2025年年度报告英文版（2025 Annual Report）

2025 Annual Report of JA Solar Technology Co., Ltd.1JA Solar Technology Co., Ltd.2025 Annual ReportApril 20262025 Annual Report of JA Solar Technology Co., Ltd.22025 Annual ReportSection I. Important Notice, Contents and DefinitionsThe Board of Directors, as well as directors, and senior managers of the Company areresponsible for the authenticity, accuracy and completeness of the information contained inthis Annual Report without false records, misleading statements or material omissions, andassume joint and several liability therefor.Jin Baofang, head of the Company, and Sun Peng, head of accounting affairs and headof accounting department, represent that they are responsible for the authenticity, accuracyand completeness of the financial statements in this Annual Report. All directors werepresent in the board meeting that reviewed this Report.The forward-looking statements, future plans, and business objectives mentioned inthis Report do not constitute a substantive commitment by the Company to investors.Investors and relevant persons are required to maintain sufficient risk awareness andunderstand the differences between plans, forecasts, and commitments. Investors need toknow there are risks in investments.Please refer to XI Outlook for Future Development in Section III ManagementDiscussion and Analysis for details on the potential risks inherent in the Company’soperations.The Company has decided not to distribute cash dividends, issue bonus shares, orconvert its capital reserve into share capital.2025 Annual Report of JA Solar Technology Co., Ltd.3ContentsSection I. Important Notice, Contents and Definitions...........................................................................................2Section II. Company Profile and Major Financial Indicators............................................................................... 7Section III. Management Discussion and Analysis................................................................................................12Section IV. Company Governance, Environment and Society.............................................................................44Section V. Important Matters..................................................................................................................................66Section VI. Changes in Shares and Shareholders................................................................................................118Section VII. Bonds.................................................................................................................................................. 125Section VIII. Financial Statements....................................................................................................................... 1292025 Annual Report of JA Solar Technology Co., Ltd.4List of documents to be checkedI. Financial statements bearing the signatures and seals of the head of the Company, the head of the accounting affairs, and thehead of t