JA Solar Technology (002459) investor relations material

Executive summary

• Revenue for H1 2026 was ¥17.50 billion, down 26.8% year-over-year due to lower PV module sales volume.

• Net loss attributable to shareholders was ¥2.66 billion, with a negative EPS of ¥0.81, reflecting continued industry overcapacity and price declines.

• Overseas sales accounted for 70.53% of revenue, up 4.21% year-over-year, while domestic sales dropped sharply.

• The company maintained a leading position in global PV module shipments, with 22.25GW shipped in H1 2026, 68.46% of which were overseas.

Financial highlights

• Operating cash flow was ¥861 million, down 80.9% year-over-year, mainly due to lower sales receipts and reduced procurement.

• Gross margin improved by 4.82 percentage points to 1.29% despite revenue decline, due to cost control and product mix.

• R&D investment reached ¥1.44 billion, 8.21% of revenue, supporting ongoing technology leadership.

• Total assets at period-end were ¥99.99 billion, down 4.77% from year-end 2025; net assets attributable to shareholders fell 11.57%.

• Asset impairment and inventory write-downs totaled ¥590.88 million, reflecting industry price pressure.

Outlook and guidance

• The company expects continued industry competition and price pressure due to global overcapacity and weak demand.

• Strategic focus remains on technology innovation, cost reduction, and expanding overseas markets.

• Ongoing investment in R&D and digital transformation to enhance operational efficiency and product competitiveness.