Analysis Report on Share Conversion of JA Solar Convertible Bond

Based on public information, the share conversion status of JA Solar Technology’s convertible bond (JA Solar Convertible Bond) is as follows:

• Bond Code: 127089
• Bond Abbreviation: JA Solar Convertible Bond
• Issuance Scale: RMB 8,960,307,700 (896,030,770 bonds, with a par value of RMB 100 per bond)
• Issuance Date: July 18, 2023
• Listing Date: August 4, 2023
• Issuer and Bond Ratings: Both rated AAA
• Coupon Rate: 0.20% in the first year, 0.40% in the second year, 0.60% in the third year, 1.50% in the fourth year, 1.80% in the fifth year, 2.00% in the sixth year [0]

• Initial conversion price was RMB 38.78 per share

1. October 18, 2023
   : Due to the exercise of equity incentives, the conversion price was adjusted from RMB 38.78 per share to RMB 38.74 per share [1]
2. July 23, 2025
   : The company revised the conversion price downward from RMB 38.22 per share to RMB 11.66 per share, and the revised conversion price took effect on July 23, 2025 [2]

• Share conversion period runs from January 24, 2024 to July 17, 2029

• Converted amount in this quarter: RMB 63,300
• Number of shares converted in this quarter: 5,411 shares

• Cumulative converted amount: RMB 1,158,300
• Cumulative number of shares converted: 35,222 shares
• Proportion of the total issued ordinary shares of the company before conversion: 0.0011%

• Unconverted amount of JA Solar Convertible Bond: RMB 8,959,149,400
• Proportion of total issuance: 99.9871% [2]

According to the data, the share conversion ratio of JA Solar Convertible Bond is extremely low, with only 0.0011% of the convertible bonds having been converted into shares. The main reasons are as follows:

1. Recent Start of Share Conversion Period
   : JA Solar Convertible Bond only entered the share conversion period on January 24, 2024, and as of December 31, 2025, the conversion period has only lasted about 23 months
2. Performance of Underlying Stock
   : Against the backdrop of an overall downward cycle in the photovoltaic industry, the price of JA Solar Technology’s underlying stock has been under pressure, which has affected investors’ willingness to convert shares
3. Downward Revision of Conversion Price
   : In July 2025, the company drastically revised the conversion price downward to RMB 11.66 per share, which will reduce the premium rate for subsequent share conversions and may stimulate some investors to choose to convert their bonds into shares
4. Conversion Value
   : Based on the current underlying stock price and the revised conversion price, the conversion value still depends on the future performance of the underlying stock, which requires attention

The raised funds from JA Solar Convertible Bond are mainly used for:

• Baotou JA Solar (Phase III) 20GW Crystal Pulling and Wafer Slicing Project
• Qujing 10GW High-Efficiency Cell and 5GW High-Efficiency Module Annual Production Project
• Yangzhou 10GW High-Efficiency Solar Cell Annual Production Project
• Supplementing working capital [1]

---

[0] JA Solar Technology 2024 Semi-Annual Report
[1] Prospectus for Public Issuance of Convertible Corporate Bonds by JA Solar Technology
[2] Announcement on the Results of Convertible Bond Share Conversion and Share Changes of JA Solar Technology in Q4 2025