Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
JA Solar Technology Co., Ltd.
2023 Annual Report
April 2024
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
2023 Annual Report
Section I. Important Notice, Contents and Definitions
The board of directors, supervisory committee as well as directors,
supervisors 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, Li Shaohui, head of accounting affairs
and Fang Degang, 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 profit distribution plan approved by the board meeting is as follows:
based on the total share capital excluding the repurchased shares in the special
securities account for repurchase as of the record date when the plan will be
implemented, a cash dividend of 5.63 yuan per 10 shares (tax included) will be
distributed to all shareholders.
*The 2023 Annual Report of JA Solar Technology Co., Ltd. was published both in Chinese and English. Where any discrepancy
arises between the English and the Chinese content, the Chinese version shall prevail. The English version here was only used for
investors’ reference.
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Table of Contents
Section I. Important Notice, Contents and Definitions.................................................................................. 2
Section II. Company Profile and Major Financial Indicators ........................................................................ 7
Section III. Management Discussion and Analysis ..........................................................................................11
Section IV. Company Governance ................................................................................................................... 41
Section V. Environmental and Social Responsibility .................................................................................... 59
Section VI. Important Matters ......................................................................................................................... 68
Section VII. Changes in Shares and Shareholders ........................................................................................... 96
Section VIII. Preference Shares ........................................................................................................................ 105
Section IX. Bonds............................................................................................................................................. 106
Section X． Financial Report…………………………………………………………………………………109
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
List of documents to be checked
I. Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting affairs, and the
head of the accounting department；
II. Original auditor’s report bearing the seal of the accounting firm and the signatures of the CPAs;
III. Formal copies of all Company documents and the original announcements publicly disclosed in the media designated by
CSRC; and
IV. The original full text and summary of the Company’s 2023 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.
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Definitions
Term Refers to Description
Company and JA Solar Refers 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, 10k yuan, 100m
Refers to RMB 1 yuan, RMB 10k yuan, RMB 100 million yuan
yuan
JA Solar Holdings Refers to JA Solar Holdings Co., Ltd.
Jingtaifu Refers to Dongtai Jingtaifu Technology Co., Ltd.
A power plant that involves converting solar energy through large-
scale solar panel arrays directly into DC electricity which is then
Ground-mounted power
transmitted to the grid via AC distribution cabinets, step-up
plant or centralized power Refers to
transformers, and high-voltage switching devices, allowing the
plant
photovoltaic power to be delivered to the grid which centrally allocates
and distributes the electricity to users.
A solar power project located near users, where the generated
electricity is utilized on-site, and connects to the grid at voltage levels
Distributed power plant Refers to
lower than or equal to 35 kilovolts, and individual grid-connected
points have a total installed capacity of no more than 6 megawatts.
Electricity generation power of the photovoltaic power generation
system consisting of large-area solar panels and components such as
Installed capacity Refers to
power controllers. These solar panels are resulted from solar cells
connected in series, encapsulated and protected.
Crystalline silicon materials including polysilicon, monocrystalline
Crystalline silicon Refers to
silicon and others.
The monocrystalline form of silicon where the crystal lattice of the
Monocrystalline silicon Refers to
entire solid is continuous.
A material consisting of a number of monocrystalline silicon
Polysilicon Refers to
crystallites with different crystal orientations.
An ingot shaped intermediate product produced by melting crystalline
Silicon ingot Refers to 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 ingots.
Cells, solar cells, PV cells, Semiconductor devices that convert sunlight directly into electricity
Refers to
and photovoltaic cells by using the photovoltaic effect.
Solar cells developed based on high-quality monocrystalline silicon
Monocrystalline solar cells Refers to material and processing techniques, typically employing surface
texturing, emitter passivation, and localized doping technologies.
The unit of power used for measuring the electricity generation
W, KW, MW, GW, and
Refers to capacity of a PV power plant. 1 TW=1,000 GW=1,000,000
TW
MW=1,000,000,000 kW=1,000,000,000,000 W
kWh Refers to A measure of electricity.
A solar panel that consists of a single layer of glass and two-sided solar
Single-glass solar module Refers to
cells.
A solar panel that consists of two layer of glass and two-sided solar
Double-glass solar module Refers to
cells.
That a solar cell is equipped with more than 5 busbars, such as 6, 9, 11
Multi-busbar (MBB) Refers to
or 12 busbars.
Half-cut Refers to The half-cut cell process used on top of the existing technology.
A P-type silicon wafer-based passivated emitter and rear cell. This cell
addresses the high rear surface recombination of the aluminum back
Percium cell Refers to field solar cells by employing a passivation layer with excellent
passivation effects on the back surface of the cell. It utilizes a localized
metal-silicon contact to prepare the electrode structure.
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
Bycium cell Refers to
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.
Heterojunction technology cells which utilize different semiconductor
HJT cells Refers to
materials on each side of the junction, typically involving a
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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.
The solar cell structure consists of two or more absorber layers, each
designed for specific wavelength ranges of light, thereby enhancing
Stacked solar cells Refers to
the optical absorption of the cell across the full spectrum and
increasing the cell’s conversion efficiency.
LCOE Refers to Levelized Cost of Energy.
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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
JA Solar Technology Co., Ltd.
(if any)
Short foreign language name
JA Solar
(if any)
Legal representative Jin Baofang
Registered address No. 123, Xinxing Road, Ninjin County, Hebei Province
Post code of the registered
055550
address
On April 23, 2020, in light of the completion of a significant asset restructuring and to
Changes of the registered accommodate the Company’s development and internal management needs, the Company had its
address 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 Wu Tingdong Yuan Haisheng
No. 8 Building, Nuode Center, No.1 No. 8 Building, Nuode Center, No.1
Address Courtyard, East Auto Museum Road, Courtyard, East Auto Museum Road,
Fengtai District, Beijing 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
Shenzhen Stock Exchange http://www.szse.cn
annual reports
Media names and websites where the Company discloses its STCN, ChinaSecuritiesJournal, Securities Daily and
annual reports http://www.cninfo.com.cn
Location where the Company stores its annual reports Securities Affairs Department
IV. Changes of the Registration
Uniform Social Credit Code 91130300601142274F
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
Changes in operating activities since the
railways and bridges as well as for other fields. After the restructuring, the
Company’s listing (if any)
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.
The Company completed a significant asset restructuring in November 2019.
After the restructuring, the controlling shareholder changed from Huajian Yingfu
Changes in controlling shareholder (if any)
to Jingtaifu, and the actual controller changed from Mr. He Zhiping to Mr. Jin
Baofang.
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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
Period of continuous
Sponsor name Sponsor office Sponsor’s representatives
supervision
North Block, Times Square
Excellence (Phase II), No.8
From September 27, 2021 to
CITIC Securities Co., Ltd. Zhongxin 3rd Road, Futian Dai Shun and Li Ning
December 31, 2024
District, Shenzhen,
Guangdong Province
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
Reason for retrospective adjustment or restatement
Changes in accounting policies, business combinations under common control, or other reasons (In April 2023, equity distribution
was implemented, and capital reserves were converted into share capital)
Increase/decrease
2022 2021
2023 YoY
Before adjustment After adjustment After adjustment Before adjustment After adjustment
Operating revenue
81,556,177,236.98 72,989,400,575.18 72,989,400,575.18 11.74% 41,301,753,627.90 41,301,753,627.90
(yuan)
Net profit
attributable to
shareholders of the 7,039,490,537.23 5,532,866,772.52 5,533,792,625.25 27.21% 2,038,628,714.36 2,037,414,375.58
listed company
(yuan)
Net profit net of
non-recurring gain
or loss attributable
7,140,499,107.08 5,556,951,563.75 5,558,418,499.58 28.46% 1,846,799,514.06 1,846,213,832.24
to shareholders of
the listed company
(yuan)
Net cash flow
generated from
12,414,145,385.75 8,186,492,910.72 8,182,277,275.12 51.72% 3,750,322,313.58 3,752,791,648.11
operating activities
(yuan)
Basic earnings per
2.14 2.4000 1.71 25.15% 1.2800 0.6500
share (yuan/share)
Diluted earnings
per share 2.10 2.3800 1.70 23.53% 1.2700 0.6500
(yuan/share)
Weighted average
return on net assets 22.52% 24.19% 24.17% -1.65% 13.08% 13.04%
(%)
Increase/decrease
2022 close 2021 close
2023 close YoY
Before adjustment After adjustment After adjustment Before adjustment After adjustment
Total assets (yuan) 106,589,466,073.52 72,348,625,580.93 72,435,835,821.85 47.15% 56,967,447,397.01 57,080,919,236.96
Net assets
attributable to
shareholders of the 35,116,183,344.37 27,504,707,644.43 27,534,705,794.95 27.53% 16,494,261,123.66 16,523,333,421.45
listed company
(yuan)
Reasons for changes in accounting policies and accounting corrections
Please refer to 31 Changes in Significant Accounting Policies and Estimates of Part V Significant Accounting Policies and
Estimates under Section X Financial Report 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’s
report indicates uncertainty about the Company’s ability to continue as a going concern
□ Yes No
The lower of the net profit before and after deducting non-recurring gains and losses is negative
□ Yes No
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VII. Differences between Accounting Data under Domestic and Foreign Accounting Standards
1. Difference in net profit and net assets in the financial reports disclosed under IFRS and China’s
accounting standards
□ Applicable Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under IFRS and China’s accounting standards
for the Company in the reporting period.
2. Difference in net profit and net assets in the financial reports disclosed under overseas accounting
standards and China’s accounting standards
□ Applicable Not applicable
There are no differences in net profit and net assets in the financial reports disclosed under overseas accounting standards and
China’s accounting standards for the Company in the reporting period.
VIII. Quarterly Financial Indicators
Unit: Yuan
Q1 Q2 Q3 Q4
Operating revenue 20,480,317,830.58 20,362,406,047.50 19,138,384,303.86 21,575,069,055.04
Net profit attributable
to shareholders of the 2,581,964,916.72 2,231,363,908.74 1,951,497,381.38 274,664,330.39
listed company
Net profit net of non-
recurring gain and loss
attributable to 2,489,637,735.18 2,673,034,096.21 1,866,390,232.75 111,437,042.94
shareholders of the
listed company
Net cash flow
generated from 1,896,809,378.85 2,935,246,043.77 2,320,612,711.46 5,261,477,251.67
operating activities
Are the above financial indicators or their aggregate amounts significantly different from the relevant financial indicators disclosed in
the Company’s quarterly or semi-annual reports
□ Yes No
IX. Non-recurring Gains or Loss Items and Amounts
Applicable □ Not applicable
Unit: Yuan
Item 2023 amount 2022 amount 2021 amount Remarks
Gains or losses on
disposal of non-current
assets (including the Mainly due to disposal
reversal of previously -213,483,538.13 -175,137,208.54 -112,783,397.32 of assets outdated from
recognized impairment technological upgrade
loss provision for
assets）
Government grants
included in current
profits or losses
(excluding government
grants that are closely
related to the normal Mainly due to
operating activities of government grants
the Company, have a 627,197,400.18 339,784,651.05 210,897,386.21
received in the current
lasting impact on the period
Company’s profits or
losses, and to which the
Company is entitled
under national policies
and regulations）
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In addition to the
effective hedging
business related to the
normal operating
activities of the
Company, the fair value
Mainly due to losses on
gain and loss from held-
-425,313,440.17 -85,720,183.22 226,777,605.31 exchange rate lock-in
for-trading financial
activities
assets and liabilities
held by a non-financial
company as well as
gain or loss on the
disposal of financial
assets and liabilities
Reversal of impairment
provision for accounts
receivable subject to 8,711,579.54 12,141,067.07 4,223,017.08
individual impairment
test
Net profit or loss from
the beginning of the
reporting period to the
consolidation date
generated by -64,717.16 -541,083.10 -628,656.96
subsidiaries resulting
from business
combinations under
common control
Non-operating revenue
and expenses other than 32,392,123.01 -132,882,073.62 -131,144,545.36
aforementioned items
Other non-recurring
2,063,434.84 3,300,078.50 4,640,095.16
gain and loss items
Less: Effects of income
114,397,509.29 12,229,969.76 11,781,597.48
tax
Effects of minority
18,113,902.67 -26,658,847.29 -1,000,636.70
interest (after tax)
Total -101,008,569.85 -24,625,874.33 191,200,543.34 --
Other gain or loss items qualifying as non-recurring gains or losses
□ Applicable Not applicable
The Company had no other gain or loss items qualifying as non-recurring gains or losses in the reporting period.
Note on listing the non-recurring gain and loss items mentioned in the Explanatory Announcement on Information Disclosure for
Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items as recurring gain and loss items
□ Applicable Not applicable
The Company experienced no circumstances where any non-recurring gain or loss items mentioned in the Explanatory Announcement
on Information Disclosure for Companies Offering Their Securities to the Public No.1 - Non-Recurring Gain and Loss Items were
defined as recurring gain or loss items.
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Section III. Management Discussion and Analysis
I. Industry Where the Company Operated in the Reporting Period
1. Industry development
In recent years, the rapid advancement and refinement of photovoltaic technologies have led to significant progress and maturation
in the mass production techniques for photovoltaic products. This evolution has resulted in steady enhancements in the performance of
photovoltaic products, coupled with continuous reductions in production costs. As a result, the overall cost of photovoltaic power
generation has consistently decreased, thereby bolstering the competitiveness of solar energy and laying a robust foundation for the
ongoing development of the photovoltaic industry.
(1) Global photovoltaic newly installed capacity reached a new record high
Since the beginning of the 21st century, the photovoltaic industry has entered a stage of explosive growth. Influenced by factors
such as the international economic situation, trade frictions, and technological iterations, the growth of global photovoltaic market
slowed from 2011 to 2013. Nevertheless, overall, it remained on an upward trend. Since 2013, propelled by continuous advancements
in industry technologies, the cost of photovoltaic power generation has steadily declined. Also, traditional photovoltaic markets have
experienced a resurgence, while emerging photovoltaic markets such as South Asia, Southeast Asia, Australia, Latin America, and the
Middle East have rapidly been seen. This has led to an accelerated development of the global photovoltaic industry, with the market
scale continuously expanding.
According to the International Renewable Energy Agency (IRENA) in its World Energy Transition Outlook, under the 1.5°C
temperature rise control scenario, the global installed capacity of renewable energy needs to surpass 11,000 GW by 2030. This means
that solar and wind power generation are projected to contribute approximately 90% of the newly added renewable energy generation
capacity. According to Bloomberg New Energy Finance (BNEF), the world’s newly installed PV capacity in 2023 reached 444 GW,
marking a year-on-year increase of 76%, reaching a new high. In the context of green development across the world, the advancement
of renewable energy sources, represented by photovoltaics, has become a global consensus. What is more, with photovoltaic power
generation increasingly emerging as the most competitive source of electricity in many countries, it is anticipated that the global
photovoltaic market will continue to experience rapid growth.
(2) The gigawatt-scale market continues to expand, with huge potential in emerging markets
The main markets for photovoltaic power generation currently center around China, the United States, Europe, India, and Brazil.
However, as the cost of photovoltaic power generation rapidly decreases, emerging markets in Southeast Asia, Latin America, and the
Middle East are planning gigawatt-scale photovoltaic projects. According to the SolarPower Europe (SPE) report, in 2023, a total of
32 countries and regions achieved gigawatt-scale photovoltaic installations, marking an increase of six from the previous year.
Projections indicate that this number will rise to 39 in 2024 and 53 in 2025, showcasing the continuous emergence of new markets and
their vast potential.
(3) The outlook for the global photovoltaic market is promising.
Since the Paris Agreement was executed, the global consensus has shifted towards the urgent pursuit of carbon neutrality and
temperature control. Establishing an energy system primarily based on renewable energy is a crucial pathway towards carbon neutrality,
presenting the photovoltaic industry with historic development opportunities. At the end of November 2023, during the 28th United
Nations Climate Change Conference (COP28) held in Dubai, over 100 countries reached a significant agreement aimed to triple the
global installed capacity of renewable energy by 2030, reaching at least 11 TW. According to the latest report from the International
Renewable Energy Agency (IRENA) in 2023, titled World Energy Transition Outlook, in order to limit global warming to 1.5 degrees
Celsius, the global cumulative installed capacity of photovoltaics is projected to reach at least 5.4 TW by 2030. This implies that from
2023 to 2030, the newly added installed capacity will exceed 4.3 TW, with an average annual growth of 544 GW.
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Data source: IRENA_WORLD ENERGY TRANSITIONS: 1.5°C Pathway_2023.6
In the past two years, geopolitical disruptions, including the Russia-Ukraine conflict, the Israel-Palestine conflict, and the Red Sea
crisis, have significantly affected global energy supply. Safeguarding national energy security and ensuring energy independence have
become strategic priorities for countries worldwide, accelerating the global energy transition process. Represented by photovoltaic
power generation, renewable energy sources have shown rapid performance improvement, sustained economic viability, and
accelerated expansion in application scale, forming a global trend to accelerate the replacement of traditional fossil fuels. According to
forecasts by the International Energy Agency (IEA), the total renewable energy electricity generation is expected to reach 14,400 TWhs
by 2028, accounting for 43% of the total share. By 2027, the cumulative installed capacity of photovoltaics globally will exceed that
of coal and become the largest installed energy form. Currently, major global photovoltaic markets, including China, the EU, and the
United States, have each established strategic objectives for the industry. They have also defined key tasks and significant initiatives
to drive the implementation of these objectives.
Data source: International Energy Agency (IEA)
China: In April 2023, the National Energy Administration issued the Guiding Opinion on Energy Work in 2023, which specified
the installation targets for wind power and photovoltaics in 2023. The document emphasizes the robust development of wind and solar
power generation, advancing projects outlined in the 14th Five-Year Plan for wind and solar power. By 2023, wind power installations
are projected to reach around 430 GW, and solar power installations to reach approximately 490 GW. In 2023, photovoltaic installations
exceeded hydropower, becoming the nation’s second-largest installed power source. According to forecasts by the China Photovoltaic
Industry Association, China’s newly installed photovoltaic capacity will reach 190-220 GW in 2024, with the cumulative installed
capacity expected to exceed 810 GW. As the main force of new energy, the photovoltaic industry is poised for greater development
opportunities, driven by the deepening implementation of China’s “dual carbon” goals.
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China’s cumulative installed PV capacity from 2010 to 2023 (unit: GW)
Data source: China Photovoltaic Industry Association
Europe: The lingering effects of the energy crisis since 2022 continued to ferment in Europe throughout 2023, driving accelerated
efforts towards clean energy transition and bolstering the development momentum in the photovoltaic industry. In February 2023, the
EU released the Green Deal Industrial Plan (GDIP) to enhance the competitiveness of Europe’s net-zero industry and support further
progress to carbon neutrality in Europe. According to the plan, 250 billion euros will be allocated from existing EU funds for green
transition of the industry, including providing tax exemptions for businesses investing in net-zero emission technologies. In March
2023, the EU released another two new draft bills, namely the Net Zero Industry Act and the Critical Raw Materials Act, as supplements
to the GDIP to further encourage the revitalization of domestic production, enhance the EU’s investment attractiveness, facilitate
reshoring of manufacturing, and reduce the EU’s reliance on external supplies and materials’ impact on the local market. According to
SolarPower Europe (SPE), the photovoltaic market in the EU continued its rapid growth in 2023 during which 55.9 GW new
photovoltaic installations were performed, marking the fourth consecutive year of growth exceeding 40%. The cumulative photovoltaic
installed capacity in the EU reached 263 GW, with a growth rate of 27%. An optimistic forecast is that the cumulative installed capacity
of the 27 EU member countries is anticipated to exceed 700 GW by 2027.
Forecast of PV newly installed capacity of 27 EU member countries 2024-2027
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Forecast of PV cumulative installed capacity of 27 EU member countries 2024-2027
Data source: SolarPower Europe (SPE)
United States: The Inflation Reduction Act (IRA) signed by the Biden administration in 2022 has had a positive impact on the
development of the photovoltaic industry in the United States. In 2023, the manufacturing and application of photovoltaics in the
United States saw unprecedented growth. According to Solar Energy Industries Association (SEIA) and Wood Mackenzie, the United
States added 32.4 GW of photovoltaic installations in 2023, representing a year-on-year growth of over 50%, and photovoltaic
installations accounted for more than half of all new electricity installations。 It is projected that by 2034, the installed capacity of
photovoltaics in the United States will quadruple, exceeding 650 GW. By 2040, photovoltaics are expected to become the largest
electricity generation form in the United States. The long-term development potential of the U.S. photovoltaic market is immense.
Data source: Solar Energy Industries Association (SEIA) and Wood Mackenzie
(4) The development of China’s photovoltaic industry
After years of technological advancement and restructuring, China’s photovoltaic industry has transcended its phase of extensive
growth, gradually entering a phase of intensive and sustainable development. This transition involves accelerating innovation by
introducing new technologies, processes, improving machinery, and enhancing technological content. China has emerged as a dominant
force in the global photovoltaic industry, characterized by its comprehensive industry chain, robust competitiveness, unprecedented
scale, cutting-edge technology, and the world’s largest installed capacity. Moreover, China hosts the largest photovoltaic market
globally. Despite challenges such as geopolitical tensions, complex trade dynamics, and fluctuations in supply and demand, China’s
photovoltaic industry is steadfastly advancing towards the “dual carbon” goals. Concerted efforts and proactive measures are taken to
promote the industry’s sustained and stable development.
In 2023, both the manufacturing and application sectors of China’s photovoltaic industry continued to experience steady growth.
In terms of photovoltaic applications, according to China Photovoltaic Industry Association, new photovoltaic installations in China
surged to 216.88 GW in 2023, maintaining the global supremacy for the 11th consecutive year with a remarkable 148.1% year-on-year
growth. Notably, new distributed photovoltaic installations were 96.29 GW, marking an 88.4% increase, while new centralized
photovoltaic installations reached 120.59 GW, demonstrating an impressive year-on-year growth of 232.2%. Remarkably, new
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centralized photovoltaic installations outpaced distributed ones during the year. As of the end of 2023, China had achieved a cumulative
photovoltaic installed capacity of 609.5 GW, maintaining its position as the global leader for nine consecutive years. In the first quarter
of 2024, China’s new photovoltaic installations reached 45.74 GW, marking a year-on-year growth of 35.8%.
In terms of photovoltaic manufacturing, China has maintained its global leadership in both module and polysilicon production for
17 and 13 consecutive years, respectively. According to China Photovoltaic Industry Association, in 2023, domestic production of
polysilicon reached 1.43 million tons, marking a year-on-year increase of 66.9%; silicon wafer production totaled 622 GW, showing a
67.5% year-on-year growth, while solar cell production reached 545 GW, representing a 64.9% increase; module production amounted
to 499 GW, with a year-on-year growth of 69.3%. The production output of key segments in China’s photovoltaic manufacturing sector,
such as polysilicon, silicon wafers, solar cells, and modules, all experienced a year-on-year growth of over 60%, with growth rates
accelerating compared to the previous year. However, due to the impact of declining prices of photovoltaic products across various
segments of the industry during the year, the output value of the photovoltaic manufacturing sector in China grew by 17.1% in 2023
compared to the previous year, showing a slowdown from the 100% year-on-year growth rate recorded in 2022.
In 2023, China’s photovoltaic exports demonstrated an overarching trend of volume expansion alongside price reductions,
reflecting a more diversified market landscape. In 2023, Europe remained the primary export destination, accounting for approximately
42% of the total exports from China, while the share of exports to Asia increased from 36% to 40%. The market shares of the top three
export destinations all experienced varying degrees of year-on-year decline in 2023. Additionally, there was a notable increase in the
share of regions outside the top ten markets, highlighting a trend towards market diversification in exports. Nevertheless, influenced
by factors such as declining product prices, China’s total exports of photovoltaic products amounted to about 48.48 billion US dollars
in 2023, representing a 5.4% year-on-year decrease.
2. Industry cycle
As global efforts to transform energy structures and address climate change deepen, solar power, as a clean and renewable energy
source, has witnessed rapid development, emerging as a crucial component of today’s global energy revolution. During the rapid
growth of the photovoltaic industry in both scale and maturity, the overall development has shown cyclical fluctuations influenced by
several critical socio-economic factors.
Policies play a pivotal role in the cyclical fluctuations of the industry. The development of the industry is closely linked to policy
directions. Against the backdrop of global consensus on green development, various countries have continuously introduced support
policies, ensuring stable expectations and guarantees for the scale of the photovoltaic market and grid prices. In the foreseeable future,
the likelihood of fundamental upheavals or major shifts in policies is minimal. Countries worldwide are actively promoting and
supporting clean energy generation, with solar energy emerging as a primary source. As a result, the photovoltaic industry experiences
relatively subdued fluctuations in cyclical patterns due to policy influences.
The changing market demand is a crucial factor influencing the development of the industry. On one hand, the photovoltaic
industry is primarily influenced by two factors: the scale of electricity consumption and the structure of electricity sources. As a result,
the industry generally maintains synchronization with macroeconomic development to some degree. On the other hand, as solar
electricity achieves “grid parity” in an increasing number of countries and regions, the photovoltaic market is gradually shifting from
being policy-driven to demand-driven. The photovoltaic industry will become more sensitive to changes in market demand and exhibit
cyclical patterns in response to fluctuations in market demand. With the emergence of grid integration challenge in electricity networks
worldwide, demand growth in key markets is slowing down, driving industry differentiation and hastening natural selection.
Technological iteration and capacity optimization are also key cyclical driving forces in the photovoltaic industry. With the
continuous advancement of photovoltaic technology, new types of photovoltaic materials, efficient photovoltaic modules, and
intelligent photovoltaic systems are emerging, injecting new momentum into the development of the industry. In addition, the
promotion and application of new technologies need to go through a market incubation period. In the process of gradually replacing
traditional technologies with emerging ones, companies often focus on investing heavily in new capacity. In the short term, new
capacity in various segments of the industry chain is released, leading to periodic oversupply of capacity and accumulation of inventory.
In the long term, outdated and costly capacity will be gradually eliminated, thereby improving industrial structure and initiating a new
cycle of industry growth.
3. The position of the Company in the industry
The Company stands as a leading provider of photovoltaic products, pioneering advancements within the domestic photovoltaic
industry. With a comprehensive industry chain encompassing silicon ingots, wafers, cells, and modules, alongside expertise in the
development, construction, and operation of photovoltaic power plants, materials, and equipment, it has emerged as a key player with
a well-coordinated presence in the photovoltaic industry.
In recent years, the Company has expanded its production capacity and diversified its industry chain, further enhancing its ability
to supply photovoltaic products. This initiative aims to meet the growing and diversified market demands, thereby consolidating the
Company’s leadership position within the photovoltaic industry. According to PV InfoLink, the Company ranked among the top three
globally in module shipments from 2017 to 2021. In 2022 and 2023, it maintained its position among the top four, firmly holding its
place at the forefront of the industry. In March 2024, JA Solar was once again named among the national champions in manufacturing
industry by segment, being part of the fifth batch of recipients, after successfully passing the review process.
The Company has consistently dedicated itself to the research and innovation of photovoltaic technologies. Its primary focus is
on developing new structures for crystalline silicon cells to substantially improve their photovoltaic conversion efficiency, striving to
approach theoretical limits. What is more, the Company makes efforts to significantly reduce the industrial production costs of new
crystalline silicon cells, with advancements in photovoltaic technology driving continuous improvement in both the technical and
market competitiveness of the entire crystalline silicon-based photovoltaic power generation industry chain. JA Solar has multiple
research and development centers focusing on crystalline silicon, cells, modules, systems, energy storage, and more. Thanks to its
robust innovation network and solid innovation capabilities, JA Solar was selected in 2023 by the Ministry of Industry and Information
Technology as a National Demonstration Enterprise for Technology Innovation.
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II. Operating Activities in the Reporting Period
The Company is grounded in a vertically integrated model within the photovoltaic industry chain and committed to providing
global customers with photovoltaic power generation solutions. Its primary operations include research, production, and sales of silicon
wafers, cells, and modules, as well as the development, construction, and operation of photovoltaic power plants, along with research,
production, and sales of photovoltaic materials and equipment. The Company has production facilities both domestically and overseas.
Domestically, its main facilities are located in Shijiazhuang and Xingtai in Hebei Province, Yangzhou, Wuxi, Yancheng, and
Lianyungang in Jiangsu Province, Hefei in Anhui Province, Fengxian in Shanghai, Yiwu in Zhejiang Province, Qujing in Yunnan
Province, and Baotou and Ordos in Inner Mongolia. Additionally, it has overseas production facilities in Bac Giang, Vietnam.
The Company is anchored by its primary industry chain, the Photovoltaic Products Business Group. It continuously refines its
organizational structure by setting up the Smart Energy Business Unit to increase investment in photovoltaic applications, expanding
the scale of centralized, industrial and commercial, and residential distributed photovoltaic power plant development. It concurrently
explores various photovoltaic power generation application scenarios and comprehensive energy solutions such as energy conservation,
resource recycling, energy storage, and carbon management. Additionally, it has established the Photovoltaic New Materials Business
Unit to enhance research and development efforts in new materials and equipment. This includes businesses related to crystal pulling
equipment and auxiliary materials, conductive materials, and module encapsulation materials. This unit not only ensures a stable supply
for the primary industry chain’s rapid development but also contributes to continuous cost reduction efforts.
The Company upholds the guiding principles of “seizing opportunities, maintaining stability while advancing, and enhancing
quality and efficiency.” It has structured its business around a “one core with two wings” framework. This involves strengthening and
expanding its photovoltaic intelligent manufacturing, while refining its focus on the precision development of the photovoltaic new
materials and equipment, and exploring solutions for photovoltaic power generation applications, aiming to deliver optimal
comprehensive energy system solutions to its customers.
(I) Main businesses and products
1. Photovoltaic Products Business Group
(1) Silicon ingots and wafers
The Company sources polysilicon as its upstream raw material and employs the monocrystalline furnace’s pulling process to
manufacture silicon ingots which are subsequently processed into silicon wafers using diamond wire cutting.
The silicon wafers produced by the Company are primarily monocrystalline ones used for manufacturing monocrystalline solar
cells. The Company primarily utilizes the silicon ingots and wafers it produces for internal manufacturing processes, with only a limited
quantity sold externally. As the pulling process steadily improves, the monocrystalline furnace’s monthly capacity for silicon ingots
has surged, resulting in substantial cost reductions and reaching industry-leading levels. Continuous improvements in the diameter and
unit consumption of the diamond wire used during the wire cutting process have led to shorter ramp-up cycles and reduced costs for
producing large-sized silicon wafers. This provides strong support for the efficient iteration of the Company’s high-efficiency cells and
high-power modules.
(2) PV cells
The Company utilizes the silicon wafers it produces for manufacturing cells which are mainly used for internal processing into
modules, with only a limited quantity of wafers sold externally. The Company’s cell technology predominantly includes Percium and
N-type Bycium+. As the Company’s new cell projects smoothly commence and reach full production, there is a substantial increase in
conversion 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 conversion efficiency of 26.3%. The
manufacturing process will continue to undergo improvements to further reduce production costs and enhance the cost-effectiveness.
(3) PV modules
The Company processes both internally produced battery cells and externally purchased ones through encapsulation processes to
manufacture modules which constitute its primary end products for sales. The primary customers for these modules include domestic
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and international photovoltaic power plant investors, engineering contractors, as well as distributors of distributed photovoltaic systems.
The Company’s main module products consist of monocrystalline MBB half-cut 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 based
on large-sized silicon wafer technology, efficient cell technology, high-performance encapsulation materials, and high-density
packaging techniques meet the mainstream demands across various market applications. Furthermore, the Company can customize the
development of photovoltaic modules to meet specific customer needs.
Leveraging its R&D expertise, the Company has developed several highly popular products in response to market demand. To
drive integration and shared benefits across the industry chain, in 2023 the Company launched the all-new N-type module DeepBlue
4.0 Pro based on the latest generation of rectangular silicon wafers. This product utilizes JA Solar’s independently developed high-
lifetime, low-oxygen-content N-type 182mm*199mm rectangular wafers and incorporates efficient N-type passivated contact Bycium+
cell, achieving an open-circuit voltage (Voc) of up to 733mV and a conversion efficiency exceeding 26%. Furthermore, the DeepBlue
4.0 Pro module incorporates advanced technologies for enhanced quality and efficiency, including SMBB and high-density packaging
techniques. The power of the 72-cell configuration achieves a power output of up to 635W, boasting an efficiency exceeding 22.8%.
Compared to the industry-standard (2465mm*1134mm) 182 series 78-cell modules, the new format offers superior power performance.
The open-circuit voltage of the new format has decreased by 7.6%, reducing both the system BOS costs and the risk of hotspots in the
modules. Moreover, the DeepBlue 4.0 Pro module inherits the outstanding performance of the DeepBlue 4.0 X module, ensuring
exceptional power generation capabilities and reliability. Regarding power generation performance, the DeepBlue 4.0 Pro module,
utilizing the Bycium+ cell technology, boasts remarkable features such as reduced degradation, superior temperature coefficients,
enhanced bifacial gains, and improved low-light performance. Recently, we have launched new products such as offshore solar panels
designed to better meet the diverse application needs of our future customers. The DeepBlue 4.0 Pro module offers customers higher
returns. According to calculations, across various application scenarios, project types, and installation methods, compared to P-type
modules, the DeepBlue 4.0 Pro module can reduce BOS costs by about 2%-4.5% and LCOE by around 2.5%-6%. Compared to the
original format of N-type modules, the DeepBlue 4.0 Pro module can reduce BOS costs by approximately 1.4%-2.8% and LCOE by
around 0.7%-1.6%. This perfectly embodies JA Solar’s product design philosophy of “designed for customer value”.
2. Smart Energy Business Unit
The Smart Energy Business Unit focuses on three sectors: centralized ground-mounted solar farms, industrial and commercial
distributed solar plants, and residential photovoltaic energy storage stations. We provide various power consumption customers with
comprehensive solutions for electricity energy design, construction, and operation, emphasizing coordination and complementarity of
multiple energy sources, integration of multiple links, and fused development in various scenarios. Through investment, development,
construction, operation, and transfer of photovoltaic power plants, we strive to achieve healthy and stable development.
With a profound understanding of the photovoltaic industry and extensive business practices, the Smart Energy Business Unit has
developed a Dual+ development strategy — Product + System and System + Service. In essence, we leverage photovoltaic power
generation systems as the core, integrating energy storage systems and related products to form comprehensive solutions for centralized
photovoltaic power plant systems, industrial and commercial distributed photovoltaic systems, residential photovoltaic systems, and
off-grid photovoltaic systems. Building upon this foundation, we continuously strengthen complementary services by offering
customized owner-centric designs, utilizing cloud computing, and harnessing big data analytics capabilities. This approach enhances
our levels of electrical engineering design and construction (e.g., EPC) and smart operation and maintenance services for power plants,
empowering applications in photovoltaic power plant scenarios.
As of December 31, 2023, the Company held a photovoltaic power plant capacity of 2.165GW.
3. Photovoltaic New Materials Business Unit
To mitigate supply chain risks, drive cost optimization, and enhance overall competitiveness, the Photovoltaic New Materials
Business Unit follows a strategy of “horizontal integration.” It focuses on the field of photovoltaic materials and equipment to enhance
business specialization and strategic alignment with the Company’s primary industry chain. The primary products of this business unit
currently include photovoltaic crystal pulling equipment and associated materials, conductive materials, and module encapsulation
materials. While maintaining the performance and supply of existing operations, the Photovoltaic New Materials Business Unit
continually increases the share of high-tech products and enhances core technological development capabilities.
(II) Operation model
1. Photovoltaic Products Business Group
(1) Procurement model
The Company primarily procures raw and auxiliary materials such as silicon wafers, diamond wires, pastes, glass, and backsheets.
The Company has established a Supply Chain Management department responsible for implementing procurement plans. It adopts a
procurement model that combines centralized and decentralized purchasing. Despite significant fluctuations in raw material prices, the
Supply Chain Management department has successfully managed the challenges. It communicates with suppliers, taking into account
the sales situation in the end market and changes in the raw material market. This ensures the supply of raw materials required for
production, maintains normal production operations, lower procurement costs, and guarantees timely delivery to customers.
(2) Production model
Following the cost-effectiveness principle, the Company predominantly operates on a “make-to-order” model, where production
aligns 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 for
the photovoltaic industry chain, spanning from crystal pulling to wafer slicing, cell manufacturing, and module assembly. In addition
to capitalizing on the cost advantages of domestic production facilities, we have our solar modules from manufacturing plants in
Southeast Asia cater to global customers, with a special focus on ensuring supply to customers in the North America. In addition to the
main industry chain, the Company produces a small quantity of auxiliary materials to ensure their supply and drive down costs for
these materials.
Typically, the production department, taking into account the specific capabilities of each manufacturing facility, schedules
production 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 a
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comprehensive set of management protocols, including Production Process Management Procedures, Safe Production Management
Procedures, and Pollution Emission Control Procedures to ensure the orderly execution of production activities and compliance with
safety 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 Company
such as silicon wafers and solar cells are sold or produced on behalf of customers, while the majority undergo further processing into
modules for external sales. The Company’s sales department oversees both domestic and international sales operations. The
international sales team has been localized to provide efficient product sales and technical support to overseas customers. The Company
formulates tailored sales strategies to suit the distinct characteristics of different global photovoltaic markets. In emerging markets, it
employs a direct sales approach supported by distribution. With the ongoing maturation of the photovoltaic market, the distribution
proportion in various countries and regions is witnessing a notable increase.
In terms of settlement arrangements, depending on the payment terms outlined in the contracts, for some projects, a portion of the
payment is usually received as a prepayment before production or shipment. For overseas projects, settlement typically involves letters
of credit or credit insurance. After the delivery is completed, the Company promptly tracks payments and provides high-quality after-
sales service.
(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 are
primarily 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&D
professionals to keep up with the fast-paced technological advancements and production processes in the photovoltaic industry. To
support 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 System R&D Center. These centers
engage in ongoing research and development activities and drive enhancements in production processes within the photovoltaic sector.
At the same time, the Company highly values research and development collaborations with third parties. Adopting a model that
integrates “industry players, universities, and research institutes” is pivotal to the Company’s R&D endeavors. It has forged extensive
partnerships with renowned research institutions, universities, and international companies worldwide. Through these collaborations,
the Company introduces and develops cutting-edge photovoltaic technologies, thereby accelerating the pace of industrialization.
Furthermore, the Company joins various standard organizations and industry alliances, contributing to the formulation and promotion
of national and industry photovoltaic standards.
2. Smart Energy Business Unit
(1) Procurement model
The primary products required for power plant investment and construction include photovoltaic modules, inverters, combiner
boxes, compact substations, cables, mounting structures, and other electrical equipment. Among these, photovoltaic modules are
produced in-house. The business unit has established a Supply Chain Management department responsible for implementing
procurement plans. It adopts a procurement model that combines centralized tendering-based procurement with occasional price
comparison-based procurement.
(2) Operation model
The Company primarily operates through two business models: independent investment and cooperative development. In the
independent investment model, market development personnel actively seek opportunities for power plant investments, secure
construction quotas, and independently finance construction. The Company then generates revenue through self-operation or by selling
through transfer of these power plants. In terms of cooperative development, the Company collaborates with clients (owners), and other
investors through various means to generate revenue through business models such as Build-Operate-Transfer (BOT) and Energy
Management Contracting (EMC).
In the centralized power plant business, the Company collaborates with local governments in response to national policies for new
energy mega projects and the development plans of provinces and cities. This collaboration involves negotiations to initiate investment
and construction of centralized photovoltaic power plants. Upon completion and grid connection, the Company independently operates
power generation or sells the plants to other new energy operators at fair market prices following third-party evaluations, client
negotiations, and cost assessments. In terms of the commercial and industrial distributed power plant business, the business unit actively
engages in negotiations with key emission reduction enterprises and high-energy-consuming entities. Revenue is generated through
various models including cooperative development, Engineering, Procurement, and Construction (EPC) services, Energy Management
Contracting (EMC), power plant investments, and asset transfers. In the residential photovoltaic power plant business, the Company
focuses on the North China and East China markets and expands its customer base through distributors and conducts business in forms
such as rooftop lease, finance lease, and system sales. The Company provides after-sales support in electricity settlement systems,
power plant operation and maintenance, asset transfers, and channel management.
(3) Sale model and settlement model
For distributed commercial and industrial power plants, there are two sales models: “self-consumption with surplus electricity
sold to the grid” and “full-grid connection.” Under the former model, the Company signs Energy Management Contracting (EMC)
agreements with customers. Through price negotiation, the generated electricity is first sold to rooftop resource owners at an agreed
price, with any surplus electricity settled by the grid. In the latter model, all generated electricity is uniformly allocated by the grid and
supplied to users, with grid handling centralized settlements. When the EMC agreement expires or when the owner expresses interest
in acquisition, the commercial and industrial power plants are sold to either the project owner or a third party.
Residential distributed power plants are developed through a combination of the “full-grid connection” model and the “rooftop
lease” model. In its residential distributed product line, the Company introduces household system products. By leasing rooftops from
rural households, this fosters mutual benefit between the Company and farmers, driving rural economic development and consolidating
the nation’s poverty alleviation efforts.
(4) R&D model
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The Company’s R&D activities primarily involve two approaches: independent R&D and collaborative R&D. The Company has
established an Energy Storage Research Center, delving into comprehensive solutions for “photovoltaics +” in various fields.
The Energy Storage Center employs an independent R&D approach to create outdoor cabinets and prefabricated containerized
energy storage systems tailored to commercial, industrial, and grid-side applications. Utilizing proprietary 1,500V liquid-cooled
platform technology, it develops standardized product series. A collaborative research and development model is employed to develop
a series of household cell systems, photovoltaic energy storage systems, and energy storage systems for overseas residential users.
3. Photovoltaic New Materials Business Unit
(1) Procurement model
To reduce overall procurement costs, the business unit adopts a centralized procurement model. The procurement department
continuously communicates and interacts with suppliers, taking into account downstream customer demands and upstream raw material
market conditions. This ensures the supply of raw materials required for production, maintains normal production operations, lower
procurement costs, and guarantees timely delivery to customers.
(2) Production model
The business unit in line with market demand adopts a production model of “make to order” and maintains a moderate level of
inventory for most products, except for a few where proactive stocking is infeasible due to factors such as high unit value and rapid
technological iteration. This model, guided by demand, organizes production while maintaining a suitable inventory for products with
high demand, enabling effective response to market fluctuations.
(3) Sale model and settlement model
The business unit primarily adopts a direct sales model to better understand customer needs and provide improved service. The
business unit determine settlement periods by following the market principle with different payment terms and periods for different
products.
(4) R&D model
The business unit primarily employs an independent R&D approach, supplemented by collaborative efforts. In order to effectively
anticipate the evolving trends in photovoltaic material and equipment technology, the business unit consistently enhances its
independent R&D team, progressively amplifies R&D investment, refines production processes, and steadily lowers production costs,
all with the goal of delivering greater value to customers.
III. Analysis of Core Competitiveness
1. Full industry chain integration
Since 2010, the Company has embarked on a journey of vertical integration within the photovoltaic industry, transitioning from a
singular focus on solar cells to encompassing upstream and downstream sectors. Over more than a decade of steadfast progress, it has
established a vertically integrated industrial chain, spanning production and application segments such as silicon ingots, silicon wafers,
cells and modules, as well as photovoltaic power plants. As of the end of 2023, the Company’s photovoltaic module capacity reached
95GW, with silicon wafer and cell capacity accounting for about 90% of the module capacity, significantly surpassing other industry
leaders in terms of upstream and downstream alignment. In addition, the Company has cultivated new technological development and
production capabilities in the fields of crystal pulling equipment and encapsulation materials. Leveraging cutting-edge digital
technologies such as smart manufacturing, 5G, artificial intelligence, and big data, the Company strives to comprehensively enhance
production and operational efficiency from research and development to sales and reduce production and operational costs. It also
builds specialized talent teams and technological advantages at each stage. Through meticulous cultivation, the Company has achieved
a vertically integrated technological and cost advantage across the entire industry chain.
First, the Company has achieved a high level of capacity alignment across various segments of the photovoltaic manufacturing
chain. This ensures stable supply of raw materials, consequently reducing the impact of supply-demand fluctuations on the Company’s
profitability and significantly enhancing its resilience to risks. Furthermore, the Company enforces comprehensive and rigorous product
quality control measures across all segments of the industry chain, ensuring that product quality meets industry-leading standards. This
has established the Company’s influence as a quality brand in the module market. Moreover, the integrated operation mode across the
entire industry chain enables the Company to gain deeper insights into various segments of the photovoltaic industry. This coordinated
operation spans supply chain management, manufacturing, quality control, logistics, and power generation applications, allowing the
Company to maintain a leading position in capacity utilization and achieves significant improvements in manufacturing efficiency.
Also, the coordination among different segments of the industry chain has basically lowered the product costs and further enhanced
the Company’s bargaining power and comprehensive competitiveness.
2. Global presence
Since its inception, the Company has been dedicated to a comprehensive global development strategy. While closely monitoring
mature photovoltaic markets like China, Europe, the United States, and Japan, we are expanding into emerging markets across
Southeast Asia, Australia, Latin America, the Middle East, and Africa. As we refine our global sales and service network, we capitalize
on the quality and cost advantages of domestic production facilities to supply both domestic and global market customers. Moreover,
to better serve international markets, we establish vertically integrated production plants in Southeast Asia and module factories in the
United States. These strategic moves effectively support overseas markets, particularly addressing trade barriers in countries with
restrictions on module supplies, ensuring competitive and high-value modules for our customers.
The Company has established 13 sales entities overseas, with a sales and service network extending across 165 countries and
regions worldwide. Regional operation centers have been strategically constructed in Europe and the United States, transforming these
overseas sales entities into comprehensive regional hubs. These hubs integrate a spectrum of operational functions, including technical
support, delivery management, customer service, finance, legal affairs, and human resources. Empowered by specialized support from
headquarters, these hubs are poised to provide localized, end-to-end product services and solutions to both local customers and partners.
This approach is designed to deliver enhanced value to clients as they embark on their journey towards new energy development.
Furthermore, the Company actively collaborates with top-tier universities such as the University of New South Wales and leading
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photovoltaic research institutions, to advance a Global Service for Global Markets strategy, which integrates research and development,
procurement, production, sales, and service into a framework.
The Company’s global expansion strategy also serves to mitigate the impact of temporary market downturns in individual
countries or regions and uncontrollable factors such as international trade frictions. This approach helps maintain a stable growth
trajectory while ensuring continuity in areas like technological development, production line upgrades, and equipment investments,
fostering a virtuous cycle and sustaining long-term vitality and resilience. The distribution of the Company’s modules in different
countries and regions closely aligns with the respective proportions of newly installed photovoltaic capacity worldwide. This
synchronization underscores the Company’s notable advantage in establishing a global market presence within the solar industry. In
September 2023, Forbes China released its Top 50 Chinese Companies with Transnational Operations list, with JA Solar securing a
spot for its outstanding performance in global expansion.
3. Technological innovation
JA Solar remains steadfast in its research and development innovation strategy of “one generation in production, one generation
in reserve, and one generation in advancement”. We persistently amplify our focus on R&D innovation to elevate the technological
prowess of our products. The Company boasts a professional team comprising scientists and graduates from renowned universities,
including Ph.D. and master’s degree holders. We have established multiple R&D centers specializing in crystalline silicon, solar
modules, energy storage, photovoltaic systems, and more. Additionally, we have fostered long-term partnerships with research
institutions in countries such as the United States, the Netherlands, and Australia. The Company’s core technology team comprises
experts with specialized knowledge in semiconductor, electronics, chemistry, materials, and related fields and a deep understanding of
the latest technological advancements and future trends in the global photovoltaic industry, both domestically and internationally. At
the same time, the Company has implemented a robust research and development framework complete with standardized management
practices and initiatives. This framework promotes a culture of proactive technological innovation and product enhancement throughout
the organization.
Thanks to continuous investment in research and development, the Company’s cell and module technologies maintain a leading
position in the industry. This is primarily evidenced by their high conversion efficiency, power output, quality, and cost control. The
Company’s latest N-type Bycium+ cell has achieved a conversion efficiency of 26.3%. The manufacturing process will continue to
undergo improvements to further reduce production costs and enhance the cost-effectiveness. Concurrently, in the Hycium project
focusing on heterojunction high-efficiency cells, there has been a steady improvement in pilot conversion efficiency. This progress is
attributed to the introduction of various process enhancement measures aimed at reducing production costs, thus establishing the
groundwork for mass production. The R&D center takes comprehensive efforts into development of full back contact cells,
perovskite/silicon stacked cells, and other cutting-edge technologies, to keep its core competitiveness. With its outstanding photovoltaic
modules, the Company was honored with the Top Performer recognition by the world-renowned independent photovoltaic testing
agency, PVEL (PV Evolution Labs), for the eighth consecutive year in 2023. As of the end of 2023, the Company held 1,263 patents,
including 285 inventions.
In 2023, the Company was approved to establish the state-level Photovoltaic Industry Intellectual Property Operations Center.
Additionally, it was selected as a National Demonstration Enterprise for Technology Innovation and a Demonstration Enterprise for
Green Design of Industrial Products by the Ministry of Industry and Information Technology. Furthermore, one of its photovoltaic
innovation application solutions won the third prize in the Global Call 2023 organized by the United Nations Industrial Development
Organization.
4. Scale
Since returning to the A-share market at the end of 2019, the Company has vigorously expanded its advanced production capacity.
With the successive commissioning of new capacities, the Company not only ensures an ample supply of products to meet market
demand but also experiences rapid growth in the capacity and proportion of large-size, high-efficiency, high-power, and low-cost
modules. As of the end of 2023, the module capacity reached 95 GW, with silicon wafer and cell capacities accounting for about 90%
of the module capacity. According to the Company’s capacity planning, the level of integration in 2024 will be further enhanced, with
capacities exceeding 100 GW across each segment. The Company leads the industry in production scale across various segments such
as silicon wafers, cells, and modules. The widespread adoption of automation and intelligent equipment, along with the promotion of
centralized control management systems, has significantly reduced the labor intensity and workforce at the basic level. This has further
decreased labor costs and overall costs in the production process, enhancing cost-effectiveness of products. The scale advantage helps
optimize resource allocation, improves management capabilities, and fosters synergies across various business sectors. Consequently,
it lowers production costs, strengthening the Company’s competitiveness in the photovoltaic industry.
5. Quality brand
As one of the leading companies in the global photovoltaic industry, we continuously advance production automation and
intelligence to ensure product quality through manufacturing process progress and optimized production layouts. The Company
maintains a leading position in the global photovoltaic manufacturing sector with its cell conversion efficiency and module output
power. Our products’ quality has garnered widespread recognition from major strategic clients both domestically and internationally,
including Power China, SPIC, China Huadian Corporation, BayWa Group, Renew Power Private Limited, and Iberdrola Renovables
S.A.U. We have established stable long-term partnerships with top-tier energy utilities and photovoltaic system integrators worldwide.
In addition to forging enduring partnerships with major strategic clients, the Company also sees a steady rise in market share for
both commercial and residential rooftop photovoltaic power generation applications in mature markets like China, Europe, the United
States, Japan, and South Korea. Through strong commercial and technical support provided by the Company and its local distribution
channels in these markets, long-term and stable collaborations with customers have been established. The growing loyalty of channels
and customers, coupled with the rapid expansion of distribution markets and customer bases, underscores the Company’s powerful
brand influence and reputation, cementing its status as a benchmark in the photovoltaic industry. Furthermore, the Company has
repeatedly been recognized as a Top Photovoltaic Brand by EuPD Research in countries and regions including Europe, Germany,
France, Poland, Italy, the Netherlands, Switzerland, Australia, and Vietnam. For four consecutive years from 2020 to 2023, it has been
honored with the Top Performance award by the Renewable Energy Test Center (RETC), a prestigious testing institution in the United
States. Additionally, from 2014 to 2023, the Company has been recognized eight times as the Top Performer panel supplier by the
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
globally respected independent photovoltaic testing agency, PVEL. It has been acknowledged as a top-tier financeable brand by
Bloomberg New Energy Finance (BNEF) and has consistently received the AAA rating for financeability in PV ModuleTech. Moreover,
the Company has been awarded the IFF Global Green Finance Award. The Company’s products have earned numerous prestigious
awards, including the Outdoor Power Generation Award from TV Rheinland at the All Quality Matters congress and the Solar Energy
Storage Quality and Efficiency Award from TV Nord. These accolades serve as significant validations of the Company’s technical
capabilities and the reliability of its products.
6. Digital and intelligent manufacturing
With a steady commitment to the path of high-quality development, the Company continually explores methods to empower
business growth through digitization and intelligent technologies. By deploying technologies such as AGVs, 5G networks, and artificial
intelligence in production facilities, the Company has significantly reduced the number of frontline employees, thereby reduced labor
intensity and enhanced both labor efficiency and product quality. A comprehensive production management system covers every
production stage, seamlessly integrated with core business systems, enabling comprehensive data and business process interoperability
across production, equipment, processes, quality control, warehousing, operations, and IE departments. This visualization of the
production execution process facilitates real-time management decision-making and provides effective digital support for quality
improvement, cost reduction, and efficiency enhancement across all facilities. The Company has developed an in-house production
line fault management system which enables production line managers to swiftly identify issues and receive early warnings about
potential faults. The widespread adoption of intelligent manufacturing has significantly increased production line output, reduced
production costs, enhanced cost-effectiveness, and bolstered the market competitiveness of JA Solar products.
Leveraging its advantages in big data technology, the Company has extensively implemented AI based on image recognition in
production lines. This has significantly improved the efficiency of product quality inspections, reduced the number of production line
staff, and increased production efficiency. Through the deployment and refinement of a range of digital operational management
systems, real-time data sharing across platforms is achieved. This allows the visualization of supply chain management, ongoing
optimization of business processes to enhance operational efficiency, improved accuracy and efficiency in inventory management,
substantial reductions in inventory and management costs, and the delivery of orders in a timely and controlled manner. Ultimately,
these efforts lead to heightened customer satisfaction. Key performance indicators associated with the Company’s operational
management are measurable and visualized, providing data support for operational decision-making, and enabling timely responses to
the complex and dynamic demands of the global photovoltaic market. The Company has embraced digitalization and intelligence as
accelerators for its transformation and upgrading efforts. It focuses on advancing and enhancing digitalization and intelligence across
research and development, production, management, and services, effectively driving its high-quality development and strengthening
core competitiveness.
7. Management team and management system
After years of continuous operation, the Company has established an experienced, well-structured, technically proficient, and
cohesive advanced management team, along with a relatively comprehensive rotational work mechanism, ensuring the stability of the
management team and the standardization of management decision-making mechanisms. The core management team has been
immersed in the photovoltaic industry for over a decade, dedicating themselves to the future development. They have consistently
upheld the philosophy of providing professional products and services to customers. Additionally, they possess a profound
understanding of the technological advancements, business development paths, and future trends in the industry. Throughout the
Company’s evolution, there has been a constant upgrading of technological equipment, expansion of production scale, and a broadening
customer base. Despite industry fluctuations, the management team has remained composed and diligently fulfilled their duties. They
have not only accumulated rich industry and management experience but has also withstood various tests, enhanced the Company’s
operational performance and ensured its steady growth. The Company ranks among the top in the industry regarding operational
management indicators such as net profit, net profit margin, return on assets, asset-liability ratio, and total asset turnover. At the end
of 2023, the Company launched a joint management committee system to strengthen internal collaboration and optimize resource
allocation, further enhancing operational efficiency in its management activities.
Since its official return to the A-share market in 2019, the Company has relied on sustained technological innovation, robust
financial strength, and a well-established global sales and service network. Guided by the “one body and two wings” strategy, the
Company has consistently ranked among the top performers in industry influence, operational efficiency, technological innovation,
sustainability, market expansion, and energy conservation and emission reduction. Gradually, it has built a comprehensive competitive
advantage, with its products and services being widely recognized by domestic and international customers. Over the years, the
Company has consistently appeared on the Fortune China 500 and Global Top 500 New Energy Companies lists. In 2023, the Company
retained its positions on both the Top 500 Chinese Private Enterprises and Top 500 Chinese Manufacturing Private Enterprises lists,
ranking 137th and 87th, respectively. Additionally, it made its debut on the China 500 list, securing the 320th position.
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 countries to foster
new economic growth drivers and achieve sustainable development. With the advancement of photovoltaic technology, the cost of solar
power generation continues to decrease, making photovoltaics the most competitive clean energy source. The increasing demand for
electricity driven by economic and social development, coupled with global efforts to accelerate the carbon neutrality process and
global heightened attention to energy security, has positioned photovoltaics as the preferred choice for energy transition worldwide.
Market demand will be the driving force behind the ongoing high-quality development of the photovoltaic industry.
Maintaining the principle of steady growth and sustained profitability in its operations, the Company intensifies its sales efforts,
steadily advances new capacity construction, continuously optimizes supply chain management, rapidly enhances research and
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development technology levels, and implements talent incentive plans. These measures effectively guarantee the continuous and steady
growth of the Company’s operational performance. For the reporting period, the Company recorded an operating revenue of
81,556,177,200 yuan for a year-on-year growth of 11.74%; net profit attributable to shareholders of the listed company was
7,039,490,500 yuan for a year-on-year growth of 27.21%. As of the end of the reporting period, the total assets amounted to
106,589,466,100 yuan, and the net assets attributable to shareholders of the listed company was 35,116,183,300 yuan.
In the reporting period, the Company mainly performed the following tasks:
1. Accelerating global expansion and increasing brand impact
During the reporting period, the Company leveraged its global market marketing service network and brand advantages to further
increase market expansion efforts. This led to a record-high shipment of solar modules, totaling 57.094GW (including 2.156GW for
self-use). About 48% of the shipments were destined for overseas markets, with distribution shipments accounting for about 27%. The
Company’s sales and service network has expanded to cover 165 countries and regions worldwide, with 13 sales entities established
in key overseas markets. Additionally, regional operation centers have been established in major mature markets like Europe and the
United States, bolstering operational functions such as manpower, legal affairs, finance, and delivery to enhance service capabilities.
This move steadily advances the Company’s globalization strategy.
With a growing brand impact, the Company has repeatedly been recognized as a Top Photovoltaic Brand by EuPD Research in
countries and regions including Europe, Latin America, Australia, North Africa, Middle East and North Africa, Southeast Asia,
Germany, France, Poland, Italy, the Netherlands, Switzerland, Philippines, Nigeria, Chile, Brazil and Vietnam. For four consecutive
years from 2020 to 2023, it has been honored with the Top Performance award by the Renewable Energy Test Center (RETC), a
prestigious testing institution in the United States. Additionally, from 2014 to 2023, the Company has been recognized eight times as
the Top Performer panel supplier by the globally respected independent photovoltaic testing agency, PVEL. It has been acknowledged
as a top-tier financeable brand by Bloomberg New Energy Finance (BNEF) and has consistently received the AAA rating for
financeability in PV ModuleTech. Moreover, the Company has been awarded the TV NORD’s Solar Energy Storage Quality and
Efficiency Award. Additionally, our products have obtained several environmental certifications, including the French ECS certification
and assessments from Norway and Italy’s EUD. These certifications attest to the green and low-carbon nature of JA Solar products
across their entire lifecycle.
2. Committed to our technological path with persistence in continuous technological innovation
At the core of photovoltaic industry development lies the pursuit of cost reduction and efficiency enhancement for which
technological advancement serving as the primary means. The Company has steadfastly supported ongoing efforts in technological
development and manufacturing process innovation over the long term. The R&D team guided by market demand, relies on
technological research as its foundation and process innovation as its focal point. Continuously increasing efforts in research and
development further strengthen the Company’s technological advantages. In 2023, the investment in research and development totaled
4.446 billion yuan, accounting for 5.45% of the operating revenue. As of the end reporting period, the Company held 1,263 patents,
including 285 inventions.
As photovoltaic technology undergoes continuous iterations and various cell technologies thrive, the Company steadfastly chooses
N-type cell technology as its future development direction. N-type technology offers advantages such as high conversion efficiency,
resistance to degradation, low temperature coefficient, and high bifaciality factor, which contribute to increasing photovoltaic power
generation gains and reducing generation costs. In the reporting period, the Company accelerated the construction of N-type cell
capacity, with the 57GW N-type project gradually coming into production. The mass-produced N-type Hycium+ cells have achieved a
conversion efficiency of 26.3%, with continuous optimization efforts underway to further enhance efficiency and stability. Concurrently,
in the Hycium project focusing on heterojunction high-efficiency cells, there has been a steady improvement in pilot conversion
efficiency. This progress is attributed to the introduction of various process enhancement measures aimed at reducing production costs,
thus establishing the groundwork for mass production. The R&D center takes comprehensive efforts into development of full back
contact cells, perovskite/silicon stacked cells, and other cutting-edge technologies, to keep its core competitiveness.
3. New capacity put into production on schedule solidified the integrated advantage across the entire industry chain
As of the end of 2023, the module capacity reached 95 GW, with silicon wafer and cell capacities accounting for about 90% of
the module capacity, and the N-type cell capacity exceeded 57 GW. In the reporting period, various projects were successfully put into
operation, including 2.5GW crystal pulling and slicing in Vietnam, 20GW crystal pulling and slicing in Baotou, 10GW slicing in
Ningjin, 6GW cell production in Ningjin, 20GW cell production in Yangzhou, 10GW cell and 5GW module production in Qujing,
10GW cell and 10GW module production in Dongtai, 10GW slicing and 10GW cell production in Shijiazhuang, 10GW module
production in Xingtai, 10GW module production in Hefei, and 5GW module production in the phase IV project in Baotou. Capacities
in each segment have increased in an orderly manner. Additionally, new projects including 5GW cell production in Vietnam, 2GW
module production in the United States, 30GW crystal pulling and wafer production, 30GW cell production, and 10GW module
production in Ordos High-tech Zone are progressing as planned. According to the Company’s capacity planning, by the end of 2024,
the capacities for silicon wafers, solar cells, and modules will all exceed 100GW.
4. Elevating digital and intelligent level for an efficient operational system
The Company explored the use of digitization and intelligence to empower business development, enhancing operational
efficiency and facilitating cost reduction. We continued to reinforce our team and capabilities in data information, enhancing
information 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 the
intelligent manufacturing capabilities across our various facilities. Several units have been recognized at the national level as Intelligent
Manufacturing Demonstration Factory and for their Excellence in Intelligent Manufacturing Scenarios.
5. Refinancing for new product development
The Company successfully completed the issuance of convertible corporate bonds, which commenced trading on the Shenzhen
Stock Exchange on August 4, 2023. With a total fund of 8.96 billion yuan raised, the proceeds are directed toward strategic projects,
including the Baotou JA (Phase III) 20GW crystal pulling and slicing project, the Qujing 10GW high-efficiency Cell and 5GW High-
efficiency Module Project, and the Yangzhou 10GW High-efficiency Solar Cell Project, as well as for supplementary working capital.
This move strategically leverages the historic opportunity presented by product technology iteration, solidifying our leading advantage
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in the industrial development of large-sized N-type products.
6. Public REIT offering to speed up turnover of assets
The company started the declaration and issuance of infrastructure public REITs (Real Estate Investment Trusts) with its portfolio
of photovoltaic power generation projects as the underlying assets. This strategic move aims to broaden financing avenues, introduce
innovative financial instruments, and effectively utilize existing operational infrastructure assets, as well as accelerate asset turnover,
reduce financial leverage, and optimize the Company’s asset-liability structure. It fosters a virtuous cycle of investment in the new
energy sector and supports the transition of the Smart Energy Business Unit to a light-asset operational model, thereby enhancing the
Company’s long-term operational resilience.
This public REITs project has been submitted to the National Development and Reform Commission, and initial feedback has
been received. The Company and relevant intermediaries are organizing the necessary documentation to expedite the progress of the
project.
7. Repurchasing share and creating a long-lasting incentive mechanism
Based on our confidence in the future and our recognition of its value, and in order to further establish and enhance a long-term
incentive mechanism, we planned to utilize between 400 million yuan (inclusive) and 800 million yuan (inclusive) for share repurchase.
These repurchased shares would be exclusively allocated to employee stock ownership plans or equity incentives, reflecting our
commitment to aligning employee interests with the company’s growth. As of December 31, 2023, the Company repurchased
12,483,600 shares through the Shenzhen Stock Exchange trading system via centralized competitive trading, with a total transaction
amount of 259,928,728.62 yuan (excluding stamp duty, transaction commissions, and other transaction fees).
8. Deepening the sustainable development strategy to promote the high-quality business development
Guided by the sustainability philosophy of Building a Green Cycle, Seeking Green Development Together, and Creating a Green
Future, the Company has implemented a comprehensive green manufacturing system where resource conservation and efficient
utilization are emphasized, and digital technology and intelligent manufacturing are extensively employed to establish green, intelligent
manufacturing facilities. As a result, six of our facilities have been awarded national-level Green Factory certifications. We actively
shouldered our social responsibilities by contributing 20 million yuan to support flood relief and post-disaster reconstruction efforts in
Hebei Province. We continuously enhanced our corporate governance framework by promptly updating governance protocols, and
improving the standardized operation of general meeting, board of directors, supervisory committee, and management team.
The Company has disclosed sustainability and ESG reports for two consecutive years to convey its values and promote its high-
quality development.
2. Revenue and cost
(1) Operating revenue composition
Unit: Yuan
2023 2022 YoY growth
Percent of Percent of
Amount Amount
operating revenue operating revenue
Total operating revenue 81,556,177,236.98 100% 72,989,400,575.18 100% 11.74%
Industry
New energy 81,556,177,236.98 100.00% 72,989,400,575.18 100.00% 11.74%
Product
PV modules 78,174,617,903.22 95.86% 70,344,583,284.97 96.38% 11.13%
Operation of
photovoltaic 843,274,457.51 1.03% 423,039,306.76 0.58% 99.34%
powerplants
Others 2,538,284,876.25 3.11% 2,221,777,983.45 3.04% 14.25%
Region
Domestic 37,128,416,721.90 45.53% 29,172,365,952.89 39.97% 27.27%
Europe 17,619,601,271.02 21.60% 22,909,868,158.71 31.39% -23.09%
Asia and Oceania 11,142,627,268.22 13.66% 9,529,350,477.05 13.06% 16.93%
Americas 13,571,634,350.71 16.64% 9,943,697,219.05 13.62% 36.48%
Africa and Others 2,093,897,625.13 2.57% 1,434,118,767.48 1.96% 46.01%
Sale model
Direct sale 59,428,565,574.59 72.87% 47,173,826,035.75 64.63% 25.98%
Dealership/distribution 22,127,611,662.39 27.13% 25,815,574,539.43 35.37% -14.29%
(2) Industries, products, regions, and sale models that account for over 10% of the operating revenue or operating profit
Applicable □ Not applicable
Unit: Yuan
YoY change of YoY change
Gross profit YoY change of
Operating revenue Operating cost operating of gross
margin operating cost
revenue profit margin
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Industry
New energy 81,556,177,236.98 66,773,075,559.67 18.13% 11.74% 7.34% 3.35%
Product
PV modules 78,174,617,903.22 63,885,045,710.26 18.28% 11.13% 5.98% 3.97%
Region
Domestic 37,128,416,721.90 32,460,466,110.37 12.57% 27.27% 32.44% -3.41%
Europe 17,619,601,271.02 15,124,106,633.72 14.16% -23.09% -23.88% 0.88%
Asia and Oceania 11,142,627,268.22 8,791,550,994.05 21.10% 16.93% 5.25% 8.75%
Americas 13,571,634,350.71 8,609,719,184.86 36.56% 36.48% 4.08% 19.75%
Sale model
Direct sale 59,428,565,574.59 48,029,307,275.18 19.18% 25.98% 20.06% 3.98%
Dealership/distribution 22,127,611,662.39 18,743,768,284.49 15.29% -14.29% -15.57% 1.29%
Adjusted data on main operating activities based on the reporting period-end criteria
□ Applicable Not applicable
(3) Sales revenue greater than service revenue
Yes □ No
Industry Item Unit 2023 2022 YoY growth
Sale MW 53,145.46 38,105.14 39.47%
Production MW 59,953.471 40,044.042 49.72%
PV modules
Inventory MW 9,073.91 4,259.95 113.01%
Note: 1 included modules produced on behalf of clients.
2 included modules produced on behalf of clients.
Reasons for YoY changes greater than 30%
Applicable □ Not applicable
The Company has seen a substantial increase in sales volume, production volume, and inventory levels in 2023 compared to 2022,
reflecting the expansion of its production and sales scale. The sales volume of 2023 does not include the Company’s self-use quantity
of 2,156.66 megawatts.
(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
2023 2022
Industry Item Percent of Percent of YoY growth
Amount Amount
operating cost operating cost
Operating
New energy 66,773,075,559.67 100.00% 62,204,704,732.46 100.00% 7.34%
cost
Unit: Yuan
2023 2022
Product Item Percent of Percent of YoY growth
Amount operating Amount operating
cost cost
PV modules Material cost 47,550,397,346.66 74.43% 46,683,810,554.37 77.45% 1.86%
PV modules Direct labor cost 2,562,641,098.79 4.01% 1,988,120,086.63 3.30% 28.90%
Manufacturing
PV modules 11,058,756,555.68 17.31% 7,278,058,477.91 12.07% 51.95%
expense
Fulfillment
PV modules 2,713,250,709.13 4.25% 4,327,565,814.92 7.18% -37.30%
costs
Remarks
None.
(6) Scope of consolidation changed or not in the reporting period
Yes □ No
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The entities included in the scope of consolidated financial statements for this period have changed compared to the previous period.
Refer to IX Change in the Scope of Consolidation in Financial Statements of this 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) 16,699,600,552.87
Combined sales amount from top five customers as a percentage of the annual total sales 20.48%
Related party sales amount within the combined sales amount from top five customers, as
0.00%
a percentage of the annual total sales
Top 5 customers
No. Customer name Sales amount (yuan) Percent of annual total sales
1 First 5,798,807,877.30 7.11%
2 Second 3,248,466,495.81 3.98%
3 Third 2,930,736,434.29 3.59%
4 Fourth 2,793,512,129.84 3.43%
5 Fifth 1,928,077,615.63 2.36%
Total -- 16,699,600,552.87 20.48%
Additional information on main customers
□ Applicable Not applicable
Main suppliers
Combined purchase amount to top five suppliers 18,757,485,201.42
Combined purchase amount to top five suppliers as a percentage of the annual total purchases 27.74%
Related-party purchase amount within the combined purchase amount to top five suppliers as a
8.55%
percentage of the annual total purchases
Top 5 suppliers
Percent of annual total
No. Supplier name Purchase amount (yuan)
purchases
1 Supplier one 5,779,240,313.32 8.55%
2 Supplier two 5,623,848,517.27 8.32%
3 Supplier three 2,869,864,728.86 4.24%
4 Supplier four 2,603,038,726.51 3.85%
5 Supplier five 1,881,492,915.46 2.78%
Total -- 18,757,485,201.42 27.74%
Additional information on main suppliers
□ Applicable Not applicable
3. Expenses
Unit: Yuan
Remarks on significant
2023 2022 YoY growth
changes
Mainly due to increases in
personnel expenses, provision
Sales expense 1,380,055,285.54 1,050,008,147.01 31.43% for quality guarantee deposits,
travel expenses, and tendering
expenses
Mainly due to increases in
personnel expenses, share-
based payment expenses,
Management expense 2,345,294,394.91 1,707,904,487.87 37.32%
incorporation expenses, and
consulting, audit, and
evaluation fees.
Mainly due to a decrease in
exchange gains and an
Financial expense -359,870,372.75 -529,372,206.25 32.02% increase in financing
expenses, among other
factors.
R&D expense 1,142,079,441.86 1,006,731,118.21 13.44% Mainly due to increases in
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R&D personnel expenses and
material costs
4. R&D expenditure
Applicable □ Not applicable
Expected impact on the
Key R&D project
Purpose Progress Objective Company’s
name
development
Continuing the
development of high-
quality N-type
monocrystalline 6.0
Reducing the oxygen The monocrystalline
Research and technology, with a
content in N-type oxygen content
development of N-type focus on reducing
monocrystalline to decreased by more than
high-quality Pilot run oxygen content and
enhance minority 2 ppm, and the minority
monocrystalline 6.0 increasing minority
carrier lifetime in the carrier lifetime
technology carrier lifetime aims to
monocrystalline silicon increased by over 10%
boost the efficiency,
yield, and reliability of
N-type monocrystalline
solar cells.
Providing technology
N-type passivated solutions for mass
Upgrade large-size N-
Upgrade of large-size contact cell at mass production
type passivated contact Fourth-generation
N-type passivated production stage photovoltaic cells with
cell technology and put technology upgrading
contact cell technology reaches 26% to industry higher conversion
it into mass production
leading level efficiency to meet
market demand
Diversifying the
product lineup of the
Research and develop
Achieving an efficiency Company’s
the structure,
Research and of over 26% for back photovoltaic modules
manufacturing
development of mass contact cells, with to bolster
processes, and core
production solutions R&D samples manufacturing competitiveness with
equipment suitable for
for back contact cells processes for both cells efficient, premium
mass production of
and modules and modules capable of offerings tailored to
back contact cells and
large-scale production specific applications
modules.
like rooftops and
distributed systems.
Enhancing the
Pilot production of HJT
Development of high- Conversion efficiency Company’s positioning
cells and continuously Second-generation
efficiency HJT cells at of HJT cells exceeds in the field of high-
improving efficiency technology upgrading
low costs 26% efficiency cell
while reducing costs
technology
By optimizing
Enhancing the strength
equipment and
Enhancing the Completion of the of modules to
Development of high- processes, we intend to
reliability of modules manufacturing process accommodate a wider
strength module improve module load
and extending their plan with equipment range of applications
technology performance by over
lifespan optimization and improve product
30%, reduce costs and
reliability.
enhance aesthetics
Lowering the cost per
Reducing silver watt of high-efficiency
Increasing module
consumption at the cell modules and
Development of efficiency, reducing Development stage,
level by over 30% to optimizing their
busbar-free module cost per watt, and evaluation of different
promote the reductions appearance to enhance
technology minimizing precious technological schemes.
of downstream BOS an the competitiveness of
metal consumption
LCOE. the Company’s
products
R&D personnel
2023 2022 Change (%)
Number of R&D staff 2,471 2,276 8.57%
Percent of total staff 4.92% 6.98% -2.06%
Education background of R&D employees
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Bachelor’s degree 1,005 1,007 -0.20%
Master 211 163 29.45%
Others 1,255 1,106 13.47%
Age groups
Under 30 years old 914 744 22.85%
30 to 40 years old 1,346 1,372 -1.90%
41 to 49 years old 194 138 40.58%
50 years old or above 17 22 -22.73%
R&D expenditure
2023 2022 Change (%)
R&D expenditure (yuan) 4,445,889,371.64 4,608,262,024.60 -3.52%
R&D expenditure to operating revenue 5.45% 6.31% -0.86%
Capitalized R&D expenditure (Yuan) 0.00 0.00 0.00%
Capitalized R&D expenditure as a
0.00% 0.00% 0.00%
percentage of R&D expenditure
Note: There is a difference in the statistical criteria between R&D expense as reported in our financial statements and the above R&D
expenditure. Our R&D expenditure includes various expenses related to the research and development of new technologies and
products, depreciation of R&D equipment as fixed assets, as well as costs associated with trials necessary for the industrial application
of relevant technologies. However, the R&D expenses reported in the financial statements are accounted for according to the relevant
provisions of Accounting Standards for Business Enterprise No. 6 - Intangible Assets, which govern the recognition and measurement
of internal research and development expenses including expenditures incurred during the research and development phases that do
not meet the criteria for capitalization.
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 2023 2022 YoY growth
Subtotal of cash inflows from operating activities 82,674,197,341.42 73,511,829,798.39 12.46%
Subtotal of cash outflows from operating activities 70,260,051,955.67 65,329,552,523.27 7.55%
Net cash flow generated from operating activities 12,414,145,385.75 8,182,277,275.12 51.72%
Subtotal of cash inflows from investing activities 946,049,438.70 789,309,183.02 19.86%
Subtotal of cash outflows from investing activities 18,739,532,616.39 8,016,594,263.56 133.76%
Net cash flow generated from investing activities -17,793,483,177.69 -7,227,285,080.54 -146.20%
Subtotal of cash inflows from financing activities 16,643,936,923.90 18,671,838,995.76 -10.86%
Subtotal of cash outflows from financing activities 10,683,584,019.73 20,132,796,077.73 -46.93%
Net cash flow generated from financing activities 5,960,352,904.17 -1,460,957,081.97 507.98%
Net increase in cash and cash equivalents 642,612,190.77 -411,225,070.06 256.27%
Description on major factors for significant YoY changes
Applicable □ Not applicable
1. The significant year-on-year increase in net cash flows from operating activities is primarily attributed to the expansion of production
and sales scales, leading to increased receipts, which outweigh the rise in procurement expenditure.
2. The significant year-on-year decrease in net cash flows from investing activities is primarily attributed to the increase in cash
payments for long-term assets.
3. The significant year-on-year increase from financing activities is mainly attributed to convertible corporate bonds issued by the
Company and a decrease in repayments in the year.
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
27
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Unit: Yuan
Amount Percent of total profit Reason Sustainable or not
Primarily due to actual delivery
losses from lock-in exchange
Investment gain -70,506,597.73 -0.88% activities, investment gain from No
associates, and gains from the
disposal of subsidiaries
Primarily due to unrealized
Profit/loss from change
125,640,705.84 1.56% gains on exchange rate lock-in No
in fair value
activities
Primarily due to provision for
obsolete inventory and
Asset impairment -2,306,180,736.94 -28.67% No
provision for impairment of
fixed assets
Primarily due to income from
Non-operating revenue 20,624,155.03 0.26% No
penalties and fines
Primarily due to losses from the
scrapping of non-current assets
Non-operating cost 92,018,283.59 1.14% and reversal of provision for No
anticipated litigation losses that
are no longer required
Primarily due to government
Other income 733,371,268.20 9.12% No
grants
Primarily due to bad debt
Credit impairment loss -112,330,432.80 -1.40% provision for accounts No
receivable
Primarily due to loss on scrap of
Gain on asset disposal -109,697,286.56 -1.36% No
non-current assets
VI. Assets and Liabilities
1. Significant changes in asset structure
Unit: Yuan
2023 close 2023 opening
Percent of Percent of Change in Remarks on significant
Amount total Amount total percent changes
assets assets
Cash at bank
15,988,433,550.07 15.00% 12,183,639,319.53 16.82% -1.82%
and in hand
Accounts
9,165,987,673.61 8.60% 8,347,013,437.97 11.52% -2.92%
receivable
Contract assets 65,858,189.43 0.06% 89,527,410.91 0.12% -0.06%
Inventories 14,471,851,729.28 13.58% 11,909,306,432.71 16.44% -2.86%
Investment
0.00 0.00% 0.00 0.00% 0.00%
properties
Long-term
equity 899,155,598.20 0.84% 773,754,028.19 1.07% -0.23%
investments
Mainly attributable to the
completion and transfer of
Fixed assets 36,865,874,794.59 34.59% 21,448,674,514.09 29.61% 4.98% construction in progress
and increase in project
construction investments.
Mainly due to increase in
Construction in
9,740,436,205.07 9.14% 2,655,791,360.16 3.67% 5.47% investments into project
progress
constructions.
Right-of-use
1,553,847,034.24 1.46% 1,326,978,356.82 1.83% -0.37%
assets
Short-term
978,591,075.08 0.92% 1,787,142,065.32 2.47% -1.55%
borrowings
Contract
4,872,292,085.69 4.57% 5,388,228,068.95 7.44% -2.87%
liabilities
Long-term
1,476,851,872.71 1.39% 1,776,587,646.24 2.45% -1.06%
borrowings
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Lease liabilities 1,153,292,043.48 1.08% 727,474,886.18 1.00% 0.08%
Receivables
831,601,690.24 0.78% 738,795,367.11 1.02% -0.24%
financing
Prepayments 1,989,910,973.26 1.87% 2,551,103,070.39 3.52% -1.65%
Non-current
assets due 2,668,540,265.43 2.50% 268,477,657.97 0.37% 2.13%
within one year
Other current
2,846,806,290.02 2.67% 1,258,795,637.00 1.74% 0.93%
assets
Long-term
376,551,329.63 0.35% 0.00 0.00% 0.35%
receivables
Intangible
2,262,783,873.95 2.12% 1,389,460,109.57 1.92% 0.20%
assets
Deferred tax
932,781,800.67 0.88% 866,974,911.68 1.20% -0.32%
assets
Mainly due to the increase
in prepaid long-term asset
payments and the transfer
of term deposits due
Other non-
4,302,895,031.61 4.04% 5,408,513,642.28 7.47% -3.43% within one year into non-
current assets
current assets due within
one year, resulting in
comprehensive reporting
adjustments.
Notes payable 18,609,296,613.85 17.46% 13,418,146,649.03 18.52% -1.06%
Accounts
8,816,378,706.33 8.27% 5,155,050,686.52 7.12% 1.15%
payable
Employee
benefits 1,075,756,878.36 1.01% 816,003,539.78 1.13% -0.12%
payable
Mainly due to the increase
in engineering equipment
Other payables 14,369,723,054.48 13.48% 5,659,249,722.01 7.81% 5.67%
payable in the current
period
Non-current
liabilities due 824,307,166.77 0.77% 1,905,042,645.70 2.63% -1.86%
within one year
Due to issuance of
Bonds payable 8,359,739,960.81 7.84% 0.00 0.00% 7.84% convertible corporate
bonds
Long-term
3,995,002,982.90 3.75% 2,143,100,955.31 2.96% 0.79%
payables
Estimated
1,518,973,691.70 1.43% 1,230,138,074.57 1.70% -0.27%
liabilities
High ratio of overseas assets
□ Applicable Not applicable
2. Assets and liabilities measured at fair value
Applicable □ Not applicable
Unit: Yuan
Cumulative
Impairment
Opening Current profit/loss from change in fair Purchase in the Sale in the
Item provision in the Other changes Closing amount
amount change in fair value value recorded current period current period
current period
into equities
Financial assets
2. Derivative
12,576,639.10 -728,878.08 11,847,761.02
financial assets
4. Other equity
32,500,800.00 37,163,881.07 30,000,000.00 99,664,681.07
investments
Sub-total
32,500,800.00 12,576,639.10 37,163,881.07 30,000,000.00 -728,878.08 111,512,442.09
financial assets
Total 32,500,800.00 12,576,639.10 37,163,881.07 0.00 30,000,000.00 0.00 -728,878.08 111,512,442.09
Financial
113,064,066.74 -113,064,066.74 0.00
liabilities
Other changes
Other changes are due to the foreign currency translation differences in the foreign currency financial statements of overseas
subsidiaries during the currency conversion process.
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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 22 “assets with restricted ownership or use right” in VII Combined Financial Statement Items, in Section X Financial
Report of this Report for details on restricted assets.
VII. Investment Analysis
1. Overview
Applicable □ Not applicable
Investment amount in the reporting period (yuan) Prior period Investment (yuan) Change
31,281,090,982.03 10,514,121,326.98 197.52%
2. Significant equity investments acquired in the reporting period
Applicable □ Not applicable
Unit: Yuan
Investme
nt gain or Litigatio
Investme Investme Progress on Disclosur
Main Investme Equity Sources Product Expected loss in n
Investee name nt Partner nt the balance e date (if Disclosure index (if any)
business nt form percent of funds type return the involved
amount duration sheet date any)
current or not
period
Announcement of JA Solar
Increase Technology Co., Ltd. on
JA Solar Investme Self- Investme Increase in
in 2,345,00 Long April 27, Increasing in the Investment
Investment nt 100.00% owned None nt investment No
investme 0,000.00 term 2023 into its Wholly-owned
(China) Co., Ltd. company funds business not completed
nt Subsidiary disclosed on
http://www.cninfo.com.cn
Announcement of JA Solar
JA Smart
Increase Technology Co., Ltd. on
Distributed Investme Self- Investme Increase in
in 2,345,00 Long April 27, Increasing in the Investment
Energy nt 100.00% owned None nt investment No
investme 0,000.00 term 2023 into its Wholly-owned
Technology company funds business not completed
nt Subsidiary disclosed on
(Hainan) Co., Ltd.
http://www.cninfo.com.cn
The Announcement on
Increase
JA Solar New Self- Investme Increase in Investing into Construction of
Producti in 2,714,65 Long August
Energy Vietnam 100.00% owned None nt investment No the Company’s Integrated
on base investme 8,300.00 term 31, 2023
Co., Ltd. funds business not completed Capacity disclosed on
nt
http://www.cninfo.com.cn
7,404,65
Total -- -- -- -- -- -- -- -- 0.00 0.00 -- -- --
8,300.00
3. Significant non-equity investments in progress in the reporting period
Applicable □ Not applicable
Unit: Yuan
Cumulative Reason for
Cumulative return not meeting
Fixed asset Amount invested
Investment Industry investment amount Sources of Project Expected realized by expected Disclosure Disclosure index (if
Project name investment in the reporting
form involved by the end of the funds progress return the end of progress and date (if any) any)
or not period
reporting period the reporting expected
period return
Refer to the
Announcement on
Construction Investing into
Ningjin 5GW slicing and
by the Put into July 20, Construction of the
6GW high-efficiency cell Yes PV 1,773,446,360.74 1,774,636,360.74 Self-funding -
Company on production 2022 Company’s Integrated
project
its own Capacity disclosed on
http://www.cninfo.com
.cn/ for details
Refer to the
Announcement on
Hefei 11GW high- Construction Investing into
efficiency module by the Put into May 19, Construction of the
Yes PV 917,065,268.14 985,851,694.12 Self-funding -
renovation and expansion Company on production 2022 Company’s Integrated
project its own Capacity disclosed on
http://www.cninfo.com
.cn/ for details
Refer to the
Announcement on
Qujing 10GW high- Construction Investing into
Raising
efficiency cell and 5GW by the Put into May 19, Construction of the
Yes PV 3,400,993,657.39 3,403,916,837.53 funds and -
high-efficiency module Company on production 2022 Company’s Integrated
self-funding
project its own Capacity disclosed on
http://www.cninfo.com
.cn/ for details
Refer to the
Announcement on
Investing into
Construction Construction of Phase
Baotou JA (Phase III) Raising
by the Put into March 01, Three 20GW Crystal
20GW crystal pulling and Yes PV 2,099,104,908.91 3,365,108,083.76 funds and -
Company on production 2021 Pulling and 20GW
20 GW slicing project self-funding
its own Slicing Project in
Baotou disclosed on
http://www.cninfo.com
.cn/ for details
Yangzhou 10 GW High- Construction Raising Put into June 23, Refer to the
Yes PV 1,749,063,473.63 1,749,063,473.63 -
efficiency cell project by the funds and production 2022 Announcement on
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Company on self-funding Investing into
its own Construction of the
Company’s Integrated
Capacity disclosed on
http://www.cninfo.com
.cn/ for details
Refer to the
Announcement on
Construction Investing into
Yangzhou 10 GW High-
by the Put into November Construction of the
efficiency cell project Yes PV 1,488,431,336.84 1,488,431,336.84 Self-funding -
Company on production 24, 2022 Company’s Integrated
(newly added)
its own Capacity disclosed on
http://www.cninfo.com
.cn/ for details
Refer to the
Announcement on
Construction Investing into
Shijiazhuang 10GW
by the Put into December Construction of the
slicing and 10GW cell Yes PV 3,659,089,257.26 3,659,089,257.26 Self-funding -
Company on production 13, 2022 Company’s Integrated
project
its own Capacity disclosed on
http://www.cninfo.com
.cn/ for details
Refer to the
Announcement on
Construction Investing into
Dongtai 10GW cell and by the Put into December Construction of the
Yes PV 4,799,718,617.59 4,799,718,617.59 Self-funding -
10GW module project Company on production 13, 2022 Company’s Integrated
its own Capacity disclosed on
http://www.cninfo.com
.cn/ for details
19,886,912,880.5
Total -- -- -- 21,225,815,661.47 -- -- -- -- --
0
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: 10k yuan
Ratio of
closing
investment
Cumulative
Current Amount Amount sold amount to
Initial change in
Derivatives investment Opening profit/loss bought in the in the Closing the
investment fair value
type amount from change reporting reporting amount Company’s
amount recorded into
in fair value period period net assets at
equities
the end of
the reporting
period
Forward exchange,
1,012,863.73 1,012,863.73 12,564.07 0 3,085,428.75 2,841,985.74 1,256,306.74 35.78%
options
Total 1,012,863.73 1,012,863.73 12,564.07 0 3,085,428.75 2,841,985.74 1,256,306.74 35.78%
Accounting policies
and principles for
hedging activities in
the reporting period,
Not applicable
and any significant
changes compared to
the previous reporting
period
Note on the actual
profit/loss in the During the reporting period, the gains on fair value changes were 125,640,700 yuan, and the loss on delivery was 550,964,100 yuan.
reporting period
The fluctuation in exchange rates in 2023 had a significant impact on the Company’s operational results. The Company recorded a
Note on the effect of
foreign exchange gain of 585,237,900 yuan for the year, a fair value gain of 125,640,700 yuan due to hedging activities, and a
hedge activities
delivery loss of 550,954,100 yuan.
Sources of funds for
Self-owned funds
derivative investments
Note on risk analysis 1. Market risk:
and control measures Throughout the duration of exchange derivatives, revaluation gains or losses will accrue in each accounting period. Upon maturity
for derivative holdings or forward delivery of exchange derivatives, any disparity between the contracted exchange rate and the prevailing market rate on
in the reporting period the delivery date will yield actual transaction gains or losses. These gains or losses will offset the cumulative revaluation gains or
(including but not losses, resulting in investment gains or losses. Exchange derivative transactions are conducted with the principle of mitigating
limited to market risk, operational risks arising from exchange rate fluctuations and are not for speculative arbitrage trading.
liquidity risk, credit 2. Liquidity risk: Unreasonable purchases of foreign exchange derivatives can trigger liquidity risks. The trading scheme will be
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
risk, operational risk, based on exchange assets and liabilities, with a rigorous review of import and export contracts. It will involve prudent planning of
and legal risk) 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 Company’s derivative investments encompass, but are not limited to, forward exchange contracts (fixed-date and option
the settings of relevant period), options, and structured forward exchange contracts. Relevant parameters for fair value measurement are directly from the
assumptions and forward exchange contract rates provided by the principal banks.
parameters should be
disclosed for the
analysis of the fair
values.
Litigation (if
None
applicable)
The disclosure date for
the board of directors’
announcement for the November 24, 2022
approval of derivative
investments (if any)
The disclosure date for
the general meeting’s
announcement for the December 13, 2022
approval of derivative
investments (if any)
The Company’s involvement in exchange derivative trading primarily arises from the growing export business and such investments
are largely settled in US dollars and euros. Due to the impact of international political and economic uncertainties, fluctuations in
Special opinion of the exchange market are frequent. Conducting exchange derivative transactions allows the Company to mitigate exchange rate risks
independent directors by locking in exchange rates. These transactions are conducted without speculative or arbitrage motives. The Company has
on the Company’s implemented the Exchange Hedging Management Policy to regulate business operations and approval processes, thereby effectively
derivative investments managing the risks associated with derivative transactions.
and risk control The review procedures for the exchange derivative transactions undertaken are in compliance with applicable laws, regulations, and
normative guidelines. There are no instances that would jeopardize the interests of the Company or its shareholders, particularly
those of minority shareholders.
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: 10k yuan
Cumulative
Total amount
amount used
Total amount used for Cumulative Amount idle
for other
Fundraising Fundraising Total amount Net amount used in the Cumulative other amount used Total amount Purpose and direction of amount for more
purpose as a
year method raised raised current amount used purpose in for other not used not used than two
percent of
period the reporting purpose years
total amount
period
raised
Idle raised funds of 2,782,589,000
yuan were used for temporary
supplementation of working
capital and the balance in the
special account for raised funds
Private was 3,457,200 yuan.
2020 520,000 515,823.67 95,657.46 488,967.76 0 0 0.00% 26,855.91 0
placement The difference between the two
stems from the interest income on
the special account for raised
funds, handling charge expenditure
and income on cash management
of the raised funds.
Idle raised funds of 863.75 million
Private yuan were used for temporary
2021 500,000 496,867.92 90,223.32 410,336.59 0 0 0.00% 86,531.33 0
placement supplementation of working
capital and the balance in the
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
special account for raised funds
was 5.4787 million yuan. The
difference is from the interest
income on the special account for
raised funds and the handling
charge expenditure.
Idle raised funds of 2,664,388,500
yuan were used for temporary
supplementation of working
capital and the balance in the
Convertible
special account for raised funds
2023 corporate 896,030.77 893,384.8 624,717.87 624,717.87 0 0 0.00% 268,666.93 0
was 28,364,800 yuan. The
bonds
difference is from the interest
income on the special account for
raised funds and the handling
charge expenditure.
Total -- 1,916,030.77 1,906,076.39 810,598.65 1,524,022.22 0 0 0.00% 382,054.17 -- 0
Note on the overall use 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 956,574,600 yuan of the raised funds was used in the reporting period. As of the end of the reporting period, a
cumulative amount of 4,889,677,600 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 268,559,100 yuan. Idle
raised funds of 278,259,000 yuan were used for temporary supplementation of working capital and the balance in the special account for raised funds was 3,457,200 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.
A total of 902,233,200 yuan of the raised funds was used in the reporting period. As of the end of the reporting period, a cumulative amount of 4,103,365,900 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 865,313,300 yuan. Idle raised funds of 863,750,000 yuan were used for temporary supplementation of working capital and the balance in
the special account for raised funds was 5,478,700 yuan; the difference is from interest income on the special account for raised funds, and handling charge expenditure.
3. Approved by 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. A total of 6,247,178,700 yuan of the
raised funds was used in the reporting period. As of the end of the reporting period, a cumulative amount of 6,247,178,700 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 2,686,669,300 yuan. Idle raised funds of 2,664,388,500 yuan were used for temporary supplementation of working capital and the balance in the special account for raised funds
was 28,364,800 yuan; the difference is from interest income on the special account for raised funds, and handling charge expenditure.
(2) Committed projects from the raised funds
Applicable □ Not applicable
Unit: 10k yuan
Cumulative
Project Cumulative investment
Amount Date of Return
changed or investment percentage Expected Significant
Committed projects and Total Adjusted invested in project realized in
not by the end by the end return change in
purpose of excessively committed committed the reaching the
(including of the of the realized or project
raised amount amount amount (1) reporting usability reporting
partial reporting reporting not feasibility
period status period
change) period (2) period (3) =
(2)/(1)
Committed project
5GW high-efficiency cell
and 10GW module 1
No 370,000 312,603.9 36,983.36 284,470 91.00% 56,996.65 No No
facilities, as well as
supporting facilities
Supplementing working Not
No 145,823.67 204,497.76 58,674.1 204,497.76 100.00% No
capital applicable
20GW monocrystalline
silicon ingots and 20GW
No 320,000 320,000 84,809.86 251,508.16 78.60% 150,672.62 Yes No
monocrystalline silicon
wafers facility
Pilot run for high-efficiency Not
No 30,000 30,000 5,413.46 11,960.51 39.87% No
cell development applicable
Supplementing working Not
No 146,867.92 146,867.92 0 146,867.92 100.00% No
capital applicable
Baotou JA (Phase III)
Not
20GW crystal pulling and No 270,000 270,000 194,345.69 194,345.69 71.98% 20,981.92 No
applicable
slicing project
10GW high-efficiency cell
Not
and 5GW high-efficiency No 233,448.46 233,448.46 101,582.48 101,582.48 43.51% -27,943.22 No
applicable
module project
10 GW high-efficiency cell Not
No 150,000 150,000 88,853.36 88,853.36 59.24% -18,245.16 No
project applicable
Supplementing working Not
No 239,936.34 239,936.34 239,936.34 239,936.34 100.00% No
capital applicable
1,906,076.3 1,907,354.3 1,524,022.2
Total committed projects -- 810,598.65 -- -- 182,462.81 -- --
9 8 2
Purpose of funds excessively raised
Not applicable
1,906,076.3 1,907,354.3 1,524,022.2
Total -- 810,598.65 -- -- 182,462.81 -- --
9 8 2
1. Supplementing working capital is not covered by the expected return data.
2.The project “5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities” has not realized its expected return due
Explanation of project to declining prices of cells and modules.
delays and expected 3. The project “pilot run for high-efficiency cell development” includes two pilot run lines. The installations, electricity supply and equipment
return shortfall and commissioning for the first pilot run line have been completed in accordance with the technical agreement, and have been accepted. After the
reason (including the project adjustment, the installations, electricity supply and equipment commissioning for the second pilot run line have been completed with
reason for selecting manufacturing processes being tested. Since the initiation of the “pilot run for high-efficiency cell development” by the Company, the pace of
“non-applicable” for technological iteration in production equipment related to HJT solar cells in the photovoltaic industry has accelerated. To enhance the conversion
“expected return efficiency of HJT technology and continually reduce production costs, enabling the high-efficiency cell technology to reach mass production
realized or not”) levels sooner, the Company has adjusted the project’s process route and upgraded technical solutions to respond to the latest trends in HJT
technology in the industry. Equipment suppliers have also made adjustments to equipment upgrades based on the requirements of this project.
The extended delivery period and installation and commissioning timeframe for high-capacity equipment have resulted in an overall delay in
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
the progress of this project. Following consideration of the above factors and the future work plan for the project, the 20th meeting of the 6th
board of directors and the 13th meeting of the 6th supervisory committee have approved the extension of the project’s scheduled operational
status from December 2023 to December 2024. This is a research and development project and does not involve expected return.
4. “Baotou JA (PhaseIII) 20GW crystal pulling and slicing project”, “10GW high-efficiency cell and 5GW high-efficiency module project” and
“10 GW high-efficiency cell project” are in progress and have not reached thee operational status.
Note on significant
change in project None
feasibility
Amount overraised,
purpose and progress of Not applicable
such amount
Change on location of
Not applicable
the project
Adjustment of
implementation method Not applicable2
for the project
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
Early investment and 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
later replacement of respectively approved the Proposal on Replacing Self-raised Funds Invested in Projects funded via Raised Funds. It was agreed that the
funds for these projects 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.
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
Temporary Company, ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working capital with idle
supplementation of 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
working capital with (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,
idle raised funds 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 “5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities” 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. In the year 2022, the Company actually used idle raised funds of 1.5
billion yuan raised via the private placement in the year 2020 intended for the “5GW high-efficiency cell and 10GW module facilities, as well
as supporting facilities” to temporarily supplement working capital. As of April 23, 2023, 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 26, 2023, the 5th meeting of the 6th board of directors and the 5th meeting of the 6th supervisory committee of the Company
34
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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 2.2 billion yuan. Specifically, a maximum of 1.0 billion yuan from the idle funds raised via the private placement in
the year 2020 intended for the “5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities” would be used. The
usage period would not exceed 12 months from the date of approval by the board of directors (April 26, 2023), and the funds would be promptly
returned to the Company’s special account for raised funds upon maturity. The Company actually utilized idle raised funds to temporarily
supplement working capital in the amount of 1.0 billion yuan which was raised via the private placement in the year 2020 for the project of
“5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities”. As of July 26, 2023, 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 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 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 6.3 billion yuan. Specifically, a maximum of 0.9 billion yuan from the idle funds raised via the private placement in the
year 2020 intended for the “5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities” would be used. The usage
period would not exceed 12 months from the date of approval by the board of directors (July 27, 2023), and the funds would be promptly
returned to the Company’s special account for raised funds upon maturity. The Company actually used idle raised funds of 0.9 billion yuan
raised via the private placement in the year 2020 intended for the “5GW high-efficiency cell and 10GW module facilities, as well as supporting
facilities” to temporarily supplement working capital. As of December 31, 2023, a total of 621,740,986.42 yuan was repaid, leaving a remaining
balance of 278,259,013.58 yuan to be repaid. As of December 31, 2023, the balance in the special account for raised funds amounted to
3,457,184.31 yuan, while the available amount was 281,716,197.89 yuan, representing 5.46% of the initial net raised funds. The project has
been completed, and the surplus raised funds have been utilized to permanently supplement working capital. The Company will retain the
special account for raised funds for this project until all outstanding payments for this project are made. Subsequently, any surplus funds
generated from interest income and fee differentials in this account will also be used to permanently supplement working capital.
2. Temporary supplementation of working capital with idle funds raised 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 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 2.6 billion yuan from the idle funds raised via the private placement in
the year 2021 intended for the “20GW monocrystalline silicon ingots and 20GW monocrystalline silicon wafers facility” and a maximum of 2
billion yuan from the idle funds raised via the private placement in the year 2021 intended for the “pilot run for high-efficiency cell development”
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. In the year 2022, the Company actually
used idle raised funds of 2.6 billion yuan raised via the private placement in the year 2021 intended for the “20GW monocrystalline silicon
ingots and 20GW monocrystalline silicon wafers facility” and the idle raised funds of 2.0 billion yuan raised via the private placement in the
year 2021 intended for the “pilot run for high-efficiency cell development” to temporarily supplement working capital. As of April 23, 2023,
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 26, 2023, the 5th meeting of the 6th board of directors and the 5th meeting of the 6th 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 2.2 billion yuan. Specifically, a maximum of 1.0 billion yuan from the idle funds raised via the private placement in
the year 2021 intended for the “20GW monocrystalline silicon ingots and 20GW monocrystalline silicon wafers facility” and a maximum of
0.2 billion yuan from the idle funds raised via the private placement in the year 2021 intended for the “pilot run for high-efficiency cell
development” would be used. The usage period would not exceed 12 months from the date of approval by the board of directors (April 26,
2023), and the funds would be promptly returned to the Company’s special account for raised funds upon maturity. The Company actually
utilized idle raised funds to temporarily supplement working capital in the amount of 1.0 billion yuan which was raised via the private placement
in the year 2021 for the project of “20GW monocrystalline silicon ingots and 20GW monocrystalline silicon wafers facility”. As of July 26,
2023, 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. The Company actually utilized idle raised funds to temporarily supplement working capital
in the
amount of 0.2 billion yuan which was raised via the private placement in the year 2021 for the project of “pilot run for high-efficiency cell
development”. As of July 26, 2023, 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 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 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 6.3 billion yuan. Specifically, a maximum of 1.0 billion yuan from the idle funds raised via the private placement in the
year 2021 intended for the “20GW monocrystalline silicon ingots and 20GW monocrystalline silicon wafers facility” and a maximum of 0.2
billion yuan from the idle funds raised via the private placement in the year 2021 intended for the “pilot run for high-efficiency cell development”
would be used. The usage period would not exceed 12 months from the date of approval by the board of directors (July 27, 2023), and the funds
would be promptly returned to the Company’s special account for raised funds upon maturity. The Company actually used idle raised funds of
0.9 billion yuan raised via the private placement in the year 2021 intended for the “20GW monocrystalline silicon ingots and 20GW
monocrystalline silicon wafers facility” to temporarily supplement working capital. As of December 31, 2023, the Company returned
216,250,000.00 yuan with 683,750,000.00 yuan yet to be repaid. The Company actually used idle raised funds of 0.2 billion yuan raised via the
private placement in the year 2021 intended for the “pilot run for high-efficiency cell development” to temporarily supplement working capital.
As of December 31, 2023, the Company returned 20,000,000.00 yuan with 180,000,000.00 yuan yet to be repaid. As of December 31, 2023,
the balance in the special account for raised funds amounted to 5,478,664.72 yuan, while the available amount was 869,228,664.72 yuan,
representing 17.49% of the initial net raised funds. The remaining funds, as part of the raised capital, will continue to be invested into the
Company’s relevant projects as they are still undergoing implementation.
3. 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 Using Partial Idle Raised Funds to Temporarily Supplement Working Capital. It was agreed that the Company,
35
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
ensuring the normal implementation of projects funded by the raised funds, would temporarily supplement working capital with idle raised
funds not exceeding 6.3 billion yuan. Specifically, a maximum of 1.5 billion yuan from the idle funds raised via the public offering of convertible
corporate bonds in the year 2023 intended for the “Baotou JA (Phase III) 20GW crystal pulling and slicing project” a maximum of 1.7 billion
yuan from the idle funds raised via the public offering of convertible corporate bonds in the year 2023 intended for the “10GW high-efficiency
cell and 5GW high-efficiency module” and a maximum of 1.0 billion yuan from the idle funds raised via the public offering of convertible
corporate bonds in the year 2023 intended for the “10GW high-efficiency cell project” would be used. The usage period would not exceed 12
months from the date of approval by the board of directors (July 27, 2023), and the funds would be promptly returned to the Company’s special
account for raised funds upon maturity. The Company actually used idle raised funds of 1.5 billion yuan raised via the public offering of
convertible corporate bonds in the year 2023 intended for the “Baotou JA (PhaseIII) 20GW crystal pulling and slicing project” to temporarily
supplement working capital. As of December 31, 2023, the Company returned 745,000,000.00 yuan with 755,000,000.00 yuan yet to be repaid.
The Company actually used idle raised funds of 1.47 billion yuan raised via the public offering of convertible corporate bonds in the year 2023
intended for the “10GW high-efficiency cell and 5GW high-efficiency module project” to temporarily supplement working capital. As of
December 31, 2023, the Company returned 157,611,520.00 yuan with 1,312,388,480.00 yuan yet to be repaid. The Company actually used idle
raised funds of 1.0 billion yuan raised via the public offering of convertible corporate bonds in the year 2023 intended for the “10GW high-
efficiency cell project” to temporarily supplement working capital. As of December 31, 2023, the Company returned 403,000,000.00 yuan with
597,000,000.00 yuan yet to be repaid. As of December 31, 2023, the balance in the special account for raised funds amounted to 28,364,790.41
yuan, while the available amount was 2,692,753,270.41 yuan, representing 30.14% of the initial net raised funds. The remaining funds, as part
of the raised capital, will continue to be invested into the Company’s relevant projects as they are still undergoing implementation.
Applicable
On August 30, 2023, the 11th meeting of the 6th board of directors and the 9th meeting of the 6th supervisory committee of the Company
approved the Proposal on Concluding Projects Funded through Financing Activities and Permanently Supplementing Working Capital with
Surplus of Raised Funds. Considering that the project of “5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities”
funded through the funds raised via the private placement in the year 2020 has reached the usable status, the Company has decided to conclude
the project and permanently supplement the working capital with the surplus of the raised funds, i.e., 586,741,000 yuan for the Company’s
production and operation activities.
Surplus of raised funds On September 18, 2023, the 3rd extraordinary general meeting of shareholders approved the Proposal on Concluding Projects Funded through
during project Financing Activities and Permanently Supplementing Working Capital with Surplus of Raised Funds.
implementation and its
reasons On September 25, 2023, the Company used the surplus of the raised funds, i.e., 586,740,986.42 yuan for permanent supplementation of working
capital.
The Company will retain the special account for raised funds for this project until all outstanding payments for this project are made.
Subsequently, any surplus funds generated from interest income and fee differentials in this account will also be used to permanently supplement
working capital.
As of December 31, 2023, the Company had no surplus of raised funds rather than the above amount and the raised funds were still in the
progress for the project.
Purpose and direction of As of December 31, 2023, any raised funds not used will continue to be used in accordance with the specified purposes outlined in the
amount not used corresponding issuance plan
Problems or other issues
in the use of raised In the reporting period, there were no instances of untimely disclosure, misinformation, inaccuracies, or incompleteness regarding the
funds in the reporting information related to the use of raised funds disclosed by the Company. There were no violations involving the raised funds.
period
Note: 1. The project of “5GW high-efficiency cell and 10GW module facilities, as well as supporting facilities” were carried forward
by phase from the commencement of the operation. It reached full capacity since April 2022 and was closed in August 2023.
2. The Company did not adjust the implementation method for the project in the reporting period. The 11th meeting of the 6th board
of directors, the 9th meeting of the 6the supervisory committee and the 3rd extraordinary general meeting for the year 2023 approved
the Proposal on Amendment to the Construction of Some Committed Projects and Adjustment of Internal Investment Structure of the
Projects. To advance the manufacturing processes and make breakthroughs in the maximum conversion efficiency of the Company’s
HJT cells, as well as to maximize the research and development functions of the pilot run line, the Company has planned to optimize
equipment selection and enhance processes and technologies on the basis of the planned HJT pilot run line. As a result, it proposed to
adjust specific aspects of the project construction and the internal investment structure.
(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 applicable
36
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Subsidiaries which contribute to over 10% of the net profit of the Company
Unit: 10k yuan
Registered Operating Operating
Entity name Entity type Main business Total assets Net assets Net income
capital revenue profit
Research,
development,
JA Solar
production and
Holdings Subsidiary 2,127,197.57 3,892,672.44 2,663,348.20 1,107,880.05 227,437.92 217,918.54
sale of solar
Co., Ltd.
cells and
modules
Research,
development,
JA Solar
production and 90 million
Vietnam Co., Subsidiary 848,024.58 541,773.59 1,380,259.50 369,098.78 365,634.88
sale of silicon US dollars
Ltd.
ingots, and
silicon wafers
Research,
Qujing
development,
Jinglong
production and
Electronic Subsidiary 52,000.00 531,207.62 451,877.56 178,663.71 83,998.19 80,208.63
sale of silicon
Materials
ingots, and
Co., Ltd.
silicon wafers
Research,
Yiwu JA development,
Solar production and
Subsidiary 411,651.86 1,244,362.63 646,844.89 2,115,481.95 86,836.02 75,154.92
Technology sale of solar
Co., Ltd. cells and
modules
Research,
Qujing JA development,
Solar production and
Subsidiary 130,000.00 1,054,709.07 600,407.78 1,129,588.80 177,048.74 150,672.62
Technology sale of silicon
Co., Ltd. ingots, and
silicon wafers
Research,
development,
JA Solar PV
production and 60 million
Vietnam Co., Subsidiary 541,340.53 271,968.40 518,722.59 159,574.43 159,744.02
sale of solar US dollars
Ltd.
cells and
modules
JA Solar Sale of solar
German Co., Subsidiary cells and 25,000 euros 399,848.04 -142,444.28 1,399,552.89 -149,874.56 -144,677.24
Ltd. modules
Acquisition and disposal of subsidiaries in the reporting period
□ Applicable Not applicable
Analysis of entities where the Company holds shares
Refer to IXChange in the Scope of Consolidation in Section X Financial Report of this Report for details.
X. Structured Entities Controlled by the Company
□ Applicable Not applicable
XI. Outlook of the Company
(I) Development strategy
In the era of “carbon neutrality”, the Company upholds the guiding principles of seizing opportunities, pursuing steady progress,
and enhancing quality and efficiency. We are committed to implementing a strategy of high-quality development by continually
elevating our comprehensive competitiveness to achieve resilient and stable growth. At the same time, the Company will deepen the
implementation of the “one body with two wings” wings’ strategy, focusing on strengthening its core business while specializing in
the development of two complementary sectors. The Photovoltaic Products Business Group strengthens its competitive advantages and
secures its leading position in photovoltaic manufacturing. The Smart Energy Business Unit focuses on specialization and strength,
expanding installed capacity, exploring new businesses, and enhancing industry influence. The Photovoltaic New Materials Business
Unit aims to reduce costs and increase revenue, exploring new markets and expanding new products or services while complementing
with the core business.
1. Strategic positioning
JA Solar remains committed to its corporate mission of developing solar power to benefit the planet, and guided by the principles
of steady progress and sustained profitability. Our aim is to emerge as a leading global technology enterprise in the field of new energy.
2. Supporting actions
Building upon the “one body with two wings” strategy, the Company steadfastly pursues strategic initiatives grounded in
globalization, digitalization, intelligent development and ecological sustainability. With a market-driven approach and a focus on
37
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
nurturing talent, we are propelled by innovation to fortify and expand our competitive edge continually. We intend to forge the
Company into a leading global force in new energy technology, distinguished by core competencies and unparalleled leadership. This
entails coordinated development of three key business sectors, amalgamating technological, channel, scale, and cost advantages to
create a unified and formidable presence in the industry. Firstly, we should enhance our market competitiveness by continuously
improving brand loyalty and influence. Secondly, we strive to strengthen our technological competitiveness, ensuring our technical
prowess remains at the forefront of the industry. Thirdly, we focus on bolstering the competitive capabilities of both wing sectors,
aiming to achieve top-tier status in each business segment. Fourthly, we are committed to enhancing our competitiveness in global
development, delivering results and demonstrating effectiveness at an early stage. Fifthly, we prioritize enhancing our digital
competitiveness, driving comprehensive digital transformation across the Company. Sixthly, we work on enhancing our corporate
management competitiveness, emphasizing efficiency in management practices. Lastly, we value enhancing our talent competitiveness,
providing robust support for the sustainable development of the organization.
(II) Operation objectives
In 2024, the Company will maintain its increased investment in research and development, fostering continuous technological
innovation. We will steadily construct new production capacities to meet the growing demands of customers. Furthermore, we will
continue to advance the vertical integration of our industrial chain, further enhancing the level of capacity integration. By the end of
2024, the production capacities at all stages will exceed 100GW.
In 2024, according to PV Infolink, global demand for photovoltaic modules is expected to reach approximately 538GW under
optimistic conditions. In line with this forecast, The Company will further cultivate its presence in global markets, with a target module
shipment range of 85-95 GW.
(III) Potential risks
1. Risk from global industrial policies
The pace and quality of development in the photovoltaic industry are significantly influenced by global policies regarding the
solar energy sector. On the domestic front, although the photovoltaic industry has entered a subsidy-free era, the introduction of new
industrial policies concerning grid connection, energy storage deployment, and other aspects by the government could bring about
uncertainties regarding the transformation and upgrading of the photovoltaic industry and the operations of photovoltaic companies in
the domestic market. Internationally, the reinforced manufacturing reshoring in Europe and the United States is leading to a trend of
regionalization in photovoltaic manufacturing. The dynamic adjustments of photovoltaic industry policies and updates to renewable
energy development goals in countries worldwide will introduce uncertainties for photovoltaic companies operating in overseas
markets.
2. Risk from international trade protectionism
Since 2022, a notable policy trend has emerged in countries and regions like Europe, the United States, and India, placing
increasing emphasis on the development of their domestic photovoltaic industries. These nations are seeking to reshape the global
photovoltaic industry supply chain through measures aimed at encouraging industrial reshoring. In March 2023, the EU unveiled the
Net Zero Industry Act and the Critical Raw Materials Act, outlining restrictions on the sourcing countries and raw materials used in
photovoltaic products. In addition to traditional trade barriers such as anti-dumping, anti-subsidy, and anti-evasion measures, new types
of trade barriers based on carbon emissions, environment, human rights, and patents are gradually emerging, evolving, and intensifying.
Examples include the EU’s proposed Carbon Border Adjustment Mechanism (CBAM), the U.S. Uyghur Forced Labor Prevention Act,
and various forms of trade barriers such as the EU Regulation on Prohibiting Products Made with Forced Labor on the EU Market.
The ongoing trade frictions in the photovoltaic sector will bring about negative impacts on the internationalization of PV companies.
3. Risk of supply chain stability
The photovoltaic industry spans multiple segments and relies on a diverse array of raw materials. The secure supply of each raw
material is crucial, as any disruption could have profound effects on the entire industry. In recent years, various factors such as frequent
unforeseen events, industrial policy restrictions, and fluctuations in prices of commodities like petroleum, precious metals, and basic
metals have led to varying degrees of supply-demand imbalances for raw materials used in the industry, including polysilicon, film,
glass, silver paste, solder strip, aluminum frames, back sheets, and quartz sand. Furthermore, due to the impact of international trade
imbalances, global circulation of goods has faced significant restrictions, leading to considerable fluctuations in international logistics
costs. Disruptions to the supply of photovoltaic raw materials and the stability of the global logistics system will pose risks to the
supply chain security of photovoltaic companies.
4. Supply-demand imbalance risk
Since 2021, the rapid growth of the global market has not only driven capacity expansion within the industry but has also spurred
leaders from other industries to enter the sector. According to the China Photovoltaic Industry Association, as of the end of 2023,
domestic capacities for silicon wafers, cells, and modules have all exceeded 800GW, with production outputs reaching 622GW, 545GW,
and 499GW respectively. These figures surpass the global newly added installed capacity. With the release of both capacity and
production, there is a clear trend of cyclical and structural oversupply in the industry, leading to price declines across various segments
of the photovoltaic value chain. According to statistics, as of the end of 2023, the winning bids of solar modules declined by over 40%
compared to the beginning of the year to below 1 yuan/watt.
5. Risk from technology iteration
The photovoltaic industry is experiencing a period of rapid technological iteration, with next-generation cell and module
technologies such as N-type TOPCon, HJT, and BC steadily increasing their market share. This poses significant challenges to the
existing P-type capacity that has not yet been phased out or upgraded. Furthermore, there is a degree of competition among TOPCon,
HJT, and BC technologies, along with the emergence and application of frontier technologies like perovskite, further adding to the
perplexity faced by photovoltaic companies in their future technology choices.
6. Geopolitical risk
In recent years, a series of geopolitical upheavals such as the Russia-Ukraine conflict, the Israel-Palestine conflict, and the Red
Sea crisis have brought about multifaceted impacts on market demand, transportation, financial settlements, and other aspects. These
may pose challenges and operational risks to major photovoltaic companies deeply integrated into the global market.
7. Exchange rate risk
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
As one of the flagship industries that “go global”, the photovoltaic sector boasts a significant portion of overseas operations among
its leading companies. In overseas operations, foreign currency settlement remains predominant, and fluctuations in exchange rates
directly impact the operation performance of internationalized companies. It is increasingly challenging to manage exchange rate risk
due to adjustments to fiscal and monetary policies across countries, and changes in international trade landscape and environment.
Failure to take effective measures may expose photovoltaic companies to negative impact caused by exchange rate volatility.
XII. Reception of Surveys, Communications and Interviews in the Reporting Period
Applicable □ Not applicable
What was
Reception discussed and
Reception date Reception location Guest type Guest Information index
form materials
provided
Investor Refer to the Investor
Analysts and Relations Relations Activity Form
March 23, 2023 Online Telephone Institution institutional Activity Form (March 23, 2023) on
investors (March 23, http://www.cninfo.com.c
2023) n
Investors
attended the
Investor Refer to the Investor
Company’s
Relations Relations Activity Form
Online online
April 14, 2023 Comein Finance Others Activity Form (April 14, 2023) on
platform performance
(April 14, http://www.cninfo.com.c
briefing for the
2023) n
year 2022 via
virtual forms
Refer to the Investor
Institutional Investor
Relations Activity Form
Yangzhou Base, investors, Relations
Field (April 03 to April 20,
April 03, 2023 Yiwu Base, Others individual Activity Form
research 2023) on
Ningjin Base investors and (April 03 to
http://www.cninfo.com.c
journalists April 20, 2023)
n
Refer to the Investor
Investor
Analysts and Relations Activity Form
Relations
May 14, 2023 Online Telephone Institution institutional (May 14, 2023) on
Activity Form
investors http://www.cninfo.com.c
(May 14, 2023)
n
Refer to the Investor
Investors Investor
Relations Activity Form
Online raising Relations
May 30, 2023 https://ir.p5w.net/ Others (May 30, 2023) on
platform questions Activity Form
http://www.cninfo.com.c
online (May 30, 2023)
n
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Relations
July 11, 2023 Online Telephone Institution institutional (July 11, 2023) on
Activity Form
investors http://www.cninfo.com.c
(July 11, 2023)
n
Investors Investor
Refer to the Investor
attended the Relations
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Company’s Activity Form
(Online roadshow for the
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forms 2023)
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August 31,
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2023
investors (August 31, http://www.cninfo.com.c
2023) n
Investor Refer to the Investor
Listing Hall of Investors Relations Relations Activity Form
September 14,
Shenzhen Stock Others Others raising Activity Form (September 14, 2023) on
2023
Exchange questions (September 14, http://www.cninfo.com.c
2023) n
39
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Investor Refer to the Investor
Face to face and
Investors Relations Relations Activity Form
October 25, remote via
Others Others raising Activity Form (October 25, 2023) on
2023 https://irm.cninfo.c
questions (October 25, http://www.cninfo.com.c
om.cn/
2023) n
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2023
investors (October 31, http://www.cninfo.com.c
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Investor Refer to the Investor
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November 08, Activity Form (November 08 to
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2023 (November 08 November 10, 2023) on
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to November http://www.cninfo.com.c
10, 2023) n
XIII. Implementation and Progress of Action Plan for “Quality and Return Enhancements”
Whether the Company has disclosed the Action Plan for “Quality and Return Enhancements”
Yes □ No
In 2023, the Company focused on its core business with continued effort into high-quality development. It remained the top
rankings among similar companies across the world in terms of shipments. Consistent technological innovation, robust financial
strength and well-established global sale and service network have enabled the Company to win extensive recognition of global
customers. For 2023, the Company recorded an operating revenue of 81,556 million yuan for a year-on-year growth of 11.74%; net
profit attributable to shareholders of the listed company was 7,039 million yuan for a year-on-year growth of 27.21%.
The Company maintained intensified investment into research and development for totaling 4.446 billion yuan, accounting for
5.45% of the operating revenue. As of the end of 2023, the Company held 1,263 patents including 285 inventions. It received the title
of National Performer in Intellectual Property awarded by China National Intellectual Property Administration, and set up a state-level
PV Intellectual Property Operation Center.
In terms of digital and intelligent transformation, the Company further promoted technologies such as AGVs, 5G networks, and
artificial intelligence in production facilities to enhance both labor efficiency and product quality. A comprehensive production
management system covering every production stage enables comprehensive data and business process interoperability across
production, equipment, processes, quality control, warehousing, operations, and IE department and visualization of the production
execution process. This provides digital supports for real-time management decision-making, quality improvement, cost reduction, and
efficiency enhancement. The adoption of intelligent manufacturing has significantly increased production line output, reduced
production costs, enhanced cost-effectiveness, and bolstered the market competitiveness of products.
As a way to return to investors, the Company has proposed the profit distribution plan for the year 2023: based on the total share
capital excluding the repurchased shares in the special securities account for repurchase as of the record date when the plan will be
implemented, a cash dividend of 5.63 yuan per 10 shares (tax included) will be distributed. On October 31, 2023, the Company released
the Announcement on Repurchasing Shares. As of the end of 2023, the Company repurchased 12,483,600 shares through the Shenzhen
Stock Exchange trading system via centralized competitive trading, with a total transaction amount of 259,928,728.62 yuan (excluding
stamp duty, transaction commissions, and other transaction fees). The expected cash dividend amount and the total amount of shares
repurchased in 2023 will sum up to 2,111,851,755.10 yuan, representing 30% of the net profit attributable to the shareholders of the
listed company in the consolidated financial statements for 2023.
The Company rigorously complies with legal statutes and regulatory frameworks regarding information disclosure. Our
disclosures 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. Emphasizing
the significance of disclosure, we communicate valuable information to investors, focusing on industry dynamics, operations, and risk
factors. Our commitment is to continuously enhance the quality of our disclosures. While maintaining compliance with regulatory
disclosure requirements, the Company will continuously strengthen investor relations management by broadening channels for investor
communication 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 investor
groups.
In addition, the Company is committed to consolidating governance foundations, fostering robust internal controls, and fortifying
risk 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.
40
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Section IV. Company Governance
I. Governance Overview
The Company strictly adheres to the requirements outlined in the Company Law, Securities Law, Code of Corporate Governance
for Listed Companies, Shenzhen Stock Exchange Listing Rules, Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen
Stock Exchange—Regulated Operation of Companies Listed on Main Board, and other relevant laws and regulations issued by the
China Securities Regulatory Commission and the Shenzhen Stock Exchange. The Company continuously refines its internal
governance structure and internal control mechanisms, further regulate corporate conduct, enhance communication with investors to
safeguard their interests comprehensively. These efforts contribute to the continual improvement of corporate governance standards.
(I) Shareholders and general meeting
The Company strictly complies with the regulations and requirements set forth in the Articles of Association and the Rules of
Procedures for General Meeting to govern the convening, holding, and voting procedures of general meetings. This ensures equitable
treatment for all shareholders, particularly minority stakeholders, enabling them to fully exercise their rights without any prejudice to
their interests. The Company maintains sole ownership of its assets, with no instances of shareholders or their affiliates appropriating
or transferring any funds, assets, or other resources of the Company. Additionally, the Company has not provided guarantees for
shareholders or their affiliates.
(II) Company and its controlling shareholder
The Company manages its relationship with the controlling shareholder in accordance with the provisions of the Company Law,
Securities Law, Articles of Association, and relevant regulations issued by regulatory authorities. The Company operates entirely
separately from its controlling shareholder across businesses, personnel, assets, organizational structure, and financial operations. It
possesses autonomous operational capabilities, with its board of directors, supervisory committee, and internal departments functioning
independently.
The controlling shareholder adheres strictly to regulations, lawfully exercises its rights, and fulfills its obligations. There is no
instance of the controlling shareholder directly or indirectly intervening in the Company’s decision-making or operational activities
beyond the authority of the general meeting or the board of directors.
(III) Directors and board of directors
Directors are elected and appointed in accordance with the procedures outlined in the Articles of Association. The board of directors
consists of 9 directors, including 3 independent directors, accounting for one-third of the total board members. The composition and
number of directors meet the requirements stipulated by laws, regulations, and the Articles of Association. The board has four special
committees, namely the Strategy and Sustainability Committee, the Audit Committee, the Nomination Committee, and the
Remuneration and Assessment Committee. All directors conduct their activities in compliance with the regulations outlined in the Self-
Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange—Regulated Operation of Companies Listed on Main
Board, the Rules of Procedures for Board Meetings, the Independent Director System, and the regulations of various specialized
committees. They actively participate in relevant training sessions, acquaint themselves with applicable laws and regulations, and fulfill
their responsibilities as directors.
(IV) Supervisory committee and supervisors
Supervisors are elected and appointed in accordance with applicable laws and regulations including the Company Law, and Articles
of Association. The supervisory committee consists of 3 supervisors, including 1 staff representative supervisor. The composition and
number of supervisors meet the requirements stipulated by relevant laws and regulations. The supervisors fulfill their duties in
accordance with the provisions outlined in the Rules of Procedures for Supervisory Committee Meetings. They effectively supervise
significant matters, related-party transactions, financial conditions, the performance of directors and managers, and the use of raised
funds, while providing constructive feedback.
(V) Performance assessment and incentive mechanisms
The board of directors has a Remuneration and Assessment Committee which is responsible for developing and reviewing the
Company’s compensation policies and schemes for directors and senior managers, as well as establishing assessment criteria and
conducting evaluations for directors and senior managers. In compliance with regulations like the Work Rules of the Remuneration and
Assessment Committee, the Company conducts performance evaluations for directors and managers in a transparent and open manner.
The Company has implemented an incentive mechanism that ties manager compensation to both corporate performance and individual
achievements. Managers perform their responsibilities as stipulated by relevant regulations including the Company Law, Articles of
Association, and the Work Rules of the General Manager.
(VI) Stakeholders
The Company demonstrates a robust sense of social responsibility and a keen awareness of collective interests, respecting and
safeguarding the legitimate rights of all stakeholders. Aiming for the harmonious development of society, shareholders, the Company,
suppliers, customers, and employees, the Company takes collaboration with stakeholders and promotes its long-term sustainability.
While pursuing continuous growth and maximizing shareholder value, the Company also prioritizes environmental protection and
philanthropy. By actively engaging in charitable initiatives, it places significant emphasis on corporate social responsibility.
(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 information
by all shareholders. The Company prioritizes communication with investors by providing dedicated phone lines and email addresses
for investor inquiries, and attentively addressing all queries. The Company also strengthens communication with investors through
online performance briefings, https://ir.p5w.net/, and other channels.
(VIII) Internal policies regarding governance
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
The Company consistently strengthens its governance policies, now encompassing corporate governance, information disclosure,
investment, trading, auditing, subsidiary management, and other key areas. These policies offer robust institutional support for the
Company’s standardized operations and sustainable growth.
Any significant difference between the corporate governance and provisions of laws, regulations and rules of the CSRC on listed
companies
□ Yes No
There is no significant difference between the corporate governance and provisions of laws, regulations and rules of the CSRC on
listed companies.
II. Company’s Separation from Its Controlling Shareholder and Actual Controller in Terms of
Assets, Personnel, Financial affairs, Organizational Structure and Business Activities
1. Business independence
The Company’s primary operations include research, production, and sales of silicon wafers, cells, and modules, as well as the
development, construction, and operation of photovoltaic power plants, along with research, production, and sales of photovoltaic
materials and equipment. The Company independently conducts research and development, manufacturing, and sales of its products.
It possesses a comprehensive operational framework covering research and development, raw material procurement, manufacturing,
quality control, and sales. With the capability to operate autonomously in the market, it does not rely on the controlling shareholder,
actual controller, or businesses under their control. Furthermore, there are no conflicts of interest or unfair related-party transactions
with the controlling shareholder, actual controller, or businesses under their control.
2. Personnel independence
The directors, supervisors, and senior managers of the Company are appointed in accordance with the conditions and procedures
stipulated in the Company Law and Articles of Association. The Company has instituted an independent HR management department
and a robust personnel management system. Senior executives, including the General Manager and Deputy General Managers, do not
hold positions beyond director 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 the
controlling shareholder, actual controller or businesses under their control.
3. Asset independence
The Company possesses essential production systems, auxiliary production systems, and supporting facilities related to its
operations. It lawfully owns the title or use-right of assets such as machinery, buildings, land usage rights, trademarks, and patents
pertinent to production and operations. The ownership of key assets is clearly defined, and there are no significant disputes regarding
ownership. Its assets are independent from the controlling shareholder, actual controller or businesses under their control. The Company
does not provide guarantees using its assets and equity for businesses under the control of its controlling shareholder or actual controller.
There are also no instances of assets or funds being unlawfully appropriated by businesses under the control of its controlling
shareholder or actual controller. The Company maintains full control and ownership rights over all of its assets.
4. Institutional structure independence
The Company has established and refined the systems for the general meeting, the board of directors, and the supervisory
committee, resulting in a robust corporate governance structure. In terms of internal organization, the Company has established
organizational structures tailored to its developmental requirements. These structures define the functions of each department and
establish corresponding internal management and control systems, enabling independent conduct of production and operational
activities within the Company. There is no organizational overlap between the Company’s organizational structure and those of
businesses under the control of its controlling shareholder or actual controller.
5. Financial independence
The Company has created an independent, comprehensive, and standardized accounting and financial management system in
accordance with the Accounting Standards for Business Enterprises and relevant regulations. Additionally, it has implemented
corresponding internal controls, enabling autonomous financial decision-making. The Company has opened its own bank account and
does not share any bank account with its controlling shareholder, actual controller or businesses under their control. As an independent
taxpayer, the Company does not engage in mixed taxation with businesses under the control of its controlling shareholder or actual
controller.
III. Horizontal Competition
□ Applicable Not applicable
IV. Annual General Meeting and Extraordinary General Meetings Held in the Reporting
Period
1. General meeting of shareholders
Percent of investor
Session No. Session type Session date Disclosure date Resolutions
attendance
1st extraordinary Extraordinary Refer to the Announcement
62.55% January 04, 2023 January 05, 2023
general meeting general meeting on the Resolutions at the
42
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
2023 First Extraordinary General
Meeting for the Year 2023 on
http://www.cninfo.com.cn
for details.
Refer to the Announcement
on the Resolutions at the
2nd extraordinary Second Extraordinary
Extraordinary
general meeting 61.04% March 13, 2023 March 14, 2023 General Meeting for the Year
general meeting
2023 2023 on
http://www.cninfo.com.cn
for details.
Refer to the Announcement
on the Resolutions at the
Annual general Annual general Annual General Meeting for
60.90% April 13, 2023 April 14, 2023
meeting 2022 meeting the Year 2022 on
http://www.cninfo.com.cn
for details.
Refer to the Announcement
on the Resolutions at the
3rd extraordinary
Extraordinary September 18, September 19, Third Extraordinary General
general meeting 59.74%
general meeting 2023 2023 Meeting for the Year 2023 on
2023
http://www.cninfo.com.cn
for details.
Refer to the Announcement
on the Resolutions at the
4th extraordinary Fourth Extraordinary
Extraordinary December 28, December 29,
general meeting 58.42% General Meeting for the Year
general meeting 2023 2023
2023 2023 on
http://www.cninfo.com.cn
for details.
2. Extraordinary general meetings requested by the preferred shareholders whose voting rights have been
restored
□ Applicable Not applicable
V. Information of Directors, Supervisors and Senior Managers
1. Basic information
Sharehol Sharehol
dings dings
Opening Closing
increased decreased Other
Office sharehold sharehold
Name Gender Age Title Start date End date in the in the changes Reason for changes
status ings ings
current current (share)
(share) (share)
period period
(share) (share)
Chairman, and December 05, December 11,
Jin Baofang Male 72 Current
General Manager 2019 2025
Exercise of options,
restricted shares
Director, and granted under share
Yang December 11,
Male 43 Deputy General Current June 08, 2022 388,564 782,240 155,426 1,326,230 incentive
Aiqing 2025
Manager mechanism, and
conversion of capital
reserve to shares
December 12, December 11,
Jin Junhui Female 46 Director Current
2022 2025
Director, and
December 05, December 11,
Tao Ran Male 37 Deputy General Current
2019 2025
Manager
Exercise of options,
restricted shares
granted under share
Cao December 05, December 11,
Male 51 Director Current 974,288 759,581 243,000 292,515 1,783,384 incentive
Yangfeng 2019 2025
mechanism, and
conversion of capital
reserve to shares
December 12, December 11,
Jia Shaohua Male 74 Director Current
2022 2025
Zhao Independent December 05, December 11,
Male 85 Current
Yuwen director 2019 2025
Zhang Independent December 05, December 11,
Female 41 Current
Miao director 2019 2025
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Independent December 05, December 11,
Qin Xiaolu Female 49 Current
director 2019 2025
Chair of
December 05, December 11,
Li Yuntao Male 45 supervisory Current
2019 2025
committee
December 05, December 11,
Li Jing Female 33 Supervisor Current
2019 2025
December 05, December 11,
Li Binbin Female 28 Supervisor Current
2019 2025
Exercise of options,
restricted shares
Deputy General
granted under share
Wu Manager, and December 05, December 11,
Male 49 Current 814,464 746,214 325,785 1,886,463 incentive
Tingdong Secretary of the 2019 2025
mechanism, and
Board
conversion of capital
reserve to shares
Exercise of options,
restricted shares
granted under share
December 05, December 11,
Li Shaohui Male 50 Finance Director Current 1,026,144 872,046 410,458 2,308,648 incentive
2019 2025
mechanism, and
conversion of capital
reserve to shares
Total -- -- -- -- -- -- 3,203,460 3,160,081 243,000 1,184,184 7,304,725 --
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
2. Background information
The professional backgrounds, work experiences, and main responsibilities of the current directors, supervisors, and senior managers
within the Company
1. Directors
Mr. Jin Baofang, born in 1952, Chinese citizen, senior political work specialist, and senior economic specialist. In April 1972, he
was selected to study at Xingtai School of Finance and Trade. In June 1974, he was appointed as an accountant in the preparatory office
of Xingtai Cement Factory. In October 1975, he became the Director of the Office of Agricultural Machinery Bureau in Ningjin County.
In March 1984, he was promoted to Deputy Director of the Agricultural Machinery Bureau in Ningjin County, concurrently serving as
the Manager of the Agricultural Machinery Supply Company in Ningjin County. In 1992, he was appointed as the Party Secretary and
Director of the Ningjin County Power Bureau in Hebei Province. Since 2003, he has served as the Chairman of Jinglong Industrial
Group Co., Ltd. Since May 2005, he has also held the position of Chairman at JA Solar Holdings Co., Ltd. He received honors such as
Hebei Province Model Worker, Outstanding Entrepreneur of Hebei Province, National May 1st Labor Medal, National Model Worker,
among others. He has also served as a delegate to the 10th, 11th, and 12th National People’s Congress. Since December 2019, 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 Solar
Holdings Co., Ltd., including technician, team leader, line leader, workshop director, and deputy manager of the production department.
From September 2009 to December 2015, he served in various roles at JA (Yangzhou) Solar Technology Co., Ltd., such as production
manager, process manager, manufacturing director, assistant to the general manager, deputy general manager, and executive deputy
general manager. From 2016 to March 2017, he was the general manager of Shanghai JA Solar Technology Co., Ltd. From 2017 to
2021, he held positions including general manager of JA (Yangzhou) Solar Technology Co., Ltd., general manager of the second
business unit and assistant to the president of JA Solar Holdings Co., Ltd. Since January 2022, he has been serving as the acting
president of the Company. Additionally, since April 2022, he has held the position of deputy general manager, and since June 2022,
he has been a director of the Company.
Ms. Jin Junhui, born in 1978, Chinese citizen, master’s degree. From 1996 to 2009, she served in various positions in the Party
Committee of Ningjin County, Hebei Province, including office clerk, clerk, and deputy section chief. From 2009 to 2021, she held
positions in the United Front Work Department of the Hebei Provincial Government, including deputy section chief and section chief,
as well as serving as the Secretary of the Provincial Youth League Committee and Director of the Party Building Inspection Office of
the Provincial Working Committee. Since 2021, she has been serving as an assistant to the president of the Company. Since December
2022, she has also been a director of the Company.
Mr. Tao Ran, born in 1987, Chinese citizen, master’s degree. From May 2012 to March 2015, he served as an assistant in the
CEO’s office at Shanghai JA Solar PV Technology Co., Ltd. From March 2015 to June 2015, he was the assistant vice president of
Shanghai JA Solar PV Technology Co., Ltd. From July 2015 to January 2018, he served as the assistant vice president of Beijing JA
Solar PV Technology Co., Ltd. From January 2018 to the present, he has been the vice president of the Company. Since December
2019, he has also served as a director and deputy general manager of the Company.
Mr. Cao Yangfeng, born in 1973, Chinese citizen, doctor’s degree. Since November 2018, he has been serving as the Director of
the Strategic Brand Committee at JA Solar. Since December 2019, he has served as a director, and the Director of the Strategy and
Sustainability Committee at the Company. Concurrently, he is also a Professor of Management Practice, Guanghua School of
Management, Peking University.
Mr. Jia Shaohua, Born in December 1950, Doctor’s degree, professor, and researcher in economics. He serves as a graduate
supervisor at the University of Chinese Academy of Social Sciences, Honorary Director of the Finance and Tax Cadre Education and
Training Center at the School of Continuing Education of Central University of Finance and Economics, and Vice Chairman of the
China Association for Fiscal and Tax Law. He has held various positions including Director of the Finance Department of Ningxia Hui
Autonomous Region, Deputy General Manager of Hainan Province Commercial Management Group, Deputy Director of the State
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Taxation Bureau of Jiangxi Province and Hainan Province, Director of the Tax Cadre Continuing Education College of the State
Administration of Taxation, and Chief Editor of the China Taxation Publishing House. In 1996, he was awarded the title of Outstanding
Expert 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 in
tax research and teaching, and he received the special government allowance. Since December 2022, he has been a director of the
Company.
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, and chief engineer. From 1999 to 2017, he served as the Vice
Chairman of the China Renewable Energy Society (formerly the China Solar Energy Society) and Director of the China Photovoltaic
Professional Committee. From 2017 to March 2022, he was the Chief Supervisor of the China Renewable Energy Society. From 2005
to 2017, he served as a member of the International Advisory Committee for the Photovoltaic Science and Engineering Conference
(PVSEC) and the World Conference on Photovoltaic Energy Conversion (WCPEC). Since 2017, he has been an Honorary Member of
the International Advisory Committee for the PVSEC. Since 2017, he has also served as the Honorary Director of the Photovoltaic
Professional Committee of the China Renewable Energy Society. Since December 2019, he has been an independent director of the
Company.
Ms. Zhang Miao, born in 1983, Chinese citizen, master’s degree. From July 2005 to June 2012, she served as a prosecutor and
director of the Prosecution Department at the Dongcheng District People’s Procuratorate in Beijing. From July 2012 to May 2014, she
was the Director of the Litigation Department at the Li Xiaobin Law Firm in Beijing. Since May 2014, she has been a senior partner
at the Haotian Xinhe Law Firm in Beijing. Since December 2019, she has been an independent director of the Company.
Ms. Qin Xiaolu, born in 1975, Chinese citizen, master’s degree, senior accountant, a leading figure in management accounting in
Fujian Province and a part-time Master candidate supervisor at Xiamen National Accounting Institute. From March 2005 to July 2012,
she held positions as Deputy Finance Director and Finance Director at Fujian Zhongyou PTAC Communication Equipment Co., Ltd.
Since July 2012, she has held positions successfully as Finance Director, Executive Vice President, and President at Fujian Aoyuan
Group Co., Ltd. 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 Jinglong
Industrial 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 committee
of the Company since December 2019.
Ms. Li Jing, born in 1991, master’s degree from Peking University. From July 2013 to August 2015, she served as the Marketing
Manager at Beijing BMEI Co., Ltd. In August 2015, she joined Beijing JA Solar PV Technology Co., Ltd. Since December 2019, she
has been a supervisor of the Company, and she holds the positions of Director of the ESG and Sustainable Development Department
and Chief Sustainability Officer at the Company.
Ms. Li Binbin, born in 1996, Chinese citizen, bachelor’s degree. From December 2017 to February 2019, she worked as a
receptionist at the administrative department of Beijing JA Solar PV Technology Co., Ltd. From February 2019 to March 2023, she
served as an administrative secretary at Beijing JA Solar PV Technology Co., Ltd. From March 2023 to July 2023, she held the position
of administrative supervisor at Beijing JA Solar PV Technology Co., Ltd. From July 2023 to January 2024, she served as administrative
supervisor at general affairs department of Qujing JA Solar PV Technology Co., Ltd. Since January 2024, she has been responsible for
the quality management system at Qujing JA Solar PV Technology Co., Ltd. She has also been an employee representative supervisor
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, the
Deputy General Manager.
Mr. Wu Tingdong, born in 1975, Chinese citizen, bachelor’s degree. From 2011 to 2018, he held various positions successively
at JA Solar Holdings Co. Ltd., including Senior Manager of Public Relations Department, Senior Manager of Power Plant Development
Project Department, Deputy General Manager of Power Plant Business Unit, Secretary to the Board of Directors, and Assistant to the
President. Since July 2018, he has been serving as Assistant to the President at JA Solar Holdings Co., Ltd. Since August 2015, he has
also served as a director of JA Solar Holdings Co., Ltd. Since December 2019, he has been serving as Deputy General Manager and
Secretary to the Board of Directors of the Company. Additionally, since January 2020, he has held the position of Vice President at the
Company.
Mr. Li Shaohui, born in 1974, Chinese citizen, master’s degree, accountant, Chinese CPA, Chinese certified tax agent, and Chinese
certified public valuer. From January 2001 to September 2005, he served as an auditor at Xingtai Huaxin Certified Public Accountants
Co., 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 Taxation
Agent 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 to
September 2015, he served as Deputy General Manager at JA Solar Holdings Co., Ltd. From October 2015 to December 2019, he
served as the Finance Director and Assistant to the President at Beijing JA Solar PV Technology Co., Ltd. Since December 2019, he
has been responsible for finance at the Company. Additionally, since January 2020, he has been serving as Vice President at the
Company.
Offices in shareholders
Applicable □ Not applicable
Whether
compensation or
Name in office Shareholder name Title Start date End date
allowances are
received from
45
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
shareholder
Dongtai Jingtaifu Technology
Jin Baofang Executive director No
Co., Ltd.
Dongtai Jingren Ninghe
Representative
Business Management
Wu Tingdong appointed by the No
Consulting Center (Limited
managing partner
Partnership)
Dongtai Jingde Ningfu
Representative
Business Management
Wu Tingdong appointed by the No
Consulting Center (Limited
managing partner
Partnership)
Dongtai Jingli Ninghua
Representative
Business Management
Wu Tingdong appointed by the No
Consulting Center (Limited
managing partner
Partnership)
Dongtai Jingjun Ningyu
Representative
Business Management
Wu Tingdong appointed by the No
Consulting Center (Limited
managing partner
Partnership)
Offices in other entities
Applicable □ Not applicable
Whether
compensation or
Name in office Entity name Title Start date End date allowances are
received from
other entities
Jinglong Industrial Group Co.,
Jin Baofang Chair
Ltd.
Jinglong Technology Holding
Jin Baofang Executive director
Co., Ltd.
Beijing Jingguan Energy
Jin Baofang Chair
Technology Co., Ltd.
Ningjin Jingyuan New Energy
Jin Baofang Executive director
Co., Ltd.
Jin Baofang Jinglong Property Co., Ltd. Executive director
Beijing Yangguang Jinglong
Jin Baofang Executive director
Technology and Trade Co., Ltd.
Jinglong
Jin Baofang Director
Group Co., Ltd.
Sanhe Huadian Yili Technology
Jin Baofang Executive director
and Trade Co., Ltd.
JASO
Jin Baofang Director
Top Holdings Limited
JASO
Jin Baofang Director
Holdings Limited
JA
Jin Baofang Director
Solar Holdings Co., Ltd.
JA
Jin Baofang Director
Development Co., Ltd.
Jin Baofang Ningjin Rural Bank Co., Ltd. Director
Yangguang Guifeng Electronic
Jin Baofang Executive director
Technology Co., Ltd.
Beijing Zhongrui Lesang Hotel
Jin Baofang Director
Management Co., Ltd.
Institute of Global
Cao Yangfeng President
Entrepreneurship & Innovation
Guanghua School of Professor of
Cao Yangfeng Management, Peking management
University practices
University of China Academy Master candidate
Jia Shaohua
of Social Sciences supervisor
China Association for Fiscal
Jia Shaohua Vice Chair
and Tax Law
Shunfeng International Clean Independent
Zhao Yuwen
Energy Limited director
Zhang Miao Beijing Haotian Law Firm Senior partner
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Executive
Qin Xiaolu Fujian Aoyuan Group Co., Ltd.
President
Xiamen National Accounting Master candidate
Qin Xiaolu
Institute supervisor
China Dragon Securities Co.,
Qin Xiaolu Supervisor
Ltd.
Mintai (Putian) Cultural
Qin Xiaolu Supervisor
Creativity Industry Co., Ltd.
Jinglong Industrial Group Co., Assistant to
Li Yuntao
Ltd. General Manager
Jinglong Technology Holding
Li Yuntao General Manager
Co., Ltd.
Ningjin Jingyuan New Energy
Li Yuntao Manager
Co., Ltd.
Dongtai Jingkang Business Executive
Li Yuntao Management Consulting Co., Director, and
Ltd. Manager
JA (Tianjin) Finance Lease Co.,
Li Yuntao Chair
Ltd.
Hebei Jingning Elderly Care
Li Yuntao Director
Services Co., Ltd.
Ningjin Rongcheng SME
Li Yuntao Director
Finance Guarantee Co., Ltd.
Li Yuntao Xingtai Bank Co., Ltd. Director
Hebei Financing and Investing
Li Yuntao Supervisor
Lease Co., Ltd.
Dongtai Jingwo Business Executive
Wu Tingdong Management Consulting Co., Director, and
Ltd. Manager
Inner Mongolia Xinte Silicon
Wu Tingdong Director
Materials Co., Ltd.
Dongtai Jingwo Business
Li Shaohui Management Consulting Co., Supervisor
Ltd.
Penalties imposed on current and departing directors, supervisors, and senior managers by securities regulatory authorities in the past
three 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 senior
managers
Decision-making process for the The Company adheres to its Articles of Association and the Compensation Assessment
remuneration for directors, supervisors, Policy for Directors, Supervisors, and Senior Managers.
and senior managers
Criteria for the renumeration for Directors, supervisors, and senior managers serving in the Company receive
directors, supervisors, and senior remuneration according to their administrative positions and duties, in accordance with
managers the Company’s existing compensation policy.
Actual payments to directors, The Company follows the decision-making process and criteria for determining the
supervisors, and senior managers 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: 10k yuan
Whether
Total before-tax receiving
compensation compensation
Name Gender Age Title Office status
from the from related
Company parties of the
Company
Chairman, and General
Jin Baofang Male 72 Current 373.28 No
Manager
Director, and Deputy
Yang Aiqing Male 43 Current 680.59 No
General Manager
Jin Junhui Female 46 Director Current 677.9 No
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Director, and Deputy
Tao Ran Male 37 Current 269.89 No
General Manager
Cao
Male 51 Director Current 239.31 No
Yangfeng
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 Chair Current 0 Yes
Li Jing Female 33 Supervisor Current 80.76 No
Employee representative
Li Binbin Female 28 Current 24.7 No
supervisor
Deputy General
Wu
Male 49 Manager, and Secretary Current 545.12 No
Tingdong
of the Board
Li Shaohui Male 50 Finance Director Current 545.12 No
Total -- -- -- -- 3,508.67 --
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
Refer to the Second Meeting of the Sixth Board
2nd meeting of the 6th board
February 03, 2023 February 04, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Third Meeting of the Sixth Board of
3rd meeting of the 6th board
February 24, 2023 February 25, 2023 Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Fourth Meeting of the Sixth Board
4th meeting of the 6th board
March 23, 2023 March 23, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Fifth Meeting of the Sixth Board of
5th meeting of the 6th board
April 26, 2023 April 27, 2023 Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Sixth Meeting of the Sixth Board of
6th meeting of the 6th board
June 05, 2023 June 06, 2023 Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Seventh Meeting of the Sixth Board
7th meeting of the 6th board
July 13, 2023 July 14, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Eighth Meeting of the Sixth Board
8th meeting of the 6th board
July 27, 2023 July 28, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Ninth Meeting of the Sixth Board of
9th meeting of the 6th board
August 08, 2023 August 09, 2023 Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Tenth Meeting of the Sixth Board of
10th meeting of the 6th board
August 15, 2023 August 16, 2023 Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Eleventh Meeting of the Sixth Board
11th meeting of the 6th board
August 30, 2023 August 31, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Twelfth Meeting of the Sixth Board
12th meeting of the 6th board
September 05, 2023 September 06, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Thirteenth Meeting of the Sixth
13th meeting of the 6th board
September 18, 2023 September 19, 2023 Board of Directors on
of directors
http://www.cninfo.com.cn for details.
14th meeting of the 6th board Refer to the Fourteenth Meeting of the Sixth
October 30, 2023 October 31, 2023
of directors Board of Directors on
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http://www.cninfo.com.cn for details.
Refer to the Fifteenth Meeting of the Sixth Board
15th meeting of the 6th board
December 12, 2023 December 13, 2023 of Directors on http://www.cninfo.com.cn for
of directors
details.
Refer to the Sixteenth Meeting of the Sixth
16th meeting of the 6th board
December 26, 2023 December 27, 2023 Board of Directors on
of directors
http://www.cninfo.com.cn for details.
2. Director attendance at board meetings and general meetings
Director attendance at board meetings and general meetings
Board
Not attendance
meetings the Attendances
Attendances Attendances in person or via Attendanc
director at board Absences
Director at board at board communication es at
should have meetings via from board
name meetings in meetings by at two general
attended in communicati meetings
person proxy consecutive meetings
the reporting on
board meetings
period
Jin Baofang 15 12 3 0 0 No 5
Yang Aiqing 15 12 3 0 0 No 5
Jin Junhui 15 1 14 0 0 No 5
Tao Ran 15 13 2 0 0 No 5
Cao
15 5 10 0 0 No 5
Yangfeng
Jia Shaohua 15 0 15 0 0 No 5
Zhao Yuwen 15 2 13 0 0 No 5
Zhang Miao 15 2 13 0 0 No 4
Qin Xiaolu 15 0 15 0 0 No 5
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 □ No
Note on adoption or not adoption of the suggestions from directors regarding Company matters
In the reporting period, the Company’s directors fulfilled their responsibilities in strict adherence to relevant regulations such as the
Company Law, Securities Law, Code of Corporate Governance for Listed Companies, Shenzhen Stock Exchange Listing Rules,
Articles of Association and Rules of Procedures for Board Meetings. They provided valuable insights into the Company’s daily
operational decisions, significantly enhancing the Company’s compliance and fostering informed decision-making.
VII. Committees under the Board of Directors in the Reporting Period
Additional
Important Specific
information
Committee Number of opinions and information
Members Session date Content on
name meetings recommendat on objections
performance
ions raised (if any)
of duties
Reviewed the proposal
Cao Yangfeng, to expand the
Strategy and Yang Aiqing, Company’s integrated
February 03,
Sustainability Jin Junhui, 5 capacity through Approved
2023
Committee Zhao Yuwen, investment in
and Tao Ran auxiliary materials
projects.
Strategy and Cao Yangfeng, Reviewed the proposal
March 21, Approved
Sustainability Yang Aiqing, 5 to expand the
2023
Committee Jin Junhui, Company’s integrated
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Zhao Yuwen, capacity through
and Tao Ran investment in silicon
wafer and cell
projects.
Reviewed the proposal
Cao Yangfeng, to expand the
Strategy and Yang Aiqing, Company’s integrated
June 02, Approved
Sustainability Jin Junhui, 5 capacity through
2023
Committee Zhao Yuwen, investment in silicon
and Tao Ran wafer and cell
projects.
Reviewed the proposal
Cao Yangfeng,
to expand the
Strategy and Yang Aiqing,
August 28, Company’s integrated
Sustainability Jin Junhui, 5 Approved
2023 capacity through
Committee Zhao Yuwen,
investment in cell
and Tao Ran
projects.
Reviewed the
Cao Yangfeng, investment in the
Strategy and Yang Aiqing, construction of
October 27,
Sustainability Jin Junhui, 5 photovoltaic, wind Approved
2023
Committee Zhao Yuwen, power, and centralized
and Tao Ran energy storage power
plant projects.
Reviewed the
Remuneration Zhang Miao, performance
April 25, Approved
and Assessment Zhao Yuwen, 3 evaluation results of
2023
Committee and Tao Ran the Company’s 2020
share incentive plan
Reviewed the
Remuneration Zhang Miao, performance
Approved
and Assessment Zhao Yuwen, 3 July 12, 2023 evaluation results of
Committee and Tao Ran the Company’s 2022
share incentive plan
Drafted and reviewed
the proposal for the
Remuneration Zhang Miao,
August 25, Company’s 2023 Approved
and Assessment Zhao Yuwen, 3
2023 stock option and
Committee and Tao Ran
restricted share
incentive plan.
The Internal Audit
Department presented
Qin Xiaolu,
the audit findings for
Audit Zhao Yuwen, January 04,
7 the fourth quarter of Approved
Committee and Yang 2023
2022 and the work
Aiqing
plan for the first
quarter of 2023.
Reported the progress
Qin Xiaolu,
on and communication
Audit Zhao Yuwen, February 10,
7 relating to KPMG Approved
Committee and Yang 2023
audit work for the year
Aiqing
2022
Reported the findings
Qin Xiaolu,
of and communication
Audit Zhao Yuwen, March 20,
7 relating to KPMG Approved
Committee and Yang 2023
audit work for the year
Aiqing
2022
The Internal Audit
Department presented
Qin Xiaolu,
the audit findings for
Audit Zhao Yuwen, April 11,
7 the first quarter of Approved
Committee and Yang 2023
2023 and the work
Aiqing
plan for the second
quarter of 2023.
Qin Xiaolu, The Internal Audit
Audit
Zhao Yuwen, 7 July 14, 2023 Department presented Approved
Committee
and Yang the audit findings for
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Aiqing the second quarter of
2023 and the work
plan for the third
quarter of 2023.
Reviewed the proposal
Qin Xiaolu,
on renewing the
Audit Zhao Yuwen, August 29,
7 engagement with the Approved
Committee and Yang 2023
accounting firm for
Aiqing
the year 2023
The Internal Audit
Department presented
Qin Xiaolu,
the audit findings for
Audit Zhao Yuwen, October 17,
7 the third quarter of Approved
Committee and Jia 2023
2023 and the work
Shaohua
plan for the fourth
quarter of 2023.
VIII. Performance of Duties by Supervisory Committee
Whether 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 42
Number of employees in major subsidiaries at the end of the reporting period 50,216
Total employees at the end of the reporting period 50,258
Total employees receiving compensation in the current period 50,258
Number of retirees for whom the parent and major subsidiaries must bear relevant expenses 0
Profession structure
Profession Number of employees
Production 43,304
Sales 589
Technology 2,471
Finance 367
Administration 3,527
Total 50,258
Education structure
Education background Number of employees
Master’s degree or higher 680
Bachelor’s degree 7,122
Three-year college 12,460
Others 29,996
Total 50,258
2. Compensation policy
The Company remains responsive to industry dynamics, integrating its development strategy, overall performance, and industry salary
benchmarks to implement a differentiated compensation strategy. This includes recent adjustments in salaries and job levels, alongside
ongoing optimization of the benefit system, aimed at continuously igniting organizational vitality and bolstering resilience. Tailored
incentive plans for core employees, including long-term incentives linked to business performance, have been established to ensure the
stability of the talent pool. These efforts provide robust talent support for the Company’s aspirations to enhance global management,
operational level, and achieve sustained growth.
3. Training plan
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
The Company prioritizes talent development as a crucial component of its development strategy. It efficiently integrates top-tier training
resources from both internal and external channels. Internally, this involves executive leadership programs and the establishment of an
internal training team to summarize outstanding business models and management techniques. Externally, the Company seeks out
exceptional management experiences, advanced technologies, and innovative solutions. Aligned with the Company’s globalization
strategy, efforts are underway to advance the internationalization of talent acquisition and development across languages, professional
skills, and corporate culture.
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 cash
dividend 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 to
distribute residual dividends.
1. The board of directors should consider industry characteristics, developmental stage, operational model, profitability, and
significant capital expenditure arrangements. Based on these factors, they should propose a differentiated cash dividend policy in
accordance 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, the
proportion 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, the
proportion 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, the
proportion 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 expenditure
arrangements, the preceding rule applies.
2. Profit distribution policy
The profit distribution policy should prioritize ensuring investors receive fair returns on their investments while maintaining
consistency and stability. The Company may distribute its profit in cash or stock within the cumulative distributable profits and without
damaging the Company’s going concern.
In the decision-making and review process of profit distribution policy, the board of directors, the supervisory committee, and the
general 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 cash
each year, and the cumulative cash dividends over the past three years will be no less than 30% of the average annual distributable
profit 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 an
unqualified 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 end
of 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 cumulative
expenditures 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 cumulative
expenditures 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 dividends
allocated 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 the
Company’s main business.
(3) The specific conditions for paying stock dividends: In the event of rapid growth and a perceived disparity between the
Company’s share price and share capital scale, the board of directors may propose a plan to distribute stock dividends, provided that
the aforementioned cash dividend distribution is completed. The statutory reserve is utilized to offset the Company’s losses, expand
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
production and operation scale, or increase the Company’s capital. When statutory reserve is converted into capital, the retained amount
of 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-year
dividends 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 March 22, 2023, the 4th meeting of the 6th board of directors and the 4th meeting of the 6th supervisory committee approved
the Proposal on the Plan for Profit Distribution for the Year 2022 and the Conversion of Capital Reserve to Share Capital Plan. The
distribution plan, to be implemented in the future with the total share capital on the record date as the base, involves distributing a cash
dividend of 2.4 yuan (tax inclusive) per 10 shares to all shareholders and issuing 4 bonus shares per 10 shares from the share premium
of the capital reserve, without issuing bonus shares. Any remaining undistributed profits will be carried forward for distribution in
subsequent years. As approved by the annual general meeting for the year 2022, the Company completed the equity distribution for the
year 2022 on April 25, 2023.
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
Yes
along with proposed measures for enhancing investor returns in the future:
Middle and small shareholders have opportunities to fully express their views and needs with
Yes
their legitimate rights and interests fully protected:
Not applicable, there was no
Conditions and procedures are in compliance with regulations and transparent where the cash adjustment or change in the cash
dividend policy is adjusted or changed: 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 dividend
proposal is raised
□ Applicable Not applicable
Profit distribution and capital reserve converted to share capital in the reporting period
Applicable □ Not applicable
Bonus shares per 10 shares 0
Dividend per 10 shares (yuan) (including tax) 5.63
Shares converted from capital reserve per 10 shares 0
Base shares 3,289,383,706
Cash dividend (yuan) (including tax) 1,851,923,026.48
Cash dividend amount in other forms (such as share
259,928,728.62
repurchase) (yuan)
Total cash dividend (including other forms) (yuan) 2,111,851,755.10
Distributable profit (yuan) 2,462,281,336.03
Total cash dividend (including other forms) as a percent of the
100%
total profit distribution
Cash dividend for the reporting period
In the case where the Company is in a development stage which is not easy to determine and has significant capital expenditure
arrangements, the proportion of cash dividends in the current profit distribution should be no less than 20%
Description of the plan of profit distribution or conversion of capital reserve to share capital
The proposed profit distribution plan for the year 2023: based on the total share capital excluding the repurchased shares in the special
securities account for repurchase as of the record date when the plan will be implemented, a cash dividend of 5.63 yuan per 10 shares
(tax included) will be distributed. If changes occur in the total share capital and the number of repurchased shares between the disclosure
of the profit distribution plan and the implementation of the distribution scheme, the Company will adjust the total amount of cash
dividends while maintaining the cash dividend payout ratio unchanged.
As of April 19, 2024, the total share capital of the Company was 3,309,668,514 shares; and deducting the repurchased shares held in the
special securities account for repurchase (totaling 20,284,808 shares), the adjusted share capital was 3,289,383,706 shares. On this basis,
it is estimated that a cash dividend of 1,851,923,026.48 yuan will be distributed.
In 2023, the Company repurchased 12,483,600 shares through the Shenzhen Stock Exchange trading system via centralized competitive
trading, with a total transaction amount of 259,928,728.62 yuan (excluding stamp duty, transaction commissions, and other transaction
fees).
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
The expected cash dividend amount and the total amount of shares repurchased in 2023 will sum up to 2,111,851,755.10 yuan,
representing 30% of the net profit attributable to the shareholders of the listed company in the consolidated financial statements for 2023.
XI. Implementation of Share Incentive Plan, Employee Stock Ownership Plan or Other
Employee Incentive Measures
Applicable □ Not applicable
1. Share incentive
Stock option and restricted share incentive plan for the year 2020
In March 2020, to bolster the long-term incentive mechanism, and to attract and retain top talent, as approved by the fourth meeting
of the fifth board of directors and the third extraordinary general meeting in 2020, the Company approved to implement the 2020 Stock
Option and Restricted Share Incentive Plan. The initial grant of stock options, totaling 16.5523 million share options, was recorded on
May 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, providing
454,300 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 committee
approved the Proposal on Meeting the Exercise Conditions of the First Exercise Period for Initial Stock Option Grant within the Stock
Option and the Restricted Share for the Year 2020, and the Proposal on Meeting the Vesting Conditions of the First Vesting Period for
the Initial Restricted Share Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed that the relevant
exercise conditions and vesting conditions were met. In the first vesting period for the initial grant of restricted shares, the restrictions
on 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 stock
options, 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 committee
approved the Proposal on Meeting the Exercise/Vesting Conditions of the Second Exercise/Vesting Period for Initial Grant within the
Stock Option and the Restricted Share for the Year 2020, and the Proposal on Meeting the Exercise/Vesting Conditions of the First
Exercise/Vesting Period for the Reservation Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed
that the relevant exercise conditions and vesting conditions were met. In the second vesting period for the initial grant of restricted
shares, the restrictions on a total of 3,929,562 shares were removed. In the second exercise period (May 20, 2022 to May 19, 2023) for
the initial grant of stock options, a total of 6,059,409 stock options were exercised. In the first vesting period for the reservation grant
of 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 approved
the Proposal on Meeting the Exercise/Vesting Conditions of the Third Exercise/Vesting Period for Initial Grant within the Stock Option
and the Restricted Share for the Year 2020, and the Proposal on Meeting the Exercise/Vesting Conditions of the Second
Exercise/Vesting Period for the Reservation Grant within the Stock Option and the Restricted Share for the Year 2020. It was agreed
that 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 the
initial grant of stock options, a total of 12,639,805 stock options were exercised. In the second vesting period for the reservation grant
of restricted shares, the restrictions on a total of 445,214 shares were removed. In the second exercise period (May 31, 2022 to February
23, 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 fifth
board of directors on April 29, 2022 and the annual general meeting for the year 2021 on June 8, 2022, the Company approved to
implement the 2022 Stock Option and Restricted Share Incentive Plan. On July 25, 2022, the grant of stock options and restricted
shares was recorded; a total of 15,027,600 stock options were granted to 837 incentive recipients; and a total of 4,298,000 restricted
shares 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 approved
the Proposal on Meeting the Exercise Conditions of the First Exercise/Vesting Period for Initial Grant within the Stock Option and the
Restricted Share for the Year 2022. It was agreed that the relevant exercise conditions and vesting conditions were met. In the first
vesting period for the initial grant of restricted shares, the restrictions on a total of 1,805,160 shares were removed. The first exercise
period (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 committee
approved the Proposal on Terminating the Implementation of the Stock Option and Restricted Share Incentive Plan for the Year 2022
and Canceling Stock Options and Repurchasing Canceled Restricted Shares. On March 13, 2024, the Company held the year’s first
extraordinary 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 yet
exercised 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 sixth
board of directors on August 30, 2023 and the third extraordinary general meeting for the year 2023 on September 18, 2023, the
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Company approved to implement the Stock Option and Restricted Share Incentive Plan for the Year 2023. On October 18, 2023, the
grant of restricted shares was recorded with a total of 3.4 million restricted shares granted to 11 incentive recipients; and on December
16, 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 committee
approved the Proposal on Terminating the Implementation of the Stock Option and Restricted Share Incentive Plan for the Year 2023
and Canceling Stock Options and Repurchasing Canceled Restricted Shares. On March 13, 2024, the Company held the year’s first
extraordinary 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 been
granted but not yet exercised and repurchased and canceled 3.4 million restricted stocks that had been granted but not yet released from
restriction.
Share incentives granted to directors and senior managers
Applicable □ Not applicable
Unit: Share
Exercise
Stock price of Restricted
Grant
options Options Options options Closing Shares shares
price of
Opening newly exercisable exercised exercised Closing market Opening vetted in newly Closing
restricted
Name Title stock granted in in the in the in the stock price restricted the granted in restricted
reporting shares
options the reporting reporting options (yuan/shar shares reporting the shares
period (yuan/shar
reporting period period e) period reporting
e)
period (yuan/shar period
e)
Director, and
Yang Aiqing Deputy General 621,600 248,640 458,640 282,240 7.89 588,000 20.72 86,912 121,677 534,765 14.5 500,000
Manager
Cao Yangfeng Director 328,272 131,309 459,581 459,581 7.89 0 20.72 276,752 250,253 410,701 14.5 437,200
Deputy General
Manager, and
Wu Tingdong 247,296 98,918 346,214 346,214 7.89 0 20.72 278,208 224,851 511,283 14.5 564,640
Secretary of the
Board
Li Shaohui Finance Director 337,176 134,870 472,046 472,046 7.89 0 20.72 308,952 267,893 523,581 14.5 564,640
Total -- 1,534,344 613,737 1,736,481 1,560,081 -- 588,000 -- 950,824 864,674 1,980,330 -- 2,066,480
“Stock options newly granted in the reporting period” and “restricted shares newly granted in the reporting period” include the new grant portion of the share incentive plan and the
addition due to conversion of capital reserve to shares;
Notes (if any)
“Exercise price of stocks exercised in the reporting period”: in the reporting period, the Company implemented equity distribution, adjusting the exercise price from 11.28 yuan per
share to 7.89 yuan per share.
Assessment mechanism and incentive arrangements for senior managers
The Company has established a comprehensive compensation assessment system, whereby the Remuneration and Assessment
Committee determines the salary range for senior managers based on their positions, responsibilities, job performance, and completion
of assigned tasks. This system reflects the principle of parity between responsibility and rights, ensuring that compensation is
commensurate with the importance of the position, workload, and level of responsibility. In the reporting period, the Company’s senior
managers demonstrated a commitment to upholding their responsibilities in accordance with legal and regulatory requirements. They
actively implemented decisions made by the general meeting and the board of directors, fulfilled their assigned duties, and effectively
achieved 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 Commission
and the Shenzhen Stock Exchange, following the fundamental principles of internal control and given the Company’s specific needs,
the Company has refined and adjusted the internal control system to encompass crucial aspects of corporate management and ensure
the design of internal controls is sound, reasonable, and effective. The Company has established a robust corporate governance structure,
an organization framework aligned with its business needs, effective incentive mechanisms, and a comprehensive risk assessment
system.
(1) The general meeting, the board of directors, and the supervisory committee operate legally and made decisions based on sound
principles. Independent directors and supervisors are able to fully and independently fulfill their oversight responsibilities and provide
independent evaluations. In response to the strategy and sustainable development requirements of the Company and to advance the
realization of the Company’s ESG objectives, the board of directors has established a Strategy and Sustainability Committee. This
strengthens the board’s oversight of the Company’s sustainability initiatives.
(2) The internal audit department conducts internal audits independently and in compliance with the law, ensuring effective
oversight of management and the proper functioning of internal controls.
(3) The Company consistently arranges training sessions regarding regulatory compliance for directors, supervisors, and senior
managers to raise the corporate governance standards of the leadership team. Furthermore, tailored compliance training is conducted
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
for middle-level managers and ordinary employees to heighten their awareness of risk prevention and reinforce a culture of compliance.
These initiatives ensure the effective implementation of internal controls and contribute to the Company’s adherence to operational
standards, facilitating its sustainable development.
In the reporting period, the board of directors conducted a thorough self-assessment of the Company’s internal controls. The 2023
Annual Internal Control Self-Assessment Report provides a comprehensive, accurate, and truthful depiction of the Company’s internal
control landscape. According to the report, the Company’s internal control framework has been effectively implemented, ensuring
robust financial reporting controls across all significant areas in compliance with internal control standards and relevant regulations.
Furthermore, there were no material weaknesses identified in internal controls for non-financial reporting during the reporting period.
In the upcoming period, the Company will further refine its internal controls, ensure the standardized execution of internal controls,
strengthen supervision and inspection mechanisms, and foster the Company’s healthy and sustainable development.
2. Specific information on material weaknesses identified in internal controls in the reporting period
□ Yes No
XIII. Management and Control over Subsidiaries in the Reporting Period
Subsidiary Integration Issues found in Resolution Subsequent
Integration plan Measures taken
name progress integration progress solution
Acquisition of
100% equity of
Shijiazhuang
Jinglong; upon the
completion of the
transaction,
Shijiazhuang
Shijiazhuang Jinglong will be
Jinglong included in the
Electronic consolidated
Acquisition
Materials Co., financial None Not applicable Not applicable Not applicable
completed
Ltd. statements of the
(“Shijiazhuang Company.
Jinglong”) Shijiazhuang
Jinglong has not
started its operating
activities, and does
not hold any other
significant assets
other than land and
property.
XIV. Internal Control Evaluation Report or Internal Control Audit Report
1. Internal control evaluation report
Disclosure date of the full text of internal
April 30, 2024
control evaluation report
Index to disclosed full text of internal
www.cninfo.com.cn
control evaluation report
Total assets of entities covered by the
evaluation as a percent of the total assets
77.60%
in the Company’s consolidated financial
statements
Operating revenue of entities covered by
the evaluation as a percent of the
86.06%
operating revenue in the Company’s
consolidated financial statements
Deficiency criteria
Category Financial reporting Non-financial reporting
Qualitative criteria for material weakness Qualitative criteria for material weakness
include: include:
Qualitative criteria (1) absence of decision-making (1) The Company is exposed to severe
procedure; penalties from regulatory authorities for
(2) material error caused by the decision- serious violations of laws or regulations;
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making procedure; (2) Improper critical decision-making
(3) Violation of national laws and/or causes critical direct property losses;
regulations and punishment imposed (3) Overall absence of systemic controls
consequently; lead to o company-wide control failure;
(4) absence of controls or systemic (4) The Company is subject to critical
failures in significant business activities; penalties from the China Securities
(5) material weaknesses in internal Regulatory Commission or warnings
controls not corrected. from stock exchanges.
Qualitative criteria for significant Qualitative criteria for significant
deficiency include: deficiency include:
(1) decision-making procedure with (1) The Company is subject to significant
deficiencies leading to significant losses; fines due to violation of laws or
(2) significant error caused by the regulations;
decision-making procedure; (2) Improper critical decision-making
(3) significant loss caused by breach of causes significant direct property losses;
internal rules; (3) Absence of policies and systemic
(4) significant faults in important business controls over significant business
policies or systems; activities or key processes, compounded
(5) significant deficiencies in internal by a lack of adequate compensatory
controls not corrected. measures, resulting in the failure of
control in the business;
Qualitative criteria for moderate (4) Occurrences of significant quality,
deficiency include: environmental, and occupational health
Control deficiencies causing and safety incidents cause significant
misstatement in financial statements other reputational damage.
than critical and significant deficiencies
mentioned above. Qualitative criteria for moderate
deficiency include:
Control deficiencies other than critical
and significant deficiencies mentioned
above.
Operating revenue and total assets are the Operating revenue and total assets are the
measures in quantitative criteria. measures in quantitative criteria.
The potential or realized losses resulting The potential or realized losses resulting
from an internal control deficiency are from an internal control deficiency are
measured by total assets if they are related measured by total assets if they are related
to balance sheet. The deficiency is defined to balance sheet. The deficiency is defined
as a moderate deficiency if the potential as a moderate deficiency if the potential
or realized misstatement amount in the or realized misstatement amount in the
financial reports resulting from the financial reports resulting from the
deficiency alone or in combination with deficiency alone or in combination with
other deficiencies is less than 0.2% of other deficiencies is less than 0.2% of
total assets; a significant deficiency if the total assets; a significant deficiency if the
amount reaches or exceeds 0.2% but is amount reaches or exceeds 0.2% but is
less than 0.5% of total assets; a material less than 0.5% of total assets; a material
weakness if the amount reaches or weakness if the amount reaches or
Quantitative criteria
exceeds 0.5% of total assets. exceeds 0.5% of total assets.
The potential or realized losses resulting The potential or realized losses resulting
from an internal control deficiency are from an internal control deficiency are
measured by operating revenue if they are measured by operating revenue if they are
related to income statement. The related to income statement. The
deficiency is defined as a moderate deficiency is defined as a moderate
deficiency if the potential or realized deficiency if the potential or realized
misstatement amount in the financial misstatement amount in the financial
reports resulting from the deficiency reports resulting from the deficiency
alone or in combination with other alone or in combination with other
deficiencies is less than 0.2% of operating deficiencies is less than 0.2% of operating
revenue; a significant deficiency if the revenue; a significant deficiency if the
amount reaches or exceeds 0.2% but is amount reaches or exceeds 0.2% but is
less than 0.5% of operating revenue; a less than 0.5% of operating revenue; a
material weakness if the amount reaches material weakness if the amount reaches
or exceeds 0.5% of operating revenue. or exceeds 0.5% of operating revenue.
Material weaknesses in financing
0
reporting
Material weaknesses in non-financial 0
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reporting
Significant deficiencies in financing
0
reporting
Significant deficiencies in non-financing
0
reporting
2. Internal control audit report
Applicable □ Not applicable
Audit opinion paragraph in the internal control audit report
JA Solar maintained effective internal control over financing reporting in all material aspects for the year ending December 31, 2023
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 30, 2024
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 Listed
Company
Not applicable
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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 protection
authority
Yes □ No
Policies and industrial standards in environmental protection
The Company actively identifies and adheres to industry standards, national and local laws, including the Environmental Protection
Law of the People’s Republic of China, Environmental Impact Assessment Law of the People’s Republic of China, Management
Measures for Enterprise Environmental Information Disclosure, Atmospheric Pollution Prevention and Control Law of the People’s
Republic of China, Water Pollution Prevention and Control Law of the People’s Republic of China, Soil Pollution Prevention and
Control Law of the People’s Republic of China, Law of the People’s Republic of China on Prevention and Control of Environmental
Pollution by Solid Waste, Law of the People’s Republic of China on Promoting Clean Production, and Energy Conservation Law of
the People’s Republic of China. We strive to enhance the Company’s energy efficiency and resource utilization, continuously improve
the ISO 14001 environmental management system, promote clean production, drive the establishment of green factories, and facilitate
the Company’s sustainable development.
Environmental permits
The Company conducts environmental impact assessments and approvals for all projects in accordance with national environmental
protection regulations such as the Environmental Impact Assessment Law of the People’s Republic of China. This ensures that
environmental protection facilities are designed, constructed, put into operation, and used simultaneously with the main projects. We
have established environmental management systems and fully implemented the environmental protection responsibility system. We
regulate environmental behaviors, prevent environmental pollution, and minimize environmental pollution.
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Specific details of industry discharge standards and the discharges of pollutants involved in production and operational activities
Company Types of main Names of main
or pollutants and pollutants and Number of Distribution of Approved discharge Over-limit
Discharge method Discharge concentration/intensity Discharge standards Total discharge amounts
subsidiary distinctive distinctive discharge outlets discharge outlets limits discharge
name pollutants pollutants
I. Air pollutants: I. Air pollutants:
I. Air pollutants
Fluoride, I. Air pollutants: Emission Standard of I. Air pollutants:
Ammonia: 6.683mg/m,
hydrogen After treated by the Pollutants for Battery Chlorine: 7.357t,
nitrogen oxides: 3.36mg/m,
chloride, exhaust gas Industry, Emission hydrogen chloride:
non-methane hydrocarbons:
chlorine, treatment facilities, Control Standard for 20.5t, fluoride: 14.22t,
4.637mg/m，fluoride:
nitrogen oxides, the emissions meet Industrial Enterprises ammonia: 2.642t,
particulates, I. Waste gas 2.56mg/m, particulates:
the standard and Volatile Organic particulates: 12.615t, I. Air pollutants:
non-methane outlets: 22 in 3.87mg/m, hydrogen
then are discharged Compounds, Emission NMHC: 20.618t, Nitrogen oxides:
hydrocarbons, Sanqu, 8 in Wuqu sulfide: 0.39mg/m, sulfuric
into the atmosphere. Standards for Odor nitrogen oxides: 1.53t, 62.547t/a
odor, ammonia, I. Waste gas and 19 in acid mist: 1.11mg/m;
Air Pollutants (GB14554- sulfuric acid mist:
JA Solar and hydrogen outlets: 49 Dongcheng. hydrogen chloride: Not
pollutants; II. Water pollutants: 93), Integrated 0.47t, and hydrogen II. Water
Holdings 3.875mg/m, and chlorine: exceeding
water sulfide。 After undergoing Emission Standard of sulfide: 0.214t. pollutants: limit
Co., Ltd. II. Wastewater II. Wastewater 3.25mg/m
pollutants treatment at the in- Air Pollutants (GB COD:
outlets: 4 outlets: 2 in
II. Water factory wastewater 16297-1996). II. Water pollutants: 708.721t/a;
Sanqu, 1 in Wuqu II. Water pollutants:
pollutants: treatment station, COD: 238.833t, NH3- NH3-N:
and 1 in COD: 69mg/L; BOD:
COD, BOD, the effluent is N: 18.227t, total 104.277t/a
Dongcheng. 17.4mg/L; NH3-N:
NH3-N, discharged to the II. Water pollutants: phosphorus: 2.324t,
urban wastewater 4.02mg/L; suspended Integrated Wastewater total nitrogen: 52.318t,
suspended
treatment plant for solids: 13mg/L; chlorine: Discharge Standard, suspended solids:
solids, fluoride,
further processing 2.79mg/L; total nitrogen: Emission Standard of 73.977t, BOD: 5.862t,
total nitrogen,
and discharge. 4.6mg/L; total Air Pollutants for fluoride: 15.79t.
and total
phosphorus :0.36mg/L Cement Industry.
phosphorus.
I. Air pollutants: The I. Waste gas
I. Air pollutants: welding fumes are outlets: 2 outlets I. Air pollutants
Particulates, tin directed to a for each of the Integrated Emission
and its secondary activated first factory, the Standard of Air
I. Air pollutants:
compounds, carbon adsorption second factory, I. Air pollutants: NMHC: Pollutants (DB31/933-
particulates: 7.276t;
NMHC, NOx, unit through exhaust the third factory, 21.68mg/m; particulates: 2015); special emission Water pollutant:
NMHC: 45.45t; tin and
SO2, ducts for treatment the fourth factory 4.94mg/m; tin and its limits in the Standard COD: 91.81t/a;
its compounds:
Hefei JA dimethylbenzen before being I. Waste gas and the fifth compounds: 0.0013mg/m. for Fugitive Emission NH3-N:
Air 0.0034t.
Solar e. discharged into the outlets: 24 factor; 4 outlets of Volatile Organic 9.181t/a; Not
pollutants;
Technol atmosphere at high for each of phase II. Water pollutants: COD: Compounds (GB37822- Total nitrogen: exceeding
water II. Water pollutants: limit
ogy Co., II. Water altitude; the II. Wastewater one, phase two 33.7mg/L; total nitrogen: 2019) 13.12t/a;
pollutants COD: 3.91t; total
Ltd. pollutants: laminating fumes outlets: 1 and phase three 30.7mg/L; NH3-N: Total
nitrogen: 2.49t; NH3-
COD, BOD, are directed to an of the smart 13.5mg/L; total phosphorus: II. Water pollutants: phosphorus:
N: 0.73t; total
NH3-N, electrostatic oil factory; 1 outlet 1.85mg/L; BOD: 8.4mg/L; West Area Standard for 1.57t/a
phosphorus: 0.13t; SS:
suspended removal + for the boiler SS: 15.7mg/L. Connection of Sewage
1.805t; BOD5: 1.043t.
solids, total secondary activated facility and 1 Treatment Plants into
phosphorus, carbon adsorption outlet for the Municipal Sewage Pipe
total nitrogen. unit through exhaust laboratory. Network.
ducts for treatment
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before being II. Wastewater
discharged into the outlets: 1 general
atmosphere at high outlet at the
altitude; the boiler southwest corner
has undergone low- of the sewage
nitrogen treatment station
modification, and in the factory.
the waste gases are
discharged directly;
laboratory exhaust
gases are treated by
secondary activated
carbon adsorption
units before being
discharged into the
atmosphere at high
altitude.
II. Water pollutants:
The wastewater is
treated at the
factory’s self-built
sewage treatment
plant before being
discharged into the
municipal sewage
pipe network.
Online monitoring
devices have been
installed for the
sewage.
I. Air pollutants I. Air pollutants: I. Waste gas I. Air pollutants: hydrogen I. Air pollutants
Fluoride, After treated by the outlets: 5 in the chloride :3.9 Emission Standard of
I. Air pollutants:
hydrogen exhaust gas first module mg/m3, fluoride: 1.32 Pollutants for Battery
ammonia :86.2t,
chloride, treatment facilities, factory, 5 in the mg/m3, particulates < 20 Industry (GB30484- I. Air pollutants
hydrogen chloride:
chlorine, the emissions meet second module mg/m3, chlorine <0.2 2013), Emission VOCs:
2.917t, chlorine:
particulates, the standard and factory, 9 in the mg/m3, ammonia: 5.86kg/h, Standards for Odor 27.402t/a
Yiwu JA 0.1258t, particulates:
Air ammonia, then are discharged I. Waste gas first cell factory, NMHC: 3.0mg/m3, Pollutants (GB 14554-
Solar 37.14t, NMHC: 10.77t. Not
pollutants; NMHC, into the atmosphere. outlets: 33 12 in the second hydrogen sulfide: 0.1721 93), Integrated II. Water
Technol exceeding
water hydrogen II. Wastewater cell factory, and 2 mg/m3, isopropanol: 14.8 Emission Standard of pollutants: limit
ogy Co., II. Water pollutants:
pollutants sulfide, odor, II. Water pollutants: outlets: 1 in the wastewater mg/m3, tin and its Air Pollutants (GB COD:
Ltd. COD: 261.24t, NH3-N:
alcohol, tin and After undergoing station. compounds: 3.95 mg/m3, 16297-1996) 646.966t/a;
53.68t, total nitrogen:
its compounds, treatment at the in- odor: 478 without NH3-N:
85.17t, fluoride: 16.39t,
isopropanol. factory wastewater II. Wastewater dimension. II. Water pollutants: 129.393t/a;
total phosphorus:
treatment station, outlets: 1 general Emission Standard of
0.6298t.
II. Water the effluent is outlet at the west II. Water pollutants: total Pollutants for Battery
pollutants: discharged to the side of the nitrogen: 23.8mg/L, total Industry (GB30484-
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PH, COD, SS, Choujiang factory. phosphorus: 0.176 mg/L, 2013)
TP, TN, NH3-N, wastewater suspended solids: 28 mg/L,
fluoride treatment plant. COD: 73 mg/L, NH3-N:
(measured at 15.0 mg/L, fluoride: 4.58
fluorine). mg/L, PH: 7.1.
I. Air pollutants:
After treated by the
dust removal
facility, the
emissions meet the I. Air pollutants:
standard and then Integrated Emission
I. Air pollutants:
are discharged into I. Air pollutants: Standard of Air
I. Air pollutants Particulates:
the atmosphere. Particulates :1.5mg/m3. Pollutants
Particulates. 0.648t/a.
I. Waste gas (DB32/4041-2021) for I. Air pollutants:
II. Water pollutants: outlets: 1 for the II. Water pollutants: Jiangsu Province Particulates: 0.1296t.
II. Water II. Water
The domestic graphite project Domestic sewage outlet: (including Table 3
pollutants: pollutants:
sewage, after pre- in the workshop pH:7.3, total phosphorus thereof). II. Water pollutants:
JA COD, NH3-N, Total
treatment in the C. (measured at P): 0.97mg/L, Total phosphorus
(Wuxi) Air other I. Waste gas phosphorus
industry park’s suspended solids: II. Water pollutants: (measured at P): 0.002t, Not
PV pollutants; characteristic outlets: 1 (measured at P):
septic tank, is II. Wastewater 44.0mg/L, COD: 57mg/L, Grade three standard in Suspended solids: exceeding
Technol water pollutants (total II. Wastewater 0.009t/a; limit
transferred to the outlets: 1 NH3-N: 0.096mg/L, BOD5: Table 4 of Integrated 0.084t,
ogy Co., pollutants nitrogen outlets: 2 suspended
municipal pipeline domestic sewage 17.0mg/L, total nitrogen Wastewater Discharge COD: 0.109t,
Ltd. (measured at solids: 0.63t/a;
network. It is then outlet, and 1 (measured by N): 2.47 Standard (GB8978- NH3-N: 0.0002t,
N), total COD: 0.72t/a;
processed by the rainwater outlet mg/L. 1996); grade B total nitrogen
phosphorus NH3-N:
Yuqi Yongxin in the industry Rainwater outlet: pH: 7.0, standard in Table 1 of (measured at N):
(measured at P), 0.063t/a;
Wastewater park. CO: 23mg/L, suspended Wastewater Quality 0.005t.
pH, suspended total nitrogen
Treatment Limited solids: 15mg/L, NH3-N: Standards for
solids, BOD5). (measured at N):
Company before 0.048mg/L. Discharge to Municipal
0.072t/a.
being discharged in Sewers (GB/T31962-
compliance with 2015).
regulations
Rainwater is directly
discharged into the
nearby rivers.
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Pollutant treatment
1.1 Waste gas
The Company complies with the requirements outlined in the Integrated Emission Standard of Air Pollutant, Emission Standard of
Pollutants for Battery Industry, Emission Standards for Odor Pollutants, and Emission Control Standard for Industrial Enterprises
Volatile Organic Compounds for waste gas treatment. It strategically equips a range of waste gas treatment facilities, including organic
waste 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. Through
continuous real-time monitoring, the Company ensures that the concentration of emitted gases complies with both national and local
regulations.
1.2 Wastewater
Wastewater primarily originates from certain production processes, such as acidic and alkaline wastewater generated during texturing
and alkali etching processes, wastewater from gas scrubbing towers, clean wastewater from purified water preparation, and domestic
sewage from employee facilities. The Company rigorously adheres to both national and local standards for wastewater discharge. It
has constructed and operates sewage treatment stations, employing processes like neutralization, sedimentation, A/O (Anaerobic/Oxic),
and Anbot towers. Real-time online monitoring of pollutant factors is conducted and shared with environmental authorities to ensure
compliance with standards such as the Integrated Wastewater Discharge Standard, Emission Standard of Pollutants for Battery
Industry, and Wastewater Quality Standards for Discharge to Municipal Sewers. Continuous optimization of treatment processes is
pursued, making internal discharge standards higher than local regulatory requirements.
1.3 Solid waste and hazardous waste
The Company complies with the legal requirements of the People’s Republic of China, encompassing the Law of the People’s Republic
of China on Prevention and Control of Environmental Pollution by Solid Waste, Management Measures for the Transfer of Hazardous
Waste, and National Catalog of Hazardous Waste. In alignment with ISO 14001 Environmental Management System standards, it
effectively 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 gas
treatment, waste chemical packaging materials, waste oil, experimental waste liquids from water testing equipment, and waste
pharmaceutical liquids from online monitoring devices. General solid waste mainly includes fluorinated calcium sludge generated from
sewage treatment plants, waste scraps generated during production processes, such as waste trimmings, cardboard boxes, pallets, and
packaging bags.
The Company delegates the collection and disposal of household garbage to sanitation entities. For general solid waste, dedicated
personnel manage every stage, including generation, transfer, storage, and disposal. A comprehensive solid waste register is maintained
to document types, quantities, direction, storage, utilization, and disposal information accurately. The Company promotes a circular
economy, aiming to reduce resource waste at the source. And implement various methods to collect, recycle, and utilize solid waste
that has already been generated. For solid waste without utility value, the Company engages certified recycling and disposal entities
for its collection, transportation, and disposal. The Company follows national guidelines when selecting waste disposal entities,
verifying their eligibility, environmental compliance, and technical capabilities. The Company oversees the transportation, utilization,
and disposal of industrial solid waste by entrusted entities, ensuring compliance with legal regulations and pollution prevention
requirements stipulated in contracts.
For hazardous waste, the Company employs specialized measures such as sun-shielding and leakage prevention for warehouses and
storage facilities. Hazardous waste is categorized and stored according to its hazardous characteristics. Qualified entities are
commissioned for recycling of hazardous waste. The Company strictly adheres to the transfer application and transfer documentation
system for hazardous waste, submitting data declarations via the Solid Waste Dynamic Information Platform. It welcomes supervision
from higher-level environmental authorities and the public to ensure the safe storage and compliant disposal of hazardous waste. The
hazardous waste storage warehouse is equipped with an intelligent monitoring system, enabling data tracking at every stage from waste
generation, transfer, weighing, storage, to disposal, ensuring compliance.
Self-monitoring plans
The Company utilizes a hybrid approach of manual and automatic monitoring to analyze pollutant emissions, ensuring the efficient
operation of environmental control facilities. Automatic monitoring involves online devices tracking COD and ammonia nitrogen levels
in 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 and
analysis. 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 plans
In accordance with national regulations such as the Management Measures for Environmental Emergencies, the Company has
developed comprehensive management systems for environmental protection, environmental testing, operation and maintenance of
pollution control facilities, and environmental education and training. These systems aim to standardize and promote the orderly
implementation of environmental protection efforts. Designated personnel conduct regular inspections, maintenance, and cleaning
operations as per procedures. Each subsidiary establishes an emergency response plan for environmental incidents, which is filed with
the environmental protection authorities. Targeted environmental emergency drills are conducted regularly to validate the operation
and response capabilities of environmental equipment and facilities. The emergency response system is continuously enhanced to
ensure 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 of
particulates and pollutants, thereby reducing the burden on the ecological environment.
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Information on expenditure in environmental governance and protection, as well as payment of environmental protection taxes
The Company paid 1,630,200 yuan of environmental protection tax in the reporting period.
Emission reduction actions in the reporting period and the effect
Applicable □ Not applicable
JA Solar actively addresses climate change by conducting regular carbon inventory to assess its carbon emissions, and setting
carbon goals and emission reduction plans based on these findings. JA Solar has conducted a greenhouse gas inventory for the year
2023, verified by a third-party agency. It plans to reduce emissions by 42% from the 2023 level by 2030 and aims to achieve net-zero
emissions by 2050.
Greenhouse gas emissions 2023
Scope 1 direct emissions (tCO2e) 109,178
Scope 2 indirect emissions (tCO2e) 2,762,785
Operation scope emissions (tCO2e) 2,871,963
1. Energy conservation and emission reduction
JA Solar fully embraces energy conservation and environmental protection, actively pursuing measures such as equipment energy-
saving upgrades, recovery of residual heat from factories, and the adoption of renewable energy sources to reduce emissions. The
Company actively promotes distributed photovoltaic construction across its global manufacturing bases to increase the proportion of
electricity consumption from self-generated green electricity. Furthermore, the Company prioritizes regions with high-quality energy
structures during the expansion of its production capacity, promoting green manufacturing comprehensively, offering zero-carbon
products and creating zero-carbon industrial parks.
On December 1, 2023, during COP28, the press conference titled 2023 Pathway to Net Zero and JA Solar Sustainable
Development Project was successfully held at the China Pavilion in Dubai. On December 3, 2023, the Center of Environmental
Education and Communications of the Ministry of Ecology and Environment released the 2023 Collection of Typical Cases of
Synergistic Efficiency Enhancement in Pollution Reduction and Carbon Reduction in China at the side event themed Synergistic
Efficiency Enhancement in Pollution Reduction and Carbon Reduction: Achieving Environmental, Climate, and Economic Benefits at
the China Corner during COP28. JA Solar’s projects, including the Efficient Treatment of Ammonia-containing Exhaust Gases from
PECVD and the Air Compressor Retrofitting Project from Ningjin Base, were selected as typical cases. On December 8th, 2023, JA
Solar was invited to participate in the side event titled From Ambition to Action: Driving the Future with Renewable Energy, organized
by the World Wide Fund for Nature (WWF) Beijing Office at the Panda Corner during COP28. During this event, JA Solar, in
collaboration with WWF Beijing Office, released the Reference Guide for Zero-Carbon Factory Construction in Photovoltaic Cell and
Module Manufacturers. On December 11, 2023, the 2023 Business Climate Action Cases were officially released at the Corporate Day
event titled Accelerating Zero-Carbon Initiatives in Businesses - China’s Practices and Global Prospects at the China Corner during
COP28. JA Solar’s Air Compressor Retrofitting Project from Ningjin Base was selected as one of the cases.
2. Green office
JA Solar attaches great importance to the environmental impact of office activities and has developed a series of internal
regulations, including the Office and Logistics Supplies Management Policy, Lighting Safety Management Policy, and Water
Conservation Management Policy. These policies promote energy conservation, lowered paper consumption, and green commuting in
daily office operations, fostering a low-carbon and environmentally friendly work environment.
Represented by its global management headquarters in Beijing, the Company continuously increases the proportion of self-owned
new energy vehicles. It integrates carbon reduction efforts into daily activities through initiatives such as energy-saving campaigns,
paperless office practices, and centralized waste collection and recycling. In 2023, the Company conducted a greenhouse gas auditing
for Scopes 1 and 2 emissions at its headquarters for the year 2022. It achieved operational carbon neutrality for 2022 by actions
including offsetting emissions through the cancellation of Chinese Green Electricity Certificates (GECs) and the purchase of Verified
Carbon Units (VCUs) generated from the Yunnan Qiubei afforestation VCS+CCB certified project.
3. Green products
JA Solar continually enhances the conversion efficiency of photovoltaic products while actively fulfilling social responsibility by
creating green and low-carbon products. The Company has appointed a team of experts within its product technology research and
development department to study and manage product carbon footprints. As of the end of 2023, several of the Company’s factories
have completed full lifecycle assessments. Their mainstream products, including P-type and N-type DeepBlue 4.0 Pro, have been
certified for their carbon footprint by Certisolis in France and evaluated through EPDs in Norway and Italy. Additionally, multiple
products have been recognized as Green Design Products by the Ministry of Industry and Information Technology (for photovoltaic
modules, contributing to the formulation of green leadership certification standards. In 2023, the Ministry of Industry and Information
Technology unveiled the fifth batch of Demonstration Enterprises for Green Design of Industrial Products, with JA Solar successfully
selected.
4. Green logistics and packaging
JA Solar actively explores the use of stereo-warehousing and multimodal transportation, collaborating with logistics suppliers to
develop innovative green logistics solutions. The Company promotes the “oil-to-electricity” project for forklifts to reduce the carbon
footprint of on-site transportation and contribute to the construction of zero-carbon green factories. The Company explores efficient
and sustainable green transportation methods, such as sea-rail intermodal transport and barge transportation, for off-site logistics. It
also considers the use of clean energy sources like biomass fuels and methanol. Furthermore, efforts are underway to develop local
supply chains and promote localized procurement to further minimize carbon emissions from transportation.
JA Solar actively explores eco-friendly packaging and the recycling of packaging materials. The Company’s production bases
promote the recycling of waste pulp to produce paper cardboard packaging. It collaborates with suppliers to explore the reuse of
packaging materials, such as replacing conventional packaging with silicon pallet boxes, facilitating the repeated recycling of silicon-
based packaging.
5. Product dismantling and recycling
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JA Solar actively assumes environmental responsibility throughout the entire lifecycle of its products by dismantling and recycling
discarded photovoltaic modules, thus contributing to bridging the “last mile” of the green photovoltaic chain. To further promote the
sustainable development of the photovoltaic industry, the Company, in collaboration with the China ECOPV Alliance, as well as
businesses, universities, research institutions, financial institutions, and industry organizations engaged in photovoltaic recycling,
initiated the establishment of the PV Recycle Industry Development Center. Furthermore, in the recycling process, the Company, as a
global member of PV Cycle, can engage PV Cycle for the recycling of its photovoltaic modules worldwide. It also offers solutions for
end-of-life photovoltaic modules, fulfilling Extended Producer Responsibility (EPR). JA Solar leverages its experience and strengths
to promote the establishment and improvement of systems in the photovoltaic recycling, as well as the development and dissemination
of policies and standards, and the innovation of technologies. It tirelessly strives to bridge photovoltaic recycling, namely, the final and
crucial link in the entire photovoltaic industry chain.
6. Supplier management
JA Solar is committed to collaborating with upstream and downstream partners to reduce carbon emissions. It encourages suppliers
to disclose their carbon footprint, utilize green electricity, and pursue carbon footprint certification. Incorporating carbon disclosure,
carbon footprint, and green electricity usage into supplier assessment criteria, JA Solar has signed a strategic partnership with the
Carbon Disclosure Project (CDP) and become the world’s first photovoltaic producer to join the CDP Supply Chain program. JA Solar
will continuously enhance the supply chain’s emissions reduction performance and improve suppliers’ ability to address climate change
risks.
Administrative penalties due to environmental problems in the reporting period
Impact on the
Company or Correction actions
Penalty reason Circumstance Penalty result operations of the
subsidiary name by the Company
listed company
None None None None None None
Other environmental information that should be disclosed
During the reporting period, the Company’s production bases actively conducted environmental training and empowerment activities.
In 2023, JA Solar joined the Climate Action Accelerator (CAA) initiative of the United Nations Global Compact. Under the theme
Climate Ambition at JA Solar, the Company conducted a six-month environmental awareness and capacity-building campaign. All 14
production bases actively participated and proposed numerous creative and effective promotion strategies. These included activities
such as Ant Forest tree planting, environment-themed speeches, exhibitions of creative crafts made from recycled materials,
environmental knowledge quizzes with prizes, knowledge competitions, specialized lectures, Zero Waste clean-up campaigns,
organizing screenings of environmental documentaries, and children’s environmental painting exhibitions. The Company awards
outstanding units based on criteria such as timeliness, professionalism, and innovation, in recognition of the efforts made by production
bases in environmental protection and sustainable development.
Additional 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 clear
boundaries. It has established a corporate governance framework comprising the general meeting, board of directors, supervisory
committee, and senior management. Under the board of directors, there are specialized committees including the Strategy and
Sustainability Committee, Audit Committee, Renumeration and Assessment Committee, and Nomination Committee, each supported
by corresponding decision-making and operational management mechanisms. These measures effectively protect the rights of all
shareholders and creditors. The Company rigorously complies with relevant laws, regulations, ensuring the truthful, accurate, complete,
timely, and equitable disclosure of information, and guaranteeing equal access to information relating to the Company by all
shareholders. The Company communicates with investors through various channels such as on-site receptions, online performance
briefings, telephone, web messages, fax, and email. Important decisions are announced on the Company’s official website, and sections
dedicated to investor education and contact details for the board secretary are provided, enabling shareholders and investors to better
understand the Company’s operations.
2. Protection of rights and interests of employees
The Company upholds a principle of openness, fairness, and impartiality in its employment policies, actively fostering harmonious and
stable labor relations. It strictly adheres to labor standards and relevant laws and regulations in all its factories and offices worldwide.
The Company unequivocally prohibits forced labor and does not tolerate any form of coercion through violence, threats, or illegal
restriction of personal freedom to compel employees to work. It strictly prohibits any harassment of employees and does not interfere
with their freedom of belief. The Company prohibits discrimination against employees based on factors such as ethnicity, race,
nationality, religious beliefs, gender, age, disability, marital status, sexual orientation, pregnancy, or any other factors. Child labor is
strictly prohibited, and the Company ensures equal pay for equal work, promotes gender equality, and respects employees’ rights to
freedom of association and collective bargaining. To enhance the protection of employees’ human rights, the Company has set relevant
corporate systems in accordance with international standards and implemented a range of comprehensive measures.
The Company strictly adheres to labor laws and regulations such as the Labor Law and the Labor Contract Law, and lawfully
contributes to social insurance schemes including pension, medical, maternity, unemployment, and work-related injury insurance for
employees. In accordance with national regulations on employee leave, the Company implements a paid annual leave system and
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provides employees with various types of leave including marriage leave, maternity leave, paternity leave, breastfeeding leave, and
bereavement leave. The labor union, representing employees, signs Collective Labor Contract, Special Collective Contract on Wage
Negotiation, and Special Collective Contract on Special Interests for Female Workers with the Company. These agreements
comprehensively safeguard the legitimate rights and interests of employees in terms of wages, working hours, rest and leave,
occupational safety and health, insurance benefits, and vocational skills training.
3. Supplier cooperation
The Company upholds a philosophy of integrity and legal compliance, maintaining rigorous standards in its business operations while
honoring all relevant contracts and regulations. It ensures the full protection of the legitimate rights and interests of both suppliers and
customers, fostering strong relationships with them. By delivering premium products and enhancing post-sales services, the Company
aims for mutual success and beneficial partnerships with its customers. Regarding suppliers, the Company adopts a dynamic evaluation
approach, scoring suppliers across dimensions such as quality, commerce, technology, supply, and social responsibility to encourage
continuous improvement. It offers assistance to suppliers, aiding them in quality enhancement and expediting product development.
Long-term trust-based cooperation is prioritized over short-term contracts, thereby enhancing efficiency and reducing transaction and
management costs. Establishing a sustained information exchange mechanism with suppliers, the Company collaborates with suppliers
to drive industrial advancement.
4. Protection of the rights and interests of customers
When it comes to customers (including developers, and distributors), the Company upholds a customer-first service philosophy. It
consistently improves its customer service framework and standardizes cooperation process management to ensure customers are
satisfied with both products and services. The Company not only generates value for its clients but also actively collaborates to create
value with them. Long-term trust-based partnerships supersede short-term contracts, this helps foster enduring relationships with
customers. The Company guarantees the security of customer information and their right to be informed, while providing convenient
access for customers to gain comprehensive insights into the Company.
5. Safety management
The Company upholds the principle of Safety First and Production Second, placing workplace safety as its paramount concern for
sustainable growth. It consistently innovates its management approaches, reinforces the responsibilities of safety departments, and
enhances safety training, risk identification, and hazard investigation efforts to safeguard its stable development.
The Company conducts annual special training on fire facilities, traffic safety, electrical safety, and more. It also organizes activities
such as fire drills and safety knowledge competitions to effectively enhance employees’ awareness of safety. The Company has created
an EHS (Environment, Health, and Safety) learning platform to facilitate employees’ access to safety knowledge relevant to their roles.
Since the inception of our safety improvement project in 2021, we have engaged a reputable safety management team for consultation
and guidance. Beginning with our Yiwu base as a pilot, we aim to establish a model for safety management across the Company. This
initiative seeks to gather practical insights into safety enhancement, which will be translated into internal safety management schemes
for broader implementation throughout the organization. Ultimately, our goal is to foster a more robust and systematic safety
management system.
6. Environmental protection and sustainable development
In 2023, the Company was invited to attend the United Nations Water Conference and deliver a speech, which was included in the
Global Sustainable Development Report. Additionally, we joined the United Nations Global Compact (UNGC) organization’s Climate
Action Accelerator (CAA) project for 2023. In the same year, the Company’s sustainable development project was unveiled at the
COP28.
The Company also joined the World Business Council for Sustainable Development (WBCSD), becoming the first member from the
global photovoltaic industry to do so. Additionally, it forged a partnership for sustainable development with Institute for Sustainable
Development Goals of Tsinghua University, and signed a strategic cooperation framework agreement with China Foreign Affairs
University. It serves as the leading and secretariat entity of the Carbon Emission Management Professional Committee of the
Vocational Teaching Steering Committee for Ecological Environment. Moreover, the Company was selected as one of the 2023 Forbes
China ESG Innovation Enterprises.
The company is fully committed to implementing the ISO 14001 Environmental Management System. Following the PDCA (Plan-
Do-Check-Act) management approach, it identifies environmental risks and opportunities, as well as stakeholders’ expectations and
requirements regarding environmental management. JA Solar integrates ecological conservation principles throughout the various
stages of production and operations across its production bases, including research and development, procurement, manufacturing,
logistics, and product recycling. It strives to minimize emissions and environmental impact, aiming to become a resource-efficient and
environmentally friendly enterprise.
7. Public relations
In March 2023, JA Solar was invited to attend the United Nations Water Conference and deliver a speech. In the same month, the
Company participated in the Earth Hour event initiated by the World Wide Fund for Nature (WWF). In March, JA Solar forged a
sustainable development partnership with the Institute for Sustainable Development Goals of Tsinghua University. In August, the
Company supported the final of the 2023 Tsinghua International Case Analysis Competition of Public Policy on SDGs. In October, JA
Solar collaborated with the China Case Center for Public Policy and Management and the Institute for Sustainable Development Goals,
Tsinghua University to organize the JA Solar-Tsinghua Sustainable Development Practice Event for Leading Photovoltaic Enterprises.
In May, the Company signed a strategic cooperation framework agreement with China Foreign Affairs University. In June, JA Solar
and the World Business Council for Sustainable Development (WBCSD) jointly held a signing ceremony for a strategic cooperation
memorandum of understanding (MOU). In September, it officially became the first privately-owned Chinese company to join the
council, and also the first member from the photovoltaic industry worldwide. In September, JA Solar was included in the Global
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Sustainable Development Action Report, and The United Nations Global Compact (UNGC) organization’s Climate Action Accelerator
(CAA) project for 2023. In November, the Carbon Emission Management Professional Committee of the Vocational Teaching Steering
Committee for Ecological Environment. was established in Beijing. JA Solar was appointed as the leading unit and secretariat of the
committee. In December, JA Solar showcased its sustainable development projects at the COP28. Additionally, it was selected as one
of the 2023 Forbes China ESG Innovation Enterprises.
8. Charitable activities
The Company is dedicated to charitable and public interest activities such as poverty alleviation and disaster relief. Starting with the
premise of sharing sunshine and spreading love, we endeavor to radiate “sunlight” into society, warming more hearts through concert
actions. We coordinate volunteer teams to participate in diverse acts of kindness, such as tree planting, blood donation, and visits to
show appreciation to traffic police officers, firefighters, elderly residents in nursing homes, children in orphanages, as well as teachers
in kindergartens and primary schools. These endeavors are aimed at fostering a harmonious and caring society. To support flood relief
efforts and post-disaster reconstruction in Hebei Province, JA Solar donated 20 million yuan including 15 million yuan specifically
allocated to Xingtai City. The Company remains committed to advancing the implementation of the Three People Benefiting Projects.
As part of the Education Assistance Project, we provided aid to 142 impoverished students, totaling 430,000 yuan. Under the Bright
Project, we assist cataract patients. In 2023, our Ningjin base aided 160 individuals, totaling over 190,000 yuan. Additionally, our
Donghai base completed the second and third phases of the Bright Project, providing assistance to a total of 454 people. Under the
Hope Primary School Construction Project, we signed an agreement with the Hebei Charity Network to donate a total of 900,000 yuan
to four primary schools in Hebei Province. Across our production bases, we organized one-day donation events to assist those in need
and contribute to local development and charitable endeavors. In total, donations and assistance amounted to 372,000 yuan.
III. Efforts for Solidifying Poverty Alleviation and Advancing Rural Revitalization
The Company responds to the national initiative by leveraging its strengths in the industrial chain, product technology, and
ecological cooperation to pioneer a new green pathway, blending ecological development with clean energy construction, known as
“PV++”. The Company has successively constructed photovoltaic plants for poverty alleviation in regions such as Yanchi in Ningxia,
Kangbao and Lincheng in Hebei. The photovoltaic poverty alleviation project will provide over 200 million yuan in support funds to
impoverished areas for 20 consecutive years, benefiting 4,055 households.
By the end of December 2023, about 78,819,700yuan had been disbursed in support funds.
As part of its photovoltaic poverty alleviation project, the Company explores synergistic development in scenarios such as agro-
pastoral complementarity, fishery-photovoltaic complementarity, agricultural-photovoltaic complementarity, and photovoltaic
mountain applications. This aims to create a new model for rural revitalization, integrating “providing assistance funds,” “lease
payments,” and “providing job opportunities.”
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Section VI. Important Matters
I. Fulfillment of Commitments
1. Commitments made by the Company’s actual controller, shareholders, related parties, acquirers and the Company that would be complete fulfilled but
not completely fulfilled in or by the reporting period
Applicable □ Not applicable
Reason for Commitment Commitment Commitment Commitment
Commitment Fulfillment
commitment party type time duration
I. There are no unfair related-party transactions between the company or any operating entity
it controls and the listed company. II. After this transaction is completed, the company and
any operating entity it controls will regulate and avoid or minimize the related-party
transactions with the listed company and its subsidiaries. For unavoidable or reasonably
justified related-party transactions, the market-based principles of fairness, and transparency
shall be followed, agreements shall be signed in accordance with the law, legal procedures
shall be fulfilled, and disclosure obligations and relevant approval procedures shall be
Jingtaifu, carried out in accordance with relevant laws, regulations, normative documents, and articles
Qichang of association. The price of related-party transactions shall be determined based on the prices
Electronics, of similar transactions with independent third parties, ensuring fairness. Efforts are taken to
Shenzhen Commitment ensure that related-party transactions do not harm the legitimate rights and interests of the
Commitments
Boyuan, on reducing and listed company and other shareholders. III. After this transaction is completed, the company
made during Fulfillment in
Jingjun Ningyu, regulating will continue to exercise shareholder rights in accordance with relevant laws, regulations, May 27, 2023 Long term
asset progress
Jingli Ninghua, related-party normative documents, and the articles of association of the listed company. When voting on
restructuring
Jingren Ninghe, transactions related-party transactions involving the company at the general meeting of the listed
Jingde Ningfu, company, it will fulfill the obligation to abstain from voting. IV. The company undertakes
and Dongtai to fulfill the disclosure obligations regarding related-party transactions in accordance with
Bona 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.
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
Commitment
Commitments transactions with the listed company and its subsidiaries. For unavoidable or reasonably
Jin Baofang, on reducing and
made during justified related-party transactions, the market-based principles of fairness, and transparency Fulfillment in
and Jin regulating May 27, 2023 Long term
asset shall be followed, agreements shall be signed in accordance with the law, legal procedures progress
Junmiao related-party
restructuring shall be fulfilled, and disclosure obligations and relevant approval procedures shall be
transactions
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
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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.
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, partnerships,
collaborations, consortia, contracting or leasing operations, purchasing listed company
stocks, or equity participation) directly or indirectly in any business or activities that
compete or might compete with the business conducted by the listed company and its
subsidiaries, either domestically or internationally. 3. After this restructuring is completed,
in cases where the company or other entities under its control acquires any business
opportunities identical or similar to those conducted by the listed company and its
Commitments
Non- subsidiaries for any reason, the company shall promptly notify the listed company, granting
made during Fulfillment in
Jingtaifu competition them the preferential right to seize such opportunities. Should the listed company or its May 27, 2023 Long term
asset progress
commitment subsidiaries choose to undertake such business, the company and entities under its control
restructuring
shall refrain from engaging in it. The company will provide all necessary assistance to the
listed company for fulfilling disclosure obligations as per relevant laws, regulations, stock
exchange rules, and regulatory requirements. 4. After this restructuring is completed, in
cases where the company or other entities under its control obtains any acquisition
opportunities for an entity engaged in any businesses identical or similar to those conducted
by the listed company and its subsidiaries for any reason, the company shall promptly notify
the listed company to ensure that the listed company and its subsidiaries have the
opportunity to acquire the said entity. Should the listed company or its affiliates choose to
acquire the mentioned entity, the company and entities under its control will relinquish the
acquisition opportunity. The company will provide all necessary assistance to the listed
company for fulfilling disclosure obligations as per relevant laws, regulations, stock
exchange rules, and regulatory requirements. 5. After this restructuring is completed, if the
listed company and its subsidiaries decide to forgo the business opportunities or acquisition
opportunities mentioned in points 3 and 4 above, and subsequently, the company or any
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
entities under its control engage in competitive businesses arising from these opportunities,
the listed company and its subsidiaries have the right to acquire, at any time and in one lump
sum or multiple installments, any equity, assets, or other interests related to the competitive
business. Alternatively, the listed company and its subsidiaries may choose, in accordance
with national laws and regulations, to entrust the operation, lease, or contract the operation
of the assets or business of the company and any entities under its control involved in the
competitive business. 6. After this restructuring is completed,
when the company or any entities under its control intends to transfer, sell, lease, license for
use, or otherwise dispose of assets and businesses that directly or indirectly compete with
the main business of the listed company and its subsidiaries, the company any entities under
its control will provide the listed company and its subsidiaries with a right of first refusal to
purchase. 7. After this restructuring is completed, the company will not exploit its position
as the controlling shareholder of the listed company to detrimentally affect the interests of
the listed company and its other shareholders. 8. In the event of any breach of the above
commitment by the company, the listed company and its other shareholders have the right,
in accordance with this commitment, to lawfully request the enforcement of this
commitment by the company and seek compensation for all losses suffered as a result.
Additionally, any benefits gained by the company through the violation of the commitment
shall be relinquished to the listed company.
1.Except for JA Solar and its subsidiaries, neither I nor entities under my control are
currently engaged, either domestically or internationally, in any business or activities that
directly or indirectly compete with the business conducted or potentially conducted by JA
Solar, the listed company after this 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
Commitments
Jin Baofang, Non- entities under my control acquire any business opportunities identical or similar to those
made during Fulfillment in
and Jin competition conducted by the listed company and its subsidiaries for any reason, I shall promptly notify May 27, 2023 Long term
asset progress
Junmiao commitment the listed company, granting them the preferential right to seize such opportunities. Should
restructuring
the listed company or its subsidiaries choose to undertake such business, I and entities under
my control shall refrain from engaging in it. I will provide all necessary assistance to the
listed company for fulfilling disclosure obligations as per relevant laws, regulations, stock
exchange rules, and regulatory requirements. 4. After this restructuring is completed, in
cases where I or entities under my control obtain any acquisition opportunities for an entity
engaged in any businesses identical or similar to those conducted by the listed company and
its subsidiaries for any reason, I shall promptly notify the listed company to ensure that the
listed company and its subsidiaries have the opportunity to acquire the said entity. Should
the listed company or its affiliates choose to acquire the mentioned entity, I and entities
under my control will relinquish the acquisition opportunity. I will provide all necessary
assistance to the listed company for fulfilling disclosure obligations as per relevant laws,
regulations, stock exchange rules, and regulatory requirements. 5. After this restructuring is
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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.
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 organization of JA Solar have been
separated and 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
company in operations: (1) Ensuring that the listed company possesses independent assets,
personnel, qualifications, and capabilities to conduct business activities independently,
Commitment maintaining the ability to operate continuously in the market independently and
Commitments
on keeping the autonomously.
made during Fulfillment in
Jingtaifu independence (2) The company will refrain from intervening in the business activities of the listed May 27, 2023 Long term
asset progress
of the listed company, except when exercising shareholder rights or fulfilling duties while holding
restructuring
company positions within the listed company.(3) Ensuring that the company and other entities under
its control do not engage in businesses that compete with the main business of the listed
company.(4) Ensuring that the company and affiliated enterprises minimize related-party
transactions with the listed company and its subsidiaries. In cases where related-party
transactions are deemed necessary and unavoidable, ensuring fair operations based on
market principles and fair prices, and complying with relevant laws, regulations, and
normative documents regarding transaction procedures and disclosure obligations. 2.
Ensuring the independence of the listed company in assets: (1) Ensure the independence and
integrity of the listed company’s assets, with all such assets under the control of the listed
company and exclusively owned and operated by the listed company. (2) The company does
not and will not unlawfully or improperly utilize the funds, assets, or other resources of the
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
listed company in any manner. (3) The company will not provide guarantees for its own
debts using the assets of the listed company. (4) Except for exercising shareholder rights in
accordance with the law, the company guarantees not to intervene beyond the decisions of
the general meeting and/or the board of directors regarding significant matters concerning
the integrity of the listed company’s assets. 3. Ensuring the independence of the listed
company in organizational structure: (1) Ensuring the listed company maintains a sound
corporate governance structure and possesses an independent and integral organizational
framework. (2) Ensuring that the general meeting, board of directors, independent directors,
supervisory committee, general manager, and other personnel of the listed company
independently exercise their powers in accordance with laws, regulations, and company
articles of association. (3) Ensuring that the company and its affiliated enterprises do not
have a situation of institutional overlapping with the listed company and its subsidiaries, and
that they are completely separated in terms of office premises and production and operation
locations. 4. Ensuring the independence of the listed company in personnel: (1) Ensuring
that the general manager, deputy general manager, financial director, board secretary, and
other senior managers of the listed company work full-time for the listed company and
receive compensation accordingly. They shall not hold any position other than director or
supervisor in other entities controlled by the company, thus maintaining the independence
of personnel in the listed company. (2) Ensuring that the listed company has a complete and
independent labor, personnel, and compensation management system, guaranteeing full
independence between this system and the company and other entities under its control. (3)
Ensuring that directors, supervisors, and senior managers are elected or appointed through
legal procedures, and the company refrains from interfering with personnel appointment and
dismissal decisions made by the board of directors and general meeting of the listed
company. 5. Ensuring the independence of the listed company in finance: (1) Ensuring that
the listed company continues to maintain an independent finance department and an
independent financial accounting system. (2) Ensuring that the listed company
independently opens bank accounts and does not share a bank account with the company or
other entities under its control. (3) Ensuring that the listed company can make independent
financial decisions, and the company refrains from intervening in the use and allocation of
assets of the listed company through unlawful means. (4) Ensuring that the financial
personnel of the listed company remain independent and do not hold part-time positions or
receive compensation from other entities under the control of the company.
I. Prior to this restructuring, JA Solar has always operated independently from other entities
under my control in terms of business, assets, organization, personnel, and finances. The
operations, assets, personnel, finances, and organization of JA Solar have been separate and
independent. II. After this restructuring is completed, neither I nor other entities under my
Commitment control will exploit the status of being the controlling shareholder or person acting in concert
Commitments
Jin Baofang, on keeping the with the controlling shareholder of the listed company to influence its independence, and
made during Fulfillment in
and Jin independence ensure the independence of the listed company in terms of business, assets, organization, May 27, 2023 Long term
asset progress
Junmiao of the listed personnel, and finances: 1. Ensuring the independence of the listed company in operations:
restructuring
company (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
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
listed company.(3) Ensuring that neither I more other entities under my control engage in
businesses that compete with the main business of the listed company.(4) Ensuring that I
and my affiliated enterprises minimize related-party transactions with the listed company
and its subsidiaries. In cases where related-party transactions are deemed necessary and
unavoidable, ensuring fair operations based on market principles and fair prices, and
complying with relevant laws, regulations, and normative documents regarding transaction
procedures and disclosure obligations. 2. Ensuring the independence of the listed company
in assets: (1) Ensure the independence and integrity of the listed company’s assets, with all
such assets under the control of the listed company and exclusively owned and operated by
the listed company. (2) I do not and will not unlawfully or improperly utilize the funds,
assets, or other resources of the listed company in any manner. (3) I will not provide
guarantees for its own debts using the assets of the listed company. (4) Except for exercising
shareholder rights in accordance with the law, I guarantee not to intervene beyond the
decisions of the general meeting and/or the board of directors regarding significant matters
concerning the integrity of the listed company’s assets. 3. Ensuring the independence of the
listed company in organizational structure: (1) Ensuring the listed company maintains a
sound corporate governance structure and possesses an independent and integral
organizational framework. (2) Ensuring that the general meeting, board of directors,
independent directors, supervisory committee, general manager, and other personnel of the
listed company independently exercise their powers in accordance with laws, regulations,
and company articles of association. (3) Ensuring that I and my affiliated enterprises do not
have a situation of institutional overlapping with the listed company and its subsidiaries, and
that they are completely separated in terms of office premises and production and operation
locations. 4. Ensuring the independence of the listed company in personnel: (1) Ensuring
that the general manager, deputy general manager, financial director, board secretary, and
other senior managers of the listed company work full-time for the listed company and
receive compensation accordingly. They shall not hold any position other than director or
supervisor in other entities under my control, thus maintaining the independence of
personnel in the listed company. (2) Ensuring that the listed company has a complete and
independent labor, personnel, and compensation management system, guaranteeing full
independence between this system and I and other entities under my control. (3) Ensuring
that directors, supervisors, and senior managers are elected or appointed through legal
procedures, and I refrain from interfering with personnel appointment and dismissal
decisions made by the board of directors and general meeting of the listed company. 5.
Ensuring the independence of the listed company in finance: (1) Ensuring that the listed
company continues to maintain an independent finance department and an independent
financial accounting system. (2) Ensuring that the listed company independently opens bank
accounts and does not share a bank account with me or other entities under my control. (3)
Ensuring that the listed company can make independent financial decisions, and I refrain
from intervening in the use and allocation of assets of the listed company through unlawful
means. (4) Ensuring that the financial personnel of the listed company remain independent
and do not hold part-time positions or receive compensation from other entities under my
control.
Commitments Jingtaifu, Jin Commitment 1. I/the company commit(s) not to overstep authority to interfere in the operational and
August 23, Fulfillment in
relating to IPO Baofang, and relating the management activities of the listed company and not to expropriate the interests of the listed Long term
2023 progress
or refinancing Jin Junmiao effective company. 2. From the date of this commitment until the completion of the listed company’s
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
implementation current private placement, if the China Securities Regulatory Commission (CSRC) issues
of measures to new regulatory requirements regarding measures to compensate for returns and related
compensate for commitments, and the above commitment do not meet such requirements, I/the company
the immediate commit(s) to provide one or more supplementary commitments in accordance with the latest
dilution of CSRC regulations at that time. 3. I/the company commit(s) to effectively implement the
earnings per measures formulated by the company to compensate for the immediate returns and to fulfill
share resulting any commitments made regarding such measures. If I/the company violate(s) the above
from the private commitments and cause losses to the listed company or investors, I/the company am/are
placement willing to assume compensation responsibility to the listed company or investors in
accordance with the law.
1. I commit not to transfer interests to other entities or individuals without compensation or
on unfair terms, and not to harm the Company’s interests in any other way. 2. I commit to
control my position-related consumption acts. 3. I commit not to use any assets of the
Company for investment or consumption activities unrelated to my duties. 4. I commit to
Commitment
support the linkage between the compensation system created by the board of directors or
relating the
the Remuneration and Assessment Committee and the implementation of the Company’s
effective
measures to compensate for returns. 5. If the Company subsequently launches an equity
implementation
All directors of incentive plan, I commit to support the linkage between the exercise conditions of the
of measures to
Commitments the fifth board proposed equity incentive plan and the implementation of the Company’s measures to
compensate for August 23, Fulfillment in
relating to IPO of directors, compensate for returns. 6. From the date of this commitment until the completion of the Long term
the immediate 2023 progress
or refinancing and senior listed company’s current private placement, if the China Securities Regulatory Commission
dilution of
managers (CSRC) issues new regulatory requirements regarding measures to compensate for returns
earnings per
and related commitments, and the above commitment do not meet such requirements, I
share resulting
commit to provide one or more supplementary commitments in accordance with the latest
from the private
CSRC regulations at that time. 7. I commit to effectively implement the measures formulated
placement
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.
Relevant
party’s
1. The company commits not to overstep authority to interfere in the operational and
commitments
management activities of the listed company and not to expropriate the interests of the listed
regarding the
company.
immediate
2. From the date of this commitment until the completion of the listed company’s current
dilution of
public offering, if the China Securities Regulatory Commission (CSRC) issues new
returns
regulatory requirements regarding measures to compensate for returns and related
Commitments resulting from
commitments, and the above commitment do not meet such requirements, the company August 25, Fulfillment in
relating to IPO Jingtaifu the public Long term
commits to provide one or more supplementary commitments in accordance with the latest 2022 progress
or refinancing offering of
CSRC regulations at that time.
convertible
3. The company commits to effectively implement the measures formulated by the company
corporate bonds
to compensate for the immediate returns and to fulfill any commitments made regarding
in A-share, the
such measures. If the company violates the above commitments and cause losses to the listed
implementation
company or investors, the company is willing to assume compensation responsibility to the
of
listed company or investors in accordance with the law.
compensatory
measures
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Relevant
party’s
commitments
1. I commit not to overstep authority to interfere in the operational and management
regarding the
activities of the listed company and not to expropriate the interests of the listed company.
immediate
2. From the date of this commitment until the completion of the listed company’s current
dilution of
issuance, if the China Securities Regulatory Commission (CSRC) issues new regulatory
returns
requirements regarding measures to compensate for returns and related commitments, and
Commitments Jin Baofang, resulting from
the above commitment do not meet such requirements, I commit to provide one or more August 25, Fulfillment in
relating to IPO and Jin the public Long term
supplementary commitments in accordance with the latest CSRC regulations at that time. 2022 progress
or refinancing Junmiao offering of
3. I commit to effectively implement the measures formulated by the company to
convertible
compensate for the immediate returns and to fulfill any commitments made regarding such
bonds in A-
measures. If I violate the above commitments and cause losses to the listed company or
share, the
investors, I am willing to assume compensation responsibility to the listed company or
implementation
investors in accordance with the law.
of
compensatory
measures
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.
Relevant 2. I commit to control my position-related consumption acts.
party’s 3. I commit not to use any assets of the Company for investment or consumption activities
commitments unrelated to my duties.
regarding the 4. I commit to support the linkage between the compensation system created by the board
immediate of directors or the Remuneration and Assessment Committee and the implementation of the
dilution of Company’s measures to compensate for returns.
All directors of returns 5. If the Company subsequently launches an equity incentive plan, I commit to support the
Commitments the fifth board resulting from linkage between the exercise conditions of the proposed equity incentive plan and the
August 25, Fulfillment in
relating to IPO of directors, the public implementation of the Company’s measures to compensate for returns. Long term
2022 progress
or refinancing and senior offering of 6. From the date of this commitment until the completion of the listed company’s current
managers convertible issuance, if the China Securities Regulatory Commission (CSRC) issues new regulatory
bonds in A- requirements regarding measures to compensate for returns and related commitments, and
share, the the above commitment do not meet such requirements, I commit to provide one or more
implementation supplementary commitments in accordance with the latest CSRC regulations at that time.
of 7. I commit to effectively implement the measures formulated by the company to
compensatory compensate for the immediate returns and to fulfill any commitments made regarding such
measures 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
Yes
time or not
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
2. Where profit forecasts are made for assets or projects of the Company and the reporting period falls into
the profit forecast period, the Company should explain the reasons for the assets and projects reach the
profit forecasts
□ Applicable Not applicable
II. The Listed Company’s Funds Possessed by the Controlling Shareholder or Other Related
Parties for Non-operating Purposes
□ Applicable Not applicable
During the reporting period, the controlling shareholder or other related parties did not make non-operational use of funds from the
listed company.
III. Guarantees in Violation of Provisions
□ Applicable Not applicable
There were irregular outward guarantees during the reporting period.
IV. Note by the Board of Directors on the Lastest 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 Material
Accounting Errors Compared to Previous Year
Applicable □ Not applicable
Please refer to V.31. Changes in Significant Accounting Policies and Estimates under Section X Financial Report of
this Report for details.
VII. Note on Change in Consolidation Scope Compared to Previous Year
Applicable □ Not applicable
The entities included in the scope of consolidated financial statements for this period have changed compared to
the previous period. Refer to IX Change in the Scope of Consolidation in Section X Financial Report of this Report
for details.
VIII. Engagement and Dismissal of Accounting Firm
Current accounting firm
KPMG Huazhen Certified Public Accountants (Special General
Name of domestic accounting firm
Partnership)
Remuneration for domestic accounting firm (10k yuan) 4001
Consecutive years of service provided by domestic accounting
2
firm
CPA names of domestic accounting firm Fu Qiang, and Zhang Xinhua
Consecutive years of service provided by CPAs of domestic
2 years, and 2 years
accounting firm
Name of overseas accounting firm (if any) Not applicable
Remuneration for overseas accounting firm (10k yuan) (if any) 0
Consecutive years of service provided by overseas accounting
Not applicable
firm (if any)
CPA names from overseas accounting firm (if any) Not applicable
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Consecutive years of service provided by CPAs from overseas
Not applicable
accounting firm (if any)
Note: 1. KPMG Huazhen Certified Public Accountants (Special General Partnership) provides financial audit and internal control
audit services for the Company, with an audit fee of 3 million yuan for the financial audit and 1 million yuan for the internal control
audit.
Change in accounting firm for the current period
□ Yes No
Information on the engagement of accounting firm for internal control audit, financial consultants, or sponsors.
Applicable □ Not applicable
1.According to the regulations of the China Securities Regulatory Commission (CSRC) and the Ministry of Finance, the Company is
required to disclose the audit of internal controls over financial reporting together with the annual report. During the reporting period,
the Company engaged KPMG Huazhen Certified Public Accountants (Special General Partnership) to audit the effectiveness of the
internal controls over the Company’s financial reporting for the year 2023.
2. During the reporting period, the Company issued convertible corporate bonds and engaged CITIC Securities Co., Ltd. as the sponsor
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 applicable
% of
Approve Availabl
amount
Related- d e market
Transact Amount of Exceed Settleme
Relation party Pricing transacti price for Disclosu
Related party ions Price (10k transacti limit or nt Disclosure index
ship transacti principle on limit similar re date
type yuan) ons of not method
on (10k transacti
the same
yuan) ons
type
Announcement
Regarding the
Signing of a
Strategic
Purchase
Xinte Silicon Agreement and
Materials Co., Ltd., Related Party
Inner Mongolia Xinte Settleme Transactions on
Silicon Materials Co., Referenc Referenc nt http://www.cninfo
Related Material Material Septemb
Ltd., Xinjiang Xinte e to e to 577,924. 01 accordin .com.cn, and
legal procure procure 8.55% No - er 16,
Crystalline Silicon market market 03 g to Announcement
entity ment ment 2020
High-tech Co., Ltd., price price agreeme Regarding the
and Xinte Silicon- nt Signing of a
based New Materials Significant
Co., Ltd. Procurement
Agreement and
Related Party
Transactions on
http://www.cninfo
.com.cn.
577,924.
Total -- -- -- 0 -- -- -- -- --
03
Details on large sale returns None
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
If total amount projections are made for routine related party The Company made projections for routine related party transactions for the year 2023 at the end of 2022. As of the end of this reporting
transactions to be completed in the current period by category, period, although some related party transactions exceeded the projected range, the excess amount did not meet the disclosure threshold
specify the actual fulfillment n the reporting period (if any) required by the regulations of Shenzhen Stock Exchange.
Reasons for significant differences between transaction prices
Not applicable.
and market reference prices (if applicable)
Note: 01 This contract is a framework contract. As of the end of the reporting period, total silicon material to be purchased was 183,700
tons and the prevailing market price is adopted.
2. Related-party transactions due to acquisition or sale of assets or shares
Applicable □ Not applicable
Book Appraise Gain or
price of d price of Transfer loss on
Settleme
Related Relations Transacti Related-party Pricing transferre transferre price the Disclosur Disclosure
nt
party hip ons type transaction principle d assets d assets (10k transactio e date index
method
(10k (10k yuan) n (10k
yuan) yuan) yuan)
Announcement
Regarding the
Acquisition of
Acquisition of 100%
Shares in
shares in
Ningjin Share Shijiazhuang
Shijiazhuang JA PV
Jingyuan The same acquisitio Jinglong
Technology Co., Ltd. February
New actual n by Fair price 2,907.07 5,759.37 5,600 Cash 0 Electronic
(formerly known as 04, 2023
Energy controller related Materials Co.,
“Shijiazhuang
Co., Ltd. party Ltd., and
Jinglong Electronic
Related Party
Materials Co., Ltd.”)
Transactions on
http://www.cni
nfo.com.cn
Reasons for significant differences between the transfer price
Not applicable
and book value/appraised value (if any)
According to the Company’s development plan, the Company has proposed to invest in the construction of a
new cell technology R&D center in Shijiazhuang High-tech Zone. Shijiazhuang JA PV Technology Co., Ltd.
owns land and real estate in Shijiazhuang High-tech Zone, at favorable location that meets the requirements
for constructing the R&D center. Additionally, Shijiazhuang JA PV Technology Co., Ltd. has not yet
Impact on operating outcomes and financial status of the
commenced operations and holds no other significant assets besides the land and real estate. Through
Company
acquisition of 100% shares in Shijiazhuang Jinglong held by Ningjin Jingyuan, the Company can leverage the
existing land and real estate of Shijiazhuang JA PV Technology Co., Ltd. to construct the R&D Center, thus
expanding the Company’s future cell technology roadmap and cultivating a R&D team. This initiative will
drive technological advancement in the regional manufacturing sector.
Performance achieved in the reporting period where
performance requirements are set forth for relevant Not applicable
transactions
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 applicable
Related-party debts and claims for non-operating purpose
Yes □ No
Related-party claims receivable
Amount Amount
Occupatio
Opening increased recovered Current Closing
n of funds
Related Relations amount in current in current Interest interest amount
Reason for non-
party hip (10k period period rate rate (10k (10k
operating
yuan) (10k (10k yuan) yuan)
purpose
yuan) yuan)
Lincheng
JA PV Dividend
Associate Yes 200 0 200 0 0
Generation payment
Co., Ltd.
Datang
Angli
(Lingwu) Dividend
New
Associate Yes 0 304.2 0 304.2
payment
Energy
Co., Ltd.
Impact of related-party As of December 31, 2023, all dividends from Lincheng JA PV Generation Co., Ltd. had been fully
claims on operating recovered for the current period.
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
outcomes and financial
status of the Company
Related-party debts payable
Amount Amount
Opening increased in repaid in Current Closing
Related
Relationship Reason amount current current Interest rate interest rate amount
party
(10k yuan) period (10k period (10k yuan) (10k yuan)
yuan) (10k yuan)
Yangguang
Guifeng The same
Electronic actual Borrowings 3,300 0 3,300 0.00% 0 0
Technology controller
Co., Ltd.
Donghai
The same
Longhai
actual Borrowings 2,400 0 2,400 0.00% 0 0
Property
controller
Co., Ltd.
The borrowing contract was signed by and between Shijiazhuang JA PV Technology Co., Ltd.
(formerly known as “Shijiazhuang Jinglong Electronic Materials Co., Ltd.”), and Yangguang Guifeng
Impact of related-party
Electronic Technology Co., Ltd. And Donghai Longhai Property Co., Ltd. in 2022. In February 2023,
debts on operating
the Company acquired 100% shares in Shijiazhuang JA PV Technology Co., Ltd. Through business
outcomes and financial
combination under common control. Following the completion of this acquisition, the Company
status of the Company
incurred debts to related parties outside the scope of consolidation. As of the December 31, 2023, the
Company had repaid the borrowings.
5. Transactions with financial companies with which the Company has a related-party relationship
□ Applicable Not applicable
The Company does not have any deposit accounts, loans, lines of credit, or other financial transactions with financial companies with
which the Company has a related-party relationship.
6. Transactions between financial companies controlled by the Company and related parties of the
Company
□ Applicable Not applicable
There are no deposit accounts, loans, lines of credit, or other financial transactions between financial companies controlled by the
Company and related parties of the Company.
7. Other material related-party transactions
Applicable □ Not applicable
Refer to 5. Related-party transactions in XIV. Related Parties and Related-party Transactions, Section X Financial Report of this
Report.
On November 23, 2022, the Company convened the 38th meeting of the fifth board of directors, where it considered and approved
the Proposal on the Estimated Routine Related-Party Transactions for the Year 2023. According to operational requirements, it is
anticipated that the total amount of routine related-party transactions between the Company and its subsidiaries, and related parties in
2023 would not exceed 1.491 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 November 24, 2022 www.cninfo.com.cn
2023
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
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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: 10k yuan
Outward guarantees by the Company and its subsidiaries (excluding guarantees for subsidiaries)
Disclosure
Related-
date for Counter- Fulfilled
Guaranteed Guarantee Guarantee Guaranteed Guarantee Collateral Guarantee party
announcement guarantee completely
party limit date amount type (if any) duration guarantee
on guarantee (if any) or not
or not
limit
Guarantees by the Company for subsidiaries
Disclosure
Related-
date for Counter- Fulfilled
Guaranteed Guarantee Guarantee Guaranteed Guarantee Collateral Guarantee party
announcement guarantee completely
party limit date amount type (if any) duration guarantee
on guarantee (if any) or not
or not
limit
Joint and
Chaoyang JA
several
Solar January 08, July 03,
8,894.6 liability 5.8 years No No
Generation 2020 2020
guarantee,
Co., Ltd.
pledge
Jing Hai Yang Joint and
Semiconductor several
January 08, July 29,
Materials 7,000 liability 3 years Yes No
2020 2020
(Donghai) Co. guarantee,
Ltd. mortgage
Shanghai JA Joint and
Solar January 08, August 03, several
16,500 3 years Yes No
Technology 2020 2020 liability
Co., Ltd. guarantee
Joint and
several
JA Solar
January 08, September liability
Vietnam Co., 48,442.91 4.8 years Yes No
2020 01, 2020 guarantee,
Ltd.
mortgage,
pledge
Joint and
JA (Xingtai) January 08, September several
20,000 3.1 years Yes No
Solar Co., Ltd. 2020 17, 2020 liability
guarantee
Joint and
JA (Yangzhou)
January 08, October 12, several
New Energy 36,000 9.3 years No No
2020 2020 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar January 08, November several
5,000 3.1 years Yes No
Technology 2020 04, 2020 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
December 16, January 04, several
Technology 50,000 2.92 years Yes No
2020 2021 liability
Co., Ltd.
guarantee
Shanghai JA
Solar PV
Technology
Co., Ltd.,
Beijing JA
Solar PV
Technology
Co., Ltd.,
Joint and
Hefei JA Solar
December 16, February several
Technology 20,000 2 years Yes No
2020 08, 2021 liability
Co., Ltd., JA
guarantee
(Yangzhou)
New Energy
Co., Ltd.,
Yiwu JA Solar
Technology
Co., Ltd., and
JA (Xingtai)
Solar Co., Ltd.
Joint and
JA Solar
December 16, March 25, several
Australia PTY 437.82 3.1 years No No
2020 2021 liability
Limited
guarantee
Shanghai JA Joint and
Solar December 16, April 19, several
12,000 3.1 years No No
Technology 2020 2021 liability
Co., Ltd. guarantee
Daqing Joint and
December 16, April 30,
Jingneng Solar 8,965 several 6.8 years Yes No
2020 2021
Generation liability
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Co., Ltd. guarantee,
mortgage,
pledge
Joint and
Yinchuan several
Aiyou’en December 16, April 30, liability
9,050 8.7 years Yes No
Energy Power 2020 2021 guarantee,
Co., Ltd. mortgage,
pledge
JA (Yangzhou) Joint and
Solar December 16, April 30, several
20,000 2 years Yes No
Technology 2020 2021 liability
Co., Ltd. guarantee
Joint and
Lincheng
several
Jingneng New
December 16, April 30, liability
Energy 8,000 2.62 years Yes No
2020 2021 guarantee,
Development
mortgage,
Co., Ltd.
pledge
Chaoyang Joint and
Xinghua Solar December 16, June 15, several
103,000 15.3 years No No
Generation 2020 2021 liability
Co., Ltd. guarantee
Baotou JA Joint and
Solar December 16, June 25, several
30,000 2.2 years Yes No
Technology 2020 2021 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 16, June 29, several
Holdings Co., 50,000 2 years Yes No
2020 2021 liability
Ltd.
guarantee
Yangguang
Joint and
Guigu
December 16, June 30, several
Electronic 5,000 2 years Yes No
2020 2021 liability
Technology
guarantee
Co., Ltd.
Xingtai Joint and
Jinglong New December 16, July 31, several
25,000 2.33 years Yes No
Energy Co., 2020 2021 liability
Ltd. guarantee
Joint and
Xingtai
several
Jinglong New December 16, August 04,
10,000 liability 1.8 years Yes No
Energy Co., 2020 2021
guarantee,
Ltd.
mortgage
Joint and
JA Solar USA December 16, August 11 several
49,240.95 1.6 years Yes No
Inc. 2020 2021 liability
guarantee
Joint and
Hefei JA Solar
December 16, August 24, several
Technology 15,000 2 years Yes No
2020 2021 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
December 16, August 27, several
Technology 20,000 2 years Yes No
2020 2021 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
December 16, September several
Technology 25,000 3.1 years No No
2020 09, 2021 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar December 16, September several
5,500 3.1 years No No
Technology 2020 09, 2021 liability
Co., Ltd. guarantee
Yangguang
Joint and
Guigu
December 16, September several
Electronic 20,000 1.5 years Yes No
2020 17, 2021 liability
Technology
guarantee
Co., Ltd.
Joint and
JA Solar
December 16, September several
Vietnam Co., 34,705.23 7.1 years No No
2020 23, 2021 liability
Ltd.
guarantee
Changde
Joint and
Dingcheng
several
Xingyang PV December 16, September
28,600.51 liability 2 years Yes No
Generation 2020 26, 2021
guarantee,
Technology
pledge
Co., Ltd.
Joint and
Yiwu JA Solar
December 16, September several
Technology 19,800 1.5 years Yes No
2020 28, 2021 liability
Co., Ltd.
guarantee
JA (Yangzhou) Joint and
Solar December 16, September several
5,000 2 years Yes No
Technology 2020 28, 2021 liability
Co., Ltd. guarantee
Joint and
Linzhou JA
December 16, September several
PV Generation 10,160 1.99 years Yes No
2020 29, 2021 liability
Co., Ltd.
guarantee,
81
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
pledge
Renxian Joint and
Jingneng New several
December 16, September
Energy 9,280 liability 2.16 years Yes No
2020 29, 2021
Development guarantee,
Co., Ltd. pledge
Joint and
JA Solar December 16, September several
12,965 25.3 years No No
GmbH 2020 30, 2021 liability
guarantee
Qujing
Joint and
Jinglong
December 16, October 18, several
Electronic 30,000 3.1 years No No
2020 2021 liability
Materials Co.,
guarantee
Ltd.
Joint and
JA (Xingtai) December 16, October 29, several
6,135.07 1.75 years Yes No
Solar Co., Ltd. 2020 2021 liability
guarantee
Joint and
JA Solar
December 16, November several
International 35,413.5 3.1 year No No
2020 01, 2021 liability
Limited
guarantee
Joint and
JA Solar several
December 16, November
Holdings Co., 52,500 liability 2.07 years Yes No
2020 05, 2021
Ltd. guarantee,
mortgage
Jing Hai Yang
Joint and
Semiconductor
December 16, November several
Materials 3,000 1.2 years Yes No
2020 08, 2021 liability
(Donghai) Co.
guarantee
Ltd.
Baotou JA Joint and
Solar December 16, November several
20,000 3.1 years Yes No
Technology 2020 29, 2021 liability
Co., Ltd. guarantee
Joint and
several
JA (Xingtai) December 16, November
20,000 liability 2 years Yes No
Solar Co., Ltd. 2020 29, 2021
guarantee,
mortgage
Joint and
JA Solar
December 16, December several
Holdings Co., 70,000 5.2 years No No
2020 03, 2021 liability
Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, January 04, several
Technology 52,000 2 years Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, January 04, several
Technology 13,000 5.1 years No No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, January 07, several
Technology 25,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, January 07, several
Technology 10,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
JA Solar
December 10, January 07, several
Holdings Co., 72,000 1 year Yes No
2021 2022 liability
Ltd.
guarantee
Baotou JA Joint and
Solar December 10, January 11, several
10,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, January 12, several
10,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
December 10, January 12, several
Technology 20,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, January 18, several
Technology 10,000 3.9 years Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, January 21, several
Technology 40,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Yangguang
Joint and
Guigu
December 10, January 30, several
Electronic 10,000 1 year Yes No
2021 2022 liability
Technology
guarantee
Co., Ltd.
82
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
JA (Yangzhou) Joint and
Solar December 10, February several
5,000 11 months Yes No
Technology 2021 16, 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, February several
5,000 1 year Yes No
Technology 2021 16, 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, February several
98,000 1.45 years Yes No
Technology 2021 16, 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, February several
5,000 11 months Yes No
Technology 2021 21, 2022 liability
Co., Ltd. guarantee
Ningjin
Joint and
Songgong
December 10, February several
Electronic 8,000 1 year Yes No
2021 22, 2022 liability
Materials Co.,
guarantee
Ltd.
Shanghai JA Joint and
Solar December 10, February several
5,000 11 months Yes No
Technology 2021 23, 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, February several
17,000 1 year Yes No
Technology 2021 24, 2022 liability
Co., Ltd. guarantee
Jing Hai Yang
Joint and
Semiconductor
December 10, February several
Materials 3,000 1 year Yes No
2021 28, 2022 liability
(Donghai) Co.
guarantee
Ltd.
Daqing Joint and
Jingsheng several
December 10, February
Solar 35,000 liability 15.8 years No No
2021 28, 2022
Generation guarantee,
Co., Ltd. pledge
Joint and
Yiwu JA Solar
December 10, March 02, several
Technology 15,000 3.1 year No No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
December 10, March 09, several
Technology 100,000 1.52 years Yes No
2021 2022 liability
Co., Ltd.
guarantee
Qujing JA Joint and
Solar December 10, March 10, several
12,000 3.1 years Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 10, March 14, several
Holdings Co., 55,000 1 year Yes No
2021 2022 liability
Ltd.
guarantee
Joint and
JA (Xingtai) December 10, March 15, several
21,000 3.1 years No No
Solar Co., Ltd. 2021 2022 liability
guarantee
Qujing
Joint and
Jinglong
December 10, March 23, several
Electronic 10,000 1.26 years Yes No
2021 2022 liability
Materials Co.,
guarantee
Ltd.
Baotou JA Joint and
Solar December 10, March 25, several
20,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
Xingtai Joint and
Jinglong New December 10, March 28, several
10,370 1.68 years Yes No
Energy Co., 2021 2022 liability
Ltd. guarantee
Joint and
Yiwu JA Solar
December 10, April 01, several
Technology 5,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, April 08, several
Technology 10,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, April 12, several
Technology 5,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Hefei Jingjiu Joint and
PV December 10, April 15, several
6,800 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, April 15, several
7,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
83
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Joint and
JA Solar
December 10, May 10, several
Holdings Co., 10,000 1 year Yes No
2021 2022 liability
Ltd.
guarantee
Changde
Joint and
Dingcheng
several
Xingyang PV December 10, May 20,
1,200 liability 1.3 years Yes No
Generation 2021 2022
guarantee,
Technology
pledge
Co., Ltd.
Joint and
Yiwu JA Solar
December 10, May 23, several
Technology 8,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
JA Solar
December 10, May 31, several
International 15,886.15 2.4 years No No
2021 2022 liability
Limited
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 10, June 01, several
Materials 4,000 1 year Yes No
2021 2022 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Yangzhou)
December 10, June 20, several
New Energy 40,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 10, June 20, several
Materials 10,000 2 years No No
2021 2022 liability
(Donghai) Co.
guarantee
Ltd.
JA (Yangzhou) Joint and
Solar December 10, June 21, several
4,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 10, June 28, several
Holdings Co., 10,000 2 years No No
2021 2022 liability
Ltd.
guarantee
JA Solar
International
Limited, Yiwu
Joint and
JA Solar
December 10, July 14, several
Technology 8,145.11 1.05 years Yes No
2021 2022 liability
Co., Ltd., and
guarantee
JA (Yangzhou)
New Energy
Co., Ltd.
Joint and
JA Solar December 10, July 15, several
11,854.32 25.8 years No No
GmbH 2021 2022 liability
guarantee
Tuquan
Joint and
Xinsheng
December 10, July 18, several
Solar 43,000 1 year Yes No
2021 2022 liability
Generation
guarantee
Co., Ltd.
Baotou JA Joint and
Solar December 10, July 20, several
20,000 3.1 years No No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
Yiwu JA Solar
December 10, July 27, several
Technology 32,500 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
December 10, August 02, several
Technology 60,000 1 year Yes No
2021 2022 liability
Co., Ltd.
guarantee
Yiwu JA Solar
Technology
Co., Ltd., JA
Solar
International
Limited, JA
(Yangzhou) Joint and
New Energy December 10, August 16, several
124,655.52 1 year Yes No
Co., Ltd.， 2021 2022 liability
Hefei JA Solar guarantee
Technology
Co., Ltd., and
Shanghai JA
Solar
Technology
Co., Ltd.
Joint and
JA Solar
December 10, August 16, several
International 8,853.38 3.1 years No No
2021 2022 liability
Limited
guarantee
JA Solar December 10, August 16, Joint and
1,629.02 3.1 years No No
International 2021 2022 several
84
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Limited liability
guarantee
Joint and
JA (Yangzhou)
December 10, August 17, several
New Energy 5,000 1.26 years Yes No
2021 2022 liability
Co., Ltd.
guarantee
JA (Yangzhou) Joint and
Solar December 10, August 22, several
10,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
JA (Xingtai) December 10, August 29, several
20,000 3.1 years Yes No
Solar Co., Ltd. 2021 2022 liability
guarantee
Joint and
JA (Yangzhou)
December 10, August 31, several
New Energy 15,000 1.25 years Yes No
2021 2022 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar December 10, August 31, several
5,000 1 year Yes No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 10, September several
Holdings Co., 20,000 3.1 years No No
2021 14, 2022 liability
Ltd.
guarantee
Xingtai Joint and
Jinglong New December 10, September several
15,000 1.21 years Yes No
Energy Co., 2021 15, 2022 liability
Ltd. guarantee
Yiwu Joint and
Jingcheng PV December 10, September several
25,000 5.6 years No No
Materials Co., 2021 15, 2022 liability
Ltd. guarantee
Joint and
JA (Xingtai) December 10, September several
20,967.6 1 year Yes No
Solar Co., Ltd. 2021 16, 2022 liability
guarantee
Qujing JA Joint and
Solar December 10, September several
9,940 1.58 years No No
Technology 2021 19, 2022 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 10, September several
Holdings Co., 79,400 3.3 years No No
2021 19, 2022 liability
Ltd.
guarantee
Joint and
Yiwu JA Solar
December 10, September several
Technology 20,000 1.19 years Yes No
2021 22, 2022 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar December 10, September several
12,000 1 year Yes No
Technology 2021 23, 2022 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
December 10, September several
Technology 96,000 1 year Yes No
2021 26, 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, September several
Technology 15,000 1 year Yes No
2021 28, 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
December 10, September several
Technology 50,000 1 year Yes No
2021 28, 2022 liability
Co., Ltd.
guarantee
Joint and
JA Solar
December 10, September several
International 21,248.1 2.6 years No No
2021 28, 2022 liability
Limited
guarantee
Joint and
Hefei JA Solar
December 10, October 08, several
Technology 20,000 3 years No No
2021 2022 liability
Co., Ltd.
guarantee
Joint and
JA Solar
December 10, October 10, several
Holdings Co., 15,000 1 year Yes No
2021 2022 liability
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 10, October 18, several
Materials 5,000 1 year Yes No
2021 2022 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Xingtai) December 10, October 29, several
7,800 0.78 years Yes No
Solar Co., Ltd. 2021 2022 liability
guarantee
Joint and
JA Solar
December 10, October 31, several
International 4,738.33 3 months Yes No
2021 2022 liability
Limited
guarantee
85
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Joint and
JA Solar
December 10, October 31, several
International 6,557.96 3 months Yes No
2021 2022 liability
Limited
guarantee
Qujing
Joint and
Jinglong
December 10, October 31, several
Electronic 10,000 1 year Yes No
2021 2022 liability
Materials Co.,
guarantee
Ltd.
Qujing JA Joint and
Solar December 10, October 31, several
30,000 1.48 years No No
Technology 2021 2022 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 10, November several
Holdings Co., 60,000 11 months Yes No
2021 04, 2022 liability
Ltd.
guarantee
Tuquan
Joint and
Xinsheng
December 10, November several
Solar 88,000 1.04 years Yes No
2021 16, 2022 liability
Generation
guarantee
Co., Ltd.
Joint and
JA Solar
December 10, November several
Holdings Co., 40,000 1.5 years No No
2021 24, 2022 liability
Ltd.
guarantee
Joint and
JA (Xingtai) December 10, November several
40,000 1.09 years Yes No
Solar Co., Ltd. 2021 24, 2022 liability
guarantee
Baotou JA Joint and
Solar December 10, December several
35,000 11 months Yes No
Technology 2021 01, 2022 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar December 10, December several
8,000 2 years No No
Technology 2021 05, 2022 liability
Co., Ltd. guarantee
Joint and
JA Solar
December 10, December several
Australia PTY 47,362.31 5.1 year No No
2021 09, 2022 liability
Limited
guarantee
Baotou JA Joint and
Solar December 10, December several
20,000 1 year Yes No
Technology 2021 12, 2022 liability
Co., Ltd. guarantee
Shanghai JA Joint and
Solar December 10, December several
19,500 1 year Yes No
Technology 2021 14, 2022 liability
Co., Ltd. guarantee
Joint and
JA (Xingtai) December 10, December several
10,000 1 year Yes No
Solar Co., Ltd. 2021 15, 2022 liability
guarantee
Joint and
Hefei JA Solar
December 10, December several
Technology 35,000 0.95 years Yes No
2021 16, 2022 liability
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
December 10, December several
Materials 10,000 1 year Yes No
2021 27, 2022 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Xingtai) December 10, December several
24,000 1 year Yes No
Solar Co., Ltd. 2021 28, 2022 liability
guarantee
Joint and
JA (Yangzhou)
December 10, December several
New Energy 20,000 0.56 years Yes No
2021 29, 2022 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, January 01, several
Technology 20,000 2.9 years No No
2022 2023 liability
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November 24, January 05, several
Materials 5,000 11 months No No
2022 2023 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
Yiwu JA Solar
November 24, January 06, several
Technology 40,000 11 months Yes No
2022 2023 liability
Co., Ltd.
guarantee
Qujing JA Joint and
Solar November 24, January 06, several
30,000 11 months No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Qujing Joint and
Jinglong November 24, January 06, several
12,000 11 months No No
Electronic 2022 2023 liability
Materials Co., guarantee
86
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Ltd.
Joint and
Yiwu JA Solar
November 24, January 09, several
Technology 20,000 11 months No No
2022 2023 liability
Co., Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November 24, January 11, several
Materials 20,000 11 months Yes No
2022 2023 liability
(Donghai) Co.
guarantee
Ltd.
JA (Yangzhou) Joint and
Solar November 24, January 13, several
5,000 7 months Yes No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, January 13, several
New Energy 15,000 7 months Yes No
2022 2023 liability
Co., Ltd.
guarantee
Qujing
Joint and
Jinglong
November 24, January 16, several
Electronic 10,000 11 months No No
2022 2023 liability
Materials Co.,
guarantee
Ltd.
Joint and
JA Solar
November 24, February several
Holdings Co., 30,000 11 months No No
2022 03, 2023 liability
Ltd.
guarantee
Shanghai JA Joint and
Solar November 24, February several
10,000 10 months Yes No
Technology 2022 07, 2023 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
November 24, February several
Technology 30,000 11 months No No
2022 09, 2023 liability
Co., Ltd.
guarantee
JA (Yangzhou) Joint and
Solar November 24, February several
8,000 11 months No No
Technology 2022 13, 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, February several
New Energy 10,000 11 months No No
2022 13, 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Xingtai) November 24, February several
10,000 11 months No No
Solar Co., Ltd. 2022 13, 2023 liability
guarantee
Joint and
JA Solar
November 24, February several
Holdings Co., 96,000 11 months No No
2022 16, 2023 liability
Ltd.
guarantee
Jing Hai Yang
Joint and
Semiconductor
November 24, February several
Materials 10,000 1.9 years No No
2022 16, 2023 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
Hefei JA Solar
November 24, February several
Technology 30,000 1 year No No
2022 22, 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Xingtai) November 24, February several
18,500 0.85 years Yes No
Solar Co., Ltd. 2022 24, 2023 liability
guarantee
JA (Yangzhou) Joint and
Solar November 24, February several
10,000 2.9 years No No
Technology 2022 27, 2023 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar November 24, March 07, several
6,000 1 year No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Jing Hai Yang
Joint and
Semiconductor
November 24, March 08, several
Materials 8,000 9 months Yes No
2022 2023 liability
(Donghai) Co.
guarantee
Ltd.
Jing Hai Yang
Joint and
Semiconductor
November 24, March 09, several
Materials 10,000 10 months No No
2022 2023 liability
(Donghai) Co.
guarantee
Ltd.
JA (Yangzhou) Joint and
Solar November 24, March 09, several
20,000 10 months No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, March 09, several
New Energy 13,000 10 months No No
2022 2023 liability
Co., Ltd.
guarantee
JA (Yangzhou) November 24, March 14, 17,000 Joint and 1 year No No
87
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Solar 2022 2023 several
Technology liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar November 24, March 16, several
10,000 11 months No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Xingtai) November 24, March 17, several
20,000 11 months No No
Solar Co., Ltd. 2022 2023 liability
guarantee
Joint and
Hefei JA Solar
November 24, March 17, several
Technology 4,895 0.42 years Yes No
2022 2023 liability
Co., Ltd.
guarantee
Qujing
Joint and
Jinglong
November 24, March 17, several
Electronic 20,000 10 months No No
2022 2023 liability
Materials Co.,
guarantee
Ltd.
Qujing JA Joint and
Solar November 24, March 17, several
20,000 10 months No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Xingtai) November 24, March 20, several
25,000 0.67 years Yes No
Solar Co., Ltd. 2022 2023 liability
guarantee
Shanghai JA Joint and
Solar November 24, March 23, several
21,000 1.2 years No No
Technology 2022 2023 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar November 24, March 24, several
15,000 1 year No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
November 24, March 27, several
Technology 9,000 3 years No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
November 24, April 11, several
Technology 10,000 11 months No No
2022 2023 liability
Co., Ltd.
guarantee
JA (Yangzhou) Joint and
Solar November 24, April 13, several
10,000 1.4 years No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
November 24, April 13, several
Technology 40,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, April 13, several
Technology 15,000 2 years No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, April 14, several
Technology 45,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar
November 24, April 17, several
Australia PTY 751.55 2 months Yes No
2022 2023 liability
Limited
guarantee
Joint and
JA Solar
November 24, April 24, several
Australia PTY 33,441.54 8.9 years No No
2022 2023 liability
Limited
guarantee
JA (Yangzhou) Joint and
Solar November 24, April 25, several
10,000 11 months No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA Solar
November 24, May 01, several
International 7,790.97 2.8 years No No
2022 2023 liability
Limited
guarantee
Joint and
Hefei JA Solar
November 24, May 10, several
Technology 15,000 8 months No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, May 10, several
Technology 20,000 7 months Yes No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar
November 24, May 15, several
International 14,165.4 3 years No No
2022 2023 liability
Limited
guarantee
Joint and
Hefei JA Solar
November 24, May 29, several
Technology 20,000 11 months No No
2022 2023 liability
Co., Ltd.
guarantee
88
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Baotou JA Joint and
Solar November 24, May 29, several
20,000 1 year No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
November 24, May 31, several
Technology 20,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar
November 24, May 31, several
Holdings Co., 55,000 11 months No No
2022 2023 liability
Ltd.
guarantee
Joint and
JA Solar November 24, June 06, several
49,341.24 31.5 years No No
GmbH 2022 2023 liability
guarantee
Joint and
JA Solar November 24, June 06, several
25,234.1 1.5 years No No
GmbH 2022 2023 liability
guarantee
Joint and
JA (Xingtai) November 24, June 09, several
20,000 1 year No No
Solar Co., Ltd. 2022 2023 liability
guarantee
Joint and
JA (Yangzhou)
November 24, June 14, several
New Energy 20,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, June 15, several
Technology 5,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Yiwu JA Solar
Technology
Co., Ltd., JA
Solar
International
Limited, JA
(Yangzhou) Joint and
New Energy November 24, June 15, several
132,446.49 0.15 years Yes No
Co., Ltd.， 2022 2023 liability
Hefei JA Solar guarantee
Technology
Co., Ltd., and
Shanghai JA
Solar
Technology
Co., Ltd.
Qujing
Joint and
Jinglong
November 24, June 28, several
Electronic 15,000 1 year No No
2022 2023 liability
Materials Co.,
guarantee
Ltd.
Qujing JA Joint and
Solar November 24, June 28, several
40,000 1 year No No
Technology 2022 2023 liability
Co., Ltd. guarantee
JA (Yangzhou) Joint and
Solar November 24, July 01, several
10,000 1.92 years No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Jing Hai Yang
Joint and
Semiconductor
November 24, July 03, several
Materials 4,000 11 months No No
2022 2023 liability
(Donghai) Co.
guarantee
Ltd.
JA (Yangzhou) Joint and
Solar November 24, July 14, several
27,000 1.9 years No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, July 14, several
New Energy 40,000 1.94 years No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November 24, July 24, several
New Energy 20,000 11 months No No
2022 2023 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar November 24, July 26, several
15,000 11 months No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
Yiwu JA Solar
November 24, July 31, several
Technology 4,000 2 years No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Xingtai) November 24, August 01, several
30,000 1 year No No
Solar Co., Ltd. 2022 2023 liability
guarantee
JA (Yangzhou) November 24, August 01, Joint and
18,733.74 1 year No No
New Energy 2022 2023 several
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Co., Ltd., JA liability
Solar guarantee
International
Limited
Joint and
JA (Xingtai) November 24, August 09, several
7,800 3.22 years No No
Solar Co., Ltd. 2022 2023 liability
guarantee
Shanghai JA
Solar PV
Technology
Co., Ltd. JA
Solar
International
Limited, Hefei Joint and
JA Solar November 24, August 10, several
214,401 1 year No No
Technology 2022 2023 liability
Co., Ltd., guarantee
Yiwu JA Solar
Technology
Co., Ltd., and
JA (Yangzhou)
New Energy
Co., Ltd.
Jing Hai Yang
Joint and
Semiconductor
November 24, August 11, several
Materials 20,000 0.61 yearss No No
2022 2023 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
JA (Yangzhou)
November 24, August 11, several
New Energy 61.2 0.5 years No No
2022 2023 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar November 24, August 14, several
20,000 0.68 years No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, August 18, several
New Energy 15,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, August 18, several
Technology 20,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar
November 24, August 18, several
International 24,000 0.33 years Yes No
2022 2023 liability
Limited
guarantee
Joint and
Yiwu JA Solar
November 24, August 22, several
Technology 1,039.83 0.49 years No No
2022 2023 liability
Co., Ltd.
guarantee
Baotou JA Joint and
Solar November 24, August 25, several
15,000 1 year No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, August 28, several
New Energy 870.73 0.41 year No No
2022 2023 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar November 24, August 29, several
8,000 1.33 years No No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
JA (Yangzhou)
November 24, August 30, several
New Energy 20,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November 24, August 30, several
New Energy 50,000 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Shanghai JA Joint and
Solar November 24, August 30, several
17,000 0.19 years Yes No
Technology 2022 2023 liability
Co., Ltd. guarantee
Joint and
Yiwu JA Solar
November 24, August 31, several
Technology 32,500 1 year No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, September several
Technology 25,000 0.97 years No No
2022 07, 2023 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
November 24, September several
Technology 100,000 1 year No No
2022 08, 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Xingtai) November 24, September
50,000 several 0.5 years No No
Solar Co., Ltd. 2022 08, 2023
liability
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
guarantee
JA (Yangzhou) Joint and
Solar November 24, September several
6,000 1 year No No
Technology 2022 19, 2023 liability
Co., Ltd. guarantee
Joint and
Yiwu JA Solar
November 24, September several
Technology 30,000 1 year No No
2022 22, 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar November 24, September several
15,586.74 2.7 years No No
GmbH 2022 22, 2023 liability
guarantee
Joint and
JA Solar November 24, September several
13,374.87 2.7 years No No
GmbH 2022 22, 2023 liability
guarantee
Joint and
JA Solar November 24, September several
26,434.15 2.7 years No No
GmbH 2022 22, 2023 liability
guarantee
Joint and
JA Solar November 24, September several
2,069.44 31 years No No
GmbH 2022 22, 2023 liability
guarantee
Joint and
Hefei JA Solar
November 24, September several
Technology 20,000 1 year No No
2022 25, 2023 liability
Co., Ltd.
guarantee
Joint and
Hefei JA Solar
November 24, September several
Technology 70,000 1 year No No
2022 28, 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar
November 24, October 07, several
International 21,248.1 3.9 years No No
2022 2023 liability
Limited
guarantee
Joint and
JA Solar
November 24, October 07, several
International 7,082.7 6.73 years No No
2022 2023 liability
Limited
guarantee
Joint and
Hefei JA Solar
November 24, October 27, several
Technology 115,000 1.92 years No No
2022 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Wuxi) PV
November 24, November several
Technology 20,000 1.5 years No No
2022 01, 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar November 24, November several
46,955.47 0.9 years No No
GmbH 2022 01, 2023 liability
guarantee
Joint and
JA Solar November 24, November several
3,134.05 0.9 years No No
GmbH 2022 01, 2023 liability
guarantee
Hefei Jingjiu Joint and
PV November 24, November several
10,000 1 year No No
Technology 2022 09, 2023 liability
Co., Ltd. guarantee
Joint and
JA (Xingtai) November 24, November several
25,000 3 years No No
Solar Co., Ltd. 2022 20, 2023 liability
guarantee
Shanghai JA Joint and
Solar November 24, November several
20,000 1.05 years No No
Technology 2022 27, 2023 liability
Co., Ltd. guarantee
Jing Hai Yang
Joint and
Semiconductor
November 24, November several
Materials 5,000 1 year No No
2022 30, 2023 liability
(Donghai) Co.
guarantee
Ltd.
Joint and
Yiwu JA Solar
November 24, December several
Technology 20,000 1 year No No
2022 01, 2023 liability
Co., Ltd.
guarantee
Joint and
Yiwu JA Solar
November 24, December several
Technology 49,000 1 year No No
2022 01, 2023 liability
Co., Ltd.
guarantee
Qujing JA Joint and
Solar November 24, December several
20,000 1 year No No
Technology 2022 01, 2023 liability
Co., Ltd. guarantee
Joint and
Hefei JA Solar
November 24, December several
Technology 40,000 0.92 years No No
2022 03, 2023 liability
Co., Ltd.
guarantee
JA Solar November 24, December 50,000 Joint and 3 years No No
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Holdings Co., 2022 04, 2023 several
Ltd. liability
guarantee
Joint and
Hefei JA Solar
November 24, December several
Technology 43,000 3 years No No
2022 05, 2023 liability
Co., Ltd.
guarantee
Joint and
JA Solar November 24, December several
316.21 0.64 years No No
GmbH 2022 15, 2023 liability
guarantee
Joint and
JA (Xingtai) November 24, December several
30,000 1 year No No
Solar Co., Ltd. 2022 19, 2023 liability
guarantee
Joint and
JA (Yangzhou)
November 24, December several
New Energy 10,000 1 year No No
2022 19, 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November 24, December several
New Energy 10,000 1 year No No
2022 20, 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Yangzhou)
November 24, December several
New Energy 15,000 0.59 years No No
2022 21, 2023 liability
Co., Ltd.
guarantee
Shijiazhuang Joint and
JA Solar November 24, December several
30,000 1.46 years No No
Technology 2022 28, 2023 liability
Co., Ltd. guarantee
Joint and
JA (Wuxi) PV
November 24, December several
Technology 16,000 1 year No No
2022 28, 2023 liability
Co., Ltd.
guarantee
Joint and
JA (Xingtai) November 24, December several
28,000 1.47 years No No
Solar Co., Ltd. 2022 28, 2023 liability
guarantee
Total guarantee limit for Total guaranteed amount for
subsidiaries approved in the 2,929,174.52 subsidiaries in the reporting 2,929,174.52
reporting period (B1) period (B2)
Total guarantee limit for Total balance of guarantee
subsidiaries approved as of the 3,766,263.95 limit for subsidiaries at the end 3,425,670.91
end of the reporting period (B3) of the reporting period (B4)
Guarantees between subsidiaries
Disclosure
Related-
date for Counter- Fulfilled
Guaranteed Guarantee Guarantee Guaranteed Guarantee Collateral Guarantee party
announcement guarantee completely
party limit date amount type (if any) duration guarantee
on guarantee (if any) or not
or not
limit
Lincheng Joint and
Jingneng New several
January 06,
Energy 28,300 liability 14.2 years No No
2016
Development guarantee,
Co., Ltd. pledge
Joint and
several
PV Plant in September
2,356.88 liability 10.2 years No No
Shiojiri, Japan 06, 2016
guarantee,
pledge
Joint and
Shexian JA PV several
May 01,
Generation 9,737.81 liability 10.4 years No No
2017
Co., Ltd. guarantee,
pledge
Joint and
several
Datong JA PV
May 11, liability
Generation 30,000 12.3 years No No
2017 guarantee,
Co., Ltd.
mortgage,
pledge
Joint and
Yanchi County
several
JA PV October 15,
8,867 liability 6.01 years Yes No
Generation 2017
guarantee,
Co., Ltd.
pledge
Joint and
JA Solar several
July 04,
Vietnam Co., 48,442.91 liability 7.1 years Yes No
2018
Ltd. guarantee,
pledge
JA Solar
August 27,
Holdings Co., 2,800 Collateral 5.26 years Yes No
2018
Ltd.
Joint and
JA Solar
December several
Holdings Co., 50,000 5.2 years Yes No
12, 2018 liability
Ltd.
guarantee
Kangbao January 31, Joint and
8,470 10 years Yes No
County 2019 several
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Jingneng New liability
Energy guarantee,
Development pledge
Co., Ltd.
Joint and
JA Solar
January 08, March 13, several
Holdings Co., 99,400 3.1 years Yes No
2020 2020 liability
Ltd.
guarantee
Joint and
JA Solar USA January 08, April 08, several
24,789.45 3.1 years Yes No
Inc. 2020 2020 liability
guarantee
Joint and
JA Solar
January 08, June 16, several
Holdings Co., 40,000 3.1 years Yes No
2020 2020 liability
Ltd.
guarantee
Jing Hai Yang
Semiconductor
January 08, July 15,
Materials 5,240 Collateral 3.67 years No No
2020 2020
(Donghai) Co.
Ltd.
Joint and
JA Solar Japan January 08, September several
1,004.26 3.1 years Yes No
Limited 2020 16, 2020 liability
guarantee
Ningjin
Joint and
Songgong
January 08, September several
Electronic 4,000 3.1 years Yes No
2020 27, 2020 liability
Materials Co.,
guarantee
Ltd.
Joint and
JA Solar December 16, February several
25,301.22 2.8 years Yes No
GmbH 2020 08, 2021 liability
guarantee
Joint and
JA (Xingtai) December 16, March 19, several
10,000 2 years Yes No
Solar Co., Ltd. 2020 2021 liability
guarantee
Xingtai Joint and
Jinglong New December 16, March 23, several
10,385 2.69 years Yes No
Energy Co., 2020 2021 liability
Ltd. guarantee
JA Solar
Joint and
International
December 16, December several
Limited, JA 2,833.08 2.1 years Yes No
2020 13, 2021 liability
Solar Vietnam
guarantee
Ltd.
Joint and
JA (Xingtai) December 10, January 03, several
25,684 1.88 years Yes No
Solar Co., Ltd. 2021 2022 liability
guarantee
JA Solar
December 10, July 18,
Holdings Co., 10,000 Pledged 1.29 years Yes No
2021 2022
Ltd.
JA (Xingtai) December 10, July 25,
7,000 Pledged 1.35 years Yes No
Solar Co., Ltd. 2021 2022
JA (Xingtai) December 10, July 25,
10,000 Pledged 1.35 years Yes No
Solar Co., Ltd. 2021 2022
Joint and
JA Solar December 10, December several
50,050.27 25.4 years No No
GmbH 2021 09, 2022 liability
guarantee
Joint and
JA Solar December 10, December several
12,814.51 25.4 years No No
GmbH 2021 09, 2022 liability
guarantee
JA Solar
December 10, December
Technology 10,000 Pledged 6 months Yes No
2021 29, 2022
Co., Ltd.
Joint and
JA Solar
November 24, February several
Holdings Co., 72,000 11 months No No
2022 16, 2023 liability
Ltd.
guarantee
JA Solar
November 24, March 10,
Technology 7,700 Pledged 0.64 years Yes No
2022 2023
Co., Ltd.
JA Solar
November 24, March 10,
Technology 10,000 Pledged 0.64 years Yes No
2022 2023
Co., Ltd.
Qujing
Jinglong
November 24, March 17,
Electronic 20,000 Pledged 6 months Yes No
2022 2023
Materials Co.,
Ltd.
JA Solar
November 24, March 24,
Technology 8,000 Pledged 6 months Yes No
2022 2023
Co., Ltd.
Joint and
JA Solar Japan November 24, July 31, several
3,012.78 1 year No No
Limited 2022 2023 liability
guarantee
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Joint and
JA Solar November 24, September several
9,512.95 24 years No No
GmbH 2022 22, 2023 liability
guarantee
Lincheng
Joint and
Jingneng New
November 24, December several
Energy 4,644.44 10.01 years No No
2022 15, 2023 liability
Development
guarantee
Co., Ltd.
JA Solar
November 24, December
Technology 10,000 Pledged 0.5 years No No
2022 18, 2023
Co., Ltd.
JA Solar
November 24, December
Technology 7,700 Pledged 0.5 years No No
2022 18, 2023
Co., Ltd.
Total guarantee limit for Total guaranteed amount for
subsidiaries approved in the 152,570.17 subsidiaries in the reporting 152,570.17
reporting period (C1) period (C2)
Total guarantee limit for Total balance of guarantee for
subsidiaries approved as of the 291,069.64 subsidiaries at the end of the 245,369.64
end of the reporting period (C3) reporting period (C4)
Total guaranteed amount by the Company (the sum of the top three items)
Total guarantee limit approved in Total guaranteed amount in the
the reporting period (A1+ B1+ 3,081,744.69 reporting period (A2+ B2+ 3,081,744.69
C1) C2)
Total guarantee limit approved as Total balance of guarantee
of the end of the reporting period 4,057,333.59 limit at the end of the reporting 3,671,040.55
(A3+ B3+ C3) period (A4+ B4+ C4)
Total guaranteed amount (A4+B4+C4) as a percent of the
104.54%
Company’s net assets
Including:
Balance of guarantee for shareholders, actual controller and its
0
related parties (D)
Balance of indirect or direct debt guarantee for guaranteed parties
2,070,219.40
whose debt to asset ratio is over 70% (E)
Amount out of the total guaranteed amount that exceeds 50% of
1,915,231.38
the net assets (F)
Total of the above three items (D+ E+ F) 3,985,450.78
For unexpired guarantee contracts, explain cases where guarantee
liability occurred during the reporting period or evidence None
indicates a potential for joint and several liability (if any)
Note on outward guarantees in violation of the prescribed
None
procedures (if any)
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
1.Issuing convertible corporate bonds to the public
To further enhance the Company’s vertically integrated industrial chain, scale up operations, and maintain its industry-leading position,
while capitalizing on the maturation of its N-type product technology by increasing the capacity of large-size N-type silicon wafers,
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
10GW High-Efficiency Celland 5GW High-Efficiency Module Project, and the Yangzhou 10GW High-Efficiency Solar Cells Project.
Additionally, a portion of the funds will be used to supplement working capital. This strategic initiative aims to seize the historic
opportunity presented by technological advancements, establishing a leading position of the Company in the industrialization 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 yuan. The bonds were listed for trading at Shenzhen Stock Exchange from August 4, 2023 under the short
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
name of JA Convertible Bonds and the code of 127089.
2. 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 sixth board
of directors on August 30, 2023 and the third extraordinary general meeting for the year 2023 on September 18, 2023, the Company
approved to implement the Stock Option and Restricted Share Incentive Plan for the Year 2023. On October 18, 2023, the grant of
restricted shares was recorded with a total of 3.4 million restricted shares granted to 11 incentive recipients; and on December 16, 2023,
the grant of stock options was recorded with a total of 78,840,200 stock options granted to 2,652 incentive recipients.
XVII. Subsidiary’s Material Matters
□ Applicable Not applicable
95
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Section VII. Changes in Shares and Shareholders
I. Share Changes
1. Share changes
Unit: Share
Before the change Change (+, -) After the change
Bon Capital
Percenta us reserve Percenta
Number New issue Others Sub-total Number
ge issu converted to ge
e shares
I. Restricted
12,751,067 0.54% 4,829,227 5,069,572 -10,970,611 -1,071,812 11,679,255 0.35%
shares
1. Shares held
by the state
2. Shares held
by the state-
owned legal
entities
3. Shares held
by other
11,149,075 0.47% 4,629,227 4,428,776 -9,139,423 -81,420 11,067,655 0.33%
domestic
investors
In which:
shares held by
domestic legal
entities
Shares held
by domestic 11,149,075 0.47% 4,629,227 4,428,776 -9,139,423 -81,420 11,067,655 0.33%
natural persons
4. Shares held
by overseas 1,601,992 0.07% 200,000 640,796 -1,831,188 -990,392 611,600 0.02%
investors
Including,
shares held by
overseas legal
entities
Shares held
by overseas 1,601,992 0.07% 200,000 640,796 -1,831,188 -990,392 611,600 0.02%
natural persons
II. Unrestricted
2,343,593,969 99.46% 12,386,739 937,645,801 10,954,069 960,986,609 3,304,580,578 99.65%
shares
1. RMB
2,343,593,969 99.46% 12,386,739 937,645,801 10,954,069 960,986,609 3,304,580,578 99.65%
common shares
2. Foreign
shares listed in
Chinese
mainland
3. Foreign
shares listed
outside Chinese
mainland
4. Others
100.00 100.00
III. Total shares 2,356,345,036 17,215,966 942,715,373 -16,542 959,914,797 3,316,259,833
% %
Reason for changes in shares
Applicable □ Not applicable
1. New issues: In the reporting period
(1) As part of the 2023 stock option and restricted share incentive plan, 3,400,000 restricted shares were granted to 11 incentive
recipients. The granted restricted shares were listed on October 18, 2023;
(2) The incentive recipients under the 2020 stock option and restricted share incentive plan exercised 13,150,063 shares;
(3) The incentive recipients under the 2022 stock option and restricted share incentive plan exercised 665,903 shares.
2. Conversion of reserve funds to shares: In the reporting period, the Company completed the 2022 annual equity distribution, issuing
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Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
4 additional shares for every 10 shares from the capital reserve, resulting in 942,715,373 shares being issued;
3. Others: In the reporting period, the Company repurchased and canceled 16,542 restricted shares previously held by leaving
employees.
Approval of changes in share changes
Applicable □ Not applicable
1.New issue:
(1) On September 18, 2023, the Company held the third extraordinary general meeting in the year 2023 and approved proposals
including the Proposal on the Company’s 2023 Stock Option and Restricted Share Incentive Plan (Draft) and its Summary, allowing
the Company to grant stock options and restricted shares to incentive recipients. For details, please refer to the Resolutions of the Third
Extraordinary General Meeting in the Year 2023 disclosed on September 19, 2023;
(2) The Company’s stock option and restricted shares incentive plans for the years 2020 and 2022 operate under a voluntary exercise
model. These plans have received approval from the Shenzhen Stock Exchange and have completed the necessary registration
declarations for voluntary exercise at the Shenzhen Branch of the China Securities Depository and Clearing Corporation Limited;
2.Conversion of reserve funds to equity: On April 13, 2023, the Company held the annual general meeting for the year 2022 and
approved the Proposal on the 2022 Annual Profit Distribution and Conversion of Capital Reserve to Share Capital, agreeing the
Company’s 2022 annual profit distribution plan. For details, please refer to the Resolutions of the 2022 Annual General Meeting
disclosed on April 14, 2023.
3. Others: As approved by the general meeting, the Company repurchased and canceled 16,542 restricted shares previously held by
leaving employees.
Registration of changes in share changes
□ Applicable Not applicable
Impact of the share changes on financial indicators such as the earnings per share, diluted earnings per share, net assets per share
attributed to the common shareholders of the Company for the latest year and the latest period
□ Applicable Not applicable
Other disclosures the Company thinks necessary or required by the CSRC
□ Applicable Not applicable
2. Change in restricted shares
Applicable □ Not applicable
Unit: Share
Restricted Restricted
Opening Closing
Shareholder shares shares unlocked Reason for
restricted restricted Unlocking date
name increased in in the current restriction
shares shares
current period period
Restricted
In accordance
shares as part of
with the
the plan:
Incentive provisions of
For the 2022
recipients under the Company’s
annual equity
the first grant 2020 stock
distribution, 4
of restricted option and
shares were
shares as part restricted share
5,219,200 2,087,680 7,306,880 0 issued for every
of the 2020 incentive plan
10 shares from
share incentive regarding the
the capital
plan (excluding removal of
reserve,
those have left restrictions, the
resulting in an
the Company) lock-up period
increase in
was lifted on
restricted
June 19, 2023.
shares.
Restricted
shares as part of
the plan: The registration
For the 2022 procedures for
Incentive
annual equity the repurchase
recipients of the
distribution, 4 and
2020 incentive
shares were cancellation
plan that left 11,816 4,726 16,542 0
issued for every were completed
the Company in
10 shares from on June 12,
the reporting
the capital 2023 and
period
reserve, December 22,
resulting in an 2023.
increase in
restricted
97
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
shares.
Restricted
In accordance
shares as part of
with the
the plan:
provisions of
Incentive For the 2022
the Company’s
recipients under annual equity
2020 stock
the reservation distribution, 4
option and
grant of shares were
restricted share
restricted 318,010 127,204 445,214 0 issued for every
incentive plan
shares as part 10 shares from
regarding the
of the 2020 the capital
removal of
share incentive reserve,
restrictions, the
plan resulting in an
lock-up period
increase in
was lifted on
restricted
May 15, 2023.
shares.
Restricted
In accordance
shares as part of
with the
the plan:
provisions of
For the 2022
Incentive the Company’s
annual equity
recipients under 2022 stock
distribution, 4
the grant of option and
shares were
restricted restricted share
4,298,000 1,719,200 1,805,160 4,212,040 issued for every
shares as part incentive plan
10 shares from
of the 2022 regarding the
the capital
share incentive removal of
reserve,
plan restrictions, the
resulting in an
lock-up period
increase in
was lifted on
restricted
July 25, 2023.
shares.
Provisions of
Incentive the Company’s
recipients under 2023 stock
the grant of option and
Restricted
restricted restricted share
0 3,400,000 0 3,400,000 shares as part of
shares as part incentive plan
the plan
of the 2023 regarding the
share incentive removal of
plan restrictions are
followed.
Locked-up
shares for
senior
managers:
For the 2022
annual equity
distribution, 4 Regulations
Directors, shares were governing
supervisors and issued for every executive
2,904,041 2,559,989 1,396,815 4,067,215
senior 10 shares from shareholding
managers the capital management
reserve, as well are followed.
as the exercise
of stock options
resulting in an
increase in
restricted
shares.
Total 12,751,067 9,898,799 10,970,611 11,679,255 -- --
II. Issuance and Listing of Securities
1. Issuance of securities (excluding preference shares) in the reporting period
98
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Applicable □ Not applicable
Name of
Approved
stock and Issue price
quantity to Transaction Disclosure Disclosure
its Issue date (or interest Issue size Listing date
trade on end date index date
derivative rate)
market
securities
Stock type
The
Announcem
ent on the
Completion
of the
Registratio
n of the
Grant of
Restricted Restricted
shares as Shares as
part of October 18, October 18, part of the October 16,
14.50 3,400,000 3,400,000
share 2023 2023 2023 Stock 2023
incentive Option and
plan Restricted
Share
Incentive
Plan
disclosed
on
http://www.
cninfo.com
.cn
The
Announcem
ent on
Implementa
Conversion tion of 2022
of capital Annual
April 25, 942,715,37 April 25, 942,715,37 April 19,
reserve to Equity
2023 3 2023 3 2023
share Distributio
capital n disclosed
on
http://www.
cninfo.com
.cn
Voluntary
exercise of
13,815,966 13,815,966
stock
options
Convertible bonds, detachable convertible corporate bonds, and corporate bonds
The
Announcem
ent on the
Listing of
Convertible
JA
July 18 August 04 Bonds August 02
Convertible 100.00 89,603,077 89,603,077
2023 2023 issued to 2023
Bonds
the Public
on
http://www.
cninfo.com
.cn
Other derivative securities
Note on the issuance of securities (excluding preference shares) in the reporting period
1.In the reporting period, as part of the 2023 stock option and restricted share incentive plan, 3,400,000 restricted shares were granted
to 11 incentive recipients. The granted restricted shares were listed on October 18, 2023;
2. In the reporting period, the Company completed the 2022 annual equity distribution under which 4 new shares were issued per 10
shares as converted from the capital reserve, resulting in an increase of 942,715,373 shares;
99
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
3.In the reporting period, the incentive recipients under the 2020 stock option and restricted share incentive plan exercised 13,150,063
shares voluntarily, and the incentive recipients under the 2022 stock option and restricted share incentive plan exercised 665,903 shares
voluntarily, for a total of 13,815,966 shares;
4.In the reporting period, the Company completed the issue of convertible corporate bonds to the public. A total of 89,603,077
convertible corporate bonds were issued, each with a face value of 100 yuan. These bonds under the short name of JA Convertible
Bonds and the code of 127089 were listed on Shenzhen Stock Exchange from August 4, 2023.
2. Note on changes in total shares, and shareholding structure, as well as the changes in the asset and
liability structure
Applicable □ Not applicable
1. In the reporting period, as part of the 2023 stock option and restricted share incentive plan, 3,400,000 restricted shares were granted
to 11 incentive recipients. As a result, the total share capital of the Company increased by 3,400,000 shares;
2. In the reporting period, the Company completed the 2022 annual equity distribution under which 4 new shares were issued per 10
shares as converted from the capital reserve, resulting in an increase of 942,715,373 shares to the total share capital of the Company;
3. In the reporting period, the incentive recipients under the 2020 stock option and restricted share incentive plan exercised 13,150,063
shares voluntarily, and the incentive recipients under the 2022 stock option and restricted share incentive plan exercised 665,903 shares
voluntarily, for a total of 13,815,966 shares. As a result, the total share capital of the Company increased by 13,815,966 shares;
4. In the reporting period, the Company repurchased and canceled 16,542 restricted shares previously held by incentive recipients that
left the Company. As a result, the total share capital of the Company decreased by 16,542 shares.
3. Current employee shares
□ Applicable Not applicable
III. Shareholders and Actual Controller
1. Number of shareholders and their shareholdings
Unit: Share
Total
common
sharehold Total preference
Total preference
ers at the shareholders
shareholders with voting
Total common end of the with voting
rights restored at the end of
shareholders at the month rights restored
155,919 185,286 0 the month prior to the 0
end of the prior to at the end of the
disclosure date of annual
reporting period the reporting period
report (if any) (refer to Note
disclosur (if any) (refer to
8)
e date of Note 8)
annual
report
Shareholding of shareholders holding 5% or more of the shares, or the top 10 shareholders (excluding shares borrowed through “stock financing
transfer”
Sharehold Equity Change in the Restricted Unrestricted Pledge, mark or freeze
Shareholder name Closing shares
er type percent reporting period shares shares Status Number
Domestic
investor
Dongtai Jingtaifu other than
Not
Technology Co., state- 47.35% 1,570,307,572 448,659,30611 0 1,570,307,572 0
applicable
Ltd. owned
legal
entities
Hong Kong
Overseas
Securities Not
legal 4.79% 158,890,185 101,239,477 0 158,890,185 0
Clearing Company applicable
entity
Ltd.
Domestic
Beijing Huajian investor
Yingfu Industrial other than
Partnership state- 4.31% 142,821,897 -43,180,003 0 142,821,897 Pledged 110,436,692
(Limited owned
Partnership) legal
entities
Nanjing Zhoubo Domestic
Not
Fangwei Business investor 1.43% 47,508,726 34,695,159 0 47,508,726 0
applicable
Management other than
100
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Center (Limited state-
Partnership) owned
legal
entities
CCB - Guangdong
Development
Technology Not
Others 1.24% 41,235,683 20,590,481 0 41,235,683 0
Pioneer Mixed applicable
Security
Investment Fund
Shanghai Pudong
Development
Bank - Guangdong
Development
Not
High-end Others 1.16% 38,376,772 16,831,368 0 38,376,772 0
applicable
Manufacturing
Stock-type
Initiated Security
Investment Fund
CMB - Quanguo
Xuyan 3Y Mixed Not
Others 1.01% 33,574,575 Unknown 0 33,574,575 0
Security applicable
Investment Fund
China Minsheng
Bank - Guangdong
Development Not
Others 0.90% 29,777,979 10,486,063 0 29,777,979 0
Industry Select 3Y applicable
Mixed Security
Investment Fund
ICBC -
Guangdong
Development
Not
Two-engine Others 0.85% 28,076,793 11,874,456 0 28,076,793 0
applicable
Upgrade Mixed
Security
Investment Fund
ICBC -
Guangdong
Development
Innovation Not
Others 0.63% 20,826,795 7,788,070 0 20,826,795 0
Upgrade Flexible applicable
Configuration
Mixed Security
Investment Fund
Strategic investors or general
legal entities which became top
ten shareholders due to None.
allotment of new shares (if any)
(Refer to Note 3)
Note on the said shareholders’ The Company does not know whether there is any affiliation among the above shareholders or if they qualify as
relationship or acting in concert persons acting in concert as defined by the Management Measures for the Acquisition of Listed Companies.
Note on delegation of voting
rights or wavier of voting rights None
by the said shareholders
Note on special repurchase
accounts held by top ten
None
shareholders (if any) (Refer to
Note 10)
Top ten shareholders with unrestricted shares
Share type
Shareholder name Closing unrestricted shares
Share type Number
Dongtai Jingtaifu Technology
1,570,307,572 RMB common share 1,570,307,572
Co., Ltd.
Hong Kong Securities Clearing
158,890,185 RMB common share 158,890,185
Company Ltd.
Beijing Huajian Yingfu 142,821,897 RMB common share 142,821,897
101
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Industrial Partnership (Limited
Partnership)
Nanjing Zhoubo Fangwei
Business Management Center 47,508,726 RMB common share 47,508,726
(Limited Partnership)
CCB - Guangdong Development
Technology Pioneer Mixed 41,235,683 RMB common share 41,235,683
Security Investment Fund
Shanghai Pudong Development
Bank - Guangdong
Development High-end
38,376,772 RMB common share 38,376,772
Manufacturing Stock-type
Initiated Security Investment
Fund
CMB - Quanguo Xuyan 3Y
33,574,575 RMB common share 33,574,575
Mixed Security Investment Fund
China Minsheng Bank -
Guangdong Development
29,777,979 RMB common share 29,777,979
Industry Select 3Y Mixed
Security Investment Fund
ICBC - Guangdong
Development Two-engine
28,076,793 RMB common share 28,076,793
Upgrade Mixed Security
Investment Fund
ICBC - Guangdong
Development Innovation
20,826,795 RMB common share 20,826,795
Upgrade Flexible Configuration
Mixed Security Investment Fund
Note on the relationship or
concerted actions among the top
10 unrestricted circulating The Company does not know whether there is any affiliation among the top 10 unrestricted circulating shareholders
shareholders and between the and between the top 10 unrestricted circulating shareholders and the top 10 shareholders or if they qualify as persons
top 10 unrestricted circulating acting in concert as defined by the Management Measures for the Acquisition of Listed Companies.
shareholders and the top 10
shareholders
Note on participation in
financing and securities lending
by the top 10 common None
shareholders （if any) (refer to
Note 4)
Note: 1. In the reporting period, under the 2022 annual equity distribution, 4 shares were issued for every 10 shares from the capital
reserve, resulting in an increase of 448,659,306 shares held by them.
The participation of the top ten shareholders in the “share financing transfer” for lending shares
□ Applicable Not applicable
Change in top ten shareholders from the previous period
□ Applicable Not applicable
Whether the top ten common shareholders and the top ten common shareholders with unrestricted shares performed any agreed
repurchase transactions during the reporting period
□ Yes No
The top ten common shareholders and the top ten common shareholders with unrestricted shares did not perform any agreed
repurchase transactions during the reporting period.
2. Controlling shareholder
Nature of the controlling shareholder: natural person
Type of the controlling shareholder: legal entity
Name of the Legal
controlling shareholder representative/person Date of incorporation Organization code Main businesses
name in charge
Technical service,
technology
development, technical
Dongtai Jingtaifu 91130528MA0CF7X3
Jin Baofang June 26, 2018 consulting, technical
Technology Co., Ltd. 3W
exchange, technology
transfer, technology
promotion;
102
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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 None
or invested in by the
controlling shareholder
during the reporting
period.
Controlling shareholder change in the reporting period
□ Applicable Not applicable
In the reporting period, the controlling shareholder did not change.
3. Actual controller and persons acting in concert
Nature of the actual controller: domestic natural person
Type of the actual controller: natural person
Relationship with the actual Residence right in other
Name of the actual controller Nationality
controller country/region
Jin Baofang Jin Baofang China No
Acting in concert (including
Jin Junmiao via agreement, relative, or China Yes
common control)
Main professions and titles Mr. Jin Baofang is the Chairman and General Manager of the Company.
Listed companies within and
Mr. Jin Baofang was the actual controller of JA Solar Holdings Co., Ltd. which was listed in the
outside Chinese mainland
United States. In 2018, JA Solar Holdings Co., Ltd. was privatized and delisted from the US
controlled by the actual
market.
controller in the latest 10
years
Actual controller 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 persons
acting in concert account for at least 80% of the total shares
□ Applicable Not applicable
103
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
5. Other legal entities holding over 10% of the total shares
□ Applicable Not applicable
6. Share disposal restrictions for the controlling shareholder, actual controller, restructuring party, and
other commitment entities
Applicable □ Not applicable
The share lock-up commitments made by the parties involved in the material asset restructuring in 2019 are as follows:
1. Counterparties in the share issue for asset purchase transaction
（1） Commitments made by the controlling shareholder (Jingtaifu) and its person acting in concert (Jin Junmiao): The
consideration shares of Tianye Tolian subscribed by us/me will not be transferred within 36 months from the date of listing of the
consideration shares.
（2） Commitments made by other counterparties (Qichang Electronics, Shenzhen Boyuan, Jingjun Ningy, Jingli Ninghua,
Ningren Ninghe, Jingde Ningfu and Dongtai Bona): If the equity of the target shares used by us for share subscription has been held
for less than 12 months, the consideration shares obtained in this issue shall not be transferred within 36 months from the end of the
issue. If the equity of the target assets used for share subscription has been held for more than 12 months, the consideration shares
obtained in this issue shall not be transferred within 24 months from the end of the issue.
2. Commitment made by the previous controlling shareholder (Huajian Yingfu) regarding this material asset restructuring: The shares
of the listed company held by us prior to this restructuring will not be transferred in any manner, including but not limited to public
transfer through the securities market or transfer by agreement, within 36 months after the completion of this transaction and this
restructuring. Additionally, we will not entrust others to manage the shares of the listed company held by us.
The above share lock-up commitments expired on November 28, 2022, and the relevant parties fully fulfilled their share lock-up
commitments.
IV. Specific Implementation of Share Repurchases in the Reporting Period
Progress of share repurchases
Applicable □ Not applicable
Shares
repurchased
as a percent
Proposed
Plan As a percent Proposed of the target
Shares to be repurchase Purpose of Shares
disclosure of the total repurchase shares
repurchased amount (10k repurchase repurchased
date share capital period relating to
yuan)
the share
incentive
plan (if any)
Within 12
11,074,197- 0.33%-
months after
22,148,394 0.67% Not less than For
the
(estimated (estimated 400 million employee
repurchase
October 31, with a with a yuan and not stock
plan is 12,483,600
2023 repurchase repurchase greater than ownership
approved by
price limit of price limit of 800 million plan or share
the board of
36.12 36.12 yuan incentive
director
yuan/share) yuan/share)
meeting
Progress on repurchasing shares through centralized competitive bidding trading
□ Applicable Not applicable
104
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Section VIII. Preference Shares
□ Applicable Not applicable
The Company had no preference shares in the reporting period.
105
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
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 per
bond, raising a total of 8,960,307,700.00 yuan. Starting from August 4, 2023, the bonds were listed and traded on the Shenzhen Stock
Exchange under the short name of JA Convertible Bonds and the code 127089. The initial conversion price was set at 38.78 yuan per
share.
2. Between July 18, 2023, and October 10, 2023, incentive recipients of the stock option incentive plan exercised 2,409,389
options voluntarily, resulting in an increase of 2,409,389 shares in the Company’s share capital. Specifically, in the third exercise
period for the initial grant of stock options as part of the 2020 stock option and restricted share incentive plan, 1,727,865 stock shares
were exercised at an exercise price of 7.89 yuan/option; in the second exercise period for the reservation grant of stock options as part
of the 2020 stock option and restricted share incentive plan, 15,921 stock options were exercised at an exercise price of 17.66
yuan/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 committee
approved the Proposal on Granting Stock Option and Restricted Shares to Incentive Recipients. It was agreed that September 18, 2023
was the grant date and 3.4 million restricted shares were granted to 11 incentive recipients. On October 13, 2023, following
confirmation by the Shenzhen Branch of China Securities Depository and Clearing Corporation Limited, the Company completed the
registration of granting 3.4 million restricted shares to 11 incentive recipients at a grant price of 14.50 yuan per share.
In a nutshell, the conversion price of JA Convertible Bonds 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 1,117,047
options voluntarily, resulting in an increase of 1,117,047 shares in the Company’s share capital. Specifically, in the third exercise
period for the initial grant of stock options as part of the 2020 stock option and restricted share incentive plan, 931,602 stock shares
were exercised at an exercise price of 7.89 yuan/option; in the second exercise period for the reservation grant of stock options as part
of the 2020 stock option and restricted share incentive plan, 185,134 stock options were exercised at an exercise price of 17.66
yuan/option; in the first exercise period for the stock options as part of the 2022 stock options and restricted share incentive plan, 311
stock 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 third
extraordinary general meeting of shareholders in 2023, the Company resolved to repurchase and cancel 12,622 restricted shares granted
to 3 leaving incentive recipients that were still subject to restrictions. Following confirmation by the Shenzhen Branch of China
Securities Depository and Clearing Corporation Limited, the Company completed the repurchase and cancellation of the 12,622
restricted 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 first
extraordinary general meeting in 2024, the Company decided to terminate the 2022 and 2023 stock option and restricted share incentive
plans, as well as repurchase and cancel a total of 7,612,040 restricted shares that were granted and still subject to restriction.
In a nutshell, the conversion price of JA Convertible Bonds was adjusted from 38.74 yuan/share to 38.78 yuan/share effective on
April 02, 2024.
2. Cumulative conversion of bonds to shares
Applicable □ Not applicable
Short name of Start and end Total issue Cumulative Cumulative Cumulative Amount not Amount not
Total issue
the dates of amount conversion shares shares converted converted as
(bond)
convertible conversion (yuan) amount converted converted as (yuan) a percent of
106
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
bonds (yuan) a percent of the total issue
the shares amount
issued by the
Company
before the
conversion
JA From January
Convertible 24, 2024 to 89,603,077 8,960,307,700.00 0.00 0 0.00% 8,960,307,700.00 100.00%
Bonds July 17, 2029
3. Top ten holders of convertible bonds
Closing
convertible bonds
Closing Closing amount of
No. Bondholder name Bondholder nature as a percent of
convertible bonds convertible bonds
total convertible
bonds
Domestic investor
Dongtai Jingtaifu Technology other than state-
1 42,503,515 4,250,351,500.00 47.44%
Co., Ltd. owned legal
entities
Northwest Investment
Management (Hong Kong) Overseas legal
2 1,289,979 128,997,900.00 1.44%
Limited - Northwest Feilong entity
Fund Limited
China Minsheng Bank - Anxin
Wenjian Value-adding Flexible
3 Others 1,208,390 120,839,000.00 1.35%
Configuration Mixed
Investment Fund
ICBCCS Tianfeng Fixed
4 Income Pension Product - Others 1,203,067 120,306,700.00 1.34%
ICBC
State-owned legal
5 Guosen Securities Co., Ltd. 1,007,316 100,731,600.00 1.12%
entity
China Merchants Bank - Anxin
6 Wenjian Value-adding Mixed Others 932,292 93,229,200.00 1.04%
Security Investment Fund
Shanghai Pudong Development
Bank - Taiping Fengying 1Y
7 Others 913,403 91,340,300.00 1.02%
Open Bond-type Initiated
Security Investment Fund
Bank of China - E-Fund Stable
8 Income Bond-type Security Others 896,958 89,695,800.00 1.00%
Investment Fund
China Merchants Bank -
9 Dongfanghong Juli Bond-type Others 709,117 70,911,700.00 0.79%
Security Investment Fund
Agricultural Bank of China -
Penghua Convertible Bond
10 Others 685,009 68,500,900.00 0.76%
Bond-type Security Investment
Fund
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 cash
arrangements for debt repayment in the next year
Refer to VIII Major Accounting Data and Financial Indicators within the Latest Two Years at the end of the Reporting Period in
Section IX Convertible Corporate Bonds of this report for details.
V. Loss Recorded in the Consolidated Financial Statements for the Reporting Period
Exceeding 10% of the Net Assets as of the End of Previous Year
107
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□ Applicable Not applicable
VI. Overdue Interest-bearing Debts other than Bonds at the End of the Reporting Period
□ Applicable Not applicable
VII. Violations of Regulations in the Reporting Period
□ Yes No
VIII. Major Accounting Data and Financial Indicators within the Latest Two Years at the end
of the Reporting Period
Unit: 10k yuan
Item End of this reporting period End of previous year YoY change
Current ratio 0.98 1.09 -10.09%
L/A ratio 64.35% 58.32% 6.03%1
Quick ratio 0.69 0.75 -8.00%
This reporting period Previous reporting period YoY change
Net profit excluding non-
714,049.91 555,841.85 28.46%
recurring profits and losses
Total debt/EBITDA 74.82% 117.72% -42.90%2
Interest coverage ratio 16.78 13.68 22.66%
Cash coverage ratio 97.99 40.02 144.85%3
EBITDA coverage 24.66 19.87 24.11%
Repayment ratio 100.00% 100.00% 0.00%
Interest repayment ratio 100.00% 100.00% 0.00%
Note: 1. The asset-liability ratio at the end of this year was higher than that of the previous year, primarily due to the issuance of
convertible corporate bonds this year, resulting in an increase in total liabilities;
2. The total debts to EBITDA ratio at the end of this year was lower than that of the previous year, primarily due to the issuance of
convertible corporate bonds this year, resulting in an increase in total liabilities.
3. The cash interest coverage ratio for this year significantly increased compared to the previous year, mainly due to the expansion of
production and sales scale this year, resulting in a substantial growth in net cash flows from operating activities compared to the
previous year.
108
Full Text of the 2023 Annual Report of JA Solar Technology Co., Ltd.
Section X. Financial Report
Please refer to the 2023 Auditor’s Report of JA Solar Technology Co., Ltd.
109
