JA Solar Announces Fourth Quarter and Fiscal Year 2013 Results

JA Solar Announces Fourth Quarter and Fiscal Year 2013 Results

SHANGHAI, China, March 17, 2014 (GLOBE NEWSWIRE) -- JA Solar Holdings Co.,
Ltd. (Nasdaq:JASO) ("JA Solar" or the "Company"), one of the world's largest
manufacturers of high-performance solar power products, today announced its
unaudited financial results for its fourth quarter and fiscal year ended
December 31, 2013.

Fourth Quarter 2013 Highlights

  *Shipments were 665.5 megawatts ("MW"), consisting of 363.3 MW of modules
    and 302.2 MW of cells and cell tolling, above the high end of the
    Company's previous guidance of 550.0 MW, and an increase of 33.0% from
    500.2 MW in the third quarter of 2013
  *Net revenue was RMB 2.2 billion ($357.3 million), an increase from RMB 1.8
    billion ($290.5 million) in the third quarter of 2013
  *Gross margin was 15.5%, compared with 11.3% in the third quarter of 2013
  *Operating profit was RMB 58.9 million ($9.7 million), compared with an
    operating loss of RMB 31.6 million ($5.2 million) in the third quarter of
    2013
  *Net income was RMB 139.5 million ($23.0 million), compared with a net loss
    of RMB 227.0 million ($37.5 million) in the third quarter of 2013.
    Earnings per diluted ADS were RMB 1.92 ($0.32), compared with a loss per
    diluted ADS of RMB 6.77 ($1.12) in the third quarter of 2013
  *Cash and cash equivalents at the end of the quarter were RMB 2.1 billion
    ($350.2 million), compared with RMB 1.9 billion ($313.3 million) at the
    end of the third quarter of 2013
  *Operating cash flow was positive RMB 426.1 million ($70.4 million),
    compared with positive RMB 623.4 million ($103.0 million) in the third
    quarter of 2013
  *Non-GAAP net earnings^1 attributable to the Company's ordinary
    shareholders were RMB 55.1 million ($9.1 million), compared to a non-GAAP
    net loss attributable to the Company's ordinary shareholders of RMB 90.2
    million ($14.9 million) in the third quarter of 2013
  *Non-GAAP earnings per diluted ADS in the fourth quarter of 2013 were RMB
    0.94 ($0.16), compared to Non-GAAP loss per diluted ADS of RMB 2.24
    ($0.37) in the third quarter of 2013

Fiscal Year 2013 Highlights

  *Shipments grew to approximately 2.1 gigawatts ("GW"), consisting of
    1,173.7 MW of modules and module tolling and 898.3 MW of cells and cell
    tolling, an increase of 21.7% from 1.7 GW in fiscal year 2012
  *Net revenue was RMB 7.2 billion ($1.2 billion), compared to net revenue of
    RMB 6.7 billion ($1.1 billion) in fiscal year 2012
  *Gross margin was positive 10.6%, compared to gross margin of negative 0.8%
    in fiscal year 2012
  *Operating loss was RMB 91.3 million ($15.1 million), compared to an
    operating loss of RMB 1.4 billion ($237.9 million) in fiscal year 2012
  *Net loss was RMB 426.5 million ($70.5 million) and loss per diluted ADS
    was RMB 11.76 ($1.94), compared to a net loss of RMB 1.7 billion ($274.6
    million) and a loss per diluted ADS of 42.65 ($7.05) in fiscal year 2012
  *Operating cash flow was positive RMB 1.5 billion ($255.2 million),
    compared to operating cash flow of positive RMB 8.6 million ($1.4 million)
    in fiscal year 2012
  *Cash and cash equivalents at the end of the fiscal year were RMB 2.1
    billion ($350.2 million), compared with RMB 3.0 billion ($500.8 million)
    at the end of fiscal year 2012
  *Non-GAAP net loss attributable to the Company's ordinary shareholders was
    RMB 378.2 million ($62.5 million), compared to a non-GAAP net loss
    attributable to the Company's ordinary shareholders of RMB 1.7 billion
    ($274.6 million) in fiscal year 2012
  *Non-GAAP loss per diluted ADS in fiscal year 2013 was RMB 9.39 ($1.55),
    compared to a non-GAAP loss per diluted ADS of RMB 42.65 ($7.05) in fiscal
    year 2012

^1 JA Solar adjusts net income attributable to the Company's ordinary
shareholders to exclude (1) changes in fair value of certain warrants granted
to certain investors in a registered direct offering (the "Offering") closed
on August 16, 2013, (2) fair value of such warrants exceeding net proceeds
from the Offering, and (3) changes in fair value of embedded derivatives
underlying the convertible notes issued in May 2008. Consistent with this
approach, the Company believes that disclosing non-GAAP net loss per share
provides useful supplemental data that, while not a substitute for GAAP net
loss per share, allows for greater transparency in the review of the Company's
financial and operational performance.

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "JA Solar ended 2013
on a strong note, as we comfortably exceeded the high end of our shipment
guidance and returned to profitability in the fourth quarter. Stabilization of
the pricing environment coupled with our continuous cost-reduction efforts
enabled us to expand our gross margin to over 15%. We also generated
significant operating cash flow as we focused on collecting receivables and
executing sales with favorable payment terms, allowing us to fuel the
expansion of our business while maintaining a prudent capital structure."

Mr. Jin continued, "We continued to perform well in all of our key regions in
the fourth quarter, notably China, which is proving to be one of the
cornerstone markets of global solar demand. With Japan expected to remain a
major growth driver in 2014, we're pleased to have solidified our position
there as one of the leading international solar suppliers. We also continue to
see healthy demand in a range of European markets, with our progress in the
U.K. utility market being a particular highlight."

"In 2014, we plan to build out our position in key markets across Asia, Europe
and North America, while exploring opportunities in fast-growing regions
including Latin America and the Middle East, where we have gained a solid
foothold in recent months. With our global footprint and increasing
recognition of JA Solar's superior conversion efficiency and product
performance, we target to grow our shipments by over 30% this year to between
2.7 GW and 2.9 GW. We will also continue to explore downstream opportunities
that diversify our revenue mix and deliver attractive returns. With a positive
revenue outlook and a very competitive cost structure, we are focused on
delivering full-year profitability in 2014."

Fourth Quarter 2013 Financial Results

Total shipments in the fourth quarter of 2013 were 665.5 MW, exceeding the
high end of the Company's previously provided guidance of 500 MW to 550 MW,
and representing a 33.0% increase from the 500.2 MW shipped in the third
quarter of 2013, and a 33.0% increase from 500.4 MW in the fourth quarter of
2012.

Shipment breakdown by product (MW)

                          2012Q4 2013Q3 2013Q4 QoQ%  YoY%
Modules and module tolling 322.2  305.0  363.3  19.1% 12.8%
Cells and cell tolling     178.2  195.2  302.2  54.8% 69.6%
Total                      500.4  500.2  665.5  33.0% 33.0%

Shipment breakdown by region (percentage)

             2012Q4 2013Q3 2013Q4 QoQ(pp) YoY(pp)
China         56.0%  38.7%  53.2%  14.5pp  -2.8pp
APAC ex-China 23.9%  39.3%  31.7%  -7.6pp  7.8pp
Europe        16.1%  9.3%   8.5%   -0.8pp  -7.6pp
Americas      3.2%   10.7%  5.9%   -4.8pp  2.7pp
Others        0.8%   2.0%   0.7%   -1.3pp  -0.1pp

Net revenue in the fourth quarter of 2013 was RMB 2.2 billion ($357.3
million), an increase of 23.0% from RMB 1.8 billion ($290.5 million) in the
third quarter of 2013, and an increase of 29.5% from RMB 1.7 billion ($275.9
million) in the fourth quarter of 2012.

Gross profit in the fourth quarter of 2013 was RMB 335.0 million ($55.3
million), compared with a gross profit of RMB 198.7 million ($32.8 million) in
the third quarter of 2013 and a gross loss of RMB 77.1 million ($12.7 million)
in the fourth quarter of 2012. Gross margin in the fourth quarter of 2013 was
positive 15.5%, compared with positive 11.3% in the third quarter of 2013 and
negative 4.6% in the fourth quarter of 2012.

Total operating expenses in the fourth quarter of 2013 were RMB 276.1 million
($45.6 million), compared with RMB 230.4 million ($38.1 million) in the third
quarter of 2013 and RMB 416.8 million ($68.9 million) in the fourth quarter of
2012.

Operating profit in the fourth quarter of 2013 was RMB 58.9 million ($9.7
million), compared with an operating loss of RMB 31.6 million ($5.2 million)
in the third quarter of 2013 and an operating loss of RMB 493.9 million ($81.6
million) in the fourth quarter of 2012. Operating margin in the fourth quarter
of 2013 was positive 2.7%, compared with a negative operating margin of 1.8%
in the third quarter of 2013 and a negative operating margin of 29.6% in the
fourth quarter of 2012.

Other income in the fourth quarter of 2013 was RMB 4.1 million ($0.7 million),
compared with other income of RMB 8.2 million ($1.4 million) in the third
quarter of 2013 and other income of RMB 20.5 million ($3.4 million) in the
fourth quarter of 2012.

Tax benefit in the fourth quarter of 2013 was RMB 40.0 million ($6.6 million),
compared with tax expense of RMB 8.4 million ($1.4 million) in the third
quarter of 2013 and tax expense of RMB 5.3 million ($0.9 million) in the
fourth quarter of 2012.

Earnings per diluted ADS in the fourth quarter of 2013 was RMB 1.92($0.32),
compared with loss per diluted ADS of RMB 6.77 ($1.12) in the third quarter of
2013 and loss per diluted ADS of RMB 15.06 ($2.49) in the fourth quarter of
2012.

In the fourth quarter of 2013, the Company generated positive operating cash
flow of RMB 426.1 million ($70.4 million).

Fiscal Year 2013 Results

Fiscal year 2013 shipments were 2.1 GW, an increase of 21.7% from 1.7 GW in
fiscal year 2012.

Shipment breakdown by product (MW)

                          2012   2013    YoY%
Modules and module tolling 938.6  1173.7  25.0%
Cells and cell tolling     763.5  898.3   17.7%
Total                      1702.1 2,072.0 21.7%

Shipment breakdown by region (percentage)

             2012  2013  YoY%
China         50.2% 43.2% -7.0pp
APAC ex-China 15.0% 33.6% 18.6pp
Europe        29.8% 15.1% -14.7pp
Americas      4.4%  6.4%  2.0pp
Others        0.6%  1.7%  1.1pp

Net revenue in fiscal year 2013 was RMB 7.2 billion ($1.2 billion), an
increase of 6.9% from RMB 6.7 billion ($1.1 billion) in fiscal year 2012.

Total gross profit in fiscal year 2013 was RMB 762.3 million ($125.9 million),
or 10.6% of net revenue, compared with gross loss of RMB 54.4 million ($9.0
million), or negative 0.8% of net revenue, in fiscal year 2012. Operating loss
in fiscal year 2013 was RMB 91.3 million ($15.1 million), compared with
operating loss of RMB 1.4 billion ($237.9 million) in fiscal year 2012. In
fiscal year 2013, net loss per diluted ADS was RMB 11.76 ($1.94), compared
with net loss per diluted ADS of RMB 42.67 ($7.05) in fiscal year 2012.

In fiscal year 2013, the Company generated positive operating cash flow of RMB
1.5 billion ($255.2 million), or RMB 38.40 ($6.34) per diluted ADS.

Liquidity

As of December 31, 2013, the Company had cash and cash equivalents of RMB 2.1
billion ($350.2 million) and total working capital of RMB 1.3 billion ($216.6
million). Total short-term bank borrowings due 2014 were RMB 1.0 billion
($172.2 million). Total long-term bank borrowings were RMB 2.5 billion ($411.3
million), of which RMB 936.2 million ($154.6 million) were due in one year.

Manufacturing Capacity Update

As of December 31, 2013, JA Solar had an annual wafer production capacity of
1.0 GW, an annual cell production capacity of 2.5 GW and an annual module
production capacity of 1.8 GW. To satisfy the growing demand for JA Solar's
products, the Company intends to increase both its cell manufacturing capacity
and its module manufacturing capacity to 2.8 GW. The expansions are expected
to be completed during the second quarter of 2014.

Recent Business Development

On August 14, 2013, the Company announced that it has entered into a
Securities Purchase Agreement with a single institutional investor to issue
securities in a registered direct offering (the "Offering"). In the Offering,
the Company issued to the investor American depositary shares, a "Series A-1
Warrant," a "Series A-2 Warrant," a "Series A-3 Warrant" and a "Series B
Warrant." On February 14, 2014, the Series A-2 Warrant was exercised in full
with 2,544,833 American depositary shares issued at the price of $9.43 per
ADS, resulting in gross proceeds to the Company of $24.0 million.

Business Outlook

For the first quarter of 2014, the Company expects total cell and module
shipments to be between 580 MW and 610 MW. For the full year 2014, the Company
expects total cell and module shipments to be between 2.7 GW and 2.9 GW,
including 200 MW of module shipments to the Company's downstream projects.

Investor Conference Call / Webcast Details

A conference call has been scheduled for today, March 17, 2014, at 8:00 a.m.
U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time). The call may be accessed
by dialing +65-6723-9381 (international), +1-845-675-0437 (U.S.), or
+852-2475-0994 (Hong Kong). The passcode is "JA Solar." A live webcast of the
conference call will be available on the Company's website at www.jasolar.com.
A replay of the call will be available beginning two hours after the live call
and will be accessible by dialing +61-2-8199-0299 (international) or
+1-646-254-3697 (U.S.). The passcode for the replay is 7243347.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for
the convenience of the reader, is based on the noon buying rate in the city of
New York for cable transfers of Renminbi as certified for customs purposes by
the Federal Reserve Bank of New York as of December 31, 2013, which was RMB
6.0537 to $1.00. No representation is intended to imply that the Renminbi
amounts could have been, or could be, converted, realized or settled into U.S.
dollars at that rate on December 31, 2013, or at any other date. The
percentages stated in this press release are calculated based on Renminbi.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by words such as
"may," "expect," "anticipate," "aim," "intend," "plan," "believe," "estimate,"
"potential," "continue," and other similar statements. Statements other than
statements of historical facts in this announcement are forward-looking
statements, including but not limited to, our expectations regarding the
expansion of our manufacturing capacities, our future business development,
and our beliefs regarding our production output and production outlook. These
forward-looking statements involve known and unknown risks and uncertainties
and are based on current expectations, assumptions, estimates and projections
about the Company and the industry. Further information regarding these and
other risks is included in Form 20-F and other documents filed with the
Securities and Exchange Commission. The Company undertakes no obligation to
update forward-looking statements, except as may be required by law. Although
the Company believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that its expectations will
turn out to be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.

About JA Solar Holdings Co., Ltd.

JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance
solar power products that convert sunlight into electricity for residential,
commercial, and utility-scale power generation. The Company is one of the
world's largest producers of solar power products. Its standard and
high-efficiency product offerings are among the most powerful and
cost-effective in the industry. The Company distributes products under its own
brand and also produces on behalf of its clients. The Company shipped 2.1 GW
of solar power products in 2013. JA Solar is headquartered in Shanghai, China,
and maintains production facilities in Shanghai, as well as Hebei, Jiangsu and
Anhui provinces.

JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
                        For three months ended
                        Dec. 31, 2012 Sep. 30, 2013 Dec. 31, 2013 Dec. 31,
                                                                   2013
                        RMB'000       RMB'000       RMB'000       USD'000
                                                               
Net revenues             1,670,241     1,758,444     2,163,044     357,309
Cost of sales            (1,747,352)   (1,559,720)   (1,828,087)   (301,979)
Gross (loss)/profit      (77,111)      198,724       334,957       55,330
Selling, general and     (260,358)     (212,639)     (245,496)     (40,553)
administrative expenses
Impairment loss for
property, plant and      (147,092)     0             0             0
equipment
Research and development (9,362)       (17,715)      (30,587)      (5,053)
expenses
Total operating expenses (416,812)     (230,354)     (276,083)     (45,606)
(Loss)/income from       (493,923)     (31,630)      58,874        9,724
operations
Interest expense         (103,427)     (56,875)      (50,694)      (8,374)
Change in fair value of  --          (138,333)     87,259        14,414
warrant derivatives
Other income, net        20,544        8,174         4,073         673
(Loss)/income before     (576,806)     (218,664)     99,512        16,437
income taxes
Income tax               (5,327)       (8,366)       39,997        6,607
(expenses)/benefit
Net (loss)/income        (582,133)     (227,030)     139,509       23,044
Fair value of warrants
in excess of net         0             (44,396)      0             0
proceeds of equity
offering
Less: income/(loss)
attributable to          0             1,534         (2,875)       (475)
noncontrolling interest
Net (loss)/income
attributable to JA Solar (582,133)     (272,960)     142,384       23,519
Holdings
                                                               
Net (loss)/incomeper
share attributable to                                           
ordinary shareholders::
Basic (Note)             (3.01)        (1.35)        0.49          0.08
Diluted                  (3.01)        (1.35)        0.38          0.06
                                                               
Weighted average number                                         
of shares outstanding:
Basic                    193,300,847   201,665,457   216,365,357   216,365,357
Diluted                  193,300,847   201,665,457   218,396,065   218,396,065
                                                               
Comprehensive                                                   
(loss)/income
Net (loss)/income        (582,133)     (227,030)     139,509       23,044
Foreign currency
translation adjustments, 859           (2,447)       1,849         305
net of tax
Other comprehensive      859           (2,447)       1,849         305
income/(loss)
Comprehensive            (581,274)     (229,477)     141,358       23,349
(loss)/income
Fair value of warrants
in excess of net         0             (44,396)      0             0
proceeds of equity
offering
Income/(loss)
attributable to          0             1,534         (2,875)       (475)
noncontrolling interest
Comprehensive
(loss)/income            (581,274)     (275,407)     144,233       23,824
attributable to JA Solar
Holdings
                                                               
NON-GAAP RECONCILIATION                                         
                                                               
GAAP net (loss)/income
attributable to JA Solar (582,133)     (272,960)     142,384       23,519
Holdings
Change in fair value of  0             138,333       (87,259)      (14,414)
warrant derivatives
Fair value of warrants
in excess of net         0             44,396        0             0
proceeds of equity
offering
Non-GAAP net
(loss)/income            (582,133)     (90,231)      55,125        9,105
attributable to JA Solar
Holdings
                                                               
Non-GAAP net
(loss)/income per share                                         
attributable to ordinary
shareholders:
Basic                    (3.01)        (0.45)        0.19          0.03
Diluted                  (3.01)        (0.45)        0.19          0.03
                                                               
Non-GAAP weighted
average number of shares                                        
outstanding:
Basic                    193,300,847   201,665,457   216,365,357   216,365,357
Diluted                  193,300,847   201,665,457   218,396,065   218,396,065
                                                               
Note:JA Solar excludes net income attributable to the participating warrant
holder of RMB 37.1 million ($ 6.1 million) from the numerator of basic EPS in
the fourth quarter 2013.


JA Solar Holdings Co., Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
                                    For twelve months ended
                                    Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2013
                                    RMB'000       RMB'000       USD'000
                                                              
Net revenues                         6,719,065     7,182,789     1,186,512
Cost of sales                        (6,773,423)   (6,420,500)   (1,060,591)
Gross (loss)/profit                  (54,358)      762,289       125,921
Selling, general and administrative  (901,645)     (765,236)     (126,408)
expenses
Impairment loss for property, plant  (397,789)     0             0
and equipment
Research and development expenses    (86,429)      (88,306)      (14,587)
Total operating expenses             (1,385,863)   (853,542)     (140,995)
Loss from operations                 (1,440,221)   (91,253)      (15,074)
Interest expense                     (489,346)     (285,618)     (47,181)
Change in fair value of warrant                   (51,074)      (8,437)
derivatives
Other income/(loss), net             367,935       (13,574)      (2,242)
Loss before income taxes             (1,561,632)   (441,519)     (72,934)
Income tax (expenses)/benefit        (100,625)     15,027        2,482
Net loss                             (1,662,257)   (426,492)     (70,452)
Fair value of warrants in excess of  0             (44,396)      (7,334)
net proceeds of equity offering
Less: income attributable to         0             2,788         461
noncontrolling interest
Net loss attributable to JA Solar    (1,662,257)   (473,676)     (78,247)
Holdings
                                                              
Net loss per share attributable to                             
ordinary shareholders:
Basic                                (8.53)        (2.35)        (0.39)
Diluted                              (8.53)        (2.35)        (0.39)
                                                              
Weighted average number of shares                              
outstanding:
Basic                                194,788,429  201,317,884  201,317,884
Diluted                              194,788,429  201,317,884  201,317,884
                                                              
Comprehensive loss                                             
Net loss                             (1,662,257)   (426,492)     (70,452)
Foreign currency translation         218           9,507         1,570
adjustments, net of tax
Cash flow hedging loss, net of tax   (11,755)      0             0
Other comprehensive (loss)/income    (11,537)      9,507         1,570
Comprehensive loss                   (1,673,794)   (416,985)     (68,882)
Fair value of warrants in excess of  0             (44,396)      (7,334)
net proceeds of equity offering
Income attributable to               0             2,788         461
noncontrolling interest
Comprehensive loss attributable to   (1,673,794)   (464,169)     (76,677)
JA Solar Holdings
                                                              
NON-GAAP RECONCILIATION                                        
                                                              
GAAP net loss attributable to JA     (1,662,257)   (473,676)     (78,247)
Solar Holdings
Change in fair value of warrant      0             51,074        8,437
derivatives
Change in fair value of embedded
derivatives underlying convertible   (31)          0             0
notes
Fair value of warrants in excess of  0             44,396        7,334
net proceeds of equity offering
Non-GAAP net loss attributable to JA (1,662,288)   (378,206)     (62,476)
Solar Holdings
                                                              
Non-GAAP net loss per share
attributable to ordinary                                       
shareholders:
Basic                                (8.53)        (1.88)        (0.36)
Diluted                              (8.53)        (1.88)        (0.36)
                                                              
Non-GAAP weighted average number of                            
shares outstanding:
Basic                                194,788,429   201,317,884   201,317,884
Diluted                              194,788,429   201,317,884   201,317,884


JA Solar Holdings Co., Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
                                                                 
                                           Dec. 31,    Dec. 31,
                                           2012        2013        2013
                                           RMB'000     RMB'000     USD'000
                                           
ASSETS                                                            
Current assets:                                                  
Cash and cash equivalents                   3,031,462  2,119,740  350,156
Restricted cash                             194,379    588,413    97,199
Accounts receivable                        1,723,090  1,044,111  172,475
Inventories                                 930,137    1,347,094  222,524
Advances to suppliers                       294,653    401,472    66,319
Other current assets                        976,658    851,203    140,609
Total current assets                        7,150,379  6,352,033  1,049,282
Property and equipment, net                 4,447,469  4,205,854  694,758
Advances to suppliers                       1,157,555  753,913    124,538
Long-term investment                        50,910     48,802     8,061
Other long term assets                      326,153    521,092    86,078
Total assets                                13,132,466 11,881,694 1,962,717
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Current liabilities:                                              
Short-term bank borrowings                 972,730    1,042,352  172,184
Accounts payable                           1,313,535  1,882,631  310,988
Advances from customers                     76,875     202,723    33,487
Current portion of long term bank           1,850,500  936,163    154,643
borrowings
Convertible Bond                            708,548    --        --
Derivative liabilities-current              --        31,106     5,138
Accrued and other liabilities              966,351    945,909    156,254
Total current liabilities                   5,888,539  5,040,884  832,694
Long-term borrowings                       2,088,139  1,554,000  256,703
Derivative liabilities-non current          --        154,259    25,482
Other long term liabilities                 262,964    428,472    70,779
Total liabilities                           8,239,642  7,177,615  1,185,658
Total JA Solar Holdings shareholders'       4,892,824  4,620,262  763,213
equity
Noncontrolling interest                     --        83,817     13,846
Total shareholders' equity                  4,892,824  4,704,079  777,059
Total liabilities and shareholders' equity  13,132,466 11,881,694 1,962,717

CONTACT: In China
        
         Nick Beswick
         Brunswick Group
         Tel: +86-10-5960-8600
         E-mail: jasolar@brunswickgroup.com
        
         In the U.S.
        
         Cindy Zheng
         Brunswick Group
         Tel: +1-212-333 3810
         E-mail: jasolar@brunswickgroup.com

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