Solar Module Super League member JA Solar has published its financial results for the first half of 2023, which include shipments of 23.95GW of modules and a net profit of RMB4.8 billion (US$660 million).
The company also posted total revenues of RMB40.8 billion, up 43.5% from H1 2022. This figure also compares favourably to the company’s year-end revenues of RMB72.9 billion in 2022, having already exceeded half of this total in H1 2023.
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The group’s net profits attributable to shareholders have also increased dramatically, growing by 182% between H1 2022 and H1 2023, following an increase in profitability of 171.4% between 2021 and 2022.
Many of these encouraging figures have been driven by the company’s significant investments into module production capacity and distribution this year. In June, JA solar announced plans to build a new 50GW production facility in the Ordos High-Tech Industrial Development Zone in Inner Mongolia, before signing an agreement with German firm BayWa r.e. to distribute its modules in the Asia-Pacific region.
The news will be welcomed in the Chinese solar sector, which has come under scrutiny from western organisations in recent months. The US Department of Commerce has accused five PV manufacturers of relocating portions of their supply chains to Southeast Asia avoid tariffs placed on goods produced in China, and ongoing concerns about solar manufacturers’ involvement in forced labour has raised questions about western companies’ willingness to import Chinese modules in the long-term.
However, JA Solar has not been directly implicated in any of these controversies, and its recent financial performance suggests there remains some global confidence in the company’s work. Its expansion work has helped increase the total value of the company’s assets to RMB87.9 billion, which the company noted “achieved JA Solar’s long-term goals, realising stable growth and sustained profitability”.