晶澳科技在cninfo重挂2025年报(英文版),业绩内容4月底已披露、属旧闻

2025 Annual Report of JA Solar Technology Co., Ltd.
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JA Solar Technology Co., Ltd.
2025 Annual Report
April 2026

2025 Annual Report of JA Solar Technology Co., Ltd.
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2025 Annual Report
Section I. Important Notice, Contents and Definitions
The Board of Directors, as well as directors, and senior managers of the Company are
responsible for the authenticity, accuracy and completeness of the information contained in
this Annual Report without false records, misleading statements or material omissions, and
assume joint and several liability therefor.
Jin Baofang, head of the Company, and Sun Peng, head of accounting affairs and head
of accounting department, represent that they are responsible for the authenticity, accuracy
and completeness of the financial statements in this Annual Report. All directors were
present in the board meeting that reviewed this Report.
The forward-looking statements, future plans, and business objectives mentioned in
this Report do not constitute a substantive commitment by the Company to investors.
Investors and relevant persons are required to maintain sufficient risk awareness and
understand the differences between plans, forecasts, and commitments. Investors need to
know there are risks in investments.
Please refer to XI Outlook for Future Development in Section III Management
Discussion and Analysis for details on the potential risks inherent in the Company’s
operations.
The Company has decided not to distribute cash dividends, issue bonus shares, or
convert its capital reserve into share capital.

2025 Annual Report of JA Solar Technology Co., Ltd.
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Contents
Section I. Important Notice, Contents and Definitions...........................................................................................2
Section II. Company Profile and Major Financial Indicators............................................................................... 7
Section III. Management Discussion and Analysis................................................................................................12
Section IV. Company Governance, Environment and Society.............................................................................44
Section V. Important Matters..................................................................................................................................66
Section VI. Changes in Shares and Shareholders................................................................................................118
Section VII. Bonds.................................................................................................................................................. 125
Section VIII. Financial Statements....................................................................................................................... 129

2025 Annual Report of JA Solar Technology Co., Ltd.
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List of documents to be checked
I. Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting affairs, and the
head of the accounting department;
II. Original auditor’s report bearing the seal of the accounting firm and the signatures of the CPAs;
III. Formal copies of all Company documents and the original announcements publicly disclosed in the media designated by
CSRC; and
IV. The original full text and summary of the Company’s 2025 Annual Report bearing the signature of the Company’s legal
representative.
The above documents are lodged in the Company’s Securities Affairs Department located in No. 8 Building, Nuode Center,
No.1 Courtyard, East Auto Museum Road, Fengtai District, Beijing.

2025 Annual Report of JA Solar Technology Co., Ltd.
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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 result 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
A 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-

2025 Annual Report of JA Solar Technology Co., Ltd.
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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.

2025 Annual Report of JA Solar Technology Co., Ltd.
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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, Ningjin 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
Email
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
Email
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, Securities Daily 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

2025 Annual Report of JA Solar Technology Co., Ltd.
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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 main business
shifted to solar photovoltaic related business.
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
Financial advisors that perform continuous supervision duties in the reporting period
□Applicable Not Applicable
VI. Major Accounting Data and Financial Indicators
Retrospective adjustment or restatement of the previously reported accounting data is needed
□Yes No
2025
2024
Increase/
decrease YoY
2023
Operating revenue (yuan)
49,128,712,950.94
70,120,697,029.73
-29.94%
81,556,177,236.98
Net profit attributable to
shareholders of the listed
company (yuan)
-4,608,260,132.26
-4,655,943,814.17
1.02%
7,039,490,537.23
Net profit net of non-
recurring gain or loss
attributable to shareholders
of the listed company (yuan)
-5,026,630,428.71
-4,268,758,175.81
-17.75%
7,140,499,107.08
Net cash flow generated
from operating activities
(yuan)
4,279,976,369.76
3,346,575,961.54
27.89%
12,414,145,385.75
Basic earnings per share
(yuan/s