连亏三季后

Core Viewpoint - The leading integrated photovoltaic company, JA Solar Technology, indicates signs of supply chain price recovery amid industry de-involution, with sustained demand growth expected, positioning the company to improve its performance ahead of competitors [1] Company Summary - JA Solar's employee stock ownership plan suggests a forecast of turning net profit positive by 2026, with a projected reduction in net loss of no less than 5% for 2025 [1] - In the first half of this year, the company's revenue was 23.905 billion yuan, a year-on-year decline of 36.01%, and the net loss attributable to shareholders was 2.58 billion yuan, marking three consecutive quarters of losses [1] - The four major photovoltaic module manufacturers collectively reported losses of 10.976 billion yuan [1] - The company attributes its cash flow improvement to the addition of non-cash costs and enhanced management of operating capital [1] - The company's share repurchase is intended for employee stock ownership or equity incentives and will not affect operations [1] - JA Solar is currently advancing its listing in Hong Kong, while Dongfang Jincheng is monitoring its performance losses and maintaining its rating [1] Industry Summary - The photovoltaic industry is experiencing a recovery in supply chain prices, which is expected to support ongoing demand growth [1]