JA Solar

Business

JA Solar (晶澳太阳能科技股份有限公司) makes ingots, wafers, cells and modules, and has added storage systems, plant development and solar equipment (2026 interim report, p. 10). Its wafers are mainly for its own use, and most of its cells go into its own modules, with a smaller share sold to others (p. 10). Its n-type Bycium+ cells reach up to 27.5% efficiency in mass production (p. 10). It held about 2.65 GW of solar plants at the end of June, runs a base in Vietnam, and is bringing a 6 GW cell and 3 GW module project in Oman into production in phases with partners (p. 12).

Results in the first half of 2026

• Revenue fell 26.80% to ¥17.50bn. The net loss attributable to shareholders was ¥2.66bn, against ¥2.58bn, or ¥3.02bn excluding non-recurring items. Operating cash flow fell 80.90% to ¥861m (p. 8).
• Module shipments were 22.25 GW, including 19 MW for its own use, and 68.46% went abroad (p. 14).
• Modules brought in ¥15.02bn, down 31.01%, at a gross margin of -1.74%. Cells sold to others brought in ¥1.44bn, up 167.14%, at 13.34% (p. 16).
• Overseas sales were 70.53% of revenue, at a gross margin of 3.02%, against -2.86% in China (p. 16).
• The company blames oversupply, extra tax after the export rebate ended, and trade friction for the module losses, and says logistics disruption from geopolitical conflict triggered claims on some overseas orders (p. 14). Asset impairments were ¥591m (p. 16).

Trade barriers

Its report sets out the measures against Chinese solar products (pp. 29, 30):

• US anti-dumping and countervailing duties on Chinese cells and modules since 2011, plus Section 201 and 301 tariffs.
• Final US duties in April 2025 on cells and modules from Cambodia, Malaysia, Thailand and Vietnam: anti-dumping rates of 0% to 271.28% and countervailing rates of 14.64% to 3,403.96%.
• Preliminary US countervailing duties in February 2026 on India, Indonesia and Laos, of 80.67% to 143.30%, and preliminary anti-dumping duties in April 2026 of 22.46% to 123.04%.
• Newer barriers, including the EU's forced labour regulation and foreign subsidies regulation, the US Uyghur Forced Labor Prevention Act, India's approved-manufacturer list, and local-content rules in the US, the EU and India.

It says it cannot rule out having to pay duties, back duties, or lose some or all of its deposits (p. 30).

The company's own caveats

• Overcapacity. CPIA counts more than 1,100 GW of Chinese capacity at each of polysilicon, wafers, cells and modules at the end of 2025, far above global demand (p. 30).
• Patents. In March 2026 the US International Trade Commission opened a Section 337 investigation at First Solar's request, which JA says bears directly on Chinese makers' access to the US market (p. 30).
• Technology. TOPCon is dominant, but back-contact cells are gaining share and older p-type lines face impairment (p. 30).
• Policy. China's 2025 power pricing reform (Document 136) adds uncertainty to the domestic market (p. 29).