JA Solar Technology Co., Ltd.
2024 Annual Report
April 2025
2024 Annual Report
Section I. Important Notice, Contents and Definitions
The board of directors, supervisory committee as well as directors, supervisors and seniormanagers of the Company are responsible for the authenticity, accuracy and completeness ofthe information contained in this Annual Report without false records, misleading statementsor material omissions, and assume joint and several liability therefor.Jin Baofang, head of the Company, Li Shaohui, head of accounting affairs and Sun Peng,head of accounting department represent that they are responsible for the authenticity,accuracy and completeness of the financial statements in this Annual Report. All directors werepresent in the board meeting that reviewed this Report.The forward-looking statements, future plans, and business objectives mentioned in thisReport do not constitute a substantive commitment by the Company to investors. Investors andrelevant persons are required to maintain sufficient risk awareness and understand thedifferences between plans, forecasts, and commitments. Investors need to know there are risksin investments.Please refer to XI Outlook for Future Development in Section III Management Discussionand Analysis for details on the potential risks inherent in the Company’s operations.The Company has decided not to distribute cash dividends, issue bonus shares, or convertits capital reserve into share capital.
*The 2024 Annual Report of JA Solar Technology Co., Ltd. was published both in Chinese and English. Where any discrepancyarises between the English and the Chinese content, the Chinese version shall prevail. The English version here was only used forinvestors’ reference.
Table of Contents
Section I. Important Notice, Contents and Definitions ............................................................................. 2
Section II. Company Profile and Major Financial Indicators ................................................................... 6
Section III. Management Discussion and Analysis .................................................................................... 11
Section IV. Company Governance .............................................................................................................. 49
Section V. Environmental and Social Responsibility ............................................................................... 70
Section VI. Important Matters .................................................................................................................... 82
Section VII. Changes in Shares and Shareholders .................................................................................... 130
Section VIII. Preference Shares ................................................................................................................... 139
Section IX. Bonds ....................................................................................................................................... 140
Section X. Financial Statements .............................................................................................................. 140
List of documents to be checked
I. Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting affairs, and thehead of the accounting department；
II. Original auditor’s report bearing the seal of the accounting firm and the signatures of the CPAs;
III. Formal copies of all Company documents and the original announcements publicly disclosed in the media designated byCSRC; and
IV. The original full text and summary of the Company’s 2024 Annual Report bearing the signature of the Company’s legalrepresentative.
The above documents are lodged in the Company’s Securities Affairs Department located in No. 8 Building, Nuode Center,No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing.
Definitions
| Term | Description | |
| Company and JA Solar | Refer to | JA Solar Technology Co., Ltd. |
| Articles of Association | Refers to | The Articles of Association of JA Solar Technology Co., Ltd. |
| Company Law | Refers to | The Company Law of the People’s Republic of China |
| Securities Law | Refers to | Securities Law of the People’s Republic of China |
| CSRC | Refers to | China Securities Regulatory Commission |
| Yuan, 10,000 yuan, 100m yuan | Refers to | RMB 1 yuan, RMB 10,000 yuan, RMB 100 million yuan |
| JA Solar Holdings | Refers to | JA Solar Holdings Co., Ltd. |
| Jingtaifu | Refers to | Dongtai Jingtaifu Technology Co., Ltd. |
| Ground-mounted power plant or centralized power plant | Refers to | A power plant that involves converting solar energy through large-scale solar panel arrays directly into DC electricity which is then transmitted to the grid via AC distribution cabinets, step-up transformers, and high-voltage switching devices, allowing the photovoltaic power to be delivered to the grid which centrally allocates and distributes the electricity to users. |
| Distributed power plant | Refers to | A solar power project located near users, where the generated electricity is utilized on-site, and connects to the grid at voltage levels lower than or equal to 35 kilovolts, and individual grid-connected points have a total installed capacity of no more than 6 megawatts. |
| Installed capacity | Refers to | Electricity generation power of the photovoltaic power generation system consisting of large-area solar panels and components such as power controllers. These solar panels are resulted from solar cells connected in series, encapsulated and protected. |
| Crystalline silicon | Refers to | Crystalline silicon materials including polysilicon, monocrystalline silicon and others. |
| Monocrystalline silicon | Refers to | The monocrystalline form of silicon where the crystal lattice of the entire solid is continuous. |
| Polysilicon | Refers to | A material consisting of a number of monocrystalline silicon crystallites with different crystal orientations. |
| Silicon rod | Refers to | An rod shaped intermediate product produced by melting crystalline silicon material in a high-temperature furnace filled with special gases and then processed or drawn. |
| Silicon wafers | Refers to | Thin slices of monocrystalline silicon or polysilicon rods. |
| Cells, solar cells, PV cells, and photovoltaic cells | Refers to | Semiconductor devices that convert sunlight directly into electricity by using the photovoltaic effect. |
| Monocrystalline solar cells | Refers to | Solar cells developed based on high-quality monocrystalline silicon material and processing techniques, typically employing surface texturing, emitter passivation, and localized doping technologies. |
| W, KW, MW, GW, and TW | Refers to | The unit of power used for measuring the electricity generation capacity of a PV power plant. 1 TW=1,000 GW=1,000,000 MW=1,000,000,000 kW=1,000,000,000,000 W |
| kWh | Refers to | A measure of electricity. |
| Single-glass solar module | Refers to | A solar panel that consists of a single layer of glass and two-sided solar cells. |
| Double-glass solar module | Refers to | A solar panel that consists of two layer of glass and two-sided solar cells. |
| Multi-busbar (MBB) | Refers to | That a solar cell is equipped with more than 5 busbars, such as 6, 9, 11 or 12 busbars. |
| Half-cut | Refers to | The half-cut cell process used on top of the existing technology. |
| Bycium cell | Refers to | An n-type silicon wafer-based double-sided cell which features a passivated contact structure on the surface with carrier selectivity, meeting the requirements for surface passivation while suppressing the carrier recombination at the metal-silicon interface. This enhancement leads to improved open-circuit voltage and fill factor, thereby increasing the overall conversion efficiency of the cell. |
| HJT cells | Refers to | Heterojunction technology cells which utilize different semiconductor materials on each side of the junction, typically involving a combination of crystalline silicon substrate and amorphous silicon thin film, compared to the homojunction structure of traditional silicon solar cells. These cells feature excellent surface passivation, resulting in a higher open-circuit voltage. |
| LCOE | Refers to | Levelized Cost of Energy. |
Section II. Company Profile and Major Financial Indicators
I. Company Information
| Stock name | JA Solar | Stock code | 002459 |
| Stock exchange | Shenzhen Stock Exchange | ||
| Full Chinese name | 晶澳太阳能科技股份有限公司 | ||
| Short Chinese name | 晶澳科技 | ||
| Full foreign language name (if any) | JA Solar Technology Co., Ltd. | ||
| Short foreign language name (if any) | JA Solar | ||
| Legal representative | Jin Baofang | ||
| Registered address | No. 123, Xinxing Road, Ninjin County, Hebei Province | ||
| Post code of the registered address | 055550 | ||
| Changes of the registered address | On April 23, 2020, in light of the completion of a significant asset restructuring and to accommodate the Company’s development and internal management needs, the Company had its registered address changed from No. 3 Tianshan North Road, Economic and Technological Development Zone, Qinhuangdao City to No. 123 Xinxing Road, Ningjin County, Hebei Province. | ||
| Office location | No. 8 Building, Nuode Center, No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing | ||
| Post code of the office | 100160 | ||
| Website | www.jasolar.com | ||
| ir@jasolar.com | |||
II. Contacts and Contact Details
| Secretary of the Board of Directors | Representative of Securities Affairs | |
| Name | Qin Shilong | Yuan Haisheng |
| Address | No. 8 Building, Nuode Center, No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing | No. 8 Building, Nuode Center, No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing |
| Telephone | 010-63611960 | 010-63611960 |
| Fax | 010-63611980 | 010-63611980 |
| ir@jasolar.com | ir@jasolar.com |
III. Information Disclosure and Storage Sites
| Stock exchange website where the Company discloses its annual reports | Shenzhen Stock Exchange http://www.szse.cn |
| Media names and websites where the Company discloses its annual reports | China Securities Journal and CNINFO website (http://www.cninfo.com.cn) |
| Location where the Company stores its annual reports | Securities Affairs Department |
IV. Changes of the Registration
| Uniform Social Credit Code | 91130300601142274F |
| Changes in operating activities since the Company’s listing (if any) | The Company completed a significant asset restructuring in November 2019. Prior to the restructuring, the Company was primarily engaged in the design, manufacturing, sales, and construction of lifting and transportation equipment for railways and bridges as well as for other fields. After the restructuring, the Company’s business shifted to the research, production, and sales of silicon wafers, photovoltaic cells, and solar modules, as well as the development, construction, and operation of photovoltaic power plants. |
| Changes in controlling shareholder (if any) | The Company completed a significant asset restructuring in November 2019. After the restructuring, the controlling shareholder changed from Huajian Yingfu to Jingtaifu, and the actual controller changed from Mr. He Zhiping to Mr. Jin |
Baofang.
V. Additional information
Accounting firm engaged by the Company
| Name of accounting firm | KPMG Huazhen Certified Public Accountants (Special General Partnership) |
| Office of the accounting firm | 8th Floor, KPMG Tower, Oriental Plaza, 1 East Chang An Avenue, Beijing |
| Signatory accountants | Fu Qiang and Zhang Xinhua |
Sponsor that performs continuous supervision duties in the reporting period?Applicable □ Not applicable
| Sponsor name | Sponsor office | Sponsor’s representatives | Period of continuous supervision |
| CITIC Securities Co., Ltd. | North Block, Times Square Excellence (Phase II), No.8 Zhongxin 3rd Road, Futian District, Shenzhen, Guangdong Province | Dai Shun and Li Ning | From September 27, 2021 to December 31, 2024 |
Financial advisors that perform continuous supervision duties in the reporting period
□ Applicable ? Not applicable
VI. Major Accounting Data and Financial Indicators
Retrospective adjustment or restatement of the previously reported accounting data is needed? Yes □ NoReason for retrospective adjustment or restatementChanges in accounting policies
| 2024 | 2023 | Increase/ decrease YoY | 2022 | |||
| Before adjustment | After adjustment | After adjustment | Before adjustment | After adjustment | ||
| Operating revenue (yuan) | 70,120,697,029.73 | 81,556,177,236.98 | 81,556,177,236.98 | -14.02% | 72,989,400,575.18 | 72,989,400,575.18 |
| Net profit attributable to shareholders of the listed company (yuan) | -4,655,943,814.17 | 7,039,490,537.23 | 7,039,490,537.23 | -166.14% | 5,533,792,625.25 | 5,533,792,625.25 |
| Net profit net of non-recurring gain or loss attributable to shareholders of the listed company (yuan) | -4,268,758,175.81 | 7,140,499,107.08 | 7,140,499,107.08 | -159.78% | 5,558,418,499.58 | 5,558,418,499.58 |
| Net cash flow generated from operating activities (yuan) | 3,346,575,961.54 | 12,414,145,385.75 | 12,414,145,385.75 | -73.04% | 8,182,277,275.12 | 8,182,277,275.12 |
| Basic earnings per share (yuan/share) | -1.42 | 2.14 | 2.14 | -166.36% | 1.71 | 1.71 |
| Diluted earnings per share (yuan/share) | -1.42 | 2.10 | 2.10 | -167.62% | 1.70 | 1.70 |
| Weighted average return on net assets | -14.80% | 22.52% | 22.52% | -37.32% | 24.17% | 24.17% |
| (%) | ||||||
| Operating cost (yuan) | 66,979,216,270.41 | 66,773,075,559.67 | 67,163,948,649.19 | -0.28% | 62,204,704,732.46 | 62,556,427,648.88 |
| Sales expense (yuan) | 1,077,841,072.90 | 1,380,055,285.54 | 989,182,196.02 | 8.96% | 1,050,008,147.01 | 698,285,230.59 |
| 2024 close | 2023 close | Increase/ decrease YoY | 2022 close | |||
| Before adjustment | After adjustment | After adjustment | Before adjustment | After adjustment | ||
| Total assets (yuan) | 112,958,012,308.73 | 106,589,466,073.52 | 106,589,466,073.52 | 5.97% | 72,435,835,821.85 | 72,435,835,821.85 |
| Net assets attributable to shareholders of the listed company (yuan) | 27,896,247,512.33 | 35,116,183,344.37 | 35,116,183,344.37 | -20.56% | 27,534,705,794.95 | 27,534,705,794.95 |
Reasons for changes in accounting policies and accounting correctionsPlease refer to Section X Financial Statements of this Report for further details.For the past three consecutive fiscal years, the net profit after non-recurring gains or losses has been negative, and the latest auditor’sreport indicates uncertainty about the Company’s ability to continue as a going concern
□ Yes ? No
The Company’s audited figures for the latest fiscal year show negative values when taking the lowest among: total profit, net profit,and net profit after deducting non-recurring gains and losses.?Yes □No
| Item | 2024 | 2023 | Remarks |
| Operating revenue (yuan) | 70,120,697,029.73 | 81,556,177,236.98 | / |
| Deductions from operating revenue (yuan) | 835,689,236.49 | 808,906,285.83 | Material sales & scrap/waste disposal |
| Operating revenue after deductions (yuan) | 69,285,007,793.24 | 80,747,270,951.15 | / |
VII. Differences between Accounting Data under Domestic and Foreign Accounting Standards
1. Difference in net profit and net assets in the financial reports disclosed under IFRS and China’saccounting standards
□ Applicable ? Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under IFRS and China’s accounting standardsfor the Company in the reporting period.
2. Difference in net profit and net assets in the financial reports disclosed under overseas accountingstandards and China’s accounting standards
□ Applicable ? Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under overseas accounting standards andChina’s accounting standards for the Company in the reporting period.
VIII. Quarterly Financial Indicators
Unit: Yuan
| Q1 | Q2 | Q3 | Q4 | |
| Operating revenue | 15,971,496,835.21 | 21,385,034,158.57 | 16,991,324,029.89 | 15,772,842,006.06 |
| Net profit attributable to shareholders of the | -482,832,185.16 | -391,372,404.46 | 389,840,979.03 | -4,171,580,203.58 |
| listed company | ||||
| Net profit net of non-recurring gain and loss attributable to shareholders of the listed company | -368,835,896.37 | -450,050,377.36 | 224,586,143.83 | -3,674,458,045.91 |
| Net cash flow generated from operating activities | -3,543,263,545.57 | 1,683,967,846.63 | 2,092,164,502.15 | 3,113,707,158.33 |
Are the above financial indicators or their aggregate amounts significantly different from the relevant financial indicators disclosed inthe Company’s quarterly or semi-annual reports
□ Yes ? No
IX. Non-recurring Gains or Loss Items and Amounts
?Applicable □ Not applicable
Unit: Yuan
| Item | 2024 amount | 2023 amount | 2022 amount | Remarks |
| Gains or losses on disposal of non-current assets (including the reversal of previously recognized impairment loss provision for assets） | 9,288,043.40 | -213,483,538.13 | -175,137,208.54 | |
| Government grants included in current profits or losses (excluding government grants that are closely related to the normal operating activities of the Company, have a lasting impact on the Company’s profits or losses, and to which the Company is entitled under national policies and regulations） | 296,521,560.73 | 627,197,400.18 | 339,784,651.05 | Mainly due to government grants received in the current period |
| In addition to the effective hedging business related to the normal operating activities of the Company, the fair value gain and loss from held-for-trading financial assets and liabilities held by a non-financial company as well as gain or loss on the disposal of financial assets and liabilities | -295,926,673.57 | -425,313,440.17 | -85,720,183.22 | Mainly due to losses on exchange rate lock-in activities |
| Losses incurred on | -129,937,106.78 | Mainly due to losses |
| assets due to force majeure events, such as natural disasters | from natural disasters at power plants | |||
| Reversal of impairment provision for accounts receivable subject to individual impairment test | 509,788.33 | 8,711,579.54 | 12,141,067.07 | |
| Net profit or loss from the beginning of the reporting period to the consolidation date generated by subsidiaries resulting from business combinations under common control | -64,717.16 | -541,083.10 | ||
| Non-recurring share-based payment charge arising from termination/amendment of share incentive plans | -189,921,386.68 | |||
| Non-operating revenue and expenses other than aforementioned items | -76,085,039.99 | 32,392,123.01 | -132,882,073.62 | |
| Other non-recurring gain and loss items | 330,300.00 | 2,063,434.84 | 3,300,078.50 | |
| Less: Effects of income tax | 2,369,157.01 | 114,397,509.29 | 12,229,969.76 | |
| Effects of minority interest (after tax) | -404,033.21 | 18,113,902.67 | -26,658,847.29 | |
| Total | -387,185,638.36 | -101,008,569.85 | -24,625,874.33 | -- |
Other gain or loss items qualifying as non-recurring gains or losses
□ Applicable ? Not applicable
The Company had no other gain or loss items qualifying as non-recurring gains or losses in the reporting period.Note on listing the non-recurring gain and loss items mentioned in the Explanatory Announcement on Information Disclosure forCompanies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as recurring gain and loss items
□ Applicable ? Not applicable
The Company experienced no circumstances where any non-recurring gain or loss items mentioned in the Explanatory Announcementon Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items weredefined as recurring gain or loss items.
Section III. Management Discussion and Analysis
I. Industry Where the Company Operated in the Reporting Period
1. Overview of Global Photovoltaic Market Demand
In recent years, advancements in photovoltaic technology have significantly enhanced mass production techniques resulting inimproved product performance and reduced costs. Since 2024, the push for global carbon neutrality, alongside considerable pricereductions due to supply-demand imbalances, has further amplified the competitiveness of solar power generation. Thesetransformations position solar energy as a robust and viable alternative in the energy landscape.
(1) Solar installations break global records
In 2024, the global energy transition continued to accelerate. Driven by technological advancements, efficiency improvements,cost reductions, and policy support, worldwide photovoltaic installations sustained robust growth. According to data released byBloombergNEF, global PV additions reached 599 GW in 2024, a 35% year-on-year increase, setting another record high. By the endof 2024, cumulative global PV capacity exceeded 2 TW. Projections indicate that by the end of 2025, total installed PV capacity willsurpass that of coal-fired power, becoming the world’s largest power source by capacity.
Data Source: BloombergNEF (BNEF)
(2) Higher GW-scale adoption with great potential from emerging markets
In 2024, the leading photovoltaic markets included China, the United States, India, Germany, Brazil, Spain, Pakistan, Türkiye,Saudi Arabia, and Italy, which together represented over 75% of the global market share. Concurrently, the rapid decline in solar powergeneration costs has catalyzed the growth of GW-scale markets. According to BloombergNEF, the number of countries and regionsachieving GW-scale solar installations rose to 36 in 2024, an increase of 4 compared with 2023,with expectations to reach 40 by 2025.
Data Source: BloombergNEF (BNEF)
(3) Bright future for global PV expansion
At the 28th United Nations Climate Change Conference (COP28) in Dubai, UAE, in 2023, over 100 nations forged a pivotalagreement to triple global renewable energy capacity to a minimum of 11.2 TW by 2030. This commitment was further solidified atthe G7 Summit in June 2024 and the G20 Environment and Climate Sustainability Ministerial Meeting in October 2024, whereactionable strategies to combat climate change were proposed.
The global photovoltaic market in 2025 presents a landscape of simultaneous opportunities and challenges. Propelled by theongoing energy transition and robust new energy investments, global PV installations are poised for continued growth. Nonetheless,the industry faces significant uncertainties, including heightened power system balancing challenges due to increased renewablepenetration, price volatility from market overcapacity, geopolitical influences on key demand, and rising trade barriers alongsidelocalization requirements.
In 2025, China, Europe, and the United States will continue to dominate the global photovoltaic market, although their growthrates are expected to gradually decelerate. Concurrently, emerging markets in Southeast Asia, Latin America, and the Middle East arewitnessing significant increases in PV installations. This surge is driven by persistent electricity demand and urgent energy transitionrequirements, resulting in these regions capturing an expanding share of the global market.
China: According to data from the China Photovoltaic Industry Association, China’s newly installed photovoltaic capacityreached 277.57 GW (AC side) in 2024, indicating a 28.3% year-on-year increase. This achievement solidifies China’s position as theglobal leader in PV capacity for the eleventh consecutive year. Cumulatively, the nation’s installed PV capacity has exceeded 880 GW,maintaining its status as the world’s top provider for the nineth consecutive year. Looking ahead to 2025, policies such as the NationalEnergy Administration’s Distributed PV Power Generation Development and Construction Management Measures (GNFXNG [2025]No. 7) and the National Development and Reform Commission’s Notice on Deepening Market-Oriented Reform of New Energy Feed-in Tariffs (NDRCJG [2025] No.136) are set to influence market dynamics. Consequently, there will be a concentration of new PVprojects and grid connections in the first half of the year, while the second half may experience volatility. As a result, China’s growthin PV installations is expected to moderate in 2025.
Europe: According to a report by Solar Power Europe, the 27 EU countries added 65.5 GW of new photovoltaic (PV) capacity in2024, reflecting a year-on-year increase of 4.4% from 62.8 GW in 2023. This growth, however, is significantly below the 41-53%expansion rates experienced between 2021 and 2023. Looking ahead, the association projects that Europe will achieve 70 GW of newinstallations in 2025 under a medium scenario, bolstered by a robust pipeline of utility-scale projects registered in the past two years.Nevertheless, anticipated grid connection constraints and prevailing market uncertainties are expected to impede growth to
approximately 3% in 2026. Overall, annual PV additions in Europe are forecasted to sustain a growth rate of 3-7% from 2025 to 2028,with Germany, Spain, and Italy poised to lead the market, collectively contributing 139 GW—representing 46% of Europe’s totalinstallations.
Data Source: SolarPower Europe with 2025-2030 data from forecastsUnited States: In September 2024, the U.S. government escalated tariffs on Chinese photovoltaic products to 50% under Section
301. Subsequently, from February to April 2025, further tariffs were imposed on Chinese exports, heightening duties on PV productsentering the U.S. market. In addition, the U.S. Department of Commerce launched anti-dumping and countervailing investigationsconcerning PV products from four Southeast Asian nations: Vietnam, Thailand, Malaysia, and Cambodia. By April 2025, finaldeterminations indicated proposed tariffs of nearly 400% on Thailand and Vietnam, 651.85% on Cambodia, and 34.41% on Malaysia.Non-compliant companies faced significantly higher tariffs, whereas some complying firms benefitted from reduced rates orexemptions. Following the return of Donald Trump to office in 2025, uncertainty lingers regarding the future of the Inflation ReductionAct (IRA) policies. Nonetheless, investment growth in emerging industries continues, with BloombergNEF forecasting an increase inU.S. PV installations from 49 GW (DC side) in 2024 to 54 GW in 2025, primarily driven by rising demand from technology companiesfor renewable energy.
2. Overview of Global Photovoltaic Supply Chain
In 2024, multiple segments of the global photovoltaic industry chain demonstrated significant growth, as reported by PV Infolink.Polysilicon production capacity surged nearly 50% year-on-year to reach 3.07 million tons—approximately 1,426 GW. Furthermore,silicon wafer capacity experienced anincrease of 23%, totaling 1,147 GW, while module production capacity rose 15% to attain 1,350GW.In 2024, despite a notable increase in global photovoltaic installations totaling 600 GW, this addition fell significantly short of theproduction capacity exceeding 1,100 GW across various industry segments. This discrepancy highlights a pronounced structural andperiodic oversupply within the market. Consequently, the imbalance between supply and demand triggered substantial price declinesthroughout the PV value chain. Data from the China Photovoltaic Industry Association indicate that polysilicon prices plummeted byover 39%, silicon wafers by more than 50%, solar cells by over 30%, and modules by over 29%. This rapid price erosion severelycompressed corporate profit margins, resulting in industry-wide losses and contributing to the bankruptcy of several small and medium-sized enterprises.
The global photovoltaic supply chain is predominantly concentrated in China, with PV Infolink data revealing that the countryaccounted for 95% of global polysilicon production capacity, 96% of silicon wafers, 91% of solar cells, and 81% of modules in 2024.In response to the prevailing supply-demand imbalance, Chinese authorities have initiated comprehensive policy measures aimed atfostering a more sustainable industry landscape. These interventions include stricter investment requirements, targeted support forleading enterprises, and enhanced intellectual property protections. A significant development occurred in November 2024 with theMinistry of Industry and Information Technology's release of the Photovoltaic Manufacturing Industry Standards (2024 Edition), whichestablished rigorous criteria for new or expanded projects across nine critical dimensions, including facility siting, productiontechnologies, resource efficiency, and environmental compliance.
3. Industry Cyclicality
Fueled by the global energy transition and an increasing commitment to climate change mitigation, solar photovoltaic power hasrapidly developed into a cornerstone of clean and renewable energy, driving the worldwide energy revolution. As the PV industry scalesand matures, its growth patterns reveal cyclical characteristics influenced by a range of economic, technological, and regulatory factors,underscoring its dynamic evolution.
Policy factors are critical determinants of the cyclical fluctuations observed within the photovoltaic industry. The advancement ofthe PV sector is intricately linked to strategic policy decisions, underscored by a global consensus on green development that fosters acontinuous introduction of supportive industrial measures worldwide. These policies establish stable expectations regarding both
market growth and feed-in tariffs, providing a reliable framework for investment and expansion. While the current global landscape ofenergy policies universally promotes clean energy generation—solar power being a primary beneficiary—temporary adjustments mayemerge in specific regions, such as the United States. Nonetheless, it is highly unlikely that any fundamental policy reversals or dramaticshifts will occur in the foreseeable future.Market demand evolution is a pivotal factor shaping the development of the photovoltaic industry. The sector is closely linked tomacroeconomic conditions, particularly in terms of electricity consumption patterns and changes in the power mix. As solar PV reachesgrid parity in emerging markets, the growth mechanisms are shifting from being policy-driven to demand-driven. This transitionheightens the industry’s sensitivity to market fluctuations and reinforces its cyclical nature. With demand growth slowing in keymarkets and grid integration challenges intensifying, the industry is poised for significant adjustments ahead.
Technological iteration and capacity optimization are essential cyclical drivers within the photovoltaic industry. Continuousadvancements in PV technology—such as innovative photovoltaic materials, high-efficiency modules, and intelligent solar systems—propel the sector’s development. However, the market adoption of these emerging technologies necessitates an incubation period.During this transitional phase, as novel technologies gradually supplant conventional options, companies typically allocate substantialinvestments to enhance production capacity. The simultaneous introduction of new capacity throughout the value chain often results intemporary overcapacity and inventory accumulation. Nonetheless, from a long-term perspective, the gradual phasing out of outdatedand inefficient production facilities will prompt industrial restructuring, paving the way for a new growth cycle in the sector.
4. JA Solar’s Position in the Industry
JA Solar stands as a prominent leader in photovoltaic product solutions and is among China’s pioneering solar enterprises. It hasestablished a comprehensive industrial chain that includes solar silicon rods, wafers, cells, modules, energy storage systems, and thedevelopment, construction, and operation of photovoltaic power plants, along with photovoltaic materials and equipment. Thisintegrated value chain solidifies JA Solar’s position as one of the industry’s most vertically coordinated and structurally balancedleaders.
In recent years, JA Solar has markedly enhanced its photovoltaic product supply capabilities through strategic capacity expansionand the extension of its industrial chain. This proactive approach has enabled the organization to effectively address the growing anddiverse demands of the downstream market, thereby solidifying its leadership position within the solar industry. According to PVInfoLink, the Company has consistently ranked among the world’s top photovoltaic module suppliers, achieving a top-three positionin 2024. Furthermore, building on its module advantage, JA Solar successfully passed the evaluation to be included once again in thenational Manufacturing Single-Category Champion list, recognized as a fifth-batch champion enterprise in March 2024.
JA Solar has distinguished itself as a frontrunner in the photovoltaic industry, demonstrating exceptional accomplishments intechnological research and development as well as product innovation. The Company prioritizes the advancement of next-generationsolar cell technologies to significantly enhance photoelectric conversion efficiency, striving toward theoretical limits. JA Solar is alsodedicated to reducing production costs for emerging solar cell technologies, fostering continuous improvements in both technicalcapabilities and market competitiveness throughout the solar photovoltaic value chain. Notably, in June 2024, PVEL, a leadingindependent PV testing organization, released its 2024 PV Module Reliability Scorecard, in which JA Solar was recognized as a TopPerformer module supplier for the ninth consecutive year, underscoring its commitment to product reliability. Furthermore, in July2024, JA Solar achieved the highest ranking in the TOPCon mass-production size cell efficiency category in the Solar Cell EfficiencyTables (Version 64), published in the esteemed Journal Progress in Photovoltaics by an international research team led by ProfessorMartin Green at the University of New South Wales.
II. Core Business Operations During the Reporting Period
The Company operates within a vertically integrated framework across the solar photovoltaic industry chain, demonstrating anunwavering commitment to delivering comprehensive PV system solutions to global clients. Its core business encompasses the researchand development, production, and sales of solar silicon wafers, cells, modules, and energy storage systems. Additionally, the Companyengages in the development, construction, and operation of solar power plants, alongside the research, manufacturing, and distributionof photovoltaic materials and equipment. With strategically positioned production facilities both domestically and internationally, itsChinese manufacturing bases span Inner Mongolia, Hebei, Jiangsu, Anhui, Shanghai, Zhejiang, and Yunnan provinces. Furthermore, itoperates an established facility in B?c Giang, Vietnam, with an upcoming plant in Oman currently in preparation, reinforcing its globalpresence and operational capabilities.The Company is strategically enhancing its organizational framework within the Photovoltaic and Energy Storage Business Group,which serves as the backbone of its industry chain. By establishing the Smart Energy Business Group, the Company is significantlyamplifying investments in downstream photovoltaic applications, thereby accelerating the development and construction of utility-scale, commercial, and residential distributed PV power plants. In tandem, it is actively exploring diverse PV application scenarios andcrafting comprehensive energy solutions that incorporate energy efficiency, resource recycling, energy storage, and carbon management.Furthermore, the formation of the Materials and Equipment Business Group exemplifies the Company’s commitment to advancingresearch and development of innovative PV materials and manufacturing equipment—such as junction boxes, encapsulant films, andribbon wires—ensuring a stable supply chain while continuously driving cost reductions.Guided by the principle of seeking progress while maintaining stability, reducing costs, and improving efficiency, the Companyis poised to enhance its intelligent photovoltaic manufacturing operations. By refining its new photovoltaic materials and equipmentbusiness and actively developing downstream solar power applications, this strategic framework effectively positions the Company todeliver superior comprehensive energy system solutions to customers globally.
(I) Main businesses and products
1. Photovoltaic and Energy Storage Business Group
(1) Silicon rods and wafers
The Company procures upstream raw materials—polysilicon,and utilizes crystal pulling technology in monocrystalline furnacesto produce silicon rods, which are then processed into wafers through cutting operations.
The Company specializes in the production of monocrystalline silicon wafers, integral to the manufacturing of high-efficiencysolar cells. A significant majority of the silicon rods and wafers produced are designated for internal processing, with a smaller fractionallocated for external sales. Through continuous advancements in crystal pulling technology, the monthly production capacity of siliconrods per furnace has markedly increased, while production costs have diminished, establishing benchmarks within the industry.Furthermore, innovations in wire diameter and material consumption during wire sawing, combined with expedited ramp-up cyclesand reduced costs for large-size wafers, robustly underpin the Company’s strategic initiatives in high-efficiency cells and high-powermodules.
(2) PV cells
The Company utilizes the silicon wafers it produces for manufacturing cells which are mainly used for internal processing intomodules, with only a limited quantity of wafers sold externally. The Company’s cell technology predominantly includes n-typeBycium+. As the Company’s new cell projects smoothly commence and reach full production, there is a substantial increase inconversion efficiency and a noticeable decrease in production costs. Large-sized cells now stand at the forefront of the industry in terms
of both conversion efficiency and production costs.
The Company’s latest n-type Bycium+ cell at mass production stage has achieved a highest conversion efficiency of 27%. Themanufacturing process will continue to undergo improvements to further reduce production costs and enhance the cost-effectiveness.
(3) PV modules
The Company processes both internally produced cells and externally purchased ones through encapsulation processes tomanufacture modules which constitute its primary end products for sales. The primary customers for these modules include domesticand international photovoltaic power plant investors, engineering contractors, as well as distributors of distributed photovoltaic systems.The Company’s main module products consist of monocrystalline MBB half-cut modules, double glass/single-glass modules, and high-density modules. These products are available in specifications primarily featuring 54, 66, 72, and 78 cells. High-power modules basedon large-sized silicon wafer technology, high-efficient cell technology, high-performance encapsulation materials, and high-densitypackaging techniques meet the mainstream demands across various market applications. Furthermore, the Company can customize thedevelopment of photovoltaic modules to meet customers’ requirements for specific application scenarios.
Leveraging its independent research and development capabilities, the Company has successfully introduced several market-leading products that significantly enhance client value and address diverse application needs. In 2024, the Company upgraded itsDeepBlue 4.0 Pro technology, launching three notable innovations: (1) Offshore PV Series - SKYBLUE and OCEANBLUE Modules:
These modules deliver an impressive power output of up to 650W and achieve 23.3% efficiency. They build upon the flagshipadvantages of JA Solar’s n-type DeepBlue 4.0 Pro, including high power, efficiency, energy yield, and reliability. Additionally, thesemodules are engineered to resist salt mist, UV exposure, humidity, and hot spots, thereby ensuring robust return on investment foroffshore installations. (2) 0BB (Busbar-less) Cell Solutions: Drawing from decades of expertise in busbar design, this innovativesolution enhances light absorption while minimizing internal resistance and low-angle light loss, resulting in an efficiency of 655Wand 23.5%. The application of low-temperature soldering techniques reduces thermal stress and mitigates the formation of microcracks,thus improving overall reliability. (3) Bycium+-Based Anti-Soiling Single-Glass Modules: These advanced modules, with a poweroutput of 655W and 23.5% efficiency, showcase industry-leading performance. They utilize advanced encapsulation technology toprevent moisture corrosion and are equipped with patented self-cleaning frames that improve drainage, combat soiling-induced powerloss, mitigate bottom-edge hot spots, and ultimately reduce operations and maintenance costs.
In early 2025, the Company proudly introduced the DeepBlue 5.0 ultra-high-performance module, a significant advancement insolar technology. This module is grounded in the proprietary Bycium+ 5.0 cell technology platform, which integrates cutting-edgeinnovations, including advanced structural optimization, material enhancements, and upgraded electrical architecture. Notably, theDeepBlue 5.0 achieves exceptional performance metrics, with a power output of 670W and a conversion efficiency of 24.8%.Furthermore, leveraging the Company’s strengths in intelligent manufacturing and quality control, this module upholds the renownedreliability characteristic of the DeepBlue product family. Its adaptability across diverse environmental conditions—extreme cold, highaltitudes, arid heat, sandstorms, humid heat, and marine settings—establishes a new benchmark for ultra-high-performance solarmodules, adept for various application scenarios.
The technological advancements and practical applications of these products exemplify JA Solar’s strong commitment to itsproduct design philosophy of Creating Value for Customers.
(4) Energy Storage Systems
The Company exemplifies unwavering dedication to technological innovation and business model evolution within the energystorage sector. It offers comprehensive solar-plus-storage solutions through three specialized product series: the BlueStar residentialenergy storage system for residential applications, the BluePlanet commercial and industrial energy storage system designed forbusiness use, and the BlueGalaxy grid-side energy storage system tailored for utility-scale solar plants.
The Company has successfully launched an integrated residential solar-storage solution designed specifically for householdapplications, featuring both all-in-one and split-type systems to accommodate diverse customer requirements. These innovations ensuresimplified installation, safe and efficient operation, and advanced maintenance capabilities. Following successful deployment inEuropean markets in 2023, the residential solar-storage systems are poised for further expansion into African and South Americanmarkets in 2024.
The BluePlanet commercial and industrial energy storage series, meticulously engineered for business applications, employs aninnovative all-in-one design that integrates battery cells, liquid cooling systems, temperature regulation, fire protection, and 3S systems(BMS/PCS/EMS). This sophisticated configuration results in an impressive system efficiency exceeding 89.5%. Successfully deployedin both domestic and international markets in 2024, these industrial storage solutions have been instrumental in advancing distributedenergy initiatives and zero-carbon park projects, significantly reducing electricity costs for end-users.
The Company has introduced its cutting-edge BlueGalaxy grid-side energy storage series, designed specifically for large-scalecommercial, industrial, and utility power plant applications. This air-liquid hybrid cooled system boasts capacities ranging from 2MWhto 5MWh. According to test reports from the China Electric Power Research Institute, these operational energy storage systems haveachieved an impressive efficiency of 88.93%, positioning them among the highest performance levels in the industry.
The three energy storage system series are highly versatile, applicable across generation-side, grid-side, and user-side contexts.The Company confidently offers comprehensive “one-stop” solar-storage solutions, covering project consultation, site assessment,system design, engineering implementation, and intelligent operation and maintenance throughout the project lifecycle.
2. Smart Energy Business Group
The Smart Energy Business Group is resolutely dedicated to establishing itself as a premier global provider of one-stop zero-carbon solutions. By harnessing a wide array of clean energy technologies, energy efficiency strategies, and resource recycling systems,it offers integrated energy operation solutions characterized by coordinated multi-energy complementarity, systematic multi-processintegration, and synergistic multi-scenario development.The business group operates through three business units: Zero-Carbon Energy Business Unit, Utility-Scale Business Unit, andInternational Business Unit. It employs a dual-strategy framework that effectively integrates Products + Systems and Systems +Services. In the context of power market liberalization, the business group has positioned solar-storage generation systems at its core,thereby developing robust solution capabilities for various scenarios, including utility-scale plants, distributed generation systems, andurban PV+ applications. By leveraging advanced design capabilities, cloud computing, and big data analytics, the business groupcontinuously enhances its EPC engineering, smart O&M, and integrated energy services, thereby empowering diverse applicationscenarios and leading the way in sustainable global energy integration.As of December 31, 2024, the Company’s operational photovoltaic power plant portfolio achieved an impressive scale ofapproximately 3.7 GW.
3. Materials and Equipment Business Group
To address supply chain risks, foster technological innovation, optimize costs, and enhance overall competitiveness, the Materialsand Equipment Business Group has implemented a horizontal integration development strategy centered on photovoltaic materials andmanufacturing equipment. This strategy effectively bolsters business specialization and promotes strategic synergy within the coreindustrial chain. The business group currently focuses on producing essential products, including photovoltaic materials such asjunction boxes, encapsulant films, and ribbon wires, along with crystal pulling equipment. While maintaining operational stability, thegroup is resolutely increasing its proportion of high-tech products and advancing its R&D capabilities into core technologies.
(II) Operation models
1. Photovoltaic and Energy Storage Business Group
(1) Procurement model
The Company relies on essential raw and auxiliary materials, including polysilicon, diamond wires, pastes, glass, and backsheets,to sustain its production processes. The Supply Chain Management Department effectively oversees procurement by employing ahybrid centralized-decentralized purchasing model. This strategy facilitates continuous communication with suppliers while closelymonitoring fluctuations in end-market demand and upstream material markets. Consequently, this approach not only ensures a stablesupply of raw materials for uninterrupted production but also enhances material quality, minimizes procurement costs, and guaranteestimely delivery of products to customers.
(2) Production model
Following the cost-effectiveness principle, the Company predominantly operates on a “make-to-order” model, where productionaligns with customer orders. Furthermore, the Company keeps limited stock of high-demand mainstream products.
The Company’s production facilities, both domestically and internationally, are equipped with the full production capabilities forthe photovoltaic industry chain, spanning from crystal pulling to wafer slicing, cell manufacturing, and module assembly. In additionto capitalizing on the cost advantages of domestic production facilities, we have our solar modules from manufacturing plants inSoutheast Asia cater to global customers, ensuring supply to customers. In addition to the main industry chain, the Company producesa small quantity of auxiliary materials to ensure their supply, and combine technological innovation with main industry chain to drivedown costs for these materials.
Typically, the production department, taking into account the specific capabilities of each manufacturing facility, schedulesproduction based on detailed customer order requirements, including product type, specifications, and delivery deadlines. Ultimately,each production facility completes the production. What is more, headquarters and all production facilities have implemented acomprehensive set of management protocols, including Production Process Management Procedures, Safe Production ManagementProcedures, and Pollution Emission Control Procedures to ensure the orderly execution of production activities and compliance withsafety and environmental regulations.
(3) Sale model and settlement model
The Company mainly produces silicon wafers, cells and modules. A limited quantity of intermediate products from the Companysuch as silicon wafers and solar cells are sold or produced on behalf of customers, while the majority undergo further processing intomodules for external sales. The Company’s sales department oversees both domestic and international sales operations. Theinternational sales team has been localized to provide efficient product sales and technical support to overseas customers. The Companyformulates tailored sales strategies to suit the distinct characteristics of different global photovoltaic markets. In emerging markets, itemploys a direct sales approach supported by distribution. With the ongoing maturation of the photovoltaic market, the distributionproportion in various countries and regions is witnessing a notable increase.
In terms of settlement model, full prepayment is generally mandated prior to shipment. For post-shipment payments, it is essentialto secure irrevocable letters of credit, bank guarantees, or comprehensive credit coverage from approved insurance providers beforedispatch. Established clients possessing a strong credit profile may be eligible for credit terms ranging from one to three months.Domestic transactions exclusively accept wire transfers or bank drafts (with maturities not exceeding six months) from pre-approved
institutions, while international orders accommodate only wire transfers or letters of credit with terms limited to three months.
(4) R&D model
The Company’s R&D activities primarily involve two approaches: independent R&D and collaborative R&D with third parties.The Company focuses mainly on independent R&D, boasting a highly efficient team of R&D personnel. These individuals areprimarily cultivated internally, possessing strong research capabilities and extensive experience, particularly in silicon wafers, cells,and module technologies. While ensuring the stability of core technical personnel, the Company vigorously recruits top-notch R&Dprofessionals to keep up with the fast-paced technological advancements and production processes in the photovoltaic industry. Tosupport its operations across the full photovoltaic industry chain, the Company has instituted a comprehensive R&D framework,comprising the Crystalline Silicon R&D Center, Cell R&D Center, Module R&D Center, and Energy Storage R&D Center. Thesecenters engage in ongoing research and development activities and drive enhancements in production processes within the photovoltaicsector.
At the same time, the Company highly values research and development collaborations with third parties. Adopting a model thatintegrates “Industry-University-Research (IUR)” is pivotal to the Company’s R&D endeavors. It has forged extensive partnershipswith renowned universities, research institutions, and international companies worldwide. Through these collaborations, the Companyintroduces and develops cutting-edge photovoltaic technologies, thereby accelerating the pace of industrialization. Furthermore, theCompany joins various standard organizations and industry alliances, contributing to the formulation and promotion of national andindustry photovoltaic standards.
2. Smart Energy Business Group
(1) Procurement model
The primary products required for power plant investment and construction include photovoltaic modules, inverters, combinerboxes, compact substations, cables, mounting structures, and other electrical equipment. Among these, photovoltaic modules areproduced in-house. The business unit has established a Supply Chain Management department responsible for implementingprocurement plans. It adopts a procurement model that combines centralized tendering-based procurement with occasional pricecomparison-based procurement.
(2) Operation model
The Company primarily operates through two business models: independent investment and cooperative development. In theindependent investment model, market development personnel actively seek opportunities for power plant investments, secureconstruction quotas, and independently finance construction. The Company then generates revenue through self-operation or by sellingthrough transfer of these power plants. In terms of cooperative development, the Company collaborates with clients (owners), and otherinvestors through various means to generate revenue through business models such as Build-Operate-Transfer and Energy ManagementContracting.
The Zero-Carbon Energy Business Unit effectively manages a diverse portfolio that includes distributed commercial and industrial(C&I) solar plants, residential photovoltaic systems, and innovative urban PV+ applications. This comprehensive approachencompasses a range of clean energy solutions, advanced energy-saving technologies, carbon reduction initiatives, industrialwastewater/sludge treatment, carbon asset management, and electricity market trading. Revenue generation for distributed C&I projectsis achieved through several avenues, including joint development, Engineering, Procurement, and Construction (EPC) services, EnergyPerformance Contracting (EPC), plant investments, and asset transfers. Focusing on the residential PV sector in East and South China,the unit operates through extensive dealer networks utilizing roof leasing agreements and turnkey system sales, bolstered by robustpost-installation services such as electricity billing systems, operation and maintenance management, asset transfer facilitation, andchannel partner oversight. In the villa markets, it provides integrated solar-energy-storage-charging (SSC) systems through dealers,offering customized all-in-one solutions and full lifecycle energy management services. This strategic approach maximizes spaceutilization—leveraging roofs, courtyards, parking spots, and terraces—while employing intelligent multi-scene adaptation to createlow-carbon, smart, and eco-friendly home energy ecosystems that empower personalized household energy stewardship.
The Utility-Scale Business Unit concentrates on centralized power plant initiatives, aligning with national mega-base programsfor new energy and provincial renewable energy development plans that incorporate local socioeconomic needs. The Company engagesin collaborative investments and the construction of utility-scale solar plants with regional governments. Following grid connection,operations are managed through either self-operated power generation and maintenance or by utilizing third-party evaluations tonegotiate sales to other renewable energy operators at competitive market prices, based on thorough cost-benefit analyses.
The International Business Unit is committed to cultivating localized clean energy solutions across the globe. It providescomprehensive investment-construction-operation lifecycle services specifically tailored to the unique needs of host countries. Itsdiverse portfolio includes greenfield projects, PPA-based initiatives, solar-storage-charging (SSC) hybrid systems, and zero-carbonindustrial parks. Through these innovative business models, the unit significantly propels the global transition to renewable energyinfrastructure while promoting the sustainable development of clean power worldwide.
(3) Sale model and settlement model
Utility-scale power plants employ a full grid feed-in electricity sales model, wherein all generated power is linked to the grid, withprices established through market-based trading mechanisms. Furthermore, a segment of this electricity can command premium pricingthrough green power transactions, with rates for green electricity determined by market dynamics.
Distributed commercial and industrial (C&I) solar plants predominantly utilize the self-consumption with surplus grid feed-inmodel. In this framework, the Company enters Energy Management Contracts (EMC) with clients, wherein generated electricity isprimarily sold to rooftop owners at negotiated rates, while any excess is directed to the grid at prevailing market prices. The electricityfed into the grid initially engages in a price differential settlement mechanism, with any remaining volumes settled at market-tradedrates. Notably, projects registered and grid-connected prior to May 1, 2025, retain the option to adopt the full feed-in model, employingsettlement methods akin to those of utility-scale plants. This model reflects a strategic and adaptive approach to energy managementin response to evolving policy landscapes.Residential solar systems already in operation can maintain the full feed-in model, adhering to existing tariff structures that alignwith current pricing policies, generally capped at the local coal-based benchmark rate. Conversely, new projects are required toimplement market-based pricing mechanisms. Moreover, the Company provides residential solar-storage systems, effectivelygenerating revenue through both equipment sales and energy stewardship services.
3. Materials and Equipment Business Group
(1) Procurement model
To minimize overall procurement costs, the Materials and Equipment Business Group employs a centralized purchasing model.The Procurement Department engages in continuous communication and collaboration with suppliers while diligently monitoringdownstream customer demand and upstream raw material market conditions. This strategy effectively secures a stable supply of rawmaterials, optimizes procurement expenditures, and ensures the timely delivery of products to customers.
(2) Production model
The Materials and Equipment Business Group employs a make-to-order with moderate inventory production strategy thateffectively aligns with market demand. While certain high-value or rapidly evolving technology products eschew proactive stockpiling,the majority of items are produced based on confirmed orders, supported by judiciously maintained safety stock. This balanced,demand-driven approach, enhanced by a strategic inventory buffer, ensures that the organization remains agile and responsive to marketfluctuations.
(3) Sale model and settlement model
The Materials and Equipment Business Group predominantly utilizes a direct sales model, enabling a comprehensiveunderstanding of customer needs and preferences. Payment terms and credit periods for settlements are product-specific, carefullyestablished based on market-oriented principles.
(4) R&D model
The Materials and Equipment Business Group employs a primarily in-house research and development strategy, complementedby strategic collaborative efforts. To adeptly monitor technological advancements in photovoltaic materials and equipment, the businessgroup is committed to enhancing its independent R&D team, increasing investments in innovation, optimizing production processes,and reducing manufacturing costs, all of which are designed to provide enhanced value to customers.
III. Analysis of Core Competitiveness
1. Synergistic Development of Three Business Groups
Since 2010, the Company has transformed from a singular solar cell manufacturer into a fully integrated player within thephotovoltaic industry. Over the past two decades, it has developed a synergistic ecosystem comprised of three principal business groups:
Photovoltaics and Energy Storage Business Group, Smart Energy Business Group, and Materials and Equipment Business Group. ThePhotovoltaics and Energy Storage Business Group encompasses the entire production chain, from silicon wafers and cells to modulesand energy storage systems. By the end of 2024, the Company's ambitions include achieving a remarkable 100 GW in moduleproduction capacity, with wafer and cell capacities projected to surpass 80% and 70% of module output, respectively. This verticalalignment enables stringent quality control over product performance and durability, concurrently mitigating supply chain risks. TheSmart Energy Business Group actively drives the development, construction, operation, and marketing of solar power plants, includingzero-carbon industrial parks. These projects not only enhance module shipments but also function as practical platforms for productinnovation. Meanwhile, the Materials and Equipment Business Group delivers essential supporting products—such as crystal pullingequipment, conductive materials, and encapsulation components—while pioneering new technologies and business models aimed atbalancing revenue growth with cost efficiency. This comprehensive operational model cultivates profound industry expertise acrossall photovoltaic segments, promotes collaboration in supply chain management, manufacturing, quality assurance, logistics, and energyapplications, and ultimately strengthens the Company’s pricing power and comprehensive competitiveness.
2. Global Deployment Capabilities
Since its inception, the Company has adopted a robust global development strategy. While maintaining a strong focus onestablished photovoltaic markets such as China, Europe, the United States, and Japan, it has pursued expansion into emerging marketsacross Southeast Asia, Australia, Latin America, the Middle East, and Africa. The establishment of 16 overseas sales subsidiaries hasenabled a far-reaching service network that spans 178 countries and regions. Overseas offices have evolved from mere productdistribution points into regional operational centers, equipped with comprehensive capabilities, including technical support, financial
services, legal compliance, and logistics management. Coupled with future overseas production facilities and localized supply chaindevelopment, these centers will function as fully autonomous regional hubs, enhancing operational efficiency and effectiveness.The Company capitalizes on the inherent quality and cost advantages of its domestic production bases to serve both Chinese andglobal markets effectively. To bolster its international service capabilities, it operates PV manufacturing facilities in Southeast Asiaand is establishing a new plant in Oman. This initiative is integral to a comprehensive globalization strategy that encompasses R&D,procurement, production, sales, and service, thereby ensuring the delivery of high-performance solar modules at competitive costsworldwide.The Company’s global deployment strategy adeptly mitigates regional market downturns and international trade disputes,fostering stable growth. This approach ensures consistency in technology research and development, production line enhancements,and equipment investments, cultivating a virtuous cycle that reinforces long-term competitiveness.
3. Technology Innovation Leadership
JA Solar effectively implements an innovative research and development (R&D) strategy characterized by the mass-producingone generation, reserving one generation, and developing one generation. This approach allows the Company to continuously enhanceits investment in research and innovation, thereby significantly improving its technological capabilities. JA Solar’s R&D team iscomprised of highly qualified scientists and graduates with advanced degrees from prestigious institutions worldwide, specializing insemiconductors, electronics, chemistry, and materials science. This expertise facilitates a profound understanding of cutting-edgephotovoltaic technologies and emerging trends. The Company has established dedicated R&D centers focusing on silicon materials,cells, modules, and energy storage. Furthermore, it actively collaborates with esteemed global universities and research institutions. Asystematic R&D management framework has been established to streamline processes and motivate the team, fostering a culture ofproactive technological advancement. As of December 2024, JA Solar has secured 1,899 patents, including 1,031 invention patents,which fortify its intellectual property portfolio.JA Solar has strategically positioned itself at the forefront of the solar energy industry through substantial investments in researchand development. The Company has achieved significant advancements in cell and module technologies, demonstrating superiorconversion efficiency, power output, quality, and cost-effectiveness. In 2022, JA Solar launched its inaugural n-type high-efficiencymodule, DeepBlue 4.0, followed by the enhanced DeepBlue 4.0 Pro in 2023. By 2024, the Company set a benchmark by achievingworld records for mass-production-sized cells, notably in TOPCon cell efficiency and open-circuit voltage, reaching 748.6 mV. At the2025 World Future Energy Summit in the UAE, JA Solar introduced the DeepBlue 5.0 series, taking pride in a remarkable moduleconversion efficiency of 24.8%. These innovations, utilizing Bycium+ 5.0 cell technology with optimized designs, also achieve anexceptional bifaciality factor of 85% and outstanding low-light performance. JA Solar's technological leadership has beenacknowledged globally, with several overseas projects receiving prestigious awards, including the 2024 MIIT BRI Energy InternationalCooperation Best Practice Award and the NEA Small but Beautiful Energy International Cooperation Best Practice Award.
4. Premium Quality and Brand Equity
JA Solar has established an extensive quality management system that comprehensively oversees the entire industry chain,meticulously managing each phase from research and development to procurement, production, testing, shipment, and logistics. Thissystematic approach ensures the delivery of high-quality products while significantly enhancing customer value. By adhering tointegrity-driven practices, JA Solar guarantees the reliability of its products and services, fostering trust and support from clientsglobally. The Company's commitment to quality has garnered recognition from major strategic partners, culminating in lastingpartnerships with leading solar project developers, EPC firms, and distributors across international markets.
JA Solar’s commitment to exceptional product quality is underscored by the accolades its manufacturing facilities in Ningjin,Hefei, and Yangzhou have received, achieving provincial-level quality awards. Notably, by the end of 2024, JA Solar has beenrecognized with the Overall Highest Achiever award by the Renewable Energy Test Center (RETC) for five consecutive years.Furthermore, the Company has consistently been designated as a Top Performer by PVEL, a leading independent PV testing agency,for nine years running. JA Solar has also earned the prestigious Top Brand PV title from EuPD Research across multiple countries,including Germany, France, Poland, Italy, the Netherlands, Switzerland, Australia, and Vietnam. The Company sustains its competitiveedge by being classified as a Tier 1 bankable brand by BloombergNEF for a decade and achieving PVModuleTech’s AAA bankabilityrating, and received the IFF Global Green Finance Award. The T?V Rheinland’s “All Quality Matters” Solar & Storage Award andT?V NORD’s Solar & Storage Quality Efficiency Award reflect the Company’s unwavering commitment to quality and innovationin the solar industry.
5. Digital-Intelligent Operations
The Company is resolutely committed to high-quality development, actively pursuing opportunities to enhance operations throughdigitalization and intelligent technologies. By integrating automated guided vehicles (AGVs), 5G networks, artificial intelligence (AI),and other advanced solutions into its production facilities, the Company markedly improves workforce productivity and product quality.Its comprehensive production management system integrates seamlessly with core business platforms, facilitating fluid data andworkflow connectivity across all facets of manufacturing, including equipment, processes, quality control, warehousing, operations,and industrial engineering. This strategic approach to visual management provides robust digital and intelligent support for real-timedecision-making, quality enhancement, cost reduction, and efficiency optimization throughout all manufacturing bases.
During the wafer production stage, the Company has implemented an advanced production analysis system that facilitatescontinuous, 24 hours real-time monitoring and automatic alerts for production data. This strategic use of digital intelligence enablesprecise quality control of silicon wafers. In cell manufacturing, each facility aggregates quality and process data to construct acomprehensive quality management system, thereby ensuring standardized quality control protocols. To enhance equipment reliability,the Company employs state-of-the-art automated systems, including monocrystalline batch texturing machines, low-pressure soft-landing diffusion systems, and fully automated electroluminescence (EL) inspection systems. These technologies facilitate end-to-endintelligent process control and monitoring. In module assembly, production lines are outfitted with cutting-edge automation—dual-track high-speed stringers, dual-chamber laminators, fully automated framing machines, and auto-aligners featuring industrial-graderobotic arms. This infrastructure offers high adaptability, enabling seamless synchronization across processes and efficient switchingof product specifications. Furthermore, the Company has developed a robust in-house fault management system, empoweringproduction managers to swiftly identify issues and receive real-time failure alerts, thus reinforcing operational efficiency.
By the end of 2024, JA Solar’s manufacturing facilities in Fengxian, Hefei, Xingtai, and Baotou were prominently included in theMinistry of Industry and Information Technology's (MIIT) Smart PV Pilot Demonstration Enterprise catalog. Moreover, the Ningjin,Fengxian, and Yangzhou plants garnered recognition as MIIT Intelligent Manufacturing Model Factories. Notably, the smartmanufacturing initiatives at the Yangzhou and Yiwu sites were selected as exemplary Outstanding Intelligent Manufacturing Scenariosby MIIT. The strategic implementation of digital-intelligent technologies has significantly augmented production output, lowered costs,improved product cost-performance ratios, and enhanced JA Solar’s competitive position in the market.
6. Efficient and Robust Management System
JA Solar’s core management team, possessing over a decade of extensive experience in the photovoltaic industry, has consistentlymaintained a forward-looking perspective on sector development. Having adeptly navigated various industry cycles, the team iscommitted to delivering high-quality products and services while offering profound insights into global PV technology trends andbusiness evolution. In late 2024, the Company spearheaded an organizational transformation, implementing a collaborativemanagement framework that integrates business operations, product technology, supply chain, and functional support. This strategicrestructuring optimizes resource allocation and substantially enhances operational efficiency.
JA Solar has strategically cultivated a robust portfolio of competitive advantages, effectively integrating industry influence,operational management, risk control, technological innovation, and market expansion. This comprehensive approach propels theCompany toward sustainable growth characterized by low-cost, high-quality, and efficient operations, while ensuring resilience amidvarious industry cycles. Since its inception in 2005, JA Solar has navigated a range of significant challenges, including the globalfinancial crisis, U.S. and EU anti-dumping measures, China’s “531 Policy”, and ongoing structural and cyclical overcapacity withinthe photovoltaic supply chain. Despite these market fluctuations and continuous technological disruptions, JA Solar has consistentlyestablished itself as a top-tier global player, maintaining a position among the world’s four leading module suppliers by annualshipments for over a decade.
7. Green and Low-Carbon Practices
JA Solar has solidified its commitment to sustainability through its G2G (Green to Green, Green to Grow, Green to Great)philosophy, strategy, and vision, which are closely aligned with the United Nations Sustainable Development Goals (SDGs). As afrontrunner in clean energy, the Company prioritizes green manufacturing throughout the entire product lifecycle, seamlesslyintegrating environmental stewardship into its research and development, procurement, production, logistics, and recycling processes.Moreover, JA Solar has developed a 6+ Green Ecosystem that encompasses green factories, advanced technologies and products,sustainable supply chains, renewable energy procurement, eco-conscious office and lifestyle initiatives, and awareness campaigns.This comprehensive framework effectively minimizes environmental impact and resource consumption, reinforcing JA Solar's missionas a low-carbon, resource-efficient, and environmentally responsible enterprise. In addition to ensuring regulatory compliance, theCompany actively contributes to China's dual carbon goals and global net-zero commitments.
As of the end of 2024, six of JA Solar’s production bases have been recognized on the MIIT national-level Green Factory list.The Company’s flagship products have successfully obtained carbon footprint certification from Certisolis in France, as well asEnvironmental Product Declaration (EPD) assessments from both Norway and Italy, and eco-label certification from South Korea.Additionally, JA Solar products are featured in the National Development and Reform Commission's (NDRC) Green TechnologyPromotion Catalog and the MIIT’s Green Design Product catalog. Due to its exceptional progress in green development, JA Solar hasbeen honored as a Green Design Demonstration Enterprise by the MIIT and recognized as a Best Practice Case for Green and Low-Carbon Development by the China Federation of Industrial Economics.
IV. Analysis of Main Businesses
1. Overview
With the increasingly prominent global issues of structural energy shortages, environmental pollution, and climate change,actively promoting an energy revolution and vigorously developing clean energy have become critical strategic choices for countriesto foster new economic growth drivers and achieve sustainable development. The advancement of photovoltaic technology and the
cost of solar power generation continues to decrease, makes photovoltaics the most competitive clean energy source. The increasingdemand for electricity driven by economic and social development, coupled with global efforts to accelerate the carbon neutralityprocess and global heightened attention to energy security, has positioned photovoltaics as the preferred choice for energy transitionworldwide. Market demand will be the driving force behind the ongoing high-quality development of the photovoltaic industry.The rapid expansion of the industry has intensified market competition significantly. Since 2023, newly added productioncapacity throughout the supply chain has gradually come online, resulting in supply-demand imbalances. This has led to a dramaticdecline in prices across the industrial chain, with numerous segments falling below cost levels, causing widespread losses.Consequently, production line shutdowns, project delays, and cancellations have become increasingly prevalent, signaling theindustry's shift toward a necessary phase of supply-side reform.
Amid heightened market competition, significant price declines for products, and increasingly challenging conditions ininternational trade, the profitability of the Company’s core business has faced substantial deterioration during the reporting period.Upon identifying potential indicators of impairment in long-term assets, the Company undertook impairment tests. Following athorough evaluation, it recognized significant asset impairment provisions in accordance with accounting standards, substantiallyaffecting its financial performance. During the reporting period, the Company reported operating revenue of 70,120,697,000 yuan, anet profit attributable to shareholders of -4,655.943.800 yuan, total assets of 112,958,012,300 yuan, and shareholders’ equity of27,896,247,500 yuan.During the reporting period, the Company implemented the following key measures to address mounting industry challenges:
1. Leveraging core strengths to drive shipment growth
During the reporting period, the Company effectively utilized its extensive global marketing service network and brand reputationto enhance market expansion efforts. This strategy resulted in a substantial year-over-year increase in cell and module shipments, whichtotaled 79.447 GW(including 1.544 GW self-use). Notably, overseas module shipments comprised approximately 49% of the total.
2. Advancing technological innovation to enhance product competitiveness
The Company is committed to long-term investments in technological research and development and process innovation. Drivenby market demand and informed by rigorous technical research, the R&D team focuses on process improvements to enhancetechnological leadership. In 2024, R&D expenditures reached 3.711 billion yuan, constituting 5.29% of total revenue. By the end ofthe reporting period, the Company held 1,899 valid patents, which included 1,031 invention patents.
In early 2025, the Company introduced the revolutionary DeepBlue 5.0 ultra-high-performance module, engineered to provideexceptional value to clients while accommodating a wide range of application needs. This state-of-the-art product, grounded in theproprietary Bycium+ 5.0 cell technology platform, incorporates advanced structural optimizations, material enhancements, andimproved electrical architecture. As a result, the module achieves an impressive 670W power output and 24.8% conversion efficiency.Drawing on the Company’s strengths in intelligent manufacturing and rigorous quality control, the DeepBlue 5.0 not only maintainsthe proven reliability of the DeepBlue product family but also demonstrates remarkable adaptability across extreme environments,including polar conditions, high-altitude terrains, arid deserts, humid tropics, and marine settings. This innovation establishes a newbenchmark for ultra-high-performance modules, ensuring comprehensive compatibility across diverse scenarios.
3. Accelerating n-type cell capacity ramp-up for cost efficiency
During the reporting period, the Company successfully accelerated the production of n-type cells, resulting in markedimprovements in product yield, conversion efficiency, and reduced manufacturing costs. Its large-format cells now set industrybenchmarks for both efficiency and cost-effectiveness. By the end of 2024, the Company achieved a module production capacity of100 GW, with wafer and cell capacities exceeding 80% and 70% of module output, respectively. Moreover, the transition from p-typeto n-type technology in cell production has been fully realized.
The latest n-type Bycium+ cells have achieved an impressive mass-production conversion efficiency of up to 27%. Ongoingprocess improvements are strategically focused on further lowering production costs while enhancing overall cost-performancecompetitiveness.
4. Optimizing overseas production footprint to advance globalization
In response to the rising tide of international trade protectionism, the strategic deployment of globalized production capacity isessential. Aligned with its globalization development strategy, the Company actively expedited 6GW high-efficiency solar cell and a3GW high-power module production facility in Oman, thereby significantly enhancing our ability to meet the needs of our globalclientele.
5. Repurchasing shares to establish long-term incentives
In a clear demonstration of confidence in its future growth and recognition of its intrinsic value, the Company has enacted a long-term incentive mechanism through the approval of a share repurchase plan valued between 400 million yuan and 800 million yuan.This decision takes into account operational performance, business prospects, financial health, and expected profitability. As of October29, 2024, following the end of the repurchase period, the Company successfully executed the buyback through centralized bidding onthe Shenzhen Stock Exchange, acquiring 26,945,700 shares at prices ranging from 9.71 to 22.16 yuan per share. The total expenditureamounted to 489,990,021.55 yuan, excluding taxes and transaction fees, thereby officially concluding the repurchase initiative.
6. Issuing cash dividends to improve investor returns
During the reporting period, the Company successfully executed its 2023 profit distribution plan. Based on 3,285,192,903outstanding shares (total outstanding shares of 3,309,669,203 minus 24,476,300 repurchased shares), it declared a cash dividend of
5.63 yuan per 10 shares (tax inclusive), resulting in a total distribution of 1.849 billion yuan. Coupled with the 2.109 billion yuanallocated for share repurchases, the total payout represented an impressive 30% of the 2023 net profit attributable to shareholders asreflected in the consolidated financial statements.
7. Elevating digital and intelligent level for an efficient operational system
The Company explored the use of digitization and intelligence to empower business development, enhancing operationalefficiency and facilitating cost reduction. We continued to reinforce our team and capabilities in data information, enhancinginformation security. We have completed the establishment and optimization of management systems, including marketing,manufacturing, operations, logistics, and finance. We established the Intelligent Manufacturing Research Institute, and elevated theintelligent manufacturing capabilities across our various facilities. Several units have been recognized at the national level as IntelligentManufacturing Demonstration Factory and for their Excellence in Intelligent Manufacturing Scenarios. The integration of digital andintelligent technologies has markedly increased production output, lowered manufacturing costs, improved product cost-performanceratios, and bolstered market competitiveness.
8. Deepening the sustainable development strategy to promote the high-quality business development
Guided by the sustainability philosophy of Building a Green Cycle, Seeking Green Development Together, and Creating a GreenFuture, the Company has implemented a comprehensive green manufacturing system where resource conservation and efficientutilization are emphasized, and digital technology and intelligent manufacturing are extensively employed to establish green, intelligentmanufacturing facilities. The Company strategically collaborates with both upstream and downstream supply chain partners to establisha carbon-neutral ecosystem, while concurrently addressing its social responsibilities through initiatives such as charitable donations,disaster relief, and educational support. Notably, six of its manufacturing facilities have achieved recognition as national-level GreenFactories. The Company has also obtained prestigious accolades, including an AAA ESG rating from the SinoSec Index and theEcoVadis Silver Medal for sustainability performance. For three consecutive years, it has published comprehensive Sustainability andESG Reports, effectively communicating its values and propelling high-quality development.
2. Revenue and cost
(1) Operating revenue composition
Unit: Yuan
| 2024 | 2023 | YoY growth | |||
| Amount | Percent of operating revenue | Amount | Percent of operating revenue | ||
| Total operating revenue | 70,120,697,029.73 | 100% | 81,556,177,236.98 | 100% | -14.02% |
| Industry | |||||
| New energy | 70,120,697,029.73 | 100.00% | 81,556,177,236.98 | 100.00% | -14.02% |
| Product | |||||
| PV modules | 66,627,740,897.28 | 95.02% | 78,174,617,903.22 | 95.86% | -14.77% |
| Operation of photovoltaic powerplants | 1,242,289,894.94 | 1.77% | 843,274,457.51 | 1.03% | 47.32% |
| Others | 2,250,666,237.51 | 3.21% | 2,538,284,876.25 | 3.11% | -11.33% |
| Region | |||||
| Domestic | 29,701,012,209.25 | 42.36% | 37,128,416,721.90 | 45.53% | -20.00% |
| Americas | 16,386,094,109.62 | 23.37% | 13,571,634,350.71 | 16.64% | 20.74% |
| Europe | 12,726,712,255.65 | 18.15% | 17,619,601,271.02 | 21.60% | -27.77% |
| Asia and Oceania | 9,010,975,935.09 | 12.85% | 11,142,627,268.22 | 13.66% | -19.13% |
| Africa and Others | 2,295,902,520.12 | 3.27% | 2,093,897,625.13 | 2.57% | 9.65% |
| Sale model | |||||
| Direct sale | 56,122,809,226.84 | 80.04% | 59,428,565,574.59 | 72.87% | -5.56% |
| Dealership/ distribution | 13,997,887,802.89 | 19.96% | 22,127,611,662.39 | 27.13% | -36.74% |
(2) Industries, products, regions, and sale models that account for over 10% of the operating revenue or operating profit
?Applicable □ Not applicable
Unit: Yuan
| Operating revenue | Operating cost | Gross profit margin | YoY change of operating revenue | YoY change of operating cost | YoY change of gross profit margin | |
| Industry | ||||||
| New energy | 70,120,697,029.73 | 66,979,216,270.41 | 4.48% | -14.02% | -0.28% | -13.17% |
| Product | ||||||
| PV modules | 66,627,740,897.28 | 63,413,018,052.91 | 4.82% | -14.77% | -1.34% | -12.96% |
| Region | ||||||
| Domestic | 29,701,012,209.25 | 32,069,945,835.07 | -7.98% | -20.00% | -1.72% | -20.09% |
| Americas | 16,386,094,109.62 | 11,235,383,255.96 | 31.43% | 20.74% | 29.48% | -4.63% |
| Europe | 12,726,712,255.65 | 13,173,793,281.96 | -3.51% | -27.77% | -13.39% | -17.19% |
| Asia and Oceania | 9,010,975,935.09 | 8,235,502,183.11 | 8.61% | -19.13% | -6.91% | -11.99% |
| Sale model | ||||||
| Direct sale | 56,122,809,226.84 | 51,732,679,968.45 | 7.82% | -5.56% | 7.46% | -11.18% |
| Dealership/ distribution | 13,997,887,802.89 | 15,246,536,301.96 | -8.92% | -36.74% | -19.86% | -22.95% |
If modifications are made to the statistical scope for reporting core business data during the reporting period, the Company presentsthe adjusted core business data for the latest year based on the scopey effective at the reporting period's conclusion.□ Applicable ?Not applicable
(3) Sales revenue greater than service revenue
? Yes □ No
| Industry | Item | Unit | 2024 | 2023 | YoY growth |
| New energy | Sale | MW | 72,675.51 | 53,145.46 | 36.75% |
| Production | MW | 73,177.141 | 59,953.472 | 22.06% | |
| Inventory | MW | 8,024.96 | 9,073.91 | -11.56% |
Note: 1 included volumeproduced on behalf of clients.2 included volumeproduced on behalf of clients.
Reasons for YoY changes greater than 30%?Applicable □ Not applicableThe Company has seen a substantial increase in sales volume and production volume levels in 2024 compared to 2023, reflecting theexpansion of its production and sales scale. The sales volume of 2024 does not include the Company’s self-use quantity of 1543.95megawatts.
(4) Fulfillment of major existing purchase or sales contracts as of the end of the reporting period
□ Applicable ? Not applicable
(5) Operating cost composition
Industry and product
Unit: Yuan
| Industry | Item | 2024 | 2023 | YoY growth |
| Amount | Percent of operating cost | Amount | Percent of operating cost | |||
| New energy | Operating cost | 66,979,216,270.41 | 100.00% | 67,163,948,649.19 | 100.00% | -0.28% |
Unit: Yuan
| Product | Item | 2024 | 2023 | YoY growth | ||
| Amount | Percent of operating cost | Amount | Percent of operating cost | |||
| PV modules | Material cost | 42,243,848,264.71 | 66.62% | 47,550,397,346.66 | 73.98% | -11.16% |
| PV modules | Direct labor cost | 2,739,917,336.41 | 4.32% | 2,562,641,098.79 | 3.99% | 6.92% |
| PV modules | Manufacturing expense | 13,963,566,498.82 | 22.02% | 11,058,756,555.68 | 17.20% | 26.27% |
| PV modules | Fulfillment costs and others | 4,465,685,952.97 | 7.04% | 3,104,123,798.65 | 4.83% | 43.86% |
RemarksNone.
(6) Scope of consolidation changed or not in the reporting period
? Yes □ No
The entities included in the scope of consolidated financial statements for this period have changed compared to the previous period.Refer to Section X Financial Statements of this 2024 Annual Report.
(7) Significant changes or adjustments in businesses, products or services in the reporting period
□ Applicable ? Not applicable
(8) Major customers and suppliers
Main customers
| Combined sales amount from top five customers (yuan) | 13,741,636,722.07 |
| Combined sales amount from top five customers as a percentage of the annual total sales | 19.59% |
| Related party sales amount within the combined sales amount from top five customers, as a percentage of the annual total sales | 0.00% |
Top 5 customers
| No. | Customer name | Sales amount (yuan) | Percent of annual total sales |
| 1 | First | 3,469,383,769.42 | 4.95% |
| 2 | Second | 3,157,427,345.53 | 4.50% |
| 3 | Third | 2,526,487,345.19 | 3.60% |
| 4 | Fourth | 2,352,278,262.01 | 3.35% |
| 5 | Fifth | 2,236,059,999.92 | 3.19% |
| Total | -- | 13,741,636,722.07 | 19.59% |
Additional information on main customers
□ Applicable ? Not applicable
Main suppliers
| Combined purchase amount to top five suppliers | 9,613,668,559.25 |
| Combined purchase amount to top five suppliers as a percentage of the annual total purchases | 21.66% |
| Related-party purchase amount within the combined purchase amount to top five suppliers as a percentage | 2.52% |
of the annual total purchases
Top 5 suppliers
| No. | Supplier name | Purchase amount (yuan) | Percent of annual total purchases |
| 1 | Supplier one | 2,372,693,307.02 | 5.34% |
| 2 | Supplier two | 2,170,510,025.37 | 4.89% |
| 3 | Supplier three | 1,738,955,321.60 | 3.92% |
| 4 | Supplier four | 1,673,199,318.00 | 3.77% |
| 5 | Supplier five | 1,658,310,587.26 | 3.74% |
| Total | -- | 9,613,668,559.25 | 21.66% |
Additional information on main suppliers
□ Applicable ? Not applicable
3. Expenses
Unit: Yuan
| 2024 | 2023 | YoY growth | Remarks on significant changes | |
| Sales expense | 1,077,841,072.90 | 989,182,196.02 | 8.96% | Primarily attributable to higher professional service fees and marketing/exhibition expenses compared to the previous year |
| Management expense | 2,006,853,598.56 | 2,345,294,394.91 | -14.43% | Mainly due to reduced employee compensation |
| Financial expense | 548,882,847.38 | -359,870,372.75 | 252.52% | Resulted from a combination of lower foreign exchange gains, increased interest income, and higher financing costs |
| R&D expense | 986,673,572.66 | 1,142,079,441.86 | -13.61% | Chiefly caused by decreased R&D material expenditures. |
4. R&D expenditure
?Applicable □ Not applicable
| Key R&D project name | Purpose | Progress | Objective | Expected impact on the Company’s development |
| Research and development of n-type high-quality monocrystalline 6.0 technology | Reducing the oxygen content in n-type monocrystalline to enhance minority carrier lifetime in the monocrystalline silicon | Large-scale deployment | Monocrystalline oxygen content reduced by ≥3ppm, minority carrier lifetime improved by ≥20% | The investment in n-type high-quality monocrystalline 6.0 technology, particularly aimed at further reducing oxygen content and enhancing minority carrier lifetime, will significantly improve the conversion |
| efficiency, yield rate, and reliability of n-type monocrystalline cells. | ||||
| Research and development of AI-driven intelligent crystal pulling technology | Empowering crystal growth with AI technology by dynamically optimizing process parameters, enabling material genome engineering design, and intelligently diagnosing crystal defects. | R&D pilot phase | The cost of monocrystalline technology will be reduced by more than 10%, facilitating a comprehensive restructuring of the human-machine capability matrix and resulting in the reduction of over 25% of labor positions. | AI technology will significantly advance the photovoltaic industry by establishing intelligent factories characterized by a dual-helix structure, which seamlessly integrates an AI execution layer with a human decision-making layer. |
| Large-size n-type passivated contact cell technology upgrade | The large-size n-type passivated contact cell technology will be iteratively enhanced and introduced into mass production. | Partial capacity upgraded to 5th-gen technology | The advancement and implementation of fifth-generation TOPCon cell technology, with the module power increase of over 10W compared to the fourth generation. | This will provide technology solutions for mass production photovoltaic cells with higher conversion efficiency to meet market demand. |
| Mass production solution development for new back-contact cells (BC cells) and modules | We are advancing the research and development of innovative, cost-effective back-contact cells and modules designed for scalable mass production. | Small-batch trial runs completed | Achieving full back-contact modules that exhibit a 0.5% increase in front-side efficiency when compared to traditional TOPCon modules. | This will diversify the product lineup of the Company’s photovoltaic modules to bolster competitiveness with efficient, premium offerings tailored to specific applications like rooftops and distributed systems. |
| Development of high-efficiency HJT cells at low costs | Pilot production of HJT cells and continuously improving efficiency while reducing costs | Phase objectives achieved, transitioned to technology reserve | Achieving a photoelectric conversion efficiency of >26.5% for heterojunction (HJT) cells, with the small-scale trial production done. | This will enhance the Company’s technical capabilities in high-efficiency cell technologies. |
| Development of high-strength module technology | Enhancing the reliability of modules and extending their lifespan | Product pilot testing | Our objective is to significantly enhance module load performance by over 30%, while reducing costs and improving aesthetics through meticulous equipment and process optimization. | This will result in stronger module products, improved power generation, and greater adaptability to diverse application scenarios. |
| Development of high-precision interconnection module technology | Our purpose is to enhance module efficiency, reduce cost per watt, and minimize | Pilot testing | The objective is to decrease silver consumption in cell production by more | This will effectively reduce the cost per watt of high-efficiency modules, optimize their |
| precious metal consumption. | than 10%, effectively lowering both the Balance of System (BOS) and the Levelized Cost of Energy (LCOE). | aesthetics, and significantly enhance the competitiveness of our products. | ||
| Research and demonstration application of Key technologies for 1,500V high-voltage liquid-cooled energy storage systems | Our purpose is to effectively address the critical technical challenges associated with 1,500V DC system integration, thereby establishing a cutting-edge high-voltage liquid-cooled energy storage technology platform. | Larg-scale deployment | The objective is to design and validate a large-scale, prefabricated energy storage prototype utilizing a 1,500V high-voltage liquid-cooled system. | This will achieve a groundbreaking milestone in energy storage technology and products, positioning us at the forefront of the industry. |
| Development of energy storage EMS and cloud platform for industrial and commercial purposes. | Our purpose is to launch the JA Solar Nebula series of integrated energy management solutions, achieving digital convergence of business and technology. | Demonstration application | The objective is to address critical technical challenges in data communication, system architecture, and energy dispatch. | This will advance energy storage safety and intelligent evolution, while driving technology standardization and cost reduction. |
R&D personnel
| 2024 | 2023 | Change (%) | |
| Number of R&D staff | 2,471 | 2,276 | 8.57% |
| Percent of R&D staff to total staff | 4.92% | 6.98% | -2.06% |
| Education background of R&D staff | |||
| Bachelor’s degree | 892 | 1,005 | -11.24% |
| Master | 226 | 211 | 7.11% |
| Others | 1,030 | 1,255 | -17.93% |
| Age groups | |||
| Under 30 years old | 491 | 914 | -46.28% |
| 30 to 40 years old | 1,336 | 1,346 | -0.74% |
| 41 to 49 years old | 296 | 194 | 52.58% |
| 50 years old or above | 25 | 17 | 47.06% |
R&D expenditure
| 2024 | 2023 | Change (%) | |
| R&D expenditure (yuan) | 3,710,699,801.90 | 4,445,889,371.64 | -16.54% |
| R&D expenditure to operating revenue | 5.29% | 5.45% | -0.16bp |
| Capitalized R&D expenditure (Yuan) | 0.00 | 0.00 | 0.00% |
| Capitalized R&D expenditure as a percentage of R&D expenditure | 0.00% | 0.00% | 0.00bp |
Reasons for material changes in R&D staff structure and the impact on the Company’s development
□ Applicable ? Not applicable
Reason for significant YoY change in the ratio of total R&D expenditure to operating revenue
□ Applicable ? Not applicable
Reason and explanation for significant change in capitalized rate of R&D expenditure
□ Applicable ? Not applicable
5. Cash flows
Unit: Yuan
| Item | 2024 | 2023 | YoY growth |
| Subtotal of cash inflows from operating activities | 71,723,318,225.99 | 82,674,197,341.42 | -13.25% |
| Subtotal of cash outflows from operating activities | 68,376,742,264.45 | 70,260,051,955.67 | -2.68% |
| Net cash flow generated from operating activities | 3,346,575,961.54 | 12,414,145,385.75 | -73.04% |
| Subtotal of cash inflows from investing activities | 760,261,847.93 | 946,049,438.70 | -19.64% |
| Subtotal of cash outflows from investing activities | 13,872,698,113.08 | 18,739,532,616.39 | -25.97% |
| Net cash flow generated from investing activities | -13,112,436,265.15 | -17,793,483,177.69 | 26.31% |
| Subtotal of cash inflows from financing activities | 28,882,053,199.33 | 16,643,936,923.90 | 73.53% |
| Subtotal of cash outflows from financing activities | 13,557,813,958.98 | 10,683,584,019.73 | 26.90% |
| Net cash flow generated from financing activities | 15,324,239,240.35 | 5,960,352,904.17 | 157.10% |
| Net increase in cash and cash equivalents | 5,808,526,306.21 | 642,612,190.77 | 803.89% |
Description on major factors for significant YoY changes?Applicable □ Not applicable
1.The net cash inflow from operating activities experienced a notable year-over-year decline, predominantly attributed to decreasedsales collections;
2.The net cash outflow from investing activities saw a significant reduction, primarily due to decreased cash expenditures for long-term asset acquisitions;
3.The net cash inflow from financing activities increased substantially, driven largely by heightened borrowings during the currentperiod.Explanation for the significant difference between the net cash flows from operating activities and the net profit for the current period
□ Applicable ? Not applicable
V. Analysis of non-operating activities
?Applicable □ Not applicable
Unit: Yuan
| Amount | Percent of total profit | Reason | Sustainable or not | |
| Investment gain | -9,988,113.66 | 0.19% | Primarily due to equity change gains from | No |
| invested entities, realized losses on foreign exchange hedging settlements, and equity method accounting losses. | ||||
| Profit/loss from change in fair value | -248,756,571.01 | 4.79% | Mainly attributable to unrealized mark-to-market losses on foreign exchange hedging positions. | No |
| Asset impairment | -3,154,379,299.46 | 60.71% | Primarily from impairment provisions for long-term assets, etc. | No |
| Non-operating revenue | 27,824,209.61 | -0.54% | Primarily driven by penalty income, late fee revenues, and gains from non-current asset disposals. | No |
| Non-operating cost | 252,148,273.02 | -4.85% | This primarily encompasses losses from non-current asset disposals, contract settlement payments, and penalty or late fee costs. | No |
| Other income | 504,266,152.94 | -9.71% | Primarily due to government grants and additional deductible VAT credits. | Primarily due to equity change gains from invested entities, realized losses on foreign exchange hedging settlements, and equity method accounting losses. Items classified as recurring profit or loss according to Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public—Non-recurring Gains and Losses (2023 Revision) are regarded as sustainable and reliable. |
| Credit impairment loss | -174,353,188.35 | 3.36% | Primarily encompasses impairment provisions for accounts receivable and other receivables. | No |
| Gain on asset disposal | -52,235,589.97 | 1.01% | Primarily due to loss on scrap of non-current assets | No |
VI. Assets and Liabilities
1. Significant changes in asset structure
Unit: Yuan
| 2024 close | 2024 opening | Change in percent | Remarks on significant changes | |||
| Amount | Percent of total assets | Amount | Percent of total assets | |||
| Cash at bank and in hand | 25,088,742,298.26 | 22.21% | 15,988,433,550.07 | 15.00% | 7.21% | Primarily due to increased borrowings during the current period. |
| Accounts receivable | 8,970,826,928.73 | 7.94% | 9,165,987,673.61 | 8.60% | -0.66% | |
| Contract assets | 131,644.87 | 0.00% | 65,858,189.43 | 0.06% | -0.06% | |
| Inventories | 10,570,741,220.23 | 9.36% | 14,471,851,729.28 | 13.58% | -4.22% | Primarily due to reduced ending inventory quantities, lower unit product costs, and heightened inventory impairment provisions. |
| Investment properties | 0.00% | 0.00% | 0.00% | |||
| Long-term equity investments | 638,728,175.38 | 0.57% | 899,155,598.20 | 0.84% | -0.27% | |
| Fixed assets | 41,584,089,103.99 | 36.81% | 36,865,874,794.59 | 34.59% | 2.22% | This primarily reflects the combined impact of completed transfers from construction-in-progress to fixed assets and increased impairment provisions for fixed assets. |
| Construction in progress | 3,244,291,543.72 | 2.87% | 9,740,436,205.07 | 9.14% | -6.27% | This is primarily attributable to the transfer of completed projects to fixed assets. |
| Right-of-use assets | 2,258,092,914.01 | 2.00% | 1,553,847,034.24 | 1.46% | 0.54% | |
| Short-term borrowings | 8,497,626,915.30 | 7.52% | 978,591,075.08 | 0.92% | 6.60% | This is primarily attributable to new borrowings secured during the |
| reporting period. | ||||||
| Contract liabilities | 3,406,761,047.28 | 3.02% | 4,872,292,085.69 | 4.57% | -1.55% | Mainly resulting from decreased advance payments from customers. |
| Long-term borrowings | 14,241,991,898.84 | 12.61% | 1,476,851,872.71 | 1.39% | 11.22% | This is primarily attributable to new borrowings secured during the reporting period. |
| Lease liabilities | 1,827,807,017.16 | 1.62% | 1,153,292,043.48 | 1.08% | 0.54% | |
| Other receivables | 1,207,797,619.41 | 1.07% | 911,046,783.30 | 0.85% | 0.22% | |
| Non-current assets due within one year | 2,871,642,531.35 | 2.54% | 2,668,540,265.43 | 2.50% | 0.04% | |
| Other current assets | 3,757,903,513.93 | 3.33% | 2,846,806,290.02 | 2.67% | 0.66% | |
| Intangible assets | 2,162,945,535.82 | 1.91% | 2,262,783,873.95 | 2.12% | -0.21% | |
| Deferred tax assets | 1,257,654,931.56 | 1.11% | 932,781,800.67 | 0.88% | 0.23% | |
| Other non-current assets | 6,366,036,604.61 | 5.64% | 4,302,895,031.61 | 4.04% | 1.60% | Primarily driven by an increase in term deposits with maturities surpassing one year. |
| Notes payable | 14,345,592,887.14 | 12.70% | 18,609,296,613.85 | 17.46% | -4.76% | This primarily indicates the maturation of notes payable during the period. |
| Accounts payable | 9,814,115,775.05 | 8.69% | 8,816,378,706.33 | 8.27% | 0.42% | |
| Other payables | 10,232,056,708.65 | 9.06% | 14,369,723,054.48 | 13.48% | -4.42% | This primarily reflects the settlement of outstanding engineering and equipment payables. |
| Non-current liabilities due within one year | 1,765,458,153.16 | 1.56% | 824,307,166.77 | 0.77% | 0.79% | |
| Bonds payable | 8,623,651,496.24 | 7.63% | 8,359,739,960.81 | 7.84% | -0.21% | |
| Long-term payables | 6,404,265,944.85 | 5.67% | 3,995,002,982.90 | 3.75% | 1.92% | This is mainly attributable to a rise in sale-leaseback financing arrangements. |
| Estimated liabilities | 1,837,744,006.11 | 1.63% | 1,518,973,691.70 | 1.43% | 0.20% | |
| Deferred revenue | 1,254,670,681.65 | 1.11% | 1,006,703,824.20 | 0.94% | 0.17% |
High ratio of overseas assets?Applicable □ Not applicable
| Specific asset | Reason | Asset size | Location | Operation model | Control measures to safeguard asset security | Revenue | Overseas assets as percentage of Company’s net assets | Existence of material impairment risks |
| JA Solar Vietnam Co., Ltd. | establishment by investment | 6.639 billion yuan | Vietnam | Independently operated | Insurance | 2.226 billion yuan | 23.80% | No |
2. Assets and liabilities measured at fair value
?Applicable □ Not applicable
Unit: Yuan
| Item | Opening amount | Current profit/loss from change in fair value | Cumulative change in fair value recorded into equities | Impairment provision in the current period | Purchase in the current period | Sale in the current period | Other changes | Closing amount |
| Financial assets | ||||||||
| 2. Derivative financial assets | 11,847,761.02 | -8,589,922.99 | 6,406,301.47 | -6,406,301.47 | -1,961,301.59 | 1,296,536.44 | ||
| 4. Other equity investments | 99,664,681.07 | -18,974,177.43 | -39,366,955.85 | 41,323,547.79 | ||||
| 5. Other non-current financial assets | 109,366,352.60 | 109,366,352.60 | ||||||
| Sub-total financial assets | 943,114,132.33 | -8,589,922.99 | -12,567,875.96 | -45,773,257.32 | -78,007,854.28 | 798,175,221.78 | ||
| Receivable financing | 831,601,690.24 | -185,412,905.29 | 646,188,784.95 | |||||
| Total | 943,114,132.33 | -8,589,922.99 | -12,567,875.96 | -45,773,257.32 | -78,007,854.28 | 798,175,221.78 | ||
| Financial liabilities | 0.00 | 240,166,648.02 | 240,166,648.02 | |||||
Other changesThe other changes stemmed primarily from equity fluctuations in invested entities, alterations in accounts receivable financing, andforeign currency translation adjustments when consolidating the financial statements of overseas subsidiaries.Any significant changes in the measurement attributes of the major assets during the reporting period or not
□ Yes ? No
3. Main restricted assets at the end of the reporting period
Refer to Note 24 “assets with restrictive ownership titles or right-of use in in Section X Financial Statements of this Report for detailson restricted assets.
VII. Investment Analysis
1. Overview
?Applicable □ Not applicable
| Investment amount in the reporting period (yuan) | Prior period Investment (yuan) | Change |
| 10,015,484,148.82 | 31,281,090,982.03 | -67.98% |
2. Significant equity investments acquired in the reporting period
?Applicable □ Not applicable
Unit: Yuan
| Investee name | Main business | Investment form | Investment amount | Equity percent | Sources of funds | Partner | Investment duration | Product type | Progress on the balance sheet date | Expected return | Investment gain or loss in the current period | Litigation involved or not | Disclosure date (if any) | Disclosure index (if any) |
| JA (Yangzhou) Solar Technology Co., Ltd. | Producing and selling solar cells | Acquisition | 2,502,944,444.00 | 100.00% | Self-funding and fund-raising | None | Long-term | Producing and selling solar cells | In July 2024, China Orient Asset Management Co., Ltd. transferred its 23.07% equity interest in JA (Yangzhou) Solar Technology Co., Ltd. (“Yangzhou Cell”) to JA Solar Holdings (“JA Solar Holdings”) for a consideration of 2 billion yuan. Following this transaction, the Group increased its ownership stake in Yangzhou Cell to 94.23%, while ABC Financial Asset Investment Co., Ltd. retained a 5.77% interest. Consequently, Yangzhou Cell continued to be classified as a consolidated subsidiary in the Group’s financial statements. In August 2024, JA Solar further consolidated its position by acquiring the remaining 5.77% stake from ABC Financial Asset Investment Co., Ltd. for 502,944,444 yuan, resulting in the Group achieving complete ownership of Yangzhou Cell. | No | July 10, 2024 | JA Solar Technology Co., Ltd. Announcement on the Acquisition of Partial Equity in a Controlled Subsidiary – Published on the CNINFO website (http://www.cninfo.com.cn). | ||
| Total | -- | -- | 2,502,944,444.00 | -- | -- | -- | -- | -- | -- | 0.00 | 0.00 | -- | -- | -- |
3. Significant non-equity investments in progress in the reporting period
?Applicable □ Not applicable
Unit: Yuan
| Project name | Investment form | Fixed asset investment or not | Industry involved | Amount invested in the reporting period | Cumulative investment amount by the end of the reporting period | Sources of funds | Project progress | Expected return | Cumulative return realized by the end of the reporting period | Reason for not meeting expected progress and expected return | Disclosure date (if any) | Disclosure index (if any) |
| 30GW Annual Crystal Pulling, 10GW Silicon Wafer, and 10GW | Self-construction | Yes | Photovoltaic | 78,210,732.47 | 78,210,732.47 | Self-funding | - | June 06, 2023 | For details, please refer to the announcement titled Announcement on |
| Module Project in the Ordos High-Tech Zone | Investment and Construction of Integrated Production Capacity published on the CNINFO website (http://www.cninfo.com.cn). | |||||||||||
| Total | -- | -- | -- | 78,210,732.47 | 78,210,732.47 | -- | -- | 0.00 | 0.00 | -- | -- | -- |
4. Investments into financial assets
(1) Securities investments
□ Applicable ? Not applicable
The Company had no securities investments in the reporting period.
(2) Derivatives investments
?Applicable □ Not applicable
1) Derivative investments held for hedging in the reporting period
?Applicable □ Not applicable
Unit: 10,000 yuan
| Derivatives investment type | Initial investment amount | Opening amount | Current profit/loss from change in fair value | Cumulative change in fair value recorded into equities | Amount bought in the reporting period | Amount sold in the reporting period | Closing amount | Ratio of closing investment amount to the Company’s net assets at the end of the reporting period |
| Forward exchange, options | 1,256,306.74 | 1,256,306.74 | -24,875.66 | 640.63 | 3,614,726.75 | 4,776,076.55 | 94,956.94 | 3.40% |
| Total | 1,256,306.74 | 1,256,306.74 | -24,875.66 | 640.63 | 3,614,726.75 | 4,776,076.55 | 94,956.94 | 3.40% |
| Accounting policies and principles for hedging activities in the reporting period, and any significant changes compared to the previous reporting period | This year, the Company has successfully fulfilled the requirements for hedge accounting and has commenced its application. In alignment with the Ministry of Finance’s Accounting Standards for Business Enterprises—specifically No. 22 (Recognition and Measurement of Financial Instruments), No. 23 (Transfer of Financial Assets), No. 24 (Hedge Accounting), and No. 37 (Presentation of Financial Instruments)—the Company has implemented appropriate accounting treatments for its hedging activities, ensuring compliance and enhancing financial reporting accuracy. | |||||||
| Note on the actual profit/loss in the reporting period | During the reporting period, the income from fair value adjustments was -248,756,600 yuan and the settlement income totaled -40,763,800 yuan. | |||||||
| Note on the effect of hedge activities | The Company conducts regular meetings of its foreign exchange working group to evaluate current exposure positions, analyze the effectiveness of hedging strategies, and ensure alignment with operational requirements. A rigorous one-to-one matching is maintained between hedging instruments and the underlying items, encompassing currency, amount, and duration. Gains or losses from these hedging activities are designed to directly offset fluctuations in exchange gains or losses from foreign currency-denominated monetary items. This strategic approach effectively mitigates risks associated with foreign exchange rate volatility. | |||||||
| Sources of funds for derivative investments | Self-owned funds | |||||||
| Note on risk analysis and control measures for derivative holdings in the reporting period (including but not limited to market risk, liquidity risk, credit risk, operational risk, and legal risk) | 1. Market risk: Throughout the duration of exchange derivatives, revaluation gains or losses will accrue in each accounting period. Upon maturity or forward delivery of exchange derivatives, any disparity between the contracted exchange rate and the prevailing market rate on the delivery date will yield actual transaction gains or losses. These gains or losses will offset the cumulative revaluation gains or losses, resulting in investment gains or losses. Exchange derivative transactions are conducted with the principle of mitigating operational risks arising from exchange rate fluctuations and are not for speculative arbitrage trading. 2. Liquidity risk: Unreasonable purchases of foreign exchange derivatives can trigger liquidity risks. The trading scheme will be based on exchange assets and liabilities, with a rigorous review of import and export contracts. It will involve prudent planning of exchange funds and timely selection of exchange derivatives, including appropriate netting derivatives, to reduce the demand for cash flow at maturity and ensure sufficient funds for settlement at delivery. All exchange derivative transactions will be conducted on the premise of normal trade business backgrounds, with strengthened risk control over accounts receivable, and strict management of overdue receivables and bad debts. 3. Fulfillment risk: The selection of inappropriate trading schemes could potentially expose the Company to fulfillment risks relating to exchange derivatives. As such, the Company will assess financial institutions with strong creditworthiness and with which the Company has established long-term business relationships to mitigate any potential fulfillment risks. 4. Other risks: Unclear terms in exchange derivative contracts could potentially expose the Company to legal risk. The Company will prudentially examine contract terms agreed upon with partners and rigorously adhere to risk management protocols to mitigate legal risks. |
| The changes in prices or fair values of derivatives held in the reporting period, specific methods and the settings of relevant assumptions and parameters should be disclosed for the analysis of the fair values. | The Company’s derivative investments encompass, but are not limited to, forward exchange contracts (fixed-date and option period), options, and structured forward exchange contracts. Relevant parameters for fair value measurement are directly from the forward exchange contract rates provided by the principal banks. |
| Litigation (if applicable) | None |
| Disclosure date of board meeting announcement regarding derivatives investment approval (if any) | December 13,2023 |
| Disclosure date of general meeting announcement regarding derivatives investment approval (if any) | December 29, 2023 |
2) Derivative investments held for speculation in the reporting period
□ Applicable ? Not applicable
The Company had not derivative investments held for speculation in the reporting period.
5. Use of raised funds
?Applicable □ Not applicable
(1) Overall use of raised funds
?Applicable □ Not applicable
Unit: 10,000 yuan
| Fundraising | Fundraising method | Listing date | Total amount raised | Net amount raised | Total amount | Cumulative amount used | Proportion of raised capital expended by | Total amount | Cumulative | Cumulative amount used | Total amount not used | Purpose and direction of | Amount idle for |
| year | (1) | used in the current period | (2) | reporting period end（3）=（2）/（1） | used for other purpose in the reporting period | amount used for other purpose | for other purpose as a percent of total amount raised | amount not used | more than two years | ||||
| 2020 | Private placement of shares | Oct, 30, 2020 | 520,000 | 515,823.67 | 18,752.96 | 507,720.73 | 98.43% | 0 | 0 | 0.00% | 8,102.94 | Refer to “Description of Overall Utilization of Raised Funds for details | 0 |
| 2021 | Private placement of shares | May 16, 2022 | 500,000 | 496,867.92 | 32,136.09 | 442,472.69 | 89.05% | 0 | 0 | 0.00% | 44,395.23 | Refer to “Description of Overall Utilization of Raised Funds for details | 0 |
| 2023 | Public offering of convertible corporate bonds | Aug 04, 2023 | 896,030.77 | 893,384.8 | 163,953.91 | 788,671.77 | 88.28% | 0 | 0 | 0.00% | 114,713.03 | Refer to “Description of Overall Utilization of Raised Funds for details | 0 |
| Total | -- | -- | 1,916,030.77 | 1,906,076.39 | 214,842.96 | 1,738,865.19 | 91.23% | 0 | 0 | 0.00% | 167,211.2 | -- | 0 |
| Description of overall utilization of raised funds | |||||||||||||
| 1.Approved by the China Securities Regulatory Commission in its Reply on Approving JA Solar Technology Co., Ltd.’s Private Placement (ZJXK [2020] No.1759), the Company issued 244,131,455 RMB-denominated common shares (A-share) to 18 entities at an offering price of 21.3 yuan/share and raised 5,199,999,991.50 yuan in total. Net of the underwriting fee of 39,245,282.95 yuan (excluding tax), the remaining raised funds were 5,160,754,708.55 yuan. After other relevant fees of 2,518,048.55 yuan (excluding tax), the actually raised funds were 5,158,236,660.00 yuan. A total of 187,529,600 yuan of the raised funds was used in the reporting period. As of the end of the reporting period, a cumulative amount of 5,077,207,300 yuan (including the self-funding that has been invested into the projects and later replaced by the raised funds) of the raised funds was used, and the amount not yet used was 8,1029,400 yuan. Idle raised funds of 92,000,000 yuan were used for temporary supplementation of working capital and the balance in the special account for raised funds was 2,254,100 yuan; the difference is from interest income on the special account for raised funds, handling charge expenditure and income on cash management of the raised funds. 2. Approved by the China Securities Regulatory Commission in its Reply on Approving JA Solar Technology Co., Ltd.’s Private Placement (ZJXK [2022] No.430), the Company issued 74,382,624 RMB-denominated common shares (A-share) via a private placement an offering price of 67.22 yuan/share and raised 4,999,999,985.28 yuan in total. Net of the underwriting fee of 31,320,754.63 yuan (excluding tax), the remaining raised funds were 4,968,679,230.65 yuan. In 2021, the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project, financed through a private share placement, was successfully completed. The exact funding amount will be determined based on the bank settlement balance at the time of transfer. A remaining capital balance of 357,365,500 yuan is slated for allocation to the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, which has a revised total investment of 4,614,930,300 yuan. By December 31, 2024, 100,000,000 yuan from the leftover funds of the private share placement for Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project had been transferred to the special account designated for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project. During the reporting period, a total of 321,360,900 yuan in raised capital was utilized. Cumulatively, as of the reporting period's close, the total capital utilized reached 4,424,726,900 yuan, including funds redirected to replace previously self-raised investments. The remaining balance of raised capital stands at 443,952,300 yuan, with 445,000,000 yuan temporarily allocated to support working capital needs. The special account currently reflects a balance of 3,498,500 yuan, inclusive of interest income and handling charges incurred. 3.Approved by the China Securities Regulatory Commission in its Reply on Allowing JA Solar Technology Co., Ltd. to issue Convertible Bonds (ZJXK [2023] No.1164), the Company issued convertible corporate bonds at a face value of 100 yuan/bond to raise at most 8,960,307,700 yuan. The total funds raised through this public offering were 8,960,307,700.00 yuan, and the net amount after offering fee was 8,933,848,025.97 yuan. The 2021 private placement fundraising initiative for the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project has been successfully concluded. The precise funding total will be confirmed in accordance with the bank settlement balance as of the transfer date. We propose reallocating the remaining capital of 357,365,500 yuan to the 2023 public offering of convertible bonds for the Baotou JA (Phase III) 20GW | |||||||||||||
Crystal Pulling and Slicing Project, which has an adjusted total investment of 9,291,213,500 yuan. By December 31, 2024, 100,000,000 yuan fromthe leftover funds of the private share placement for Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project hadbeen transferred to the special account designated for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project During the reporting period,a total of 1,639,539,100 yuan in raised capital was utilized. Cumulatively, as of the reporting period's close, the total capital utilized reached7,886,717,700 yuan, including funds redirected to replace previously self-raised investments. The remaining balance of raised capital stands at1,147,130,300 yuan, with 1,112,000,000 yuan temporarily allocated to support working capital needs. The special account currently reflects a balanceof 41,881,200 yuan, inclusive of interest income and handling charges incurred.
(2) Overview of Project Commitments Funded by Raised Capital
?Applicable □Not applicable
Unit：10,000yuan
| Financing project name | Listing date | Committed projects and purpose of excessively raised amount | Project type | Project changed or not (including partial change) | Total committed amount | Adjusted committed amount (1) | Amount invested in the reporting period | Amount invested in the reporting period | Cumulative investment percentage by the end of the reporting period (3) = (2)/(1) | Date of project reaching usability status | Return realized in the reporting period | Cumulative benefits realized as of the reporting period end | Expected return realized or not | Significant change in project feasibility |
| Committed project | ||||||||||||||
| Private placement of shares | Oct 30, 2020 | Annual 5GW high-efficiency cell and 10GW module facilities with supporting facilities project | Production and construction | No | 370,000 | 312,603.9 | 18,752.96 | 303,222.96 | 97.00% | 1 | -76,353.42 | 78,580.68 | No | No |
| Private placement of shares | Oct 30, 2020 | Supplementing working capital | Supplementing working capital | No | 145,823.67 | 204,497.76 | 0 | 204,497.77 | 100.00% | Not applicable | No | |||
| Private placement of shares | May 16, 2022 | Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project | Production and construction | No | 320,000 | 284,625.11 | 19,277.51 | 270,785.67 | 95.14% | 2 | -75,338.28 | 221,695.15 | No | No |
| Private placement of shares | May 16, 2022 | Pilot run for high-efficiency cell development | R&D | No | 30,000 | 30,000 | 12,858.58 | 24,819.1 | 82.73% | 3 | Not applicable | No | ||
| Private placement of shares | May 16, 2022 | Supplementing working capital | Supplementing working capital | No | 146,867.92 | 146,867.92 | 0 | 146,867.92 | 100.00% | Not applicable | No | |||
| Public offering of convertible corporate bonds | Aug 04, 2023 | Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project | Production and construction | No | 270,000 | 305,736.55 | 84,482.99 | 278,828.68 | 91.20% | -73,042.15 | -52,060.23 | No | No | |
| Public offering of convertible corporate bonds | Aug 04, 2023 | Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project | Production and construction | No | 233,448.46 | 233,448.46 | 55,286.85 | 156,869.33 | 67.20% | 4 | -52,764.66 | -80,707.88 | No | No |
| Public | Aug 04, 2023 | Annual 10GW | Production and | No | 150,000 | 150,000 | 24,184.07 | 113,037.42 | 75.36% | 5 | -11,175.24 | -29,420.4 | No | No |
| offering of convertible corporate bonds | High-Efficiency Solar Cells Project | construction | ||||||||||||
| Public offering of convertible corporate bonds | Aug 04, 2023 | Supplementing working capital | Supplementing working capital | No | 239,936.34 | 239,936.34 | 0 | 239,936.34 | 100.00% | Not applicable | No | |||
| Subtotal committed projects | -- | 1,906,076.39 | 1,907,716.04 | 214,842.96 | 1,738,865.19 | -- | -- | -288,673.75 | 138,087.32 | -- | -- | |||
| Use of over-raised funds | ||||||||||||||
| No over-raised funds | Aug 04, 2023 | Not applicable | Not applicable | No | Not applicable | No | ||||||||
| Total | -- | 1,906,076.39 | 1,907,716.04 | 214,842.96 | 1,738,865.19 | -- | -- | -288,673.75 | 138,087.32 | -- | -- | |||
| Explanation of project delays and expected return shortfall and reason (including the reason for selecting “non-applicable” for “expected return realized or not”) | 1. The disclosure of projected benefit data is inapplicable to the supplementing working capital initiative. 2. Due to declining product prices in the photovoltaic industry, several projects have not achieved their anticipated returns. These projects include the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project, the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project, the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and the Annual 10GW High-Efficiency Solar Cells Project. 3. The High-Efficiency Solar Cell R&D Pilot Project is a dedicated research and development initiative, which inherently does not relate to in projected benefit assessments. 4. The Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project has been executed in two distinct phases. Phase I, encompassing 10GW of crystal pulling and slicing, commenced trial production in April 2023, followed by Phase II, which initiated in October 2023. Both phases have now successfully achieved normal production conditions, and ongoing construction activities are progressively being converted into fixed assets. However, due to corporate-wide capacity planning adjustments, certain delays in project construction have occurred. The civil engineering works are yet to finalize their accounting processes, and some machinery is still awaiting acceptance inspection. As a result, the project does not currently satisfy the criteria for final completion. Originally anticipated for completion within 32 months (by June 2024), the project timeline has been revised to extend completion to June 2025. This extension was duly approved by the 24th Meeting of the sixth board of directors and the 14th meeting of the sixth supervisory committee, in light of the prevailing circumstances and future project strategies. | |||||||||||||
| Note on significant change in project feasibility | Not applicable | |||||||||||||
| Amount overraised, purpose and progress of such amount | Not applicable | |||||||||||||
| Change on location of the project | Not applicable | |||||||||||||
| Adjustment of implementation method for the project | Applicable6 | |||||||||||||
| Incurred during the reporting period | ||||||||||||||
| On December 19, 2024, the 32nd meeting of the sixth board of directors and the 18th meeting of the sixth supervisory committee convened, followed by the Third Extraordinary General Meeting of Shareholders on December 30, 2024, and the First Meeting of Bondholders for JA Convertible Bonds on January 14, 2025. During these critical meetings, the Proposal to Modify the Implementation Method of Certain Fundraising Investment Projects and Increase Capital in Subsidiaries was unanimously approved. Specifically, the resolution outlined modifications to the funding strategy for the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project and the Yangzhou Annual 10GW High-Efficiency Solar Cells Project. The initial approach of extending loans to Baotou JA Solar Technology Co., Ltd. (“Baotou JA”) and JA (Yangzhou) Solar Technology Co., Ltd. (“Yangzhou JA”) will now transition to direct capital increases for these subsidiaries. All other aspects of the projects will remain unchanged, thereby ensuring continuity and stability in our operational commitments. Capital Increase in Baotou JA: The Company has utilized 2,009,010,600 yuan in raised capital to enhance its investment in JA Solar Holdings. This capital infusion amounted to 2,009,010,600 billion yuan directed to Yangzhou JA and 690,989,400 yuan to Hefei JA | ||||||||||||||
| Solar Technology Co., Ltd. (“Hefei JA”). Subsequently, Yangzhou JA transferred 2,009,010,600 yuan to Hefei JA, which then allocated the entire amount of 2.7 billion yuan to Baotou JA. This strategic multi-tiered capital increase will be executed solely through debt-to-equity conversion, thereby obviating cash flow transactions. Notably, the transaction structure does not necessitate the establishment of special raised capital accounts for the parties involved. Capital increase in Yangzhou JA: The Company employed 1.5 billion yuan in raised capital to bolster its investment in JA Solar Holdings, which subsequently transferred the entire amount to Yangzhou JA. This capital infusion will be implemented through two primary methods: (i) the conversion of 1.14 billion yuan in existing loans from the Company to Yangzhou JA into equity, and (ii) a cash capital contribution of the remaining 360 million yuan that has yet to be loaned. The cash injection process necessitates the establishment of a specialized raised capital account by JA Solar Holdings, coupled with a dedicated supervisory agreement with the pertinent custodian bank and sponsoring institution. | |
| Early investment and later replacement of funds for these projects | Applicable |
| 1. Early investment and later replacement of funds for projects funded via private placement in the year 2020 On September 25, 2020, the 15th meeting of the 5th board of directors and the 10th meeting of the 5th supervisory committee of the Company respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was agreed that the Company would utilize raised funds totaling 1,605,868,435.04 yuan to replace the self-raised funds invested already in these projects and the paid offering costs. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up to September 11, 2020, and issued an Assurance Report (XHSBZ [2020] No. ZB11680 and XHSBZ [2020] No. ZB11681) on JA Solar Technology Co., Ltd.’s Early Investment in Projects Funded via Raised Funds. The sponsor, China Securities Co., Ltd., provided verification opinions. 2. Early investment and later replacement of funds for projects funded via private placement in the year 2021 On April 29, 2022, the 32nd meeting of the 5th board of directors and the 21st meeting of the 5th supervisory committee of the Company respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was agreed that the Company would utilize raised funds totaling 570,204,647.20 yuan to replace self-raised funds invested already in these projects. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up to April 15, 2022, and issued an Assurance Report (XHSBZ [2022] No. ZB10624 and XHSBZ [2022] No. ZB10625) on JA Solar Technology Co., Ltd.’s Early Investment in Projects Funded via Raised Funds. The sponsor, CTIC Securities Co., Ltd., provided verification opinions. 3. Early investment and later replacement of funds for projects funded via public offering of convertible corporate bonds in the year 2023 On July 27, 2023, the 8th meeting of the 6th board of directors and the 8th meeting of the 6th supervisory committee of the Company respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was agreed that the Company would utilize raised funds totaling 2,072,716,606.56 yuan to replace self-raised funds invested already in these projects. KPMG Huazhen (Special General Partnership) conducted a special audit on the Company’s use of self-raised funds for investment up to July 14, 2023, and issued an Assurance Report (XHSBZ No. 2301528) on JA Solar Technology Co., Ltd.’s Early Investment through its Self-raised Funds in Projects Funded via Raised Funds and its Payment of Offering Costs through its Self-raised Funds. The sponsor, CTIC Securities Co., Ltd., provided verification opinions. | |
| Temporary supplementation of working capital with idle raised funds | Applicable |
| 1. Temporary supplementation of working capital with idle funds raised via private placement in the year 2020 On September 25, 2020, the 15th meeting of the 5th board of directors and the 10th meeting of the 5th supervisory committee of the Company respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working capital with idle raised funds not exceeding 2.4 billion yuan. The usage period would not exceed 12 months from the date of approval by the board of directors (September 25, 2020), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity. In the year 2020, the Company actually utilized idle raised funds to temporarily supplement working capital in the amount of 2.4 billion yuan. As of July 14, 2021, the Company fully returned the idle raised funds used for temporary working capital supplementation to the special account for raised funds, within the period not exceeding 12 months. On July 23, 2021, the 25th meeting of the 5th board of directors and the 17th meeting of the 5th supervisory committee of the Company respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working capital with idle raised funds not exceeding 1.9 billion yuan. The usage period would not exceed 12 months from the date of approval by the board of directors (July 23, 2021), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity. In the year 2021, the Company actually used idle raised funds of 1.9 billion yuan for temporary supplementation of working capital. As of April 22, 2022, the Company fully returned the idle raised funds used for temporary working capital supplementation to the special account for raised funds, within the period not exceeding 12 months. On April 29, 2022, the 32nd meeting of the 5th board of directors and the 21st meeting of the 5th supervisory committee of the Company respectively approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that the Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working capital with idle raised funds not exceeding 4.3 billion yuan. Specifically, a maximum of 1.5 billion yuan from the idle funds raised via the private placement in the year 2020 intended for the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project would be used. The usage period would not exceed 12 months from the date of approval by the board of directors (April 29, 2022), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity. |
| On July 25, 2024, the 25th meeting of the sixth board of directors, along with the 15th meeting of the sixth supervisory committee of the Company, critically reviewed and subsequently approved the Proposal on Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. This resolution empowers the Company to allocate up to 2.76 billion yuan of idle raised capital for interim working capital needs while ensuring the continued execution of core fundraising investment projects. Specifically, the proposal delineates the allocation of funds as follows: up to 400 million yuan from the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, up to 1.0 billion yuan from the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and up to 500 million yuan from the Annual 10GW High-Efficiency Solar Cells Project. Importantly, the approved usage period for these funds is limited to a maximum of 12 months from the date of Board approval, July 25, 2024. After this timeframe, the funds will be promptly returned to the Company's designated special raised capital deposit accounts. The Company efficiently utilized the approved funds, employing 400 million yuan from the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, 1.0 billion yuan from the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and 500 million yuan from the Annual 10GW High-Efficiency Solar Cells Project for supplementary working capital purposes. As of December 31, 2024, the Company has successfully returned 400 million yuan from the Baotou project, leaving a zero balance; 248 million yuan from the 10GW Cells and 5GW Modules project, leaving an outstanding balance of 752 million yuan; and 140 million yuan from the 10GW Solar Cells project, with an outstanding balance of 360 million yuan. At this juncture, the unused balance in the special accounts totaled 41,881,221.24 yuan, while the available funds reached 1,153,881,221.24 yuan, representing 12.91% of the initial net raised capital. The fundraising initiatives, specifically the Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, as well as the Annual 10GW High-Efficiency Solar Cells Project, reached their full production capacity and were completed in December 2024, yielding no surplus funds. The Company will uphold the special accounts for both projects until all outstanding final payments are settled. Any remaining funds accrued from net interest income, after deducting handling charges, will be allocated to project-related expenditures. | |
| Amount and reasons for surplus capital accrued from the implementation of the projects | Applicable |
| 1. In 2020, the Company successfully executed a private placement fundraising initiative targeting the Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project, which has now achieved its intended operational status. Consequently, the Company has resolved to permanently allocate the remaining capital of 586.741 million yuan (subject to the bank settlement balance on the date of fund transfer) to bolster working capital for ongoing production and operations. The surplus capital resulted from several strategic factors. First, the Company adhered rigorously to principles of rationality, efficiency, and economy in utilizing the raised funds. During the initial implementation phase in the first half of 2020, volatile market conditions significantly reduced construction demand, leading to decreases in costs associated with engineering, materials, and overall construction expenses. Consequently, the per-unit costs for facilities, such as factories and warehouses, fell below the original estimates established during the feasibility study. Moreover, the feasibility study had initially included projections for upgrading production lines from p-type to n-type cells to align with anticipated advancements in photovoltaic technology. However, the robust performance of the p-type production lines post-commissioning has led to a temporary deferment of these upgrades. The timeline for future enhancements will be strategically determined based on emerging technological developments and market demand. 2. The Company’s 2021 private placement fundraising initiative, focused on the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project, has successfully reached the operational status of its primary components. Initially, the project was allocated 3.2 billion yuan. As of August 23, 2024, the cumulative investment from these funds totaled approximately 2,644,664,800 yuan, with pending payments amounting to 201,586,300 yuan, resulting in a surplus of 357,365,500 yuan. This surplus capital can be attributed to several key factors. First, the Company has consistently applied principles of rationality, efficiency, and economic prudence in utilizing the raised funds, implementing stringent cost control measures that have optimized project expenses. Second, significant technological advancements within the industry have enhanced equipment performance and production capacities, thereby reducing the number of devices required relative to initial budget projections. Lastly, improvements in domestic equipment manufacturing capabilities and the maturation of industry technologies have resulted in actual procurement prices being lower than those anticipated during the project's planning phase, yielding substantial overall cost savings. 3. The 2021 private placement fundraising initiative, titled the High-Efficiency Solar Cell R&D Pilot Project, has successfully reached operational status for its principal components. The Company confidently concludes this project without any surplus funds. 4. The 2023 public offering for the convertible bonds fundraising initiative, titled Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, has successfully reached operational status for its principal components. The Company confidently concludes this project with no surplus funds remaining. 5. The 2023 public offering for the convertible bonds fundraising initiative, titled Annual 10GW High-Efficiency Solar Cells Project, has successfully reached operational status for its principal components. The Company confidently concludes this project with no surplus funds remaining. As of December 31, 2024, the Company’s raised capital, aside from the aforementioned fundraising investment projects, was actively being deployed, with no surplus capital remaining unutilized. | |
| Purpose and allocation of | On August 30, 2024, the 26th meeting of the sixth board of directors, alongside the 16th meeting of the sixth supervisory committee, conducted a thorough review and subsequently approved the Proposal Regarding The Completion of Fundraising Investment Projects |
| unused raised capital | and the Reallocation of Surplus Funds to Additional Fundraising Investment Projects. The Board recognized that significant components of the Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project—financed through the 2021 private placement initiative—had successfully achieved operational status. Consequently, the Company resolved to conclude this project and reallocate the surplus capital amounting to approximately 357,365,500 yuan to the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, supported by the 2023 public offering of convertible bonds. On October 8, 2024, the Second Extraordinary General Meeting ratified this proposal. The Company will maintain a special account for the raised capital associated with this project until all final payments have been satisfactorily processed. Additionally, any residual funds generated from net interest income, after deducting applicable handling charges, will be permanently earmarked to augment the working capital. As of December 31, 2024, any remaining unused raised capital would be deployed in strict accordance with the designated purposes outlined in the relevant issuance proposals. |
| Issues or other circumstances in the use and disclosure of raised capital | In the reporting period, there were no instances of untimely disclosure, misinformation, inaccuracies, or incompleteness regarding the information related to the use of raised funds disclosed by the Company. There were no violations involving the raised funds. |
Note: 1. The Annual 5GW High-Efficiency Cells and 10GW High-Efficiency Modules with Supporting Facilities Project was carriedforward by phase from the commencement of the operation. It reached full capacity since April 2022 and was closed in July 2023.
2. The Annual 20GW Monocrystalline Silicon Rods and 20GW Monocrystalline Wafers Project utilized a phased capitalization strategyaligned with construction timelines, achieving full production capacity in January 2023 and culminating in completion by June 2024.
3. The High-Efficiency Solar Cell R&D Pilot Project, a research-centric initiative, successfully concluded in December 2024.
4. The Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project executed a phased capitalization strategy inalignment with construction schedules, attaining full production readiness by February 2024 and concluding in December 2024.
5. The Annual 10GW High-Efficiency Solar Cells Project took a strategic phased capitalization approach, successfully reaching fullproduction capability by April 2024 and concluding in December 2024.
6. The Company did not adjust the implementation method for the project in the reporting period. The 11th meeting of the 6th boardof directors, the 9th meeting of the 6the supervisory committee and the 3rd extraordinary general meeting for the year 2023 approvedthe Proposal on Amendment to the Construction of Some Committed Projects and Adjustment of Internal Investment Structure of theProjects. To advance the manufacturing processes and make breakthroughs in the maximum conversion efficiency of the Company’sHJT cells, as well as to maximize the research and development functions of the pilot run line, the Company has planned to optimizeequipment selection and enhance processes and technologies on the basis of the planned HJT pilot run line. As a result, it proposed toadjust specific aspects of the project construction and the internal investment structure, without any adjustments made to the projectimplementation methods.
(3) Change in committed projects
□ Applicable ? Not applicable
The Company did not change any committed projects in respect of the fund raising activities.
VIII. Sale of Significant Assets and Equities
1. Sale of significant assets
□ Applicable ? Not applicable
The Company did not sell any significant assets in the reporting period.
2. Sale of significant equities
□ Applicable ? Not applicable
IX. Analysis of Entities were the Company Holds Shares
?Applicable □ Not applicableSubsidiaries which contribute to over 10% of the net profit of the Company
Unit: 10,000 yuan
| Entity name | Entity type | Main business | Registered capital | Total assets | Net assets | Operating revenue | Operating profit | Net income |
| JA Solar Holdings Co., | Subsidiary | Research, development, | 2,127,197.57 | 4,128,851.07 | 2,945,754.46 | 327,786.00 | 250,468.63 | 281,772.56 |
| Ltd. | production and sale of solar cells and modules | |||||||
| JA (Yangzhou) Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of solar cells and modules | 283,185.97 | 1,171,212.71 | 395,986.86 | 592,208.45 | -99,243.82 | -100,693.97 |
| Hefei JA Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of solar cells and modules | 216,734.00 | 1,694,663.93 | 357,911.22 | 2,123,072.88 | 51,019.81 | 53,869.49 |
| JA Solar Vietnam Co., Ltd. | Subsidiary | Research, development, production and sale of modules, silicon rods, and silicon wafers | 90 million USD | 826,463.64 | 663,928.84 | 927,050.04 | 262,833.54 | 222,598.39 |
| Baotou JA Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of silicon rods, and silicon wafers | 178,000.00 | 684,029.50 | 111,558.58 | 481,465.20 | -104,095.70 | -88,134.22 |
| Qujing Jinglong Electronic Materials Co., Ltd. | Subsidiary | Research, development, production and sale of silicon rods, and silicon wafers | 52,000.00 | 522,029.15 | 396,033.33 | 74,696.13 | 112,991.74 | 113,654.97 |
| Yiwu JA Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of solar cells and modules | 411,651.86 | 917,653.67 | 486,767.45 | 946,017.27 | -124,191.46 | -105,009.06 |
| Qujing JA PV Technology Co., Ltd. | Subsidiary | Research, development, production and sale of silicon rods, and silicon wafers | 130,000.00 | 718,346.02 | 405,206.71 | 429,296.13 | -88,424.52 | -75,338.28 |
| Qujing JA Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of solar cells and modules | 333,448.46 | 646,328.79 | 220,440.78 | 510,591.92 | -62,158.48 | -52,764.66 |
| Dongtai JA Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of solar | 150,000.00 | 798,596.15 | 2,683.88 | 913,991.09 | -101,379.88 | -101,215.49 |
| cells and modules | ||||||||
| Shijiazhuang JA Solar Technology Co., Ltd. | Subsidiary | Research, development, production and sale of solar cells | 100,000.00 | 527,830.49 | 15,269.22 | 294,860.75 | -69,214.94 | -69,138.57 |
| JA Solar Investment (Hong Kong) Limited | Subsidiary | Overseas investment | 100,000 USD | 271,684.62 | 180,397.32 | 653.29 | 180,120.17 | 180,120.33 |
Acquisition and disposal of subsidiaries in the reporting period? Applicable □Not applicable
| Subsidiary name | Methods of acquiring and disposing subsidiaries during the reporting period | Impact on overall operations and financial performance |
| Refer to Section X Financial Statements for details. |
Analysis of entities where the Company holds shares
X. Structured Entities Controlled by the Company
□ Applicable ? Not applicable
XI. Outlook for Future Development of the Company
(I) Corporate Development strategyThe photovoltaic sector has confronted substantial challenges due to various factors, including evolving industry cycles, supply-demandimbalances, and shifting geopolitical and economic landscapes. In response to these conditions, the Company has effectively executedits three strategic initiatives: Globalization, Digital and Intelligent Transition, and Ecosystem Development. By prioritizingtransformation and market-oriented value creation, the Company has actively embraced its core principle of Customer First. Thiscommitment has enabled the continuous delivery of competitive products and services, thereby enhancing its overall marketcompetitiveness. The Photovoltaics and Energy Storage Business Group has further solidified its competitive edge through thedevelopment of integrated solar-storage solutions and a commitment to excellence in photovoltaic manufacturing. Concurrently, theSmart Energy Business Group has adeptly navigated power market policy changes, expanded into emerging sectors such as microgridsand zero-carbon parks, and accelerated international growth. The Materials and Equipment Business Group has intensified its focus oninnovation while pursuing recycling initiatives, elevating R&D investments, and establishing leadership in niche markets.
(1) Strategic positioning
JA Solar steadfastly upholds its corporate mission of developing solar power to benefit the planet and its core values of being customer-centered, promoting welfare for staff members and creating value for the owners. The Company actively engages with both upstreamand downstream partners to cultivate a cohesive ecological value system, positioning itself as a globally leading enterprise in newenergy technology.
(2) Specific actions
The Company is unwavering in its commitment to the core principle of " Creating Value for Customers," while rigorously implementinga customer-centered philosophy. Through comprehensive and systematic organizational transformation, it enhances its value creationcapabilities, striving not only to meet but also to anticipate and lead market demand, thereby ensuring sustainable growth and long-term success. The Company prioritizes several key areas to enhance its strategic framework. First, it emphasizes technology-driveninnovation, continuously developing competitive products. A market-oriented approach fortifies its marketing and service capabilities,addressing evolving customer needs. Additionally, the organization leverages digital transformation to achieve operational excellenceand fosters efficiency and quality leadership through continuous improvement. It prioritizes building resilient and sustainable supplychains while implementing balanced risk management to ensure prudent operations amidst strategic growth pursuits.
(II). Potential Risks
(1) Risk from global industrial policies
The pace and quality of development within the photovoltaic industry are critically shaped by global policy dynamics regarding solarenergy. Domestically, China’s PV sector has transitioned into a post-subsidy era; however, forthcoming industrial policies related togrid integration, energy storage allocation, and market-based pricing mechanisms—such as the Notice on Deepening the Market-Oriented Reform of New Energy Feed-in Tariffs to Promote High-Quality Development of New Energy (NDRCJG [2025] No. 136)—may introduce significant uncertainties surrounding industry upgrades and domestic market operations. Internationally, key marketsare increasingly advocating for manufacturing reshoring, which is facilitating the creation of regionalized PV supply chains. Theshifting renewable energy targets and frequent policy adjustments across various countries further enhance operational uncertaintiesfor PV enterprises engaged in overseas markets.
(2) International trade protectionism risk
Since 2022, import restrictions on Chinese photovoltaic products imposed by regions such as Europe, the United States, and India havediversified significantly. Traditional trade barriers, including anti-dumping, countervailing, and anti-circumvention measures, havebeen augmented by emerging restrictions focused on carbon emissions, environmental protection, human rights, technical patents, andproduct certification. Noteworthy examples include the European Union’s Carbon Border Adjustment Mechanism (CBAM) and Net-Zero Industry Act, the U.S. Uyghur Forced Labor Prevention Act, and India’s Approved List of Models and Manufacturers (ALMM).Moreover, these restrictions extend beyond China, impacting Chinese firms operating abroad. For instance, in November 2024, theU.S. Department of Commerce issued a preliminary ruling in its anti-dumping investigation concerning crystalline photovoltaic cellsimported from four Southeast Asian nations—Cambodia, Malaysia, Thailand, and Vietnam. This development poses significantoperational risks for Chinese photovoltaic enterprises that have invested in production facilities within these regions.
(3) Supply-demand imbalance risk
The optimistic outlook for new photovoltaic installations in light of global carbon neutrality initiatives has catalyzed not only significantcapacity expansion within the PV industry but also prompted leading enterprises from various sectors to enter this market. In recentyears, the aggressive introduction of substantial new production capacity has resulted in a marked imbalance between supply anddemand within the industry. According to data from the China Photovoltaic Industry Association, by the end of 2024, domesticproduction capacities for silicon wafers, cells, and modules each exceeded 1,100 GW, far surpassing the global demand for newinstallations. This scenario has manifested as both cyclical and structural overcapacity in the PV sector, contributing to a persistentdecline in prices across all segments—even driving prices below production costs. Consequently, these dynamics have led towidespread financial losses throughout the primary PV manufacturing value chain.
(4) Technology upgrade risk
The photovoltaic industry is experiencing swift technological advancement, evidenced by the rising market share of next-generationcell and module technologies, particularly n-type TOPCon. This shift significantly influences p-type production capacities, compellingnumerous companies to recognize the necessity of asset impairment provisions. Additionally, the rapid emergence of high-efficiencycell technologies such as BC, HJT, and perovskite compounds introduces substantial uncertainty for PV manufacturers regarding futuretechnology selection.(5) Geopolitical riskIn recent years, a series of geopolitical upheavals such as the Russia-Ukraine conflict, the Israel-Palestine conflict, and the Red Seacrisis have brought about multifaceted impacts on market demand, transportation, financial settlements, and other aspects. These maypose challenges and operational risks to major photovoltaic companies deeply integrated into the global market.
(6) Exchange rate risk
As one of the flagship industries that “go global”, the photovoltaic sector boasts a significant portion of overseas operations among itsleading companies. In overseas operations, foreign currency settlement remains predominant, and fluctuations in exchange ratesdirectly impact the operation performance of internationalized companies. It is increasingly challenging to manage exchange rate riskdue to adjustments to fiscal and monetary policies across countries, and changes in international trade landscape and environment.Failure to take effective measures may expose photovoltaic companies to negative impact caused by exchange rate volatility.
XII. Reception of Surveys, Communications and Interviews in the Reporting Period
?Applicable □ Not applicable
| Reception date | Reception location | Reception form | Guest type | Guest | What was discussed and materials provided | Information index |
| April 30, 2024 | Online | Telephone communication | Institution | Analysts and institutional investors | Investor Relations Activity Log (April 30, 2024) |
For details,please refer tothe InvestorRelationsActivity Log(April 30,2024)published onthe CNINFOwebsite(http://www.cninfo.com.cn).
| May 22, 2024 | Finenter Technology | Online platform | Others | Investors attended the Company's 2023 performance | Investor Relations Activity Log (May 22, 2024) | For details, please refer to the Investor Relations Activity Log |
| briefing online | (May 22, 2024) published on the CNINFO website (http://www.cninfo.com.cn). | |||||
| September 02, 2024 | Finenter Technology | Online platform | Institution | Analysts and institutional investors | Investor Relations Activity Log (September 2, 2024) | For details, please refer to the Investor Relations Activity Log (September 2, 2024) published on the CNINFO website (http://www.cninfo.com.cn). |
| October 15, 2024 | Investor Relations Interactive Platform | Online platform | Others | Investors submitting inquiries online | Investor Relations Activity Log (October 15, 2024) | For details, please refer to the Investor Relations Activity Log (October 15, 2024) published on the CNINFO website (http://www.cninfo.com.cn). |
| October 31, 2024 | Finenter Technology | Online platform | Institution | Analysts and institutional investors | Investor Relations Activity Log (October 31, 2024) | For details, please refer to the Investor Relations Activity Log (October 31, 2024) published on the CNINFO website (http://www.cninfo.com.cn). |
XIII. Status of Implementation for Market Capitalization Management System and ValuationEnhancement Plan
Has the Company established a market capitalization management system??Yes □NoHas the Company disclosed a valuation enhancement plan?
□Yes ?No
On March 10, 2025, the Company convened the 35th meeting of its sixth board of directors. In a decisive move to enhance marketcapitalization management practices and to standardize corporate conduct, the Board established the Market CapitalizationManagement System for JA Solar Technology Co., Ltd. This initiative aligns with the stipulations of the Company Law, Securities Law,
and Regulatory Guidelines for Listed Companies No. 10—Market Value Management, among other relevant statutes and theCompany's Articles of Association. The formulation reflects a careful consideration of the Company’s unique circumstances, ensuringrobust protection for the rights of the Company and its stakeholders.XIV. Status of Implementation for the Dual Enhancement of Quality and Returns InitiativeHas the Company disclosed an announcement regarding the Dual Enhancement of Quality and Returns action plan??Yes □NoIn 2024, the Company maintained its focus on core operations, effectively utilizing its extensive global marketing and servicenetworks, alongside brand advantages, to enhance market presence. During the reporting period, the shipment volume of cells andmodules demonstrated a substantial year-over-year increase, reaching 79.447 GW (including 1.544 GW self-use), with overseas moduleshipments comprising approximately 49% of the total. Nonetheless, heightened market competition, significant declines in productprices, and increasingly challenging international trade conditions adversely affected the profitability of the Company’s core business.In response, the Company conducted impairment tests on long-term assets that exhibited signs of impairment, ultimately recognizingasset impairment provisions in accordance with accounting standards. This decision markedly influenced financial performance,leading to reported operating revenue of 70,120,697,000 yuan and a net profit attributable to shareholders of -4,655,943,800 yuan for2024.
The Company has consistently prioritized innovation through robust support for technological research and development andprocess innovation. Its research team employs a market demand-oriented approach, underpinned by a technology-driven foundationand a strong emphasis on process improvements. In 2024, the Company allocated 3.711 billion yuan to R&D, accounting for 5.29% ofits operating revenue. By the close of the reporting period, the Company successfully held 1,899 valid patents, including 1,031 inventionpatents.In 2024, the Company made significant strides in digitalization and intelligent transformation, leveraging advanced technologiesto empower business development. These enhancements have notably increased operational efficiency, boosted labor productivity,improved product quality, and reduced costs. The Company has fortified its data capabilities while upgrading its information securitysystems, developing robust management frameworks across marketing, manufacturing, operations, logistics, and finance. Theestablishment of the Smart Manufacturing Research Institute has further elevated intelligent production levels, with several facilitiesachieving recognition as national Smart Manufacturing Demonstration Factories and Outstanding Smart Manufacturing Scenarios. Thestrategic adoption of digital intelligence has led to substantial increases in production line output and cost efficiency, thereby enhancingmarket competitiveness.On May 30, 2024, the Company successfully executed its 2023 profit distribution plan. Following the deduction of 24,476,300repurchased shares, the total share capital amounted to 3,285,192,903 shares. The Company declared a cash dividend of 0.563 yuanper share (tax inclusive), amounting to a total distribution of 1.849 billion yuan to its shareholders. In the year 2023, the Company alsorepurchased 12,483,600 shares through centralized bidding on the Shenzhen Stock Exchange, totaling a transaction value of 260 millionyuan, exclusive of associated transaction costs. Collectively, the cash dividends and share repurchases for 2023 reached 2.109 billionyuan, reflecting 30% of the net profit attributable to shareholders as outlined in the consolidated financial statements.
As of October 29, 2024, the Company concluded its share repurchase program. Utilizing the centralized bidding system on theShenzhen Stock Exchange, a total of 26,945,700 shares were repurchased, accounting for 0.81% of the total share capital. Thecumulative transaction value reached 489,990,021.55 yuan, exclusive of applicable transaction fees such as stamp duty andcommissions.
The Company rigorously complies with legal statutes and regulatory frameworks regarding information disclosure. Ourdisclosures consistently uphold the principles of truth, accuracy, completeness, timeliness, and fairness. We prioritize an investor-centric approach, ensuring that our disclosures meet investor needs and provide useful insights for investment decisions. Emphasizingthe significance of disclosure, we communicate valuable information to investors, focusing on industry dynamics, operations, and riskfactors. Our commitment is to continuously enhance the quality of our disclosures. While maintaining compliance with regulatorydisclosure requirements, the Company will continuously strengthen investor relations management by broadening channels for investorcommunication through various avenues such as shareholder meetings, performance briefings, site visits, brokerage strategy sessions,https://irm.cninfo.com.cn/ and investor hotlines. These efforts ensure robust interaction and communication with diverse investorgroups.
In addition, the Company is committed to consolidating governance foundations, fostering robust internal controls, and fortifyingrisk management, and elevating the level of strategic decision-making, in order to establish a sustainable and steady trajectory for long-term growth and to safeguard the legitimate rights and interests of our investors effectively.
Section IV. Company Governance
I. Governance Overview
The Company strictly adheres to the requirements outlined in the Company Law, Securities Law, Code of Corporate Governancefor Listed Companies, Shenzhen Stock Exchange Listing Rules, Self-Regulatory Guidelines No. 1 for Companies Listed on ShenzhenStock Exchange—Regulated Operation of Companies Listed on Main Board, and other relevant laws and regulations issued by theChina Securities Regulatory Commission and the Shenzhen Stock Exchange. The Company continuously refines its internalgovernance structure and internal control mechanisms, further regulate corporate conduct, enhance communication with investors tosafeguard their interests comprehensively. These efforts contribute to the continual improvement of corporate governance standards.(I) Shareholders and general meetingThe Company strictly complies with the regulations and requirements set forth in the Articles of Association and the Rules ofProcedures for General Meeting to govern the convening, holding, and voting procedures of general meetings. This ensures equitabletreatment for all shareholders, particularly minority stakeholders, enabling them to fully exercise their rights without any prejudice totheir interests. The Company maintains sole ownership of its assets, with no instances of shareholders or their affiliates appropriatingor transferring any funds, assets, or other resources of the Company. Additionally, the Company has not provided guarantees forshareholders or their affiliates.(II) Company and its controlling shareholderThe Company manages its relationship with the controlling shareholder in accordance with the provisions of the Company Law,Securities Law, Articles of Association, and relevant regulations issued by regulatory authorities. The Company operates entirelyseparately from its controlling shareholder across businesses, personnel, assets, organizational structure, and financial operations. Itpossesses autonomous operational capabilities, with its board of directors, supervisory committee, and internal departments functioningindependently.The controlling shareholder adheres strictly to regulations, lawfully exercises its rights, and fulfills its obligations. There is noinstance of the controlling shareholder directly or indirectly intervening in the Company’s decision-making or operational activitiesbeyond the authority of the general meeting or the board of directors.(III) Directors and board of directorsDirectors are elected and appointed in accordance with the procedures outlined in the Articles of Association. The board ofdirectors consists of 9 directors, including 3 independent directors, accounting for one-third of the total board members. Thecomposition and number of directors meet the requirements stipulated by laws, regulations, and the Articles of Association. The boardhas four special committees, namely the Strategy and Sustainability Committee, the Audit Committee, the Nomination Committee, andthe Remuneration and Assessment Committee. All directors conduct their activities in compliance with the regulations outlined in theSelf-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange—Regulated Operation of Companies Listed onMain Board, the Rules of Procedures for Board Meetings, the Independent Director System, and the regulations of various specializedcommittees. They actively participate in relevant training sessions, acquaint themselves with applicable laws and regulations, and fulfilltheir responsibilities as directors.(IV) Supervisory committee and supervisorsSupervisors are elected and appointed in accordance with applicable laws and regulations including the Company Law, andArticles of Association. The supervisory committee consists of 3 supervisors, including 1 staff representative supervisor. Thecomposition and number of supervisors meet the requirements stipulated by relevant laws and regulations. The supervisors fulfill theirduties in accordance with the provisions outlined in the Rules of Procedures for Supervisory Committee Meetings. They effectivelysupervise significant matters, related-party transactions, financial conditions, the performance of directors and managers, and the useof raised funds, while providing constructive feedback.(V) Performance assessment and incentive mechanismsThe board of directors has a Remuneration and Assessment Committee which is responsible for developing and reviewing theCompany’s compensation policies and schemes for directors and senior managers, as well as establishing assessment criteria andconducting evaluations for directors and senior managers. In compliance with regulations like the Work Rules of the Remuneration andAssessment Committee, the Company conducts performance evaluations for directors and managers in a transparent and open manner.The Company has implemented an incentive mechanism that ties manager compensation to both corporate performance and individualachievements. Managers perform their responsibilities as stipulated by relevant regulations including the Company Law, Articles ofAssociation, and the Work Rules of the General Manager.(VI) StakeholdersThe Company demonstrates a robust sense of social responsibility and a keen awareness of collective interests, respecting andsafeguarding the legitimate rights of all stakeholders. Aiming for the harmonious development of society, shareholders, the Company,suppliers, customers, and employees, the Company takes collaboration with stakeholders and promotes its long-term sustainability.While pursuing continuous growth and maximizing shareholder value, the Company also prioritizes environmental protection andphilanthropy. By actively engaging in charitable initiatives, it places significant emphasis on corporate social responsibility.
(VII) Disclosure and transparency
The Company rigorously complies with relevant laws, regulations, and its own Information Disclosure Management Policy,ensuring the truthful, accurate, complete, timely, and equitable disclosure of information, and guaranteeing equal access to informationby all shareholders. The Company prioritizes communication with investors by providing dedicated phone lines and email addressesfor investor inquiries, and attentively addressing all queries. The Company also strengthens communication with investors throughonline performance briefings, https://ir.p5w.net/, and other channels.
(VIII) Internal policies regarding governance
The Company consistently strengthens its governance policies, now encompassing corporate governance, informationdisclosure, investment, trading, auditing, subsidiary management, and other key areas. These policies offer robust institutionalsupport for the Company’s standardized operations and sustainable growth.Any significant difference between the corporate governance and provisions of laws, regulations and rules of the CSRC on listedcompanies
□ Yes ? No
There is no significant difference between the corporate governance and provisions of laws, regulations and rules of the CSRC onlisted companies.
II. Company’s Separation from Its Controlling Shareholder and Actual Controller in Terms ofAssets, Personnel, Financial affairs, Organizational Structure and Business Activities
1. Business independence
The Company’s primary operations include research, production, and sales of silicon wafers, cells, modules and storage energysystems, as well as the development, construction, and operation of photovoltaic power plants, along with research, production, andsales of photovoltaic materials and equipment. The Company independently conducts research and development, manufacturing, andsales of its products. It possesses a comprehensive operational framework covering research and development, raw materialprocurement, manufacturing, quality control, and sales. With the capability to operate autonomously in the market, it does not rely onthe controlling shareholder, actual controller, or businesses under their control. Furthermore, there are no conflicts of interest or unfairrelated-party transactions with the controlling shareholder, actual controller, or businesses under their control.
2. Personnel independence
The directors, supervisors, and senior managers of the Company are appointed in accordance with the conditions and proceduresstipulated in the Company Law and Articles of Association. The Company has instituted an independent HR management departmentand a robust personnel management system. Senior executives, including the General Manager and Deputy General Managers, do nothold positions beyond director or supervisor in businesses under the control of the controlling shareholder or actual controller.Moreover, they do not receive remuneration from these businesses. No financial staff of the Company takes any part-time job in thecontrolling shareholder, actual controller or businesses under their control.
3. Asset independence
The Company possesses essential production systems, auxiliary production systems, and supporting facilities related to itsoperations. It lawfully owns the title or use-right of assets such as machinery, buildings, land usage rights, trademarks, and patentspertinent to production and operations. The ownership of key assets is clearly defined, and there are no significant disputes regardingownership. Its assets are independent from the controlling shareholder, actual controller or businesses under their control. The Companydoes not provide guarantees using its assets and equity for businesses under the control of its controlling shareholder or actual controller.There are also no instances of assets or funds being unlawfully appropriated by businesses under the control of its controllingshareholder or actual controller. The Company maintains full control and ownership rights over all of its assets.
4. Institutional structure independence
The Company has established and refined the systems for the general meeting, the board of directors, and the supervisorycommittee, resulting in a robust corporate governance structure. In terms of internal organization, the Company has establishedorganizational structures tailored to its developmental requirements. These structures define the functions of each department andestablish corresponding internal management and control systems, enabling independent conduct of production and operationalactivities within the Company. There is no organizational overlap between the Company’s organizational structure and those ofbusinesses under the control of its controlling shareholder or actual controller.
5. Financial independence
The Company has created an independent, comprehensive, and standardized accounting and financial management system inaccordance with the Accounting Standards for Business Enterprises and relevant regulations. Additionally, it has implementedcorresponding internal controls, enabling autonomous financial decision-making. The Company has opened its own bank account anddoes not share any bank account with its controlling shareholder, actual controller or businesses under their control. As an independenttaxpayer, the Company does not engage in mixed taxation with businesses under the control of its controlling shareholder or actualcontroller.
III. Horizontal Competition
□ Applicable ? Not applicable
IV. Annual General Meeting and Extraordinary General Meetings Held in the ReportingPeriod
1. General meeting of shareholders
| Session No. | Session type | Percent of investor attendance | Session date | Disclosure date | Resolutions |
| The First Extraordinary General Meeting of Shareholders of 2024 | Extraordinary General Meeting | 55.55% | March 13, 2024 | March 14, 2024 | For details, please refer to the Resolution Announcement of the First Extraordinary General Meeting of Shareholders of 2024 published on the CNINFO |
| website (http://www.cninfo.com.cn). | |||||
| Annual General Meeting of Shareholders of 2023 | Annual General Meeting | 54.78% | May 21, 2024 | May 22, 2024 | For details, please refer to the Resolution Announcement of the Annual General Meeting of Shareholders of 2023 published on the CNINFO website (http://www.cninfo.com.cn). |
| The Second Extraordinary General Meeting of Shareholders of 2024 | Extraordinary General Meeting | 53.42% | October 08, 2024 | October 09, 2024 | For details, please refer to the Resolution Announcement of the Second Extraordinary General Meeting of Shareholders of 2024 published on the CNINFO website (http://www.cninfo.com.cn). |
| The Third Extraordinary General Meeting of Shareholders of 2024 | Extraordinary General Meeting | 51.08% | December 30, 2024 | December 31, 2024 | For details, please refer to the Resolution Announcement of the Third Extraordinary General Meeting of Shareholders of 2024 published on the CNINFO website (http://www.cninfo.com.cn). |
2. Extraordinary general meetings requested by the preferred shareholders whose voting rights have beenrestored
□ Applicable ? Not applicable
V. Information of Directors, Supervisors and Senior Managers
1. Basic information
| Name | Gender | Age | Title | Office status | Start date | End date | Opening shareholdings (share) | Shareholdings increased in the current period (share) | Shareholdings decreased in the current period (share) | Other changes (share) | Closing shareholdings (share) | Reason for changes |
| Jin Baofang | Male | 72 | Chairman, and General Manager | Current | December 05, 2019 | December 11, 2025 | ||||||
| Yang Aiqing | Male | 43 | Deputy General Manager | Current | April 29, 2022 | December 11, 2025 | 826,230 | 826,230 | ||||
| Director | Current | June 08, 2022 | December 11, 2025 | |||||||||
| Jin Junhui | Female | 46 | Director | Current | December 12, 2022 | December 11, 2025 | ||||||
| Tao Ran | Male | 38 | Director, and Deputy General Manager | Current | December 05, 2019 | December 11, 2025 | ||||||
| Cao Yangfeng | Male | 51 | Director | Current | December 05, 2019 | December 11, 2025 | 1,346,184 | 1,346,184 | ||||
| Jia Shaohua | Male | 74 | Director | Current | December 12, 2022 | December 11, 2025 | ||||||
| Zhao Yuwen | Male | 85 | Independent director | Current | December 05, 2019 | December 11, 2025 |
| Zhang Miao | Female | 41 | Independent director | Current | December 05, 2019 | December 11, 2025 | ||||||
| Qin Xiaolu | Female | 49 | Independent director | Current | December 05, 2019 | December 11, 2025 | ||||||
| Li Yuntao | Male | 45 | Chairman of the Supervisory Committee | Current | December 05, 2019 | December 11, 2025 | ||||||
| Li Jing | Female | 34 | Supervisor | Current | December 05, 2019 | December 11, 2025 | ||||||
| Li Binbin | Female | 28 | Supervisor | Current | December 05, 2019 | December 11, 2025 | ||||||
| Wu Tingdong | Male | 50 | Deputy General Manager, and Secretary of the Board | Left | December 06, 2019 | March10, 2025 | 1,321,823 | 1,321,823 | ||||
| Li Shaohui | Male | 50 | Finance Director | Current | December 06, 2019 | December 11, 2025 | 1,744,008 | 1,744,008 | ||||
| Qin Shilong | Male | 39 | Secretary of the Board | Current | March10, 2025 | December 11, 2025 | ||||||
| Total | -- | -- | -- | -- | -- | -- | 5,238,245 | 0 | 0 | 5,238,245 | -- |
Directors or supervisors leaving their positions or dismissals of senior managers in the reporting period
□ Yes ? No
Changes in directors, supervisors, and senior managers? Applicable □Not applicable
| Name | Title | Type | Date | Reason |
| Wu Yandong | Deputy General Manager, Board Secretary | Dismissal | March 10, 2024 | Work Transfer |
2. Background information
The professional backgrounds, work experiences, and main responsibilities of the current directors, supervisors, and senior managerswithin the Company
1. Directors
Mr. Jin Baofang, born in 1952, Chinese citizen, senior political work specialist, and senior economic specialist. In April 1972, hewas selected to study at Xingtai School of Finance and Trade. In June 1974, he was appointed as an accountant in the preparatory officeof Xingtai Cement Factory. In October 1975, he became the Director of the Office of Agricultural Machinery Bureau in Ningjin County.In March 1984, he was promoted to Deputy Director of the Agricultural Machinery Bureau in Ningjin County, concurrently serving asthe Manager of the Agricultural Machinery Supply Company in Ningjin County. In 1992, he was appointed as the Party Secretary andDirector of the Ningjin County Power Bureau in Hebei Province. Since 2003, he has served as the Chairman of Jinglong IndustrialGroup Co., Ltd. From May 2005 to May 2024, he has also held the position of Chairman at JA Solar Holdings Co., Ltd. He receivedhonors such as Hebei Province Model Worker, Outstanding Entrepreneur of Hebei Province, National May 1st Labor Medal, NationalModel Worker, among others. He has also served as a delegate to the 10th, 11th, and 12th National People’s Congress. Since December2019, he has been the Chairman and General Manager of the Company.Mr. Yang Aiqing, born in 1981, Chinese citizen, bachelor’s degree. From 2005 to 2009, he held various positions at JA SolarHoldings Co., Ltd., including technician, team leader, line leader, workshop director, and deputy manager of the production department.From September 2009 to December 2015, he served in various roles at JA (Yangzhou) Solar Technology Co., Ltd., such as productionmanager, process manager, manufacturing director, assistant to the general manager, deputy general manager, and executive deputygeneral manager. From 2016 to March 2017, he was the general manager of Shanghai JA Solar Technology Co., Ltd. From 2017 to2021, he held positions including general manager of JA (Yangzhou) Solar Technology Co., Ltd., general manager of the secondbusiness unit and assistant to the president of JA Solar Holdings Co., Ltd. Since January 2022, he has been serving as the actingpresident and executive president of the Company successively. Additionally, since April 2022, he has held the position of deputygeneral manager, and since June 2022, he has been a director of the Company.
Ms. Jin Junhui, born in 1978, a Chinese national with a postgraduate degree. From September 1998 to March 2009, she tookvarious roles within Ningjin County, Hebei Province. Her positions included Clerk and Section Member at the County Personnel andLabor Bureau, as well as Deputy Section Chief of the Cadre Division at the County Party Committee Organization Department. Shefurther advanced to Chief of the Staff Division and thereafter served as Deputy Director of the Grassroots Office. From March 2009 toOctober 2021, Ms. Jin contributed to the Hebei Provincial Directly Affiliated Organs Work Committee, progressing from DeputySection Member to Section Member, and subsequently becoming Deputy Director and then Director of several key departments,including the United Front (Mass Work) Department, the Women’s Work Committee, and the Youth Work Committee. In hersubsequent roles, from November 2021 to December 2024, she served as Assistant President and General Manager of the ShijiazhuangBase. Since December 2022, she has been a Director of the Company, and in December 2024, she ascended to the role of President ofthe China Region within the Company’s Regional Operations Center.
Mr. Tao Ran, born in 1987, a Chinese national with a postgraduate degree. He commenced his professional journey at ShanghaiJA Solar PV Technology Co., Ltd. as Assistant to the CEO Office from May 2012 to March 2015. His capabilities earned him apromotion to Assistant President, a position he held briefly from March to June 2015. Subsequently, Mr. Ran took on the role ofAssistant President at Beijing JA Solar PV Technology Co., Ltd. from July 2015 to January 2018, ultimately advancing to VicePresident until December 2019. Since then, he has served as Director and Deputy General Manager of the Company. Additionally,since January 2020, he has undertaken roles as Vice President of the Company, and the President of the Infrastructure EngineeringCenter.
Mr. Cao Yangfeng, born in 1973, a Chinese national with a doctoral degree. He served as the Director of the JA Solar Strategyand Brand Committee from November 2018 to December 2019. Since December 2019, he has held the position of Director of theCompany and Chairman of the Strategy and Sustainable Development Committee. In December 2024, he was appointed DeputyDirector of the Company’s Business Management Committee. Additionally, Mr. Cao is a Professor of Management Practice at PekingUniversity Guanghua School of Management.
Mr. Jia Shaohua, born in December 1950, Doctor’s degree, professor, and researcher in economics. He serves as a graduatesupervisor at the University of Chinese Academy of Social Sciences, Honorary Director of the Finance and Tax Cadre Education andTraining Center at the School of Continuing Education of Central University of Finance and Economics, and Vice Chairman of theChina Association for Fiscal and Tax Law. He has held various positions including Director of the Finance Department of Ningxia HuiAutonomous Region, Deputy General Manager of Hainan Province Commercial Management Group, Deputy Director of the StateTaxation Bureau of Jiangxi Province and Hainan Province, Director of the Tax Cadre Continuing Education College of the StateAdministration of Taxation, and Chief Editor of the China Taxation Publishing House. In 1996, he was awarded the title of OutstandingExpert with Outstanding Contributions by the Hainan Provincial People’s Government for his contributions in enterprise management.In 2001, he was awarded the title of Outstanding Expert with Outstanding Contributions by the State Council for his contributions intax research and teaching, and he received the special government allowance. Since December 2022, he has been a director of theCompany.
Mr. Zhao Yuwen, born in 1939, Chinese citizen, bachelor’s degree. In 1978, he joined the Beijing Solar Energy Research Institute,where he successively held positions as a researcher, deputy director, chief engineer and director of academic commission. From 1999to 2017, he served as the Vice Chairman of the China Renewable Energy Society (formerly the China Solar Energy Society) andDirector of the Photovoltaic Professional Committee. From 2017 to March 2022, he was the Chief Supervisor of the China RenewableEnergy Society. From 2005 to 2017, he served as a member of the International Advisory Committee for the Photovoltaic Science andEngineering Conference (PVSEC) and the World Conference on Photovoltaic Energy Conversion (WCPEC). Since 2017, he has beenan Honorary Member of the International Advisory Committee for the PVSEC. Since 2017, he has also served as the Honorary Directorof the Photovoltaic Professional Committee of the China Renewable Energy Society. Since December 2019, he has been an independentdirector of the Company.
Ms. Zhang Miao, a Chinese national born in 1983, possesses a master’s degree. She served as Prosecutor and Director of thePublic Prosecution Department at the Beijing Dongcheng District People’s Procuratorate from July 2005 to June 2012. Subsequently,she was the Director of the Litigation Department at Beijing Li Xiaobin Law Firm until May 2014, when she became a Senior Partnerat Beijing Hylands Law Firm. Since December 2019, she has effectively contributed as an Independent Director of the Company.
Ms. Qin Xiaolu, a Chinese national born in 1975, a Senior Accountant with a postgraduate degree. She has been recognized as aLeading Management Accounting Talent in Fujian Province. In her current roles, she serves as a part-time Master Candidate’sSupervisor at the Xiamen National Accounting Institute and as an Industry Mentor for accounting, auditing, and doctoral students atXiamen University. Her professional journey includes financial leadership positions at Fujian Zhongyou Putai Mobile Equipment Co.,Ltd., where she advanced from Deputy Financial Director to Financial Director between March 2005 and July 2012. Subsequently, sheheld executive roles at Fujian Aoyuan Group from July 2012 to June 2024, culminating as President after also serving as ExecutiveVice President and Financial Director. Since December 2019, she has been an Independent Director of the Company.
2. Supervisors
Mr. Li Yuntao, born in 1979, Chinese citizen. Since January 2010, he has served successively in various roles at JinglongIndustrial Group Co., Ltd., including Finance Section Chief, Finance Manager, Director of Financial Management Center, Senior
Manager of Investment Business Unit, and Assistant to the General Manager. He has been the chairman of the supervisory committeeof the Company since December 2019.
Ms. Li Jing, born in 1991, master’s degree from Peking University. From September 2013 to August 2015, she served as theMarketing Manager at Beijing BMEI Co., Ltd. In August 2015, she joined Beijing JA Solar PV Technology Co., Ltd. Since December2019, she has been a supervisor of the Company, and she holds the positions of Brand Vice President and Chief Sustainability Officerat the Company.Ms. Li Binbin, born in 1996, Chinese citizen, bachelor’s degree. From December 2017 to February 2019, she worked as areceptionist at the administrative department of Beijing JA Solar PV Technology Co., Ltd. From February 2019 to July 2023, sheserved as an administrative secretary at Beijing JA Solar PV Technology Co., Ltd. From July 2023 to now, she held the position ofHead of the quality management system at Qujing JA Solar Technology Co., Ltd. She has also been an employee representativesupervisor of the Company since December 2019.
3. Senior managers
The background of Mr. Jin Baofang, the General Manager, Mr. Yang Aiqing, the Deputy General Manager, and Mr. Tao Ran, theDeputy General Manager.
Mr. Wu Tingdong, born in 1975, Chinese citizen, bachelor’s degree. From 2011 to 2018, he held various positions successivelyat JA Solar Holdings Co. Ltd., including Senior Manager of Public Relations Department, Senior Manager of Power Plant DevelopmentProject Department, Deputy General Manager of Power Plant Business Unit, Secretary to the Board of Directors, and Assistant to thePresident. From July 2018 to December 2019, he has been serving as Assistant to the President at JA Solar Holdings Co., Ltd. FromAugust 2015 to May 2024, he has also served as a director of JA Solar Holdings Co., Ltd. From December 2019 to March 2025, hehas been serving as Deputy General Manager and Secretary to the Board of Directors of the Company. Additionally, since January2020, he has held the position of Vice President and President at the Company successively.
Mr. Li Shaohui, born in 1974, Chinese citizen, master’s degree, accountant, Chinese CPA, Chinese certified tax agent, and Chinesecertified public valuer. From January 2001 to September 2005, he served as an auditor at Xingtai Huaxin Certified Public AccountantsCo., Ltd. From October 2005 to August 2007, he worked as the Finance Director at Xingtai Xinhui Copper Industry Special Wire Co.,Ltd. From September 2007 to January 2012, he held the positions of legal representative and general manager at Xingtai Jinxin TaxationAgent Co., Ltd. From April 2010 to January 2012, he served as a shareholder and supervisor at Hebei Tianfang Asset Appraisal Co.,Ltd. From February 2012 to October 2013, she served as the Finance Director at JA Solar Holdings Co., Ltd. From November 2013 toSeptember 2015, he served as Deputy General Manager at JA Solar Holdings Co., Ltd. From October 2015 to December 2019, heserved as the Finance Director and Assistant to the President at Beijing JA Solar PV Technology Co., Ltd. Since December 2019, hehas been responsible for finance at the Company. Additionally, since January 2020, he has been serving as Vice President and Presidentof Finance Management Center at the Company successively.
Mr. Qin Shilong, a Chinese national born in 1986, possesses a master’s degree and an impressive array of professionalcertifications, including the Chinese Legal Professional Qualification Certificate, Shenzhen Stock Exchange Board SecretaryQualification Certificate, and Independent Director Qualification Certificate. His extensive experience in asset management and legalaffairs distinguishes him in the field. Notably, Mr. Qin has served as board secretary for several publicly listed companies and has beenhonored with induction into the New Fortune Golden Board Secretary Hall of Fame. From February 2012 to June 2017, he advancedthrough progressively responsible roles at Tianjin Zhonghuan Electronic Information Group Co., Ltd., ultimately becoming DeputyMinister of both the Asset Management and Legal Affairs Departments. from June 2017 to November 2024, he served as DeputyGeneral Manager and Board Secretary at TCL Zhonghuan Renewable Energy Technology Co., Ltd. Currently, he continues to excelin his role as Board Secretary, a position he has held since March 2025.
Offices in shareholders?Applicable □ Not applicable
| Name in office | Shareholder name | Title | Start date | End date | Whether compensation or allowances are received from shareholder |
| Jin Baofang | Dongtai Jingtaifu Technology Co., Ltd. | Executive director | No |
Offices in other entities?Applicable □ Not applicable
| Name in office | Entity name | Title | Start date | End date | Whether compensation or allowances are received from |
| other entities | |||||
| Jin Baofang | Jinglong Industrial Group Co., Ltd. | Chairman | |||
| Jin Baofang | Jinglong Technology Holding Co., Ltd. | Executive director | |||
| Jin Baofang | Beijing Jingguan Energy Technology Co., Ltd. | Chairman | |||
| Jin Baofang | Ningjin Jingyuan New Energy Co., Ltd. | Executive director | |||
| Jin Baofang | Jinglong Property Co., Ltd. | Executive director | |||
| Jin Baofang | Beijing Yangguang Jinglong Technology and Trade Co., Ltd. | Executive director | |||
| Jin Baofang | Jinglong Group Co., Ltd. | Director | |||
| Jin Baofang | Sanhe Huadian Yili Technology and Trade Co., Ltd. | Executive director | |||
| Jin Baofang | JASO Top Holdings Limited | Director | |||
| Jin Baofang | JASO Holdings Limited | Director | |||
| Jin Baofang | Ningjin Rural Bank Co., Ltd. | Director | |||
| Jin Baofang | Yangguang Guifeng Electronic Technology Co., Ltd. | Executive director | |||
| Jin Baofang | Beijing Zhongrui Lesang Hotel Management Co., Ltd. | Director | |||
| Jin Baofang | Tianjin Zhonglong Future Technology Co., Ltd. | Director | |||
| Cao Yangfeng | Guanghua School of Management, Peking University | Professor of management practices | |||
| Jia Shaohua | University of China Academy of Social Sciences | Master candidate supervisor | |||
| Jia Shaohua | China Association for Fiscal and Tax Law | Vice Chairman | |||
| Zhao Yuwen | Shunfeng International Clean Energy Limited | Independent director | |||
| Zhang Miao | Beijing Haotian Law Firm | Senior partner |
| Qin Xiaolu | Xiamen National Accounting Institute | Master candidate supervisor (off -campus) | |||
| Qin Xiaolu | China Dragon Securities Co., Ltd. | Supervisor | |||
| Qin Xiaolu | Xiamen University | Industry Mentor for Doctoral Candidates in Accounting, Master’s Candidates in Accounting, and Master’s Candidates in Auditing | |||
| Li Yuntao | Jinglong Industrial Group Co., Ltd. | Assistant to General Manager | |||
| Li Yuntao | Jinglong Technology Holding Co., Ltd. | General Manager | |||
| Li Yuntao | Ningjin Jingyuan New Energy Co., Ltd. | Manager | |||
| Li Yuntao | Hebei Finance Investment Leasing Co., Ltd. | Supervisor | |||
| Li Yuntao | JA (Tianjin) Finance Lease Co., Ltd. | Chairman | |||
| Li Yuntao | Hebei Jingning Elderly Care Services Co., Ltd. | Director | |||
| Li Yuntao | Ningjin Rongcheng Enterprise Service Co., Ltd. | Director | |||
| Li Yuntao | Bank of Xingtai Co., Ltd. | Director | |||
| Li Yuntao | Xingtai Qichang Hotel Management Co., Ltd. | Director and General Manager |
Penalties imposed on current and departing directors, supervisors, and senior managers by securities regulatory authorities in the pastthree years
□ Applicable ? Not applicable
3. Renumeration for directors, supervisors, and senior managers
Decision-making process, criteria for determination, and actual payment status of remuneration for directors, supervisors, and seniormanagers
| Decision-making process for the remuneration for directors, supervisors, and senior managers | The Company adheres to its Articles of Association and the Remuneration Assessment Policy for Directors, Supervisors, and Senior Managers. |
| Criteria for the renumeration for directors, supervisors, and senior managers | Directors, supervisors, and senior managers serving in the Company receive remuneration according to their administrative positions and duties, in accordance with the Company’s existing compensation policy. |
| Actual payments to directors, supervisors, and senior managers | The Company follows the decision-making process and criteria for determining the remuneration of directors, supervisors, and senior managers, ensuring that their compensation is paid on time. |
Renumeration of directors, supervisors, and senior managers in the reporting period
Unit: 10,000 yuan
| Name | Gender | Age | Title | Office status | Total before-tax compensation from the Company | Whether receiving compensation from related parties of the Company |
| Jin Baofang | Male | 72 | Chairman, and General Manager | Current | 347.64 | No |
| Yang Aiqing | Male | 43 | Director, and Deputy General Manager | Current | 356.33 | No |
| Jin Junhui | Female | 46 | Director | Current | 315.16 | No |
| Tao Ran | Male | 38 | Director, and Deputy General Manager | Current | 248.16 | No |
| Cao Yangfeng | Male | 51 | Director | Current | 157.04 | No |
| Jia Shaohua | Male | 74 | Director | Current | 12 | No |
| Zhao Yuwen | Male | 85 | Independent director | Current | 20 | No |
| Zhang Miao | Female | 41 | Independent director | Current | 20 | Yes |
| Qin Xiaolu | Female | 49 | Independent director | Current | 20 | Yes |
| Li Yuntao | Male | 45 | Chairman of the Supervisory Committee | Current | 0 | Yes |
| Li Jing | Female | 34 | Supervisor | Current | 71.59 | No |
| Li Binbin | Female | 28 | Employee representative supervisor | Current | 15.05 | No |
| Wu Tingdong | Male | 50 | Deputy General Manager, and Secretary of the Board | Left | 238.16 | No |
| Li Shaohui | Male | 50 | Finance Director | Current | 238.25 | No |
| Total | -- | -- | -- | 2,059.38 | -- |
Other notes
□ Applicable ? Not applicable
VI. Performance of Duties by Directors in the Reporting Period
1. Board meetings in the reporting period
| Session No. | Session date | Disclosure date | Resolutions |
| 17th meeting of the 6th board of directors | February 26,2024 | February 27,2024 | Refer to the Seventeenth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details. |
| 18th meeting of the 6th board of directors | March 18,2024 | March 19,2024 | Refer to the Second Meeting of the Eighteenth Board of Directors on http://www.cninfo.com.cn for details. |
| 19th meeting of the 6th board | April 10,2024 | April 11,2024 | Refer to the Nineteenth |
| of directors | Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details. | ||
| 20th meeting of the 6th board of directors | April 29,2024 | April 30,2024 | Refer to the Twentieth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details. |
| 21st meeting of the 6th board of directors | May 06,2024 | May 07,2024 | Refer to the Twenty-first Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details. |
| 22nd meeting of the 6th board of directors | May 27,2024 | May 28,2024 | Refer to the Twenty-second Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 23rd meeting of the 6th board of directors | June 18,2024 | June 19,2024 | Refer to the Twenty-third Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 24th meeting of the 6th board of directors | July 09,2024 | July 10,2024 | Refer to the Twenty-fourth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 25th meeting of the 6th board of directors | July 25,2024 | July 26,2024 | Refer to the Twenty-fifth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 26th meeting of the 6th board of directors | August 30,2024 | August 31,2024 | Refer to the Twenty-sixth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 27th meeting of the 6th board of directors | September 06,2024 | September 07,2024 | Refer to the Twenty-seventh Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 28th meeting of the 6th board of directors | September19,2024 | September 20,2024 | Refer to the Twenty-eighth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 29th meeting of the 6th board of directors | October 28,2024 | October 29,2024 | Refer to the Twenty-nineth Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 30th meeting of the 6th board of directors | October 30,2024 | October 31,2024 | Refer to the Thirtieth Meeting of the Sixth Board of Directors on |
| http://www.cninfo.com.cn for details | |||
| 31th meeting of the 6th board of directors | December 10,2024 | December 11,2024 | Refer to the Thirty-first Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
| 32th meeting of the 6th board of directors | December 19,2024 | December 20,2024 | Refer to the Thirty-second Meeting of the Sixth Board of Directors on http://www.cninfo.com.cn for details |
2. Director attendance at board meetings and general meetings
| Director attendance at board meetings and general meetings | |||||||
| Director name | Board meetings the director should have attended in the reporting period | Attendances at board meetings in person | Attendances at board meetings via communication | Attendances at board meetings by proxy | Absences from board meetings | Not attendance in person or via communication at two consecutive board meetings | Attendances at general meetings |
| Jin Baofang | 16 | 16 | 0 | 0 | 0 | No | 4 |
| Yang Aiqing | 16 | 7 | 9 | 0 | 0 | No | 4 |
| Jin Junhui | 16 | 1 | 15 | 0 | 0 | No | 4 |
| Tao Ran | 16 | 12 | 4 | 0 | 0 | No | 4 |
| Cao Yangfeng | 16 | 2 | 14 | 0 | 0 | No | 4 |
| Jia Shaohua | 16 | 1 | 15 | 0 | 0 | No | 4 |
| Zhao Yuwen | 16 | 2 | 14 | 0 | 0 | No | 4 |
| Zhang Miao | 16 | 0 | 16 | 0 | 0 | No | 4 |
| Qin Xiaolu | 16 | 2 | 14 | 0 | 0 | No | 4 |
Not attendance in person or via communication at two consecutive board meetings
3. Director objections regarding Company matters
Whether directors raised objections regarding Company matters
□ Yes ? No
No objections were raised by the directors regarding Company matters during the reporting period.
4. Additional information on performance of duties by directors
Whether the suggestions from directors regarding Company matters adopted? Yes □ NoNote on adoption or not adoption of the suggestions from directors regarding Company matters
In the reporting period, the Company’s directors fulfilled their responsibilities in strict adherence to relevant regulations such as theCompany Law, Securities Law, Code of Corporate Governance for Listed Companies, Shenzhen Stock Exchange Listing Rules, Articlesof Association and Rules of Procedures for Board Meetings. They provided valuable insights into the Company’s daily operationaldecisions, significantly enhancing the Company’s compliance and fostering informed decision-making.
VII. Committees under the Board of Directors in the Reporting Period
| Committee name | Members | Number of | Session date | Content | Important opinions and recommendati | Additional information on | Specific information on objections |
| meetings | ons raised | performance of duties | (if any) | ||||
| Audit Committee | Qin Xiaolu, Jia Shaohua, Zhao Yuwen | 6 | January 16,2024 | Q4 2023 audit review and 2024 work plan discussion | Proposal approved | ||
| Audit Committee | Qin Xiaolu, Jia Shaohua, Zhao Yuwen | 6 | January 25,2024 | KPMG presentation of 2023 annual audit plan | Proposal approved | ||
| Audit Committee | Qin Xiaolu, Jia Shaohua, Zhao Yuwen | 6 | April 23,2024 | KPMG annual audit work report | Proposal approved | ||
| Audit Committee | Qin Xiaolu, Jia Shaohua, Zhao Yuwen | 6 | April 28,2024 | Review of the following reports/topics 2023 Annual Report, Q1 2024 Report, 2023 Internal Control Self-Assessment Report, and proposal on 2023 asset impairment provisions | Proposal approved | ||
| Audit Committee | Qin Xiaolu, Jia Shaohua, Zhao Yuwen | 6 | August 29,2024 | Review of the following topics: 2024 Interim Report and proposal on reappointment of 2024 external auditor | Proposal approved | ||
| Audit Committee | Qin Xiaolu, Jia Shaohua, Zhao Yuwen | 6 | October 29,2024 | Review of the Q3 2024 Report | Proposal approved | ||
| Strategy and Sustainability Committee | Cao Yangfeng, Yang Ai Qing, Tao Ran, Zhao Yuwen, Zhang Miao | 4 | March 18,2024 | Review of power plant projects | Proposal approved | ||
| Strategy and Sustainability Committee | Cao Yangfeng, Yang Ai Qing, Tao Ran, Zhao Yuwen, Zhang Miao | 4 | April 28,2024 | Review of the Sustainability and ESG Report | Proposal approved | ||
| Strategy and Sustainability Committee | Cao Yangfeng, Yang Ai Qing, Tao Ran, Zhao Yuwen, Zhang Miao | 4 | July 03,2024 | Review of JA Solar Holdings’ acquisition of minority equity in Yangzhou JA | Proposal approved | ||
| Strategy and Sustainability Committee | Cao Yangfeng, Yang Ai Qing, Tao Ran, Zhao Yuwen, Zhang Miao | 4 | December 17,2024 | Review of the Oman cell and module project | Proposal approved | ||
| Remuneration and Assessment Committee | Zhang Miao, Tao Ran, Zhao Yuwen | 4 | February 23,2024 | Review of termination of the 2022 and 2023 equity incentive plans | Proposal approved | ||
| Remuneration and Assessment Committee | Zhang Miao, Tao Ran, Zhao Yuwen | 4 | April 26,2024 | Review of cancellation of unexercised options under the expired 2020 equity incentive plan | Proposal approved | ||
| Remuneration and Assessment Committee | Zhang Miao, Tao Ran, Zhao Yuwen | 4 | April 28,2024 | Evaluation of 2023 performance and compensation (allowances) | Proposal approved |
| of non-director senior management | |||||||
| Remuneration and Assessment Committee | Zhang Miao, Tao Ran, Zhao Yuwen | 4 | December 13,2024 | 2024 work report by senior management | Proposal approved |
VIII. Performance of Duties by Supervisory CommitteeWhether the supervisory committee identified any risks during its oversight activities in the reporting period
□ Yes ? No
The supervisory committee did not raise any objection to matters supervised in the reporting period.
IX. Employees
1. Staff number, composition of professional and education background
| Number of employees in the parent company at the end of the reporting period | 36 |
| Number of employees in major subsidiaries at the end of the reporting period | 37,253 |
| Total employees at the end of the reporting period | 37,289 |
| Total employees receiving compensation in the current period | 37,289 |
| Number of retirees for whom the parent and major subsidiaries must bear relevant expenses | 8 |
| Profession structure | |
| Profession | Number of employees |
| Production | 30,630 |
| Sales | 761 |
| Technology | 2,148 |
| Finance | 353 |
| Administration | 3,397 |
| Total | 37,289 |
| Education structure | |
| Education background | Number of employees |
| Master’s degree or higher | 782 |
| Bachelor’s degree | 6,545 |
| Three-year college | 9,974 |
| Others | 19,988 |
| Total | 37,289 |
2. Compensation Policy
The Company adeptly navigates the complexities of a dynamic industry landscape by adopting differentiated compensation strategiesthat align with its strategic development objectives. Informed by comprehensive benefits analysis and industry salary benchmarks, wecontinually refine our benefits system, including annual comprehensive health check-ups and wellness seminars. Additionally, ouremployee care initiatives, which celebrate birthdays, marriages, and other significant life events, significantly enhance job satisfaction.To retain talent, we have developed diverse incentive programs for critical positions, incorporating project bonuses and performance-based rewards. This performance-driven approach effectively links employee incentives to operational outcomes, optimizing workforceengagement and stability.
3. Training Plan
The Company prioritizes talent development as a fundamental strategic initiative, with a focus on addressing employees’ career growthneeds. We effectively integrate both internal and external premium resources to create customized development pathways, whilecontinuously adapting our training approaches to align with industry trends. Internally, we capture and disseminate managementexpertise through the extraction of knowledge from middle and senior leaders, complemented by the development of an internal trainersystem that refines best operational practices. Externally, we adopt advanced management tools and solutions. In alignment with ourglobal expansion strategy, we have established a multi-tiered talent pipeline that spans management, operations, general skills, andcultural competencies, effectively meeting the demands of our business growth. This comprehensive approach not only enhancesspecialized capabilities and holistic competencies but also strengthens our organizational competitiveness, advancing our frameworkfor international talent deployment and cultivation.
4. Labor outsourcing
□ Applicable ? Not applicable
X. Profit Distribution and Capital Reserve Conversion into Share Capital
The profit distribution policy during the reporting period, particularly the formulation, implementation, or adjustment of the cashdividend policy?Applicable □ Not applicable
(I) The Company’s profit distribution policy is as below in accordance with its Articles of Association:
The profit distribution policy allows for dividends to be distributed in either cash or stock The cash dividend policy aims todistribute residual dividends.
1. The board of directors should consider industry characteristics, developmental stage, operational model, profitability, andsignificant capital expenditure arrangements. Based on these factors, they should propose a differentiated cash dividend policy inaccordance with the procedures outlined in the Company’s Articles of Association.
(1) In the case where the Company is in a mature development stage and has no significant capital expenditure arrangements, theproportion of cash dividends in the current profit distribution should be no less than 80%;
(2) In the case where the Company is in a mature development stage and has significant capital expenditure arrangements, theproportion of cash dividends in the current profit distribution should be no less than 40%;
(3) In the case where the Company is in a growth development stage and has significant capital expenditure arrangements, theproportion of cash dividends in the current profit distribution should be no less than 20%;
In the case where it is not easy to determine the Company’s development stage but the Company has significant capital expenditurearrangements, the preceding rule applies.
2. Profit distribution policy
The profit distribution policy should prioritize ensuring investors receive fair returns on their investments while maintainingconsistency and stability. The Company may distribute its profit in cash or stock within the cumulative distributable profits and withoutdamaging the Company’s going concern.
In the decision-making and review process of profit distribution policy, the board of directors, the supervisory committee, and thegeneral meeting of shareholders should give full consideration to the opinions of independent directors and public investors.
(1) Profit distribution forms: Cash and/or stock with cash distribution preferred.
(2) Specific conditions and ratios for the cash dividend distribution:
If none of the following conditions are met, the Company will distribute at least 10% of the annual distributable profit in casheach year, and the cumulative cash dividends over the past three years will be no less than 30% of the average annual distributableprofit over the same period.
If any of the following conditions is met, the Company may choose not to distribute profits for the year:
① The auditors for the latest financial statements of the Company have expressed an opinion other than unqualified opinion or anunqualified opinion for paragraphs regarding significant uncertainty related to going concern;
② The Company’s debt-to-asset ratio exceeds 80%;
③ The Company’s net operating cash flow is negative;
④ The Company has significant investment plans or substantial cash outflows;
⑤ The Company’s cumulative distributable profit (i.e., the after-tax profit after offsetting losses and creating reserves) at the endof the year is zero or negative; or
⑥ The Company’s net profit attributable to shareholders of the listed company for the year is zero or negative.
A significant investment plan or substantial cash outflow is defined as one of the following circumstances:
① Over the next twelve months, the Company plans to invest externally, acquire assets, or purchase equipment, with cumulativeexpenditures reaching or exceeding 50% of its latest audited net assets, and exceeding 50 million yuan;
② Over the next twelve months, the Company plans to invest externally, acquire assets, or purchase equipment, with cumulativeexpenditures reaching or exceeding 30% of its latest audited total assets;Where shareholders are found to have improperly used funds of the listed company, the Company should deduct cash dividendsallocated to such shareholders to repay the funds they have misappropriated.The undistributed profits retained by the Company after profit distribution for the year should be used for the development of theCompany’s main business.
(3) The specific conditions for paying stock dividends: In the event of rapid growth and a perceived disparity between theCompany’s share price and share capital scale, the board of directors may propose a plan to distribute stock dividends, provided thatthe aforementioned cash dividend distribution is completed. The statutory reserve is utilized to offset the Company’s losses, expandproduction and operation scale, or increase the Company’s capital. When statutory reserve is converted into capital, the retained amountof such reserve shall be no less than 25% of the Company’s registered capital before the conversion.
(4) Profit distribution intervals: Usually, annual dividends are distributed, but the board of directors may also propose mid-yeardividends based on the Company’s financial needs.
(5) Profit distribution should comply with the following principles:
① statutory distribution sequence;
② not profit distribution when uncovered losses exist;
③ Pari-Passu principle;
④ The Company may not receive profit distribution for its shareholdings in the Company.
(II) Implementation of cash dividend policy in the reporting period
On April 29, 2024, the 20th meeting of the sixth board of directors and the 13th meeting of the sixth supervisory committee wereconvened, during which the Proposal on the 2023 Profit Distribution Plan was reviewed and approved. The plan stipulates a cashdividend distribution of 0.563 yuan per share (tax inclusive) to all shareholders, based on the total share capital recorded on theimplementation date. Importantly, no bonus shares or capital reserve conversions would occur. Following approval at the 2023 annualgeneral meeting of shareholders, the Company successfully executed the profit distribution on May 30, 2024.
| Special note on cash dividend policy | |
| Compliance with provisions of the Articles of Association or resolutions of the general meeting: | Yes |
| Dividend standards and ratios are clear: | Yes |
| Relevant decision-making procedures and mechanism are complete: | Yes |
| Independent directors perform their duties and played their role: | Yes |
| In the event of the Company not carrying out cash dividends, specific reasons should be disclosed along with proposed measures for enhancing investor returns in the future: | Yes |
| Middle and small shareholders have opportunities to fully express their views and needs with their legitimate rights and interests fully protected: | Yes |
| Conditions and procedures are in compliance with regulations and transparent where the cash dividend policy is adjusted or changed: | Not applicable, there was no adjustment or change in the cash dividend policy in the reporting period. |
The Company has achieved profits and the profit attributable to shareholders of the parent company is positive but no cash dividendproposal is raised
□ Applicable ? Not applicable
Profit distribution and capital reserve converted to share capital in the reporting period
□Applicable ? Not applicable
The Company has decided not to distribute cash dividends, issue bonus shares, or convert capital reserves for the current fiscal year.
XI. Implementation of Share Incentive Plan, Employee Stock Ownership Plan or OtherEmployee Incentive Measures
?Applicable □ Not applicable
1. Share incentive
Stock option and restricted share incentive plan for the year 2020In March 2020, to bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the fourth meetingof the fifth board of directors and the third extraordinary general meeting in 2020, the Company approved to implement the 2020 StockOption and Restricted Share Incentive Plan. The initial grant of stock options, totaling 16.5523 million share options, was recorded onMay 20, 2020, benefiting 110 incentive recipients. On June 18, 2020, the initial grant of restricted shares, totaling 9.5257 million shares,was recorded, benefiting 436 incentive recipients. On May 13, 2021, the reservation grant of restricted shares was recorded, providing454,300 restricted shares to 36 incentive recipients. On May 31, 2021, the reservation grant of stock options was recorded, providing
1.4467 million stock options to 48 incentive recipients.
On May 17, 2021, the 22nd meeting of the fifth board of directors and the 16th meeting of the fifth supervisory committeeapproved the Proposal on Meeting the Exercise Conditions of the First Exercise Period for Initial Stock Option Grant within the StockOption and the Restricted Share for the Year 2020, and the Proposal on Meeting the Vesting Conditions of the First Vesting Period forthe Initial Restricted Share Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed that the relevantexercise conditions and vesting conditions were met. In the first vesting period for the initial grant of restricted shares, the restrictionson a total of 2,829,000 shares were removed. In the first exercise period (May 28, 2021 to May 19, 2022) for the initial grant of stockoptions, a total of 4,904,430 stock options were exercised.On April 29, 2022, the 32nd meeting of the fifth board of directors and the 21st meeting of the fifth supervisory committeeapproved the Proposal on Meeting the Exercise/Vesting Conditions of the Second Exercise/Vesting Period for Initial Grant within theStock Option and the Restricted Share for the Year 2020, and the Proposal on Meeting the Exercise/Vesting Conditions of the FirstExercise/Vesting Period for the Reservation Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreedthat the relevant exercise conditions and vesting conditions were met. In the second vesting period for the initial grant of restrictedshares, the restrictions on a total of 3,929,562 shares were removed. In the second exercise period (May 20, 2022 to May 19, 2023) forthe initial grant of stock options, a total of 6,059,409 stock options were exercised. In the first vesting period for the reservation grantof restricted shares, the restrictions on a total of 227,150 shares were removed. In the first exercise period (May 31, 2022 to May 30,2023) for the reservation grant of stock options, a total of 723,755 stock options were exercised.On April 26, 2023, the 5th meeting of the sixth board of directors and the 5th meeting of the sixth supervisory committee approvedthe Proposal on Meeting the Exercise/Vesting Conditions of the Third Exercise/Vesting Period for Initial Grant within the Stock Optionand the Restricted Share for the Year 2020, and the Proposal on Meeting the Exercise/Vesting Conditions of the SecondExercise/Vesting Period for the Reservation Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreedthat the relevant exercise conditions and vesting conditions were met. In the third vesting period for the initial grant of restricted shares,the restrictions on a total of 7,306,880 shares were removed. In the third exercise period (May 22, 2023 to March 29, 2024) for theinitial grant of stock options, a total of 12,639,805 stock options were exercised. In the second vesting period for the reservation grantof restricted shares, the restrictions on a total of 445,214 shares were removed. In the second exercise period (May 31, 2022 to February23, 2024) for the reservation grant of stock options, a total of 1,026,047 stock options were exercised.The incentive plan for the year 2020 was completely implemented.
Stock option and restricted share incentive plan for the year 2022
To bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the 32nd meeting of the fifthboard of directors on April 29, 2022 and the annual general meeting for the year 2021 on June 8, 2022, the Company approved toimplement the 2022 Stock Option and Restricted Share Incentive Plan. On July 25, 2022, the grant of stock options and restrictedshares was recorded; a total of 15,027,600 stock options were granted to 837 incentive recipients; and a total of 4,298,000 restrictedshares were granted to 32 incentive recipients.
On July 13, 2023, the 7th meeting of the sixth board of directors and the 7th meeting of the six supervisory committee approvedthe Proposal on Meeting the Exercise Conditions of the First Exercise/Vesting Period for Initial Grant within the Stock Option and theRestricted Share for the Year 2022. It was agreed that the relevant exercise conditions and vesting conditions were met. In the firstvesting period for the initial grant of restricted shares, the restrictions on a total of 1,805,160 shares were removed. The first exerciseperiod (July 25, 2023 to July 24, 2024) for the initial grant of stock options, stock options can be exercised.
On February 26, 2024, the 17th meeting of the sixth board of directors and the 12th meeting of the sixth supervisory committeeapproved the Proposal on Terminating the Implementation of the Stock Option and Restricted Share Incentive Plan for the Year 2022and Canceling Stock Options and Repurchasing Canceled Restricted Shares. On March 13, 2024, the Company held the year’s firstextraordinary general meeting which approved the above proposal.
As of the termination of the incentive plan for the year 2022, a total of 1,805,160 restricted shares were released from restriction,and a total of 665,914 stock options were exercised; the Company canceled 19,793,722 stock options that had been granted but not yetexercised and repurchased and canceled 4,212,040 restricted stocks that had been granted but not yet released from restriction.
Stock option and restricted share incentive plan for the year 2023
To bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the 11th meeting of the sixthboard of directors on August 30, 2023 and the third extraordinary general meeting for the year 2023 on September 18, 2023, theCompany approved to implement the Stock Option and Restricted Share Incentive Plan for the Year 2023. On October 18, 2023, thegrant of restricted shares was recorded with a total of 3.4 million restricted shares granted to 11 incentive recipients; and on December16, 2023, the grant of stock options was recorded with a total of 78,840,200 stock options granted to 2,652 incentive recipients.
On February 26, 2024, the 17th meeting of the sixth board of directors and the 12th meeting of the sixth supervisory committeeapproved the Proposal on Terminating the Implementation of the Stock Option and Restricted Share Incentive Plan for the Year 2023and Canceling Stock Options and Repurchasing Canceled Restricted Shares. On March 13, 2024, the Company held the year’s firstextraordinary general meeting which approved the above proposal.
As of the termination of the incentive plan for the year 2023, the Company canceled 78,840,200 stock options that had beengranted but not yet exercised and repurchased and canceled 3.4 million restricted stocks that had been granted but not yet released fromrestriction.
Share incentives granted to directors and senior managers?Applicable □ Not applicable
Unit: Share
| Name | Title | Opening stock options | Stock options newly granted in the reporting period | Options exercisable in the reporting period | Options exercised in the reporting period | Exercise price of options exercised in the reporting period (yuan/share) | Closing stock options | Closing market price (yuan/share) | Opening restricted shares | Shares vetted in the reporting period | Restricted shares newly granted in the reporting period | Grant price of restricted shares (yuan/share) | Closing restricted shares |
| Yang Aiqing | Director, and Deputy General Manager | 588,000 | 0 | 0 | 0 | 0 | 0 | 13.75 | 500,000 | 0 | 0 | 0 | 0 |
| Cao Yangfeng | Director | 0 | 0 | 0 | 0 | 0 | 0 | 13.75 | 437,200 | 0 | 0 | 0 | 0 |
| Wu Tingdong | Deputy General Manager, and Secretary of the Board | 0 | 0 | 0 | 0 | 0 | 0 | 13.75 | 564,640 | 0 | 0 | 0 | 0 |
| Li Shaohui | Finance Director | 0 | 0 | 0 | 0 | 0 | 0 | 13.75 | 564,640 | 0 | 0 | 0 | 0 |
| Total | -- | 588,000 | 0 | 0 | 0 | -- | 0 | -- | 2,066,480 | 0 | 0 | -- | 0 |
| Notes (if any) | On February 26, 2024, the 17th meeting of the sixth board of directors and the 12th meeting of the sixth supervisory committee reviewed and approved the Proposal to Terminate the 2022 Stock Option and Restricted Stock Incentive Plan, along with the Cancellation of Stock Options and the Repurchase/Cancelation of Restricted Shares, as well as the Proposal to Terminate the 2023 Stock Option and Restricted Stock Incentive Plan, along with the Cancellation of Stock Options and the Repurchase/Cancelation of Restricted Shares. Subsequently, on March 13, 2024, the Company convened the first extraordinary general meeting of shareholders for 2024, which also approved these pivotal proposals. Consequently, the stock options and restricted shares held by relevant directors and senior management have been effectively canceled. | ||||||||||||
Assessment mechanism and incentive arrangements for senior managersThe Company has established a comprehensive remuneration assessment system, whereby the Remuneration and AssessmentCommittee determines the salary range for senior managers based on their positions, responsibilities, job performance, and completionof assigned tasks. This system reflects the principle of parity between responsibility and rights, ensuring that compensation iscommensurate with the importance of the position, workload, and level of responsibility. In the reporting period, the Company’s seniormanagers demonstrated a commitment to upholding their responsibilities in accordance with legal and regulatory requirements. Theyactively implemented decisions made by the general meeting and the board of directors, fulfilled their assigned duties, and effectivelyachieved the objectives set for the year.
2. Implement ion of employee stock ownership plan
□ Applicable ? Not applicable
3. Other employee incentive measures
□ Applicable ? Not applicable
XII. Development and Implementation of Internal Controls in the Reporting Period
1. Development and implementation of internal controls
In compliance with the Company Law, Securities Law, and relevant regulations of the China Securities Regulatory Commissionand the Shenzhen Stock Exchange, following the fundamental principles of internal control and given the Company’s specific needs,the Company has refined and adjusted the internal control system to encompass crucial aspects of corporate management and ensurethe design of internal controls is sound, reasonable, and effective. The Company has established a robust corporate governance structure,
an organization framework aligned with its business needs, effective incentive mechanisms, and a comprehensive risk assessmentsystem.
(1) The general meeting, the board of directors, and the supervisory committee operate legally and made decisions based on soundprinciples. Independent directors and supervisors are able to fully and independently fulfill their oversight responsibilities and provideindependent evaluations. In response to the strategy and sustainable development requirements of the Company and to advance therealization of the Company’s ESG objectives, the board of directors has established a Strategy and Sustainability Committee. Thisstrengthens the board’s oversight of the Company’s sustainability initiatives.
(2) The internal audit department conducts internal audits independently and in compliance with the law, ensuring effectiveoversight of management and the proper functioning of internal controls.
(3) The Company consistently arranges training sessions regarding regulatory compliance for directors, supervisors, and seniormanagers to raise the corporate governance standards of the leadership team. Furthermore, tailored compliance training is conductedfor middle-level managers and ordinary employees to heighten their awareness of risk prevention and reinforce a culture of compliance.These initiatives ensure the effective implementation of internal controls and contribute to the Company’s adherence to operationalstandards, facilitating its sustainable development.
In the reporting period, the board of directors conducted a thorough self-assessment of the Company’s internal controls. The 2024Annual Internal Control Self-Assessment Report provides a comprehensive, accurate, and truthful depiction of the Company’s internalcontrol landscape. According to the report, the Company’s internal control framework has been effectively implemented, ensuringrobust financial reporting controls across all significant areas in compliance with internal control standards and relevant regulations.Furthermore, there were no material weaknesses identified in internal controls for non-financial reporting during the reporting period.In the upcoming period, the Company will further refine its internal controls, ensure the standardized execution of internal controls,strengthen supervision and inspection mechanisms, and foster the Company’s healthy and sustainable development.
2. Specific information on material weaknesses identified in internal controls in the reporting period
□ Yes ? No
XIII. Management and Control over Subsidiaries in the Reporting Period
| Subsidiary name | Integration plan | Integration progress | Issues found in integration | Measures taken | Resolution progress | Subsequent solution |
| Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable |
XIV. Internal Control Evaluation Report or Internal Control Audit Report
1. Internal control evaluation report
| Disclosure date of the full text of internal control evaluation report | April 25,2025 | |
| Index to disclosed full text of internal control evaluation report | www.cninfo.com.cn | |
| Total assets of entities covered by the evaluation as a percent of the total assets in the Company’s consolidated financial statements | 82.19% | |
| Operating revenue of entities covered by the evaluation as a percent of the operating revenue in the Company’s consolidated financial statements | 81.91% | |
| Deficiency criteria | ||
| Category | Financial reporting | Non-financial reporting |
| Qualitative criteria | Qualitative criteria for material weakness include: (1) absence of decision-making procedure; (2) material error caused by the decision-making procedure; (3) Violation of national laws and/or | Qualitative criteria for material weakness include: (1) The Company is exposed to severe penalties from regulatory authorities for serious violations of laws or regulations; (2) Improper critical decision-making causes critical direct property losses; |
| regulations and punishment imposed consequently; (4) absence of controls or systemic failures in significant business activities; (5) material weaknesses in internal controls not corrected. Qualitative criteria for significant deficiency include: (1) decision-making procedure with deficiencies leading to significant losses; (2) significant error caused by the decision-making procedure; (3) significant loss caused by breach of internal rules; (4) significant faults in important business policies or systems; (5) significant deficiencies in internal controls not corrected. Qualitative criteria for moderate deficiency include: Control deficiencies causing misstatement in financial statements other than critical and significant deficiencies mentioned above. | (3) Overall absence of systemic controls lead to a company-wide control failure; (4) The Company is subject to critical penalties from the China Securities Regulatory Commission or warnings from stock exchanges. Qualitative criteria for significant deficiency include: (1) The Company is subject to significant fines due to violation of laws or regulations; (2) Improper critical decision-making causes significant direct property losses; (3) Absence of policies and systemic controls over significant business activities or key processes, compounded by a lack of adequate compensatory measures, resulting in the failure of control in the business; (4) Occurrences of significant quality, environmental, and occupational health and safety incidents cause significant reputational damage. Qualitative criteria for moderate deficiency include: Control deficiencies other than critical and significant deficiencies mentioned above. | |
| Quantitative criteria | Operating revenue and total assets are the measures in quantitative criteria. The potential or realized losses resulting from an internal control deficiency are measured by total assets if they are related to balance sheet. The deficiency is defined as a moderate deficiency if the potential or realized misstatement amount in the financial reports resulting from the deficiency alone or in combination with other deficiencies is less than 0.2% of total assets; a significant deficiency if the amount reaches or exceeds 0.2% but is less than 0.5% of total assets; a material weakness if the amount reaches or exceeds 0.5% of total assets. The potential or realized losses resulting from an internal control deficiency are measured by operating revenue if they are related to income statement. The deficiency is defined as a moderate deficiency if the potential or realized misstatement amount in the financial reports resulting from the deficiency alone or in combination with other deficiencies is less than 0.2% of operating revenue; a significant deficiency if the amount reaches or exceeds 0.2% but is less than 0.5% of operating revenue; a material weakness if the amount reaches or exceeds 0.5% of operating revenue. | Operating revenue and total assets are the measures in quantitative criteria. The potential or realized losses resulting from an internal control deficiency are measured by total assets if they are related to balance sheet. The deficiency is defined as a moderate deficiency if the potential or realized misstatement amount in the financial reports resulting from the deficiency alone or in combination with other deficiencies is less than 0.2% of total assets; a significant deficiency if the amount reaches or exceeds 0.2% but is less than 0.5% of total assets; a material weakness if the amount reaches or exceeds 0.5% of total assets. The potential or realized losses resulting from an internal control deficiency are measured by operating revenue if they are related to income statement. The deficiency is defined as a moderate deficiency if the potential or realized misstatement amount in the financial reports resulting from the deficiency alone or in combination with other deficiencies is less than 0.2% of operating revenue; a significant deficiency if the amount reaches or exceeds 0.2% but is less than 0.5% of operating revenue; a material weakness if the amount reaches or exceeds 0.5% of operating revenue. |
| Material weaknesses in financing reporting | 0 |
| Material weaknesses in non-financial reporting | 0 |
| Significant deficiencies in financing reporting | 0 |
| Significant deficiencies in non-financing reporting | 0 |
2． Internal control audit report
?Applicable □ Not applicable
| Audit opinion paragraph in the internal control audit report | |
| JA Solar maintained effective internal control over financing reporting in all material aspects for the year ending December 31, 2024 in accordance with Basic Guidelines for Internal Controls in Businesses and applicable provisions. | |
| Disclosure of internal control audit report | Disclosed |
| Disclosure date of the full text of internal control audit report | April 25, 2025 |
| Index to disclosed full text of internal control audit report | www.cninfo.com.cn |
| Type of audit opinion in the internal control audit report | Unqualified opinion |
| Any material weaknesses in non-financial reporting | No |
Any internal control audit report with an opinion other than unqualified opinion issued by the accounting firm
□ Yes ? No
Werther the internal control audit report issued by the accounting firm is consistent with the opinion in the board of director’s elf-evaluation report? Yes □ No
XV. Correction of Issues Identified in the Special Action on the Governance of ListedCompany
Not applicable
Section V. Environmental and Social Responsibility
I．Material Environmental Events
Whether the listed company and/or its subsidiaries are key waste discharge entities published by the environmental protectionauthority? Yes □ NoPolicies and industrial standards in environmental protectionThe Company actively identifies and adheres to industry standards, national and local laws, including the Environmental ProtectionLaw of the People’s Republic of China, Environmental Impact Assessment Law of the People’s Republic of China, ManagementMeasures for Enterprise Environmental Information Disclosure, Atmospheric Pollution Prevention and Control Law of the People’sRepublic of China, Water Pollution Prevention and Control Law of the People’s Republic of China, Soil Pollution Prevention andControl Law of the People’s Republic of China, Law of the People’s Republic of China on Prevention and Control of EnvironmentalPollution by Solid Waste, Law of the People’s Republic of China on Promoting Clean Production, Energy Conservation Law of thePeople’s Republic of China and Pollutant Discharge Permit Management Measures (2024). We strive to enhance the Company’senergy efficiency and resource utilization, continuously improve the ISO 14001 environmental management system, explore circulareconomy new model, promote clean production, drive the establishment of green factories and zero waste factories , and facilitate thegroup’s sustainable development.
Environmental permitsThe Company conducts environmental impact assessments and approvals for all projects in accordance with national environmentalprotection regulations such as the Environmental Impact Assessment Law of the People’s Republic of China and Pollutant DischargePermit Management Measures. This ensures that environmental protection facilities are designed, constructed, put into operation, andused simultaneously with the main projects. We have established environmental management systems and fully implemented theenvironmental protection responsibility system. We regulate environmental behaviors, prevent environmental pollution, and minimizeenvironmental pollution.
In 2024, the Company’s headquarters conducted comprehensive Compliance Due Diligence on Pollutant Emissions across allphotovoltaic manufacturing facilities, achieving a remarkable 100% timely response rate. All Environmental, Health, and Safety (EHS)personnel at domestic production sites have successfully completed training on the newly implemented Pollutant Discharge PermitManagement Measures (2024). Each operational base, including international facilities, has secured valid pollutant discharge permitsor equivalent local environmental permits. In alignment with the Measures for the Mandatory Disclosure of Enterprise EnvironmentalInformation, all domestic sites transparently disclose emission data via national or local government ecological platforms or throughon-site public displays, thereby ensuring accountability and public oversight.
Specific details of industry discharge standards and the discharges of pollutants involved in production and operational activities
| Company or subsidiary name | Types of main pollutants and distinctive pollutants | Names of main pollutants and distinctive pollutants | Discharge method | Number of discharge outlets | Distribution of discharge outlets | Discharge concentration/intensity | Discharge standards | Total discharge amounts | Approved discharge limits | Over-limit discharge |
| JA Solar Holdings Co., Ltd. | Air Pollutants | Fluorides, Hydrogen Chloride, Chlorine, Nitrogen Oxides, Particulate Matter, NMTHC, Odors, NH?, H?S | Exhaust gases undergo treatment via air pollution control systems before being discharged, ensuring compliance with regulatory emission standards. | 49 | 22 in the Third Zone, 8 in the Fifth Zone and 19 in Dongcheng | Ammonia: 3 mg/m?, Nitrogen Oxides: 3.7 mg/m?, NMTHC: 5.05 mg/m?, Fluorides (F): 2.78 mg/m?, Particulate Matter: 7.2 mg/m?, Hydrogen Sulfide: 0.11 mg/m?, Hydrogen Chloride: 4.2 mg/m?, Chlorine: 2.5 mg/m? | Emission Standard of Pollutants for Battery Industry, Emission Control Standard of Volatile Organic Compounds for Industrial Enterprises, Emission Standards for Odor Pollutants (GB 14554-93), Integrated Emission Standard of Air Pollutants (GB 16297-1996) | Chlorine (Cl?): 4.042t; Hydrogen Chloride: 12.953t; Fluorides (F): 14.289t; Ammonia: 12.4465t; Particulate Matter (PM): 9.598t; NMTHC: 15.752t; Nitrogen Oxides: 3.076t; Hydrogen Sulfide: 0.02751t. | Nitrogen Oxides: 62.547t/a. | Below limits. |
| JA Solar Holdings Co., Ltd. | Water Pollutants | COD, BOD, NH?-N, Suspended Solids, Fluorides, TN, TP, Petroleum Hydrocarbons | After treatment at the plant’s wastewater treatment facility, the effluent is discharged to the municipal wastewater treatment plant for further treatment before final release. | 4 | 2 in the Third Zone, 1 in the Fifth Zone and 1 in Dongcheng | COD: 25 mg/L; BOD: 19.1 mg/L; NH?-N: 5.04 mg/L; Suspended Solids: 12 mg/L; Fluorides: 5.36 mg/L; TN: 6.88 mg/L; TP: 0.12 mg/L; Petroleum Hydrocarbons: 15 mg/L. | Integrated Wastewater Discharge Standard, Emission Standard of Pollutants for Battery Industry | COD: 195.788t, NH?-N: 16.944t, TP: 0.661t, TN: 24.446t, Suspended Solids: 35.79t, BOD: 42.051t, Fluorides: 16.889t. Petroleum Hydrocarbons: 0.971t (only in Dongcheng) | COD: 708.721t/a; NH?-N:104.277t/a. | Below limits. |
| Hefei JA Solar Technology Co., Ltd. | Air Pollutants | PM, Sn & compounds, NMTHC, NOx, SO?, Xylene, H?S, NH? | Welding fumes are efficiently directed through exhaust ducts to a two-stage activated carbon adsorption system for | 30 | Plant 1, Plant 2, Plant 3, Plant 4, and Plant 5 each have two waste gas emission outlets. The Smart Factory’s Phase I, Phase II, Phase III, and Phase | NMTHC: 16.25mg/m?; PM: 3.91mg/m?; Sn & compounds: ＜0.3mg/m? | Integrated Emission Standard of Air Pollutants (DB31/933-2015), special limits in the Standard for Fugitive Emission of Volatile Organic Compounds (GB 37822—2019) | PM: 0.59t; NMTHC: 45.48t; Sn & compounds: 0t. | N/A | Below limits. |
| thorough treatment before being released through elevated stacks. Similarly, lamination exhaust gases are channeled to an electrostatic oil removal unit, followed by a two-stage activated carbon adsorption system, ensuring effective treatment prior to emission. The boiler system has been retrofitted for low nitrogen oxides, with its exhaust gases discharged directly. Laboratory exhaust undergoes rigorous treatment through a two-stage activated carbon adsorption system before being emitted via elevated stacks. | IV projects are equipped with four emission outlets each. Furthermore, the facility includes one boiler emission outlet, one laboratory waste gas outlet, one wastewater treatment station outlet, and one outlet from the hazardous waste storage facility. | |||||||||
| Hefei JA Solar | Water Pollutants | COD, BOD, NH?-N, | The wastewater is treated by the | 1 | 1 main discharge outlet at the | COD: 38.33mg/L; TN: 24.68mg/L; | Effluent Acceptance Standards of Western Cluster | COD: 5.43t; TN: 3.28t; | COD: 38.90t/a; NH?-N:3.42t/a; | Below limits. |
| Technology Co., Ltd. | Suspended Solids, TN, TP | plant’s wastewater treatment facility before being discharged into the municipal sewage network, with online monitoring equipment installed to ensure compliance. | wastewater treatment station located in the southwest corner of the plant area. | NH?-N: 5.65mg/L; TP: 1.93mg/L; BOD: 11.95mg/L; Suspended Solids: 15.92mg/L | Wastewater Treatment Plant | NH?-N: 0.72t; TP: 0.27t; Suspended Solids: 2.38t; BOD5: 1.67t. | TN: 15.89t/a. | |||
| Yiwu JA Solar Technology Co., Ltd. | Air Pollutants | Fluorides, HCl, Chlorine, PM, NH?, NMTHC, H?S, Odor Concentration, Ethanol, Tin & Compounds | Exhaust gases undergo treatment via air pollution control systems before being discharged, ensuring compliance with regulatory emission standards. | 33 | 5 in the No.1 Module Factory, 5 in the No. 2 Module Factory, 9 in the No. 1 Cell Factory, 12 in the No.2 Cell Factory and 2 in the wastewater treatment station. | HCl: 4.5mg/m3; Fluorides: 1.05mg/m3; PM: 1.4mg/m3; Chlorine <0.2 mg/m3; NH?: 2.77mg/m3; NMTHC: 3.42mg/m3; H?S: 0.147mg/m3; Tin & Compounds: 1.11ug/m3; Odor Concentration:549. | Emission Standard of Pollutants for Battery Industry (GB 30484-2013), Emission Standards for Odor Pollutants (GB 14554-93), Integrated Emission Standard of Air Pollutants (GB 16297-1996) | NH?: 2.49t, HCl: 2.564t, Fluorides: 2.126t, Chlorine: 0.029t, PM: 4.164t, NMTHC: 10.99tt, H?S: 0.065t, Tin & Compounds: 0.0023t. | VOCs ：27.402t/a | Below limits. |
| Yiwu JA Solar Technology Co., Ltd. | Water Pollutants | pH, COD, SS, TN, TP, NH?-N, Fluorides (F) | The effluent is treated at the waste water station within the plant area before being discharged to Choujiang Sweage Treatment Plant. | 1 | 1 main discharge outlet on the western side of the plant area. | TN: 21.2 mg/L; TP: 0.52 mg/L; SS: 29 mg/L; COD: 39.46 mg/L; NH?-N: 8.08 mg/L; Fluorides (F): 3.9 mg/L; pH: 6.76. | Emission Standard of Pollutants for Battery Industry (GB 30484-2013)） | COD: 44.64t, NH?-N: 9.14t, TN: 23.99t, Fluorides (F): 4.41t, TP: 0.59t. | COD: 646.966t/a; NH?-N: 129.393t/a. | Below limits. |
| Dongtai JA Solar Technology | Air Pollutants | Fluorides, HCl, Cl?, PM, NH?, H?S, NMTHC, Ethanol, Xylene, Tin & Compounds, | Exhaust gases undergo treatment via air pollution control systems before being discharged, | 25 | 4 in the module workshop, 19 in the cell workshop, 1 in the wastewater treatment station and 1 in the hazardous | Isopropanol: 13.3mg/m3; Tin & Compounds: 0.00083mg/m3; NH?: 9.61mg/m3; H?S: 0.00975mg/m3; Cl?: 2.875mg/m3 PM: 1.4988mg/m3; | Emission Standard of Pollutants for Battery Industry (GB 30484-2013), Emission Standards for Odor Pollutants (DB32/4041-2021), Emission Standards | Isopropanol: 5.6824t; Tin & Compounds: 0.00042t; NH?: 1.7886t; H?S: 0.0019t, Cl?: 1.1874t, PM: 1.0857t, | N/A | Below limits. |
| Isopropanol, NOx, Ozone, SO? | ensuring compliance with regulatory emission standards. | waste storage facility. | NMTHC: 22.23mg/m3 | for Odor Pollutants (GB 14554-93), Emission standard of Air Pollutants for Boiler (DB32/4385-2022) | NMTHC: 22.8595t. | |||||
| Dongtai JA Solar Technology | Water Pollutants | pH, COD, SS, TN, TP, NH?-N, Fluorides (F), Chlorides, Salinity, Animal & Vegetable Oils | The wastewater is treated at the plant’s wastewater treatment facility before being discharged to Dongtai Rundong Water Purification Co., Ltd. for further treatment. | 1 | 1 main discharge outlet on the northern side of the plant area. | COD: 25.808mg/L; SS: 7.75mg/L; NH?-N: 6.6276mg/L; TP: 0.1825mg/L; TN: 4.1475mg/L; Fluorides (F): 3.41mg/L; Chlorides: 480mg/L; Total Salinity: 2157.5mg/L; Animal & Vegetable Oils: 0.155mg/L; pH: 7.3. | Emission Standard of Pollutants for Battery Industry (GB 30484-2013) | COD: 100.0221t, SS: 30.2853t, NH?-N: 25.8142t, TP: 0.7132t, TN: 16.2075t, Fluorides (F): 12.9644t, Chlorides: 1875.7341t, Total Salinity: 8431.0339t, Animal & Vegetable Oils: 0.6057t. | Fluorides (F): 25.8t/a | Below limits. |
| Shijiazhuang JA Solar Technology Co., Ltd. | Air Pollutants | Fluorides, HCl, Cl?, NOx, PM, NMTHC, SO?, Odor Concentration, Ammonia, Hydrogen Sulfide | Exhaust gases undergo treatment via air pollution control systems before being discharged, ensuring compliance with regulatory emission standards. | 37 | 0 in the cell workshop, 4 in the wafer slicing workshop, 2 in the centralized liquid and gas supply facility, 1 in the wastewater station, and 10 in the boiler facility. | HCl: 1.08mg/m?; Cl?: 0.9mg/m?; Fluorides: 0.47mg/m?; Ammonia: 0.93kg/h; NOx: 25mg/m?; NMTHC: 3.58mg/m?; PM: 3.6mg/m?; Hydrogen Sulfide: 0.18mg/m?; SO?: ND; Odor Concentration: 549. | Emission Standard of Pollutants for Battery Industry (GB 30484-2013), Emission Control Standard of Volatile Organic Compounds for Industrial Enterprises, Emission Standards for Odor Pollutants (GB 14554-93), Emission Control Standard of Volatile Organic Compounds for Industrial Enterprises (DB 13/ 2322—2016), Emission standard of Air Pollutants for Boiler (GB 13271-2014) | Cl?: 2.036t, HCl: 25.794t, Fluorides: 19.794t, Ammonia: 1.074t, PM: 3.782t, NMTHC: 18.403t, NOx: 7.924t, SO?: 0t, Hydrogen Sulfide: 0.029t. | VOCs：54.8064t/a。 SO?: 1.936t/a, NOx: 24.65t/a, VOCs: 54.8064t/a. | Below limits. |
| Shijiazhuang JA Solar Technology Co., Ltd. | Water Pollutants | COD, NH?-N, SS, Fluorides (F), TN, TP | The wastewater is treated at the plant’s wastewater treatment facility before being discharged to the | 1 | 1 main discharge outlet on the northern side of the plant area. | COD：44mg/L; NH?-N: 7.61mg/L; SS: 31mg/L; Fluorides (F): 0.7mg/L; TN: 9.53mg/L; TP: 0.03mg/L. | Emission Standard of Pollutants for Battery Industry (GB 30484-2013) and Effluent Acceptance Standards of Liangcun South Wastewater Treatment Plant | COD: 140.020t, NH?-N: 18.234t, TP: 0.274t, TN: 19.029t, SS: 64.162t, Fluorides (F): 1.973t. | COD: 742.500t/a; NH?-N: 123.75t/a. | Below limits. |
| Liangcun South Wastewater Treatment Plant for further treatment and final release. | ||||
| JA (Yangzhou) Solar Technology Co., Ltd. (Jinghui Park) | Air Pollutants | Fluorides, Hydrogen Chloride, Chlorine, Nitrogen Oxides, Particulate Matter, VOCs, Ozone, NH?, H?S | Exhaust gases undergo treatment via air pollution control systems before being discharged, ensuring compliance with regulatory emission standards. | 23 |
8 in the No. 12factory, 5 in the No.5factory, 1 in the No.6factory, 3 in thewastewater station, 1in the hazardouswaste storagefacility, 1 in thespecial gas station,and 5 in the R&Dcenter.
| Ammonia: 6.05mg/m?; Nitrogen Oxides: 0.38mg/m?; VOCs: 0.377mg/m?; Fluorides: 2.238mg/m?; PM: 2.188mg/m?; H?S: 0.027mg/m?; Hydrogen Chloride: 1.423mg/m?; Chlorine: 0mg/m? | Emission Standard of Pollutants for Battery Industry, Emission Control Standard of Volatile Organic Compounds for Industrial Enterprises, Emission Standards for Odor Pollutants (GB 14554-93), Integrated Emission Standard of Air Pollutants (GB 16297-1996) | Chlorine: 0t, Hydrogen Chloride: 5.05t, Fluorides: 7.04t, NH?: 2.779t, Particulate Matter: 0.616t, VOCs: 0.335t, Nitrogen Oxides: 0.246t, H?S: 0.00058t. | Particulate Matter: 10.038t, VOCs: 2.8836t. | Below limits. | ||||||
| JA (Yangzhou) Solar Technology Co., Ltd. (Jinghui Park) | Water Pollutants | pH, COD, NH?-N, SS, Fluorides (F), TN, TP | After being treated by the plant's wastewater treatment facility, the effluent is discharged to the municipal wastewater treatment plant for further treatment before final release. | 1 | 1 at the east side of Jinghui Park | COD: 18.745mg/L; NH?-N: 1.467mg/L; SS: 13.775mg/L; Fluorides (F): 2.342mg/L; TN: 7.649mg/L; TP: 0.148mg/L. | Integrated Wastewater Discharge Standard, Emission Standard of Pollutants for Battery Industry (GB 30484-2013) | COD: 25.9t, NH?-N: 2.32t, TP: 0.3071t, TN: 13.29t, SS: 17.596t, Fluorides (F): 4.262t. | COD: 537.6885t, NH?-N: 57.6114t, TP: 5.9256t, TN: 167.0686t. | Below limits. |
Pollutant treatmentWaste gasThe Company complies with the requirements outlined in the Integrated Emission Standard of Air Pollutant, Emission Standard ofPollutants for Battery Industry, Emission Standards for Odor Pollutants, and Emission Control Standard for Industrial EnterprisesVolatile Organic Compounds for waste gas treatment. It strategically equips a range of waste gas treatment facilities, including organicwaste gas purification towers, acid mist treatment towers, and bag dust collectors. Moreover, it installs online monitoring devices, over-limit alarm systems, and categorized electricity metering devices, all interconnected with environmental protection authorities. Throughcontinuous real-time monitoring, the Company ensures that the concentration of emitted gases complies with both national and localregulations.
WastewaterWastewater primarily originates from certain production processes, such as acidic and alkaline wastewater generated during texturingand alkali etching processes, wastewater from gas scrubbing towers, clean wastewater from purified water preparation, and domesticsewage from employee facilities. The Company rigorously adheres to both national and local standards for wastewater discharge. Ithas constructed and operates sewage treatment stations, employing processes like neutralization, sedimentation, A/O, and Anbot towers.Real-time online monitoring of pollutant factors is conducted and shared with environmental authorities to ensure compliance withstandards such as the Integrated Wastewater Discharge Standard, Emission Standard of Pollutants for Battery Industry, andWastewater Quality Standards for Discharge to Municipal Sewers. Continuous optimization of treatment processes is pursued, makinginternal discharge standards higher than local regulatory requirements.
Solid waste and hazardous wasteThe Company complies with the legal requirements of the People’s Republic of China, encompassing the Law of the People’s Republicof China on Prevention and Control of Environmental Pollution by Solid Waste, Management Measures for the Transfer of HazardousWaste, and National Catalog of Hazardous Waste. In alignment with ISO 14001 Environmental Management System standards, iteffectively categorizes and manages solid waste generated during production and operational processes, including household waste,general solid waste, and hazardous waste. The hazardous waste primarily consists of waste activated carbon felts from waste gastreatment, waste chemical packaging materials, waste oil, experimental waste liquids from water testing equipment, and wastepharmaceutical liquids from online monitoring devices. General solid waste mainly includes fluorinated calcium sludge generated fromsewage treatment plants, waste scraps generated during production processes, such as waste trimmings, cardboard boxes, pallets, andpackaging bags.
For general solid waste, dedicated personnel manage every stage, including generation, transfer, storage, and disposal. Acomprehensive solid waste register is maintained to document types, quantities, direction, storage, utilization, and disposal informationaccurately. The Company promotes a circular economy, aiming to reduce resource waste at the source. And implement various methodsto collect, recycle, and utilize solid waste that has already been generated. For solid waste without utility value, the Company engagescertified recycling and disposal entities for its collection, transportation, and disposal. The Company follows national guidelines whenselecting waste disposal entities, verifying their eligibility, environmental compliance, and technical capabilities. The Companyoversees the transportation, utilization, and disposal of industrial solid waste by entrusted entities, ensuring compliance with legalregulations and pollution prevention requirements stipulated in contracts.The Company delegates the collection and disposal of household garbage to sanitation entities：
For hazardous waste, the Company employs specialized measures such as sun-shielding and leakage prevention for warehouses andstorage facilities. Hazardous waste is categorized and stored according to its hazardous characteristics. Qualified entities arecommissioned for recycling of hazardous waste. The Company strictly adheres to the transfer application and transfer documentationsystem for hazardous waste, submitting data declarations via the Solid Waste Dynamic Information Platform. It welcomes supervisionfrom higher-level environmental authorities and the public to ensure the safe storage and compliant disposal of hazardous waste. Thehazardous waste storage warehouse is equipped with an intelligent monitoring system, enabling data tracking at every stage from wastegeneration, transfer, weighing, storage, to disposal, ensuring compliance.Self-monitoring plansThe Company utilizes a hybrid approach of manual and automatic monitoring to analyze pollutant emissions, ensuring the efficientoperation of environmental control facilities. Automatic monitoring involves online devices tracking COD and ammonia nitrogen levelsin wastewater. Manual monitoring includes assessments of waste gas, wastewater, noise, groundwater, and environmental air quality.The Company engages third-party testing agencies through commission contracts to conduct regular comprehensive monitoring andanalysis. For example, waste gas and boundary noise are monitored quarterly, while air quality assessments are conducted annually.All pollutant discharges from the Company comply with relevant national standards.Environmental-related emergency response plansIn accordance with national regulations such as the Management Measures for Environmental Emergencies, the Company hasdeveloped comprehensive management systems for environmental protection, environmental testing, operation and maintenance ofpollution control facilities, and environmental education and training. These systems aim to standardize and promote the orderlyimplementation of environmental protection efforts. Designated personnel conduct regular inspections, maintenance, and cleaningoperations as per procedures. Each subsidiary establishes an emergency response plan for environmental incidents, which is filed withthe environmental protection authorities. Targeted environmental emergency drills are conducted regularly to validate the operationand response capabilities of environmental equipment and facilities. The emergency response system is continuously enhanced toensure swift and efficient activation of measures in the event of an environmental incident, minimizing potential damages and hazards.Amidst the backdrop of sustainable development and carbon reduction across the world, the Company actively responds to national
and local alerts for heavy pollution weather conditions. It regulates production and operational activities to minimize emissions ofparticulates and pollutants, thereby reducing the burden on the ecological environment.Information on expenditure in environmental governance and protection, as well as payment of environmental protection taxes
The Company paid 1,738,000 yuan of environmental protection tax in the reporting period.
Emission reduction actions in the reporting period and the effect?Applicable □ Not applicableAs a leading enterprise in the photovoltaic sector, JA Solar prioritizes the mitigation of climate change as a fundamental aspect ofits sustainable development strategy. The Company has implemented comprehensive carbon management initiatives, including regularverification of carbon emissions, the establishment of science-based targets, and the promotion of green transformation throughout itsvalue chain. By deeply integrating into the global low-carbon transition, JA Solar continuously enhances its climate resilience.Furthermore, the Company actively expands its smart energy business, increasing self-consumed solar power generation and pioneeringPV-plus integrated solutions across various industries, thereby empowering customers in their low-carbon transitions.
1. Carbon emission accounting
JA Solar rigorously complies with internationally recognized standards, including the Greenhouse Gas Protocol: CorporateAccounting and Reporting Standard (GHG Protocol) and ISO 14064-1:2018
Greenhouse Gases - Part 1: Specification with Guidanceat the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals. The Company conductsannual greenhouse gas inventories across all domestic and international subsidiaries under its operational control. To enhance dataaccuracy and integrity, JA Solar engages independent third-party institutions to verify its Scope 1, Scope 2, and Scope 3 emissions inaccordance with ISO 14064-3:2019 Greenhouse Gases - Part 3: Specification with Guidance for the Verification and Validation ofGreenhouse Gas Statements.
2. Science-based carbon targets
JA Solar is committed to addressing climate change in alignment with China’s dual carbon strategy and supports the overarchingobjectives of the Paris Agreement to limit the global average temperature rise to within 1.5°C above pre-industrial levels. In 2022, theCompany joined the Science Based Targets initiative (SBTi), reinforcing its proactive stance on climate action through theestablishment of robust greenhouse gas emission reduction targets and action plans. Its science-based targets have received officialverification from SBTi, underscoring a strong alignment with international climate science standards. JA Solar boldly commits toreducing its Scope 1 and Scope 2 greenhouse gas emissions by 58.8% by 2034, compared to 2023 levels. Additionally, it aims to cutScope 3 emissions—stemming from purchased goods and services related to its photovoltaic products—by 63.8% in the sametimeframe. By 2050, the Company sets an ambitious goal of achieving a 90% reduction in Scope 1 and Scope 2 emissions and aremarkable 97% reduction in Scope 3 emissions per megawatt of photovoltaic products produced compared to 2023.
3. Climate opportunities and risks
In November 2024, JA Solar distinguished itself as the first photovoltaic enterprise to release a TCFD Report during the COP29Climate Change Conference. The 2023 Climate-Related Disclosure Report, developed in collaboration with S&P Global, undertook athorough analysis of climate change-related risks and opportunities, evaluating their financial implications. This comprehensiveapproach not only supports effective climate risk and opportunity management but also informs the Company’s strategic decision-making, fortifying its commitment to sustainability.
4. Green transformation across the value chain
JA Solar embraces the Green to Green sustainable development philosophy, actively facilitating green transformation acrosscritical stages of its value chain. This comprehensive approach encompasses product design, supplier management, raw materialprocurement, manufacturing, and logistics, all grounded in low-carbon principles. The Company exemplifies leadership in circulareconomy solutions, ensuring sustainability permeates both the industrial chain and the product lifecycle.
（1）Supplier management
The Company has implemented a comprehensive Supplier Social Responsibility and Sustainability Assessment system thatencompasses multiple dimensions, including product quality, community engagement, environmental management, and business ethics.This system integrates carbon disclosure, carbon footprint analysis, and renewable energy usage into supplier evaluation metrics,empowering value chain partners to enhance sustainability awareness and improve their sustainable management practices.
（2）Material procurement
The JA Solar Responsible Sourcing Policy has been created, which mandates carbon footprint certification for raw materials andimplements stringent sustainability monitoring. Additionally, the policy advocates for localized and low-carbon procurement toeffectively mitigate environmental impacts across the supply chain.
（3）Research and development
The Company seamlessly integrates green and low-carbon principles into its product design philosophy, prioritizingenvironmental impact at every stage. In addition to utilizing low-carbon materials in the design phase, we are committed to ongoinginnovation and research and development, which enhance product conversion efficiency and module power output, consequentlyreducing carbon emissions per unit of electricity generated. Several factories have completed comprehensive lifecycle assessments,and our flagship n-type DeepBlue 4.0 Pro products have achieved certification from French Certisolis for carbon footprints, meetingEnvironmental Product Declaration (EPD) standards in Norway and Italy. Notably, the mass production conversion efficiency of n-
type Bycium+ cells has reached an impressive 27%, positioning us at the forefront of low-carbon photovoltaic technology throughrelentless innovation.
（4）Production
The Company has systematically implemented a comprehensive energy management framework, fostering a culture of energyconservation and optimization. We have actively pursued energy-saving transformations and enhanced the efficiency of energyconsumption across our operations. Furthermore, we have championed the development of distributed photovoltaic systems at ourglobal production sites, thereby increasing the proportion of self-generated green energy through initiatives such as the procurementof green certificates. In 2024, we will establish benchmark net-zero factories, exemplified by the third phase of Qujing JA Solar, whichhas garnered carbon neutrality certification from the China Beijing Green Exchange, and Yangzhou Jingshan Park, recognized with anet-zero factory certification from T?V Süd.
（5）Packaging
The Company effectively implements circular packaging solutions through the optimization of cross-packing methods, thereduction of non-essential packaging, and ongoing enhancements in packaging and loading efficiency. We have commenced trialsaimed at eliminating wooden edge protectors for domestic shipments and are proactively investigating lifecycle carbon reductionstrategies. A standardized management system for recycling used packaging materials has been established, with dedicated collectionprograms at all manufacturing facilities to minimize material usage and energy consumption in packaging production.
（6）Warehousing and logistics
The Company develops innovative, environmentally friendly three-dimensional warehouses that facilitate real-time analysis andintelligent management of inbound/outbound logistics, storage, and inventory data, establishing highly automated, digital, andintelligent warehousing centers.
The Company actively advances the diesel-to-electric conversion project for forklifts, aiming to significantly reduce carbonemissions in on-site logistics and promote the establishment of zero-carbon green factories. For off-site transportation, the Companyexplores efficient and environmentally friendly solutions, including sea-rail intermodal and barge transportation. Concurrently, it isprioritizing the adoption of clean energy alternatives, such as biomass fuels and methanol. Furthermore, the Company is strategicallydeveloping local supply chains and advocating for localized procurement to further minimize transportation-related carbon emissions.
（7）Recycle and reuse
JA Solar employs a robust classification-based approach alongside resource recycling for its products, effectively facilitating therecovery and reuse of recyclable materials, including metals and glass, to mitigate environmental impacts. In addressing the recyclingof end-of-life photovoltaic modules, the Company adheres to European Union directives, notably the Waste Electrical and ElectronicEquipment (WEEE) Directive and the Restriction of Hazardous Substances (RoHS) Directive. JA Solar has established a fullycompliant photovoltaic module recycling and circular utilization mechanism within the European market. Furthermore, the companyhas forged long-term strategic alliances with PV CYCLE, a globally recognized leader in photovoltaic module recycling. As an activeglobal member of PV CYCLE, JA Solar diligently fulfills its obligations through the Compliance and Take Back Scheme, ensuringthat all exported module products meet WEEE Directive requirements and electronic waste disposal regulations across respective EUmember states. In non-EU regions, JA Solar confidently implements end-of-life solutions for its products, effectively promoting globalsales and advancing the circular utilization of its photovoltaic modules.
5.Capability building and supplier empowerment
JA Solar, as a globally positioned and industry-leading enterprise, demonstrates a steadfast commitment to capability buildingand talent cultivation to confront climate change effectively. The Company prioritizes enhancing suppliers’ competencies in addressingclimate issues, fostering continuous communication and regular empowerment initiatives to promote collaborative developmentthroughout the entire supply chain. This approach ensures a unified effort in mitigating climate impacts.
（1）Capability building
JA Solar is committed to capacity building in carbon emissions management, employing over 50 internal carbon emission officersto deepen the Company’s expertise in climate change mitigation. A robust carbon management system is supported by comprehensiveeducation, training, advocacy, and oversight. Through targeted training sessions and thematic activities, the Company disseminates itssustainable development philosophy and actively enhances employees’ environmental awareness.
（2）Supplier empowerment
In December 2022, JA Solar established a strategic partnership with CDP, positioning itself as the first photovoltaic companyglobally to launch the CDP Supply Chain Decarbonization initiative. Over the past two years, the Company has effectively spearheadeddecarbonization efforts among its suppliers. In 2024, the initiative engaged 37 suppliers, with 32 contributing to the climate changequestionnaire, which represented over 65% of total raw and auxiliary material procurement expenditures. Leveraging its leadershipwithin the value chain, JA Solar is poised to set pioneering international industry standards, working collaboratively with supply chainpartners to address the pressing challenges of climate change.
Administrative penalties due to environmental problems in the reporting period
| Company or subsidiary name | Penalty reason | Circumstance | Penalty result | Impact on the operations of the | Correction actions by the Company |
| listed company | |||||
| None | None | None | None | None | None |
Other environmental information that should be disclosedNoneAdditional environmental protection information
None
II. Social Responsibility
1. Protection of the rights and interests of shareholders and creditors
The Company has implemented a structured and efficient management system characterized by scientific standards and clearboundaries. It has established a corporate governance framework comprising the general meeting, board of directors, supervisorycommittee, and senior management. Under the board of directors, there are specialized committees including the Strategy andSustainability Committee, Audit Committee, Renumeration and Assessment Committee, and Nomination Committee, each supportedby corresponding decision-making and operational management mechanisms. These measures effectively protect the rights of allshareholders and creditors. The Company rigorously complies with relevant laws, regulations, ensuring the truthful, accurate, complete,timely, and equitable disclosure of information, and guaranteeing equal access to information relating to the Company by allshareholders. The Company communicates with investors through various channels such as on-site receptions, online performancebriefings, telephone, web messages, fax, and email. Important decisions are announced on the Company’s official website, and sectionsdedicated to investor education and contact details for the board secretary are provided, enabling shareholders and investors to betterunderstand the Company’s operations.
2. Protection of rights and interests of employees
The Company upholds a principle of openness, fairness, and impartiality in its employment policies, actively fostering harmonious andstable labor relations. It strictly adheres to labor standards and relevant laws and regulations in all its factories and offices worldwide.The Company unequivocally prohibits forced labor and does not tolerate any form of coercion through violence, threats, or illegalrestriction of personal freedom to compel employees to work. It strictly prohibits any harassment of employees and does not interferewith their freedom of belief. The Company prohibits discrimination against employees based on factors such as ethnicity, race,nationality, religious beliefs, gender, age, disability, marital status, sexual orientation, pregnancy, or any other factors. Child labor isstrictly prohibited, and the Company ensures equal pay for equal work, promotes gender equality, and respects employees’ rights tofreedom of association and collective bargaining. To enhance the protection of employees’ human rights, the Company has set relevantcorporate systems in accordance with international standards and implemented a range of comprehensive measures.The Company strictly adheres to labor laws and regulations such as the Labor Law and the Labor Contract Law, and lawfullycontributes to social insurance schemes including pension, medical, maternity, unemployment, and work-related injury insurance foremployees. In accordance with national regulations on employee leave, the Company implements a paid annual leave system andprovides employees with various types of leave including marriage leave, maternity leave, paternity leave, breastfeeding leave, andbereavement leave. The labor union, representing employees, signs Collective Labor Contract, Special Collective Contract on WageNegotiation, and Special Collective Contract on Special Interests for Female Workers with the Company. These agreementscomprehensively safeguard the legitimate rights and interests of employees in terms of wages, working hours, rest and leave,occupational safety and health, insurance benefits, and vocational skills training.
3. Supplier cooperation
The Company upholds a philosophy of integrity and legal compliance, maintaining rigorous standards in its business operations whilehonoring all relevant contracts and regulations. It ensures the full protection of the legitimate rights and interests of both suppliers andcustomers, fostering strong relationships with them. By delivering premium products and enhancing post-sales services, the Companyaims for mutual success and beneficial partnerships with its customers. Regarding suppliers, the Company adopts a dynamic evaluationapproach, scoring suppliers across dimensions such as quality, commerce, technology, supply, and social responsibility to encouragecontinuous improvement. It offers assistance to suppliers, aiding them in quality enhancement and expediting product development.Long-term trust-based cooperation is prioritized over short-term contracts, thereby enhancing efficiency and reducing transaction andmanagement costs. Establishing a sustained information exchange mechanism with suppliers, the Company collaborates with suppliersto drive industrial advancement.
4. Protection of the rights and interests of customers
When it comes to customers (including developers, and distributors), the Company upholds a customer-first service philosophy. It
consistently improves its customer service framework and standardizes cooperation process management to ensure customers aresatisfied with both products and services. The Company not only generates value for its clients but also actively collaborates to createvalue with them. Long-term trust-based partnerships supersede short-term contracts, this helps foster enduring relationships withcustomers. The Company guarantees the security of customer information and their right to be informed, while providing convenientaccess for customers to gain comprehensive insights into the Company.
5. Safety management
The Company upholds the principle of Safety First and Production Second, placing workplace safety as its paramount concern forsustainable growth. It consistently innovates its management approaches, reinforces the responsibilities of safety departments, andenhances safety training, risk identification, and hazard investigation efforts to safeguard its stable development.The Company conducts annual special training on fire facilities, traffic safety, electrical safety, and more. It also organizes activitiessuch as fire drills and safety knowledge competitions to effectively enhance employees’ awareness of safety. The Company has createdan EHS (Environment, Health, and Safety) learning platform to facilitate employees’ access to safety knowledge relevant to their roles.Since the inception of our safety improvement project in 2021, we have engaged a reputable safety management team for consultationand guidance. Beginning with our Yiwu base as a pilot, we aim to establish a model for safety management across the Company. Thisinitiative seeks to gather practical insights into safety enhancement, which will be translated into internal safety management schemesfor broader implementation throughout the organization. Ultimately, our goal is to foster a more robust and systematic safetymanagement system.
6. Environmental protection and sustainability
In February 2024, JA Solar was invited to participate in the sixth session of the United Nations Environment Assembly (UNEA-6),representing the only global photovoltaic enterprise. The assembly convened under the imperative theme Effective, Inclusive, andSustainable Multilateral Actions to Tackle Climate Change, Biodiversity Loss, and Pollution. In March 2024, JA Solar joined forceswith the World Wide Fund for Nature (WWF) to participate in Earth Hour, recognized as the world’s largest public environmentalinitiative. This collaboration involved symbolically turning off lights to Light Up Hope, while also committing an additional hour ofclean energy to benefit our planet. Furthermore, during March, JA Solar formally endorsed the Forward Faster initiative, launched bythe United Nations Global Compact (UNGC). This commitment emphasizes an accelerated approach to achieving the SustainableDevelopment Goals (SDGs), encompassing essential action areas such as gender equality, climate action, living wages, and sustainablefinance. In April, JA Solar expanded its impact by collaborating with the SEE Foundation on a desertification control project,successfully planting 30,000 sand willows in Ordos. This initiative not only aims to enhance carbon reduction but also seeks to restorelocal ecosystems.In 2024, JA Solar achieved significant milestones as its short-term, long-term, and net-zero targets received formal validation from theScience Based Targets initiative (SBTi). Additionally, JA Solar was honored with the Best Social Responsibility Award for CarbonNeutrality and the Best Carbon Neutrality Practice Award within the Solar and Storage Industry, bestowed by the PV Committee ofthe China Green Supply Chain Alliance, the Yangtze River Delta Solar Photovoltaic Technology Innovation Center, and the ElectricalEnergy Storage Alliance. Further reinforcing its leadership in transparency and accountability, JA Solar earned the P4EAST certificatefrom the International Sustainability Standards Board (ISSB) in Beijing. The Company also proudly featured on the 2024 FortuneChina ESG Impact List. In June, its Xingtai Low-Carbon Green Campus project, integrating talent development with sustainabilityinitiatives, received the esteemed 520 Social Responsibility Day Climate Action Best Case Award, while JA Solar was selected for thesecond consecutive year for the China ESG Listed Companies Pioneer 100.
7. Public relations
In March 2024, JA Solar was invited to participate in the Sustainable Markets Initiative (SMI) 2024 CEO Spring Summit. Notably, asthe sole photovoltaic module manufacturer present, JA Solar also secured a position on 2024 Fortune Asia Future 30 ranking. In May,JA Solar formally adopted the United Nations Women’s Empowerment Principles (WEPs). This initiative integrates the United NationsSustainable Development Goals (UN SDGs) into the Company’s corporate strategy and operations, allowing JA Solar to identifysustainability objectives pertinent to its value chain and actively pursue actions to expedite progress toward these aims. In July, JASolar’s exemplary performance in sustainable development earned its inclusion in the 2024 Sustainability Yearbook (China Edition),further demonstrating the Company’s leadership in this critical area. August witnessed JA Solar’s substantial support for TsinghuaInternational Case Analysis Competition of Public Policy on SDGs. In November, Jin Baofang, Chairman of JA Solar, delivered akeynote video address at the opening session of the 29th United Nations Climate Change Conference (COP29), where the Companyreaffirmed its commitment to collaborative climate action with partners and stakeholders to foster a sustainable future. Board memberJin Junhui also participated in the She Power Side Event on the inaugural day of COP29, showcasing the Company’s dedication todiversity, equity, and inclusion (DEI) within its corporate culture. During COP29, JA Solar conducted a press conference to unveil itsinaugural Task Force on Climate-related Financial Disclosures (TCFD) Report. Furthermore, in the same month, the Company earned
recognition on Fortune’s list of 2024 Most Admired Chinese Industry Stars. In December, JA Solar partnered with the Library ProjectSpecial Fund of the Wuxi Lingshan Charity Foundation, donating 201 science-themed reading kits to children across three schools inInner Mongolia, Hebei and Anhui. Notably, the Company also received the ESG Golden Bull Award – Top 100, underscoring itsrobust commitment to sustainable development and corporate responsibility.
8. Charity initiatives
The Company demonstrates a steadfast commitment to charitable initiatives, encompassing poverty alleviation and disaster relief. Iteffectively fosters societal warmth through tangible actions. By organizing volunteer teams, the Company engages in a range of publicwelfare activities, including tree planting, blood donation, and support for military families. Such efforts in assisting traffic police,firefighters, elderly residents, children in welfare centers, and educators contribute significantly to promoting a more harmonious andcompassionate society. A donation of 282,000 yuan was made to aid earthquake relief and reconstruction efforts in Gansu Province.Additionally, a One-Day Donation campaign on May 19 at the Company’s two bases in Jiangsu successfully raised 80,000 yuan,specifically targeting disadvantaged groups and local development initiatives. To enhance youth engagement and promote sports, theBaotou base contributed 30,000 yuan, providing 60 sets of sports gift packs to primary and secondary school students. The Yangzhoubase further exemplified its commitment to education by allocating 20,000 yuan in teaching awards and scholarships to bolsterelementary education within its jurisdiction. In the latter half of the year, the Ningjin and Xingtai bases collectively grantedapproximately 164,400 yuan in Sunshine Scholarships and Financial Aid. Moreover, the Ningjin base supported individuals withdisabilities with a donation of 20,600 yuan and contributed 98,900 yuan to the Brightness Project. The Gaoyou base supported theWomen and Children’s Foundation with a 10,000 yuan donation. Through the Beijing Charity Foundation, JA Solar donated 400,000yuan to two Hope Primary Schools. Furthermore, employees at the Baotou base raised around 13,100 yuan through the Gratitude andWarmth Initiative and over 50,000 yuan in the Love for a Day campaign.
III. Efforts for Solidifying Poverty Alleviation and Advancing Rural RevitalizationThe Company robustly engages with national initiatives by capitalizing on its strengths in the industrial chain, product technology,and ecological partnerships. It has successfully pioneered a green photovoltaic model that melds ecological development with theconstruction of clean energy infrastructure. Notably, the Company has established photovoltaic poverty alleviation power stations inYanchi, Ningxia, and Kangbao, Hebei. These initiatives are projected to deliver over 200 million yuan in financial support todisadvantaged areas over the next 20 years, benefiting 3,388 impoverished households.By the end of December 2024, the Company disbursed approximately 108.09 million yuan in financial support through its povertyalleviation projects.These initiatives strategically leverage multi-scenario synergistic development, including livestock-PV, fishery-PV, agriculture-PV,and mountainous PV applications. This innovative approach establishes a comprehensive rural revitalization model, effectivelyintegrating financial aid, lease payments, and job creation to drive sustainable progress in underdeveloped regions.
Section VI. Important Matters
I. Fulfillment of Commitments
1. Commitments made by the Company’s actual controller, shareholders, related parties, acquirers and theCompany that would be complete fulfilled but not completely fulfilled in or by the reporting period?Applicable □ Not applicable
| Reason for commitment | Commitment party | Commitment type | Commitment | Commitment time | Commitment duration | Fulfillment |
| Commitments made during asset restructuring | Jingtaifu, Qichang Electronics, Shenzhen Boyuan, Jingjun Ningyu, Jingli Ninghua, Jingren Ninghe, Jingde Ningfu, and Dongtai Bona | Commitment on reducing and regulating related-party transactions | I. There are no unfair related-party transactions between the Company or any operating entity it controls and the listed company. II. After this transaction is completed, the Company and any operating entity it controls will regulate and avoid or minimize the related-party transactions with the listed company and its subsidiaries. For unavoidable or reasonably justified related-party transactions, the market-based principles of fairness, and transparency shall be followed, agreements shall be signed in accordance with the law, legal procedures shall be fulfilled, and disclosure obligations and relevant approval procedures shall be carried out in accordance with relevant laws, regulations, normative documents, and articles of association. The price of related-party transactions shall be determined based on the prices of similar transactions with independent third parties, ensuring fairness. Efforts are taken to ensure that related-party transactions do not harm the legitimate rights and interests of the listed company and other shareholders. III. After this transaction is completed, the Company will continue to exercise shareholder rights in accordance with relevant laws, regulations, normative documents, and the articles of association of the listed company. When voting on related-party transactions involving the Company at the general meeting of the listed company, it will fulfill the obligation to abstain from voting. IV. The Company undertakes to fulfill the disclosure obligations regarding related-party transactions in accordance with relevant laws, regulations, normative documents, and the articles of association of listed company. The Company commits to refraining from unlawfully transferring funds or profits of the listed company through related-party transactions, avoiding any harm to the interests of non-related shareholders, and abstaining from any illegal or improper utilization of the funds or assets of the listed company. V. The Company is willing to take labile for any economic losses, claims, and additional expenses incurred by the listed company and its subsidiaries due to violations of the aforementioned commitments. The Company will bear the corresponding compensation liability accordingly. | May 27, 2019 | Long term | Fulfillment in progress |
| Commitments made during asset restructuring | Jin Baofang, and Jin Junmiao | Commitment on reducing and regulating related-party transactions | I. There are no unfair related-party transactions between me and any operating entity under my control and the listed company. II. After this transaction is completed, I and any operating entity under my control will regulate and avoid or minimize the related-party transactions with the listed company and its subsidiaries. For unavoidable or reasonably justified related-party transactions, the market-based principles of fairness, and transparency shall be followed, agreements shall be signed in accordance with the law, legal procedures shall be fulfilled, and disclosure obligations and relevant approval procedures shall be carried out in accordance with relevant laws, regulations, normative documents, and articles of association. The price of related-party transactions shall be determined based on the prices of similar transactions with independent third parties, ensuring fairness. Efforts are taken to ensure that related-party transactions do not harm the legitimate rights and interests of the listed company and other shareholders. III. After this transaction is completed, I will continue to exercise shareholder rights in accordance with relevant laws, regulations, normative documents, and the articles of association of the listed company. When voting on related-party transactions involving me at the general meeting of the listed company, I will fulfill the obligation to abstain from voting. IV. I undertake to fulfill the disclosure obligations regarding related-party transactions in accordance with relevant laws, regulations, normative documents, and the articles of association of listed company. I commit to refraining from unlawfully transferring funds or profits of the listed company through related-party transactions, avoiding any harm to the interests of non-related shareholders, and abstaining from any illegal or improper utilization of the funds or assets of the listed company. V. I am willing to take labile for any economic losses, claims, and additional expenses incurred by the listed company and its subsidiaries due to violations of the aforementioned commitments. I will bear the corresponding compensation liability accordingly. | May 27, 2019 | Long term | Fulfillment in progress |
| Commitments made during asset restructuring | Jingtaifu | Non-competition commitment | 1. Except for JA Solar and its subsidiaries, neither the Company nor entities under its control are currently engaged, either domestically or internationally, in any business or activities that directly or indirectly compete with the business conducted or potentially conducted by JA Solar, the listed company after this transaction is completed, or its subsidiaries. 2. After this restructuring is completed, except for the listed company and its subsidiaries, neither the Company nor other entities under its control will engage, either independently or with others, in any manner (including but not limited to investment, mergers and acquisitions, joint ventures, | May 27, 2019 | Long term | Fulfillment in progress |
| Company any entities under its control will provide the listed company and its subsidiaries with a right of first refusal to purchase. 7. After this restructuring is completed, the Company will not exploit its position as the controlling shareholder of the listed company to detrimentally affect the interests of the listed company and its other shareholders. 8. In the event of any breach of the above commitment by the Company, the listed company and its other shareholders have the right, in accordance with this commitment, to lawfully request the enforcement of this commitment by the Company and seek compensation for all losses suffered as a result. Additionally, any benefits gained by the Company through the violation of the commitment shall be relinquished to the listed company. | ||||||
| Commitments made during asset restructuring | Jin Baofang, and Jin Junmiao | Non-competition commitment | 1.Except for JA Solar and its subsidiaries, neither I nor entities under my control are currently engaged, either domestically or internationally, in any business or activities that directly or indirectly compete with the business conducted or potentially conducted by JA Solar, the listed company after this transaction is completed, or its subsidiaries. 2.After this restructuring is completed, except for the listed company and its subsidiaries, neither I nor entities under my control will engage, either independently or with others, in any manner (including but not limited to investment, mergers and acquisitions, joint ventures, partnerships, collaborations, consortium, contracting or leasing operations, purchasing listed company stocks, or equity participation) directly or indirectly in any business or activities that compete or might compete with the business conducted by the listed company and its subsidiaries, either domestically or internationally. 3. After this restructuring is completed, in cases where I or entities under my control acquire any business opportunities identical or similar to those conducted by the listed company and its subsidiaries for any reason, I shall promptly notify the listed company, granting them the preferential right to seize such opportunities. Should the listed company or its subsidiaries choose to undertake such business, I and entities under my control shall refrain from engaging in it. I will provide all necessary assistance to the listed company for fulfilling disclosure obligations as per relevant laws, regulations, stock exchange rules, and regulatory requirements. 4. After this restructuring is completed, in cases where I or entities under my control obtain any acquisition opportunities for an entity engaged in any businesses identical or similar to those conducted by the listed company and its subsidiaries for any reason, I shall promptly notify the listed company to ensure that the listed company and its subsidiaries have the opportunity to acquire the said entity. Should the listed company or its affiliates choose to acquire the mentioned entity, I | May 27, 2019 | Long term | Fulfillment in progress |
| and entities under my control will relinquish the acquisition opportunity. I will provide all necessary assistance to the listed company for fulfilling disclosure obligations as per relevant laws, regulations, stock exchange rules, and regulatory requirements. 5. After this restructuring is completed, if the listed company and its subsidiaries decide to forgo the business opportunities or acquisition opportunities mentioned in points 3 and 4 above, and subsequently, I or entities under my control engage in competitive businesses arising from these opportunities, the listed company and its subsidiaries have the right to acquire, at any time and in one lump sum or multiple installments, any equity, assets, or other interests related to the competitive business. Alternatively, the listed company and its subsidiaries may choose, in accordance with national laws and regulations, to entrust the operation, lease, or contract the operation of the assets or business of I and any entities under my control involved in the competitive business. ]6. After this restructuring is completed, when I or any entities under my control intend to transfer, sell, lease, license for use, or otherwise dispose of assets and businesses that directly or indirectly compete with the main business of the listed company and its subsidiaries, I and any entities under my control will provide the listed company and its subsidiaries with a right of first refusal to purchase. 7. After this restructuring is completed, I will not exploit my position as the person acting in concert with the actual controller/controlling shareholder of the listed company to detrimentally affect the interests of the listed company and its other shareholders. 8. If I breach the above commitment, the listed company and its other shareholders have the right, in accordance with this commitment, to lawfully request the enforcement of this commitment by me and seek compensation for all losses suffered as a result. Additionally, any benefits gained by me through the violation of the commitment shall be relinquished to the listed company. | ||||||
| Commitments made during asset restructuring | Jingtaifu | Commitment on keeping the independence of the listed company | I. Prior to this restructuring, JA Solar has always operated independently from other entities controlled by the Company in terms of business, assets, organization, personnel, and finances. The operations, assets, personnel, finances, and organizational structure of JA Solar have been independent. II. After this restructuring is completed, the Company and other entities under its control will not exploit the status of being the controlling shareholder or person acting in concert with the controlling shareholder of the listed company to influence its independence, and ensure the independence of the listed company in terms of business, assets, organization, personnel, and finances: 1. Ensuring the independence of the listed | May 27, 2019 | Long term | Fulfillment in progress |
| full-time for the listed company and receive compensation accordingly. They shall not hold any position other than director or supervisor in other entities controlled by the Company, thus maintaining the independence of personnel in the listed company. (2) Ensuring that the listed company has a complete and independent labor, personnel, and compensation management system, guaranteeing full independence between this system and the Company and other entities under its control. (3) Ensuring that directors, supervisors, and senior managers are elected or appointed through legal procedures, and the Company refrains from interfering with personnel appointment and dismissal decisions made by the board of directors and general meeting of the listed company. 5. Ensuring the independence of the listed company in finance: (1) Ensuring that the listed company continues to maintain an independent finance department and an independent financial accounting system. (2) Ensuring that the listed company independently opens bank accounts and does not share a bank account with the Company or other entities under its control. (3) Ensuring that the listed company can make independent financial decisions, and the Company refrains from intervening in the use and allocation of assets of the listed company through unlawful means. (4) Ensuring that the financial personnel of the listed company remain independent and do not hold part-time positions or receive compensation from other entities under the control of the Company. | ||||||
| Commitments made during asset restructuring | Jin Baofang, and Jin Junmiao | Commitment on keeping the independence of the listed company | I. Prior to this restructuring, JA Solar has always operated independently from other entities under my control in terms of business, assets, organization, personnel, and finances. The operations, assets, personnel, finances, and organizational structure of JA Solar have been independent. II. After this restructuring is completed, neither I nor other entities under my control will exploit the status of being the controlling shareholder or person acting in concert with the controlling shareholder of the listed company to influence its independence, and ensure the independence of the listed company in terms of business, assets, organization, personnel, and finances: 1. Ensuring the independence of the listed company in operations: (1) Ensuring that the listed company possesses independent assets, personnel, qualifications, and capabilities to conduct business activities independently, maintaining the ability to operate continuously in the market independently and autonomously. (2) I will refrain from intervening in the business activities of the listed company, except when exercising shareholder rights or fulfilling duties while holding positions within the listed company.(3) Ensuring that neither I more other entities under my control engage in businesses that compete with the main business of the listed | May 27, 2019 | Long term | Fulfillment in progress |
| independence of the listed company in finance: (1) Ensuring that the listed company continues to maintain an independent finance department and an independent financial accounting system. (2) Ensuring that the listed company independently opens bank accounts and does not share a bank account with me or other entities under my control. (3) Ensuring that the listed company can make independent financial decisions, and I refrain from intervening in the use and allocation of assets of the listed company through unlawful means. (4) Ensuring that the financial personnel of the listed company remain independent and do not hold part-time positions or receive compensation from other entities under my control. | ||||||
| Commitments relating to IPO or refinancing | Jingtaifu, Jin Baofang, and Jin Junmiao | Commitment relating the effective implementation of measures to compensate for the immediate dilution of earnings per share resulting from the private placement | 1. I/the Company commit(s) not to overstep authority to interfere in the operational and management activities of the listed company and not to expropriate the interests of the listed company. 2. From the date of this commitment until the completion of the listed company’s current private placement, if the China Securities Regulatory Commission (CSRC) issues new regulatory requirements regarding measures to compensate for returns and related commitments, and the above commitment do not meet such requirements, I/the Company commit(s) to provide one or more supplementary commitments in accordance with the latest CSRC regulations at that time. 3. I/the Company commit(s) to effectively implement the measures formulated by the Company to compensate for the immediate returns and to fulfill any commitments made regarding such measures. If I/the Company violate(s) the above commitments and cause losses to the listed company or investors, I/the Company am/are willing to assume compensation responsibility to the listed company or investors in accordance with the law. | August 23, 2021 | Long term | Fulfillment in progress |
| Commitments relating to IPO or refinancing | All directors of the fifth board of directors, and senior managers | Commitment relating the effective implementation of measures to compensate for the immediate dilution of earnings per share resulting from the private placement | 1. I commit not to transfer interests to other entities or individuals without compensation or on unfair terms, and not to harm the Company’s interests in any other way. 2. I commit to control my position-related consumption acts. 3. I commit not to use any assets of the Company for investment or consumption activities unrelated to my duties. 4. I commit to support the linkage between the compensation system created by the board of directors or the Remuneration and Assessment Committee and the implementation of the Company’s measures to compensate for returns. 5. If the Company subsequently launches an equity incentive plan, I commit to support the linkage between the exercise conditions of the proposed equity incentive plan and the implementation of the Company’s measures to compensate for returns. 6. From the date of this commitment until the completion of the listed company’s current private placement, if the China Securities Regulatory | August 23, 2021 | Long term | Fulfillment in progress |
| Commission (CSRC) issues new regulatory requirements regarding measures to compensate for returns and related commitments, and the above commitment do not meet such requirements, I commit to provide one or more supplementary commitments in accordance with the latest CSRC regulations at that time. 7. I commit to effectively implement the measures formulated by the Company to compensate for the immediate returns and to fulfill any commitments made regarding such measures. If I violate the above commitments and cause losses to the listed company or investors, I am willing to assume compensation responsibility to the listed company or investors in accordance with the law. | ||||||
| Commitments relating to IPO or refinancing | Jingtaifu | Relevant party’s commitments regarding the immediate dilution of returns resulting from the public offering of convertible corporate bonds in A-share, the implementation of compensatory measures | 1. The Company commits not to overstep authority to interfere in the operational and management activities of the listed company and not to expropriate the interests of the listed company. 2. From the date of this commitment until the completion of the listed company’s current public offering, if the China Securities Regulatory Commission (CSRC) issues new regulatory requirements regarding measures to compensate for returns and related commitments, and the above commitment do not meet such requirements, the Company commits to provide one or more supplementary commitments in accordance with the latest CSRC regulations at that time. 3. The Company commits to effectively implement the measures formulated by the Company to compensate for the immediate returns and to fulfill any commitments made regarding such measures. If the Company violates the above commitments and cause losses to the listed company or investors, the Company is willing to assume compensation responsibility to the listed company or investors in accordance with the law. | August 25, 2022 | Long term | Fulfillment in progress |
| Commitments relating to IPO or refinancing | Jin Baofang, and Jin Junmiao | Relevant party’s commitments regarding the immediate dilution of returns resulting from the public offering of convertible bonds in A-share, the implementation of compensatory measures | 1. I commit not to overstep authority to interfere in the operational and management activities of the listed company and not to expropriate the interests of the listed company. 2. From the date of this commitment until the completion of the listed company’s current issuance, if the China Securities Regulatory Commission (CSRC) issues new regulatory requirements regarding measures to compensate for returns and related commitments, and the above commitment do not meet such requirements, I commit to provide one or more supplementary commitments in accordance with the latest CSRC regulations at that time. 3. I commit to effectively implement the measures formulated by the Company to compensate for the immediate returns and to fulfill any commitments made regarding such measures. If I violate the above commitments and cause losses to the listed company or investors, I am willing to assume compensation responsibility to the listed company or investors in accordance with the law. | August 25, 2022 | Long term | Fulfillment in progress |
| Commitments relating to | All directors of the fifth | Relevant party’s | 1. I commit not to transfer interests to other entities or individuals without compensation or on unfair terms, and not to harm the Company’s interests in any other | August 25, 2022 | Long term | Fulfillment in progress |
| IPO or refinancing | board of directors, and senior managers | commitments regarding the immediate dilution of returns resulting from the public offering of convertible bonds in A-share, the implementation of compensatory measures | way. 2. I commit to control my position-related consumption acts. 3. I commit not to use any assets of the Company for investment or consumption activities unrelated to my duties. 4. I commit to support the linkage between the compensation system created by the board of directors or the Remuneration and Assessment Committee and the implementation of the Company’s measures to compensate for returns. 5. If the Company subsequently launches an equity incentive plan, I commit to support the linkage between the exercise conditions of the proposed equity incentive plan and the implementation of the Company’s measures to compensate for returns. 6. From the date of this commitment until the completion of the listed company’s current issuance, if the China Securities Regulatory Commission (CSRC) issues new regulatory requirements regarding measures to compensate for returns and related commitments, and the above commitment do not meet such requirements, I commit to provide one or more supplementary commitments in accordance with the latest CSRC regulations at that time. 7. I commit to effectively implement the measures formulated by the Company to compensate for the immediate returns and to fulfill any commitments made regarding such measures. If I violate the above commitments and cause losses to the listed company or investors, I am willing to assume compensation responsibility to the listed company or investors in accordance with the law. | |
| Fulfilled on time or not | Yes | |||
2. Where profit forecasts are made for assets or projects of the Company and the reporting period falls intothe profit forecast period, the Company should explain the reasons for the assets and projects reach theprofit forecasts
□ Applicable ? Not applicable
II. The Listed Company’s Funds Possessed by the Controlling Shareholder or Other RelatedParties for Non-operating Purposes
□ Applicable ? Not applicable
During the reporting period, the controlling shareholder or other related parties did not make non-operational use of funds from thelisted company.
III. Guarantees in Violation of Provisions
□ Applicable ? Not applicable
There wereno illeagl outward guarantees during the reporting period.
IV. Note by the Board of Directors on the Latest Non-standard Audit Report
□ Applicable ? Not applicable
V. Note by the Board of Directors, Supervisory Committee, Independent Director(s) (if any)on the Non-standard Audit Report issued by the Accounting Firm for this Period
□ Applicable ? Not applicable
VI. Note on Changes in Accounting Policies, Accounting Estimates or Corrections of MaterialAccounting Errors Compared to Previous Year
?Applicable □ Not applicable
Please refer to Section X Financial Statements for details.
VII. Note on Change in Consolidation Scope Compared to Previous Year
?Applicable □ Not applicableThe entities included in the scope of consolidated financial statements for this period have changed compared to theprevious period. Refer to Section X Financial Statements for details.
VIII. Engagement and Dismissal of Accounting Firm
Current accounting firm
| Name of domestic accounting firm | KPMG Huazhen Certified Public Accountants (Special General Partnership) |
| Remuneration for domestic accounting firm (10,000 yuan) | 4001 |
| Consecutive years of service provided by domestic accounting firm | 3 years |
| CPA names of domestic accounting firm | Fu Qiang and Zhang Xinhua |
| Consecutive years of service provided by CPAs of domestic accounting firm | 3 years and 3 years |
| Name of overseas accounting firm (if any) | Not applicable |
| Remuneration for overseas accounting firm (10,000 yuan) (if any) | 0 |
| Consecutive years of service provided by overseas accounting firm (if any) | Not applicable |
| CPA names from overseas accounting firm (if any) | Not applicable |
| Consecutive years of service provided by CPAs from overseas accounting firm (if any) | Not applicable |
Note: 1. KPMG Huazhen Certified Public Accountants (Special General Partnership) provides financial audit and internal controlaudit services for the Company, with an audit fee of 3 million yuan for the financial audit and 1 million yuan for the internal controlaudit.Change in accounting firm for the current period
□ Yes ? No
Information on the engagement of accounting firm for internal control audit, financial consultants, or sponsors.?Applicable □ Not applicable
According to the regulations of the China Securities Regulatory Commission (CSRC) and the Ministry of Finance, the Company isrequired to disclose the audit of internal controls over financial reporting together with the annual report. During the reporting period,the Company engaged KPMG Huazhen Certified Public Accountants (Special General Partnership) to audit the effectiveness of theinternal controls over the Company’s financial reporting for the year 2024.
IX. Delisting After Annual Report Disclosure
□ Applicable ? Not applicable
X. Matters relating to Bankruptcy and Reorganization
□ Applicable ? Not applicable
The Company did not experience matters relating to bankruptcy and reorganization in the reporting period.
XI. Material Litigation and Arbitration Matters
□ Applicable ? Not applicable
There were no material litigation and arbitration matters in connection with the Company in the reporting period.
XII. Penalties and Corrections
□ Applicable ? Not applicable
There were no penalties or corrections regarding the Company in the reporting period.
XIII. Integrity Status of the Company and Its Controlling Shareholder and Actual Controller
□ Applicable ? Not applicable
XIV. Material Related-party Transactions
1. Related-party transactions pertaining to everyday operations
? Applicable □Not applicableRefer to Section X Financial Statements for details.
2. Related-party transactions due to acquisition or sale of assets or shares
□ Applicable ? Not applicable
During the reporting period, no related-party transactions involving the acquisition or disposal of assets or equity took place.
3. Related-party transactions for joint outward investments
□ Applicable ? Not applicable
There were no related-party transactions involving joint outward investments during the reporting period.
4. Related-party Debts and Claims
?Applicable □ Not applicableRelated-party debts and claims for non-operating purpose? Yes □ NoRelated-party claims receivable
| Related party | Relationship | Reason | Occupation of funds for non-operating purpose | Opening amount (10,000yuan) | Amount increased in current period (10,000yuan) | Amount recovered in current period (10,000yuan) | Interest rate | Current interest rate (10,000 yuan) | Closing amount (10,000yuan) |
| Datang Angli (Lingwu) New Energy Co., Ltd. | Associate | Dividend payment | Yes | 304.2 | 304.2 | ||||
| Inner Mongolia Silicon Materials Company | Associate | Dividend payment | Yes | 0 | 11,628.43 | 11,628.43 | 0 | ||
| Impact of related-party claims on operating outcomes and financial status of the Company | The aforementioned matters do not materially affect the Company’s operational outcomes or financial standing. | ||||||||
Related-party debts payable
| Related party | Relationship | Reason | Opening amount (10,000 yuan) | Amount increased in current period (10,000 | Amount repaid in current period (10,000 yuan) | Interest rate | Current interest rate (10,000 yuan) | Closing amount (10,000 yuan) |
| yuan) | ||||||||
| No non-operating payables to related parties |
5. Transactions with financial companies with which the Company has a related-party relationship
□ Applicable ? Not applicable
The Company does not have any deposit accounts, loans, lines of credit, or other financial transactions with financial companies withwhich the Company has a related-party relationship.
6. Transactions between financial companies controlled by the Company and related parties of theCompany
□ Applicable ? Not applicable
There are no deposit accounts, loans, lines of credit, or other financial transactions between financial companies controlled by theCompany and related parties of the Company.
7. Other material related-party transactions
?Applicable □ Not applicableRefer to Section X Financial Statements of this Report.On December 23, 2023, the Company convened the 15th meeting of the sixth board of directors, where it considered and approved theProposal on the Estimated Routine Related-Party Transactions for the Year 2024. According to operational requirements, it isanticipated that the total amount of routine related-party transactions between the Company and its subsidiaries, and related parties in2024 would not exceed 1.752 billion yuan. For details of the announcement, please refer to http://www.cninfo.com.cn/.
Query on website where extraordinary reports about material related-party transactions are disclosed
| Extraordinary announcements | Disclosure date | Disclosure website |
| Announcement on the Estimated Routine Related-Party Transactions for the Year 2024 | December 13, 2023 | www.cninfo.com.cn |
XV. Material Contracts and Performance Thereof
1. Custody, contracting, and lease matters
(1) Custody
□ Applicable ? Not applicable
There were no custody matters regarding the Company in the reporting period.
(2) Contracting
□ Applicable ? Not applicable
There were no contracting matters regarding the Company in the reporting period.
(3) Lease
□ Applicable ? Not applicable
There were no lease matters regarding the Company in the reporting period.
2. Material guarantees
?Applicable □ Not applicable
Unit: 10,000 yuan
| Outward guarantees by the Company and its subsidiaries (excluding guarantees for subsidiaries) | ||||||||||
| Guaranteed party | Disclosure date for announcement on guarantee | Guarantee limit | Guarantee date | Guaranteed amount | Guarantee type | Collateral (if any) | Counter-guarantee (if any) | Guarantee duration | Fulfilled completely or not | Related-party guarantee or not |
| limit | ||||||||||
| Guarantees by the Company for subsidiaries | ||||||||||
| Guaranteed party | Disclosure date for announcement on guarantee limit | Guarantee limit | Guarantee date | Guaranteed amount | Guarantee type | Collateral (if any) | Counter-guarantee (if any) | Guarantee duration | Fulfilled completely or not | Related-party guarantee or not |
| Chaoyang JA Solar Power Generation Co., Ltd. | January 08,2020 | July 03,2020 | 8,894.6 | Joint and several liability guarantee, pledge | 5.8years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | January 08,2020 | October 12,2020 | 36,000 | Joint and several liability guarantee | 9.3years | No | No | |||
| JA Solar Australia PTY Limited | December 16,2020 | March 25,2021 | 444.36 | Joint and several liability guarantee | 3.1years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd. | December 16,2020 | April 19,2021 | 12,000 | Joint and several liability guarantee | 2.77years | Yes | No | |||
| Chaoyang Xinghua Solar Power Generation Co., Ltd. | December 16,2020 | June 15,2021 | 103,000 | Joint and several liability guarantee | 15.3years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 16,2020 | September 09,2021 | 25,000 | Joint and several liability guarantee | 2.77years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd. | December 16,2020 | September 09,2021 | 5,500 | Joint and several liability guarantee | 3.1years | Yes | No | |||
| JA Solar Vietnam Co., Ltd. | December 16,2020 | September 23,2021 | 35,223.16 | Joint and several liability guarantee | 7.1years | No | No | |||
| JA Solar GmbH | December 16,2020 | September 30,2021 | 12,414.84 | Joint and several liability guarantee | 25.3years | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 16,2020 | October 18,2021 | 30,000 | Joint and several liability guarantee | 3.1years | Yes | No | |||
| JA Solar International Limited | December 16,2020 | November 01,2021 | 35,942 | Joint and several liability guarantee | 3.1years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | December 16,2020 | December 03,2021 | 70,000 | Joint and several liability guarantee | 2.32years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 10,2021 | January 04,2022 | 13,000 | Joint and several liability guarantee | 2.08years | Yes | No | |||
| Daqing Jingsheng Solar Power Generation Co., Ltd. | December 10,2021 | February 28,2022 | 35,000 | Joint and several liability guarantee, pledge | 2.34years | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 10,2021 | March 02, 2022 | 15,000 | Joint and several liability guarantee | 3.1years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 10,2021 | March 15,2022 | 21,000 | Joint and several liability guarantee | 1.94years | Yes | No | |||
| JA Solar International Limited | December 10,2021 | May 31,2022 | 16,123.23 | Joint and several liability guarantee | 2.4years | Yes | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 10,2021 | June 20,2022 | 10,000 | Joint and several liability guarantee | 2.14years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | December 10,2021 | June 28,2022 | 10,000 | Joint and several liability guarantee | 2years | Yes | No | |||
| JA Solar GmbH | December 10,2021 | July 15,2022 | 11,351.29 | Joint and several liability guarantee | 25.8years | No | No | |||
| Baotou JA Solar Technology Co., Ltd. | December 10,2021 | July 20,2022 | 20,000 | Joint and several liability guarantee | 1.95years | Yes | No | |||
| JA Solar International Limited | December 10,2021 | August 16,2022 | 8,985.5 | Joint and several liability guarantee | 3.1years | No | No | |||
| JA Solar International Limited | December 10,2021 | August 16,2022 | 1,653.33 | Joint and several liability guarantee | 3.1years | No | No | |||
| JA Solar Holdings Co., Ltd.. | December 10,2021 | September 14,2022 | 20,000 | Joint and several liability guarantee | 3.1years | No | No | |||
| Yiwu Jingcheng PV Materials Co., Ltd. | December 10,2021 | September 15,2022 | 25,000 | Joint and several liability guarantee | 5.6years | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 10,2021 | September 19,2022 | 9,940 | Joint and several liability | 1.58years | Yes | No |
| guarantee | ||||||||||
| JA Solar Holdings Co., Ltd. | December 10,2021 | September 19,2022 | 79,400 | Joint and several liability guarantee | 3.3years | No | No | |||
| JA Solar International Limited | December 10,2021 | September 28,2022 | 21,565.2 | Joint and several liability guarantee | 1.46years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 10,2021 | October 08,2022 | 20,000 | Joint and several liability guarantee | 1.59years | Yes | No | |||
| Qujing JA PV Technology Co., Ltd. | December 10,2021 | October 31,2022 | 30,000 | Joint and several liability guarantee | 1.48years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | December 10,2021 | November 24,2022 | 40,000 | Joint and several liability guarantee | 1.5years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 10,2021 | December 05,2022 | 8,000 | Joint and several liability guarantee | 2.5years | No | No | |||
| JA Solar Australia PTY Limited | December 10,2021 | December 09,2022 | 48,069.13 | Joint and several liability guarantee | 5.1years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | January 01,2023 | 20,000 | Joint and several liability guarantee | 2.9years | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | November 24,2022 | January 05,2023 | 5,000 | Joint and several liability guarantee | 1.15years | Yes | No | |||
| Qujing JA PV Technology Co., Ltd. | November 24,2022 | January 06,2023 | 30,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | November 24,2022 | January 06,2023 | 12,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | January 09,2023 | 20,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | November 24,2022 | January 16,2023 | 10,000 | Joint and several liability guarantee | 1.35years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | November 24,2022 | February 03,2023 | 30,000 | Joint and several liability | 11months | Yes | No |
| guarantee | ||||||||||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | February 09,2023 | 30,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | February 13,2023 | 8,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | February 13,2023 | 10,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | February 13,2023 | 10,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| JA Solar Holdings Co., Ltd. | November 24,2022 | February 16,2023 | 96,000 | Joint and several liability guarantee | 11months | Yes | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | November 24,2022 | February 16,2023 | 10,000 | Joint and several liability guarantee | 1.9 years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | February 22,2023 | 30,000 | Joint and several liability guarantee | 1.09years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | February 27,2023 | 10,000 | Joint and several liability guarantee | 2.9years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | March 07,2023 | 6,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | November 24,2022 | March 09,2023 | 10,000 | Joint and several liability guarantee | 10 months | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | March 09,2023 | 20,000 | Joint and several liability guarantee | 10 months | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | March 09,2023 | 13,000 | Joint and several liability guarantee | 1.21years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | March 14,2023 | 17,000 | Joint and several liability guarantee | 1.08years | Yes | No | |||
| JA (Yangzhou) | November | March | 10,000 | Joint and | 11个月 | Yes | No |
| Solar Technology Co., Ltd. | 24,2022 | 16,2023 | several liability guarantee | |||||||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | March 17,2023 | 20,000 | Joint and several liability guarantee | 11个月 | Yes | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | November 24,2022 | March 17,2023 | 20,000 | Joint and several liability guarantee | 10 months | Yes | No | |||
| Qujing JA PV Technology Co., Ltd.. | November 24,2022 | March 17,2023 | 20,000 | Joint and several liability guarantee | 0.87years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd. | November 24,2022 | March 23,2023 | 21,000 | Joint and several liability guarantee | 1.2years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | March 24,2023 | 15,000 | Joint and several liability guarantee | 0.99years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | March 27,2023 | 9,000 | Joint and several liability guarantee | 3years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | April 11,2023 | 10,000 | Joint and several liability guarantee | 1.19years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | April 13,2023 | 10,000 | Joint and several liability guarantee | 2.05years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | April 13,2023 | 40,000 | Joint and several liability guarantee | 0.87years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | April 13,2023 | 15,000 | Joint and several liability guarantee | 0.95years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | April 14,2023 | 45,000 | Joint and several liability guarantee | 1.52years | Yes | No | |||
| JA Solar Australia PTY Limited | November 24,2022 | April 24,2023 | 33,940.61 | Joint and several liability guarantee | 8.9years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | April 25,2023 | 10,000 | Joint and several liability guarantee | 11个月 | Yes | No | |||
| JA Solar International | November 24,2022 | May 01,2023 | 7,907.24 | Joint and several | 2.8years | No | No |
| Limited | liability guarantee | |||||||||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | May 10,2023 | 15,000 | Joint and several liability guarantee | 1.23years | Yes | No | |||
| JA Solar International Limited | November 24,2022 | May 15,2023 | 14,376.8 | Joint and several liability guarantee | 3years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | May 29,2023 | 20,000 | Joint and several liability guarantee | 1.34years | Yes | No | |||
| Baotou JA Solar Technology Co., Ltd. | November 24,2022 | May 29,2023 | 20,000 | Joint and several liability guarantee | 1.01years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | May 31,2023 | 20,000 | Joint and several liability guarantee | 1.25years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | November 24,2022 | May 31,2023 | 55,000 | Joint and several liability guarantee | 0.81years | Yes | No | |||
| JA Solar GmbH | November 24,2022 | June 06,2023 | 47,247.48 | Joint and several liability guarantee | 31.5years | No | No | |||
| JA Solar GmbH | November 24,2022 | June 06,2023 | 24,163.31 | Joint and several liability guarantee | 1.5years | Yes | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | June 09,2023 | 20,000 | Joint and several liability guarantee | 0.66years | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | June 14,2023 | 20,000 | Joint and several liability guarantee | 1.22years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | June 15,2023 | 5,000 | Joint and several liability guarantee | 1.12years | Yes | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | November 24,2022 | June 28,2023 | 15,000 | Joint and several liability guarantee | 1.17years | Yes | No | |||
| Qujing JA PV Technology Co., Ltd. | November 24,2022 | June 28,2023 | 40,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | July 01,2023 | 10,000 | Joint and several liability | 0.75years | Yes | No |
| guarantee | ||||||||||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | November 24,2022 | July 03,2023 | 4,000 | Joint and several liability guarantee | 1.06years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | November 24,2022 | July 14,2023 | 27,000 | Joint and several liability guarantee | 1.9years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | July 14,2023 | 40,000 | Joint and several liability guarantee | 1.94years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | July 24,2023 | 20,000 | Joint and several liability guarantee | 3.64years | No | No | |||
| Shanghai JA Solar Technology Co., Ltd. | November 24,2022 | July 26,2023 | 15,000 | Joint and several liability guarantee | 1.25years | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | July 31,2023 | 4,000 | Joint and several liability guarantee | 2years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | August 01,2023 | 30,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd., JA Solar International Limited | November 24,2022 | August 01,2023 | 19,013.32 | Joint and several liability guarantee | 2years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | August 09,2023 | 7,800 | Joint and several liability guarantee | 0.88years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd., JA Solar International Limited, Hefei JA Solar Technology Co., Ltd., Yiwu JA Solar Technology Co., Ltd., JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | August 10,2023 | 214,401 | Joint and several liability guarantee | 2years | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | November 24,2022 | August 11,2023 | 20,000 | Joint and several liability guarantee | 0.88years | Yes | No |
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | August 11,2023 | 61.2 | Joint and several liability guarantee | 0.5years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd. | November 24,2022 | August 14,2023 | 20,000 | Joint and several liability guarantee | 0.79years | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | August 18,2023 | 15,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | August 18,2023 | 20,000 | Joint and several liability guarantee | 1.2years | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | August 22,2023 | 1,039.83 | Joint and several liability guarantee | 0.49years | Yes | No | |||
| Baotou JA Solar Technology Co., Ltd. | November 24,2022 | August 25,2023 | 15,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | August 28,2023 | 870.73 | Joint and several liability guarantee | 0.41years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd. | November 24,2022 | August 29,2023 | 8,000 | Joint and several liability guarantee | 1.33years | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | August 30,2023 | 20,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | August 30,2023 | 50,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | August 31,2023 | 32,500 | Joint and several liability guarantee | 1.24years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | September 07,2023 | 25,000 | Joint and several liability guarantee | 2.3years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | September 08,2023 | 100,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | September 08,2023 | 50,000 | Joint and several liability guarantee | 0.54years | Yes | No | |||
| JA (Yangzhou) | November | September | 6,000 | Joint and | 1year | Yes | No |
| Solar Technology Co., Ltd. | 24,2022 | 19,2023 | several liability guarantee | |||||||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | September 22,2023 | 30,000 | Joint and several liability guarantee | 0.75years | Yes | No | |||
| JA Solar GmbH | November 24,2022 | September 22,2023 | 14,925.32 | Joint and several liability guarantee | 2.7years | No | No | |||
| JA Solar GmbH | November 24,2022 | September 22,2023 | 12,807.31 | Joint and several liability guarantee | 2.7years | No | No | |||
| JA Solar GmbH | November 24,2022 | September 22,2023 | 25,312.43 | Joint and several liability guarantee | 2.7years | No | No | |||
| JA Solar GmbH | November 24,2022 | September 22,2023 | 1,981.62 | Joint and several liability guarantee | 31years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | September 25,2023 | 20,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | September 28,2023 | 70,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA Solar International Limited | November 24,2022 | October 07,2023 | 21,565.2 | Joint and several liability guarantee | 0.48years | Yes | No | |||
| JA Solar International Limited | November 24,2022 | October 07,2023 | 7,188.4 | Joint and several liability guarantee | 0.48years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | October 27,2023 | 115,000 | Joint and several liability guarantee | 0.91years | Yes | No | |||
| JA (Wuxi) PV Technology Co., Ltd. | November 24,2022 | November 01,2023 | 20,000 | Joint and several liability guarantee | 1.5years | No | No | |||
| JA Solar GmbH | November 24,2022 | November 01,2023 | 47,656.22 | Joint and several liability guarantee | 0.9years | Yes | No | |||
| JA Solar GmbH | November 24,2022 | November 01,2023 | 3,180.83 | Joint and several liability guarantee | 0.9years | Yes | No | |||
| Hefei Jingjiu Photovoltaic | November 24,2022 | November 09,2023 | 10,000 | Joint and several | 1year | Yes | No |
| Technology Co., Ltd. | liability guarantee | |||||||||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | November 20,2023 | 25,000 | Joint and several liability guarantee | 3years | No | No | |||
| Shanghai JA Solar Technology Co., Ltd. | November 24,2022 | November 27,2023 | 20,000 | Joint and several liability guarantee | 1.24years | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | November 24,2022 | November 30,2023 | 5,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | December 01,2023 | 20,000 | Joint and several liability guarantee | 1.56years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | November 24,2022 | December 01,2023 | 49,000 | Joint and several liability guarantee | 1.49years | No | No | |||
| Qujing JA PV Technology Co., Ltd. | November 24,2022 | December 01,2023 | 20,000 | Joint and several liability guarantee | 1.32years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | December 03,2023 | 40,000 | Joint and several liability guarantee | 0.49years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | November 24,2022 | December 04,2023 | 50,000 | Joint and several liability guarantee | 3years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | November 24,2022 | December 05,2023 | 43,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA Solar GmbH | November 24,2022 | December 15,2023 | 320.92 | Joint and several liability guarantee | 0.64years | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | December 19,2023 | 10,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | December 19,2023 | 30,000 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | November 24,2022 | December 20,2023 | 10,000 | Joint and several liability guarantee | 1.35years | No | No | |||
| JA (Yangzhou) New Energy Co., | November 24,2022 | December 21,2023 | 15,000 | Joint and several | 0.59years | Yes | No |
| Ltd. | liability guarantee | |||||||||
| Shijiazhuang JA Solar Technology Co., Ltd. | November 24,2022 | December 28,2023 | 30,000 | Joint and several liability guarantee | 1.46years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | November 24,2022 | December 28,2023 | 28,000 | Joint and several liability guarantee | 0.98years | Yes | No | |||
| JA (Wuxi) PV Technology Co., Ltd. | November 24,2022 | December 28,2023 | 16,000 | Joint and several liability guarantee | 1.41years | No | No | |||
| JA Solar GmbH | December 13, 2023 | January 03,2024 | 3,801.12 | Joint and several liability guarantee | 0.84years | Yes | No | |||
| JA Solar Australia PTY Limited | December 13, 2023 | January 03,2024 | 55,866.86 | Joint and several liability guarantee | 3.46years | No | No | |||
| JA Solar USA Inc. | December 13, 2023 | January 03,2024 | 32,817.17 | Joint and several liability guarantee | 0.89years | Yes | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | January 15,2024 | 20,000 | Joint and several liability guarantee | 1year | No | No | |||
| Dongtai JA Solar PV Technology Co., Ltd. | December 13, 2023 | January 15,2024 | 20,000 | Joint and several liability guarantee | 1.04years | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | January 17,2024 | 12,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | January 18,2024 | 30,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar PV Vietnam Co., Ltd. | December 13, 2023 | January 18,2024 | 59,329.03 | Joint and several liability guarantee, mortgage | 7.96years | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | January 22,2024 | 10,000 | Joint and several liability guarantee | 0.54years | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | January 22,2024 | 20,000 | Joint and several liability guarantee | 1.38years | No | No | |||
| Shanghai JA Solar Technology | December 13, 2023 | January 25,2024 | 21,000 | Joint and several | 1year | No | No |
| Co., Ltd. | liability guarantee | |||||||||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | January 30,2024 | 20,000 | Joint and several liability guarantee | 1.06years | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | January 31,2024 | 20,000 | Joint and several liability guarantee | 0.9years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | February 04,2024 | 40,000 | Joint and several liability guarantee | 0.11years | Yes | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | February 06,2024 | 2.34 | Joint and several liability guarantee | 0.25years | Yes | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | February 06,2024 | 15,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | February 19,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | February 19,2024 | 30,000 | Joint and several liability guarantee | 1year | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | February 19,2024 | 30,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | February 23,2024 | 80,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | February 23,2024 | 40,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | February 26,2024 | 30,000 | Joint and several liability guarantee | 1.02years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | February 26,2024 | 10,000 | Joint and several liability guarantee | 1.01years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | February 26,2024 | 115,000 | Joint and several liability guarantee | 1year | No | No | |||
| Baotou JA Solar | December 13, | February | 20,000 | Joint and | 1year | No | No |
| Technology Co., Ltd. | 2023 | 26,2024 | several liability guarantee | |||||||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | February 26,2024 | 24,000 | Joint and several liability guarantee | 0.85years | No | No | |||
| JA Solar GmbH | December 13, 2023 | February 26,2024 | 52,814.58 | Joint and several liability guarantee | 31.87years | No | No | |||
| JA (Wuxi) PV Technology Co., Ltd. | December 13, 2023 | February 27,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | February 28,2024 | 5,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | March 01,2024 | 14.27 | Joint and several liability guarantee | 0.49years | Yes | No | |||
| JA Solar GmbH | December 13, 2023 | March 01,2024 | 12,141.66 | Joint and several liability guarantee | 0.84years | Yes | No | |||
| Hefei Jingjiu Solar Technology Co., Ltd. | December 13, 2023 | March 04,2024 | 5,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | March 01,2024 | 623.23 | Joint and several liability guarantee | 0.33years | Yes | No | |||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | March 15,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | March 15,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | March 15,2024 | 40,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA Solar International Limited | December 13, 2023 | March 15,2024 | 43,130.4 | Joint and several liability guarantee | 0.41years | Yes | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | March 19,2024 | 15,000 | Joint and several liability guarantee | 0.82years | No | No | |||
| JA (Donghai) | December 13, | March | 10,000 | Joint and | 1year | No | No |
| New Materials Technology Co., Ltd. | 2023 | 19,2024 | several liability guarantee | |||||||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | March 20,2024 | 1,053.1 | Joint and several liability guarantee | 0.33years | Yes | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | March 20,2024 | 20,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA (Wuxi) PV Technology Co., Ltd. | December 13, 2023 | March 21,2024 | 5,000 | Joint and several liability guarantee | 0.99years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | March 21,2024 | 10,000 | Joint and several liability guarantee | 0.99years | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | March 21,2024 | 85,000 | Joint and several liability guarantee | 0.99years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | March 25,2024 | 50,000 | Joint and several liability guarantee | 1year | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | March 26,2024 | 40,000 | Joint and several liability guarantee | 2years | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | March 26,2024 | 50,000 | Joint and several liability guarantee | 1year | No | No | |||
| Donghai JA Solar Technology Co., Ltd. | December 13, 2023 | March 27,2024 | 20,000 | Joint and several liability guarantee | 0.87years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | March 27,2024 | 893.56 | Joint and several liability guarantee | 0.33years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | March 28,2024 | 40,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | March 29,2024 | 103,000 | Joint and several liability guarantee | 5.76years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | April 01,2024 | 10,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA (Yangzhou) New Energy Co., | December 13, 2023 | April 01,2024 | 30,000 | Joint and several | 3years | No | No |
| Ltd. | liability guarantee | |||||||||
| JA Solar International Limited | December 13, 2023 | April 01,2024 | 21,565.2 | Joint and several liability guarantee | 3.41years | No | No | |||
| JA Solar International Limited | December 13, 2023 | April 01,2024 | 7,188.4 | Joint and several liability guarantee | 6.25years | No | No | |||
| JA Solar GmbH | December 13, 2023 | April 02,2024 | 1,144.91 | Joint and several liability guarantee | 0.33years | Yes | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | April 03,2024 | 67.26 | Joint and several liability guarantee | 0.5years | Yes | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | April 07,2024 | 8,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | April 08,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar International Limited | December 13, 2023 | April 08,2024 | 50,318.8 | Joint and several liability guarantee | 2years | No | No | |||
| Baotou JA Solar Technology Co., Ltd. | December 13, 2023 | April 11,2024 | 50,000 | Joint and several liability guarantee | 4.47years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | April 11,2024 | 20,000 | Joint and several liability guarantee | 0.91years | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | April 17,2024 | 24.31 | Joint and several liability guarantee | 0.15years | Yes | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | April 17,2024 | 131,160 | Joint and several liability guarantee | 6.94years | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | April 17,2024 | 20,000 | Joint and several liability guarantee | 0.95years | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | April 17,2024 | 10,000 | Joint and several liability guarantee | 0.95years | No | No | |||
| Qujing JA Solar | December 13, | April | 10,000 | Joint and | 0.96years | No | No |
| Technology Co., Ltd. | 2023 | 17,2024 | several liability guarantee | |||||||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | April 22,2024 | 2.24 | Joint and several liability guarantee | 0.5years | Yes | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | April 23,2024 | 709.57 | Joint and several liability guarantee | 0.33years | Yes | No | |||
| JA Solar GmbH | December 13, 2023 | April 23,2024 | 6,690.34 | Joint and several liability guarantee | 0.69years | Yes | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | April 24,2024 | 14,000 | Joint and several liability guarantee | 1year | No | No | |||
| Baotou JA Solar Technology Co., Ltd. | December 13, 2023 | April 24,2024 | 200 | Joint and several liability guarantee | 0.94years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | April 26,2024 | 10,000 | Joint and several liability guarantee | 0.95years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | April 26,2024 | 50,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | April 26,2024 | 10,000 | Joint and several liability guarantee | 0.99years | No | No | |||
| Inner Mongolia Yijing PV Technology Co., Ltd., Nanning Jingcheng New Energy Technology Co., Ltd., Zhengzhou Jingkun New Energy Technology Co., Ltd., Inner Mongolia Heao PV Technology Co., Ltd., Changzhi Anjing New Energy Technology Co., Ltd., Inner Mongolia Youjing PV Technology Co., | December 13, 2023 | April 29,2024 | 300,000 | Joint and several liability guarantee | 2years | No | No |
| Ltd., Putian Aoshuo New Energy Technology Co., Ltd., Inner Mongolia Huixing PV Technology Co., Ltd., etc. | ||||||||||
| JA Solar GmbH | December 13, 2023 | April 29,2024 | 619.43 | Joint and several liability guarantee | 0.68years | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 06,2024 | 5,488.56 | Joint and several liability guarantee | 0.57years | Yes | No | |||
| JA Solar International Limited | December 13, 2023 | May 08,2024 | 4,445.29 | Joint and several liability guarantee | 3.01years | No | No | |||
| JA Solar International Limited | December 13, 2023 | May 08,2024 | 4,691.9 | Joint and several liability guarantee | 3.02years | No | No | |||
| JA Solar International Limited | December 13, 2023 | May 08,2024 | 4,589.88 | Joint and several liability guarantee | 2.94years | No | No | |||
| JA Solar International Limited | December 13, 2023 | May 08,2024 | 4,597.33 | Joint and several liability guarantee | 2.85years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | May 10,2024 | 40,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 11,2024 | 309.72 | Joint and several liability guarantee | 0.65years | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 11,2024 | 1,066.31 | Joint and several liability guarantee | 1.52years | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 11,2024 | 2,985.68 | Joint and several liability guarantee | 1.39years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | May 13,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | May 13,2024 | 15,000 | Joint and several liability guarantee | 1year | No | No |
| Shijiazhuang JA Solar Technology Co., Ltd. | December 13, 2023 | May 13,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | May 15,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 15,2024 | 1,316.85 | Joint and several liability guarantee | 1.31years | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 15,2024 | 724.1 | Joint and several liability guarantee | 1.27years | No | No | |||
| JA Solar GmbH | December 13, 2023 | May 15,2024 | 9,108.79 | Joint and several liability guarantee | 30.62years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | May 20,2024 | 20,000 | Joint and several liability guarantee | 0.89years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | May 23,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | May 23,2024 | 10,000 | Joint and several liability guarantee | 3years | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | May 23,2024 | 20,000 | Joint and several liability guarantee | 3years | No | No | |||
| Yiwu Jingcheng PV Materials Co., Ltd | December 13, 2023 | May 23,2024 | 15,000 | Joint and several liability guarantee | 3years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | May 31,2024 | 40,000 | Joint and several liability guarantee | 0.53years | Yes | No | |||
| JA Solar International Limited | December 13, 2023 | June 07,2024 | 17,971 | Joint and several liability guarantee | 3years | No | No | |||
| JA Solar International Limited | December 13, 2023 | June 07,2024 | 10,782.6 | Joint and several liability guarantee | 3years | No | No | |||
| JA (Wuxi) PV Technology Co., Ltd. | December 13, 2023 | June 11,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Jing Hai Yang | December 13, | June | 120 | Joint and | 0.56years | Yes | No |
| Semiconductor Materials (Donghai) Co. Ltd. | 2023 | 11,2024 | several liability guarantee | |||||||
| JA Solar International Limited | December 13, 2023 | June 14,2024 | 56,788.36 | Joint and several liability guarantee | 1.08years | No | No | |||
| Inner Mongolia Yijia PV Technology Co., Ltd. Inner Mongolia Ruijing PV Technology Co., Ltd. | December 13, 2023 | June 18,2024 | 4,616.43 | Joint and several liability guarantee, pledge | 1year | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | June 18,2024 | 50,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | June 20,2024 | 22.8 | Joint and several liability guarantee | 0.5years | Yes | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | June 20,2024 | 50,000 | Joint and several liability guarantee | 1year | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | June 21,2024 | 60,000 | Joint and several liability guarantee | 0.25years | Yes | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | June 21,2024 | 10,000 | Joint and several liability guarantee | 0.76years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | June 25,2024 | 30,000 | Joint and several liability guarantee | 1year | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | June 26,2024 | 5,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | June 26,2024 | 10,000 | Joint and several liability guarantee | 5years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | June 26,2024 | 8,626.08 | Joint and several liability guarantee | 5years | No | No | |||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | December 13, 2023 | June 27,2024 | 8,000 | Joint and several liability guarantee | 4years | No | No |
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | June 27,2024 | 32,000 | Joint and several liability guarantee | 4years | No | No | |||
| Baotou JA Solar Technology Co., Ltd. | December 13, 2023 | June 27,2024 | 25,000 | Joint and several liability guarantee | 4years | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | June 27,2024 | 15,000 | Joint and several liability guarantee | 4years | No | No | |||
| Daqing Jingsheng Solar Power Generation Co., Ltd. | December 13, 2023 | June 28,2024 | 40,000 | Joint and several liability guarantee | 15.01years | No | No | |||
| Yinchuan Aiyouen Energy Power Co., Ltd. | December 13, 2023 | June 28,2024 | 7,000 | Joint and several liability guarantee | 15.01years | No | No | |||
| JA Solar International Limited | December 13, 2023 | July 10,2024 | 15,000 | Joint and several liability guarantee | 0.38years | Yes | No | |||
| JA Solar International Limited | December 13, 2023 | July 10,2024 | 8,626.08 | Joint and several liability guarantee | 5years | No | No | |||
| JA Solar International Limited | December 13, 2023 | July 18,2024 | 1,119.67 | Joint and several liability guarantee | 1.23years | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | July 29,2024 | 8,000 | Joint and several liability guarantee | 3years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | July 29,2024 | 10,000 | Joint and several liability guarantee | 0.83years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 06,2024 | 951.61 | Joint and several liability guarantee | 0.53years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 06,2024 | 957.99 | Joint and several liability guarantee | 0.33years | Yes | No | |||
| JA Solar GmbH | December 13, 2023 | August 06,2024 | 3,851.86 | Joint and several liability guarantee | 0.69years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 06,2024 | 2,699.97 | Joint and several liability guarantee | 0.36years | Yes | No | |||
| JA Solar GmbH | December 13, | August | 7,648.08 | Joint and | 0.69years | No | No |
| 2023 | 06,2024 | several liability guarantee | ||||||||
| JA Solar GmbH | December 13, 2023 | August 06,2024 | 5,980.38 | Joint and several liability guarantee | 0.61years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 06,2024 | 4,358.7 | Joint and several liability guarantee | 0.61years | No | No | |||
| JA Solar International Limited | December 13, 2023 | August 11,2024 | 43,130.4 | Joint and several liability guarantee | 4years | No | No | |||
| JA Solar International Limited | December 13, 2023 | August 11,2024 | 43,130.4 | Joint and several liability guarantee | 4years | No | No | |||
| Dongtai Jingdong New Energy Technology Development Co., Ltd. | December 13, 2023 | August 14,2024 | 43,188.16 | Joint and several liability guarantee | 15.01years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 16,2024 | 2,093.4 | Joint and several liability guarantee | 0.71years | No | No | |||
| JA Intelligent Energy Technology (Hainan) Co., Ltd | December 13, 2023 | August 21,2024 | 5,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar International Limited | December 13, 2023 | August 22,2024 | 37,628.5 | Joint and several liability guarantee | 4.95years | No | No | |||
| Shijiazhuang JA Solar Technology Co., Ltd. | December 13, 2023 | August 22,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | August 26,2024 | 5,000 | Joint and several liability guarantee | 2.99years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 27,2024 | 239.83 | Joint and several liability guarantee | 0.53years | No | No | |||
| JA Solar GmbH | December 13, 2023 | August 27,2024 | 267.41 | Joint and several liability guarantee | 0.53years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | August 29,2024 | 13,000 | Joint and several liability guarantee | 0.61years | No | No | |||
| JA (Yangzhou) | December 13, | August | 20,000 | Joint and | 0.61years | No | No |
| Solar Technology Co., Ltd. | 2023 | 29,2024 | several liability guarantee | |||||||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | August 29,2024 | 50,000 | Joint and several liability guarantee | 2.96years | No | No | |||
| Qujing Jinglong Electronic Materials Co., Ltd. | December 13, 2023 | August 30,2024 | 19,200 | Joint and several liability guarantee | 5years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | August 30,2024 | 9,600 | Joint and several liability guarantee | 5years | No | No | |||
| JA (Wuxi) PV Technology Co., Ltd. | December 13, 2023 | August 30,2024 | 10,000 | Joint and several liability guarantee | 0.61years | No | No | |||
| JA Solar GmbH | December 13, 2023 | September 06,2024 | 7,399.86 | Joint and several liability guarantee | 0.48years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | September 13,2024 | 60,000 | Joint and several liability guarantee | 1year | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | September 13,2024 | 30,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar International Limited | December 13, 2023 | September 13,2024 | 21,565.2 | Joint and several liability guarantee | 5years | No | No | |||
| Inner Mongolia Fujia PV Technology Co., Ltd. | December 13, 2023 | September 14,2024 | 19,500 | Joint and several liability guarantee, pledge | 15.01years | No | No | |||
| Inner Mongolia Fengjia PV Technology Co., Ltd. | December 13, 2023 | September 14,2024 | 14,000 | Joint and several liability guarantee, pledge | 15.01years | No | No | |||
| Inner Mongolia Riao PV Technology Co., Ltd. | December 13, 2023 | September 14,2024 | 11,300 | Joint and several liability guarantee, pledge | 15.01years | No | No | |||
| Inner Mongolia Huiao PV Technology Co., Ltd. | December 13, 2023 | September 14,2024 | 4,700 | Joint and several liability guarantee, pledge | 15.01years | No | No | |||
| Inner Mongolia Liao PV | December 13, 2023 | September 14,2024 | 4,000 | Joint and several | 15.01years | No | No |
| Technology Co., Ltd. | liability guarantee, pledge | |||||||||
| Inner Mongolia Fengxing PV Technology Co., Ltd. | December 13, 2023 | September 14,2024 | 6,500 | Joint and several liability guarantee, pledge | 15.01years | No | No | |||
| Suiyang Jingneng Energy Technology Co., Ltd | December 13, 2023 | September 14,2024 | 38,080 | Joint and several liability guarantee | 15.01years | No | No | |||
| JA Solar International Limited | December 13, 2023 | September 14,2024 | 8,689.73 | Joint and several liability guarantee | 2.88years | No | No | |||
| Lanping JA PV Technology Co., Ltd. | December 13, 2023 | September 18,2024 | 779.14 | Joint and several liability guarantee | 0.48years | No | No | |||
| JA Intelligent Energy Technology (Hainan) Co., Ltd | December 13, 2023 | September 19,2024 | 10,000 | Joint and several liability guarantee | 2years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | September 24,2024 | 150,000 | Joint and several liability guarantee | 2years | No | No | |||
| JA Intelligent Energy Technology (Hainan)Co., Ltd | December 13, 2023 | September 25,2024 | 75,000 | Joint and several liability guarantee, pledge, mortgage | 2years | No | No | |||
| Dongtai JA Solar PV Technology Co., Ltd. | December 13, 2023 | September 27,2024 | 244.24 | Joint and several liability guarantee | 0.25years | Yes | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | September 30,2024 | 10,000 | Joint and several liability guarantee | 1.89years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | September 30,2024 | 50,000 | Joint and several liability guarantee | 1year | No | No | |||
| Qujing JA PV Technology Co., Ltd. | December 13, 2023 | October 01,2024 | 40,000 | Joint and several liability guarantee | 3.75years | No | No | |||
| Beijing JA Solar PV Technology Co., Ltd. | December 13, 2023 | October 01,2024 | 5,000 | Joint and several liability guarantee | 0.94years | No | No | |||
| JA Solar GmbH | December 13, 2023 | October 12,2024 | 729.46 | Joint and several liability | 0.41years | No | No |
| guarantee | ||||||||||
| JA Solar Investment (Inner Mongolia) Co., Ltd. | December 13, 2023 | October 14,2024 | 4,146.78 | Joint and several liability guarantee | 0.24years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | October 15,2024 | 50,000 | Joint and several liability guarantee | 0.83years | No | No | |||
| Baotou JA Solar Technology Co., Ltd. | December 13, 2023 | October 16,2024 | 15,000 | Joint and several liability guarantee | 1year | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | October 16,2024 | 10,000 | Joint and several liability guarantee | 0.78years | No | No | |||
| JA Solar GmbH | December 13, 2023 | October 18,2024 | 6,123.33 | Joint and several liability guarantee | 0.42years | No | No | |||
| JA Solar GmbH | December 13, 2023 | October 18,2024 | 1,761.39 | Joint and several liability guarantee | 0.22years | No | No | |||
| JA Solar GmbH | December 13, 2023 | October 18,2024 | 1,684.11 | Joint and several liability guarantee | 0.67years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | October 22,2024 | 10,000 | Joint and several liability guarantee | 1year | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | October 30,2024 | 70,000 | Joint and several liability guarantee | 1year | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | October 30,2024 | 20,000 | Joint and several liability guarantee | 1year | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | November 01, 2024 | 3,405.08 | Joint and several liability guarantee | 0.41years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | November 01, 2024 | 893.44 | Joint and several liability guarantee | 0.48years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | November 01, 2024 | 313.4 | Joint and several liability guarantee | 0.56years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | November 01, 2024 | 34.82 | Joint and several liability guarantee | 0.13years | Yes | No |
| JA (Gaoyou) PV Technology Co., Ltd. | December 13, 2023 | November 01, 2024 | 830.27 | Joint and several liability guarantee | 0.39years | No | No | |||
| JA (Gaoyou) PV Technology Co., Ltd. | December 13, 2023 | November 01, 2024 | 2,015.22 | Joint and several liability guarantee | 0.47years | No | No | |||
| JA (Gaoyou) PV Technology Co., Ltd. | December 13, 2023 | November 01, 2024 | 300.21 | Joint and several liability guarantee | 0.63years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | November 01, 2024 | 489.25 | Joint and several liability guarantee | 0.39years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | November 01, 2024 | 202.6 | Joint and several liability guarantee | 0.43years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | November 01, 2024 | 588.39 | Joint and several liability guarantee | 0.46years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | November 06, 2024 | 5,000 | Joint and several liability guarantee | 0.76years | No | No | |||
| Dongtai JA Solar PV Technology Co., Ltd. | December 13, 2023 | November 08, 2024 | 180.4 | Joint and several liability guarantee | 0.25years | No | No | |||
| Yangzhou JA PV Power Generation Co., Ltd. | December 13, 2023 | November 15, 2024 | 10,077.79 | Joint and several liability guarantee, pledge | 5years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | November 21, 2024 | 4,363.58 | Joint and several liability guarantee | 0.49years | No | No | |||
| JA Solar International Limited | December 13, 2023 | November 21, 2024 | 2,282.04 | Joint and several liability guarantee | 2.31years | No | No | |||
| JA Solar International Limited | December 13, 2023 | November 21, 2024 | 2,283.41 | Joint and several liability guarantee | 2.48years | No | No | |||
| JA Solar International Limited | December 13, 2023 | November 21, 2024 | 2,277.23 | Joint and several liability guarantee | 2.39years | No | No | |||
| Hefei JA Solar | December 13, | November | 241.93 | Joint and | 0.5years | No | No |
| Technology Co., Ltd. | 2023 | 22, 2024 | several liability guarantee | |||||||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | November 25, 2024 | 806.93 | Joint and several liability guarantee | 0.5years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | November 25, 2024 | 1,977.23 | Joint and several liability guarantee | 0.49years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | November 25, 2024 | 7,637.08 | Joint and several liability guarantee | 0.49years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | November 26, 2024 | 30,500 | Joint and several liability guarantee | 0.84years | No | No | |||
| Ordos JA Solar Technology Co., Ltd. | December 13, 2023 | November 26, 2024 | 529.71 | Joint and several liability guarantee | 0.49years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | November 26, 2024 | 15.11 | Joint and several liability guarantee | 0.49years | No | No | |||
| JA Solar International Limited | December 13, 2023 | November 26, 2024 | 35,000 | Joint and several liability guarantee | 5years | No | No | |||
| Inner Mongolia Solar PV Technology Co., Ltd. | December 13, 2023 | November 26, 2024 | 1,126.84 | Joint and several liability guarantee | 0.49years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | November 28, 2024 | 1,083.55 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | November 28, 2024 | 978.15 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | November 28, 2024 | 304.35 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | November 28, 2024 | 2,191.74 | Joint and several liability guarantee | 0.5years | No | No | |||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | November 29, 2024 | 167.34 | Joint and several liability guarantee | 0.5years | No | No | |||
| Shanghai JA Solar Technology | December 13, 2023 | November 29, 2024 | 997.28 | Joint and several | 0.5years | No | No |
| Co., Ltd. | liability guarantee | |||||||||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | December 01, 2024 | 13.93 | Joint and several liability guarantee | 0.86years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | December 01, 2024 | 6.96 | Joint and several liability guarantee | 0.86years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | December 01, 2024 | 1,583.33 | Joint and several liability guarantee | 0.7years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | December 01, 2024 | 511.15 | Joint and several liability guarantee | 0.56years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | December 01, 2024 | 441.83 | Joint and several liability guarantee | 0.21years | No | No | |||
| Shijiazhuang JA Electrornic Technology Co., Ltd. | December 13, 2023 | December 01, 2024 | 4.37 | Joint and several liability guarantee | 0.12years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | December 03, 2024 | 543.19 | Joint and several liability guarantee | 0.5years | No | No | |||
| Shijiazhuang JA Electrornic Technology Co., Ltd. | December 13, 2023 | December 04, 2024 | 5.36 | Joint and several liability guarantee | 0.33years | No | No | |||
| Hebei Jinglong Sunshine Equipment Co., Ltd. | December 13, 2023 | December 05, 2024 | 102.4 | Joint and several liability guarantee | 0.5years | No | No | |||
| Hebei Jinglong Sunshine Equipment Co., Ltd. | December 13, 2023 | December 05, 2024 | 1,514.42 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) Solar Technology Co., Ltd. | December 13, 2023 | December 06, 2024 | 5,000 | Joint and several liability guarantee | 0.78years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | December 06, 2024 | 15,000 | Joint and several liability guarantee | 0.78years | No | No | |||
| Dongtai JA Solar PV Technology Co., Ltd. | December 13, 2023 | December 09, 2024 | 271.06 | Joint and several liability guarantee | 0.24years | No | No | |||
| JA (Gaoyou) PV Technology Co., Ltd. | December 13, 2023 | December 10, 2024 | 39.01 | Joint and several liability | 0.5years | No | No |
| guarantee | ||||||||||
| JA (Gaoyou) PV Technology Co., Ltd. | December 13, 2023 | December 10, 2024 | 67.8 | Joint and several liability guarantee | 0.5years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | December 12, 2024 | 49,000 | Joint and several liability guarantee | 1year | No | No | |||
| Shijiazhuang JA Solar Technology Co., Ltd. | December 13, 2023 | December 13, 2024 | 19.32 | Joint and several liability guarantee | 0.33years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | December 13, 2024 | 0.88 | Joint and several liability guarantee | 0.83years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | December 13, 2024 | 148.04 | Joint and several liability guarantee | 0.83years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | December 13, 2024 | 275.21 | Joint and several liability guarantee | 0.83years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | December 13, 2024 | 191.28 | Joint and several liability guarantee | 0.83years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | December 13, 2024 | 93.68 | Joint and several liability guarantee | 0.83years | No | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | December 16, 2024 | 806.93 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | December 17, 2024 | 1,355.06 | Joint and several liability guarantee | 0.65years | No | No | |||
| Yiwu JA Solar Technology Co., Ltd. | December 13, 2023 | December 17, 2024 | 354.31 | Joint and several liability guarantee | 0.65years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | December 18, 2024 | 1,035.98 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Xingtai) Solar Co., Ltd. | December 13, 2023 | December 19, 2024 | 40,000 | Joint and several liability guarantee | 3.47years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | December 20, 2024 | 273.99 | Joint and several liability guarantee | 0.5years | No | No |
| JA Solar Investment (China) Co., Ltd. | December 13, 2023 | December 23, 2024 | 10,000 | Joint and several liability guarantee | 1.4years | No | No | |||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | December 23, 2024 | 969.28 | Joint and several liability guarantee | 0.5years | No | No | |||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | December 23, 2024 | 49.2 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | December 24, 2024 | 241.52 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | December 24, 2024 | 18.49 | Joint and several liability guarantee | 0.5years | No | No | |||
| Dongtai JA Solar Technology Co., Ltd. | December 13, 2023 | December 25, 2024 | 39.52 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA (Yangzhou) New Energy Co., Ltd. | December 13, 2023 | December 25, 2024 | 20,000 | Joint and several liability guarantee | 0.63years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | December 25, 2024 | 3,000 | Joint and several liability guarantee | 0.5years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | December 25, 2024 | 3,000 | Joint and several liability guarantee | 0.5years | No | No | |||
| Qujing JA Solar Technology Co., Ltd. | December 13, 2023 | December 25, 2024 | 941.6 | Joint and several liability guarantee | 0.5years | No | No | |||
| Ordos JA Solar Technology Co., Ltd. | December 13, 2023 | December 26, 2024 | 473.65 | Joint and several liability guarantee | 0.5years | No | No | |||
| Inner Mongolia JA Solar PV Technology Co., Ltd. | December 13, 2023 | December 26, 2024 | 1,709.64 | Joint and several liability guarantee | 0.5years | No | No | |||
| Inner Mongolia JA Solar PV Technology Co., Ltd. | December 13, 2023 | December 26, 2024 | 816.71 | Joint and several liability guarantee | 0.5years | No | No | |||
| Inner Mongolia JA Bayannur New Energy Co., Ltd. | December 13, 2023 | December 27, 2024 | 3,613 | Joint and several liability guarantee | Has1 | 1year | No | No | ||
| Shanghai JA | December 13, | December | 232.49 | Joint and | 0.5years | No | No |
| Solar Technology Co., Ltd. | 2023 | 30, 2024 | several liability guarantee | |||||||
| Shanghai JA Solar Technology Co., Ltd. | December 13, 2023 | December 30, 2024 | 376.93 | Joint and several liability guarantee | 0.5years | No | No | |||
| JA Solar GmbH | December 13, 2023 | December 31, 2024 | 369.77 | Joint and several liability guarantee | 0.61years | No | No | |||
| JA Solar GmbH | December 13, 2023 | December 31, 2024 | 388.34 | Joint and several liability guarantee | 0.61years | No | No | |||
| Total approved guarantee limits for subsidiaries during the reporting period（B1） | 4,290,299.14 | Total actual guarantees provided to subsidiaries during the reporting period（B2） | 4,290,299.14 | |||||||
| Total approved guarantee limits for subsidiaries at the end of the reporting period（B3） | 5,573,204.12 | Total outstanding guarantees for subsidiaries at the end of the reporting period（B4） | 5,275,520.26 | |||||||
| Guarantees between subsidiaries | ||||||||||
| Guaranteed party | Disclosure date for announcement on guarantee limit | Guarantee limit | Guarantee date | Guaranteed amount | Guarantee type | Collateral (if any) | Counter-guarantee (if any) | Guarantee duration | Fulfilled completely or not | Related-party guarantee or not |
| Lincheng Jingneng New Energy Development Co., Ltd. | January 06,2016 | 28,300 | Joint and several liability guarantee, pledge | 8.74years | Yes | No | ||||
| Japan Shiojiri PV Power Station | September 06,2016 | 2,170.07 | Joint and several liability guarantee, pledge | 10.2years | No | No | ||||
| Shexian County JA PV Power Generation Co., Ltd. | May 01,2017 | 9,737.81 | Joint and several liability guarantee, pledge | 10.4years | No | No | ||||
| Datong JA PV Power Generation Co., Ltd. | May 01,2017 | 30,000 | Joint and several liability guarantee, mortgage, pledge | 12.3years | No | No | ||||
| Jing Hai Yang Semiconductor Materials (Donghai) Co. Ltd. | January 08,2020 | July 15,2020 | 5,240 | Mortgage | 3.67years | Yes | No | |||
| JA Solar GmbH | December 10,2021 | December 09,2022 | 47,926.42 | Joint and several liability guarantee | 25.4years | No | No | |||
| JA Solar GmbH | December 10,2021 | December 09,2022 | 13,005.75 | Joint and several liability guarantee | 25.4years | No | No | |||
| JA Solar Holdings Co., Ltd. | November 24,2022 | February 16,2023 | 72,000 | Joint and several liability guarantee | 11 months | Yes | No | |||
| JA Solar Japan Limited | November 24,2022 | July 31,2023 | 2,773.98 | Joint and several liability guarantee | 1year | Yes | No | |||
| JA Solar GmbH | November 24,2022 | September 22,2023 | 9,109.27 | Joint and several liability guarantee | 24years | No | No | |||
| Lincheng Jingneng New Energy Development Co., Ltd. | November 24,2022 | December 15,2023 | 4,644.44 | Joint and several liability guarantee | 0.8years | Yes | No | |||
| JA Solar Technology Co., Ltd. | November 24,2022 | December 18,2023 | 7,700 | Pledge | 0.5years | Yes | No | |||
| JA Solar Technology Co., Ltd. | November 24,2022 | December 18,2023 | 10,000 | Pledge | 0.5years | Yes | No | |||
| JA Solar USA Inc. | December 13, 2023 | February 06,2024 | 53,653.48 | Joint and several liability guarantee | 0.73years | Yes | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | February 23,2024 | 60,000 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar Holdings Co., Ltd. | December 13, 2023 | March 01,2024 | 30,000 | Joint and several liability guarantee | 0.42years | Yes | No | |||
| JA Solar GmbH | December 13, 2023 | March 01,2024 | 3,180.83 | Joint and several liability guarantee | 0.84years | No | No | |||
| JA Solar Technology Co., Ltd. | December 13, 2023 | March 21,2024 | 4,500 | Pledge | 0.5years | Yes | No | |||
| Baotou JA Solar Technology Co., Ltd. | December 13, 2023 | March 30,2024 | 15,000 | Joint and several liability guarantee | 3years | No | No | |||
| JA Solar Technology Co., Ltd. | December 13, 2023 | April 25,2024 | 10,000 | Pledge | 0.92years | No | No |
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | May 01,2024 | 35,500 | Pledge | 0.5years | Yes | No | |||
| Hefei JA Solar Technology Co., Ltd. | December 13, 2023 | May 27,2024 | 12,143.33 | Pledge | 0.5years | Yes | No | |||
| JA Solar AZ | December 13, 2023 | June 01,2024 | 5,268.19 | Joint and several liability guarantee | 1year | No | No | |||
| JA Solar International Limited | December 13, 2023 | June 28,2024 | 86,261.62 | Joint and several liability guarantee | 1.01years | No | No | |||
| JA Solar GmbH | December 13, 2023 | July 16,2024 | 2,315.96 | Joint and several liability guarantee | 0.46years | Yes | No | |||
| JA Solar Japan Limited | December 13, 2023 | July 31,2024 | 2,773.98 | Joint and several liability guarantee | 1year | No | No | |||
| Hebei Jinglong Sunshine Equipment Co., Ltd. | December 13, 2023 | August 26,2024 | 5,000 | Joint and several liability guarantee | 2.99years | No | No | |||
| JA Solar GmbH | December 13, 2023 | September 29,2024 | 55,350.68 | Joint and several liability guarantee | 1.5years | No | No | |||
| JA Solar GmbH | December 13, 2023 | November 18,2024 | 1,823.41 | Joint and several liability guarantee | 12.29years | No | No | |||
| JA Solar GmbH | December 13, 2023 | December 23, 2024 | 3,396.95 | Joint and several liability guarantee | 0.52years | No | No | |||
| Xingtai Jinglong PV Materials Co., Ltd. | December 13, 2023 | December 25, 2024 | 1,000 | Joint and several liability guarantee | 1.49years | No | No | |||
| Shanghai Xinggong Energy Co., Ltd. | December 13, 2023 | December 31, 2024 | 17.83 | Joint and several liability guarantee | 0.44years | No | No | |||
| Total approved guarantee limits for subsidiaries during the reporting period (C1) | 387,186.26 | Total actual guarantees provided to subsidiaries during the reporting period (C2) | 387,186.26 | |||||||
| Total approved guarantee limits for subsidiaries at the end of the reporting period (C3) | 499,135.58 | Total outstanding guarantees for subsidiaries at the end of the reporting period (C4) | 361,022.81 | |||||||
| Total guaranteed amount by the Company (the sum of the top three items) | ||||||||||
| Total approved guarantee limits during the reporting period (A1+ B1+ C1) | 4,677,485.4 | Total actual guarantees during the reporting period (A2+ B2+ C2) | 4,677,485.4 |
| Total approved guarantee limits at the end of the reporting period (A3+ B3+ C3) | 6,072,339.7 | Total outstanding guarantees at the end of the reporting period (A4+ B4+ C4) | 5,636,543.07 |
| Total outstanding guarantees (A4+B4+C4) as a percent of the Company’s net assets | 202.05% | ||
| Including: | |||
| Outstanding guarantees for shareholders, actual controller and its related parties (D) | 0 | ||
| Balance of indirect or direct debt guarantee for guaranteed parties whose debt to asset ratio is over 70% (E) | 3,373,176.42 | ||
| Amount out of the actual guarantees that exceeds 50% of the net assets (F) | 4,241,730.69 | ||
| Total of the above three items (D+ E+ F) | 7,614,907.11 | ||
| For unexpired guarantee contracts, explain cases where guarantee liability occurred during the reporting period or evidence indicates a potential for joint and several liability (if any) | None | ||
| Note on outward guarantees in violation of the prescribed procedures (if any) | None | ||
Note: 1 Inner Mongolia JA Bayannur New Energy Co., Ltd. has engaged in financial leasing agreements with Zhejiang ChouzhouFinancial Leasing Co., Ltd. In this arrangement, JA Solar Technology Co., Ltd. has provided a 100% joint and several liability guarantee,while minority shareholders have issued counter-guarantees commensurate with their 49% equity stake.
Detailed note on composite guarantees
3. Entrusted cash management
(1) Entrusted wealth management
□ Applicable ? Not applicable
There were no entrusted wealth management regarding the Company in the reporting period.
(2) Entrusted loans
□ Applicable ? Not applicable
There were no entrusted loans regarding the Company in the reporting period.
4. Other material contracts
□ Applicable ? Not applicable
There were no other material contracts regarding the Company in the reporting period.
XVI. Other Important Matters
?Applicable □ Not applicable
Issuing convertible corporate bonds to the publicTo further enhance the Company’s vertically integrated industrial chain, scale up operations, and maintain its industry-leadingposition, while capitalizing on the maturation of its n-type product technology by increasing the capacity of large-size n-type siliconwafers, solar cells and modules, the Company plans to issue convertible corporate bonds to the public. The funds raised, not exceeding
8.96 billion yuan, will be allocated to the following projects: the Baotou JA (Phase III) 20GW Crystal Pulling and Slicing Project, the
Qujing Annual 10GW High-Efficiency Cells and 5GW High-Efficiency Modules Project, and the Yangzhou Annual 10GW High-Efficiency Solar Cells Project. Additionally, a portion of the funds will be used to supplement working capital. This strategic initiativeaims to seize the historic opportunity presented by technological advancements, establishing a leading position of the Company in theindustrialization of large-size n-type products.
On July 18, 2023, the Company issued 89,603,077 convertible corporate bonds to the public, each with a face value of 100 yuan,raising a total of 8,960,307,700.00 yuan. The bonds were listed for trading at Shenzhen Stock Exchange from August 4, 2023 underthe short name of JA Convertible Bonds and the code of 127089.On January 24, 2024, the “JA Convertible Bonds” commenced their conversion period.XVII. Subsidiary’s Material Matters
?Applicable □ Not applicable
On July 9, 2024, the Company held its 24th meeting of the sixth board of directors, where it approved the Proposal on AcquiringPartial Equity in a Controlled Subsidiary. Through its wholly-owned subsidiary, JA Solar Holdings, the Company acquired a 23.0681%equity stake in JA (Yangzhou) Solar Technology Co., Ltd. from China Orient Asset Management Co., Ltd. for a total transaction valueof 2 billion yuan. Following this transaction, the Company will increase its ownership interest in JA (Yangzhou) Solar TechnologyCo., Ltd. to 94.2330% via JA Solar Holdings.
Section VII. Changes in Shares and Shareholders
I. Share Changes
1. Share changes
Unit: Share
| Before the change | Change (+, -) | After the change | |||||||
| Number | Percentage | New issue | Bonus issue | Capital reserve converted to shares | Others | Sub-total | Number | Percentage | |
| I. Restricted shares | 11,679,255 | 0.35% | -7,981,412 | -7,981,412 | 3,697,843 | 0.11% | |||
| 1. Shares held by the state | |||||||||
| 2. Shares held by the state-owned legal entities | |||||||||
| 3. Shares held by other domestic investors | 11,067,655 | 0.33% | -8,379,450 | -8,379,450 | 2,688,205 | 0.08% | |||
| In which: shares held by domestic legal entities | |||||||||
| Shares held by domestic natural persons | 11,067,655 | 0.33% | -8,379,450 | -8,379,450 | 2,688,205 | 0.08% | |||
| 4. Shares held by overseas investors | 611,600 | 0.02% | 398,038 | 398,038 | 1,009,638 | 0.03% | |||
| Including, shares held by overseas legal entities | |||||||||
| Shares held by overseas natural persons | 611,600 | 0.02% | 398,038 | 398,038 | 1,009,638 | 0.03% | |||
| II. Unrestricted shares | 3,304,580,578 | 99.65% | 1,030,941 | 369,372 | 1,400,313 | 3,305,980,891 | 99.89% | ||
| 1. RMB common shares | 3,304,580,578 | 99.65% | 1,030,941 | 369,372 | 1,400,313 | 3,305,980,891 | 99.89% | ||
| 2. Foreign shares listed in Chinese mainland | |||||||||
| 3. Foreign | |||||||||
| shares listed outside Chinese mainland | |||||||||
| 4. Others | |||||||||
| III. Total shares | 3,316,259,833 | 100.00% | 1,030,941 | -7,612,040 | -6,581,099 | 3,309,678,734 | 100.00% |
Reason for changes in shares?Applicable □ Not applicable
1. Issuance of new shares:
(1) During the reporting period, incentive recipients voluntarily exercised 1,004,576 shares under the 2020 Stock Option andRestricted Stock Incentive Plan, along with 11 shares from the 2022 Plan.
(2) During the reporting period, a total of 26,354 shares were converted from JA Convertible Bonds.
2. Others:
During the reporting period, the Company terminated its 2022 and 2023 Stock Option and Restricted Stock Incentive Plans,successfully repurchasing and canceling a total of 7,612,040 unvested restricted shares.Approval of changes in share changes?Applicable □ Not applicable
1. Issuance of new shares:
(1) The Company implemented a voluntary exercise model for stock options under the 2020 and 2022 Stock Option and RestrictedStock Incentive Plans. This model has received approval from the Shenzhen Stock Exchange and has successfully completed thenecessary registration and filing procedures with the China Securities Depository and Clearing Corporation Limited (Shenzhen Branch).
(2) With the approval of the China Securities Regulatory Commission (CSRC) in its Reply regarding JA Solar Technology Co., Ltd.’sRegistration for a Public Offering of Convertible Corporate Bonds (ZJXK [2023] No. 1164), the Company successfully issued89,603,077 convertible bonds to unspecified investors on July 18, 2023, each with a face value of 100 yuan. These bonds began tradingon the Shenzhen Stock Exchange on August 4, 2023, under the designation JA Convertible Bonds, with the trading code 127089. Theconversion period for these bonds is established from January 24, 2024, to July 17, 2029.
2. Others:
Following the approval of the general meeting, the Company has resolved to terminate its 2022 and 2023 Stock Option and RestrictedStock Incentive Plans. This action includes the repurchase and cancellation of 7,612,040 restricted shares that were granted but not yetvested. The China Securities Depository and Clearing Corporation Limited (Shenzhen Branch) has thoroughly reviewed and confirmedthe completion of these repurchase and cancellation procedures.Registration of changes in share changes
□ Applicable ? Not applicable
Impact of the share changes on financial indicators such as the earnings per share, diluted earnings per share, net assets per shareattributed to the common shareholders of the Company for the latest year and the latest period
□ Applicable ? Not applicable
Other disclosures the Company thinks necessary or required by the CSRC
□ Applicable ? Not applicable
2. Change in restricted shares
?Applicable □ Not applicable
Unit: Share
| Shareholder name | Opening restricted shares | Restricted shares increased in current | Restricted shares unlocked in the current | Closing restricted shares | Reason for restriction | Unlocking date |
| period | period | |||||
| Recipients of restricted shares under the 2022 Equity Incentive Plan | 4,212,040 | 4,212,040 | 0 | Equity incentive restricted shares | The Company has terminated the 2022 and 2023 Stock Option and Restricted Stock Incentive Plans. Additionally, on March 29, 2024, it completed the necessary registration procedures for share repurchase and cancellation. | |
| Recipients of restricted shares under the 2023 Equity Incentive Plan | 3,400,000 | 3,400,000 | 0 | Equity incentive restricted shares | The Company has terminated the 2022 and 2023 Stock Option and Restricted Stock Incentive Plans. Additionally, on March 29, 2024, it completed the necessary registration procedures for share repurchase and cancellation. | |
| Directors, supervisors and senior managers | 4,067,215 | 369,372 | 3,697,843 | Lock-up for executives | The shares are managed in accordance with the appropriate regulations governing executive shareholdings. | |
| Total | 11,679,255 | 0 | 7,981,412 | 3,697,843 | -- | -- |
II. Issuance and Listing of Securities
1. Issuance of securities (excluding preference shares) in the reporting period? Applicable □Not Applicable
| Name of stock and its derivative securities | Issue date | Issue price (or interest rate) | Issue size | Listing date | Approved quantity to trade on market | Transaction end date | Disclosure index | Disclosure date |
| Stock type | ||||||||
| Voluntary option exercise | 1,004,587 | 1,004,587 | ||||||
| Conversion of the JA Convertible Bonds | 26,354 | 26,354 | ||||||
| Convertible bonds, detachable convertible corporate bonds, and corporate bonds | ||||||||
| Other derivative securities | ||||||||
Note on the issuance of securities (excluding preference shares) in the reporting period
1. During the reporting period, incentive recipients voluntarily exercised 1,004,576 shares under the 2020 Stock Option andRestricted Stock Incentive Plan, along with 11 shares from the 2022 Plan.
2. During the reporting period, a total of 26,354 shares were converted from JA Convertible Bonds.
2. Note on changes in total shares, and shareholding structure, as well as the changes in the asset andliability structure
?Applicable □ Not applicable
1.During the reporting period, incentive recipients exercised a total of 1,004,587 shares, comprising 1,004,576 shares under the 2020Stock Option and Restricted Stock Incentive Plan and 11 shares under the 2022 plan. This action led to an increase in the Company’stotal share capital by 1,004,587 shares.
2. During the reporting period, 26,354 shares were successfully converted from JA Convertible Bonds, leading to an increase of 26,354shares in the Company’s total share capital.
3.During the reporting period, following the approval of the general meeting, the Company has resolved to terminate its 2022 and 2023Stock Option and Restricted Stock Incentive Plans. This action includes the repurchase and cancellation of 7,612,040 restricted sharesthat were granted but not yet vested. The China Securities Depository and Clearing Corporation Limited (Shenzhen Branch) hasthoroughly reviewed and confirmed the completion of these repurchase and cancellation procedures. This led to a decrease of 7,612,040shares in the Company’s total share capital.
3. Current employee shares
□ Applicable ? Not applicable
III. Shareholders and Actual Controller
1. Number of shareholders and their shareholdings
Unit: Share
| Total common shareholders at the end of the reporting period | 160,992 | Total common shareholders at the end of the month prior to the disclosure date of annual report | 172,457 | Total preference shareholders with voting rights restored at the end of the reporting period (if any) (refer to Note 8) | 0 | Total preference shareholders with voting rights restored at the end of the month prior to the disclosure date of annual report (if any) (refer to Note 8) | 0 | |
| Shareholding of shareholders holding 5% or more of the shares, or the top 10 shareholders (excluding shares borrowed through “stock financing transfer” | ||||||||
| Shareholder name | Shareholder type | Equity percent | Closing shares | Change in the reporting period | Restricted shares | Unrestricted shares | Pledge, mark or freeze | |
| Status | Number | |||||||
| Dongtai Jingtaifu Technology Co., Ltd. | Domestic investor other than state-owned legal entities | 47.45% | 1,570,307,572 | 0 | 0 | 1,570,307,572 | Not applicable | 0 |
| Hong Kong Securities Clearing Company Limited | Overseas legal entity | 7.20% | 238,286,710 | 79,396,525 | 0 | 238,286,710 | Not applicable | 0 |
| Shanghai Pudong | Others | 1.50% | 49,642,567 | 11,265,795 | 0 | 49,642,567 | Not | 0 |
| Development Bank Co., Ltd. - Guangdong Development High-End Manufacturing Equity Sponsor-initiated Fund | applicable | |||||||
| Shenzhen Zhoubo Fangwei Business Management Center (Limited Partnership) | Domestic investor other than state-owned legal entities | 1.25% | 41,358,726 | -6,150,000 | 0 | 41,358,726 | Not applicable | 0 |
| China Construction Bank Corporation - Guangdong Development Technology Pioneer Mixed Security Investment Fund | Others | 1.21% | 40,208,583 | -1,027,100 | 0 | 40,208,583 | Not applicable | 0 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange Traded Fund | Others | 1.04% | 34,374,600 | 22,048,700 | 0 | 34,374,600 | Not applicable | 0 |
| China Merchants Bank Co., Ltd. - Quanguo Xuyuan Three-Year Mixed Fund | Others | 0.91% | 30,107,055 | -3,467,520 | 0 | 30,107,055 | Not applicable | 0 |
| Shanghai Pudong Development Bank Co., Ltd. - Guangdong Development Small Cap Growth Mixed Fund (LOF) | Others | 0.82% | 26,983,353 | 7,264,552 | 0 | 26,983,353 | Not applicable | 0 |
| China Minsheng Banking Corp., Ltd. – Guangdong Development Industry Select Three-Year Mixed Fund | Others | 0.76% | 25,219,479 | -4,558,500 | 0 | 25,219,479 | Not applicable | 0 |
| China Construction Bank Corporation - E | Others | 0.71% | 23,660,649 | 19,086,829 | 0 | 23,660,649 | Not applicable | 0 |
| Fund CSI 300 Exchange Traded Sponsor-initiated Fund | ||||
| Strategic investors or general legal entities which became top ten shareholders due to allotment of new shares (if any) (refer to Note 3) | None. | |||
| Note on the said shareholders’ relationship or acting in concert | The Company does not know whether there is any affiliation among the above shareholders or if they qualify as persons acting in concert as defined by the Management Measures for the Acquisition of Listed Companies. | |||
| Note on delegation of voting rights or wavier of voting rights by the said shareholders | None | |||
| Note on special repurchase accounts held by top ten shareholders (if any) (refer to Note 10) | Through the JA Solar Technology Co., Ltd. Special Account for Share Repurchase, the Company repurchased 26,945,700 shares, representing 0.81% of its total outstanding shares as of the end of the reporting period. | |||
| Shareholding of Top 10 Shareholders with Unrestricted Shares (Excluding shares lent through securities lending arrangements and executive lock-up shares) | ||||
| Shareholder name | Closing unrestricted shares | Share type | ||
| Share type | Number | |||
| Dongtai Jingtaifu Technology Co., Ltd. | 1,570,307,572 | RMB common share | 1,570,307,572 | |
| Hong Kong Securities Clearing Company Limited | 238,286,710 | RMB common share | 238,286,710 | |
| Shanghai Pudong Development Bank Co., Ltd. - Guangdong Development High-End Manufacturing Equity Sponsor-initiated Fund | 49,642,567 | RMB common share | 49,642,567 | |
| Shenzhen Zhoubo Fangwei Business Management Center (Limited Partnership) | 41,358,726 | RMB common share | 41,358,726 | |
| China Construction Bank Corporation -Guangdong Development Technology Pioneer Mixed Security Investment Fund | 40,208,583 | RMB common share | 40,208,583 | |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange Traded Fund | 34,374,600 | RMB common share | 34,374,600 | |
| China Merchants Bank Co., Ltd. - Quanguo Xuyuan Three-Year Mixed Fund | 30,107,055 | RMB common share | 30,107,055 | |
| Shanghai Pudong Development Bank Co., Ltd. - Guangdong Development Small Cap Growth Mixed Fund (LOF) | 26,983,353 | RMB common share | 26,983,353 | |
| China Minsheng Banking | 25,219,479 | RMB | 25,219,479 | |
| Corp., Ltd. – Guangdong Development Industry Select Three-Year Mixed Fund | common share | ||
| China Construction Bank Corporation - E Fund CSI 300 Exchange Traded Sponsor-initiated Fund | 23,660,649 | RMB common share | 23,660,649 |
| Note on the relationship or concerted actions among the top 10 unrestricted circulating shareholders and between the top 10 unrestricted circulating shareholders and the top 10 shareholders | The Company does not know whether there is any affiliation among the top 10 unrestricted circulating shareholders and between the top 10 unrestricted circulating shareholders and the top 10 shareholders or if they qualify as persons acting in concert as defined by the Management Measures for the Acquisition of Listed Companies. | ||
| Note on participation in financing and securities lending by the top 10 common shareholders （if any) (refer to Note 4) | None | ||
Shares lent through securities financing arrangements by shareholders holding >5% and top 10 shareholders/top 10 unrestrictedtradable shareholders? Applicable □Not applicable
Unit: share
| Shares lent through securities financing arrangements by shareholders holding >5% and top 10 shareholders/top 10 unrestricted tradable shareholders | ||||||||
| Shareholder name (full name) | Regular account and margin account holdings at period beginning | Outstanding securities lent at period beginning | Regular account and margin account holdings at period end | Outstanding securities lent at period end | ||||
| Total | As a percentage of the total share capital | Total | As a percentage of the total share capital | Total | As a percentage of the total share capital | Total | As a percentage of the total share capital | |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange Traded Fund | 12,325,900 | 0.37% | 48,800 | 0.00% | 34,374,600 | 1.04% | 0 | 0.00% |
| China Construction Bank Corporation - E Fund CSI 300 Exchange Traded Sponsor-initiated Fund | 4,573,820 | 0.14% | 17,600 | 0.00% | 23,660,649 | 0.71% | 0 | 0.00% |
Changes in Top 10 shareholders & top 10 unrestricted tradable shareholders due to securities financing arrangements (sharelending/return activities)
□ Applicable ? Not applicable
Whether the top ten common shareholders and the top ten common shareholders with unrestricted shares performed any agreedrepurchase transactions during the reporting period
□ Yes ? No
The top ten common shareholders and the top ten common shareholders with unrestricted shares did not perform any agreedrepurchase transactions during the reporting period.
2. Controlling shareholder
Nature of the controlling shareholder: natural personType of the controlling shareholder: legal entity
| Name of the controlling shareholder name | Legal representative/person in charge | Date of incorporation | Organization code | Main businesses |
| Dongtai Jingtaifu Technology Co., Ltd. | Jin Baofang | June 26, 2018 | 91130528MA0CF7X33W | Technical service, technology development, technical consulting, technical exchange, technology transfer, technology promotion; development of new material technologies; business management; business management consulting. |
| The equity status of the controlling shareholder in other domestic and foreign listed companies controlled or invested in by the controlling shareholder during the reporting period. | None | |||
Controlling shareholder change in the reporting period
□ Applicable ? Not applicable
In the reporting period, the controlling shareholder did not change.
3. Actual controller and persons acting in concert
Nature of the actual controller: Overseas natural personType of the actual controller: natural person
| Name of the actual controller | Relationship with the actual controller | Nationality | Residence right in other country/region |
| Jin Baofang | Jin Baofang | China | No |
| Jin Junmiao | Acting in concert (including via agreement, relative, or common control) | China | Yes |
| Main professions and titles | Mr. Jin Baofang is the Chairman and General Manager of the Company. | ||
| Listed companies within and outside Chinese mainland controlled by the actual controller in the latest 10 years | Mr. Jin Baofang was the actual controller of JA Solar Holdings Co., Ltd. which was listed in the United States. In 2018, JA Solar Holdings Co., Ltd. was privatized and delisted from the US market. | ||
Actual controller change in the reporting period
□ Applicable ? Not applicable
In the reporting period, the actual controller did not change.Box diagram specifying the ownership and control relationship between the Company and its actual controller
Actual controller controls the Company via trust or other asset management approaches
□ Applicable ? Not applicable
4. The cumulative shares pledged by controlling shareholder or the largest shareholders and their personsacting in concert account for at least 80% of the total shares
□ Applicable ? Not applicable
5. Other legal entities holding over 10% of the total shares
□ Applicable ? Not applicable
6. Share disposal restrictions for the controlling shareholder, actual controller, restructuring party, andother commitment entities
□Applicable ? Not applicable
IV. Specific Implementation of Share Repurchases in the Reporting Period
Progress of share repurchases?Applicable □ Not applicable
| Plan disclosure date | Shares to be repurchased | As a percent of the total share capital | Proposed repurchase amount (10,000 yuan) | Proposed repurchase period | Purpose of repurchase | Shares repurchased | Shares repurchased as a percent of the target shares relating to the share incentive plan (if any) |
| October 31, 2023 | 11,074,197-22,148,394 (estimated with a repurchase price limit of 36.12 yuan/share) | 0.33%- 0.67% (estimated with a repurchase price limit of 36.12 yuan/share) | Not less than 400 million yuan and not more than 800 million yuan | Within 12 months after the repurchase plan is approved by the board of director meeting | For employee stock ownership plan or share incentive | 26,945,700 |
Progress on repurchasing shares through centralized competitive bidding trading
□ Applicable ? Not applicable
Section VIII. Preference Shares
□ Applicable ? Not applicable
The Company had no preference shares in the reporting period.
Section IX. Bonds?Applicable □ Not applicable
I. Enterprise Bonds
□ Applicable ? Not applicable
The Company had no enterprise bonds in the reporting period.
II. Corporate Bonds
□ Applicable ? Not applicable
The Company had no corporate bonds in the reporting period.
III. Non-financial Enterprise Debt-financing Instruments
□ Applicable ? Not applicable
The Company had no non-financial enterprise debt-financing instruments in the reporting period.
IV. Convertible Corporate Bonds
?Applicable □ Not applicable
1. Adjustments of conversion prices
1. On July 18, 2023, the Company issued 89,603,077 convertible corporate bonds to the public, with a face value of 100 yuan perbond, raising a total of 8,960,307,700.00 yuan. Starting from August 4, 2023, the bonds were listed and traded on the Shenzhen StockExchange under the short name of JA Convertible Bonds and the code 127089. The initial conversion price was set at 38.78 yuan pershare.
2. Between July 18, 2023, and October 10, 2023, incentive recipients of the stock option incentive plan exercised 2,409,389options voluntarily, resulting in an increase of 2,409,389 shares in the Company’s share capital. Specifically, in the third exerciseperiod for the initial grant of stock options as part of the 2020 stock option and restricted share incentive plan, 1,727,865 stock shareswere exercised at an exercise price of 7.89 yuan/option; in the second exercise period for the reservation grant of stock options as partof the 2020 stock option and restricted share incentive plan, 15,921 stock options were exercised at an exercise price of 17.66yuan/option; in the first exercise period for the stock options as part of the 2022 stock options and restricted share incentive plan,665,603 stock options were exercised at an exercise price of 30.21 yuan/option.
On September 18, 2023, the 13th meeting of the sixth board of directors and the 10th meeting of the sixth supervisory committeeapproved the Proposal on Granting Stock Option and Restricted Shares to Incentive Recipients. It was agreed that September 18, 2023was the grant date and 3.4 million restricted shares were granted to 11 incentive recipients. On October 13, 2023, followingconfirmation by the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited, the Company completed theregistration of granting 3.4 million restricted shares to 11 incentive recipients at a grant price of 14.50 yuan per share.
In accordance with the recent changes in share capital and as stipulated in the Prospectus, the conversion price of JA ConvertibleBonds was adjusted from 38.78 yuan/share to 38.74 yuan/share effective on October 18, 2023.
3. Between October 11, 2023, and March 31, 2024, incentive recipients of the stock option incentive plan exercised 1,117,047options voluntarily, resulting in an increase of 1,117,047 shares in the Company’s share capital. Specifically, in the third exerciseperiod for the initial grant of stock options as part of the 2020 stock option and restricted share incentive plan, 931,602 stock shareswere exercised at an exercise price of 7.89 yuan/option; in the second exercise period for the reservation grant of stock options as partof the 2020 stock option and restricted share incentive plan, 185,134 stock options were exercised at an exercise price of 17.66yuan/option; in the first exercise period for the stock options as part of the 2022 stock options and restricted share incentive plan, 311stock options were exercised at an exercise price of 30.21 yuan/option.
Approved by the 11th meeting of the sixth board of directors, the 9th meeting of the sixth supervisory committee, and the thirdextraordinary general meeting of shareholders in 2023, the Company resolved to repurchase and cancel 12,622 restricted shares grantedto 3 leaving incentive recipients that were still subject to restrictions. Following confirmation by the Shenzhen Branch of ChinaSecurities Depository and Clearing Corporation Limited, the Company completed the repurchase and cancellation of the 12,622restricted shares on December 22, 2023, resulting in a decrease of 12,622 shares in the Company’s share capital.
Approved by the 17th meeting of the sixth board of directors, the 12th meeting of the sixth supervisory committee, and the firstextraordinary general meeting in 2024, the Company decided to terminate the 2022 and 2023 stock option and restricted share incentiveplans, as well as repurchase and cancel a total of 7,612,040 restricted shares that were granted and still subject to restriction.
In accordance with the recent changes in share capital and as stipulated in the Prospectus, the conversion price of JA ConvertibleBonds was adjusted from 38.74 yuan/share to 38.78 yuan/share effective on April 02, 2024.
4.As a result of the 2023 annual equity distribution, the conversion price of JA Convertible Bonds has been revised from 38.78yuan per share to 38.22 yuan per share. This adjustment took effect on May 30, 2024.
2. Cumulative conversion of bonds to shares
?Applicable □ Not applicable
| Short name of the convertible bonds | Start and end dates of conversion | Total issue (bond) | Total issue amount (yuan) | Cumulative conversion amount (yuan) | Cumulative shares converted | Cumulative shares converted as a percent of the shares issued by the Company before the conversion | Amount not converted (yuan) | Amount not converted as a percent of the total issue amount |
| JA Convertible Bonds | From January 24, 2024 to July 17, 2029 | 89,603,077 | 8,960,307,700.00 | 1,022,100.00 | 26,354 | 0.00% | 8,959,285,600.00 | 99.99% |
3. Top ten holders of convertible bonds
| No. | Bondholder name | Bondholder nature | Closing convertible bonds | Closing amount of convertible bonds | Closing convertible bonds as a percent of total convertible bonds |
| 1 | Dongtai Jingtaifu Technology Co., Ltd. | Domestic investor other than state-owned legal entities | 33,655,315 | 3,365,531,500.00 | 37.56% |
| 2 | China Merchants Bank Co., Ltd. - Bosera CSI Convertible & Exchangeable Bond ETF | Others | 3,867,899 | 386,789,900.00 | 4.32% |
| 3 | China Foreign Economy and Trade Trust Co., Ltd. – Foreign Trade Trust - Ruijun Stable Income Private Placement Investment Fund | Others | 3,161,005 | 316,100,500.00 | 3.53% |
| 4 | Shanghai Pudong Development Bank Co., Ltd. - E Fund Yufeng Return Bond Fund | Others | 1,609,513 | 160,951,300.00 | 1.80% |
| 5 | Northwest Investment Management (Hong Kong) Limited - Northwest Flying Dragon Fund Limited | Overseas legal entities | 1,289,979 | 128,997,900.00 | 1.44% |
| 6 | E Fund Stable Income Fixed-Income Pension Product - Industrial and Commercial Bank of China Limited | Others | 1,277,223 | 127,722,300.00 | 1.43% |
| 7 | China Minsheng Banking Co., Ltd. - Everbright PGIM Credit Tianyi Bond Fund | Others | 1,092,438 | 109,243,800.00 | 1.22% |
| 8 | Shanghai Ruijun Asset Management Co., Ltd. - Ruijun RuiXiang Private Placement Fund | Others | 938,619 | 93,861,900.00 | 1.05% |
| 9 | E Fund Stable Return Fixed-Income Pension Product - Bank of Communications Co., Ltd. | Others | 904,177 | 90,417,700.00 | 1.01% |
| 10 | Industrial Bank Co., Ltd. – Tianhong Yongli Bond Fund | Others | 664,624 | 66,462,400.00 | 0.74% |
4. Material changes in the profitability, asset status, and creditworthiness of the guarantor
□Applicable ? Not applicable
5.Changes in liabilities and creditworthiness of the Company at the end of the reporting period, and casharrangements for debt repayment in the next yearFor a comprehensive analysis of the Company’s leverage ratio, interest coverage ratio, loan repayment rate, interest payment ratio,and associated indicators as of the reporting period’s end, please see Section IX: Bonds.Based on a thorough analysis of the Company’s operational status and prevailing industry conditions, Golden Credit Rating issuedthe 2024 Tracking Rating Report for JA Solar Technology Co., Ltd. (Issuer) and its JA Convertible Bonds on June 26, 2024. The keyrating findings are as follows: Issuer Credit Rating: AA+ (maintained), Convertible Bond Credit Rating: AA+ (maintained), andRating Outlook: Stable (unchanged).The current issuance of convertible corporate bonds features an annual interest payment structure, with both the principal and the finalyear’s interest due upon maturity. The coupon rates are structured as follows: Year 1: 0.20%, Year 2: 0.40%, Year 3: 0.60%, Year 4:
1.50%, Year 5: 1.80%, and Year 6: 2.00%. At the end of the reporting period, the Company maintained stable core operations, consistentaccess to bank credit facilities, adequate liquidity reserves, and full capacity for servicing its debt obligations.V. Loss Recorded in the Consolidated Financial Statements for the Reporting PeriodExceeding 10% of the Net Assets as of the End of Previous Year? Applicable □Not applicable
| Item | Loss description | Reason for loss | Impact on the Company’s operations and debt servicing capacity |
| Net income attributable to the shareholders of the listed company | In 2024, the net income attributable to shareholders of the listed company amounted to -4.656 billion yuan, reflecting a loss that exceeds 10% of the net assets reported at the end of the previous fiscal year. | The ongoing supply-demand imbalances in the photovoltaic industry, heightened market competition, and substantial price declines across key product segments, coupled with increasingly complex international trade conditions, have all significantly impacted the Company’s core business profitability during the reporting period. In light of identified impairment indicators, the Company conducted thorough impairment testing on long-term assets and will judiciously recognize asset impairment provisions in compliance with Accounting Standards for Business Enterprises.。 | The Company’s profitability has been negatively impacted by fluctuations in the industry. Nevertheless, it has implemented proactive strategies, maintaining stable bank credit lines and sufficient capital reserves, thereby ensuring its capability to meet debt obligations effectively. |
VI. Overdue Interest-bearing Debts other than Bonds at the End of the Reporting Period
□ Applicable ? Not applicable
VII. Violations of Regulations in the Reporting Period
□ Yes ? No
VIII. Major Accounting Data and Financial Indicators within the Latest Two Years at the endof the Reporting Period
Unit: 10,000yuan
| Item | End of this reporting period | End of previous year | YoY change |
| Current ratio | 1.10 | 0.98 | 12.24% |
| L/A ratio | 74.74% | 64.35% | 10.39% |
| Quick ratio | 0.89 | 0.69 | 28.99% |
| This reporting period | Previous reporting period | YoY change | |
| Net profit excluding non-recurring profits and losses | -426,875.82 | 714,049.91 | -159.78% |
| Total debt/EBITDA | 5.69% | 74.82% | -69.13% |
| Interest coverage ratio | -3.89 | 16.78 | -123.18% |
| Cash coverage ratio | 9.75 | 97.99 | -90.05% |
| EBITDA coverage | 2.21 | 24.66 | -91.04% |
| Repayment ratio | 100.00% | 100.00% | 0.00% |
| Interest repayment ratio | 100.00% | 100.00% | 0.00% |
Section X. Financial Statements