 4700 liability guarantee 0.6years Yes NoTechnology Co. Ltd. pledge
Inner Mongolia Liao Joint and several
PV Technology Co. December 13 September 4000 liability guarantee 0.55years Yes No
Ltd. 2023 14 2024 pledge
Inner Mongolia December 13 September Joint and severalFengxing PV 2023 14 2024 6500 liability guarantee 0.6years Yes NoTechnology Co. Ltd. pledge
Suiyang Jingeng
Energy Technology December 13 September2023 14 2024 38080
Joint and several
liability guarantee 15.01years No NoCo. Ltd.JA Solar International December 13 September Joint and several
Limited 2023 14 2024 8496.79 liability guarantee 2.88years No No
Lanping JA PV December 13 September 779.14 Joint and severalTechnology Co. Ltd. 2023 18 2024 liability guarantee 0.48years Yes No
JA Intelligent Energy
Technology (Hainan) December 13 September 10000 Joint and several 2years No No
Co. Ltd 2023 19 2024 liability guarantee
Hefei JA Solar December 13 September Joint and several
Technology Co. Ltd. 2023 24 2024 150000 liability guarantee 2years No No
JA Intelligent Energy Joint and several
Technology (Hainan) December 13 September 75000 liability guarantee 2years No No
Co. Ltd 2023 25 2024 pledge mortgage
Qujing JA Solar December 13 September 10000 Joint and severalTechnology Co. Ltd. 2023 30 2024 liability guarantee 1.89years No No
Hefei JA Solar December 13 September 50000 Joint and severalTechnology Co. Ltd. 2023 30 2024 liability guarantee 1.16years Yes No
Qujing JA PV December 13 October Joint and several
Technology Co. Ltd. 2023 12024 40000 liability guarantee 3.75years No No
Beijing JA Solar PV December 13 October 5000 Joint and severalTechnology Co. Ltd. 2023 12024 liability guarantee 0.94years Yes No
JA Solar GmbH December 13 October2023 122024 713.26
Joint and several
liability guarantee 0.41years Yes No
JA Solar Investment
(Inner Mongolia) December 13 October2023 142024 4146.78
Joint and several
Co. Ltd. liability guarantee
0.24years Yes No
JA (Yangzhou) New December 13 October Joint and several
Energy Co. Ltd. 2023 152024 50000 liability guarantee 0.83years Yes No
Baotou JA Solar December 13 October 15000 Joint and several 1year Yes No
942025 Annual Report of JA Solar Technology Co. Ltd.
Technology Co. Ltd. 2023 162024 liability guarantee
Yiwu JA Solar December 13 October Joint and several
Technology Co. Ltd. 2023 162024 10000 liability guarantee 1.27years No No
JA Solar GmbH December 13 October2023 182024 5987.38
Joint and several
liability guarantee 0.42years Yes No
JA Solar GmbH December 13 October2023 182024 1722.28
Joint and several
liability guarantee 0.22years Yes No
JA Solar GmbH December 13 October2023 182024 1646.72
Joint and several
liability guarantee 0.67years Yes No
JA (Yangzhou) Solar December 13 October 10000 Joint and severalTechnology Co. Ltd. 2023 222024 liability guarantee 1year Yes No
Hefei JA Solar December 13 October Joint and several
Technology Co. Ltd. 2023 302024 70000 liability guarantee 1.12years Yes No
Hefei JA Solar December 13 October 20000 Joint and severalTechnology Co. Ltd. 2023 302024 liability guarantee 1.05years Yes No
Dongtai JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 12024 3405.08 liability guarantee 0.41years Yes No
Dongtai JA Solar December 13 November
Technology Co. Ltd. 2023 12024 893.44
Joint and several
liability guarantee 0.48years Yes No
Dongtai JA Solar December 13 November 313.4 Joint and severalTechnology Co. Ltd. 2023 12024 liability guarantee 0.56years Yes No
JA (Gaoyou) PV December 13 November Joint and several
Technology Co. Ltd. 2023 12024 830.27 liability guarantee 0.39years Yes No
JA (Gaoyou) PV December 13 November
Technology Co. Ltd. 2023 12024 2015.22
Joint and several
liability guarantee 0.47years Yes No
JA (Gaoyou) PV December 13 November Joint and several
Technology Co. Ltd. 2023 12024 300.21 liability guarantee 0.63years Yes No
JA (Xingtai) Solar December 13 November
Co. Ltd. 2023 12024 489.25
Joint and several
liability guarantee 0.39years Yes No
JA (Xingtai) Solar December 13 November Joint and several
Co. Ltd. 2023 12024 202.6 liability guarantee 0.43years Yes No
JA (Xingtai) Solar December 13 November Joint and several
Co. Ltd. 2023 12024 588.39 liability guarantee 0.46years Yes No
JA (Yangzhou) Solar December 13 November
Technology Co. Ltd. 2023 62024 5000
Joint and several
liability guarantee 0.76years Yes No
Dongtai JA Solar PV December 13 November Joint and several
Technology Co. Ltd. 2023 82024 180.4 liability guarantee 0.25years Yes No
Yangzhou JA PV Joint and several
Power Generation December 13 November2023 152024 10077.79 liability guarantee 5years No NoCo. Ltd. pledge
Dongtai JA Solar December 13 November
Technology Co. Ltd. 2023 212024 4363.58
Joint and several
liability guarantee 0.49years Yes No
JA Solar International December 13 November 2231.37 Joint and severalLimited 2023 212024 liability guarantee 2.31years No No
JA Solar International December 13 November Joint and several
Limited 2023 212024 2232.71 liability guarantee 2.48years No No
JA Solar International December 13 November Joint and several
Limited 2023 212024 2226.67 liability guarantee 2.39years No No
Hefei JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 22 2024 241.93 liability guarantee 0.5years Yes No
Hefei JA Solar December 13 November 806.93 Joint and severalTechnology Co. Ltd. 2023 25 2024 liability guarantee 0.5years Yes No
Yiwu JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 25 2024 1977.23 liability guarantee 0.49years Yes No
Yiwu JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 252024 7637.08 liability guarantee 0.49years Yes No
Yiwu JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 26 2024 30500 liability guarantee 2.53years No No
Ordos JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 26 2024 529.71 liability guarantee 0.49years Yes No
Yiwu JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 26 2024 15.11 liability guarantee 0.49years Yes No
JA Solar International December 13 November
Limited 2023 26 2024 35000
Joint and several
liability guarantee 0.77years Yes No
Inner Mongolia JA
Solar PV Technology December 13 November2023 26 2024 1126.84
Joint and several
liability guarantee 0.49years Yes NoCo. Ltd.Qujing JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 28 2024 1083.55 liability guarantee 0.5years Yes No
JA (Yangzhou) New December 13 November 978.15 Joint and severalEnergy Co. Ltd. 2023 28 2024 liability guarantee 0.5years Yes No
JA (Yangzhou) New December 13 November 304.35 Joint and several 0.5years Yes No
952025 Annual Report of JA Solar Technology Co. Ltd.
Energy Co. Ltd. 2023 28 2024 liability guarantee
JA (Yangzhou) New December 13 November Joint and several
Energy Co. Ltd. 2023 28 2024 2191.74 liability guarantee 0.5years Yes No
Shanghai JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 29 2024 167.34 liability guarantee 0.5years Yes No
Shanghai JA Solar December 13 November Joint and several
Technology Co. Ltd. 2023 29 2024 997.28 liability guarantee 0.5years Yes No
Dongtai JA Solar December 13 December 13.93 Joint and severalTechnology Co. Ltd. 2023 12024 liability guarantee 0.86years Yes No
Dongtai JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 12024 6.96 liability guarantee 0.86years Yes No
Dongtai JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 12024 1583.33 liability guarantee 0.7years Yes No
Dongtai JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 12024 511.15 liability guarantee 0.56years Yes No
Qujing JA Solar December 13 December 441.83 Joint and severalTechnology Co. Ltd. 2023 12024 liability guarantee 0.21years Yes No
Shijiazhuang JA
Solar Technology December 13 December 4.37 Joint and several 0.12years Yes No
Co. Ltd. 2023 12024 liability guarantee
Dongtai JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 32024 543.19 liability guarantee 0.5years Yes No
Shijiazhuang JA
Solar Technology December 13 December Joint and several2023 42024 5.36 liability guarantee 0.33years Yes NoCo. Ltd.Hebei Jinglong
Sunshine Equipment December 13 December 102.4 Joint and several
Co. Ltd. 2023 52024 liability guarantee
0.5years Yes No
Hebei Jinglong
Sunshine Equipment December 13 December Joint and several
Co. Ltd. 2023 52024
1514.42 liability guarantee 0.5years Yes No
JA (Yangzhou) Solar December 13 December 5000 Joint and severalTechnology Co. Ltd. 2023 62024 liability guarantee 0.95years Yes No
JA (Yangzhou) New December 13 December 15000 Joint and severalEnergy Co. Ltd. 2023 62024 liability guarantee 0.95years Yes No
Dongtai JA Solar PV December 13 December Joint and several
Technology Co. Ltd. 2023 92024 271.06 liability guarantee 0.24years Yes No
JA (Gaoyou) PV December 13 December Joint and several
Technology Co. Ltd. 2023 102024 39.01 liability guarantee 0.5years Yes No
JA (Gaoyou) PV December 13 December 67.8 Joint and severalTechnology Co. Ltd. 2023 102024 liability guarantee 0.5years Yes No
Hefei JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 122024 49000 liability guarantee 2.55years No No
Shijiazhuang JA
Solar Technology December 13 December Joint and several
Co. Ltd. 2023 132024
19.32 liability guarantee 0.33years Yes No
Yiwu JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 132024 0.88 liability guarantee 0.83years Yes No
Yiwu JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 132024 148.04 liability guarantee 0.83years Yes No
Yiwu JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 132024 275.21 liability guarantee 0.83years Yes No
Yiwu JA Solar December 13 December 191.28 Joint and severalTechnology Co. Ltd. 2023 132024 liability guarantee 0.83years Yes No
Yiwu JA Solar December 13 December
Technology Co. Ltd. 2023 132024 93.68
Joint and several
liability guarantee 0.83years Yes No
Hefei JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 162024 806.93 liability guarantee 0.5years Yes No
JA (Yangzhou) New December 13 December 1355.06 Joint and severalEnergy Co. Ltd. 2023 172024 liability guarantee 0.65years Yes No
Yiwu JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 172024 354.31 liability guarantee 0.65years Yes No
JA (Yangzhou) New December 13 December 1035.98 Joint and severalEnergy Co. Ltd. 2023 182024 liability guarantee 0.5years Yes No
JA (Xingtai) Solar December 13 December
Co. Ltd. 2023 192024 40000
Joint and several
liability guarantee 3.47years No No
Qujing JA Solar December 13 December 273.99 Joint and severalTechnology Co. Ltd. 2023 202024 liability guarantee 0.5years Yes No
JA Solar Investment December 13 December Joint and several
(China) Co. Ltd 2023 232024 10000 liability guarantee 1.4years No No
Shanghai JA Solar December 13 December 969.28 Joint and severalTechnology Co. Ltd. 2023 232024 liability guarantee 0.5years Yes No
962025 Annual Report of JA Solar Technology Co. Ltd.
Shanghai JA Solar December 13 December
Technology Co. Ltd. 2023 232024 49.2
Joint and several
liability guarantee 0.5years Yes No
JA (Yangzhou) New December 13 December
Energy Co. Ltd. 2023 242024 241.52
Joint and several
liability guarantee 0.5years Yes No
JA (Yangzhou) New December 13 December
Energy Co. Ltd. 2023 24 2024 18.49
Joint and several
liability guarantee 0.5years Yes No
Dongtai JA Solar December 13 December
Technology Co. Ltd. 2023 252024 39.52
Joint and several
liability guarantee 0.5years Yes No
JA (Yangzhou) New December 13 December
Energy Co. Ltd. 2023 252024 20000
Joint and several
liability guarantee 1.98years No No
Qujing JA Solar December 13 December
Technology Co. Ltd. 2023 252024 3000
Joint and several
liability guarantee 0.5years Yes No
Qujing JA Solar December 13 December
Technology Co. Ltd. 2023 252024 3000
Joint and several
liability guarantee 0.5years Yes No
Qujing JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 252024 941.6 liability guarantee 0.5years Yes No
Ordos JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 262024 473.65 liability guarantee 0.5years Yes No
Inner Mongolia JA
Solar PV Technology December 13 December 1709.64 Joint and several
Co. Ltd. 2023 262024 liability guarantee
0.5years Yes No
Inner Mongolia JA
Solar PV Technology December 13 December2023 262024 816.71
Joint and several
Co. Ltd. liability guarantee
0.5years Yes No
Inner Mongolia JA
Zhuoer New Energy December 13 December Joint and several2023 272024 3613 liability guarantee Yes
1 0.21years Yes No
Co. Ltd.Shanghai JA Solar December 13 December Joint and several
Technology Co. Ltd. 2023 302024 232.49 liability guarantee 0.5years Yes No
Shanghai JA Solar December 13 December 376.93 Joint and severalTechnology Co. Ltd. 2023 302024 liability guarantee 0.5years Yes No
JA Solar GmbH December 13 December2023 312024 404.64
Joint and several
liability guarantee 0.61years Yes No
JA Solar GmbH December 13 December Joint and several2023 312024 424.97 liability guarantee 0.61years Yes No
Baotou JA New December 11 January Joint and several
Material Co. Ltd. 2024 12025 14.25 liability guarantee 0.87years Yes No
Baotou JA New December 11 January Joint and several
Material Co. Ltd. 2024 12025 10.13 liability guarantee 0.87years Yes No
Baotou JA New December 11 January Joint and several
Material Co. Ltd. 2024 12025 48.12 liability guarantee 0.87years Yes No
JA（Donghai）New
Material Technology December 11 January 5000 Joint and several
Co. Ltd. 2024 12025 liability guarantee
3years No No
Baotou JA Solar December 11 January Joint and several
Technology Co. Ltd. 2024 12025 10000 liability guarantee 1.06years No No
Dongtai JA Solar December 11 January 3318.17 Joint and severalTechnology Co. Ltd. 2024 12025 liability guarantee 0.71years Yes No
Shanghai JA Solar
Technology Co. Ltd.;
JA Solar International
Limited; Hefei JA
Solar Technology December 11 January Joint and several
Co. Ltd.; Yiwu JA 2024 22025 214401 liability guarantee 1year No No
Solar Technology
Co. Ltd.; JA
(Yangzhou) New
Energy Co. Ltd.Yiwu JA Solar December 11 January Joint and several
Technology Co. Ltd. 2024 72025 50000 liability guarantee 3.22years No No
JA Solar GmbH December 11 January 3044.76 Joint and several2024 72025 liability guarantee 1.07years No No
JA Solar International December 11 January 10000 Joint and severalLimited 2024 82025 liability guarantee 1.47years No No
JA Solar Holdings December 11 January 100000 Joint and severalCo. Ltd. 2024 102025 liability guarantee 6.5years No No
Linzhou JA PV
Power Generation December 11 January
Joint and several
2024 132025 7500 liability guarantee 8years No NoCo. Ltd. pledge
Hefei JA Solar December 11 January
Technology Co. Ltd. 2024 132025 20000
Joint and several
liability guarantee 1.94years No No
Dongtai JA Solar December 11 January 25000 Joint and several 1year No No
972025 Annual Report of JA Solar Technology Co. Ltd.
Technology Co. Ltd. 2024 162025 liability guarantee
Qujing JA PV December 11 January Joint and several
Technology Co. Ltd. 2024 172025 15314 liability guarantee 10years No No
JA (Yangzhou) New December 11 January Joint and several
Energy Co. Ltd. 2024 172025 15000 liability guarantee 1.02years No No
JA (Xingtai) Solar December 11 January Joint and several
Co. Ltd. 2024 172025 20000 liability guarantee 1.24years No Nomortgage
Inner Mongolia JA
Solar PV Technology December 11 January Joint and several2024 202025 261.44 liability guarantee 0.5years Yes NoCo. Ltd.Shijiazhuang JA
Solar Technology December 11 January 15.96 Joint and several 0.33years Yes No
Co. Ltd. 2024 202025 liability guarantee
Qujing JA Solar December 11 January Joint and several
Technology Co. Ltd. 2024 202025 1625.26 liability guarantee 0.5years Yes No
Inner Mongolia JA
Zhuoer New Energy December 11 January 30600 Joint and several 7.33years No No
Co. Ltd. 2024 202025 liability guarantee
Hefei JA Solar December 11 January 30000 Joint and severalTechnology Co. Ltd. 2024 212025 liability guarantee 1.06years No No
JA (Xingtai) Solar December 11 January 10000 Joint and severalCo. Ltd. 2024 212025 liability guarantee 0.49years Yes No
JA Solar International December 11 January Joint and several
Limited 2024 212025 3526.77 liability guarantee 0.15years Yes No
JA (Yangzhou) Solar December 11 January Joint and several
Technology Co. Ltd. 2024 222025 10000 liability guarantee 0.99years No No
Baotou JA Solar December 11 January Joint and several
Technology Co. Ltd. 2024 232025 38.3 liability guarantee 0.33years Yes No
Qujing JA Solar December 11 January 2350.31 Joint and severalTechnology Co. Ltd. 2024 232025 liability guarantee 0.5years Yes No
JA Solar Holdings December 11 January 50000 Joint and severalCo. Ltd. 2024 232025 liability guarantee 7years No No
Shijiazhuang JA
Solar Technology December 11 January 28000 Joint and several 3.37years No No
Co. Ltd. 2024 242025 liability guarantee
Shijiazhuang JA
Solar Technology December 11 January Joint and several
Co. Ltd. 2024 242025
30000 liability guarantee 1.43years No No
JA (Xingtai) Solar December 11 January Joint and several
Co. Ltd. 2024 272025 9400 liability guarantee 0.99years No No
JA (Yangzhou) New December 11 February 1 Joint and several
Energy Co. Ltd. 2024 2025 1209.25 liability guarantee 0.62years Yes No
Hefei JA Solar December 11 February 1 25000 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 3.98years No No
Yiwu JA Solar December 11 February 1
Technology Co. Ltd. 2024 2025 754.81
Joint and several
liability guarantee 0.62years Yes No
JA (Yangzhou) Solar December 11 February 1 Joint and several
Technology Co. Ltd. 2024 2025 10000 liability guarantee 0.89years Yes No
JA (Wuxi) PV December 11 February 10 Joint and several
Technology Co. Ltd. 2024 2025 16000 liability guarantee 0.75years Yes No
Dongtai JA Solar December 11 February 13 819.97 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.59years Yes No
Yiwu JA Solar December 11 February 14 Joint and several
Technology Co. Ltd. 2024 2025 1607.14 liability guarantee 0.59years Yes No
Qujing JA Solar December 11 February 21 Joint and several
Technology Co. Ltd. 2024 2025 10000 liability guarantee 1year No No
JA (Yangzhou) New December 11 February 24 3627.72 Joint and severalEnergy Co. Ltd. 2024 2025 liability guarantee 0.66years Yes No
Shijiazhuang JA
ElectronicTechnology December 11 February 25 Joint and several
Co. Ltd. 2024 2025
4.95 liability guarantee 0.33years Yes No
JA (Yangzhou) Solar
PV Engineering Co. December 11 February 27 Joint and several
Ltd. 2024 2025
2000 liability guarantee 1year No No
Hefei JA Solar December 11 February 27 Joint and several
Technology Co. Ltd. 2024 2025 10000 liability guarantee 1year No No
Yiwu JA Solar December 11 February 27 30000 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 1year No No
JA (Xingtai) Solar December 11 February 27 8000 Joint and severalCo. Ltd. 2024 2025 liability guarantee 1year No No
JA (Xingtai) Solar December 11 February 28 20000 Joint and several 2.98years No No
982025 Annual Report of JA Solar Technology Co. Ltd.
Co. Ltd. 2024 2025 liability guarantee
Shanghai JA Solar December 11 March 1 638.5 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.66years Yes No
Baotou JA Solar December 11 March 1 Joint and several
Technology Co. Ltd. 2024 2025 38.89 liability guarantee 0.31years Yes No
JA Solar GmbH December 11 March 32024 2025 2674.76
Joint and several
liability guarantee 0.48years Yes No
JA Solar GmbH December 11 March 3 4117.75 Joint and several2024 2025 liability guarantee 9.86years No No
JA (Xingtai) Solar December 11 March 7 30000 Joint and severalCo. Ltd. 2024 2025 liability guarantee 1.09years No No
Dongtai JA Solar
Technology Co. Ltd.Hefei JA Solar
Technology Co. Ltd. December 11 March 10 Joint and several
JAYangzhou New 2024 2025 15000 liability guarantee 5years No No
Energy Co. Ltd.Yiwu JA Solar
Technology Co. Ltd.Baotou JA New December 11 March 10 Joint and several
Material Co. Ltd. 2024 2025 40.32 liability guarantee 0.78years Yes No
Shijiazhuang JA
Solar Technology December 11 March 12 Joint and several2024 2025 10000 liability guarantee 1year No NoCo. Ltd.Hefei JA Solar December 11 March 14 Joint and several
Technology Co. Ltd. 2024 2025 110000 liability guarantee 1year No No
Dongtai JA Solar
Technology Co. Ltd.Hefei JA Solar
Technology Co. Ltd.JAYangzhou New
Energy Co. Ltd. December 11 March 17 8434.56 Joint and several，Yiwu JA Solar 2024 2025 liability guarantee
5years No No
Technology Co. Ltd.;
JA (Xingtai) Solar
Co. Ltd.; JA Solar
International Limited
Qujing JA Solar December 11 March 18 30000 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 3years No No
Qujing Jinglong
Electronic Materials December 11 March 18 Joint and several
Co. Ltd. 2024 2025
10000 liability guarantee 3years No No
Qujing JA PV December 11 March 18
Technology Co. Ltd. 2024 2025 20000
Joint and several
liability guarantee 3years No No
JA Solar GmbH December 11 March 182024 2025 2280.75
Joint and several
liability guarantee 1.53years No No
JA Solar GmbH December 11 March 192024 2025 2352.69
Joint and several
liability guarantee 1.53years No No
JA Solar GmbH December 11 March 19 1239.43 Joint and several2024 2025 liability guarantee 1.2years No No
JA Solar International December 11 March 19 Joint and several
Limited 2024 2025 4902.91 liability guarantee 2.21years No No
Baotou JA Solar December 11 March 20 50000 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 3.53years No No
JA Solar International December 11 March 20 3526.77 Joint and severalLimited 2024 2025 liability guarantee 3.03years No No
Shijiazhuang JA
Solar Technology December 11 March 21 8.1 Joint and several2024 2025 liability guarantee 0.33years Yes NoCo. Ltd.Yiwu JA Solar December 11 March 24 Joint and several
Technology Co. Ltd. 2024 2025 382.69 liability guarantee 0.64years Yes No
Dongtai JA Solar December 11 March 24 1982.4 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.64years Yes No
Shanghai JA Solar December 11 March 24
Technology Co. Ltd. 2024 2025 123.15
Joint and several
liability guarantee 0.64years Yes No
Baotou JA Solar December 11 March 27 Joint and several
Technology Co. Ltd. 2024 2025 19.31 liability guarantee 0.33years Yes No
Qujing JA PV December 11 March 27 Joint and several
Technology Co. Ltd. 2024 2025 10000 liability guarantee 3years No No
Longxiao JA PV
Power Generation December 11 March 31 1000 Joint and several 9.98years No No
Co. Ltd. 2024 2025 liability guarantee
992025 Annual Report of JA Solar Technology Co. Ltd.
JA Solar International December 11 April 1 2025 35144 Joint and severalLimited 2024 liability guarantee 5years No No
JA Solar International December 11
Limited 2024 April 32025 65061
Joint and several
liability guarantee 3.87years No No
Dongtai JA Solar PV December 11 April Joint and several
Technology Co. Ltd. 2024 152025 10000 liability guarantee 0.46years Yes No
JA (Wuxi) PV December 11 April
Technology Co. Ltd. 2024 182025 20000
Joint and several
liability guarantee 0.5years Yes No
JA Solar GmbH December 11 April2024 182025 4592.33
Joint and several
liability guarantee 1.28years No No
Shanghai JA Solar December 11 April Joint and several
Technology Co. Ltd. 2024 222025 940.99 liability guarantee 0.5years Yes No
Shanghai JA Solar December 11 April Joint and several
Technology Co. Ltd. 2024 222025 100.06 liability guarantee 0.5years Yes No
JA (Yangzhou) New December 11 April Joint and several
Energy Co. Ltd. 2024 242025 389.68 liability guarantee 0.5years Yes No
Dongtai JA Solar December 11 April 2268.18 Joint and severalTechnology Co. Ltd. 2024 272025 liability guarantee 0.65years Yes No
JA (Yangzhou) New December 11 April Joint and several
Energy Co. Ltd. 2024 272025 1781.93 liability guarantee 0.66years Yes No
Shijiazhuang
Jingteng PV Power December 11 April 2933 Joint and several2024 282025 liability guarantee 9.99years No NoGeneration Co. Ltd.Lanping JA PV December 11 April Joint and several
Technology Co. Ltd. 2024 292025 779.14 liability guarantee 0.5years Yes No
JA Solar International December 11 April
Limited 2024 302025 62556.32
Joint and several
liability guarantee 0.66years Yes No
Baotou JA New December 11 Joint and several
Material Co. Ltd. 2024 May 12025 284.89 liability guarantee 0.76years No No
JA Solar GmbH December 11 May 82025 2285.18 Joint and several2024 liability guarantee 0.9years No No
JA Solar Holdings December 11
Co. Ltd. 2024 May 142025 35000
Joint and several
liability guarantee 1year No No
JA Solar Holdings December 11
Co. Ltd. 2024 May 142025 49950
Joint and several
liability guarantee 3years No No
Shijiazhuang JA
Solar Technology December 11 May 152025 7.99 Joint and several 0.34years Yes No
Co. Ltd. 2024 liability guarantee
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 May 162025 2358.27 liability guarantee 0.53years Yes No
Inner Mongolia JA
Solar PV Technology December 11 Joint and several
Co. Ltd. 2024
May 202025 752.47 liability guarantee 0.49years Yes No
Hefei JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 May 202025 300.2 liability guarantee 0.5years Yes No
Hefei JA Solar December 11
Technology Co. Ltd. 2024 May 202025 1116.35
Joint and several
liability guarantee 0.5years Yes No
Hefei JA Solar December 11
Technology Co. Ltd. 2024 May 202025 1050.76
Joint and several
liability guarantee 0.5years Yes No
Dongtai JA Solar December 11
Technology Co. Ltd. 2024 May 212025 8371.44
Joint and several
liability guarantee 0.5years Yes No
Hefei JA Solar December 11
Technology Co. Ltd. 2024 May 222025 319.95
Joint and several
liability guarantee 0.5years Yes No
JA Solar International December 11
Limited 2024 May 222025 35144
Joint and several
liability guarantee 0.11years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 May 232025 66 liability guarantee 0.49years Yes No
Qujing JA PV December 11 Joint and several
Technology Co. Ltd. 2024 May 272025 20000 liability guarantee 0.92years No No
Yiwu JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 May 272025 1341.07 liability guarantee 0.49years Yes No
Yiwu JA Solar December 11 May 272025 265.08 Joint and severalTechnology Co. Ltd. 2024 liability guarantee 0.49years Yes No
Qujing JA Solar December 11
Technology Co. Ltd. 2024 May 272025 930.36
Joint and several
liability guarantee 0.08years Yes No
Qujing JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 May 272025 95.9 liability guarantee 0.33years Yes No
Yiwu JA Solar December 11
Technology Co. Ltd. 2024 May 282025 882.2
Joint and several
liability guarantee 0.49years Yes No
Yiwu JA Solar December 11
Technology Co. Ltd. 2024 May 282025 521.7
Joint and several
liability guarantee 0.49years Yes No
JA (Yangzhou) New December 11 May 282025 3491.61 Joint and several 0.65years No No
1002025 Annual Report of JA Solar Technology Co. Ltd.
Energy Co. Ltd. 2024 liability guarantee
Ordos JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 May 282025 0.24 liability guarantee 0.5years Yes No
Qujing JA PV December 11
Technology Co. Ltd. 2024 May 292025 18.33
Joint and several
liability guarantee 0.34years Yes No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 May 292025 276.05
Joint and several
liability guarantee 0.5years Yes No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 May 292025 215.7
Joint and several
liability guarantee 0.5years Yes No
Qujing JA Solar December 11 June 1 2025 20000 Joint and severalTechnology Co. Ltd. 2024 liability guarantee 0.96years No No
Qujing JA PV December 11
Technology Co. Ltd. 2024 June 1 2025 20000
Joint and several
liability guarantee 0.96years No No
JA (Yangzhou) Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 1 2025 10000 liability guarantee 0.98years No No
JA (Yangzhou) New December 11
Energy Co. Ltd. 2024 June 1 2025 10000
Joint and several
liability guarantee 0.98years No No
Dongtai JA Solar PV December 11 June 5 2025 11.8 Joint and severalTechnology Co. Ltd. 2024 liability guarantee 1year No No
Hefei JA Solar December 11
Technology Co. Ltd. 2024 June 6 2025 2663.26
Joint and several
liability guarantee 0.48years Yes No
Shijiazhuang JA
Solar Technology December 11 Joint and several
Co. Ltd. 2024
June 10 2025 1152 liability guarantee 0.33years Yes No
Hefei JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 11 2025 30 liability guarantee 0.45years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 13 2025 642.4 liability guarantee 0.56years No No
Hefei JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 13 2025 1465.9 liability guarantee 0.44years Yes No
JA Solar GmbH December 112024 June 13 2025 2788.4
Joint and several
liability guarantee 1.08years No No
JA Solar GmbH December 112024 June 13 2025 381.78
Joint and several
liability guarantee 0.72years No No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 16 2025 757.08 liability guarantee 0.44years Yes No
JA (Xingtai) Solar December 11
Co. Ltd. 2024 June 16 2025 50000
Joint and several
liability guarantee 1year No No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 18 2025 7.9 liability guarantee 0.36years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 18 2025 64.2 liability guarantee 0.36years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 18 2025 23.8 liability guarantee 0.36years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 18 2025 40 liability guarantee 0.36years Yes No
Dongtai JA Solar December 11
Technology Co. Ltd. 2024 June 18 2025 30
Joint and several
liability guarantee 0.42years Yes No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 June 18 2025 1596.18
Joint and several
liability guarantee 0.5years Yes No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 June 18 2025 2000.66
Joint and several
liability guarantee 0.5years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 18 2025 2820.26 liability guarantee 0.51years Yes No
Dongtai JA Solar December 11
Technology Co. Ltd. 2024 June 18 2025 908.44
Joint and several
liability guarantee 0.55years No No
JA Solar GmbH December 112024 June 20 2025 980.71
Joint and several
liability guarantee 0.96years No No
JA Solar GmbH December 112024 June 20 2025 2241.62
Joint and several
liability guarantee 0.89years No No
JA Solar GmbH December 11 June 20 2025 741.52 Joint and several2024 liability guarantee 0.5years Yes No
JA Solar GmbH December 112024 June 20 2025 1224.97
Joint and several
liability guarantee 0.54years No No
JA Solar GmbH December 11 June 20 2025 741.52 Joint and several2024 liability guarantee 0.41years Yes No
JA Solar GmbH December 112024 June 20 2025 548.03
Joint and several
liability guarantee 0.41years Yes No
Yiwu JA Solar December 11
Technology Co. Ltd. 2024 June 23 2025 593.37
Joint and several
liability guarantee 0.49years Yes No
JA (Yangzhou) Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 23 2025 8000 liability guarantee 1year No No
1012025 Annual Report of JA Solar Technology Co. Ltd.
JA (Yangzhou) New December 11 June 23 2025 5000 Joint and severalEnergy Co. Ltd. 2024 liability guarantee 1year No No
Hefei JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 24 2025 903.46 liability guarantee 0.5years Yes No
JA (Yangzhou) New December 11
Energy Co. Ltd. 2024 June 24 2025 20000
Joint and several
liability guarantee 1.5years No No
JA (Yangzhou) Solar December 11
Technology Co. Ltd. 2024 June 26 2025 8000
Joint and several
liability guarantee 2years No No
JA (Yangzhou) New December 11 June 26 2025 10000 Joint and severalEnergy Co. Ltd. 2024 liability guarantee 2years No No
Yiwu JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 June 26 2025 30000 liability guarantee 1year No No
JA (Xingtai) Solar December 11 Joint and several
Co. Ltd. 2024 June 27 2025 50000 liability guarantee 1year No No
Dongtai Jinzhihui December 11
New Energy Co. Ltd. 2024 June 30 2025 7715
Joint and several
liability guarantee 7.97years No No
Dongtai Jinzhihui December 11 Joint and several
New Energy Co. Ltd. 2024 June 30 2025 330 liability guarantee 7.97years No No
Dongtai Jinzhihui December 11 Joint and several
New Energy Co. Ltd. 2024 June 30 2025 105 liability guarantee 7.97years No No
Dongtai Jinzhihui December 11
New Energy Co. Ltd. 2024 June 30 2025 828
Joint and several
liability guarantee 7.97years No No
Hefei JA Solar December 11
Technology Co. Ltd. 2024 July 12025 3491
Joint and several
liability guarantee 0.56years No No
JA (Xingtai) Solar December 11 July 12025 455.91 Joint and severalCo. Ltd. 2024 liability guarantee 0.41years Yes No
JA (Yangzhou) New December 11
Energy Co. Ltd. 2024 July 12025 3849.51
Joint and several
liability guarantee 0.52years No No
JA (Yangzhou) New December 11 July 12025 971.99 Joint and severalEnergy Co. Ltd. 2024 liability guarantee 0.49years Yes No
JA (Yangzhou) New December 11 July 12025 2373.16 Joint and severalEnergy Co. Ltd. 2024 liability guarantee 0.49years Yes No
Qujing JA PV December 11
Technology Co. Ltd. 2024 July 12025 107.85
Joint and several
liability guarantee 0.63years No No
Qujing JA Solar December 11
Technology Co. Ltd. 2024 July 12025 3236.58
Joint and several
liability guarantee 0.52years No No
Yiwu JA Solar December 11
Technology Co. Ltd. 2024 July 12025 1286.6
Joint and several
liability guarantee 0.48years Yes No
Dongtai JA Solar December 11
Technology Co. Ltd. 2024 July 12025 11.2
Joint and several
liability guarantee 0.39years Yes No
Inner Mongolia JA
Zhuoer New Energy December 112024 July 12025 1389.96
Joint and several
liability guarantee 0.4years Yes NoCo. Ltd.Shijiazhuang JA
Solar Technology December 11 July 12025 480 Joint and several
Co. Ltd. 2024 liability guarantee
0.39years Yes No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 July 12025 13.29
Joint and several
liability guarantee 0.4years Yes No
JA Solar Holdings December 11
Co. Ltd. 2024 July 32025 600
Joint and several
liability guarantee 0.38years Yes No
JA Solar GmbH December 112024 July 42025 416.77
Joint and several
liability guarantee 0.07years Yes No
JA Solar GmbH December 112024 July 42025 526.14
Joint and several
liability guarantee 0.07years Yes No
JA Solar GmbH December 112024 July 42025 526.14
Joint and several
liability guarantee 0.07years Yes No
Hefei JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 July 72025 10000 liability guarantee 4years No No
Shijiazhuang JA
Solar Technology December 112024 July 72025 1000
Joint and several
Co. Ltd. liability guarantee
0.37years Yes No
Inner Mongolia JA
Zhuoer New Energy December 112024 July 92025 1897.54
Joint and several
Co. Ltd. liability guarantee
0.55years No No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 July 92025 4849.33
Joint and several
liability guarantee 0.54years No No
Yiwu JA Solar December 11
Technology Co. Ltd. 2024 July 92025 7331.45
Joint and several
liability guarantee 0.49years No No
Qujing JA Solar December 11
Technology Co. Ltd. 2024 July 142025 9826.88
Joint and several
liability guarantee 0.54years No No
Shanghai JA Solar December 11
Technology Co. Ltd. 2024 July 142025 114.15
Joint and several
liability guarantee 0.35years Yes No
1022025 Annual Report of JA Solar Technology Co. Ltd.
Dongtai JA Solar PV December 11
Technology Co. Ltd. 2024 July 152025 8.62
Joint and several
liability guarantee 1year No No
Hefei JA Solar December 11 July 152025 9.79 Joint and severalTechnology Co. Ltd. 2024 liability guarantee 0.36years Yes No
JA (Xingtai) Solar December 11 July 152025 3661.91 Joint and severalCo. Ltd. 2024 liability guarantee 0.53years No No
Inner Mongolia JA
Solar PV Technology December 11 Joint and several
Co. Ltd. 2024
July 152025 724.86 liability guarantee 0.32years Yes No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 July 162025 7856.87 liability guarantee 0.51years No No
Dongtai JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 July 162025 10.61 liability guarantee 0.28years Yes No
Ordos JA Solar December 11
Technology Co. Ltd. 2024 July 162025 3059.93
Joint and several
liability guarantee 0.54years No No
Inner Mongolia JA
Solar PV Technology December 112024 July 162025 1521.3
Joint and several
Co. Ltd. liability guarantee
0.51years No No
Yiwu Jingyuan PV
Power Generation December 11 July 162025 5750 Joint and several
Co. Ltd. 2024 liability guarantee
7.94years No No
Qujing JA PV December 11
Technology Co. Ltd. 2024 July 172025 30000
Joint and several
liability guarantee 1year No No
JA (Yangzhou) New December 11
Energy Co. Ltd. 2024 July 182025 5000
Joint and several
liability guarantee 3.46years No No
Dongtai JA Solar December 11
Technology Co. Ltd. 2024 July 242025 50
Joint and several
liability guarantee 0.32years Yes No
JA (Yangzhou) Solar December 11
Technology Co. Ltd. 2024 July 242025 15000
Joint and several
liability guarantee 0.82years No No
Yiwu JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 July 242025 105.16 liability guarantee 0.41years Yes No
JA (Yangzhou) New December 11 Joint and several
Energy Co. Ltd. 2024 July 252025 10000 liability guarantee 1year No No
Ordos JA Solar December 11 Joint and several
Technology Co. Ltd. 2024 July 282025 500 liability guarantee 0.34years Yes No
JA (Yangzhou) New December 11
Energy Co. Ltd. 2024 July 292025 2520.62
Joint and several
liability guarantee 0.48years No No
Shijiazhuang JA
Solar Technology December 112024 July 292025 180
Joint and several
liability guarantee 0.44years No NoCo. Ltd.JA (Yangzhou) Solar December 11
Technology Co. Ltd. 2024 July 302025 20000
Joint and several
liability guarantee 0.96years No No
JA (Yangzhou) New December 11
Energy Co. Ltd. 2024 July 302025 13000
Joint and several
liability guarantee 0.96years No No
Baotou JA Solar December 11 July Joint and several
Technology Co. Ltd. 2024 3112025 23 liability guarantee 0.47years No No
JA Solar International December 11
Limited 2024 July 302025 10568.03
Joint and several
liability guarantee 2.53years No No
JA Solar International December 11 July 302025 28115.2 Joint and severalLimited 2024 liability guarantee 3.01years No No
JA (Yangzhou) Solar December 11
Technology Co. Ltd. 2024 July 312025 239.92
Joint and several
liability guarantee 0.43years No No
Inner Mongolia JA
Solar PV Technology December 11 August 1 268.21 Joint and several2024 2025 liability guarantee 0.32years Yes NoCo. Ltd.Baotou JA Solar December 11 August 1 Joint and several
Technology Co. Ltd. 2024 2025 47.24 liability guarantee 0.47years No No
Hefei JA Solar December 11 August 4 20000 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.73years No No
Yiwu JA Solar December 11 August 5 4285.83 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.45years No No
Ordos JA Solar December 11 August 5 Joint and several
Technology Co. Ltd. 2024 2025 1000 liability guarantee 0.48years No No
Inner Mongolia JA
Zhuoer New Energy December 11 August 5 641.24 Joint and several
Co. Ltd. 2024 2025 liability guarantee
0.48years No No
JA (Yangzhou) New December 11 August 5 Joint and several
Energy Co. Ltd. 2024 2025 570.76 liability guarantee 0.47years No No
Hefei JA Solar December 11 August 5 Joint and several
Technology Co. Ltd. 2024 2025 1332.34 liability guarantee 0.46years No No
Inner Mongolia JA December 11 August 5 2543.04 Joint and severalSolar PV Technology 2024 2025 liability guarantee 0.47years No No
1032025 Annual Report of JA Solar Technology Co. Ltd.
Co. Ltd.JA (Gaoyou) PV December 11 August 6 Joint and several
Technology Co. Ltd. 2024 2025 200 liability guarantee 0.42years No No
Hefei JA Solar December 11 August 7 316.38 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.3years Yes No
JA (Yangzhou) Solar December 11 August 8 Joint and several
Technology Co. Ltd. 2024 2025 17405 liability guarantee 0.96years No No
JA (Yangzhou) New December 11 August 8 Joint and several
Energy Co. Ltd. 2024 2025 37000 liability guarantee 0.97years No No
Yiwu JA Solar December 11 August 8 Joint and several
Technology Co. Ltd. 2024 2025 20000 liability guarantee 0.93years No No
JA (Wuxi) PV December 11 August 8
Technology Co. Ltd. 2024 2025 10000
Joint and several
liability guarantee 1year No No
JA (Xingtai) Solar December 11 August 11 2492.55 Joint and severalCo. Ltd. 2024 2025 liability guarantee 0.46years No No
JA Solar GmbH December 11 August 11 5232.62 Joint and several2024 2025 liability guarantee 1.26years No No
JA Solar GmbH December 11 August 11 454.86 Joint and several2024 2025 liability guarantee 1.14years No No
JA Solar GmbH December 11 August 11 6182.75 Joint and several2024 2025 liability guarantee 1.39years No No
Qujing JA Solar December 11 August 12 1562.65 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.42years No No
Dongtai JA Solar December 11 August 14
Technology Co. Ltd. 2024 2025 7762.99
Joint and several
liability guarantee 0.43years No No
JA Solar International December 11 August 16 Joint and several
Limited 2024 2025 3162.96 liability guarantee 3years No No
Hefei JA Solar December 11 August 18 Joint and several
Technology Co. Ltd. 2024 2025 30000 liability guarantee 1year No No
Shanghai JA Solar December 11 August 18 Joint and several
Technology Co. Ltd. 2024 2025 2360.41 liability guarantee 0.45years No No
JA (Yangzhou) Solar December 11 August 19 Joint and several
Technology Co. Ltd. 2024 2025 498.16 liability guarantee 0.38years No No
Shanghai JA Solar December 11 August 19 Joint and several
Technology Co. Ltd. 2024 2025 3484.77 liability guarantee 0.52years No No
JA Solar GmbH December 11 August 21 2229.49 Joint and several2024 2025 liability guarantee 1.45years No No
JA Solar GmbH December 11 August 22 5494.23 Joint and several2024 2025 liability guarantee 1.32years No No
Dongtai JA Solar December 11 August 25 Joint and several
Technology Co. Ltd. 2024 2025 2153.59 liability guarantee 0.5years No No
Qujing JA Solar December 11 August 25 2243.39 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.5years No No
Hefei JA Solar December 11 August 25
Technology Co. Ltd. 2024 2025 198.6
Joint and several
liability guarantee 0.5years No No
Yiwu JA Solar December 11 August 25 Joint and several
Technology Co. Ltd. 2024 2025 373.75 liability guarantee 0.5years No No
JA (Xingtai) Solar December 11 August 25 Joint and several
Co. Ltd. 2024 2025 50000 liability guarantee 1year No No
Baotou JA Solar December 11 August 28 Joint and several
Technology Co. Ltd. 2024 2025 10000 liability guarantee 1year No No
Shanghai Jinglong
Solar Technology December 11 August 28 Joint and several
Co. Ltd. 2024 2025
12500 liability guarantee 1year No No
Inner Mongolia JA
Zhuoer New Energy December 11 August 50 Joint and several
Co. Ltd. 2024 292025 liability guarantee
0.5years No No
JA (Yangzhou) New December 11 August Joint and several
Energy Co. Ltd. 2024 292025 1375.43 liability guarantee 0.49years No No
Inner Mongolia JA
Solar PV Technology December 11 September 2581.38 Joint and several
Co. Ltd. 2024 12025 liability guarantee
0.41years No No
JA (Yangzhou) Solar December 11 September Joint and several
Technology Co. Ltd. 2024 12025 352.47 liability guarantee 0.35years No No
JA (Xingtai) Solar December 11 September
Co. Ltd. 2024 12025 2588.5
Joint and several
liability guarantee 0.4years No No
Yiwu JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 12025 2157.64 liability guarantee 0.48years No No
JA (Gaoyou) PV December 11 September
Technology Co. Ltd. 2024 22025 364.07
Joint and several
liability guarantee 0.41years No No
Dongtai JA Solar December 11 September 984.17 Joint and severalTechnology Co. Ltd. 2024 22025 liability guarantee 0.38years No No
1042025 Annual Report of JA Solar Technology Co. Ltd.
Inner Mongolia JA
Zhuoer New Energy December 11 September2024 22025 1137.67
Joint and several
Co. Ltd. liability guarantee
0.41years No No
Inner Mongolia JA
Zhuoer New Energy December 11 September 5053.99 Joint and several
Co. Ltd. 2024 22025 liability guarantee
0.49years No No
Hefei JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 22025 5052.25 liability guarantee 0.49years No No
Shanghai JA Solar December 11 September 1000 Joint and severalTechnology Co. Ltd. 2024 22025 liability guarantee 0.41years No No
Shanghai JA Solar December 11 September
Technology Co. Ltd. 2024 22025 467.85
Joint and several
liability guarantee 0.48years No No
JA Solar GmbH December 11 September2024 22025 632.5
Joint and several
liability guarantee 0.86years No No
JA Solar GmbH December 11 September Joint and several2024 22025 472.5 liability guarantee 0.66years No No
JA Solar GmbH December 11 September Joint and several2024 22025 165.07 liability guarantee 0.4years No No
JA Solar GmbH December 11 September Joint and several2024 22025 654.23 liability guarantee 0.66years No No
Ordos JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 32025 2434.19 liability guarantee 0.41years No No
Baotou JA Solar December 11 September 27.16 Joint and severalTechnology Co. Ltd. 2024 32025 liability guarantee 0.62years No No
Hefei JA Solar December 11 September
Technology Co. Ltd. 2024 32025 493.62
Joint and several
liability guarantee 0.39years No No
Qujing JA PV December 11 September Joint and several
Technology Co. Ltd. 2024 32025 127.78 liability guarantee 0.52years No No
Qujing JA PV December 11 September Joint and several
Technology Co. Ltd. 2024 32025 33.62 liability guarantee 0.63years No No
JA (Yangzhou) New December 11 September Joint and several
Energy Co. Ltd. 2024 32025 3765.09 liability guarantee 0.4years No No
Inner Mongolia JA
Solar PV Technology December 11 September Joint and several
Co. Ltd. 2024 42025
107.1 liability guarantee 0.22years Yes No
JA (Xingtai) Solar December 11 September Joint and several
Co. Ltd. 2024 42025 2179.78 liability guarantee 0.48years No No
JA Solar International December 11 September 60000 Joint and severalLimited 2024 52025 liability guarantee 5years No No
Dongtai JA Solar December 11 September
Technology Co. Ltd. 2024 52025 1205.42
Joint and several
liability guarantee 0.47years No No
JA (Yangzhou) New December 11 September 8200.11 Joint and severalEnergy Co. Ltd. 2024 52025 liability guarantee 0.48years No No
JA Solar GmbH December 11 September 383.09 Joint and several2024 52025 liability guarantee 4.94years No No
JA Solar GmbH December 11 September2024 52025 33.99
Joint and several
liability guarantee 4.94years No No
Dongtai JA Solar December 11 September
Technology Co. Ltd. 2024 92025 1504.5
Joint and several
liability guarantee 0.61years No No
Hefei JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 92025 2967.55 liability guarantee 0.62years No No
JA (Yangzhou) New December 11 September Joint and several
Energy Co. Ltd. 2024 92025 233.87 liability guarantee 0.62years No No
Yiwu JA Solar December 11 September 223.01 Joint and severalTechnology Co. Ltd. 2024 92025 liability guarantee 0.62years No No
Shanghai JA Solar December 11 September 129.48 Joint and severalTechnology Co. Ltd. 2024 102025 liability guarantee 0.61years No No
Yiwu JA Solar December 11 September 6635.92 Joint and severalTechnology Co. Ltd. 2024 102025 liability guarantee 0.38years No No
Ordos JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 112025 708.86 liability guarantee 0.46years No No
Dongtai JA Solar December 11 September 2150.48 Joint and severalTechnology Co. Ltd. 2024 122025 liability guarantee 0.52years No No
JA Solar GmbH December 11 September 6457.21 Joint and several2024 162025 liability guarantee 1.52years No No
JA Solar GmbH December 11 September Joint and several2024 162025 1407.26 liability guarantee 1.48years No No
JA Solar GmbH December 11 September Joint and several2024 162025 1374.61 liability guarantee 1.44years No No
JA Solar GmbH December 11 September Joint and several2024 162025 2676.81 liability guarantee 1.48years No No
Shanghai JA Solar December 11 September 3222.41 Joint and several 0.52years No No
1052025 Annual Report of JA Solar Technology Co. Ltd.
Technology Co. Ltd. 2024 182025 liability guarantee
Inner Mongolia JA
Zhuoer New Energy December 11 September 1542.18 Joint and several 0.52years No No
Co. Ltd. 2024 192025 liability guarantee
JA (Gaoyou) PV December 11 September Joint and several
Technology Co. Ltd. 2024 222025 34.48 liability guarantee 0.49years No No
Hefei JA Solar December 11 September 2515.02 Joint and severalTechnology Co. Ltd. 2024 222025 liability guarantee 0.67years No No
JA (Xingtai) Solar December 11 September 4031.15 Joint and severalCo. Ltd. 2024 222025 liability guarantee 0.5years No No
JA Solar GmbH December 11 September2024 222025 101.98
Joint and several
liability guarantee 4.89years No No
Shijiazhuang JA
Solar Technology December 11 September Joint and several
Co. Ltd. 2024 232025
71 liability guarantee 0.28years No No
Shijiazhuang JA
Solar Technology December 11 September2024 232025 79
Joint and several
liability guarantee 0.42years No NoCo. Ltd.Yiwu JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 232025 3503.67 liability guarantee 0.49years No No
Qujing JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 242025 2383.92 liability guarantee 0.5years No No
JA Solar GmbH December 11 September2024 252025 169.97
Joint and several
liability guarantee 4.88years No No
Yiwu JA Solar December 11 September Joint and several
Technology Co. Ltd. 2024 272025 30000 liability guarantee 1year No No
Shanghai JAWeilan
New Material December 11 September 5000 Joint and several
Technology Co. Ltd. 2024 282025 liability guarantee
2.26years No No
Baotou JA Solar December 11 September
Technology Co. Ltd. 2024 282025 20000
Joint and several
liability guarantee 3years No No
JA (Yangzhou) New December 11 September Joint and several
Energy Co. Ltd. 2024 292025 1958.95 liability guarantee 0.47years No No
Shanghai JA Solar December 11 September
Technology Co. Ltd. 2024 302025 390.94
Joint and several
liability guarantee 0.65years No No
Ordos JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 92025 200 liability guarantee 0.32years No No
Dongtai JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 92025 4.27 liability guarantee 0.27years No No
Shijiazhuang JA
Solar Technology December 11 October 50 Joint and several2024 92025 liability guarantee 0.46years No NoCo. Ltd.Hefei JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 92025 631.45 liability guarantee 0.39years No No
Hefei JA Solar December 11 October 911.53 Joint and severalTechnology Co. Ltd. 2024 92025 liability guarantee 0.46years No No
Inner Mongolia JA
Solar PV Technology December 11 October Joint and several
Co. Ltd. 2024 92025
285.53 liability guarantee 0.31years No No
Shanghai JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 92025 11.51 liability guarantee 0.38years No No
Shanghai JA Solar December 11 October 1087.41 Joint and severalTechnology Co. Ltd. 2024 92025 liability guarantee 0.45years No No
JA (Xingtai) Solar December 11 October Joint and several
Co. Ltd. 2024 92025 88.95 liability guarantee 0.29years No No
Inner Mongolia JA
Zhuoer New Energy December 11 October 2.9 Joint and several
Co. Ltd. 2024 102025 liability guarantee
0.24years No No
Baotou JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 102025 3.22 liability guarantee 0.61years No No
Qujing JA PV December 11 October Joint and several
Technology Co. Ltd. 2024 102025 10.38 liability guarantee 0.61years No No
Yiwu JA Solar December 11 October 11 Joint and several
Technology Co. Ltd. 2024 2025 19.14 liability guarantee 0.08years Yes No
Yiwu JA Solar December 11 October 11
Technology Co. Ltd. 2024 2025 1325.05
Joint and several
liability guarantee 0.44years No No
JA (Xingtai) Solar December 11 October 11 Joint and several
Co. Ltd. 2024 2025 356.15 liability guarantee 0.46years No No
JA (Yangzhou) New December 11 October 48.45 Joint and severalEnergy Co. Ltd. 2024 132025 liability guarantee 0.44years No No
Ordos JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 132025 303.34 liability guarantee 0.45years No No
1062025 Annual Report of JA Solar Technology Co. Ltd.
Ordos JA Solar December 11 October 3000 Joint and severalTechnology Co. Ltd. 2024 132025 liability guarantee 3.4years No No
Inner Mongolia JA
Solar PV Technology December 11 October Joint and several
Co. Ltd. 2024 142025
37.43 liability guarantee 0.11years Yes No
JA (Gaoyou) PV December 11 October
Technology Co. Ltd. 2024 172025 3000
Joint and several
liability guarantee 1year No No
Inner Mongolia JA
Zhuoer New Energy December 11 October2024 172025 614.14
Joint and several
Co. Ltd. liability guarantee
0.36years No No
Yiwu JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 172025 10000 liability guarantee 1year No No
Yiwu JA Solar December 11 October 90000 Joint and severalTechnology Co. Ltd. 2024 172025 liability guarantee 1year No No
Ordos JA Solar December 11 October
Technology Co. Ltd. 2024 152025 588.79
Joint and several
liability guarantee 0.29years No No
Qujing JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 172025 10000 liability guarantee 3years No No
Inner Mongolia JA
Zhuoer New Energy December 11 October 295.52 Joint and several
Co. Ltd. 2024 172025 liability guarantee
0.44years No No
Inner Mongolia JA
Zhuoer New Energy December 11 October Joint and several
Co. Ltd. 2024 172025
258.44 liability guarantee 0.59years No No
Dongtai JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 202025 38.22 liability guarantee 0.35years No No
Yiwu JA Solar December 11 October 269.9 Joint and severalTechnology Co. Ltd. 2024 202025 liability guarantee 0.54years No No
JA (Yangzhou) New December 11 October Joint and several
Energy Co. Ltd. 2024 202025 363.78 liability guarantee 0.35years No No
JA (Xingtai) Solar December 11 October 2721 Joint and severalCo. Ltd. 2024 242025 liability guarantee 0.5years No No
Qujing Jinglong
Electronic Materials December 11 October 27 10000 Joint and several
Co. Ltd. 2024 2025 liability guarantee
0.1years Yes No
Dongtai JA Solar December 11 October 27 Joint and several
Technology Co. Ltd. 2024 2025 671.76 liability guarantee 0.41years No No
Dongtai JA Solar December 11 October 27
Technology Co. Ltd. 2024 2025 460.05
Joint and several
liability guarantee 0.48years No No
Qujing JA PV December 11 October 27 34.75 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.38years No No
Inner Mongolia JA
Zhuoer New Energy December 11 October Joint and several
Co. Ltd. 2024 282025
1190.38 liability guarantee 0.5years No No
Shanghai JA Solar December 11 October 853.36 Joint and severalTechnology Co. Ltd. 2024 282025 liability guarantee 0.49years No No
Ordos JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 282025 524 liability guarantee 0.49years No No
JA (Xingtai) Solar December 11 October 271.91 Joint and severalCo. Ltd. 2024 282025 liability guarantee 0.49years No No
Dongtai JA Solar December 11 October 710.1 Joint and severalTechnology Co. Ltd. 2024 302025 liability guarantee 0.55years No No
Shijiazhuang JA
Solar Technology December 11 October Joint and several2024 302025 50 liability guarantee 0.18years No NoCo. Ltd.Yiwu JA Solar December 11 October Joint and several
Technology Co. Ltd. 2024 302025 2723.73 liability guarantee 0.47years No No
Baotou JA Solar December 11 November 4
Technology Co. Ltd. 2024 2025 15000
Joint and several
liability guarantee 1year No No
JA Solar International December 11 November 4 Joint and several
Limited 2024 2025 11575.75 liability guarantee 0.6years No No
Dongtai JA Solar December 11 November 6 Joint and several
Technology Co. Ltd. 2024 2025 1655.2 liability guarantee 0.38years No No
JA (Yangzhou) New December 11 November 30000 Joint and severalEnergy Co. Ltd. 2024 10 2025 liability guarantee 0.93years No No
JA (Wuxi) PV December 11 November Joint and several
Technology Co. Ltd. 2024 10 2025 10000 liability guarantee 0.82years No No
Inner Mongolia JA
Solar PV Technology December 11 November Joint and several2024 11 2025 120.28 liability guarantee 0.15years No NoCo. Ltd.Inner Mongolia JA December 11 November 146.5 Joint and severalZhuoer New Energy 2024 11 2025 liability guarantee 0.47years No No
1072025 Annual Report of JA Solar Technology Co. Ltd.
Co. Ltd.JA (Yangzhou) New December 11 November Joint and several
Energy Co. Ltd. 2024 11 2025 109.26 liability guarantee 0.6years No No
Ordos JA Solar December 11 November 607.24 Joint and severalTechnology Co. Ltd. 2024 11 2025 liability guarantee 0.55years No No
Hefei JA Solar December 11 November
Technology Co. Ltd. 2024 12 2025 15159.21
Joint and several
liability guarantee 0.37years No No
Qujing JA PV December 11 November Joint and several
Technology Co. Ltd. 2024 12 2025 20.43 liability guarantee 0.58years No No
Shanghai JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 12 2025 3858.58 liability guarantee 0.45years No No
JA (Yangzhou) New December 11 November Joint and several
Energy Co. Ltd. 2024 13 2025 474.78 liability guarantee 0.52years No No
Shanghai JA Solar December 11 November
Technology Co. Ltd. 2024 13 2025 710.32
Joint and several
liability guarantee 0.61years No No
Inner Mongolia JA
Zhuoer New Energy December 11 November 1181.49 Joint and several
Co. Ltd. 2024 14 2025 liability guarantee
0.29years No No
Dongtai JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 14 2025 3597.11 liability guarantee 0.61years No No
Qujing JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 17 2025 4032.39 liability guarantee 0.45years No No
JA (Yangzhou) New December 11 November Joint and several
Energy Co. Ltd. 2024 17 2025 15000 liability guarantee 0.82years No No
JA (Yangzhou) Solar December 11 November Joint and several
Technology Co. Ltd. 2024 17 2025 5000 liability guarantee 0.82years No No
Ordos JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 17 2025 1053.07 liability guarantee 0.28years No No
Ordos JA Solar December 11 November
Technology Co. Ltd. 2024 17 2025 382.1
Joint and several
liability guarantee 0.42years No No
Ordos JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 17 2025 687.64 liability guarantee 0.61years No No
JA (Xingtai) Solar December 11 November 5762.13 Joint and severalCo. Ltd. 2024 17 2025 liability guarantee 0.44years No No
Yiwu JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 18 2025 598.98 liability guarantee 0.6years No No
Hefei JA Solar December 11 November
Technology Co. Ltd. 2024 18 2025 20000
Joint and several
liability guarantee 0.92years No No
Inner Mongolia JA
Zhuoer New Energy December 11 November 428.69 Joint and several
Co. Ltd. 2024 18 2025 liability guarantee
0.6years No No
Qujing JA Solar December 11 November
Technology Co. Ltd. 2024 18 2025 1031.86
Joint and several
liability guarantee 0.6years No No
Dongtai JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 18 2025 5787.21 liability guarantee 0.44years No No
Dongtai JA Solar December 11 November 1549.59 Joint and severalTechnology Co. Ltd. 2024 18 2025 liability guarantee 0.5years No No
Shijiazhuang JA
Solar Technology December 11 November Joint and several
Co. Ltd. 2024 18 2025
180 liability guarantee 0.44years No No
Ordos JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 18 2025 63 liability guarantee 0.2years No No
Hefei JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 19 2025 618.2 liability guarantee 0.27years No No
Shijiazhuang JA
Solar Technology December 11 November2024 19 2025 60
Joint and several
liability guarantee 0.27years No NoCo. Ltd.JA (Xingtai) Solar December 11 November 20 Joint and several
Co. Ltd. 2024 2025 70 liability guarantee 0.33years No No
Shanghai JA Solar December 11 November
Technology Co. Ltd. 2024 20 2025 142.19
Joint and several
liability guarantee 0.13years No No
Yiwu JA Solar December 11 November
Technology Co. Ltd. 2024 21 2025 2205.33
Joint and several
liability guarantee 0.42years No No
JA (Yangzhou) New December 11 November 4088.01 Joint and severalEnergy Co. Ltd. 2024 21 2025 liability guarantee 0.42years No No
Lanping JA PV December 11 November Joint and several
Technology Co. Ltd. 2024 21 2025 882.6 liability guarantee 1year No No
Baotou JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 16 2025 21.03 liability guarantee 0.67years No No
Hefei JA Solar December 11 November
Technology Co. Ltd. 2024 16 2025 11202.14
Joint and several
liability guarantee 0.42years No No
Lanping JA PV December 11 November 1407.98 Joint and several 1year No No
1082025 Annual Report of JA Solar Technology Co. Ltd.
Technology Co. Ltd. 2024 16 2025 liability guarantee
Yiwu JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 27 2025 1875.83 liability guarantee 0.48years No No
Baotou JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 27 2025 50000 liability guarantee 4years No No
Hefei JA Solar December 11 November 249 Joint and severalTechnology Co. Ltd. 2024 27 2025 liability guarantee 0.16years No No
JA (Yangzhou) Solar December 11 November Joint and several
Technology Co. Ltd. 2024 27 2025 29.72 liability guarantee 0.11years No No
Shijiazhuang JA
Solar Technology December 11 November Joint and several2024 27 2025 180 liability guarantee 0.5years No NoCo. Ltd.JA (Xingtai) Solar December 11 November Joint and several
Co. Ltd. 2024 27 2025 91.39 liability guarantee 0.25years No No
Hefei JA Solar December 11 November 50000 Joint and severalTechnology Co. Ltd. 2024 28 2025 liability guarantee 1year No No
Qujing JA Solar December 11 November Joint and several
Technology Co. Ltd. 2024 28 2025 1633.13 liability guarantee 0.49years No No
JA (Xingtai) Solar December 11 November Joint and several
Co. Ltd. 2024 28 2025 409.36 liability guarantee 0.49years No No
JA Solar GmbH December 11 November Joint and several2024 28 2025 3500.09 liability guarantee 0.51years No No
JA Solar GmbH December 11 November Joint and several2024 28 2025 954.53 liability guarantee 0.5years No No
JA Solar GmbH December 11 November Joint and several2024 28 2025 954.53 liability guarantee 0.54years No No
Dongtai JA Solar December 11 December
Technology Co. Ltd. 2024 12025 1258.51
Joint and several
liability guarantee 0.31years No No
Yiwu JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 12025 389.23 liability guarantee 0.41years No No
Ordos JA Solar December 11 December 2073.41 Joint and severalTechnology Co. Ltd. 2024 12025 liability guarantee 0.49years No No
JA (Yangzhou) New December 11 December 1350.25 Joint and severalEnergy Co. Ltd. 2024 12025 liability guarantee 0.39years No No
Inner Mongolia JA
Zhuoer New Energy December 11 December2024 12025 3196.76
Joint and several
Co. Ltd. liability guarantee
0.41years No No
Hefei JA Solar December 11 December 6383.21 Joint and severalTechnology Co. Ltd. 2024 12025 liability guarantee 0.16years No No
JA (Xingtai) Solar December 11 December Joint and several
Co. Ltd. 2024 12025 8945.42 liability guarantee 0.48years No No
Hefei JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 22025 50000 liability guarantee 1year No No
Hefei JA Solar December 11 December 2
Technology Co. Ltd. 2024 2025 3836.2
Joint and several
liability guarantee 0.24years No No
JA (Yangzhou) New December 11 December Joint and several
Energy Co. Ltd. 2024 32025 1460.13 liability guarantee 0.47years No No
Qujing JA Solar December 11 December 3
Technology Co. Ltd. 2024 2025 626.01
Joint and several
liability guarantee 0.41years No No
Yiwu JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 42025 1658.08 liability guarantee 0.46years No No
JA (Xingtai) Solar December 11 December 13.51 Joint and severalCo. Ltd. 2024 42025 liability guarantee 0.15years No No
Dongtai JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 52025 5970.43 liability guarantee 0.47years No No
Yiwu JA Solar December 11 December
Technology Co. Ltd. 2024 82025 415.6
Joint and several
liability guarantee 0.22years No No
Shijiazhuang JA
Solar Technology December 11 December 8 180 Joint and several2024 2025 liability guarantee 0.47years No NoCo. Ltd.Shanghai JA Solar December 11 December 8 7117.24 Joint and severalTechnology Co. Ltd. 2024 2025 liability guarantee 0.45years No No
Shanghai JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 112025 20000 liability guarantee 2.07years No No
Hefei JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 17 2025 130 liability guarantee 0.27years No No
Shanghai JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 17 2025 446.42 liability guarantee 0.36years No No
Hefei JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 192025 10000 liability guarantee 1year No No
Dongtai JA Solar December 11 December 221.32 Joint and severalTechnology Co. Ltd. 2024 222025 liability guarantee 0.18years No No
1092025 Annual Report of JA Solar Technology Co. Ltd.
Inner Mongolia JA
Zhuoer New Energy December 11 December 3008.28 Joint and several
Co. Ltd. 2024 222025 liability guarantee
0.43years No No
Shanghai JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 222025 1537.16 liability guarantee 0.51years No No
Ordos JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 232025 340.15 liability guarantee 0.18years No No
Ordos JA Solar December 11 December 920.75 Joint and severalTechnology Co. Ltd. 2024 232025 liability guarantee 0.35years No No
Inner Mongolia JA
Zhuoer New Energy December 11 December 389 Joint and several
Co. Ltd. 2024 232025 liability guarantee
0.18years No No
Inner Mongolia JA
Zhuoer New Energy December 11 December2024 232025 2144.02
Joint and several
Co. Ltd. liability guarantee
0.26years No No
Yiwu JA Solar December 11 December
Technology Co. Ltd. 2024 242025 1185.64
Joint and several
liability guarantee 0.52years No No
JA (Yangzhou) New December 11 December
Energy Co. Ltd. 2024 242025 147.03
Joint and several
liability guarantee 0.24years No No
Hefei JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 24 2025 275.88 liability guarantee 0.34years No No
Hefei JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 24 2025 1254.06 liability guarantee 0.42years No No
Ordos JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 252025 1108.41 liability guarantee 0.5years No No
Suizhou Aoshun New December 11 December 5000 Joint and severalEnergy Co. Ltd. 2024 26 2025 liability guarantee 13.01years No No
Dongtai JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 26 2025 68.86 liability guarantee 0.48years No No
Inner Mongolia JA
Zhuoer New Energy December 11 December Joint and several
Co. Ltd. 2024 26 2025
1710.63 liability guarantee 0.5years No No
JA Solar International December 11 December
Limited 2024 292025 66773.6
Joint and several
liability guarantee 1.08years No No
JA (Yangzhou) New December 11 December Joint and several
Energy Co. Ltd. 2024 302025 158.05 liability guarantee 0.48years No No
Qujing JA Solar December 11 December Joint and several
Technology Co. Ltd. 2024 30 2025 1314.03 liability guarantee 0.49years No No
Total approved guarantee limits for Total actual guarantees provided to
subsidiaries during the reporting 3134770.59 subsidiaries during the reporting 3134770.59
period（B1） period（B2）
Total approved guarantee limits for Total actual outstanding guarantees
subsidiaries at the end of the 5662963.15 for subsidiaries at the end of the 5410478.99
reporting period（B3） reporting period（B4）
Guarantees between subsidiaries
Disclosure
date for Counter- Fulfilled Related-
Guaranteed party announcement Guarantee Guarantee Guaranteed Collateral Guarantee party
on guarantee limit date amount
Guarantee type (if any) guarantee duration completely(if any) or not guarantee
limit or not
Japan Shiojiri PV September Joint and several
Power Station 62016 2102.66 liability guarantee 10.2years No Nopledge
Shexian County JA Joint and several
PV Power Generation May 12017 9737.81 liability guarantee 10.4years No No
Co. Ltd. pledge
Datong JA PV Power Joint and several
Generation Co. Ltd. May 112017 30000 liability guarantee 12.3years No Nomortgage pledge
JA Solar GmbH December 10 December 9 52446.69 Joint and several2021 2022 liability guarantee 25.4years No No
JA Solar GmbH December 10 December 92021 2022 12716.99
Joint and several
liability guarantee 25.4years No No
JA Solar GmbH November 24 September 9968.43 Joint and several2022 22 2023 liability guarantee 24years No No
JA Solar Holdings December 13 February 23
Co. Ltd. 2023 2024 60000
Joint and several
liability guarantee 3.02years No No
JA Solar GmbH December 13 March 1 3110.2 Joint and several2023 2024 liability guarantee 0.84years Yes No
Baotou JA Solar December 13 March 30 15000 Joint and severalTechnology Co. Ltd. 2023 2024 liability guarantee 3years No No
1102025 Annual Report of JA Solar Technology Co. Ltd.
JA Solar Technology December 13 April
Co. Ltd. 2023 252024 10000 pledge 0.92years Yes No
JA Solar AZ December 132023 June 1 2024 5151.22
Joint and several
liability guarantee 1years Yes No
JA Solar International December 13
Limited 2023 June 28 2024 84346.4
Joint and several
liability guarantee 0.75years Yes No
JA Solar Japan December 13
Limited 2023 July 312024 2687.82
Joint and several
liability guarantee 1years Yes No
Hebei Jinglong
Sunshine Equipment December 13 August 26 Joint and several
Co. Ltd. 2023 2024
5000 liability guarantee 2.99years No No
JA Solar GmbH December 13 September 54121.76 Joint and several2023 29 2024 liability guarantee 1.5years No No
JA Solar GmbH December 13 November Joint and several2023 18 2024 1782.92 liability guarantee 12.29years No No
JA Solar GmbH December 13 December2023 232024 3717.34
Joint and several
liability guarantee 0.52years Yes No
Xingtai Jinglong PV December 13 December
Materials Co. Ltd. 2023 252024 1000
Joint and several
liability guarantee 0.1years Yes No
Shanghai Xinggong December 13 December Joint and several
Energy Co. Ltd. 2023 312024 17.83 liability guarantee 0.44years Yes No
Xingtai Jinglong PV December 11 February 2 Joint and several
Materials Co. Ltd. 2024 2025 3500 liability guarantee 1.39years No No
JA Solar GmbH December 11 June 27 2025 3455.61 Joint and several2024 liability guarantee 5years No No
JA Solar Japan December 11
Limited 2024 July 31 2025 2687.82
Joint and several
liability guarantee 1years No No
JA Solar International December 11 August 14 8018.28 Joint and severalLimited 2024 2025 liability guarantee 0.79years No No
JA Solar International December 11 August 14 Joint and several
Limited 2024 2025 9696.89 liability guarantee 0.88years No No
JA Solar GmbH December 11 August 31 Joint and several2024 2025 9.73 liability guarantee 5years No No
JA Solar GmbH December 11 October 11 72.34 Joint and several2024 2025 liability guarantee 4.84years No No
JA Solar GmbH December 11 October 27 100.94 Joint and several2024 2025 liability guarantee 4.79years No No
JA Solar GmbH December 11 November2024 13 2025 177.1
Joint and several
liability guarantee 4.75years No No
JA Solar GmbH December 11 November 33.99 Joint and several2024 18 2025 liability guarantee 4.73years No No
JA Solar GmbH December 11 November 203.97 Joint and several2024 16 2025 liability guarantee 4.71years No No
JA Solar GmbH December 11 November 36.17 Joint and several2024 16 2025 liability guarantee 4.71years No No
JA Solar GmbH December 11 December2024 17 2025 21.51
Joint and several
liability guarantee 4.65years No No
Total approved guarantee limits for Total actual guarantees provided to
subsidiaries during the reporting 28014.35 subsidiaries during the reporting 28014.35
period (C1) period (C2)
Total approved guarantee limits for Total actual outstanding guarantees
subsidiaries at the end of the 280891.61 for subsidiaries at the end of the 280891.61
reporting period (C3) reporting period (C4)
Total guaranteed amount by the Company (the sum of the top three items)
Total approved guarantee limits
during the reporting period (A1+ 3475372.78 Total actual guarantees during the
B1+ C1) reporting period (A2+ B2+ C2)
3475372.78
Total approved guarantee limits at Total actual outstanding guarantees
the end of the reporting period (A3+ 6256442.6 at the end of the reporting period 6003958.44
B3+ C3) (A4+ B4+ C4)
Total outstanding guarantees (A4+B4+C4) as a percent of the
Company’s net assets 268.67%
Including:
Outstanding guarantees for shareholders actual controller and
its related parties (D) 0
Balance of indirect or direct debt guarantee for guaranteed
parties whose debt to asset ratio is over 70% (E) 3725078.31
Amount out of the actual guarantees that exceeds 50% of the 4886629.28
1112025 Annual Report of JA Solar Technology Co. Ltd.
net assets (F)
Total of the above three items (D+ E+ F) 8611707.59
For unexpired guarantee contracts explain cases where
guarantee liability occurred during the reporting period or
evidence indicates a potential for joint and several liability (if None
any)
Note on outward guarantees in violation of the prescribed
procedures (if any) None
Note: 1 Inner Mongolia JA Bayannur New Energy Co. Ltd. has engaged in financial leasing agreements with Zhejiang Chouzhou
Financial Leasing Co. Ltd. In this arrangement JA Solar Technology Co. Ltd. has provided a 100% joint and several liability
guarantee while minority shareholders have issued counter-guarantees commensurate with their 49% equity stake.Detailed note on composite guarantees
3. Entrusted cash management
(1) Entrusted wealth management
□Applicable□Not Applicable
There were no entrusted wealth management regarding the Company in the reporting period.
(2) Entrusted loans
□Applicable□Not Applicable
There were no entrusted loans regarding the Company in the reporting period.
4. Other material contracts
□Applicable□Not Applicable
There were no other material contracts regarding the Company in the reporting period.XVI. Use of Raised Funds
□Applicable □Not Applicable
1. Overall use of raised funds
□Applicable □Not Applicable
Unit: 10000 yuan
Cumulative
Total
amount used
Net amount Cumulative Proportion of raised amount used Cumulative Amount idleTotal amount for other Total
Fundraising Fundraising Total amount raised amount used capital expended by for other amount used Purpose and direction of for moreListing date used in the purpose as a amount
year method raised reporting period end purpose in for other amount not used than two
(1) current period (2) percent of not used(3)=(2)/(1) the reporting purpose years
total amount
period
raisedPrivate Refer to “Description ofOctober 30
2020 placement of 520000 515823.67 6991.96 514712.69 99.78% 0 0 0.00% 2446.5 Overall Utilization of 0
2020
shares Raised Funds for detailsPrivate Refer to “Description of
2021 placement of May 16 2022 500000 496867.92 13982.28 456454.96 91.87% 0 0 0.00% 5140.11 Overall Utilization of 0
shares Raised Funds for detailsPublic Refer to “Description ofplacement of Overall Utilization of
2023 August 4 2023 896030.77 893384.8 97567.05 886238.83 99.20% 0 0 0.00% 43785.71 0
convertible Raised Funds for details
bonds
Total -- -- 1916030.77 1906076.39 118541.29 1857406.48 97.45% 0 0 0.00% 51372.32 -- 0
Description of overall utilization of raised funds
1.Approved by the China Securities Regulatory Commission in its Reply on Approving JA Solar Technology Co. Ltd.’s Private
Placement (ZJXK [2020] No.1759) the Company issued 244131455 RMB-denominated common shares (A-share) to 18 entities
at an offering price of 21.3 yuan/share and raised 5199999991.50 yuan in total. Net of the underwriting fee of 39245282.95
yuan (excluding tax) the remaining raised funds were 5160754708.55 yuan. After other relevant fees of 2518048.55 yuan
(excluding tax) the actually raised funds were 5158236660.00 yuan. A total of 69919600 yuan of the raised funds was used in
the reporting period. By the end of the reporting period a cumulative amount of 5147126900 yuan (including the self-funding
that has been invested into the projects and later replaced by the raised funds) of the raised funds was used and the amount not yet
1122025 Annual Report of JA Solar Technology Co. Ltd.
used was 24465000 yuan. Idle raised funds of 20000000 yuan were used for temporary supplementation of working capital and
the balance in the dedicated account for raised funds was 4465000 yuan; the total unused raised funds include interest income on
the dedicated account for raised funds handling charge expenditure and income on cash management of the raised funds.
2. Approved by the China Securities Regulatory Commission in its Reply on Approving JA Solar Technology Co. Ltd.’s Private
Placement (ZJXK [2022] No.430) the Company issued 74382624 RMB-denominated common shares (A-share) via a private
placement an offering price of 67.22 yuan/share and raised 4999999985.28 yuan in total. Net of the underwriting fee of
31320754.63 yuan (excluding tax) the remaining raised funds were 4968679230.65 yuan. In 2021 the Annual 20GW
Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project financed through a private share placement was
successfully completed. The exact funding amount will be determined based on the bank settlement balance at the time of transfer.A remaining capital balance of 357365500 yuan is slated for allocation to the Baotou JA (Phase III) 20GW Crystal Pulling and
Slicing Project which has a revised total investment of 4614930300 yuan. By December 31 2025 357365500 yuan from the
leftover funds of the private share placement for Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers
Project had been transferred to the dedicated account designated for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing
Project. During the reporting period a total of 139822800 yuan in raised capital was utilized. By the end of the reporting period
a cumulative amount of 4564549600 yuan (including the self-funding that has been invested into the projects and later replaced
by the raised funds) of the raised funds was used and the amount not yet used was 51401100 yuan of which the balance in the
dedicated account for raised funds was 51401100 yuan; the total unused raised funds include interest income on the dedicated
account for raised funds and handling charge expenditure.Approved by the China Securities Regulatory Commission in its Reply on Allowing JA Solar Technology Co. Ltd. to issue
Convertible Bonds (ZJXK [2023] No.1164) the Company issued convertible corporate bonds at a face value of 100 yuan/bond to
raise at most 8960307700 yuan. The total funds raised through this public offering were 8960307700.00 yuan and the net
amount after offering fee was 8933848025.97 yuan. The 2021 private placement fundraising initiative for the Annual 20GW
Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project has been successfully concluded. The precise funding
total will be confirmed in accordance with the bank settlement balance as of the transfer date. We propose reallocating the
remaining capital of 357365500 yuan to the 2023 public offering of convertible bonds for the Baotou JA (Phase III) 20GW
Crystal Pulling and Slicing Project which has an adjusted total investment of 9291213500 yuan. By December 31 2025
357365500 yuan from the leftover funds of the private share placement for Annual 20GW Monocrystalline Silicon Rods and
20GW Monocrystalline Wafers Project had been transferred to the dedicated account designated for the Baotou JA (Phase III)
20GW Crystal Pulling and Slicing Project. During the reporting period a total of 975670500 yuan in raised capital was utilized.
By the end of the reporting period a cumulative amount of 8862388300 yuan (including the self-funding that has been invested
into the projects and later replaced by the raised funds) of the raised funds was used and the amount not yet used was 437857100
yuan. Of which 400000000 yuan temporarily allocated to support working capital needs and the balance in the dedicated account
for raised funds was 37857100 yuan; the total unused raised funds include interest income on the dedicated account for raised
funds and handling charge expenditure.
2. Overview of project commitments funded by raised capital
□Applicable □Not Applicable
Unit: 10000 yuan
Cumulative
Project Amount Date of Cumulative
Amount investment Return Significant
Committed projects and changed or Total Adjusted invested in project benefits Expected
Financing Listing invested in the percentage by the realized in the change in
purpose of excessively Project type not (including committed committed the reaching realized as of return realized
project name date reporting end of the reporting project
raised amount partial amount amount (1) reporting usability the reporting or not
period reporting period period feasibility
change) period status period end
(3)=(2)/(1)
Committed project
Annual 5GW High-
Efficiency Cells and
Private
October 10GWHigh-Efficiency Production and
placement of No 370000 312603.9 6991.96 310214.92 99.24% 1 -15624.86 62955.82 No No
30 2020 Modules with construction
shares
Supporting Facilities
Project
Private
October Supplementing working Supplementing Not
placement of No 145823.67 204497.76 0 204497.77 100.00% No
30 2020 capital working capital Applicable
shares
Annual 20GW
Private Monocrystalline Silicon
May Production and
placement of Ingots and 20GW No 320000 284625.11 8775.12 279560.79 98.22% 2 -7653.36 214041.79 No No
162022 construction
shares Monocrystalline Silicon
Wafers Project
Private
May High-Efficiency Solar Not
placement of R&D project No 30000 30000 5207.16 30026.25 100.09% 3 No
162022 Cell R&D Pilot Project Applicable
shares
1132025 Annual Report of JA Solar Technology Co. Ltd.
Private
May Supplementing working Supplementing Not
placement of No 146867.92 146867.92 0 146867.92 100.00% No
162022 capital working capital Applicable
shares
Public
Baotou JA (Phase III)
placement of August Production and
20GWCrystal Pulling No 270000 305736.55 26926.65 305755.33 100.01% 4 -13397.98 -65458.21 No No
convertible 42023 construction
and Slicing Project
bonds
Annual10GW High-
Public Efficiency Cells and
placement of August 5GWHigh-Efficiency Production and
No 233448.46 233448.46 33494.27 190363.6 81.54% 5 -29277.6 -109985.48 No No
convertible 42023 Modules with construction
bonds Supporting Facilities
Project
Public
Annual 10GW High-
placement of August Production and
Efficiency Solar Wafer No 150000 150000 37146.13 150183.56 100.12% 6 -15474.32 -44894.72 No No
convertible 42023 construction
Project
bonds
Public
placement of August Supplementing working Supplementing Not
No 239936.34 239936.34 0 239936.34 100.00% No
convertible 42023 capital working capital Applicable
bonds
1857406.
Subtotal committed projects -- 1906076.39 1907716.04 118541.29 -- -- -81428.12 56659.2 -- --
48
Use of over-raised funds
No over- August Not
Not Applicable Not Applicable No No
raised funds 42023 Applicable
1857406.
Total -- 1906076.39 1907716.04 118541.29 -- -- -81428.12 56659.2 -- --
48
Explanation of project
delays and expected return 1. The disclosure of projected benefit data is inapplicable to the supplementing working capital initiative.shortfall and reason 2. Due to declining product prices in the photovoltaic industry several projects have not achieved their anticipated returns. These projects include the Annual 5GWHigh-Efficiency Cells and 10GW High-Efficiency
(including the reason for Modules with Supporting Facilities Project the Annual 20GWMonocrystalline Silicon Rods and 20GWMonocrystalline Wafers Project the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project the
selecting “non-applicable” Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project and the Annual 10GW High-Efficiency Solar Cells Project.for “expected return 3. The High-Efficiency Solar Cell R&D Pilot Project is a dedicated research and development initiative which inherently does not relate to in projected benefit assessments.realized or not”)
Note on significant change
Not Applicable
in project feasibility
Amount overraised
purpose and progress of Not Applicable
such amount
Unauthorized changes in
the use of raised funds and
Not Applicable
misappropriation of such
funds
Change on location of the
Not Applicable
project
Applicable7
Incurred in previous years
On December 19 2024 the 32nd meeting of the sixth Board of Directors and the 18th meeting of the sixth Supervisory Committee convened followed by the Third Extraordinary General Meeting of Shareholders on
December 30 2024 and the First Meeting of Bondholders for JA Convertible Bonds on January 14 2025. During these critical meetings the Proposal to Modify the Implementation Method of Certain Fundraising
Investment Projects and Increase Capital in Subsidiaries was unanimously approved. Specifically the resolution outlined modifications to the funding strategy for the Baotou JA (Phase III) 20GW Crystal Pulling and
Slicing Project and the Yangzhou Annual 10GWHigh-Efficiency Solar Cells Project. The initial approach of extending loans to Baotou JA Solar Technology Co. Ltd. (“Baotou JA”) and JA (Yangzhou) Solar
Adjustment of Technology Co. Ltd. (“Yangzhou JA”) will now transition to direct capital increases for these subsidiaries. All other aspects of the projects will remain unchanged thereby ensuring continuity and stability in our
implementation method for operational commitments.the project Capital Increase in Baotou JA: The Company has utilized 2009010600 yuan in raised capital to enhance its investment in JA Solar Holdings. This capital infusion amounted to 2009010600 billion yuan directed to
Yangzhou JA and 690989400 yuan to Hefei JA Solar Technology Co. Ltd. (“Hefei JA”). Subsequently Yangzhou JA transferred 2009010600 yuan to Hefei JA which then allocated the entire amount of 2.7 billion
yuan to Baotou JA. This strategic multi-tiered capital increase will be executed solely through debt-to-equity conversion thereby obviating cash flow transactions. Notably the transaction structure does not necessitate
the establishment of special raised capital accounts for the parties involved.Capital increase in Yangzhou JA: The Company employed 1.5 billion yuan in raised capital to bolster its investment in JA Solar Holdings which subsequently transferred the entire amount to Yangzhou JA. This capital
infusion will be implemented through two primary methods: (i) the conversion of 1.14 billion yuan in existing loans from the Company to Yangzhou JA into equity and (ii) a cash capital contribution of the remaining
360 million yuan that has yet to be loaned. The cash injection process necessitates the establishment of a specialized raised capital account by JA Solar Holdings coupled with a dedicated supervisory agreement with
the pertinent custodian bank and sponsoring institution.Applicable
1. Early investment and later replacement of funds for projects funded via private placement in the year 2020
On September 25 2020 the 15th meeting of the 5th Board of Directors and the 10th meeting of the 5th Supervisory Committee of the Company respectively approved the Proposal on Replacing Self-raised Funds
Invested in Projects funded via Raised Funds. It was agreed that the Company would utilize raised funds totaling 1605868435.04 yuan to replace the self-raised funds invested already in these projects and the paid
offering costs. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up to September 11 2020
and issued an Assurance Report (XHSBZ [2020] No. ZB11680 and XHSBZ [2020] No. ZB11681) on JA Solar Technology Co. Ltd.’s Early Investment in Projects Funded via Raised Funds. The sponsor China
Securities Co. Ltd. provided verification opinions.
2. Early investment and later replacement of funds for projects funded via private placement in the year 2021
Early investment and later OnApril 29 2022 the 32nd meeting of the 5th Board of Directors and the 21st meeting of the 5th Supervisory Committee of the Company respectively approved the Proposal on Replacing Self-raised Funds Invested
replacement of funds for in Projects funded via Raised Funds. It was agreed that the Company would utilize raised funds totaling 570204647.20 yuan to replace self-raised funds invested already in these projects. BDO China Shu Lun Pan
these projects Certified Public Accountants LLP (Special General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up to April 15 2022 and issued an Assurance Report (XHSBZ
[2022] No. ZB10624 and XHSBZ [2022] No. ZB10625) on JA Solar Technology Co. Ltd.’s Early Investment in Projects Funded via Raised Funds. The sponsor CTIC Securities Co. Ltd. provided verification
opinions.
3. Early investment and later replacement of funds for projects funded via public offering of convertible corporate bonds in the year 2023
On July 27 2023 the 8th meeting of the 6th Board of Directors and the 8th meeting of the 6th Supervisory Committee of the Company respectively approved the Proposal on Replacing Self-raised Funds Invested in
Projects funded via Raised Funds. It was agreed that the Company would utilize raised funds totaling 2072716606.56 yuan to replace self-raised funds invested already in these projects. KPMG Huazhen (Special
General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up to July 14 2023 and issued an Assurance Report (XHSBZ No. 2301528) on JA Solar Technology Co. Ltd.’s
Early Investment through its Self-raised Funds in Projects Funded via Raised Funds and its Payment of Offering Costs through its Self-raised Funds. The sponsor CTIC Securities Co. Ltd. provided verification
opinions.Temporary Applicable
supplementation of 1. Temporary supplementation of working capital with idle funds raised via private placement in the year 2020
working capital with idle On July 25 2024 the 25th meeting of the sixth Board of Directors alongside the 15th meeting of the sixth Supervisory Committee of the Company ratified the Proposal on Using Partial Idle Raised Funds to
1142025 Annual Report of JA Solar Technology Co. Ltd.
raised funds Temporarily Supplement Working Capital. This resolution empowers the Company to allocate up to 2.76 billion yuan of idle raised capital to temporarily bolster its working capital while simultaneously ensuring the
seamless execution of ongoing fundraising investment projects. Specifically the resolution permits the utilization of up to 150 million yuan from the idle capital associated with the 2020 private placement project
namely the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project. As of July 18 2025 the Company had fully returned to the dedicated raised funds account all
idle raised funds temporarily used for working capital supplementation within a usage period not exceeding 12 months.On July 22 2025 the 42nd meeting of the 6th Board of Directors and the 23rd meeting of the 6th Supervisory Committee of the Company deliberated and endorsed the Proposal on Using Partial Idle Raised Funds to
Temporarily Supplement Working Capital. The Company was duly authorized to employ idle raised funds not exceeding 930 million yuan with the stipulation that such funds be utilized solely to augment working
capital contingent upon the uninterrupted advancement of investment projects financed by the raised capital. Of the aforementioned sum idle raised funds originating from the 2020 private placement project entitled
Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project shall not surpass 30 million yuan. The utilization period shall not extend beyond 12 months commencing
from the date of Board of Directors’ approval i.e. July 22 2025. Upon maturity the funds shall be promptly repatriated to the dedicated account earmarked for raised funds. In practice the Company leveraged
20000000.00 yuan of idle raised funds from the aforementioned private placement project for temporary working capital supplementation. As of December 31 2025 the outstanding balance amounted to
20000000.00 yuan with no repayments recorded. Consequently the unutilized balance in the dedicated raised funds account stood at 4465021.67 yuan representing 0.47% of the net initial raised funds. It is
noteworthy that the aforementioned fundraising initiative has been concluded and the surplus raised funds have been earmarked for permanent working capital supplementation. The Company retains the dedicated
account until the resolution of all outstanding project payments. Any residual surplus arising from the differential between interest income and handling fees within this account shall be allocated towards the permanent
augmentation of working capital.
2. Temporary supplementation of working capital with idle funds raised via private placement in the year 2021
On July 25 2024 the 25th meeting of the sixth Board of Directors and the 15th meeting of the sixth Supervisory Committee convened to review and approve the Proposal on Using Partial Idle Raised Funds to
Temporarily Supplement Working Capital. The board resolution authorizes the Company to allocate up to 2.76 billion yuan of idle raised capital for temporary working capital purposes while ensuring the continued
execution of existing fundraising investment projects. This includes the disbursement of up to 550 million yuan from the 2021 private placement project specifically the Annual 20GWMonocrystalline Silicon Rods
and 20GWMonocrystalline Wafers Project as well as up to 160 million yuan from the 2021 private placement project concerning the High-Efficiency Solar Cell R&D Pilot Project. The proposed utilization period
shall not surpass 12 months commencing from July 25 2024 the date of the Company’s Board of Directors’ review and approval. Upon maturity the funds shall be promptly returned to the Company’s deciated
account for raised capital. The Company effectively employed 550 million yuan from idle capital raised during the 2021 private placement project encompassing the Annual 20GWMonocrystalline Silicon Rods and
20GWMonocrystalline Silicon Wafers as well as 160 million yuan from the 2021 private placement project dedicated to R&D and Pilot Production of High-efficiency Solar Cells. As of July 18 2025 all
aforementioned idle capital utilized for temporary working capital supplementation has been fully returned to the dedicated account for raised capital with the total usage period confined within the stipulated 12-month
timeframe.On July 22 2025 the 42nd meeting of the 6th Board of Directors and the 23rd meeting of the 6th Supervisory Committee of the Company respectively reviewed and approved the Proposal on Using Partial Idle
Raised Funds to Temporarily Supplement Working Capital. In light of the successful execution of investment projects funded by raised capital the Company was granted authorization to utilize idle raised funds not
exceeding 930 million yuan for temporary working capital supplementation. Among these funds the idle capital derived from the 2021 private placement project entitled the Annual 20GWMonocrystalline Silicon
Rods and 20GWMonocrystalline Silicon Wafers shall not surpass 50 million yuan. The utilization period shall be confined to a maximum of 12 months commencing from July 22 2025 the date of Board of
Directors’ approval with the funds to be promptly returned to the Company’s dedicated raised funds account upon expiry. It is noteworthy that the Company did not utilize any of the idle raised funds from the
aforementioned project for temporary working capital supplementation. As of December 31 2025 the unused balance in the dedicated raised funds account amounted to 51401056.45 yuan representing 1.03% of the
net initial raised funds.The Annual 20GWMonocrystalline Silicon Rods and 20GWMonocrystalline Wafers Project associated with this fundraising initiative has reached completion resulting in a remaining raised capital of 357.3655
million yuan. In accordance with the approvals from the 26th meeting of the sixth Board of Directors the 16th meeting of the sixth Supervisory Committee and the Second Extraordinary General Meeting of 2024
these surplus funds will be strategically reallocated to support the 2023 public offering of convertible bonds project specifically the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project. The Company will
retain the special raised capital account for the Annual 20GWMonocrystalline Silicon Rods and 20GWMonocrystalline Wafers Project until the settlement of all outstanding final payments. It is important to note that
any residual funds generated from net interest income after the deduction of handling charges will be permanently designated to supplement working capital. The High-Efficiency Solar Cell R&D Pilot Project was
completed with no surplus funds remaining. The Company will maintain the project’s dedicated account until all pending final payments are complete. Any residual net interest income generated after transaction fees
will continue to be allocated to expenditures associated with this project.
3. Utilization of idle proceeds from 2023 public offering of convertible bonds for temporary working capital supplementation
On July 25 2024 the 25th meeting of the sixth Board of Directors along with the 15th meeting of the sixth Supervisory Committee of the Company critically reviewed and subsequently approved the Proposal on
Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. This resolution empowers the Company to allocate up to 2.76 billion yuan of idle raised capital for interim working capital needs while
ensuring the continued execution of core fundraising investment projects. Specifically the proposal delineates the allocation of funds as follows: up to 400 million yuan from the Baotou JA (Phase III) 20GW Crystal
Pulling and Slicing Project up to 1.0 billion yuan from the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project and up to 500 million yuan from the Annual 10GW High-Efficiency Solar
Cells Project. Importantly the approved usage period for these funds is limited to a maximum of 12 months from the date of Board approval July 25 2024. After this timeframe the funds will be promptly returned to
the Company’s designated special raised capital deposit accounts. The Company efficiently utilized the approved funds employing 400 million yuan from the Baotou JA (Phase III) 20GWCrystal Pulling and Slicing
Project 1.0 billion yuan from the Annual 10GWHigh-Efficiency Cells and 5GW High-Efficiency Modules Project and 500 million yuan from the Annual 10GW High-Efficiency Solar Cells Project for supplementary
working capital purposes. As of July 18 2025 all aforementioned idle capital utilized for temporary working capital supplementation has been fully returned to the dedicated account for raised capital with the total
usage period confined within the stipulated 12-month timeframe.On July 22 2025 the 42nd meeting of the 6th Board of Directors and the 23rd meeting of the 6th Supervisory Committee of the Company respectively reviewed and approved the Proposal on Using Partial Idle
Raised Funds to Temporarily Supplement Working Capital. In light of the successful execution of investment projects funded by raised capital the Company was granted authorization to utilize idle raised funds not
exceeding 930 million yuan for temporary working capital supplementation. Among these funds the idle raised funds from the 2023 public issuance of convertible corporate bonds specifically derived from the
Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project shall not exceed 500 million yuan. Similarly idle raised funds from the Annual 10GW High-Efficiency Solar Cells project shall not
surpass 350 million yuan. The utilization period shall be confined to a maximum of 12 months commencing from July 22 2025 the date of Board of Directors’ approval with the funds to be promptly returned to the
Company’s dedicated raised funds account upon expiry. The Company effectively utilized 400000000.00 yuan of idle funds raised from the 2023 public issuance of convertible corporate bonds specifically allocated
to the Annual 10GW High-Efficiency Cells and 5GWHigh-Efficiency Modules. These funds were employed to temporarily supplement working capital requirements. As of December 31 2025 no repayment had been
made resulting in an outstanding balance of 400000000.00 yuan. No idle funds from the Annual 10GW High-Efficiency Solar Cells project also funded through the same bond issuance were utilized for this purpose.As of the same date the unused balance in the dedicated raised funds account amounted to 37857079.00 yuan. Consequently the total available funds reached 437857079.00 yuan representing 4.90% of the net
initial raised funds.The fundraising initiatives Annual 10GW High-Efficiency Cells and 5GWHigh-Efficiency Modules Project as well as the Annual 10GW High-Efficiency Solar Cells Project were completed yielding no surplus
funds. The Company will uphold the dedicated accounts for both projects until all outstanding final payments are settled. Any remaining funds accrued from net interest income after deducting handling charges will
be allocated to project-related expenditures.The Baotou JA (Phase III) 20GW Silicon Crystal Pulling and Wafer Slicing Project has successfully attained full production capacity concluding its operations in June 2025 with no residual funds. The Company has
committed to preserving the dedicated raised funds account for this project until the resolution of all outstanding payments. Moving forward the net proceeds from interest income after deducting handling fees
generated within the dedicated account under the project’s implementation entity will be allocated to pertinent project expenditures. Consequently the Company anticipates utilizing the net balance of interest income
less handling fees from its dedicated raised funds accounts to permanently bolster working capital.Applicable
1. In 2020 the Company successfully executed a private placement fundraising initiative targeting the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project
which has now achieved its intended operational status. Consequently the Company has resolved to permanently allocate the remaining capital of 586.741 million yuan (subject to the bank settlement balance on the
date of fund transfer) to bolster working capital for ongoing production and operations. The surplus capital resulted from several strategic factors. First the Company adhered rigorously to principles of rationality
efficiency and economy in utilizing the raised funds. During the initial implementation phase in the first half of 2020 volatile market conditions significantly reduced construction demand leading to decreases in costs
associated with engineering materials and overall construction expenses. Consequently the per-unit costs for facilities such as factories and warehouses fell below the original estimates established during the
feasibility study. Moreover the feasibility study had initially included projections for upgrading production lines from p-type to n-type cells to align with anticipated advancements in photovoltaic technology. However
Amount and reasons for the robust performance of the p-type production lines post-commissioning has led to a temporary deferment of these upgrades. The timeline for future enhancements will be strategically determined based on emerging
surplus capital accrued technological developments and market demand.from the implementation of
the projects 2. The Company’s 2021 private placement fundraising initiative focused on the Annual 20GWMonocrystalline Silicon Rods and 20GWMonocrystalline Wafers Project has successfully reached the operational status
of its primary components. Initially the project was allocated 3.2 billion yuan. As of August 23 2024 the cumulative investment from these funds totaled approximately 2644664800 yuan with pending payments
amounting to 201586300 yuan resulting in a surplus of 357365500 yuan. This surplus capital can be attributed to several key factors. First the Company has consistently applied principles of rationality efficiency
and economic prudence in utilizing the raised funds implementing stringent cost control measures that have optimized project expenses. Second significant technological advancements within the industry have
enhanced equipment performance and production capacities thereby reducing the number of devices required relative to initial budget projections. Lastly improvements in domestic equipment manufacturing
capabilities and the maturation of industry technologies have resulted in actual procurement prices being lower than those anticipated during the project’s planning phase yielding substantial overall cost savings.
3. The 2021 private placement fundraising initiative titled the High-Efficiency Solar Cell R&D Pilot Project has successfully reached operational status for its principal components. The Company confidently
1152025 Annual Report of JA Solar Technology Co. Ltd.
concludes this project without any surplus funds.
4. The 2023 public offering for the convertible bonds fundraising initiative titled Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project has successfully reached operational status for its
principal components. The Company confidently concludes this project with no surplus funds remaining.
5. The 2023 public offering for the convertible bonds fundraising initiative titled Annual 10GW High-Efficiency Solar Cells Project has successfully reached operational status for its principal components. The
Company confidently concludes this project with no surplus funds remaining.
6. The Baotou JA (Phase III) 20GW Silicon Crystal Pulling and Wafer Slicing Project financed through the issuance of convertible corporate bonds to undisclosed investors in 2023 has achieved full operational
capacity. The project’s main facilities have been successfully commissioned and the Company has determined that no surplus funds remain.By December 31 2025 the Company has concluded all fund-raising investment projects effectively utilizing all surplus funds for their intended purposes.OnAugust 30 2024 the 26th meeting of the sixth Board of Directors alongside the 16th meeting of the sixth Supervisory Committee conducted a thorough review and subsequently approved the Proposal Regarding
the Completion of Fundraising Investment Projects and the Reallocation of Surplus Funds to Additional Fundraising Investment Projects. The Board recognized that significant components of the Annual 20GW
Monocrystalline Silicon Rods and 20GWMonocrystalline Wafers Project—financed through the 2021 private placement initiative—had successfully achieved operational status. Consequently the Company resolved
Purpose and allocation of to conclude this project and reallocate the surplus capital amounting to approximately 357365500 yuan to the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project supported by the 2023 public offering of
unused raised capital convertible bonds. On October 8 2024 the Second Extraordinary General Meeting ratified this proposal. The Company will maintain a dedicated account for the raised capital associated with this project until all final
payments have been satisfactorily processed. Additionally any residual funds generated from net interest income after deducting applicable handling charges will be permanently earmarked to augment the working
capital. As of December 31 2024 any remaining unused raised capital would be deployed in strict accordance with the designated purposes outlined in the relevant issuance proposals.By December 31 2025 the Company’s surplus funds as stipulated in the issuance plans would be allocated to their designated purposes.Issues or other
circumstances in the use In the reporting period there were no instances of untimely disclosure misinformation inaccuracies or incompleteness regarding the information related to the use of raised funds disclosed by the Company. There
and disclosure of raised were no violations involving the raised funds.capital
Note: 1. The Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project was
carried forward by phase from the commencement of the operation. It reached full capacity since April 2022 and was closed in
July 2023.
2. The Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project utilized a phased capitalization
strategy aligned with construction timelines achieving full production capacity in January 2023 and culminating in completion by
June 2024.
3. The High-Efficiency Solar Cell R&D Pilot Project a research-centric initiative successfully concluded in December 2024.
4. Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project took a strategic phased capitalization approach successfully
reaching full production capability by February 2024 and concluding in December 2024.
5. The Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project took a strategic phased capitalization
approach successfully reaching full production capability by February 2024 and concluding in December 2024.
6. The Annual 10GW High-Efficiency Solar Cells Project took a strategic phased capitalization approach successfully reaching
full production capability by April 2024 and concluding in December 2024.
7. The 11th meeting of the 6th Board of Directors the 9th meeting of the 6the Supervisory Committee and the 3rd extraordinary
general meeting for the year 2023 approved the Proposal on Amendment to the Construction of Some Committed Projects and
Adjustment of Internal Investment Structure of the Projects. To advance the manufacturing processes and make breakthroughs in
the maximum conversion efficiency of the Company’s HJT cells as well as to maximize the research and development functions
of the pilot run line the Company has planned to optimize equipment selection and enhance processes and technologies on the
basis of the planned HJT pilot run line. As a result it proposed to adjust specific aspects of the project construction and the internal
investment structure without any adjustments made to the project implementation methods.
3. Change of raised funds
□Applicable□Not Applicable
There was no change of raised funds regarding the Company in the reporting period.
4. Verification opinion of intermediary institutions regarding the deposit and utilization of raised funds
□Applicable □Not Applicable
1. End of the accounting firm’s assurance report regarding the deposit management and utilization of the Company’s raised funds
for the year:
The accounting firm is confident that JA Solar’s Special Report on the Deposit Management and Usage of Raised Funds for the
Year 2025 has been meticulously prepared adhering to all material compliance requirements stipulated by the China Securities
Regulatory Commission’s Rules for the Supervision of Raised Funds of Listed Companies (CSRC Announcement [2025] No. 10)
the Self regulatory Guidelines No. 1 for Companies Listed in Shenzhen Stock Exchange Standardized Operations of Main board
Listed Companies and the relevant format guidelines issued by the Shenzhen Stock Exchange. The report provides a true and fair
representation of the Company’s deposit management and usage of raised funds throughout 2025.
2. Conclusion in the sponsor’s special verification report on the deposit management and use of the Company’s raised funds for
the year:
1162025 Annual Report of JA Solar Technology Co. Ltd.
The sponsor holds that JA Solar has allocated the raised funds into segregated accounts thereby adhering to the stipulated
regulatory frameworks. The Company’s deposit management and utilization of these funds throughout 2025 have been aligned
with the pertinent regulatory stipulations thereby demonstrating a steadfast commitment to compliance. The sponsor’s
endorsement of these procedural measures is hereby expressed.XVII．Notes on Other Material Matters
□Applicable□Not Applicable
During the reporting period there were no notes on material matters.XVIII. Subsidiary’s Material Matters
□Applicable□Not Applicable
1172025 Annual Report of JA Solar Technology Co. Ltd.
Section VI. Changes in Shares and Shareholders
I. Share Changes
1. Share changes
Unit: Share
Before the change Change (+ -) After the change
Capital
Bonus reserve
Number Percentage New issue Others Sub-total Number Percentage
issue converted to
shares
I. Restricted shares 3697843 0.11% 236390 236390 3934233 0.12%
1. Shares held by
the state
2. Shares held by
the state-owned
legal entities
3. Shares held by
other domestic 2688205 0.08% 236390 236390 2924595 0.09%
investors
In which: shares
held by domestic
legal entities
Shares held by
domestic natural 2688205 0.08% 236390 236390 2924595 0.09%
persons
4. Shares held by
10096380.03%10096380.03%
overseas investors
Including shares
held by overseas
legal entities
Shares held by
overseas natural 1009638 0.03% 1009638 0.03%
persons
II. Unrestricted 33059808
99.89%8868-236390-227522330575336999.88%
shares 91
1. RMB common 33059808
99.89%8868-236390-227522330575336999.88%
shares 91
2. Foreign shares
listed in Chinese
mainland
3. Foreign shares
listed outside
Chinese mainland
4. Others
33096787
III. Total shares 100.00% 8868 0 8868 3309687602 100.00%
34
Reason for changes in shares
□Applicable □Not Applicable
1182025 Annual Report of JA Solar Technology Co. Ltd.
1. Issuance of new shares:
During the reporting period 8868 shares were converted from JA Convertible Bonds.
2. Others
During the reporting period restricted shares held by senior executives changed by 236390 shares in accordance with relevant
provisions on senior executive share management.Approval of changes in share changes
□Applicable □Not Applicable
With the approval of the China Securities Regulatory Commission (CSRC) in its Reply regarding JA Solar Technology Co. Ltd.’s
Registration for a Public Offering of Convertible Corporate Bonds (ZJXK [2023] No. 1164) the Company successfully issued
89603077 convertible bonds to unspecified investors on July 18 2023 each with a face value of 100 yuan. These bonds began
trading on the Shenzhen Stock Exchange on August 4 2023 under the designation JA Convertible Bonds with the trading code
127089. The conversion period for these bonds is established from January 24 2024 to July 17 2029.
Registration of changes in share changes
□ Applicable□ Not applicable
Impact of the share changes on financial indicators such as the earnings per share diluted earnings per share net assets per share
attributed to the common shareholders of the Company for the latest year and the latest period
□ Applicable□ Not applicable
Other disclosures the Company thinks necessary or required by the CSRC
□Applicable□ Not applicable
2. Change in restricted shares
□Applicable □Not Applicable
Unit: Share
Restricted shares Restricted shares
Opening Closing restricted Reason for
Shareholder name increased in unlocked in the Unlocking date
restricted shares shares restriction
current period current period
The shares are
managed in
accordance with the
Directors and Lock-up for
3697843 236390 3934233 appropriate
senior managers executives
regulations governing
executive
shareholdings.Total 3697843 236390 0 3934233 -- --
II. Issuance and Listing of Securities
1. Issuance of securities (excluding preference shares) in the reporting period
□Applicable □Not Applicable
Name of stock and Approved
Issue Issue price (or Transaction Disclosure
its derivative Issue size Listing date quantity to Disclosure date
date interest rate) end date index
securities trade on market
Stock type
Conversion of the
JA Convertible 8868 8868
Bonds
Convertible bonds detachable convertible corporate bonds and corporate bonds
Other derivative securities
Note on the issuance of securities (excluding preference shares) in the reporting period
During the reporting period 8868 shares were converted from JA Convertible Bonds.
1192025 Annual Report of JA Solar Technology Co. Ltd.
2. Note on changes in total shares and shareholding structure as well as the changes in the asset and
liability structure
□Applicable □Not Applicable
During the reporting period a total of 8868 shares were converted from JA Convertible Bonds. The total share capital of the
Company increases by 8868 shares.
3. Current employee shares
□Applicable□Not Applicable
III. Shareholders and Actual Controller
1. Number of shareholders and their shareholdings
Unit: Share
Total
Total
preference
common
shareholders
shareholders Total preference shareholders
Total common with voting
at the end of with voting rights restored at the
shareholders at rights restored
164584 the month 181093 0 end of the month prior to the 0
the end of the at the end of
prior to the disclosure date of annual report
reporting period the reporting
disclosure (if any) (refer to Note 8)
period (if any)
date of annual
(refer to Note
report
8)Shareholding of shareholders holding 5% or more of the shares or the top 10 shareholders (excluding shares borrowed through “stock financingtransfer”
Change in the Pledge mark or freeze
Shareholder Shareholder Equity Restricted Unrestricted
Closing shares reporting
name type percent shares shares
period Status Number
Dongtai Jingtaifu Domestic
Technology Co. Non-state 47.45% 1570307572 0 0 1570307572 Not Applicable 0
Ltd. Legal Person
Hong Kong
Securities
Overseas
Clearing 7.25% 240057428 1770718 0 240057428 Not Applicable 0
Legal Person
Company
Limited
NSSF Portfolio
Others 1.79% 59156812 49323770 0 59156812 Not Applicable 0
118
Shenzhen
Zhoubo Fangwei
Domestic
Business
Non-state 1.25% 41333726 -25000 0 41333726 Not Applicable 0
Management
Legal Person
Center (Limited
Partnership)
JA Solar
Technology Co.Ltd. – 2025 Others 1.19% 39499986 39499986 0 39499986 Not Applicable 0
Employee Stock
Ownership Plan
Industrial and
Commercial
Bank of China
Others 1.00% 33019500 -1355100 0 33019500 Not Applicable 0
Limited - Huatai-
PineBridge CSI
300 Exchange
1202025 Annual Report of JA Solar Technology Co. Ltd.
Traded Fund
Bank of
Communications
Co. Ltd. - HSBC
Jintrust Low- Others 0.87% 28724107 9503382 0 28724107 Not Applicable 0
Carbon Pioneer
Equity Securities
Investment Fund
China
Construction
Bank Corporation
- E Fund CSI 300
Trading Open- Others 0.71% 23404749 -255900 0 23404749 Not Applicable 0
end Index
Initiatory
Securities
Investment Fund
NSSF Portfolio
Others 0.66% 21772220 / 0 21772220 Not Applicable 0
112
Bank of China
Limited
Huatai-
PineBridge CSI
Photovoltaic Others 0.59% 19458650 885840 0 19458650 Not Applicable 0
Industry
Exchange-Traded
Index Securities
Investment Fund
Strategic investors or general
legal entities which became top
ten shareholders due to None
allotment of new shares (if any)
(refer to Note 3)
Note on the said shareholders’ The Company does not know whether there is any affiliation among the above shareholders or if they qualify as
relationship or acting in concert persons acting in concert as defined by theManagement Measures for the Acquisition of Listed Companies.Note on delegation of voting
rights or wavier of voting rights None
by the said shareholders
Note on special repurchase
accounts held by top ten
None
shareholders (if any) (refer to
Note 10)
Shareholding of Top 10 Shareholders with Unrestricted Shares
(Excluding shares lent through securities lending arrangements and executive lock-up shares)
Share type
Shareholder name Closing unrestricted shares
Share type Number
Dongtai Jingtaifu Technology RMB common
15703075721570307572
Co. Ltd. share
Hong Kong Securities Clearing RMB common
240057428240057428
Company Limited share
RMB common
NSSF Portfolio 118 59156812 59156812
share
Shenzhen Zhoubo Fangwei
RMB common
Business Management Center 41333726 41333726
share
(Limited Partnership)
1212025 Annual Report of JA Solar Technology Co. Ltd.
JA Solar Technology Co. Ltd. –
RMB common
2025 Employee Stock 39499986 39499986
share
Ownership Plan
Industrial and Commercial Bank
of China Limited - Huatai- RMB common
3301950033019500
PineBridge CSI 300 Exchange share
Traded Fund
Bank of Communications Co.Ltd. - HSBC Jintrust Low- RMB common
2872410728724107
Carbon Pioneer Equity share
Securities Investment Fund
China Construction Bank
Corporation - E Fund CSI 300
RMB common
Trading Open-end Index 23404749 23404749
share
Initiatory Securities Investment
Fund
RMB common
NSSF Portfolio 112 21772220 21772220
share
Bank of China Limited
Huatai-PineBridge CSI
RMB common
Photovoltaic Industry 19458650 19458650
share
Exchange-Traded Index
Securities Investment Fund
Note on the relationship or
concerted actions among the top
10 unrestricted circulating The Company does not know whether there is any affiliation among the top 10 unrestricted circulating shareholders
shareholders and between the and between the top 10 unrestricted circulating shareholders and the top 10 shareholders or if they qualify as persons
top 10 unrestricted circulating acting in concert as defined by the Management Measures for the Acquisition of Listed Companies.shareholders and the top 10
shareholders
Note on participation in
financing and securities lending
by the top 10 common None
shareholders
（if any) (refer to Note 4)Changes in Top 10 shareholders & top 10 unrestricted tradable shareholders due to securities financing arrangements (share
lending/return activities)
□ Applicable□ Not applicable
Whether the top ten common shareholders and the top ten common shareholders with unrestricted shares performed any agreed
repurchase transactions during the reporting period
□ Yes□ No
The top ten common shareholders and the top ten common shareholders with unrestricted shares did not perform any agreed
repurchase transactions during the reporting period.
2. Controlling shareholder
Nature of the controlling shareholder: natural person
Type of the controlling shareholder: legal entity
Legal
Name of the controlling Date of Organization Main
representative/person
shareholder name incorporation
in charge code businesses
Technical service technology
development technical
Dongtai Jingtaifu 91130528MA0CF
Jin Baofang June 26 2018 consulting technical exchange
Technology Co. Ltd. 7X33W
technology transfer technology
promotion; development of new
1222025 Annual Report of JA Solar Technology Co. Ltd.
material technologies; business
management; business
management consulting.The equity status of the controlling shareholder in
other domestic and foreign listed companies
None
controlled or invested in by the controlling
shareholder during the reporting period.Controlling shareholder change in the reporting period
□ Applicable□ Not applicable
In the reporting period the controlling shareholder did not change.
3. Actual controller and persons acting in concert
Nature of the actual controller: domestic natural person
Type of the actual controller: natural person
Relationship with the actual Residence right in other
Name of the actual controller Nationality
controller countries/regions
Jin Baofang Jin Baofang China No
Acting in concert (including
Jin Junmiao via agreement relative or China Yes
common control)
Main professions and titles Mr. Jin Baofang is the Chairman and General Manager of the Company.Listed companies within and
outside Chinese mainland Mr. Jin Baofang was the actual controller of JA Solar Holdings Co. Ltd. which was listed in theUnited States. In 2018 JA Solar Holdings Co. Ltd. was privatized and delisted from the US
controlled by the actual market.controller in the latest 10 years
Actual controller changes in the reporting period
□ Applicable□ Not applicable
In the reporting period the actual controller did not change.Box diagram specifying the ownership and control relationship between the Company and its actual controller
Note: Shareholdings to the total share capital of the company as of December 312025.Actual controller controls the Company via trust or other asset management approaches
□ Applicable□ Not applicable
4. The cumulative shares pledged by controlling shareholder or the largest shareholders and their persons
acting in concert account for at least 80% of the total shares
□Applicable□ Not applicable
1232025 Annual Report of JA Solar Technology Co. Ltd.
5. Other legal entities holding over 10% of the total shares
□Applicable□ Not applicable
6. Share disposal restrictions for the controlling shareholder actual controller restructuring party and
other commitment entities
□Applicable□ Not applicable
IV. Specific Implementation of Share Repurchases in the Reporting Period
Progress of share repurchases
□Applicable □Not Applicable
Shares
repurchased as a
Plan Proposed percent of the
Shares to be As a percent of the Proposed Purpose of Shares
disclosure repurchase amount target shares
repurchased total share capital repurchase period repurchase repurchased
date (10000 yuan) relating to the
share incentive
plan (if any)
Within 12 months
11520737-
0.35%- 0.70% Not less than 200 after the For employee
23041474
August 23 (estimated with a million yuan and repurchase plan is stock ownership
(estimated with a 15404377
2025 repurchase price limit not more than 400 approved by the plan or share
repurchase price limit
of 17.36yuan/share) million yuan board of director incentive
of 17.36yuan/share)
meeting
Progress on repurchasing shares through centralized competitive bidding trading
□ Applicable□ Not applicable
V. Preference Shares
□Applicable□Not Applicable
The Company had no preference shares in the reporting period.
1242025 Annual Report of JA Solar Technology Co. Ltd.
Section VII. Bonds
□Applicable □Not Applicable
I. Enterprise Bonds
□Applicable□ Not applicable
The Company had no enterprise bonds in the reporting period.II. Corporate Bonds
□Applicable□ Not applicable
The Company had no corporate bonds in the reporting period.III. Non-financial Enterprise Debt-financing Instruments
□Applicable□ Not applicable
The Company had no non-financial enterprise debt-financing instruments in the reporting period.IV. Convertible Corporate Bonds
□Applicable □Not Applicable
1. Issuance of convertible bonds
The Official Reply on Approving the Registration for JA Solar Technology Co. Ltd. to Issue Convertible Corporate Bonds to
Unspecified Investors (CSRC Approval [2023] No. 1164) serves as a definitive endorsement of the Company’s issuance of
89603077 convertible corporate bonds to unspecified investors on July 18 2023. Each bond with a par value of 100 YUAN
resulted in the successful mobilization of 8960307700.00 yuan in total funds. Following the deduction of tax-exclusive issuance
expenses the net proceeds amounted to 8933848025.97 yuan. The Capital Verification Report (Zhongxing Caiguanghua
Verification [2023] No. 110003) issued by Zhongxing Caiguanghua Certified Public Accountants (Special General Partnership)
on July 24 2023 substantiates the Company’s receipt of these funds. The Company has deposited these funds into segregated
accounts coupled with the execution of a regulatory agreement on raised funds with the sponsor and the commercial bank holding
the funds.The Shenzhen Stock Exchange’s approval facilitated the listing and trading of these bonds amounting to 8960307700.00 yuan
commencing on August 4 2023 under the short name JA Convertible Bond and the bond code 127089.In accordance with the regulatory provisions outlined in the Prospectus for the Issuance of Convertible Corporate Bonds to
Unspecified Investors by JA Solar Technology Co. Ltd. the conversion period for these bonds is delineated from January 24 2024
to July 17 2029.
2. Convertible bond guarantor and top ten holders during the reporting period
Name of the convertible bonds JA Convertible Bonds
Number of end-period convertible bond holders 26794
Guarantor of the convertible bonds No
Material changes in the guarantor’s profitability assets and credit status Not Applicable
The top ten holders of convertible bonds are as follows:
Closing convertible
Bondholder Closing Closing amount of
No. Bondholder name bonds as a percent of
nature convertible bonds convertible bonds
total convertible bonds
China Merchants Bank Co. Ltd.
1 Others 6160049 616004900.00 6.88%
– Bosera CSI Convertible and
1252025 Annual Report of JA Solar Technology Co. Ltd.
Exchangeable Bonds Exchange-
Traded Open-End Index
Securities Investment Fund
China Foreign Economy and
Trade Trust Co. Ltd.– Foreign
2 Trade Trust– Ruijun Wenxiang Others 3014115 301411500.00 3.36%
Private Securities Investment
Fund
State-owned
3 Guosen Securities Co. Ltd. 2123069 212306900.00 2.37%
legal person
China Merchants Bank Co. Ltd.
4 – HuaAn Convertible Bond Others 2030000 203000000.00 2.27%
Securities Investment Fund
Industrial Bank Co. Ltd. –
5 Tianhong Multi? Return Bond Others 1816390 181639000.00 2.03%
Securities Investment Fund
China Construction Bank Co.Ltd.– Huashang Credit
6 Others 1778271 177827100.00 1.98%
Enhancement Bond Securities
Investment Fund
China Minsheng Bank Co. Ltd.– Invesco Great Wall Jingtai
7 Others 1718339 171833900.00 1.92%
Chunli Bond Securities
Investment Fund
China Minsheng Bank Co. Ltd.– Everbright Prudential Credit
8 Others 1476471 147647100.00 1.65%
Tianyi Bond Securities
Investment Fund
China Construction Bank Co.Ltd.– Everbright Prudential9 Others 1283829 128382900.00 1.43%
Zengli Income Bond Securities
Investment Fund
Bank of China Co. Ltd.–
10 Fullgoal Yuli Bond Securities Others 1276321 127632100.00 1.42%
Investment Fund
3. Changes in convertible bonds in the reporting period
□Applicable □Not Applicable
Unit: Yuan
Name of the Increase/Decrease
Before change After change
convertible bonds Conversion Redemption Put
JA Convertible
8959285600.00136200.008959149400.00
Bonds
4. Cumulative conversion
□Applicable □Not Applicable
Cumulative shares
converted as a Amount not
Start and end Cumulative Cumulative
Name of the Total issue percent of the shares Amount not converted as a
dates of Total issue (bond) conversion shares
convertible bonds amount (yuan) issued by the converted (yuan) percent of the total
conversion amount (yuan) converted
Company before the issue amount
conversion
From January 24
JA Convertible
2024 to July 17 89603077 8960307700.00 1158300.00 35222 0.00% 8959149400.00 99.99%
Bonds
2029
1262025 Annual Report of JA Solar Technology Co. Ltd.
5. Conversion price adjustments and revisions
Latest
Name of the Adjusted conversion
Start date of Disclosure
convertible conversion Description on conversion price adjustment price by the
conversion date
bonds price (yuan) period-end
(yuan)
The Company’s share capital was adjusted due
to the exercise of stock options and the issuance
of restricted shares under equity incentive
JA plans. In accordance with the provisions
October October
Convertible 38.74 stipulated in the prospectus the conversion 11.66
182023162023
Bonds price of the JA Convertible Bond was
recalibrated from 38.78 yuan per share to 38.74
yuan per share. This adjustment became
effective on October 18 2023.The Company’s share capital was adjusted due
to the exercise of stock options and the issuance
of restricted shares under equity incentive
JA plans. In accordance with the provisions
Convertible April 22024 38.78 April 22024 stipulated in the prospectus the conversion 11.66
Bonds price of the JA Convertible Bond was
recalibrated from 38.74 yuan per share to 38.78
yuan per share. This adjustment became
effective on April 2 2024.The Company’s share capital was adjusted due
to the 2023 annual equity distribution. In
JA accordance with the provisions stipulated in the
Convertible May 30 2024 38.22 May 24 2024 prospectus the conversion price of the JA 11.66
Bonds Convertible Bond was recalibrated from 38.78
yuan per share to 38.22 yuan per share. This
adjustment became effective on May 30 2024.On July 22 2025 the Company convened the
Third Extraordinary General Meeting for 2025
wherein the Proposal concerning the Board’s
recommendation to adjust the conversion price
of the JA Convertible Bond was reviewed and
approved. This meeting endorsed the downward
adjustment of the conversion price conferring
upon the Board of Directors the authority to
manage all pertinent matters in strict adherence
JA to the provisions outlined in the Prospectus.Convertible July 23 2025 11.66 July 23 2025 These provisions encompass the determination 11.66
Bonds of the revised conversion price the effective
date and other requisite considerations.Concurrently the 42nd meeting of the 6th
Board of Directors was convened where the
aforementioned Proposal was ratified. It was
resolved to adjust the conversion price of the
JA Convertible Bond from 38.22 yuan per share
to 11.66 yuan per share with the revised
conversion price becoming effective from July
232025.
6. Changes in liabilities and creditworthiness of the Company at the end of the reporting period and cash
arrangements for debt repayment in the next year
For a comprehensive analysis of the Company’s leverage ratio interest coverage ratio loan repayment rate interest payment ratio
and associated indicators as of the reporting period’s end please see Section VII: Bonds.
1272025 Annual Report of JA Solar Technology Co. Ltd.
Based on a thorough analysis of the Company’s operational status and prevailing industry conditions Golden Credit Rating issued
the 2025 Tracking Rating Report for JA Solar Technology Co. Ltd. (Issuer) and its JA Convertible Bonds on June 20 2025. The
key rating findings are as follows: Issuer Credit Rating: AA+ (maintained) Convertible Bond Credit Rating: AA+ (maintained)
and Rating Outlook: Stable (unchanged).The current issuance of convertible corporate bonds features an annual interest payment structure with both the principal and the
final year’s interest due upon maturity. The coupon rates are structured as follows: Year 1: 0.20% Year 2: 0.40% Year 3: 0.60%
Year 4: 1.50% Year 5: 1.80% and Year 6: 2.00%. At the end of the reporting period the Company maintained stable core
operations consistent access to bank credit facilities adequate liquidity reserves and full capacity for servicing its debt obligations.V. Loss Recorded in the Consolidated Financial Statements for the Reporting Period
Exceeding 10% of the Net Assets as of the End of Previous Year
□Applicable □Not Applicable
Impact on the Company’s
Item Loss description Reason for loss operations and debt servicing
capacity
The ongoing supply-demand The Company’s profitability has
imbalances in the photovoltaic been negatively impacted by
In 2025 the net income
industry heightened market fluctuations in the industry.attributable to shareholders of
competition and substantial price Nevertheless it has
Net income attributable to the listed company amounted to
declines across key product segments implemented proactive
the shareholders of the -4.608 billion yuan reflecting a
coupled with increasingly complex strategies maintaining stable
listed company loss that exceeds 10% of the net
international trade conditions have all bank credit lines and sufficient
assets reported at the end of the
significantly impacted the Company’s capital reserves thereby
previous fiscal year.core business profitability during the ensuring its capability to meet
reporting period. debt obligations effectively.VI. Overdue Interest-bearing Debts other than Bonds at the End of the Reporting Period
□Applicable□ Not applicable
VII. Violations of Regulations in the Reporting Period
□ Yes□ No
VIII. Major Accounting Data and Financial Indicators within the Latest Two Years at the end
of the Reporting Period
Unit: 10000 yuan
Item End of this reporting period End of previous year YoY change
Current ratio 1.21 1.10 10.00%
L/A ratio 78.62% 74.74% +3.88PP
Quick ratio 0.99 0.89 11.24%
This reporting period Previous reporting period YoY change
Net profit excluding non-
-502663.04-426875.82-17.75%
recurring profits and losses
Total debt/EBITDA 4.54% 5.69% -1.15PP
Interest coverage ratio -2.84 -3.89 26.99%
Cash coverage ratio 8.20 9.75 -15.90%
EBITDA coverage 1.66 2.21 -24.89%
Repayment ratio 100.00% 100.00% +0.00 PP
Interest repayment ratio 100.00% 100.00% +0.00 PP
128
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