【晶澳科技：拟2亿元-4亿元回购股份 用于员工持股计划或股权激励】智通财经8月22日电，晶澳科技 (002459.SZ)公告称，公司拟使用股票回购专项贷款及自有资金以集中竞价交易方式回购公司部分股 份，回购股份将全部用于员工持股计划或股权激励。回购资金总额不低于人民币2亿元（含）且不超过 人民币4亿元（含），回购价格不超过人民币17.36元/股（含）。回购期限为自董事会审议通过本次回 购方案之日起12个月内。 转自：智通财经 ...

晶澳科技公告，公司拟回购部分公司发行的人民币普通股（A股），在未来适宜时机全部用于员工持股 计划或者股权激励。回购资金总额不低于人民币2亿元（含）且不超过人民币4亿元（含），回购价格不 超过人民币17.36元/股（含）。回购期限为自董事会审议通过本次回购方案之日起12个月内。回购股份 的资金来源为股票回购专项贷款及自有资金。 ...

人民财讯8月22日电，晶澳科技（002459）8月22日晚间披露2025年半年报，公司上半年实现营业收入 239.05亿元，同比下降36.01%；归母净利润为亏损25.8亿元，上年同期亏损8.74亿元。报告期内，受近 年来光伏主产业链各环节产能集中释放导致阶段性供需失衡的影响，行业竞争持续加剧，各环节主要产 品价格对比同期整体承压下行，同时国际贸易保护政策加剧，导致公司组件销售均价和盈利能力同比下 降，经营业绩出现阶段性亏损。晶澳科技同日公告，拟以2亿元—4亿元回购股份，用于员工持股计划或 股权激励，回购价格不超过17.36元/股。 ...

晶澳科技公告，拟以2亿元-4亿元回购公司股份，回购价格不超过人民币17.36元/股（含）。回购股份将 全部用于员工持股计划或者股权激励，预计回购股份数量约为0.35%-0.70%。回购期限为董事会审议通 过之日起12个月内，资金来源为股票回购专项贷款及自有资金。 ...

晶澳科技公告，2025年上半年营业收入239.05亿元，同比下降36.01%。净利润亏损25.8亿元，上年同期 净利润亏损8.74亿元。报告期内，公司持续深化市场拓展，加速推进国际化布局，并依托于技术领先优 势，电池组件出货量维持行业领先地位。然而受近年来光伏主产业链各环节产能集中释放导致阶段性供 需失衡的影响，行业竞争持续加剧，各环节主要产品价格对比同期整体承压下行，同时国际贸易保护政 策加剧，导致公司组件销售均价和盈利能力同比下降，经营业绩出现阶段性亏损。 ...

Part I [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, having attended the review meeting, and detail operational risks while planning no cash dividends, bonus shares, or capital increase from reserves - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - The company has detailed potential operational risks in Section III, 'Management Discussion and Analysis,' under 'X. Risks Faced by the Company and Countermeasures,' urging investors to review the relevant content[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the structured table of contents for the report, comprising nine main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data - The report contains nine main chapters, ranging from important notices to financial reports and submitted data[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, laws, currency units, and photovoltaic industry specific terms such as ground-mounted power stations, distributed power stations, crystalline silicon, cells, modules, Bycium cells, HJT cells, tandem cells, and LCOE, ensuring clear understanding of the report's content - “The Company, JA Solar” refers to JA Solar Technology Co., Ltd[10](index=10&type=chunk) - “Ground-mounted power stations, centralized power stations” refer to large-scale solar cell arrays that directly convert solar energy into DC power, which is then connected to the grid via AC distribution cabinets, step-up transformers, and high-voltage switchgear, supplying photovoltaic power to the grid for unified distribution to users[10](index=10&type=chunk) - “Bycium cells” refer to n-type bifacial cells with excellent surface passivation, enhancing open-circuit voltage and fill factor, thereby improving cell conversion efficiency[10](index=10&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=Company%20Profile) JA Solar Technology Co., Ltd., stock code 002459, is listed on the Shenzhen Stock Exchange, with Jin Baofang as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | 晶澳科技 | | Stock Code | 002459 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | 晶澳太阳能科技股份有限公司 | | Company Chinese Abbreviation | 晶澳科技 | | Company English Name | JA Solar Technology Co., Ltd. | | Company English Abbreviation | JA SOLAR | | Legal Representative | 靳保芳 | [Contact Persons and Information](index=7&type=section&id=Contact%20Persons%20and%20Information) The company's Board Secretary is Qin Shilong and Securities Affairs Representative is Yuan Haisheng, both located at Building 8, Nord Center, No. 1 Courtyard, Automobile Museum East Road, Fengtai District, Beijing, with contact numbers 010-63611960, fax 010-63611980, and email ir@jasolar.com Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 秦世龙 | 北京市丰台区汽车博物馆东路1号院诺德中心8号楼 | 010-63611960 | 010-63611980 | ir@jasolar.com | | Securities Affairs Representative | 袁海升 | 北京市丰台区汽车博物馆东路1号院诺德中心8号楼 | 010-63611960 | 010-63611980 | ir@jasolar.com | [Other Information](index=7&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, or document storage locations; specific details can be found in the 2024 Annual Report - The company's registered address, office address and postal code, website, and email remained unchanged during the reporting period; specific details can be found in the 2024 Annual Report[16](index=16&type=chunk) - The securities exchange website and media name and URL for the company's semi-annual report disclosure, as well as the report's availability location, remained unchanged during the reporting period; specific details can be found in the 2024 Annual Report[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by **36.01%** year-on-year, net profit attributable to shareholders expanded to a loss of **-2.58 billion Yuan**, basic earnings per share were **-0.79 Yuan/share**, and weighted average return on net assets decreased by **7.25 percentage points**. Net cash flow from operating activities significantly increased by **342.44%** Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 23.90 billion | 37.36 billion | -36.01% | | Net Profit Attributable to Shareholders (Yuan) | -2.58 billion | -0.87 billion | -195.13% | | Net Profit Attributable to Shareholders After Deducting Non-Recurring Gains and Losses (Yuan) | -2.29 billion | -0.82 billion | -179.23% | | Net Cash Flow from Operating Activities (Yuan) | 4.51 billion | -1.86 billion | 342.44% | | Basic Earnings Per Share (Yuan/share) | -0.79 | -0.27 | -192.59% | | Diluted Earnings Per Share (Yuan/share) | -0.79 | -0.27 | -192.59% | | Weighted Average Return on Net Assets | -9.79% | -2.54% | Decrease 7.25PP | Key Accounting Data and Financial Indicators (Period-End) | Indicator | Current Period-End | Prior Year-End | Period-End Change | | :--- | :--- | :--- | :--- | | Total Assets (Yuan) | 105.60 billion | 112.96 billion | -6.52% | | Net Assets Attributable to Shareholders (Yuan) | 24.80 billion | 27.90 billion | -11.10% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and those prepared under Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards[20](index=20&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **-293 million Yuan**, primarily comprising **441 million Yuan** from disposal of non-current assets (equity disposal of overseas subsidiaries), **101 million Yuan** in government grants, and **-821 million Yuan** in fair value changes from foreign exchange hedging activities Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | 441.11 million | Mainly from equity disposal gains of overseas subsidiaries | | Government grants recognized in current profit or loss | 101.17 million | Mainly from government grants received in the current period | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | -821.52 million | Mainly from foreign exchange hedging losses | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 4.62 million | | | Other non-operating income and expenses apart from the above | 9.96 million | | | Less: Income tax impact | 27.96 million | | | Less: Impact on minority interests (after tax) | 0.82 million | | | Total | -293.44 million | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) Part III Management Discussion and Analysis [I. Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company focuses on a vertically integrated solar photovoltaic model, primarily engaged in R&D, production, and sales of silicon wafers, cells, modules, and energy storage systems, while expanding into PV power plant development, operation, and PV materials and equipment businesses, aiming to provide comprehensive energy solutions through its three synergistic business groups: PV & Energy Storage, Smart Energy, and Materials & Equipment - The company's main businesses include R&D, production, and sales of solar PV silicon wafers, cells, modules, and energy storage systems, as well as the development, construction, and operation of solar PV power plants, and R&D, production, and sales of PV materials and equipment[26](index=26&type=chunk) - The company has established three major business groups: 'PV & Energy Storage Business Group,' 'Smart Energy Business Group,' and 'Materials & Equipment Business Group,' continuously improving its organizational structure and expanding its business layout[26](index=26&type=chunk) - The company adheres to the guiding principle of 'seeking progress while maintaining stability, reducing costs, and increasing efficiency,' strengthening its intelligent PV manufacturing business, refining the PV new materials and equipment industry, and actively developing downstream PV power generation application solutions[27](index=27&type=chunk) [ (I) Company's Main Businesses and Products](index=10&type=section&id=(I)%20Company's%20Main%20Businesses%20and%20Products) The company's main businesses span three divisions: PV & Energy Storage, Smart Energy, and Materials & Equipment. The PV & Energy Storage division offers silicon ingots, wafers, high-efficiency N-type Bycium+ cells (up to **27%** mass production efficiency), various high-power modules (DeepBlue5.0 up to **670W** power, **24.8%** efficiency), and BlueStar, BluePlanet, BlueGalaxy series energy storage systems. The Smart Energy division provides zero-carbon solutions and PV power plant development and operation. The Materials & Equipment division focuses on R&D and production of PV materials and crystal pulling equipment - The silicon wafers produced by the company are primarily monocrystalline silicon wafers, used for processing monocrystalline solar cells, with a small portion sold externally[28](index=28&type=chunk) - The company's latest n-type Bycium+ cells have achieved a mass production conversion efficiency of up to **27%**, with large-size cells reaching industry-leading levels in conversion efficiency and production cost[28](index=28&type=chunk) - The company launched high-power DeepBlue5.0 module products, with a maximum power of **670W** and a maximum efficiency of **24.8%**, offering full-scenario solutions for extreme cold, plateau, dry heat, sandstorms, humid heat, and marine environments[31](index=31&type=chunk) - The company launched three series of energy storage products: BlueStar residential energy storage systems, BluePlanet commercial and industrial energy storage systems, and BlueGalaxy grid-side energy storage systems, providing 'one-stop' PV-plus-storage solutions[32](index=32&type=chunk)[33](index=33&type=chunk) - The Smart Energy Business Group is committed to becoming a global leading one-stop zero-carbon solution provider; as of June 30, 2025, the company's PV power plant portfolio was approximately **2.722 GW**[34](index=34&type=chunk) - The Materials & Equipment Business Group's main products include PV materials (such as junction boxes, encapsulants, and solder ribbons) and PV crystal pulling equipment, aiming to reduce supply chain risks and promote cost optimization[35](index=35&type=chunk) [ (II) Business Model](index=11&type=section&id=(II)%20Business%20Model) The company's three business groups adopt differentiated operating models. The PV & Energy Storage group primarily operates on a 'production-to-order' basis with centralized procurement, a global sales network, and a focus on independent R&D supplemented by collaborative R&D. The Smart Energy group develops power plants through self-investment and partnerships, offering zero-carbon energy solutions with 'full grid connection' and 'self-consumption with surplus to grid' power sales models. The Materials & Equipment group mainly uses centralized procurement and a 'production-to-order with moderate inventory' model, focusing on direct sales and independent R&D - The PV & Energy Storage Business Group adopts a centralized procurement and 'production-to-order' manufacturing model, possesses full PV industry chain production capabilities, has a global sales network, and focuses on independent R&D combined with 'industry-academia-research' collaboration[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - The Smart Energy Business Group primarily operates through self-investment and cooperative development models, covering centralized, distributed commercial and industrial, and residential PV power plant businesses, providing full-chain 'one-stop' PV-plus-storage solutions, with power sales models including 'full grid connection' and 'self-consumption with surplus to grid'[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The Materials & Equipment Business Group adopts a centralized procurement and 'production-to-order with moderate inventory' manufacturing model, primarily focusing on direct sales, and employs an R&D model that is mainly independent with supplementary collaborative research[45](index=45&type=chunk) [II. Analysis of Core Competencies](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competencies) JA Solar's core competencies are evident in seven areas: vertically integrated synergistic development across three business groups, global market and production layout, continuous leading technological innovation (N-type TOPCon cell efficiency up to **27%**, DeepBlue5.0 module efficiency **24.8%**), excellent quality brand influence (multi-year 'Best Performer' module supplier), digital and intelligent operational management enhancing efficiency, an experienced management team with a stable operating system, and green low-carbon practices under the 'G2G' sustainable development philosophy - The company has built an industrial system integrating PV & Energy Storage, Smart Energy, and Materials & Equipment business groups for synergistic development, with highly matched vertical integration capacity across the industry chain, effectively controlling product quality and reducing supply chain risks[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has sales and service networks in **178** countries and regions globally, with production bases in Southeast Asia, a global layout that helps offset regional market fluctuations and trade friction impacts[48](index=48&type=chunk) - The company adheres to a 'mass-produce one generation, reserve one generation, research one generation' strategy, with N-type TOPCon cell mass production conversion efficiency reaching up to **27%**, DeepBlue5.0 module efficiency up to **24.8%**, and **2,072** patents owned[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The company has established a quality management system covering the entire industry chain, consistently receiving honors such as RETC 'Overall Highest Achiever' and PVEL 'Top Performer' module supplier for multiple years, demonstrating significant brand influence[52](index=52&type=chunk)[53](index=53&type=chunk) - The company deploys digital and intelligent technologies such as AGV vehicles, 5G networks, and artificial intelligence to integrate production management systems, enhancing operational efficiency and product quality, with multiple bases selected as 'Intelligent PV Pilot Demonstration Enterprises' by the Ministry of Industry and Information Technology[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - The company's core management team is highly experienced, having navigated multiple industry cycles, consistently ranking among the top tier, with shipments remaining in the global top four for the past decade[57](index=57&type=chunk) - The company practices the 'G2G' sustainable development philosophy, building a '6+' green ecological development system, with **6** production bases included in the national 'Green Factory' list, and products certified for multiple carbon footprints[58](index=58&type=chunk)[59](index=59&type=chunk) [III. Main Business Analysis](index=15&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's main business faced intensified industry competition and downward pressure on product prices, resulting in a **36.01%** year-on-year decrease in operating revenue and a net loss of **2.58 billion Yuan** attributable to the parent company. The company responded by leveraging its global marketing network, technological innovation, enhanced operational management, clear technology roadmap, and global supply chain layout, while initiating H-share listing to boost its international brand image and capital strength - During the reporting period, due to concentrated capacity release in the main PV industry chain leading to supply-demand imbalance and intensified international trade protection policies, the company's average module selling price and profitability decreased year-on-year, resulting in a phased operating loss[60](index=60&type=chunk) Key Financial Data for the Reporting Period | Indicator | Amount (ten thousand Yuan) | | :--- | :--- | | Operating Revenue | 23.90 billion | | Net Profit Attributable to Shareholders | -2.58 billion | | Total Assets | 105.60 billion | | Net Assets Attributable to Shareholders | 24.80 billion | - The company's cell and module shipments reached **33.79 GW** (including **119 MW** for self-use), with overseas shipments accounting for approximately **45.93%**, maintaining a leading position in the industry[61](index=61&type=chunk) - The company's R&D investment in the first half of the year was **1.39 billion Yuan**, accounting for **5.81%** of operating revenue, holding **2,072** valid patents, including **1,109** invention patents[62](index=62&type=chunk) - The company has clarified its technology development roadmap, with N-type Bycium+ cell mass production conversion efficiency reaching up to **27%**, accelerating BC cell technology R&D, and reserving perovskite and tandem high-efficiency cell technologies[65](index=65&type=chunk) - The company has initiated the issuance of overseas-listed foreign shares (H-shares) and applied for listing on the Main Board of The Stock Exchange of Hong Kong Limited, to promote its globalization strategy[67](index=67&type=chunk) [Overview](index=15&type=section&id=Overview) During the reporting period, the company faced PV industry overcapacity and declining product prices, leading to a **36.01%** revenue decrease to **23.90 billion Yuan** and a net loss of **2.58 billion Yuan** attributable to the parent company. The company responded with global market expansion, technological innovation, cost control, a clear technology roadmap, and global supply chain layout, while initiating H-share listing to enhance its international brand image and capital strength - During the reporting period, the company's operating revenue was **23.90 billion Yuan**, a year-on-year decrease of **36.01%**; net profit attributable to shareholders was **-2.58 billion Yuan**[60](index=60&type=chunk) - The company's cell and module shipments reached **33.79 GW** (including **119 MW** for self-use), with overseas shipments accounting for approximately **45.93%**, maintaining a leading position in the industry[61](index=61&type=chunk) - The company's R&D investment in the first half of the year was **1.39 billion Yuan**, accounting for **5.81%** of operating revenue, holding **2,072** valid patents, including **1,109** invention patents[62](index=62&type=chunk) - The company has initiated the issuance of overseas-listed foreign shares (H-shares) and applied for listing on the Main Board of The Stock Exchange of Hong Kong Limited[67](index=67&type=chunk) [Year-on-Year Changes in Key Financial Data](index=16&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue decreased by **36.01%** to **23.90 billion Yuan**, primarily due to declining PV product prices. Operating costs decreased by **31.06%** to **24.75 billion Yuan**, mainly due to lower raw material costs and cost reduction measures. Financial expenses shifted from positive to negative, decreasing by **219.27%** year-on-year, mainly due to increased exchange gains. Net cash flow from operating activities significantly increased by **342.44%** Year-on-Year Changes in Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 23.90 billion | 37.36 billion | -36.01% | Mainly due to continued market competition and declining PV product prices in the current period | | Operating Cost | 24.75 billion | 35.90 billion | -31.06% | Mainly due to lower raw material costs and cost reduction measures | | Financial Expenses | -238.31 million | 199.81 million | -219.27% | Mainly due to increased exchange gains from exchange rate fluctuations, increased interest expenses, and increased interest income | | Net Cash Flow from Operating Activities | 4.51 billion | -1.86 billion | 342.44% | Mainly due to intensified PV competition, decreased sales receipts due to lower module prices, decreased expenditures related to raw material purchases, decreased cash payments to employees, and increased recovery of deposits | | Net Cash Flow from Investing Activities | 877.02 million | -8.11 billion | 110.81% | Mainly due to decreased cash expenditures for constructing long-term assets and recovery of intercompany receivables from disposed subsidiaries | | Net Cash Flow from Financing Activities | 1.61 billion | 20.56 billion | -92.18% | Mainly due to decreased borrowings obtained and increased repayment of borrowings in the current period | | Net Increase in Cash and Cash Equivalents | 7.06 billion | 10.73 billion | -34.18% | Mainly due to decreased borrowings obtained and increased repayment of borrowings in the current period | [Composition of Operating Revenue](index=17&type=section&id=Composition%20of%20Operating%20Revenue) During the reporting period, the company's total operating revenue was **23.90 billion Yuan**, a **36.01%** year-on-year decrease. PV module revenue accounted for **91.10%**, decreasing by **38.35%** year-on-year; PV power plant operation revenue accounted for **3.05%**, increasing by **20.12%** year-on-year. Domestic revenue accounted for **50.46%**, decreasing by **16.24%** year-on-year; overseas revenue accounted for **49.54%**, decreasing by **48.41%** year-on-year. The gross profit margin for the new energy industry was **-3.53%**, and for PV modules, it was **-5.98%** Composition of Operating Revenue | Category | Current Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 23.90 billion | 100% | 37.36 billion | 100% | -36.01% | | **By Industry** | | | | | | | New Energy Industry | 23.90 billion | 100.00% | 37.36 billion | 100.00% | -36.01% | | **By Product** | | | | | | | PV Modules | 21.78 billion | 91.10% | 35.32 billion | 94.55% | -38.35% | | PV Power Plant Operation | 728.89 million | 3.05% | 606.79 million | 1.62% | 20.12% | | Other | 1.40 billion | 5.85% | 1.43 billion | 3.83% | -2.11% | | **By Region** | | | | | | | Domestic | 12.06 billion | 50.46% | 14.40 billion | 38.55% | -16.24% | | Overseas | 11.84 billion | 49.54% | 22.96 billion | 61.45% | -48.41% | Gross Profit Margin of Main Business | Category | Operating Revenue | Operating Cost | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | New Energy Industry | 23.90 billion | 24.75 billion | -3.53% | -36.01% | -31.06% | Decrease 7.44PP | | **By Product** | | | | | | | | PV Modules | 21.78 billion | 23.08 billion | -5.98% | -38.35% | -31.55% | Decrease 10.51PP | | **By Region** | | | | | | | | Domestic | 12.06 billion | 12.62 billion | -4.61% | -16.24% | -21.29% | Increase 6.71PP | | Overseas | 11.84 billion | 12.13 billion | -2.42% | -48.41% | -38.95% | Decrease 15.88PP | [IV. Non-Core Business Analysis](index=18&type=section&id=IV.%20Non-Core%20Business%20Analysis) During the reporting period, the company's non-core businesses negatively impacted total profit. Investment income was **-145 million Yuan**, mainly due to foreign exchange hedging losses and equity method losses. Fair value change gains and losses were **98 million Yuan**, primarily from unrealized gains on foreign exchange hedging. Asset impairment losses amounted to **320 million Yuan**, mainly for inventory write-downs. Other income was **233 million Yuan**, primarily from government grants and VAT super deductions, which are sustainable Impact of Non-Core Businesses on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -144.66 million | 5.24% | Mainly from actual settlement losses on foreign exchange hedging, equity disposal gains, and equity method losses | No | | Gains and losses from changes in fair value | 97.97 million | -3.55% | Mainly from unrealized gains on foreign exchange hedging | No | | Asset Impairment | -319.63 million | 11.57% | Mainly from provision for inventory write-downs | No | | Non-Operating Income | 15.32 million | -0.55% | Mainly from insurance compensation, liquidated damages, and fine income | No | | Non-Operating Expenses | 7.98 million | -0.29% | Mainly from contract settlement fees and penalty late fees, external donations, disposal of non-current assets, and reversal of pending litigation | No | | Other Income | 232.94 million | -8.43% | Mainly from government grants and VAT super deductions | Yes | [V. Analysis of Assets and Liabilities](index=18&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **105.60 billion Yuan**, a **6.52%** decrease from the prior year-end; net assets attributable to shareholders were **24.80 billion Yuan**, a **11.10%** decrease. Cash and cash equivalents increased by **2.48 percentage points** as a proportion of total assets, mainly due to new borrowings. Short-term borrowings decreased by **2.50 percentage points**, while long-term borrowings increased by **4.97 percentage points**, primarily due to adjustments in borrowing structure. Overseas subsidiary JA Solar Vietnam Co., Ltd. had assets of **6.77 billion Yuan**, accounting for **27.31%** of the company's net assets Changes in Key Balance Sheet Indicators | Indicator | Current Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 26.07 billion | 24.69% | 25.09 billion | 22.21% | Increase 2.48PP | Mainly due to new borrowings in the current period | | Short-Term Borrowings | 5.30 billion | 5.02% | 8.50 billion | 7.52% | Decrease 2.50PP | Mainly due to repayment of borrowings in the current period | | Long-Term Borrowings | 18.56 billion | 17.58% | 14.24 billion | 12.61% | Increase 4.97PP | Mainly due to new borrowings in the current period | | Non-Current Liabilities Due Within One Year | 4.01 billion | 3.80% | 1.77 billion | 1.56% | Increase 2.24PP | Mainly due to increased long-term borrowing financing due within one year | | Other Non-Current Assets | 3.86 billion | 3.66% | 6.37 billion | 5.64% | Decrease 1.98PP | Mainly due to a decrease in time deposits with maturities over one year | Key Overseas Assets Information | Specific Asset Details | Reason for Formation | Asset Scale | Location | Operating Model | Profitability | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | JA Solar Vietnam Co., Ltd. | Investment and Establishment | 6.77 billion Yuan | Vietnam | Independent Operation | 162 million Yuan | 27.31% | - The company's assets and liabilities measured at fair value primarily include derivative financial assets, other equity instrument investments, other non-current financial assets, notes receivable financing, and derivative financial liabilities[80](index=80&type=chunk) - As of the end of the reporting period, details of the company's restricted assets can be found in Financial Report Section VII, Notes to Consolidated Financial Statements, Item 23, Assets with Restricted Ownership or Use Rights[81](index=81&type=chunk) [VI. Investment Analysis](index=20&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's investment amounted to **2.67 billion Yuan**, a **49.82%** year-on-year decrease. The company had no significant equity investments but was undertaking major non-equity investments such as the Ordos High-tech Zone 30GW crystal pulling, 10GW silicon wafer, and 10GW module projects. The company's derivative investments primarily consisted of forward foreign exchange and options for hedging purposes, with period-end investment amounting to **55.96%** of net assets, effectively mitigating exchange rate fluctuation risks. The overall utilization rate of raised funds was **94.41%**, with some projects not meeting expected returns due to market price declines, and some idle funds temporarily used to supplement working capital Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | Change Rate | | :--- | :--- | :--- | | Investment Amount During Reporting Period | 2.67 billion | -49.82% | | Investment Amount in Prior Year Period | 5.32 billion | | - The company reported no securities investments or derivative investments for speculative purposes during the reporting period[85](index=85&type=chunk)[90](index=90&type=chunk) Hedging Derivative Investment Status | Derivative Investment Type | Period-End Investment Amount (ten thousand Yuan) | Proportion of Period-End Investment Amount to Company's Net Assets | | :--- | :--- | :--- | | Forward Foreign Exchange, Options | 13.88 billion | 55.96% | - The company's foreign exchange hedging activities are closely related to its production and operations, effectively mitigating foreign exchange rate fluctuation risks[89](index=89&type=chunk) Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (ten thousand Yuan) | Total Raised Funds Used (ten thousand Yuan) | Utilization Rate of Raised Funds | | :--- | :--- | :--- | :--- | :--- | | 2020 | Issuance of Shares to Specific Objects | 5.16 billion | 5.12 billion | 99.21% | | 2021 | Issuance of Shares to Specific Objects | 4.97 billion | 4.55 billion | 91.49% | | 2023 | Issuance of Convertible Corporate Bonds to Unspecified Objects | 8.93 billion | 8.33 billion | 93.25% | | Total | | 19.06 billion | 17.99 billion | 94.41% | - Some fund-raising projects, such as the “Annual 5GW High-Efficiency Cell and 10GW High-Efficiency Module and Supporting Project,” did not meet expected returns due to declining sales prices of PV products in the industry[97](index=97&type=chunk) - The company has repeatedly used idle raised funds to temporarily supplement working capital and repaid them within the stipulated period[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) [VII. Significant Asset and Equity Disposals](index=30&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not undertake any significant asset or equity disposals - The company did not dispose of any significant assets during the reporting period[114](index=114&type=chunk) - The company did not dispose of any significant equity during the reporting period[115](index=115&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=30&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include JA Solar Co., Ltd., JA (Yangzhou) Solar Technology Co., Ltd., Dongtai JA Solar Technology Co., Ltd., and JA Solar International Co., Ltd., which significantly contribute to the R&D, production, and sales of solar cells and modules, although some, like Dongtai JA Solar and JA Solar International, reported operating and net losses during the period Major Holding and Associate Companies Information | Company Name | Company Type | Main Business | Registered Capital (ten thousand Yuan) | Total Assets (ten thousand Yuan) | Net Assets (ten thousand Yuan) | Operating Revenue (ten thousand Yuan) | Operating Profit (ten thousand Yuan) | Net Profit (ten thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | JA Solar Co., Ltd. | Subsidiary | R&D, production, and sales of solar cells | 21.27 billion | 44.97 billion | 33.35 billion | 886.50 million | -302.56 million | -304.47 million | | JA (Yangzhou) Solar Technology Co., Ltd. | Subsidiary | R&D, production, and sales of solar cells and modules | 6.34 billion | 13.10 billion | 7.04 billion | 2.52 billion | -428.43 million | -431.01 million | | Dongtai JA Solar Technology Co., Ltd. | Subsidiary | R&D, production, and sales of solar cells and modules | 1.50 billion | 6.97 billion | -241.05 million | 3.15 billion | -268.11 million | -267.89 million | | JA Solar International Co., Ltd. | Subsidiary | Sales of solar cells and modules | 0.1 million HKD | 6.23 billion | 894.32 million | 3.68 billion | -881.29 million | -876.98 million | - Details of the acquisition and disposal of subsidiaries during the reporting period can be found in Section VIII, Financial Report, Item IX, Changes in Consolidation Scope[116](index=116&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=30&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[117](index=1

Core Viewpoint - Yisheng Co., Ltd. has successfully developed a new breed of broiler chicken, "Yisheng 817," which has been approved by the National Animal Genetic Resources Committee, indicating a significant advancement in poultry breeding technology [1] Group 1: Company Developments - Yisheng Co., Ltd. collaborated with the Shandong Academy of Agricultural Sciences Poultry Research Institute to achieve breakthroughs in breeding [1] - The "Yisheng 817" broiler chicken breed is characterized by low breeding costs, thorough purification of vertically transmitted diseases, high-quality meat products, and high survival rates [1] - This new breed follows the previously developed "Yisheng 909" small white feather broiler chicken breed, showcasing the company's ongoing commitment to innovation in poultry genetics [1]

Group 1 - The photovoltaic sector experienced significant gains on August 18, with the Wind Photovoltaic Index rising by 1.76% and multiple stocks, including Hongyuan Green Energy and Kehua Data, seeing substantial increases [1] - Over 20 stocks in the photovoltaic sector reached their daily limit or increased by over 10% in the previous trading day, with the photovoltaic ETF fund rising nearly 4%, marking its best single-day performance since May 2024 [1] - The futures market for polysilicon saw a resurgence in expectations, with a 4.5% increase in the main contract on August 15 and a nearly 2% rise on August 18 [1] Group 2 - The Ministry of Industry and Information Technology (MIIT) is set to hold a meeting on August 19 with key photovoltaic enterprises, indicating a focus on the pricing mechanism for photovoltaic components [2] - The meeting will include representatives from various official institutions and major enterprises, highlighting the sensitivity of pricing mechanisms in the current market environment [2] - Recent price increases in the photovoltaic industry have faced challenges due to a lack of demand-side support, leading to concerns about the sustainability of these price hikes [3] Group 3 - Since early July, prices for silicon materials and wafers have risen significantly, but by mid-August, the lack of demand has made further price increases difficult [3] - The investment models for photovoltaic projects have been impacted by changes in electricity pricing policies and rising product costs, complicating the situation for developers [3] - Recent data indicates that the prices for large-scale component procurement by state-owned enterprises have rebounded, with upcoming bids from major companies becoming focal points for market attention [3]

Group 1 - As of August 15, the BC battery concept index rose by 3.58%, ranking 7th among concept sectors, with 41 stocks increasing in value [1] - Notable gainers in the BC battery sector included Dongcai Technology, *ST Yunwang, with the latter hitting the daily limit, and Jiejia Weichuang, Aotwei, and Jinfutechnology, which rose by 10.86%, 8.35%, and 7.48% respectively [1] - The sector saw a net inflow of 1.015 billion yuan from main funds, with 21 stocks experiencing net inflows, and 8 stocks receiving over 50 million yuan [2] Group 2 - The top stocks by net inflow included Dongcai Technology, with a net inflow of 254 million yuan, followed by Longi Green Energy, Jinko Solar, and Tongwei Co., with net inflows of 238 million yuan, 234 million yuan, and 106 million yuan respectively [2] - The net inflow ratios for *ST Yunwang, Dongcai Technology, and Jinko Solar were 30.16%, 20.20%, and 14.55% respectively, indicating strong interest from main funds [3] - The trading volume and turnover rates for leading stocks in the BC battery sector showed significant activity, with Dongcai Technology having a turnover rate of 7.46% and Jiejia Weichuang at 14.14% [4]

从资金流向上来看，当日光伏设备板块主力资金净流入17.79亿元，游资资金净流出15.26亿元，散户资 金净流出2.53亿元。光伏设备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300724 | 捷佳伟创 | 74.32 | 10.86% | 40.60万 | 29.19 乙 | | 001269 | 欧晶科技 | 29.00 | 10.02% | 8.10万 | 2.27亿 | | 003022 | 联汕新科 | 18.48 | 10.00% | 30.60万 | 5.47亿 | | 688516 | 圆特维 | 39.82 | 8.35% | - 16.41万 | 6.37亿 | | 688717 | 艾罗能源 | 71.00 | 8.22% | 8.34万 | 5.84亿 | | 002459 | 晶澳科技 | 11.64 | 7.28% | 141.09万 | 16.08亿 | | 688408 | 中信博 | 52.36 | 7.25% | 9.88万 | ...