Company Overview - JA Solar Technology Co., Ltd. is located in Beijing and was established on October 20, 2000, with its listing date on August 10, 2010. The company specializes in the research, production, and sales of silicon wafers, solar cells, and solar modules, as well as the development, construction, and operation of solar photovoltaic power plants [2] - The main business revenue composition includes photovoltaic modules (91.10%), other (5.85%), and photovoltaic power station operation (3.05%) [2] - As of September 30, 2025, the number of shareholders is 147,800, a decrease of 17.24% from the previous period, with an average of 22,370 circulating shares per person, an increase of 20.84% [2] Financial Performance - For the period from January to September 2025, JA Solar achieved operating revenue of 36.809 billion yuan, a year-on-year decrease of 32.27%, and a net profit attributable to shareholders of the parent company of -3.553 billion yuan, a year-on-year decrease of 633.54% [2] - The company has distributed a total of 3.055 billion yuan in dividends since its A-share listing, with 2.415 billion yuan distributed in the last three years [3] Stock Performance - On November 4, the stock price of JA Solar fell by 2.02%, trading at 14.07 yuan per share, with a total market capitalization of 46.567 billion yuan [1] - Year-to-date, the stock price has increased by 2.33%, with a 9.58% increase over the last five trading days, an 8.23% increase over the last 20 days, and a 26.87% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on October 29, where it recorded a net purchase of 1.56 billion yuan [1] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 214 million shares, a decrease of 7.3649 million shares from the previous period [3] - Other notable institutional shareholders include GF Advanced Manufacturing Stock A, Huatai-PB CSI 300 ETF, and HSBC Jintrust Low Carbon Pioneer Stock A, with varying changes in their holdings [3]

Core Viewpoint - The company anticipates a global demand growth in the solar energy sector, with specific projections for both domestic and international markets, while also addressing its strategic plans for energy storage and product efficiency improvements [2][3][4][5][6]. Market Demand Projections - The company predicts that global new installations will range between 580 to 600 GW in 2025, with a slight decrease in growth rate compared to previous years. For the Chinese market, new installations are expected to be around 310 GW this year and between 270 to 300 GW next year. The overseas markets, particularly Europe, are expected to see stable growth, while regions like Asia-Pacific and Africa may experience accelerated growth [2]. Energy Storage Strategy - The company has already begun shipping energy storage products this year, covering residential, commercial, and large-scale storage solutions. It has established its own design and pre-sales teams and is adopting a light-asset operational model while leveraging its existing sales channels for market expansion [3]. Product Efficiency Goals - The company aims to achieve an efficiency ceiling of 650 to 670W for its Topcon technology, indicating significant potential for future improvements while balancing product economics [4]. Component Pricing Trends - In response to the ongoing anti-competitive policies, the company has adjusted its pricing strategy, leading to a recent upward trend in component prices in the domestic market. The overseas market, particularly in the Middle East and Europe, is also showing support for price increases. Although some long-term projects are still being fulfilled at lower prices, the overall trend indicates a rise in component prices, with expectations for a recovery in prices as market demand increases in the second quarter of next year [5]. High-Power Product Launch - The company has launched its latest product, DeepBlue 0, and is observing a price premium for high-power products. As production capacity is gradually released next year, the price premium is expected to increase further [6]. Financial Performance Overview - For the first three quarters of 2025, the company reported a main revenue of 36.809 billion yuan, a year-on-year decrease of 32.27%. The net profit attributable to shareholders was -3.553 billion yuan, down 633.54% year-on-year. The third quarter alone saw a revenue of 12.904 billion yuan, a decline of 24.05% year-on-year, with a net profit of -973 million yuan, down 349.58% year-on-year. The company’s debt ratio stands at 77.9% [7]. Analyst Ratings - In the past 90 days, 12 institutions have provided ratings for the stock, with 8 buy ratings and 4 hold ratings. The average target price set by analysts is 13.4 yuan [8].

Summary of JA Solar Technology Conference Call Company Overview - **Company**: JA Solar Technology - **Date**: Q3 2025 Key Financial Metrics - Q3 2025 revenue decreased by 32% year-on-year, totaling **12.904 billion CNY** [2][3] - Net profit attributable to shareholders was a loss of **9.73 billion CNY** [3] - Total assets reached **105.38 billion CNY**, with net assets of **23.174 billion CNY** [2][3] - Cumulative battery component shipments reached **51.96 GW**, with nearly 50% from overseas markets [2][3] Strategic Measures - The company adjusted the convertible bond price from **38.22 CNY** to **11.66 CNY** per share to enhance risk resilience [4] - A stock buyback plan was initiated, with an amount between **200 million CNY** and **400 million CNY** to support employee stock ownership plans [5] - Plans for a 2025 stock option incentive and employee shareholding plan were announced to attract talent and enhance core competitiveness [4][5] Market Outlook - Global photovoltaic installed capacity is expected to be between **580 GW and 600 GW** in 2025, with the Chinese market around **310 GW** [6] - A potential market adjustment in 2026 could see Chinese installed capacity drop to **270 GW to 300 GW** [6] - Short-term terminal prices are under pressure but are expected to recover after adjustments [6] Business Development - JA Solar has begun small-scale shipments of energy storage products across various sectors, adopting a light-asset model [7] - Significant growth in energy storage business is anticipated in 2026, with a cautious approach to risk management [7] Industry Dynamics - The government is promoting anti-involution policies in the photovoltaic industry, leading to price fluctuations but an overall upward trend [8] - The company is adjusting its order strategy in response to these policies to ensure healthy industry development [8] Technological Advancements - JA Solar is focused on high-efficiency battery technology, planning to upgrade to **20 GW** of high-power Topcon products [9] - The company is also researching BC batteries and perovskite technologies, with plans to introduce new products when appropriate [9] Supply Chain and Trade Policy - A robust supply chain has been established to address the complexities of the U.S. market, with expected shipment growth of **15%** in 2026 [13] - The company is preparing for the upcoming 232 policy by predicting its direction and adjusting supply chain strategies accordingly [14] Inventory Management - The company maintains stable inventory levels for components and silicon materials, focusing on flexible adjustments based on market demand [17] Price Trends and Future Projections - In the context of anti-involution, component prices are gradually recovering, with expectations for further increases in 2026 as demand rises [18] - Emerging markets such as Europe, Africa, and Latin America are expected to see significant growth, prompting JA Solar to adopt differentiated strategies [19] Product Performance - The newly launched high-power product DeepBlue 5.0 has shown promising efficiency improvements, with expected premium pricing of **2-4 CNY** per unit in 2026 [20]

Core Viewpoint - JA Solar Technology Co., Ltd. reported a narrowing loss in Q3 2025, maintaining a strong market position in terms of shipment volume despite a decline in revenue and net profit compared to the previous year [2][3]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 36.809 billion yuan, a decrease of 32.27% year-on-year; the net profit attributable to shareholders was -3.553 billion yuan [2]. - In Q3 alone, the company reported a revenue of 12.904 billion yuan, down 24.05% year-on-year, with a net profit of -973 million yuan, indicating a trend of reduced losses compared to Q2 [2]. - As of the end of Q3, total assets were 105.38 billion yuan, and net assets attributable to shareholders were 23.174 billion yuan [2]. Group 2: Market Demand and Trends - The company anticipates global new installations to be between 580-600 GW in 2025, with the Chinese market expected to see around 310 GW of new installations this year and 270-300 GW next year [3]. - The European market is expected to maintain stable growth, while the Asia-Pacific and African regions are projected to accelerate, becoming significant growth drivers [3]. Group 3: Storage Business Development - The company has achieved significant progress in its storage business, with products covering residential, commercial, and large-scale storage applications [4]. - A dedicated design and pre-sales team has been established, and strategic partnerships are being pursued to enhance business development in the storage sector [4]. Group 4: Pricing and Market Conditions - The company noted improvements in component pricing, with a trend of price increases observed in the domestic market and a better understanding of price hikes among overseas clients, particularly in the Middle East and Europe [5]. - Despite some pressure on prices due to seasonal demand fluctuations, a recovery in component prices is expected by Q2 of next year as market demand rebounds [5]. Group 5: Product Innovation and Capacity Upgrade - The newly launched DeepBlue 5.0 product has shown a price premium in forward orders, with expectations for further price advantages as production capacity is fully released next year [6]. - By the end of this year, approximately one-third of the company's production capacity will be upgraded, with potential for efficiency improvements across all production lines [6].

Core Points - Jingao Technology announced the completion of its 2025 stock option incentive plan registration [2] - The registration date for the stock options was October 31, 2025 [2] - A total of 161.698185 million stock options were registered [2] - The number of individuals registered for the stock options is 1,926 [2] - The stock option is referred to as Jingao JLC5, with the code 037933 [2]

Core Viewpoint - JA Solar Technology announced the repurchase of 15,404,377 shares, representing 0.47% of the company's total share capital, through the Shenzhen Stock Exchange's centralized bidding system as of October 31, 2025 [1] Summary by Category - **Share Repurchase Details** - The company has repurchased a total of 15,404,377 shares [1] - This repurchase accounts for 0.47% of the current total share capital [1] - The repurchase was conducted via the centralized bidding system of the Shenzhen Stock Exchange [1]

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 36.809 billion, a decrease of 32.27% compared to the same period last year [2] - The net profit attributable to shareholders was CNY -3.553 billion, indicating a significant loss [2] - As of the end of Q3 2025, total assets amounted to CNY 105.38 billion, with net assets of CNY 23.174 billion [2] - In Q3 2025, revenue was CNY 12.904 billion, down 24.05% year-on-year, with a net profit of CNY -0.973 billion [2] Group 2: Shipment and Market Position - The company shipped 51.96 GW of battery modules in the first three quarters of 2025, maintaining a leading position in the industry [3] - Overseas shipments accounted for 49.78% of total shipments [3] - In Q3 2025, the company shipped 18.17 GW of battery modules [3] Group 3: Financial Strategies - The company adjusted the conversion price of its convertible bonds from CNY 38.22 to CNY 11.66 per share, effective from July 23, 2025, to enhance risk resistance [3] - A share repurchase plan was established, with a budget of CNY 200 million to CNY 400 million to buy back shares for employee stock ownership plans [3] Group 4: Market Outlook and Demand - Global new installations are projected to be between 580 GW and 600 GW in 2025, with China's new installations expected around 270 GW to 300 GW [4] - The company has begun shipping energy storage products and is focusing on strategic partnerships while utilizing existing sales channels [4] Group 5: Product Development and Pricing - The efficiency ceiling for Topcon technology is targeted between 650W and 670W, with potential for further improvements [5] - Component prices are expected to rise due to increased demand in domestic and overseas markets, particularly in the Middle East and Europe [5] - The company plans to upgrade one-third of its production capacity by the end of the year, enhancing efficiency across all production lines [5]

晶澳科技（002459）(002459.SZ)公告，公司截至2025年10月31日以集中竞价交易方式回购公司股份 1540.44万股，占目前公司总股本的比例为0.47%，成交总金额为2.17亿元(不含交易费用)。 ...

Group 1 - The company, JA Solar Technology (002459.SZ), announced a share buyback plan to repurchase 15.4044 million shares, which represents 0.47% of the total share capital [1] - The total amount for the share buyback is 217 million yuan, excluding transaction fees [1]

| | | 晶澳太阳能科技股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 本次回购符合公司既定的回购股份方案及相关法律法规的规定。 1 三、其他说明 截至 2025 年 10 月 31 日，晶澳太阳能科技股份有限公司通过深圳证券交易 所交易系统以集中竞价交易方式回购公司股份 15,404,377 股，占目前公司总股本 的比例为 0.47%，最高成交价为 14.236 元/股，最低成交价为 13.33 元/股，成交 总金额为 217,199,530.71 元（不含印花税、交易佣金等交易费用）。 一、回购股份基本情况 晶澳太阳能科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日 召开第六届董事会第四十三次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含）的自有资金 及回购专项贷款以集中竞价交易方式回购部分公司发行的人民币普通股（A 股） 用于员工持股计划或股权激励。具体内容请详见公司于 2025 年 8 月 23 日、 ...