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

FOR THE YEAR 1 JANUARY 2025 TO 31 DECEMBER 2025

IF THERE IS ANY CONFLICT BETWEEN THE CHINESE

VERSION AND ITS ENGLISH TRANSLATION

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

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AUDITOR’S REPORT毕马威华振审字第2619534号

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

OpinionWe have audited the accompanying financial statements of JA Solar Technology Co. Ltd. (“JASolar Technology”) which comprise the consolidated and company balance sheets as at 31

December 2025 the consolidated and company income statements the consolidated and

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

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

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

2025 and the consolidated and company financial performance and cash flows of JA Solar

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

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

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

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

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

are independent of JA Solar Technology in accordance with the China Code of Ethics and theindependence requirements under the “Independence Standard for Chinese Certified PublicAccountants No.1 – Requirements for Independence in Audit and Review of FinancialStatements” applicable to the audit of financial statements of public interest entities for Certified

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

accordance with the Code. We believe that the audit evidence we have obtained is sufficient

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

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

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

KPMG International LimitedAUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Key Audit Matters

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

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

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

opinion thereon and we do not provide a separate opinion on these matters.Revenue recognitionPlease refer to the accounting policy described in Note 25 under “III. Significant accountingpolicies and accounting estimates” as well as Note 49 under “V. Notes to the consolidatedfinancial statements” and Note 4 under “XVIII. Notes to the Company’s financial statements”

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

The Key Audit Matter

audit

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

derived from the sales of solar modules and recognition included the following:

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

overseas market. For the year ended 31 and operating effectiveness of the key

December 2025 JA Solar Technology’s internal controls over financial reporting

consolidated operating revenue amounted to related to revenue recognition;

RMB49128712950.94 representing a * Selecting sales contracts/orders to identify

decrease of 29.94% on a year-on-year basis. terms related to the transfer of control of

For the sales of solar modules and other goods and evaluating whether the

products JA Solar Technology recognizes accounting policies for revenue

revenue when the customer obtains control of recognition meet the requirements of the

relevant goods or services. According to the Accounting Standards for Business

sales contract entered into between JA Solar Enterprises;

Technology and customers trading terms * On a sampling basis reconciling the

delivery method and business arrangements

revenue transactions to relevant

revenue is recognized: (1) when the relevant

supporting files such as relevant contracts

goods are delivered and the customer signs

or orders bills of lading delivery receipts

for acceptance for sales to domestic

sales invoices etc. to evaluate whether

customers in China; (2) when the relevant

revenue is recognized in accordance with

goods are delivered and the bill of lading is

the accounting policy of revenue

obtained or when the customer signs for

recognition;

acceptance according to the trading terms of

* On a sampling basis inspecting the record

the orders for sales to overseas customers.of revenue recognition before and after the

We identified revenue recognition as a key

balance sheet date against relevant

audit matter because revenue as one of the

supporting files such as relevant contracts

key performance indicators of JA Solar

or orders bills of lading delivery receipts

Technology involves significant amounts

sales invoices etc.to evaluate whether

and has an inherent risk that revenue may be

revenue is recorded in the appropriate

recognized in an incorrect period or could be

period;

manipulated to reach the performance goals.Page 2 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Key Audit Matters (continued)

Revenue recognition (continued)Please refer to the accounting policy described in Note 25 under “III. Significant accountingpolicies and accounting estimates” as well as Note 49 under “V. Notes to the consolidatedfinancial statements” and Note 4 under “XVIll. Notes to the Company’s financial statements”

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

The Key Audit Matter

audit

* Selecting customers and performing

confirmation letter procedures on the

balance as at the balance sheet date and

the sales transaction during the current

year;

* Selecting major customers checking the

public information on date of registration

registered capital and business scope

through the enterprise information query

tool to evaluate whether there are any

anomalies in the relevant transactions;

* Checking whether significant sales returns

exist in sales record after the balance

sheet date selecting sales return records

(if any) and checking them against

relevant supporting files in order to

evaluate whether the relevant revenue is

recorded in the appropriate period;

* Selecting accounting entries related to

revenue recognition that meet specific risk

criteria inquiring the management about

the reasons for making these accounting

entries and checking related supporting

documents.Page 3 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Key Audit Matters (continued)

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

The inventories of JA Solar Technology Our audit procedures related to provision for

mainly consist of solar modules impairment of inventories included the following:

relevant raw materials and work in * Understanding and evaluating the design and

progress. As at 31 December 2025 the operating effectiveness of key internal controls of

book value of inventories in JA Solar financial reporting over the inventory

Technology’s consolidated balance management (including provision for impairment

sheet is RMB10803335602.80 and of inventories);

RMB744868857.50 has been * Evaluating whether management's inventory

recognized for impairment provision of impairment policies are in compliance with the

inventories. Accounting Standards for Business Enterprises

At the balance sheet date inventories and verifying the accuracy of the year-end

are carried at the lower of cost and net inventory impairment provision based on the

realizable value. Net realizable value is above policies;

the estimated selling price less the * Performing observation on stock taking

estimated costs of completion (if any)

procedure over JA Solar Technology’s year-end

and the estimated costs necessary to

inventory. On a sampling basis checking the

make the sale and relevant taxes.quantity and condition of the inventories paying

When determining net realizable value

special attention to any obsoleteness;

the management estimates the

* Selecting inventory items comparing the

expected selling price selling expense

expected selling price with the actual selling

rate and costs of completion based on

price the expected selling expense rate with the

internal and external information.actual selling expense rate near or after the

We have identified the provision for

balance sheet date to evaluate the

impairment of inventories as a key

reasonableness of relevant estimates used in the

audit matter due to the significant value

calculation of net realizable value;

of inventories and the determination of

provision for inventory impairment. The * Selecting inventory items and evaluating the

determination of the provision involves reasonableness of management's estimate of

significant management judgement the costs to completion by comparing actual

and estimation and management costs to completion for similar work in process;

judgement is inherently uncertain and and

subject to bias. * Selecting inventory items at the beginning of the

period comparing management's estimation

from the previous year with actual results of the

net realizable value and evaluating whether

there is any indication of management bias.Page 4 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Key Audit Matters (continued)

Impairment of fixed assetsPlease refer to the accounting policy described in Note 20 under “III. Significant accountingpolicies and accounting estimates” as well as Note 15 under “V. Notes to the consolidatedfinancial statements”.The Key Audit Matter How the matter was addressed in our audit

The revenue stream of JA Solar Our audit procedures related to impairment of fixed

Technology is primarily derived from assets included the following:

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

modules-related products as well as operating effectiveness of key internal controls of

the operation of partial photovoltaic financial reporting over the impairment testing of

power station projects. Due to the fixed assets;

impact of phased supply-demand * Based on our understanding of JA Solar

imbalances across all links of the main Technology’s business evaluating whether the

photovoltaic industry chain followings are in accordance with Accounting

continuously intensifying industry Standards for Business Enterprises: 1) basis

competition and the decline in prices used by management on identifying impairment

of main products JA Solar Technology indication of fixed assets 2) the methods used on

is in a loss-making state. As at 31 identifying asset groups and 3) the methods

December 2025 the book amount of used on allocating impairment losses to each

fixed assets in the consolidated asset in the asset group;

balance sheet of JA Solar Technology * Based on our understanding of the industry in

was RMB55019796661.89 with

which JA Solar Technology operates and the

accumulated impairment provisions for

historical performance of relevant asset groups

fixed assets amounting to

as well as related industry research information

RMB2855087420.85.evaluating the reasonableness of assumptions

used by management in impairment testing of

fixed assets including selling price expected

future revenue;

* Evaluating the competency professionalism and

objectivity of external valuation experts engaged

by management;

* With the assistance of our valuation specialist

evaluating the appropriateness of the methods

for fixed assets’ impairment testing adopted by

management and valuation experts as well as

the reasonableness of key assumptions such as

market price and discount rate;

Page 5 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Key Audit Matters (continued)

Impairment of fixed assets (continued)Please refer to the accounting policy described in Note 20 under “III. Significant accountingpolicies and accounting estimates” as well as Note 15 under “V. Notes to the consolidatedfinancial statements”.The Key Audit Matter How the matter was addressed in our audit

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

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

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

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

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

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

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

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

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

group to determine the impairment accordance with Accounting Standards for

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

value less costs of disposal and the

present value of its expected future

cash flows. Management uses

significant judgement and estimation

when determining the recoverable

amount of fixed assets particularly

those involving key assumptions

including market price estimated

revenue and discount rates.We identified the impairment of fixed

assets as a key audit matter due to the

significant carrying amount involved

and the significant judgements and

estimations made by the management

relating to impairment testing of fixed

assets. These judgements and

estimations are inherently uncertain

and may be affected by management

bias.Page 6 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Other Information

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

information comprises all the information included in 2025 annual report of JA Solar

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

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

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

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

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

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

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

Statements

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

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

implementation and maintenance of such internal control necessary to enable that the financial

statements are free from material misstatement whether due to fraud or error.In preparing the financial statements management is responsible for assessing JA Solar

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

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

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

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

reporting process.Page 7 of 9AUDITOR’S REPORT (continued)毕马威华振审字第2619534号

Auditor’s Responsibilities for the Audit of the Financial Statements

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

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

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

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

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

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

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

professional scepticism throughout the audit. We also:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

our auditor’s report. However future events or conditions may cause JA Solar

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

including the disclosures and whether the financial statements represent the underlying

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

(Expressed in Renminbi Yuan unless otherwise indicated)

I Basic Information of the Company

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

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

increases and equity transfers in July 2008 the Company was changed to a joint stock

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

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

industrial and commercial registration change at the Qinhuangdao City Administration for

Industry and Commerce of Hebei Province on July 18 2008. On August 10 2010 Tian Ye

Tong Lian successfully listed in Shenzhen Stock Exchange. On November 15 2019 JA Solar

Co. Ltd. (hereinafter referred to as "JA Solar") has successfully back door listed in Shenzhen

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

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

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

securities was officially changed to "JA Technology". As of December 31 2025 the Company's

total share capital is RMB3309687602.00 and par value of each share is RMB 1.As of 31 December 2025 the registered capital of the Company was RMB3309679544.00.Registered address: No. 123. Xinxing Road Ningjin County Hebei Province. Office address:

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

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

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

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

connected power generation electricity sales; development construction operation

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

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

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

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

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

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

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

subsidiaries is disclosed in Note VII.

22JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

II Basis of preparation

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

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

2 Going concern

As of 31 December 2025 the Company has the ability to continue as a going concern for at

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

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

1 Statement of compliance with China Accounting Standards for Business Enterprises

The financial statements comply with the requirements of the Accounting Standards for

Business Enterprises promulgated by the Ministry of Finance. They truly and completely reflect

the consolidated and Company's financial position as of December 31 2025 as well as the

consolidated and Company's operating results and cash flows for the year ended December

312025.

2 Accounting year

The accounting year is from 1 January to 31 December.

3 Operating period

The operating period is twelve months.

4 Functional currency

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

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

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

income and expenditure.

23JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

Item Materiality threshold

Significant receivables with aging of more amount of the individual receivable represents 0.50%

than three years of the total assets.Significant receivables for which provisions

for bad and doubtful debts are individually equals to or more than RMB5.00 million.assessed

Significant reversal or recovery of loss

equals to or more than RMB5.00 million.allowance on receivables

Significant write-offs of receivables equals to or more than RMB5.00 million.Significant changes in the carrying amount of the change in the carrying amount of the individual

contract assets contract asset represents 0.50% of the total assets.Significant receivable dividends with aging of amount of the individual receivable dividends

more than one year represents 0.50% of the total assets.Significant prepayments with aging of more amount of the individual prepayment represents

than one year 0.50% of the total assets.has an uncompleted fundraising investment project; or

Significant construction in progress its amount incurred for the period/balance exceeds

10.00% of the total fixed assets.

Significant accounts payable other payables

amount of the individual payable represents 0.50% of

with aging of more than one year or

the total assets.overdue

Significant contract liabilities with aging of amount of the individual contract liability represents

more than one year 0.50% of the total assets.the change in the carrying amount of the similar

Significant changes in the carrying amount of

contract liabilities represents 2.00% of the prior year’s

contract liabilities

operating revenue.amount of the individual provisions represents 0.50%

Significant provisions

of the total assets.amount of the individual cash inflow or outflow

Significant cash flow from investing activities

represents 0.50% of the total assets.its profit represents 10.00% of the Group's net profit

Significant non-wholly owned subsidiaries

(loss expressed in absolute terms).the carrying amount of the investment in the joint

venture or associate is greater than 0.20% of total

consolidated assets; or the profit (loss expressed in

Significant joint arrangements or associates

absolute terms) from the investment in the joint

venture or associate is greater than 0.20% of

consolidated operating revenue.amount of the individual contingency represents

Significant contingencies

0.50% of the total assets.

amount of the individual subsequent event after the

Significant subsequent events after the

balance sheet date represents 0.50% of the total

balance sheet date

assets.

24JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

not under common control

Business combinations involving entities under common control

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

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

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

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

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

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

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

offset against the surplus reserve and then the undistributed profits.Business combinations involving entities not under common control

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

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

record the balances between them and their carrying amounts into the profit or loss at the

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

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

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

the fair value of the identifiable net assets it obtains from the acquiree into the profit or loss of

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

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

profit or loss at the current period. The transaction expenses for the issuance of equity

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

equity securities.

7 Criteria of control and preparation of consolidated financial statements

Criteria for control

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

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

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

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

(1) Scope of consolidation

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

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

Group) have been consolidated into the scope of consolidation.

25JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Procedure of consolidation

The Company prepares consolidated financial statements using the financial statements of

itself and its subsidiaries as a basis in accordance with other relevant information. When

preparing consolidated financial statements the Group shall consider the entire group as an

accounting entity adopt uniform accounting policies and apply the requirements of Accounting

Standard for Business Enterprises related to recognition measurement and presentation. The

consolidated financial statements shall reflect the overall financial position operating results

and cash flows of the Group.The accounting policies and accounting period of the subsidiaries within the consolidation

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

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

preparing the consolidated financial statements. For subsidiaries through acquisition that are

not under common control the financial statements are adjusted according to fair value of

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

under common control the assets liabilities (as well as the goodwill arising from purchasing

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

the financial statements of the ultimate controller.The owners’ interests profit or loss and comprehensive income of the subsidiary attributable

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

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

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

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

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

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

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

statement of financial position when preparing consolidated statement of financial

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

respectively.

26JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

cannot be reclassified to profit or loss for the current period arising from remeasurement

of defined benefit plan is excluded.(b) Disposing subsidiaries or businesses

General treatment

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

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

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

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

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

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

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

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

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

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

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

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

method any other comprehensive income previously recognized in relation to the

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

other comprehensive income and profit distribution shall be transferred to investment

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

comprehensive income that cannot be reclassified to profit or loss for the current period

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

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

shall be in accordance with the above-mentioned principles.

27JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Disposing subsidiaries by multiple transactions

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

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

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

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

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

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

- Arrangements work together to achieve an overall commercial effect;

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

other arrangement; and

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

subsidiary calculated continuously from the acquisition date or the combination date

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

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

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

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

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

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

and the corresponding portion of the net assets of the subsidiary calculated continuously

from the acquisition date or the combination date related to the disposal of the long-term

equity investments shall be adjusted to the capital reserve (capital premium or share

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

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

28JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

8 Cash and cash equivalents

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

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

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

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

in value.

9 Foreign currency transaction and translation of foreign currency financial statements

(1) Foreign currency transaction

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

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

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

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

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

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

according to the borrowing costs capitalization principle shall be recorded into the profit or

loss at the current period.

(2) Translation of foreign currency financial statements

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

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

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

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

the average exchange rate during the transaction period. When disposing an overseas

business the Group shall shift the balance which is presented under the items of the owner’s

equities in the statement of financial position and arises from the translation of foreign currency

financial statements related to this oversea business into the disposal profit or loss of the

current period.

29JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

10 Financial instruments

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

asset financial liability or equity instrument.

(1) Classification of financial instruments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

and financial liabilities measured at fair value through profit or loss at initial measurement.The Group may at initial recognition designate a financial liability as measured at fair value

through profit or loss because either:

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

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

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

management or investment strategy and information about the Group is provided

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

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

30JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Recognition and measurement of financial instruments

(a) Financial assets measured at amortised cost

Financial assets measured at amortized cost include notes receivables accounts

receivables other receivables debt investments etc. At initial recognition the Group

shall measure a financial asset at its fair value plus or minus transaction costs that are

directly attributable to the acquisition or issue of the financial asset. The Group shall

measure accounts receivables at their transaction price if the accounts receivables do

not contain a significant financing component and accounts receivables that the Group

has decided not to consider for a financing component of no more than one year.Interests calculated by using the effective interest method during the holding period shall

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

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

instruments)

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

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

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

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

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

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

recognized in other comprehensive income is transferred from other comprehensive

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

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

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

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

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

comprehensive income. The dividends obtained are recognized in profit or loss.When the financial assets are derecognized the accumulated gain or loss previously

recognized in other comprehensive income is transferred from other comprehensive

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

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

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

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

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

31JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

payables accounts payables other payables long-term borrowings long-term

payables. At initial recognition the Group shall measure a financial liability at its fair value

plus transaction costs that are directly attributable to the issuance of the financial liability.Interests calculated by using the effective interest method during the holding period shall

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

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

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

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

ownership of the financial asset to the transferee it shall derecognize the financial asset. If it

retained substantially all of the risks and rewards related to the ownership of the financial asset

it shall not derecognize the financial asset.To judge whether the transfer of a financial asset can satisfy the above derecognition

conditions the Group shall follow the principle of the substance over form. The Group classifies

transfers of financial assets into transfers of an entire financial asset and transfers of part of a

financial asset. If the transfer of an entire financial asset satisfies the conditions for

derecognition the difference between the amounts of the following two items shall be recorded

in the profit or loss of the current period:

- The book value of the transferred financial asset; and

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

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

financial asset involved in the transfer is debt investment measured at the fair value with

the change recognized in other comprehensive income).

32JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

difference between the amounts of the following 2 items shall be included into the profit or loss

of the current period:

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

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

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

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

stopped (in the event that the financial asset involved in the transfer is debt investment

measured at the fair value with the change recognized in other comprehensive income).If the transfer of financial assets does not satisfy the derecognition conditions it shall continue

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

financial liabilities.

(4) Derecognition of financial liabilities

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

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

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

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

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

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

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

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

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

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

include into the profit or loss of the current period the difference between the carrying amount

which has been terminated from recognition and the considerations it has paid (including the

non-cash assets it has transferred out and the new financial liabilities it has assumed).Where the Group buys back part of its financial liabilities it shall distribute on the date of

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

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

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

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

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

into the profit or loss of the current period.

33JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

assets or liabilities. Only when relevant observable inputs are unavailable or impracticable to

obtain does the Group use unobservable inputs.

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

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

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

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

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

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

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

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

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

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

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

profit or loss as impairment losses or gains.Generally the Group believes that the credit risk of the financial instrument has significantly

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

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

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

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

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

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

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

formed by the Group through the sale of goods or rendering of services the Group has elected

to measure the loss allowance at an amount equal to lifetime expected credit losses.

34JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

portfolio are as follows:

Bills receivable The Group classifies bills receivable into bank and commercial

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

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

classifies accounts receivable into receivables from companies within the

scope of consolidation electricity fees due from Power Grid Companies

and accounts receivable due from external customers (excluding power

grid companies).Receivables Receivables under financing held by the Group for dual purpose are bills

under financing receivable and accounts receivable. The Group classifies receivables

under financing into bills receivable and accounts receivable based on

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

receivables of different counterparties the Group classifies other receivables into

amounts due from related parties deposits and guarantees equity

transfer receivable prepaid duties refund receivable export rebates

receivables subsidies receivable amounts due from other entities and

others.Contract assets According to the historical experience of the Group this portfolio is based

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

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

Group classifies long-term receivables as amounts due from companies

within the scope of consolidation and other current accounts.For the accounts receivable and contract assets divided into portfolios the Group shall based

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

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

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

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

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

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

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

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

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

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

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

comprehensive income.

35JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(7) Equity instruments

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

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

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

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

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

deducted from shareholders’ equity.

(8) Convertible instruments

- Convertible instruments containing an equity component

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

method.

36JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

components is recognized in profit or loss.

11 Contract assets and contract liabilities

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

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

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

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

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

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

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

customers are separately listed as receivables.

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

assets

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

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

treatment methods for impairment of financial assets.

12 Inventories

(1) Classification and cost of inventories

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

materials for consigned processing goods in transit etc.

(2) Valuation method for inventories dispatched

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

(3) Inventory count system

The Group uses perpetual inventory system.

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

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

37JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

provision for loss on decline in value of inventories shall be made on a combination basis.

13 Assets held for sale and discontinued operations

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

The Group classifies non-current assets or disposal groups as held for sale when both of the

following conditions are met simultaneously:

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

they can be sold immediately under current conditions;

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

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

completed within one year. If relevant regulations require approval from the Group’s relevant

governing body or regulatory authority before the sale can be made such approval has

been obtained.Non-current assets or disposal groups held for sale are stated at the lower of carrying amount

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

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

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

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

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

recognized in prior years.

38JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Discontinued operations

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

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

statements when one of the following conditions is met:

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

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

business area;

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

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

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

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

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

the comparative income statement.

14 Long-term equity investment

(1) Criteria of joint control and significant influence

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

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

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

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

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

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

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

(a) Long-term equity investment from business acquisition

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

investment cost.

39JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

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

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

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

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

determined based on the fair value of the relinquished claim and other costs directly

attributable to the asset such as taxes. The difference between the fair value and the

carrying amount of the relinquished claim is recognized in profit or loss for the current

period.

(3) Subsequent measurement and profit or loss recognition

(a) Cost method

The Group adopts cost method for the long-term investment in subsidiary company.Under the cost method the Group recognises investment income for the current period

based on its share of the cash dividends or profits declared by the investee except the

dividend declared but unpaid which is included in the payment when acquiring the

investment.(b) Equity method

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

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

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

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

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

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

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

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

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

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

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

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

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

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

accordingly.

40JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

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

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

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

losses resulting from transactions between the investor and investee which are

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

investment or sale of assets among the Group and associate and joint venture and theassets is a business it shall apply the treatment mentioned in Note III.6 “Accountingtreatments for business combinations involving entities under common control and notunder common control” and Note III.7“Criteria of control and preparation of consolidatedfinancial statements”.When the Group recognizes the losses of invested enterprise it shall follow the following

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

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

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

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

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

obligation to undertake extra losses per contract and then provisions shall be recognized

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

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

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

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

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

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

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

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

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

41JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

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

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

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

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

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

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

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

significant influence over the investee when preparing the individual financial

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

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

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

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

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

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

additional investment or other reasons in preparing stand-alone financial statements

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

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

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

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

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

15 Investment property

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

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

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

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

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

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

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

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

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

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

42JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

16 Fixed assets

(1) Recognition of Fixed assets

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

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

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

meets the conditions as follows:

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

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

(2) Fixed assets depreciation

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

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

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

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

are as follows:

Depreciation Useful life Residual Value Depreciation Rate

Category

method (year) Rate (%) (%)

Straight-line

Plant and Buildings 20 0 - 5 4.75 - 5.00

method

Straight-line

Power station assets 20 0 - 10 4.50 - 5.00

method

Machinery and Straight-line

5-100-59.50-20.00

equipment method

Straight-line

Transportation vehicles 4 - 5 0 - 5 19.00 - 25.00

method

Electronic and office Straight-line

3-50-519.00-33.33

equipment method

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

value and depreciation method of fixed assets.

(3) Disposal of fixed assets

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

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

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

and related taxes is included in the current profit or loss.

43JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

17 Construction in progress

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

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

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

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

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

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

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

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

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

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

Criteria and timing for reclassification of construction in

Category

progress to fixed assets

When main and supporting constructions are completed

Plant & buildings

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

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

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

and testing; (3) the production equipment can consistently

produce qualified products for a certain period of time.Upon obtaining the acceptance approval for grid connection

Photovoltaic power station

from the power grid company.When an enterprise sells products or by-products produced before a fixed asset is available

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

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

current period.

18 Borrowing costs

(1) Principle of the recognition of capitalized borrowing costs

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

premiums on borrowings ancillary expenses and exchange balance on foreign currency

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

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

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

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

the current profit or loss.Assets eligible for capitalization refer to the fixed assets investment real estate inventories

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

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

44JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

requirements:

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

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

activities for preparing assets eligible for capitalization;

- The borrowing costs has already incurred; and

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

asset for its intended use or sale have already started.

(2) The capitalization period of borrowing costs

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

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

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

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

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

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

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

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

costs shall be ceased when the asset is completed entirely.

(3) The suspension of capitalization of borrowing costs

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

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

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

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

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

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

loss of the current period till the acquisition and construction or production of the asset restarts.

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

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

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

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

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

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

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

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

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

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

of the weighted average interest rate of the general borrowing.

45JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

19 Intangible Assets

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

procedures

(i) Measurement of Intangible Assets

(a) Initial measurement is based on cost upon acquisition

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

will be recognized.(b) Subsequent measurement

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

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

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

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

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

Item Estimated useful life Criteria

Land use rights 40 - 50 years Estimated useful life

Patent right 5 - 10 years Estimated useful life

Know-how 5 - 10 years Estimated useful life

Software 3 - 10 years Estimated useful life

Other intangible assets 3 - 10 years Estimated useful life

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

limited useful lives at each year end.

46JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

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

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

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

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

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

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

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

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

treatments

The Group classifies research and development expenditures mainly as material

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

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

expenditures incurred during the research phase and expenditures incurred during the

development phase. Expenditures during the research phase are expensed when

incurred. Expenditures during the development phase are recognized as intangible

assets when meeting the capitalization criteria.(ii) Classification criteria for internal research phase and development phase

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

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

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

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

Expenditures of internal research and project development phase shall be recognized

as intangible assets when the following conditions are met simultaneously:

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

sold;

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

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

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

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

be used internally can prove its usefulness;

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

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

assets;

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

reliably measured.

47JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

20 Impairment of long-term assets

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

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

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

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

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

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

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

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

derived from the assets. The Group shall estimate its recoverable amount on an individual

basis. Where it is difficult to do so it shall determine the recoverable amount of the asset group

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

minimum combination of assets by which the cash flows could be generated independently.The goodwill and the intangible assets with uncertain service life shall be subject to an

impairment test at least at the end of each year.When the Group makes an impairment test of goodwill it shall as of the purchasing day

apportion the carrying value of the business reputation formed by merger of enterprises to the

relevant asset groups by a reasonable method. Where it is difficult to do so it shall be

apportioned to the relevant combinations of asset groups.When making an impairment test on the relevant asset groups or combination of asset groups

containing business goodwill if any evidence shows that the impairment of asset groups or

combinations of asset groups is possible the Group shall first make an impairment test on the

asset groups or combinations of asset groups not containing business goodwill calculate the

recoverable amount compare it with the relevant carrying value and recognize the

corresponding impairment loss. Then the Group shall make an impairment test of the asset

groups or combinations of asset groups containing business goodwill and compare the

carrying value of these asset groups or combinations of asset groups (including the carrying

value of the business reputation apportioned thereto) with the recoverable amount. Where the

recoverable amount of the relevant assets or combinations of the asset groups is lower than

the carrying value thereof it shall recognize the impairment loss of the business reputation.Impairment losses on long-term assets shall not be reversed in subsequent accounting periods

once recognized.

21 Long-term deferred expense

The long-term deferred expense refers to the expenses incurred but shall be borne by current

and subsequent accounting period which is more than one year. The long-term deferred

expense shall be amortized over its beneficiary period evenly.

48JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

22 Employee benefits

(1) Accounting treatment for short-term employee benefits

The Group shall recognize in the accounting period in which an employee provides service

actually occurred short-term employee benefits as a liability with a corresponding charge to

the profit or loss or cost of an asset for the current period.Payments made by an enterprise of social security contributions for employees payments of

housing funds and union running costs employee education costs provided in accordance with

relevant requirements shall in the accounting period in which employees provide services be

calculated according to prescribed bases and percentages in determining the amount of

employee benefits.The employee benefits which are non-monetary benefits shall be measured at fair value if it

could be measured reliably.

(2) Accounting treatment of post-employment benefits

The Group adopts defined contribution plan for post-employment benefits. The Group shall

recognize in the accounting period in which an employee provides service pension fund and

unemployment fund for employees as a liability according to the local government regulations.The amount shall be calculated according to local prescribed bases and percentages in

determining the amount of employee benefits with a corresponding charge to the profit or loss

or cost of an asset for the current period.

(3) Accounting treatment of termination benefits

The Group shall recognize an employee benefits liability for termination benefits with a

corresponding charge to the profit or loss for the current period at the earlier of the following

dates: when the Group cannot unilaterally withdraw the offer of termination benefits because

of an employment termination plan or a curtailment proposal; or when the Group recognizes

costs or expenses related to a restructuring that involves the payment of termination benefits.

23 Provisions

(1) Recognition criteria of provisions

The obligation pertinent to a Contingency (litigation guarantees loss contract restructuring)

shall be recognized as an estimated liability when the following conditions are satisfied

simultaneously:

- That obligation is a current obligation of the enterprise;

- It is likely to cause any economic benefit to flow out of the enterprise as a result of

performance of the obligation; and

- The amount of the obligation can be measured in a reliable way.

49JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Measurement of all kinds of provisions

The provisions shall be initially measured in accordance with the best estimate of the

necessary expenses for the performance of the current obligation.To determine the best estimate an enterprise shall take into full consideration of the risks

uncertainty time value of money and other factors pertinent to the Contingencies. If the time

value of money is of great significance the best estimate shall be determined after discounting

the relevant future outflow of cash.The best estimate shall be conducted in accordance with the following situations respectively:

If there is a continuous range for the necessary expenses and if all the outcomes within this

range are equally likely to occur the best estimate shall be determined in accordance with the

average estimate within the range that is the average of the upper and lower limit.If there is not a sequent range for the necessary expenses and if the outcomes within this

range are not equally likely to occur the best estimate shall be determined as follows:

If the Contingencies concern a single item it shall be determined in the light of the most likely

outcome.If the Contingencies concern two or more items the best estimate shall be calculated and

determined in accordance with all possible outcomes and the relevant probabilities.When all or some of the expenses necessary for the liquidation of an estimated debts of an

enterprise is expected to be compensated by a third party the compensation shall be

separately recognized as an asset only when it is virtually certain that the reimbursement will

be obtained. The amount recognized for the reimbursement shall not exceed the book value

of the estimated debts.The details are as follows:

(a) Onerous contract

An onerous contract is a contract in which the inevitable costs of performing contractual

obligations exceed the expected economic benefits. If the contract to be executed

becomes an onerous contract and the obligations arising from the onerous contract

meet the above-mentioned conditions for confirming the provisions the portion of the

contract losses expected to exceed the confirmed impairment losses (if any) of the

underlying assets of the contract is recognized as provisions.(b) Product quality guarantee

Product quality guarantee refers to a commitment to provide services to customers after

selling products or providing services. During the agreed period if the quality or other

problems related to the product are in the normal range during the normal use of the

product or service the Group is responsible for replacing the product repairing it free of

charge or only receiving the cost price. If the conditions for the confirmation of the

aforementioned provisions are met they are recognized as provisions.

50JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

24 Share-based payment

The Group’s share-based payment is a transaction that grants equity instruments or assumes

liabilities determined on the basis of equity instruments in order to obtain services provided by

employees or other parties. The Group’s share-based payment is an equity-settled share-

based payment.

(1) Accounting method of share-based payment

Equity-settled share-based payment in exchange for services provided by employees shall be

measured at the fair value of the equity instruments granted to employees on the grant date.The fair value amount is calculated on the basis of the best estimate of the number of vesting

equity instruments during the waiting period and included in the relevant cost according to the

straight-line method when the service in the waiting period is completed or the specified

performance conditions are met. Or expenses. When the right is exercised immediately after

the grant the relevant costs or expenses are included on the grant date and the capital reserve

is increased accordingly.On each balance sheet date during the waiting period the Group makes the best estimate of

the number of vested equity instruments based on the latest obtained changes in the number

of vested employees whether the specified performance conditions are met and other follow-

up information and revises the expected number of vested equity instruments. The impact of

the above estimates is included in the relevant costs or expenses of the current period and

the capital reserve is adjusted accordingly. However if the right can be exercised immediately

after the grant it shall be included in the relevant costs or expenses at the fair value on the

grant date and the capital reserve shall be increased accordingly.For share-based payments that cannot be exercised costs or expenses are not recognized

unless the exercise conditions are market conditions or non-exercising conditions. At this time

regardless of whether the market conditions or non-exercising conditions are met as long as

all of the exercise conditions are met Non-market conditions are deemed to be exercisable.

(2) Relevant accounting method for modification and termination of share-based payment plans

When the Group revises the share-based payment plan if the revision increases the fair value

of the equity instruments granted the increase in the fair value of the equity instruments is

correspondingly confirmed to obtain an increase in services. The increase in the fair value of

equity instruments refers to the difference between the fair values of the equity instruments

before and after the modification on the modification date. If the modification reduces the total

fair value of the share-based payment or adopts other methods that are not conducive to the

employees the accounting treatment of the services obtained will continue to be treated as if

the change has never occurred unless the Group cancels part or all of the granted equity

instruments.During the waiting period if the granted equity instruments are cancelled the Group treats the

cancellation of the granted equity instruments as an accelerated exercise and the amount that

should be confirmed during the remaining waiting period is immediately included in the current

profit or loss and the capital reserve is confirmed at the same time. If employees or other

parties can choose to meet the non-exercising conditions but have not met within the waiting

period the Group will treat them as the cancellation of the granted equity instruments.

51JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

25 Revenue

(1) Accounting policies used in revenue recognition and measurement

The Group has fulfilled the performance obligations in the contract that is the revenue is

recognized when the customer obtains control of the relevant goods or services. Obtaining

control over related goods or services means being able to lead the use of the goods or

services and obtain almost all of the economic benefits from it.If the contract contains two or more performance obligations the Group will allocate the

transaction price to each individual performance obligation in accordance with the relative

proportion of the stand-alone selling price of the goods or services promised by each individual

performance obligation on the date of the contract. The Group measures revenue based on

the transaction price allocated to each individual performance obligation.The transaction price refers to the amount of consideration that the Group expects to be

entitled to receive due to the transfer of goods or services to customers excluding payments

collected on behalf of third parties and payments expected to be returned to customers. The

Group determines the transaction price in accordance with the terms of the contract and

combined with its past customary practices. When determining the transaction price it

considers the impact of variable consideration major financing components in the contract

non-cash consideration consideration payable to customers and other factors. The Group

determines trading price at the best estimate of the variable consideration according to the

expected value or the most likely amount and determines the amount that includes the variable

consideration at an amount that does not exceed the amount that the accumulated recognized

revenue is unlikely to be significantly reversed when the relevant uncertainty is eliminated. If

there is a major financing component in the contract the Group will adjust the transaction price

according to the financing component in the contract; if the interval between the transfer of

control and the payment by the customer is less than one year the Group will not consider the

financing component.If one of the following conditions is met it belongs to the performance obligation within a certain

period of time otherwise it belongs to the performance obligation at a certain point in time:

- The customer obtains and consumes the economic benefits brought by the Group’s

performance at the same time as the Group’s performance.- Customers can control the products under construction in the Group’s performance

process.- The goods produced by the Group during the performance of the contract have

irreplaceable uses and the Group has the right to collect payment for the cumulative

performance part that has been completed so far during the entire contract period.For performance obligations performed within a certain period of time the Group recognizes

revenue in accordance with the performance progress during that period except where the

performance progress cannot be reasonably determined. The Group considers the nature of

the goods or services and adopts the output method or the input method to determine the

progress of the contract. When the performance progress cannot be reasonably determined

and the cost incurred is expected to be compensated the Group shall recognize the revenue

according to the amount of the cost incurred until the performance progress can be reasonably

determined.

52JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

For performance obligations performed at a certain point in time the Group recognizes

revenue at the point when the customer obtains control of the relevant goods or services.When judging whether the customer has obtained control of goods or services the Group

considers the following signs:

- The Group has the right to receive payment for the goods or services that is the customer

has the current payment obligation for the goods or services

- The Group has transferred the legal ownership of the product to the customer that is the

customer has the legal ownership of the product.- The Group has transferred the product to the customer that is the customer has taken

possession of the product.- The Group has transferred the main risks and rewards of the ownership of the goods to the

customers that is the customers have obtained the main risks and rewards of the

ownership of the goods.- The customer has accepted the goods or services etc.- Other signs that the customer has obtained control of the product.

(2) The specific accounting policies related to the main activities of obtaining revenue are

described as follows:

(a) Photovoltaic power plant operation

The Group supplies electricity to the grid company and the grid company recognizes

revenue when it obtains control of the power.(b) Sales of solar modules and relevant products

The Group’s sales of solar module products will recognize revenue when the control is

transferred to the customer in accordance with the contractual agreement.(c) Sales of monocrystalline furnaces and other photovoltaic equipment

Revenue is recognized following the same policy for the sale of solar modules as

described in (b) above. When the settlement period between the Group and the customer

exceeds one year the financing component in the contract is considered in determining

the transaction price and the transaction price is adjusted accordingly.(d) Service revenue

The service provided by the Group recognizes revenue during the period of service

provision.

26 Contract cost

Contract costs are divided into contract performance costs and contract acquisition costs.The cost incurred by the Group to perform the contract is recognized as an asset as the

contract performance cost when the following conditions are met:

- This cost is directly related to a current or expected contract;

- This cost increases the Group’s future resources for fulfilling contract performance

obligations;

- The cost is expected to be recovered.

53JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

The incremental cost incurred by the Group in order to obtain the contract is expected to be

recovered and it shall be recognized as an asset as the cost of obtaining the contract.Assets related to contract costs are amortized on the same basis as the revenue recognition

of goods or services related to the asset; however if the amortization period of contract

acquisition costs does not exceed one year the Group will recognize them in the current profit

or loss when the cost incurred.For assets related to contract costs if the book value is higher than the difference between the

following two items the Group will make provision for impairment for the excess part and

recognize it as an asset impairment loss:

- The remaining consideration expected to be obtained due to the transfer of goods or

services related to the asset;

- Estimate the cost that will be incurred for the transfer of the related goods or services.

27 Government Subsidies

(1) Types

A government subsidy means the monetary or non-monetary assets obtained free of charge

by the Group from the government. Government subsidies consist of the government subsidies

pertinent to assets and government subsidies pertinent to income.Government subsidies related to assets are government subsidies whose primary condition is

that an entity qualifying for them should purchase construct or otherwise acquire long-term

assets. The government subsidies related to incomes refer to government subsidies other than

those related to assets.The standard of the Group recognizing the government subsidies related to assets is: an entity

qualifying for them should purchase construct or otherwise acquire long-term assets.The standard of the Group recognizing the government subsidies related to income is: In

addition to government subsidies related to assets.For government grants where the government documents do not clearly specify the intended

purpose the Group’s criterion for classifying such grants as asset-related or income-related is

whether they are used for the acquisition construction or other formation of long-term assets.

(2) Recognition

Government subsidies shall be recognized when the attached conditions are satisfied and

receivable.

54JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Accounting treatment

Government subsidies related to assets shall be recognized by deducting the subsidies at the

carrying amount of the assets or recognized as deferred income. Subsidies that recognized as

deferred income shall be recognized in profit or loss on a systematic basis over the periods

during the useful lives of the relevant assets (Subsidies related to daily activities should be

recorded in Other Income. Subsidies that unrelated to daily activities should be recorded in

Non-operating Income).The government subsidies related to incomes to compensate future expenses shall be

recognized as deferred income and transferred to current profit or loss (Subsidies related to

daily activities should be recorded in Other Income. Subsidies that unrelated to daily activities

should be recorded in Non-operating Income) in the period during which the expenses

compensation is recognized or deduct relevant cost or loss. Government subsidies to

compensate expenses or losses already incurred shall be recognized in current profit or loss

(Subsidies related to daily activities should be recorded in Other Income. Subsidies unrelated

to daily activities should be recorded in Non-operating Income) or deduct relevant cost or loss.The policy-related preferential loan interest discount obtained by the Group shall be divided

into the following two situations and be accounted for separately:

- The finance allocates interest discount funds to the lending bank and the lending bank

provides loans to the Group at a preferential policy interest rate. The Group uses the actual

loan amount received as the entry value of the loan based on the loan principal and the

policy preferential interest rate to calculate related borrowing costs.- If the finance directly allocates the interest discount funds to the Group the Group will offset

the corresponding interest discount to reduce the relevant borrowing costs.

28 Deferred tax assets and deferred tax liabilities

An enterprise shall recognize the deferred income tax assets arising from a deductible

temporary difference to the extent of the amount of the taxable income which it is most likely

to obtain and which can be deducted from the deductible temporary difference. As for any

deductible loss or tax deduction that can be carried forward to the next year the corresponding

deferred income tax assets shall be determined to the extent that the amount of future taxable

income to be offset by the deductible loss or tax deduction to be likely obtained.All taxable temporary differences shall be recognized as deferred tax liabilities with certain

limited exceptions.Deferred tax is not recognized for temporary differences arising from the initial recognition of

assets or liabilities in a single transaction that is not a business combination affects neither

accounting profit nor taxable profit (or deductible loss) and does not give rise to equal taxable

and deductible temporary differences. Deferred tax is also not recognized for taxable

temporary differences arising from the initial recognition of goodwill.Where there is a legal right to net settlement and there is an intention to net settlement or to

acquire assets and pay off liabilities at the same time current income tax assets and current

income tax liabilities shall be presented as the net offset.

55JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

An entity shall offset deferred tax assets and deferred tax liabilities if and only if: (a) the entity

has a legally enforceable right to set off current tax assets against current tax liabilities; and

(b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the

same taxation authority on either:(i) the same taxable entity; or (ii) different taxable entities

which intend either to settle current tax liabilities and assets on a net basis or to realize the

assets and settle the liabilities simultaneously in each future period in which significant

amounts of deferred tax liabilities or assets are expected to be settled or recovered.

29 Leases

(1) The Group as lessee

(a) Right-of-use assets

At the commencement date the Group recognizes the right-of-use assets for leases

other than short-term leases and low-value asset leases. The right-of-use assets are

initially measured at cost. The cost includes:

- Initial measurement amount of lease liabilities;

- For the lease payment paid on or before the commencement date if there is lease

incentive the relevant amount of lease incentive enjoyed shall be deducted;

- Initial direct costs incurred;

- The estimated costs incurred for dismantling and removing the underlying assets

restoring the site where the underlying assets are located or restoring the underlying

assets to the state agreed in the lease terms but it does not include costs incurred in

producing inventory.The Group adopts the straight-line method to depreciate its right-of-use assets. If it can

be reasonably determined that the ownership of the underlying asset will be obtained at

the expiration of the lease term the Group shall accrue depreciation within the remaining

useful life of the underlying asset; otherwise the underlying asset shall be depreciated

within the shorter of the lease term and the remaining useful life of the underlying asset.For the principles which the Group determines whether the right-of-use asset has beenimpaired please refer to Note III 20 Impairment of long-term assets under “III Significantaccounting policies and accounting estimates”.

56JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(b) Lease liabilities

At the commencement date the Group recognizes the present value of the unpaid lease

payments as lease liabilities except for short-term leases and low-value asset leases.The lease liability is initially measured at the present value of outstanding lease

payments. Lease payments include:

- Fixed payments (including in-substance fixed payments) if there is a lease incentive

deduct the relevant amount of the lease incentive;

- Variable lease payments that depend on an index or ratio;

- Amounts expected to be payable by the lessee under residual value guarantees;

- The exercise price of a purchase option if the lessee is reasonably certain to exercise

that option;

- Payments of penalties for terminating the lease if the lease term reflects the lessee

exercising an option to terminate the lease.The Group uses the interest rate implicit in the lease as the discount rate but if the

interest rate implicit in the lease cannot be reasonably determined the Group’s

incremental borrowing rate is used as the discount rate.The Group calculates the interest expense of the lease liability in each period of the lease

term according to the fixed periodic interest rate and includes it into the current profit or

loss or the cost of related assets. Variable lease payments that are not included in the

measurement of lease liabilities are included in the current profit or loss or the cost of

related assets when they are actually incurred.After the commencement date of lease the Group shall re-measure the lease liabilities

and adjust the corresponding right-of-use assets under the following circumstances. If

the book value of the right-of-use assets is reduced to zero and there is a further

reduction in the measurement of the lease liability the difference is included in the current

profit or loss:

- When there is a change in the evaluation results of the purchase option lease renewal

option or termination option or the actual exercise of the aforementioned options is

inconsistent with the original evaluation result the Group shall calculate the lease

payment amount after the change and the revised discounted value. Remeasure the

lease liability at the present value of the rate calculation;

- When the actual fixed payment changes the estimated payable amount of the

residual value guarantee changes or the index or ratio used to determine the lease

payment changes the Group calculates the present value based on the changed

lease payment and the original discount rate Remeasure the lease liability. However

where changes in lease payments result from changes in floating interest rates a

revised discount rate is used to calculate the present value.(c) Short-term leases and low-value asset leases

The Group chooses not to recognize right-of-use assets and lease liabilities for short-

term leases and low-value asset leases and includes the relevant lease payments in the

current profit or loss or related asset costs on a straight-line basis over each period of

the lease term. Short-term leases refer to leases with a lease term of not more than 12

months and excluding purchase options on the commencement date of the lease term.A low-value asset lease refers to a lease with a lower value when a single leased asset

is a brand-new asset. If the Group subleases or expects to sublease the leased assets

the original lease is not a low-value asset lease.

57JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(d) Lease modification

A lessee shall account for a lease modification as a separate lease if both:

- The modification increases the scope of the lease by adding the right to use one or

more underlying assets;

- The consideration for the lease increases by an amount commensurate with the

stand-alone price for the increase in scope and any appropriate adjustments to that

stand-alone price to reflect the circumstances of the particular contract

If the lease change is not accounted for as a separate lease on the effective date of the

lease change the Group re-allocates the consideration of the contract after the change

re-determines the lease term and calculates the current value based on the lease

payment after the change and the revised discount rate. value to remeasure the lease

liability.If the lease change leads to the narrowing of the lease scope or the shortening of the

lease term the Group will reduce the book value of the right-of-use asset accordingly

and include the relevant gains or losses on partial or complete termination of the lease

into the current profit or loss. If other lease changes result in re-measurement of lease

liabilities the Group adjusts the book value of the right-of-use asset accordingly.(e) Sale and leaseback transactions

The Group applies the requirements for determining when a performance obligation is

satisfied in Note III 25 Revenue under " III Significant accounting policies and accounting

estimates" to determine whether the transfer of an asset is accounted for as a sale of

that asset.If the asset transfer in the sale and leaseback transaction is a sale the Group as the

lessee measures the right-of-use asset formed by the sale and leaseback according to

the part of the original book value of the asset that is related to the right-of-use obtained

by leaseback and recognizes a related gain or loss only for the rights transferred to the

lessor. If the asset transfer in the sale-and-leaseback transaction is not a sale the Group

as the lessee continues to recognize the transferred asset and recognizes a financial

liability equal to the transfer income. For the accounting treatment of financial liabilities

please refer to Note III 10 Financial instruments under " III Significant accounting policies

and accounting estimates".

58JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) The Group as lessor

At the commencement date the Group classifies leases into finance leases and operating

leases. A lease is classified as a finance lease if it transfers substantially all the risks and

rewards incidental to ownership of an underlying asset Operating leases refer to leases other

than finance leases.(a) Accounting treatment of operating leases

Lease receipts from operating leases are recognized as rental income on a straight-line

basis over each period of the lease term. The Group capitalizes initial direct costs

incurred in connection with operating leases and amortizes them over the lease term on

the same basis as the recognition of rental income with the amortization charged to profit

or loss. Variable lease payments not included in lease receipts are included in profit or

loss for the period when they are actually incurred. If the operating lease is changed the

Group will account for it as a new lease from the effective date of the change and the

advance receipts or lease receivables related to the lease before the change are

regarded as the receipts of the new lease.(b) Accounting treatment of financial lease

At lease commencement date the Group recognizes the finance lease receivables for

the finance lease and derecognizes the finance lease assets. When the Group initially

measures the finance lease receivables the net investment in the lease is regarded as

the entry value of the finance lease receivables. The net lease investment is the sum of

the unguaranteed residual value and the present value of the lease receipts not yet

received at the commencement date of the lease term discounted at the interest rate

implicit in the lease.The Group calculates and recognizes the interest income in each period of the lease

period according to the fixed periodic interest rate. For the derecognition and impairmentof finance lease receivables please refer to Note III 10 Financial instruments under “IIISignificant accounting policies and accounting estimates.Variable lease payments that are not included in the net lease investment measurement

are included in the current profit or loss when they are actually incurred.(c) Sale and leaseback transactions

If the asset transfer in the sale and leaseback transaction is a sale the Group as the

lessor accounts for the purchase of the asset according to the aforementioned

accounting treatments relating to operating leases and financial lease; If the asset

transfer in the sale-and-leaseback transaction is not a sale the Group as the lessor

does not recognize the transferred asset but recognizes a financial asset equal to the

transfer income. For the accounting treatment of financial assets please refer to Note III

10 Financial instruments under “III Significant accounting policies and accountingestimates”.

59JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

30 Hedge accounting

Hedge accounting refers to the method of recognizing gains or losses from hedging

instruments and hedged items in the same accounting period within profit or loss (or other

comprehensive income) to reflect the impact of risk management activities.Hedged items are identifiable reliably measurable items that expose the Group to risks of

changes in fair value or cash flows and are designated as hedged items. The Group designates

as hedged items firm commitments denominated in foreign currency that expose the Group to

foreign exchange risk specifically designating the “foreign exchange risk of firm commitments”

as hedged items.Hedging instruments are financial instruments designated by the Group for hedging purposes

whose changes in fair value or cash flows are expected to offset changes in the fair value or

cash flows of the hedged items.The Group assesses at the inception of the hedge and on an ongoing basis whether the

hedging relationship meets the hedge effectiveness requirements. A hedging relationship

qualifies for hedge accounting only if all the following conditions are met:

- An economic relationship exists between the hedged item and the hedging instrument;

- The effect of credit risk does not dominate the value changes arising from the economic

relationship between the hedged item and the hedging instrument;

- The hedge ratio of the hedging relationship equals the ratio of the quantity of the hedged

item to the quantity of the hedging instrument used to hedge it.If a hedging relationship no longer meets the hedge effectiveness requirements due to changes

in the hedge ratio but the risk management objective for designating the hedging relationship

remains unchanged the Group performs hedge rebalancing by adjusting the quantities of the

hedged item or hedging instrument in the existing relationship to restore compliance with the

hedge effectiveness requirements.The Group discontinues hedge accounting in the following circumstances:

- The hedging relationship no longer meets the risk management objective due to changes

in such objectives;

- The hedging instrument expires is sold terminated or exercised;

- The economic relationship between the hedged item and the hedging instrument ceases to

exist or the effect of credit risk begins to dominate their value changes;

- The hedging relationship no longer satisfies other conditions for applying hedge accounting.For the “foreign exchange risk of firm commitments” the Group applies cash flow hedge

accounting (subject to meeting hedge accounting criteria) with the following specific

accounting policies:

Cash flow hedges are hedges of exposure to variability in cash flows. The effective portion of

gains or losses on the hedging instrument is recognized as a cash flow hedge reserve within

other comprehensive income (OCI). The amount of the cash flow hedge reserve is the lower

of the absolute values of:

- The cumulative gain or loss on the hedging instrument from the inception of the hedge;

- The cumulative change in the present value of expected future cash flows of the hedged

item from the inception of the hedge.

60JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

The amount of OCI recognized for the cash flow hedge reserve in each period reflects the

change in the reserve during that period.The ineffective portion of gains or losses on the hedging instrument is recognized directly in

profit or loss.The Group reclassifies the cash flow hedge reserve amount from OCI to profit or loss in the

same period(s) in which the hedged expected cash flows affect profit or loss.When the Group discontinues cash flow hedge accounting the cumulative cash flow hedge

reserve balance recognized in OCI is treated as follows:

- If the hedged future cash flows are still expected to occur the cumulative reserve remains

in OCI and is accounted for under the cash flow hedge policy described above;

- If the hedged future cash flows are no longer expected to occur the cumulative reserve is

reclassified from OCI to profit or loss.

31 Other significant accounting policies and accounting estimates

Segment report

The Group determines the operating segment based on the internal organizational structure

management requirements and internal reporting system and determines the reporting

segment based on the operating segment and discloses segment information.Operating segment refers to the component of the Group that meets the following conditions

at the same time:

(1) The component can generate income and expenses in daily activities;

(2) The management of the Group can regularly evaluate the operating results of this

component to determine the allocation of resources to it and evaluate its performance;

(3) The Group can obtain relevant accounting information such as the financial status

operating results and cash flow of this component. If two or more operating segments

have similar economic characteristics and meet certain conditions they can be combined

into one operating segment.

32 Significant changes in accounting policies and accounting estimates

During the reporting period the Group had no significant changes in accounting policies and

accounting estimates.

61JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

IV. Taxation

1. Main types of taxes and corresponding tax rates

Tax type Tax basis Tax rate

According to tax laws output VAT is

calculated on product sales and taxable

Value-added tax (VAT) services revenue. VAT payable is 3% - 19%

determined by deducting input VAT from

output VAT for the period

City maintenance and

Based on VAT paid 5% 7%

construction tax

Corporate income tax Based on taxable profits 15% 20% 25% etc.Ad valorem basis: Property tax is calculated

at 1.2% of the remaining value after a one-

time deduction of 10% - 30% from the

Property tax original property value; 1.2% 12%

Rental income basis: Property tax is

calculated at 12% of the gross rental

income.?

The corporate income tax rate of the Company’s domestic subsidiaries is the statutory rate of

25% (2024: 25%). The corporate income tax of its overseas subsidiaries should be

recognized in accordance with the local income tax laws and regulations of its registration

place. The non-statutory tax rates applicable to the Company’s domestic and overseas

subsidiaries which are disclosed as follows:

62JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Name of taxpayer Income tax rate

Hefei JA Solar Technology Co. Ltd. 15.00%

JA Solar (Xingtai) Co. Ltd. 15.00%

JA Solar New Energy Yangzhou Co. Ltd. 15.00%

Shanghai JA Solar Technology Co. Ltd. 15.00%

JA Solar Technology Yangzhou Co. Ltd. 15.00%

Xingtai Jinglong PV Materials Co. Ltd. 15.00%

Yiwu JA Solar Technology Co. Ltd. 15.00%

JA Solar (Wuxi) PV Technology Co. Ltd. 15.00%

Beijing Jinghong Energy Economization Technology Co.

15.00%

Ltd.Qujing Jinglong Electronic Material Co. Ltd. 15.00%

Qujing JA Solar PV Technology Co. Ltd. 15.00%

Qujing JA Solar Technology Co. Ltd. 15.00%

Baotou JA Solar Technology Co. Ltd. 15.00%

Baotou Jingxu Carbon-carbon Technology Co. Ltd. 15.00%

Baotou JA Carbon Technology Co. Ltd. 15.00%

Inner Mongolia JA Solar PV Technology Co. Ltd. 15.00%

Baotou JA New Material Co. Ltd. 15.00%

Dongtai JA Solar Technology Co. Ltd. 15.00%

Yiwu Jingcheng PV Material Co. Ltd. 15.00%

Ordos JA Solar Technology Co. Ltd. 15.00%

JA (Donghai) New Materials Technology Co. Ltd. 15.00%

Shanghai Jiejing Jicheng Chemical Technology Co. Ltd. 15.00%

JA Wisdom Energy Technology (Hainan) Co. Ltd. 15.00%

Qujing JA Trading Co. Ltd. 5.00%

3 - year exemption and 3 - year

PV Power Station Project companies

half payment or 20% or 15%

Xingtai Jingrui Commercial Management Co. Ltd. 5.00%

Erdos Jingfei PV Co. Ltd. 5.00%

Lanping JA Solar Technology Co. Ltd. 5.00%

JA Solar DMCC 15.00%

JA Solar Australia PTY Limited 30.00%

Federal tax rate 15.825%+ state

JA Solar GmbH

tax

JA Solar International Limited 16.50%

JA Solar Investment (Hong Kong) Limited 16.50%

JA Solar HongKong Limited 16.50%

JA Solar Smart Energy (Hong Kong) Limited 16.50%

JA Solar Energy Investment (Hong Kong) Co. Limited 16.50%

JA Solar Renewable Energy Limited 16.50%

JA Solar Trading Limited 16.50%

JA Solar Malaysia Sdn. Bhd. 24.00%

JA Solar Korea Co. Ltd. 20.90%

JA Solar South Africa (PTY) Ltd 27.00%

JA Solar SA (PTY) Ltd 27.00%

JA Solar Brasil Ltda 15.00%+ additional tax

JA Solar USA Inc. Federal tax rate 21%+ state tax

JA Solar Industrial Corp. Federal tax rate 21%+ state tax

JA Solar USA Trading Co. Federal tax rate 21%+ state tax

?

63JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Name of taxpayer (continued) Income tax rate

JA Solar Japan Limited 30.62%

JA Solar Viet Nam Company Limited 15.00%

JA Solar PV VietNam Company Limited 15.00%

JA Solar NE VietNam Company Limited 15.00%

Oribright SG Trading Pte. Ltd. 17.00%

Note: In October 2025 Baotou JA Carbon Technology Co. Ltd. and Baotou JA New Material

Co. Ltd. were merged by absorption into Baotou JA Solar Technology Co. Ltd. As of 31

December 2025 Baotou JA Carbon Technology Co. Ltd. and Baotou JA New Material Co.Ltd. had not completed the industrial and commercial deregistration procedures.

2 Tax preferential treatments

During the reporting period the major preferential tax treatments entitled by the Group are as

follows:

(1) The subsidiary Hefei JA Solar Technology Co. Ltd. (referred to as “Hefei JA Solar”) was

re-certified by Anhui Provincial Department of Science and Technology Anhui Provincial

Department of Finance and Anhui Provincial Office of the State Administration of Taxation

on 28 October 2025 and obtained a High-tech Enterprise Certificate

(No.GR202534003599) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(2) The subsidiary JA Solar (Xingtai) Solar Co. Ltd. (referred to as “Xingtai Module”) was

certified by Hebei Provincial Department of Science and Technology Hebei Provincial

Department of Finance and Hubei Provincial Office of the State Administration of

Taxation on 16 October 2023 and obtained a High-tech Enterprise Certificate

(No.GR202313001646) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(3) The subsidiary JA Solar New Energy Yangzhou Co. Ltd. (referred to as “YangzhouModule”) was re-certified by Jiangsu Provincial Department of Science and Technology

Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 19 December 2025 and obtained a High-tech Enterprise

Certificate (No.GR202532011208) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(4) The subsidiary Shanghai JA Solar Technology Co. Ltd. (referred to as “FengxianModule”) was re-certified by Shanghai Municipal Department of Science and Technology

Shanghai Municipal Department of Finance and Shanghai Municipal Office of the State

Administration of Taxation on 12 December 2023 and obtained a High-tech Enterprise

Certificate (No.GR202331005925) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(5) The subsidiary JA Solar Technology Yangzhou Co. Ltd. (referred to as “YangzhouBattery”) was re-certified by Jiangsu Provincial Department of Science and Technology

Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 6 November 2023 and obtained a High-tech Enterprise

Certificate (No.GR202332002014) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

64JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(6) The subsidiary Xingtai Jinglong PV Materials Co. Ltd. (referred to as “Jinglong PV”) was

certified by Hebei Provincial Department of Science and Technology Hebei Provincial

Department of Finance and Hebei Provincial Office of the State Administration of

Taxation on 14 November 2023 and obtained a High-tech Enterprise Certificate

(No.GR202313003014) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(7) The subsidiary Yiwu JA Solar Technology Co. Ltd. (referred to as “Yiwu JA”) was certified

by Zhejiang Provincial Department of Science and Technology Zhejiang Provincial

Department of Finance and Zhejiang Provincial Office of the State Administration of

Taxation on 6 December 2024 and obtained a High-tech Enterprise Certificate

(No.GR202433010127) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(8) The subsidiary JA Solar (Wuxi) PV Technology Co. Ltd. (referred to as “Wuxi JA”) was

certified by Jiangsu Provincial Department of Science and Technology Jiangsu

Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 16 December 2024 and obtained a High-tech Enterprise

Certificate (No.GR202432015896) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(9) The subsidiary Beijing Jinghong Energy Economization Technology Co. Ltd. (referred to

as “Jinghong Energy Economization”) was certified by Beijing Municipal Science and

Technology Commission Beijing Municipal Finance Bureau and Beijing Municipal Office

of the State Administration of Taxation on 30 November 2023 and obtained a High-tech

Enterprise Certificate (No.GR202311003991) with the validity period lasting for 3 years.A 15% corporate income tax rate is applicable to high-tech enterprises within the validity

period.

(10) The subsidiary Dongtai JA Solar Technology Co. Ltd. (referred to as “DongtaiBasement”) was certified by Jiangsu Provincial Department of Science and Technology

Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of the State

Administration of Taxation on 16 December 2024 and obtained a High-tech Enterprise

Certificate (No.GR202432007279) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(11) The subsidiary Yiwu Jingcheng PV Material Co. Ltd. (referred to as “Yiwu Jingcheng”)

was certified by Zhejiang Provincial Department of Science and Technology Zhejiang

Provincial Department of Finance and Zhejiang Provincial Office of the State

Administration of Taxation on 6 December 2024 and obtained a High-tech Enterprise

Certificate (No.GR202433005081) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(12) The subsidiary Qujing Jinglong Electronic Material Co. Ltd. (referred to as “QujingJinglong”) was certified by Yunnan Provincial Department of Science and Technology

Yunnan Provincial Department of Finance and Yunnan Provincial Office of the State

Administration of Taxation on 1 November 2024 and obtained a High-tech Enterprise

Certificate (No.GR202453000642) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

65JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(13) The subsidiary Qujing JA Solar PV Technology Co. Ltd. (referred to as “Qujing JA”) was

certified by Yunnan Provincial Department of Science and Technology Yunnan Provincial

Department of Finance and Yunnan Provincial Office of the State Administration of

Taxation on 4 December 2024 and obtained a High-tech Enterprise Certificate

(No.GR202453000923) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(14) The subsidiary Baotou JA Solar Technology Co. Ltd. (referred to as “Baotou JA”) was

certified by Inner Mongolia Autonomous Region Department of Science and Technology

Inner Mongolia Autonomous Region Department of Finance and Inner Mongolia

Autonomous Region Office of the State Administration of Taxation on 9 November 2025

and obtained a High-tech Enterprise Certificate (No.GR202515000088) with the validity

period lasting for 3 years. A 15% corporate income tax rate is applicable to high-tech

enterprises within the validity period.

(15) The subsidiary Inner Mongolia JA Solar PV Technology Co. Ltd. (referred to as “InnerMongolia Module”) was certified by Inner Mongolia Autonomous Region Department of

Science and Technology Inner Mongolia Autonomous Region Department of Finance

and Inner Mongolia Autonomous Region Office of the State Administration of Taxation

on 19 November 2025 and obtained a High-tech Enterprise Certificate

(No.GR202515000093) with the validity period lasting for 3 years. A 15% corporate

income tax rate is applicable to high-tech enterprises within the validity period.

(16) The subsidiary Qujing JA Solar Technology Co. Ltd. (referred to as “Qujing Technology”)

was certified by Yunnan Provincial Department of Science and Technology Yunnan

Provincial Department of Finance and Yunnan Provincial Office of the State

Administration of Taxation on 8 December 2025 and obtained a High-tech Enterprise

Certificate (No.GR202553000640) with the validity period lasting for 3 years. A 15%

corporate income tax rate is applicable to high-tech enterprises within the validity period.

(17) The subsidiary Ordos JA Solar Technology Co. Ltd. (referred to as “Ordos Basement”)

was certified by Inner Mongolia Autonomous Region Department of Science and

Technology Inner Mongolia Autonomous Region Department of Finance and Inner

Mongolia Autonomous Region Office of the State Administration of Taxation on 8

December 2025 and obtained a High-tech Enterprise Certificate (No.GR202515000533)

with the validity period lasting for 3 years. A 15% corporate income tax rate is applicable

to high-tech enterprises within the validity period.

(18) The subsidiary JA (Donghai) New Materials Technology Co. Ltd. (referred to as “JA

(Donghai) New Material”) was certified by Jiangsu Provincial Department of Science and

Technology Jiangsu Provincial Department of Finance and Jiangsu Provincial Office of

the State Administration of Taxation on 19 December 2025 and obtained a High-tech

Enterprise Certificate (No.GR202532008321) with the validity period lasting for 3 years.A 15% corporate income tax rate is applicable to high-tech enterprises within the validity

period.

(19) The subsidiary Shanghai Jiejing Jicheng Chemical Technology Co. Ltd. (referred to as

“Shanghai Jiejing Jicheng”) was re-certified by Shanghai Municipal Department of

Science and Technology Shanghai Municipal Department of Finance and Shanghai

Municipal Office of the State Administration of Taxation on 25 December 2025 and

obtained a High-tech Enterprise Certificate (No.GR202531007977) with the validity

period lasting for 3 years. A 15% corporate income tax rate is applicable to high-tech

enterprises within the validity period.

66JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(20) In accordance with the “Announcement of the Ministry of Finance the StateAdministration of Taxation and the National Development and Reform Commission onContinuing the Income Tax Policy for Enterprises in the Great Western Development”

(No. 23 [2020] ) from 1 January 2021 to 31 December 2030 the enterprises established

in the western region whose principal businesses are industry projects stipulated in the

Catalogue of Encouraged Industries in the Western Region and whose income from

principal businesses constitutes 60% or more of their total income CIT shall be levied at

a reduced tax rate of 15%. The following subsidiaries are entitled to the above mentioned

preferential tax treatment: Qujing Jinglong Qujing JA Qujing Technology Baotou JA

Baotou Jingxu Carbon-carbon Technology Co. Ltd. (referred to as “Baotou Jingxu” )

Inner Mongolia Module Ordos Basement.

(21) In accordance with Notice on Preferential CIT Policies for the Hainan Free Trade Port

(Cai Shui [2020] No. 31) and Notice of the Ministry of Finance and the State

Administration of Taxation on Continuing the Income Tax Policy for Enterprises in the

Hainan Free Trade Port (Cai Shui [2025] No. 3) enterprises in encouraged industries

registered in the Hainan Free Trade Port and engaging in substantive operations are

entitled to corporate income tax at a reduced tax rate of 15%. Enterprises in encouraged

industries are those mainly engaged in businesses stipulated in the List of Encouraged

Industries in the Hainan Free Trade Port and the income from their principal activities

must account for at least 60% of their total income.The subsidiary JA Wisdom Energy

Technology (Hainan) Co. Ltd. (“JA Hainan”) is entitled to the above mentioned

preferential tax treatment from 1 January 2025 to 31 December 2027.

(22) The Company’s PV Power Station Project companies are eligible for the preferential tax

treatments as follows:

(a) Eligible for the “3-year exemption and 3-year half payment” preferential treatment

According to the provisions of the Article 27 of Corporate Income Tax Law of the

People’s Republic of China and the Article 87 of the Implementation Rules of

Enterprise Income Tax Law of the People’s Republic of China income derived by

an enterprise investing and operating a key public infrastructure project supported

by the State shall be exempted from Corporate Income Tax for the first year to the

third year with effect from the tax year in which the first sum of production and

business revenue is derived from the project and be subject to Corporate Income

Tax at 50% reduction for the fourth year to the sixth year.According to the “Notice from the Ministry of Finance the State Administration ofTaxation and the National Development and Reform Commission on the

Promulgation of the Catalogue for Public Infrastructure Projects Eligible for aFavorable Corporate Income Tax” (Cai Shui [2008] No. 116) and the “Notice ofMinistry of Finance and State Administration of Taxation on Issues relating to

Implementation of Catalogue of Corporate Income Tax Preferential Incentives forPublic Infrastructure Projects” (Cai Shui [2008] 46) newly established solar power

plant project is within the preferential catalogue. Some of the Group's subsidiaries

are photovoltaic power plants and meet the criteria therefore fall in the scope of

the above preferential tax treatments.

67JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(b) Eligible for the preferential tax treatments of Catalogue of Encouraged Industries

in the Western Region (15%):In accordance with the “Announcement of the Ministry of Finance the StateAdministration of Taxation and the National Development and Reform Commission

on Continuing the Income Tax Policy for Enterprises in the Great WesternDevelopment” (No. 23 [2020]) from 1 January 2021 to 31 December 2030 the

enterprise income tax on an enterprise in an encouraged industry established in

western China shall still be paid at the reduced rate of 15%. Enterprises in

encouraged industries referred to herein shall mean enterprises whose principalbusinesses are industry projects stipulated in the “Catalogue of EncouragedIndustries in the Western Region” and whose income from principal businesses

constitutes 60% or more of their total income. The following enterprises are eligible

for the above preferential policies: JA Solar PV Electric (Yanchi) Co. Ltd. Aiyouen

Power Electric (Yinchuan) Co. Ltd. Suiyang Jingneng Energy Technology Co.Ltd..(c) Preferential tax treatments for small meagre-profit enterprises (20%):

In accordance with the Notice of Ministry of Finance and State Taxation

Administration on Implementing the Inclusive Tax Deduction and Exemption

Policies for Small Meagre-profit Enterprises (Cai Shui No.77 [2018]) and the Notice

of Ministry of Finance and State Taxation Administration on Implementing the

Inclusive Tax Deduction and Exemption Policies for Small Meagre-profit

Enterprises (Cai Shui No.13 [2019]) for small meagre-profit enterprises the

applicable rate of corporate income tax is 20%. Some of the Group's subsidiaries

are photovoltaic power plants and meet the criteria as small meagre-profit

enterprises therefore fall in the scope of the above preferential tax treatments.

(23) On 29 November 2023 the National Assembly of the Socialist Republic of Vietnam

adopted a resolution on the OECD Pillar Two Model Rules (GloBE). This resolution took

effect on 1 January 2024. The following subsidiaries of the Group: JA Solar Viet Nam

Company Limited (“Vietnam JA Solar”) JA Solar PV VietNam Company Limited

(“Vietnam JA PV”) JA Solar NE VietNam Company Limited (“Vietnam JA NE”) are

subject to the 15% Global Minimum Tax (GMT) under GloBE from 1 January 2024.

(24) On 6 February 2025 the United Arab Emirates adopted a resolution on the OECD Pillar

Two Model Rules (GloBE). This resolution took effect on 1 January 2025. The Group’s

subsidiary JA Solar DMCC (“Dubai JA”) subject to the 15% Global Minimum Tax (GMT)

under GloBE from 1 January 2025.

(25) In accordance with Announcement on the Weighted VAT Deduction Policy for Advanced

Manufacturing Enterprises (Announcement No. 43 [2023] of the Ministry of Finance and

the State Taxation Administration) with effect from 1 January 2023 to 31 December 2027

advanced manufacturing enterprises are allowed to deduct weighted 5% of the current

deductible input tax amount from the VAT payable (hereinafter referred to as the

"Weighted Deduction Policy"). Some of the Group’s subsidiaries meet the criteria and fall

in the scope of the Weighted Deduction Policy.

68JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

V. Notes to the consolidated financial statements

1 Cash at bank and on hand

Item 2025 2024

Deposits with banks 16084815299.20 12547835841.74

Other monetary funds 9157458406.33 12540906456.52

Total 25242273705.53 25088742298.26

Including: Total overseas deposits 2544479205.42 5775343617.92

?

As of December 31 2025 the details of other monetary funds of the Group are as follows:

Item 2025 2024

Deposits for bills 7592565102.61 9967966647.06

Deposits for letter of guarantee 373653166.19 711213279.29

Deposits for letter of credit 98850215.33 140002639.34

Time deposits or demand deposits for guarantee 800000000.00 1092608000.45

Time deposits 270000000.00 580000000.00

Others 22389922.20 49115890.38

Total 9157458406.33 12540906456.52

?

2 Derivative financial assets

Item 2025 2024

Foreign currency derivatives 66277565.56 1296536.44

Commodity futures contracts 7848900.00 -

Total 74126465.56 1296536.44

?

The Group engages primarily in managing risks associated with foreign exchange exposure

and the procurement of metal materials entering into forward foreign exchange contracts and

commodity futures contracts with financial institutions.

3 Bills receivable

(1) Classification of bills receivable

Item 2025 2024

Bank acceptance bills 147708490.97 194424818.99

Commercial acceptance bills 17464633.60 14715175.66

Sub-total 165173124.57 209139994.65

Less: Provision for bad and doubtful debts 174646.34 147151.76

Total 164998478.23 208992842.89

?

All of the above bills are due within one year.

69JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Outstanding endorsed or discounted bills that have not matured at the end of the year:

Amount Amount not

Item derecognized at derecognized at

year end year end

Bank acceptance bills - 91334397.27

?

70JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Bills receivable by provisioning method

20252024

Provision for bad Provision for bad

Category Book value Book value Carrying

and doubtful debts Carrying amount and doubtful debts

amount

Amount Percentage (%) Amount Percentage (%) Amount Percentage (%) Amount Percentage (%)

Collective assessment 165173124.57 100.00 174646.34 0.11 164998478.23 209139994.65 100.00 147151.76 0.07 208992842.89

- Bank acceptance bills 147708490.97 89.43 - - 147708490.97 194424818.99 92.96 - - 194424818.99

- Commercial acceptance bills 17464633.60 10.57 174646.34 1.00 17289987.26 14715175.66 7.04 147151.76 1.00 14568023.90

Total 165173124.57 100.00 174646.34 0.11 164998478.23 209139994.65 100.00 147151.76 0.07 208992842.89

71JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(4) Movements of provisions for bad and doubtful debts

?20252024

Balance at the beginning of the year 147151.76 219996.72

Additions during the year 274275.77 384121.43

Recoveries or reversals 246781.19 456966.39

Balance at the end of the year 174646.34 147151.76

4 Accounts receivable

(1) Accounts receivable by customer type are as follows:

Type 2025 2024

Amounts due from related parties 1959852.58 61011365.62

Amounts due from third parties 9728236701.12 9360885569.99

Sub-total 9730196553.70 9421896935.61

Less: Provision for bad and doubtful debts 522182708.54 451070006.88

Total 9208013845.16 8970826928.73

?

(2) The ageing analysis of accounts receivable is as follows:

Ageing 2025 2024

Within 6 months (inclusive) 7183633583.20 7330391981.85

Over 6 months but within 1 year (inclusive) 742184432.83 716491042.48

Over 1 year but within 2 years (inclusive) 988680854.71 660089039.38

Over 2 years but within 3 years (inclusive) 351434064.66 234377553.51

Over 3 years but within 4 years (inclusive) 146118889.69 169394349.04

Over 4 years but within 5 years (inclusive) 96961056.60 80505201.33

Over 5 years 221183672.01 230647768.02

Sub-total 9730196553.70 9421896935.61

Less: Provision for bad and doubtful debts 522182708.54 451070006.88

Total 9208013845.16 8970826928.73

?

The ageing is counted starting from the date when accounts receivable are recognized.

72JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Accounts receivable by provisioning method

20252024

Category Book value Provision for bad and doubtful debts Book value Provision for bad and doubtful debts

Carrying value Carrying value

Amount Percentage (%) Amount Percentage (%) Amount Percentage (%) Amount Percentage (%)

Individual assessment 233459924.40 2.40 192456249.34 82.44 41003675.06 232859151.07 2.47 183574075.58 78.83 49285075.49

Collective assessment 9496736629.30 97.60 329726459.20 3.47 9167010170.10 9189037784.54 97.53 267495931.30 2.91 8921541853.24

- Accounts receivables due from

external customers (except for 8806575126.87 90.51 319374036.66 3.63 8487201090.21 8482454110.38 90.03 256897176.20 3.03 8225556934.18

power grid companies)

- Electricity fees due from Power

690161502.437.0910352422.541.50679809079.89706583674.167.5010598755.101.50695984919.06

Grid Companies

Total 9730196553.70 100.00 522182708.54 5.37 9208013845.16 9421896935.61 100.00 451070006.88 4.79 8970826928.73

?

73JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(a) Rationale for individual assessment in 2025:

Provision for bad Rationale for

Item Book value Percentage

and doubtful debts provision

Amount expected to

Company 1 56289436.37 56289436.37 100.00%

be unrecoverable

Amount expected to

Company 2 20430000.00 20430000.00 100.00%

be unrecoverable

Full amount expected

Company 3 16988316.72 3397663.34 20.00%

to be unrecoverable

Amount expected to

Company 4 14250544.49 14250544.49 100.00%

be unrecoverable

Full amount expected

Company 5 13466685.81 9426680.07 70.00%

to be unrecoverable

Amount expected to

Company 6 11472198.40 11472198.40 100.00%

be unrecoverable

Amount expected to

Company 7 11434086.91 11434086.91 100.00%

be unrecoverable

Amount expected to

Company 8 9591085.85 9591085.85 100.00%

be unrecoverable

Full amount expected

Company 9 7576960.76 1515392.15 20.00%

to be unrecoverable

Full amount expected

Company 10 7361898.00 2177525.35 29.58%

to be unrecoverable

Amount expected to

Company 11 6325443.62 6325443.62 100.00%

be unrecoverable

Amount expected to

Company 12 6124160.00 6124160.00 100.00%

be unrecoverable

Full amount expected

Company 13 5755271.41 1151054.28 20.00%

to be unrecoverable

Other (individual amount less than Full amount expected

46393836.0638870978.5183.78%

RMB5 million) to be unrecoverable

Total 233459924.40 192456249.34 ?

?

(b) Criteria for collective assessment in 2025 and details:

Accounts receivables are classified into several portfolios based on their similar credit

risk characteristics and the expected credit loss is calculated on a collective basis. The

basis of determining the portfolios is as follows:

Portfolio 1: Accounts receivables due from external customers (except for power grid

companies)

Portfolio 2: Electricity fees due from Power Grid Companies

(c) Assessment of ECLs on accounts receivable:

At all times the Group measures the impairment loss for accounts receivable at an

amount equal to lifetime ECLs and the ECLs are based on the number of ageing and

the expected loss rate. According to the historical experience of the Group the losses of

different customer groups are as follows:

74JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Portfolio 1: Accounts receivables due from external customers (except for power grid

companies)

2025

Impairment loss

Expected credit Carrying amount at

? allowance at the

loss rate the end of the year

end of the year

Within 6 months (inclusive) 1.00% 6999658542.55 69996585.43

Over 6 months but within 1 year (inclusive) 5.00% 666423992.77 33321199.64

Over 1 year but within 2 years (inclusive) 10.00% 810962822.74 81096282.27

Over 2 years but within 3 years (inclusive) 30.00% 238547329.31 71564198.79

Over 3 years but within 4 years (inclusive) 50.00% 55173337.95 27586668.98

Over 4 years but within 5 years (inclusive) 100.00% 18614061.67 18614061.67

Over 5 years 100.00% 17195039.88 17195039.88

Total ? 8806575126.87 319374036.66

?

2024

Impairment loss

Expected credit Carrying amount at

? allowance at the

loss rate the end of the year

end of the year

Within 6 months (inclusive) 1.00% 7126003873.05 71260038.69

Over 6 months but within 1 year (inclusive) 5.00% 632236113.21 31611805.66

Over 1 year but within 2 years (inclusive) 10.00% 508703165.41 50870316.54

Over 2 years but within 3 years (inclusive) 30.00% 114329903.65 34298971.10

Over 3 years but within 4 years (inclusive) 50.00% 64650021.71 32325010.86

Over 4 years but within 5 years (inclusive) 100.00% 22093119.30 22093119.30

Over 5 years 100.00% 14437914.05 14437914.05

Total ? 8482454110.38 256897176.20

?

Portfolio 2: Electricity fees due from power grid companies

2025

Impairment loss

Expected credit Carrying amount at

Item allowance at the

loss rate the end of the year

end of the year

Electricity fees due from Power Grid

1.50%690161502.4310352422.54

Companies

?

2024

Impairment loss

Expected credit Carrying amount at

Item allowance at the

loss rate the end of the year

end of the year

Electricity fees due from Power Grid

1.50%706583674.1610598755.10

Companies

?

The expected credit losses is measured based on the actual credit loss experience in

the past period and is adjusted for the differences among the economic conditions during

the historical period the current economic conditions and the anticipated economic

conditions during the expected lifetime.

75JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(4) Movements of provisions for bad and doubtful debts:

? Note 2025 2024

Balance at the beginning of the year 451070006.88 346644227.33

Additions during the year 146444025.37 108554649.20

Recoveries or reversals during the year ? 5267073.88 509788.33

Written-off during the year (a) 70001608.01 12322.72

Others (62641.82) (3606758.60)

Balance at the end of the year 522182708.54 451070006.88

(a) Accounts receivable written off during the year

Item Written-off amount

Accounts receivable written-off 70001608.01

(5) Five largest accounts receivable and contract assets by debtor at the end of the year:

2025

Balance at the end of the year

Percentage of total

Provision for bad

Debtor Accounts accounts

and doubtful

receivable receivable and

debts

contract assets (%)

The First 350824465.77 3.61 3508244.66

The Second 341919765.23 3.51 3419197.65

The Third 276572616.39 2.84 4148589.25

The Fourth 268724429.61 2.76 2687244.30

The Fifth 219728446.54 2.26 2197284.47

Total 1457769723.54 14.98 15960560.33

?

2024

Balance at the end of the year

Percentage of total

Provision for bad

Debtor Accounts accounts

and doubtful

receivable receivable and

debts

contract assets (%)

The First 344781657.11 3.66 3447816.57

The Second 259954164.93 2.76 2599541.65

The Third 242571235.95 2.57 3638568.54

The Fourth 238572788.62 2.53 2385727.89

The Fifth 229284336.99 2.43 2292843.37

Total 1315164183.60 13.95 14364498.02

?

76JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

5 Receivables under financing

Accumulated impairment

Item 2025 2024 losses recognized in other

comprehensive income

Bills receivable 1614704793.31 595548294.65 -

Accounts receivable 23231599.48 50640490.30 -

Total 1637936392.79 646188784.95 -

?

(a) Receivables under financing that are endorsed or discounted but have not matured at the end

of the year:

Amount at the end Amount at the end

of the year of what of the year of what

Category

has been has not been

derecognized derecognized

Bills receivable 3986171100.80 -

Accounts receivable 73853203.91 -

Total 4060024304.71 -

(b) Pledged receivables under financing matured at the end of the year:

Item 2025 2024

Receivables under financing 72449540.03 -

6 Prepayments

(1) Prepayments by category:

Item 2025 2024

Material and service payment in advance 1466853568.87 770275474.06

Others 103940286.52 108147782.09

Total 1570793855.39 878423256.15

?

(2) The ageing analysis of prepayments is as follows:

20252024

Ageing

Amount Percentage (%) Amount Percentage (%)

Within 1 year (inclusive) 1505733285.94 95.85 683929135.86 77.86

Over 1 year but within 2 years

7078339.700.4548681442.535.54

(inclusive)

Over 2 years but within 3 years

26156732.031.67821315.660.09

(inclusive)

Over 3 years 31825497.72 2.03 144991362.10 16.51

Total 1570793855.39 100.00 878423256.15 100.00

?

The ageing is counted starting from the date when prepayments are recognized.Prepayments with ageing of over 1 year are mainly for long-term procurement of raw materials.

77JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Five largest prepayments by debtor at the end of the year:

Balance at the end of Percentage of total

Debtor

the year prepayments (%)

The First 382043022.95 24.32

The Second 206713507.73 13.16

The Third 200801025.36 12.78

The Fourth 109916883.29 7.00

The Fifth 85387641.03 5.44

Total 984862080.36 62.70

?

7 Other receivables

Item Note 2025 2024

Dividends receivable (1) 4079695.80 3042037.80

Others (2) 1232777365.98 1204755581.61

Total ? 1236857061.78 1207797619.41

?

(1) Dividends receivable

Investee 2025 2024

Datang Angli (Lingwu) New Energy Co. Ltd. 3042037.80 3042037.80

Inner Mongolia Mengjia PV Technology Co. Ltd. 1037658.00 -

Total 4079695.80 3042037.80

?

(2) Others

(a) Analysis by customer type is as follow:

Customer type 2025 2024

Amounts due from related parties 16581992.78 16200.00

Amounts due from third parties 1326533421.59 1294876980.67

Sub-total 1343115414.37 1294893180.67

Less: Provision for bad and doubtful debts 110338048.39 90137599.06

Total 1232777365.98 1204755581.61

?

(b) The ageing analysis is as follows:

Ageing 2025 2024

Within 1 year (inclusive) 743820846.83 598731517.06

Over 1 year but within 2 years (inclusive) 186465079.57 318172577.61

Over 2 years but within 3 years (inclusive) 53398548.77 9974063.55

Over 3 years but within 4 years (inclusive) 5364864.33 72366787.66

Over 4 years but within 5 years (inclusive) 69923607.16 155855782.07

Over 5 years 284142467.71 139792452.72

Sub-total 1343115414.37 1294893180.67

Less: Provision for bad and doubtful debts 110338048.39 90137599.06

Total 1232777365.98 1204755581.61

?

The ageing is counted starting from the date when other receivables are recognized.

78JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(c) Others by provisioning method:

2025

2025

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 374663578.11 27.90 70646523.52 18.86 304017054.59

Collective assessment 968451836.26 72.10 39691524.87 4.10 928760311.39

Total 1343115414.37 100.00 110338048.39 8.22 1232777365.98

2024

2024

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 384621306.08 29.70 70616486.29 18.36 314004819.79

Collective assessment 910271874.59 70.30 19521112.77 2.14 890750761.82

Total 1294893180.67 100.00 90137599.06 6.96 1204755581.61

Basis for significant individual assessments

Balance at the beginning of the year Balance at the end of the year

Provision for bad Percent Provision forbad Basis for

Item Percenta

Book value and doubtful age (%) Book value and doubtful provision

ge (%)

debts debts

Amount

expected

Individual

384621306.08 70616486.29 18.36 374663578.11 70646523.52 18.86 to be

assessment

unrecove

rable

(d) Movements of provisions for bad and doubtful debts

2025

Stage 1 Stage 2 Stage 3

Provision for bad and doubtful Lifetime ECL

Lifetime ECL Total

debts 12 - month ECL - Not credit

- Credit impaired

impaired

Balance at 1 January 2025 18557595.73 30681241.34 40898761.99 90137599.06

Transfer to Stage 3 (1199356.26) - 1199356.26 -

Additions during the year 21556568.16 - 1409501.60 22966069.76

Written-off during the year - - 2325533.06 2325533.06

Other movements (213180.42) (681198.33) 454291.38 (440087.37)

Balance at the end of the year 38701627.21 30000043.01 41636378.17 110338048.39

?

2024

Stage 1 Stage 2 Stage 3

Provision for bad and doubtful Lifetime ECL

Lifetime ECL Total

debts 12 - month ECL - Not credit

- Credit impaired

impaired

Balance at 1 January 2024 6243187.27 - 38816933.10 45060120.37

Additions during the year 12325324.96 30396465.44 1610718.15 44332508.55

Translation differences arising from

translation of foreign currency - 284775.90 471811.12 756587.02

financial statements

Other movements (10916.50) - (700.38) (11616.88)

Balance at the end of the year 18557595.73 30681241.34 40898761.99 90137599.06

?

79JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(e) Provisions for bad and doubtful debts

Movements during the year

Translation

Balance at the differences arising

Balance at the Category beginning of the

Recoveries or Transfers or from translation of year Provision end of the year reversals write-offs foreign currency

financial statements

Provision for bad

and doubtful 90137599.06 22966069.76 - 2325533.06 (440087.37) 110338048.39

debts

(f) Others categorized by nature

Nature of other receivables 2025 2024

Amounts due from related parties 16581992.78 16200.00

Deposits and guarantees 458477986.18 762162601.63

Equity transfer receivable 309137246.84 253148002.11

Amounts due from other entities and others 388995493.51 140501552.34

Prepaid duties refund receivable 115541156.21 118164700.56

Export rebates receivables 52623870.75 18286196.99

Subsidies receivable 1757668.10 2613927.04

Total 1343115414.37 1294893180.67

?

(g) Five largest others by debtor at the end of the year

2025

Ending balance of

Nature of the Balance at the end of Percentage of ending

Debtor? Ageing?? provision for bad and

receivable? the year? balance of others (%)

doubtful debts?

2 - 5 years and over

The First Deposits 328947840.00 24.49 30000043.01

five years

Equity transfer

The Second 258495935.41 Within 1 year 19.25 12924796.77

receivable

Prepaid duties refund

The Third 115541156.21 1 - 2 years 8.60 -

receivable

Amounts due from

The Fourth other entities and 111820458.24 Within 1 year 8.33 5591022.91

others

Amounts due from

The Fifth other entities and 43789013.09 Within 1 year 3.26 2189450.65

others

Total 858594402.95 63.93 50705313.34

2024

Ending balance of

Nature of the Balance at the end of Percentage of ending

Debtor? Ageing?? provision for bad and

receivable? the year? balance of others (%)

doubtful debts?

1 - 5 years and over

The First Deposits 336417120.00 25.98 30681241.34

five years

The Second Deposits 255587220.40 0 - 3 years 19.74 -

Equity transfer

The Third 166211400.00 Within 1 year 12.84 8310570.00

receivable

Prepaid duties refund

The Fourth 118164700.56 Within 1 year 9.13 -

receivable

Equity transfer

The Fifth 57171437.11 0 - 2 years 4.42 4528571.86

receivable

Total ? 933551878.07 72.11 43520383.20

80JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

8 Inventories

(1) Inventories by category:

20252024

Provision for Provision for

Item

Book value impairment of Carrying amount Book value impairment of Carrying amount

inventories inventories

Raw materials 3578571449.88 376347530.99 3202223918.89 4147879513.69 593993714.83 3553885798.86

Materials in transit 587527112.64 - 587527112.64 605159041.87 - 605159041.87

Goods in transit 277756647.50 13274568.81 264482078.69 161184630.30 25324152.52 135860477.78

Material for consigned processing 2517660.80 - 2517660.80 10951109.08 - 10951109.08

Semi-finished goods 1272344239.11 92344618.18 1179999620.93 2051066015.55 276655256.15 1774410759.40

Finished goods 5084618492.87 262902139.52 4821716353.35 5110383788.42 619909755.18 4490474033.24

Total 10803335602.80 744868857.50 10058466745.30 12086624098.91 1515882878.68 10570741220.23

(2) Provision for impairment of inventories

Translation

differences arising

Balance at the Balance at the

Item Provision or reversals Written-off from translation of

beginning of the year end of the year

foreign currency

financial statements

Raw materials 593993714.83 (3534389.56) (213845346.74) (266447.54) 376347530.99

Goods in transit 25324152.52 6901603.33 (18993114.39) 41927.35 13274568.81

Semi-finished goods 276655256.15 23184731.22 (207493538.39) (1830.80) 92344618.18

Finished goods 619909755.18 62167381.25 (442805576.90) 23630579.99 262902139.52

Total 1515882878.68 88719326.24 (883137576.42) 23404229.00 744868857.50

?

81JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) The basis for determining the net realizable value and the provision or written-off of impairment

of inventories in the current period

Reasons for the

Basis for the Basis for the determination written-off of

Items determination of the of the provision for impairment of

net realizable value impairment of inventories inventories in the

current period

The net realizable

value shall be

calculated by Use or sale of

The estimated selling

Raw materials deducting the inventories for which a

prices of certain products

materials in estimated cost of provision of

are expected to decline

transit and completion impairment of

resulting in the recoverable

semi-finished estimated sale inventories had been

amount of inventory being

goods expense and recognized in the

lower than the book value.relevant taxes from current period

the estimated selling

prices of inventories.The net realizable

value shall be

The estimated selling

calculated by Sale of inventories for

prices or contract prices of

deducting the which a provision of

Finished goods certain products are

estimated sale impairment of

and goods in expected to decline

expense and inventories had been

transit resulting in the recoverable

relevant taxes from recognized in the

amount of inventory being

the estimated selling current period

lower than the book value.prices or contract

prices of inventories.

9 Non-current assets due within one year

Item 2025 2024

Time deposits due within one year 2138291776.80 2598225693.39

Long-term receivables due within one year 201541572.05 273416837.96

Total 2339833348.85 2871642531.35

?

10 Other current assets

Item 2025 2024

Input VAT to be deducted/certified 2840457297.02 3441194438.27

Products sold on consignment 577618708.88 -

Prepaid taxes 83880650.80 140155856.89

Prepaid expenses 71851679.59 44595984.30

Others 52252562.58 131957234.47

Total 3626060898.87 3757903513.93

?

82JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

11 Long-term receivables

2025

Range of

Item Note Book Provision for

Carrying amount discount

value impairment

rate

Receivables from Energy

16894235.48844711.7716049523.713.5%4.57%

Performance Contracting

Including: Unearned finance

?3165617.90-3165617.90?

income

Instalment sale 461008684.10 46100868.44 414907815.66 2.15%4.00%

Including: Unearned finance

?18540766.24-18540766.24?

income

Subtotal ? 477902919.58 46945580.21 430957339.37 ?

Less: Due within one year -

Receivables from Energy V.9 1806721.22 90336.06 1716385.16 3.5%4.57%

Performance Contracting

Less: Due within one year -

V.9? 222027985.46 22202798.57 199825186.89 2.15%4.00%

Instalment sale

Total ? 254068212.90 24652445.58 229415767.32 ?

2024

Range of

Item Note Book Provision for

Carrying amount discount

value impairment

rate

Receivables from Energy

15600983.50780049.1814820934.324.57%

Performance Contracting

Including: Unearned finance

?3356022.65-3356022.65?

income

2.14%-2.15%

Instalment sale 500293386.62 50029338.64 450264047.98

6.00%

Including: Unearned finance

?22938302.65-22938302.65?

income

Subtotal ? 515894370.12 50809387.82 465084982.30 ?

Less: Due within one year -

Receivables from Energy V.9 1486302.95 74315.15 1411987.80 4.57%

Performance Contracting

Less: Due within one year - 2.14%-2.15%

V.9 302227611.27 30222761.11 272004850.16

Instalment sale 6.00%

Total ? 212180455.90 20512311.56 191668144.34 ?

83JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(1) By method of provisioning

2025

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 238980698.64 94.06 23898069.87 10.00 215082628.77

Collective assessment 15087514.26 5.94 754375.71 5.00 14333138.55

- Amounts due from other

15087514.265.94754375.715.0014333138.55

entities

Total 254068212.90 100.00 24652445.58 9.70 229415767.32

2024

Provision for bad

Category Book value

and doubtful debts Carrying amount

Amount Percentage (%) Amount Percentage (%)

Individual assessment 198065775.35 93.35 19806577.53 10.00 178259197.82

Collective assessment 14114680.55 6.65 705734.03 5.00 13408946.52

- Amounts due from other

14114680.556.65705734.035.0013408946.52

entities

Total 212180455.90 100.00 20512311.56 9.67 191668144.34

(2) Provisions for bad and doubtful debts

Balance at the Movements during the year

Balance at the

Category beginning of Recoveries or Transfers or Other

Provision end of the year

the year reversals write-offs movements

Receivables from

companies within the 705734.03 145091.36 80428.56 - (16021.12) 754375.71

scope of consolidation

Instalment sale 19806577.53 30026768.13 2943675.09 31011563.26 8019962.56 23898069.87

total 20512311.56 30171859.49 3024103.65 31011563.26 8003941.44 24652445.58

12 Long-term equity investments

(1) Long-term equity investments by category:

Item 2025 2024

Investment in a joint venture 8207979.08 7755317.88

Investments in associates 1220185815.47 630972857.50

Less: Provision for impairment - -

Total 1228393794.55 638728175.38

?

84JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Movements of long-term equity investments during the year are as follows:

Movements during the year

Translation

Balance Balance Balance of provision for

Investment gains or Other differences arising

Investee at the beginning of the Increase Reduce Declaration of cash at the end impairment at the end

losses recognized under comprehensive Other equity movements from translation of

year investments investments dividend distribution of the year of the year

equity method income adjustment foreign currency

financial statements

A joint venture ? ? ? ? ? ? ? ? ? ?

Jiangsu Jinghetianxia New

Energy Technology Co. 7755317.88 - - 452661.20 - - - - 8207979.08 -

Ltd.Sub-total 7755317.88 - - 452661.20 - - - - 8207979.08 -

Associates ? ? ? ? ? ? ? ? ? ?

Luoyang Jiwa Materials

13315540.49--(2008189.05)----11307351.44-

Technology Co. Ltd.Yuhong JA New Energy

5024628.47--(3963131.91)(1950.00)---1059546.56-

Technology Co. Ltd.Datang Angli (Lingwu) New

38294945.97--1480066.58-70.04--39775082.59-

Energy Co. Ltd.JA Solar PV Electric

72245092.45--6917254.60-66124.69--79228471.74-

(Lincheng) Co. Ltd.Jingguan PV Electric

(Yugan Xian) Co. Ltd. - - - - - - - - - -

(Note 2)

Fukushima Nakamori

Power Plant Contract 73368001.59 - - 2166426.45 - - - (2487438.57) 73046989.47 -

Company (Note 1)

Inner Mongolia Silicon

428724648.53--(92690145.12)-(290400.87)--335744102.54-

Material Company

Shanghai Shenyi Roche

Energy Technology Co. - 70000000.00 - (53198.21) (19169.64) 11672.92 - - 69939305.07 -

Ltd.Yiwu Jinao Heguang New

-654100.00-(219331.23)----434768.77-

Energy Co. Ltd.Orion Solar (FZC) LLC - 314766731.40 - (90841.97) - - - (5025692.14) 309650197.29 -

Qujing Development Zone

Youxin Quartz Co. Ltd. - 300000000.00 - - - - - - 300000000.00 -

(Note 3)

Sub-total 630972857.50 685420831.40 - (88461089.86) (21119.64) (212533.22) - (7513130.71) 1220185815.47 -

Total 638728175.38 685420831.40 - (88008428.66) (21119.64) (212533.22) - (7513130.71) 1228393794.55 -

?

Note 1: JA Solar Japan Limited (referred to as “JA Solar Japan”) adopted an investment method of “Contract company - anonymous portfolio”

which means that the Group does not have control of Fukushima Nakamori Power Plant Contract Company but the Group has significant

influence over it. Therefore the equity investments is accounted for using the equity method and was not incorporated into consolidated

scope.

85JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Note 2: In January 2019 Jingneng New Energy Development (Ningjin) Co. Ltd. (referred to as “Ningjin Jingneng”) made a capital contribution

of RMB 9 million to establish the Jingguan PV Electric (Yugan Xian) Co. Ltd. (referred to as “Yugan Power Station”) and held 90% of its

equity. Since the Group does not have control or common control over Yugan Power Station but has significant influence over it the long-

term equity investments in Yugan Power Station should be accounted for as associates based on equity method.Note 3: In December 2025 following mutual agreement among the relevant parties a subsidiary of the Group JA Solar (Wuxi) PV Technology

Co. Ltd. (“Wuxi JA Solar”) subscribed for equity in Qujing Development Zone Youxin Quartz Co. Ltd. an affiliate of Qujing Yangguang

Energy Silicon Material Co. Ltd. (“Qujing Yangguang”) using RMB300 million of its accounts receivable from Qujing Yangguang. As the

Group is able to exert significant influence over the investee this investment is accounted for using the equity method.

86JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

13 Investments in other equity instruments

Item 2025 2024

TS TECH (Changzhou) Co. Ltd. 4000000.00 -

Yonz Technology Co. Ltd. - 33519866.72

Nordkette (SuZhou) Intelligent Equipment Co. Ltd. - 7803681.07

Total 4000000.00 41323547.79

?

(1) Investments in other equity instruments

Reason for being Changes during the year Amount Reasons for

Cumulative gains

designated at fair Additional Gains recognized Losses recognized reclassified from reclassifying items

Dividend income recognized in

value through investment in other in other other from other

Items Beginning balance Reduction in Ending balance recognized other

other comprehensive comprehensive comprehensive comprehensive

investment for the year comprehensive

comprehensive income during the income during the income to income to retained

income

income year year retained earnings earnings

With the intention

of establishing or

TS TECH

maintaining a

(Changzhou) - 4000000.00 - - - 4000000.00 - - -

long-term

Co. Ltd

investment for

strategic reasons

With the intention

of establishing or

Yonz Technology maintaining a

33519866.72 - 34350550.52 830683.80 - - 856346.96 14340550.52 14340550.52 Disposal of equity

Co. Ltd. long-term

investment for

strategic reasons

With the intention

Nordkette (Suzhou) of establishing or

Intelligent maintaining a

7803681.07 - 7066700.00 - 736981.07 - - 8796700.00 8796700.00 Disposal of equity

Equipment Co. long-term

Ltd. investment for

strategic reasons

Total ? 41323547.79 4000000.00 41417250.52 830683.80 736981.07 4000000.00 856346.96 23137250.52 23137250.52

(2) Description of derecognition in this year

Accumulated gains transferred to retained Reason for

Item

earnings due to derecognition derecognition

Yonz Technology Co. Ltd. 14340550.52 Disposal of equity

Nordkette (Suzhou) Intelligent

4240033.32 Disposal of equity

Equipment Co. Ltd.Total 18580583.84 ?

14 Other non-current financial assets

Item 2025 2024

Financial assets at fair value through profit or loss 871256352.56 109366352.60

Including: equity instrument investment 81331693.36 109366352.60

Contingent consideration fair value (Note

789924659.20-

1)

Total 871256352.56 109366352.60

Note 1: The Group’s subsidiary JA Solar Industrial Corp. (“Transferor”) entered into a Share

Transfer Agreement with an independent third-party company (“Transferee”) to sell 100% of

the equity interest in JA Solar AZ LLC. to the Transferee. The transaction consideration

includes contingent consideration. The fair value of the contingent consideration at the

acquisition date was USD 104.00 million. As of December 31 2025 the Group re-evaluated

the contingent consideration resulting in a revised fair value of USD 112 million.

87JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

15 Fixed assets

Item 2025 2024

Fixed assets 36135092499.38 41567254509.37

Disposal of fixed assets 12006592.56 16834594.62

Total 36147099091.94 41584089103.99

?

88JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(1) Details of fixed assets

Machinery and Electronic and office

? Plant and buildings Transportation vehicles Power station assets Total

equipment equipment

Cost ? ? ? ? ? ?

Balance at the beginning of the year 15835310105.47 30688620845.50 110195175.73 581022384.86 10237863287.23 57453011798.79

Additions during the year

- Purchases - 65422592.55 2732611.63 48821741.73 - 116976945.91

- Transfers from construction in progress 609067263.92 2268651042.95 9181553.13 60884785.75 1239915210.04 4187699855.79

Disposals or written-offs during the year (142637824.85) (3159625382.24) (6347246.22) (19846756.87) (23465793.96) (3351923004.14)

Change of consolidation scope (76639524.81) (6914023.30) (947771.39) (4135178.45) (3193446387.94) (3282082885.89)

Other decreases in this year (24909024.34) - - - - (24909024.34)

Translation differences arising from

translation of foreign currency financial (25843817.44) (52298485.88) (54443.47) (208061.77) (572215.67) (78977024.23)

statements

Balance at the end of the year 16174347177.95 29803856589.58 114759879.41 666538915.25 8260294099.70 55019796661.89

Accumulated depreciation ? ? ? ? ? ?

Balance at the beginning of the year 2536709554.31 8701516727.18 52844649.86 281497468.00 889257051.95 12461825451.30

Additions during the year ? ? ? ? ? ?

- Charge for the year 822978661.80 4097258055.00 20195180.78 117206998.41 479966993.51 5537605889.50

Disposals or written-offs during the year (103441108.93) (1459207809.30) (5391691.69) (17048650.04) (4853430.20) (1589942690.16)

Change of consolidation scope (57950905.92) (678942.79) (99481.01) (1499602.68) (290851707.75) (351080640.15)

Translation differences arising from

translation of foreign currency financial (4567977.74) (23495645.00) (25829.75) (131166.89) (570649.45) (28791268.83)

statements

Balance at the end of the year 3193728223.52 11315392385.09 67522828.19 380025046.80 1072948258.06 16029616741.66

Provision for impairment ? ? ? ? ? ?

Balance at the beginning of the year 101781731.20 2958725900.34 292992.46 17727362.50 345403851.62 3423931838.12

Charge for the year - 511319595.29 - 1729516.18 67727361.73 580776473.20

Disposals or written-offs during the year - (1129638872.64) (259687.92) (770831.20) (1199897.30) (1131869289.06)

Change of consolidation scope (494562.99) - - - - (494562.99)

Translation differences arising from

translation of foreign currency financial (481880.09) (16751966.28) - (23192.05) - (17257038.42)

statements

Balance at the end of the year 100805288.12 2323654656.71 33304.54 18662855.43 411931316.05 2855087420.85

Carrying amounts ? ? ? ? ? ?

At the end of the year 12879813666.31 16164809547.78 47203746.68 267851013.02 6775414525.59 36135092499.38

At the beginning of the year 13196818819.96 19028378217.98 57057533.41 281797554.36 9003202383.66 41567254509.37

?

89JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Significant long-term asset impairment losses incurred this year

This Group conducted impairment tests on asset groups that included fixed assets construction in progress right-of-use assets intangible assets

and long-term deferred expenses during the current year.Assets group Determination method of Key parameters and their

Item Account Book value Recoverable amount Impairment amount

identification recoverable amount determination basis

The recoverable amount is

Based on the

determined by reference to its

management or

fair value less costs of disposal.monitoring methods

employed by 1) Fair value is determined

The method used to determine

management for based on the historical

the fair value and the cost of

operating activities transaction prices market

disposal: fair value is determined

Assets to be identify the smallest quotations of the assets and

considering relevant modifying

disposal or asset group or other methods;

Fixed assets 619764064.82 148178938.64 513049111.47 factors based on the contract

long-term individual asset that 2) The costs of disposal

price or market quotations or

idleness generates cash inflows include handling fees taxes

the transaction price of similar

independently. transportation expenses and

equipment or based on the

The underlying assets other expenses related to

amount realized from selling the

and asset groups asset disposals.asset after it has been divided.belong to the

The costs of disposal are

manufacturing

expenses related to the disposal

segment.of the asset.Fixed assets 1326647871.06 1258920509.33 67727361.73

After the completion of

photovoltaic power

1) The forecast period for

station projects each

operational power stations

project operates

refers to the remaining

Photovoltaic independently and

operating years of the power

power station generates electricity The recoverable amount is

station;

related revenue separately. determined based on the

2) The pre-tax discount rate

equipment and Right-of-use Therefore each power present value of estimated future

87940498.02 78280004.28 9660493.74 ranges from 7.34% to 11.00%;

other long-term assets station project is cash flows.

3) Future income is predicted

assets treated as an individual

based on the expected

asset group. The

electricity sales and relevant

relevant asset groups

electricity prices.all belong to the power

station segment.Intangible assets 5675530.79 4819048.50 856482.29

90JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

In addition by the end of 2025 the Group conducted impairment testing on other relevant production lines and equipment of the manufacturing

segment by reference to the smallest asset group or individual asset that generates cash inflows independently and the underlying recoverable

amount is determined by reference to the present value of expected future cash flows. According to the test results there is no credit impaired.Furthermore the pre-tax discount rate used to estimate the present value is 10.12% to 10.35% with a forecast period from 2026 to 2030 based

on the expected useful life of the assets. Other key parameters included the expected future sales and prices of modules which were primarily

based on external forecasts of new PV installations and sales prices.

91JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Temporarily idle fixed assets

Accumulated Provision for

Item Cost Carrying amount

depreciation impairment

Plant and buildings 2236677840.56 660050417.46 105144030.42 1471483392.68

Machinery and equipment 5211363307.49 2652539160.26 1866327548.51 692496598.72

Electronic and office equipment 37713510.26 26757396.35 5096919.17 5859194.74

Photovoltaic power station 14088400.00 2638029.32 10041530.68 1408840.00

Total 7499843058.31 3341985003.39 1986610028.78 2171248026.14

?

(4) Fixed assets leased out under operating leases

Machinery and

Item Plant and buildings Total

equipment

Cost ?

Balance at the beginning of the

84483220.93-84483220.93

year

1167566595.

Additions during the year 53383071.91 1114183523.10

01

Decreases during the year (5579635.67) - (5579635.67)

1246470180.

Balance at the end of the year 132286657.17 1114183523.10

27

Accumulated depreciation ? ?

Balance at the beginning of the

47338467.31-47338467.31

year

Additions during the year 5945652.06 41100707.91 47046359.97

Decreases during the year (4268421.12) - (4268421.12)

Balance at the end of the year 49015698.25 41100707.91 90116406.16

Carrying amounts ?

1156353774.

At the end of the year 83270958.92 1073082815.19

11

At the beginning of the year 37144753.62 - 37144753.62

?

(5) Fixed assets pending certificates of ownership

Reason why certificates of

Item Carrying amount

ownership is pending

Self-built buildings which certificates of

ownership are being applied and the

Plant and buildings 7083741463.66

buildings constructed by the government

agency

?

(6) Disposal of fixed assets

Item 2025 2024

Disposal of fixed assets 12006592.56 16834594.62

?

92JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

16 Construction in progress

? Note 2025 2024

Construction in progress (1) 2125055615.07 3244291543.72

?

93JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(1) Construction in progress

20252024

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

Big Lake project 353955878.71 - 353955878.71 - - -

Photovoltaic power station 363806789.84 - 363806789.84 796106614.96 - 796106614.96

Ordos High-Tech Zone annual output of 30GW pulled crystal 10GW silicon

295008967.00-295008967.0092035.40-92035.40

wafer and 10GW modules project

Ordos High-Tech Zone annual output of 20GW silicon wafer and 30GW

251495308.85-251495308.85---

batteries project

Qujing JA Solar 20GW monocrystalline silicon rods and annual 20GW

13361266.97-13361266.9735513655.34-35513655.34

monocrystalline silicon rods and wafers project

Shijiazhuang annual output of 10GW slicing and 10GW batteries project and

81326331.15-81326331.1584729559.45-84729559.45

supporting facilities

Qujing Technology 10GW high-efficiency batteries and 5GW high-efficiency

78957500.54-78957500.5437606685.02-37606685.02

modules project

Yiwu annual output of 5GW high-efficiency batteries and 10GW high-

67693805.18-67693805.1846316814.16-46316814.16

efficiency modules and supporting projects modules

Xuanhua County JA Solar 1GW solar modules production project 62748077.44 53211178.39 9536899.05 62748077.44 53211178.39 9536899.05

Yangzhou annual output of 2GW high-efficiency batteries project 44727936.10 - 44727936.10 142439517.22 - 142439517.22

Kangbao Module annual production of 1000MW solar modules project 39011575.72 32439027.07 6572548.65 39011575.72 32439027.07 6572548.65

Installing equipment 34102319.18 - 34102319.18 142769035.33 - 142769035.33

JA Solar NE VietNam (2nd) silicon wafer upgrade project 31761338.34 - 31761338.34 43476875.92 - 43476875.92

Wuxi JA Waylion annual output of 500 monocrystalline furnaces and 100

13377272.35-13377272.35235577005.02-235577005.02

tons of silver paste project

Yangzhou annual output of 10GW half piece passivation new project 7662932.53 - 7662932.53 87527423.60 - 87527423.60

JA Solar Chengdu R&D center’s perovskite project 6721063.12 - 6721063.12 38655979.00 - 38655979.00

Bayannur annual output of 5GW modules new project 4545346.24 - 4545346.24 142481043.09 - 142481043.09

Baotou JA Solar (3rd) 20GW pulled crystal and slicing project 2059525.80 - 2059525.80 7374269.49 - 7374269.49

Inner Mongolia annual output of 5GW modules project 986725.66 - 986725.66 2729337.13 - 2729337.13

Dongtai annual output of 10GW batteries and 10GW modules project 179352197.27 - 179352197.27 35874587.00 - 35874587.00

Vietnam annual 3.5GW high-power modules project 439844.17 - 439844.17 16463644.28 - 16463644.28

Annual output of 10GW high-efficiency batteries project 245192.08 - 245192.08 2377935.31 - 2377935.31

Ningjin 5GW slice and 6GW high-efficiency batteries project 1900398.23 - 1900398.23 27101392.80 - 27101392.80

Fengxian workshop No.2 annual output of 4.25GW modules reconstruction

---18908971.74-18908971.74

and expansion project

High-efficiency solar cells R&D pilot project - - - 20500585.07 - 20500585.07

Hefei 11GW high-power modules expansion project - - - 16438621.85 - 16438621.85

American 2GW modules project - - - 1121606535.88 - 1121606535.88

Other projects 308303020.16 32844792.10 275458228.06 161123907.65 35609935.69 125513971.96

Total 2243550612.63 118494997.56 2125055615.07 3365551684.87 121260141.15 3244291543.72

94JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Movements of major construction projects in progress during the year

Balance Balance Percentage of Accumulated Percentage of Interest rate for

Budget Additions Transfers to Project progress

Project at the beginning of Other decreases at the end actual cost to capitalised actual cost to capitalisation in Sources of funding

(In RMB10000) during the year fixed assets (%)

the year of the year budget (%) interest budget (%) 2024 (%)

Baotou JA Solar (3rd) 20GW pulled crystal Fund raising and self-

363983.007374269.49123509402.09128824145.78-2059525.8098.15%98.15%-?-?-?

and slicing project financing

Qujing Technology 10GW high-efficiency

Fund raising and self-

batteries and 5GW high-efficiency 400315.12 37606685.02 109910299.49 68559483.97 - 78957500.54 93.83% 93.83% -? -? -?

financing

modules project

Annual output of 10GW high-efficiency Fund raising and self-

204476.462377935.3166862.542199605.77-245192.0887.27%87.27%-?-?-?

batteries project financing

Fund raising and self-

High-efficiency solar cells R&D pilot project 35548.00 20500585.07 2041760.07 22542345.14 - - 104.30% 104.30% -? -? -?

financing

Qujing JA Solar 20GW monocrystalline

silicon rods and annual 20GW Fund raising and self-

394789.7135513655.348839503.5130991891.88-13361266.9799.71%99.71%-?-?-?

monocrystalline silicon rods and wafers financing

project

Total ? 103373130.23 244367827.70 253117472.54 - 94623485.39 ? ? -? -? -?

?

95JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

17 Right-of-use assets

(1) As a lessee

Machinery & Electronic equipment Photovoltaic power

Item Plant & buildings Land use rights Transportation vehicles Total

equipment and others station

Cost ? ? ? ? ? ? ?

Balance at the beginning of the year 1662071039.07 662361047.52 127742199.63 59760887.23 334652.56 141965098.09 2654234924.10

Additions during the year 546521948.36 2895954.69 2746365.98 4155442.44 - 149975.11 556469686.58

(1) Leases 546521948.36 2895954.69 2746365.98 4155442.44 - 149975.11 556469686.58

Decreases during the year (373495115.44) (147025940.84) (513652.11) (25214325.84) (128556.12) - (546377590.35)

(1) Early termination of leases (24347908.00) (140558628.59) (255982.63) (10164642.38) - - (175327161.60)

(2) Expiration of leases (45480659.50) (340510.87) (257669.48) (14971356.98) (90462.43) - (61140659.26)

(3) Change of consolidation scope (303085241.31) - - - - - (303085241.31)

(4) Others (581306.63) (6126801.38) - (78326.48) (38093.69) - (6824528.18)

Balance at the end of the year 1835097871.99 518231061.37 129974913.50 38702003.83 206096.44 142115073.20 2664327020.33

Accumulated depreciation ?

Balance at the beginning of the year 247884901.62 50330006.06 13877189.80 32612006.10 204787.78 18975320.83 363884212.19

Additions during the year 145965434.73 23856931.78 15287447.99 16451522.44 75662.19 8077515.53 209714514.66

(1) Provision 145167360.08 23856931.78 15287447.99 16451522.44 75662.19 8077515.53 208916440.01

(2) Others 798074.65 - - - - - 798074.65

Decreases during the year (137856660.96) (7420590.71) (356880.86) (19481530.06) (125932.14) - (165241594.73)

(1) Early termination of leases (9640843.44) (6759977.55) (99211.38) (4444728.29) - - (20944760.66)

(2) Expiration of leases (45480659.50) (340510.87) (257669.48) (14971356.98) (90462.43) - (61140659.26)

(3) Change of consolidation scope (82735158.02) - - - - - (82735158.02)

(4) Others - (320102.29) - (65444.79) (35469.71) - (421016.79)

Balance at the end of the year 255993675.39 66766347.13 28807756.93 29581998.48 154517.83 27052836.36 408357132.12

Provision for impairment ? ? ? ? ? ? ?

Balance at the beginning of the year - 30554449.08 - - - 1703348.82 32257797.90

Additions during the year - 9660493.74 - - - - 9660493.74

(1) Provision - 9660493.74 - - - - 9660493.74

Balance at the end of the year - 40214942.82 - - - 1703348.82 41918291.64

Carrying amount ? ? ? ? ? ?

At the end of the year 1579104196.60 411249771.42 101167156.57 9120005.35 51578.61 113358888.02 2214051596.57

At the beginning of the year 1414186137.45 581476592.38 113865009.83 27148881.13 129864.78 121286428.44 2258092914.01

For the Group's specific arrangements relating to leasing activities refer to note V.67.

(2) Impairment test of right-of-use assets

For the impairment test of right-of-use assets in the current year refer to note V.15(2).

96JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

18 Intangible assets

(1) Intangible assets

Other intangible

Item Land use rights Patent right Know-how Software Ownership of land Total

assets

Cost

Balance at the beginning of the year 2074839222.93 260792888.28 12792901.16 319004573.24 956891.14 22880382.91 2691266859.66

Additions during the year

- Purchases 10321877.73 15452830.19 - 49940273.98 - 88849.50 75803831.40

- Translation differences arising from

translation of foreign currency financial (3062194.98) - - (427533.68) - (152580.59) (3642309.25)

statements

Decreases during the year ? ? ? ? ? ? ?

- Disposals - (106415833.32) - (12922801.75) - (89475.71) (119428110.78)

- Change of consolidation scope (21125399.94) - - (55188.68) - - (21180588.62)

- Others (653801.08) - - - - - (653801.08)

Balance at the end of the year 2060319704.66 169829885.15 12792901.16 355539323.11 956891.14 22727176.11 2622165881.33

Accumulated amortization ? ? ? ? ? ? ?

Balance at the beginning of the year 223138674.36 78778383.28 12792901.16 130331973.14 - 15605189.59 460647121.53

Additions during the year

- Charge for the year 42243419.56 30100907.17 - 54676884.37 - 4279403.30 131300614.40

- Translation differences arising from

translation of foreign currency financial (469835.33) - - (268662.21) - (118932.66) (857430.20)

statements

Decreases during the year ? ? ? ? ? ? ?

- Disposals - (48370833.32) - (5974299.78) - - (54345133.10)

- Change of consolidation scope (6932605.13) - - (55188.68) - - (6987793.81)

Balance at the end of the year 257979653.46 60508457.13 12792901.16 178710706.84 - 19765660.23 529757378.82

Provision for impairment

Balance at the beginning of the year 3920732.47 58045000.00 - 5708469.84 - - 67674202.31

Additions during the year

- Provision 856482.29 - - - - - 856482.29

Decreases during the year

- Disposals - (58045000.00) - (3641575.64) - - (61686575.64)

Balance at the end of the year 4777214.76 - - 2066894.20 - - 6844108.96

Carrying amounts ? ? ? ? ? ? ?

At the end of the year 1797562836.44 109321428.02 - 174761722.07 956891.14 2961515.88 2085564393.55

At the beginning of the year 1847779816.10 123969505.00 - 182964130.26 956891.14 7275193.32 2162945535.82

?

The Group does not have any intangible asset arising from internal development.

97JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Intangible assets impairment test

For the intangible assets impairment test in the current year refer to note V.15 (2).

(3) Land use rights pending certificates of ownership

Project Carrying amount Reason why certificates of ownership are pending

Mainly are the land use rights with pending title registration

Land use rights 329453793.65

and being purchased and delivered by the government

?

19 Long-term deferred expenses

Balance Balance

Additions Amortization Decreases during

Item at the beginning at the end

during the year for the year the year

of the year of the year

Installing expense 1344857.39 1035279.01 329773.17 432808.35 1617554.88

Reconstruction expense 40700649.28 3749180.93 15987374.15 3111896.49 25350559.57

Decoration expense 21245591.21 23207140.29 8715817.08 3153343.34 32583571.08

Graphite pieces thermal field

101908386.0538638501.9751078609.489834071.3179634207.23

and other expense

Total 165199483.93 66630102.20 76111573.88 16532119.49 139185892.76

?

20 Deferred tax assets and deferred tax liabilities

(1) Deferred tax assets and deferred tax liabilities

20252024

Item Temporary Temporary

Deferred tax Deferred tax

differences differences

Deferred tax assets:

Asset depreciation and amortization 1501041604.12 226871768.22 1135860737.94 172239036.97

Provision for impairment of assets 2704607003.66 440195061.37 3720716169.95 565739363.12

Provisions 1546094089.95 239292023.44 1427327066.13 221449648.38

Accrued expenses 30065771.80 4509865.77 134864538.52 29248902.80

Unrealized profits of intra-group

1005224734.55147492288.071244385198.43189358329.98

transactions

Deferred income 760196550.41 145226184.96 597452024.20 90088790.18

Deductible tax losses 7145285102.00 1071760850.51 4742931013.65 711067178.55

Lease liabilities 2013297992.39 284889642.61 2009386523.47 381617315.03

Share-based payment 45264195.86 9171449.23 - -

Changes in fair value of derivative

--22201945.213330291.78

financial liabilities

Sub-total 16751077044.74 2569409134.18 15035125217.50 2364138856.79

Amount offset 828563270.70 1106483925.23

Balance after offsetting 1740845863.48 1257654931.56

Deferred tax liabilities ? ?

Capitalization of interest 18420750.23 2763112.53 20508352.61 3076252.89

Right-of-use assets 1906715577.29 268629647.46 1957765080.91 373653692.44

Asset depreciation and amortization 3946191891.56 595916304.73 5532848627.29 835410405.37

Changes in fair value of investments in

--18486881.114621720.28

other equity instruments

Changes in fair value of derivative

2761460.00414219.001296536.44194480.47

financial assets

Convertible bonds 80295596.32 20073899.08 335634103.76 83908525.94

Installment sale 76268239.49 11440235.92 80482945.73 12072441.86

Sub-total 6030653514.89 899237418.72 7947022527.85 1312937519.25

Amount offset 828563270.70 1106483925.23

Balance after offsetting 70674148.02 206453594.02

?

98JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Details of unrecognized deferred tax assets

Item 2025 2024

Deductible temporary differences 4477004061.30 4467453536.86

Deductible tax losses 10680392485.44 7873230716.19

Total 15157396546.74 12340684253.05

?

(3) Expiration of deductible tax losses for unrecognized deferred tax assets

Year 2025 2024

2025-12393448.60

202634479795.7939488060.74

202711840420.6430090237.02

2028367011665.53545374893.40

20291122728425.332262189377.71

20301056888484.74-

Years afterwards 8087443693.41 4983694698.72

Total 10680392485.44 7873230716.19

?

21 Other non-current assets

20252024

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

Prepayments for equity

5840553.04-5840553.044630416.49-4630416.49

investments

Prepayments for long-term

571856218.68-571856218.681535430394.84-1535430394.84

assets and raw materials

Input VAT to be

266445901.83-266445901.83336530731.13-336530731.13

deducted/certified

Time deposits of more than 1

4244339258.58-4244339258.587087670755.54-7087670755.54

year

Others 115487586.07 - 115487586.07 - - -

Sub-total 5203969518.20 - 5203969518.20 8964262298.00 - 8964262298.00

Less: Time deposits due within

2138291776.80-2138291776.802598225693.39-2598225693.39

one year

Total 3065677741.40 - 3065677741.40 6366036604.61 - 6366036604.61

?

99JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

22 Assets with restrictive ownership titles or right-of-use

20252024

Item Restriction Reason for Restriction Reason for

Book value Carrying amount Book value Carrying amount

types restriction types restriction

Cash at bank and on hand 8887458406.33 8887458406.33 Pledge Deposits etc 11960906456.52 11960906456.52 Pledge Deposits etc

Outstanding Outstanding

endorsed or endorsed or

Bills receivable 91334397.27 91334397.27 Pledge discounted bills that 178816352.77 178816352.77 Pledge discounted bills that

have not matured at have not matured at

the end of the year the end of the year

Loan secured by Loan secured by

Accounts receivable 565567451.74 557084965.20 Pledge pledges and finance 501756979.25 494502246.99 Pledge pledges and finance

leases leases

Bill secured by

Receivables under financing 72449540.03 72449540.03 Pledge - - - -

pledges

Non-current assets due within

1683291776.80 1683291776.80 Pledge Deposits etc 2598225693.39 2598225693.39 Pledge Deposits etc

one year

Loan secured by Loan secured by

mortgages mortgages

Fixed assets 9557599767.86 6420959592.25 Mortgage finance leases and 10261610513.87 7599453408.38 Mortgage finance leases and

government agency government agency

construction etc construction etc

Loan secured by Loan secured by

mortgages and mortgages and

Intangible assets 274946173.91 244119241.83 Mortgage 335566836.26 280227239.36 Mortgage

government agency government agency

construction etc construction etc

Other non-current assets 2086047481.78 2086047481.78 Pledge Deposits etc 3464445062.15 3464445062.15 Pledge Deposits etc

total 23218694995.72 20042745401.49 29301327894.21 26576576459.56

100JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

23 Short-term loans

(1) Short-term loans by category:

Category 2025 2024

Credit loans 417335951.52 3394392840.56

Guaranteed loans 5059270503.91 4516220199.96

Pledged loans 2759023673.94 550071111.06

Guarantees and mortgages - 36942763.72

Guaranteed and pledged loans 825017293.90 -

Mortgage and pledge loans 660000.00 -

Total 9061307423.27 8497626915.30

?

Guaranteed loans are obtained by the Company and the Group’s subsidiaries as guarantees

for their subsidiaries.

24 Derivative financial liabilities

Item Note 2025 2024

Foreign currency derivatives V.2 - 240166648.02

?

25 Bills payable

Item 2025 2024

Bank acceptance bills 10617763140.01 13312487351.35

Commercial acceptance bills 268763920.51 1033105535.79

Total 10886527060.52 14345592887.14

?

There is no due but unpaid bill payable at the end of the year. The bills above are all due within

one year.

26 Accounts payable

Item 2025 2024

Payable for materials and service fees 8008439628.44 9814115775.05

?

27 Advance Receipts

Item 2025 2024

Equity transfer funds received in advance - 27272624.49

28 Contract liabilities

Item 2025 2024

Advances for goods 3012786212.54 3406761047.28

?

101JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

29 Employee benefits payable

(1) Employee benefits payable

Balance Balance

Accrued Decreased

Items Note at the beginning at the end

during the year during the year

of the year of the year

Short-term employee

(2)456344673.654019599003.604107151598.46368792078.79

benefits

Post-employment benefits

(3)14913987.12370780021.14376186817.929507190.34

- defined contribution plans

Termination benefits 1545328.57 103143370.49 104401601.77 287097.29

Total 472803989.34 4493522395.23 4587740018.15 378586366.42

?

(2) Short-term employee benefits

Balance Balance

Accrued Decreased

Items at the beginning at the end

during the year during the year

of the year of the year

Salaries bonuses allowances and

410327472.773360651814.183432616433.18338362853.77

subsidies

Staff welfare 9220937.15 215995334.92 222976156.40 2240115.67

Social insurance ? ? ? ?

- Medical insurance 8426483.20 201866130.47 204329778.98 5962834.69

- Work-related injury insurance 479443.63 16124975.09 16397816.80 206601.92

- Maternity insurance 562208.48 9261879.52 9824088.00 -

Housing fund 5565208.04 173359628.48 175685750.18 3239086.34

Labour union fee staff and workers’

21762920.3842339240.9445321574.9218780586.40

education fee

Total 456344673.65 4019599003.60 4107151598.46 368792078.79

?

(3) Post-employment benefits - defined contribution plans

Balance Balance

Accrued Decreased

Item at the beginning at the end

during the year during the year

of the year of the year

Basic pension insurance 14239384.24 357639200.60 362916721.50 8961863.34

Unemployment insurance 561466.90 12851840.02 13075061.35 338245.57

Enterprise annuity 113135.98 288980.52 195035.07 207081.43

Total 14913987.12 370780021.14 376186817.92 9507190.34

?

102JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

30 Taxes payable

Item 2025 2024

Corporate income tax 153782313.14 534690089.84

Value-added tax (VAT) 137238571.33 38269235.40

Property tax 24322372.93 23420356.69

Stamp duty 21133916.03 18999513.07

Land use tax 10827346.09 10375612.13

Individual income tax 9020349.80 10284463.92

Urban maintenance and construction tax 314397.61 2014784.79

Education surcharges 248190.85 1464807.18

Consumption tax 1464914.58 2748.64

River management fees 533268.88 667791.65

Others 1422347.65 3777762.15

Total 360307988.89 643967165.46

?

31 Other payables

Items 2025 2024

Equipment and construction fee 5958120658.02 8420071004.69

Freight customs declaration service fees 1182356659.63 1247866760.00

Amounts due to other entities(Note 1) 337271762.78 35349240.08

Deposits security deposit 404125938.38 528769703.88

ESOP repurchase obligation 240949914.60 -

Total 8122824933.41 10232056708.65

?

Note 1: The amount of RMB 232803838.91 in amounts due to other entities consists of supply

chain notes issued by JA Solar Technology. After being endorsed and transferred by the

counterparty these amounts remain the ultimate liability of JA Solar Technology for repayment.

103JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

32 Non-current liabilities due within one year

Non-current liabilities due within one year by category are as follows:

Item 2025 2024

Long-term loans due within one year 4672004568.86 441563968.20

Debentures payable due within one year 24597885.80 16398620.54

Long-term payables due within one year 855840469.12 944869550.94

Lease liabilities due within one year 174854631.57 335390099.48

Other long-term liabilities due within one year 23686416.79 27235914.00

Total 5750983972.14 1765458153.16

?

33 Other current liabilities

Item 2025 2024

Pending output VAT 178666909.52 266148100.74

?

104JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

34 Long-term loans

Item Note 2025 2024

Credit loans 7180954161.47 5522911418.45

Guaranteed loans 13146994505.13 7575696167.53

Mortgaged loans 330627123.20 100467748.00

Guarantees and mortgages 49793850.00 554519257.10

Guaranteed and pledged loans 1441496417.29 886921275.96

Mortgaged and pledged loans 9232984.88 -

Guaranteed mortgaged and pledged loans 33040000.00 43040000.00

Less: Long-term loans due within one year V.32 4672004568.86 441563968.20

Including: Guaranteed loans due

1970437212.24233984222.88

within one year

Credit loans due within one

2274244814.4748471418.45

year

Mortgaged loans due within

290000000.00-

one year

Guarantees and mortgages

-74263328.91

due within one year

Guaranteed and pledged

116674236.2774844997.96

loans due within one year

Mortgaged and pledged

668305.88-

loans due within one year

Guaranteed mortgaged

and pledged loans due 19980000.00 10000000.00

within one year

Total 17520134473.11 14241991898.84

?

Guaranteed loans are obtained by the Company and the Group's subsidiaries as guarantees

for their subsidiaries.

35 Debentures payable

(1) Debentures payable

Item 2025 2024

Convertible bonds 8903508264.73 8640050116.78

Less: Debentures payable due within one year 24597885.80 16398620.54

Total 8878910378.93 8623651496.24

(2) Details of debentures payable

Balance Issuance Amortisation Balance at

Face Issuance Maturity Interest at Repayment Share conversion Default

Debenture Issuance amount at the beginning during the of discounts or the end

value date period face value during the year during the year (Y/N)

of the year year premium of the year

JA Convertible

100.00 18 July 2023 Six years 8960307700.00 8640050116.78 - 44040526.07 255388286.28 35836963.20 133701.20 8903508264.73 N?

Bonds

105JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Description of Conditions for conversion and timing of convertible bonds

JA Solar Technology Co. Ltd. has publicly issued RMB8.96 billion convertible bonds in 2023.The convertible bonds have been listed and traded on the Shenzhen Stock Exchange since 4

August 2023 with the abbreviation of "JA Convertible Bonds" and the bond code of "127089".According to the Prospectus of JA Solar Technology Co. Ltd. on Issuance of Convertible

Bonds to the Public the initial conversion price of the convertible bonds is RMB38.78 per

share. The coupon rate of the convertible bonds is 0.20% for the first year 0.40% for the

second year 0.60% for the third year 1.50% for the fourth year 1.80% for the fifth year and

2.00% for the sixth year.

The issuance ended on 24 July 2023. The conversion period starts from 24 January 2024 (the

first trading day six months after 24 July 2023) to 17 July 2029 (the maturity date of the

convertible bond).In 2023 the Company recognized other equity instruments of RMB515408280.06 relating to

the issuance of convertible bonds. As of 31 December 2025 the Company reduced other

equity instruments by RMB7834.40 due to the conversion of convertible bonds.

36 Lease liabilities

Item Note 2025 2024

Long-term lease liabilities ? 2127774343.67 2163197116.64

Less: Lease liabilities due within

V.32 174854631.57 335390099.48

one year

Total ? 1952919712.10 1827807017.16

See Note V.67 for specific arrangements regarding the Group’s leases.

106JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

37 Long-term payables

Item Note 2025 2024

Long-term payables 5826573240.62 7349135495.79

Less: Long-term payables due within

V.32 855840469.12 944869550.94

one year

Total 4970732771.50 6404265944.85

?

38 Provisions

Translation

differences arising

Balance Balance

Additions Reductions from translation of Reasons

Item at the beginning at the end

during the year during the year foreign currency for the provision

of the year of the year

financial

statements

Warranties for product

1821135230.36225155244.5947668004.03(5678984.76)1992943486.16?

quality

Outstanding litigation 16608775.75 69009.74 10386094.77 - 6291690.72 Note?

Total 1837744006.11 225224254.33 58054098.80 (5678984.76) 1999235176.88 ?

Note: In 2024 the customer filed a lawsuit on the sales contract dispute with the Company.As of 31 December 2025 relevant cases have not been settled and the Compay has

accrued provisions according to the estimated compensation amount.

39 Deferred income

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Government grant 1148873461.94 538582039.01 390349617.16 1297105883.79

Unrealized profit from long-term

105797219.71-13683.99105783535.72

investment under equity method

Total 1254670681.65 538582039.01 390363301.15 1402889419.51

?

40 Other non-current liabilities

Item 2025 2024

Other non-current liabilities - 56640000.00

?

107JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

41 Share capital

Balance Changes during the year: Increase/(Decrease) Balance

Item at the beginning Issuance of new Transfer from at the end

Bonus shares Others Sub-total

of the year shares reserves of the year

Total shares 3309678734.00 - - - 8868.00 8868.00 3309687602.00

?

1. In 2025 the number of shares converted from the convertible corporate bonds issued by

our company was 8868.00 shares increasing the share capital by RMB 8868.00.

42 Other equity instruments

(1) Financial instruments (including preference shares and perpetual bonds) that remain

outstanding at the end of the year are set out as follows:

Outstanding Maturity date

Issuance Accounting Dividend or Issuance Conversion

financial Quantity Amount or renewal Conditions for conversion

date classification interest rate price status

instruments status

The conversion period is

the first trading day after six

JA Convertible Other equity Conversion

18 July 2023 0.20% - 2.00% 100.00 89591494.00 515341653.17 17 July 2029 months from the date when

Bonds instruments started

the issuance of convertible

corporate bonds ends

?

(2) Movement of the financial instruments (including preference shares and perpetual bonds) that

remain outstanding at the end of the year:

At the beginning Additions Reductions At the end

Outstanding financial of the year during the year during the year of the year

instruments

Quantity Carrying value Quantity Carrying value Quantity Carrying value Quantity Carrying value

JA Convertible Bonds 89592856.00 515349487.57 - - 1362.00 7834.40 89591494.00 515341653.17

?

108JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

43 Capital reserve

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Share premium 12942262386.07 133831.88 982927813.74 11959468404.21

Other capital reserves 13778645.10 177936229.18 212533.22 191502341.06

Total 12956041031.17 178070061.06 983140346.96 12150970745.27

?

As of 31 December 2025 the reason for changes in the Group’s capital reserves are as follows:

1. In the year 2025 the Company implemented the 2025 Stock Option and Employee

Shareholding Plan. A total of 39499986.00 shares of company stock were transferred

to the 2025 Employee Shareholding Plan through a non-trading transfer method

resulting in a decrease of RMB426248762.06 in the share premium under the capital

reserve after taking into account related transaction costs;

2. Due to the recognition of the vesting period expenses related to the 2025 Stock Option

and Employee Shareholding Plan resulting in an increase of RMB177936229.18 in the

other capital reserves under the capital reserve;

3. In 2025 the number of shares converted from the convertible corporate bonds issued by

the Company was 8868.00 shares resulting in an increase of RMB133831.88 in the

share premium under the capital reserve;

4. Capital reserve - other capital reserve decreased by RMB212533.22 due to changes in

other equity of associated enterprises;

5. In 2025 the Company acquired the minority shareholders' equity of the subsidiary Yiwu

JA Solar Technology Co. Ltd. and Qujing Jingrui New Energy Technology Co. Ltd.resulting in a reduction of RMB556662659.22 in capital reserve share premium;

6. In 2025 the Company repurchased shares for employee stock ownership plan and

equity incentive and related transaction cost resulted in a decrease of RMB16392.46 in

the share premium under the capital reserve.

44 Treasury shares

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Treasury shares 489990021.55 458149445.31 667003673.42 281135793.44

?

1. In 2025 due to the implementation of the 2025 Stock Option and Employee Shareholding

Plan the Company transferred 39499986.00 shares of company stock to the 2025

Employee Shareholding Plan through a non-trading transfer method resulting in a

reduction of treasury stock by RMB667003673.42. At the same time the Company

recognized repurchase obligations related to the aforementioned Employee

Shareholding Plan leading to an increase in treasury stock by RMB240949914.60;

2. In 2025 the Company repurchased 15404377.00 ordinary shares and increased

treasury shares by RMB217199530.71 because of repurchasing shares for employee

stock ownership plan or equity incentive.

109JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

45 Other comprehensive income

Balance at the Movements during the year Balance at the end

beginning of the Less: Previously Net-of-tax amount of the year

Less: Previously Net-of-tax amount

Item year attributable Before-tax recognized amount Less: Income attributable to attributable to

recognized amount attributable to non-

to shareholders amount transferred to tax expenses shareholders of the shareholders of the

transferred to profit or loss controlling interests

of the Company retained earnings Company Company

Item that will not be

13865160.8393702.73-13935437.8823425.68(13865160.83)--

reclassified to profit or loss

- Changes in fair value of

investments in other 13865160.83 93702.73 - 13935437.88 23425.68 (13865160.83) - -

equity instruments

Item that may be reclassified

196361089.21(781714734.55)(428309317.64)--(353405416.91)-(157044327.70)

to profit or loss

-Other comprehensive

income that can be

reclassified to profit - (21119.64) - - - (21119.64) - (21119.64)

or loss under the

equity method

- Cash flow hedge

-(429388205.63)(429388205.63)-----

reserve

- Translation differences

arising from

translation of foreign 196361089.21 (352305409.28) 1078887.99 - - (353384297.27) - (157023208.06)

currency financial

statements

Total other comprehensive

210226250.04(781621031.82)(428309317.64)13935437.8823425.68(367270577.74)-(157044327.70)

income

?

110JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

46 Specific reserve

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Safety fund 39448107.49 20924438.19 12778438.27 47594107.41

?

47 Surplus reserve

Balance Balance

Additions Reductions

Item at the beginning at the end

during the year during the year

of the year of the year

Statutory surplus reserve 783484265.87 - - 783484265.87

?

48 Retained earnings

Item Note 2025 2024

Retained earnings at the beginning of the

?10572009657.7417072121825.73

year

Add: Net losses for the year attributable to

(4608260132.26)(4655943814.17)

shareholders of the Company

Transfer of other comprehensive

(1)13935437.885395216.90

income to retained earnings

Less: Dividends to ordinary shares ? - 1849563570.72

Retained earnings at the end of the year 5977684963.36 10572009657.74

?

(1) In 2025 the Group sold all of the equity in Nordkette (Suzhou) Intelligent Equipment Co. Ltd.

and Yonz Technology Co. Ltd. RMB 13935437.88 of the accumulated other comprehensive

income was transferred to the retained earnings.

111JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

49 Operating revenue and operating costs

(1) Operating revenue and operating costs

20252024

Item

Revenue Cost Revenue Cost (Restated)

Principal activities 48381031821.88 49888604518.39 69285007793.24 66686970370.75

Other operating activities 747681129.06 272509597.00 835689236.49 292245899.66

Total 49128712950.94 50161114115.39 70120697029.73 66979216270.41

?

(2) Disaggregation of operating revenue and operating costs

20252024

Type of contract

Revenue Cost Revenue Cost (Restated)

By type of products ? ? ? ?

Solar module 45031048918.48 46844798268.83 66627740897.28 63413018052.91

Operation of photovoltaic power station 1213883074.18 620128511.95 1242289894.94 669125174.45

Others 2883780958.28 2696187334.61 2250666237.51 2897073043.05

Total 49128712950.94 50161114115.39 70120697029.73 66979216270.41

By geographical regions

Mainland 21893010850.26 22630518540.89 29701012209.25 32069945835.07

Europe 9755040560.16 9932436420.69 12726712255.65 13173793281.96

America 7881251935.00 7435503183.92 16386094109.62 11235383255.96

Asia and Oceania 6770148890.06 7093696262.66 9010975935.09 8235502183.11

Africa and others 2829260715.46 3068959707.23 2295902520.12 2264591714.31

Total 49128712950.94 50161114115.39 70120697029.73 66979216270.41

50 Taxes and surcharges

Item 2025 2024

Stamp duty 68603103.47 89983485.33

City maintenance and construction tax 34823217.63 50023271.96

Education and local education surcharges 22084929.23 34813564.70

Property tax 104216851.45 91762566.34

Land use tax 44741295.57 37532115.34

Others 39019050.98 53279473.78

Total 313488448.33 357394477.45

?

51 Selling and distribution expenses

Item 2025 2024

Salaries and benefits 556716581.34 431290437.35

Promotion and exhibition and marketing fees 181455715.81 227127413.23

Storage and rental charge 80301855.38 154581537.87

Professional service fees 76542990.72 130193163.69

Office travel expenses 58225809.92 63593062.67

Others 87424754.49 71055458.09

Total 1040667707.66 1077841072.90

?

112JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

52 General and administrative expenses

Item 2025 2024

Salaries and benefits 1020398040.58 905513942.61

Depreciation and amortization 270127801.13 227538024.48

Expenses for advisory auditing and evaluating 160667101.46 155211210.16

Share-based payment 111734087.06 206624349.12

Office travel expenses 68259774.84 87834647.94

Property management fee 62808241.69 65338955.03

Insurance premium 61610299.71 46806405.03

Rental charge 39156618.83 25640248.76

Pre-operating expenses 2071767.16 194524614.53

Others 78669889.25 91821200.90

Total 1875503621.71 2006853598.56

?

53 Research and development expenses

Item 2025 2024

Salaries and benefits 265069907.55 310136578.58

Material expenses 242470681.67 446134588.66

Fuel expenses 91628634.49 109839369.72

Others 184809108.93 120563035.70

Total 783978332.64 986673572.66

?

54 Financial expenses

Item 2025 2024

Interest expenses from loans and payables 931055147.87 692750020.77

Interest expenses from debentures payable 299428812.35 291044696.61

Interest expenses from lease liabilities 85311098.12 78151930.55

Interest income from deposits and receivables (497333595.68) (570251855.75)

Net foreign exchange gains (489366068.43) (74695438.57)

Other financial expenses 72187561.56 131883493.77

Total 401282955.79 548882847.38

?

55 Other income

Item 2025 2024

Government grants 706278183.25 407208809.91

Additional deduction of input VAT 88419077.96 90891973.21

Refund of handling fee 4832975.16 6165369.82

Total 799530236.37 504266152.94

?

113JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

56 Investment income

Investment income by item

Item 2025 2024

Investment losses from long-term equity

(88407321.72)(64413224.96)

investments accounted for using equity method

Investment income from disposal of long-term

848271962.3841584252.95

equity investments

Dividend income from investments in other equity

856346.961229345.52

instruments during holding period

Investment losses from disposal of derivative

(916470526.97)(47170102.56)

financial instruments

Gain on debt restructuring 20895928.75 -

Investment income arising from disposal of

35751081.00-

disposal groups constituting a business

Dividend income from other non-current financial

-660468.90

assets during the holding period

Gains from remeasurement of residual equity at fair

-58121146.49

value after loss of significant impact

Total (99102529.60) (9988113.66)

?

57 Gains from changes in fair value

Item 2025 2024

Gains/(Losses) on fair value changes of derivative

312663390.25(248756571.01)

financial instruments proceeds

Gains on fair value changes of contingent

57700176.56-

consideration

Losses on fair value changes of equity instrument

(31409659.24)-

investments

Total 338953907.57 (248756571.01)

?

58 Credit losses

Item 2025 2024

(Losses)/Reversal of bad and doubtful debts on

(27494.58)72844.96

bills receivable

Losses of bad and doubtful debts on accounts

(141176951.49)(108044860.87)

receivable

Losses of bad and doubtful debts on other

(22966069.76)(44332508.55)

receivables

Losses of bad and doubtful debts on long-term

(27147755.84)(22048663.89)

receivables (due within one year inclusive)

Total (191318271.67) (174353188.35)

?

114JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

59 Impairment losses

Item 2025 2024

Inventories (88719326.24) (124499615.67)

Contract assets (22.74) 1000911.86

Fixed assets (580776473.20) (2856527388.98)

Construction in progress - (24404262.83)

Right-of-use assets (9660493.74) (32257797.90)

Intangible assets (856482.29) (67674202.31)

Long-term deferred expenses - (50016943.63)

Total (680012798.21) (3154379299.46)

?

60 Gains from asset disposals

Item 2025 2024

Gains/(Losses) from disposal of fixed assets 176495126.57 (38379958.33)

Gains/(Losses) from disposal of right-of-use assets 53950.78 (28022259.82)

Gains from disposal of intangible assets - 14166628.18

Total 176549077.35 (52235589.97)

61 Non-operating income and non-operating expenses

(1) Non-operating income by item is as follows:

Amount

recognized in

Item 2025 2024

extraordinary gain

and loss in 2025

Gains from damage or scrapping of non-

14380923.426271814.8714380923.42

current assets

Insurance claim 74061062.43 2272402.34 74061062.43

Written-off on payables 1406509.79 3008871.02 1406509.79

Income from default fine and penalties 8319638.02 10718110.61 8319638.02

Others 4459820.15 5553010.77 4459820.15

Total 102627953.81 27824209.61 102627953.81

?

(2) Non-operating expenses

Amount

recognized in

Item 2025 2024

extraordinary gain

and loss in 2025

Losses on damage or scrapping of fixed

35604096.69154510838.2935604096.69

assets

Donations provided 13103380.40 6204726.22 13103380.40

Expenses for contract settlement fees fines

10718270.3163691644.8310718270.31

and late payment penalty

Outstanding litigation (14598595.30) 16608775.75 (14598595.30)

Others 6026925.23 11132287.93 6026925.23

Total 50854077.33 252148273.02 50854077.33

?

115JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

62 Income tax expenses

Item Note 2025 2024

Current tax expense for the year based on

305062905.76769793416.00

tax law and regulations

Changes in deferred tax assets/liabilities (1) (679674816.35) (870783646.80)

Total (374611910.59) (100990230.80)

(1) The analysis of changes in deferred tax assets/liabilities is set out below:

Item 2025 2024

Origination and reversal of temporary differences (679674816.35) (870783646.80)

?

(2) Reconciliation between income tax expenses and accounting profit:

Item 2025 2024

Profit before taxation (5050948732.29) (5195935482.55)

Expected income tax expense at tax rate of 25% (1262737183.07) (1298983870.64)

Effect of different tax rates applied by subsidiaries 750013156.78 309274340.88

Adjustments to income tax of previous years 11710313.31 26552736.81

Effect of non-taxable income 21336821.77 19835781.46

Effect of non-deductible costs expense and losses 28011034.14 45151631.62

Effect of using the deductible losses for which no

deferred tax asset was recognized in previous (161180466.44) (74908573.59)

periods

Effect of deductible temporary differences or

deductible losses for which no deferred tax asset 313957387.61 950092778.29

was recognized at the end of this year

Others (75722974.69) (78005055.63)

Income tax expenses (374611910.59) (100990230.80)

?

116JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

63 Basic losses per share and diluted losses per share

(1) Basic losses per share

Basic losses per share is calculated as dividing consolidated net loss attributable to ordinary

shareholders of the Company by the weighted average number of ordinary shares outstanding:

?20252024

Consolidated net losses attributable to ordinary

(4608260132.26)(4655943814.17)

shareholders of the Company

Weighted average number of ordinary shares

3278884015.673286477826.62

outstanding

Basic losses per share (RMB/share) (1.41) (1.42)

?

Weighted average number of ordinary shares is calculated as follows:

? Note 2025 2024

Issued ordinary shares at the beginning of

?3282733034.003296164193.20

the year

Effect of repurchase of equity interest (3851094.25) (10550616.08)

Effect of share options exercised - 848336.83

Impact of convertible bond conversion V.41 2075.92 15912.67

Weighted average number of ordinary shares

?3278884015.673286477826.62

at the end of the year

?

(2) Diluted losses per share

Diluted losses per share is calculated as dividing consolidated net losses attributable to

ordinary shareholders of the Company (diluted) by the weighted average number of ordinary

shares outstanding (diluted).In 2025 the Company had potential ordinary shares due to the impact of convertible bonds

and the implementation of the 2025 stock option and employee share ownership plan but due

to the loss of this year the potential ordinary shares were not dilutive so the diluted loss per

share was equal to the basic loss per share.

117JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

64 Notes to cash flow statement

(1) Proceeds from other operating activities:

Item 2025 2024

Deposits 8293565801.73 7145319938.45

Government grant 349418806.65 695723821.53

Interest income 578114179.83 482563130.68

Capital flows and others 262118891.07 310103566.93

Total 9483217679.28 8633710457.59

?

(2) Payments for other operating activities:

Item 2025 2024

Deposits 3519875214.99 9219195068.62

Cash paid expenses and others 1654890338.68 1532250840.97

Service charges 58051708.30 67211131.76

Non-operating expenses 20610110.85 60690172.26

Total 5253427372.82 10879347213.61

?

(3) Proceeds from other investing activities:

Item 2025 2024

Recovery of forward foreign exchange contracts

246166170.84389701693.70

foreign exchange options

Recovery of time deposits 1500000000.00 -

Returned prepaid equity investment - 18283200.00

Received equity transfer deposit - 20000000.00

Recover the amounts due from disposed

3192233272.95-

subsidiaries

Others 753887.66 -

Total 4939153331.45 427984893.70

?

(4) Payments for other investing activities:

Item 2025 2024

Payment for forward foreign exchange contracts

1599467053.67429120697.75

foreign currency option loss

Time deposits 900000000.00 1605000000.00

Others 4082401.38 715235.00

Total 2503549455.05 2034835932.75

?

(5) Proceeds from other financing activities:

Item 2025 2024

Recovery of financing deposits 860604000.00 -

Employee share ownership plan funds 240949920.00 -

Sale and leaseback financing funds 517081700.00 2800091634.54

Others 80183507.44 3000000.00

Total 1698819127.44 2803091634.54

?

118JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(6) Payments for other financing activities:

Item 2025 2024

Lease and installment purchase of assets 2667712601.23 1230830234.09

Purchase of minority shareholders' equity 1055527101.00 2638595513.22

Share repurchase funds 217199530.71 366240138.82

Financing deposits 800000000.00 862608000.00

Repayment of the principal and interest of the

83875914.00-

borrowing funds

Other expenses relating to financing 56520287.84 79522689.75

Total 4880835434.78 5177796575.88

?

(7) Changes in liabilities relating to financing activities:

Balance at the Additions during the year Decreases during the year

Balance at the end

beginning of the Change in non-cash Change in non-cash

year Change in cash Change in cash

of the year

items items

Short-term and long-term loans

23181182782.3416247550439.544767780998.0312943067754.67-31253446465.24

(including loans due within one year)

Lease liabilities (including lease liabilities

2163197116.64-516861242.63238796903.48313487112.122127774343.67

due within one year)

Long-term payables (including long-term

7349135495.79517081700.00713951311.132428915697.75324679568.555826573240.62

payables due within one year)

Debentures payable (including

debentures payable due within one 8640050116.78 - 299428812.35 35836963.20 133701.20 8903508264.73

year)

Other non-current liabilities (including

other non-current liabilities due within 83875914.00 - - 83875914.00 - -

one year)

Total 41417441425.55 16764632139.54 6298022364.14 15730493233.10 638300381.87 48111302314.26

119JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

65 Supplementary information on cash flow statement

(1) Supplement to cash flow statement

a. Reconciliation of net profit to cash flows from operating activities:

Item 2025 2024

Net losses (4676336821.70) (5094945251.75)

Add: Credit losses 191318271.67 174353188.35

Impairment losses 680012798.21 3154379299.46

Depreciation of fixed assets 5537605889.50 5696771071.80

Depreciation of right-of-use assets 208916440.01 267667300.54

Amortization of intangible assets 131300614.40 143174150.76

Amortization of long-term deferred

76111573.88378204669.31

expenses

(Profits)/losses from disposal of fixed

assets intangible assets and other (176549077.35) 52235589.97

long-term assets

Net losses from scrapping of fixed

21223173.27148239023.42

assets

(Gains)/losses from changes in fair

(338953907.57)248756571.01

value

Net financial expenses 857585733.90 1071820317.52

Investment losses 99102529.60 9988113.66

Increase in deferred tax assets (267269784.87) (913998668.58)

(Decrease)/increase in deferred tax

(412405031.48)43215021.78

liabilities

(Increase)/decrease in inventories (210975590.16) 2309754123.09

Decrease/(increase) in operating

4282954162.79(841464863.56)

receivables

Decrease in operating payables (1957808412.15) (3976718667.13)

Others 234143807.81 475144971.89

Net cash inflows from operating activities 4279976369.76 3346575961.54

?

b. Change in cash and cash equivalents:

Item 2025 2024

Cash and cash equivalents at the end of the

16084815299.2012571615081.88

year

Less: Cash and cash equivalents at the

12571615081.886763088775.67

beginning of the year

Net increase in cash and cash equivalents 3513200217.32 5808526306.21

?

120JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Information on disposals of subsidiaries during the year

?20252024

Cash or cash equivalents received from the

1851066840.30197435071.51

disposal of subsidiaries during the current year

Including: Asset Group of Shurooq Solar Energy

909980882.90-

OM (FZC) SPC

JA Solar AZ LLC. 666511860.78 -

Ningjin County Jingwo New Energy

154400000.00-

Technology Co. Ltd.Inner Mongolia Fujia PV Technology

33471987.76-

Co. Ltd.Inner Mongolia Mengjia PV Technology

26169911.9727272624.49

Co. Ltd.Inner Mongolia Li’ao PV Technology

16821723.63-

Co. Ltd.Jiangsu JA Convention Centre Co. Ltd. 13460000.00 -

Jingkong PV Electric (Foshan) Co. Ltd. 10166576.00 -

Qingdao Qing Heng Han New Energy

8817708.00-

Technology Co. Ltd.Ezhou Kasilaite New Energy Co. Ltd. 5500000.00 -

Inner Mongolia Fengxing PV Technology

4269931.47-

Co. Ltd.Jingsheng Agricultural Technology

630000.00-

(Renxian) Co. Ltd.Shanghai Jingji New Energy Technology

603361.53-

Co. Ltd.Xuancheng Jingyi New Energy

200000.00-

Technology Co. Ltd.Inner Mongolia Youjing PV Technology

57794.26-

Co. Ltd.Huanghua Jingxin Photovoltaic Power

5000.00-

Generation Co. Ltd.Shijiazhuang Jingyu PV Electric Co. Ltd. 100.00 -

Shijiazhuang Jingqiang PV Electric Co.

1.00-

Ltd.Jingshi Mingyuan (Dezhou) New Energy

1.00-

Co. Ltd.Jiuquan Jingyang New Energy Co. Ltd. - 1000000.00

Jingneng New Energy Development

-100806250.00

(Lincheng) Co. Ltd.Jingneng New Energy Development

-68193750.00

(Renxian) Co. Ltd.Meishan Aoshun New Energy Co. Ltd. - 151968.02

Yantai Xinaoguang New Energy

-10000.00

Technology development Co. Ltd.Zhongmou Jingteng PV Technology Co.-475.00

Ltd.Ruyang Jingtai New Energy Co. Ltd. - 1.00

Yongji Jingtai New Energy Co. Ltd. - 1.00

Xiaoao (Yichang) New Energy

-1.00

Technology Co. Ltd.Huaibei Aohai New Energy Co. Ltd. - 1.00

121JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Information on disposals of subsidiaries during the year (continued)

?20252024

Less: Cash and cash equivalents held by

106787226.4856673858.75

subsidiaries on the date control was lost

Including: Ningjin County Jingwo New

47317917.94-

Energy Technology Co. Ltd.Inner Mongolia Mengjia PV Technology Co.

23779240.14-

Ltd.Inner Mongolia Fujia PV Technology Co. Ltd. 21576582.54 -

Jiangsu JA Convention Centre Co. Ltd. 5410289.00 -

Inner Mongolia Li’ao PV Technology Co. Ltd. 4523685.11 -

Qingdao Qing Heng Han New Energy

1804799.81-

Technology Co. Ltd.Jingkong PV Electric (Foshan) Co. Ltd. 1560483.10 -

JA Solar AZ LLC. 761174.25 -

Jingsheng Agricultural Technology (Renxian)

40121.02-

Co. Ltd.Ezhou Kasilaite New Energy Co. Ltd. 9561.06 -

Shanghai Jingji New Energy Technology Co.

3361.53-

Ltd.Xuancheng Jingyi New Energy Technology

10.00-

Co. Ltd.Huanghua Jingao Photovoltaic Power

0.98-

Generation Co. Ltd.Jiuquan Jingyang New Energy Co. Ltd. - 535355.02

Jingneng New Energy Development

-42832995.27

(Lincheng) Co. Ltd.Jingneng New Energy Development

-13153476.63

(Renxian) Co. Ltd.Meishan Aoshun New Energy Co. Ltd. - 151968.02

Yantai Xinaoguang New Energy Technology

-63.81

development Co. Ltd.Add: Cash or cash equivalents received from the

disposal of subsidiaries in previous years 194012990.16 66616660.00

but received during the current year

Including: Jingneng New Energy Development

88599032.28-?

(Lincheng) Co. Ltd.Jingneng New Energy Development

58465010.50-

(Renxian) Co. Ltd.Xinsheng PV Electric (Tuquan) Co. Ltd. 42682054.87 65000000.00

Zhalute Banner Jingao Photovoltaic

3401867.51-

Power Generation Co. Ltd.Hai Tian Da PV Electric (Hoboksar) Co.

435000.00-

Ltd.Beitun Haitian Da Photovoltaic Power

430000.00-

Generation Co. Ltd.Zhongmou Jingteng PV Technology Co.

25.00-

Ltd.Inner Mongolia Huijia PV Technology Co.-1616660.00

Ltd.Net cash received from disposal of subsidiaries 1938292603.98 207377872.76

122JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Details of cash and cash equivalents

Item 2025 2024

Cash 16084815299.20 12547835841.74

Including: Cash on hand - -

Bank deposits available on demand 16084815299.20 12547835841.74

Add: Cash and cash equivalents transferred out to

-23779240.14

assets held for sale

Closing balance of cash and cash equivalents 16084815299.20 12571615081.88

?

(4) Information on supplier finance arrangements:

(a) Terms and conditions of supplier finance arrangements:

The Group has introduced a supply chain information service platform to provide

financing services to suppliers holding electronic certificates of creditor rights issued by

the Group. The Group’s payment obligation under the electronic certificates of creditor

rights is unconditional and irrevocable and is not affected by any commercial disputes

among related parties involved in the circulation of the certificates. The Group will not

assert offsetting or defense with respect to this payment liability. The Group will transfer

the corresponding amount under the electronic certificates of creditor rights at the

payment date in accordance with the business rules. The electronic certificates of

creditor rights can be transferred and used for financing.(b) Information related to financial liabilities arising from supplier financing arrangements:

31 December 2025 1 January 2025

Short-term loans 3349358115.04 307091727.47

Including: supplier has received funds

3349358115.04307091727.47

from financing provider

The payment maturity range of the above financial liabilities is as follows:

Item 31 December 2025

Financial liabilities belonging to supplier

70 - 431 days from receipt of invoice

financing arrangements

Comparable accounts payable that are not part

5 - 180 days from receipt of invoice

of supplier financing arrangements

Due to the financing arrangements for suppliers the Group derecognized accounts

payable and recognized short-term loans amounting to RMB4090969281.37 in 2025

which was considered as non-cash changes. The above changes in the Group’s

financial liabilities were not affected by business combinations or foreign exchange rate

changes.

123JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

66 Foreign-currency monetary items

(1) Foreign-currency monetary items

Balance at foreign Balance at RMB

Item currency at the Exchange rate equivalent at the

end of the year end of the year

Cash at bank and on hand ? ? ?

Including: USD 574588135.59 7.0288 4038665087.43

EUR 160764283.51 8.2355 1323974256.85

JPY 1689514265.59 0.0448 75685170.56

GBP 6072159.44 9.4346 57288395.45

VND 147320365223.88 0.0003 39481857.88

KRW 4189406144.44 0.0049 20360513.86

THB 61035269.39 0.2225 13581507.11

AUD 2033263.40 4.6892 9534378.73

HKD 3186113.76 0.9032 2877761.67

ZAR 5114219.13 0.4224 2160450.73

OMR 74965.82 18.2559 1368568.58

AED 610736.34 1.9071 1164727.33

BRL 680233.92 1.2832 872876.16

TRY 1369544.76 0.1631 223433.01

SGD 4266.95 5.4586 23291.55

MYR 13335.47 1.7319 23096.13

Accounts receivable

Including: USD 555811626.65 7.0288 3906688761.41

EUR 204536461.51 8.2355 1684460028.74

KRW 26654003521.74 0.0049 129538457.12

JPY 1054111658.15 0.0448 47221039.95

ZAR 10006027.20 0.4224 4226946.13

AUD 330268.34 4.6892 1548694.30

VND 2893205149.25 0.0003 775378.98

?

124JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Balance at foreign Balance at RMB

Item (continued) currency at the Exchange rate equivalent at the

end of the year end of the year

Other receivables

Including: USD 110713771.41 7.0288 778184956.51

EUR 3195597.47 8.2355 26317342.97

OMR 1244400.81 18.2559 22717656.75

MYR 2862914.96 1.7319 4958374.03

JPY 24792508.87 0.0448 1110630.02

KRW 149550000.00 0.0049 726813.00

VND 437897425.37 0.0003 117356.51

BRL 40600.00 1.2832 52097.92

AUD 9600.00 4.6892 45016.32

AED 11100.00 1.9071 21168.67

Short-term loans

Including: JPY 600000000.00 0.0448 26878200.00

Accounts payable

Including: USD 242484775.46 7.0288 1704376989.73

EUR 4732702.04 8.2355 38976167.65

VND 26851358246.27 0.0003 7196164.01

JPY 245014.84 0.0448 10975.93

Other payables

Including: USD 107190819.24 7.0288 753422830.26

VND 321469062238.81 0.0003 86153708.68

EUR 8997858.72 8.2355 74101865.49

KRW 1728978265.43 0.0049 8402834.37

ZAR 11272106.62 0.4224 4761788.72

JPY 82913527.02 0.0448 3714277.27

AUD 642216.35 4.6892 3011480.91

OMR 13390.01 18.2559 244446.69

MYR 131998.87 1.7319 228613.07

GBP 16570.00 9.4346 156331.32

TRY 660000.00 0.1631 107675.04

BRL 17013.97 1.2832 21832.33

HKD 8999.97 0.9032 8128.95

AED 1144.00 1.9071 2181.71

Long-term loans (including loans due within one

year)

Including: VND 8250000000.00 0.0003 2216953.31

?

125JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Details of foreign operations

Principal place of Functional

Name of the Subsidiary Native name Reasons for functional currency

business currency

JA Solar International Limited JA Solar International Limited Hong Kong USD Settlement currency for operating activities

JA Solar Trading Limited JA Solar Trading Limited Hong Kong USD Settlement currency for operating activities

JA Solar Investment (Hong Kong) Limited JA Solar Investment (Hong Kong) Limited Hong Kong USD Settlement currency for operating activities

JA Solar HongKong Limited JA Solar HongKong Limited Hong Kong USD Settlement currency for operating activities

JA Solar Smart Energy (Hong Kong) Limited JA Solar Smart Energy (Hong Kong) Limited Hong Kong USD Settlement currency for operating activities

JA Solar Energy Investment (Hong Kong)

JA Solar Energy Investment (Hong Kong) Co.Limited Hong Kong USD Settlement currency for operating activities

Co.Limited

JA Solar Renewable Energy Limited JA Solar Renewable Energy Limited Hong Kong USD Settlement currency for operating activities

JA Solar Malaysia Sdn. Bhd. JA Solar Malaysia Sdn. Bhd. Malaysia MYR Settlement currency for operating activities

JA Solar Australia PTY Limited JA Solar Australia PTY Limited Australia AUD Settlement currency for operating activities

JA Solar Brasil Ltda JA Solar Brasil Ltda Brazil BRL Settlement currency for operating activities

Shurooq SG Pte. Ltd. Shurooq SG Pte. Ltd. Singapore USD Settlement currency for operating activities

JA Solar DMCC JA Solar DMCC Dubai AED Settlement currency for operating activities

JA Solar GmbH JA Solar GmbH Germany EUR Settlement currency for operating activities

JA Solar Japan Limited JAソーラー?ジャパン株式会社 (JA Solar Japan Limited) Japan JPY Settlement currency for operating activities

福島中森土地合同会社 (Fukushimanakamori Real Estate

Fukushimanakamori Real Estate LLC Japan JPY Settlement currency for operating activities

LLC)

JAソーラー?ジャパン?アセットマネジメント合同会社

JA Solar Japan Asset Management LLC Japan JPY Settlement currency for operating activities

(JA Solar Japan Asset Management LLC)

エコプレクサス塩尻プロジェクト合同会社

Ecoplexus Shiojiri Project LLC Japan JPY Settlement currency for operating activities

(Ecoplexus Shiojiri Project LLC)

?????????????

JA Solar Korea Co. Ltd. Korea KRW Settlement currency for operating activities

(JA Solar Korea Co. Ltd.)

Shurooq Solar Energy OM (FZC) SPC Shurooq Solar Energy OM (FZC) SPC Oman USD Settlement currency for operating activities

JA Solar South Africa (PTY) Ltd JA Solar South Africa (PTY) Ltd South Africa ZAR Settlement currency for operating activities

JA Solar SA (PTY) Ltd JA Solar SA (PTY) Ltd South Africa ZAR Settlement currency for operating activities

JA SOLAR ENERGY SPAIN SOCIEDAD

JA SOLAR ENERGY SPAIN SOCIEDAD LIMITADA Spain EUR Settlement currency for operating activities

LIMITADA

JA Solar Enerji Yatirim Ticaret Limited Sirketi JA Solar Enerji Yatirim Ticaret Limited Sirketi Turkey TRY Settlement currency for operating activities

JA Solar USA Inc. JA Solar USA Inc. U.S.A. USD Settlement currency for operating activities

JA Solar Industrial Corp. JA Solar Industrial Corp. U.S.A. USD Settlement currency for operating activities

JA SOLAR USA TRADING CO. JA SOLAR USA TRADING CO. U.S.A. USD Settlement currency for operating activities

JA Solar Viet Nam Company Limited JA Solar Viet Nam Company Limited VietNam USD Settlement currency for operating activities

JA SOLAR PV VIETNAM COMPANY LIMITED JA SOLAR PV VIETNAM COMPANY LIMITED VietNam USD Settlement currency for operating activities

JA SOLAR NE VIETNAM COMPANY LIMITED JA SOLAR NE VIETNAM COMPANY LIMITED VietNam USD Settlement currency for operating activities

Oribright SG Trading Pte. Ltd. Oribright SG Trading Pte. Ltd. Singapore USD Settlement currency for operating activities

126JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

67 Leases

(1) As a lessee

Item 2025 2024

Short-term lease expenses for which the practical

29106258.9776693458.73

expedient has been applied

Expenses relating to leases of low-value assets for

which the practical expedient has been applied 112155986.68 137849425.85

excluding short-term leases of low-value assets

Total cash outflow for leases 331896463.44 444957731.07

?

(2) As a lessor

Operating lease

Item 2025 2024

Lease revenue 46349680.18 11373618.49

Including: Revenue relating to variable lease

--

payments not included in lease receipts

?

The undiscounted lease receipts to be received after the balance sheet date are as follows:

Item 2025 2024

Within 1 year (inclusive) 316509821.92 5744582.20

Over 1 year but within 2 years (inclusive) 315443079.74 2267650.20

Over 2 years but within 3 years (inclusive) 314823155.83 1222951.14

Over 3 years but within 4 years (inclusive) 314197053.25 701687.31

Over 4 years but within 5 years (inclusive) 688.07 -

Over 5 years 8830.29 -

Total 1260982629.10 9936870.85

?

VI. Research and development expenses

Presentation by nature

Item 2025 2024

Salaries and benefits 265069907.55 310136578.58

Material expenses 242470681.67 446134588.66

Fuel expenses 91628634.49 109839369.72

Others 184809108.93 120563035.70

Total 783978332.64 986673572.66

Including: research and development expenditures

783978332.64986673572.66

that are expensed

127JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

VII. Change of consolidation scope

1 Disposal of subsidiaries

Transactions or events losing control of subsidiaries in the current year

Reclassificatio

Difference n of other

between comprehensiv

consideration e income from

Equity

Date of Basis for received and the former

Consideration for disposal Disposal

Entity name losing determining date related share of subsidiary

equity disposal percenta method

control of losing control net assets in equity

ge (%)

consolidated investment to

financial profit or loss or

statements retained

earnings

Inner Mongolia Mengjia PV January 23 Equity transfer

43689637.24 100.00 Transfer 98771215.54 -

Technology Co. Ltd. 2025 completed

Jingkong PV Electric March 12 Equity transfer

10400475.92 100.00 Transfer (1704927.54) -

(Foshan) Co. Ltd. 2025 completed

Qingdao Qing Heng Han New

March 12 Equity transfer

Energy Technology Co. 8893883.20 100.00 Transfer (1601308.03) -

2025 completed

Ltd.Qingdao Hai Neng Zhi Guang March 12 Equity transfer

2766046.37 100.00 Transfer (1439695.47) -

PV Technology Co. Ltd. 2025 completed

Jingsheng Agricultural

April 15 Equity transfer

Technology (Renxian) Co. 630000.00 100.00 Transfer (242528.77) -

2025 completed

Ltd.Inner Mongolia Li’ao PV Transfer Equity transfer

16775123.63 100.00 April 8 2025 8672372.37 -

Technology Co. Ltd. completed

JA Solar AZ LLC. (Note 1)

1606566250.08 Transfer Equity transfer 100.00 April 4 2025 351008882.11 1078887.99

completed

Beijing Xingjia New Energy Transfer May 30 Equity transfer - 100.00 32524944.90 -

Co. Ltd. (Note 2) 2025 completed

Haikou Fengjingda Transfer

June 16 Equity transfer

Technology Co. Ltd. (Note - 100.00 105751930.64 -

2025 completed

2)

Haikou Jingmeida Technology Transfer June 20 Equity transfer - 100.00 42974894.95 -

Co. Ltd. (Note 2) 2025 completed

Haikou Jingmingda Transfer

June 30 Equity transfer Technology Co. Ltd. (Note - 100.00 90158296.37 -

2025 completed

2)

Inner Mongolia Fujia PV Transfer June 27 Equity transfer

33424309.12100.0029530593.65-

Technology Co. Ltd. 2025 completed

Ezhou Kasilaite New Energy Transfer Equity transfer 5500000.00 100.00 June 9 2025 154093.84 -

Co. Ltd. completed

Xuancheng Jingyi New Transfer

April 11 Equity transfer

Energy Technology Co. 200000.00 100.00 200000.00 -

2025 completed

Ltd.Shijiazhuang Jingyu PV Transfer May 21 Equity transfer 100.00 100.00 100.00 -

Electric Co. Ltd. 2025 completed

Inner Mongolia Youjing PV Transfer August 29 Equity transfer 57794.26 100.00 5649406.12 -

Technology Co. Ltd. 2025 completed

Inner Mongolia Fengxing PV Transfer August 29 Equity transfer 4269931.47 100.00 9085102.57 -

Technology Co. Ltd. 2025 completed

Shanghai Jingji New Energy Transfer August 1 Equity transfer 603361.53 100.00 599174.31 -

Technology Co. Ltd. 2025 completed

Hefei Haiyao New Energy Transfer August 25 Equity transfer

82497.76100.00(1666602.76)-

Co. Ltd. 2025 completed

Zhengzhou Aohai New Transfer September Equity transfer 70000.00 100.00 (656284.88) -

Energy Co. Ltd. 28 2025 completed

Ningjin County Jingwo New Transfer

November 6 Equity transfer Energy Technology Co. 154400000.00 100.00 77156706.87 -

2025 completed

Ltd.Huanghua Jingxin PV Power Transfer December Equity transfer

5000.00100.004999.27-

Generation Co. Ltd. 25 2025 completed

Jiangsu JA Convention December 2 Equity transfer

13460000.00 100.00 Transfer 2667712.89 -

Centre Co. Ltd. 2025 completed

128JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Note 1: The Group’s subsidiary JA Solar Industrial Corp. (“Transferor”) entered into a Share

Transfer Agreement with an independent third-party company (“Transferee”) to sell 100% of

the equity interest in JA Solar AZ LLC. to the Transferee. The transaction consideration

includes contingent consideration. The fair value of the contingent consideration at the closing

date was USD 104.00 million. As of December 31 2025 the Group reassessed the contingent

consideration and determined that its fair value had increased by USD 8.078 million compared

to the closing date. This change was recognized as a gain on the change in the fair value of

the contingent consideration.Note 2: The Group’s subsidiary JA Smart Distributed Energy Technology (Hainan) Co. Ltd.(“Transferor”) entered into a Share Transfer Agreement with China Foreign Economy and

Trade Trust Co. Ltd. (“Transferee”) to transfer 95% of the equity interests in Beijing Xingjia

New Energy Co. Ltd. (“Beijing Xingjia”) and its subsidiaries including Shanghai Mingjia

Energy Co. Ltd. Inner Mongolia AnAo PV Technology Co. Ltd. Inner Mongolia YouAo PV

Technology Co. Ltd. Inner Mongolia Ruijing PV Technology Co. Ltd. Inner Mongolia Fengjing

PV Technology Co. Ltd. Haikou Fengjingda Technology Co. Ltd. (“Haikou Fengjingda”) and

its subsidiaries Inner Mongolia Chengjing PV Technology Co. Ltd. Inner Mongolia Huijing PV

Technology Co. Ltd. Inner Mongolia Pujia PV Technology Co. Ltd. Inner Mongolia RuiAo PV

Technology Co. Ltd. Shanghai Xingjing Energy Co. Ltd. Inner Mongolia Huixing PV

Technology Co. Ltd. Haikou Jingmeida Technology Co. Ltd. (“Haikou Jingmeida”) and its

subsidiaries Inner Mongolia Fengjia PV Technology Co. Ltd. Inner Mongolia Ruijia PV

Technology Co. Ltd. Inner Mongolia Yijing PV Technology Co. Ltd. Haikou Jingmingda

Technology Co. Ltd. (“Haikou Jingmingda”) and its subsidiaries Nanning Jingcheng New

Energy Technology Co. Ltd. Rongcheng Hejing New Energy Technology Co. Ltd. LuAn

HuiAo New Energy Technology Co. Ltd. TaiAn Aosheng New Energy Technology Co. Ltd.Shanxi Anjing New Energy Technology Co. Ltd. Guangdong Xingjia New Energy Technology

Co. Ltd. Shijiazhuang Chengjing New Energy Technology Co. Ltd. Zhangzhou Aolong New

Energy Technology Co. Ltd. Putian Aoshuo New Energy Technology Co. Ltd. Ningjin Ningao

New Energy Technology Co. Ltd. and Changzhi Anjing New Energy Technology Co. Ltd..The remaining 5% equity interest in these companies has been pledged as collateral under a

financial lease arrangement with CITIC Financial Leasing Co. Ltd. and the Group no longer

has any equity rights or interests in such remaining 5% equity interest. Consequently the

Group has lost both control and significant influence over the aforementioned entities.Note 3: The Group’s share of the special reserves of the disposed subsidiary at the

consolidated financial statement level has been reclassified to investment income. The amount

related to the reclassification of such special reserves from the disposed subsidiary is includedin the “difference between the disposal proceeds and the Group’s share of the net assets ofthe disposed subsidiary at the consolidated financial statement level” as presented in the table

above.

129JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

2 Other reasons for change of consolidation scope

In January 2025 the Group established the following new companies: JA SOLAR USA

TRADING CO. and Shanghai Jingliantou New Energy Technology Co. Ltd.. Additionally the

Group dissolved Chenzhou Jingyan New Energy Co. Ltd. Hubei Jingfeng New Energy

Technology Co. Ltd. Hunan Jingde New Energy Technology Co. Ltd. JA Solar Middle East

DMCC Jingzhou Jingrui New Energy Technology Co. Ltd. Qujing Jingan New Energy Co.Ltd. Qujing Jingsheng New Energy Co. Ltd. Qujing Jingyi New Energy Co. Ltd. Xiangxi

Jinghong New Energy Technology Co. Ltd. and Chongqing Aochang Energy Co. Ltd.;

In February 2025 the Group established Shijiazhuang Jingqiang PV Electric Co. Ltd. Qujing

JA Wisdom Energy Technology Co. Ltd. Haikou Jingshengda New Energy Co. Ltd. Haikou

Jingmingda Technology Co. Ltd. Haikou Jingmeida Technology Co. Ltd. and Haikou

Fengjingda Technology Co. Ltd.. Additionally the Group dissolved Qujing Jingfeng New

Energy Co. Ltd. and Chongqing Aohui New Energy Co. Ltd.;

In March 2025 the Group established Chengdu Jingyue PV Electric Co. Ltd. and Kangbao

County Zhongsheng New Energy Technology Co. Ltd.. Additionally the Group dissolved

Neimenggu Jingao New Energy investment Co. Ltd. and Ningjin Jingxing Electronic Material

Co. Ltd. and sold Jingshi Mingyuan (Dezhou) New Energy Co. Ltd. at cash consideration of

RMB1;

In April 2025 the Group established Chizhou Fengyao New Energy Technology Co. Ltd.Kangbao Xinhui Photovoltaic Technology Ltd. Oribright SG Trading Pte. Ltd. and Beijing

Xingjia New Energy Co. Ltd.. Additionally the Group dissolved Jingneng New Energy (Dalian)

Co. Ltd. and Xinbaerhu Jingyao New Energy Co. Ltd.;

In May 2025 the Group established Shenzhen Jingao Investment Co. Ltd. and Xingtai JA

Solar Industry-Education Integration Technology Co. Ltd.. Additionally the Group dissolved

Haerbin Jingguan New Energy Technology Co. Ltd. Jilin jisheng New Energy Co. Ltd. and

Tianjin Baodi PV Electric Co. Ltd.. Furthermore the Group’s subsidiary Hefei JA Solar

Technology Co. Ltd. has absorbed and merged with Hefei Jingjiu PV Material Co. Ltd.;

In June 2025 the Group established the following companies: ORIBRIGHT MALAYSIA SDN.BHD. Ningjin County Aorun New Energy Technology Co. Ltd. Ningjin County Jinglan New

Energy Technology Co. Ltd. Ningjin County Jingwo New Energy Technology Co. Ltd. and

Handan Hanao Green Energy New Energy Co. Ltd.. Additionally the Group dissolved Aobo

Energy (Jiangsu) Co. Ltd. Lianyungang Aochang New Energy Co. Ltd. Puyang Jingzhong

New Energy Co. Ltd. and Shijiazhuang Luanjing New Energy Co. Ltd.;

In July 2025 the Group established the following companies: Dongtai Jingrui New Energy Co.Ltd. and Wuxi Jingruiteng New Energy Technology Co. Ltd.. Additionally the Group dissolved

Mojiang Jingyang New Energy Co. Ltd. ;

In August 2025 the Group established Xingtai Jingteng Photovoltaic Power Generation Co.Ltd. Feixi County Jinglu New Energy Co. Ltd. Liancheng Jingyan New Energy Co. Ltd. and

Ningjin County Jingming New Energy Technology Co. Ltd.. Additionally the Group dissolved

Qujing Development Zone Jiantou Green Energy Technology Co. Ltd. and Chaoyang

Fengsheng New Energy Co. Ltd. and sold Shijiazhuang Jingqiang PV Electric Co. Ltd. at

cash consideration of RMB1;

130JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

In September 2025 the Group established Dongtai City Jingfeng New Energy Co. Ltd..Additionally the Group dissolved Jingzhou Jingyao New Energy Technology Co. Ltd. Suiping

Siao New Energy Co. Ltd. and Kunming Jingsheng New Energy Co. Ltd.;

In October 2025 the Group’s subsidiaries Baotou JA Carbon Technology Co. Ltd. and Baotou

JA New Material Co. Ltd. were absorbed and merged into Baotou JA Solar Technology Co.Ltd.;

In November 2025 the Group established JA SMART RENERGY (THAILAND) CO. LTD. and

JA Solar Energy Storage B.V. Additionally the Group dissolved Haerbin Aohai New Energy

Co. Ltd. and Jinzhou Jingshun New Energy Co. Ltd.;

In December 2025 the Group established JA Energy Storage Technologies Co. Ltd..Additionally the Group dissolved Cangzhou Aofeng Electric Power Co. Ltd. Lanao (Linyi)

New Energy Co. Ltd. Zhuhai Hengqin JA New Energy Investment Co. Ltd. Zhuhai Hengqin

JA Information Consulting Service Co. Ltd. Zhuhai Hengqin JA Trading Co. Ltd. Tuquan

Xinhua New Energy Co. Ltd. and Dongguan Jingyang New Energy Technology Co. Ltd. and

sold Yichang Jinghan New Energy Technology Co. Ltd. at cash consideration of RMB1.

131JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

VIII. Interests in other entities

1 Interests in subsidiaries

(1) Composition of the Group

Shareholding Acquisition

Principal place of Registration

Name of the Subsidiary Registered capital Business nature percentage (%) method

business place

Direct Indirect

Reverse

JA Solar RMB25471975746.37 Hebei Province Hebei Province Production base 100.00 -?

acquisition

JA Solar Technology Yangzhou Co.RMB6340870275.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Purchase

Ltd.Shanghai JA Solar Technology Co.RMB821450520.00 Shanghai Shanghai Production base -? 100.00 Purchase

Ltd. (Note 2)

Hefei JA Solar Technology Co. Ltd.RMB4867340000.00 Anhui Province Anhui Province Production base -? 100.00 Purchase

(Note 1)

JA Solar (Xingtai) Co. Ltd. RMB1236007700.00 Hebei Province Hebei Province Production base - 100.00 Purchase

JA Solar (Zhangjiakou) Co. Ltd. RMB130000000.00 Hebei Province Hebei Province Production base -? 100.00 Set up

JA Solar (Kangbao) Co. Ltd. RMB100000000.00 Hebei Province Hebei Province Production base -? 100.00 Set up

Solar Silicon Valley Electronic

Science and Technology Co. Ltd.

(Formerly known as” Sunshine RMB1000000.00 Hebei Province Hebei Province Production base -? 100.00 Purchase

Silicon Valley ElectronicsTechnology Co. Ltd.”)

Jing Hai Yang Semiconductor

RMB64482903.17 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Material Donghai Co. Ltd.Donghai JA Solar Technology Co.RMB250000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Ltd.Inner Mongolia

Baotou JA Solar Technology Co. Ltd. Inner Mongolia

RMB4480000000.00 Autonomous Production base -? 100.00 Purchase

(Note 3) Autonomous Region

Region

Qujing Jinglong Electronic Material

RMB520000000.00 Yunnan Province Yunnan Province Production base -? 100.00 Purchase

Co. Ltd.Xingtai Jinglong PV Materials Co.RMB25710000.00 Hebei Province Hebei Province Production base -? 100.00 Purchase

Ltd.Hebei Jinglong Sun Equipment Co.RMB248100000.00 Hebei Province Hebei Province Production base -? 100.00 Purchase

Ltd.Hebei Jingle Optoelectronic

RMB30000000.00 Hebei Province Hebei Province Production base -? 80.00 Purchase

Technology Co. Ltd.JA Solar New Energy Yangzhou Co.RMB1900000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Ltd.Zhejiang

Yiwu JA Solar Technology Co. Ltd. RMB4116518557.00 Zhejiang Province Production base -? 100.00 Set up

Province

Qujing JA Solar PV Technology Co.RMB1300000000.00 Yunnan Province Yunnan Province Production base -? 100.00 Set up

Ltd.Inner Mongolia

Baotou Jingxu Carbon-carbon Inner Mongolia

RMB30000000.00 Autonomous Production base -? 80.00 Set up

Technology Co. Ltd Autonomous Region

Region

JA Solar (Wuxi) PV Technology Co.RMB388878000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Ltd.JA Solar (Gaoyou) PV Technology

RMB200000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Co. Ltd.Zhejiang

Yiwu Jingcheng PV Material Co. Ltd. RMB160000000.00 Zhejiang Province Production base -? 100.00 Set up

Province

Hefei Jingjiu PV Material Co. Ltd.RMB56000000.00 Anhui Province Anhui Province Production base -? 100.00 Set up

(Note 1)

Inner Mongolia

Baotou JA Carbon Technology Co. Inner Mongolia

RMB9000000.00 Autonomous Production base -? 100.00 Set up

Ltd. (Note 3) Autonomous Region

Region

Qujing JA Solar Technology Co. Ltd. RMB3334484600.00 Yunnan Province Yunnan Province Production base -? 100.00 Set up

Zhejiang JA New Material Zhejiang

RMB30000000.00 Zhejiang Province Production base -? 75.00 Set up

Technology Co. Ltd. Province

JA (Donghai) New Materials

RMB235000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Technology Co. Ltd.JA Solar Technology Chaoyang Co. Liaoning

RMB100000000.00 Liaoning province Production base -? 100.00 Set up

Ltd. province

Dongtai JA Solar Technology Co.RMB1500000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Ltd.Shijiazhuang JA Solar Technology

RMB1500000000.00 Hebei Province Hebei Province Production base -? 100.00 Set up

Co. Ltd.Business

Research and

Shijiazhuang JA PV Technology Co. combination

RMB200000000.00 Hebei Province Hebei Province development -? 100.00

Ltd. under common

company

control

Wuxi JA Waylion New Energy

USD50000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Technology Co. Ltd.Inner Mongolia

Inner Mongolia JA Solar PV Inner Mongolia

RMB200000000.00 Autonomous Production base -? 100.00 Set up

Technology Co. Ltd. Autonomous Region

Region

Inner Mongolia

JA Solar Investment (Inner Mongolia) Inner Mongolia Investment

RMB1000000000.00 Autonomous -? 100.00 Set up

Co. Ltd. Autonomous Region company

Region

Inner Mongolia

Inner Mongolia

Ordos JA Solar Technology Co. Ltd. RMB1000000000.00 Autonomous Production base -? 100.00 Set up

Autonomous Region

Region

Shanghai JA Waylion New Energy

RMB50000000.00 Shanghai Shanghai Production base -? 100.00 Set up

Technology Co. Ltd.

132JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

Acquisition

business place method

Direct Indirect

Jiangsu JA International Investment

RMB550000000.00 Jiangsu Province Jiangsu Province Investment company -? 100.00 Set up

Co. Ltd.Shijiazhuang JA Electronic

RMB150000000.00 Hebei Province Hebei Province Production base -? 100.00 Set up

Technology Co. Ltd.Dongtai JA New Energy Technology

RMB500000000.00 Jiangsu Province Jiangsu Province Production base -? 100.00 Set up

Co. Ltd.Inner Mongolia

Baotou JA New Material Co. Ltd. Inner Mongolia

RMB30000000.00 Autonomous Production base -? 100.00 Set up

(Note 3) Autonomous Region

Region

Inner Mongolia

Inner Mongolia JA Naoer New Inner Mongolia

RMB280000000.00 Autonomous Production base -? 51.00 Set up

Energy Co. Ltd. Autonomous Region

Region

Xinyi JA PV Technology Co. Ltd. RMB10000000.00 Jiangsu Province Jiangsu Province Trading company -? 100.00 Set up

Qujing JA Trading Co. Ltd. RMB10000000.00 Yunnan Province Yunnan Province Trading company -? 100.00 Set up

Yangzhou JA Solar PV Engineering

RMB68270000.00 Jiangsu Province Jiangsu Province Engineering company -? 100.00 Purchase

Co. Ltd.Beijing Jinghong Energy

Energy economizing

Economization Technology Co. RMB100000000.00 Beijing Beijing -? 100.00 Purchase

company

Ltd.Beijing JA Solar PV Technology Co. Trading and investment

RMB500000000.00 Beijing Beijing -? 100.00 Purchase

Ltd. company

JA Solar Investment China Co. Ltd. RMB7721974500.00 Shanghai Shanghai Investment company -? 100.00 Purchase

Shanghai JA Solar PV Technology

RMB251424000.00 Shanghai Shanghai Trading company -? 100.00 Purchase

Co. Ltd.Shanghai Jinglong Solar Technology

RMB180000000.00 Shanghai Shanghai Others -? 100.00 Purchase

Co. Ltd. (Note 2)

Dongtai JA Solar PV Technology

USD206000000.00 Jiangsu Province Jiangsu Province Trading company -? 100.00 Set up

Co. Ltd.JA Wisdom Energy Technology

RMB500000000.00 Hainan Province Hainan Province Investment company -? 100.00 Set up

(Hainan) Co. Ltd.Beijing JA Energy Technology Co. Headquarters platform

RMB500000000.00 Beijing Beijing -? 100.00 Set up

Ltd. company

JA Wisdom Distributed Energy Management platform

RMB2917560000.00 Hainan Province Hainan Province -? 100.00 Set up

Technology (Hainan) Co. Ltd. company

JA New Energy Power Investment Management platform

RMB1000000000.00 Hainan Province Hainan Province -? 100.00 Set up

(Hainan) Co. Ltd. company

Shanghai Jiejing Jicheng Chemical

RMB50000000.00 Shanghai Shanghai Engineering company -? 70.00 Set up

Technology Co. Ltd.Lanping JA PV Technology Co. Ltd. RMB1000000.00 Yunnan Province Yunnan Province Trading company -? 100.00 Set up

Chengdu Jingxin Mingneng PV Sichuan Research and

RMB100000000.00 Sichuan Province -? 65.00 Set up

Technology Co. Ltd. Province development company

Inner Mongolia

Inner Mongolia

Erdos Jingfei PV Co. Ltd. USD6100000.00 Autonomous Investment company -? 100.00 Set up

Autonomous Region

Region

Inner Mongolia

JA Solar PV Electric (Baotou) Co. Inner Mongolia Centralized project

RMB100000000.00 Autonomous -? 100.00 Purchase

Ltd. Autonomous Region companies

Region

JA Solar (Chaoyang) Electric Co. Liaoning Centralized project

RMB120000000.00 Liaoning province -? 100.00 Set up

Ltd. province companies

Jingneng Solar PV Electric (Daqing) Heilongjiang Heilongjiang Centralized project

RMB120000000.00 -? 100.00 Set up

Co. Ltd. Province Province companies

JA Solar PV Electric (Datong) Co. Centralized project

RMB100000000.00 Shanxi Province Shanxi Province -? 100.00 Purchase

Ltd. companies

Distributed project

JA Solar PV Electric (Hefei) Co. Ltd. RMB18000000.00 Anhui Province Anhui Province -? 100.00 Purchase

companies

Jiuzhou Fangyuan New Energy

RMB120000000.00 Hubei Province Hubei Province Investment company -? 100.00 Purchase

(Yichang) Co. Ltd.Jingneng New Energy Development Centralized project

RMB30000000.00 Hebei Province Hebei Province -? 100.00 Purchase

(Kangbao) Co. Ltd. companies

JA Solar PV Electric (Laiwu) Co. Shandong Centralized project

RMB60000000.00 Shandong Province -? 100.00 Purchase

Ltd. Province companies

JA Solar PV Electric (Linzhou) Co. Centralized project

RMB110000000.00 Henan Province Henan Province -? 100.00 Purchase

Ltd. companies

Jingneng New Energy Development Distributed project

RMB50000000.00 Hebei Province Hebei Province -? 100.00 Set up

(Ningjin) Co. Ltd. companies

JA Solar PV Electric (Shanghai) Co. Distributed project

RMB2000000.00 Shanghai Shanghai -? 100.00 Purchase

Ltd. companies

JA Solar PV Electric (Shexian) Co. Centralized project

RMB110000000.00 Hebei Province Hebei Province -? 100.00 Purchase

Ltd. companies

Inner Mongolia

JA Solar PV Electric (Wulanchabu) Inner Mongolia Centralized project

RMB70000000.00 Autonomous -? 100.00 Purchase

Co. Ltd. Autonomous Region companies

Region

JA Solar PV Electric (Xingtai) Co. Distributed project

RMB10000000.00 Hebei Province Hebei Province -? 100.00 Set up

Ltd. companies

Ningxia Hui

JA Solar PV Electric (Yanchi) Co. Ningxia Hui Centralized project

RMB180000000.00 Autonomous -? 100.00 Purchase

Ltd. Autonomous Region companies

Region

JA Solar PV Electric (Yangzhou) Distributed project

RMB26850000.00 Jiangsu Province Jiangsu Province -? 100.00 Set up

Co. Ltd. companies

133JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Ningxia Hui

Aiyouen Power Electric (Yinchuan) Co. Ningxia Hui Centralized project

RMB100000000.00 Autonomous - 100.00 Purchase

Ltd. Autonomous Region companies

Region

Jingneng PV Electric (Zhengding) Co. Distributed project

RMB10000000.00 Hebei Province Hebei Province - 100.00 Set up

Ltd. companies

Longsheng PV Electric (Chaoyang) Liaoning Centralized project

RMB390000000.00 Liaoning province - 100.00 Set up

Co. Ltd. province companies

Xusheng New Enegy Electric (Kazuo) Liaoning Distributed project

RMB1000000.00 Liaoning province - 100.00 Set up

Co. Ltd. province companies

Xinghua PV Electric (Chaoyang) Co. Liaoning Centralized project

RMB380000000.00 Liaoning province - 100.00 Set up

Ltd. province companies

Dongsheng PV Electric (Chaoyang) Liaoning Centralized project

RMB10000000.00 Liaoning province - 100.00 Set up

Co. Ltd. province companies

JA New Energy Development (Hebei)

RMB50000000.00 Hebei Province Hebei Province Others - 100.00 Purchase

Co. Ltd.Jingsheng PV Electric (Daqing) Co. Heilongjiang Heilongjiang Centralized project

RMB200000000.00 - 100.00 Set up

Ltd. Province Province companies

Changde Dingcheng Xingyang PV Centralized project

RMB70000000.00 Hunan Province Hunan Province - 100.00 Set up

Electric Technology Co. Ltd. companies

Qingdao Shun Yao Yang PV Shandong Distributed project

RMB1000000.00 Shandong Province - 100.00 Purchase

Technology Co. Ltd. Province companies

Zhejiang Distributed project

Jingyuan PV Electric (Yiwu) Co. Ltd. RMB40000000.00 Zhejiang Province - 100.00 Set up

Province companies

Changde Jingsheng PV Technology

RMB28100000.00 Hunan Province Hunan Province Trading company - 100.00 Set up

Co. Ltd.Beijing Jingtong PV Technology Co. Distributed project

RMB1000000.00 Beijing Beijing - 100.00 Set up

Ltd. companies

Distributed project

JA Solar PV Electric (Qujing) Co. Ltd. RMB60000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Residential project

Jingxin PV Electric (Wuqiang) Co. Ltd. RMB1000000.00 Hebei Province Hebei Province - 100.00 Set up

companies

Changde Xiangchu Technology Co. Energy storage project

RMB24000000.00 Hunan Province Hunan Province - 100.00 Set up

Ltd. companies

Electricity sales

Hebei Ruineng Electricity Sales Co.RMB50000000.00 Hebei Province Hebei Province intermediary service - 100.00 Purchase

Ltd.companies

Jingneng PV Electric (Longyao) Co. Distributed project

RMB5000000.00 Hebei Province Hebei Province - 100.00 Set up

Ltd. companies

Shandong Residential project

Linyi Xingjing PV Technology Co. Ltd. RMB1000000.00 Shandong Province - 100.00 Set up

Province companies

Inner Mongolia

Inner Mongolia Hui’ao PV Technology Residential project

RMB50000.00 Hebei Province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Inner Mongolia

Inner Mongolia He’ao PV Technology Residential project

RMB160000000.00 Henan Province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Changde Jingyang Technology Co. Centralized project

RMB3000000.00 Hunan Province Hunan Province - 100.00 Set up

Ltd. companies

Suiyang Jingneng Energy Technology Guizhou Centralized project

RMB40000000.00 Guizhou Province - 100.00 Set up

Co. Ltd. Province companies

Suiyang Jingyang Energy Technology Guizhou Centralized project

RMB40000000.00 Guizhou Province - 100.00 Set up

Co. Ltd. Province companies

Inner Mongolia

Inner Mongolia Anjing PV Technology Residential project

RMB20000000.00 Hebei Province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Inner Mongolia

Inner Mongolia Yijia PV Technology Residential project

RMB50000.00 Shandong Province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

JA Yuhong New Energy Power Distributed project

RMB100000000.00 Tianjin Tianjin - 65.00 Set up

Development Co. Ltd. companies

Beijing JA Haibo Energy Storage Energy storage project

RMB100000000.00 Beijing Beijing - 50.50 Set up

Technology Co. Ltd. companies

Hainan Honghui New Energy JA Yuhong Project

RMB5000000.00 Hainan Province Hainan Province - 65.00 Set up

Technology Co. Ltd. companies

Zhejiang

Yiwu Jingda New Energy Co. Ltd. RMB8000000.00 Zhejiang Province Solution project company - 100.00 Set up

Province

Tangxian Jingxing New Energy Residential project

RMB20000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Inner Mongolia

Inner Mongolia Lijia PV Technology Residential project

RMB20000000.00 Shaanxi Province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Inner Mongolia

Inner Mongolia Hejia PV Technology Residential project

RMB20000000.00 Shaanxi Province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Inner Mongolia

Inner Mongolia Feng’ao PV Technology Residential project

RMB20000000.00 Beijing Tianjin Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Inner Mongolia

Inner Mongolia Centralized project

Xinrong PV Electric (Tuquan) Co. Ltd. RMB1000000.00 Autonomous - 100.00 Set up

Autonomous Region companies

Region

Xuzhou Hongjing PV Technology Co. Distributed project

RMB12600000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Ltd. companies

Qidong Hongguang PV Technology Distributed project

RMB23430000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Co. Ltd. companies

Liaocheng Aozhi PV Technology Co. Shandong Residential project

RMB20000000.00 Shandong Province - 100.00 Set up

Ltd. Province companies

134JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Qionghai Jinneng New Energy Centralized project

RMB3000000.00 Hainan Province Hainan Province - 100.00 Set up

Development Co. Ltd.(Hainan) companies

Hainan Fengjing New Energy Residential project

RMB152000000.00 Hainan Province Hainan Province - 100.00 Set up

Technology Co. Ltd. companies

Tianjin Lijing New Energy Residential project

RMB20000000.00 Tianjin Tianjin - 100.00 Set up

Technology Co. Ltd. companies

Mengcheng Mengjing New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Xingtai Jingda Energy Technology Distributed project

RMB28780000.00 Hebei Province Hebei Province - 100.00 Set up

Co. Ltd. companies

Inner Mongolia

Inner Mongolia Lijing PV Technology Residential project

RMB20000000.00 Liaoning province Autonomous - 100.00 Set up

Co. Ltd. companies

Region

Tangshan Honggao New Energy Distributed project

RMB1930000.00 Hebei Province Hebei Province - 100.00 Set up

Development Co. Ltd. companies

Jinzhou Ruijing New Energy Residential project

RMB30000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Dongtai Jingdong New Energy Centralized project

RMB300000000.00 Jiangsu Province Jiangsu Province - 66.67 Set up

Technology Co. Ltd. companies

Anhui Chengjia New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Shanghai Jingzhihui New Energy Distributed project

RMB20000000.00 Shanghai Shanghai - 100.00 Set up

Co. Ltd. companies

Distributed project

Tianjin Jingtong PV Electric Co. Ltd. RMB1000000.00 Tianjin Tianjin - 100.00 Set up

companies

Langfang Fujing New Energy Residential project

RMB20000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Xingtai Jingyi Energy Technology

RMB20000000.00 Hebei Province Hebei Province Solution project company - 100.00 Set up

Co. Ltd.Taiyuan Honghui PV Technology Co. Distributed project

RMB5840000.00 Shanxi Province Shanxi Province - 100.00 Set up

Ltd. companies

Linzhou Mengxing New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Bozhou Yijing New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Distributed platform

Dongtai JA Distributed Energy Co.RMB1000000000.00 Jiangsu Province Jiangsu Province company of industry and - 100.00 Set up

Ltd.commerce

Zhengyang Anxing New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Tianjin DingAo New Energy Residential project

RMB20000000.00 Tianjin Tianjin - 100.00 Set up

Technology Co. Ltd. companies

Yangzhou Crystal Storage New Energy storage project

RMB1000000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Energy Co. Ltd. companies

Zhengzhou Jingkun New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Hengyang Shuojing New Energy Residential project

RMB20000000.00 Hunan Province Hunan Province - 100.00 Set up

Technology Co. Ltd. companies

Yiyang Jingnuo New Energy Co. Residential project

RMB20000000.00 Hunan Province Hunan Province - 100.00 Set up

Ltd. companies

Meizhou Fuao New Energy Guangdong Residential project

RMB20000000.00 Guangdong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Jingxing Shuke (Beijing) Energy Co.RMB13000000.00 Beijing Beijing Solution project company - 100.00 Set up

Ltd.Inner Mongolia

Ordos Jingyang New Energy Co. Inner Mongolia Centralized project

RMB9000000.00 Autonomous - 100.00 Set up

Ltd. Autonomous Region companies

Region

Inner Mongolia

Baotou Jingyun New Energy Co. Inner Mongolia Distributed project

RMB50000000.00 Autonomous - 100.00 Set up

Ltd. Autonomous Region companies

Region

Dongfang Shuojing New Energy Residential project

RMB50000.00 Hainan Province Hainan Province - 100.00 Set up

Technology Co. Ltd. companies

Guangxi Zhuang

Jingxingbao (Guangxi) New Energy Guangxi Zhuang Residential project

RMB20000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Suzhou Jinghui New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd companies

Suzhou Yuanao PV Technology Co. Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Ltd. companies

Maanshan Aoxiong New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Jinzhou Ruineng New Energy Distributed project

RMB20000000.00 Hebei Province Hebei Province - 100.00 Purchase

Technology Co. Ltd. companies

Anhui Aokang New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Datong Jingxing New Energy Co. Residential project

RMB20000000.00 Shanxi Province Shanxi Province - 100.00 Set up

Ltd. companies

Baoding Honghui New Energy Distributed project

RMB10000000.00 Hebei Province Hebei Province - 100.00 Set up

Development Co. Ltd. companies

135JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

Acquisition

business place method

Direct Indirect

Zhumadian Xingao New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Xunxian Lijing New Energy Technology Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Co. Ltd. companies

Shaoyang Jingju New Energy Residential project

RMB20000000.00 Hunan Province Hunan Province - 100.00 Set up

Technology Co. Ltd. companies

Shaoyang Jingshao New Energy Residential project

RMB20000000.00 Hunan Province Hunan Province - 100.00 Set up

Technology Co. Ltd. companies

Chongqing Hongjing PV Technology Distributed project

RMB14000000.00 Chongqing Chongqing - 100.00 Set up

Co. Ltd. companies

Shanxi Jingyu New Energy Technology Residential project

RMB20000000.00 Shanxi Province Shanxi Province - 100.00 Set up

Co. Ltd. companies

Chenzhou Yongjing New Energy Residential project

RMB20000000.00 Hunan Province Hunan Province - 100.00 Set up

Technology Co. Ltd. companies

Guangxi Zhuang

Guangxi Jingyang New Energy Guangxi Zhuang Residential project

RMB20000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Zhumadian Fengda New Energy Co. Distributed project

RMB2200000.00 Henan Province Henan Province - 100.00 Purchase

Ltd. companies

Anhui Aosbang New Energy Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Yancheng Ausun Energy Co. Ltd.Residential project

(Formerly known as “Anhui Aosheng RMB5000000.00 Jiangsu Province Jiangsu Province - 100.00 Set upcompaniesNew Energy Technology Co. Ltd. ”)

Residential project

Wenxian Fuao New Energy Co. Ltd. RMB20000000.00 Henan Province Henan Province - 100.00 Set up

companies

Pingdingshan Jingming New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Guangxi Zhuang

Guangxi Jingrui New Energy Guangxi Zhuang Residential project

RMB10000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Xuchang Jinghao New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Xinyang Aoxing New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Anhui Aohong New Energy Technology

Co. Ltd. (Formerly known as“Chizhou Jingfeng Energy Residential projectRMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. “”Fuyang companies

Jingfeng Energy Technology Co.Ltd.”)

Taikang Jingsheng New Energy Co. Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Ltd. companies

Suixian Jingfeng New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Shenqiu Aofeng New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Zhengzhou Qianao New Energy

Technology Co. Ltd. (Formerly Residential project

RMB5000000.00 Hebei Province Hebei Province - 100.00 Set upknown as “Cangzhou Jingpeng New companiesEnergy Technology Co. Ltd.”)

Residential project

Qujing Jinghao New Energy Co. Ltd. RMB3000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Chizhou Jingxing Energy Technology Residential project

RMB3000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Huainan Jinghong New Energy Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Zhoukou Jinghui New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Wushe Ruijing New Energy Technology Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Co. Ltd. companies

Xinyang Aoan New Energy Technology Residential project

RMB5000000.00 Henan Province Henan Province - 100.00 Set up

Co. Ltd. companies

Xinyang Jingan New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Suqian Xujing New Energy Technology Residential project

RMB20000000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Co. Ltd. companies

Suqian Jing High tech Energy Co. Ltd.Distributed project

(Formerly known as “Qujing RMB3000000.00 Yunnan Province Jiangsu Province - 100.00 Set upcompaniesJingsheng New Energy Co. Ltd.”)

Anhui Aoteng New Energy Technology Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Nanyang Jingling New Energy Distributed project

RMB30000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Shenyang Jingshun New Energy Co. Liaoning Distributed project

RMB17500000.00 Liaoning province - 100.00 Set up

Ltd. province companies

Distributed project

Donghai Jinglu New Energy Co. Ltd. RMB20000000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

companies

Suzhou Yaoka New Energy Technology Distributed project

RMB7000000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Co. Ltd. companies

Distributed project

Wuhan Aohai New Energy Co. Ltd. RMB62000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Hefei Jingyue New Energy Technology Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

136JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Shaanxi Jingyang Risheng New Energy Residential project

RMB20000000.00 Shaanxi Province Shaanxi Province - 100.00 Set up

Technology Co. Ltd. companies

Huangshan Jingbao New Energy Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Xinxiang Jingshun New Energy Co. Distributed project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Ltd. companies

Anhui Aoqing New Energy Technology Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Hube Chuangguang New

Residential project

Energy Technology Co. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Ltd.Guangxi Zhuang

Guangxi Jingyu New Energy Guangxi Zhuang Residential project

RMB3000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Hubei Aofan New Energy Technology Residential project

RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

Co. Ltd. companies

Xuzhou Aozhi New Energy Technology Residential project

RMB20000000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Co. Ltd. companies

Anhui Chenao New Energy Technology Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Dongguan Jingshun New Energy Guangdong Residential project

RMB3000000.00 Guangdong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Heyuan Jinghuo New Energy Guangdong Residential project

RMB3000000.00 Guangdong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Hubei Aoyu New Energy Technology Residential project

RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

Co. Ltd. companies

Mingguang Aosheng New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Yangquan Aoya New Energy Residential project

RMB3000000.00 Shanxi Province Shanxi Province - 100.00 Set up

Technology Co. Ltd. companies

Residential project

Yuzhou Longao New Energy Co. Ltd. RMB3000000.00 Henan Province Henan Province - 100.00 Set up

companies

Tangshan Youjing New Energy Residential project

RMB20000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Fuyang Haotai New Energy Technology Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Residential project

Hefei Jingwanjia New Energy Co. Ltd. RMB3000000.00 Anhui Province Anhui Province - 100.00 Set up

companies

Fengqiu Lichuang New Energy Residential project

RMB5000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Quanzhou Jinxin New Energy Residential project

RMB3000000.00 Fujian Province Fujian Province - 100.00 Set up

Technology Co. Ltd. companies

Anhui Jingran New Energy Technology Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Beijing Jingchuang New Energy Co. Distributed project

RMB6000000.00 Beijing Beijing - 100.00 Set up

Ltd. companies

Dongtai Jingzhihui New Energy Co.RMB23000000.00 Jiangsu Province Jiangsu Province Solution project company - 100.00 Set up

Ltd.Tianchang Jingyong New Energy Residential project

RMB3000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Suzhou Jinghong New Energy Residential project

RMB20000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Zhejiang Suao New Energy Technology Zhejiang Residential project

RMB10000000.00 Zhejiang Province - 100.00 Set up

Co. Ltd. Province companies

Yuanyang Mingchang New Energy Residential project

RMB5000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Yanjin Yunche New Energy Technology Residential project

RMB5000000.00 Henan Province Henan Province - 100.00 Set up

Co. Ltd. companies

Residential project

Hubei Aoyu New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Nantong Yaojing New Energy

Technologu Co. Ltd. (Formely Residential project

RMB5000000.00 Jiangsu Province Jiangsu Province - 100.00 Set upknown as “Anhui Jingteng New companiesEnergy Technology Co. Ltd.)

Residential project

Henan Yaojing New Energy Co. Ltd. RMB3000000.00 Henan Province Henan Province - 100.00 Set up

companies

Qingxu Aojie New Energy Technology Residential project

RMB3000000.00 Shanxi Province Shanxi Province - 100.00 Set up

Co. Ltd. companies

Yangxin Yuzhiyuan New Energy Co. Residential project

RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

Ltd. companies

Residential project

Luotian Jingxing New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Chuzhou Aofeng New Energy Residential project

RMB3000000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Residential project

Hubei Chujing New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Yicheng Jingyu New Energy Co. Ltd. RMB20000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Hubei Yichang New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

137JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Residential project

Hubei Aoyu New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Hubei Jingran New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Xiangcheng Jingsheng New Energy Residential project

RMB20000000.00 Henan Province Henan Province - 100.00 Set up

Technology Co. Ltd. companies

Residential project

Gongan Jingle New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Xuzhou Jinghang New

Energy Technology Co.Ltd.(Formerly known as Residential project

RMB20000000.00 Jiangsu Province Jiangsu Province - 100.00 Set up“Donghai Jinghang New companiesEnergy Technology Co.Ltd.”)

Guangdong Jinghuo New Energy Guangdong Residential project

RMB5000000.00 Guangdong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Daye Jingyu New Energy Technology Residential project

RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

Co. Ltd. companies

Residential project

Hubei Jingxing New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Hubei Jingyang New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Guangxi Zhuang

Guangxi Jingan New Energy Guangxi Zhuang Residential project

RMB3000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Residential project

Hubei Aobo New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Shanghai Jiahe Energy Co. Ltd. RMB20000000.00 Fujian Province Shanghai - 100.00 Set up

companies

Shanghai Xingyao New Energy Co. Hubei Province Residential project

RMB20000000.00 Shanghai - 100.00 Set up

Ltd. Hunan Province companies

Residential project

Shanghai Xingzheng Energy Co. Ltd. RMB20000000.00 Zhejiang Province Shanghai - 100.00 Set up

companies

Residential project

Hubei Jingmian New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Hubei Jinghao New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Yuncheng Anjing New Energy Residential project

RMB3000000.00 Shanxi Province Shanxi Province - 100.00 Set up

Technology Co. Ltd. companies

Residential project

Luyi Aofeng PV Technology Co. Ltd. RMB3000000.00 Henan Province Henan Province - 100.00 Set up

companies

Guangdong Residential project

Jieyang Ruijing New Energy Co. Ltd. RMB3000000.00 Guangdong Province - 100.00 Set up

Province companies

Residential project

Yichang Jingyan New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Residential project

Qujing Jingding New Energy Co. Ltd. RMB3000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Residential project

Qujing Jingsheng New Energy Co. Ltd. RMB3000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Residential project

Puer Jingfeng New Energy Co. Ltd. RMB3000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Shanghai Xingfeng New Energy Co. Residential project

RMB20000000.00 Jiangxi Province Shanghai - 100.00 Set up

Ltd. companies

Residential project

Shanghai Jiaming Energy Co. Ltd. RMB20000000.00 Henan Province Shanghai - 100.00 Set up

companies

Residential project

Shanghai Xinjia Energy Co. Ltd. RMB20000000.00 Hubei Province Shanghai - 100.00 Set up

companies

Zhangzhou Jingmei New Energy Co. Distributed project

RMB11700000.00 Fujian Province Fujian Province - 100.00 Set up

Ltd. companies

Heze Aosheng New Energy Shandong Residential project

RMB20000000.00 Shandong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Shayang Jingaoda New Energy Residential project

RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

Technology Co. Ltd. companies

JA Energy Storage Technology Energy storage project

RMB20000000.00 Shanghai Shanghai - 100.00 Set up

(Shanghai) Co. Ltd. companies

Anqing Jingye New Energy Co. Ltd.Residential project

(Formerly known as “Gejiu Jingsheng RMB3000000.00 Anhui Province Anhui Province - 100.00 Set upcompaniesNew Energy Co. Ltd.”)

Residential project

Honghe Jingfeng New Energy Co. Ltd. RMB3000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Guangxi Zhuang

Guangxi Jingzuo New Energy Guangxi Zhuang Residential project

RMB3000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Centralized project

Yuanshi Jingsheng Energy Co. Ltd. RMB2000000.00 Hebei Province Hebei Province - 70.00 Set up

companies

Wuxi Jingruishi New Energy Distributed project

RMB11100000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Technology Co. Ltd. companies

Hainan Aosheng New Energy Residential project

RMB3000000.00 Hainan Province Hainan Province - 100.00 Set up

Technology Co. Ltd. companies

138JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Hainan Jingsheng New Energy Residential project

RMB3000000.00 Hainan Province Hainan Province - 100.00 Set up

Technology Co. Ltd. companies

Shenze Jingsheng New Energy Centralized project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Residential project

Hubei Jingxu New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Xingtang Jingsheng New Energy Centralized project

RMB9000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Guangdong Residential project

Jieyang Jingning New Energy Co. Ltd. RMB3000000.00 Guangdong Province - 100.00 Set up

Province companies

Jinhua Lanjing New Energy TechnologyCo. Ltd. (Formely known as “Yunnan Zhejiang Residential projectRMB3000000.00 Zhejiang Province - 100.00 Set up

Fengjing New Energy Technology Province companiesCo. Ltd.”)

Nantong Nanjing New Energy

Technology Co. Ltd. (Formerly Residential project

RMB3000000.00 Jiangsu Province Jiangsu Province - 100.00 Set upknown as “Yunnan Fengjia New companiesEnergy Technology Co. Ltd.”)

Juancheng Aosheng New Energy Shandong Residential project

RMB3000000.00 Shandong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Jining Aochuan New Energy Shandong Residential project

RMB3000000.00 Shandong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Huai'an Aoneng New Energy

Technology Co. Ltd. (Formerly Residential project

RMB5000000.00 Jiangsu Province Jiangsu Province - 100.00 Set upknown as “Anhui Aoning New Energy companiesTechnology Co. Ltd.”)

Residential project

Qujing Jingfeng New Energy Co. Ltd. RMB3000000.00 Yunnan Province Yunnan Province - 100.00 Set up

companies

Zaoyang Jingying New Energy Residential project

RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

Development Co. Ltd. companies

Guangdong Distributed project

Foshan Aohai New Energy Co. Ltd. RMB13000000.00 Guangdong Province - 100.00 Set up

Province companies

Shijiazhuang Jingming PV Technology Distributed project

RMB5000000.00 Hebei Province Hebei Province - 100.00 Set up

Co. Ltd. companies

Shijiazhuang Jingteng PV Technology Distributed project

RMB60000000.00 Hebei Province Hebei Province - 100.00 Set up

Co. Ltd. companies

Anhui Yeteng New Energy Technology Residential project

RMB5000000.00 Anhui Province Anhui Province - 100.00 Set up

Co. Ltd. companies

Distributed project

Zhoukou Aohai New Energy Co. Ltd. RMB18500000.00 Henan Province Henan Province - 100.00 Set up

companies

Fuzhou Jingding New Energy

Technology Co. Ltd. (Formerly Residential project

RMB3000000.00 Fujian Province Fujian Province - 100.00 Set upknown as “Sanming Jingding New companiesEnergy Technology Co. Ltd.”)

Residential project

Shanghai Xingjian EnergyCo. Ltd. RMB20000000.00 Shanghai Shanghai - 100.00 Set up

companies

Guangxi Zhuang

Qinzhou Jingyang New Energy Guangxi Zhuang Distributed project

RMB21000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Residential project

Shanghai Xinggong Energy Co. Ltd. RMB50000.00 Jiangsu Province Shanghai - 100.00 Set up

companies

Xingtai Huijing New Energy Technology Residential project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Co. Ltd. companies

Liaoning Residential project

Huludao Gangao Solar PV Co. Ltd. RMB3000000.00 Liaoning Province - 100.00 Set up

Province companies

Zhuzhou Jingcan New Energy Residential project

RMB3000000.00 Hunan Province Hunan Province - 100.00 Set up

Technology Co. Ltd. companies

Distributed project

Hefei Jinglang New Energy Co. Ltd. RMB16000000.00 Anhui Province Anhui Province - 100.00 Set up

companies

Dongaolin beach (Beijing) New Energy Distributed project

RMB12000000.00 Beijing Beijing - 100.00 Set up

Technology Co. Ltd. companies

Hanzhong Jingyouqin New Energy Residential project

RMB3000000.00 Shaanxi Province Shaanxi Province - 100.00 Set up

Technology Co. Ltd. companies

Distributed project

Suizhou Aoshun New Energy Co. Ltd. RMB44000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Shanxi Yuanao New Energy Residential project

RMB3000000.00 Shanxi Province Shanxi Province - 100.00 Set up

Technology Co. Ltd. companies

Guangxi Zhuang

Guangxi Jingle New Energy Guangxi Zhuang Residential project

RMB3000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Guangxi Zhuang

Guangxi Jingyong New Energy Guangxi Zhuang Residential project

RMB3000000.00 Autonomous - 100.00 Set up

Technology Co. Ltd. Autonomous Region companies

Region

Liupanshui Aoneng New Energy Guizhou Residential project

RMB3000000.00 Guizhou Province - 100.00 Set up

Technology Co. Ltd. Province companies

Shanghai Jingjietong New Energy Co. Distributed project

RMB20000000.00 Shanghai Shanghai - 100.00 Set up

Ltd. companies

Weifang Qingjing New Energy Shandong Residential project

RMB3000000.00 Shandong Province - 100.00 Set up

Technology Co. Ltd. Province companies

Zhangzhou Aohai New Energy Residential project

RMB3000000.00 Fujian Province Fujian Province - 100.00 Set up

Technology Co. Ltd. companies

Residential project

Putian Jingming New Energy Co. Ltd. RMB3000000.00 Fujian Province Fujian Province - 100.00 Set up

companies

Shanghai Jinglianghui New Energy Co.RMB5000000.00 Shanghai Shanghai Solution project company - 100.00 Set up

Ltd.Shanghai Aowei PV Technology Co. Operation and

RMB20000000.00 Shanghai Shanghai - 100.00 Set up

Ltd. maintenance company

139JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Jingjian (Linyi) New Energy Technology Shandong Distributed project

RMB19000000.00 Shandong Province - 100.00 Set up

Co. Ltd. Province companies

Jinzhou Wangchu New Energy Centralized project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Ningjin Jingsheng New Energy Centralized project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Zhangzhou Jinghe New Energy

Technology Co. Ltd. (Formerlyknown as “Ningde Jinghui New Residential projectRMB5000000.00 Fujian Province Fujian Province - 100.00 Set upEnergy Technology Co. Ltd.” companies

Nanping Jinghui New Energy

Technology Co. Ltd.)

Qinhuangdao Jingteng PV Distributed project

RMB2500000.00 Hebei Province Hebei Province - 100.00 Set up

Electric Co. Ltd. companies

Qingdao Aosheng New Energy Co. Shandong Distributed project

RMB5200000.00 Shandong Province - 100.00 Set up

Ltd. Province companies

Guangzhou Huiao Smartenergy Co. Guangdong Distributed project

RMB1000000.00 Guangdong Province - 100.00 Set up

Ltd. Province companies

Chongqing Jingteng PV Electric Co. Distributed project

RMB4840000.00 Chongqing Chongqing - 100.00 Set up

Ltd. companies

Yangzhou Jingming PV Electric Co. Distributed project

RMB4840000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Ltd. companies

Qujing Jingrui New Energy Technology Centralized project

RMB7000000.00 Yunnan Province Yunnan Province - 100.00 Set up

Co. Ltd. companies

Enping Yuanjia New Energy

Technology Co. Ltd. (Formerlyknown as “Yangchun Xingjia New Guangdong Residential projectRMB3000000.00 Guangdong Province - 100.00 Set upEnergy Technology Co. Ltd.” and Province companies“Taishan Xingjia New EnergyTechnology Co. Ltd.”)

Chongqing Jingyonghai New Energy Distributed project

RMB6000000.00 Chongqing Chongqing - 100.00 Set up

Technology Co. Ltd. companies

Shandong Distributed project

Rizhao Jingyao New Energy Co. Ltd. RMB1000000.00 Shandong Province - 100.00 Set up

Province companies

Cangzhou Jingxiong New Energy Distributed project

RMB10000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Jinzhou Jingxin New Energy Distributed project

RMB1000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Hebei JA Education Technology Co.RMB500000000.00 Hebei Province Hebei Province Education company 100.00 - Set up

Ltd.Xingtai Jingrui Commercial

RMB2000000.00 Hebei Province Hebei Province Catering company - 100.00 Set up

Management Co. Ltd.Xingtai Polytechnic Institute of New

RMB6000000.00 Hebei Province Hebei Province Education company - 100.00 Set up

Energy

Hangzhou Chunao New Energy

Technology Co. Ltd. (Formerly Zhejiang Residential project

RMB3000000.00 Zhejiang Province - 100.00 Set upknown as “Dongming Aosheng New Province companiesEnergy Technology Co. Ltd.”)

Wuxi Jinghao New Materials

RMB10000000.00 Jiangsu Province Jiangsu Province Production base - 51.00 Set up

Technology Co. Ltd.Guangxi Zhuang

Beihai Jinghai New Energy Technology Guangxi Zhuang Distributed project

RMB1000000.00 Autonomous - 100.00 Set up

Co. Ltd. Autonomous Region companies

Region

Jinping Jingjian(Shantou) Technology Guangdong Centralized project

RMB10000000.00 Guangdong Province - 100.00 Set up

Co. Ltd. Province companies

JA Wisdom Energy Technology

RMB100000000.00 Shanghai Shanghai Investment company - 100.00 Set up

(Shanghai) Co. Ltd.Yancheng Xiangjing New Energy Co.Residential projectLtd. (Formerly known as “Qujing RMB3000000.00 Jiangsu Province Jiangsu Province - 100.00 Set upcompaniesFengjing New Energy Co. Ltd.”)

Zhanjiang Yuanjia New Energy Co.Guangdong Residential projectLtd. (Formerly known as “Dongguan RMB3000000.00 Guangdong Province - 100.00 Set upProvince companiesYuanjia New Energy Co. Ltd.”)

Residential project

Hubei Weifeng New Energy Co. Ltd. RMB3000000.00 Hubei Province Hubei Province - 100.00 Set up

companies

Inner Mongolia

Eerduosi Jingning New Energy Co. Inner Mongolia Distributed project

RMB50000000.00 Autonomous - 100.00 Set up

Ltd. Autonomous Region companies

Region

Kangbao Jingsheng New Energy Centralized project

RMB5000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Qinhuangdao Jingxu PV Technology Distributed project

RMB20000000.00 Hebei Province Hebei Province - 100.00 Set up

Co. Ltd. companies

Chaoyang Jingsheng New Energy Liaoning Centralized project

RMB10000000.00 Liaoning province - 100.00 Set up

Technology Co. Ltd. province companies

Distributed project

Xiamen Jingju New Energy Co. Ltd. RMB31988400.00 Fujian Province Fujian Province - 100.00 Set up

companies

Residential project

Shanghai Xiangao Energy Co. Ltd. RMB20000000.00 Shanghai Shanghai - 100.00 Set up

companies

Residential project

Shanghai Gujing Energy Co. Ltd. RMB20000000.00 Guangdong Province Shanghai - 100.00 Set up

companies

Guiyang Jingcai New Energy Guizhou Distributed project

RMB19000000.00 Guizhou Province - 100.00 Set up

Technology Co. Ltd. Province companies

Kangbao Weilan New Energy Centralized project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Jinzhou Qingneng New Energy Centralized project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Heilongjiang Centralized project

Daqing Zaoneng New Energy Co. Ltd. RMB1000000.00 Heilongjiang Province - 100.00 Set up

Province companies

140JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

JA Solar (Beijing) Hydrogen Energy

RMB100000000.00 Beijing Beijing Investment company - 100.00 Set up

Technology Co. Ltd.Yangzhou Jiejing Jicheng Fine

RMB500000.00 Jiangsu Province Jiangsu Province Engineering company - 70.00 Set up

Chemistry Co. Ltd.Foshan Jinglv New Energy Technology Guangdong Distributed project

RMB5000000.00 Guangdong Province - 100.00 Set up

Co. Ltd. Province companies

Hainan JA Solar PV Technology Co. Investment and trading

RMB20000000.00 Hainan Province Hainan Province - 100.00 Set up

Ltd. company

Bazhong Jingzhou Energy Centralized project

RMB3000000.00 Sichuan Province Sichuan Province - 100.00 Set up

Technology Co. Ltd. companies

Qujing JA Wisdom Energy Technology Centralized project

RMB1530000.00 Yunnan Province Yunnan Province - 100.00 Set up

Co. Ltd. companies

Shanghai Jingliantou New Energy Distributed project

RMB5000000.00 Shanghai Shanghai - 100.00 Set up

Technology Co. Ltd. companies

Distributed project

Chengdu Jingyue PV Electric Co. Ltd. RMB1000000.00 Sichuan Province Sichuan Province - 100.00 Set up

companies

Guangdong

Shenzhen Jingao Investment Co. Ltd. RMB100000000.00 Guangdong Province Investment company 100.00 - Set up

Province

Xingtai JA Solar Industry-Education

RMB150000000.00 Hebei Province Hebei Province Education company - 100.00 Set up

Integration

Ningjin County Jinglan New Energy Centralized project

RMB3000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Ningjin County Aorun New Energy Centralized project

RMB480000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Chizhou Fengyao New Energy Distributed project

RMB4800000.00 Anhui Province Anhui Province - 100.00 Set up

Technology Co. Ltd. companies

Kangbao Xinhui Photovoltaic Centralized project

RMB1000000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Ltd. companies

Haikou Jingshengda New Energy Co. Residential project

RMB30000.00 Hainan Province Hainan Province - 100.00 Set up

Ltd. companies

Kangbao County Zhongsheng New Centralized project

RMB1000000.00 Hebei Province Hebei Province - 100.00 Set up

Energy Technology Co. Ltd. companies

Handan Hanao Green Energy New Distributed project

RMB500000.00 Hebei Province Hebei Province - 100.00 Set up

Energy Co. Ltd. companies

Centralized project

Dongtai Jingrui New Energy Co. Ltd. RMB33000000.00 Jiangsu Province Jiangsu Province - 66.67 Set up

companies

Wuxi Jingruiteng New Energy Distributed project

RMB3200000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Technology Co. Ltd. companies

Xingtai Jingteng Photovoltaic Power Distributed project

RMB1000000.00 Hebei Province Hebei Province - 100.00 Set up

Generation Co. Ltd. companies

Feixi County Jinglu New Energy Co. Distributed project

RMB2250000.00 Anhui Province Anhui Province - 100.00 Set up

Ltd. companies

Liancheng Jingyan New Energy Co. Distributed project

RMB1000000.00 Fujian Province Fujian Province - 100.00 Set up

Ltd. companies

Ningjin County Jingming New Energy Centralized project

RMB1010000.00 Hebei Province Hebei Province - 100.00 Set up

Technology Co. Ltd. companies

Dongtai City Jingfeng New Energy Co. Centralized project

RMB33350000.00 Jiangsu Province Jiangsu Province - 100.00 Set up

Ltd. companies

JA Energy Storage Technologies Co.RMB300000000.00 Beijing Beijing Others - 100.00 Set up

Ltd.JA SMART RENERGY (THAILAND)

THB2000000.00 Thailand Thailand Investment company - 100.00 Set up

CO. LTD.JA Solar Energy Storage B.V EUR10000.00 Holland Holland Others - 100.00 Set up

Investment and trading

JA Solar International Limited HKD100000.00 Hong Kong Hong Kong - 100.00 Set up

company

JA Solar Trading Limited HKD100000.00 Hong Kong Hong Kong Trading company - 100.00 Set up

JA Solar Investment (Hong Kong)

USD100000.00 Hong Kong Hong Kong Investment company - 100.00 Purchase

Limited

JA Solar HongKong Limited HKD10000.00 Hong Kong Hong Kong Investment company - 100.00 Purchase

JA Solar Smart Energy (Hong Kong)

HKD10000.00 Hong Kong Hong Kong Investment company - 100.00 Set up

Limited

JA Solar Energy Investment (Hong

HKD100000.00 Hong Kong Hong Kong Investment company - 100.00 Set up

Kong) Co. Limited

JA Solar Renewable Energy Limited HKD100000.00 Hong Kong Hong Kong Investment company - 100.00 Set up

JA Solar Malaysia Sdn. Bhd. MYR100000000.00 Malaysia Malaysia Production base - 100.00 Set up

JA Solar Australia PTY Limited AUD1000.00 Australia Australia Trading company - 100.00 Set up

JA Solar Brasil Ltda BRL10819318.00 Brazil Brazil Trading company - 100.00 Set up

JA Solar DMCC AED50000.00 Dubai Dubai Trading company - 100.00 Set up

JA Solar GmbH EUR25000.00 Germany Germany Trading company - 100.00 Purchase

Ja Solar Ireland Limited Ireland Ireland Trading company - 100.00 Set up

JA Solar Japan Limited JPY99990000.00 Japan Japan Trading company - 100.00 Purchase

Fukushimanakamori Real Estate LLC JPY100000.00 Japan Japan Land lease - 100.00 Set up

JA Solar Japan Asset Management

JPY100000.00 Japan Japan Asset management - 100.00 Set up

LLC

Centralized project

Ecoplexus Shiojiri Project LLC JPY200000.00 Japan Japan - 100.00 Purchase

companies

JA Solar Korea Co. Ltd. KRW100000000.00 South Korea South Korea Trading company - 100.00 Set up

JA Solar Mexico Energy MXN50000.00 Mexico Mexico Trading company - 100.00 Set up

141JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Shareholding

Principal place of Registration Acquisition

Name of the subsidiaries (continued) Registered capital Business nature percentage (%)

business place method

Direct Indirect

Shurooq Solar Energy OM (FZC)

OMR250000.00 Oman Oman Production base - 100.00 Set up

SPC

Shurooq SG Pte. Ltd. SGD100.00 Singapore Singapore Investment company - 100.00 Set up

JA Solar South Africa (PTY) Ltd ZAR100.00 South Africa South Africa Trading company - 100.00 Purchase

JA SOLAR SA (PTY) Ltd ZAR100.00 South Africa South Africa Trading company - 100.00 Set up

JA SOLAR ENERGY

SPAIN SOCIEDAD EUR25000.00 Spain Spain Trading company - 100.00 Set up

LIMITADA

JA Solar Enerji Yatirim Ticaret

TL10000.00 Turkey Turkey Trading company - 100.00 Set up

Limited Sirketi

JA Solar USA Inc. USD50000.00 USA USA Trading company - 100.00 Purchase

JA Solar Industrial Corp. USD10.00 USA USA Investment company - 100.00 Set up

JA Solar AZ LLC. USD75000.00 USA USA Trading Company - 100.00 Set up

Oribright SG Trading Pte. Ltd. SGD100.00 Singapore Singapore Trading company - 100.00 Set up

ORIBRIGHT MALAYSIA SDN. BHD. MYR2500.00 Malaysia Malaysia Trading company - 100.00 Set up

PT JASOLAR TECHNOLOGY

IDR10000000000.00 Indonesia Indonesia Trading company - 100.00 Set up

INDONESIA

JA Solar Viet Nam Company Limited USD90000000.00 Vietnam Vietnam Production base - 100.00 Set up

JA Solar PV VietNam Company

USD60000000.00 Vietnam Vietnam Production base - 100.00 Set up

Limited

JA Solar NE VietNam Company

USD30000000.00 Vietnam Vietnam Production base - 100.00 Set up

Limited

Note 1: In May 2025 Hefei Jingjiu PV Material Co. Ltd. was merged by absorption into Hefei

JA Solar Technology Co. Ltd.. As of December 31 2025 Hefei Jingjiu PV Material Co. Ltd.had not completed the business deregistration procedures.Note 2: In November 2024 Shanghai Jinglong Solar Technology Co. Ltd. was merged by

absorption into Shanghai JA Solar Technology Co. Ltd. As of December 31 2025 Shanghai

Jinglong Solar Technology Co. Ltd. had not completed the business deregistration

procedures.Note 3: In October 2025 Baotou JA Carbon Technology Co. Ltd. and Baotou JA New Material

Co. Ltd. were merged by absorption into Baotou JA Solar Technology Co. Ltd. As of

December 31 2025 Baotou JA Carbon Technology Co. Ltd. and Baotou JA New Material Co.Ltd. had not completed the business deregistration procedures.

142JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

2 Transactions that cause changes in the Group’s interests in subsidiaries that do not result in

loss of control

(1) Changes in the Group’s interests in subsidiaries:

In July 2025 JA Solar acquired the 9.88% equity interest held by ICBC Financial Asset

Investment Co. Ltd. in Yiwu JA for a total consideration of RMB1055077100.00. Upon

completion of the acquisition the Group held a 100.00% equity interest in Yiwu JA.

(2) Impact from transactions with non-controlling interests and equity attributable to the

shareholders of the Company:

? Yiwu JA Solar Technology Co. Ltd.Acquisition cost - Cash 1055077100.00

Less: share of net assets in subsidiaries based on

498414441.78

the shares acquired

Difference

Including: Adjustment on capital reserve 556662658.22?

3 Interests in a joint venture or associates

Item 31 December 2025 31 December 2024

A joint venture

- Immaterial a joint venture 8207979.08 7755317.88

Associates

- Material associates 945394299.83 428724648.53

- Immaterial associates 274791515.64 202248208.97

Sub-total 1228393794.55 638728175.38

Less: Provision for impairment - -

Total 1228393794.55 638728175.38

?

143JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(1) Material associates

Shareholding percentage (%) Accounting

Principal place of treatment of

Name of associate Registered place Nature of business Registered capital

business Direct Indirect investments in

associates

Inner Mongolia Inner Mongolia Production and

Inner Mongolia Silicon Material Company 9.00 - Equity method RMB3500000000.00?

Autonomous Region Autonomous Region sales of polysilicon

Sohar Free Zone Sohar Free Zone Photovoltaic Cell

Orion Solar (FZC) LLC - 24.90 Equity method OMR68068000.00

Oman Oman Manufacturing

Qujing Yunnan Qujing Yunnan Glass

Qujing Development Zone Youxin Quartz Co. Ltd. - 35.00 Equity method RMB23076924.00

Province Province Manufacturing

?

144JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Key financial information of material associates:

Qujing

Inner Mongolia Silicon Material Orion Solar (FZC) Development Zone

Total

Item Company LLC Youxin Quartz Co.Ltd.

202520242025202520252024

Current assets 1202778736.39 2379665973.42 279591771.93 1183138565.92 2665509074.24 2379665973.42

Non-current assets 8222753390.25 8244941416.46 1708454469.66 130092974.18 10061300834.09 8244941416.46

Total assets 9425532126.64 10624607389.88 1988046241.59 1313231540.10 12726809908.33 10624607389.88

Current liabilities 4404726928.92 4007835620.49 744657171.69 478713717.09 5628097817.70 4007835620.49

Non-current

1290315169.551853164563.60-9417137.871299732307.421853164563.60

liabilities

Total liabilities 5695042098.47 5861000184.09 744657171.69 488130854.96 6927830125.12 5861000184.09

Net assets 3730490028.17 4763607205.79 1243389069.90 825100685.14 5798979783.21 4763607205.79

Non-controlling

------

interests

Equity attributable

to shareholders 3730490028.17 4763607205.79 1243389069.90 825100685.14 5798979783.21 4763607205.79

of the Company

Group’s share of

335744102.54428724648.53309650197.29288785239.80934179539.63428724648.53

net assets

Add: Goodwill

formed upon the

---11214760.2011214760.20-

acquisition of the

investment

Carrying amount of

equity

335744102.54428724648.53309650197.29300000000.00945394299.83428724648.53

investments in

associates

Operating revenue 728618956.53 2611902595.87 - 291637233.50 1020256190.03 2611902595.87

Net loss for the

(1029890501.26)(985519384.59)(364827.19)(21883430.78)(1052138759.23)(985519384.59)

year

Net profit from

discontinued - - - - - -

operations

Other

comprehensive

--(1834456.16)-(1834456.16)-

income for the

year

Total

comprehensive

(1029890501.26)(985519384.59)(2199283.35)(21883430.78)(1053973215.39)(985519384.59)

income for the

year

Dividends received

from associates - 116284323.71 - - - 116284323.71

during the year

(3) Summarized financial information of immaterial associates:

?20252024

A joint venture:

Carrying amount of the investment 8207979.08 7755317.88

Aggregate amount of share of

- Net profit 452661.20 (1244682.12)

- Total comprehensive income 452661.20 (1244682.12)

Associates:

Aggregate carrying amount of investments 274791515.64 202248208.97

Aggregate amount of share of

- Net profit 4319897.23 8081369.50

- Other comprehensive income - -

- Total comprehensive income 4319897.23 8081369.50

145JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(4) Excess loss from associates

Accumulated

Accumulated Unrecognized

unrecognized loss

Name of enterprise unrecognized loss loss at the end

at the end

in prior periods of the year

of the year

Jingguan PV Electric (Yugan Xian) Co. Ltd. (115297240.28) (33539629.31) (148836869.59)

?

IX. Government grants

1 Details of government grants

2025

Amount recognized

Item Amount Presentation item in profit or loss for

the current period

Industrial development support funds 454477414.09 Other income 454477414.09

Fixed assets subsidy and infrastructure support funds 99372474.17 Other income 99372474.17

Research and development subsidy 1820842.91 Other income 1820842.91

Special funds 31275822.07 Other income 31275822.07

Electricity subsidy 19429409.20 Other income 19429409.20

Tax rebate support funds 2788763.16 Other income 2788763.16

Housing support funds 243045.00 Other income 243045.00

Project grants 25267745.89 Other income 25267745.89

Foreign trade subsidy 26785087.43 Other income 26785087.43

Job stabilization subsidy 6172956.08 Other income 6172956.08

Technical transformation subsidy funds 15976768.86 Other income 15976768.86

Land support funds 1318074.60 Other income 1318074.60

Loan discount subsidy 22616087.54 Financial expenses 22616087.54

Others (individual amount less than 1 million) 21349779.79 Other income 21349779.79

2024

Amount recognized

Item Amount Presentation item in profit or loss for

the current period

Industrial development support funds 65428467.31 Other income 65428467.31

Fixed assets subsidy and infrastructure support funds 109889813.15 Other income 109889813.15

Research and development subsidy 7841142.87 Other income 7841142.87

Special funds 34398101.17 Other income 34398101.17

Electricity subsidy 8000000.00 Other income 8000000.00

Tax rebate support funds 87991500.00 Other income 87991500.00

Housing support funds 21666273.60 Other income 21666273.60

Project grants 23252433.91 Other income 23252433.91

Foreign trade subsidy 12242158.29 Other income 12242158.29

Job stabilization subsidy 14715102.00 Other income 14715102.00

Technical transformation subsidy funds 8112412.39 Other income 8112412.39

Land support funds 1318074.50 Other income 1318074.50

Loan discount subsidy 31897300.00 Financial expenses 31897300.00

Others (individual amount less than 1 million) 12353330.72 Other income 12353330.72

146JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

2 Liabilities relating to government grants

Amounts

Amounts

Balance at the recognized in

Additions during recogniesd in Other changes Balance at the Related to

Item beginning of the non-operating

the year other income during the year end of the year assets/income

year income during the

during the year

year

Deferred income 1143707844.78 509597182.55 - (180113665.27) (182366089.46) 1290825272.60 Related to assets

Deferred income 5165617.16 28984856.46 - (27869862.43) - 6280611.19 Related to income

X. Risk related to financial instruments

The Group has exposure to the following main risks from its use of financial instruments in the

normal course of the Group’s operations:

- Credit risk

- Liquidity risk

- Interest rate risk

- Foreign currency risk

- Other price risks

The following mainly presents information about the Group’s exposure to each of the above

risks and their sources their changes during the year and the Group’s objectives policies and

processes for measuring and managing risks and their changes during the year.The Group aims to seek an appropriate balance between the risks and benefits from its use of

financial instruments and to mitigate the adverse effects that the risks of financial instruments

have on the Group’s financial performance. Based on such objectives the Group’s risk

management policies are established to identify and analyse the risks faced by the Group to

set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk

management policies and systems are reviewed regularly to reflect changes in market

conditions and the Group’s activities.

1 Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the

other party by failing to discharge an obligation. The Group is mainly exposed to credit risk

arising from customers’ failure to discharge an obligation in sales on credit. The Group mainly

faces customer credit risks caused by sales on account. Prior to the conclusion of the new

contract the Group will evaluate the credit risk of the new customer including the external

credit rating and bank credential letter under some circumstances (if it is available). The Group

sets a credit limit for each customer. The limit is the maximum amount unnecessary for

additional approval.The Group quarterly monitors the existing customer credit rating and monthly reviews aging

analysis of accounts receivable to ensure that the Group’s overall credit risk is within the

controllable range. When monitoring the credit risk of the customer the Group will divide the

customer into groups based on their credit risk characteristics. Customers rated as “high risk”

level will be placed in a restricted customer list. The Group may sell goods to such customers

on credit in future periods in case of additional approval otherwise the Group must require

advance payments of the corresponding amount.The maximum exposure to credit risk is represented by the carrying amount of each financial

asset including derivative financial instruments in the balance sheet. The Group does not

provide any other guarantees which would expose the Group to credit risk.

147JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

2 Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in meeting obligations that

are settled by delivering cash or another financial asset. The Group’s policy is to maintain

sufficient cash to meet maturing obligations. Liquidity risk is centralized controlled by the

Company’s finance department. The finance department monitors cash balances readily

realizable marketable securities and rolling forecasts of cash flows over the next 12 months

to ensure that the Company has sufficient funds to repay debts under all reasonable forecasts.The following tables set out the remaining contractual maturities at the balance sheet date of

the Group’s financial liabilities which are based on contractual undiscounted cash flows

(including interest payments computed using contractual rates or if floating based on rates

current at the balance sheet date) and the earliest date the Group can be required to pay:

2025 Contractual undiscounted cash flow

Carrying amount

More than 1 year More than 2 years

Item Within 1 year or at balance sheet

but less than but less than More than 5 years Total

demand (inclusive) date

2 years (inclusive) 5 years (inclusive)

Short-term loans 9127978238.40 - - - 9127978238.40 9061307423.27

Bills payable 10886527060.52 - - - 10886527060.52 10886527060.52

Accounts payable 8008439628.44 - - - 8008439628.44 8008439628.44

Other payables 8122824933.41 - - - 8122824933.41 8122824933.41

Long-term loans

(including the portion 5247426403.72 9616463263.03 7229308253.14 1377646755.13 23470844675.02 22192139041.97

due within one year)

Convertible bonds

(including the portion 89603077.00 134404615.50 9838417854.60 - 10062425547.10 8903508264.73

due within one year)

Lease liabilities

(including the portion 260966536.13 153532277.70 464968975.90 2308918813.20 3188386602.93 2127774343.67

due within one year)

Long-term payables

(including the portion 933238675.07 934034278.29 2402718746.48 2616930922.42 6886922622.26 5826573240.62

due within one year)

Total 42677004552.69 10838434434.52 19935413830.12 6303496490.75 79754349308.08 75129093936.63

?

2024 Contractual undiscounted cash flow

Carrying amount

More than 1 year More than 2 years

Item Within 1 year or at balance sheet

but less than but less than More than 5 years Total

demand (inclusive) date

2 years (inclusive) 5 years (inclusive)

Short-term loans 8541969119.28 - - - 8541969119.28 8497626915.30

Derivative financial

240166648.02---240166648.02240166648.02

liabilities

Bills payable 14345592887.14 - - - 14345592887.14 14345592887.14

Accounts payable 9814115775.05 - - - 9814115775.05 9814115775.05

Other payables 10232056708.65 - - - 10232056708.65 10232056708.65

Long-term loans

(including the portion 852008029.85 4786478583.74 9192207998.59 914869360.17 15745563972.35 14683555867.04

due within one year)

Convertible bonds

(including the portion 35841230.80 53761846.20 9972822470.10 - 10062425547.10 8640050116.78

due within one year)

Lease liabilities

(including the portion 418548090.60 348371657.53 617337821.45 1648720265.42 3032977835.00 2163197116.64

due within one year)

Long-term payables

(including the portion 1193274761.11 1637107063.45 2241091408.90 3711120055.25 8782593288.71 7349135495.79

due within one year)

Other non-current

liabilities (including

27235914.00-56640000.00-83875914.0083875914.00

the portion due within

one year)

Total 45700809164.50 6825719150.92 22080099699.04 6274709680.84 80881337695.30 76049373444.41

?

148JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

3 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will

fluctuate because of changes in market interest rates. The Group’s exposure to currency risk

primarily arises from variable-rate bank balances and variable-rate borrowings. The Group has

not yet formulated a policy to manage its interest rate risk but the management will closely

monitor interest rate risk and use interest rate swaps when necessary to achieve the expected

interest rate structure. Although this measure cannot completely prevent the Company from

paying the risk that the interest rate paid exceeds the current market interest rate nor can it

completely eliminate the cash flow risk associated with fluctuations in interest income and

expenditure the management believes that this measure achieves a reasonable balance

between these risks.

(1) As at 31 December the Group held the following interest-bearing financial instruments:

Fixed rate financial instruments:

Item 2025 2024

Effective interest

Financial assets Effective interest rate Amounts Amounts

rate

Non-current assets due within one year 1.70% - 3.20% 2138291776.80 2.70% - 3.55% 2598225693.39

Long-term receivables (including the portion

2.15%-4.57%430957339.372.14%-6.00%465084982.30

due within one year)

Other non-current assets 0.80% - 2.65% 2106047481.78 1.70% - 2.98% 4489445062.15

Financial liabilities ? ?

Short-term loans 0 - 4.25% 8476147066.04 0 - 3.30% 6733305937.42

Long-term loans (including the portion due

2.00%-3.80%6028674980.252.50%-3.80%3921752473.48

within one year)

Convertible bonds (including the portion due

0.20%-2.00%8903508264.730.20%-2.00%8640050116.78

within one year)

Lease liabilities (including the portion due

2.63%-6.70%2127774343.673.20%-6.70%2163197116.64

within one year)

Long-term payables (including the portion

3.00%-6.00%5826573240.622.25%-6.00%7349135495.79

due within one year)

Total ? (26687381297.36) (21254685402.27)

?

Variable rate financial instruments:

Item 2025 2024

Financial asset Effective interest rate Amounts Effective interest rate Amounts

Cash at bank and on hand 0 - 5.00% 25242273705.53 0 - 7.50% 25088742298.26

Financial liabilities

Short-term loans 2.11% - 3.00% 585160357.23 2.10% - 3.98% 1764320977.88

Long-term loans (including the portion due

2.05%-8.92%16163464061.722.18%-9.38%10761803393.56

within one year)

Total ? 8493649286.58 12562617926.82

?

(2) Sensitivity analysis

As at 31 December 2025 it is estimated that a general increase/decrease of 100 basis points

in interest rates with all other variables held constant would increase/decrease the Group’s

equity by RMB78990938.37 (2024: RMB123113655.68) and net profit by

RMB78990938.37 (2024: RMB123113655.68).

149JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

4 Foreign currency risk

In respect of cash at bank and on hand accounts receivable and payable short-term loans

denominated in foreign currencies other than the functional currency the Group ensures that

its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot

rates when necessary to address short-term imbalances.

(1) As at 31 December the Group’s exposure to currency risk arising from recognized assets or

liabilities denominated in foreign currencies is presented in the following tables. For

presentation purposes the amounts of the exposure are shown in Renminbi translated using

the spot rate at the balance sheet date. Differences resulting from the translation of the

financial statements denominated in foreign currency are excluded.

20252024

Item Balance in foreign Balance in RMB Balance in foreign Balance in RMB

currency equivalent currency equivalent

Cash at bank and on hand

- USD 574588135.59 4038665087.43 833245994.90 5989705509.72

- EUR 160764283.51 1323974256.85 33679935.12 253465087.75

- Other foreign currencies ? 224646028.75 179215380.67

Derivative financial assets

- USD 8946427.05 62882646.44 - -

Accounts receivable

- USD 555811626.65 3906688761.40 424148785.25 3048951127.90

- EUR 204536461.51 1684460028.74 205901349.79 1549551788.08

- Other foreign currencies ? 183310516.48 145810599.03

Other receivables

- USD 110713771.41 778184956.51 102308161.17 735431985.76

- EUR 3195597.47 26317342.97 2139367.67 16100239.27

- Other foreign currencies ? 29749113.22 ? 7187859.97

Short-term loans

- EUR - - 4908880.73 36942763.73

- Other foreign currencies ? 26878200.00 27739800.00

Derivative financial liabilities

- USD - - 29739819.80 213781720.66

Accounts payable

- USD 242484775.46 1704376989.73 50177122.46 360693227.08

- EUR 4732702.04 38976167.65 4611501.01 34704773.14

- Other foreign currencies ? 7207139.94 6877033.00

Other payables

- USD 107190819.24 753422830.26 97754342.98 702697319.05

- EUR 8997858.72 74101865.49 4195346.03 31572915.65

- Other foreign currencies ? 106813299.06 ? 113799137.41

Long-term loans (including the portion due

within one year)

- EUR - - 73683412.45 554519257.09

- Other foreign currencies ? 2216953.31 ? 3902281.52

Gross balance sheet exposure

- USD 900384366.00 6328621631.80 1182031656.08 8496916356.59

- EUR 354765781.73 2921673595.42 154321512.36 1161377405.49

- Other foreign currencies ? 294590066.14 179895587.74

?

150JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) The following are the exchange rates for Renminbi against foreign currencies applied by the

Group:

Balance sheet date mid-spot

? Average rate

rate

?2025202420252024

USD 7.1429 7.1217 7.0288 7.1884

EUR 8.0965 7.7248 8.2355 7.5257

?

(3) Sensitivity analysis

Assuming all other risk variables remains constant a 5% strengthening or weakening of the

Renminbi against other foreign currencies at 31 December would result in an decrease or

increase in shareholders’ equity of RMB441848659.75 (RMB482348523.02 as of December

312024).

5 Other price risks

The Group’s other price risks primarily arise from various equity instrument investments

measured at fair value which are subject to the risk of changes in the price in equity

instruments. As at 31 December 2025 the carrying amount of the Group’s equity instrument

investments measured at fair value with quoted market prices was not significant and the

related other price risks were low.

151JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

XI. Fair value disclosure

The following table presents the fair value information and the fair value hierarchy at the end

of the current reporting period of the Group’s assets and liabilities which are measured at fair

value at each balance sheet date on a recurring or non-recurring basis. The level in which fair

value measurement is categorized is determined by the level of the fair value hierarchy of the

lowest level input that is significant to the entire fair value measurement. The levels are defined

as follows:

Level 1 inputs: unadjusted quoted prices in active markets that are observable at the

measurement date for identical assets or liabilities;

Level 2 inputs: inputs other than Level 1 inputs that are either directly or indirectly observable

for underlying assets or liabilities;

Level 3 inputs: inputs that are unobservable for underlying assets or liabilities.

1 Fair value of assets and liabilities measured at fair value at the end of the year

31 December 2025

Item Note Level 1 Fair value Level 2 Fair value Level 3 Fair value

Total

measurement measurement measurement

Recurring fair value measurements ?

Derivative financial assets V.2 - 74126465.56 - 74126465.56

Receivables under financing V.5 - - 1637936392.79 1637936392.79

Investments in other equity

V.13 - - 4000000.00 4000000.00

instruments

Other non-current financial assets V.14 - - 871256352.56 871256352.56

Total assets measured at fair value

-74126465.562513192745.352587319210.91

on a recurring basis

?

31 December 2024

Item Note Level 1 Fair value Level 2 Fair value Level 3 Fair value

Total

measurement measurement measurement

Recurring fair value measurements ?

Derivative financial assets V.2 - 1296536.44 - 1296536.44

Receivables under financing V.5 - - 646188784.95 646188784.95

Investments in other equity

V.13 33519866.72 - 7803681.07 41323547.79

instruments

Other non-current financial assets V.14 - - 109366352.60 109366352.60

Total assets measured at fair value

?33519866.721296536.44763358818.62798175221.78

on a recurring basis

Derivative financial liabilities V.24 - 240166648.02 - 240166648.02

Total liabilities measured at fair

-240166648.02-240166648.02

value on a recurring basis

?

152JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

2 Valuation techniques used and the qualitative and quantitative information of key parameters

for recurring and non-recurring fair value measurements categorized within Level 2

The Group uses the input value verified by the market as the basis for determining the fair

value of the second-level financial assets.

3 Valuation techniques used and the qualitative and quantitative information of key parameters

for recurring and non-recurring fair value measurements categorized within Level 3

The Group uses the unobservable input value as the basis for determining the fair value of the

third-level financial assets.The Group's receivables under financing for items measured at fair value in Level 3 is mainly

bank acceptance bills. These bills will mature in a relatively short period of time and there is

no significant difference between their carrying amount and fair value. The fair value is based

on the carrying value of the bank acceptance bills.The Group's investments in other equity instruments measured at fair value in Level 3 are the

equity interests in TS TECH (Changzhou) Co. Ltd.. The fair value of investments in other

equity instruments is based on the fair value of the initial investment consideration in the

investee and adjustments to the investment cost considering the operations of the investee.The Group’s other non-current financial assets measured at fair value in Level 3 refer to the

equity held in Suzhou JSolar Technology Co. Ltd. the equity held in Jiangsu Guoxin Rundong

Offshore Wind Power Generation Co. Ltd. and the fair value of the contingent consideration

included in the disposal of JA Solar AZ LLC.. The fair value of these other non-current financial

assets is determined based on the fair value of recent financing of the investee and

adjustments to the investment cost considering the operations of the investee. The fair value

of the contingent consideration included in the disposal of JA Solar AZ LLC. is determined

based on a third-party valuation with key valuation assumptions and parameters including

future operating conditions asset liquidation value and discount rate etc.XII. Related parties and related party transactions

1 Information about the parent of the Company

Registered

Registered Business Shareholding Percentage of

Company name capital

place nature percentage (%) voting rights (%)

(RMB’0000)

Dongtai Jingtaifu Technology Dongtai

Investment 3000.00 47.45 47.45

Co. Ltd. Jiangsu

?

The parent company of the Company is Dongtai Jingtaifu Technology Co. Ltd. and the

ultimate controller of the Company is Jin Baofang.

2 Information about the subsidiaries of the Company

For information about the subsidiaries of the Group refer to Note VIII. Interests in other entities.

153JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

3 Information about joint ventures and associates of the Company

For information about the joint ventures and associates of the Group refer to Note VIII.Interests in other entities. Joint ventures and associates that have related party transactions

with the Group during this year or the previous year are as follows:

Name of entity Relationship with the Company

Inner Mongolia Silicon Material Company Associates of the Company

Yuhong JA New Energy Technology Co. Ltd. Associates of the Group

Datang Angli (Lingwu) New Energy Co. Ltd. Associates of the Group

Jingguan PV Electric (Yugan Xian) Co. Ltd. Associates of the Group

Fukushima Nakamori Power Plant Contract Company Associates of the Group

Jiangsu Jinghetianxia New Energy Technology Co. Ltd. Joint ventures of the Group

Shanghai Shenyi Roche Energy Technology Co. Ltd. Associates of the Group

Yiwu Jinao Heguang New Energy Co. Ltd. Associates of the Group

Orion Solar (FZC) LLC Associates of the Group

Qujing Development Zone Youxin Quartz Co. Ltd. Associates of the Group

?

154JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

4 Information on other related parties

Name of other related parties Related party relationship

Company invested by the

Bank of Xingtai Co. Ltd.ultimate controller

Company controlled by the

Ningjin County Miyuecheng Pastry Co. Ltd.same ultimate controller

Company controlled by the

Jinglong Property Co. Ltd.same ultimate controller

Company controlled by the

Hebei Jinglong Logistics Co. Ltd.same ultimate controller

Company controlled by the

Jinglong Catering Co. Ltd.same ultimate controller

Company controlled by the

Jinglong Industrial Group Co. Ltd.same ultimate controller

Company controlled by the

Ningjin County Jingdian Jingwei Pastry Co. Ltd.same ultimate controller

Company controlled by the

Hebei Jinglong Hotel Co. Ltd.same ultimate controller

Company controlled by the

Baotou Jinglong Hotel Co. Ltd.same ultimate controller

Company controlled by the

Jinglong (Shijiazhuang) Catering Management Co. Ltd.same ultimate controller

Company controlled by the

Ningjin County Dinggao Trading Co. Ltd.same ultimate controller

Company controlled by the

Yangzhou Jinglong Catering Management Co. Ltd.same ultimate controller

Company controlled by the

Yangzhou Hongkang Catering Management Co. Ltd.same ultimate controller

Company controlled by the

Jinglong (Jiangsu) Property Co. Ltd.same ultimate controller

Company controlled by the

Yangzhou Jingrun Investment Co. Ltd.same ultimate controller

Company controlled by the

Jingrunyang (Shanghai) Property Co. Ltd.same ultimate controller

Company controlled by the

Jinglong (Anhui) Property Co. Ltd.same ultimate controller

Company controlled by the

Hefei Dinghong Catering Management Co. Ltd.same ultimate controller

Company controlled by the

Jinglong (Xingtai) Property Co. Ltd.same ultimate controller

Company controlled by the

Xingtai Jingning Catering Management Co. Ltd.same ultimate controller

Company controlled by the

Xingtai Hongfan Trading Co. Ltd.same ultimate controller

Company controlled by the

Jinglong (Beijing) Catering Co. Ltd.same ultimate controller

Company controlled by the

Jinglong (Lianyungang) Property Co. Ltd.same ultimate controller

Company controlled by the

Hebei Jingning Elderly Care Service Co. Ltd.same ultimate controller

?

155JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Name of other related parties (continued) Related party relationship

Company controlled by the same

Jinglong (Inner Mongolia) Property Co. Ltd.ultimate controller

Company controlled by the same

Baotou Hongyang Catering Management Co. Ltd.ultimate controller

Yancheng Jiwa New Material Technology Co. Ltd. Subsidiary of associates

Company controlled by the same

Baotou Jinghong Trading Co. Ltd.ultimate controller

Company controlled by the same

Qujing Dinghong Catering Management Co. Ltd.ultimate controller

Company controlled by the same

Yunnan Jinglong Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Qujing) Catering Co. Ltd.ultimate controller

Jinghe (Henan) New Energy Engineering Co. Ltd. Subsidiary of joint ventures

Company controlled by the same

Yiwu Jinghong Supermarket Co. Ltd.ultimate controller

Company controlled by the same

Yiwu Hongyang Catering Management Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Zhejiang) Property Co. Ltd.ultimate controller

Company controlled by the same

Yangzhou Jinglefu Supermarket Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Wuxi) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Wuxi) Catering Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Dongtai) Catering Management Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Dongtai) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Dongtai) Trading Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Hebei) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Ordos City) Property Co. Ltd.ultimate controller

Company controlled by the same

Ordos Hongyang Catering Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Bayannur) Property Co. Ltd.ultimate controller

Company controlled by the same

Jinglong (Bayannur) Catering Co. Ltd.ultimate controller

Company controlled by the same

Ningjin County Jinglong Hotel Co. Ltd.ultimate controller

Yuhong JA New Energy Technology (Tianjin) Co. Ltd. Subsidiary of associates

Company controlled by the same

Jinglong Technology Holdings Limited

ultimate controller

Company controlled by the same

Beijing Sunshine Jinglong Technology and Trade Co. Ltd.ultimate controller

Company controlled by the same

Ningjin County Jingyuan New Energy Investment Co. Ltd.ultimate controller

156JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Name of other related parties (continued) Related party relationship

Company controlled by the same

Xingtai Jingning Hospital

ultimate controller

Company controlled by the same

Fulongjie (Shanghai) Hydrogen Energy Technology Co. Ltd.ultimate controller

Company controlled by the same

Fulongjie (Suzhou) Hydrogen Energy Technology Co. Ltd.ultimate controller

Hebei Jinglong Human Resource Service Co. Ltd. Note 1

Lianyungang Jingkanghong Catering Co. Ltd. Note 1

Ningjin County Heilonggang Construction and Installation Co.Note 2

Ltd.Tianjin Jinfeng Logistics Co. Ltd. Note 1

Company controlled by the same

Sanhe Huadian Yili Technology And Trade Co. Ltd.ultimate controller

Jinzhou Youxin Quartz Technology Co. Ltd. Subsidiary of associates

Company controlled by the same

Jiangsu Jinglong Logistics Co. Ltd.ultimate controller

Note 1: The company was originally an entity under common control of the Group's ultimate

controlling party and completed its deregistration in 2024.Note 2: The company's original controller Jin Dewang transferred his equity interest in the

company to an unrelated party on January 8 2024. As of December 31 2025 one

year had elapsed since the transfer and as of that date the company ceased to be a

related party of the Group.

157JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

5 Transactions with related parties

(1) Purchase of goods/receiving of services (excluding remuneration of key management

personnel)

Name of related party Nature of transaction 2025 2024

Interest and handling

Bank of Xingtai Co. Ltd. 10920138.88 156210.30

fees

Qujing Dinghong Catering Management Co. Ltd. Procurement of services 13097717.85 11177200.74

Ningjin County Heilonggang Construction and

Procurement of services - 203845.87

Installation Co. Ltd.Hebei Jinglong Logistics Co. Ltd. Procurement of services 162538566.37 260104615.41

Jinglong Industrial Group Co. Ltd. Procurement of services 20051.65 143028.49

Yiwu Hongyang Catering Management Co. Ltd. Procurement of services 7855393.90 16631543.34

Baotou Hongyang Catering Management Co. Ltd. Procurement of services 10834711.70 16412038.22

Hefei Dinghong Catering Management Co. Ltd. Procurement of services 10022943.00 16671064.50

Tianjin Jinfeng Logistics Co. Ltd. Procurement of services - 62557716.58

Yangzhou Hongkang Catering Management Co. Ltd. Procurement of services 14630860.16 16311497.07

Jinglong (Anhui) Property Co. Ltd. Procurement of services 12808.30 25478.49

Jinglong Catering Co. Ltd. Procurement of services 4461546.85 10120204.01

Hebei Jinglong Human Resource Service Co. Ltd. Procurement of services - 273674.46

Hebei Jinglong Hotel Co. Ltd. Procurement of services 200006.62 1213926.54

Xingtai Jingning Catering Management Co. Ltd. Procurement of services 6905738.27 12451419.97

Ningjin County Jinglong Hotel Co. Ltd. Procurement of services - 5074.00

Yuhong JA New Energy Technology (Tianjin) Co. Ltd. Procurement of services - 1443569.31

Jinglong Property Co. Ltd. Procurement of services 153471.12 42776.55

Baotou Jinglong Hotel Co. Ltd. Procurement of services 60987.56 97912.97

Jinglong (Shijiazhuang) Catering Management Co.Procurement of services 7590769.12 11438826.97

Ltd.Yangzhou Jinglong Catering Management Co. Ltd. Procurement of services 5804621.43 11752250.90

Lianyungang Jingkanghong Catering Co. Ltd. Procurement of services - 1465918.29

Jinglong (Qujing) Catering Co. Ltd. Procurement of services 10881179.00 15196748.12

Jinglong (Dongtai) Catering Management Co. Ltd. Procurement of services 12107284.41 19776949.55

Jiangsu Jinglong Logistics Co. Ltd. Procurement of services - 2859403.64

Jinglong (Xingtai) Property Co. Ltd. Procurement of services 29999.98 28301.88

Jinghe (Henan) New Energy Engineering Co. Ltd. Procurement of services 7998743.95 665913.67

Jinglong (Beijing) Catering Co. Ltd. Procurement of services 5627457.41 4847762.84

Yunnan Jinglong Property Co. Ltd. Procurement of services 196226.44 30188.68

Jinglong (Zhejiang) Property Co. Ltd. Procurement of services - 53773.59

Yangzhou Jingrun Investment Co. Ltd. Procurement of services 2531156.88 680635.90

Jinglong (Bayannur) Catering Co. Ltd. Procurement of services 1874272.00 -?

Jinglong (Bayannur) Property Co. Ltd. Procurement of services 955208.33 -

Jinglong (Wuxi) Catering Co. Ltd. Procurement of services 782985.01 -

Jinglong Technology Holdings Limited Procurement of services 36385.27 -

Xingtai Jingning Hospital Procurement of services 134391.31 -

158JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Name of related party (continued) Nature of transaction 2025 2024

Ordos Hongyang Catering Co. Ltd. Procurement of services 1849136.00 -?

Shanghai Shenyi Roche Energy Technology Co. Ltd. Procurement of services 55777.26 -

Fulongjie (Shanghai) Hydrogen Energy Technology

Procurement of services 25142.04 -

Co. Ltd.Jinzhou Youxin Quartz Technology Co. Ltd. Procurement of services 184778.76 -

Procurement of

Inner Mongolia Silicon Material Company 679782.08 1119526244.34

materials

Procurement of

Yancheng Jiwa New Material Technology Co. Ltd. 9042603.53 11501006.20

materials

Rental and property

Jinglong (Xingtai) Property Co. Ltd. 4271494.66 3747433.72

management fees

Rental and property

Jinglong Technology Holdings Limited 2191267.92 2180683.03

management fees

Rental and property

Jinglong (Jiangsu) Property Co. Ltd. 9618206.96 9892999.47

management fees

Rental and property

Jinglong (Hebei) Property Co. Ltd. 2001581.77 1623898.05

management fees

Rental and property

Jinglong (Zhejiang) Property Co. Ltd. 4301222.99 7437656.01

management fees

Rental and property

Jinglong (Inner Mongolia) Property Co. Ltd. 5076814.98 5123921.88

management fees

Rental and property

Jinglong (Lianyungang) Property Co. Ltd. 1798137.60 2113138.74

management fees

Rental and property

Yunnan Jinglong Property Co. Ltd. 10456247.65 10915847.93

management fees

Rental and property

Jinglong Property Co. Ltd. 1764517.75 2522580.23

management fees

Rental and property

Jinglong (Anhui) Property Co. Ltd. 3918984.49 3531655.96

management fees

Rental and property

Jinglong (Dongtai) Property Co. Ltd. 5539104.45 6279470.84

management fees

Rental and property

Yangzhou Jingrun Investment Co. Ltd. 1411416.53 400948.05

management fees

Rental and property

Jingrunyang (Shanghai) Property Co. Ltd. 3153224.89 798818.50

management fees

Rental and property

Jinglong (Wuxi) Property Co. Ltd. 2126687.91 290542.45

management fees

Rental and property

Jinglong (Ordos City) Property Co. Ltd. 1619187.63 293020.74

management fees

Rental and property

Jinglong (Bayannur) Property Co. Ltd. 3161966.69 235165.09

management fees

Ningjin County Jingdian Jingwei Pastry Co. Ltd. Procurement of goods 65940.00 167797.00

Ningjin County Jinglong Hotel Co. Ltd. Procurement of goods 167892.22 -

Hebei Jinglong Hotel Co. Ltd. Procurement of goods 1729204.47 3215261.06

Xingtai Hongfan Trading Co. Ltd. Procurement of goods 3930.70 -

Shanghai Shenyi Roche Energy Technology Co. Ltd. Procurement of goods 15419127.84 -

Yangzhou Jinglefu Supermarket Co. Ltd. Procurement of goods 542.92 99492.15

Ningjin County Dinggao Trading Co. Ltd. Procurement of goods 1095700.00 1695948.00

Yiwu Jinghong Supermarket Co. Ltd. Procurement of goods 149872.04 367183.93

Baotou Jinghong Trading Co. Ltd. Procurement of goods 6821.53 26755.80

Jinglong (Qujing) Catering Co. Ltd. Procurement of goods - 186700.00

Qujing Dinghong Catering Management Co. Ltd. Procurement of goods 48100.00 150000.00

Xingtai Jingning Catering Management Co. Ltd. Procurement of goods 1103.80 7251.71

Baotou Hongyang Catering Management Co. Ltd. Procurement of goods - 9152.00

Jinglong (Dongtai) Trading Co. Ltd. Procurement of goods 30065.95 1800.00

Total 391231208.78 1689181843.73

159JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Sale of goods/rendering of services

Name of related party Nature of transaction 2025 2024

Bank of Xingtai Co. Ltd. Interest income 9163407.18 10523385.96

Jingguan PV Electric (Yugan Xian) Co. Ltd. Sale of goods 9807.52 -

Jinghe (Henan) New Energy Engineering Co. Ltd. Sale of goods 521307.60 -

Jinglong (Shijiazhuang) Catering Management Co.Sale of goods 806.20 -

Ltd.Jinglong Catering Co. Ltd. Sale of goods 983.01 -

Jiangsu Jinghetianxia New Energy Technology Co.Sale of goods 567733.45 -

Ltd.Yuhong JA New Energy Technology Co. Ltd. Sale of goods - 246349448.28

Hebei Jinglong Logistics Co. Ltd. Sale of goods - 99393.37

Jinglong Industrial Group Co. Ltd. Sale of goods - 90010.61

Hebei Jinglong Hotel Co. Ltd. Sale of goods - 221.24

Yangzhou Jinglong Catering Management Co. Ltd. Sale of goods - 78053.10

Jinglong (Anhui) Property Co. Ltd. Rendering of services 509004.81 543248.39

Fukushima Nakamori Power Plant Contract Company Rendering of services 573769.98 565379.04

Yiwu Hongyang Catering Management Co. Ltd. Rendering of services 42592.67 53086.74

Baotou Jinglong Hotel Co. Ltd. Rendering of services 826308.33 489317.42

Hefei Dinghong Catering Management Co. Ltd. Rendering of services 176146.79 187155.96

Jinglong (Inner Mongolia) Property Co. Ltd. Rendering of services 4403.64 4403.64

Jinglong (Dongtai) Catering Management Co. Ltd. Rendering of services 145229.31 10468.75

Jinglong (Xingtai) Property Co. Ltd. Rendering of services 15999.96 6666.65

Baotou Hongyang Catering Management Co. Ltd. Rendering of services 36880.72 5137.61

Qujing Dinghong Catering Management Co. Ltd. Rendering of services 83512.66 38849.36

Yunnan Jinglong Property Co. Ltd. Rendering of services 114235.13 56468.34

Jinglong (Qujing) Catering Co. Ltd. Rendering of services 77351.28 38183.76

Xingtai Jingning Catering Management Co. Ltd. Rendering of services 17904.77 15238.10

Hebei Jinglong Logistics Co. Ltd. Rendering of services 567564.14 199274.31

Ningjin County Miyuecheng Pastry Co. Ltd. Rendering of services 70103.77 -

Yangzhou Hongkang Catering Management Co. Ltd. Rendering of services 83523.81 -

Jinglong (Wuxi) Property Co. Ltd. Rendering of services 16365.36 -

Jinglong (Jiangsu) Property Co. Ltd. Rendering of services 49238.09 -

Jinglong (Zhejiang) Property Co. Ltd. Rendering of services 17614.68 -

Jinglong Property Co. Ltd. Rendering of services 181548.72 -

Hebei Jingning Elderly Care Service Co. Ltd. Rendering of services 328306.27 -

Hebei Jinglong Hotel Co. Ltd. Rendering of services 4213.41 -

Ordos Hongyang Catering Co. Ltd. Rendering of services 36330.24 -

Yiwu Jinao Heguang New Energy Co. Ltd. Rendering of services 46458.72 -

Jinglong (Dongtai) Property Co. Ltd. Rendering of services 87155.92 -

Jinglong (Ordos City) Property Co. Ltd. Rendering of services 25321.10 -

Jingrunyang (Shanghai) Property Co. Ltd. Rendering of services 38347.41 -

Jinglong (Wuxi) Catering Co. Ltd. Rendering of services 8807.34 -

Total 14448283.99 259353390.63

?

160JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Leases

As the lessee:

Short-term rental expense and

low-value lease expense to Interest expenses incurred on Decrease in right-of-use assets

Rental paid Increased right-of-use assets

Name of lessor Type of assets leased which the practical expedient is lease liabilities due to contract modifications

applied

2025202420252024202520242025202420252024

Plant and buildings

Jinglong Technology

transportation 588848.28 979947.25 20791223.60 21346979.90 958986.06 1589766.81 - 55064817.46 763726.01 -

Holdings Limited

vehicles

Land use rights plant

Jinglong Industrial Group and buildings

86186.18451805.1542613546.5447990098.18154057.903345407.401123949.42119391586.991532890.0095184121.71

Co. Ltd. transportation

vehicles

Beijing Sunshine Jinglong

transportation

Technology and Trade 138053.10 138053.10 156000.00 156000.00 - - - - - -

vehicles

Co. Ltd.Plant and buildings

machinery and

Hebei Jinglong Logistics

equipment 94323.29 1261423.34 161893.51 1533935.44 3233.27 10478.79 - 131228.84 2632.12 139058.63

Co. Ltd.transportation

vehicles

Hebei Jinglong Hotel Co.Plant and buildings - 62358.51 - 64900.00 - - - - - -

Ltd.Total 907410.85 2893587.35 63722663.65 71091913.52 1116277.23 4945653.00 1123949.42 174587633.29 2299248.13 95323180.34

161JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(4) Guarantees with related parties

(a) The Group does not act as a guarantor for the year.(b) The Group as the guarantee holder

Amount of Inception date of Maturity date of Guarantee expired

Name of guarantor

guarantee guarantee guarantee (Y/N)

Sanhe Huadian Yili Technology

210000000.00 01/04/2022 11/03/2025 Y

And Trade Co. Ltd.Jinglong Industrial Group Co. Ltd. 300000000.00 10/04/2024 07/03/2025 Y

Note: 1. The collateral assets of Sanhe Huadian Yili Technology and Trade Co. Ltd. were

released on 11 March 2025.

2. The collateral assets of Jinglong Industrial Group Co. Ltd. were released on 7 March

2025.

(5) Borrowing from related parties

The group as the borrower:

Name of related party Borrowing amount Current period Prior period

Bank of Xingtai Co. Ltd. 500000000.00 30/06/2025 27/06/2026

(6) Guarantee fee paid to the related parties

Nature of

Name of related party Current period Prior period

transaction

Sanhe Huadian Yili Technology And Trade

Guarantee fee 414166.67 2100000.00

Co. Ltd.Jinglong Industrial Group Co. Ltd. Guarantee fee 550000.00 2183333.33

Total 964166.67 4283333.33

(7) Transfer of assets and debt restructuring between related parties

Name of related party Nature of transaction 2025 2024

Jinglong Catering Co. Ltd. Disposal of equipment 1640.00 -

Jinglong (Shijiazhuang) Catering Management

Disposal of equipment 3635.56 -

Co. Ltd.Hebei Jinglong Hotel Co. Ltd. Disposal of equipment 7669.03 -

Xingtai Jingning Catering Management Co. Ltd. Disposal of equipment 220.35 672.34

Sale of a disposal group that

Orion Solar (FZC) LLC (Note 1) 919260858.72 -

constitutes a business

Hebei Jingning Elderly Care Service Co. Ltd.Disposal of equity interests 13460000.00 -

(Note 2)

Ningjin County Jingyuan New Energy

Disposal of equity interests 630000.00 -

Investment Co. Ltd.?

Note 1: The Group entered into an Asset Purchase Agreement with Orion Solar (FZC) LLC to

sell a disposal group that constitutes a business of Shurooq Solar Energy OM (FZC) SPC to

Orion Solar (FZC) LLC for a consideration of USD128696126.41. Both parties completed the

closing of the entire business in December 2025 and the Group recognized investment income

of RMB35751081.00.

162JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Note 2: The Group entered into an Equity Transfer Agreement with Hebei Jingning Elderly Care

Service Co. Ltd. (hereinafter referred to as "Jingning Senior Care Services") to sell 100%

equity interests in Jiangsu JA Solar Conference Center Co. Ltd. (hereinafter referred to as the

"Conference Center") to Jingning Senior Care Services. To facilitate the smooth closing of the

Conference Center prior to the closing date Jingning Senior Care Services transferred funds

of RMB10.00 million to the Conference Center to settle the Conference Center's other

payables to the Group's internal related companies. The closing of the Conference Center was

completed on December 2 2025.

(8) Remuneration of key management personnel

Item 2025 2024

Remuneration of key management personnel 26599731.07 38603650.15

Share-based payments for key management

51169934.5917945164.87

personnel

?

163JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

6 Receivables from and payables to related parties

(1) Receivables from related parties

20252024

Item Related party Provision for bad and Provision for bad and

Book value Book value

doubtful debts doubtful debts

Cash at bank and on hand Bank of Xingtai Co. Ltd. 445398384.25 - 300475882.32 -

Accounts receivable Jingguan PV Electric (Yugan Xian) Co. Ltd. - - 60256010.40 36763982.40

Hefei Dinghong Catering Management Co. Ltd. 90000.00 900.00 - -

Yuhong JA New Energy Technology Co. Ltd. 353430.00 17671.50 353430.00 3534.30

Jinglong (Anhui) Property Co. Ltd. 39685.60 396.86 39685.60 396.86

Yunnan Jinglong Property Co. Ltd. 28800.00 288.00 57000.00 570

Qujing Dinghong Catering Management Co. Ltd. 41864.40 418.64 39887.19 398.87

Jinglong (Qujing) Catering Co. Ltd. 39812.90 398.13 40172.43 401.72

Jinglong (Dongtai) Property Co. Ltd. 4000.00 40.00

Jinglong (Dongtai) Catering Management Co. Ltd. 94300.00 2571.00

Jinglong (Wuxi) Property Co. Ltd. 1200.00 12.00

Jinzhou Youxin Quartz Technology Co. Ltd. 384458.19 3844.58

Qujing Development Zone Youxin Quartz Co. Ltd. 671261.49 6712.62

Yiwu Jinao Heguang New Energy Co. Ltd. 50640.00 506.40

Yangzhou Hongkang Catering Management Co.

82600.00826.00

Ltd.Jinglong (Jiangsu) Property Co. Ltd. 40600.00 406.00

Jinglong (Ordos City) Property Co. Ltd. 27600.00 276.00

Ordos Hongyang Catering Co. Ltd. 9600.00 96.00

Hebei Jinglong Logistics Co. Ltd. - - 225180.00 2251.80

Prepayments Yancheng Jiwa New Material Technology Co. Ltd. 40778.75 - - -

Other receivables Jinglong Technology Holdings Limited 13000.00 - 13000.00 -

Xingtai Jingning Catering Management Co. Ltd. - - 3200.00 160

Orion Solar (FZC) LLC 16568992.78 828449.64 - -

Dividends receivable Datang Angli (Lingwu) New Energy Co. Ltd. 3042037.80 - 3042037.80 -

Other current assets Jinglong Technology Holdings Limited 216845.35 - 198204.29 -

Hebei Jinglong Logistics Co. Ltd. - - 19638.72 -

Jinglong Industrial Group Co. Ltd. 28689.41 - - -

Jinglong Property Co. Ltd. 3557.94 - - -

Yangzhou Jingrun Investment Co. Ltd. 2950754.07 - - -

?

164JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Payables to related parties

Item Related party 2025 2024

Short-term loans Bank of Xingtai Co. Ltd. 500590277.78 -

Bills payable Yancheng Jiwa New Material Technology Co. Ltd. - 989970.90

Accounts payable Xingtai Jingning Hospital 15900.00 -

? Shanghai Shenyi Roche Energy Technology Co. Ltd. 6938729.70 -

? Inner Mongolia Silicon Material Company 111083250.01 111083250.01

? Hebei Jinglong Logistics Co. Ltd. 3825846.37 27202522.26

? Jinglong Catering Co. Ltd. 67818.00 123972.00

? Jinglong Industrial Group Co. Ltd. 1861.61 207400.00

? Baotou Jinglong Hotel Co. Ltd. 9959.68 -

? Jingrunyang (Shanghai) Property Co. Ltd. 14418.00 19224.00

? Jinglong (Xingtai) Property Co. Ltd. 387843.89 346650.00

Yancheng Jiwa New Material Technology Co. Ltd. 944960.02 8494264.68

Qujing Dinghong Catering Management Co. Ltd. 562898.85 1407525.00

Yunnan Jinglong Property Co. Ltd. 1004039.45 1927197.99

Jinglong (Qujing) Catering Co. Ltd. 885241.00 941289.00

Jinghe (Henan) New Energy Engineering Co. Ltd. 32800.00 -

Yiwu Hongyang Catering Management Co. Ltd. 35752.00 204396.00

Jinglong (Zhejiang) Property Co. Ltd. 39064.00 91170.00

Jinglong (Wuxi) Property Co. Ltd. 28434.48 218833.34

Jinglong (Wuxi) Catering Co. Ltd. 95720.88 -

Qujing Development Zone Youxin Quartz Co. Ltd. 8467585.84 -

Jinzhou Youxin Quartz Technology Co. Ltd. 1612909.00 -

Jinglong (Bayannur) Property Co. Ltd. 713433.06 -

Ningjin County Heilonggang Construction and Installation Co. Ltd. - 8869.04

Hebei Jinglong Hotel Co. Ltd. - 50240.00

Jinglong (Inner Mongolia) Property Co. Ltd. - 5000.00

Jinglong (Lianyungang) Property Co. Ltd. - 21192.00

Other payables Xingtai Jingning Hospital 172479.31 -

? Fukushima Nakamori Power Plant Contract Company 289388.62 298665.18

? Shanghai Shenyi Roche Energy Technology Co. Ltd. 62500.00 -

? Jinglong Property Co. Ltd. 699974.61 123300.00

? Hebei Jinglong Logistics Co. Ltd. 33801358.01 51041941.87

? Jinglong Catering Co. Ltd. 141692.61 347733.62

? Jinglong Industrial Group Co. Ltd. 1351.08 35176978.60

? Hebei Jinglong Hotel Co. Ltd. 15787.00 48183.00

? Jinglong (Shijiazhuang) Catering Management Co. Ltd. 458150.00 110207.32

? Yangzhou Hongkang Catering Management Co. Ltd. 2008576.16 4194.00

? Jinglong (Jiangsu) Property Co. Ltd. 1169989.87 1367771.94

? Hefei Dinghong Catering Management Co. Ltd. 642299.00 1164622.00

? Xingtai Jingning Catering Management Co. Ltd. 339289.95 659433.37

? Jinglong (Beijing) Catering Co. Ltd. 1636.00 -

? Jinglong (Lianyungang) Property Co. Ltd. 105404.40 146950.00

? Jinglong (Inner Mongolia) Property Co. Ltd. 719994.58 498789.42

? Baotou Hongyang Catering Management Co. Ltd. 2068920.00 3761915.00

? Baotou Jinghong Trading Co. Ltd. 50.00 -

Yunnan Jinglong Property Co. Ltd. 22641.51 10000.00

Jinghe (Henan) New Energy Engineering Co. Ltd. 445944.10 665913.67

Yiwu Jinghong Supermarket Co. Ltd. 9616.35 736.35

Yiwu Hongyang Catering Management Co. Ltd. 322341.67 33622.00

Jinglong (Zhejiang) Property Co. Ltd. 210759.24 1099465.91

Jinglong (Wuxi) Property Co. Ltd. 175096.75 -

? Jinglong (Wuxi) Catering Co. Ltd. 19983.27 -

? Jinglong (Dongtai) Catering Management Co. Ltd. 6860.00 15197.66

? Jinglong (Dongtai) Property Co. Ltd. 472458.86 490000.00

? Jinglong (Hebei) Property Co. Ltd. 82394.00 -

? Jinglong (Ordos City) Property Co. Ltd. 310221.03 174037.81

Ordos Hongyang Catering Co. Ltd. 395365.00 100000.00

Jinglong (Bayannur) Property Co. Ltd. 422507.91 245165.09

Jinglong (Bayannur) Catering Co. Ltd. 40000.00 -

Jinzhou Youxin Quartz Technology Co. Ltd. 208800.00 -

Yuhong JA New Energy Technology (Tianjin) Co. Ltd. 1356313.13 796965.59

Ningjin County Heilonggang Construction and Installation Co. Ltd. - 36693.75

Jinglong (Anhui) Property Co. Ltd. - 636648.97

Jinglong (Qujing) Catering Co. Ltd. - 1500.00

Yangzhou Jinglong Catering Management Co. Ltd. - 1665345.19

Jiangsu Jinglong Logistics Co. Ltd. - 25000.00

165JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Item Related party 2025 2024

Other payables

Ningjin County Dinggao Trading Co. Ltd. - 26200.00

(continued)

Orion Solar (FZC) LLC 2169978.02 -

Fulongjie (Shanghai) Hydrogen Energy Technology Co. Ltd. 25142.04 -

Jingrunyang (Shanghai) Property Co. Ltd. 255847.55 -

Contract liabilities Orion Solar (FZC) LLC 37955520.00 -

? Baotou Jinglong Hotel Co. Ltd. 381766.24 381766.22

Jinglong (Inner Mongolia) Property Co. Ltd. 353.98 353.98

Fukushima Nakamori Power Plant Contract Company 322840.78 333189.67

Lease liabilities Jinglong Industrial Group Co. Ltd. 373128.61 4613262.70

? Jinglong Technology Holdings Limited - 18306674.15

? Hebei Jinglong Logistics Co. Ltd. - 55717.29

Non-current

liabilities due Jinglong Industrial Group Co. Ltd. 2825445.11 3574243.74

within one year

? Jinglong Technology Holdings Limited 18306674.15 19001173.95

? Hebei Jinglong Logistics Co. Ltd. 53720.47 76979.49

Other current

Baotou Jinglong Hotel Co. Ltd. 49629.61 49629.61

liabilities

Jinglong (Inner Mongolia) Property Co. Ltd. 46.02 46.02

?

166JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

7 Commitments of the related parties

Item Related party 2025 2024

Procurement of materials Inner Mongolia Silicon Material Company Note 1 Note 1

Procurement of materials Yancheng Jiwa New Material Technology Co. Ltd. - 2347289.00

Procurement of goods Shanghai Shenyi Roche Energy Technology Co. Ltd. 15766505.46 -

Receipt of service Jinglong Property Co. Ltd. 1565210.61 1400400.00

Receipt of service Jinglong (Lianyungang) Property Co. Ltd. 1191888.00 1232550.00

Receipt of service Jinghe (Henan) New Energy Engineering Co. Ltd. - 8278133.33

Receipt of service Yangzhou Jingrun Investment Co. Ltd. 4067951.75 8324233.55

Receipt of service Jingrunyang (Shanghai) Property Co. Ltd. 1742534.40 1509600.00

Receipt of service Jinglong (Anhui) Property Co. Ltd. 2832890.77 2733723.84

Receipt of service Jinglong (Xingtai) Property Co. Ltd. 610912.44 849000.00

Receipt of service Jinglong (Inner Mongolia) Property Co. Ltd. 4359334.00 4578387.50

Receipt of service Yunnan Jinglong Property Co. Ltd. 8591253.36 7381756.80

Receipt of service Jinglong (Jiangsu) Property Co. Ltd. 616138.80 5572221.65

Receipt of service Jinglong (Zhejiang) Property Co. Ltd. 2651850.00 4608630.00

Receipt of service Jinglong (Dongtai) Property Co. Ltd. 4392777.51 10249814.19

Receipt of service Jinglong (Hebei) Property Co. Ltd. 1412194.67 212987.28

Rendering of services Hebei Jingning Elderly Care Service Co. Ltd. 357853.82 -

Rendering of services Fukushima Nakamori Power Plant Contract Company 4613407.85 5095419.84

Leases - Lease out Jinglong (Jiangsu) Property Co. Ltd. 44400.00 -

Leases - Lease out Yangzhou Hongkang Catering Management Co. Ltd. 61200.00 -

Leases - Lease out Jinglong (Xingtai) Property Co. Ltd. 9800.00 -

Leases - Lease out Hebei Jinglong Logistics Co. Ltd. 13500.00 675539.91

Leases - Lease out Jinglong (Inner Mongolia) Property Co. Ltd. 4800.00 4000.00

Leases - Lease out Baotou Hongyang Catering Management Co. Ltd. 38400.00 36000.00

Leases - Lease out Baotou Jinglong Hotel Co. Ltd. 6470937.00 6902333.20

Leases - Lease out Jinglong (Zhejiang) Property Co. Ltd. 57600.00 -

Leases - Lease out Yiwu Hongyang Catering Management Co. Ltd. 57600.00 -

Leases - Lease out Fulongjie (Suzhou) Hydrogen Energy Technology Co. Ltd. 8400.00 -

Leases - Lease out Fukushima Nakamori Power Plant Contract Company 3628557.00 3994531.20

Leases - Lease out Jinglong (Anhui) Property Co. Ltd. 36000.00 -

Leases - Lease out Hefei Dinghong Catering Management Co. Ltd. 180000.00 -

Leases - Rent in Jinglong Industrial Group Co. Ltd. 22571.24 -

?

Note 1: According to the contract the unit price of the product is determined by monthly

negotiation and the specific amount is subject to the contract execution confirmation

sheet signed in the current period.

167JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

XIII. Share-based payments

1 Various Equity Instruments

(1) Employee Stock Ownership Plan

Granted this year

Category of grantees

Number Amount

Directors senior management core technical

39499986.00273339903.12

personnel and key employees

Total 39499986.00 273339903.12

(2) Stock Options

Granted this year

Category of grantees

Number Amount

Directors senior management core technical

161698185.00661758727.96

personnel and key employees

Total 161698185.00 661758727.96

(3) Outstanding stock options or other equity instruments at the end of the period

Stock options outstanding at the Other equity instruments

end of the period outstanding at the end of the period

Category of grantees

Exercise price Remaining Exercise price Remaining

range contractual term range contractual term

80849092.0019749993.00

shares with shares with

Directors senior remaining term remaining term

management core of 9 months; of 11 months;

9.156.1

technical personnel 80849093.00 19749993.00

and key employees shares with shares with

remaining term remaining term

of 21 months. of 23 months.

(4) Share-based payment expenses incurred during the current year are as follows

Item 2025 2024

Equity-settled share-based payments 178156769.31 206624349.12

168JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

2 Equity-settled share-based payments

(1) Method for determining the fair value of equity instruments at the grant date

Fair value of equity instruments and model inputs are as follows:

Item 2025

Employee Stock Ownership Plan:

Determined based on the closing price of

Method for determining the fair value of equity

the shares on the grant date;

instruments at the grant date

Stock Options: Calculated and confirmed

according to the Black-Scholes model

Employee Stock Ownership Plan: Grant

price Closing price on grant date;

Key parameters of the fair value of equity Stock Options: Underlying share price

instruments at the grant date Exercise price Expected term Risk-free

interest rate Historical volatility and

Dividend yield

Method for determining the best estimate of

the number of exercisable equity Management’s best estimate

instruments

Reasons for material differences between

estimates for the current period and None

previous period

The cumulative amount of equity-settled

share-based payments included in the 996013970.68

capital reserves

The total amount of expenses recognized for

the year arising from equity-settled share- 178156769.31

based payments

(2) Basis of determining the number of equity instruments expected to vest

At each balance sheet date during the vesting period the best estimation is made according

to the latest information such as the number of employees who are granted options and the

number of equity instruments expected to be vested is revised accordingly. On the vesting

date the estimated number is equal to the number of equity instruments that are ultimately

vested.

3 Modification and termination of share-based payments

There are no modification and termination of share-based payments during the current year.XIV. Capital management

The Group’s primary objectives when managing capital are to safeguard its ability to continue

as a going concern so that it can continue to provide returns for shareholders by pricing

products and services commensurately with the level of risk and by securing access to finance

at a reasonable cost.The Group defines “capital” as shareholders’ equity. The balances of related party transactions

are not regarded by the Group as capital.

169JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

The Group’s capital structure is regularly reviewed and managed to achieve an optimal

structure and return for shareholders. Factors for the Group’s consideration include: its future

funding requirements capital efficiency actual and expected profitability expected cash flows

and expected capital expenditure. Adjustments are made to the capital structure in light of

changes in economic conditions affecting the Group.The Group’s capital structure is monitored on the basis of an adjusted net debt-to-capital ratio.XV. Commitments and Contingencies

1 Significant commitments

(1) Capital commitments

Item 2025 2024

Signed assets procurement and assets

construction contracts which are being

1683475398.562870757679.78

executed and the one signed or approved but

not yet executed.

(2) Significant procurement commitments

The Group has signed long-term supply agreements with some supplier. The actual

purchase price is negotiated monthly. The specific quantity and price are subject to the

purchase orders/contracts reached monthly.

2 Contingencies

Due to the impact of U.S. tariff policies there is a risk that the photovoltaic modules exported

by the Group from Vietnam to the United States in prior years may be subject to additional

tariff. The Group is currently unable to reasonably estimate whether these matters will result in

a further outflow of economic benefits and will continue to monitor the progress of the tariff-

related matters.XVI. Subsequent events

1 Disclosure of significant non-adjusting subsequent events

Affected by factors such as adjustments in U.S. domestic policies and changes in trade rules

policies related to the photovoltaic industry including tariffs and anti-dumping or countervailing

duty investigations are subject to frequent changes and carry significant uncertainty. The

impact of certain policies is as follows:

170JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(1) In February 2026 the U.S. Department of Commerce announced its preliminary countervailing

duty (CVD) determination on crystalline silicon photovoltaic cells (whether assembled into

modules) from India Indonesia and Laos with preliminary CVD rates ranging from 80.67% to

143.30%. In April 2026 it issued a preliminary anti-dumping duty (AD) determination with

preliminary AD rates ranging from 22.46% to 123.04%. Under applicable regulations the final

duty rates determined by the U.S. Department of Commerce will only become effective after

the U.S. International Trade Commission (USITC) makes an affirmative final determination. In

addition if the USITC finds “critical circumstances” in its final determination countervailing

duties may be imposed retroactively for the 90-day period prior to the preliminary

determination. As of the date these financial statements were authorized for issue the final

determination has not yet been announced. Accordingly the Group is currently unable to

reasonably estimate whether it will be required to pay such duties retroactively nor can it

estimate the potential financial impact on the group.

(2) In August 2025 the U.S. Court of International Trade (CIT) ruled that the tariff exemption order

for photovoltaic products from Southeast Asia issued by the Biden administration in June 2022

exceeded statutory authority constituted a procedural violation and lacked the authority to

waive punitive trade duties and ordered that retroactive tariffs be imposed on photovoltaic

products imported from Cambodia Malaysia Thailand and Vietnam during the period from

April 2022 to June 2024. In February 2026 the U.S. Department of Justice filed a motion to

withdraw its appeal of the CIT ruling and the ruling became final. As of the date these financial

statements were authorized for issue the U.S. Department of Commerce has not yet issued

formal implementing rules for the retroactive collection of duties. The Group is unable to

reasonably estimate whether this matter will result in an outflow of economic benefits and will

continue to monitor subsequent developments assessing whether an adjustment will be

required in future periods based on the actual circumstances.

(3) On February 20 2026 the U.S. Supreme Court ruled that the universal tariff measures

including global baseline tariffs and reciprocal tariffs imposed by the Trump administration

under the International Emergency Economic Powers Act (IEEPA) exceeded presidential

authority and were void ab initio. On the same day the U.S. government announced that it

would invoke Section 122 of the Trade Act of 1974 to impose a 10% temporary import

surcharge on all goods imported into the United States for a period of 150 days. As of the date

these financial statements were authorized for issue the Group is assessing the related

impact. The tariffs previously paid under IEEPA are being applied for refund while the Section

122 surcharge is expected to lead to an increase in the cost of sales for future exports to the

United States. As significant uncertainties remain with respect to subsequent policies the

Group is currently unable to reliably estimate the specific financial impact of this matter.

171JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

XVII. Other significant items

1 Segment reporting

(1) Determination basis and accounting policies of reporting segments

According to the Group’s internal organizational structure management requirements and

internal reporting system two reporting segments have been established namely

manufacturing segment and power station segment. Each reporting segment of the Group

provides different products or services or operates in different region. As each segment

requires different technologies or market strategies the Group’s management separately

operates business activities of each reporting segment and regularly evaluates the business

results of these reporting segments to decide on allocation of resources to them and evaluate

their performance.The transfer price between segments is determined on the basis of the actual transaction price

and the expenses indirectly attributable to each segment are allocated among the segments

according to the proportion of revenue. Assets are allocated based on the operations of the

segments and the location of the assets. Segment liabilities include the liabilities attributable

to the segment arising from the segment’s operating activities. If expenses related to liabilities

shared by more than one operating segment are allocated to these operating segments the

shared liability is also allocated to those operating segments.

(2) Financial information about reportable segments

Manufacturing Elimination among

Item Power station segment Total

segment segments

Total assets 102160379627.24 12515351473.94 (9665824194.52) 105009906906.66

Total liabilities 79518641708.49 4479373019.61 (1442088152.90) 82555926575.20

Total owners’ equity 22641737918.75 8035978454.33 (8223736041.62) 22453980331.46

Operating revenue 47750985192.69 1678295741.37 (300567983.12) 49128712950.94

Operating costs 49422569451.69 908710144.89 (170165481.19) 50161114115.39

Net (loss) / profit (5292836152.32) 521930001.61 94569329.01 (4676336821.70)

?

XVIII. Notes to the Company’s financial statements

1 Accounts receivable

(1) Accounts receivable by customer type are as follows:

Type 2025 2024

Amounts due from subsidiaries and related parties 3795666.00 20630386.16

Amounts due from third parties 1000818097.54 1439477127.87

Sub-total 1004613763.54 1460107514.03

Less: Provision for bad and doubtful debts 67245143.03 35852135.70

Total 937368620.51 1424255378.33

?

172JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) The ageing analysis of accounts receivable is as follows:

Ageing 2025 2024

Within 6 months (inclusive) 465457809.61 1176355002.80

Over 6 months but within 1 year (inclusive) 157352565.59 96535796.69

Over 1 year but within 2 years (inclusive) 293851562.25 172643838.85

Over 2 years but within 3 years (inclusive) 87951826.09 14572875.69

Sub-total 1004613763.54 1460107514.03

Less: Provision for bad and doubtful debts 67245143.03 35852135.70

Total 937368620.51 1424255378.33

?

The ageing is counted starting from the date when accounts receivable is recognized.

173JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Accounts receivable by provisioning method

20252024

Book value Provision for bad and doubtful debts Book value Provision for bad and doubtful debts

Category

Percentage Percentage Carrying amount Percentage Percentage Carrying amount

Amount Amount Amount Amount

(%)(%)(%)(%)

Collective assessment 1004613763.54 100.00 67245143.03 6.69 937368620.51 1460107514.03 100.00 35852135.70 2.46 1424255378.33

Attributable to:

- Accounts receivables due from

external customers (except for 1000818097.54 99.62 67245143.03 6.72 933572954.51 1439477127.87 98.59 35852135.70 2.49 1403624992.17

power grid companies)

- Amounts due from companies

within the scope of 3795666.00 0.38 - - 3795666.00 20630386.16 1.41 - - 20630386.16

consolidation

Total 1004613763.54 100.00 67245143.03 6.69 937368620.51 1460107514.03 100.00 35852135.70 2.46 1424255378.33

?

(a) Criteria for collective assessment in 2025 and details:

Accounts receivables are classified into several portfolios based on their similar credit risk characteristics and their expected credit loss are

determined on a collectively basis. The basis of determining the portfolios is as follows:

Portfolio 1: Accounts receivables from external customers (except for power grid companies)

Portfolio 3: Amounts due from companies within the scope of consolidated financial statements

174JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(b) Assessment of ECLs on accounts receivable:

At all times the Company measures the impairment loss for accounts receivable at an

amount equal to lifetime ECLs and the ECLs are based on the number of ageing and

the expected loss rate. According to the historical experience of the Group the losses of

different customer groups are as follows:

Portfolio 1: Accounts receivables due from external customers (except for power grid

companies)

2025

Expected credit Carrying amount at Impairment loss at

?

loss rate the end of the year the end of the year

Within 6 months (inclusive) 1% 465144249.61 4651442.50

Over 6 months but within 1 year (inclusive) 5% 157352565.59 7867628.28

Over 1 year but within 2 years (inclusive) 10% 293851562.25 29385156.23

Over 2 years but within 3 years (inclusive) 30% 84469720.09 25340916.02

Total ? 1000818097.54 67245143.03

?

2024

Expected credit Carrying amount at Impairment loss at

?

loss rate the end of the year the end of the year

Within 6 months (inclusive) 1.00% 1176355002.80 11763550.03

Over 6 months but within 1 year (inclusive) 5.00% 95024873.29 4751243.66

Over 1 year but within 2 years (inclusive) 10.00% 155459167.65 15545916.77

Over 2 years but within 3 years (inclusive) 30.00% 12638084.13 3791425.24

Total 1439477127.87 35852135.70

?

(4) Movements of provisions for bad and doubtful debts

20252024

Balance at the beginning of the year 35852135.70 15681489.49

Additions during the year 31393007.33 20170646.21

Balance at the end of the year 67245143.03 35852135.70

?

175JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(5) Five largest accounts receivable and contract assets by debtor at the end of the year

2025

Balance at the end of the year

Percentage in the

Debtor total balance of Provision for bad

Accounts receivable

accounts receivable and doubtful debts

(%)

The First 157866840.93 15.71 14769268.28

The Second 89002968.20 8.86 8895565.53

The Third 82974066.42 8.26 829740.66

The Fourth 39400768.12 3.92 11820230.44

The Fifth 38758021.83 3.86 1935079.10

Total 408002665.50 40.61 38249884.01

?

2024

Balance at the end of the year

Percentage in the

Debtor total balance of Provision for bad

Accounts receivable

accounts receivable and doubtful debts

(%)

The First 259954164.93 17.80 2599541.65

The Second 238572788.62 16.34 2385727.89

The Third 229284336.99 15.70 2292843.37

The Fourth 89002968.20 6.10 890029.68

The Fifth 52447119.17 3.59 524471.19

Total 869261377.91 59.53 8692613.78

?

2 Other receivables

Item Note 2025 2024

Dividends receivable (1) 1000000000.00 1000000000.00

Others (2) 225644572.77 4384685873.57

Total ? 1225644572.77 5384685873.57

?

(1) Dividends receivable

Dividends receivable by category:

Investee 2025 2024

JA Solar 1000000000.00 1000000000.00

176JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(2) Others

(a) Others by customer type:

Customer type 2025 2024

Amounts due from related parties 208481437.36 4350081473.85

Amounts due from third parties 17163135.41 34604399.72

Sub-total 225644572.77 4384685873.57

Less: Provision for bad and doubtful debts - -

Total 225644572.77 4384685873.57

?

(b) The ageing analysis is as follows:

Ageing 2025 2024

Within 1 year (inclusive) 100761514.33 1725345092.65

Over 1 year but within 2 years (inclusive) 119871574.30 2648226575.49

Over 2 years but within 3 years (inclusive) 4911484.14 11114205.43

Over 3 years but within 4 years (inclusive) 100000.00 -

Sub-total 225644572.77 4384685873.57

Less: Provision for bad and doubtful debts - -

Total 225644572.77 4384685873.57

?

The ageing is counted starting from the date when other receivables are recognized.(c) Others categorized by nature

Nature of other receivables 2025 2024

Amounts due to/from subsidiaries 208481437.36 4350081473.85

Deposits 16970000.00 34410470.00

Others 193135.41 193929.72

Total 225644572.77 4384685873.57

?

177JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(d) Five largest others by debtor at the end of the year

2025

Ending balance of

Percentage of

Nature of the Balance at the provision for bad

Debtor Ageing ending balance of

receivable end of the year and doubtful

others (%)

debts

Amounts due to/from within 2 years

The First 93099003.98 41.26 -

subsidiaries (inclusive)

Amounts due to/from within 2 years

The Second 35376399.02 15.68 -

subsidiaries (inclusive)

Amounts due to/from Within 2 year

The Third 20149208.23 8.93 -

subsidiaries (inclusive)

Amounts due to/from Within 2 year

The Fourth 19065735.01 8.45 -

subsidiaries (inclusive)

Amounts due to/from within 3 years

The Fifth 16622692.50 7.37 -

subsidiaries (inclusive)

Total 184313038.74 81.69 -

?

2024

Ending balance of

Percentage of

Nature of the Balance at the provision for bad

Debtor Ageing ending balance of

receivable end of the year and doubtful

others (%)

debts

Amounts due to/from within 2 years

The First 2704830667.33 61.69 -

subsidiaries (inclusive)

Amounts due to/from within 2 years

The Second 1214945031.89 27.71 -

subsidiaries (inclusive)

Amounts due to/from Within 1 year

The Third 106072755.95 2.42 -

subsidiaries (inclusive)

Amounts due to/from Within 1 year

The Fourth 52154397.13 1.19 -

subsidiaries (inclusive)

Amounts due to/from within 2 years

The Fifth 51757922.90 1.18 -

subsidiaries (inclusive)

Total 4129760775.20 94.19 -

?

178JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

3 Long-term equity investments

(1) Long-term equity investments by category:

20252024

Item Provision for Provision for

Book value Carrying amount Book value Carrying amount

impairment impairment

Investments in

31845240833.37-31845240833.3727387499181.55-27387499181.55

subsidiaries

Investments in an

335744102.54-335744102.54428724648.53-428724648.53

associate

Total 32180984935.91 - 32180984935.91 27816223830.08 - 27816223830.08

?

(2) Investments in subsidiaries:

Balance Balance Impairment

Increase Decrease

Investee at the beginning at the end at the end

during the year during the year

of the year of the year of the year

Hebei JA Education Technology

500000000.00--500000000.00-

Co. Ltd.JA Solar 26085026046.37 4200000000.00 - 30285026046.37 -

Shenzhen Jingao Investment

-80100000.00-80100000.00-

Co. Ltd.Long-term equity investment

recognized arising from

802473135.18177641651.82-980114787.00-

equity-settled share-based

payments

Total 27387499181.55 4457741651.82 - 31845240833.37 -

?

For information about the subsidiaries of the Company refer to Note VIII.

179JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Investments in an associate

Increase/decrease in the current year

Balance Investment Declared Balance Impairment

Name of investee at the beginning Gains or losses Other changes distribution of at the end at the end

of the year under equity in equity cash dividends of the year of the year

method or profits

An associate ? ? ? ? ?

Inner Mongolia Silicon Material

428724648.53(92690145.12)(290400.87)-335744102.54-

Company

180JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

4 Operating revenue and operating costs

(1) Operating revenue and operating costs

20252024

Item

Revenue Cost Revenue Cost

Principal activities 7356341050.19 7265936726.43 9954221189.26 9917217224.04

Other operating activities 117920182.88 - 245426384.44 -

Total 7474261233.07 7265936726.43 10199647573.70 9917217224.04

?

(2) Disaggregation of operating revenue and operating costs

Item 2025 2024

Solar module 7354537896.21 9847946663.64

Others 119723336.86 351700910.06

Total 7474261233.07 10199647573.70

?

5 Investment income

Item 2025 2024

Losses from long-term equity investments

(92690145.12)(88696744.61)

accounted for using equity method

Gain on disposal of derivative financial instruments 13803684.60 -

Dividend income from investments in other equity

856346.96-

instruments during the holding period

Total (78030113.56) (88696744.61)

?

181JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

XIX. Extraordinary gains and losses in 2025

Item Amount Note

Mainly are gains

from the disposal of

fixed assets and

Disposal of non-current assets 566004265.83

equity interests in

overseas

subsidiaries

Government grants recognized through profit or

loss (excluding those having close relationships Mainly are the

with the Group’s normal business operation government grants

454534126.91

comply with national policies enjoying based on received during the

the fixed standard and having a continuing period

impact on the company’s profit or loss )

Gain or loss on debt restructuring 20895928.75

Mainly are losses

arising from

forward sale and

purchase of foreign

exchange losses

from changes in

fair value of equity

Changes in fair value of financial assets and

investments

financial liabilities held by non-financial

measured at fair

enterprises and gain or loss on disposal of

(577516619.40) value during the

financial assets and financial liabilities other than

holding period and

those held for effective hedging related to normal

gains from changes

operations

in fair value of

contingent

consideration

arising from the

disposal of

overseas

subsidiaries

Various asset losses caused by force majeure

(20171797.76)

(such as natural disasters)

Reversal of provision for bad and doubtful debts of

5267073.88

receivables assessed on an individual basis

Other items that qualify as extraordinary gain and

2567.98

loss

Other non-operating income and expenses besides

72997049.75

items above

Sub-total 522012595.94

Tax effect 102338480.42

Effect on non-controlling interests after taxation 1303819.07

Total 418370296.45

?

182JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

XX. Return on net assets and losses per shareIn accordance with “Regulation on the Preparation of Information Disclosures by CompaniesIssuing Securities No.9 – Calculation and Disclosure of the Return on Net Assets and EarningsPer Share” (2010 revised) issued by the CSRC and relevant accounting standards the Group’s

return on net assets and earnings per share are calculated as follows:

Weighted average

Basic loss per Diluted loss per

Profit for the reporting period return on net assets

share share

(%)

Net loss attributable to the Company’s ordinary

(18.32)(1.41)(1.41)

equity shareholders

Net loss excluding extraordinary gain and loss

attributable to the Company’s ordinary equity (19.98) (1.53) (1.53)

shareholders

1 Calculation of losses per share

(1) Basic losses per share

For calculation of the basic losses per share refer to Note V.63.

(2) Basic losses per share excluding extraordinary gain and loss

Basic losses per share excluding extraordinary gain and loss is calculated as dividing

consolidated net losses excluding extraordinary gain and loss attributable to ordinary

shareholders of the Company by the weighted average number of ordinary shares outstanding:

20252024

Consolidated net losses attributable to ordinary

(4608260132.26)(4655943814.17)

shareholders of the Company

Less: Extraordinary gains and losses attributable to

418370296.45(387185638.36)

ordinary shareholders of the Company

Consolidated net losses (excluding extraordinary

gain and loss) attributable to the Company’s (5026630428.71) (4268758175.81)

ordinary equity shareholders

Weighted average number of ordinary shares

3278884015.673286477826.62

outstanding

Basic losses per share excluding extraordinary

(1.53)(1.30)

gain and loss (RMB/share)

183JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

(3) Diluted losses per share

For calculation of the diluted losses per share refer to Note V.63.

(4) Diluted losses per share excluding extraordinary gain and loss

Diluted losses per share excluding extraordinary gain and loss is calculated as dividing

consolidated net loss excluding extraordinary gain and loss attributable to ordinary

shareholders of the Company (diluted) by the weighted average number of ordinary shares

outstanding (diluted):

In 2025 the Company has potential ordinary shares due to the impact of convertible bonds

and implementation of the 2025 stock option and Employee Stock Ownership Plan but due to

the loss of this year the potential ordinary shares are not dilutive. Therefore the diluted loss

per share after excluding extraordinary gain and loss is equal to the basic loss per share after

excluding extraordinary gain and loss.

2 Calculation of weighted average return on net assets

(1) Weighted average return on net assets

Weighted average return on net assets is calculated as dividing consolidated net losses

attributable to ordinary shareholders of the Company by the weighted average amount of

consolidated net assets attributable to ordinary shareholders of the Company:

20252024

Consolidated net losses attributable to ordinary

(4608260132.26)(4655943814.17)

shareholders of the Company

Weighted average amount of consolidated net

assets attributable to ordinary shareholders of the 25155439893.81 31455851124.72

Company

Weighted average return on net assets (%) (18.32) (14.80)

184JA Solar Technology Co. Ltd.

Financial statements for the year ended 31 December 2025

Calculation of weighted average amount of consolidated net assets attributable to ordinary

shareholders of the Company is as follows:

20252024

Consolidated net assets attributable to ordinary

shareholders of the Company at the beginning of 27896247512.33 35116183344.37

the year

Effect of consolidated net losses attributable to

(2304130066.13)(2327971907.09)

ordinary shareholders of the Company

Effect of net assets attributable to ordinary

shareholders of the Company increased by

44260.86593295.29

issuance of new shares or debt-to-equity swaps

during the reporting period

Effect of net assets attributable to ordinary

shareholders of the Company decreased by

(54303980.79)(1253203893.50)

redemption or cash dividends during the reporting

period

Effect of changes of net assets arising from other

(382417832.46)(79749714.35)

transactions or events

Weighted average amount of consolidated net

assets attributable to ordinary shareholders of the 25155439893.81 31455851124.72

Company

(2) Weighted average return on net assets excluding extraordinary gain and loss

Weighted average return on net assets excluding extraordinary gain and loss is calculated as

dividing consolidated net losses excluding extraordinary gain and loss attributable to ordinary

shareholders of the Company by the weighted average amount of consolidated net assets

attributable to ordinary shareholders of the Company:

20252024

Consolidated net losses excluding extraordinary

gain and loss attributable to the Company’s (5026630428.71) (4268758175.81)

ordinary equity shareholders

Weighted average amount of consolidated net

assets attributable to ordinary shareholders of the 25155439893.81 31455851124.72

Company

Weighted average return on net assets excluding

(19.98)(13.57)

extraordinary gains and losses (%)

185