Guangdong Electric Power Development Co., Ltd.
2024 Annual Report
March 2025
I. Important Notice, Table of Contents and DefinitionsThe Board of Directors, the Board of Supervisors, and the directors, supervisors, and senior managementof the Company guarantee that the contents of the annual report are true, accurate and complete, and that thereare no false records, misleading statements or material omissions, and bear individual and joint legal liabilities.
With the exception of the following directors, other directors attended the Board meeting to review theannual report
| The name of director who did not attend the meeting in person | Position of absent director | Reason | The name of director who was authorized |
| Li Fangji | Director | Due to business | Zheng Yunpeng |
| Li Baobin | Director | Due to business | Zheng Yunpeng |
| He Ruxin | Director | Due to business | Chen Yanzhi |
Mr.Zheng Yunpeng, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, theperson in charge of the accounting department (the person in charge of the accounting )hereby confirm theauthenticity and completeness of the financial report enclosed in this Annual report.
This annual report contains forward-looking statements such as the Company's future development strategyand business plans, which does not constitute a substantial commitment of the Company to investors. Investorsand related parties shall maintain sufficient risk awareness of this and understand the differences between plans,forecasts, and commitments.
The main business of the company is the investment, construction and operation management of powerprojects and new energy projects. For the risks and countermeasures that the company may face in its futuredevelopment, please refer to "11. Company" in "Section III Management Discussion and Analysis" Prospectsfor Future Development" section.
The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of5,250,283,986 for Base on the Company‘s total share capital ,the Company would distribute cash dividend toall the shareholders at the rate of CNY 0.2 for every 10 shares (with tax inclusive), with 0 bonus shares（including tax）, and not converting capital reserve into share capital.
Table of Contents
I.Important Notice, Table of contents and DefinitionsII. Company Profile & Financial Highlights.III. Management Discussion & AnalysisIV. Corporate GovernanceV. Environmental & Social ResponsibilityVI. Important EventsVII. Change of share capital and shareholding of Principal ShareholdersVIII. Situation of the Preferred SharesIX. Corporate BondX. Financial Report
Documents available for inspection
1.Financial statements bearing the seal and signature of legal representative, financial controller and theperson in charge of the accounting organ;
2. Original audit report seal with accounting firms and signature and seal from CPA;
3.All original copies of official documents and notices, which were disclosed in Securities Times, ChinaSecurities, Securities Daily and Hong Kong Commercial Daily (Both English and Chinese version);
4.Chinese version of the Annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except publicholidays, Saturday and Sunday).
Definition
| Terms to be defined | Refers to | Definition |
| Guangdong Energy Group Company | Refers to | Guangdong Energy Group Co., Ltd. |
| A Power Plant | Refers to | Shajiao A Power Plant of Guangdong Electric Power Development Co., Ltd. |
| Jinghai Power Generation | Refers to | Guangdong Yudean Jinghai Power Generation Co., Ltd. |
| Zhanjiang Wind Power | Refers to | Guangdong Yudean Zhanjiang Wind Power Co., Ltd. |
| Technical Engineering Company | Refers to | Guangdong Yudean Technical Engineering Management Co., Ltd. |
| Humen Power Generation | Refers to | Guangdong Yudean Humen Power Generation Co., Ltd. |
| Bohai Energy | Refers to | Guangdong Yudean Bohai Energy Co., Ltd. |
| Xuwen Wind Power | Refers to | Guangdong Yudean Xuwen Wind Power Co., Ltd. |
| Huadu Natural Gas | Refers to | Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd. |
| Dapu Power Generation | Refers to | Guangdong Yudean Dapu Power Generation Co., Ltd. |
| Leizhou Wind Power | Refers to | Guangdong Yudean Leizhou Wind Power Co., Ltd. |
| Dianbai Wind Power | Refers to | Guangdong Yudean Dianbai Wind Power Co., Ltd. |
| Zhanjiang Power | Refers to | Zhanjiang Power Co., Ltd. |
| Yuejia Power | Refers to | Guangdong Yuejia Power Co., Ltd. |
| Shaoguan Power Plant | Refers to | Guangdong Yudean Shaoguan Power Plant Co., Ltd. |
| Zhongyue Energy | Refers to | Zhanjiang Zhongyue Energy Co., Ltd. |
| Power Sales Company | Refers to | Guangdong Yudean Power Sales Co., Ltd. |
| Qujie Wind Power | Refers to | Guangdong Yudean Qujie Wind Power Co., Ltd. |
| Yangjiang Wind Power | Refers to | Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. |
| Lincang Energy | Refers to | Lincang Yudean Energy Co., Ltd. |
| Guangqian Power | Refers to | Shenzhen Guangqian Power Co., Ltd. |
| Huizhou Natural Gas | Refers to | Guangdong Huizhou Natural Gas Power Generation Co., Ltd. |
| Pinghai Power Plant | Refers to | Guangdong Huizhou Pinghai Power Plant Co., Ltd. |
| Shibeishan Wind Power | Refers to | Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd. |
| Honghaiwan Power Generation | Refers to | Guangdong Honghaiwan Power Generation Co., Ltd. |
| Provincial Wind Power | Refers to | Guangdong Provincial Wind Power Co., Ltd. |
| Tongdao Company | Refers to | Tongdao Yuexin Wind Power Co., Ltd. |
| Pingyuan Wind Power | Refers to | Guangdong Yudean Pingyuan Wind Power Co., Ltd. |
| Heping Wind Power | Refers to | Guangdong Yudean Heping Wind Power Co., Ltd. |
| Huilai Wind Power | Refers to | Huilai Wind Power Co., Ltd. |
| Hongrui Technology | Refers to | Guangdong Yuejiang Hongrui Power Technology Development Co., Ltd. |
| Yong'an Natural Gas | Refers to | Guangdong Yudean Yong'an Natural Gas Thermal Power Co., Ltd. |
| Xupu Yuefeng | Refers to | Hunan Xupu Yuefeng New Energy Co., Ltd. |
| Wuxuan Yuefeng | Refers to | Guangxi Wuxuan Yuefeng New Energy Co., Ltd. |
| Pingdian Comprehensive | Refers to | Huizhou Pingdian Comprehensive Energy Co., Ltd. |
| Zhuhai Wind Power | Refers to | Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. |
| Binhaiwan Company | Refers to | Guangdong Yudean Binhaiwan Energy Co., Ltd. |
| Dayawan Company | Refers to | Guangdong Yudean Dayawan Comprehensive Energy Co., Ltd. |
| Qiming Company | Refers to | Guangdong Yudean Qiming Energy Co., Ltd. |
| Huaguoquan Company | Refers to | Shenzhen Huaguoquan Electric Power Service Co., Ltd. |
| Nanxiong New Energy | Refers to | Shaoguan Nanxiong Yuefeng New Energy Co., Ltd. |
| Dananhai Company | Refers to | Guangdong Yudean Dananhai Smart Energy Co., Ltd. |
| Qingzhou Offshore Wind Power | Refers to | Guangdong Energy Qingzhou Offshore Wind Power Co., Ltd. |
| Wanhaowei New Energy | Refers to | Zhanjiang Wanhaowei New Energy Co., Ltd. |
| Wanchuanghengwei New Energy | Refers to | Zhanjiang Wanchuanghengwei New Energy Co., Ltd. |
| Nanhua New Energy | Refers to | Guangdong Guangye Nanhua New Energy Co., Ltd. |
| Datang New Energy | Refers to | Guangdong Yueneng Datang New Energy Co., Ltd. |
| Yueneng Wind Power | Refers to | Guangdong Yueneng Wind Power Co., Ltd. |
| Tumushuke Thermal Power | Refers to | Tumushuke Thermal Power Co., Ltd. |
| Sha C Company | Refers to | Guangdong Province Shajiao (C Plant) Power Generation Co., Ltd. |
| Guanghe Power | Refers to | Guangdong Guanghe Power Co., Ltd. |
| Biomass Power Generation | Refers to | Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd. |
| Xinhui Power Generation | Refers to | Guangdong Yudean Xinhui Power Generation Co., Ltd. |
| Yunhe Power Generation | Refers to | Guangdong Yudean Yunhe Power Generation Co., Ltd. |
| Yundian Energy | Refers to | Yunfu Yundian Energy Co., Ltd. |
| Yuehua Power Generation | Refers to | Guangdong Yuehua Power Generation Co., Ltd. |
| Yuehua Comprehensive Energy | Refers to | Guangdong Yudean Yuehua Comprehensive Energy Co., Ltd. |
| Huangpu Power Engineering | Refers to | Guangzhou Huangpu Power Engineering Co., Ltd. |
| Bijie New Energy | Refers to | Guangdong Yudean Bijie New |
| Energy Co., Ltd. | ||
| Shangyang Energy | Refers to | Zhanjiang Shangyang Energy Technology Co., Ltd. |
| Guidian Energy | Refers to | Zhanjiang Potou District Guidian Energy Technology Co., Ltd. |
| Shunfeng New Energy | Refers to | Xihua County Shunfeng New Energy Co., Ltd. |
| Jindian New Energy | Refers to | Wuzhi Jindian New Energy Technology Co., Ltd. |
| Lianjiang New Energy | Refers to | Lianjiang Yuefeng New Energy Co., Ltd. |
| Luoding Yuefeng | Refers to | Yunfu Luoding Yuefeng New Energy Co., Ltd. |
| Zhaocheng Yuefeng | Refers to | Linfen Zhaocheng Yuefeng New Energy Co., Ltd. |
| Wuhua New Energy | Refers to | Meizhou Wuhua Yuefeng New Energy Co., Ltd. |
| Yingyang New Energy | Refers to | Laishui Yingyang New Energy Technology Co., Ltd. |
| Lineng New Energy | Refers to | Laishui Lineng New Energy Technology Co., Ltd. |
| Longmen New Energy | Refers to | Huizhou Longmen Yuefeng New Energy Co., Ltd. |
| Inner Mongolia New Energy | Refers to | Inner Mongolia Yuefeng New Energy Co., Ltd. |
| Zhuhai New Energy | Refers to | Zhuhai Yuefeng New Energy Co., Ltd. |
| Dun'an New Energy | Refers to | Dacheng County Dun'an New Energy Co., Ltd. |
| Gaotang New Energy | Refers to | Gaotang Shihui New Energy Co., Ltd. |
| Shaoguan New Energy | Refers to | Guangdong Shaoguan Yuedian Power New Energy Co., Ltd. |
| Hanhai New Energy | Refers to | Tumushuke Yuedian Hanhai New Energy Co., Ltd. |
| Jinxiu Comprehensive Energy | Refers to | Yuedian Jinxiu Comprehensive Energy Co., Ltd. |
| Senhong New Energy | Refers to | Nanjing Senhong New Energy Co., Ltd. |
| Muhong New Energy | Refers to | Jinchang Muhong New Energy Co., Ltd. |
| Senhai New Energy | Refers to | Nanjing Linyuan Senhai New Energy Co., Ltd. |
| Mujin New Energy | Refers to | Jinchang Jieyuan Mujin New Energy Co., Ltd. |
| Huibo New Energy | Refers to | Guangdong Yudean Huibo New Energy Co., Ltd. |
| Dongrun Zhongneng | Refers to | Taishan Dongrun Zhongneng New Energy Co., Ltd. |
| Dongrun Qingneng New Energy | Refers to | Taishan Dongrun Qingneng New Energy Co., Ltd. |
| Runze Jieyuan New Energy | Refers to | Taishan Runze Jieyuan New Energy Co., Ltd. |
| Maoming Natural Gas | Refers to | Guangdong Yudean Maoming Natural Gas Thermal Power Co., Ltd. |
| Xingyue New Energy | Refers to | Meizhou Xingyue New Energy Co., Ltd. |
| Huixin Thermal Power | Refers to | Guangdong Yudean Huixin Thermal |
| Power Co., Ltd. | ||
| Shache Comprehensive Energy | Refers to | Yuedian Shache Comprehensive Energy Co., Ltd. |
| Xinguangyao New Energy | Refers to | Laixi Xinguangyao New Energy Technology Co., Ltd. |
| Telian New Energy | Refers to | Laixi Telian New Energy Technology Co., Ltd. |
| Lianyao New Energy | Refers to | Pingdu Lianyao New Energy Technology Co., Ltd. |
| Jiuzhou New Energy | Refers to | Jiuzhou New Energy (Zhaoqing) Co., Ltd. |
| Changshan Wind Power | Refers to | Xiangtan Xiangdian Changshan Wind Power Generation Co., Ltd. |
| Luoding New Energy | Refers to | Yunfu Luoding Yuedian New Energy Co., Ltd. |
| Zhuhai Yuedian New Energy | Refers to | Zhuhai Yuedian New Energy Co., Ltd. |
| Tumushuke Changhe | Refers to | Tumushuke Yuedian Changhe New Energy Co., Ltd. |
| Zhenneng New Energy | Refers to | Yunfu Yuedian Zhenneng New Energy Co., Ltd. |
| Zhonggong Energy | Refers to | Zhonggong Energy Technology (Maoming) Co., Ltd. |
| Yahua New Energy | Refers to | Yahua New Energy Technology (Gaozhou) Co., Ltd. |
| Xinjiang Co., Ltd. | Refers to | Guangdong Energy Group Xinjiang Co., Ltd. |
| Xinjiang Comprehensive Energy | Refers to | Yuedian Xinjiang Comprehensive Energy Co., Ltd. |
| Gaozhou New Energy | Refers to | Gaozhou Yuedian Smart New Energy Co., Ltd. |
| Xintian Yuefeng | Refers to | Xintian Yuefeng New Energy Co., Ltd. |
| Lanshan Yuefeng | Refers to | Lanshan Yuefeng New Energy Co., Ltd. |
| Lianjiang Hangneng | Refers to | Lianjiang Hangneng New Energy Co., Ltd. |
| Herun New Energy | Refers to | Guoyang County Herun New Energy Technology Co., Ltd. |
| Guangxi Hangneng | Refers to | Guangxi Hangneng New Energy Co., Ltd. |
| Jincheng Yuefeng | Refers to | Jincheng City Yuefeng New Energy Co., Ltd. |
| Baiyin Yuefeng | Refers to | Baiyin Yuefeng New Energy Co., Ltd. |
| Yunfu Yunan Yuexin Company | Refers to | Yunfu Yunan Yuexin Power Generation Co., Ltd. |
| Yuncheng Wanquan Yuefeng | Refers to | Yuncheng Wanquan Yuefeng New Energy Co., Ltd. |
| Tuokexun Energy | Refers to | Guangneng Tuokexun New Energy Power Generation Co., Ltd. |
| Yehai Yuefeng | Refers to | Lingao County Yehai Yuefeng New Energy Co., Ltd. |
| Zhuhai Yuefeng Huafa | Refers to | Zhuhai Yuefeng Huafa New Energy Co., Ltd. |
| Zhanjiang Yuefeng Baoxin | Refers to | Zhanjiang Yuefeng Bao New Energy Co., Ltd. |
| Zhuhai Yuefeng Ocean | Refers to | Zhuhai Yuefeng Ocean Ranch Co., |
| Ltd. | ||
| Shantou Yuefeng Xinneng | Refers to | Shantou Yuefeng New Energy Investment Partnership (Limited Partnership) |
| Ruisi New Energy | Refers to | Guangzhou Yuefeng Ruisi New Energy Co., Ltd. |
| Xiangzhou Yunjiang | Refers to | Xiangzhou Yunjiang New Energy Co., Ltd. |
| Xiangzhou Hangjing | Refers to | Xiangzhou Hangjing New Energy Co., Ltd. |
| Qinglong Manchu Photovoltaic | Refers to | Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. |
| Karamay Comprehensive Energy | Refers to | Guangneng Karamay Comprehensive Energy Co., Ltd. |
| Hainanzhou Longyue | Refers to | Hainanzhou Longyue New Energy Co., Ltd. |
| Zhongshan Energy Service | Refers to | Guangdong Energy Zhongshan Energy Service Co., Ltd. |
| Yuedian New Energy Development | Refers to | Guangdong Yuedian New Energy Development Co., Ltd. |
| Industrial Fuel | Refers to | Guangdong Provincial Electric Power Industrial Fuel Co., Ltd. |
| Taishan Power Generation | Refers to | Guoneng Yuedian Taishan Power Generation Co., Ltd. |
| Energy Group Finance Company | Refers to | Guangdong Energy Group Finance Co., Ltd. |
| Yuedian Shipping | Refers to | Guangdong Yuedian Shipping Co., Ltd. |
| Shanxi Yuedian Energy | Refers to | Shanxi Yuedian Energy Co., Ltd. |
| Energy Property Insurance | Refers to | Guangdong Energy Property Insurance Self - Insurance Co., Ltd. |
| Weixin Yuntou | Refers to | Yunnan Energy Investment Weixin Energy Co., Ltd. |
| Energy Financial Leasing Company | Refers to | Guangdong Energy Financial Leasing Co., Ltd. |
| Yueqian Power | Refers to | Guizhou Yueqian Power Co., Ltd. |
| Zhongxinkeng Power | Refers to | Yangshan Zhongxinkeng Power Co., Ltd. |
| Jiangkeng Hydropower | Refers to | Yangshan County Jiangkeng Hydropower Station Co., Ltd. |
| AVIC Shenxin | Refers to | AVIC Shenxin Wind Power Generation Co., Ltd. |
| Yuexin New Energy | Refers to | Zhanjiang Yuexin Distributed Energy Technology Co., Ltd. |
| Southern Offshore Wind Power | Refers to | Southern Offshore Wind Power Joint Development Co., Ltd. |
| Sunshine Insurance | Refers to | Sunshine Insurance Group Co., Ltd. |
| Shenzhen Capital Group | Refers to | Shenzhen Innovation Investment Group Co., Ltd. |
| Guoyi Tendering | Refers to | Guoyi Tendering Co., Ltd. |
| Shenzhen Energy | Refers to | Shenzhen Energy Group Co., Ltd. |
| Shenergy Company | Refers to | Shenergy Co., Ltd. |
| Yuedian Environmental Protection | Refers to | Guangdong Yuedian Environmental Protection Co., Ltd. |
| Yunfu B Power Plant | Refers to | Yunfu Power Plant (B Plant) Co., Ltd. |
| Shantou Huaneng Wind Power | Refers to | Huaneng Shantou Wind Power Co., |
| Ltd. | ||
| Guangzhu Power Generation | Refers to | Zhuhai Special Economic Zone Guangzhu Power Generation Co., Ltd. |
| Yuedian Environmental Protection Materials | Refers to | Guangdong Yuedian Environmental Protection Materials Co., Ltd. |
| Tianxin Insurance | Refers to | Shenzhen Tianxin Insurance Brokers Co., Ltd. |
| Jieyang Yuedian Shipping | Refers to | Jieyang Yuedian Shipping Service Co., Ltd. |
| Shanwei Yuedian Shipping | Refers to | Shanwei Yuedian Shipping Service Co., Ltd. |
| Gaolan Port Environmental Protection | Refers to | Guangdong Zhuhai Gaolan Port Environmental Protection Technology Co., Ltd. |
| Menghua New Energy | Refers to | Inner Mongolia Yuedian Menghua New Energy Co., Ltd. |
| Baiyun Ebo | Refers to | Baiyun Ebo Yuemeng New Energy Co., Ltd. |
| Shaoguan Qujiang | Refers to | Shaoguan Qujiang Yuedian New Energy Co., Ltd. |
| Zhuhai Jinwan | Refers to | Guangdong Zhuhai Jinwan Power Generation Co., Ltd. |
| Yuedian Zhongshan Thermal Power Plant | Refers to | Guangdong Yuedian Zhongshan Thermal Power Plant Co., Ltd. |
| Yuedian Real Estate Investment | Refers to | Guangdong Yuedian Real Estate Investment Co., Ltd. |
| Yuedian Shipping | Refers to | Guangdong Yuedian Shipping Co., Ltd. |
| Yuedian Information Technology | Refers to | Guangdong Yuedian Information Technology Co., Ltd. |
| Yuedian Xinfengjiang | Refers to | Guangdong Yuedian Xinfengjiang Power Generation Co., Ltd. |
| Yuedian Property Management | Refers to | Guangdong Yuedian Property Management Co., Ltd. |
| Yangjiang Port Port Affairs | Refers to | Guangdong Yangjiang Port Port Affairs Co., Ltd. |
| Yuelong Power Generation | Refers to | Guangdong Yuelong Power Generation Co., Ltd. |
| Energy Group Zhuhai Power Plant | Refers to | Zhuhai Power Plant of Guangdong Energy Group Co., Ltd. |
| ShaJiao C Power Plant of Energy Group | Refers to | ShaJiao C Power Plant of Guangdong Energy Group Co., Ltd. |
| Shaoguan Port | Refers to | Guangdong Shaoguan Port Co., Ltd. |
| Natural Gas of Energy Group | Refers to | Guangdong Energy Group Natural Gas Co., Ltd. |
| Scientific Research Institute of Energy Group | Refers to | Guangdong Energy Group Scientific Research Institute Co., Ltd. |
| Huizhou Natural Gas of Energy Group | Refers to | Guangdong Energy Group Huizhou Natural Gas Development Co., Ltd. |
| (Yunfu) Energy Storage of Energy Group | Refers to | Guangdong Energy Group (Yunfu) Energy Storage Power Generation Co., Ltd. |
| Huizhou Liquefied Natural Gas | Refers to | Guangdong Huizhou Liquefied Natural Gas Co., Ltd. |
| Dongguan Mingyuan Hotel | Refers to | Dongguan Mingyuan Hotel Co., Ltd. |
II. Company Profile & Financial Highlights.
1.Company Profile
| Stock abbreviation | Yue Dian Li A, Yue Dian Li B | Stock code： | 000539.SZ,200539.SZ |
| Stock exchange for listing | Shenzhen Stock Exchange | ||
| Name in Chinese | 广东电力发展股份有限公司 | ||
| Abbreviation of Registered Company Name in Chinese( | 粤电力 | ||
| English name (If any) | GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD | ||
| English abbreviation (If any) | GED | ||
| Legal Representative | Zheng Yunpeng | ||
| Registered address | 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | ||
| Postal code of the Registered Address | 510630 | ||
| Historical change of the company's registered address | On November 1992，First registration ：21/F,No.75 Meihua Road, Guangzhou City, Guangdong； On December 2002，Change to：10/F, Baili Center, Guafa Garden,No.498, Huanshi East Road, Guangzhou; On June 2005, Change to: 22-26/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province； On March 2017, Change to: 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | ||
| Office Address | 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | ||
| Postal code of the office address | 510630 | ||
| Internet Web Site | http://www.ged.com.cn | ||
| ged@ged.com.cn | |||
2. Contact person and contact manner
| Board secretary | Securities affairs Representative | |
| Name | Liu Wei | Huang Xiaowen |
| Contact address | 35/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | 35/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province |
| Tel | (020)87570251 | (020)87570251 |
| Fax | (020)85138084 | (020)85138084 |
| liuw@ged.com.cn | huangxiaowen@ged.com.cn |
3. Information disclosure and placed
| Internet website designated by CSRC for publishing the Annual report of the Company | http://www.szse.cn/ |
| Newspapers selected by the Company for information disclosure | China Securities Daily, Securities Times, Securities Daily and Hong Kong Commercial Daily(overseas newspaper for English version)（http://www.cninfo.com.cn） |
| The place where the Annual report is prepared and placed | Affair Dept. Of the Board of directors of the Company |
4.Changes in Registration
| Unified social credit code | 91440000617419493W |
| Changes in principal business activities since listing (if | On August 25,2021, The Company's main business consists of |
| any) | " investment, construction and operation management of power projects, production and sales of power, technical consulting and services in the power industry, leasing of terminal facilities, general cargo warehousing, loading and unloading, and transportation services. (Projects subject to approval according to law, Business activities can only be carried out after being approved by the relevant departments)” is changed to “investment, construction and operation management of power projects and new energy projects; production and sales of electric power; technical consulting and services in the power industry; leasing of terminal facilities; general cargo storage, loading and unloading ,shipment service. (Projects subject to approval according to law, Business activities can only be carried out after being approved by the relevant departments)" . |
| Changes is the controlling shareholder in the past (is any) | No change |
5. Other Relevant Information
CPAs engaged
| Name of the CPAs | Grant Thornton Certified Public Accountants (Special General Partnership) |
| Office address | 5/F, Saite piazza, No. 22 Jianguomenwai Avenue, Chaoyang District, Beijing, China |
| Names of the Certified Public Accountants as the signatories | Deng Bitao, Li Zeyu |
The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.
□Applicable √Not Applicable
The Financial advisor performing persist ant supervision duties engaged by the Company in the reportingperiod
□Applicable √Not Applicable
6.Summary of Accounting data and Financial index
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes√ No
| 2024 | 2023 | Changes of this period over same period of Last year(%) | 2022 | |
| Operating income（Yuan） | 57,159,067,233 | 59,708,397,738 | -4.27% | 52,661,088,436 |
| Net profit attributable to the shareholders of the listed company（Yuan） | 964,242,757 | 974,660,299 | -1.07% | -2,980,434,050 |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（Yuan） | 931,464,092 | 1,094,042,279 | -14.86% | -2,913,274,516 |
| Cash flow generated by business operation, net（Yuan） | 10,975,183,923 | 8,465,642,282 | 29.64% | 1,479,864,774 |
| Basic earning per share(Yuan/Share) | 0.1837 | 0.1856 | -1.07% | -0.5677 |
| Diluted gains per | 0.1837 | 0.1856 | -1.07% | -0.5677 |
| share(Yuan/Share) | ||||
| Weighted average ROE(%) | 4.28% | 4.59% | -0.31% | -13.60% |
| End of2024 | End of2023 | Changed over last year（％） | End of2022 | |
| Gross assets（Yuan） | 175,154,232,936 | 161,207,283,087 | 8.65% | 131,623,802,701 |
| Net assets attributable to shareholders of the listed company（Yuan） | 22,894,681,796 | 22,141,735,460 | 3.40% | 20,350,293,619 |
The lower of the company’s net profit before and after the deduction of non-recurring gains and losses inthe last three fiscal years is negative, and the auditor's report of the previous year shows that the Company’sgoing concern ability is uncertain.
□ Yes √No
The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative.
□ Yes √No
7.The differences between domestic and international accounting standards1）Simultaneously pursuant to both Chinese accounting standards and international accountingstandards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
None2） Differences of net profit and net assets disclosed in financial reports prepared under overseas andChinese accounting standards.
□ Applicable √Not applicable
None
8.Main Financial Index by Quarters
In RMB
| First quarter | Second quarter | Third quarter | Fourth quarter | |
| Operating income | 12,789,410,415 | 13,289,380,556 | 16,438,668,847 | 14,641,607,415 |
| Net profit attributable to the shareholders of the listed company | 126,281,663 | 776,657,197 | 564,136,865 | -502,832,968 |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company | 95,324,871 | 790,734,959 | 601,147,108 | -555,742,846 |
| Net Cash flow generated by business operation | 2,719,506,027 | 3,286,719,044 | 4,860,463,761 | 108,495,091 |
Whether significant variances exist between the above financial index or the index with its sum and thefinancial index of the quarterly report as well as semi-annual report index disclosed by the Company.
□Yes ?No
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
| Items | Amount (2024) | Amount (2023) | Amount (2022) | Notes |
| Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made) | 98,655 | 9,198,759 | 30,802,837 | It is mainly the gains and losses of assets disposal by Huizhou Natural Gas, Electric Power Sales Company, Xinjiang Co., Ltd., Shache Comprehensive Energy, Guangdong Wind Power and other units. |
| Government subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) | 52,020,222 | 42,080,981 | 51,267,272 | It was mainly the economic policy incentives for power sales and subsidies for various power plant projects. |
| Asset impairment provisions due acts of God such as natural disasters | -11,738,926 | -83,358,694 | It is mainly that some wind power equipment blades of Guangdong Energy Wind Power Company were damaged due to the strong typhoon "Capricorn", and the loss amount before deducting insurance indemnities was RMB 11,738,926. | |
| Reverse of the provision for impairment of accounts receivable undergoing impairment test individually | 29,440 | |||
| One-off costs incurred by the enterprise as a result of the relevant business activities no longer continuing, such as expenses for relocating employees | -155,298,107 | -168,447,926 | It is mainly the provision for dismissal benefits after the closure of Shajiao A Power Plant for implementation of personnel resettlement plans. | |
| Other non-business income and expenditures other than the above | 310,588,754 | 39,135,331 | -11,625,577 | It is mainly the income from the transfer of land use right of reclamation in Pinghai Power Plant, the payable amount not payable by Shajiao A Power Plant after verification, and the income from the |
| scrapping of assets in Yuehua. | ||||
| Less: Amount of influence of income tax | 30,445,394 | 18,264,521 | 38,582,624 | |
| Influenced amount of minor shareholders’ equity (after tax) | 132,446,539 | 23,114,044 | 15,662,748 | |
| Total | 32,778,665 | -119,381,980 | -67,159,534 | -- |
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
NoneFor the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Lossesand its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on informationDisclosure for Companies offering their securities to the public-non-recurring Gains and losses which have beendefined as recurring gains and losses, it is necessary to explain the reason.
√ Applicable □ Not applicable
| Items | Amount involved(RMB) | Reason |
| Value-added tax will be refunded immediately | 25,938,507 | Comply with national policies and regulations, and continue to occur. |
| Carbon emission quota used to fulfill the emission reduction obligation | -318,227,152 | Comply with national policies and regulations, and continue to occur. |
III. Management Discussion & AnalysisI. Industry information of the Company during the reporting periodThe Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.In 2024, the National Energy Administration issued the Guiding Opinions on Energy Work in 2024,proposing goals such as continuously enhancing supply guarantee capabilities, optimizing energy structure, andsteadily improving quality and efficiency, which are conducive to ensuring national energy security andstabilizing coal, oil and gas, and electricity supply; accelerate the green and low-carbon transformation ofenergy, increase the proportion of non-fossil energy, and promote the optimization of energy structure; TheNational Development and Reform Commission and the National Energy Administration jointly issued theAction Plan for Accelerating the Construction of a New Power System (2024-2027), proposing to carry out 9key special actions from 2024 to 2027, including the power system stability guarantee action, the large-scalehigh-proportion new energy transportation campaign, and the high-quality development action of thedistribution network, to promote the construction of a new power system from multiple aspects. Moreover, theNational Development and Reform Commission and the National Energy Administration jointly issued theNotice on the Responsibility Weights and Related Matters of Renewable Electricity Utilization in 2024, whichdefines the responsibility weights of renewable electricity utilization in each province in 2024 and 2025, helpspromote the development and utilization of renewable energy in each province, guide the allocation of resourcesto the renewable energy field, promote the growth of installed capacity and electricity utilization of new energysuch as wind power and solar power, and accelerate the transformation of energy structure.
In terms of power supply, with the deepening implementation of the "dual-carbon" goal and theadvancement of the construction of a new power system, investment in non-fossil energy power generation hasgrown rapidly. The installed capacity of new energy power generation, including wind power, solar power, andbiomass power generation, reached 1.45 billion kilowatts, exceeding the installed capacity of thermal power forthe first time. By the end of 2024, the cumulative installed power generation capacity nationwide wasapproximately 3.35 billion kilowatts, a year-on-year increase of 14.6%. The installed capacity of non-fossilenergy power generation was 1.95 billion kilowatts, a year-on-year increase of 23.8%. By type, biomass powergeneration was 45.99 million kilowatts, nuclear power was 60.83 million kilowatts, hydropower was 440million kilowatts, wind power was 520 million kilowatts, and solar power was 890 million kilowatts. Theinstalled capacity of thermal power was 1.44 billion kilowatts, of which coal-fired power was 1.19 billionkilowatts, a year-on-year increase of 2.6%. The proportion of coal-fired power in the total installed powergeneration capacity was 35.7%, a year-on-year decrease of 4.2 percentage points. In 2024, the proportion ofcoal-fired power generation in the total power generation in the full-caliber was 54.8%. Affected by factors suchas resources, the growth rates of hydropower and wind power fluctuated greatly on a monthly basis. Coal-firedpower fully played its role in basic guarantee and system regulation.
According to the statistics of the national power industry in 2024 published by the National EnergyAdministration, the electricity consumption of the whole society in China in 2024 was 9.85 trillion kWh, with ayear-on-year increase of 6.8%. The electricity consumption of the primary industry was 135.7 billion kWh, witha year-on-year increase of 6.3%; The electricity consumption of the secondary industry was 6.39 trillion kWh,with a year-on-year increase of 5.1%; The electricity consumption of the tertiary industry was 1.83 trillion kWh,with a year-on-year increase of 9.9%; The domestic electricity consumption of urban and rural residents was
1.49 trillion kWh, with a year-on-year increase of 10.6%.
According to the transaction results announced by Guangdong Power Exchange Center in December 2024,the average transaction price of bilateral negotiation transactions, annual listing transactions and annualcentralized competition transactions in the province in 2025 decreased year-on-year, of which the electricityvolume of bilateral negotiation transactions was 331.008 billion kWh, and the average transaction price wasRMB 391.87/thousand kWh (including tax, the same below), down RMB 73.77/thousand kWh from theprevious year. The decrease in medium and long-term market transaction tariff in Guangdong Province willhave a negative impact on the Company's operating income. The Company will continue to optimize itselectricity market trading strategy, focus on controlling fuel procurement costs, strictly control all costs andexpenses, and strive for its business goals to consolidate business results.II.Main Business the Company is Engaged in During the Report Period
The Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
The Company mainly engages in the investment, construction and operation management of powerprojects, and the production and sales of electric power. It belongs to the power, heat production and supplyindustry classified in the “Guidelines for the Industry Classification of Listed Companies” by the ChinaSecurities Regulatory Commission. Since its foundation, the Company has always adhered to the business tenetof “Capital from the people, using it for electricity, and benefiting the public” and adheres to the business policyof “Centering on the main business of electricity, with diversified development”, focusing on the main businessof power and making the power structure go diversified. In addition to the development, construction andoperation of large-scale coal-fired power plants, it also has clean energy projects such as LNG power generation,wind power generation and hydropower generation, which provides reliable and clean energy to users throughthe grid company.
As of the end of 2024, the company has controllable installed capacity of 41.7075 million kilowatts,including holding installed capacity of 39.3057 million kilowatts and equity participation installed capacity of
2.4017 million kilowatts. Including: The holding installed capacity for coal-fired power generation was 19.95million kilowatts, accounting for 50.76%; the holding installed capacity for gas and electricity of 11.847 millionkilowatts, accounting for 30.14%；and renewable energy generation like wind power, hydropower ,Photovoltaicand biomass of 7.5087 million kilowatts, accounting for 19.10%。.In addition, the company is entrusted withmanaging the installed capacity of 8.954 million kilowatts . The above controllable installed capacity andentrusted management installed capacity totaled 50.3495 million kilowatts.
Income source is primarily contributed by power production and sales, and main business income isderived from Guangdong Province. The company electricity sales price is subject to the benchmark priceverified by the price authority per relevant policies based on National Development and Reform Commission(NDRC) and the electricity transaction price through the market trade implementation per GuangdongElectricity Market Trade Basic Rules and supporting files. In the reporting period, the electricity sold is
119.351billion kilowatt-hours,an increase of 4.69% YOY; average price stated in the onsolidated statements is
533.16 Yuan/ thousands kilowatt-hours(tax included ,the same below ), a decrease of 50.27 yuan/ thousandskilowatt-hours or a decrease of 8.62% YOY;the total operating income was RMB 57,159.07 million, a decreaseof RMB 2,549.33 million or a decrease of 4.27% YOY.
Since the Company's main business is thermal power, and the fuel cost accounts for a relatively large partof the operating cost, the fluctuation of coal and natural gas prices has a great impact on the Company'soperating performance. During the reporting period, the Company's fuel cost was RMB 37,541.27 million,
accounting for 75.81% of the operating cost, which benefited from the decline of fuel price. The fuel costdecreased by RMB 2,724.61 million.During the reporting period, the Company vigorously promoted the construction and operation of newclean energy and renewable energy units. The installed capacity proportion of clean energy and renewableenergy increased to 49.24%, with an increase of 11.15% from the beginning of the year. The installed structurecontinued to optimize, which ensured a favorable trend of year-on-year growth in on-grid electricity. TheCompany seized the favorable conditions of the decline in fuel prices, carried out in-depth energy-saving andconsumption reduction work, strengthened financing cost control, improved the efficiency of fund utilization,and effectively alleviated the adverse effects of tariff decline, with its business situation remained basicallystable year-on-year. In 2024, the Company achieved a net profit attributable to the parent company of RMB
964.24 million, with a slight year-on-year decrease of RMB 10.42 million, where, the Company's coal-firedpower business achieved a net profit attributable to the parent company of RMB 278.08 million; Its gas andelectricity business achieved a net profit attributable to the parent company of RMB 482.52 million; Itshydropower business achieved a net profit attributable to the parent company or RMB -16.19 million; Its newenergy business achieved a net profit attributable to the parent company of RMB 170.56 million; TheCompany's main investment business achieved a net profit attributable to the parent company of RMB 115.33million, while its biomass power generation and other businesses achieved a net profit attributable to the parentcompany of RMB -66.06 million.Main Production and Operation Information
| Items | This reporting period | Same period last year |
| Total installed capacity ('0,000 kW) | 3,930.57 | 3,212.58 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 717.99 | 242.96 |
| Planned installed capacity of approved projects ('0,000 kW) | 715 | 970.40 |
| Planned installed capacity of projects under construction ('0,000 kW) | 1,194.5 | 1,474.95 |
| Power generation ('00,000,000 kWh) | 1,258.30 | 1,205.54 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 1,193.51 | 1,140.02 |
| Average on-grid price or selling price (RMB/ '000 kWh , including tax) | 533.16 | 583.43 |
| Average power consumption rate of power plant (%) | 5.18% | 5.47% |
| Power plant utilization hours (h) | 3,494 | 3,957 |
(1)Operation Information of Coal - fired Power
| Items | 2024 | 2023 |
| Total installed capacity ('0,000 kW) | 1,995 | 1,989 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 6 | -66 |
| Planned installed capacity of approved projects ('0,000 kW) | 0 | 200 |
| Planned installed capacity of projects under construction ('0,000 kW) | 800 | 600 |
| Power generation ('00,000,000 kWh) | 913.23 | 956.33 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 857.34 | 897.35 |
| Average on-grid price or selling price (RMB/ '00,000,000 kWh , including tax) | 0.48 | 0.55 |
| Average power consumption rate of power plant (%) | 6.12 | 6.17 |
| Power plant utilization hours (h) | 4,578 | 4,808 |
(2) Operation Information of Gasl - fired Power
| Items | 2024 | 2023 |
| Total installed capacity ('0,000 kW) | 1,184.70 | 705.90 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 478.80 | 66.70 |
| Planned installed capacity of approved projects ('0,000 kW) | 150 | 150 |
| Planned installed capacity of projects under construction ('0,000 kW) | 194.2 | 667.42 |
| Power generation ('00,000,000 kWh) | 256.88 | 185.11 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 251.76 | 181.44 |
| Average on-grid price or selling price (RMB/ '00,000,000 kWh , including tax) | 0.68 | 0.71 |
| Average power consumption rate of power plant (%) | 1.99 | 1.98 |
| Power plant utilization hours (h) | 2,802 | 2,896 |
（3）Operation Information of wind power
| Items | 2024 | 2023 |
| Total installed capacity ('0,000 kW) | 339.50 | 279.5 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 60 | 45 |
| Planned installed capacity of approved projects ('0,000 kW) | 175 | 21.5 |
| Planned installed capacity of projects under construction ('0,000 kW) | 70 | 60 |
| Power generation ('00,000,000 kWh) | 51.77 | 49.07 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 49.53 | 47.2 |
| Average on-grid price or selling price (RMB/ '00,000,000 kWh , including tax) | 0.68 | 0.7 |
| Average power consumption rate of power plant (%) | 4.63 | 3.77 |
| Power plant utilization hours (h) | 1,674 | 2,088 |
（4）Operation Information of photovoltaic business
| Items | 2024 | 2023 |
| Total installed capacity ('0,000 kW) | 388.09 | 214.9 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 173.19 | 197.26 |
| Planned installed capacity of approved projects ('0,000 kW) | 382 | 598.9 |
| Planned installed capacity of projects under construction ('0,000 kW) | 137.9 | 147.53 |
| Power generation ('00,000,000 kWh) | 25.09 | 3.85 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 24.47 | 3.78 |
| Average on-grid price or selling price (RMB/ '00,000,000 kWh , including tax) | 0.28 | 0.3 |
| Average power consumption rate of power plant (%) | 2.43 | 1.57 |
| Power plant utilization hours (h) | 832 | 432 |
（5）Operation Information of water power
| Items | 2024 | 2023 |
| Total installed capacity ('0,000 kW) | 13.28 | 13.28 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 0 | 0 |
| Planned installed capacity of approved projects ('0,000 kW) | 0 | 0 |
| Planned installed capacity of projects under construction ('0,000 kW) | 0 | 0 |
| Power generation ('00,000,000 kWh) | 4.31 | 4.11 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 4.19 | 4.03 |
| Average on-grid price or selling price (RMB/ '00,000,000 kWh , including tax) | 0.22 | 0.21 |
| Average power consumption rate of power plant (%) | 2.55 | 1.89 |
| Power plant utilization hours (h) | 3,243 | 3,095 |
（6）Operation Information of Biomass business
| Items | 2024 | 2023 |
| Total installed capacity ('0,000 kW) | 10 | 10 |
| Installed capacity of units that are newly put into production ('0,000 kW) | 0 | 0 |
| Planned installed capacity of approved projects ('0,000 kW) | 0 | 0 |
| Planned installed capacity of projects under construction ('0,000 kW) | 0 | 0 |
| Power generation ('00,000,000 kWh) | 7.03 | 7.08 |
| On-grid electricity or electricity sales ('00,000,000 kWh) | 6.21 | 6.22 |
| Average on-grid price or selling price (RMB/ '00,000,000 kWh , including tax) | 0.75 | 0.75 |
| Average power consumption rate of power plant (%) | 11.66 | 11.85 |
| Power plant utilization hours (h) | 7,026 | 7,080 |
Electricity sales business of the Company
√ Applicable □ Not applicable
Guangdong Yudean Electric Power Sales Co., Ltd. ("Sales Company"), a wholly-owned subsidiary of the
Company, founded in July 2015, is the first power sales company in Guangdong Province, and its power salesqualification code is SD01. Based on the business of purchasing and selling electricity, the company focuses onimproving electricity efficiency, provides customers with services such as demand response strategy, energysaving renovation, energy consumption strategy consultation, contracted energy management, power energystorage, etc., and carries out comprehensive energy service projects (smart energy management, carbon assetmanagement, energy trusteeship, energy audit, etc.) in vertical (industry) fields, large group enterprises and largeparks.In 2024, the electricity consumption of the Power Marketing Company was 61.727 billion kWh, with a year-on-year increase of 10.5%, the electricity of the holding subsidiary of the agency company is 50.383 billion kWh,accounting for 42.21% of the Company's on-grid electricity.Reasons for the significant changes in the relevant data
□ Applicable √Not applicable
Related new energy power generation businessDuring the "14th Five-Year Plan" period, the Company initially planned to add about 14 million kilowatts
of new energy installed capacity, including 1.6 million kilowatts of onshore wind power, 2.8 million kilowattsof offshore wind power and 9.6 million kilowatts of photovoltaic power (the above-mentioned planned installedcapacity and power generation type will be determined according to the actual situation of project approval forfiling, investment and development, and be subject to some adjustment in specific implementation.) By the endof 2024, the Company had a total installed capacity of about 7.2759 million kilowatts of new energy such aswind power and photovoltaic power, including about 2.2016 million kilowatts of offshore wind power, 1.1934million kilowatts of onshore wind power and 3,8809 million kilowatts of photovoltaic power;The total installed capacity of Xinjiang Toksun Wind Power Project and Shache Photovoltaic Project underconstruction is 2,079,000 kW; It completed the decision to build and sign an acquisition agreement of 2,785,000kW; The Company has approved and filed new energy projects with a scale of approximately 5,570,000 kW. Inthe future, the Company will continue to actively grasp the development trend of accelerating energy
transformation under the goal of "emission peak" and "carbon neutrality", implement the specific deployment of"1310" by Guangdong Provincial Party Committee, actively expand the resources of new energy projectsthrough self-construction and acquisition, fully promote the leap-forward development of new energy, and buildan ecological and civilized power enterprise.III.Analysis On core Competitiveness
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size ofmore than 175.154 billion，It is the largest listed company with state-owned assets in Guangdong Province. Asof December 31, 2024, the Company, as the largest listed power company in Guangdong Province, has a total of
34.837 million kilowatts of market-oriented units in the province, accounting for 15.65% of the total market-oriented units in the province.
2. Strong background and resource advantages
Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise,has been actively supporting listed companies to become better and stronger by using the advantages of itsresources, technology and asset scale. As the only listed company and main force of Guangdong Energy Group,the company has always been subordinated to serving the overall situation of the reform and development ofGuangdong Province and Guangdong Energy Group. It has deeply cultivated the main power industry, activelyplayed the value discovery function and resource allocation function of the capital market, and assisted the reformand development of Guangdong Province's energy resources.
3. Comprehensive advantages of main business
During the 14th five-year period, Guided by the national energy development strategy, Implement thespecific deployment of "1310" of Guangdong Provincial Party Committee, coordinate safety and development,optimize and strengthen coal, gas and biomass power generation services, and vigorously develop new energy,energy storage, hydrogen energy and land park development. The Company has abundant project reserves andbroad development prospects; With clear main business, reasonable structure, outstanding industrial position andmarket share, it has strong comprehensive strength and broad development prospects.
4. Competitive advantage in electricity market
The company's generator set has high parameters, large capacity, high operation efficiency, low coalconsumption, stable operation, superior environmental protection performance and strong market competitiveadvantage. In 2024, the company completed a total of 112.976 billion kilowatt-hours of electricity in the market,and the scale of electricity sales continued to rank first in the province, with electricity sales prices superior to theprovince's average. The company gives full play to its three advantages of scale, brand and service. With itsmarketing service network all over the province and its technical accumulation and comprehensive resources inthe power industry, the company provides auxiliary value-added services such as peak regulation, frequencymodulation and backup for the power grid, and provides high-quality value-added services such as comprehensiveenergy saving and power consumption consultation for users, thus realizing the transformation from a powergeneration enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
. At present, the Company's total assets reach 100 billion, and the cash flow of its stock business isabundant, which provides a good support for the Company's sustainable development.
The Company's financial position is good, with good financing channels such as bank credit, bonds andsecurities markets and rich financing methods. In the meantime, the Company is planning on establishing anew energy industry fund, to introduce strategic investors for subsidiaries, and issue financing schemes such aspublic offering REITs. The Company will make full use of internal and external financial resources to provide
strong financial guarantee for the production and operation of enterprises, the construction of key projects andthe rapid development of new energy industry.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helpingGuangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company willactively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanceddemonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily pushforward the construction of key energy projects and the development of new energy resources in the province andactively seek to expand into regions with better resource conditions and higher power demand, Help the "30·60"target to be implemented.IV.Main business analysisⅠ.General
In 2024, the national economy rebounded to stimulate electricity consumption, and the demand forelectricity in Guangdong Province reaching 912.1 billion kWh, with a year-on-year increase of 7.3%. In termsof installed capacity, by the end of 2024, the installed capacity of Guangdong was 223 million kW, with a year-on-year increase of 15.5%, of which the installed capacity of coal-fired power was 72.113 million kW, with ayear-on-year decrease of 0.4%; the installed capacity of gas power was 49.925 million kW, with a year-on-yearincrease of 26.2%; the total installed capacity of wind power and solar power generation was 59.131 millionkW, with a year-on-year increase of 45.4%. During the reporting period, the Company accumulated 119.351billion kWh of on-grid electricity in consolidated statements, with a year-on-year increase of 4.69%, in which,the on-grid electricity of coal machine is 85.734 billion kWh, the on-grid electricity of gas machine is 25.176billion kWh, and the on-grid electricity of hydropower, wind power and photovoltaic power is 8.44 billion kWh.
In 2024, the Company vigorously promoted the construction and operation of new clean energy andrenewable energy units, continuously optimized the installed structure, and ensured a favorable trend of year-on-year growth in on-grid electricity. The Company seized the favorable conditions of the decline in fuel prices,carried out in-depth energy-saving and consumption reduction work, strengthened financing cost control,improved the efficiency of fund utilization, and effectively alleviated the adverse effects of tariff decline, withits business situation remained basically stable year-on-year. According to the consolidated statements, the totalassets of the Company were RMB 175.154 billion, with a year-on-year increase of 8.65%; The liabilities in theconsolidated statement totaled RMB 139.192 billion, and the asset-liability ratio was 79.47%; The equityattributable to shareholders of the parent company was RMB 22.895 billion, with a year-on-year increase of
3.4%. According to the consolidated statements, the Company's operating income was RMB 57.159 billion,with a year-on-year increase of 4.27%; The net profit attributable to shareholders of the parent company wasRMB 964 million and the earnings per share was RMB 0.1837.
In 2024, the Company will increase its installed capacity by 7,179,900 kW through self construction andacquisition; As of the end of 2024, the Company has a clean energy power generation holding installed capacityof 19,355,700 kW, including gas power, wind power, hydropower, photovoltaics, biomass, etc., accounting for
49.24% of the total. In addition, the Company has actively promoted the construction of projects such as theDananhai gas power project, the Xinjiang Toksun wind power project, and the Yunfu natural gas cogenerationproject, continuously optimizing the power structure and promoting the Company's green and low-carbontransformation.
2. Revenue and cost
(1)Component of Business Income
In RMB
| 2024 | 2023 | Increase /decrease | |||
| Amount | Proportion | Amount | Proportion | ||
| Total operating revenue | 57,159,067,233 | 100% | 59,708,397,738 | 100% | -4.27% |
| On Industry | |||||
| Electric power , Steam sales and labor income | 56,860,158,480 | 99.48% | 59,296,174,696 | 99.31% | -4.11% |
| Other | 298,908,753 | 0.52% | 412,223,042 | 0.69% | -27.49% |
| On products | |||||
| Sales Electric Power | 56,312,348,835 | 98.52% | 58,860,722,062 | 98.58% | -4.33% |
| Steam income | 403,680,647 | 0.71% | 303,847,319 | 0.51% | 32.86% |
| Labor income | 144,128,998 | 0.25% | 131,605,315 | 0.22% | 9.52% |
| Comprehensive utilization of fly ash | 183,757,839 | 0.32% | 278,575,922 | 0.47% | -34.04% |
| Lease revenue | 45,418,339 | 0.08% | 50,931,914 | 0.09% | -10.83% |
| Other | 69,732,575 | 0.12% | 82,715,206 | 0.14% | -15.70% |
| Area | |||||
| Guangdong | 55,381,560,273 | 96.89% | 58,383,250,691 | 97.78% | -5.14% |
| Xinjiang | 1,202,032,506 | 2.10% | 934,441,658 | 1.57% | 28.64% |
| Hunan | 115,911,321 | 0.20% | 141,988,229 | 0.24% | -18.37% |
| Hebei | 76,542,815 | 0.13% | 79,397,685 | 0.13% | -3.60% |
| Yunnan | 84,487,161 | 0.15% | 74,112,332 | 0.12% | 14% |
| Guangxi | 98,148,241 | 0.17% | 52,343,423 | 0.09% | 87.51% |
| Henan | 47,190,592 | 0.08% | 36,927,674 | 0.06% | 27.79% |
| Shandong | 27,933,096 | 0.05% | 2,819,132 | 0% | 890.84% |
| Inner Mongolia | 60,238,215 | 0.11% | 1,441,224 | 0% | 4079.66% |
| Anhui | 43,919,200 | 0.08% | 840,319 | 0% | 5126.49% |
| Gansu | 19,484,407 | 0.03% | 835,371 | 0% | 2232.43% |
| Shanxi | 1,619,406 | 0.01% | 0 | 0% | - |
| Sub-sale model | |||||
| Direct selling | 57,159,067,233 | 100% | 59,708,397,738 | 100% | -4.27% |
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and OperatingProfit with Profit over 10%
√ Applicable □Not applicable
The Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
In RMB
| Turnover | Operation cost | Gross profit rate(%) | Increase/decrease of revenue in the same period of the previous year(%) | Increase/decrease of business cost over the same period of previous year (%) | Increase/decrease of gross profit rate over the same period of the previous year (%) | |
| On products | ||||||
| Sales Electric Power | 56,312,348,835 | 49,008,250,157 | 12.97% | -4.33% | -3.07% | -1.14% |
| Including： | ||||||
| Fire coal Generation Power | 36,571,274,136 | 33,230,769,700 | 9.13% | -17.34% | -13.85% | -3.69% |
| Gas Generation Power | 15,135,978,804 | 13,290,948,591 | 12.19% | 32.86% | 35.17% | -1.50% |
| Biomass Generation Power | 4,605,095,895 | 2,486,531,866 | 46% | 42.81% | 15.48% | 12.78% |
| Area | ||||||
| Guangdong | 55,381,560,273 | 47,938,080,488 | 13.44% | -5.14% | -3.62% | -1.36% |
| Sub-sale model | ||||||
| Direct selling | 57,159,067,233 | 49,520,897,046 | 13.36% | -4.27% | -2.84% | -1.27% |
Reasons for great changes in related financial indicators
√ Applicable □ Not applicable
(1) The Company's gas-fired power generation operating income and operating costs increased by 32.86%and 35.17% respectively year-on-year, mainly due to the commissioning of new gas-fired units in 2024,resulting in a year-on-year increase of 38.76% in the on-grid electricity consumption of gas-fired units, plus theimpact of the decrease in on-grid tariff, leading to a year-on-year decrease of 1.50% for the gross profit marginof gas-fired power generation
(2) The Company's operating income from renewable energy generation increased by 42.81% year-on-year,mainly due to the commissioning of new photovoltaic and wind turbine generating units in 2024, resulting in ayear-on-year increase of 37.86% in renewable energy on-grid electricity; The operating cost of renewableenergy generation increased by 15.48%, mainly due to the conversion of some wind and photovoltaic projects tofixed assets, an increase in depreciation costs, and an increase in repair costs.
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
√ Yes □ No
| Classification | Items | Unit | 2024 | 2023 | Changes |
| Electric power, production | Sales volume | '00,000,000 kWh | 1,193.51 | 1,140.02 | 4.69% |
| Production | '00,000,000 kWh | 1,258.30 | 1,205.53 | 4.38% | |
| Inventory | |||||
Explanation for a year-on –year change of over 30%
□ Applicable √Not applicable
(4) Performance of the major sales contract, major procurement contract signed by the Company till endof the Period
√ Applicable □Not applicable
Implementation of Signed Major Sales Contracts as of this Reporting Period
√ Applicable □Not applicable
In RMB10,000
| Contract object | Counterparty | Total contract amount | Total fulfilled amount | Amount fulfilled during the reporting period | Amount to be fulfilled | Whether fulfilled properly | Description of the failure to fulfill the contract properly | Amount of sales revenue recognized in this period | Accumulated recognized sales revenue amount | Accounts receivable collection situation |
| Quantity | CHINA | 5,482,739 | Yes | 5,482739 | Normal |
| of electricity | SOUTHERN POWER GRID | regular settlement , good payback, low recovery risk |
Implementation of Signed Major Purchase Contracts as of this Reporting Period
□ Applicable √Not applicable
(5)Component of business cost
Industry classification
In RMB
| Industry | Items | 2024 | 2023 | Increase/Decrease | ||
| Amount | Proportion in the operating costs (%) | Amount | Proportion in the operating costs (%) | |||
| Electric power, thermal production and supply | Fuel cost | 37,541,273,997 | 75.81% | 40,265,881,130 | 79% | -6.77% |
| Electric power, thermal production and supply | Depreciation expense | 5,631,939,490.19 | 11.37% | 5,098,136,051 | 10% | 10.47% |
| Electric power, thermal production and supply | Labor cost | 2,091,735,709.96 | 4.22% | 1,930,378,946 | 3.79% | 8.36% |
| Electric power, thermal production and supply | Other | 4,255,947,848.85 | 8.59% | 3,676,601,551 | 7.21% | 15.76% |
NoteThe Company is in power sector and mainly engaged in power generation at present. The cost iscomposed of fuel cost, depreciation expenses, labour cost and other expenses. During the reporting period,Fuelcost accounts for about 75.81% of total cost.
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
√Yes □No
(1) Addition of subsidiaries in this year:
| Name | Nature | Paid-in capital at the end of period(Yuan) | Proportion (%) | Acquired |
| Xiangzhou Hangjing New Energy Co., Ltd. | Solar electrical energy generation | 199,980,000 | 76.44% | Purchase |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co.,Ltd | Solar electrical energy generation | 120,000,000 | 76.44% | Purchase |
| Xiangzhou Yunjiang New Energy Co., Ltd. | Solar electrical energy generation | 105,420,000 | 76.44% | Purchase |
| Yuncheng Wangquan Yuefeng New Energy Co., Ltd. | Wind Power generation | 86,368,422 | 72.62% | Investment establishment |
| Hainan Longyue New Energy Co., Ltd. | Solar electrical energy generation | 90,000,000 | 100% | 0 Acquisition of consideration assets |
| Guangneng Toxon New Energy Co., Ltd. | Wind Power generation | 370,000,000 | 100% | Investment establishment |
| Shantou Yuefeng New Energy Investment Partnership（LP） | Investment and asset management | 1,110,750,000 | 15.40% | Investment establishment |
| Guangneng Karamay Integrated Energy Co., Ltd | Solar electrical energy generation | 100,000,000 | 100% | Investment establishment |
| Guangdong Yudean New Energy Development Co., Ltd. | Investment and asset management | 85,000,000 | 100% | Investment establishment |
| Lingao Yehai Yuefeng New Energy Co., Ltd. | Wind Power generation | 61,350,000 | 76.44% | Investment establishment |
| Zhanjiang Yuefengbao New Energy Co., Ltd. | Wind Power generation | 50,000,000 | 38.98% | Investment establishment |
| Guangdong Energy Zhongshan Energy Sevice Co., Ltd. | Thermal power production and supply | 15,000,000 | 100% | Investment establishment |
| Zhuhai Yuefeng Huafa New Energy Co., Ltd. | Wind Power generation | 17,000,000 | 38.98% | Investment establishment |
| Zhuhai Yuefeng Sea pashure Co., Ltd. | Seaculture | 7,000,000 | 76.44% | Investment establishment |
| Guangzhou Yuefeng Ruisi New Energy Co., Ltd. | Investment and asset management | 300,000 | 76.44% | Investment establishment |
(2) Reduction of subsidiaries in this year:
| Subsidiary name | Business nature | Paid-in capital before cancellation (RMB) | Shareholding ratio before cancellation |
| Guangzhou Huangpu Power Engineering Co., Ltd. | Equipment maintenance | 13,000,000 | 51% |
| Yunfu Yuyuexin Generation Co., Ltd. | Wind Power generation | 0 | 76.44% |
| Huizhou Longmen Yuefeng New Energy Co., Ltd. | Wind Power generation | 0 | 76.44% |
| Yunfu Luoding Yuefeng New Energy Co., Ltd. | Wind Power generation | 0 | 76.44% |
The subsidiaries of our company, namely Guangzhou Huangpu Power Engineering Co., Ltd., Yunfu Yunan Yuexin PowerGeneration Co., Ltd., Huizhou Longmen Yuefeng New Energy Co., Ltd., and Yunfu Luoding Yuefeng New Energy Co., Ltd.,completed the deregistration process in 2024. The liquidation and deregistration of the above - mentioned companies willcorrespondingly change the scope of our company's consolidated financial statements. However, it will not have a significantimpact on our company's existing business operations and operating performance, nor will it damage the interests of the companyand its shareholders.
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in theCompany’s Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Information of the Company’s sales customers
| Total sales amount to top 5 customers (Yuan) | 56,818,352,095 |
| Proportion of sales to top 5 customers in the annual sales(%) | 99.40% |
| Proportion of the sales volume to the top five customers in | 0.74% |
the total sales to the related parties in the year
Information of the Company’s top 5 customers
| No | Name | Amount（RMB） | Proportion |
| 1 | GPGC | 54,827,389,516 | 95.92% |
| 2 | STATE GRID | 1,397,661,104 | 2.45% |
| 3 | Guangdong Energy Group Co., Ltd. | 425,423,411 | 0.74% |
| 4 | Tumushuke Chuangneng Thermal Power Co., Ltd. | 103,833,532 | 0.18% |
| 5 | Mitsubishi Chemical Chemical Raw Materials (Huizhou) Co., Ltd | 64,044,532 | 0.11% |
| Total | -- | 56,818,352,095 | 99.40% |
Other explanation :
√Applicable □Not applicable
Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Energy Group") is the controllingshareholder of the Company, and has an associated relationship with the Company. The amount of relatedsuppliers between the Company and Energy Group listed here covers all related transactions between theCompany and Energy Group and its subsidiaries.
Principal suppliers
| Total purchase of top 5 Suppliers（Yuan） | 43,018,950,118 |
| Percentage of total purchase of top 5 suppliers In total annual purchase(%) | 79.63% |
| Proportion of purchase amount from the top 5 suppliers in the total purchase amount from the related parties in the year | 63.03% |
Information about the top 5 suppliers
| No | Name | Amount（Yuan） | Proportion |
| 1 | Guangdong Energy Group | 34,054,027,828 | 63.03% |
| 2 | China Energy Construction Group Co., Ltd. | 3,440,761,366 | 6.37% |
| 3 | POWERCHINA | 2,002,981,739 | 3.71% |
| 4 | Guangdong Dapeng LNG Co., Ltd. | 1,971,759,210 | 3.65% |
| 5 | Guangdong Zhujiang Investment Electric Fuel Co., Ltd. | 1,549,419,975 | 2.87% |
| Total | -- | 43,018,950,118 | 79.63% |
Other explanation :
√ Applicable □Not applicable
Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Energy Group") is the controllingshareholder of the Company, and has an associated relationship with the Company. The amount of relatedsuppliers between the Company and Energy Group listed here covers all related transactions between theCompany and Energy Group and its subsidiaries.
3.Expenses
In RMB
| 2024 | 2023 | Increase/Decrease(%) | Notes | |
| Sale expenses | 101,150,886 | 93,238,999 | 8.49% | |
| Administration expenses | 1,626,351,993 | 1,592,057,152 | 2.15% | |
| Financial expenses | 2,285,029,760 | 2,287,869,816 | -0.12% | |
| R & Development expenses | 1,286,783,600 | 1,116,555,274 | 15.25% | It is mainly caused by the increased investment in R&D this year, resulting in a year-on-year increase in the number of R&D personnel and the consumption of R&D materials. |
4.R& D Expenses
√ Applicable □Not applicable
| No | Enterprise | Name of main R&D project | Project purpose | Project progress | Goal to be achieved | Expected impact on the future development of the Company |
| 1 | Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd | Research and Application of Key Technologies for Safe, Flexible, and Efficient Power Generation by Biomass Combustion | This project combines theoretical research such as experimental simulation and technical equipment development to make break-through in low-temperature oxidation mechanism of biomass, non spherical particle aerodynamics and combustion models, as well as high-temperature cracking and effective functional groups of composite polymer denitrification agents On the basis of key scientific issues such as conversion mechanism and inhibition mechanism of molten salt corrosion behavior by spraying materials, it has developed the following five key technologies and equipment: Non-contact temperature/humidity real-time test method and technology for biomass piles, biomass "suspension-grate" | All research tasks have been completed and are awaiting acceptance by the Ministry of Science and Technology. | It develops a non-contact real-time monitoring and intelligent prediction system for spontaneous combustion of biomass piles; forms a biomass "suspension-grate" composite combustion boiler design process based on a new feeding system; proposes a new formula for composite denitrification agents in the furnace, and develops high-efficiency composite coordinated denitrification technology in the furnace by coupling low nitrogen combustion; regulates the spraying process | The project conforms to the development trend of international biomass energy technology and industry, aims at the key core technology of power generation by biomass combustion, fully leverages the advantages of the applicant unit, and forms strong alliances with domestic and foreign partners to make breakthrough in the technological difficulty of biomass direct combustion power generation, achieves the leapfrog development of power generation technology by biomass combustion in China, and serves major needs such as ensuring energy security, |
| composite combustion technology and process, biomass high-efficiency combustion optimization technology, high-efficiency composite coordinated denitrification technology in biomass combustion furnace, and high-efficiency anti-corrosion spraying technology for biomass boiler. | and composition, suppresses the corrosion behavior of potassium-containing molten salts, and develops anti-corrosion spraying technology and equipment. | environmental pollution control, and developing circular economy in China; At the same time, the project can also promote China's technological products in the fields of anti-corrosion and denitrification internationally, achieving mutual benefit and win-win results between China and Denmark in the field of energy development. | ||||
| 2 | Guangdong Electric Power Development Co., Ltd | Power Generation Technology by Direct Coupling of Coal and Biomass | It develops a specialized burner with wide applicability to biomass, and completes the integration verification of key technologies for power generation by coupling coal and biomass on a pilot platform, with a biomass coupling combustion ratio of 0-100%; and completes the industrial demonstration of 660MW power generation technology by coupling coal and biomass. | Stage completion | CO2 emission ≥ 120 g/kWh (power generation load rate>30%), stable operation time per year ≥ 6000 hours, minimum power generation load rate is 30% (CO2 减排量≥320 Emission reduction ≥ 320 g/kWh), heat transfer coefficient of heating surface at the tail of the boiler is ≥ 68 W/ (m2 ?°C), online measurement error of the coupled combustion ratio based on the 14C method is ≤ ±4%, utilization rate of ash residue is 100%, and the atmospheric pollutant emissions are better than the ultra-low emission requirements; It develops a software for the whole process of coupled power generation and establishes a comprehensive | It establishes an industrial demonstration for 660MW power generation by coupling coal and biomass, which will help verify various technical indicators of the system, construct integrated operation rules of the coupling power generation system, establish a capacity limit evaluation method, and form a comprehensive evaluation standard for power generation system by coupling coal and biomass, thus providing technical and theoretical support for the large-scale promotion and application of power generation technology by biomass co-firing, which is of great significance for carbon reduction in the power industry. |
| evaluation method for the power generation system by coupling coal and biomass based on lifecycle carbon emissions. | ||||||
| 3 | Guangdong Red Bay Power Generation Co., Ltd | Wide-load Deep Peak Shaving, Low-load Stable Combustion, and Optimized Operation Technology by Denitrification for Coal-fired Power Plants | It improves the flexible technology, which is expected to increase the peak load regulation capacity of thermal power units. | Completed | It meets the technical requirements of unit flexibility transformation; puts forward the intelligent combustion optimization technology under deep peak load regulation; improves the peak load regulation capacity by more than 10%; and achieves automatic control of the whole process within the range of deep peak load regulation. | It improves the peak load regulation capacity by more than 10%, which meets the needs of power grid development, and enhances the Company's competitiveness in the power market. |
| 4 | Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd | Research on Precise Coordinated Control Technology and Integrated Application of Source, Grid, Load and Storage Integration and Load and Grid Interaction in Zero-carbon Smart Park for Power Plants | It constructs a distributed photovoltaic power generation system, forms a set of key technologies for unified management and scheduling of source, grid, load and storage in smart parks for thermal power plants for rooftop photovoltaic access, and achieves efficient substitution of plant electricity. | Completed | It completes the research and application of key technologies for unified management and scheduling of source, grid, load and storage in the smart low-carbon park within the plant, and achieves high on-site utilization of photovoltaic power throughout the entire period. | It realizes source, load and storage interaction, forms a complete green alternative solution for plant electricity, reduces carbon emissions, enhances the Company's business performance and environmental responsibility, and helps achieve the goals of carbon peaking and carbon neutrality. |
| 5 | Shenzhen Guangqian Power Limited Company | Research and Application Project on Key Technologies for Black Start and Frequency Regulation Coordination of Gas Turbine Combined Cycle Units Based on Semi- | It constructs the first semi-solid battery energy storage assisted frequency regulation + black start multi scenario integrated energy storage power station for gas turbine power plants in China. | Construction has been completed and debugging is currently underway | It completes the research on the control strategy of the energy storage system in the application process of "black start+frequency regulation" for large gas turbines, and the coordinated control and | It carries out pilot demonstrations of "Integrated Multi-purpose, Time Division Multiplexing" for energy storage power stations, and provides new solutions for the rapid recovery and sustainable |
| solid Battery Energy Storage System | intelligent regulation strategy between energy storage and the turbines |
development of thepower system,enhancing theCompany'sadvantages in theresearch field ofnew energy storagetechnologyapplications.
| 6 | Guangdong Yudean Yunhe Power Generation Co., Ltd | Research and Application of High-efficiency Power Generation Technology by Coupling Coal, Biomass and Industrial Solid Waste | It adopts the RDF fuel derived from combustible industrial solid waste partially instead of coal and feed it into the boiler for mixed combustion to generate power, or gasify the RDF fuel to prepare combustible gas and then feed it into the boiler for mixed combustion, so as to realize the efficient coordinated disposal of combustible industrial solid waste and coal-fired power generation. | In progress | It constructs a matching system for pretreatment of RDF-derived fuel and mixed feed with coal, forms a continuous feeder system with active feed rate adjustment of RDF-derived fuel, and realizes stable combustion of RDF fuel and coal in the boiler; It reduces pollutant emission during combustion, avoids slagging corrosion caused by alkali metals, sulfur and chlorine in general industrial solid waste, and realizes large-scale and clean resource treatment of industrial organic solid waste. | It can reduce the coal cost of power plants, improve their economic benefits, achieve efficient integration and resource utilization of industrial solid waste, while reducing carbon dioxide emissions from power plants, and implementing the national strategy of "carbon peaking and carbon neutrality". |
| 7 | Shenzhen Guangqian Power Limited Company | Research and Demonstration on Key Technologies of MW Natural Gas Chemical Looping Combustion Power Generation | It is to research on the demonstration and application of MW natural gas zero carbon emission power generation technology based on natural gas chemical looping combustion technology. | Stage completion | It completes the key technology R&D and demonstration verification. It formulates the industry standard of carbon capture, and formulates and launches the engineering design, operation and commissioning standard of chemical chain combustion device. | It is the demonstration of natural gas zero-carbon emission power generation technology, which will promote the development of peak emission and carbon neutrality technology in power enterprises. |
| 8 | Zhanjiang Zhongyue Energy Co., Ltd | Research and Demonstration on the Integration of | The project constructs a demonstrative model that is accessible, replicable and learnable by creating | Stage completion | It builds a comprehensive energy system that integrates and | This project aims to create typical application scenarios for the |
| Rural Revitalization and Energy Technology | typical application scenarios for the agricultural and photovoltaic complementary industry, assisting in the transformation of rural industries, building an integrated and complementary comprehensive energy system for rural new energy, promoting rural revitalization, gathering rural new energy application scenarios, focusing on research on agricultural and photovoltaic technology, land sharing/sunshine sharing to assist development models, upgrading of agricultural and photovoltaic complementary industries, and the path to increasing farmers' income, as well as creating typical application scenarios. | complements rural areas; studies 2 sets of agricultural and photovoltaic complementary agricultural production technology application models; studies 5 agricultural and photovoltaic complementary agricultural technology regulations; studies a set of integrated development models for promoting rural revitalization through new energy; studies one successful case of the development of agricultural and photovoltaic complementary and collaborative industries; and creates a typical application scenario for agricultural and photovoltaic complementary industries. | agricultural and photovoltaic complementary industries, assist in the transformation of rural industries, build an integrated and complementary comprehensive energy system for rural new energy, and promote rural revitalization. It focuses on the research of agricultural and photovoltaic technology, land sharing/sunshine sharing collaborative development models, the upgrading of agricultural and photovoltaic complementary industries, and the path to increasing farmers' income, as well as the creation of typical application scenarios, and aims to construct a demonstrative model that is accessible, replicable, and learnable. | |||
| 9 | Guangdong Red Bay Power Generation Co., Ltd | Research on Key Technologies of Long-term Economic Corrosion Protection for Steel Structures and Equipment with High Salt and Humidity in Coastal Power Plants | Taking Unit 1 of Shanwei Red Bay Power Plant as the application demonstration object, it develops a new long-term economic anti-corrosion plan for coastal power plants, and completes at least 1500 square meters of anti-corrosion demonstration application, and forms a preventive anti-corrosion management outline, implementation rules, and maintenance work package. | Stage completion | It completes the investigation and research on the corrosion status of steel structures and equipment in coastal power plants, builds monitoring equipment and corrosion monitoring systems, completes the research on the failure mechanism of steel structures and equipment coatings in coastal | Based on site requirements, it optimizes new technologies for long-term and economical anti-corrosion for steel structures and equipment in coastal power plants, develops the "long-term", "economic", and "safe" anti-corrosion technologies from three dimensions: construction process, protection |
| power plants, and new anti-corrosion technologies for steel structures and equipment in coastal power plants, and formulates the long-term economic anti-corrosion plans and application demonstrations for coastal power plants. | technology, and anti-corrosion reinforcement and upgrade, solves the technical difficulties of anti-corrosion for steel structures and equipment in high salt and high humidity environments in coastal power plants, focuses on addressing the anti-corrosion problems of special key parts, improves the anti-corrosion technology of steel structures and equipment, and promotes it in similar coastal power plants in the thermal power sector. | |||||
| 10 | Guangdong Yudean Jinghai Power Generation Co., Ltd | Research and Application of Leakage Prevention Technology for MGGH Primary Heat Exchanger of 600MW Unit Based on Three-dimensional Tube | It takes measures such as improving flue gas flow field, preventing dust accumulation, corrosion, abrasion, reducing resistance and optimizing layout to ensure the stable operation of the primary heat exchanger under different conditions, maximize its service life, and improve the safety, environmental protection and economy of the unit. | Completed | It studies the present situation and faults of MGGH heat exchanger of 600MW unit, and put forward the solutions. | It can improve the sealing and pressure resistance of the heat exchanger, effectively reduce the leakage risk, prolong the service life of the equipment and reduce the maintenance cost. |
Company's research and development personnel situation
| 2024 | 2023 | Increase /decrease | |
| Number of Research and Development persons (persons) | 1,630 | 1,421 | 14.71% |
| Proportion of Research and Development persons | 15.90% | 14.10% | 1.80% |
| Academic structure of R&D personnel | |||
| Bachelor | 1,136 | 984 | 15.45% |
| Master | 102 | 93 | 9.68% |
| Doctor | 1 | 2 | -50% |
| Age composition of R&D personnel | |||
| Under 30 years old | 201 | 182 | 10.44% |
| 30-40 years old | 493 | 433 | 13.86% |
| Over 40 years old | 936 | 806 | 16.13% |
The Company's R & D investment situation
| 2024 | 2023 | Increase /decrease | |
| Amount of Research and Development Investment (Yuan) | 1,286,783,600 | 1,116,555,274 | 15.25% |
| Proportion of Research and Development Investment of Operation Revenue | 2.25% | 1.87% | 0.38% |
| Amount of Research and Development Investment Capitalization (Yuan) | 0 | 0 | 0% |
| Proportion of Capitalization Research and Development Investment of Research and Development Investment | 0% | 0% | 0% |
Reasons and influence of significant changes in R&D personnel composition of the Company
□ Applicable √Not applicable
The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying theBusiness Income Year on Year
□ Applicable √Not applicable
Reasons for the drastic change of capitalization rate of R&D investment and its rationality explanation
□ Applicable √Not applicable
5.Cash Flow
In RMB
| Items | 2024 | 2023 | Increase/Decrease(%) |
| Subtotal of cash inflow received from operation activities | 65,207,631,915 | 67,184,093,793 | -2.94% |
| Subtotal of cash outflow received from operation activities | 54,232,447,992 | 58,718,451,511 | -7.64% |
| Net cash flow arising from operating activities | 10,975,183,923 | 8,465,642,282 | 29.64% |
| Subtotal of cash inflow received from investing activities | 4,638,611,820 | 533,590,769 | 769.32% |
| Subtotal of cash outflow for investment activities | 18,896,013,590 | 26,715,093,026 | -29.27% |
| Net cash flow arising from investment activities | -14,257,401,770 | -26,181,502,257 | 45.54% |
| Subtotal cash inflow received from financing activities | 42,994,850,605 | 64,285,957,027 | -33.12% |
| Subtotal cash outflow for financing activities | 39,835,215,834 | 46,049,738,583 | -13.50% |
| Net cash flow arising from financing activities | 3,159,634,771 | 18,236,218,444 | -82.67% |
| Net increase in cash and cash equivalents | -122,662,232 | 520,358,656 | -123.57% |
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
(1) The net cash flow generated from operating activities increased by 29.64% year-on-year, mainly due toa decline in fuel market price and a decrease in cash outflow from purchasing goods.
(2) The cash inflow from investment activities increased by 769.32% year-on-year, mainly due to thematurity and recovery of RMB 4 billion fixed deposits from Guangdong Wind Power Company, a subsidiary ofthe Company; The cash outflow from investment activities decreased by 29.27% year-on-year, mainly due to a
30.18% decrease in cash paid for the completion and operation of projects, as well as the purchase and
construction of fixed assets, intangible assets, and other long-term assets. Taking into account the above impacts,the net cash flow generated from investment activities this year increased by 45.54% year-on-year.
(3) The cash inflow from fund-raising activities decreased by 33.12% year-on-year, mainly due to asignificant improvement in the Company's operating cash flow, a decrease in external financing demand year-on-year, and the introduction of strategic investors and absorption of equity funds by Guangdong Wind PowerCompany in 2023. The cash outflow from fund-raising activities decreased by 13.50% year-on-year, mainly dueto the decline in the Company's financing scale and continuous optimization of financing structure, theincreasing proportion of medium and long-term financing, and the decrease in the matured debt scale year-on-year. Taking into account the above-mentioned impacts, the net cash flow generated from financing activitiesthis year decreased by 82.67% year-on-year.Taking into account the above factors, the net increase in cash and cash equivalents of the Company in2024 decreased by 123.57% year-on-year.
Reasons for the significant difference between the net cash flow generated by the Company's operatingactivities during the reporting period and the net profit of this year
□ Applicable √Not applicable
V. Analysis of Non-core Business
□Applicable √Not applicable
VI. Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
| End of 2024 | End of 2023 | Proportion increase/decrease | Notes to the significant change | |||
| Amount | Proportion in the total assets(%) | Amount | Proportion in the total assets(%) | |||
| Monetary fund | 15,361,820,831 | 8.77% | 16,431,429,893 | 10.19% | -1.42% | |
| Accounts receivable | 9,101,797,841 | 5.20% | 8,963,635,678 | 5.56% | -0.36% | |
| Contract assets | 1,378,872 | 0% | 5,557,720 | 0% | 0% | |
| Inventories | 2,577,119,489 | 1.47% | 2,655,504,711 | 1.65% | -0.18% | |
| Real estate investment | 336,493,586 | 0.19% | 347,192,759 | 0.22% | -0.03% | |
| Long-term Equity Investment | 10,812,658,939 | 6.17% | 9,796,842,197 | 6.08% | 0.09% | |
| Fixed assets | 73,628,798,655 | 42.04% | 63,017,322,291 | 39.09% | 2.95% | It is mainly due to the operation of gas power projects such as Yong'an and Binhai Bay, as well as wind power projects in Inner Mongolia and Zhuhai. |
| Construction in | 31,382,850,765 | 17.92% | 29,990,577,678 | 18.60% | -0.68% | |
| process | ||||||
| Use right assets | 11,700,419,075 | 6.68% | 9,529,610,412 | 5.91% | 0.77% | |
| Short-term loans | 14,108,930,833 | 8.06% | 15,756,979,762 | 9.77% | -1.71% | |
| Contract liabilities | 38,459,828 | 0.02% | 41,328,133 | 0.03% | -0.01% | |
| Long-term borrowing | 69,541,559,406 | 39.70% | 62,832,471,340 | 38.98% | 0.72% | |
| Lease liabilities | 12,376,312,142 | 7.07% | 10,452,666,128 | 6.48% | 0.59% |
Overseas assets account for a relatively high proportion.
□ Applicable √ Not applicable
2.Asset and Liabilities Measured by Fair Value
√Applicable □ Not applicable
In RMB
| Items | Opening amount | Gain/Loss on fair value change in the reporting period | Cumulative fair value change recorded into equity | Impairment provisions in the reporting period | Purchased amount in the reporting period | Sold amount in the reporting period | Other changes | Closing amount | ||
| Financial assets | ||||||||||
| Other equity Instrument Investment | 2,866,347,046 | -216,057,173 | 1,708,127,257 | 2,650,289,873 | ||||||
| Subtotal of financial assets | 2,866,347,046 | -216,057,173 | 1,708,127,257 | 2,650,289,873 | ||||||
| Total | 2,866,347,046 | -216,057,173 | 1,708,127,257 | 2,650,289,873 | ||||||
| Financial Liability | 0 | 0 | 0 | 0 | ||||||
Other changesWhether the measurement attribute of the company's main assets has changed significantly during thereporting period
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
On December 31, 2024, individual subsidiaries of the Group pledged the right to impose electricity chargesto banks to obtain long-term loans of 5,171,411,604 yuan which: the balance of long-term loans due within oneyear was 451,067,263 yuan (as of December 31, 2023: 5,401,654,578 yuan). including: the long-term borrowingsdue within one year amounted to 500,737,245 yuan .VII. Investment situation
1. General
√ Applicable □ Not applicable
| Investment of the period | Investment of same period of last year | Scale of change |
| 2,590,462,500 | 4,159,800,000 | -37.73% |
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
| Name of the Company Invested | Main Business | Investment Way | Investment Amount | Share Proportion % | Capital Source | Partner | Investment Horizon | Product Type | Progress up to Balance Sheet Date | Anticipated Income | Gain or Less or the Current Investment | Whether to Involve in Lawsuit | Date of Disclosure(if any) | Disclosure Index(if any) |
| Guangdong Yudean Dananhai Intelligence Energy Co., Ltd. | Thermal power | Capital increase | 120,000,000 | 100% | Self funds | No | Long-term | Electric Power | Dananhai Intelligence Energy Project is normal progress | -23,939,402 | No | April 22, 2022 | Announcement No.:2022-16,. Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn | |
| Guangdong Yudean Yongan Natural Gas Thermal power Co., Ltd. | Thermal power | Capital increase | 45,000,000 | 90% | Self Funds | Zhaoqing Hejiang Electric Power Development Co., ltd. （Share Proportion：10%） | Long-term | Electric Power | The project was put into operation on May 21, 2024 | 6,318,711 | No | October 13, 2020 | Announcement No.:2020-52,. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Binhaiwan Energy Co., Ltd. | Thermal power | Capital increase | 150,000,000 | 100% | Self Funds | No | Long-term | Electric Power | The project was put into operation on October 16, 2024 | -44,423,772 | No | April 11,2020 | Announcement No.:2020-13,. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Dayawan Integrated Energy Co., Ltd. | Thermal power | Capital increase | 88,050,000 | 70% | Self Fund | Huizhou Port Investment Group Co., Ltd.（ Share Proportion：20%）, Huizhou Port Investment | Long-term | Electric Power | The project was put into operation on June 27, 2024 | 16,598,253 | No | July 17,2021 | Announcement No.:2021-43,. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| Group Co., Ltd.（ Share Proportion：10%） | ||||||||||||||
| Guangdong Yudean Qiming Energy Co., Ltd. | Thermal power | Capital increase | 15,000,000 | 100% | Self Funds | No | Long-term | Electric Power | In normal operation | -12,103,695 | No | Not applicable | ||
| Guangdong Yudean Yunhe Power General Co., Ltd. | Thermal power | Capital increase | 155,550,000 | 90% | Self Funds | Yunfu Yunda Investment Holdings Co., Ltd.（ Share Proportion：10%） | Long-term | Electric Power | In normal operation | 932,278 | No | April 22,2022 | Announcement No.:2022-16,. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Red Bay Power Generation Co., Ltd. | Thermal power | Capital increase | 39,000,000 | 65% | Self Funds | Guangzhou Development Electric Group Co., Ltd. （ Share Proportion：25%）Shanwei Talent Development Group Co., Ltd. （ Share Proportion：10%） | Long-term | Electricity and coal | In normal operation | 106,217,403 | No | March 16,2023 | Published in China Securities Daily, Securities Times , Shanghai Securities News , Securities Daily and http//.www.cninfo.com.cn.(Announcement No.: 2023-13 . | |
| Guangdong Yudean Dapu Power Generation Co., Ltd. | Thermal power | Capital increase | 50,000,000 | 100% | Self Funds | No | Long-term | Electricity and coal | In normal operation | 16,833,268 | No | 《Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn.(Announcement No.: 2022-47 . | ||
| Guangdong Yudean Huixin Thermal power Co., Ltd. | Thermal power | Capital increase | 76,500,000 | 85% | Self Funds | Huizhou New materials Industrial Park Investment | Long-term | Electricity and coal | In normal operation | -4,247,716 | No | 《Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn.(Announcement No.: 2024-46 |
| and Construction Co., Ltd（Share Proportion：15%） | ||||||||||||||
| Yudean Shache Integrated Energy Co., Ltd. | Solar power generation | New establishment | 21,000,000 | 100% | Self Funds | No | Long-term | Electric Power | The Shache integrated solar energy storage project will increase grid connection by 850,000 kW within the year, with a cumulative grid connection of 1,150,000 kW | -18,839,184 | No | December 1,2022 | Announcement No.:2022-60,. Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn | |
| Guangdong Shaoguan Yudean New Energy Co., Ltd. | photovoltaic power generation | Capital increase | 3,000,000 | 100% | Self Funds | No | Long-term | Electric Power | 韶The Shaoguan Power Plant Photovoltaic Project and Wushi Town Distributed Photovoltaic Project have increased grid | 103,980 | No | Not applicable |
| connected capacity by 4.26MW in this period, with a total of 45.93MW put into operation. | ||||||||||||||
| Guangdong Yudean Huibo New Energy Co., Ltd. | photovoltaic power generation | Capital increase | 32,430,000 | 100% | Self Funds | No | Long-term | Electric Power | The Boluo Dafeng Distributed Photovoltaic Project has increased operation by 2MW, bringing the total operation to 17MW; The Huzhen Photovoltaic Composite Project is progressing normally | -582,072 | No | Not applicable | ||
| Tumushuke Yudean Hanhai New Energy Co., Ltd. | photovoltaic power generation | Capital increase | 260,000,000 | 100% | Self Funds | No | Long-term | Electric Power | Hanhai Company increased 350000 kW solar energy storage projects for operation | -17,745,520 | No | March 26,2022 | Published in China Securities Daily, Securities Times , Shanghai Securities News , Securities Daily and http//.www.cninfo.com.cn.(Announcement No.: 2022-11 . |
| this year, with a total of 750000 kW put into operation | ||||||||||||||
| Laixi Xinguangyao New Energy Technology Co., Ltd. | photovoltaic power generation | Capital increase | 13,130,000 | 99% | Self Funds | No | Long-term | Electric Power | An additional 15.2MW was put into operation within the year, with a total of 53.3MW put into operation | 825,788 | No | Not applicable | ||
| Guangdong Electric Industry Fuel Co., Ltd. | Fuel sales | Capital increase | 186,802,500 | 50% | Self Funds | Guangdong Energy Group Co., Ltd. （ Share Proportion：50%） | Long-term | Power generation fuel | In normal operation | 6,824,907 | No | September 20, 2 024 | Published in China Securities Daily, Securities Times , Shanghai Securities News , Securities Daily and http//.www.cninfo.com.cn.(Announcement No.: 2024-55 | |
| Guangdong Energy Group Xingjiang Co., Ltd. | New Energy Generation | Capital increase | 900,000,000 | 100% | Self funds | No | Long-term | Electric Power | In normal operation | -81,189,523 | No | December 1,2022 | Announcement No.:2022-60,. Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn Announcement No.:2022-60,. | |
| Guangdong Yudean Technology Engineering Management Co., Ltd. | Power generation technical services | Capital increase | 100,000,000 | 100% | Self funds | No | Long-term | Technical services | In normal operation | 2,433,988 | No | Not applicable |
| Guangdong Energy Finance Leasing Co., Ltd | Finance leasing | Capital increase | 250,000,000 | 25% | Self funds | Guangdong Energy Group（ Share Proportion：75%）, Chaokang Company（ Share Proportion：25%） | Long-term | Finance leasing | In normal operation | 28,965,196 | No | October 31,2024 | Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn Announcement No.:2024-61 | |
| Guangdong Yudean New Energy Development Co., Ltd. | photovoltaic power generation | Capital increase | 85,000,000 | 100% | Self funds | No | Long-term | Technical services | In normal operation | -457,797 | No | Not applicable | ||
| Total | -- | -- | 2,590,462,500 | -- | -- | -- | -- | -- | -- | -17,474,909 | -- | -- | -- |
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
| Security category | Security code | Stock Abbreviation: | Initial investment cost | Mode of accounting measurement | Book value balance at the beginning of the reporting period | Changes in fair value of the this period | Cumulative fair value changes in equity | Purchase amount in the this period | Sale amount in the this period | Gain/loss of the reporting period | Book value balance at the end of the reporting period | Accounting items | Source of the shares |
| Domestic and foreign stocks | HK6963 | Sunshine insurance | 356,000,000 | FVM | 1,379,000,002 | -494,168,780 | 528,831,222 | 884,831,222 | Other equity instrument Investment | Self funds | |||
| Domestic and | 600642 | Shenergy | 235,837,988 | FVM | 356,517,044 | 170,484,007 | 291,163,063 | 527,001,051 | Other equity | Self funds |
| foreign stocks | instrument Investment | ||||||||||||
| Domestic and foreign stocks | 000027 | Shenzhen Energy | 15,890,628 | FVM | 97,524,000 | 453,600 | 82,086,972 | 97,977,600 | Other equity instrument Investment | Self funds | |||
| Domestic and foreign stocks | 831039 | NEEQ | 3,600,000 | FVM | 16,506,000 | -2,826,000 | 10,080,000 | 13,680,000 | Other equity instrument Investment | Self funds | |||
| Total | 611,328,616 | -- | 1,849,547,046 | -326,057,173 | 912,161,257 | 1,523,489,873 | -- | -- | |||||
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
5.Application of the raised capital
□ Applicable √ Not applicable
The Company had no application of the raised capital in the reporting period.VIII. Sales of major assets and equity
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
None
2.Sales of major equity
□ Applicable √ Not applicable
IX. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to theCompany
In RMB
| Company Name | Company type | Sectors engaged in | Registered capital | Total assets | Net assets | Turnover | Operating profit | Net Profit |
| Guangdong Yudean Jinghai Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,919,272,000 | 9,958,343,742 | 3,264,063,786 | 6,474,374,567 | 419,074,119 | 287,503,430 |
| Guangdong Huizhou Pinghai Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,370,000,000 | 3,649,005,307 | 2,369,192,214 | 4,210,021,014 | 551,637,537 | 416,802,156 |
| Tumushuke Thermal power Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,006,523,900 | 2,061,949,440 | 5,393,653 | 1,001,106,167 | -260,386,976 | -319,570,983 |
| Shenzhen Guangqian Electric Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,030,292,500 | 2,239,326,554 | 1,987,305,172 | 1,626,616,300 | 348,371,039 | 263,071,768 |
| Huizhou Natural Gas Company | Subsidiary | Power generation and power station construction. | 1,499,347,500 | 2,970,592,860 | 2,356,921,014 | 4,063,477,988 | 512,440,029 | 385,791,266 |
| Wind Power Generation Company | Subsidiary | Power generation and power station construction. | 12,690,914,586 | 60,330,523,541 | 17,382,754,134 | 3,284,898,650 | 524,099,033 | 412,451,617 |
| Shanxi Yudean Energy Co., Ltd. | Shareing Company | Investment in electric power, mining, new energy and other projects | 1,620,749,100 | 13,073,674,122 | 9,852,844,021 | 305,634,415 | 989,033,994 | 984,920,410 |
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
| Company name | Way of acquiring and disposing of subsidiary corporations within the reporting period | Impact on the whole producing operation and performance |
| Xiangzhou Hangjing New Energy Co., Ltd. | Purchase | During the reporting period, the Xiangzhou Hangjing Photovoltaic Integration Phase II Project was under construction. |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co.,Ltd | Purchase | During the reporting period, the Qinglong Jianhao Tumenzi 215MW Photovoltaic Project and the Liangshuihe 25MW Photovoltaic Power Generation Project were under construction. |
| Xiangzhou Yunjiang New Energy Co., Ltd. | Purchase | During the reporting period, the Xiangzhou Yunjiang Integrated Project of Wind, Solar and Energy Storage was under construction. |
| Yuncheng Wangquan Yuefeng New Energy Co., Ltd. | Investment establishment | During the reporting period, the 100MW Wind Power Project in Wangxian Township, Wanrong County was under construction. |
| Hainan Longyue New Energy Co., Ltd. | Purchase | During the reporting period, the Company's normal operations had no significant impact on its existing business and performance. |
| Guangneng Toxon New Energy Co., Ltd. | Investment establishment | During the reporting period, the 1 million kW Wind Power Project in Toksun County was under construction. |
| Shantou Yuefeng New Energy Investment Partnership（LP） | Investment establishment | During the reporting period, the Company's normal operations had no significant impact on its existing business and performance. |
| Guangneng Karamay Integrated Energy Co., Ltd | Investment establishment | During the reporting period, Karamay New Energy Project is under construction. |
| Guangdong Yudean New Energy Development Co., Ltd. | Investment establishment | During the reporting period, the Company's normal operations had no significant impact on its existing business and performance. |
| Lingao Yehai Yuefeng New Energy Co., Ltd. | Investment establishment | During the reporting period, the 100MW Agricultural and Photovoltaic Complementary Power Generation Project of Yehai Yuefeng Lingao Bohou Town is under construction. |
| Zhanjiang Yuefengbao New Energy Co., Ltd. | Investment establishment | During the reporting period, the Zhanjiang Xuwendong I Offshore Wind Power Project was in the preliminary stage and had not yet started construction. |
| Guangdong Energy Zhongshan Energy Sevice Co., Ltd. | Investment establishment | During the reporting period, the Company's normal operations had no significant impact on its existing business and performance. |
| Zhuhai Yuefeng Huafa New Energy Co., Ltd. | Investment establishment | During the reporting period, the Zhuhai Gaolan II Offshore Wind Power Project was in the preliminary stage and had not yet started construction. |
| Zhuhai Yuefeng Sea pashure Co., Ltd. | Investment establishment | During the reporting period, the Zhuhai Jinwan Marine Ranch Project was under |
| construction. | ||
| Guangzhou Yuefeng Ruisi New Energy Co., Ltd. | Investment establishment | During the reporting period, the Company's normal operations had no significant impact on its existing business and performance. |
| Guangzhou Huangpu Power Engineering Co., Ltd. | Cancellation liquidation | It has no significant impact on the Company's existing business and operating performance. |
| Yunfu Yunanyue xin Power Generation Co., Ltd. | Cancellation liquidation | It has no significant impact on the Company's existing business and operating performance. |
| Huizhou Longmen Yuefeng New Energy Co., Ltd. | Cancellation liquidation | It has no significant impact on the Company's existing business and operating performance. |
| Yunfu Luoding Yuefeng New Energy Co., Ltd. | Cancellation liquidation | It has no significant impact on the Company's existing business and operating performance. |
Note
(1) During the reporting period, due to a year-on-year decrease in tariff, the operating performance of theCompany's subsidiary thermal power plants declined;
(2) Affected by the decline in coal prices, the Company's investment income in Shanxi Energy hasdecreased year-on-year;
(3) Benefiting from the commissioning and operation of new energy projects, the on-grid electricity of newenergy power generation of Guangdong Wind Power Generation Co., Ltd., a subsidiary of the company,increased by 25.91% year-on-year, and the profit scale further increased.X．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
XI. Prospect for future development of the Company（I）The Development Trend of the Industry
With the deepening of the implementation of the "dual carbon" goal and the promotion of the construction ofnew power systems, the proportion of new energy power generation has increased significantly, and by the end of2024, it has surpassed the installed capacity of coal-fired power, accounting for more than 40% of the totalinstalled power capacity of the country. In the future, wind power and solar power generation will continue todevelop, and coal power will transform into a basic guarantee and system regulation power supply. The "2025Energy Work Guidance" issued by the National Energy Administration clearly states that it will actively andsteadily promote the green and low-carbon transformation of energy from three aspects: maintaining the gooddevelopment trend of non-fossil energy, promoting the construction of new power systems as a whole, andcontinuously deepening the reform of energy development and utilization methods. In terms of maintaining thegood development trend of non-fossil energy, we will actively promote the construction of the second and thirdbatches of "Shagehuang" large-scale wind power and photovoltaic bases and water, wind and solar integrationbases in major river basins, scientifically plan the layout plan of "Shagehuang" new energy bases in the "15thFive-Year Plan", steadily promote the construction of major hydropower projects, actively promote thedevelopment and construction of offshore wind power projects, and increase the construction of photovoltaic sandcontrol and solar thermal projects. In terms of promoting the construction of new power systems as a whole, we
will promote the high-quality development of the distribution network, do a good job in the construction andtransformation of the distribution network, establish and improve the evaluation system of the development indexof the distribution network, and strengthen the shortcomings of power supply. In-depth research and planning ofcoal power carbon reduction ideas and measures, phased and step-by-step implementation of the new generationof coal power upgrade special actions。 At the same time, we will improve the ability of demand-sidecollaboration and promote the high-quality development of virtual power plants. In terms of continuing to deepenthe reform of energy development and utilization, we will coordinate the optimization of the layout of new energyand key industries, expand new energy application scenarios, vigorously implement renewable energy substitutionactions in key areas such as industry, transportation, construction, and data centers, and actively support theconstruction of zero-carbon parks and photovoltaic building integration, so as to better promote the localconsumption of new energy.(II) Corporate development strategy
In the future, the Company will focus on energy production and supply, take into account comprehensiveenergy services, focus on the goals of carbon peaking and carbon neutrality, implement the "1310" deploymentof the provincial party committee based in Guangdong and facing the whole country, and build a first-classgreen low-carbon power listed company. The Company will focus on energy production and supply, take intoaccount comprehensive energy services, focus on the goals of carbon peaking and carbon neutrality, implementthe "1310" deployment of the provincial party committee based in Guangdong and facing the whole country,build a first-class green low-carbon power listed company, coordinate safety and development, optimize andstrengthen coal-fired, gas-fired, and biomass power generation businesses, and vigorously develop new energy,energy storage, land park development, etc. It will grasp the window phase of thermal power development andaccelerate the development and construction of key projects; steadily promote the high-quality development ofnew energy, use the "green content" of energy to promote the "value" of development, increase the proportionof new energy, and accelerate the green and low-carbon transformation, coordinate safety and development,optimize and strengthen coal-fired, gas-fired, and biomass power generation businesses, vigorously developnew energy, energy storage, hydrogen energy, and land park development. It will fully promote the leapfrogdevelopment of new energy; grasp the window phase of thermal power development and accelerate thedevelopment and construction of key projects; explore the deployment of the "source, network, load and storageintegration" project, promote the integrated development of "wind, solar, thermal, and hydrogen storage", andbuild an ecological civilization power generation enterprise.(III) Production and operation plansIn 2025, the budget target value in the Company's consolidated statement is 129.222 billion kWh, which is
9.871 billion kWh higher than that of the 119.351 billion kWh actually completed in 2024; The budget targetvalue of main business income is RMB 54.64 billion, which is RMB 2.22 billion lower than the actual mainbusiness income of RMB 56.86 billion in 2024; According to the actual progress of the power supply project,combined with the project milestones, the Company plans to invest RMB 16.096 billion in 2025 (of which thecapital contribution is about RMB 1.877 billion), which is mainly used for thermal power, new energy,technological transformation and scientific and technological development, participating and holding capitalinjection and acquisition projects.(IV) Possible risks and countermeasures
1. Work safety risks:
First, natural disasters, which tend to be frequent with tremendous hazards, affecting the normal production andoperation of the enterprise to some extent; Second, the current freight regulation rules in the power market,which lead to frequent load adjustment and start-stop of units, increasing both the operation volume and the riskof safe operation. Third, a large number of maintained units and infrastructure projects in 2025, which makes itdifficult to control safety risks.Countermeasures: Firstly, pay close attention to meteorological information, urge all units to strengthenconsultation, judgment and emergency duty according to the three-prevention warning information andemergency response issued by the local government, quickly and timely start the corresponding emergencyresponse according to the requirements of the plan, and strictly implement the corresponding emergencyresponse measures; Secondly, strengthen equipment reliability management, strictly control the productionprocess, strengthen equipment O&M management, and improve the reliability of unit operation; Thirdly,strengthen operation safety control, adopt expert guidance, regular safety supervision, etc., and strengthensupervision of key processes to ensure construction safety. Fourthly, seize the current strategic opportunityperiod to improve the intrinsic safety of the enterprise, strengthen the investment in work safety, improve thelevel of intrinsic safety, and promote the benign interaction between high-quality development and high-levelsafety.
2. Competition risk in electricity market:
According to the transaction results announced by Guangdong Power Exchange Center in December 2024, theaverage transaction price of bilateral negotiation transactions, annual listing transactions and annual centralizedcompetition transactions in the province in 2025 decreased year-on-year, of which the electricity volume ofbilateral negotiation transactions was 331.008 billion kWh, and the average transaction price was RMB
391.87/thousand kWh (including tax, the same below), down RMB 73.77/thousand kWh from the previous year.The significant reduction in tariff for high proportion electricity determined by long-term agreement hasbrought great pressure on the revenue and profits of power plants. At the same time, with the continuousimprovement of new energy penetration, new coal-fired, gas-fired, and nuclear power plants have entered thepeak of production, and traditional energy power generation enterprises need to face more intense marketcompetition.Countermeasures: First, strengthen the power generation process management, optimize the operation mode ofthe units, ensure the implementation of various types of electricity contracts for thermal power units, and ensurethat new energy units can generate more electricity at full capacity, striving to achieve the Company's annualelectricity target. Second, strengthen the analysis and judgment of the electricity market, dynamically optimizemarket competition strategies, continuously improve and strengthen the construction of the electricity marketingsystem, strive for the tariff of electricity traded in the market above the market average level, further improvethe collaborative operation mechanism of the electricity spot market, and scientifically formulate the tradingstrategies. Third, focus on cost control. Strengthen the idea of leading an austere life, strictly control generalmanagement expenses and non production expenses, strive to control power generation and operating costs, andimprove the Company's market competitiveness.
3. Risk of power supply structure adjustment:
Under the background of carbon peaking and carbon neutrality, as well as the "30?60" goal, energy productionand consumption are accelerating towards low carbon transformation. According to China's requirements ofoptimizing the energy structure, thermal power will gradually change from the main power supply to the basicpower supply of peak shaving and frequency modulation, and the installed capacity and power growth of newenergy such as wind power and photovoltaic power will further squeeze the living space of coal-fired powerunits. By the end of December 2024, the holding installed capacity of the Company's coal-fired power
accounted for 50.76%, which was high, with greater transformation pressure of clean and low-carbon powersupply.Countermeasures: Firstly, steadily promote the transformation and upgrading of the power supply structure,strive to achieve greater breakthroughs in structural adjustment, accelerate the progress of key energy projects,and solidly promote projects such as the Dahuanghai gas power, Xinjiang Toksun wind power, and Yunfunatural gas cogeneration projects to ensure that project investment and construction plans are completed onschedule. Secondly, continuously enrich the reserve of new energy projects, actively explore the developmentspace of new energy in other provinces and regions in China, and increase the development of wind andphotovoltaic power projects in the central and eastern regions in China with good utilization conditions andrelatively developed economy.XII.Particulars about researches, visits and interviews received in this reporting period
√ Applicable □Not applicable
| Reception time | Place of reception | Way of reception | Types of visitors | Visitors received | Main contents discussed and information provided | Basic index |
| April 17,2024 | The panoramic network | Online platform for online communication | Other | Investors participating in the Company's performance briefing through www.p5w.net | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| April 25,2024 | Meeting room of the Company | Field research | Organization | Changjiang Securities, Gusen Securities, Guangfa Securities, Guotai Junan Securities, Haihui Huasheng Funds | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| May 9,2024-May 10, 2024 | Wanda Reign Chengdu | Other | Organization | Changjiang Securities,CUAM Funds,Yinhua Fund, Millennium Fund, Changdian Investment, Qi Sheng capital | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| May 24,2024 | Meeting room of the Company | Field research | Organization | Haitong Securities, Shenwan Hongyuan, Huafu Securities | Please refer to the investor activity record form for details of the discussion. No | For details, please refer to the "Record Form of Investor Relations Activities |
| information is provided by the Company | ||||||
| June 20,2024 | Futian Shangri-la Shenzhen | Other | Organization | Haitong Securities, Anxin Funds, Mingda Asset, Dacheng Fund, Jingshun Great wall | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| June 26,2024 | Futian Shangri-la Shenzhen | Other | Organization | Guohai Securities, Wanhe Securities, Wanli Fuda, Penghua Fund, Pingan Fund, Qianhai Kaiyuan | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| July 17,2024 | Meeting room of the Company | Field research | Organization | China Life Asset | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| September 6,2024 | Meeting room of the Company | Field research | Organization | Guosun Securities, Xiamen International Bank | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| September 6,2024 | Shenzhen Ritz-Carlton | Other | Organization | Huaxia Fund, Anxin Fund, Life Asset Management, Shangyou Yijing, Chasing Securities, CICC, Wangzheng Investment, China Merchants securities | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| September 12,2024 | Online research | Other | Organization | Xingquan Fund, Guosheng Securities | Please refer to the investor activity record form for details of the discussion. No | For details, please refer to the "Record Form of Investor Relations Activities |
| information is provided by the Company | ||||||
| September 12,2024 | The panoramic network | Online platform for online communication | Other | Investors participating in the Company's performance briefing through www.p5w.net | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| September 19,2024 | Meeting room of the Company | Field research | Organization | CITIC Securities, Yuexiu Investment, PICC, Shenwan Hongyuan, Haitong Securities, Huafu Securities, Guolian Dianxin, China Merchants securities,Zheshang Securities, Guotai Junan Securities | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| September 23,2024 | Meeting room of the Company | Field research | Organization | Haitong Securities, Dacheng Fund | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| September 23,2024 | Meeting room of the Company | Field research | Organization | Western Secrurities, Niufusi Investment | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| October 15,2024 | Suzhou Shangri-la | Other | Organization | Guosheng Securities, Hongdaao Investment, Huaxia Fund, Yongying Fund, Huaxia Fund | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| November 8,2024 | Meeting room of the Company | Field research | Organization | Guangfa Securities, | Please refer to the investor | For details, please refer to the " |
| Guosun Securities, Haitong Securities, CICC, Huayuan Securities, China Merchants securities, CITIC Securities, Guohai Securities, Bosi Fund, Pingan Securities | activity record form for details of the discussion. No information is provided by the Company | Record Form of Investor Relations Activities | ||||
| November 13,2024 | Meeting room of the Company | Field research | Organization | Guosheng Securities, Western Secrurities,China Post Securities, Shengyu Investment, Huaxia Jiusheng, Huatai Securities | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
| December 11, 2024 | Meeting room of the Company | Field research | Organization | Haitong Securities, Zhaoyin International, Changjiang Securities, Fuguo Fund, Huafu Securities, Renesola Investment, CUAM Fund | Please refer to the investor activity record form for details of the discussion. No information is provided by the Company | For details, please refer to the "Record Form of Investor Relations Activities |
XIII. Formulation and implementation of market value management system and valuation boost planWhether the Company has established a market value management system
□Yes?No
Whether the Company has disclosed plans for valuation boost.
□Yes?No
XIV. The implementation of the action plan of "Double improvement of quality and return".
Whether the Company has disclosed the action plan of "Double improvement of quality and return".
?Yes □No
1. Focus on the main responsibility and main business, and build a first-class green and low-carbon powerlisted company. Since its establishment, the Company has always adhered to the business philosophy of"drawing capital from the people, using capital for electricity, and benefiting the public" and the business policyof "focusing on electricity, with diversified development", focusing on the main business of electricity. It hasdiversified power structure and various energy projects such as large-scale coal-fired power generation, naturalgas power generation, biomass power generation, wind power generation, solar power generation, andhydropower generation, to provide reliable and clean energy to users through the power grid company. As ofDecember 31, 2024, the Company has a controllable installed capacity of 39.3057 million kilowatts, including
19.95 million kW controlling installed capacity of coal-fired power, 11.847 million kW controlling installedcapacity of gas-fired power, and 7.2759 million kW controlling installed capacity of new energy such as windpower and photovoltaic power, and a total controllable installed capacity and entrusted management installedcapacity of 50.3495 million kW. It is the largest listed power company in Guangdong Province in terms ofinstalled capacity.
2. Strengthen technological leadership, actively cultivate and develop new productive forces. TheCompany actively implements the strategy driven by scientific and technological innovation, and orderlyconstructs a deep integration system of "Industry-University-Research Institution Cooperation". The Companyactively implements the strategy driven by scientific and technological innovation, and orderly constructs adeep integration system of "Industry-University-Research Institution Cooperation". Since 2023, the Companyhas added one provincial-level certified R&D platform and three municipal level certified R&D platforms,undertaken one national key R&D project and three provincial key R&D projects; In 2024, it applied for 36 newnational industry R&D achievements, and added 82 new authorized utility model patents , 27 invention patentsand 1 first prize of Guangdong Science and Technology Award.
3. Value shareholder returns, stabilize dividends, and share the fruits of business development. TheCompany attaches great importance to protecting the rights and interests of investors and adheres to theprinciple of "Any profit must be distributed". It has been insisting on distributing dividends and cash to itsshareholders, except for occasional losses incurred in fulfilling its power energy security responsibilities in2021-2022. Since its listing in 1993, the Company has achieved an average annual profit dividend of more than50%, and distributed RMB 13.166 billion to its shareholders, which is 4.77 times of the raised funds, fullyreflecting the Company's good business performance and sincere return to investors.
4. Standardize information disclosure and strengthen investor relation management. The Company strictlyadheres to the provisions of laws and regulations such as the Company Law and the Management Measures forInformation Disclosure of Listed Companies, and follows the principles of "truthfulness, accuracy,completeness, timeliness, and fairness" to fulfill its information disclosure obligations in accordance with thelaw. Its information disclosure has been rated "A" by the Shenzhen Stock Exchange for eleven consecutiveyears. The Company will continue to focus on improving transparency and lead by investor demand, andenhance the pertinence and effectiveness of information disclosure through voluntary release of disclosureannouncement on quarterly power generation completion information and other measures; At the same time, itwill continue to strengthen investor relation management, establish a multi-channel and multi-level investorcommunication system through on-site investor research, investor hotlines, emails, the Shenzhen StockExchange's platform (irm.cninfo.com.cn), performance briefings, and other forms, increase investors'(especially the medium and small investors') understanding of the Company's production and operation, andbuild a positive interactive investor relationship, to provide investors with a real, transparent, and compliantGuangdong Electric Power.
IV. Corporate Governance
I. General situation
The company is strictly in accordance with “Company Law”, “Securities Law”, “Governance Standards ofListed Company”, “Listing Rules of Stocks” and other laws and regulations requirements, constantly perfects thecorporate governance structure, standardizes corporate operations and further enhances the level of corporategovernance. The company has established the corporate “Articles of Association”, the rules of procedure of threemeetings’ operation, the working rules of the board of directors special committee, the working rules of thegeneral manager of company and working conditions and internal control system which basically covers allaspects of the operation management like financial management, investment management, information disclosure,associated trade, external guarantees and fund-raising. These systems are implemented better. During the reportingperiod, the company has amended part of the clauses in “Inside Information Management System” based on theoriginal systems and the requirements of the CSRC.In 2024, the Company implemented the Guidelines for Corporate Governance of Listed Companies and therelevant requirements of China Securities Regulatory Commission on improving the quality of listed companies,and earnestly achieved a steady and prudent management, abided by laws and regulations, highlighted andrefined its main business, respected investors, and constantly improved the corporate governance level and thedevelopment quality of listed companies. The Board of Directors organized 6 on-site meetings and 8communication meetings, and completed the examination and approval of 66 proposals of the Board ofDirectors, including regular reports, internal control evaluation, comprehensive risk management, profitdistribution plan, major investment and financing, major related party transactions, etc., all of which werepassed and effectively implemented. The Board of Directors also convened 6 general meeting of shareholders,and all 22 proposals submitted at the general meeting of shareholders were passed and effectively implemented.The Company successfully completed the preparation and disclosure of regular reports and temporaryannouncements, and issued 120 announcements throughout the year. The information disclosure has beenassessed as "A" by Shenzhen Stock Exchange for eight consecutive years.Does there exist any difference in compliance with the corporate governance , the PRC Company Law andthe relevant provisions of CSRC,
□ Yes √ No
There exist no difference in compliance with the corporate governance , the PRC Company Law and therelevant provisions of CSRC.II. Independence and Completeness in business, personnel , assets, organization and financeThe company has implemented separation of operation, separation of human resource, separation of assets,separate ion of organization and financial independence between controlling shareholder. And it has a completebusiness and operations management ability. 1. Separation of operation: the Company is principally engaged inthe electricity generation and sales to Guangdong Electric Power Holding Co.(“GPHC”) directly. The Companyhas subcontracted the subsidiary of Yudean, the holding company, to purchase the fuels, which is solely for thepurpose of better utilization of large-scale purchase and cost control. 2. Separation of human resource: the GeneralManager and all his subordinates, Secretary to the Board of Directors, Financial Manager are paid by theCompany and take no position in the holding company. 3. Separation of assets: the Company has independentproduction system, supporting system and other facilities. The Company owns its intangible assets such as
intellectual property rights, trademarks and non-patent technology; 4. Separation of organization: the Companyhas established integrated operating institution of its own.5.. Financial independence: the Company has anindependent financial department and has established independent accounting system and financial managementsystem. It opened independent bank accounts for its own operation.III. Competition situations of the industry
√Applicable □ Not Applicable
| Problem Types | Types of relationship with listed companies | Name of the Controlling Shareholders | Property of the Controlling Shareholders | Problems and Causes | Countermeasures | Time Schedule of Works and Follow-up Program |
| Horizontal competitions | Controlling shareholder | Guangdong Energy Group Co., Ltd. | Local SASAC | Energy Group was established when Guangdong Provincial Government took the lead in the implementation of the “plant and network separation” power system reform in China, and was separated and formed from Guangdong Provincial Power Group Corporation. It is the largest and most powerful power generation enterprise in Guangdong Province. Yudean Power is the only listed company under the Energy Group and is engaged in power production business. At present, Energy Group still has some | On January 3, 2018, the company disclosed Announcement on Controlling Shareholders' Commitment to Perform Related Matters (public notice No.: 2018-01); on January 13, 2018, the company disclosed Announcement of Related Transactions on the "Equity Custody Agreement" signed with Guangdong Energy Group Co., Ltd. (public notice No.: 2018-04). In order to avoid competition in the same industry and to fulfill the relevant horizontal competition commitments, Energy Group has signed the Entrusted Management Agreement with the company, and all the shareholders' rights other than the ownership, income, and | Our company will actively fulfill the trusteeship and responsibilities according to the “Equity Custody Agreement” and participate in the management and decision-making and inspection and supervision of the custody target. The company will cooperate with Energy Group to push forward the defect rectification of the underlying assets, study the rectification and solution to the defects and obstacles in the relevant assets that do not meet the listing conditions, promote relevant rectification work from the aspects of improving project approval or approval procedures, clarifying land and property ownership, enhancing asset profitability, and implementing |
| remaining power generation assets that have not been included in Yudean Power temporarily. Considering the situation of these power generation assets, it is temporarily not in line with the listing conditions, and it is difficult to solve these problems in the short term. Therefore, there is a certain degree of horizontal competition. | disposal rights of the company that temporarily fails to meet the listing conditions in the company's custody area of the Energy Group are escrowed to our company. | legal compliance. For custody assets that meet the listing conditions in the future, Energy Group will, in accordance with the unified deployment of the Guangdong Provincial Party Committee and the provincial government and the overall requirements for the reform of state-owned enterprises, actively create conditions for the injection into listed companies in accordance with the status of the assets under custody, combined with enterprise restructuring, structural adjustment arrangements, electricity market and capital market conditions. |
IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
| Sessions | Type | Investor participation ratio | Meeting Date | Disclosure date | Disclosure index |
| The first provisional shareholders’ General meeting in 2024 | Provisional shareholders’ General Meeting | 72.57% | January 5,2024 | January 6,2024 | Announcement No.:2024-01). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| Second Provisional Shareholders’ | Provisional shareholders’ General Meeting | 72.58% | January 19,2024 | January 20,2024 | Announcement No.:2024-02). Published in |
| general meeting of 2024 | China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn | ||||
| 2023 Shareholders’ general meeting | Annual Shareholders’ General Meeting | 72.64% | April 26,2024 | April 27,2024 | Announcement No.:2024-27). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| Third Provisional Shareholders’ general meeting of 2024 | Provisional shareholders’ General Meeting | 72.54% | May 22,2024 | May 23,2024 | Announcement No.:2024-35). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| Fourth Provisional Shareholders’ general meeting of 2024 | Provisional shareholders’ General Meeting | 73.39% | September 19,2024 | September 20,2024 | Announcement No.:2024-53). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| Fifth Provisional Shareholders’ general meeting of 2024 | Provisional shareholders’ General Meeting | 72.49% | November 19,2024 | November 20, 2024 | Announcement No.:2024-65). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √Not applicable
V. Information about Directors, Supervisors and Senior Executives
1.Basic situation
| Name | Sex | Age | Positions | Office status | Starting date of tenure | Expiry date of tenure | Shares held at the year-begin(share) | Amount of shares increased at the reporting period(share) | Amount of shares decreased at the reporting period(share) | Other changes(shares) | Number of shares held at the end of the period(shares) | Reasons for increase or decrease of shares |
| Zheng Yunpeng | Male | 56 | Board chairman | In office | February 20,2023 | November 19, 2027 | ||||||
| Li Fangji | Male | 57 | Director | In office | August 2, 2021 | November 19, 2027 | ||||||
| Li Baobing | Male | 50 | Director | In office | August 2, 2021 | November 19, 2027 | ||||||
| He Ruxin | Male | 48 | Director | In office | April 21,2023 | November 19, 2027 | ||||||
| Chen Yanzhi | Male | 49 | Employee director | In office | August 2,2021 | November 19, 2027 | ||||||
| Zhang Cunsheng | Male | 56 | Director | In office | November 19,2024 | November 19, 2027 | ||||||
| Zhang Hanyu | Female | 59 | Independent director | In office | September 16,2022 | November 19, 2027 | ||||||
| Wu Zhanchi | Male | 49 | Independent director | In office | September 16,2022 | November 19, 2027 | ||||||
| Cai Guowei | Male | 45 | Independent director | In office | September 16,2022 | November 19, 2027 | ||||||
| Zhao Zengli | Male | 52 | Independent director | In office | April 26, 2024 | November 19, 2027 | ||||||
| Yang Hai | Male | 50 | Chairman of the Supervisory Committee | In office | April 26, 2024 | November 19, 2027 | ||||||
| Shi Yan | Female | 47 | Supervisor | In office | August 2, 2021 | November 19, 2027 | ||||||
| Xu Ang | Male | 57 | Employee supervisor | In office | February 23,2024 | November 19, 2027 | ||||||
| Li Qing | Male | 47 | Employee supervisor | In office | \August 2,2021 | November 19, 2027 | ||||||
| Sha Qilin | Male | 64 | Independent | In offi | August 2,2021 | November 19, 2027 |
| supervisor | ce | |||||||||||
| Ma Xiaoqian | Male | 60 | Independent supervisor | In office | April 26,2024 | November 19, 2027 | ||||||
| Wang Peipei | Male | 42 | Executive Deputy General Manager | In office | July 23, 2024 | November 19, 2027 | ||||||
| Guo Yongxiong | Male | 50 | Deputy General Manager | In Office | August 2, 2021 | November 19, 2027 | ||||||
| Liu Wei | Male | 45 | Deputy GM, Finance manager, Board secretary | In office | August 2, 2021 | November 19, 2027 | ||||||
| Qin Xiao | Female | 41 | General Counsel | In office | February 20,2023 | November 19, 2027 | ||||||
| Liang Chao | Male | 55 | Vice Board chairman | Dimission | January 19,2024 | January 15,2025 | ||||||
| Mao Qinghan | Male | 50 | Director | Dimission | August 2,2021 | November 19, 2024 | ||||||
| Ma Xiaoqian | Male | 60 | Independent director | Dimission | August 2, 2021 | April 26,2024 | ||||||
| Zhou Zhijian | Male | 52 | Chairman of the Supervisory Committee | Dimission | August 2, 2021 | April 26,2024 | ||||||
| Li Ruiming | Male | 62 | Employee supervisor | Dimission | August 2, 2021 | February 23, 2024 | ||||||
| Liang Chao | Male | 55 | General Manager | Dimission | December 29,2023 | January 15,2025 | ||||||
| Total | -- | -- | -- | -- | -- | -- | 0 | 0 | 0 | 0 | 0 | -- |
Indicate whether any director, supervisor or senior management resigned before the expiry of their tenureduring the Reporting Period
√Yes □ No
Due to work adjustments, Mr. Zhou Zhijian will no longer continue to serve as a supervisor of the Company.
Due to reaching the statutory retirement age, Mr. Li Ruiming no longer serves as an employee supervisor of thecompany.Due to the expiration of his term of office, Mr. Ma Xiaoqian will no longer serve as an independent director ofthe Company.Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
| Name | Positions | Types | Date | Reason |
| Zhang Cunsheng | Director | Elected | November 19,2024 | Change of term |
| Zhao Zengli | Independent director | Elected | April 26,2024 | |
| Yang Hai | Chairman of the Supervisory Committee | Elected | April 26,2024 | |
| Ma Xiaoqian | Independent supervisor | Elected | April 26,2024 | |
| Wang Peipei | Executive Deputy General Manager | Appoint | July 23,2024 | |
| Liang Chao | Vice board chairman, General Manager | Dimission | January 15,2025 | Job changes |
| Mao Qinghan | Director | Dimission | November 19,2024 | Change of term |
| Ma Xiaoqian | ndependent director | Dimission | April 26,2024 | Reaching the term of office |
| Zhou Zhijian | Chairman of the Supervisory Committee | Dimission | April 26,2024 | Job changes |
2.Posts holding
Work Experience in the past five years of Directors, supervisors and senior Executives in Current officeMr. Zheng Yunpeng, born in October 1968, Bachelor of South China University of Technology and MBA ofJinan University, is a senior engineer. Currently, he is the general manager of Guangdong Electric PowerDevelopment Co., Ltd. He had served as Deputy Minister of Strategy Development Department of GuangdongYudean Asset Management Co., Ltd., Deputy Minister of Strategy Development Department of GuangdongEnergy Group Co., Ltd., Minister of Strategy Development Department of Guangdong Energy Group Co., Ltd.,Secretary of the Party Branch and General Manager of Branch Company of Guangdong Yudean EnvironmentalProtection Engineering Management Company, Factory Director and Secretary of the Party Committee ofHuangpu Power Plant, General Manager of Yuehua Power Generation Company, General Manager and Secretaryof the Party Branch of Guangdong Yudean Natural Gas Co., Ltd. ,and the Deputy Secretary of the PartyCommittee and Vice chairman of Guangdong Electric Power Development Co., Ltd.Mr. Li Fangji, born in November 1967, is a senior engineer. He holds a bachelor degree from BeijingInstitute of Water Resources and Electric Power Economics and Management and a master degree inengineering from Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong EnergyGroup Co., Ltd. and concurrently serves as Minister of Strategy Development Department and Secretary ofParty Branch of Energy Group Corporation. He had served as Engineer of Shenzhen Energy Corporation,Assistant to General Manager and Deputy General Manager of Shenzhen Qianwan Electric Power DevelopmentCo., Ltd., Assistant to General Manager, Chairman of the Labor Union, Deputy General Manager, GeneralManager, and Secretary of the Party Committee of Shenzhen Guangqian Electric Power Co., Ltd., Secretary of
Party Committee and General Manager of Guangdong Yudean Jinghai Power Generation Co., Ltd.，Minister ofstrategy Development Dept and party branch secretary of Energy Group.
Mr. Li Baobing, born in September 1974, graduated from Xi'an Jiaotong University with a master degree, is asenior economist. Currently he is the Minister of Finance Department and Secretary of the Party Branch ofGuangdong Energy Group Co., Ltd.,He served as Assistant to General Manager of Budget and FinanceDepartment and Director of Asset Management Department of Guangzhou Lingnan International EnterpriseGroup Co., Ltd., Manager of Investment Department and Deputy General Manager of Guangdong Yudean FinanceCo., Ltd., and had concurrently served as General Manager of Shenzhen Tianxin Insurance Brokers Co., Ltd.andVice Minister，Minister and Secretary of the Party Branch of Finance Department of Guangdong Energy GroupCo., Ltd.
Mr. He Ruxin, born in July 1976, holds a bachelor's degree in law from Fudan University, a master's degreein business administration from South China University of Technology, and is a senior economist. He is currentlythe Deputy General Counsel and Deputy General Manager of the Legal Practice and Capital OperationDepartment of Guangdong Energy Group Co., Ltd. He used to be the specialist and office secretary of thepersonnel section of Shanwei Electric Power Industry Bureau, and the deputy director and legal affairs supervisorof the office of Shanwei Power Supply Branch ofGuangdong PowerGrid Group; Specialist and Head ofComprehensive Department of Shanwei Power Plant Preparation Group; Minister of the ComprehensiveDepartment and Human Resources Department of Guangdong Red Bay Power Generation Co., Ltd., Minister ofthe Comprehensive Department and Secretary of the Board of Directors, Minister of the Human ResourcesDepartment and Secretary of the Board of Directors, Minister of the Production and Operation Department ofGuangdong Red Bay Power Generation Co., Ltd., and served as the Manager of the Board of Directors WorkDivision, Manager of the Capital Operation Division, Deputy Minister and Minister of the Legal Affairs andCapital Operation Department of Guangdong Yudean Group Co., Ltd.
Mr. Chen Yanzhi, born in July 1975, graduated from Guangdong University of Technology with a bachelor'sdegree, Senior Political Engineer. He is currently the Deputy Secretary of the Party Committee and Chairman ofthe Trade Union of Guangdong Electric Power Development Co., Ltd. He used to be the Assistant Engineer of theTechnical Improvement Company of Guangdong Electric Power Industry Bureau, the special person in charge ofthe Labor and Wage Division, the special person in charge of the personnel of Tianshengqiao First-classHydropower Development Co., Ltd., the special person in charge of the Human Resources Department and theManager and Deputy Head of the Personnel Division of Guangdong Yudean Group Co., Ltd.Mr. Zhang Cunsheng, born in March 1968, holds a bachelor's degree in engineering from Xi'an JiaotongUniversity and a master's degree in engineering from Huazhong University of Science and Technology, SeniorEngineer. He is currently the Party Secretary, Chairman and General Manager of Guangzhou DevelopmentElectric Power Group Co.,Ltd. He is also the vice chairman of Foshan Hengyi Thermal Power Co., Ltd., the vicechairman of Guangzhou Hengyun Enterprises Holdings Limited and the director of Guangdong Electric PowerDevelopment Co.,Ltd. He used to be the manager of the Production Management Department, the manager of theMaintenance Department, the manager of the SHE Department, the deputy factory director, and the factorydirector of the Guangzhou Zhujiang Power Plant, the general manager of Guangzhou Development NanshaPower Co., Ltd., the vice president and president of the power business of Guangzhou Holdings, the deputygeneral manager and the deputy secretary of the party committee of Guangzhou Development Power Group Co.,Ltd.
Ms. Zhang Hanyu was born in January 1965, with a Doctor of Philosophy from Renmin University ofChina. She is currently the vice chairman of Shenzhen Hualing Derui Equity Investment Fund Management
Company, and concurrently holds an independent director of JSTI Group Co., Ltd. She used to serve asLecturerat Capital University of Economics and Business, Section Chief of China Securities Regulatory Commission,Assistant General Manager of China Securities Depository and Clearing Corporation, and Deputy GeneralManager of Ping An Securities.Mr. Wu Zhanchi was born in October 1975, with a Doctor of Management from Southwestern University ofFinance and Economics. He is a Professor and doctoral supervisor, and he is non-practicing member of ChineseInstitute of Certified Public Accountants. He is currently a professor of Jinan University, an expert of theGuangdong Provincial Department of Finance and the State-owned Assets Supervision and AdministrationCommission, an independent director of Jitai Co., Ltd, an independent director of Jiahe Intelligent Co., Ltd, anindependent director of Shenzhen Baiguoyuan Co., Ltd, and an independent director of Minbang OptoelectronicsCo., Ltd. He used to be the auditor of Hunan Yingte Accounting Firm and the executive director of theAccounting Master Education Center of Jinan University.
Mr. Cai Guowei was born in November 1979, with a Doctor of Economics from Sun Yat-Sen University. Heis professor and doctoral supervisor. He is currently a professor and doctoral supervisor of Lingnan College ofSun Yat-sen University, and he is the head of the Institute of Digital Economy and Policy of Sun Yat-senUniversity. He is also the executive director of the China World Economics Association, the deputy secretary-general and director of the Guangdong Economic Association, the director of the China Institutional EconomicsForum,an Independent director of Guangdong Electric Power Development Co., Ltd and An Independent directorof Guangzhou Guangri Co., LtdMr. Zhao Zengli, born in August 1972, holds a PhD in Engineering Thermophysics from the University ofScience and Technology of China, Researcher. Currently, he is the director of the Research Office of WasteTreatment and Resource Utilization of GuangZhou Institute of Energy Conversion, Chinese Academy ofSciences. He is also an independent director of Guangdong Electric Power Development Co., Ltd.Mr. Yang Hai, born in May 1974, holds a Bachelor's degree in Economics from Sun Yat-sen University and aMaster's degree in Public Administration from South China University of Technology, Economist. He iscurrently the deputy secretary and deputy general manager of the Party branch of the Audit Department ofGuangdong Energy Group Co., Ltd. (presiding over the daily management of the department). He used to be amember of the Social Security Section of the Finance Bureau of Meizhou City, Guangdong Province, a memberof the Chief Financial Officer's Office, a deputy director of the Chief Financial Officer's Office, a director of theChief Financial Officer's Office and a principal staff member of Financial Audit Section of the Guangdong AuditOffice, a principal staff member of the Financial Debt Audit Section, a deputy director and a third-levelresearcher of the Financial Debt Audit Section.Ms. Shi Yan, born in December 1977, Master graduate from Sun Yat-sen University, Senior accountant.Currently, she is the manager of the comprehensive branch of the Finance Department of Guangdong EnergyGroup Co., Ltd. Previously, she was the special manager, director and general manager of the Cost AccountingDivision of the Finance Department of Guangdong Energy Group Co., Ltd.Mr. Xu Ang, born in June 1967, graduated from the correspondence college of the Party School of the CentralCommittee of the Communist Party of China, and is a senior political worker. He is currently the deputysecretary of the Party Committee, secretary of the Discipline Inspection Commission, and employee supervisorof Guangdong Electric Power Development Co., Ltd. He has served as an organization officer, secretary of theParty Committee, secretary of the first party branch of the agency, head of the Party Committee Office, branch
secretary, deputy secretary of the Party Committee, secretary of the Discipline Inspection Commission, andchairman of the labor union of Shaoguan Power Plant Organization Department, deputy secretary of the PartyCommittee, secretary of the Discipline Inspection Commission, and chairman of the labor union of GuangdongJinghai Power Generation Co., Ltd., and deputy secretary of the Party Committee, secretary of the DisciplineInspection Commission, and chairman of the labor union of Guangdong Honghai Bay Power Generation Co., Ltd.Mr. Li Qing, born in May 1977. Bachelor of Economics, Shanghai University of Finance and Economics.senior accountant. The current Guangdong Electric Power Development Co., Ltd. employee supervisor, director ofthe audit room. Former Yunfu Power Plant Finance Department Accounting, Guangdong Yuelong Power Co., Ltd.Special Director of audit, interim Director and Director (Department manager) of finance Department ofGuangdong Electric Power Development Co., Ltd.
Mr. Sha Qilin, born in October 1960. Master of Wuhan Institute of Technology. Associate Professor, practicinglawyer. He is currently a lawyer of Guangdong Nanguo Desai Law Firm, member of the Professional Committeeof Financial and Securities of Guangzhou Lawyers Association, and concurrently an independent director ofGuangdong Electric Power Development Co., Ltd. He was an associate professor of Wuhan Institute ofTechnology (now Wuhan University of Technology), head of investment and development department of ChinaHuandao Group Company, deputy chief engineer of group and chief manager of overseas listed leading group.Mr. Ma Xiaoqian, born in March 1964, is Ph.D.of engineering thermophysics from South China University ofTechnology. He is a professor and currently serving as the director of the Key Laboratory of the Electric PowerSchool of South China University of Technology and concurrently serving as the deputy director of teachingguiding committee of energy and power professional of high education of the Ministry of Education, the chairmanof the Guangzhou Energy Institute, the outside director of Guangzhou Environmental Protection InvestmentGroup Co., Ltd., and the independent director of Guangzhou Development Group Co., Ltd. He used to be the deanand vice president of Electric Power College of the South China University of Technology.Mr. Wang Peipei was born in October 1982. He holds a bachelor's degree in engineering from Xi'an JiaotongUniversity, a master's degree in engineering from South China University of Technology, and is a senior engineer.He is currently the general manager of Guangdong Energy Group Xinjiang Co., Ltd. He used to be the ministerof the equipment department, the minister of the safety department and the deputy general manager ofGuangdong Honghaiwan Power Generation Co., Ltd., the general manager of Tumxuke Branch of GuangdongElectric Power Development Co., Ltd., the deputy leader of the preparatory group of Guangdong Energy GroupXinjiang Co., Ltd. And the Deputy Secretary of the Party Committee and General Manager of GuangdongEnergy Group Xinjiang Co., LTDMr. Guo Yongxiong, born in January 1974, Bachelor of Engineering from Hehai University, Master ofEngineering from South China University of Technology, is Senior Engineer. Currently, he is deputy generalmanager of Guangdong Electric Power Development Co., Ltd. He used to be in charge for the productionpreparation department of Zhuhai Guangzhu Power Generation Co., Ltd, specially in charge of EngineeringDepartment for steam turbines of Guangdong Zhuhai Power Generation Co., Ltd as a loaned staff borrowed byZhuhai Power Plant, and used to be team leader and planning supervisor of Zhuhai Power Plant MaintenanceDepartment, Engineer of Zhuhai Guangzhu Power Generation Co., Ltd, Planning Director of Planning andContract Department and Planning Director of Zhuhai Power Plant Unit 3 and 4 Extension Office, DeputyManager of Planning and Contract Department and Planning Director of Jinwan Power Generation Company,Manager of Human Resources Department, Manager of Equipment Department, Party Committee Member,Chief Engineer of Guangdong Zhuhai Jinwan Power Generation Co., Ltd, and served as Deputy GeneralManager of Guangdong Red Bay Power Generation Co., Ltd.
Mr. Liu Wei, born in April 1979, is Bachelor of finance from Zhongnan University of Economics and Law.He is an economist and currently serves as the Company’s deputy general manager, chief financial officer,secretary of the board of directors, had served as the specialist of the financial department of GuangdongElectric Power Group Co., Ltd, the specialist and the principal officer for the board affairs department , therepresentative of the company's securities affairs of Guangdong Yudean Group Co., Ltd, the manager of theboard affairs department.
Ms. Qin Xiao, born in July 1983, holds a bachelor's degree in engineering and economics from WuhanUniversity and is an economist. She is currently the general counsel of Guangdong Electric Power DevelopmentCo., Ltd. and Guangdong Wind Power Generation Co., Ltd. Sheused to be thespecialist of the human resourcesdepartment of Shajiao A Power Plant, the specialist of the planning and development department, thespecialist,department assistant, department head, and minister of the board of directors affairs department ofGuangdong Electric Power Development Co., Ltd., and the general counsel of Guangdong Electric PowerIndustrial Fuel Co., Ltd.
Office taking in shareholder companies
√Applicable □Not applicable
| Names of the persons in office | Names of the shareholders | Titles engaged in the shareholders | Sharing date of office term | Expiry date of office term | Does he /she receive remuneration or allowance from the shareholder |
| Li Fangji | Guangdong Energy Group Co., Ltd. | Vice chief engineer, General Manager of Operating Management Dept and Secretary of Party Branch | April 2018 | Yes | |
| Li Baobing | Guangdong Energy Group Co., Ltd. | Vice Chief accountant, General Manager of the Finance Department and Secretary of the Party Branch | September 2019 | Yes | |
| He Ruxin | Guangdong Energy Group Co., Ltd. | General legal practice and capital operation Dept | February 2025 | Yes | |
| Yang Hai | Guangdong Energy Group Co., Ltd. | Deputy Secretary and Deputy General Manager of the Party Branch of the Audit Department (in charge of the daily management of the department | February 2024 | Yes | |
| Shi Yan | Guangdong Energy Group Co., Ltd. | Deputy GM of Finance Dept | June 2020 | Yes |
Offices taken in other organizations
√Applicable □Not applicable
| Name | Other unit | Title | Start date of office term | End date of office term | Drawing remuneration and allowance from of other unit(Y/N) |
| Zheng Yunpeng | Guangdong Huizhou Pinghai Power Generation Co., Ltd. | Vice Board chairman | April 2023 | No | |
| Zheng Yunpeng | Guangdong Yudean Technology Engineering Management Co., Ltd. | Board chairman | September 2022 | No | |
| Zheng Yunpeng | Guangdong Energy Maoming Thermal Power Plant Co., Ltd. | Board chairman | May 2023 | April 2024 | No |
| Zheng Yunpeng | Guangdong Yudean Jinghai Power Generation Co., Ltd. | Board chairman | May 2023 | April 2024 | No |
| Zheng Yunpeng | Guangdong Huizhou Natural Gas Power Generation Co., Ltd. | Board chairman | May 2023 | April 2024 | No |
| Zheng Yunpeng | Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd. | Board chairman | June 2021 | April 2024 | No |
| Zheng Yunpeng | Guangdong Yudean Bohe Coal Power Co.,Ltd. | Board chairman | June 2021 | April 2024 | No |
| Zheng Yunpeng | Guangdong Yudean Dapu Power Generation Co., Ltd. | Executive director | January 2024 | April 2024 | No |
| Li Fangji | Guangdong Electric Power Trading Center | Director | June 2021 | No | |
| Li Fangji | Guangzhou Electric Power Trading Center | Director | March 2021 | No | |
| He Ruxin | Northern Unit Power Co., Ltd. | Director | April 2023 | No | |
| He Ruxin | Guangdong Energy Finance Leasing Co., Ltd. | Director | December 2023 | No | |
| Li Baobing | Guangdong Energy Group Finance Co., Ltd. | Board chairman | June 2022 | No | |
| Li Baobing | Guangdong Energy Finance Leasing Co., Ltd. | Board chairman | December 2023 | April 2024 | No |
| Li Baobing | Guangdong Energy Property | Director | June 2023 | No |
| Insurance Captive Co., Ltd. | |||||
| Li Baobing | CSPG Energy Co., Ltd. | Supervisor | September 2022 | No | |
| Chen Yanzhi | Guangdong Yudean Shipping Co., Ltd. | Director | May 2024 | No | |
| Chen Yanzhi | Guangdong Yudean Technology Management Co., Ltd. | Director | September 2022 | No | |
| Yang Hai | Yangjiang Nuclear Power Co., Ltd | Supervisor | March 2024 | No | |
| Yang Hai | CNNC Zhanjiang Nuclear Power Co., Ltd | Supervisor | September 2024 | No | |
| Yang Hai | Taishan Nuclear Power Industry Investment Co., Ltd | Supervisor | March 2024 | No | |
| Yang Hai | Taishan Nuclear Power Joint Venture Co., Ltd | Supervisor | Mach 2024 | No | |
| Shi Yan | Guangdong Energy Group Finance Co., Ltd. | Director | June 2022 | No | |
| Shi Yan | Guangdong Electric Power Development Corporation | Chairman of the Supervisory Committee | February 2021 | No | |
| Shi Yan | Guangdong Electric Power Trading Center | Supervisor | June 2021 | No | |
| Shi Yan | Guangdong Energy Finance Leasing Co., Ltd. | Director | April 2024 | No | |
| Zhang Cunsheng | Guangzhou Development Power Group Co., Ltd. | Party Secretary, Chairman, general manager | December 26,2024 | Yes | |
| Sha Qilin | Guangdong Guangyue Law firm | A lawyer, Partner | July 2022 | Yes | |
| Ma Xiaoqian | School of Electric Power, South China University of Technology | Professor | July 1995 | Yes | |
| Ma Xiaoqian | Guangzhou Hengyun Enterprise Group Co., Ltd. | Independent Director | March 2021 | Yes | |
| Ma Xiaoqian | Guangzhou Steel Gas Energy Co., Ltd | Independent Director | July 2021 | Yes | |
| Zhang Hanyu | JSTI | Independent Director | September 2021 | Yes | |
| Wu Zhanchi | Jinan University | Professor | July 2006 | Yes | |
| Wu Zhanchi | Guangzhou Jitai | Independent | April 2021 | Yes |
| Chemical Co., Ltd. | Director | ||||
| Wu Zhanchi | Shenzhen Baiuoyuan Industrial (Group) Co., Ltd | Independent Director | April 2020 | Yes | |
| Wu Zhanchi | Shenzhen Minbao Photoelectricity Co., Ltd. | Independent Director | July 2019 | Yes | |
| Cai Guowei | Sun Yat-sen University | Professor | June 2015 | Yes | |
| Cai Guowei | Guangzhou Guangri Co., Ltd. | Independent Director | April 2024 | Yes | |
| Zhao Zengli | Guangzhou Institute of Energy Research, Chinese Academy of Sciences | Director of the research office | May 2016 | Yes | |
| Li Qing | Guangdong Yudean Bohe Energy Co., Ltd. | Chairman of the Supervisory Committee | June 2021 | March 2025 | No |
| Li Qing | Yunnan Nengtou Weixin Energy Co., Ltd. | Convenor of the Board of Supervisors | March 2022 | No | |
| Li Qing | Guangdong Yudean Shipping Co., Ltd. | Convenor of the Board of Supervisors | May 2024 | February 2025 | No |
| Li Qing | Guangdong Energy Finance Leasing Co., Ltd. | Supervisor | December 2023 | No | |
| Li Qing | Zhanjiang Electric Power Co., Ltd | Convenor of the Board of Supervisors | October 2022 | May 2024 | No |
| Li Qing | Guangdong Yudean Technology Management Co., Ltd. | Chairman of the Supervisory Committee | September 2022 | May 2024 | No |
| Li Qing | Guangdong Yudean Huixin Co., Ltd. | Chairman of the Supervisory Committee | August 2022 | May 2024 | No |
| Li Qing | Guangdong Yudean Yongan Natural Gas thermal Power Co., Ltd. | Chairman of the Supervisory Committee | March 2022 | May 2024 | No |
| Li Qing | Shenzhen Guangqian Electric Power Co., ltd. | Convenor of the Board of Supervisors | July 2022 | May 2024 | No |
| Li Qing | Zhanjiang Zhongyue Energy Co., Ltd. | Chairman of the Supervisory Committee | August 2019 | May 2024 | No |
| Wang Peiperi | Tumushuke Yudean Hanhai New Energy Co., Ltd | Executive director | February 2022 | No | |
| Wang Peiper | Tumushuke Thermal Power | Board chairman | December 2021 | March 2025 | No |
| Co.,Ltd | |||||
| Wang Peiperi | Guangdong Energy Group Xinjiang Co., Ltd. | General Manager | January 2023 | June 2024 | Yes |
| Wang Peiper | Guangdong Electric Power Development Co., Ltd.Xinjiang Branch | Board chairman | April 2022 | June 2024 | Yes |
| Wang Peiperi | Guangdong Electric Power Development Co., Ltd.Xinjiang Branch | General Manager | April 2022 | June 2024 | Yes |
| Guo Yongxiong | Guoneng Yudean Taishan Power Generation Co., Ltd. | Director | November 2023 | No | |
| Guo Yongxiong | Guangdong Yudean Bijie New Energy Co., Ltd. | Executive director | October 2021 | No | |
| Guo Yongxiong | Guandong Energy Group Xinjiang Co., Ltd. | Director | December 2022 | No | |
| Guo Yongxiong | Zhanjiang Electric Power Co., Ltd. | Board chairman | October 2022 | April 2024 | No |
| Guo Yongxiong | Zhanjiang Zhongyue Energy Co., Ltd. | Board chairman | April 2023 | April 2024 | No |
| Guo Yongxiong | Guangdong Yuelong Power Generation Co., Ltd. | Board chairman | January 2022 | April 2024 | No |
| Guo Yongxiong | Guangdong Yudean Yongan Natural Gas thermal Power Co., Ltd. | Board chairman | March 2022 | April 2024 | No |
| Guo Yongxiong | Guangdong Yudean Daya Bay Integrated Energy Co., Ltd | Board chairman | March 2023 | April 2024 | No |
| Guo Yongxiong | Guangdong Yudean Maoming Natural Gas thermal Power Co., Ltd. | Board chairman | September 2022 | April 2024 | No |
| Guo Yongxiong | Guangdong Yudean Leizhou Power Generation Co., Ltd. | Executive director | November,2022 | April 2024 | No |
| Guo Yongxiong | Zhuhai Yudean New Energy Co., Ltd. | Executive director | June 2022 | April 2024 | No |
| Liu Wei | Guangdong Wind Power Generation Co., Ltd. | Director | March 2024 | No | |
| Liu Wei | Shenzhen Capital Group Co., Ltd. | Supervisor | October 1,2019 | No | |
| Liu Wei | Tumushuke | Director | December 2021 | No |
| Thermal Power Co.,Ltd. | |||||
| Liu Wei | Yunnan Nengtou Weixin Energy Co., Ltd. | Vice Board chairman | March 2022 | March 2025 | No |
| Liu Wei | Guangdong Yudean Humen Power Generation Co., Ltd. | Director | April 2021 | No | |
| Liu Wei | Guangdong Energy Group Finance Co., Ltd. | Director | June 2022 | April 2024 | No |
| Liu Wei | Guangdong Yudean Electric Power Sales Co., Ltd. | Director | April 2020 | April 2024 | No |
| Liu Wei | Guangdong Yuejia Electric Power Co., Ltd. | Vice Board chairman | October 2023 | April 2024 | No |
| Liu Wei | Guangzhou Zhujiang Natural Gas Power Generation Co., Ltd. | Vice Board chairman | April 2022 | April 2024 | No |
| Liu Wei | Guangdong Energy Finance Leasing Co., Ltd. | Director | December 2023 | April 2024 | No |
| Liu Wei | Guangdong Yudean Xinhui Power Generation Co., Ltd. | Board chairman | April 2023 | April 2024 | No |
| Liu Wei | Guangdong Yudean Zhongshan Thermal Power Plant Co., Ltd. | Board chairman | April 2021 | April 2024 | No |
| Liu Wei | Guangdong Energy Group Xinjiang Co., Ltd. | Chairman of the Supervisory Committee | December2022 | April 2024 | No |
| Qin Xiao | Zhanjiang Zhongyue Energy Co., Ltd. | Vice Board chairman | April 2024 | No | |
| Qin Xiao | Guangzhou Zhujiang Natural gas Power Generation Co., Ltd | Vice Board chairman | April 2022 | No | |
| Qin Xiao | Guangdong Yudean New Energy Development Co., Ltd. | Executive director | March 2023 | No | |
| Qin Xiao | Guangdong Energy Property Insurance Captive Co., Ltd. | Director | June 2023 | No | |
| Qin Xiao | Guangdong Yuejia Power Co., Ltd. | Vice Board chairman | October 2023 | No | |
| Qin Xiao | Guangdong Wind Power Generation Co., Ltd. | General Counsel | December 2021 | No |
| Qin Xiao | Guangdong Huizhou Pinghai Power Generation Co., Ltd. | Director | April 2023 | May 2024 | No |
| Qin Xiao | Guangdong Yudean Jinghai Power Generation Co., Ltd. | Director | May 2023 | May 2024 | No |
| Qin Xiao | Guangdong Yuehua Power Generation Co., Ltd. | Director | March 2023 | May 2024 | No |
| Qin Xiao | Shajiao C Power Generation Co., ltd. | Director | March 2023 | May 2024 | No |
Punishments to the current and leaving board directors, supervisors and senior managers during the reportperiod by securities regulators in the recent three years
□ Applicable √Not applicable
3. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,supervisors and senior executives
Directors, supervisors and senior executives of the Company shall obtain labor remuneration and enjoycorresponding employee benefits according to their position and the Company's wage system. Except suchremuneration and benefits, no other remuneration and fringe benefits shall be additionally provided；Theallowance for the independent directors and independent supervisors of the Company shall be paid according tothe standards approved by the shareholders' general meeting.
At the end of the report period, the directors, supervisors and senior executives received the actual remuneration before tax was total RMB 10.5683million .
Remuneration to directors, supervisors and senior executives in the reporting period
In RMB10,000
| Name | Sex | Age | Positions | Office status | Total remuneration received from the shareholder | Remuneration actually receives at the end of the reporting period |
| Zheng Yunpeng | Male | 56 | Board chairman | In office | 130.69 | No |
| Li Fangji | Male | 57 | Director | In office | 0 | Yes |
| Li Baobing | Male | 50 | Director | In office | 0 | Yes |
| He Ruxin | Male | 48 | Director | In office | 0 | Yes |
| Chen Yanzhi | Male | 49 | Employee director | In office | 106.51 | No |
| Zhang Cunsheng | Male | 56 | Director | In office | 0 | No |
| Zhao Zengli | Male | 52 | Independent director | In office | 8.61 | No |
| Zhang Hanyu | Female | 59 | Independent director | In office | 13.46 | No |
| Wu Zhanchi | Male | 49 | Independent director | In office | 12.93 | No |
| Cai Guowei | Male | 45 | Independent director | In office | 11.96 | No |
| Yang Hai | Male | 50 | Chairman of the Supervisory Committee | In office | 0 | No |
| Sha Qilin | Male | 64 | Independent supervisor | In office | 7.65 | No |
| Shi Yan | Female | 47 | Supervisor | In office | 0 | Yes |
| Ma Xiaoqian | Male | 60 | Independent supervisor | In office | 10.11 | No |
| Xu Ang | Male | 57 | Employee supervisor | In office | 97.85 | No |
| Li Qing | Male | 47 | Employee supervisor | In office | 46.29 | No |
| Wang Peipei | Male | 42 | Executive Deputy GM | In office | 151.54 | No |
| Guo Yongxiong | Male | 51 | Deputy GM | In office | 124.95 | No |
| Liu Wei | Male | 45 | Deputy General manager, Finance Manager, Board secretary | In office | 115.28 | No |
| Qin Xiao | Female | 41 | General Counsel | In office | 63.94 | No |
| Liang Chao | Male | 55 | Vice Board chairman, General Manager | Dimission | 99.51 | No |
| Mao Qinghan | male | 50 | Director | Dimission | 0 | Yes |
| Zhou Zhijian | male | 52 | Chairman of the Board of Supervisors | Dimission | 0 | No |
| Li Ruiming | male | 62 | employee supervisor | Dimission | 55.55 | No |
| Total | -- | -- | -- | -- | 1,056.83 | -- |
Other?Applicable □Not applicableThe total remuneration received by the company's directors, supervisors and senior management personnelduring this reporting period increased mainly due to the fact that it included the realization of the term incentiveof 2.3547 million yuan for the enterprise's responsible persons from 2021 to 2023, as well as the increase in thenumber of directors, supervisors and senior management personnel.VI. Performance of directors' duties during the reporting period
1. Information of the board meetings during the reporting period
| Session | Convening date | Disclosure date | Meeting resolution |
| The 17th meeting of the Tenth Board of Directors | January 18,2024 | January 20,2024 | Announcement No.:2024-03). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The First meeting of the Tenth Board of Directors by Correspondence of 2024 | February 22,2024 | February 23,2024 | Announcement No.:2024-08). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities |
| Daily and http//.www.cninfo.com.cn | |||
| The 18th meeting of the Tenth Board of Directors | March 29,2024 | March 30,2024 | Announcement No.:2024-15). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The 19 meeting of the Tenth Board of Directors | April 26,2024 | April 30,2024 | Announcement No.:2024-28). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The Second meeting of the Tenth Board of Directors by Correspondence of 2024 | July 23,2024 | July 24,2024 | Announcement No.:2024-42). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The Third meeting of the Tenth Board of Directors by Correspondence of 2024 | July 23,2024 | July 24,2024 | Announcement No.:2024-43). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The 19th meeting of the Tenth Board of Directors | August 29,2024 | August 30,2024 | Announcement No.:2024-46). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The Fourth meeting of the Tenth Board of Directors by Correspondence of 2024 | September 10,2024 | September 11,2024 | Announcement No.:2024-51). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The Fifth meeting of the Tenth Board of Directors by Correspondence of 2024 | September 19,2024 | September 20,2024 | Announcement No.:2024-54). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The 21st meeting of the Tenth Board of Directors | October 29,2024 | October 30,2024 | Announcement No.:2024-58). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The Sixth meeting of the Tenth Board of Directors by | November 15,2024 | November 16,2024 | Announcement No.:2024-64). Published in |
| Correspondence of 2024 | China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn | ||
| The 1st meeting of the 11th Board of Directors | November 19,2024 | November 20,2024 | Announcement No.:2024-66). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The 1st meeting of the 11th Board of Directors by Correspondence of 2024 | November 29,2024 | November 30,2024 | Announcement No.:2024-69). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
| The 2nd meeting of the 11th Board of Directors by Correspondence of 2024 | December 31,2024 | January 3,2025 | Announcement No.:2025-01). Published in China Securities Daily, Securities Times , Shanghai Securities News, Securities Daily and http//.www.cninfo.com.cn |
2. Attendance of directors at the board meetings and the general meeting of shareholders
| Attendance of directors at the board meetings and the general meeting of shareholders | |||||||
| Name of director | Number of board meetings attended during the reporting period | Number of board meetings attended in person | Number of board meetings attended by means of communication | Number of board meetings attended by proxy | Number of board meetings absent from | Whether to attend the board meeting in person twice in a row | General meetings of shareholders attended |
| Zheng Yunpeng | 14 | 6 | 8 | 0 | 0 | No | 5 |
| Liang Chao | 14 | 5 | 8 | 1 | 0 | No | 4 |
| Li Fangji | 14 | 4 | 8 | 2 | 0 | No | 4 |
| Li Baobing | 14 | 6 | 8 | 0 | 0 | No | 5 |
| He Ruxin | 14 | 3 | 8 | 3 | 0 | No | 3 |
| Chen Yanzhi | 14 | 6 | 8 | 0 | 0 | No | 5 |
| Zhang Cunsheng | 3 | 1 | 2 | 0 | 0 | No | 1 |
| Zhang Hanyu | 14 | 6 | 8 | 0 | 0 | No | 6 |
| Wu Zhanchai | 14 | 6 | 8 | 0 | 0 | No | 5 |
| Cai Guowei | 14 | 5 | 8 | 1 | 0 | No | 5 |
| Zhao Zengli | 11 | 4 | 7 | 0 | 0 | No | 4 |
| Mao Qinghan | 11 | 2 | 6 | 3 | 0 | No | 1 |
| Ma Xiaoqian | 3 | 2 | 1 | 0 | 0 | No | 2 |
Explanation of failure to attend the board meeting in person twice in a row
3. Directors' objections to related matters of the Company
Whether the director raises any objection to the relevant matters of the Company
□ Yes √ No
During the reporting period, the directors did not raise any objection to the relevant matters of theCompany.
4. Other descriptions of directors' performance of duties
Whether the directors' suggestions on the Company have been adopted
√ Yes □No
The director's statement on whether the relevant suggestions of the Company have been adopted or not
In 2024, the directors of the Company faithfully and diligently performed their corresponding duties in strictaccordance with the Company Law, Securities Law, Listing Rules for Stocks of Shenzhen Stock Exchange andother relevant laws and regulations, as well as the Articles of Association and the Rules of Procedure of the Boardof Directors, paid close attention to the Company's standardized operation, production and management, carefullyreviewed the reports and related documents submitted by the Company, actively attended the Company's boardmeetings, special committee meetings and general meeting of shareholders, carefully considered all proposals,made professional, independent, objective and fair judgments, and put forward constructive opinions andsuggestions on the Company's development strategy, corporate governance and business decisions, which playedan important role in the Company's scientific decision-making and steady development. During the reportingperiod, the Company's directors performed their duties diligently, honestly and faithfully, ensured scientific,timely and efficient decision-making through continuous supervision and promotion of the implementation of theresolutions of the Board of Directors, and earnestly protected the overall interests of the Company and thelegitimate rights and interests of minority shareholders.VII. Situation of special committees under the Board of Directors during the reporting period
| Committee name | Member information | Number of meetings convened | Convening date | Meeting content | Put forward important opinions and suggestions | Other information of duty performance | Details of objections (if any) |
| Audit and Compliance Committee | Wu Zhanchi, Li Baobing ,He Ruxin, Zhang Hanyu and Cai Guowei | 6 | January 19,2024 | 1. Deliberate the Proposal on the 2023 Financial Settlement Work Plan; 2. Deliberate the Proposal on Amending the Compliance Management Measures of Guangdong Electric Power Development Co., Ltd. | 1. All proposals were deliberated and passed. 2. For the key issues of financial settlement, especially the long-term asset impairment risk related to power generation, the Company is requested to strengthen communication with relevant units. For |
| those that require provision for asset impairment, intermediary agencies shall be hired to verify the impairment situation of the project, and relevant approval procedures shall be handled in a timely manner. In addition, the Company is requested to pay close attention to liquidity risk, make policy predictions in advance, and actively seek countermeasures to ensure timely and accurate financial settlement and standardized and effective financial management of the Company. | |||||||
| Audit and Compliance Committee | Wu Zhanchi, Li Baobing ,He Ruxin, Zhang Hanyu and Cai Guowei | 6 | March 28,2024 | 1. Deliberate the accounting statements and notes in the 2023 Annual Report, as well as the 2023 | 1. All proposals were deliberated and passed.2. It is believed that the Company's financial report fairly |
| Financial Report; 2. Deliberate the Proposal on 2023 Internal Control Evaluation Report; 3. Deliberation on the Proposal on 2024 Internal Control Self-svaluation Plan; 4. Deliberate the Proposal on 2023 Compliance and Risk Management Work Report; 5. Deliberate the Proposal on Provision for Asset Impairment; 6. Deliberate the Proposal on Changes in Accounting Policies; 7. Deliberate on the Proposal on Carrying out the Selection and Appointment of Accounting Firms for 2024. | reflects the financial status, operating results, and cash flows of the Company in 2023. The accounting statements and notes are prepared truthfully and accurately, in compliance with regulatory requirements, and no significant errors or omissions have been found. | ||||||
| Audit and Compliance Committee | Wu Zhanchi, Li Baobing ,He Ruxin, Zhang Hanyu and Cai Guowei | 6 | April 26,2024 | 1. Deliberate on the Proposal on the Financial Report for the First Quarter of 2024; 2. Deliberate the financial statements in the Report for the First Quarter of | 1．All proposals were deliberated and passed. 2. 1. It is believed that the Company's financial report truthfully reflects the financial |
| 2024; 3. Deliberate the Proposal on Employing the Company's Annual Audit Institution. | status and operating results of the first quarter of 2024, and the financial statements are true, accurate, and in compliance with regulatory requirements, with no significant errors or omissions found. | ||||||
| Audit and Compliance Committee | Wu Zhanchi, Li Baobing ,He Ruxin, Zhang Hanyu and Cai Guowei | 6 | August 28,2024 | 1. Deliberate the Proposal on 2024 Semi-annual Financial Report; 2. Deliberate the financial statements and notes in the 2024 Semi-annual Report. | 1．All proposals were deliberated and passed. 2. 1. It is believed that the Company's financial report truthfully reflects the financial status and operating results of the first quarter of 2024, and the financial statements are true, accurate, and in compliance with regulatory requirements, with no significant errors or omissions found. | ||
| Audit and Compliance Committee | Wu Zhanchi, Li Baobing ,He Ruxin, Zhang Hanyu and Cai | 6 | October 29,2024 | 1. Deliberate the Proposal on the Financial Report for the Third | 1．All proposals were deliberated and passed. 2. 1. It is |
| Guowei | Quarter of 2024; 2. Review the financial statements in the Report for the Third Quarter of 2024. | believed that the Company's financial report truthfully reflects the financial status and operating results of the first quarter of 2024, and the financial statements are true, accurate, and in compliance with regulatory requirements, with no significant errors or omissions found. | |||||
| Audit and Compliance Committee | Wu Zhanchi, Li Baobing ,He Ruxin, Zhang Hanyu and Cai Guowei | 6 | December 25,2024 | 1. Deliberate the Proposal on the Work Plan for 2024 Financial Final Statement. | 1．All proposals were deliberated and passed. 2. For the key issues of financial settlement, especially the long-term asset impairment risk related to power generation, the Company is requested to strengthen communication with relevant units. For those that require provision for asset impairment, intermediary agencies shall be hired |
| to verify the impairment situation of the project, and relevant approval procedures shall be handled in a timely manner. In addition, the Company is requested to pay close attention to liquidity risk, make policy predictions in advance, and actively seek countermeasures to ensure timely and accurate financial settlement and standardized and effective financial management of the Company. | |||||||
| Budget Committee | Liang Chao,Li Fangji, Li Baobing, Wu Zhanchi | 1 | March 28,2024 | 1. Deliberate the Company's 2023 budget execution report; 2. Deliberate the Company's 2024 budget report. | 1．All proposals were deliberated and passed. 2. 1. It is recommended that the Company continue to actively respond to the new situation, continuously optimize production and operation strategies guided by the market, improve the forward-looking and |
| targeted budget management, compete for electricity, strictly control costs, tap potential and increase efficiency, and strive to achieve the annual business goals. | |||||||
| Nomination Committee | Cai Guowei,Zheng Yunpeng, Chen Yanzhi, Wu Zhanchi, Zhao Zengli | 3 | March 28,2024 | Deliberate the Proposal on Recommending Zhao Zengli as a Candidate for Independent Director of the Company. | Approved. | ||
| Nomination Committee | Cai Guowei,Zheng Yunpeng, Chen Yanzhi, Wu Zhanchi, Zhao Zengli | 3 | June 18,2024 | Deliberation the Proposal on Recommending Wang Peipei as a Candidate for Executive Vice General Manager of the Company | Approved. | ||
| Nomination Committee | Cai Guowei,Zheng Yunpeng, Chen Yanzhi, Wu Zhanchi, Zhao Zengli | 3 | August 28,2024 | 1. Deliberate the Proposal on Recommending Candidates for Non-independent Directors of the 11th Board of Directors; 2. Deliberate the Proposal on Recommending Candidates for Independent Directors of | All proposals were deliberated and passed. |
| the 11th Board of Directors; 3. Deliberate the Proposal on Recommending Candidates for the 11th Management Team and Other Senior Management Personnel. | |||||||
| Remuneration and Assessment Committee | Zhang Hanyu, Li Fangji, Mao Qinghan, Cai Guowei, Zhao Zengli | 2 | November 15,2024 | 1. Deliberate the Proposal on the Operating Performance Assessment Results of the Management Team Members of Guangdong Electric Power Development Co., Ltd. for the Year 2023; 2. Deliberate the Proposal on the Management Term System and Contractual Management Work Plan of Guangdong Electric Power Development Co., Ltd. | All proposals were deliberated and passed. | ||
| Remuneration and Appraisal Committee | Zhang Hanyu, Li Fangji, Mao Qinghan, Cai Guowei, Zhao Zengli | 2 | December 31,2024 | 1. Deliberate the Proposal on the Operating Performance Assessment Results of the Management Members of the Company | All proposals were deliberated and passed. |
in the Termof 2021-2023 ; 2.Deliberatethe Proposalon the 2023AnnualSalaryDistributionPlan for theCompanyManagementMembers; 3.Deliberatethe Proposalon theIncentiveImplementation Plan forCompanyLeaders inthe Term of2021-2023;
4. Deliberate
the Proposalon the TotalSalarySettlementPlan for theCompany'sHeadquartersEmployees in2023.
VIII.The working status of the board of supervisors
The board of supervisors finds out whether the company has risks during the monitoring activities during the reporting period
□ Yes √ No
The Supervisory Committee has no objection to the supervision matters during the reporting period.IX. Particulars about employees.
1.Number of staff, professional structure and educational background
| Number of in-service staff of the parent company（person） | 231 |
| Number of in-service staff of the main subsidiaries（person） | 10,020 |
| Total number of the in-service staff（person） | 10,251 |
| Total number of staff receiving remuneration in the current period（person） | 10,673 |
| The number of the parent company and the main subsidiary’s retired staffs who need to bear the cost（person） | 4,042 |
| Professional | |
| Classified according by Professions | Number of persons（person） |
| Production | 5,786 |
| Sales | 291 |
| Technical | 2,080 |
| Financial | 364 |
| Administrative | 1,730 |
| Total | 10,251 |
| Education | |
| Classified according by education background | Number of persons（person） |
| Doctor | 3 |
| Master | 400 |
| Universities | 5,920 |
| Colleges | 2,478 |
| Technical secondary school | 485 |
| High school and Below | 965 |
| Total | 10,251 |
2. Remuneration policies
The company’s staff received the salaries and enjoyed the benefits according to the relevant provisionsstipulated in the company’s Salary Management Approach. The salary of the company’s staff (Except themanagement staff who categorized in the annual salary system) basically constituted by the basic salary, postsalary, performance salary, allowance, overtime wages and special bounties and so on.
3.Training plan
The company formulated the Temporary Provisions for the Management of Staff Education and Training.The staff training was adhered to the principle of learning integrated with application, learning by the needs andstressing of practical effect, focused on the main contents of the post and the practical operation skills. Thetraining contents included the new staff orientation training, post training, continuing education, overseas trainingand other trainings.
4. Outsourcing situation
□ Applicable √ Not applicable
X. Specification of profit distribution and capitalizing of common reserves
Formulation, implementation or adjustment of the profit distribution policy, especially the cash dividendpolicy during the reporting period
□ Applicable √Not applicable
The profit distribution policy in the Articles of Association is as follows:
Article 161The Company attaches importance to the reasonable return on investment for investors, especially smalland medium-sized investors. The Company's dividend policy is as follows:
(I) Dividends of the Company shall be distributed in proportion to the shares held by shareholders.(II) The Company may distribute dividends in cash, stock, a combination of cash and stock or other ways
permitted by laws and regulations, with priority given to cash dividends. If the requirements for cashdividends are met, cash dividends shall be adopted for profit distribution.(III) When the net profit attributable to shareholders of the parent company realized by the Company in
that year is positive and the accumulated distributable profit at the end of the year is positive,dividends can be distributed.
(IV) The Company's annual profit distributed in cash is not less than 10% of the distributable profit
realized in that year, and the accumulated profit distributed in cash in the last three years is not lessthan 30% of the annual distributable profit realized in the last three years. When the Companydistributes profits, the proportion of cash dividends in this profit distribution should be at least 20%.(V) The Company can distribute the profits in the medium term.During the reporting period, the Company implemented the profit distribution policy in strict accordance withthe relevant provisions of the Articles of Association. In the future, the Company will continue to maintain thecontinuity, rationality and stability of cash dividends and actively repay its shareholders.
| Special description of cash dividend policy | |
| Whether it meets the requirements of the Articles of Association or the resolution of the general meeting of shareholders: | Yes |
| Whether the dividend standard and proportion are explicit and clear: | Yes |
| Whether the relevant decision-making procedures and mechanisms are complete: | Yes |
| Whether the independent directors have performed their duties and played their due role: | Yes |
| If the Company does not distribute cash dividends, specific reasons, as well as the measures to be taken to enhance investor returns should be disclosed: | Not applicable |
| Whether the minority shareholders have the opportunity to fully express their opinions and demands, and whether their legitimate rights and interests have been fully protected: | Yes |
| Whether the cash dividend policy is adjusted or changed, and whether the conditions and procedures are compliant and transparent: | Not applicable |
The Company was profitable during the reporting period and the parent company's profit available fordistribution to shareholders was positive but no cash dividend distribution proposal was made.
□Applicable √ Not applicable
Profit distribution and capitalization of capital reserve for the reporting period?Applicable □Not applicable
| Bonus shares for every ten shares(Shares) | 0 |
| Cash dividend for every ten shares (Yuan)(Tax-included) | 0.2 |
| A total number of shares as the distribution basis(shares) | 5,250,283,986 |
| Cash dividend amount (yuan, including tax | 105,005,680 |
| Other means (such as repurchase of shares) cash dividend amount (yuan) | 0 |
| Total cash dividend (yuan, including tax) | 105,005,680 |
| Distributable profit (yuan) | 5,802,020,587 |
| The proportion of the total cash dividend (including other means) in the total profit distribution | 100% |
| Proportion of cash dividend in the distributable profit | |
| The Company is in a fast growth stage, there for the cash dividend will reach 20% of the profit distribution at least. Cash dividend distribution policy. | |
| Details of profit distribution or reserve capitalization Preplan | |
| According to the company's articles of association, "when a company distributes its after-tax profit for the year, 10% of the profit shall be withdrawn and included in the company's legal reserve. If the accumulated amount of the company's legal reserve is 50% or more of the company's registered capital, it can be withdrawn no more." In view of the net profit of the Parent Company for the | |
year 2024 being a loss and the accumulated legal reserve of the Parent Company amounting to 57% of the registered capital of theCompany as at the end of the year 2024, no legal reserve and arbitrary reserve will be withdrawn in the year 2024. In order toreflect the Company's sincere return to investors, in the case that the company's profit in the past two years has not been able tomake up for the large losses incurred in 2021-2022, the Company still decided to pay appropriate cash dividends, with the ratio ofcash dividends to net profit attributable to shareholders of the parent company amounting to 10.89%. The Company's dividendproposal for 2024 is as follows: based on the total share capital of the Company of 5,250,283,986 shares, for every 10 A shares,RMB0.2 (including tax) will be distributed. Based on the total share capital of the Company of 5,250,283,986 shares, A shares willbe distributed RMB 0.2 per 10 shares (tax included); B shares will be distributed RMB0.2 per 10 shares (tax included).
XI. Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Planor Other Employee Incentive Measures
□Applicable √ Not applicable
NoneXII. Construction and implementation of internal control system during the reporting period
1. Construction and implementation of internal control
(I) Organization setup and operation
The Company has established a perfect organizational structure system, and its corporate governancestructure, internal organization design and operation mechanism meet the requirements of modern enterprisesystem. The Board of Directors of the Company shall bear the ultimate responsibility for the evaluation of internalcontrol; The Audit and Compliance Committee shall be responsible for organizing, leading and supervising theinternal control evaluation, reviewing the internal control evaluation report, and examining and approving therectification opinions of major and important defects in internal control. The management of the Company isresponsible for organizing the implementation of the internal control evaluation, proposing the business or mattersthat should be focused on in the internal control evaluation, and examining and approving the internal controlevaluation plan and the internal control evaluation report.
As the centralized department of internal control management, the Board Affairs Department of the Companyis responsible for organizing the internal control self-inspection, testing and evaluation in the Company, proposingrectification schemes and specific rectification plans for the design and operation defects found, supervising thecompletion of rectification, and cooperating with the internal audit department and external auditors to carry outinternal control evaluation at the enterprise level.
The Board of Directors, the Audit and Compliance Committee, the management and functional departmentsof the Company earnestly perform their duties of internal control and management. Every year, the Companyconducts a comprehensive self-evaluation on the effectiveness of the internal control system, timely corrects theinternal control defects, continuously optimizes the internal control system, and effectively improves theCompany's management level and risk prevention ability.
(II) Establishment and implementation of internal control system
According to the Basic Standards for Internal Control of Enterprises and its supporting guidelines, GuidelineNo.1 for Self-discipline Supervision of Listed Companies of Shenzhen Stock Exchange -Standardized Operationof Listed Companies on Main Board, Listing Rules for Stocks of Shenzhen Stock Exchange and relevant laws andregulations, combined with the actual situation of the Company, from the perspective of business management,function management and post management, the Company formulates basic management systems includingfinancial accounting system, procurement system, asset management system, engineering project management
system, human resource management system, administrative management system, internal audit system, guaranteemanagement system, related party transaction system, investment and financing management system, andsubsidiary management system, to make decisions and management on major issues of the Company.
(III) Overall evaluationIn 2024, the Company conscientiously implemented the latest regulatory standards and normativerequirements in terms of national and industry laws and regulations, state-owned assets supervision, etc.,continuously improved the compliance of the standard system, did a good job in revising, improving and elevatingthe internal control system, strictly implemented the internal management system, and standardized majordecision-making behaviors, effectively prevented decision-making risks, enhanced scientific decision-making andavoided decision-making mistakes; carried out in-depth internal control self-evaluation, continuously strengthenedthe rectification of internal control defects, formed an effective internal control management closed loop of"control-evaluation-improvement-control", continuously and dynamically improved the internal controlmanagement system, and ensured that the Company maintained effective internal control in all major aspectsaccording to the requirements of the enterprise internal control standard system and relevant regulations, and nofactors that affect the evaluation conclusion of internal control effectiveness would occur.
2.Details of major internal control defects found during the reporting period
□ Yes √ No
XIII. Management and control of the Company's subsidiaries during the reporting period
| Company name | Integration plan | Integration progress | Problems encountered in integration | Measures taken for solution | Solution progress | Subsequent planned solution |
| Xiangzhou Hangjing New Energy Co., Ltd. | Complete the acquisition and gain control | Completed | No | Not applicable | Not applicable | Not applicable |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co.,Ltd | Complete the acquisition and gain control | Completed | No | Not applicable | Not applicable | Not applicable |
| Xiangzhou Yunjiang New Energy Co., Ltd. | Complete the acquisition and gain control | Completed | No | Not applicable | Not applicable | Not applicable |
| Yuncheng Wangquan Yuefeng New Energy Co., Ltd. | Complete the acquisition and gain control | Completed | No | Not applicable | Not applicable | Not applicable |
| Hainan Longyue New Energy Co., Ltd. | Complete the acquisition and gain control | Completed | No | Not applicable | Not applicable | Not applicable |
XIV.Internal control self-evaluation report or internal control audit report
1.Self-evaluation report on internal control
| Disclosure date of appraisal report on internal control | March 29,2025 | |
| Disclosure index of appraisal report on internal control | Juchao Website:（http://www.cninfo.com.cn）, Self-evaluation report of internal control in 2024 | |
| The ratio of the total assets of units included in the scope of evaluation accounting for the total assets on the company's consolidated financial statements | 94.24% | |
| The ratio of the operating income of units included in the scope of evaluation accounting for the operating income on the company's consolidated financial statements | 99.43% | |
| Standards of Defects Evaluation | ||
| Category | Financial Report | Non-financial Report |
| Qualitative criteria | A. significant deficiency：① the ineffective environmental control; ② irregularities appearing between company directors, supervisors and senior executives; ③ serious mistakes in the financial statements of the current period found by external audit but not the inner control in the process of operating; ④ ineffective supervision of inner control from directorate and inner audit institution.B. significant deficiency：① accounting policy chosen and applied is not based on the GAAP; ② anti-irregularity procedure and control measures are not established; ③ very few relative control measures are established or implemented in terms of the accounting treatment related to unconventional or special transaction; C. common deficiency means, apart from the above “significant deficiency” and “serious deficiency”, other deficiencies exist in the inner control process. | A. significant deficiency：(1) The company lacks democratic and scientific decision-making procedures; (2) Serious violation of national laws and regulations; (3) The company's important business lacks institutional control or the system control fails. B. Important defects: (1) Large-scale and long-term interruption of important business may cause the company to deviate from the control goal in the field; (2) The important defects of the previous year have not been rectified; (3) There are deficiencies in the company's important business systems. C. General defects: other internal control deficiencies in financial reporting that do not constitute material defects or important defects. |
| Quantitative standard | A. Quantitative standards for material defects: (1) The amount of misstatement≥ 0.5% of operating income; (2) the amount of misstatement ≥ 5% of the total profit; (3) The amount of misstatement ≥ 0.5% of the total assets. B. Quantitative standards for important defects: (1) 0.2% of operating income≤misstatement amount< 0.5% of operating income; (2) 5% of total profits≤ misstatement amount< 1% of total profits; (3) 0.2% of total assets≤ misstatement amount < 0.5% of total assets. C. General defect quantitative standards: (1) The amount of misstatement < 0.2% of operating income; (2) the amount of misstatement < 1% of the total profit; (3) The amount | (1)A significant deficiency means that the direct property loss is between 50 million yuan .(2) the significant deficiency means hat the direct property loss is between 30 million yuan (including 30 million yuan) ; the serious deficiency means that the direct property loss is between 30 million. |
| of misstatement < 0.2% of total assets. | ||
| Number of major defects in financial reporting（a） | 0 | |
| Number of major defects in non financial reporting (a) | 0 | |
| Number of important defects in financial reporting（a） | 0 | |
| Number of important defects in non financial reporting（a） | 0 | |
2. Internal Control audit report
√ Applicable □Not applicable
| Review opinions in the internal control audit report | |
| We believe that Guangdong Electric Power Development Co., Ltd. has maintained effective internal control over financial reporting in all material respects as of 31 December 2024 as per the Basic Rules for Enterprise Internal Control and relevant regulations. | |
| Disclosure date of audit report of internal control | Disclosure |
| Index of audit report of internal control | March 29, 2025 |
| Internal audit report’s opinion | Juchao Website: （http://www.cninfo.com.cn）2024 Audit report of internal control |
| Type of audit report on internal control | Unqualified auditor’s report |
| Whether there is significant defect in non-financial report | No |
Has the CPAs issued a qualified auditor’s report of internal control .
□ Yes √No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of theBoard of Directors
√Yes □No
XV. Rectification of self-examination problems in special governance actions of listed companies
None
V. Environmental & Social Responsibility
I. Significant environmental issuesWhether the Company or any of its subsidiaries is identified as a key polluter by the environmentauthorities
√ Yes □ No
Environmental protection related policies and industry standardsThe Company and its subordinate units strictly abide by the "Environmental Protection Law of the People'sRepublic of China", "Atmospheric Pollution Prevention and Control Law of the People's Republic of China","Water Pollution Prevention and Control Law of the People's Republic of China", "Law of the People'sRepublic of China on the Prevention and Control of Environmental Pollution of Solid Waste", "Air PollutantEmission Standards for Thermal Power Plants" (GB13223), "Comprehensive Sewage Discharge Standards"(GB8978) and other relevant laws, regulations and industry standards to carry out production and businessactivities.Environmental protection administrative licensingThe Company and its subsidiaries all have obtained environmental protection administrative permits inaccordance with regulations, and the pollution discharge permits are currently within the validity period.Industrial emission standards and the specific situation of the pollutant emission involved in the productionand business activities
| Company or subsidiary name | Main pollutant and specific pollutant type | Main pollutant and specific pollutant name | Emission way | Emission port number | Emission port distribution condition | Emission concentration | Implemented pollutant emission standards(（mg/Nm3）) | Total emission(ton) | Verified total emission(ton per year) | Excessive emission condition |
| Bohe Company | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | Shut down | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | Shut down | 71.5 | No |
| Bohe Company | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 13.47 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 387.56 | 973.5 | No |
| Bohe Company | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 35.00 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 1006.70 | 1195 | No |
| Dapu Power Plant | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 4.31 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 82.81 | 593 | No |
| Dapu Power Plant | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 7.97 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 153.11 | 1447 | No |
| Dapu Power | Air pollu | NOX | Concentrated | 2 | Within the | 36.76 | Emission Standard of Air Pollutants | 706.02 | 1502 | No |
| Plant | tant | emission through chimney | factory | for Thermal Power Plants (GB13223-2011) | ||||||
| Red Bay Company | Air pollutant | Smoke | Concentrated emission through chimney | 4 | Within the factory | 2.53 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 108.98 | 422.04 | No |
| Red Bay Company | Air pollutant | SO2 | Concentrated emission through chimney | 4 | Within the factory | 10.20 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 438.39 | 1477.2 | No |
| Red Bay Company | Air pollutant | NOX | Concentrated emission through chimney | 4 | Within the factory | 31.49 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 1352.62 | 2111.58 | No |
| Jinghai Company | Air pollutant | Smoke | Concentrated emission through chimney | 4 | Within the factory | 2.32 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 148.75 | 341.2 | No |
| Jinghai Company | Air pollutant | SO2 | Concentrated emission through chimney | 4 | Within the factory | 16.61 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 1063.79 | 1728.4 | No |
| Jinghai Company | Air pollutant | NOX | Concentrated emission through chimney | 4 | Within the factory | 35.73 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 2287.75 | 2470 | No |
| Maoming Power Plant | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 0.96 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 18.80 | 168.12 | No |
| Maoming Power Plant | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 15.72 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 307.48 | 385.51 | No |
| Maoming Power Plant | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 27.81 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 544.02 | 751.82 | No |
| Pinghai Power Plant | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 2.43 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 79.14 | 346 | No |
| Pinghai Power Plant | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 24.04 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 782.27 | 1670 | No |
| Pinghai Power Plant | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 37.58 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 1222.80 | 1731 | No |
| Shaoguan Power Generation Plant | Air pollutant | Smoke | Concentrated emission through | 2 | Within the factory | 1.28 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223- | 31.53 | 717.78 | No |
| chimney | 2011) | |||||||||
| Shaoguan Power Generation Plan | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 23.95 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 585.86 | 2303.55 | No |
| Shaoguan Power Generation Plan | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 39.79 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 973.09 | 2254.42 | No |
| Yunhe Power Generation Plant | Air pollutant | Smoke | Concentrated emission through chimney | 1 | Within the factory | 3.18 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 40.38 | 360 | No |
| Yunhe Power Generation Plant | Air pollutant | SO2 | Concentrated emission through chimney | 1 | Within the factory | 5.80 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 73.70 | 2400 | No |
| Yunhe Power Generation Plant | Air pollutant | NOX | Concentrated emission through chimney | 1 | Within the factory | 36.26 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 460.03 | 2400 | No |
| Zhanjiang Electric | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.04 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 29.68 | 528 | No |
| Zhanjiang Electric | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 17.75 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 503.83 | 1320 | No |
| Zhanjiang Electric | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 35.83 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 1016.95 | 1990.7 | No |
| Zhanjiang Zhongyue | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.42 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 30.77 | 480 | No |
| Zhanjiang Zhongyue | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 15.20 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 327.35 | 1200 | No |
| Zhanjiang Zhongyue | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 25.76 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 554.72 | 1290.08 | No |
| Guangqian Company | Air pollutant | NOX | Concentrated emission through chimney | 3 | Within the factory | 10.01 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 170.30 | 1312.5 | No |
| Huizhou Natural Gas | Air pollutant | Smoke | Concentrated emission through chimney | 6 | Within the factory | 0.23 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 9.04 | 242.61 | No |
| Huizhou Natural Gas | Air pollutant | NOX | Concentrated emission through chimney | 6 | Within the factory | 20.92 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 790.70 | 1774.98 | No |
| Yuehua Power Generation | Air pollutant | SO2 | Concentrated emission through chimney | 3 | Within the factory | 0.32 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 4.95 | 27.54 | No |
| Yuehua Power Generation | Air pollutant | NOX | Concentrated emission through chimney | 3 | Within the factory | 37.61 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 565.75 | 1367.55 | No |
| Xinhui Power Generation | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 0.07 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 0.50 | 85.6 | No |
| Xinhui Power Generation | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 0.40 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 2.98 | 45 | No |
| Xinhui Power Generation | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 35.66 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 263.00 | 1104 | No |
| Tumushuke Thermo electric Co., Ltd | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.63 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 26.06 | 135 | No |
| Tumushuke Thermo electric Co., Ltd | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 9.01 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 143.51 | 474 | No |
| Tumushuke Thermo electric Co., Ltd | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 25.94 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 413.33 | 675 | No |
| Shajiao C | Air pollutant | Smoke | Concentrated emission through chimney | 3 | Within the factory | 3.14 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 97.73 | 277.8 | No |
| Shajiao C | Air pollutant | SO2 | Concentrated emission through chimney | 3 | Within the factory | 16.96 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 526.39 | 972.3 | No |
| Shajiao C | Air pollutant | NOX | Concentrated emission through chimney | 3 | Within the factory | 32.15 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 997.66 | 1389 | No |
| Huadu Company | Air pollutant | Smoke | Concentrated emission through chimney | 3 | Within the factory | 0.15 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 1.15 | 92.39 | No |
| Huadu Company | Air pollu | SO2 | Concentrated | 3 | Within the | 0.33 | Emission Standard of Air Pollutants | 2.55 | 6.7 | No |
| tant | emission through chimney | factory | for Thermal Power Plants (GB13223-2011) | |||||||
| Huadu Company | Air pollutant | NOX | Concentrated emission through chimney | 3 | Within the factory | 33.60 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 254.02 | 586.6 | No |
| Zhanjiang Biomass Power Generation | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 6.41 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 24.51 | 80.94 | No |
| Zhanjiang Biomass Power Generation | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 3.07 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 11.75 | 183 | No |
| Zhanjiang Biomass Power Generation | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 53.75 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 205.35 | 397 | No |
| Dayawan Power Generation | Air pollutant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.78 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 15.10 | 80.94 | No |
| Dayawan Power Generation | Air pollutant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 0.44 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 4.58 | 183 | No |
| Dayawan Power Generation | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 25.88 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 219.66 | 397 | No |
| Yongan Company | Air pollutant | NOX | Concentrated emission through chimney | 2 | Within the factory | 20.02 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 109.09 | 596.77 | No |
| Binhaiwan Power Generation | Air pollutant | Smoke | Concentrated emission through chimney | 3 | Within the factory | 0.24 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 2.22 | 181.56 | No |
| Binhaiwan Power Generation | Air pollutant | SO2 | Concentrated emission through chimney | 3 | Within the factory | 0.37 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 3.21 | 4.77 | No |
| Binhaiwan Power Generation | Air pollutant | NOX | Concentrated emission through chimney | 3 | Within the factory | 16.33 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 155.39 | 1785 | No |
Treatment of contaminantsIn 2024, the company will improve the system and mechanism of precise pollution control, scientific pollutioncontrol, and pollution control in accordance with the law, and vigorously promote pollution reduction andcarbon reduction, with the emission performance values of soot, sulfur dioxide, and nitrogen oxides being 0.007,
0.048, and 0.123 g/kWh, respectively, to ensure the stable discharge of various pollutants from wastewater and
exhaust gas. At the same time, we will implement the spirit of General Secretary Xi Jinping's importantinstructions on the "30?60" dual carbon goal and accelerate the planning and construction of a new energysystem, seize important strategic opportunities, and steadily promote the construction of clean energyprojectsThe level of clean and efficient utilization of coal has been continuously improved, and the coalconsumption of thermal power units for power supply has decreased by 5.01 g/kWh year-on-year.Emergency Response Plan for Environmental EmergenciesAccording to the "Environmental Protection Law of the People's Republic of China", "Production Safety Lawof the People's Republic of China", "Guidelines for the Preparation of Emergency Plans for Production SafetyAccidents of Production and Business Operation Units" (GB/T29639), "Decision of the Ministry of EmergencyManagement on Amending the "Measures for the Management of Emergency Plans for Production SafetyAccidents" (Order No. 2 of the Ministry of Emergency Management), "Measures for the Management ofEmergency Plans for Electric Power Enterprises" (No. 508 [2014] Guoneng Safety ), , "Opinions of theMinistry of Environmental Protection on Strengthening Environmental Emergency Management" and otherlaws and regulations and relevant requirements of national, local and superior departments, the Company and itssubordinate power generation enterprises have formulated the "Emergency Plan for EnvironmentalEmergencies" in combination with their own actual conditions, and standardized and improved the handling ofenvironmental emergencies from various aspects such as environmental accident risk analysis, emergencycommand institutions and responsibilities, disposal procedures, and disposal measures, so as to improve theability to respond to environmental emergencies and to ensure that emergency rescue work is carried outquickly, orderly and efficiently, and to prevent and reduce personal injury, property loss, environmental damageand adverse social impacts caused by environmental emergenciesEnvironmental self-monitoring programDuring the reporting period, the company’s subordinate power generation companies organized annualenvironmental self-monitoring programs in accordance with the national Administrative Measures on AutomaticMonitoring of Pollution Sources and other laws and regulations, and conducted self-monitoring of theenvironment in accordance with the monitoring program, and announced its own monitoring results in GuangdongProvince's key pollution source regulatory information platform and the national pollution source monitoringinformation and sharing platform. Both the announced rate and completion rate had reached 100%.Investment in environmental governance and protection and payment of environmental protection taxIn 2024, The company purchased desulfurization and denitration materials totaling about 251.84 millionyuan,The Company paid environmental protection tax of 24.17 million yuan.
Measures taken to reduce their carbon emissions during the reporting period?Applicable □Not applicableIn 2024, the Company conscientiously implemented the requirements of the "carbon peaking and carbonneutrality" strategy, actively explored energy conservation and carbon reduction, as follows: Firstly, increasenew energy installed capacity by 2,332,000 kW, which is expected to contribute about 4.1 billion kWh of cleanenergy annually, save about 1.3 million tons of standard coal, reduce carbon dioxide emissions by about 3.48million tons, equivalent to rebuilding 8807 hectares of forest; Secondly, put into operation three new clean gasenergy projects, with a total installed capacity of 4.788 million kW, which can save about 1.14 million tons ofstandard coal and reduce carbon dioxide emissions by about 7.66 million tons annually compared to coal-firedpower plants; Thirdly, coordinate and promote large-scale equipment updates, and complete the flow
transformation of 4 units, flexibility transformation of 6 units and updates of 5,278 equipment throughout theyear, improving the regulation performance of thermal power units while reducing energy consumption. In 2024,the coal consumption for power supply of thermal power units was reduced by 5.01 g/kWh year-on-year;Fourthly, emission control enterprises have fully completed the quota settlement for the national carbon marketin 2023.Administrative penalties for environmental problems during the reporting periodNONEOther environmental information that should be disclosedNoneOther Environmental Related InformationNoneThe Company shall comply with the disclosure requirements of power-related industries in the GuidelineNo.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China, AirPollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People'sRepublic of China and Law of the People's Republic of China on Prevention and Control of EnvironmentalPollution by Solid Waste, and the current environmental protection policies and regulations have no impact on theCompany. In 2024, the operating expenses required by the Company's thermal power plants to implementenvironmental protection policies and regulations are mainly to purchase limestone and denitration materials,totaling about RMB 251.84million.
2. In 2024, according to the standard, the coal consumption for comprehensive power supply of theCompany's thermal power plants is 294.13 g/kWh of coal, the sulfur dioxide emission performance value is
0.048g/kWh, nitrogen oxide emission performance value is 0.123g/kWh, and soot emission performance value is
0.007g/kWh. Where, the commissioning rate of desulfurization device is 100%, and the average desulfurizationefficiency is 99.09%; The average operation rate of denitration device is 99.76%, and the average denitrationefficiency is 88.11; The average operation rate of wet electric dust removal is 99.99%, and the average dustremoval efficiency is 99.88%.Information related to environmental accidents of the listed company
In 2024, there were no environmental accidents in the Company.II. Social responsibilities
For details of the Company's social responsibility report, please refer to the Social Responsibility Report2024 published by the Company on CNINF (http://www.cninfo.com.cn)III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
In 2024, the Company actively responded to the national rural revitalization strategy, deeply implementedthe deployment of Guangdong Province's "High Quality Development Project for Hundred Counties, ThousandTowns and Ten Thousand Villages", and its subordinate units actively carried out consumption assistance basedon local development conditions, continuously explored and practiced new poverty alleviation models byconsumption, and established a special working group to solidly promote the work of assisting towns and
villages, accurately targeting the needs of the assisted areas, continuously delivered key resources such as funds,technology, and talents, and contributed solid strength to the rural revitalization and regional development ofGuangdong Province.
1. Red Bay Company provided targeted assistance to Jishui Village, Bawan Town, Lufeng CitySince August 2021, the company has sent resident cadres to Jishui Village, Bawan Town, Lufeng City forresident assistance. In March 2024, in response to the deployment of Green an Beautiful Guangdong, Red BayCompany donated 450 saplings to Jishui Village (with a total value of RMB 75,360) to practice the concept of"Lucid waters and lush mountains are invaluable assets" through practical actions. At the same time, ZhangShengqiang, the resident secretary of the Company, gave full play to the leading role of party building, went tothe village twice in 2024 to give lectures on the party, preach the spirit of the 20th CPC National Congress tothe villagers, and interpret the new version of the CPC Disciplinary Regulations, so as to arm the minds of thevillagers with the advanced theory of the party, stimulate the villagers' enthusiasm for patriotism and love forthe party, implant the feelings of home and country in the villagers, and lay a solid ideological foundation forthe revitalization of rural culture.
2. Jinghai Power Generation Company provided targeted assistance to Huilai County, Jieyang CityJinghai Power Generation Company actively participated in rural revitalization and dispatched specialpersonnel to reside in Jinghai Town to provide assistance; It organized various party branches to donatematerials such as study books, sports equipment, and science popularization experimental equipment to GeshanPrimary School which is worthy of nearly RMB 20000, to support the development of rural education; Itinvested nearly RMB 50000 to support cultural and fitness equipment and facilities such as Yingge Dancecostumes in Jinghai Town, to help Yingge Dance become a characteristic cultural card of Jinghai Town andpromote rural cultural prosperity; It actively responded to the three-year action plan for afforestation andgreening in coastal cities of Huilai County, mobilized all cadres and employees to donate more than RMB30000 and planted more than 170 trees at the voluntary tree planting base on Jingdian Avenue, contributing tothe ecological construction of Green and Beautiful Guangdong and local afforestation and greening.
3. Shaoguan Power Plant provided targeted assistance to Dongping Town, Ruyuan Yao AutonomousCounty, Shaoguan CityIn 2024, Shaoguan Power Plant attached great importance to rural revitalization work, actively took action,and achieved significant results. The company leaders led teams to conduct research in towns and villages sixtimes, fully promoting the work of assisting towns and villages. It also carried out five condolence activities inDongping Town, including "New Year Warmth and Affection for Rural Workers", benefiting rural workers,students and other groups. In addition, through consumption assistance, its cumulative consumption reachedRMB 154,500, helping to promote the development of rural industries. In terms of consolidating theachievements of poverty alleviation, Shaoguan Power Plant conducted two regular visits to 211 householdsmonitored for returning to poverty in the entire town, comprehensively grasped the situation of poverty-strickenhouseholds, accurately screened 33 key assistance targets, effectively built a bottom line for preventingreturning to poverty, and continuously promote rural revitalization.
4. Yunhe Power Generation Company provided targeted assistance to Yaogu Town in YunchengDistrict, Yunfu City
Yunhe Power Generation Company actively assisted in rural revitalization, promoted new energy to thecountryside, and selected a special personnel to serve as the first secretary of Shuidong Village in Yaogu Town,Yuncheng District. It vigorously promoted the construction of the charging pile industry and invested RMB20000 to carry out urban public charging stations and rural convenient charging station projects in Yaogu Town,
among which Yaogu Xiaohewei Charging Station was officially put into operation on December 25, 2024,effectively improving rural charging facilities and injecting vitality into the development of rural new energy.
5. Zhanjiang Biomass Company helped Gangmen Town, Suixi County, Zhanjiang CityZhanjiang Biomass Power Generation Company actively participated in rural revitalization and achievedfruitful results in targeted assistance. The company adapted to local conditions and leveraged the advantages ofbuilding an immigrant village in Xincheng Village, Gangmen Town which is close to the military to create apatriotic education base of more than 20 acres with the theme of "supporting the army and loving the people".This base not only inspired and enhanced the local residents' awareness of national defense and military support,but also attracted tourists to promote agricultural product consumption and drive the local economicdevelopment of Gangmen. At the same time, the company invited doctors from Guangdong Provincial Hospitalof Traditional Chinese Medicine to hold health training lectures, covering various aspects such as moxibustionand scraping therapy, benefiting 320 villagers and effectively enhancing their health awareness, self-care ability,and ability to deal with common diseases.
6. Zhanjiang Zhongyue Company provided targeted assistance to Jijia Town, Leizhou CityIn 2024, Zhanjiang Zhongyue Company invested RMB 491000 in assistance funds to Jijia Town, fullysupporting rural revitalization. Such funds have been precisely invested in multiple key projects: Installingstreetlights for Bitan Village, Shuangshui Village Committee, to ensure the safety of villagers during nighttimetravel; Constructing a road from Maite Village to Haolang Village to facilitate public transportation; Building ared party building education base in Shanglang Village, to inherit the red genes, and strengthen red education;Constructing Tianshen Village Leisure Park and beautifying the rural environment. These projects have notonly improved the living environment of villagers, but also enriched their spiritual and cultural life, injectingstrong impetus into the rural revitalization of Jijia Town.
VI. Important Events
I. Commitments to fulfill the situation
1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the endof the reporting period made by the company, shareholder, actual controller, acquirer, director,supervisor, senior management personnel and other related parities.
□ Applicable √Not applicable
There is no commitment that has not been fulfilled by actual controller, shareholders, related parties,acquirers of the Company
2.The existence of the company's assets or projects earnings forecasts and earnings reporting periodis still in the forecast period, the company has assets or projects meet the original profit forecast madeand the reasons explained
□ Applicable √ Not applicable
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No such cases in the reporting period.III. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the reporting period.IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report"
□ Applicable √ Not applicable
V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board ofdirectors and supervisory board
□ Applicable √ Not applicable
VI. Explain change of the accounting policy, accounting estimate and measurement methods as comparedwith the financial reporting of last year.
□ Applicable √ Not applicable
No such cases in the reporting period.VII.Explain change of the consolidation scope as compared with the financial reporting of last year.
√ Applicable □ Not applicable
(1) Addition of subsidiaries in this year:
| Name | Nature | Paid-in capital at the end of period(Yuan) | Proportion (%) | Acquired |
| Xiangzhou Hangjing New Energy Co., Ltd. | Solar electrical energy | 199,980,000 | 76.44% | Purchase |
| generation | ||||
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co.,Ltd | Solar electrical energy generation | 120,000,000 | 76.44% | Purchase |
| Xiangzhou Yunjiang New Energy Co., Ltd. | Solar electrical energy generation | 105,420,000 | 76.44% | Purchase |
| Yuncheng Wangquan Yuefeng New Energy Co., Ltd. | Wind Power generation | 86,368,422 | 72.62% | Investment establishment |
| Hainan Longyue New Energy Co., Ltd. | Solar electrical energy generation | 90,000,000 | 100% | 0 Acquisition of consideration assets |
| Guangneng Toxon New Energy Co., Ltd. | Wind Power generation | 370,000,000 | 100% | Investment establishment |
| Shantou Yuefeng New Energy Investment Partnership（LP） | Investment and asset management | 1,110,750,000 | 15.40% | Investment establishment |
| Guangneng Karamay Integrated Energy Co., Ltd | Solar electrical energy generation | 100,000,000 | 100% | Investment establishment |
| Guangdong Yudean New Energy Development Co., Ltd. | Investment and asset management | 85,000,000 | 100% | Investment establishment |
| Lingao Yehai Yuefeng New Energy Co., Ltd. | Wind Power generation | 61,350,000 | 76.44% | Investment establishment |
| Zhanjiang Yuefengbao New Energy Co., Ltd. | Wind Power generation | 50,000,000 | 38.98% | Investment establishment |
| Guangdong Energy Zhongshan Energy Sevice Co., Ltd. | Thermal power production and supply | 15,000,000 | 100% | Investment establishment |
| Zhuhai Yuefeng Huafa New Energy Co., Ltd. | Wind Power generation | 17,000,000 | 38.98% | Investment establishment |
| Zhuhai Yuefeng Sea pashure Co., Ltd. | Seaculture | 7,000,000 | 76.44% | Investment establishment |
| Guangzhou Yuefeng Ruisi New Energy Co., Ltd. | Investment and asset management | 300,000 | 76.44% | Investment establishment |
(2) Reduction of subsidiaries in this year:
| Subsidiary name | Business nature | Paid-in capital before cancellation (RMB) | Shareholding ratio before cancellation |
| Guangzhou Huangpu Electric Power Engineering Co., Ltd. | Equipment maintenance | 13,000,000 | 51% |
| Yunfu Yunan Yuexin Power Generation Co.,Ltd. | Wind Power generation | 0 | 76.44% |
| Huizhou Longmen Yuefeng New Energy Co., Ltd. | Wind Power generation | 0 | 76.44% |
| Yunfu Luoding Yuefeng New Energy Co., Ltd. | Wind Power generation | 0 | 76.44% |
The Company's subsidiaries, Guangzhou Huangpu Electric Power Engineering Co., Ltd., Yunfu Yunan Yuexin Power GenerationCo., Ltd., Huizhou Longmen Yuefeng New Energy Co., Ltd., and Yunfu Luoding Yuefeng New Energy Co., Ltd., completed thederegistration work in 2024. The liquidation and deregistration of the above-mentioned companies will correspondingly changethe scope of the Company's consolidated financial statements, but will not have a significant impact on the Company's existingbusiness operations and operating performance, and will not harm the interests of the Company and its shareholders.VIII. Engagement/Disengagement of CPAsCPAs currently engaged
| Name of the domestic CPAs | Grant Thornton Certified Public Accountants (Special General Partnership) |
| Remuneration for domestic accounting firm (Ten thousands yuan) | 746.85 |
| Successive years of the domestic CPAs offering auditing services | 1 year |
| Name of CPA | Deng Bingqing ,Li Zeyu |
| Continuous years of audit services of certified public accountants of domestic public accounting firms | 1 year |
| Name of the Overseas CPAs（If any | Not applicable |
| Remuneration for overseas accounting firm (Ten thousands yuan)（If any） | 0 |
| Successive years of the overseas CPAs offering auditing services（If any） | Not applicable |
| Name of CPA（If any） | Not applicable |
| Continuous years of audit services of certified public accountants of overseas public accounting firms（if any） | Not applicable |
Has the CPAs been changed in the current period
? Yes □NoA detailed explanation of the change of employment and accounting firm
? Yes □No
√Applicable □ Not applicable
Since 2016, the Company has hired PwC Zhongtian Certified Public Accountants (Special GeneralPartnership, hereinafter referred to as "PwC Zhongtian") to provide audit services for its financial reports andinternal controls prepared in accordance with Chinese accounting standards. After completing the audit workfor the year 2023, PwC Zhongtian has provided audit services to the Company continuously for 8 years.According to Article 12 of the Management Measures for the Selection and Appointment of AccountingFirms by State owned Enterprises and Listed Companies jointly issued by the Ministry of Finance, the Stateowned Assets Supervision and Administration Commission of the State Council, and the China SecuritiesRegulatory Commission (CSRC), "State owned enterprises shall not continuously employ the same accountingfirm for more than 8 years." Considering that PwC has provided audit services to the Company for 8consecutive years, in order to further enhance the independence and objectivity of the audit work of listedcompanies, and taking into account the Company's development situation and audit work needs, the Companyintends to change its accounting firm. After tendering and prudent decision-making, the Company intends toappoint Grant Thornton Certified Public Accountants (Special General Partnership), hereinafter referred to as " Grant
Thornton ") as the financial audit and internal control audit institution for the year of 2024.
The Company has had sufficient communication with PwC Zhongtian and Grant Thornton regarding thechange of accounting firm. Both accounting firms have been aware of the same and have no objections to thechange. Both accounting firms made proper communication and cooperation in accordance with relevantregulations such as the Auditing Standards No. 1153 for Chinese Certified Public Accountants -Communication between Former and Subsequent Certified Public Accountants.Whether the change of accounting firm has implemented the examination and approval procedures? Yes □NoDetailed explanation of the change of employment and change of the accounting firm
The first communication meeting in 2024 of the Audit and Compliance Committee of the 10th Board ofDirectors of the Company deliberated and passed the Proposal on Employing the Company's Annual AuditInstitution on April 26, 2024. The Audit and Compliance Committee of the Board of Directors has reviewed theindependence, professional competence, investor's protection ability, integrity status and other information ofGrant Thornton, and believed that it was capable of conducting the audit work of the Company in 2024. Itagreed to hire Grant Thornton as the domestic and foreign audit institution for the Company in 2024, and agreedto submit the proposal to the Board of Directors for deliberation.
The 19th meeting of the 10th Board of Directors of the Company deliberated and passed the Proposal onEmploying the Company's Annual Audit Institution, with 11 votes in favor, 0 votes against, and 0 votesabstained. It was also agreed to submit the proposal to the General Meeting of Shareholders for deliberation.The third extraordinary general meeting of shareholders of the company in 2024 deliberated and approvedthe proposal on hiring the company's annual audit institution, agreeing to hire Grant Thornton as the Company'sdomestic and foreign audit institution for the year 2024.Description of the CPAs, financial advisers or sponsors engaged for internal control auditing
√ Applicable □Not applicable
In the report year, the Company engaged Grant Thornton Certified Public Accountants (Special GeneralPartnership) as the certified public accountants and internal control audit body in 2024. The audit remunerationwas RMB 7.4685 million
IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the YearlyReport
□Applicable √ Not applicable
X. Relevant Matters of Bankruptcy Reorganization
□Applicable √ Not applicable
No such cases in the reporting period.XI. Matters of Important Lawsuit and Arbitration
□Applicable√ Not applicable
During the reporting period, the company had no major litigation or arbitration matters.
Other litigation matters
| Basic situation of litigation(arbitration) | Amount involved (Ten tho usand yu an) | Whether t o form est imated lia bilities | Litigation(ar bitration)pro gress | Litigatio n(arbitra tion)trial results and im pact | Imple mentati on of litigati on(arbi tration) judgme nts | Disclo sure d ate | Discl osure inde x |
| Regarding Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. v. Fuzhou Xinchuang Electromechanical Equipment Co., Ltd., Fujian Yongfu Electric Power Design Co., Ltd., and Fujian Huajing Marine Technology Co., Ltd. on dispute over liability for ship collision damage, the claims of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. include compensation for the costs of dismantling, repairing, or relocating offshore wind power facilities due to damage, as well as operational losses or expected profit losses, totaling RMB 188,721,402.30. | 18,872.14 | No | The case was lost in the first instance, and the first-instance judgment of the case was issued in October 2024, and an appeal was filed in November, and the second-instance case has been filed as of the disclosure date. | The company lost the case, and the three defendants were not liable for compensation. | No |
| Principal action: Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. v. China Energy Engineering Group Guangdong Power Engineering Co., Ltd. and Jiangsu Huaxi Village Marine Engineering Service Co., Ltd. on disputes over Construction Engineering Contract. The claims of Guangdong Yuedian Yangjiang Offshore Wind Power Co., Ltd. include: 1. Return of project prepayment and payment of liquidated damages for project delay, totaling RMB 176,739,200; 2. The litigation costs, preservation fees, lawyer fees, and reasonable expenses incurred in this case shall be jointly borne by the Guanghuo Huaxi Consortium. Counter claim: China Energy Engineering Group Guangdong Power Engineering Co., Ltd. and Jiangsu Huaxi Village Marine Engineering Service Co., Ltd. counter claim Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., the claims include: 1. Payment of settlement amount of RMB 249,405,281.97 and overdue interest of RMB 63,687,176.18; 2. For the first claim of unpaid amount, priority right to be compensated from the discounted or auctioned price of the project; 3. All litigation costs, appraisal fees, and other expenses in this case are borne by Guangdong Yudean Yangjiang Offshore Wind Power Company. The reasonable expenses are jointly borne by the Guanghuo Huaxi consortium. | Principal action: RMB 176,739,200; Counter claim: RMB 249,405,281.97 | No | The pre-trial conference of this case was held on August 24, 2024, and the principal action and counterclaim were merged for trial. Both are in the stage of judicial appraisal. | No | No | ||
| Congxing Technology Co., Ltd. (hereinafter referred to as "Congxing Company") v. Guangdong Electric Power Development Co., Ltd. (hereinafter referred to as "the Company") on contract dispute (Case No. (2024) Yue | 5,262.98 | No | The case was heard in Tianhe District Court on November 25, 2024, and the court did not announce the verdict of the | No | No |
| 0106 Min Chu 31786). In this case, Congxing filed a lawsuit against the Company for economic compensation, capital occupation fees, and litigation costs totaling RMB 52,629,800, claiming that the Company violated the relevant provisions on land investment in the Establishment Contract of Guangdong Yudean Humen Power Generation Co., Ltd. and constituted a breach of contract. | first instance. |
Note: In addition to the above disclosed litigation matters, as of the end of the report, the total amount involvedin other lawsuits of the company was about RMB 34,780,300.XII. Situation of Punishment and Rectification
□Applicable √ Not applicable
No such cases in the reporting period.XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
□Applicable √ Not applicable
XIV. Material related transactions
1. Related transactions in connection with daily operation
√Applicable ? Not applicable
For related party transactions related to daily operations during the reporting period, please see Financialreport of this report"7. Other Major Related Party Transactions"
2. Related-party transactions arising from asset acquisition or sale
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related party transactions of joint outbound investment
□Applicable √ Not applicable
No such cases in the reporting period.
For related party transactions related to daily operations during the reporting period, please see "7. OtherMajor Related Party Transactions"
4. Credits and liabilities with related parties
□Applicable √ Not applicable
No such cases in the reporting period.
5. Transactions with related finance company, especially one that is controlled by the Company
√ Applicable □Not applicable
Deposit business
| Related party | Relationship | Maximum daily deposit | Deposit interest rate | Beginning balance(RM | The amount of this period | The amount of |
| limit(RMB '0,000) | range | B '0,000) | Total deposit amount (RMB '0,000) | Total deposit amount (RMB '0,000) | this period Total amount is withdrawn for this period(RMB '0,000) | ||
| Guangdong Energy Group Finance Co., Ltd. | Controlled by Guangdong Energy Group Co., Ltd. | 1,800,000 | 0.1%-3.5% | 1,418,370 | 12,805,908 | 12,800,197 | 1,424,081 |
Loan business
| Related party | Relationship | Loan limit(RMB '0,000) | Loant interest rate range | Beginning balance(RMB '0,000) | The amount of this period | Ending balance(RMB '0,000) | |
| Total loan amount of the current period(RMB '0,000) | Total repayment amount of the current period(RMB '0,000) | ||||||
| Guangdong Energy Group Finance Co., Ltd. | Controlled by Guangdong Energy Group Co., Ltd. | 3,900,000 | 2%-3.45% | 1,041,466 | 1,010,922 | 1,018,342 | 1,034,046 |
Credit extension or other financial services
| Related party | Relationship | Business type | Total amount(RMB '0,000) | Actual amount incurred(RMB '0,000) |
| Guangdong Communications Group Finance Co., Ltd | Controlled by the same parent company | Credit extension | 3,900,000 | 1,034,046 |
6. Transactions between the financial company controlled by the Company and related parties
□ Applicable √Not applicable
There is no deposit, loan, credit or other financial business between the financial company controlled bythe Company and related parties.
7. Other significant related-party transactions
√ Applicable □Not applicable
（1）2024 daily related transactions were carried out after examination and approval by 2024 first provisionalshareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties andthe transactions between them of the Financial Report of this report for details.
（2）On February 22, 2024, the first meeting of the Tenth Board of Directors of the Company bycorrespondence of 2024 examined and adopted the Proposal on Indirect Subsidiaries Introducing Investors. Inorder to implement the use of special funds of the Provincial State-owned Assets Supervision andAdministration Commission and meet the requirements of special funds as project capital, the Board ofDirectors approved Guangdong Yudean Qujie Wind Power Co., Ltd., an indirect subsidiary of the Company, tointroduce a special fund of RMB 50 million from Guangdong Energy Group Co., Ltd. to promote economicdevelopment by way of a non-public agreement capital increase. After the completion of the capital increase ofthe special fund, the final capital contribution ratio of Guangdong Energy Group Co., Ltd. is 1.98% (subject tothe final asset appraisal and filing result), and enjoy the profit bonus of the Wailuo project according to the
special fund accounting for 7.69% of the capital of the Wailuo project. Guangdong Wind Power Generation Co.,Ltd., a holding subsidiary of our Company, gave up the preferential subscription right of capital contribution forthe capital increase of Qujie Wind Power Company.
（3）On April 26, 2024, the 19th meeting of the Tenth Board of Directors of the Company examined andadopted the Proposal on Capital Increase to Guangdong Electric Power Industry Fuel Co., Ltd. And theProposal on the Conversion of Undistributed Profits to Registered Capital of Guangdong Electric PowerIndustrial Fuel Co., Ltd. In order to meet the capital needs for the construction of new energy projects, the boardof directors approved that the Company and Guangdong Energy Group Co., Ltd. will simultaneously increasethe capital of 111.8739 million yuan to Guangdong Electric Power Industry Fuel Co., Ltd. (hereinafter referredto as the "Fuel Company") in accordance with the equity ratio for the construction of the 150MW (100MW inthe first phase) photovoltaic power station project in Yanhu District, Yuncheng City, Shanxi Province. Amongthem, the Company will increase the capital by 55.937 million yuan according to the 50% equity ratio. In orderto reduce financial risks and enhance financing strength, the board of directors approved the subsidiary,Guangdong Electric Power Industrial Fuel Co., Ltd., to use 347.13 million yuan of undistributed profits toincrease capital by way of conversion.
（4）On September 19,，2024,the 5th meeting of the Tenth Board of Directors of the Company bycorrespondence of 2024 examined and adopted the Proposal on Capital Increase to Guangdong Electric PowerIndustry Fuel Co., Ltd.. In Order to ensure the sustainable development of New energy projects and the safetyof the Company\s operating funds, the board of directors agreed to increase the registered Capital of GuangdongElectric Power Industry Fuel Co., Ltd.by 273.605 million yuan in monetary form , of which the total capitalcontribution by the Company shall not exceed 136.8025 million yuan according to the 50% share ratio.
（5）On October 29, 2024, the 21st meeting of the Tenth Board of Directors of the Company examined andadopted the Proposal on Capital Increase to Guangdong Energy Finance Leasing Co., Ltd. In order to furtherenhance the capital strength and expand the scale of business investment, the board of directors agreed that theCompany will increase its capital by 250 million yuan to Guangdong Energy Finance Leasing Co., Ltd.(hereinafter referred to as the "Finance Leasing Company") according to the shareholding ratio of 25%, andallocate it in installments according to the business development needs of the Finance Leasing Company.
（6） On November 29, the firstmeeting of the 11th Board of Directors of the Company by correspondenceof 2024 examined and adopted the Proposal on the Capital Increase and Share Expansion of GuangdongYudean Jinghai Power Generation Co., Ltd. by Public Listing
In order to smoothly promote the expansion project of units 5 and 6 of Guangdong Yudean Huilai PowerPlant (2×1000MW) (hereinafter referred to as the "Project") of Guangdong Yudean Jinghai Power GenerationCo., Ltd. (hereinafter referred to as "Jinghai Power Generation Company"), combined with the investmentintentions of the existing three shareholders of Jinghai Power Generation Company, the board of directors of theCompany agreed that Jinghai Power Generation Company will raise 1,609,954,000 yuan through capitalincrease and share expansion, of which 1,046,470,100 yuan will be newly invested by Guangdong ElectricPower according to the current 65% shareholding ratio, 160,995,400 yuan will be newly invested by GuangzhouDevelopment Power Group Co., Ltd. (hereinafter referred to as "Guangzhou Electric Power Group") accordingto the current 10% shareholding ratio, and the remaining funds of 402,488,500 yuan will be solved through thepublic listing to external investors to increase the capital, with the listing transaction price is determined on thebasis of the record of asset appraisal results. Guangdong Qichuang Investment Development Co., Ltd. waivesits right to increase capital to Jinghai Power Generation Company in this capital increase and share expansion.For the capital increase introduced through public listing, Guangdong Electric Power and Guangzhou ElectricPower Group Co., Ltd. reserve the pre-emptive right to subscribe.
Website for temporary disclosure of the connected transaction
| Announcement | Date of disclosure | Website for disclosure |
| Annuncement of Resolutions of the Firstprovisional shareholers’ general meeting of 2024 | January 6, 2024 | http//www.cninfo.com.cn. |
| Announcement of related transactions on the Indirect Subsidiaries Introducing Investors. | February 23,2024 | http//www.cninfo.com.cn. |
| Announcement on Related-Party Transactions of Increasing Capital to Guangdong Power Industry Fuel Co., Ltd. and Transferring its Undistributed Profit to Registered Capital | April 30,2024 | http//www.cninfo.com.cn. |
| Announcement on Related-Party Transactions of Increasing Capital to Guangdong Power Industry Fuel Co., Ltd. | September 20,2024 | http//www.cninfo.com.cn. |
| Announcement on Related-Party Transactions of Increasing Capital to Guangdong Energy Finance Leasingasing Co., Ltd.《 | October 31, 2024 | http//www.cninfo.com.cn. |
| Announcement on Related-Party Transactions on the Capital Increase and Share Expansion of Guangdong Yudean Jinghai Power Generation Co., Ltd. by Public Listing | November 30,2024 | http//www.cninfo.com.cn. |
XV. Significant contracts and execution
1.Entrustments, contracting and leasing
（1）Entrustment
√ Applicable □ Not applicable
Statement of Trusteeship Situation :
According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid thehorizontal competition and fulfill the relevant commitment of the horizontal competition, the Company signedStock Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within thetrusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the Company,The custody fee collected from each company directly holding the first-class target of Guangdong Energy Groupis RMB 100,000/year; The custody fee collected from each company indirectly holding the secondary target isRMB 50,000/year. published by the Company in China Securities Daily, Securities Times andhttp://www.cninfo.com.cn on January 13, 2018(Announcement No.2018-04). the custody fee actually collected bythe Company was RMB 1.6981 million in 2024.
Gains/losses to the Company from projects that reached over 10% in total profit of the Company inreporting period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company inreporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable □ Not applicable
Note
As the lessee, the company has incurred a rental fee of RMB 43 million in this year.Project which generates profit or loss reaching over 10% of total profits of the Company during theReporting Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Significant Guarantees
√Applicable □ Not applicable
In RMB 10,000
| Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries) | ||||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guaranty（If any） | Counter-guarantee（If any） | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) |
| Guangdong Energy Group Co., Ltd. | October 29,2020 | 200,000 | November 19,2020 | 178,944 | Guaranteeing of joint liabilities. | No | Guangdong Yudean Yangjiang Offshore wind power Co., Ltd. provides joint and several liability guarantee counter-guarantee | Two ortwo years after the expiration of the loan agreement | No | Yes |
| Total amount of approved external guarantee in the report period(A1) | 0 | Total actually amount of external guarantee in the report period(A2) | -10,528 | |||||||
| Total amount of approved external guarantee at the end of the report period(A3) | 425,459 | Total actually amount of external guarantee at the end of the report period(A4) | 178,944 | |||||||
| Guarantee of the company for its subsidiaries | ||||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guaranty（If any） | Counter-guarantee（If any） | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) |
| Guangdong Wind Power Generation Co., Ltd. | August 31,2022 | 200,000 | March 21,2023 | 60,000 | Guaranteeing of joint | No | No | The duration of each issue of corporate bonds under the registration approval of Guangdong Wind Power Generation Co., Ltd. will end on the day that is two years after the latest due date of the corporate bond. | No | No |
| Total of guarantee for subsidiaries approved in the period(B1) | 0 | Total of actual guarantee for subsidiaries in the period (B2) | 0 | |||||||
| Total of guarantee for subsidiaries approved at period-end(B3) | 441,536 | Total of actual guarantee for subsidiaries at period-end(B4) | 60,000 | |||||||
| Guarantee of the subsidiaries for the controlling subsidiaries | ||||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guaranty（If any） | Counter-guarantee（If any） | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) |
| The Company’s total guarantee(i.e.total of the first three main items) | ||||||||||
| Total guarantee quota approved in the reporting period（A1+B1+C1） | 0 | Total amount of guarantee actually incurred in the reporting period（A2+B2+C2） | -10,528 | |||||||
| Total guarantee quota already approved at the end of the reporting period（A3+B3+C3） | 866,995 | Total balance of the actual guarantee at the end of the reporting period（A4+B4+C4） | 238,944 |
| The proportion of the total amount of actually guarantee in the net assets of the Company (that is A4+B4+C4）% | 10.44% | ||
| Including： | |||
| Amount of guarantees provided for shareholders, the actual controller and their related parties (D) | 178,944 | ||
| Amount of debt guarantees provided directly or indirectly for entities with a liability-to-asset ratio over 70% (E) | 238,944 | ||
| Proportion of total amount of guarantee in net assets of the company exceed 50%（F） | 0 | ||
| Total amount of the three kinds of guarantees above (D+E+F) | 238,944 | ||
| Explanations on possibly bearing joint and several liquidating responsibilities for undue guarantees (if any) | No | ||
| Explanations on external guarantee against regulated procedures (if any) | No | ||
3. Finance management on commission
(1)Situation of Entrusted Finance
□ Applicable √ Not applicable
No any Entrusted Finance for the Company in the reporting period..
（2）Situation of Entrusted Loans
□ Applicable √ Not applicable
No any Entrusted loans for the Company in the reporting period..
4. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.XVI. Explanation on other significant events
√ Applicable □Not applicable
| Summary of important matters | Name | Date of disclosure | Website for disclosure |
| In order to reflect the Company's financial position and operating results more objectively and fairly, after deliberation at the 17th meeting of the 10th board of directors of the Company,it’s agreed that the Company would make changes in accounting policy in accordance with Interpretation No. 17 from January 1, 2024. | Announcement on Accounting Policy Changes | March 30,2024 | http//www.cninfo.com.cn. |
| In order to objectively and fairly reflect the Company's financial position and the value of assets at the end of the period, after deliberation at the 13th meeting of the 10th board of directors of the Company, it’s agreed that the Company will make an asset impairment provision of 1,206.2926 million yuan for the relevant assets of the Company and its holding subsidiaries as of 2023 in accordance with the relevant provisions of the "Accounting Standards for Business Enterprises" and the actual situation of the Company's assets. the Company and its holding subsidiaries made | Announcement on The Provision for Asset Impairment | March 30,2024 | http//www.cninfo.com.cn. |
| an asset impairment provision of 1,324.5204 million yuan for the relevant assets that might have asset impairment | |||
| According to Article 12 of the Management Measures for the Selection and Appointment of Accounting Firms by State owned Enterprises and Listed Companies jointly issued by the Ministry of Finance, the State owned Assets Supervision and Administration Commission of the State Council, and the China Securities Regulatory Commission (CSRC), "State owned enterprises shall not continuously employ the same accounting firm for more than 8 years." Considering that PwC has provided audit services to the Company for 8 consecutive years, in order to further enhance the independence and objectivity of the audit work of listed companies, and taking into account the Company's development situation and audit work needs, the Company intends to change its accounting firm. After tendering and prudent decision-making, the Company intends to appoint Grant Thornton Certified Public Accountants (Special General Partnership), hereinafter referred to as " Grant Thornton ") as the financial audit and internal control audit institution for the year of 2024. | Announcement on the Proposed Change of the Company's Accounting Firm | April 30,2024 | http//www.cninfo.com.cn. |
| In order to accelerate the development and construction of new energy projects, the board of directors agreed to increase the registered capital of its wholly-owned subsidiary, Guangdong Energy Group Xinjiang Co., Ltd. (hereinafter referred to as "Xinjiang Company"), from 300 million yuan to 1.3 billion yuan, which will be fully increased by the Company. The capital increase will be allocated in batches according to the actual progress of the project and the demand for funds. | Announcement of Resolutions of the Second Meeting of the Tenth Board of Directors by Correspondence of 2024 | July 24,2024 | http//www.cninfo.com.cn. |
| In order to implement the industrial development strategy of Xinjiang and smoothly promote the construction of new energy projects, the board of directors of the Company agreed to invest in the construction of the First Phase of the 500,000 Kilowatts of Tuokexun County 1 million-Kilowatts Wind Power Project of Guangdong Energy, with a total investment of 1,975,335,900 yuan, and the capital is set at 396,567,200 yuan according to 20% of the total investment- which will be solved by the wholly-owned subsidiary Guangdong Energy Group Xinjiang Co., Ltd. increasing the capital in batches to Guangdong Energy Tuokexun New Energy Power Generation Co., Ltd. according to the actual progress of the project and capital needs. | Announcement of Resolutions of the Third Meeting of the Tenth Board of Directors by Correspondence of 2024 | July 24,2024 | http//www.cninfo.com.cn. |
| In order to implement the industrial development strategy of Xinjiang and smoothly promote the construction of new energy projects, the board of directors of the Company agreed that Guangneng Toksun New Energy Power Generation Co., Ltd. will invest in the construction of the second phase of the 500,000 kilowatt project of Guangdong Energy Tuoxun County 1 million kilowatt Wind Power Project. The total investment of the second phase project is 1,844.4618 million yuan, and the capital is 370.3924 million yuan set according to 20% of the total investment, which shall be solved by Guangdong Energy Group Xinjiang Co., Ltd. to increase the capital to Guangneng Tuoxun New Energy Power Generation Co., Ltd. in batches according to the actual progress of the project and the capital demand. | Announcement of Resolutions of the 5th Meeting of the Tenth Board of Directors by Correspondence of 2024 | September 20,2024 | http//www.cninfo.com.cn. |
XVII. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
VII. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
| Before the change | Increase/decrease（+，-） | After the Change | |||||||
| Amount | Proportion | Share allotment | Bonus shares | Capitalization of common reserve fund | Other | Subtotal | Quantity | Proportion | |
| I. Share with conditional subscription | 1,897,963,287 | 36.15% | 16,050 | 16,050 | 1,897,979,337 | 36.15% | |||
| 1. State-owned shares | |||||||||
| 2. State-owned legal person shares | 1,893,454,257 | 36.06% | 1,893,454,257 | 36.06% | |||||
| 3.Other domestic shares | 4,509,030 | 0.09% | 16,050 | 16,050 | 4,525,080 | 0.09% | |||
| Of which：Domestic legal person shares | 3,535,770 | 0.07% | 3,535,770 | 0.07% | |||||
| Domestic natural person shares | 973,260 | 0.02% | 16,050 | 16,050 | 989,310 | 0.02% | |||
| 4.Foreign shares | |||||||||
| Of which：Foreign legal person shares | |||||||||
| Foreign natural person shares | |||||||||
| II. Shares with unconditional subscription | 3,352,320,699 | 63.85% | -16,050 | -16,050 | 3,352,304,649 | 63.85% | |||
| 1.Common shares in RMB | 2,553,912,699 | 48.64% | -16,050 | -16,050 | 2,553,896,649 | 48.64% | |||
| 2.Foreign shares in domestic market | 798,408,000 | 15.21% | 798,408,000 | 15.21% | |||||
| 3.Foreign shares in foreign market | |||||||||
| 4.Other | |||||||||
| III. Total of capital shares | 5,250,283,986 | 5,250,283,986 |
Reasons for share changed
√ Applicable □ Not applicable
In March, 2024, Ms. Ling Xiaoqing, the former director of the Company, purchased 16,050 A shares of theCompany, and these A shares have been converted into executive lock-in shares, therefore the number ofrestricted shares of the Company has correspondingly increased.Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributableto common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from securityregulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
√ Applicable □ Not applicable
In Shares
| Shareholder | Number of restricted shares at the beginning | Number of restricted shares in increased this period | Number of restricted shares released in this period | Number of restricted shares at the end of the period | Reasons for sales restriction | Release date of sales restriction |
| Li Xiaoqing | 0 | 16,050 | 0 | 16,050 | Executive lock-in shares | February 2025 |
| Total | 0 | 16,050 | 0 | 16,050 | -- | -- |
Ⅱ.Issuing and listing
1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period
□Applicable √Not applicable
2.Change of asset and liability structure caused by change of total capital shares and structure
□Applicable √Not applicable
3.About the existing employees’ shares
□Applicable √Not applicable
Ⅲ.Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Shares
| Total number of common shareholders at the end of the reporting period | 104,096 | Total shareholders at the end of the month from the date of disclosing | 103,138 | The total number of preferred shareholders voting rights (if any)(See Notes 8) | 0 | Total preferred shareholders at the end of the month from the date of disclosing the annual report(if any)(See Notes 8) | 0 | ||||
| Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing) | |||||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Changes in reporting period | Amount of restricted shares held | Amount of un-restricted shares held | Number of share pledged/frozen | ||||
| State of share | Amount | ||||||||||
| Guangdong Energy Group Co., Ltd. | State-owned legal person | 67.39% | 3,538,116,921 | 0 | 1,893,454,257 | 1,644,662,664 | Not applicable | 0 | |||
| Guangzhou Development Group Co., Ltd. | State-owned legal person | 2.22% | 116,693,602 | 0 | 0 | 116,693,602 | Not applicable | 0 | |||
| Guangdong Electric Power Development Corporation | State-owned legal person | 1.80% | 94,367,341 | 0 | 0 | 94,367,341 | Not applicable | 0 | |||
| Zheng Jianxiang | Domestic Natural person | 0.51% | 26,600,000 | 195,056 | 0 | 26,600,000 | Not applicable | 0 | |||
| CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LTD | Overseas Legal person | 0.29% | 15,266,066 | -62,300 | 0 | 15,266,066 | Not applicable | 0 | |||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas Legal person | 0.29% | 15,075,212 | -780,300 | 0 | 15,075,212 | Not applicable | 0 | |||
| Agricultural Bank of China－CSI 500 exchange-traded securities | Domestic Non-State owned legal | 0.24% | 12,673,800 | 7,947,200 | 0 | 12,673,800 | Not applicable | 0 | |||
| investment fund | |||||||||||
| NOMURA SINGAPORE LIMITED | Overseas Legal person | 0.24% | 12,599,843 | 0 | 0 | 12,599,843 | Not applicable | 0 | |||
| Chaokang Investment Co., Ltd. | Overseas Legal person | 0.22% | 11,656,677 | 0 | 0 | 11,656,677 | Not applicable | 0 | |||
| HKSCC | Overseas Legal person | 0.22% | 11,413,362 | -29,140,225 | 0 | 11,413,362 | Not applicable | 0 | |||
| Strategy investors or general legal person becomes top 10 shareholders due to rights issued (if applicable)（See Notes 3） | Not applicable | ||||||||||
| Explanation on associated relationship among the aforesaid shareholders | The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown | ||||||||||
| Above shareholders entrusting or entrusted with voting rights, or waiving voting rights | Not applicable | ||||||||||
| Top 10 shareholders including the special account for repurchase (if any) (see note 10) | Not applicable | ||||||||||
| Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock) | |||||||||||
| Name of the shareholder | Quantity of unrestricted shares held at the end of the reporting period | Share type | |||||||||
| Share type | Quantity | ||||||||||
| Guangdong Energy Group Co., Ltd. | 1,644,662,664 | RMB Common shares | 1,644,662,664 | ||||||||
| Guangzhou Development Group Co., Ltd. | 116,693,602 | RMB Common shares | 116,693,602 | ||||||||
| Guangdong Electric Power Development Corporation | 94,367,341 | RMB Common shares | 94,367,341 | ||||||||
| Zheng Jianxiang | 26,600,000 | Foreign shares placed in domestic exchange | 26,600,000 | ||||||||
| CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LTD | 15,266,066 | Foreign shares placed in domestic exchange | 15,266,066 | ||||||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 15,075,212 | Foreign shares placed in | 15,075,212 | ||||||||
| domestic exchange | |||
| Agricultural Bank of China－CSI 500 exchange-traded securities investment fund | 12,673,800 | RMB Common shares | 12,673,800 |
| NOMURA SINGAPORE LIMITED | 12,599,843 | Foreign shares placed in domestic exchange | 12,599,843 |
| Chaokang Investment Co., Ltd. | 11,656,677 | Foreign shares placed in domestic exchange | 11,656,677 |
| HKSCC | 11,413,362 | RMB Common shares | 11,413,362 |
| Explanation on associated relationship or consistent action among the top 10 shareholders of non-restricted negotiable shares and that between the top 10 shareholders of non-restricted negotiable shares and top 10 shareholders | The Third largest shareholder Guangdong Electric Power Development Corporation And the ninth largest shareholder Chaokang Investment Co., Ltd. Are the the wholly-owned subsidiaries of the largest shareholder Energy Group. These three companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown | ||
| Explanation on shareholders participating in the margin trading business(if any )(See Notes 4) | No | ||
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10shareholders of unrestricted tradable shares participating in the lending of shares in securities lending andborrowing business
?Applicable □Not applicable
In Shares
| Particulars about shares held above 5% by shareholders, Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock) | ||||||||
| Name of shareholder (full name) | General account and credit account holding shares at the beginning of the period | Number of shares lent by refinancing at the the beginning of the period and not yet returned | General account and credit account holding shares at the end of the period | Number of shares lent by refinancing at the end of the period and not yet returned | ||||
| Total quantity | Proportion of total share capital | Total quantity | Proportion of total share capital | Total quantity | Proportion of total share capital | Total quantity | Proportion of total share capital | |
| Agricultural Bank of China－CSI 500 exchange-traded securities investment fund | 4,726,600 | 0.09% | 1,450,800 | 0.03% | 12,673,800 | 0.03% | 0 | 0% |
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed comparedwith the previous period due to the securities lending/returning,
□ Applicable √ Not applicable
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Companyhave no buy –back agreement dealing in reporting period.
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holdingType of Controlling Shareholders: Legal person
| Name of the Controlling shareholder | Legal representative/Leader | Date of incorporation | Organization code | Principal business activities |
| Guangdong Energy Group Co., Ltd. | Zhang Fan | August 3,2001 | 91440000730486022G | Management and sales of the electricity investment construction operation management，electricity power(Thermal Power)， The industry of transportation resources environmental protection，new source of energy electricity investment; investment planning and consulting ; information consulting service; sales of production materials. |
| The equity of the controlling shareholder in other domestic and foreign listed companies held or partly held by it in the report period | Unknown | |||
Change of the actual controller in the reporting period
□Applicable √Not applicable
No such cases in the Reporting Period.3．Information about the controlling shareholder of the CompanyActual controller nature：Local state owned assets managementActual controller type：Legal person
| Name of the controlling shareholder | Legal representative/person in charge | Date of establishment | Organization code | Principal business activities |
| State-owned Assets supervision and administration Commission of Guangdong Provincial People’s Government | Zhi Guangnan | June 26,2004 | 114400007583361658 | As the special institution directly subordinate to Guangdong Provincial People's Government, performed the obligation of provincial |
state-asset contributorentrusted by theprovincial government.
Equity of otherdomestic/foreignlistedcompany withsharecontrolling andshareparticipation bycontrollingshareholder inreporting period
Unknown
Changes of the actual controller in the reporting period
□Applicable √Not applicable
No Changes of the actual controller in the reporting periodBlock Diagram of the ownership and control relations between the company and the actual controller
The actual controller controls the company by means of trust or managing the assets in other way
□Applicable √Not applicable
4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder ofthe company and its person acting in concert accounts for 80% of the number of shares held by thecompany
□Applicable √Not applicable
5.Particulars about other legal person shareholders with over 10% share held
□Applicable √Not applicable
6.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, RestructuringParty and Other Commitment Subjects
□Applicable √Not applicable
IV. Specific implementation of share repurchase during the reporting period
Progress in implementation of share repurchase
□ Applicable √Not applicable
Implementation progress of reducing repurchased shares by centralized bidding
□ Applicable √Not applicable
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period.
IX. Corporate Bond
√ Applicable □ Not applicable
I. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.II. Corporate bond
√ Applicable □ Not applicable
1). Basic information of corporate bonds
In RMB 10,000
| Bond name | Bond short name | Bond code | Issue day | Value date | Due day | Bond balance (RMB '0,000) | Interest rate | Servicing way | Trading |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power Development Co.,Ltd. | 21 Yudean 01 | 149369.SZ | January 26,2021 | January 27, 2021 | January 27, 2024 | 0 | 3.57% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Shenzhen Stock Exchange |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | 21Yudean 02 | 149418.SZ | April 27,2021 | April 28,2021 | April 28,2026 | 12,500 | 2.45% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, | Shenzhen Stock Exchange |
| maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | |||||||||
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase I) of Guandong Electric Power Development Co.,Ltd. | 21Yedean 03 | 149711.SZ | November 23,2021 | November 24, 2021 | November 24, 2026 | 80,000 | 3.41% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Shenzhen Stock Exchange |
| Public Issuance of Green Corporate Bonds to professional Investors in 2023(phase I)(Variety 2) of Guangdong Wind Power Generation Co., Ltd. | G23 Yuefeng 2 | 115042.SH | March 20,2023 | March 21,2023 | March 21,2028 | 60,000 | 3.15% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Shenzhen Stock Exchange |
| During the reporting period, interest payment situation of the company bonds（If any） | 21 Yudean 01, 21 Yudean 02, 21 Yudean 03 and G23 Yuefeng 2 are bonds for professional investors | ||||||||
| Applicable trading mechanism | Matching transaction, click transaction, inquiry transaction, bidding transa | ||||||||
| ction, negotiation transaction | |
| Whether there are risks and countermeasures for terminating listing transactions（If any) | No |
Overdue and outstanding bonds
□ Applicable √ Not applicable
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
√ Applicable □ Not applicable
1. Some bonds of the Company have option clauses, as follows:
Bond codes: 149418.SZ,115042.SZBond abbreviation: 21 Yudean 02, G23 Yuefeng 2Types of terms included in bonds: adjustment of coupon rate option and resale optionTrigger and implementation of option clause: During the reporting period, 21 Yudean 02 triggered theoption clause. From March 25, 2024 to March 27, 2024, the Company issued three suggestive announcementson the implementation measures of coupon rate non-adjustment and investors' resale.
It will reduce the coupon rate to 2.45%. After the announcement on the coupon rate adjustment by theCompany, investors exercised the repurchase option, with a registered repurchase size of RMB 1.375 billionand a balance of RMB 125 million after the repurchase of 21 Yudean 02.During the reporting period, d G23 Yuefeng 2 did not reach the exercise period and thus did not trigger theoption clause.
2. Some bonds of the Company have investor protection clauses, as follows:
Bond code: 149711.SZ
Bond abbreviation: 21 Yudean 03
Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies fornegative matters
Trigger and implementation of investor protection clauses: The trigger and implementation of investorprotection clauses were not involved in the reporting period.
3.Information of intermediary agency
| Name of bond project | Name of intermediary agency | Office Address | Name of signing accountant | Contact person of intermediary agency | Tel |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power Development Co.,Ltd. | China Securities Co., Ltd. (lead principal underwriter/bookkeeping manager/trustee) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang District, Beijing | Not applicable | Liu Renshuo | 010-56051956 |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power Development Co.,Ltd. | CITIC Securities Co., Ltd. (joint lead underwriter) | 22/F, CITIC Securities Building, No.48 Liangmaqiao Road, Chaoyang District, Beijing | Not applicable | Song Yilan | 010-60836755 |
| Public Issuance of | Beijing Zhong Lun | 31,33,36 and 37 | Not applicable | Liang Qinghua | 020-28262689 |
| Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power | Law Firm | floor,Sk Building, No.6, Jianguomenwai, Chaoyang District Beijing | |||
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers Center, No.202 Lingzhan Enterprise Paazza, Hubin Road, Huangpu District, Shanghai | Wang Bin, Li Yanhua（2019）；Wang Bin, Guo Biyu（2018）；Wang Bin, Chen Junjun（2017） | Wang Bin | 020-38192000 |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Fang Zibin | 010-66428877 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | China Securities Co., Ltd. (lead principal underwriter/bookk eeping manager/trustee) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | Not applicable | Liu Renshuo | 010-56051956 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | CITIC Securities Co., Ltd. (joint lead underwriter) | 22/F, CITIC Securities Building, No.48 Liangmaqiao Road, Chaoyang District, Beijing | Not applicable | Song Yilan | 010-60836755 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | Beijing Zhong Lun Law Firm | 31,33,36 and 37 floor,Sk Building, No.6, Jianguomenwai, Chaoyang District Beijing | Not applicable | Liang Qinghua | 020-28262689 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers Center, No.202 Lingzhan Enterprise Paazza, Hubin Road, Huangpu District, Shanghai | Wang Bin, Li Yanhua （2019-2020）；Wang Bin, Guo Biyu（2018） | Wang Bin | 020-38192000 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Fang Zibin | 010-66428877 |
| Power Development Co.,Ltd. | |||||
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | China Securities Co., Ltd. (lead principal underwriter/bookk eeping manager/trustee) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | Not applicable | Liu Renshuo | 010-56051956 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | ETR Law Firm | 29/F, 10/F and 11/F, Chow Tai Fook Finance Centre, NO.6 Zhujiang Dong Road, Tianhe District Guangzhou City, Guangdong Province | Not applicable | Wang Xing | 020-37181333 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers Center, No.202 Lingzhan Enterprise Paazza, Hubin Road, Huangpu District, Shanghai | Wang Bin, Li Yanhua （2019-2020）；Wang Bin, Gluo Biyu（2018） | Wang Bin | 020-38192000 |
| Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Sheng Lei | 010-66428877 |
| Public Issuance of Green Corporate Bonds to professional Investors in 2023(phase I)(Variety 2) of Guangdong Wind Power Generation Co., Ltd. | Guangfa Securities Co., Ltd. | 43/F, Guangfa Securities Building, No.26, Machang Road, Tianhe District, Guangzhou | Not appliacable | Chen Jieyi, Li Manjia, Wang Sihui, Yang Mingchuan | 020-66335451 |
| Public Issuance of Green Corporate Bonds to professional Investors in 2023(phase I)(Variety 2) of Guangdong Wind Power Generation Co., Ltd. | Shengang Securities Co., Ltd. | 16/22/23Floor International Finance Center, 1589 Century Avenue, Pudong Shanghai | Not applicable | Zhan Xinda, Chi Cheng, Liang Hanbing | 021-20639666 |
| Public Issuance of Green Corporate Bonds to professional Investors in | PricewaterhouseCoopers Zhongtian Certified Public Accountants | 11/F, PricewaterhouseCoopers Center, No.202 Lingzhan | Li Xiaolei, Fan Xin | Li Xiaolei, Fan Xin, Tang Di | 020-38192097 |
| 2023(phase I)(Variety 2) of Guangdong Wind Power Generation Co., Ltd. | (Special General Partnership) | Enterprise Paazza, Hubin Road, Huangpu District, Shanghai | |||
| Public Issuance of Green Corporate Bonds to professional Investors in 2023(phase I)(Variety 2) of Guangdong Wind Power Generation Co., Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Wang Linbo, LiuYinle | 010-66428877 |
| Public Issuance of Green Corporate Bonds to professional Investors in 2023(phase I)(Variety 2) of Guangdong Wind Power Generation Co., Ltd. | Goldsun Law Firm | 3,13/F, Industrial Bnk Building , No.101,Tianhe Road, Guangzhou | Not applicable | Chen Ling, Yan Lixin | 020-38790290 |
Whether the above agency changes during the reporting period?Yes □NoAccording to Article 12 of the Management Measures for the Selection and Appointment of AccountingFirms by State owned Enterprises and Listed Companies jointly issued by the Ministry of Finance, the Stateowned Assets Supervision and Administration Commission of the State Council, and CSRC: "State ownedenterprises shall not continuously employ the same accounting firm for more than 8 years.", considering thatPwC Zhongtian Certified Public Accountants (Special General Partnership) has provided audit services to theCompany for 8 consecutive years, in order to further enhance the independence and objectivity of the auditwork of the listed company, and taking into account the Company's development situation and audit work needs,after tendering and decision-making by the Company's authorized institution, the issuer appointed GrantThornton Certified Public Accountants (Special General Partnership) as the financial audit and internal controlaudit institution for 2024.The change of the Company's accounting firm is mainly aimed at further enhancing the independence andobjectivity of the audit work of the listed company. Taking into account the development situation of theCompany and the needs of audit work, it has no substantial and significant adverse impact on its financialcondition and debt paying ability.
4. Use of raised funds
In RMB10,000
| Bond Code | Bond abbreviation | Total amount of raised funds | Agreed purpose of raised funds | Used amount | Actual use of raised funds (classified by purpose, excluding temporary replenishment) | Actual use of funds for each category | Unused amount | Operation of special account for raised funds (if any) | Rectification of illegal use of raised funds (if any) | Whether it is consistent with the purpose, use plan and other agreements stipulated in the prospectus |
| 149369.S | 21Yudean | 100,00 | Intended | 100,00 | Used to | All used | 0 | The | No | Yes |
| Z | 01 | 0 | for repaying the Company's interest bearing debt | 0 | repay interest bearing liabilities (excluding corporate bonds) | to repay the Company's interest bearing debts | special fund-raising account operates properly | |||
| 149418.SZ | 21 Yudean02 | 150,000 | Intended for repaying the Company's interest bearing debt | 150,000 | Used to repay interest bearing liabilities (excluding corporate bonds) | All used to repay the Company's interest bearing debts | 0 | The special fund-raising account operates properly | No | Yes |
| 149711.SZ | 21 Yudean03 | 80,000 | Raised funds of no more than RMB 500 million (including RMB 500 million) used to repay the Company's interest bearing debts, and the remaining amount to supplement the Company's working capital, etc | 80,000 | Used to repay interest bearing liabilities (excluding corporate bonds) | RMB 500 million used to repay the Company's interest bearing debt | 0 | The special fund-raising account operates properly | No | Yes |
| 149711.SZ | 21粤电03 | 80,000 | 拟将不超过 5 亿元（含 5 亿元）募集资金用于偿还公司有息债务，剩余部分用于补充公司流动资金等 | 80,000 | Used to supplement daily operating funds (excluding temporary cash flow) | RMB 300 million to supplement the Company's working capital | 0 | 募集资金专项账户运作良好 | 无 | 是 |
| 115042.SH | G23 Yuefeng 2 | 60,000 | Intended for the construction and acquisition of projects in | 32,883 | Used for the construction and operation of physical projects | The construction and acquisition of projects in the green | 27,117 | The special fund-raising account operates properly | No | Yes |
| the green industry sector | industry sector amounted to RMB 328.83 million |
The raised funds are used for construction projects?Applicable □ Not applicable
| Bond code | Bond abbreviation | Project progress and operational benefits | Where there was any significant change in the project during the reporting period that may affect the investment and use plan of the raised funds | Project changes and procedure implementation status | Whether the net income of the project decreased by more than 50% compared to the disclosure in the prospectus during the reporting period, or whether any other significant adverse changes that may affect the operational efficiency of the project occurred during the reporting period | Changes in net income of the project and their impact on the issuer's debt paying ability and investor's equity, as well as countermeasures |
| 115042.SH | G23 Yuefeng 2 | G23 Yuefeng 2 raised funds amounted RMB 600 million, with a cumulative use of RMB 328.83 million, of which RMB 44 million was used for the construction of the Phase II (80MW) of the Photovoltaic Composite Project in Yulin Village, Sanzao, Zhuhai, Guangdong; RMB 80.29 million was used for the construction of the Agricultural and Photovoltaic Complementary Project (200MW) in Lanshannan City; RMB 1.41 million was used for the construction of the Shixi Photovoltaic Power Generation Project (70 MW) in Baidu Village, Dachong Village, Shixi Village, Dapingtang Village, and Zhishiping Village in Dapingtang Town, Xintian County; RMB 61.13 million was used for the acquisition of Guangdong AVIC | No | Not applicable | Not | Not applicable |
operation at the end ofOctober 2023; Theacquisition of AVICXiangzhou PhotovoltaicIntegration (160MW in thisphase) has started in July2023, and it was firstconnected to the grid inAugust 2023. The projectdelivery was completed onDecember 25, 2023, and theproject is in good operation.
During the reporting period, the Company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
5.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6．The implementation and changes of guarantee, debt repayment plan and other debt repaymentguarantee measures during the reporting period and their impact on the rights and interests of bondinvestors
√ Applicable □ Not applicable
(1). Credit enhancement mechanism: 21 Yudean 01, 21 Yudean 02 and 21 Yudean 03 are not guaranteed.G23Yuefeng 2 set up credit enhancement measures, and Guangdong Electric Power Development Co., Ltd. providedfull and unconditional irrevocable joint liability guarantee.
(2). Debt repayment plan and other debt repayment guarantee measures: 21 Yudean 01, 21 Yudean 02, 21 Yudean03 and G3 Yuefeng 2 debt repayment plans and other debt repayment guarantee measures have not changedduring the reporting period, and the payment of their principal and interest will be handled by the bondregistration institution and relevant institutions. The specific matters of payment will be elaborated in theannouncement disclosed by the issuer in the media specified by China Securities Regulatory Commission,Shenzhen Stock Exchange, Shanghai Stock Exchange and China Securities Industry Association in accordancewith relevant regulations.III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
In RMB10,000
| Bond name | Bond short name | Bond code | Issue day | Value date | Due day | Bond balance | Interest rate | Servicing way | Trading |
| 2021 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 21Yudean Fa MTN001 | 102101339.IB | July 19,2021 | July 21,2021 | July 21,2024 | 0 | 3.17% | Using simple interest rate on a yearly basis, regardless of | Interbank market |
| compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | |||||||||
| 2021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | 21Yudean Fa MTN002 | 102102318.IB | November 15,2021 | November 17,2021 | November 17,2024 | 0 | 3.13% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 22Yudean Fa MTN001 | 102281929.IB | August 24,2022 | August 26,2022 | August 26,2027 | 60,000 | 2.9% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, | Interbank market |
| maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | |||||||||
| 2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 23Yudean Fa MTN001 | 102380558.IB | March 15,2023 | March 17,2023 | March 17,2028 | 160,000 | 3.35% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 24 Yudean Fa MTN001 | 102482034.IB | May 22,2024 | May 24,2024 | May 24,2029 | 100,000 | 2.41% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is | Interbank market |
| paid together with the principal redemption. | |||||||||
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | 24 Yudean Fa MTN002 | 102483012.IB | July 11,2024 | July 15,2024 | July 15,2034 | 150,000 | 2.54% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | 24 Yudean Fa MTN003 | 102484007.IB | September 9,2024 | September 11,2024 | September 11,2039 | 60,000 | 2.52% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | 24 Yudean Fa MTN004 | 102400984.IB | October 11,2024 | October 14, 2024 | October 14,2029 | 100,000 | 2.47% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. Variety 2) | 24 Yudean Fa MTN004B | 102400985.IB | October 11,2024 | October 14, 2024 | October 14,2039 | 50,000 | 2.70% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2024 MTN (Phase V) of Guangdong Electric Power Developmen | 24 Yudean Fa MTN005 | 102484558.IB | October 22,2024 | October 24,2024 | October 24,2039 | 100,000 | 2.70% | Using simple interest rate on a yearly basis, | Interbank market |
| t Co., Ltd. | regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | ||||||||
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. Variety 1) | 24 Yudean FaMTN006A | 102401037.IB | November 11,2024 | November 13, 2024 | November 13, 2029 | 80,000 | 2.37% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Interbank market |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. Variety 2) | 24Yudean Fa MTN006B | 102401038.IB | November 11,2024 | November 13,2024 | November 13,2039 | 100,000 | 2.67% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments | Interbank market |
| once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | |||||||||
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | 23 Yudean Fa SCP001 | 012382809.IB | July 25,2023 | July 26,2023 | January 19,2024 | 0 | 2.13% | One time repayment of principal and interest due | Interbank market |
| Guangdong Electric Power Development Co., Ltd.2023 II phase Ultra-short term financing bills | 23 Yudean Fa SCP002 | 012384361.IB | December 5,2023 | December 6,2023 | May 31,2024 | 0 | 2.56% | One time repayment of principal and interest due | Interbank market |
| Guangdong Electric Power Development Co., Ltd.2024 I phase Ultra-short term financing bills | 24 Yudean Fa SCP001 | 012481357.IB | April 18,2024 | April 19, 2024 | October 16, 2024 | 0 | 1.84% | One time repayment of principal and interest due | Interbank market |
| 2021 MTN (Phase I) of Guangdong Huizhou Pinghai Power Generationt Co., Ltd. | 21 Pnghai Fa MTN001 | 102102049.IB | October 13,2021 | October 15, 2021 | October 15, 2024 | 0 | 3.72% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In | Interbank market |
| the final phase, interest is paid together with the principal redemption. | |||
| During the reporting period, interest payment situation of the company bonds（If any） | No | ||
| Applicable trading mechanism | Circulation and transfer in the national inter-bank bond market, its listing and circulation will be carried out in accordance with the relevant regulations promulgate d by the National Interbank Funding Center | ||
| Whether there are risks and countermeasures for terminating listing transactions（If any) | No | ||
Overdue and unpaid bonds
□ Applicable √ Not applicable
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Information of intermediary agency
| Name of bond project | Name of intermediary agency | Office Address | Name of signing accountant | Contact person of intermediary agency | Tel |
| 2021 MTN (Phase I) of Guangdong Electric Power Develop | Industry Bank(lead principal underwriter/bookk eeping manager | Industry Bank Building, No.186, Jiangbin Road, Taijiang District , Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2021 MTN (Phase I) of Guangdong Electric Power Develop | ICBC(joint lead underwriter) | No. 55, Fuxingmennei, Street , Xicheng District , Beijing | Not applicable | Sheng Xue | 010-66106736 |
| 2021 MTN (Phase I) of Guangdong Electric Power Develop | Beijing Zhong Lun Law Firm | 31,33, 36 and 37/F, SK Building, A6, Jianguomenwai Street , Chaoyang District, Beijing | Not Applicable | Liang Qinghua | 020-28262689 |
| 2021 MTN (Phase I) of Guangdong Electric Power Develop | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Wang Bin, Li Yanhua（2019-2020）；Wang Bin, Guo Biyu（2018） | Du Weiwei | 020-38192558 |
| 2021 MTN (Phase I) of Guangdong Electric Power Develop | Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. | 14/F, Huasheng Building , No.398 Hankou Road, Shanghai | Not applicable | Zhang Jie | 18600048666 |
| 2021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Industry Bank (lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2021 MTN (Phase II) of Guangdong Electric Power | ICBC(joint lead underwriter) | No. 55, Fuxingmennei, Street , Xicheng | Not applicable | Sheng Xue | 010-66106736 |
| Development Co., Ltd. | District , Beijing | ||||
| 2021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | 31,33, 36 and 37/F, SK Building, A6, Jianguomenwai Street , Chaoyang District, Beijing | Not Applicable | Liang Qinghua | 020-28262689 |
| 2021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Wang Bin, Li Yanhua（2019-2020）；Wang Bin, Guo Biyu（2018） | Du Weiwei | 020-38192558 |
| 2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Industry Bank (lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | ICBC(joint lead underwriter) | No. 55, Fuxingmennei, Street , Xicheng District , Beijing | Not applicable | Sheng Xue | 010-66106736 |
| 2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | 31,33, 36 and 37/F, SK Building, A6, Jianguomenwai Street , Chaoyang District, Beijing | Not Applicable | Liang Qinghua | 020-28262689 |
| 2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Chen Junjun, Li Xiaolei(2021)；Wang Bin, Li Yanhua（2019-2020） | Du Weiwei | 020-38192558 |
| 2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Industry Bank (lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Agricultural Bank of China Corporation Limited (co-lead underwriter) | No.69, Jianguo Mennei Street, Chaoyang District, Beijing | Not applicable | Liu Zhaoying | 010-85109688 |
| 2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | 31,33, 36 and 37/F, SK Building, A6, Jianguomenwai Street , Chaoyang District, Beijing | Not Applicable | Liang Qinghua | 020-28262689 |
| 2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022）Chen Junjun, Li Xiaolei(2021)；Wang Bin, Li Yanhua（2020） | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Industry Bank (lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Haitong Securities（principal underwriter/bookkeeping manager） | No.689, Guangdong Road, Shanghai | Not applicable | Chen Shilong, LiAO Meing, Dong Raoqi, Qiu Yi, Chen Nanhong | 010-88027899 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | China Securities Co., Ltd. (lead principal underwriter/bookk eeping manager/trustee) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | Not applicable | Huang Yimao | 010-56051910 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | China Merchants Bank Co., Ltd (joint lead underwriter) | China MerchantsBank Building, No.7088, Shennan Road, Shenzhen | Not applicable | Hu Qianyu, ZhouHuan | 0755-88026140 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Zheshang Bank (joint lead underwriter) | No.1788, Hongning Road, Xiaoshan District Hangzhou | Not applicable | Wu Tanbing | 020-89299807 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Guangfa Securities(joint lead underwriter) | Guangfa Securities Building, No.26, Machang Road, Tianhe District Guangzhou | Not applicable | Wang Lixin, Ye Runxuan, Wu Xueting, Wang Zhifan | 020-66338888 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | Unit ,01,04, 23 and31/F, Fuli Center, No. 10 Huaxia Road, Zhujiang Xincheng, Tianhe District , Guangzhou | Not applicable | Liang Qinghua, HuJie | 020-28261656 |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022）Chen Junjun, Li Xiaolei(2021)；Wang Bin, Li Yanhua（2020） | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Guangfa Bank(lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Guangfa Securities(joint lead underwriter) | Guangfa Securities Building, No.26, Machang Road, Tianhe District Guangzhou | Not applicable | Wang Lixin, Ye Runxuan, Wu Xueting, Wang Zhifan | 020-66338888 |
| 2024 MTN (Phase | China Merchants | China | Not applicable | Hu Qianyu, | 0755-88026140 |
| II) of Guangdong Electric Power Development Co., Ltd. | Bank Co., Ltd (joint lead underwriter) | MerchantsBank Building, No.7088, Shennan Road, Shenzhen | ZhouHuan | ||
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Agricultural Bank of China Corporation Limited (co-lead underwriter) | No.69, Jianguo Mennei Street, Chaoyang District, Beijing | Not applicable | Liu Zhaoying | 010-85109688 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Huaxia Bank Co., Ltd (joint lead underwriter) | No.22, Jianguo Meinei Street, Dongcheng District, Beijing | Not applicable | Yu Yazhuo | 010-85237084 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Bank of China(joint lead underwriter) | No.1, Fuxingmenwai Street, Xicheng District, Beijing | Not applicable | Zhao Shun | 010-66595482 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | SPD Bank(joint lead underwriter) | No.8 SPD Bank Building, No.909, Shibo Road, Pudong District, Shanghai | Not applicable | Li Yansha, ZhangNingning | 021-31884090、020-38156424 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | Unit ,01,04, 23 and31/F, Fuli Center, No. 10 Huaxia Road, Zhujiang Xincheng, Tianhe District , Guangzhou | Not applicable | Liang Qinghua, HuJie | 020-28261656 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022-2023）Chen Junjun, Li Xiaolei(2021) | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Sheng Lei | 010-66428877 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | Guangfa Securities(joint lead underwriter) | Guangfa Securities Building, No.26, Machang Road, Tianhe District Guangzhou | Not applicable | Wang Lixin, Ye Runxuan, Wu Xueting, Wang Zhifan | 020-66338888 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | China Merchants Bank Co., Ltd (joint lead underwriter) | China MerchantsBank Building, No.7088, Shennan Road, Shenzhen | Not applicable | Hu Qianyu, ZhouHuan | 0755-88026140 |
| 2024 MTN (Phase | China Securities | 9/F, Taikang | Not applicable | Huang Yimao | 010-56051910 |
| III) of Guangdong Electric Power Development Co., Ltd. | Co., Ltd. (lead principal underwriter/bookk eeping manager/trustee) | Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | |||
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | CITIC Securities(joint lead underwriter) | North Block, Zhuoyue Times Square (Phase II), No.8, Central Third Road, Futian District, Shenzhen | Not Applicable | Wang Hongfeng, Chen Tianya, Zhng Chenling, Wang Xudong | 0755-23835409 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | Haitong Securities（principal underwriter/bookkeeping manager） | No.689, Guangdong Road, Shanghai | Not applicable | Chen Shilong, Liaomeng, Dongraoqi, Qiu Yi, Chen Nanhong | 010-88027899 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | Guangfa Bank(lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | CITIC Bank(joint lead underwriter) | No.1, Guanghua Road, Chaoyang District, Beijing | Not applicable | Jia Yuanxiang | 010-66635912 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | Bank of China(joint lead underwriter) | No.1, Fuxingmenwai Street, Xicheng District, Beijing | Not applicable | Zhang Shun | 010-66595482 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | Ping An Bank(joint lead underwriter) | South Tower of Ping An Financial Center, No.5023 Yitian Road, Futian District, Shenzhen | Not applicable | Ha Xin | 0755-88673599 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | Unit ,01,04, 23 and31/F, Fuli Center, No. 10 Huaxia Road, Zhujiang Xincheng, Tianhe District , Guangzhou | Not applicable | Liang Qinghua, HuJie | 020-28261656 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022-2023）Chen Junjun, Li Xiaolei(2021) | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Sheng Lei | 010-66428877 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | Guangfa Securities（principal underwriter/bookkeeping manager） | Guangfa Securities Building, No.26, Machang Road, Tianhe District Guangzhou | Not applicable | Wang Lixin, Ye Runxuan, Wu Xueting, Wang Zhifan | 020-66338888 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | China Merchants Bank Co., Ltd (joint lead underwriter) | China MerchantsBank Building, No.7088, Shennan Road, Shenzhen | Not applicable | Hu Qianyu, ZhouHuan | 0755-88026140 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | SPD Bank(joint lead underwriter) | No.8 SPD Bank Building, No.909, Shibo Road, Pudong District, Shanghai | Not applicable | Li Yansha, ZhangNingning | 021-31884090、020-38156424 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | Bank of China(joint lead underwriter) | No.1, Fuxingmenwai Street, Xicheng District, Beijing | Not applicable | Zhao Shun | 010-66595482 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | China Securities Co., Ltd. (lead principal underwriter/bookk eeping manager/trustee) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | Not applicable | Huang Yimao | 010-56051910 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | CITIC Securities(joint lead underwriter) | North Block, Zhuoyue Times Square (Phase II), No.8, Central Third Road, Futian District, Shenzhen | Not Applicable | Wang Hongfeng, Chen Tianya, Zhng Chenling, Wang Xudong | 0755-23835409 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | Guangfa Bank(lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | Unit ,01,04, 23 and31/F, Fuli Center, No. 10 Huaxia Road, Zhujiang Xincheng, Tianhe District , Guangzhou | Not applicable | Liang Qinghua, HuJie | 020-28261656 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fanxin（2022-2023）Chen Junjun, Li Xiaolei(2021) | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng | Not applicable | Sheng Lei | 010-66428877 |
| District, Beijing | |||||
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | China Merchants Bank Co., Ltd(lead principal underwriter/bookkeeping manager | China MerchantsBank Building, No.7088, Shennan Road, Shenzhen | Not applicable | Hu Qianyu, ZhouHuan | 0755-88026140 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | Guangfa Securities(joint lead underwriter) | Guangfa Securities Building, No.26, Machang Road, Tianhe District Guangzhou | Not applicable | Wang Lixin, Ye Runxuan, Wu Xueting, Wang Zhifan | 020-66338888 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | SPD Bank(joint lead underwriter) | No.8 SPD Bank Building, No.909, Shibo Road, Pudong District, Shanghai | Not applicable | Li Yansha, ZhangNingning | 021-31884090、020-38156424 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | Bank of China(joint lead underwriter) | No.1, Fuxingmenwai Street, Xicheng District, Beijing | Not applicable | Zhang Shun | 010-66595482 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | China Securities Co., Ltd. joint lead underwriter) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | Not applicable | Huang Yimao | 010-56051910 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | CITIC Securities(joint lead underwriter) | North Block, Zhuoyue Times Square (Phase II), No.8, Central Third Road, Futian District, Shenzhen | Not Applicable | Wang Hongfeng, Chen Tianya, Zhng Chenling, Wang Xudong | 0755-23835409 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | Guangfa Bank(joint lead underwriter) | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | Unit ,01,04, 23 and31/F, Fuli Center, No. 10 Huaxia Road, Zhujiang Xincheng, Tianhe District , Guangzhou | Not applicable | Liang Qinghua, HuJie | 020-28261656 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fanxin（2022-2023）Chen Junjin, Li Xiaolei(2021) | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng | Not applicable | Sheng Lei | 010-66428877 |
| District, Beijing | |||||
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | Guangfa Securities (lead principal underwriter/bookk eeping manager/trustee) | Guangfa Securities Building, No.26, Machang Road, Tianhe District Guangzhou | Not applicable | Wang Lixin, Ye Runxuan, Wu Xueting, Wang Zhifan | 020-66338888 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | CITIC Bank(joint lead underwriter) | No.1, Guanghua Road, Chaoyang District, Beijing | Not applicable | Jia Yuanxiang | 010-66635912 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | Guangfa Bank(joint lead underwriter) | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | China Securities Co., Ltd. joint lead underwriter) | 9/F, Taikang Group Building, Building 1, Yard 16, Jinghui Street, Chaoyang | Not applicable | Huang Yimao | 010-56051910 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | Haitong Securities（principal underwriter/bookkeeping manager） | No.689, Guangdong Road, Shanghai | Not applicable | Chen Shilong, Liaomeng, Dongraoqi, Qiu Yi, Chen Nanhong | 010-88027899 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | China Merchants Bank Co., Ltd (joint lead underwriter) | China MerchantsBank Building, No.7088, Shennan Road, Shenzhen | Not applicable | Hu Qianyu, ZhouHuan | 0755-88026140 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | CITIC Securities(joint lead underwriter) | North Block, Zhuoyue Times Square (Phase II), No.8, Central Third Road, Futian District, Shenzhen | Not Applicable | Wang Hongfeng, Chen Tianya, Zhng Chenling, Wang Xudong | 0755-23835409 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | Ping An Bank(joint lead underwriter) | South Tower of Ping An Financial Center, No.5023 Yitian Road, Futian District, Shenzhen | Not applicable | Ha Xin | 0755-88673599 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | Bank of China(joint lead underwriter) | No.1, Fuxingmenwai Street, Xicheng District, Beijing | Not applicable | Zhang Shun | 010-66595482 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | Beijing Zhong Lun Law Firm | Unit ,01,04, 23 and31/F, Fuli Center, No. 10 Huaxia Road, Zhujiang Xincheng, Tianhe District , Guangzhou | Not applicable | Liang Qinghua, HuJie | 020-28261656 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022-2023）Chen Junjun, Li Xiaolei(2021) | Du Weiwei | 020-38192558 |
| 2024 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | China Cheng Xin International Credit Rating Co. Ltd. | Building 5, Yinhe SOHO, No.2 Nanzhugan Hutong, Dongcheng District, Beijing | Not applicable | Sheng Lei | 010-66428877 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | Industry Bank (lead principal underwriter/bookkeeping manager | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle, Ye Huishan | 010-89926570、020-38988015 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | SPD Bank(joint lead underwriter) | No.8 SPD Bank Building, No.909, Shibo Road, Pudong District, Shanghai | Not applicable | Li Yansha, ZhangNingning | 021-31884090、020-38156424 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | ETR Law Firm | 10 &11/f, Chow Tai Fook Finance Certire No.6 Zhujiang Dong Road, Tianhe District Guangzhou | Not applicable | Wang Xing | 020-37181333 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022）Chen Junjun, Li Xiaolei(2021)；Wang Bin, Li Yanhua（2020） | Du Weiwei | 020-38192558 |
| Guangdong Electric Power Development Co., Ltd.2023 II phase Ultra-short term financing bills | ICBC(joint lead underwriter) | No. 55, Fuxingmennei, Street , Xicheng District , Beijing | Not applicable | Sheng Xue | 010-66106736 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | China Construction Bank (lead principal underwriter/bookkeeping manager | No.25, Finance Street, Xicheng District Beijing | Not applicable | Zhou Peng | 010-67596478 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | ETR Law Firm | 10 &11/f, Chow Tai Fook Finance Certire No.6 Zhujiang Dong Road, Tianhe District Guangzhou | Not applicable | Wang Xing | 020-37181333 |
| Guangdong Electric Power Development Co., Ltd.2023 I phase Ultra-short term financing bills | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fan Xin（2022）Chen Junjun, Li Xiaolei(2021)；Wang Bin, Li Yanhua（2020） | Du Weiwei | 020-38192558 |
| Guangdong Electric Power Development Co., Ltd.2024 I phase Ultra-short term financing bills | Huaxia Bank Co., Ltd (lead principal underwriter/bookkeeping manag | No.22, Jianguo Meinei Street, Dongcheng District, Beijing | Not applicable | Yu Yazhuo | 010-85237896 |
| Guangdong Electric Power Development Co., Ltd.2024 I phase Ultra-short term financing bills | China Merchants Bank Co., Ltd (joint lead underwriter) | China MerchantsBank Building, No.7088, Shennan Road, Shenzhen | Not applicable | Hu Qianyu, ZhouHuan | 0755-88026140 |
| Guangdong Electric Power Development Co., Ltd.2024 I phase Ultra-short term financing bills | ETR Law Firm | 10 &11/f, Chow Tai Fook Finance Certire No.6 Zhujiang Dong Road, Tianhe District Guangzhou | Not applicable | Wang Xing | 020-37181333 |
| Guangdong Electric Power Development Co., Ltd.2024 I phase Ultra-short term financing bills | PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) | 11/F, PricewaterhouseCoopers, No.2, Enterprist Building, No.202, Hubin Road, Huangpu District Shanghai | Li Xiaolei, Fanxin（2022）Chen Junjun, Li Xiaolei(2021)；Wang Bin, Li Yanhua（2020） | Du Weiwei | 020-38192558 |
| 2021 MTN (Phase II) of Guangdong Huizhou Pinghai Power Genration Co., Ltd.（Sustainable peg） | ICBC(lead principal underwriter/bookkeeping manager | No. 55, Fuxingmennei, Street , Xicheng District , Beijing | Not applicable | Dai Ying | 010-66109649 |
| 2021 MTN (Phase II) of Guangdong Huizhou Pinghai Power Genration Co., Ltd.（Sustainable peg） | Industry Bank (joint lead underwriter) | Industry Bank No.398, Jiangbin Road, Taijiang District Fuzhou | Not applicable | Zhao Xinle | 010-89926570 |
| 2021 MTN (Phase II) of Guangdong Huizhou Pinghai Power Genration Co., Ltd.（Sustainable peg） | Zhongxi CPAs( Special General Partnership) | 11/F, Block A, Xincheng Culture Building, No.11 Chongwenmenwai Street, Beijing | Wei Shuzhen, Fan Fengwei | Fan Fengwei | 18520643032 |
| 2021 MTN (Phase II) of Guangdong Huizhou Pinghai Power Genration | Shanghai Brilliance Credit Rating & Investors Service Co., Ltd | 14/F, Huasheng Building, No.398, Hankou Road, Shanghai | Not Applicable | Yu Liping | 13641825613 |
| Co., Ltd.（Sustainable peg） | |||||
| 2021 MTN (Phase II) of Guangdong Huizhou Pinghai Power Genration Co., Ltd.（Sustainable peg） | Beijing Dentons Law Offices, LLP | 7/F, Block D, Qiaofufang Grassland, No.9 Dongdaqiao Road, Chaoyang District, Beijing | Not applicable | Lv Sihui | 13692899924 |
Whether the above agency changes during the reporting period?Yes □NoAccording to Article 12 of the Management Measures for the Selection and Appointment of AccountingFirms by State owned Enterprises and Listed Companies jointly issued by the Ministry of Finance, the Stateowned Assets Supervision and Administration Commission of the State Council, and the China SecuritiesRegulatory Commission (CSRC), "State owned enterprises shall not continuously employ the same accountingfirm for more than 8 years." Considering that PwC has provided audit services to the Company for 8consecutive years, in order to further enhance the independence and objectivity of the audit work of listedcompanies, and taking into account the Company's development situation and audit work needs, the Companyintends to change its accounting firm. After tendering and prudent decision-making, the Company intends toappoint Grant Thornton , as the financial audit and internal control audit institution for the year of 2024.The change of the Company's accounting firm is mainly aimed at further enhancing the independence andobjectivity of the audit work of the listed company. Taking into account the development situation of theCompany and the needs of audit work, it has no substantial and significant adverse impact on its financialcondition and debt paying ability.
4. Use of raised funds
In RMB10,000
| Name of bond project | Total amount of raised funds | Agreed purpose of raised funds | Used amount | Unused amount | Operation of special account for raised funds (if any) | Rectification of illegal use of raised funds (if any) | Whether it is consistent with the purpose, use plan and other agreements stipulated in the prospectus |
| 2021 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 120,000 | It intends to use RMB 375 million to replace the already increased capital of its controlling subsidiary, which will ultimately be used to replace the capital already invested in key construction projects; RMB 800 million to repay the direct debt financing instruments that will soon mature, and RMB 25 million yuan to supplement working capital. | 120,000 | 0 | The special fund-raising account operates properly | No | Yes |
| 2021 MTN | 220,000 | It intends to use RMB | 220,000 | 0 | Not | No | Yes |
| (Phase II) of Guangdong Electric Power Development Co., Ltd. | 500 million to repay loans from financial institutions and RMB 1.7 billion to supplement working capital. | applicable | |||||
| 2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 60,000 | It intends to repay loans from financial institutions. | 60,000 | 0 | Not applicable | No | Yes |
| 2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 160,000 | It intends to use RMB 1.5 billion to repay matured debt financing instruments, RMB 96 million to repay loans from financial institutions, and RMB 4 million to supplement working capital. | 160,000 | 0 | Not applicable | No | Yes |
| 2024 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. | 100,000 | It is intended to repay matured debt financing instruments. | 100,000 | 0 | Not applicable | No | Yes |
| 2023 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. | 150,000 | It intends to use RMB 1.2 billion to repay matured debt financing instruments, RMB 200 million to repay loans from financial institutions, and RMB 100 million to supplement working capital. | 150,000 | 0 | Not applicable | No | Yes |
| 2023 MTN (Phase III) of Guangdong Electric Power Development Co., Ltd. | 60,000 | It intends to use RMB 300 million to repay loans from financial institutions and RMB 300 million to supplement working capital. | 60,000 | 0 | Not applicable | No | Yes |
| 2023 MTN (Phase IV) of Guangdong Electric Power Development Co., Ltd. | 150,000 | It intends to use RMB 1 billion to repay matured debt financing instruments, RMB 300 million to repay loans from financial institutions, and RMB 200 million to supplement working capital. | 150,000 | 0 | Not applicable | No | Yes |
| 2023 MTN (Phase V) of Guangdong Electric Power Development Co., Ltd. | 100,000 |
It intends to use RMB700 million to repaymatured debt financinginstruments and RMB300 million to repay loansfrom financialinstitutions.
| 100,000 | 0 | Not applicable | No | Yes |
| 2023 MTN (Phase VI) of Guangdong Electric Power Development Co., Ltd. | 180,000 |
It intends to use RMB 1.5billion to repay matureddebt financinginstruments and RMB300 million to repay loansfrom financialinstitutions.
| 180,000 | 0 | Not applicable | No | Yes | |||
| Guangdong Electric Power Development Co., Ltd. Co., Ltd.2023 I phase Ultra-short term financing bills | 100,000 | It is intended to repay loans from existing financial institutions. | 100,000 | 0 | Not applicable | No | Yes |
| Guangdong Electric Power Development Co., Ltd. Co., Ltd.2023 II phase Ultra-short term financing bills | 100,000 | It is intended to repay loans from financial institutions. | 100,000 | 0 | Not applicable | No | Yes |
| Guangdong Electric Power Development Co., Ltd. Co., Ltd.2024 I phase Ultra-short term financing bills | 100,000 | It is intended to repay interest bearing liabilities. | 100,000 | 0 | Not applicable | No | Yes |
| 2021 MTN (Phase II) of Guangdong Huizhou Pinghai Power Genration Co., Ltd.（Sustainable peg） | 30,000 | It is intended to supplement working capital. | 30,000 | 0 | Not applicable | No | Yes |
The raised funds are used for construction projects
√ Applicable □Not applicable
21Yudeanfa MTN001 raised RMB 1.2 billion, of which RMB 375 million was used to replace theincreased capital of its holding subsidiaries, that is, it was finally used to replace the paid-in capital of keyconstruction projects. RMB 250 million is used to replace the increased capital of Guangdong Yudean MarinaBay Energy Co., Ltd., and finally used for the capital of the alternative power supply project at Ningzhou plantsite in Dongguan; RMB 125 million is used to replace the increased capital of Guangdong Yudean Qujie WindPower Generation Co., Ltd., and finally used for the capital of phase II of Guangdong Yudean ZhanjiangWailuo Offshore Wind Power Project. The units #1, #2 and #3 of the Dongguan Ningzhou plant site alternativepower project will be officially put into commercial operation in May, July, and October 2024, respectively.The Phase II of Guangdong Yudean Zhanjiang Wailuo Offshore Wind Power Project was put into operation inDecember 2021, and the project was in good operation. In 2024, it realized an operating income of RMB348,371,900 and an operating profit of RMB 64,954,500.During the reporting period, the Company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
5.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6 The implementation and changes of guarantee, debt repayment plan and other debt repaymentguarantee measures during the reporting period and their impact on the rights and interests of bondinvestors
√ Applicable □Not applicable
1). 21Yudeanfa MTN001, 21Yudeanfa MTN002, 22Yudeanfa MTN 001, 23Yudeanfa MTN001,24 YudeanFA MTN001, 24 Yudean FA MTN002, 24 Yudean FA MTN003, 24 Yudean FA MTN004, 24 Yudean FA MTN005,24 Yudean FA MTN006,23 Yudeanfa SCP001,23 Yudeanfa SCP002,24 Yudean Fa SCP 001, AND 21 Pinghai FDMTN 001 are not guaranteed.
2). The debt repayment plan of the above-mentioned debt financing instruments and other debt repaymentguarantee measures of the Company have not changed during the reporting period.IV. Convertible bond
□ Applicable √ Not applicable
No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the netassets at the end of the previous year
□ Applicable √ Not applicable
VI.Overdue interest-bearing debts except bonds at the end of the reporting period
□ Applicable √ Not applicable
VII.Whether there are any violations of rules and regulations during the reporting period
□ Yes √ No
VIII. Main accounting data and financial indicators of the Company in recent two years by the end of thereporting period
In RMB10,000
| Items | At the end of the reporting period | At the end of last year | At the same time rate of change |
| Current ratio | 0.70 | 0.68 | 2.94% |
| Debt ratio | 79.47% | 78.96% | 0.51% |
| Quick ratio | 0.56 | 0.62 | -9.68% |
| Amount of this period | Amount of last period | At the same time rate of change | |
| Net profit after deducting non-recurring profit and loss | 158,961 | 172,221 | -7.70% |
| EBITDA total debt ratio | 7.75% | 9.25% | -1.50% |
| Time interest earned | 1.56 | 2.01 | -22.39% |
| ratio | |||
| Cash interest guarantee times | 3.51 | 3.53 | -0.57% |
| EBITDATime interest earned ratio | 3.45 | 4.09 | -15.65% |
| Repayment of debt (%) | 100% | 100% | 0% |
| Payment of interest (%) | 100% | 100% | 0% |
Auditor’s Report
Guangdong Electric Power Development Co.,
Ltd.For the year ended 31 December 2024
[English translation for reference only. Should there be any inconsistency between the
Chinese and English versions, the Chinese version shall prevail.]
Grant Thornton ZhitongCertified Public Accountants LLP
CONTENTS
| Auditor’s Report | 153-159 |
| Consolidated and company balance sheets | 160-161 |
| Consolidated and company income statements | 162-163 |
| Consolidated and company cash flow statements | 164-165 |
| Consolidated statement of changes in shareholders’ equity | 166-172 |
| Notes to the financial statements | 173-313 |
(English Translation for Reference Only)
Auditor's Report
GTCNSZ (2025) NO. 440A004540
To the shareholders of Guangdong Electric Power Development Co., Ltd.,I. OpinionWe have audited the financial statements of Guangdong Electric Power Development Co., Ltd.(hereinafter “Guangdong Electric Power”, “the Company”), which comprise the consolidated andcompany balance sheets as at 31 December 2024, the consolidated and company incomestatements, the consolidated and company cash flow statements, the consolidated and companystatements of changes in shareholders’ equity for the year then ended, and notes to the financialstatements.In our opinion, the accompanying financial statements present fairly, in all material respects, theconsolidated and company’s financial position of Guangdong Electric Power as at 31 December2024, and their financial performance and cash flows for the year then ended in accordance withthe requirements of Accounting Standards for Business Enterprises (“CASs”).II. Basis for OpinionWe conducted our audit in accordance with China Standards on Auditing (“CSAs”). Ourresponsibilities under those standards are further described in the Auditor’s Responsibilities for theAudit of the Financial Statements Section of our report. We are independent of the Company inaccordance with the Code of Ethics for Chinese Certified Public Accountant (the “Ethics Code”)together with the ethical requirements that are relevant to our audit of the financial statements, andwe fulfilled our other ethical responsibilities in accordance with these requirements and the EthicsCode. We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.III. Key Audit Matter
Key audit matters are those matters that, in our professional judgement, were of most significancein our audit of the financial statements of the current period. These matters were addressed in thecontext of our audit of the financial statements as a whole, and forming our opinion thereon, and wedo not provide a separate opinion on these matters.(I) Impairment of power related fixed assetsRefer to Note III.21, Note III.32 (2) and Note V. 10 in the Notes to the Financial Statements.
1. Description
Certain subsidiaries of Guangdong Electric Power have been experiencing continuous operatinglosses in recent years, and management continuously assesses the impairment of the fixed assetsof these subsidiaries.As at 31 December 2024, management conducted impairment tests for the fixed assets of thesesubsidiaries, and made a provision for impairment at the excess of the carrying amount of assetgroups of generator units over their recoverable amount. The recoverable amount of the assetgroups was the higher of the fair value, less costs to sell, of the asset groups and the present valueof the future cash flows expected to be derived from them. Management estimates for recoverableamounts based on the present value of projected future cash flows, to be calculated as at 31December 2024. The calculations of the present value of the future cash flows expected to bederived from them involve management’s significant estimates and judgements, including thediscount rate, the estimated on-grid electricity price, the estimated electricity sale and the estimatedprice of fuel used in power generation.As the carrying amounts of fixed assets with indication of impairment are significant to theconsolidated financial statements of Guangdong Electric Power, and the impairment test of assetgroups of generator units involves management’s significant estimates and judgements, impairmentof power related fixed assets is identified as a key audit matter.
2. How our audit addressed the Key Audit Matter
Our audit procedures for the impairment of power related fixed assets mainly include：
(1) Understood, assessed and tested the internal control relevant to the impairment test
of fixed assets and tested the operating effectiveness of key control;
(2) Involved internal valuers to review and analyze the appropriateness of the method
applied by management for the impairment test;
(3) Based on our understanding of the businesses of the subsidiaries as well as the
industry in which they operate, we evaluated the rationality of assumptions adopted bymanagement in calculation of the present value of estimated future cash flows,including the discount rate, the estimated on-grid price, the estimated electricity sale,and the estimated price of fuel used in power generation:
- For the discount rate, we involved internal valuers to evaluate theappropriateness in combination with industry situation;- For the estimated on-grid electricity price and the estimated price of fuel used inpower generation, we compared with historical data and industry data, and consideredmarket trend;- For the estimated electricity sale volume, we compared with historical data,approved budgets and business plans, and checked the corresponding supportingdocuments;
(4) Verified the input data and formulas used in the calculation of the present value of
future cash flows expected to be derived from them, and evaluated the mathematicaccuracy;
(5) Compared the key assumptions used by management in estimating the present value
of future cash flows in the prior year with the actual operation data of the current yearto evaluate if there’s any indication of management bias;
(6) Conducted sensitivity analysis on the discount rate and other key assumptions used by
management, and assessed whether changes in key assumptions (individually or inaggregate) would lead to different conclusions, and thereby assess if there’s anyindication of management bias in selecting parameters of key assumptions.(II) Recognition of deferred tax assets related to deductible lossesRefer to Note V.16 in the Notes to the Financial Statements.
1. Description
As at 31 December 2024, Guangdong Electric Power recognized the deferred tax assets for thedeductible losses incurred by some subsidiaries of RMB459,000,000.According to the financial forecast of the aforesaid subsidiaries in future periods, managementrecognizes deferred tax assets within the limits of which the aforesaid subsidiaries are likely to
obtain future taxable income to offset the deductible losses. The financial forecast of the aforesaidsubsidiaries in future periods involves management’s significant estimates and judgements,including estimated electricity sale, estimated on-grid electricity price, estimated price of fuel usedin power generation and other operating expenses.As the deferred tax assets related to deductible losses are significant to the consolidated financialstatements of Guangdong Electric Power, and the financial forecast for future periods involvesmanagement’s significant estimates and judgements, the recognition of the deferred tax assetsrelated to deductible losses is identified as a key audit matter.
2. How our audit addressed the Key Audit Matter
Our audit procedures for recognition of deferred tax assets related to deductible losses mainlyinclude:
(1) Understood, assessed and tested management's internal controls and tested the
operating effectiveness of key control;
(2) Obtained management’s calculation sheet for the financial forecast in future
periods, checked the input data and formulas used in the calculation, andevaluated the mathematic accuracy;
(3) Obtained annual income tax return files related to the deductible losses, and
reviewed the accuracy of deductible losses amount and its deductible period;
(4) Based on our understanding of the businesses of the aforesaid subsidiaries and
the industry in which they operate, combined with industry development trend andhistorical operating performance, we evaluated the key assumptions used bymanagement to calculate the expected taxable income for future periods,including the reasonableness of assumptions on estimated electricity sale,estimated on-grid electricity price, estimated fuel price, and other operatingexpenses;
(5) Compared the taxable income estimated by management in prior year with the
actual taxable income for the current year to access the accuracy ofmanagement’s predictions;
(6) Reviewed whether the deferred tax assets were recognized within the limits of
which the taxable income was likely to be obtained in the future period.
IV. Other InformationManagement of Guangdong Electric Power is responsible for the other information. The otherinformation comprises all of the information included in 2024 annual report of Guangdong ElectricPower, other than the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not expressany form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent withthe financial statements or our knowledge obtained in the audit or otherwise appears to bematerially misstated.If, based on the work we have performed, we conclude that there is a material misstatement of thisother information, we are required to report that fact. We have nothing to report in this regard.V. Responsibilities of Management and Those Charged with Governance for the FinancialStatementsManagement of Guangdong Electric Power is responsible for the preparation and fair presentationof these financial statements in accordance with the CASs, and for the design, implementation andmaintenance of such internal control necessary to enable that the financial statements are free frommaterial misstatement, whether due to fraud or error.In preparing these financial statements, management is responsible for assessing GuangdongElectric Power’s ability to continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless management either intendsto liquidate Guangdong Electric Power or to cease operations, or has no realistic alternative but todo so.The Audit and Compliance Committee is responsible for overseeing Guangdong Electric Power’sfinancial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether these financial statements as awhole are free from material misstatement, whether due to fraud or error, and to issue an auditor’sreport that includes our opinion. Reasonable assurance is a high level of assurance, but is not aguarantee that an audit conducted in accordance with CSAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs, we exercise professional judgement and maintainprofessional skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether dueto fraud or error, design and perform audit procedures responsive to those risks, and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ofnot detecting a material misstatement resulting from fraud is higher than for one resulting fromerror, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or theoverride of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
(4) Conclude on the appropriateness of management’s use of the going concern basis ofaccounting and based on the audit evidence obtained, whether a material uncertainty existsrelated to events or conditions that may cast significant doubt on Guangdong Electric Power’sability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor’s report to the related disclosures in these financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions arebased on the audit evidence obtained up to the date of our auditor’s report. However, futureevents or conditions may cause Guangdong Electric Power to cease to continue as a goingconcern.
(5) Evaluate the overall presentation, structure and content of the financial statements, and
whether the financial statements represent the underlying transactions and events in a mannerthat achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within Guangdong Electric Power to express an opinion on the financialstatements. We are responsible for the direction, supervision and performance of the groupaudit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence, and to communicate with them allrelationships and other matters that may reasonably be thought to bear on our independence, andwhere applicable, related safeguards.From the matters communicated with those charged with governance, we determine those mattersthat were of most significance in the audit of the financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor’s report unless law orregulation precludes public disclosure about the matter or when, in extremely rare circumstances,we determine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interest benefits ofsuch communication.
| Grant Thornton Zhitong Certified Public Accountants LLP | Chinese Certified Public Accountant (Engagement Partner) Chinese Certified Public Accountant | Bitao Deng Zeyu Li |
| Beijing, China | 27 March 2025 | |
| Consolidated and Company Balance Sheet | |||||
| 31 December 2024 | |||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||
| Item | Note V. | As at 31/12/2024 | As at 31/12/2023 | ||
| Consolidated | Company | Consolidated | Company | ||
| Current assets： | |||||
| Cash at bank and on hand | 1 | 15,361,820,831 | 265,985,600 | 16,431,429,893 | 640,629,379 |
| Financial assets held-for-trading | |||||
| Notes receivable | 1,489,433 | ||||
| Accounts receivable | 2 | 9,101,797,841 | 8,963,635,678 | 15,920,526 | |
| Accounts receivable financing | |||||
| Advances to suppliers | 3 | 1,440,632,187 | 29,801,383 | 1,578,880,994 | 26,667,749 |
| Other receivables | 4 | 533,352,169 | 837,741,316 | 798,789,835 | 1,366,067,792 |
| Including: Dividends receivable | 134,959,219 | 134,959,219 | |||
| Inventories | 5 | 2,577,119,489 | 1,923,411 | 2,655,504,711 | 2,558,632 |
| Contract assets | 1,378,872 | 5,557,720 | |||
| Other current assets | 6 | 1,971,269,586 | 2,704,808 | 1,496,077,994 | 117,483 |
| Total current assets | 30,987,370,975 | 1,138,156,518 | 31,931,366,258 | 2,051,961,561 | |
| Non-current assets： | |||||
| Long-term receivables | 930,000,000 | 1,450,000,000 | |||
| Long-term equity investments | 7 | 10,812,658,939 | 46,167,289,906 | 9,796,842,197 | 43,289,974,748 |
| Investments in other equity instruments | 8 | 2,650,289,873 | 2,649,489,873 | 2,866,347,046 | 2,865,547,046 |
| Investment properties | 9 | 336,493,586 | 3,847,454 | 347,192,759 | 4,483,052 |
| Fixed assets | 10 | 73,628,798,655 | 179,180,382 | 63,017,322,291 | 162,035,315 |
| Construction in progress | 11 | 31,382,850,765 | 29,990,577,678 | 5,477,184 | |
| Right-of-use assets | 12 | 11,700,419,075 | 1,402,273 | 9,529,610,412 | 1,217,398 |
| Intangible assets | 13 | 3,786,635,293 | 68,528,585 | 3,480,199,559 | 68,772,261 |
| Goodwill | 14 | 2,449,886 | 8,608,881 | ||
| Long-term prepaid expenses | 15 | 55,505,161 | 844,193 | 81,082,134 | 1,025,668 |
| Deferred tax assets | 16 | 1,099,214,779 | 1,333,310,824 | ||
| Other non-current assets | 18 | 8,711,545,949 | 616,089 | 8,824,823,048 | 624,569 |
| Total non-current assets | 144,166,861,961 | 50,001,198,755 | 129,275,916,829 | 47,849,157,241 | |
| Total assets | 175,154,232,936 | 51,139,355,273 | 161,207,283,087 | 49,901,118,802 | |
| Consolidated and Company Balance Sheet (Continued) | |||||
| 31 December 2024 | |||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||
| Item | Note V. | As at 31/12/2024 | As at 31/12/2023 | ||
| Consolidated | Company | Consolidated | Company | ||
| Current liabilities: | |||||
| Short-term borrowings | 19 | 14,108,930,833 | 1,986,468,042 | 15,756,979,762 | 4,524,405,741 |
| Notes payable | 20 | 2,102,292,195 | 755,000,000 | ||
| Accounts payable | 21 | 4,279,045,681 | 1,643,506 | 4,430,036,315 | 17,666,241 |
| Contract liabilities | 22 | 38,459,828 | 33,846 | 41,328,133 | 551,450 |
| Employee benefits payable | 23 | 556,291,188 | 157,194,609 | 556,515,567 | 192,951,983 |
| Taxes payable | 24 | 303,440,015 | 3,979,960 | 343,432,880 | 4,888,565 |
| Other payables | 25 | 15,825,876,579 | 40,238,685 | 13,252,090,748 | 46,649,392 |
| Current portion of non-current liabilities | 26 | 6,606,678,336 | 852,771,938 | 8,926,373,371 | 5,195,892,954 |
| Other current liabilities | 27 | 528,095,817 | 2,781,355,471 | 2,012,999,526 | |
| Total current liabilities | 44,349,110,472 | 3,042,330,586 | 46,843,112,247 | 11,996,005,852 | |
| Non-current liabilities: | |||||
| Long-term borrowings | 28 | 69,541,559,406 | 10,853,100,000 | 62,832,471,340 | 7,030,700,000 |
| Debentures payable | 29 | 11,107,429,258 | 10,507,849,644 | 5,096,597,183 | 4,497,107,076 |
| Lease liabilities | 30 | 12,376,312,142 | 10,452,666,128 | 505,313 | |
| Long-term payables | 31 | 696,347,824 | 856,210,905 | ||
| Long-term employee benefits payable | 32 | 537,138,216 | 227,553,678 | 509,049,799 | 158,949,307 |
| Deferred income | 33 | 113,262,526 | 128,296,225 | ||
| Deferred tax liabilities | 16 | 470,213,543 | 420,501,470 | 526,993,391 | 474,824,263 |
| Other non-current liabilities | 34 | 1,028,167 | 51,028,167 | ||
| Total non-current liabilities | 94,843,291,082 | 22,009,004,792 | 80,453,313,138 | 12,162,085,959 | |
| Total liabilities | 139,192,401,554 | 25,051,335,378 | 127,296,425,385 | 24,158,091,811 | |
| Shareholders’ equity: | |||||
| Share capital | 35 | 5,250,283,986 | 5,250,283,986 | 5,250,283,986 | 5,250,283,986 |
| Capital surplus | 36 | 5,203,250,383 | 4,849,472,205 | 5,202,572,804 | 4,842,767,997 |
| Other comprehensive income | 37 | 1,331,876,093 | 1,345,335,533 | 1,495,237,690 | 1,508,154,355 |
| Specific reserve | 38 | 62,769,166 | 38,111,254 | 6,375,889 | |
| Surplus reserve | 39 | 8,903,515,135 | 8,903,515,135 | 8,903,515,135 | 8,903,515,135 |
| Undistributed profits | 40 | 2,142,987,033 | 5,701,301,782 | 1,283,749,956 | 5,238,305,518 |
| Total equity attributable to shareholders of the Company | 22,894,681,796 | 26,088,019,895 | 22,141,735,460 | 25,743,026,991 | |
| Minority interests | 13,067,149,586 | 11,769,122,242 | |||
| Total shareholders’ equity | 35,961,831,382 | 26,088,019,895 | 33,910,857,702 | 25,743,026,991 | |
| Total liabilities and shareholders' equity | 175,154,232,936 | 51,139,355,273 | 161,207,283,087 | 49,901,118,802 | |
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | |||
| Consolidated and Company Income Statement | |||||
| Year ended 31/12/2024 | |||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||
| Item | Note V. | Year ended 31/12/2024 | Year ended 31/12/2023 | ||
| Consolidated | Company | Consolidated | Company | ||
| I. Revenue | 41 | 57,159,067,233 | 36,422,477 | 59,708,397,738 | 1,238,706,190 |
| Less: Cost of sales | 41 | 49,520,897,046 | 44,175,640 | 50,970,997,678 | 1,238,246,113 |
| Taxes and surcharges | 42 | 375,186,682 | 8,500,625 | 334,231,124 | 13,352,652 |
| Selling expenses | 43 | 101,150,886 | 93,238,999 | 2,714,553 | |
| General and administrative expenses | 44 | 1,626,351,993 | 344,574,290 | 1,592,057,152 | 344,528,275 |
| Research and development expenses | 45 | 1,286,783,600 | 1,995,667 | 1,116,555,274 | 1,240,395 |
| Financial expenses | 46 | 2,285,029,760 | 644,118,641 | 2,287,869,816 | 642,687,401 |
| Including: Interest expenses | 46 | 2,430,228,046 | 648,656,512 | 2,395,532,582 | 660,325,611 |
| Interest income | 46 | 162,430,466 | 8,442,173 | 124,290,218 | 20,671,761 |
| Add: Other income | 47 | 77,958,729 | 400,411 | 68,065,355 | 10,935,728 |
| Investment income ("-" for losses) | 48 | 810,226,883 | 1,802,593,102 | 983,912,378 | 1,746,419,154 |
| Including: Share of profit of associates and joint ventures | 48 | 697,637,165 | 626,894,645 | 866,186,173 | 801,817,879 |
| Gains from changes in fair value ("-" for losses) | |||||
| Credit impairment (loss)/reversal ("-" for losses) | 49 | -33,253,676 | 6,972 | -24,778,506 | 108,771 |
| Asset impairment losses ("-" for losses) | 50 | -356,430,968 | -260,107,096 | -1,674,838,036 | -1,388,445,763 |
| Gains on disposals of assets ("-" for losses) | 51 | 98,655 | 9,198,759 | 60,294 | |
| II. Operating profit ("-" for losses) | 2,462,266,889 | 535,951,003 | 2,675,007,645 | -634,985,015 | |
| Add: Non-operating income | 52 | 418,066,514 | 31,954,863 | 97,966,120 | 249,693,176 |
| Less: Non-operating expenses | 23 | 425,704,912 | 212,422 | 357,160,809 | 23,461,954 |
| III. Profit before income tax ("-" for losses) | 2,454,628,491 | 567,693,444 | 2,415,812,956 | -408,753,793 | |
| Less: Income tax expenses | 54 | 699,795,265 | -308,500 | 789,869,221 | 2,323,972 |
| IV. Net profit for the year ("-" for losses) | 1,754,833,226 | 568,001,944 | 1,625,943,735 | -411,077,765 | |
| (I) Classified by continuity of operations | |||||
| Including: Net profit from continuing operations ("-" for net loss) | 1,754,833,226 | 568,001,944 | 1,625,943,735 | -411,077,765 | |
| Net profit from discontinued operations ("-" for net loss) | |||||
| (II) Classified by ownership of the equity | |||||
| Including: Shareholders of the company ("-" for net loss) | 964,242,757 | 568,001,944 | 974,660,299 | -411,077,765 | |
| Minority interests (“-“ for net loss) | 790,590,469 | 651,283,436 | |||
| V. Other comprehensive income, net of tax | -162,606,661 | -162,818,822 | -136,360,159 | -132,366,329 | |
| Attributable to shareholders of the Company | -163,361,597 | -162,818,822 | -134,600,267 | -132,366,329 | |
| (I) Other comprehensive income that will not be reclassified to profit or loss | -163,894,627 | -163,351,852 | -134,941,714 | -132,707,776 | |
| 1. Changes arising from remeasurement of defined benefit plans | 2,339,452 | 854,690 | -12,434,913 | -2,660,244 | |
| 2. Share of other comprehensive income of the investee accounted for using equity method that will not be reclassified to profit or loss | -4,191,199 | -2,163,662 | 21,286,205 | 13,745,474 | |
| 3. Changes in fair value of investments in other equity instruments | -162,042,880 | -162,042,880 | -143,793,006 | -143,793,006 | |
| (II) Other comprehensive income that will be reclassified to profit or loss | 533,030 | 533,030 | 341,447 | 341,447 | |
| Consolidated and Company Income Statement | |||||
| Year ended 31/12/2024 | |||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||
| Item | Note V. | Year ended 31/12/2024 | Year ended 31/12/2023 | ||
| Consolidated | Company | Consolidated | Company | ||
| 1. Share of other comprehensive income of the investee accounted for using equity method that will be reclassified to profit or loss | 533,030 | 533,030 | 341,447 | 341,447 | |
| Attributable to minority interests | 754,936 | -1,759,892 | |||
| VI. Total comprehensive income for the year | 1,592,226,565 | 405,183,122 | 1,489,583,576 | -543,444,094 | |
| Attributable to shareholders of the Company | 800,881,160 | 405,183,122 | 840,060,032 | -543,444,094 | |
| Attributable to minority interests | 791,345,405 | 649,523,544 | |||
| VII. Earnings per share | |||||
| (I) Basic earnings per share | 0.18 | 0.19 | |||
| (II) Diluted earnings per share | 0.18 | 0.19 | |||
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | |||
| Consolidated and Company Cash Flow Statement | |||||
| Year ended 31/12/2024 | |||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||
| Item | Note V. | Year ended 31/12/2024 | Year ended 31/12/2023 | ||
| Consolidated | Company | Consolidated | Company | ||
| I. Cash flows from operating activities | |||||
| Cash received from sales of goods or rendering of services | 64,370,307,829 | 39,635,455 | 66,673,290,196 | 1,572,416,810 | |
| Refund of taxes and surcharges | 447,914,732 | 172,717,196 | 10,373,317 | ||
| Cash received relating to other operating activities | 55 | 389,409,354 | 120,839,379 | 338,086,401 | 32,114,824 |
| Sub-total of cash inflows | 65,207,631,915 | 160,474,834 | 67,184,093,793 | 1,614,904,951 | |
| Cash paid for goods and services | 46,258,982,941 | 9,776,689 | 51,362,008,628 | 1,290,711,639 | |
| Cash paid to and on behalf of employees | 3,216,385,328 | 268,273,419 | 2,992,988,961 | 301,587,846 | |
| Payments of taxes and surcharges | 3,013,049,926 | 14,669,205 | 2,835,638,678 | 84,107,797 | |
| Cash paid relating to other operating activities | 55 | 1,744,029,797 | 128,337,916 | 1,527,815,244 | 69,172,372 |
| Sub-total of cash outflows | 54,232,447,992 | 421,057,229 | 58,718,451,511 | 1,745,579,654 | |
| Net cash inflows from operating activities | 10,975,183,923 | -260,582,395 | 8,465,642,282 | -130,674,703 | |
| II. Cash flows from investing activities | |||||
| Cash received from disposals of investments | 1,286,750,000 | 5,352,468,959 | |||
| Cash received from returns on investments | 369,217,899 | 1,398,587,081 | 307,897,323 | 973,340,738 | |
| Net cash received from disposals of fixed assets, intangible assets and other long-term assets | 269,393,921 | 731,415 | 225,692,124 | 264,713,953 | |
| Net proceeds from disposals of subsidiaries | 2,896,524 | ||||
| Cash received relating to other investing activities | 55 | 4,000,000,000 | 5,747,705 | 1,322 | 16,653,802 |
| Sub-total of cash inflows | 4,638,611,820 | 2,691,816,201 | 533,590,769 | 6,610,073,976 | |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 15,161,861,723 | 26,261,422 | 21,715,697,762 | 9,293,409 | |
| Cash paid to acquire investments | 436,802,500 | 2,976,736,406 | 54,299,600 | 8,219,060,324 | |
| Net proceeds from disposal of subsidiaries | 159,949,367 | 363,895,664 | 9,180,122 | ||
| Cash received from other investing activities | 55 | 3,137,400,000 | 4,581,200,000 | ||
| Sub-total of cash outflows | 18,896,013,590 | 3,002,997,828 | 26,715,093,026 | 8,237,533,855 | |
| Net cash flows used in investing activities | -14,257,401,770 | -311,181,627 | -26,181,502,257 | -1,627,459,879 | |
| III. Cash flows from financing activities | |||||
| Cash received from investors | 988,015,495 | 4,729,271,112 | |||
| Including: Proceeds from minority interests of subsidiaries | 988,015,495 | 4,729,271,112 | |||
| Cash received from borrowings | 33,607,130,695 | 6,885,000,000 | 55,117,178,834 | 11,117,200,000 | |
| Cash received from issuance of debentures | 8,399,704,415 | 8,399,704,415 | 4,199,053,962 | 3,599,459,917 | |
| Cash received from other financing activities | 55 | 240,453,119 | |||
| Sub-total of cash inflows | 42,994,850,605 | 15,284,704,415 | 64,285,957,027 | 14,716,659,917 | |
| Cash repayments of borrowings | 35,368,302,890 | 14,285,350,000 | 40,570,051,805 | 12,552,750,000 | |
| Cash payments for distribution of dividends, profits or interest expenses | 3,349,754,074 | 799,943,022 | 2,847,572,358 | 633,104,276 | |
| Including: Dividends and profits distributed to minority interests of subsidiaries | 544,111,743 | 242,513,782 | |||
| Cash paid for other financing activities | 55 | 1,117,158,870 | 2,047,722 | 2,632,114,420 | 7,380,137 |
| Sub-total of cash outflows | 39,835,215,834 | 15,087,340,744 | 46,049,738,583 | 13,193,234,413 | |
| Net cash inflows from financing activities | 3,159,634,771 | 197,363,671 | 18,236,218,444 | 1,523,425,504 | |
| IV. Effect of foreign exchange rate changes on cash and cash equivalents | -79,156 | -79,188 | 187 | 187 | |
| V. Net (decrease)/increase in cash and cash equivalents | -122,662,232 | -374,479,539 | 520,358,656 | -234,708,891 | |
| Consolidated and Company Cash Flow Statement | ||||||
| Year ended 31/12/2024 | ||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | |||||
| Item | Note V. | Year ended 31/12/2024 | Year ended 31/12/2023 | |||
| Consolidated | Company | Consolidated | Company | |||
| Add: Cash and cash equivalents at the beginning of the year | 11,954,167,156 | 640,448,761 | 11,433,808,500 | 875,157,652 | ||
| VI. Cash and cash equivalents at the end of the year | 11,831,504,924 | 265,969,222 | 11,954,167,156 | 640,448,761 | ||
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | ||||
| Consolidated Statement of Changes in Shareholders' Equity | ||||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | |||||||
| Item | Year ended 31/12/2024 | |||||||
| Attributable to shareholders of the Company | Minority interests | Total shareholders’ equity | ||||||
| Share capital | Capital surplus | Other comprehensive income | Specific reserve | Surplus reserve | Undistributed profits | |||
| I. Balance at the end of last year | 5,250,283,986 | 5,202,572,804 | 1,495,237,690 | 6,375,889 | 8,903,515,135 | 1,283,749,956 | 11,769,122,242 | 33,910,857,702 |
| Add: Changes in accounting policies | ||||||||
| Correction of prior period errors | ||||||||
| Others | ||||||||
| II. Balance at the beginning of the year | 5,250,283,986 | 5,202,572,804 | 1,495,237,690 | 6,375,889 | 8,903,515,135 | 1,283,749,956 | 11,769,122,242 | 33,910,857,702 |
| III. Changes in equity during the year ( "- " for decrease) | 677,579 | -163,361,597 | 56,393,277 | 859,237,077 | 1,298,027,344 | 2,050,973,680 | ||
| (I) Total comprehensive income | -163,361,597 | 964,242,757 | 791,345,405 | 1,592,226,565 | ||||
| (II) Shareholders' contributions and decrease of capital | 677,579 | 1,044,042,125 | 1,044,719,704 | |||||
| 1. Ordinary shares invested by shareholders | 1,038,015,495 | 1,038,015,495 | ||||||
| 2.Others | 677,579 | 6,026,630 | 6,704,209 | |||||
| (III) Profit distribution | -105,005,680 | -547,580,179 | -652,585,859 | |||||
| 1. Appropriation to surplus reserve | ||||||||
| 2. Distribution to shareholders | -105,005,680 | -547,580,179 | -652,585,859 | |||||
| 3. Others | ||||||||
| (IV) Transfer within equity | ||||||||
| 1. Capital reserve converted into share capital | ||||||||
| 2. Surplus reserve converted into share capital | ||||||||
| 3. Surplus reserve for making up losses | ||||||||
| 4. Others | ||||||||
| (V) Specific reserve | 56,393,277 | 10,219,993 | 66,613,270 | |||||
| 1. Appropriation in the current year | 460,118,200 | 187,722,287 | 647,840,487 | |||||
| 2. Utilization in the current year | -403,724,923 | -177,502,294 | -581,227,217 | |||||
| (VI) Others | ||||||||
| IV. Balance at the end of the year | 5,250,283,986 | 5,203,250,383 | 1,331,876,093 | 62,769,166 | 8,903,515,135 | 2,142,987,033 | 13,067,149,586 | 35,961,831,382 |
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | ||||||
| Consolidated Statement of Changes in Shareholders' Equity | ||||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | |||||||
| Item | Year ended 31/12/2023 | |||||||
| Attributable to shareholders of the Company | Minority interests | Total shareholders’ equity | ||||||
| Share capital | Capital surplus | Other comprehensive income | Specific reserve | Surplus reserve | Undistributed profits | |||
| I. Balance at the end of last year | 5,250,283,986 | 4,257,046,505 | 1,629,837,957 | 520,379 | 8,903,515,135 | 309,089,657 | 8,491,294,656 | 28,841,588,275 |
| Add: Changes in accounting policies | ||||||||
| Correction of prior period errors | ||||||||
| Others | ||||||||
| II. Balance at the beginning of the year | 5,250,283,986 | 4,257,046,505 | 1,629,837,957 | 520,379 | 8,903,515,135 | 309,089,657 | 8,491,294,656 | 28,841,588,275 |
| III. Changes in equity during the year ( "- " for decrease) | 945,526,299 | -134,600,267 | 5,855,510 | 974,660,299 | 3,277,827,586 | 5,069,269,427 | ||
| (I) Total comprehensive income | -134,600,267 | 974,660,299 | 649,523,544 | 1,489,583,576 | ||||
| (II) Shareholders' contributions and decrease of capital | 937,434,074 | 2,846,242,625 | 3,783,676,699 | |||||
| 1. Ordinary shares invested by shareholders | -749,491,455 | -749,491,455 | ||||||
| 2.Others | 937,434,074 | 3,595,734,080 | 4,533,168,154 | |||||
| (III) Profit distribution | -223,983,113 | -223,983,113 | ||||||
| 1. Appropriation to surplus reserve | ||||||||
| 2. Distribution to shareholders | -223,960,261 | -223,960,261 | ||||||
| 3. Others | -22,852 | -22,852 | ||||||
| (IV) Transfer within equity | 8,092,225 | 8,092,225 | ||||||
| 1. Capital reserve converted into share capital | ||||||||
| 2. Surplus reserve converted into share capital | ||||||||
| 3. Surplus reserve for making up losses | ||||||||
| 4. Others | 8,092,225 | 8,092,225 | ||||||
| (V) Specific reserve | 5,855,510 | 6,044,530 | 11,900,040 | |||||
| 1. Appropriation in the current year | 397,209,164 | 169,370,947 | 566,580,111 | |||||
| Consolidated Statement of Changes in Shareholders' Equity | ||||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | |||||||
| Item | Year ended 31/12/2023 | |||||||
| Attributable to shareholders of the Company | Minority interests | Total shareholders’ equity | ||||||
| 2. Utilization in the current year | -391,353,654 | -163,326,417 | -554,680,071 | |||||
| (VI) Others | ||||||||
| IV. Balance at the end of the year | 5,250,283,986 | 5,202,572,804 | 1,495,237,690 | 6,375,889 | 8,903,515,135 | 1,283,749,956 | 11,769,122,242 | 33,910,857,702 |
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | ||||||
| Statement of Changes in Shareholders' Equity | |||||||
| Year ended 31/12/2024 | |||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||||
| Item | Year ended 31/12/2024 | ||||||
| Share capital | Capital surplus | Other comprehensive income | Specific reserve | Surplus reserve | Undistributed profits | Total shareholders’ equity | |
| I. Balance at the end of last year | 5,250,283,986 | 4,842,767,997 | 1,508,154,355 | 8,903,515,135 | 5,238,305,518 | 25,743,026,991 | |
| Add: Changes in accounting policies | |||||||
| Correction of prior period errors | |||||||
| Others | |||||||
| II. Balance at the beginning of the year | 5,250,283,986 | 4,842,767,997 | 1,508,154,355 | 8,903,515,135 | 5,238,305,518 | 25,743,026,991 | |
| III. Changes in equity during the year ( "- " for decrease) | 6,704,208 | -162,818,822 | 38,111,254 | 462,996,264 | 344,992,904 | ||
| (I) Total comprehensive income | -162,818,822 | 568,001,944 | 405,183,122 | ||||
| (II) Shareholders' contributions and decrease of capital | 6,704,208 | 6,704,208 | |||||
| 1. Ordinary shares invested by shareholders | |||||||
| 2. Others | 6,704,208 | 6,704,208 | |||||
| (III) Profit distribution | -105,005,680 | -105,005,680 | |||||
| 1. Appropriation to surplus reserve | |||||||
| 2. Distribution to shareholders | -105,005,680 | -105,005,680 | |||||
| 3. Others | |||||||
| (IV) Transfer within equity | |||||||
| 1. Capital reserve converted into share capital | |||||||
| 2. Surplus reserve converted into share capital | |||||||
| 3. Surplus reserve for making up losses | |||||||
| 4.Others | |||||||
| (V) Specific reserve | 38,111,254 | 38,111,254 | |||||
| 1. Appropriation in the current year | 3,170,867 | 3,170,867 | |||||
| 2. Utilization in the current year | -3,170,867 | -3,170,867 | |||||
| 3. Collection from subsidiaries | 38,111,254 | 38,111,254 | |||||
| (VI)Others | - | ||||||
| Statement of Changes in Shareholders' Equity | |||||||||
| Year ended 31/12/2024 | |||||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||||||
| Item | Year ended 31/12/2024 | ||||||||
| Share capital | Capital surplus | Other comprehensive income | Specific reserve | Surplus reserve | Undistributed profits | Total shareholders’ equity | |||
| IV. Balance at the end of the year | 5,250,283,986 | 4,849,472,205 | 1,345,335,533 | 38,111,254 | 8,903,515,135 | 5,701,301,782 | 26,088,019,895 | ||
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | |||||||
| Statement of Changes in Shareholders' Equity | |||||||
| Year ended 31/12/2024 | |||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||||
| Item | Year ended 31/12/2023 | ||||||
| Share capital | Capital surplus | Other comprehensive income | Specific reserve | Surplus reserve | Undistributed profits | Total shareholders’ equity | |
| I. Balance at the end of last year | 5,250,283,986 | 4,834,675,772 | 1,640,520,684 | 8,903,515,135 | 5,637,862,169 | 26,266,857,746 | |
| Add: Changes in accounting policies | |||||||
| Correction of prior period errors | |||||||
| Others | |||||||
| II. Balance at the beginning of the year | 5,250,283,986 | 4,834,675,772 | 1,640,520,684 | 8,903,515,135 | 5,637,862,169 | 26,266,857,746 | |
| III. Changes in equity during the year ( "- " for decrease) | 8,092,225 | -132,366,329 | -399,556,651 | -523,830,755 | |||
| (I) Total comprehensive income | -132,366,329 | -411,077,765 | -543,444,094 | ||||
| (II) Shareholders' contributions and decrease of capital | 8,092,225 | 11,521,114 | 19,613,339 | ||||
| 1. Ordinary shares invested by shareholders | |||||||
| 2. Others | 8,092,225 | 11,521,114 | 19,613,339 | ||||
| (III) Profit distribution | |||||||
| 1. Appropriation to surplus reserve | |||||||
| 2. Distribution to shareholders | |||||||
| 3. Others | |||||||
| (IV) Transfer within equity | |||||||
| 1. Capital reserve converted into share capital | |||||||
| 2. Surplus reserve converted into share capital | |||||||
| 3. Surplus reserve for making up losses | |||||||
| 4. Others | |||||||
| (V) Specific reserve | |||||||
| 1. Appropriation in the current year | 15,396,203 | 15,396,203 | |||||
| 2. Utilization in the current year | -15,396,203 | -15,396,203 | |||||
| 3. Collection from subsidiaries | |||||||
| (VI) Others | - | ||||||
| Statement of Changes in Shareholders' Equity | |||||||||
| Year ended 31/12/2024 | |||||||||
| Prepared by: Guangdong Electric Power Development Co., Ltd. | Expressed in RMB | ||||||||
| Item | Year ended 31/12/2023 | ||||||||
| Share capital | Capital surplus | Other comprehensive income | Specific reserve | Surplus reserve | Undistributed profits | Total shareholders’ equity | |||
| IV. Balance at the end of the year | 5,250,283,986 | 4,842,767,997 | 1,508,154,355 | - | 8,903,515,135 | 5,238,305,518 | 25,743,026,991 | ||
| Legal representative: Zheng Yunpeng | Principal in charge of accounting: Liu Wei | Head of accounting department: Meng Fei | |||||||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Notes to the financial statementsBasic information of the companyGuangdong Electric Power Development Co., Ltd. (hereinafter “Guangdong Electric Power”, “theCompany”) is a limited liability company jointly established by Guangdong Electric Power HoldingCompany, China Construction Bank, Guangdong Province Trust Investment Company, GuangdongPower Development Co., Ltd., Guangdong International Trust, and China Guangfa Bank (currentlynamed as Guangdong Guangkong Group Co., Ltd.). The address of the Company's registered officeand head office is F33-F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,Guangzhou, Guangdong Province, the People's Republic of China ("the PRC"). The Company's parentcompany is Guangdong Energy Group Co., Ltd. ("GEGC") and its ultimate controlling shareholder is theState-owned Assets Supervision and Administration Commission of the People's Government ofGuangdong Province.The Company’s RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) issuedwere listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28June 1995. As at 31 December 2024, the total share capital of the Company was RMB 5,250,283,986with face value of RMB1 per share.The Company and its subsidiaries (collectively referred to as "the Group") are principally engaged in thebusinesses of developing and operating electric power projects in Guangdong Province, YunnanProvince, Xinjiang Uygur Autonomous Region, Hunan Province and Guangxi Zhuang AutonomousRegion of the PRC. For the information of the Company's major subsidiaries included in theconsolidation scope in the current year, please refer to Note VI. 1.These financial statements were authorized for issue by the Company's Board of Directors on 27 March2025.Basis for preparing financial statementsThe financial statements are prepared in accordance with the Accounting Standards for BusinessEnterprises and corresponding application guidance, interpretations and other related provisions issuedby the Ministry of Finance (collectively, "Accounting Standards for Business Enterprises"). In addition,the Company also disclosed the relevant financial information in accordance with the ExplanatoryAnnouncement No. 15 on Information Disclosure for Companies Offering Their Securities to the Public—General Requirements for Financial Reporting (2023 version) issued by the China SecuritiesRegulatory Commission.The financial statements are prepared on a going concern basis.The Company adopts the accrual basis of accounting. Except for certain financial instruments, thefinancial statements are prepared under the historical cost. In the event that impairment of assetsoccurs, a loss allowance is made accordingly in accordance with the relevant regulations.Significant accounting policies and accounting estimates
The Company determines specific accounting policies and accounting estimates based on thecharacteristics of production and operation, which are mainly reflected in the measurement of expectedcredit losses(“ECL”) of receivables and contract assets, costing of inventory, depreciation of fixed assets,
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
amortization of intangible assets and right-of-use assets, impairment of long-term assets, timing ofrevenue recognition, and deferred tax assets and deferred tax liabilities. Specific accounting policies aredetailed in Notes III.11, Notes III.13, Notes III.16, Notes III.20, Notes III.21, Notes III.25, Notes III.28,and Notes III.30.Details of the Group’s critical judgements, critical accounting estimates and key assumptions used indetermining significant accounting policies are set forth in Note III.32.
1. Statement of compliance with the Accounting Standard for Business EnterprisesThe financial statements of the Company for the year ended 31 December 2024 are in compliance withthe Accounting Standards for Business Enterprises, and truly and completely present the consolidatedand the Company’s financial position of the Group and the Company as at 31 December 2024 and theirfinancial performance, cash flows and other information for the year then ended.
2. Accounting year
The Company’s accounting year starts on 1 January and ends on 31 December.
3. Business Cycle
The business cycle of the Company is 12 months.
4. Recording currency
The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currencyused by the Company in preparing these financial statements is Renminbi (RMB).
5. Method for determining importance criteria and basis for selection
| Item | Importance criteria | |
| Significant long-term equity investment | The Company determines significant long-term equity investments based on a comprehensive consideration of factors such as the book value of joint ventures and associated enterprises, and the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit. | |
| Significant fixed assets | The company recognizes fixed asset projects with signs of impairment and asset balances exceeding RMB 500 million as significant fixed asset projects. | |
| Significant construction in progress | The Company determines significant projects construction in progress based on the proportion of projects construction in progress in the Company's total projects under construction. | |
| Subsidiaries with significant minority shareholders' interests | The Company determines subsidiaries with significant minority interests based on the proportion of the minority interests of these subsidiaries to the total minority interests of the Company. | |
| Basic information of significant joint ventures and associated enterprises | The Company determines significant joint ventures and associated enterprises based on a comprehensive consideration of factors such as the book value of these enterprises, the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit, and other relevant factors. | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
6. Accounting treatment methods for business combinations under common control and not under
common control
(1) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Company in a business combination aremeasured at the carrying amount. If the acquiree is acquired from a third party by the ultimatecontrolling party in a prior year, the consideration paid and net assets obtained by the Company aremeasured based on the carrying amounts of the acquiree’s assets and liabilities (including the goodwillarising from the acquisition of the acquiree by the ultimate controlling party) presented in theconsolidated financial statements of the ultimate controlling party. The difference between the carryingamount of the net assets obtained from the combination and the carrying amount of the considerationpaid for the combination is treated as an adjustment to capital surplus (share premium). If the capitalsurplus (share premium) is not sufficient to absorb the difference, the remaining balance is adjustedagainst retained earningsRealize business combinations under the same control through multiple transactions in stagesThe assets and liabilities acquired by the acquirer from the acquiree in the merger are measured at thebook value in the consolidated financial statements of the ultimate controlling party on the merger date.The difference between the sum of the book value of the investments held before the merger and thebook value of the newly paid consideration on the merger date, and the book value of the net assetsacquired in the merger, is adjusted to the capital reserves. If the capital reserves are insufficient to offset,the retained earnings are adjusted. For long-term equity investments held by the acquirer beforeobtaining control of the acquiree, the related profits and losses, other comprehensive income, and otherchanges in owner's equity recognized between the date of acquiring the original equity and the later ofthe dates when both the acquirer and the acquiree are under the same ultimate control, and up to themerger date, should be offset against the beginning retained earnings or current profits and lossesduring the comparative reporting period.
(2) Business combinations involving enterprises not under common controlFor business combinations involving enterprises not under common control, the Company adoptsconcentration test to judge whether the acquired production and operation activities or asset groupsconstitute a business. If the concentration test is passed, the Company conducts accounting treatmentaccording to the relevant asset purchase principle; if the concentration test fails, the Company willfurther judge whether it constitutes a business based on whether the relevant groups obtained in themerger have at least one input and one substantive processing process, and the combination of the twohas a significant contribution to the output capacity.The cost of combination and identifiable net assets obtained by the Group in a business combinationare measured at fair value at the acquisition date. Where the cost of the combination exceeds theGroup’s interest in the fair value of the acquiree’s identifiable net assets, the difference is recognised asgoodwill; where the cost of combination is lower than the Group’s interest in the fair value of theacquiree’s identifiable net assets, the difference is recognised in profit or loss for the current period.Realize business combinations not under common control through multiple transactions and stepsThe cost of combination is the sum of the consideration paid on the acquisition date and the fair value ofthe equity already held by the acquirer in the acquiree on the acquisition date. For the equity alreadyheld by the acquirer in the acquiree before the acquisition date, it is remeasured at its fair value on the
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
acquisition date, and the difference between the fair value and its book value is recognized in thecurrent investment income. The equity already held by the acquirer in the acquiree before theacquisition date involving other comprehensive income and other changes in owner's equity istransferred to the current income on the acquisition date, except for other comprehensive incomearising from the remeasurement of net liabilities or net assets of the defined benefit plan by the investeeand other comprehensive income related to non-trading equity instrument investments originallydesignated to be measured at fair value with changes recognized in other comprehensive income.
(3) Handling of transaction costs in business combinations
The intermediary fees incurred for auditing, legal services, evaluation and consultation, as well as otherrelated management expenses for the purpose of corporate mergers, are recorded profit or loss profit orloss for the current period. When they are incurred. The transaction costs of equity securities or debtsecurities issued as merger consideration are included in the initial recognition amount of the equitysecurities or debt securities.
7. Judgment criteria for control and method for preparing consolidated financial statements
(1) Judgment criteria for control
The scope of consolidation for consolidated financial statements is determined on a control basis.Control refers to the power that the Company has over the invested entity, the variable returns it enjoysthrough participating in the relevant activities of the invested entity, and the ability to use its power overthe invested entity to affect its return amount. When changes in relevant facts and circumstances leadto changes in the relevant elements involved in the definition of control, the Company will conduct areassessment.
(2) Preparation of consolidated financial statements
The consolidated financial statements are prepared by the Company based on the financial statementsof the Company and its subsidiaries and other relevant information. When preparing the consolidatedfinancial statements, the accounting policies and accounting periods of the subsidiaries shall beconsistent with those established by the Company. All significant intra-company balances andtransactions shall be eliminated.Where a subsidiary or business was acquired during the reporting period, through a businesscombination involving entities under common control, the financial performance and the cash flows ofthe subsidiary are included in the consolidated income statement and consolidated cash flow statementof the Company as if the combination had occurred at the date that the ultimate controlling party firstobtained control.Where a subsidiary or business was acquired during the reporting period, through a businesscombination involving entities not under common control, its revenue, expenses and profit from theacquisition date to the end of the reporting period are included in the consolidated income statementand its cash flows are included in the consolidated cash flow statement.Minority interests of the subsidiary that is not attributable to the Company are presented separately inthe shareholders’ equity section within the consolidated balance sheet. Net profit or loss attributable tonon-controlling shareholders is presented separately as minority interests below the net profit within theconsolidated income statement. When the amount of loss for the current period attributable to the non-controlling shareholders of a subsidiary exceeds the non-controlling shareholders’ share of the opening
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
owners’ equity of the subsidiary, the excess is adjusted to minority interests.
(3) Acquire the subsidiaries’ non-controlling interests
Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholdersor disposes of a portion of an interest in a subsidiary without a change in control, the difference betweenthe proportion interests of the subsidiary’s net assets being acquired or disposed and the amount of theconsideration paid or received is adjusted to the capital reserve in the consolidated balance sheet, withany excess adjusted to retained earnings.
(4) Handling of losing control over a subsidiary
When the Company loses control over a subsidiary due to partial disposal of equity investment or otherreasons, the remaining equity interests is re-measured at its fair value at the date when the control islost. The resulting gain or loss is the total of consideration received from the disposal of equityinvestment and the remaining equity investment at its fair value, deducted the total of proportioninterests of the subsidiary’s net asset and goodwill calculated based on the original shareholding ratiosince the acquisition date. Any resulting gain or loss is recognized as investment income for the currentperiod.Other comprehensive income related to the equity investment in the original subsidiary is accounted foron the same basis as the direct disposal of related assets or liabilities by the original subsidiary uponthe loss of control. All other changes in owner's equity related to the original subsidiary and accountedfor using the equity method are transferred to the current period profit or loss upon the loss of control.
8. Classification and Accounting Treatment for Joint Arrangement
A joint arrangement is an arrangement of which two or more parties have joint control. The Companyclassifies joint arrangements into joint operations and joint ventures.
(1) Joint operation
A joint operation is a joint arrangement whereby the Company has rights to the assets, and obligationsfor the liabilities, relating to the arrangement. The Company is not involved in joint operations.
(2) Joint venture
A joint venture is a joint arrangement whereby the Company has rights to the net assets of thearrangement.The Company adopts equity method of long-term equity investment to account for its investment in jointventure.
9. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits that can be readily drawn on demand, andshort-term and highly liquid investments that are readily convertible to known amounts of cash andwhich are subject to an insignificant risk of changes in value.
10. Foreign currency transactions
Foreign currency transactions are translated to the functional currency of the Company at the spotexchange rates on the dates of the transactions.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Monetary items denominated in foreign currencies are translated at the spot exchange rate at thebalance sheet date. The resulting exchange differences between the spot exchange rate at balancesheet date and the spot exchange rate at initial recognition or at the previous balance sheet date arerecognized in profit or loss. Non-monetary items that are measured at historical cost in foreigncurrencies are translated to functional currency using the spot exchange rate at the transaction date.Non-monetary items that are measured at fair value in foreign currencies are translated using the spotexchange rate at the date when the fair value is determined. The resulting exchange differences arerecognized in profit or loss or other comprehensive income according to the nature of the non-monetaryitems.
11. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financialliability or an equity instrument of another entity.
(1) Recognition and derecognition of financial instruments
A financial asset or a financial liability is recognized when the Company becomes a party to thecontractual provisions of a financial instrument.A financial asset is derecognised when one of the following criteria is met:
① The contractual rights to the cash flows from the financial asset expire; or
② The financial asset has been transferred and met the following conditions for derecognition.A financial liability (or partially) is derecognized when its contractual obligation (or partially) is ceased.When the Company (debtor) enters into an agreement with the creditor to replace the existing financialliability with a new assumed financial liability, and contractual terms are different in substance, theexisting financial liability is derecognized while a new financial liability is recognized.Conventionally traded financial assets are recognized and derecognized at the transaction date.
(2) Classification and measurement of financial assets
Based on the Company’s business model for managing the financial assets and the contractual cashflow characteristics of the financial assets, financial assets are classified as: financial assets measuredat amortized cost, financial assets measured at fair value through other comprehensive income andfinancial assets measured at fair value through profit or loss.At initial recognition, the financial assets are measured at fair value. For financial assets measured atfair value through profit or loss, the transaction costs are expensed in profit or loss for the current period.For other types of financial assets, the transaction costs are included in the initially recognised amounts.Accounts receivable arising from sale of products or rendering of services (excluding or without regardto significant financing components), the Company recognizes the amount of consideration that it isexpected to be entitled to receive as the initially recognised amounts.Financial assets measured at amortized costThe Company classifies financial assets that meet all of the following conditions and are not designatedas financial assets at fair value through profit or loss as financial assets measured at amortized cost:
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
? The objective of the Company’s business model is to hold the financial assets to collect the
contractual cash flows;? The contractual terms of the financial asset stipulate that the cash flows generated on specific
dates are solely payments on the principal and interest based on the outstanding principal amount.After initial recognition, such financial assets are measured at amortized cost using the effective interestmethod. Gains or losses arising from financial assets measured at amortized cost that are not part ofany hedging relationship are recognized in the current period profit or loss when they are derecognized,amortized using the effective interest method, or recognized as impaired.Financial assets measured at fair value through other comprehensive incomeThe Company classifies financial assets that meet all of the following conditions and are not designatedas financial assets measured at fair value through profit or loss, as financial assets measured at fairvalue through in other comprehensive income:
? The business model of our company for managing this financial asset aims both at collecting
contractual cash flows and at selling the financial asset;? The contractual terms of the financial asset stipulate that the cash flows generated on specific
dates are solely payments on the principal and interest based on the outstanding principal amount.After initial recognition, subsequent measurements of such financial assets are measured at fair value.Interests calculated using the effective interest method, impairment losses or gains, and exchangegains or losses are recognized in the current period profit or loss, while other gains or losses arerecorded in other comprehensive income. Upon derecognition, the cumulative gains or lossespreviously recorded in other comprehensive income are transferred out of other comprehensive incomeand recognized in the current period profit or loss.Financial assets measured at fair value through profit or lossIn addition to the financial assets at amortized cost and those measured at fair value through othercomprehensive income as mentioned above, the Company categorizes all other financial assets asthose measured at fair value through profit or loss. Upon initial recognition, in order to eliminate orsignificantly reduce accounting mismatches, the Company irrevocably designates some financial assetsthat should be measured at amortized cost or at fair value through in other comprehensive income asfinancial assets measured at fair value through profit or loss.After initial recognition, subsequent measurements of such financial assets are measured at fair value,and any gains or losses (including interest and dividend income) arising therefrom are recorded in thecurrent period profit or loss, unless the financial asset is part of a hedging relationship.However, for non-trading equity instrument investments, the Company irrevocably designates them asfinancial assets measured at fair value through other comprehensive income upon initial recognition.This designation is made on an individual investment basis, and the relevant investments meet thedefinition of equity instruments from the perspective of the issuer.After initial recognition, subsequent measurements of such financial assets are measured at fair value.Dividend income that meets the criteria is recorded in profit or loss, while other gains or losses andchanges in fair value are recorded in other comprehensive income. Upon derecognition, the cumulativegains or losses previously recorded in other comprehensive income are transferred out of other
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
comprehensive income and recorded in retained earnings.The business model for managing financial assets refers to how the company manages its financialassets to generate cash flows. The business model determines whether the source of cash flows fromthe financial assets managed by the company is from the collection of contractual cash flows, the saleof financial assets, or a combination of both. The company determines its business model for managingfinancial assets based on objective facts and the specific business objectives for managing financialassets determined by key management personnel.The Company evaluates the contractual cash flow characteristics of financial assets to determinewhether the contractual cash flows generated by the relevant financial assets on a specific date aresolely payments of principal and interest based on the outstanding principal amount. The principal refersto the fair value of the financial asset at initial recognition; interest includes consideration for the timevalue of money, credit risk associated with the outstanding principal amount during a specific period, aswell as other basic borrowing risks, costs, and profits. In addition, the Company evaluates contractterms that may lead to changes in the time distribution or amount of contractual cash flows of financialassets to determine whether they meet the requirements of the aforementioned contractual cash flowcharacteristics.Only when the company changes its business model for managing financial assets, all affected relevantfinancial assets will be reclassified on the first day of the first reporting period following the change inbusiness model. Otherwise, financial assets shall not be reclassified after initial recognition.
(3) Classification and measurement of financial liabilities
The financial liabilities of the Company are classified at initial recognition as either financial liabilitiesmeasured at fair value through profit or loss, or financial liabilities measured at amortized cost. Forfinancial liabilities not classified as measured at fair value through profit or loss, the transaction costsare included in their initially recognised amounts.Financial liabilities measured at fair value through profit or lossFinancial liabilities measured at fair value through profit or loss include trading financial liabilities andfinancial liabilities designated at initial recognition as measured at fair value through profit or loss. Forsuch financial liabilities, subsequently measured at fair value, and gains or losses arising from changesin fair value, as well as dividend and interest expenses related to these financial liabilities, arerecognized in current profit or loss.Financial liabilities measured at amortized costOther financial liabilities are subsequently measured at amortized cost using the effective interestmethod, and gains or losses arising from derecognition or amortization are recognized in the currentperiod profit or loss.Distinction between financial liabilities and equity instrumentsA financial liability is recognized if one of the following conditions is satisfied::
① A contractual obligation to deliver cash or another financial asset to another entity;
② A contractual obligation to exchange financial assets or financial liabilities with another entityunder potentially unfavorable conditions;
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
③ A non-derivative instrument contract that will or may be settled in the Company’s own equityinstruments and the Company is obliged to deliver a variable number of the Company’s own equityinstruments;
④ A derivative instrument contract that will or may be settled in the Company’s own equityinstruments in the future, except for a derivative instrument contract that is settled by the exchangeof a fixed number of the Company’s own equity instruments for a fixed amount of cash or otherfinancial assets.An equity instrument is a contract that evidences a residual interest in the assets of the Company afterdeducting all of its liabilities.If the Company does not have an unconditional right to avoid delivering cash or another financial assetto settle a contractual obligation, the obligation meets the definition of a financial liability.If a financial instrument will or may be settled by the Company’s own equity instruments, classification ofthe instrument depends on whether the Company’s own equity instruments work as the replacement ofcash or other financial instrument, or represent the investor’s residual interest in the Company’s assetsafter deducting all its liabilities. In the former case, the instrument is classified as a financial liability; inthe latter case, the instrument is classified as an equity instrument.
(4) Fair value of financial instruments
For the determination of fair value of financial assets and financial liabilities, please refer to Note III.12.
(5) Impairment of financial assets
Based on ECL, the Company performs impairment accounting treatment on the following items andrecognizes loss provisions:
Financial assets measured at amortized cost;Receivables and debt instrument investments measured at fair value through other comprehensiveincome;Contract assets as defined in "Accounting Standards for Business Enterprises No. 14 - Revenue";Lease receivables;Financial guarantee contract (except for those measured at fair value through profit and loss, thetransfer of financial assets does not meet the conditions for derecognition or continue to involve in thetransferred financial assets)Measurement of ECLECL refers to the weighted average of credit losses for financial instruments, calculated by weighting therisk of default occurring. Credit loss is defined as the difference between all contractual cash flowsreceivable by the entity under the agreement and all expected cash flows to be collected, discounted atthe original effective interest rate. This represents the present value of all cash shortfalls.The Company measures the expected credit losses of financial instruments at different stagesseparately. The financial instrument is at the first stage when there is no significant increase in creditrisk since initial recognition. The Company measures the loss allowance according to the expected
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
credit losses in the next 12 months. The financial instrument is at the second stage when there issignificant increase in credit risk since initial recognition and credit loss is not yet occurred. TheCompany then measures the loss allowance according to expected credit losses over the lifetime of afinancial instrument. The financial instrument is at the third stage when there is significant increase incredit risk since initial recognition and credit loss occurred. The Company then measures the lossallowance according to expected credit losses over the lifetime of a financial instrument.For financial instrument that has low credit risk at the balance sheet date, the Company assumes thereis no significant increase in its credit risk since initial recognition. The Company measures the lossallowance according to the expected credit losses in the next 12 months.Lifetime expected credit losses are the expected credit losses that result from all possible default eventsover the expected life of a financial instrument. Expected credit losses in the next 12 months are theportion of expected losses that result from default events that are possible within the 12 months afterthe balance sheet date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating expected credit losses is the maximum contractualperiod (including extension options) over which the Company is exposed to credit risk.For the financial instruments at the first and second stage as well as financial instruments that have lowcredit risk, the Company calculates the interest income based on the book value without loss allowancededucted and effective interest rate. While for the financial instruments at the third stage, the Companycalculates the interest income based on the amortized cost of the book value less loss allowance andeffective interest rate.For accounts receivable such as notes receivable, accounts receivable, accounts receivable financing,other receivables, and contract assets, if the credit risk characteristics of a particular customer aresignificantly different from those of other customers in the group, or if there is a significant change in thecredit risk characteristics of that customer, the company will individually accrue bad debt reserves forthat account receivable. Apart from the account receivables for which bad debt reserves are individuallyaccrued, the company divides account receivables into groups based on credit risk characteristics andcalculates bad debt reserves on a group basis.Notes receivable, accounts receivable, contract assets, and other receivablesFor notes receivable, accounts receivable, and contract assets, regardless of whether there is asignificant financing component, the Company consistently measures their loss provisions at an amountequivalent to the ECL over the entire duration.For various financial assets whose ECL are calculated on an individual basis, their credit riskcharacteristics are significantly different from those of other financial assets within the same category.When it is not possible to assess the ECL of an individual financial asset at a reasonable cost, theCompany categorizes accounts receivable into several groups based on credit risk characteristics. TheECL are calculated on a group basis, and the basis and method for determining the group are as follows:
| Combination | Combination name |
| Group 1 of notes receivable | Notes receivable |
| Group 1 of accounts receivable | Receivables from sale of electricity |
| Group 2 of accounts receivable | Receivable for renewable energy subsidies |
| Group 3 of accounts receivable | Receivables from related parties |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Combination | Combination name |
| Group 4 of accounts receivable | Receivables from steam sales and others |
| Group 1 of contract assets | Receivables from related parties |
| Group 2 of contract assets | Other contract assets |
| Group 1 of other receivables | Receivables from business units, reserves receivable and other receivables |
For notes receivable and contract assets classified as groups, the Company calculates ECL byreferencing historical credit loss experience, considering current conditions, and forecasting futureeconomic conditions, based on the exposure to default risk and the expected credit loss rate over theentire duration.For accounts receivable classified into groups, the Company calculates ECL by referring to historicalcredit loss experience, combining current conditions with predictions of future economic conditions, andusing default risk exposure and expected credit loss rate over the entire duration. For other receivablesclassified into portfolios, the Company calculates ECL by referring to historical credit loss experience,combining current conditions with predictions of future economic conditions, and using default riskexposure and expected credit loss rate within the next 12 months or over the entire duration.The Company recognises the loss provision made or reversed into profit or loss for the current period.Debt investment, other debt investmentsFor debt investments and other debt investments, the Company calculates ECL based on the nature ofthe investment, various types of counterparties and risk exposures, through default risk exposures andexpected credit loss rates within the next 12 months or throughout the entire duration.Assessment of significant increase in credit riskIn assessing whether the credit risk of a financial instrument has increased significantly since initialrecognition, the Company compares the risk of default occurring on the financial instrument assessed atthe balance sheet date with that assessed at the date of initial recognition.When determining whether the credit risk has increased significantly since initial recognition, theCompany considers the reasonable and supportable information that is available without undue cost oreffort, including forward-looking information. In particular, the following information is taken into account:
? Debtors fail to make payments of principal or interest on their contractually due dates;? An actual or expected significant deterioration in a financial instrument’s external or internal creditrating (if available);? An actual or expected significant deterioration in the operating results of the debtor; and? Existing or anticipated changes in the technological, market, economic or legal environment that
have a significant adverse effect on the debtor’s ability to meet its obligation to the Company.Depending on the nature of the financial instruments, the Company assesses whether there is asignificant increase in credit risk on either an individual basis or a collective basis. When theassessment is performed on a collective basis, the financial instruments are classified into groupsbased on shared credit risk characteristics, such as past due status and credit risk ratings.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
If the overdue period exceeds 30 days, the Company determines that the credit risk of the financialinstrument has significantly increased.Credit-impaired financial assetsAt each balance sheet date, the Company assesses whether financial assets measured at amortizedcost and debt investments measured at fair value through other comprehensive income are credit-impaired. A financial asset is credit-impaired when one or more events that have adverse impact on theexpected future cash flows of financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable information:
? Significant financial difficulty of the debtor or issuer;? A breach of contract by the debtor, such as default or overdue in interest or principal payments;? For economic or contractual reasons relating to the debtor’s financial difficulty, the Company havinggranted to the debtor a concessions that would not otherwise consider;? It is probable that the debtor will enter into bankruptcy or other financial restructuring;? The disappearance of an active market for that financial asset because of issuer’s or debtor’sfinancial difficulties.Presentation of allowance for expected credit lossesIn order to reflect the change of the credit risk of financial instruments since the initial recognition, theCompany re-measures the expected credit losses at each balance sheet date. Any increase orrecovered amount of the loss allowance which generated shall be recognized as loss allowance or gainin the profit or loss for the current period. For financial asset measured at amortized cost, the lossallowance shall offset against the carrying amount of the financial asset as stated in the balance sheet;for the debt investment measured at fair value through other comprehensive income, the Companyrecognizes its loss allowance in other comprehensive income and does not offset against the carryingamount of the financial asset.Write-offThe gross carrying amount of a financial asset is written off (either partially or entirely) to the extent thatthere is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes aderecognition event. This is generally the case when the Company determines that the debtor does nothave assets or sources of income that could generate sufficient cash flows to repay the amounts subjectto the write-off. However, financial assets that are written off could still be subject to enforcementactivities in order to comply with the Company’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognized as a reversal ofimpairment in profit or loss in the period when the recovery occurs.
(6) Transfer of financial assets
Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee)other than the issuer of financial assets.A financial asset is derecognized if the Company transfers substantially all the risks and rewards ofownership of the financial asset to the transferee. A financial asset is not derecognized if the Company
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
retains substantially all the risks and rewards of ownership of the financial asset.The Company neither transfers nor retains substantially all the risks and rewards of ownership of thefinancial asset, the accounting treatments are as following: if control over the financial assets issurrendered, the Company derecognizes the financial assets and recognizes any assets and liabilitiesarose; if the Company retains the control of the financial assets, financial assets to the extent of thecontinuing involvement in the transferred financial assets by the Company as well as any relating liability.
(7) Offset between financial assets and financial liabilities
When the Company has an enforceable legal right to offset the recognized financial assets against thefinancial liabilities, and the Company plans to settle by net amount or realize the financial assets andsettle the financial liabilities, the amount after being offset will be presented in the balance sheet.Otherwise, financial assets and financial liabilities are presented separately in the balance sheet and notallowed to offset against each other.
12. Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderlytransaction between market participants at the measurement date.The Company measures related assets or liabilities at fair value assuming the assets or liabilities aretransferred in an orderly transaction in their principal market. In the absence of a principal market, theCompany assumes that the transaction is occurred in the most advantageous market for the underlyingasset or liability. Principal market (or the most advantageous market) is the trading market that theCompany can normally enter into a transaction at the measurement date. The Company adopts theassumptions that would be used by market participants in achieving the maximized economic benefitwhen pricing the assets or liabilities.For financial assets or financial liabilities that have an active market, the Company uses the quotedprices in the active market as their fair value. Otherwise, the Company uses the valuation technique todetermine their fair value.The fair value of a financial instrument that is traded in an active market is determined at the quotedprice in the active market. The fair value of a financial instrument that is not traded in an active market isdetermined by using a valuation techniqueThe Company uses valuation techniques that are appropriate in the current circumstances and thereare sufficient data and other information are available for measuring the fair value. The Company usesthe relevant observable inputs for measurement and only use unobservable input when the observableinputs are unavailable or impractical to obtain.For assets and liabilities measured or disclosed at fair value in the financial statements, the level of fairvalue is determined by the significant lowest level input to the entire fair value measurement: Level 1inputs are the unadjusted quoted prices in the active markets for identical assets or liabilities that can beobtained at the measurement date; Level 2 inputs are the direct or indirect observable inputs of relatedassets or liabilities other than quoted prices in Level 1; Level 3 inputs are the unobservable inputs forthe assets or liabilities.At each balance sheet date, the Company revalues assets and liabilities being measured at fair valuecontinuously in the financial statements to determine whether any change between the levels of fairvalue measurement.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
13. Inventories
(1) Classification of inventories
Inventories in the Company mainly comprise fuel and spare parts
(2) Valuation of inventories
The inventory of the Company is priced at actual cost upon acquisition. Cost of fuel is calculated usingthe weighted average method. Spare parts are amortised in full amount when issued for use.
(3) Basis for determining and method of calculating inventory reserves
On the balance sheet date, inventory is measured at the lower of cost and net realizable value. Whenthe net realizable value is lower than the cost, an inventory reserve is accrued.Net realizable value is determined based on the estimated selling price in the ordinary course ofbusiness, less the estimated costs necessary to make the sale and related taxes. When determining thenet realizable value of inventory, it is based on conclusive evidence obtained, while considering thepurpose of holding inventory and the impact of events after the balance sheet date. Among them, spareparts are recognised provision for decline in the value of inventories based on factors such as inventoryage and storage statusFor inventories with a large quantity and low unit price, the company accrues inventory reserves basedon inventory categories.On the balance sheet date, if the factors that previously caused the write-down of inventory value havedisappeared, the inventory reserves shall be reversed within the originally accrued amount.
(4) Inventory system
The inventory system of the Company adopts the perpetual inventory system.
(5) Amortization method of low-value consumables
Low value consumables are amortised in full amount
14. Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries,and the Company’s long-term equity investments in its joint ventures and associates. If the Company isable to exert significant influence over the invested entity, it is considered as the Company's associatedenterprise.
(1) Determination of initial investment cost
For long-term equity investments acquired through a business combination involving enterprises undercommon control, the investment cost shall be the absorbing party’s share of the carrying amount ofowners’ equity of the party being absorbed in the consolidated financial statements of the ultimatecontrolling party at the combination date; for long-term equity investments acquired through a businesscombination involving enterprises not under common control, the investment cost shall be thecombination cost.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
For long-term equity investments acquired not through a business combination: for long-term equityinvestments acquired by payment in cash, the initial investment cost shall be the purchase price actuallypaid; for long-term equity investments acquired by issuing equity securities, the initial investment costshall be the fair value of the equity securities issued.
(2) Subsequent measurement and recognition of profit or loss
Investments in subsidiaries are accounted for using the cost method, unless the investment meets theconditions for held-for-sale; investments in associates and joint ventures are accounted for using theequity method.For long-term equity investments accounted for using the cost method, except for the actual paymentmade at the time of investment or the cash dividends or profits included in the consideration that havebeen declared but not yet distributed, the cash dividends or profits declared and distributed by theinvestee are recognized as investment income in profit or loss for the current period.For long-term equity investments accounted for using the equity method, where the initial investmentcost exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the timeof acquisition, the investments is initially measured at that cost; where the initial investment cost is lessthan the Company’s share of the fair value of the investee’s identifiable net assets at the time ofacquisition, the difference is included in profit or loss for the current period and the cost of the long-termequity investment is adjusted upwards accordinglyWhen accounting using the equity method, investment income and other comprehensive income arerecognized based on the share of net profit or loss and other comprehensive income realized by theinvested entity that should be enjoyed or shared, and the book value of the long-term equityinvestments is adjusted accordingly. The portion of profits or cash dividends declared and distributed bythe invested entity that should be enjoyed is calculated, and the book value of the long-term equityinvestments is correspondingly reduced. For other changes in the owner's equity of the invested entityother than net profit or loss, other comprehensive income, and profit distribution, the book value of thelong-term equity investment is adjusted and included in capital reserves (other capital reserves). Whenrecognizing the share of net profit or loss of the invested entity that should be enjoyed, the fair value ofthe identifiable assets and other items of the invested entity at the time of investment acquisition is usedas the basis, and the net profit of the invested entity is adjusted according to the accounting policies andaccounting periods of the company before recognition.If, due to reasons such as additional investments, the investor is able to exert significant influence orjoint control over the investee but does not constitute control, on the transition date, the sum of the fairvalue of the original equity and the newly added investment cost shall be regarded as the initialinvestment cost accounted for using the equity method. If the original equity is classified as a non-trading equity instrument investment measured at fair value with changes recognized in othercomprehensive income, the cumulative fair value changes previously recognized in othercomprehensive income related to it shall be transferred to retained earnings when accounting for itusing the equity method.If joint control or significant influence over the investee is lost due to reasons such as the disposal of aportion of equity investment, the remaining equity after disposal shall be accounted for in accordancewith "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement ofFinancial Instruments" on the date when joint control or significant influence is lost. The differencebetween fair value and book value shall be recorded in the profit or loss for the current period. For othercomprehensive income recognized from the original equity investment accounted for using the equity
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
method, accounting treatment shall be conducted on the same basis as the direct disposal of relatedassets or liabilities by the investee when the equity method is no longer used for accounting. All otherchanges in owner's equity related to the original equity investment shall be transferred to the profit orloss for the current period.If control over the invested entity is lost due to reasons such as the disposal of a portion of equityinvestment, and the remaining equity after disposal can jointly control or exert significant influence overthe invested entity, the equity method shall be adopted for accounting, and the remaining equity shall beadjusted as if it had been accounted for using the equity method from the time of acquisition. If theremaining equity after disposal cannot jointly control or exert significant influence over the investedentity, accounting treatment shall be conducted in accordance with the relevant provisions of"Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of FinancialInstruments", and the difference between its fair value and book value at the date of loss of control shallbe recognized in profit or loss for the current period..If the Company's shareholding ratio decreases due to capital increases by other investors, resulting inthe loss of control but still enabling joint control or significant influence over the invested entity, theCompany shall recognize its share of the net assets increased by the invested entity due to the capitalincrease based on the new shareholding ratio. The difference between this share and the original bookvalue of the long-term equity investment corresponding to the decreased shareholding ratio shall berecorded in profit or loss for the current period. Subsequently, adjustments shall be made using theequity method as if the new shareholding ratio had been applied from the time of investment acquisition.The unrealized internal transaction losses and gains between the Company and its associatedenterprises and joint ventures are calculated based on the shareholding ratio and attributed to theCompany. The investment losses and gains are recognized on an offset basis. Any losses resulting fromtransactions between the Company and its investees, which are attributable to asset impairment lossesare not eliminated.
(3) Basis for determining existence of control, joint control or significant influence over investeesJoint control is the agreed sharing of control over an arrangement, and the decision of activities relatingto such arrangement requires the unanimous consent of the Company and other parties sharing control.In determining whether joint control exists, the first step is to assess whether all participating parties or acombination of participating parties collectively control the arrangement. The second step is todetermine whether decisions regarding the relevant activities of the arrangement must be unanimouslyagreed upon by these collectively controlling parties. If all participating parties or a group of participatingparties must act in unison to decide on the relevant activities of an arrangement, it is considered that allparticipating parties or a group of participating parties collectively control the arrangement. If there aretwo or more combinations of participating parties capable of collectively controlling an arrangement, itdoes not constitute joint control. When determining whether joint control exists, protective rights enjoyedare not considered.Significant influence is the power to participate in making the decisions on financial and operatingpolicies of the investee, but is not control or joint control over making those policies. When determiningwhether the investor can exert significant influence on the invested entity, the consideration includes thevoting shares directly or indirectly held by the investor in the invested entity, as well as the impact of thecurrent executable potential voting rights held by the investor and other parties after assuming that theyare converted into equity in the invested entity, including the impact of the current convertible warrants,share options, and convertible corporate bonds issued by the invested entity.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
When the Company directly or indirectly, through its subsidiaries, holds more than 20% (inclusive) butless than 50% of the voting shares of the invested entity, it is generally considered to have significantinfluence over the invested entity, unless there is clear evidence indicating that it cannot participate inthe production and operation decisions of the invested entity in such circumstances and does not exertsignificant influence. When the Company holds less than 20% (exclusive) of the voting shares of theinvested entity, it is generally not considered to have significant influence over the invested entity, unlessthere is clear evidence indicating that it can participate in the production and operation decisions of theinvested entity in such circumstances and exert significant influence.
(4) Impairment testing method and impairment provision method
The method for calculating asset impairment for investments in subsidiaries, associates, and jointventures is provided in the Note III. 21.
15. Investment properties
Investment property refers to real estate held for the purpose of generating rentals or capitalappreciation, or both. The investment properties of the Company include land use rights that have beenleased out, land use rights held for transfer after appreciation, and buildings that have been leased out.The investment properties of the Company are initially measured at their acquisition costs and aresubject to depreciation or amortization on a regular basis in accordance with the relevant provisions forfixed assets or intangible assets. The estimated useful lives, the net residual values that are expressedas a percentage of cost and the annual depreciation (amortization) rates of investment properties are asfollows:
| Category | Estimated useful lives | Estimated net residual values (%) | Annual depreciation (amortization) rates (%) |
| Buildings | 20 to 40 years | 5 | 4.75 to 2.38 |
| Land-use rights | 50 to 60 years | 0 | 2.00 to 1.67 |
The investment property’s estimated useful life, estimated net residual value and depreciation(amortization) method applied are reviewed and adjusted as appropriate at each year-end.When an investment property is transferred to owner-occupied property, it is reclassified to fixed assetand intangible assets with the carrying amounts determined at the carrying amounts of the investmentproperty at the date of the transfer. An investment property is derecognised on disposal or when theinvestment property is permanently withdrawn from use and no future economic benefits are expectedfrom its disposal. The net amount of proceeds from sale, transfer, retirement or damage of aninvestment property after its carrying amount and related taxes and expenses is recognised in profit orloss for the current period.For investment properties measured using the cost model, the method for calculating asset impairmentis provided in Notes III.21.
16. Fixed assets
(1) Recognition and initial measurement of fixed assets
The fixed assets of the company refer to tangible assets held for the purpose of producing goods,providing services, leasing, or business management, with a service life exceeding one accounting year,including buildings, power generation equipment, motor vehicles, and other equipment.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Fixed assets are recognised when it is probable that the related economic benefits will flow into theGroup and the costs can be reliably measured.Fixed assets purchased or constructed by the Group are initially measured at cost at the time ofacquisition. The fixed assets contributed by the State shareholders at the reorganization of theCompany into a corporation entity are recognised based on the evaluated amounts approved by thestate-owned assets administration department.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it isprobable that the associated economic benefits will flow to the Group and the related cost can bereliably measured. The carrying amount of the replaced part is derecognised. All the other subsequentexpenditures are recognised in profit or loss for the period in which they are incurred.
(2) Depreciation methods for fixed assets
The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for fixedassets from the time they reach their intended usable condition and ceases when they are derecognizedor classified as non-current assets held for sale. Without considering impairment provision, theCompany determines the annual depreciation rate for various types of fixed assets based on theircategory, estimated useful lives, and expected net residual value as follows:
| Category | Estimated useful lives | Estimated net residual value | Annual depreciation rate |
| Buildings | 10 to 50 years | 5% | 9.50% to 1.90 % |
| Power generation equipment | 5 to 30 years | 0% to 5 % | 20.00% to 3.17% |
| Motor vehicles | 5 to 10 years | 0% to 5% | 20:00 % to 9:50% |
| Other equipment | 5 to 22 years | 0% to 5% | 20.00% to 4.32% |
Except for fixed assets purchased using work safety funds, other fixed assets are depreciated using thestraight-line method to allocate the cost of the assets to their estimated net residual values over theirestimated useful lives. For the fixed assets that have been provided for impairment loss, the relateddepreciation charge is prospectively determined based upon the adjusted carrying amounts over theirremaining useful lives.
(3) The impairment test method and impairment provision method for fixed assets are described in
Note III.21.
(4) At the end of each year, the Company reviews the useful life, estimated net residual value, anddepreciation method of its fixed assets.If there is a discrepancy between the estimated useful lives and the original estimate, the useful lives ofthe fixed asset should be adjusted; if there is a discrepancy between the estimated net residual valueand the original estimate, the estimated net residual value should be adjusted.
(5) Disposals of fixed assets
A fixed asset is derecognised on disposal or when no future economic benefits are expected from itsuse or disposal. The amount of proceeds from disposals on sale, transfer, retirement or damage of afixed asset net of its carrying amount and related taxes and expenses is recognised in profit or loss forthe current period.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
17. Construction in progress
Construction in progress is measured at actual cost, including various necessary engineeringexpenditures incurred during the construction period, borrowing costs that should be capitalized beforethe project reaches its intended usable state, and other related expenses.Construction in progress is transferred to fixed assets when the asset is ready for its intended use, anddepreciation is charged starting from the following month. When the construction in progress completesits trial operation period and meets the contract design objectives and comprehensive quality indicatorsthat comply with industry technical standards, the company deems it to have reached its intendedoperational condition.The method for calculating asset impairment for construction in progress is provided in Note III.21.
18. Construction materials
The engineering materials of the company refer to various materials prepared for ongoing projects,including engineering materials, equipment not yet installed, and tools and instruments prepared forproduction.Engineering materials purchased are measured at cost. When engineering materials are requisitioned,they are transferred to projects in progress. Upon completion of the project, any remaining engineeringmaterials are transferred to inventory.The method for calculating asset impairment for construction material is provided in Note III.21.In the balance sheet, the ending balance of construction material is presented under the item"Construction in Progress".
19. Borrowing costs
(1) Recognition principle for capitalization of borrowing costs
The borrowing costs incurred by the Company, which can be directly attributed to the acquisition,construction, or production of assets eligible for capitalization, shall be capitalized and included in thecost of the relevant assets. Other borrowing costs shall be recognized as expenses based on theiractual amount at the time of occurrence and included in profit or loss for the current period. Borrowingcosts that meet the following conditions shall commence capitalization:
① Asset expenditure has already occurred, which includes expenditure incurred in the form of cashpayments, transfers of non-cash assets, or the assumption of interest-bearing debts for theacquisition, construction, or production of assets eligible for capitalization;
② The borrowing costs have already been incurred;
③ The acquisition, construction, or production activities necessary to prepare the asset for itsintended use or sale have commenced.
(2) Capitalization period of borrowing costs
When the assets eligible for capitalization acquired, constructed, or produced by the company reach theexpected usable or marketable state, the capitalization of borrowing costs ceases. Borrowing costsincurred after the assets eligible for capitalization reach the expected usable or marketable state are
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
recognized as expenses based on their actual amount at the time of occurrence and recorded profit orloss for the current period.Capitalization of borrowing costs is suspended during periods in which the acquisition or construction ofan asset is interrupted abnormally and the interruption lasts for more than 3 months, until the acquisitionor construction is resumed; borrowing costs incurred during normal interruptions shall continue to becapitalized.
(3) Calculation method for capitalization rate and capitalization amount of borrowing costsThe amount of interest expenses actually incurred on special borrowings in the current period, afterdeducting the interest income earned on the unused borrowing funds deposited in the bank or theinvestment income earned from temporary investments, shall be capitalized. For general borrowings,the capitalization amount shall be determined by multiplying the weighted average of asset expendituresexceeding the special borrowings by the capitalization rate of the general borrowings used. Thecapitalization rate shall be calculated and determined based on the weighted average interest rate ofthe general borrowings.During the capitalization period, the exchange differences on foreign currency specific borrowings arefully capitalized; the exchange differences on foreign currency general borrowings are recorded profit orloss for the current period.During the capitalization period, the exchange differences on foreign currency specific borrowings arefully capitalized; the exchange differences on foreign currency general borrowings are recorded profit orloss for the current period.
20. Intangible assets
The intangible assets of the company primarily comprise land use rights, sea area use rights, rights touse supporting power transmission and transformation projects, software, non-patented technology, andothers.Intangible assets are initially measured at cost, and their useful lives are assessed upon acquisition. Ifthe useful life is finite, an amortization method that reflects the expected realization of economic benefitsrelated to the asset is adopted, starting from the point when the intangible asset is ready for use, andamortization is carried out over the expected useful life. If the expected realization method cannot bereliably determined, the straight-line method is used for amortization. Intangible assets with an uncertainuseful life are not amortized.The amortization method for intangible assets with limited service life is as follows:
| Category | Expected useful lives (years) | Amortization method | Notes |
| Land-use rights | 20 to 70 | Straight line method | If the cost of purchasing land and buildings cannot be reasonably allocated between the land use rights and the buildings, the entire amount shall be treated as fixed assets. For allocated land with an uncertain useful life, no amortization shall be accrued. |
| Sea use rights | 25 to 50 | Straight line method | |
| Other intangible assets | 2 to 60 | Straight line method |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
At the end of each year, the Company reviews the useful life and amortization method of intangibleassets with a limited useful life. If the review results in a difference from previous estimates, the originalestimates are adjusted and treated as a change in accounting estimates.If it is estimated on the balance sheet date that an intangible asset can no longer bring future economicbenefits to the enterprise, the entire book value of the intangible asset shall be transferred to profit orloss for the current period.The method for calculating asset impairment for intangible assets is provided in Note III.21.
21. Impairment of assets
The impairment of assets such as long-term equity investments in subsidiaries, associates, and jointventures, investment properties measured using the cost model, fixed assets, construction in progress,right-of-use assets, intangible assets, goodwill, etc. (excluding inventories, deferred tax assets, andfinancial assets) shall be determined according to the following methods:
On the balance sheet date, we assess whether there are any indications that assets may be impaired. Ifthere are such indications, the company will estimate their recoverable amounts and conduct animpairment test. Impairment tests are conducted annually for goodwill formed through businesscombinations, intangible assets with uncertain useful lives, and intangible assets that have not yetreached their intended use, regardless of whether there are any indications of impairment.The recoverable amount is determined based on the higher of the net amount after deducting disposalexpenses from the fair value of the asset and the present value of the expected future cash flows of theasset. The Company estimates the recoverable amount of an individual asset; if it is difficult to estimatethe recoverable amount of an individual asset, the recoverable amount of the asset group to which theasset belongs is determined. The identification of an asset group is based on whether the main cashinflows generated by the asset group are independent of the cash inflows of other assets or assetgroups.When the recoverable amount of an asset or asset group is lower than its carrying amount, theCompany will reduce its carrying amount to the recoverable amount, and the reduced amount will berecorded profit or loss for the current period. At the same time, a corresponding provision for assetimpairment will be made.Regarding the impairment test of goodwill, the carrying value of goodwill formed through businesscombinations is amortized to the relevant asset groups using a reasonable method from the acquisitiondate. If it is difficult to allocate to the relevant asset groups, it is amortized to the relevant combinationsof asset groups. The relevant asset groups or combinations of asset groups are those that can benefitfrom the synergistic effects of business combinations and are not larger than the reporting segmentsdetermined by the company.During impairment testing, if there are signs of impairment in the asset group or combination of assetgroups related to goodwill, the impairment test is first conducted on the asset group or combination ofasset groups excluding goodwill. The recoverable amount is calculated, and the correspondingimpairment loss is recognized. Then, the impairment test is conducted on the asset group orcombination of asset groups including goodwill. The book value is compared with the recoverableamount. If the recoverable amount is lower than the book value, the impairment loss of goodwill isrecognized.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Once the asset impairment loss is recognized, it will not be reversed in subsequent accounting periods.
22. Long-term prepaid expenses
The long-term deferred expenses incurred by the company are priced at actual cost and amortizedevenly over the expected benefit period. For long-term deferred expense items that do not benefit futureaccounting periods, their amortized value is fully recorded in profit or loss for the current period.
23. Employee benefits
(1) Scope of employee benefits
Employee benefits refers to various forms of remuneration or compensation given by enterprises toobtain services provided by employees or terminate labor relations. Employee benefits refer to all formsof consideration or compensation given by the Company in exchange for service rendered byemployees or for termination of employment relationship, which include short-term employee benefits,post-employment benefits, termination benefits and other long-term employee benefits. The benefitsprovided by enterprises to employees' spouses, children, dependents, survivors of deceased employees,and other beneficiaries also belong to employee benefits.Based on liquidity, employee benefits is separately presented in the " Employee benefits payable" and"Long-term employee benefits payable" items on the balance sheet.
(2) Short-term employee benefits
Short-term employee benefits include wages or salaries, bonus, allowances and subsidies, staff welfare,premiums or contributions on medical insurance, work injury insurance and maternity insurance,housing funds, union running costs and employee education costs and short-term paid absences. Theshort-term employee benefits actually occurred are recognised as a liability in the accounting period inwhich the service is rendered by the employees, with a corresponding charge to the profit or loss for thecurrent period or the cost of relevant assets.
(3) Post-employment benefits
The Company classifies post-employment benefit plans as either defined contribution plans or definedbenefit plans. Defined contribution plans are post-employment benefit plans under which the Companypays fixed contributions into a separate fund and will have no obligation to pay further contributions; anddefined benefit plans are post-employment benefit plans other than defined contribution plans. Duringthe reporting period, the Company’s post-employment benefits mainly include basic pensions,unemployment insurance and supplementary pensions, and all of them belong to the definedcontribution plans; non-planned expenses provided to retired employees fall under defined benefit plans.Basic pensionsThe Group’s employees participate in the basic pension plan set up and administered by localauthorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on thebasic pensions are calculated according to the bases and percentage prescribed by the relevant localauthorities. When employees retire, the relevant local authorities are obliged to pay the basic pensionsto themSupplementary pensions
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
The Company purchases supplementary pensions for employees, and pays insurance premiumaccording to the policies of the parent company, Guangdong Energy Group.The amounts based on the above calculations are recognised as liabilities in the accounting period inwhich the service has been rendered by the employees, with a corresponding charge to the profit orloss for the current period or the cost of relevant assets.Defined benefit planFor defined benefit plan, the Company uses the projected unit credit method and includes the obligationof the defined benefit plan in the accounting period in which the service has been rendered by theemployees, with a corresponding charge to the profit or loss for the period. The cost of employeebenefits arising from defined benefit plans are classified into the following parts:
Service costs (including current service costs and settlement gains and losses);Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit planobligations); as well as remeasure the changes arising from the net liability of the defined benefit plan.Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss forthe current period. Changes arising from the remeasurement of net liabilities of defined benefit plans,including actuarial gains or losses, are recorded in other comprehensive income.
(4) Termination benefits
The Company recognises a liability arising from compensation for termination of the employmentrelationship with employees, with a corresponding charge to profit or loss for the current period at theearlier of the following dates: when the Company cannot unilaterally withdraw an employmenttermination plan or a curtailment proposal; or when the Company recognises costs or expenses for arestructuring that involves the payment of termination benefits.For the implementation of internal employee retirement plans, the economic compensation before theofficial retirement date is considered as a dismissal benefit. From the date when the employee ceasesto provide services until the normal retirement date, the proposed payment of wages for early retiredemployees and social insurance premiums are included in profit or loss for the current period on a one-time basis. The economic compensation after the official retirement date (such as normal pensionbenefits) is treated as post-employment benefits.
(5) Other long-term benefits
Early retirement benefits:
The Company offers early retirement benefits to those employees who accept early retirementarrangements. The early retirement benefits refer to the salaries and social security contributions to bepaid to and for the employees who accept voluntary retirement before the normal retirement dateprescribed by the State, as approved by the management. The Group pays early retirement benefits tothose early retired employees from the early retirement date until the normal retirement date. The Groupaccounts for the early retirement benefits in accordance with the treatment for termination benefits, inwhich the salaries and social security contributions to be paid to and for the early retired employeesfrom the off-duty date to the normal retirement date are recognised as liabilities with a correspondingcharge to the profit or loss for the current period. The differences arising from the changes in therespective actuarial assumptions of the early retirement benefits and the adjustments of benefit
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
standards are recognised in profit or loss in the period in which they occur.The termination benefits expected to be paid within one year from the balance sheet date are presentedas Employee benefits payable.24． ProvisionsIf the obligations related to contingencies simultaneously meet the following conditions, the Companywill recognize them as provisions：
(1) This obligation is a present obligation undertaken by the Company;
(2) It is probable that an outflow of economic benefits will be required to settle the obligation;
(3) The amount of the obligation can be reliably measured.
A provision is initially measured at the best estimate of the expenditure required to settle the relatedpresent obligation. Factors surrounding a contingency, such as the risks, uncertainties and the timevalue of money, are taken into account as a whole in reaching the best estimate of a provision. Wherethe effect of the time value of money is material, the best estimate is determined by discounting therelated future cash outflows. The carrying amount of provisions is reviewed at each balance sheet dateand adjusted to reflect the current best estimate.If the expenditure required to settle the confirmed provisions is expected to be fully or partiallycompensated by a third party or other parties, the compensation amount can only be separatelyrecognized as an asset when it is virtually certain that it will be received. The recognized compensationamount shall not exceed the book value of the confirmed liability.
25. Revenue
(1) General principles
The Company recognizes revenue when it has fulfilled its performance obligations under the contract,that is, when the customer obtains control over the relevant goods or services.If a contract contains two or more performance obligations, the Company, on the contract start date,allocates the transaction price to each individual performance obligation based on the relative proportionof the separate selling prices of the goods or services promised under each individual performanceobligation, and measures revenue based on the transaction price allocated to each individualperformance obligation.When one of the following conditions is met, it is considered fulfilling the performance obligation within acertain time period; otherwise, it is considered fulfilling the performance obligation at a certain point intime:
① Customers obtain and consume the economic benefits brought by the company's performancewhile the company is fulfilling its contract.
② Customers have the ability to control the goods that are in progress during the company's
fulfillment process.
③ The goods produced by the company during the performance of the contract have irreplaceable
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
uses, and the company has the right to collect payments for the accumulated performancecompleted to date throughout the contract period.For performance obligations that are fulfilled within a certain period, the Company recognizes revenuebased on the progress of fulfillment during that period. When the progress of fulfillment cannot bereasonably determined, if the costs already incurred by the Company are expected to be compensated,revenue is recognized at the amount of the costs already incurred until the progress of fulfillment can bereasonably determined.For performance obligations that are fulfilled at a certain point in time, the Company recognizes revenueat the point when the customer obtains control over the relevant goods or services. In determiningwhether the customer has obtained control over the goods or services, the Company considers thefollowing indicators:
① The company has a current right to receive payment for the goods or services, which means thecustomer has a current obligation to pay for the goods.
② The company has transferred the legal ownership of the product to the customer, meaning that thecustomer now holds the legal ownership of the product.
③ The company has transferred the physical possession of the product to the customer, meaning thatthe customer has physically taken possession of the product.
④ The company has transferred the significant risks and rewards of ownership of the goods to thecustomer, meaning that the customer has assumed the significant risks and rewards of ownershipof the goods.
⑤ The customer has accepted the product or service.
⑥ Other signs indicating that the customer has obtained control over the goods.
(2) Specific methods
When the customer obtains control over the relevant goods or services, the company recognizesrevenue based on the expected amount of consideration it is entitled to receive.
① Revenue from sale of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers,and they obtain control over electricity.
② Revenue from sale of by-products
Revenue from the sale of goods is recognised when the Company transfers by-products (such as coalash) produced by electricity generations to the designated delivery place pursuant to the contract oragreement, the resource utilization enterprise confirms receipt and obtains control over the by-products.
③ Provision of electric power transaction service
For the electric power transaction service provided by the Company to external parties, upon the receiptof the service, revenue is recognised based on the difference between the purchase price and theselling price of electricity
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
④ Rendering of services
The Company provides maintenance services to external clients, and recognizes revenue over a periodof time based on the progress of the services completed. The progress of the completed services isdetermined by the proportion of incurred costs to the estimated total costs. On the balance sheet date,the company re-estimates the progress of the completed services to reflect changes in performance.When recognizing revenue based on the progress of completed labor services, the Companyrecognizes the portion for which it has obtained unconditional rights to receive payment as accountsreceivable, and the remaining portion as contract assets. Loss provisions are recognized for accountsreceivable and contract assets based on expected credit losses ,for details, please refer to(Note V5
(11)). If the contract price received or receivable by the Company exceeds the labor services completed,the excess is recognized as contract liabilities. The Company presents contract assets and contractliabilities under the same contract on a net basis.Contract costs include contract performance costs and contract acquisition costs. The costs incurred bythe Company for providing maintenance services are recognized as contract performance costs, andare carried forward and included in the main business costs based on the progress of the completedservices when revenue is recognized.
26. Contract Costs
Contract costs include incremental costs incurred for obtaining the contract and contract performancecosts.Incremental costs incurred to obtain a contract refer to costs that would not have been incurred if thecompany did not obtain the contract (such as sales commissions). If such costs are expected to berecoverable, the company recognizes them as contract acquisition costs and recognizes them as anasset. Other expenses incurred by the company to obtain a contract, other than the incremental costsexpected to be recoverable, are recognized in profit or loss for the period when they are incurred.For costs incurred in the performance of a contract, if they do not fall within the scope of otherenterprise accounting standards such as inventories and simultaneously meet the following conditions,the company recognizes them as contract performance costs and recognizes them as an asset:
① The costs are directly attributable to a contract or an anticipated contract, including direct labor,direct materials, overheads (or similar expenses), costs that are explicitly chargeable to thecustomer, and other costs that are incurred solely in connection with the contract;
② The costs enhance the Company's future resources for fulfilling its performance obligations;
③ The costs are expected to be recovered.
Assets recognized for costs of obtaining a contract or costs to fulfil a contract (hereinafter referred to as"assets related to contract cost") shall be amortized on the same basis as revenue recognition of goodsor services related to such assets and recognized into profit or loss for the current period when incurred.When the carrying amount of an asset related to contract costs exceeds the difference between thefollowing two items, the Company makes an impairment provision for the excess and recognizes it asan asset impairment loss:
① The remaining consideration that the Company expects to receive in exchange for the goods or
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
services to which the asset relates;
② The costs to be incurred for the transfer of the relevant goods or services.
27. Government grants
Government subsidies are recognized when the conditions attached to the subsidies are met and thesubsidies can be received.For government subsidies for monetary assets, they are measured at the received or receivable amount.For government subsidies for non-monetary assets, they are measured at fair value; if the fair valuecannot be reliably obtained, they are measured at a nominal amount of 1 yuan.Government subsidies related to assets refer to those obtained by the company and used for theacquisition, construction, or formation of long-term assets through other means; otherwise, they areconsidered government subsidies related to income.For government documents that do not explicitly specify the recipients of subsidies, if the subsidy canform long-term assets, the portion of the government subsidy corresponding to the asset value shall beregarded as government subsidies related to assets, and the remaining portion shall be regarded asgovernment subsidies related to income; if it is difficult to distinguish, the entire government subsidyshall be regarded as government subsidies related to income.Government subsidies related to assets are recognized as deferred income and are recorded in profit orloss over the useful life of the relevant assets using a reasonable and systematic method. Governmentsubsidies related to income, which are used to compensate for related costs or losses already incurred,are recorded in the current profit or loss. Those used to compensate for related costs or losses in futureperiods are recorded in deferred income and are recorded in the current profit or loss during the periodwhen the related costs or losses are recognized. Government subsidies measured at their nominalamounts are directly recorded in the current profit or loss. The Company adopts a consistent approachto handling the same or similar government subsidy transactions.Government subsidies related to daily activities are recorded in other income based on the substance ofthe economic transaction. Government subsidies unrelated to daily activities are recorded in non-operating income.When confirmed government subsidies need to be returned, if the book value of the relevant assets wasoffset during initial recognition, the book value of the assets should be adjusted. If there is a balance ofrelated deferred income, the book balance of the related deferred income should be offset, and theexcess should be recorded in profit or loss for the current period. In other cases, it should be directlyrecorded in t profit or loss for the current period.
28. Deferred tax assets and deferred tax liabilities
Income tax comprises current income tax and deferred income tax. Except for the adjusted goodwillarising from business combinations or the deferred income tax related to transactions or events directlyrecognized in owner's equity, which is recorded in owner's equity, all other income taxes are recognizedas income tax expenses and recorded in profit or loss for the current period.The Company recognizes deferred income tax using the balance sheet liability method based on thetemporary differences between the carrying amount of assets and liabilities at the balance sheet dateand their tax bases.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
The deferred income tax liabilities are recognized for all taxable temporary differences, unless thetaxable temporary difference arises from the following transactions:
(1) Initial recognition of goodwill, or initial recognition of assets or liabilities arising from transactions thatmeet the following criteria: the transaction is not a business combination, and at the time of occurrence,it neither affects accounting profit nor affects taxable income (except for individual transactions wherethe initially recognized assets and liabilities result in equal amounts of taxable temporary differencesand deductible temporary differences);
(2) For taxable temporary differences related to investments in subsidiaries, joint ventures, andassociated enterprises, the timing of the reversal of such temporary differences can be controlled, and itis likely that such temporary differences will not reverse in the foreseeable future.For deductible temporary differences, deductible losses that can be carried forward to future years, andtax credits, the Company recognizes the resulting deferred tax assets to the extent that it is likely toobtain future taxable income that can be used to offset the deductible temporary differences, deductiblelosses, and tax credits, unless the deductible temporary differences arise from the following transactions:
(1) The transaction is not a business combination, and at the time of transaction, it neither affectsaccounting profit nor affects taxable income (except for individual transactions where the initialrecognition of assets and liabilities results in equal amounts of taxable temporary differences anddeductible temporary differences);
(2) For deductible temporary differences related to investments in subsidiaries, joint ventures, andassociated enterprises, corresponding deferred tax assets are recognized when both of the followingconditions are met: the temporary differences are likely to be reversed in the foreseeable future, and it islikely that future taxable income will be available to offset the deductible temporary differences.On the balance sheet date, the Company measures deferred tax assets and deferred tax liabilities atthe tax rate applicable during the expected period of asset recovery or liability settlement, and reflectsthe income tax impact of the expected asset recovery or liability settlement method on the balancesheet date.On the balance sheet date, the Company reviews the carrying amount of deferred tax assets. If it islikely that sufficient taxable income will not be available in future periods to offset the benefit of thedeferred tax asset, the carrying amount of the deferred tax asset is reduced. When sufficient taxableincome is likely to be available, the reduced amount is reversed.On the balance sheet date, deferred tax assets and deferred tax liabilities are presented at the netamount after offsetting when both of the following conditions are met:
(1) The taxable entity within the company has the statutory right to settle current income tax assets andcurrent income tax liabilities on a net basis;
(2) Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same taxauthority on the same taxable entity within the company.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
29. Leases
(1) Identification of leases
On the commencement date of the contract, the Company, as the lessee or lessor, evaluates whetherthe customer in the contract is entitled to almost all economic benefits arising from the use of theidentified asset during the usage period, and has the right to dominate the use of the identified assetduring that period. If one party in the contract relinquishes the right to control the use of one or moreidentified assets for a certain period in exchange for consideration, the Company deems the contract asa lease or contains a lease.
(2) The Group as the lessee
At the lease commencement date, the Company recognises the right-of-use asset and measures thelease liability at the present value of the lease payments that are not paid at that date. Lease paymentsinclude fixed payments, the exercise price of a purchase option or termination penalty if the lessee isreasonably certain to exercise that option etc. Variable lease payments in proportion to sales areexcluded from lease payments and recognised in profit or loss as incurred. Lease liabilities that are duewithin one year (inclusive) as from the balance sheet date are included in the current portion of non-current liabilities.Right-of-use assets of the Group comprise leased land use rights, buildings, machinery and equipment,and motor vehicles. Right-of-use assets are measured initially at cost which comprises the amount ofthe initial measurement of lease liabilities, any lease payments made at or before the commencementdate and any initial direct costs, less any lease incentives received. If there is reasonable certainty thatthe Group will obtain ownership of the underlying asset by the end of the lease term, the asset isdepreciated over its remaining useful life; otherwise, the asset is depreciated over the shorter of thelease term and its remaining useful life. The carrying amount of the right-of-use asset is reduced to therecoverable amount when the recoverable amount is below the carrying amount. .For details，pleaserefer to NoteIII.30.For short-term leases with a term of 12 months or less and leases of an individual asset (when new) oflow value, the Company chooses to include the lease payments in the cost of the underlying assets orin the profit or loss for the current period on a straight-line basis over the lease term, instead ofrecognizing right-of-use assets and lease liabilities.The Group accounts for a lease modification as a separate lease if both:
① The modification increases the scope of the lease by adding the right to use one or moreunderlying assets;
② The consideration for the lease increases by an amount commensurate with the stand-alone pricefor the increase in scope and any appropriate adjustments to that stand-alone price to reflect thecircumstances of the contract.When lease modifications are not accounted for as a separate lease, except for contract modificationsthat can adopt a simplified method as stipulated by the Ministry of Finance, the company redeterminesthe lease term on the effective date of the lease modification, and uses the revised discount rate todiscount the lease payment amount after modification, thereby remeasuring the lease liability. If thelease modification results in a reduction in the scope of the lease or a shortened lease term, thecompany correspondingly reduces the book value of the right-to-use asset and includes the related
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
gains or losses from partial or complete termination of the lease in profit or loss for the current period.For other lease modifications that result in a remeasurement of the lease liability, the companycorrespondingly adjusts the book value of the right-to-use asset.For eligible rent reductions agreed upon in existing lease contracts, the Company opts to adopt asimplified approach. Upon reaching an agreement to terminate the original payment obligation, theundiscounted amount of the reduction is recorded in profit or loss for the current period, and the leaseliability is adjusted accordingly.
(3) The Group as the lessor
Leases that have essentially transferred almost all risks and rewards related to the ownership of theleased asset are classified as financial leases. Other leases are classified as operating leases.Operating leasesWhere the Company leases out self-owned buildings and land use rights under operating leases, rentalincome therefrom is recognised on a straight-line basis over the lease term. Variable rental that is linkedto a certain percentage of sales is recognised in rental income as incurred.For the qualified rent concessions agreed on existing lease contracts, the Company applies the practicalexpedient to account for the concessions as variable lease payments and record the concessions inprofit or loss during the waiving periodExcept that the above changes in qualified contract which are accounted for by applying the practicalexpedient, for a lease modification, the Company accounts for it as a new lease from the effective dateof the modification, and considers any lease payments received in advance and receivable relating tothe lease before modification as receivables of the new lease.
30. Right-of-use assets
(1) Criteria for the recognition of right-of-use assets
The Company's right-of-use assets refer to the Company's right to use the leased assets during thelease term as the lessee.On the commencement date, the right-of-use assets shall be initially measured at cost. The costincludes: the initial measurement of the lease liability; the amount of lease payments paid on or beforethe commencement date of the lease term, the relevant benefited amount of lease incentive is deductedif there is a lease incentive; initial direct costs incurred by the Company as the lessee; the costs whichthe Company, as the lessee, expects to incur in dismantling and removing the leased assets, restoringthe premises on which the leased assets are located or restoring the leased assets to the agreed leaseterms. The Company, as the lessee, shall recognize and measure the costs of demolition andrestoration in accordance with the Accounting Standards for Business Enterprises No.13 –Contingencies. Subsequent adjustments for any remeasurement of lease liabilities are recorded.
(2) Depreciation method for right-of-use assets
The Company adopts the straight-line method for depreciation. If the Company, as the lessee, canreasonably determine that it will obtain ownership of the leased asset upon the expiration of the leaseterm, depreciation will be accrued over the remaining useful life of the leased asset. If it is notreasonably certain that ownership of the leased asset will be obtained upon the expiration of the lease
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
term, depreciation will be accrued over the shorter of the lease term or the remaining useful life of theleased asset.
(3) The impairment test method and impairment provision method for right-to-use assets are describedin Notes III.21.
31. Work safety funds
In accordance with relevant regulations, the Company allocates work safety funds in accordance withthe "Administrative Measures for the Allocation and Use of Work Safety Expenses in Enterprises" (CaiZi [2022] No. 136). Subsidiaries engaged in power generation business shall appropriate work safetyfunds based on the actual revenue in the previous year and at the following percentages:
? 3% for the proportion of revenue up to RMB10 million in the previous year;? 1.5% for the proportion of revenue between RMB10 million and RMB100 million in the previous year;? 1% for the proportion of revenue between RMB100 million and RMB1,000 million in the previous year;? 0.8% for the proportion of revenue between RMB1,000 million and RMB5,000 million in the previousyear;? 0.6% for the proportion of revenue between RMB5,000 million and RMB10,000 million in the previousyear;? 0.2% for the proportion of revenue exceeding RMB10,000 million in the previous year.Work safety funds are recognised in profit or loss as the "Specific reserve" item for the current periodwhen appropriated.When using the special reserve, if the expenditures are expenses in nature, the expenses incurred areoffset against the specific reserve directly when incurred. If they result in the formation of fixed assets,the incurred expenditures shall first be collected under the "Construction in Progress" account. Once thesafety project is completed and reaches its intended usable state, the fixed assets shall be recognized.Simultaneously, the special reserves shall be offset against the cost of forming the fixed assets, and theaccumulated depreciation of the same amount shall be recognized. No further depreciation shall beaccrued for this fixed asset in subsequent periods.
32. Critical accounting estimates and judgements
The Company continually evaluates the critical accounting estimates and key judgements applied basedon historical experience and other factors, including expectations of future events that are believed to bereasonable under the circumstances.
(1) Critical judgements in applying the accounting policies
① Classification of financial assets
Significant judgements made by the Company in the classification of financial assets include analysis onbusiness models and contractual cash flow characteristics.The company determines the business model for managing financial assets at the portfolio level, takinginto account factors such as the methods for evaluating and reporting financial asset performance to
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
key management personnel, the risks affecting financial asset performance and their managementmethods, as well as the methods for compensating relevant business management personnel.When assessing whether the contractual cash flows of financial assets are consistent with theunderlying borrowing arrangements, the Company makes the following key judgments: whether the timedistribution or amount of principal may change during the term due to reasons such as early repayment;whether the interest solely comprises the time value of money, credit risk, other fundamental borrowingrisks, as well as the consideration for costs and profits. For instance, whether the amount of earlyrepayment solely reflects the principal that has not yet been paid and the interest based on theoutstanding principal, as well as reasonable compensation paid due to early termination of the contract.Determination of significant increase in credit riskWhen distinguishing the different stages of financial instruments, the company's judgment on significantincrease in credit risk and credit impairment that has occurred is as follows:
The main criteria for the company to determine a significant increase in credit risk are significantchanges in one or more of the following indicators: the debtor's operating environment, internal andexternal credit ratings, significant changes in actual or expected operating results, significant decline inthe value of collateral or the credit rating of the guarantor, etc.The main criteria for the company to determine whether credit impairment has occurred are meetingone or more of the following conditions: the debtor experiences significant financial difficulties, engagesin other debt restructurings, or is likely to go bankrupt.Timing of revenue recognitionWith regard to sale of electricity to grid companies, the Group supplies electricity to grid companies inaccordance with the contract. Thereafter, the grid companies have the right to sell electricity and thediscretion in pricing, and take the risks of any price fluctuation or loss of the products. The Groupbelieves that the grid companies obtain control over electric power upon the receiving of the electricpower. Therefore, revenue is recognised upon the receiving of the electric power of grid companies.
(2) Critical accounting estimates and key assumptions
The critical accounting estimates and key assumptions that have a significant risk of causing a materialadjustment to the carrying amounts of assets and liabilities within the next accounting year are outlinedbelow:
③ Accounting estimates on impairment of fixed assets
Fixed assets are tested for impairment by the Group if there is any indication that they may be impairedat the balance sheet date by calculating and comparing the recoverable amounts of the fixed assetswith their carrying amount to check the difference. If the result of the impairment test indicates that therecoverable amount of the relevant asset is less than its carrying amount, a provision for impairmentand an asset impairment loss are recognised for the amount by which the asset’s carrying amountexceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value lesscosts to sell and the present value of the future cash flows expected to be derived from the asset. Thedetermination of the recoverable amount involves accounting estimates.When assessing whether the aforementioned assets are impaired, the management primarily evaluatesand analyzes from the following aspects: (i) whether events affecting asset impairment have occurred;
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(ii) whether the expected present value of cash flows from the continued use or disposal of the asset islower than its carrying amount; and (iii) whether the assumptions used in estimating the present value offuture cash flows are appropriate.The calculation of the present value of future cash flows involves significant estimates and judgments bymanagement, including the discount rate, expected on-grid electricity prices, expected electricity sales,and expected fuel prices for power generation. Changes in these assumptions may have a significantimpact on the present value used in impairment testing and result in the impairment of the Company'saforementioned long-term assets.
④ Measurement of ECL
The Group calculates ECL through exposure at default and ECL rates, and determines the ECL ratesbased on probability of default and loss given default or ageing matrix. In determining the ECL rates, theGroup uses data such as internal historical credit loss experience, etc., and adjusts historical databased on current conditions and forward-looking information.When considering forward-looking information, the Group considered different macroeconomicscenarios. Significant macroeconomic assumptions and parameters related to the estimation of ECLinclude the risk of economic downturn, external market environment, technological environment,changes in customer conditions, Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”).The Group regularly monitors and reviews assumptions and parameters related to the calculation ofECL. In 2023, the Group considered the uncertainty under different macroeconomic scenarios andupdated the relevant assumptions and parameters.
⑤ Accounting estimates on impairment of goodwill
The Group tests whether goodwill has suffered any impairment at least annually. The recoverableamount of asset group or group of asset groups is the higher of fair value less the cost of disposal andthe present value of the future cash flows expected to be derived from them. These calculations requirethe use of estimates.
⑥ Income tax and deferred income taxes
The Company is subject to income taxes in numerous jurisdictions. There are some transactions andevents for which the ultimate tax determination is uncertain during the ordinary course of business.Significant judgement is required from the Company in determining the provision for income tax in eachof these jurisdictions. Where the final tax outcomes of these matters are different from the amounts thatwere initially recorded, such differences will impact the income tax and deferred income tax provisionsin the period in which such determination is made.As stated in Note IV, some subsidiaries of the Company are high-tech enterprises. The qualification ofhigh-tech enterprises is valid for three years, and upon expiration, a new application for high-techenterprise recognition must be submitted to the relevant government departments. Based on historicalexperience of re-recognition of high-tech enterprises upon expiration in previous years and the actualsituation of these subsidiaries, the Company believes that these subsidiaries will continue to obtainhigh-tech enterprise recognition in future years, and thus calculate their corresponding deferred incometax at a preferential tax rate of 15%. If some subsidiaries fail to obtain re-recognition upon expiration oftheir high-tech enterprise qualification in the future, income tax will need to be calculated at the statutorytax rate of 25%, which will affect the recognized deferred income tax assets, deferred income taxliabilities, and income tax expenses.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
For deductible losses that can be carried forward to future years, the Company recognizescorresponding deferred tax assets to the extent that it is likely to obtain taxable income in future periodsthat can be used to offset the deductible losses. The taxable income obtained in future periods includesthe taxable income that the Company can achieve through normal production and operation activities,as well as the taxable income that will increase when the taxable temporary differences arising inprevious periods are reversed in future periods. The Company determines the taxable income in futureperiods based on financial forecasts, which involve significant estimates and judgments by management,including expected electricity sales, expected on-grid electricity prices, expected fuel prices for powergeneration, and other operating expenses. Any discrepancies between actual conditions and estimatesmay result in adjustments to the carrying amount of the deferred tax assets.
33. Significant changes in accounting policies and accounting estimates
(1) Significant changes in accounting policies
Explanation No. 17 of Accounting Standards for Business EnterprisesIn November 2023, the Ministry of Finance issued the "Accounting Standards for Business EnterprisesInterpretation No. 17" (Cai Kuai [2023] No. 21) (hereinafter referred to as "Interpretation No. 17").Classification of current liabilities and non-current liabilitiesExplanation of Regulation No. 17: For liabilities arising from corporate loan arrangements, a company'sright to defer the settlement of the liabilities for more than one year after the balance sheet date maydepend on whether the company has complied with the conditions stipulated in the loan arrangement(hereinafter referred to as "covenant conditions"). The covenant conditions that a company shouldcomply with on or before the balance sheet date, even if the compliance with such covenant conditionsis assessed after the balance sheet date (for example, if some covenant conditions stipulate that theyshould be assessed based on the financial condition after the balance sheet date), will affect thejudgment of whether this right exists on the balance sheet date, thereby affecting the classification ofthe liability as current or non-current on the balance sheet date. The covenant conditions that acompany should comply with after the balance sheet date (for example, if some covenant conditionsstipulate that they should be assessed based on the financial condition for the six months after thebalance sheet date) will not affect the judgment of whether this right exists on the balance sheet dateand are irrelevant to the classification of the liability as current or non-current on the balance sheet date.If the terms of a liability result in the enterprise settling the liability by delivering its own equityinstruments under the counterparty's option, and if, in accordance with the standards, this option isclassified as an equity instrument and separately recognized as an equity component of a compoundfinancial instrument, then this term does not affect the classification of the liquidity of the liability.The Company has implemented this regulation since January 1, 2024, and the adoption of InterpretationNo. 17 does not have a significant impact on our financial position and operating results.Disclosure of supplier financing arrangementsExplain Regulation No. 17, which requires the disclosure of the following for supplier financingarrangements: (1) The terms and conditions of the supplier financing arrangements (such as extendedpayment terms and provision of guarantees). (2) ① The presentation items and carrying amounts offinancial liabilities that are part of the supplier financing arrangements in the balance sheet. ② If the
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
supplier has received payments from the financing provider, the presentation items and carryingamounts of the corresponding financial liabilities should be disclosed; ③ The payment due date rangeof the relevant financial liabilities, as well as the payment due date range of comparable accountspayable that are not part of the supplier financing arrangements. If the range of payment due dates iswide, the enterprise should also disclose explanatory information or additional range informationregarding these ranges; (3) The types and impacts of current changes in the carrying amounts ofrelevant financial liabilities that do not involve cash receipts and payments (including businesscombinations, exchange rate changes, and other transactions or events that do not require the use ofcash or cash equivalents).When disclosing liquidity risk information in accordance with the requirements of "Accounting Standardsfor Business Enterprises No. 37 - Presentation of Financial Instruments", enterprises should considerwhether they have obtained or have access to credit facilities that provide deferred payments to theenterprise or early receipts to its suppliers through supplier financing arrangements. When identifyingthe concentration of liquidity risk in accordance with the requirements of relevant standards, enterprisesshould consider the factor that supplier financing arrangements result in the enterprise concentratingsome of its financial liabilities payable to suppliers on the financing provider.The Company implements this regulation starting from January 1, 2024.The adoption of Interpretation No. 17 does not have a significant impact on the financial position andoperating results of the Company.Accounting treatment for sale-leaseback transactionsIn accordance with the interpretation of Regulation No. 17, the subsequent measurement of right-of-useassets and lease liabilities formed in sale-leaseback transactions where asset transfers are consideredsales shall be conducted in accordance with the relevant provisions of "Accounting Standards forBusiness Enterprises No. 21 - Leases". When the lessee conducts subsequent measurement of thelease liabilities formed by the sale-leaseback, the method for determining the lease payment amount orthe changed lease payment amount shall not result in the recognition of gains or losses related to theright of use obtained through the leaseback. If a lease modification results in a reduction in the scope ofthe lease or a shortened lease term, the lessee shall still recognize the related gains or losses from thepartial or complete termination of the lease in the current profit and loss in accordance with theprovisions of "Accounting Standards for Business Enterprises No. 21 - Leases", without being subject tothe restrictions set forth in the preceding paragraph.The Company has implemented this regulation since January 1, 2024, and the adoption of InterpretationNo. 17 does not have a significant impact on our financial position and operating results.
(2) Significant changes in accounting estimates
There was no change in significant accounting estimates during the reporting period.Taxation
1. Main type of taxes and corresponding tax rates
| Tax type | Tax basis | Tax rate |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Tax type | Tax basis | Tax rate |
| Value-added tax (“VAT”) | Taxable value-added amount (Tax payable is calculated using the taxable sale amount multiplied by the applicable tax rate less deductible input VAT of the current period) and taxable value-added amount of hydroelectric generation | 3%, 5%, 6%, 9% and 13% |
| City maintenance and construction tax | Amount of VAT paid | From 5% to 7% |
| Corporate income tax | Taxable income | 12.5%, 15%, 20%, and 25% |
| Educational surcharge | Amount of VAT paid | 3% |
| Local educational surcharge | Amount of VAT paid | 2% |
| Property tax | Real estate’s rental income or the residual value from original value less the deducting proportion | 12% and 1.2% |
| Environmental protection tax | Calculated and paid based on the pollution equivalent values or the discharge of taxable pollutants multiplied by the applicable tax amounts | The tax shall be calculated and paid according to the specific tax rates applicable to different pollutants |
| Subject of taxation | Income tax rate |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“Zhanjiang Wind Power”) | 15% |
| Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd. (“Biomass Power Generation”), | 15% |
| Guangdong Wind Power Generation Co., Ltd. ("Guangdong Wind Power") | 15% |
Except for Zhanjiang Wind Power, Biomass Power Generation, and Guangdong Wind Power, which arehigh-tech enterprises and are subject to a statutory tax rate of 15%, some subsidiaries experienced areduction or exemption in their income tax rates due to other tax preference. For details, refer to Note IV.
2. Apart from these companies, all other entities of the Company are subject to a statutory income taxrate of 25%.
2. Tax preference
(1) Corporate income tax incentives
Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), theCompany and several subsidiaries are approved to engage in wind power projects and photovoltaicprojects from 1 January 2008 and are exempted from enterprise income tax in the first three years fromthe year when the company generates revenue from operations of those projects, and can enjoy 50%discount in tax rate in the following three years (“three-year exemptions and three-year halves”).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income TaxPolicies for Public Infrastructure Projects (Cai Shui [2014] No. 55), enterprises invest and operate publicinfrastructure projects in compliance with the List of Public Infrastructure Projects Enjoying EnterpriseIncome Tax Preferential, those which adopt one-off approval and are subject to construction in batches(such as terminals, berths, airport terminals, runways, sections, generator units, etc.) are subject toincome tax calculated in units of each batch and enjoy the tax preferential policy of “three-yearexemptions and three-year halves” when the following conditions are satisfied: (i) different batches arespace-independent; (ii) each batch has its own revenue function; (iii) they are accounted for in units ofeach batch and are subject to income tax individually, while the period expenses are allocated rationally.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
The subsidiaries which enjoy this tax preference as listed as below.
| Corporate name | Project name | The first year of generating operating income |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd | Phase I of the Offshore Wind Power Project in the Luo Hai | 2019 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd | Qujiewai Luo Hai Wind Power Project Phase II | 2021 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd | Xinliao Offshore Wind Power Project | 2021 |
| Guangdong Yudean Pingyuan Wind Power Co., Ltd | Pingyuan Maoping Project | 2020 |
| Guangdong Yudean Pingyuan Wind Power Co., Ltd | Pingyuan Sishui Project | 2021 |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd | Zhanjiang Linfen Hongdong Photovoltaic Project | 2023 |
| Pingdu Lianyao New Energy Technology Co., Ltd | Jiulian Photovoltaic Project in Laixi City, Qingdao | 2024 |
| LaiShui LiNeng New Energy Technology Co., Ltd | Laishui 80MW Photovoltaic Power Generation Project | 2024 |
| Lan Shan Yue Feng New Energy Co., Ltd | Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan City | 2024 |
In 2022, the Group's subsidiaries, Zhanjiang Wind Power and Biomass Power Generation, obtained the"High-tech Enterprise Certificate" (certificate numbers GR202244006758 and GR202244008597) jointlyissued by the Guangdong Provincial Department of Science and Technology, the Guangdong ProvincialDepartment of Finance, and the Guangdong Tax Service under the State Taxation Administration. Thecertificate is valid for 3 years and was issued on December 22, 2022. According to Article 28 of the"Enterprise Income Tax Law of the People's Republic of China", the applicable enterprise income taxrate for Zhanjiang Wind Power and Biomass Power Generation in 2024 is 15%.In 2024, the Group's subsidiary, Guangdong Wind Power, obtained the "High-tech EnterpriseCertificate" (Certificate No. GR202444008116) jointly issued by the Guangdong Provincial Departmentof Science and Technology, the Guangdong Provincial Department of Finance, and the GuangdongProvincial Tax Service of the State Taxation Administration. The certificate is valid for 3 years and wasissued on December 11, 2024. According to Article 28 of the "Enterprise Income Tax Law of the People'sRepublic of China", the applicable enterprise income tax rate for Guangdong Wind Power in 2024 is15%.According to the "Notice of the State Taxation Administration Guangxi Zhuang Autonomous Region TaxBureau on Clarifying the Exemption Policy for the Local Sharing Part of Enterprise Income Tax underCertain Circumstances" (Cai Shui [2023] No. 5), for enterprises newly established in the Beibu GulfEconomic Zone from 2014 to 2020, and those newly established in the Pearl River-Xijiang EconomicBelt (Guangxi) from 2016 to 2020, which have not previously applied for the exemption of the localsharing part of enterprise income tax, the following exemption policy for the local sharing part ofenterprise income tax shall be implemented: For enterprises that meet the conditions for the preferentialtax policy for enterprise income tax under the national western development program during the periodfrom 2021 to 2025, they shall be exempt from the local sharing part of enterprise income tax for fiveconsecutive years starting from the tax year in which they first meet the conditions for the preferentialtax policy for enterprise income tax under the western development program. The subsidiaries of ourcompany, Guangxi Wuxuan Yuefeng New Energy Co., Ltd. and Guangxi Hangneng, enjoy the above taxbenefits in 2024.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
According to the approval provided in Announcement No. 6 of 2023 by the State Taxation Administration,"Announcement of the Ministry of Finance and the State Taxation Administration on Preferential IncomeTax Policies for Small and Micro Enterprises and Self-Employed Individuals", for small and micro-profitenterprises with annual taxable income not exceeding 1 million yuan, the taxable income shall becalculated at a reduced rate of 25%, and the enterprise income tax shall be paid at a rate of 20%. Theaforementioned small and micro enterprises refer to those engaged in industries not restricted orprohibited by the state, and simultaneously meeting three conditions: (1) annual taxable amount do notexceed RMB 3 million, (2) number of employees do not exceed 300 staffs, and (3) total assets do notexceed RMB50 million. Some subsidiaries of the Company enjoy the above tax benefits in 2024.According to the Notice on Issues Concerning the Implementation of the Preferential Income TaxCatalogue for Enterprises Engaged in Comprehensive Resource Utilization (Cai Shui [2008] No. 47),from January 1, 2008, enterprises that use resources listed in the Preferential Income Tax Catalogue forEnterprises Engaged in Comprehensive Resource Utilization (2008 Edition) as their main raw materialsto produce products that meet relevant national or industry standards within the aforementionedcatalogue will have their income calculated at a reduced rate of 90% for the total income of theenterprise for the current year. The subsidiaries of our group, Zhanjiang Electric Power Co., Ltd. andPinghai Power Plant, use fly ash to produce commercial fly ash, which meets the aforementionedpreferential income tax conditions for comprehensive resource utilization and will enjoy theaforementioned tax benefits in 2024.According to the "Notice of the Ministry of Finance and the State Administration of Taxation on IssuesConcerning the Implementation of the Preferential Income Tax Catalogue for Enterprises UsingSpecialized Equipment for Environmental Protection, the Preferential Income Tax Catalogue forEnterprises Using Specialized Equipment for Energy and Water Conservation, and the PreferentialIncome Tax Catalogue for Enterprises Using Specialized Equipment for Safe Production" (Cai Shui[2008] No. 48), enterprises that purchase and actually use specialized equipment for environmentalprotection, energy and water conservation, and safe production within the scope of the "PreferentialIncome Tax Catalogue for Enterprises Using Special Equipment for Environmental Protection", the"Preferential Income Tax Catalogue for Enterprises Using Special Equipment for Energy and WaterConservation", and the "Preferential Income Tax Catalogue for Enterprises Using SpecializedEquipment for Safe Production" from January 1, 2008, can offset 10% of the investment amount inspecialized equipment against the current year's enterprise income tax payable. If the current year'senterprise income tax payable is less than 10% of the investment amount, it can be carried forward tofuture years but the carry-forward period shall not exceed five taxable years. Some subsidiaries of thegroup enjoy the above tax benefits in 2024.
(2) VAT tax incentives
According to the "Notice on the Catalogue of Products and Services for Comprehensive ResourceUtilization Eligible for Value-Added Tax Preferences" (Cai Shui [2015] No. 78), taxpayers who sell self-produced products for comprehensive resource utilization and provide services for comprehensiveresource utilization can enjoy the immediate refund policy for value-added tax. In 2024, the subsidiariesof the Group includes Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd., GuangdongHuizhou Pinghai Power Co., Ltd., Guangdong Yudean Technology Engineering Management Co., Ltd.and Guangdong Yudean Yunhe Power Co., Ltd., enjoyed the immediate tax refund policy for value-added tax.According to the "Notice on the Value-Added Tax (VAT) Policy for Wind Power Generation" (Cai Shui[2015] No. 74), a policy of immediate refund of 50% of the VAT levied on the sale of self-produced
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
electricity products generated by wind power by taxpayers is implemented. The subsidiaries of theGroup, including Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd., Guangdong YudeanDianbai Wind Power Co., Ltd., Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd., GuangdongYueneng Wind Power Co., Ltd., Guangdong Yudean Shibeishan Wind Power Co., Ltd., Leizhou WindPower, Huilai Wind Power Co., Ltd., Hunan Xupu Yuefeng New Energy Co., Ltd., Tongdao Yuexin WindPower Generation Co., Ltd., Guangxi Wuxuan Yuefeng New Energy Co., Ltd., and Dacheng CountyDun'An New Energy Co., Ltd., enjoy the aforementioned tax benefits in 2024.Notes to the consolidated financial statements
1. Cash at bank and on hand
| Item | 31/12/2024 | 31/12/2023 |
| Cash on hand | 34,030 | 43,025 |
| Cash at bank | 1,041,257,330 | 2,182,419,734 |
| Energy Group Finance Company | 14,286,603,574 | 14,225,178,988 |
| - Deposits | 14,240,813,564 | 14,171,704,397 |
| - Interest receivable | 45,790,010 | 41,474,591 |
| - Other cash balances | 12,000,000 | |
| Other cash balances | 33,925,897 | 23,788,146 |
| Total | 15,361,820,831 | 16,431,429,893 |
| Including: total overseas deposits |
Note 1: As at 31 December 2024, there’s no fund that were mortgaged, pledged, frozen, or depositedoffshore with restricted repatriation.Note 2: Information on time deposits in Energy Group Finance Company as at 31 December 2024 is asfollows:
| Item | 31/12/2024 | 31/12/2023 |
| Time deposits | 3,450,600,000.00 | 4,400,000,000.00 |
Note 3: Deposits in Energy Group Finance Company refer to the deposits in Energy Group FinanceCompany. Energy Group Finance Company is a financial institution established with the approval of thePeople’s Bank of China. Both the Company and Energy Group Finance Company are controlled byGuangdong Energy Group Co., Ltd. (“Guangdong Energy Group” or “GEGC”).Note 4: As at 31 December 2024, other cash balances of RMB33,925,897 (December 31, 2023:
RMB35,788,146), mainly represented special funds for power trading, ecological protection andguarantees. There were no other cash balances deposited in Energy Group Finance Company.(December 31, 2023: RMB12,000,000).
2. Accounts receivable
(1) Disclosed by aging
| Aging of accounts | 31/12/2024 | 31/12/2023 |
| Within 1 year | 7,592,777,022 | 7,837,958,876 |
| 1 to 2 years | 1,107,402,430 | 830,621,695 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Aging of accounts | 31/12/2024 | 31/12/2023 |
| 2 to 3 years | 327,271,840 | 121,023,058 |
| Over 3 years | 110,384,075 | 200,382,525 |
| Subtotal | 9,137,835,367 | 8,989,986,154 |
| Less: Provision for loss allowance | 36,037,526 | 26,350,476 |
| Total | 9,101,797,841 | 8,963,635,678 |
Note 1: The accounts receivable for over three years are receivables from renewable energy subsidies,and the Group accrued the provision for estimated credit loss over the entire life cycle.
(2) Disclosed by method of loss allowance
| Category | 31/12/2024 | ||||
| Book balance | Loss allowance | Book value | |||
| Amount | Proportion (%) | Amount | Expected credit loss rate (%) | ||
| Provision for loss allowance on an individual basis | |||||
| Provision for loss allowance on a collective basis | 9,137,835,367 | 100.00 | 36,037,526 | 0.39 | 9,101,797,841 |
| Including: | |||||
| Accounts receivable from sale of electricity | 5,900,005,438 | 64.57 | 5,900,005,438 | ||
| Accounts receivable from renewable energy subsidies | 3,098,637,451 | 33.91 | 30,986,374 | 1.00 | 3,067,651,077 |
| Accounts receivable from related parties | 37,889,672 | 0.41 | 37,889,672 | ||
| Accounts receivable from sale of steam and others | 101,302,806 | 1.11 | 5,051,152 | 4.99 | 96,251,654 |
| Total | 9,137,835,367 | 100.00 | 36,037,526 | 0.39 | 9,101,797,841 |
Continued:
| Category | 31/12/2023 | ||||
| Book balance | Loss allowance | Book value | |||
| Amount | Proportion (%) | Amount | Expected credit loss rate (%) | ||
| Provide for loss allowance on an individual basis | - | ||||
| Provision for loss allowance on a collective basis | 8,989,986,154 | 100.00 | 26,350,476 | 0.29 | 8,963,635,678 |
| Including: | - | ||||
| Accounts receivable from sale of electricity | 6,225,956,094 | 69.25 | 6,225,956,094 | ||
| Accounts receivable from renewable energy subsidies | 2,646,428,880 | 29.44 | 25,225,348 | 1.00 | 2,621,203,532 |
| Accounts receivable from related parties | 31,436,573 | 0.35 | 31,436,573 | ||
| Accounts receivable from sale of steam and others | 86,164,607 | 0.96 | 1,125,128 | 1.31 | 85,039,479 |
| Total | 8,989,986,154 | 100.00 | 26,350,476 | 0.29 | 8,963,635,678 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Provision for loss allowance on a collective basisGroup 1: Receivables from sale of electricityAs at 31 December 2024, the Group’s receivables from sale of electricity, other than receivables fromrenewable energy subsidies are as follows.
| Item | 31/12/2024 | 31/12/2023 |
| China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as "China Southern Power Grid") | 5,720,572,959 | 6,074,540,172 |
| State Grid Corporation of China and its subsidiaries (collectively referred to as "State Grid ") | 179,432,479 | 151,415,922 |
| Total | 5,900,005,438 | 6,225,956,094 |
Note 1: Considering the favorable credibility of China Southern Power Grid and State Grid, there was nosignificant credit risk arising from receivable from sale of electricity. Since the possibility of materiallosses due to the default by China Southern Power Grid and State Grid was extremely low, the impacton estimated credit loss is immaterial, the Company did not provide estimated credit loss for thereceivables from sale of electricityGroup 2: Receivables from renewable energy subsidiesAs at 31 December 2024, the Group’s receivables from renewable energy subsidies are as follows:
| Item | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Loss allowance | Expected credit loss rate (%) | Book balance | Loss allowance | Expected credit loss rate (%) | |
| Renewable energy subsidies receivable | 3,098,637,451 | 30,986,374 | 1.00 | 2,646,428,880 | 25,225,348 | 1.00 |
As at 31 December 2024, the Company uses an external evaluation methodrefers to data from peercompanies in determining the expected credit loss rate for receivables of renewable energy subsidies.The expected credit loss rate of Group 2 is 1%.Group 3: Receivables from related partiesAs at 31 December 2024, the Group’s receivables from related parties are RMB37,889,672 (December31, 2023: RMB 31,436,573), and the historical loss rate is extremely low .Therefore, there was nosignificant credit risk arising from receivables from related parties. Since the possibility of materiallosses due to the default by related parties was extremely low, the Group did not provide estimatedcredit loss for the receivables from related parties (December 31, 2023: Nil).Group 4: Receivables from sale of steam and others
| Item | 31/12/2024 | 31/12/2023 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Book balance | Loss allowance | Expected credit loss rate (%) | Book balance | Loss allowance | Expected credit loss rate (%) | |
| Within 1 year | 93,120,216 | 1,240,536 | 1.33 | 84,544,033 | 875,582 | 1.04 |
| 1 to 2 years | 8,182,590 | 3,810,616 | 46.57 | 1,225,574 | 131,046 | 10.69 |
| 2 to 3 years | 395,000 | 118,500 | 30.00 | |||
| More than 3 years | ||||||
| Total | 101,302,806 | 5,051,152 | 4.99 | 86,164,607 | 1,125,128 | 1.31 |
Note: As of December 31, 2024, the right to collect electric charges of the Group’s certain subsidiaries,was pledged to banks to obtain long-term borrowings with a principal of RMB5,171,411,604, includingcurrent portion of long-term borrowings with a principal of RMB451,067,263. (December 31, 2023: long-term borrowings with a principal of RMB5,401,654,578, including current portion of long-termborrowings with a principal of RMB500,737,245.).
(3) Addition, recoveries or reversals of loss allowance in current period
| Item | Loss allowance |
| As at 1/1/2024 | 26,350,476 |
| Addition in the current period | 10,839,894 |
| Recoveries or reversals in the current period | -1,152,844 |
| Written-off in the current period | |
| As at 31/12/2024 | 36,037,526 |
(4) Accounts receivables that were written off in the current period
| Item | Amount |
| Written off in the current period | Nil |
(5) As at 31 December 2024, the top five largest accounts receivables and contract assets by debtors
are as follows:
| Item | Accounts receivable_31/12/2024 | Contract asset_31/12/2024 | Provision for loss allowance | Proportion of total balance(%) |
| Total amount of the top five largest accounts receivable | 8,991,036,902 | 31,178,073 | 98.39% |
3. Advances to suppliers
(1) Disclosed by aging
| Aging | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Loss allowance | Book balance | Loss allowance | |||
| Amount | Proportion (%) | Amount | Proportion (%) | |||
| Within 1 year | 1,433,330,668 | 99.48 | 1,575,368,565 | 99.77 | ||
| 1 to 2 years | 3,926,780 | 0.27 | 2,963,894 | 0.19 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Aging | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Loss allowance | Book balance | Loss allowance | |||
| Amount | Proportion (%) | Amount | Proportion (%) | |||
| 2 to 3 years | 2,833,371 | 0.20 | 185,817 | 0.01 | ||
| More than 3 years | 656,368 | 0.05 | 115,000 | 477,718 | 0.03 | 115,000 |
| Total | 1,440,747,187 | 100.00 | 115,000 | 1,578,995,994 | 100.00 | 115,000 |
As at 31 December 2024, advances to suppliers with aging over one year amounted to RMB7,416,519(December 31, 2023: RMB3,627,429), mainly including prepayments for spare parts and materials.
(2) Provision for impairment in the current period
| Item | 2024 | 2023 |
| As at 1/1/2024 | 115,000 | 115,000 |
| Provision for the current year | ||
| Write-off in the current period | ||
| Reversal in the current period | ||
| As at 31/12/2024 | 115,000 | 115,000 |
(3) As at 31 December 2024, the five largest advances to suppliers by debtors are as follows:
The total amount of advances to five largest debtors is RMB1,152,736,118, accounting for 80.01% oftotal balance.
4. Other receivables
| Item | 31/12/2024 | 31/12/2023 |
| Interest receivables | ||
| Dividends receivable | 134,959,219 | |
| Other receivables | 533,352,169 | 663,830,616 |
| Total | 533,352,169 | 798,789,835 |
(1) Dividends receivable
| Item | 31/12/2024 | 31/12/2023 |
| Guoneng Yuedian Taishan Power Generation Co., Ltd ("Taishan Power Generation") | 134,959,219 |
(2) Other receivables
① Disclosed by aging
| Aging | 31/12/2024 | 31/12/2023 |
| Within 1 year | 218,929,350 | 230,921,183 |
| 1 to 2 years | 50,821,608 | 65,744,746 |
| 2 to 3 years | 31,300,019 | 219,216,710 |
| More than 3 years | 287,319,585 | 179,957,004 |
| Subtotals | 588,370,562 | 695,839,643 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Aging | 31/12/2024 | 31/12/2023 |
| Less: Provision for loss allowance | 55,018,393 | 32,009,027 |
| Total | 533,352,169 | 663,830,616 |
Note: Other receivables with aging for more than three years mainly include RMB56,667,349 ofsupplementary medical insurance receivable from Taikang Pension Insurance Co., Ltd. GuangdongBranch (“Taikang Pension”). Taikang Pension mainly provides custody services for the Company’ssupplementary medical insurance fund. The historical loss rate is 0%, and the risk of estimated creditloss is extremely low. On the other hands, there is RMB126,885,400 of land withdrawal receivable fromthe People's Government of Chengjiang Town, Meixian District, Meizhou City. As the counterparty is agovernment unit, the risk of estimated credit loss is extremely low.
② Disclosed by nature of receivable
| Item | 31/12/2024 | 31/12/2023 |
| Land withdrawal receivable | 143,994,333 | 274,833,258 |
| Supplementary medical insurance fund receivable | 104,146,571 | 108,018,187 |
| Receivables from sale of by-products | 50,166,012 | 90,424,301 |
| Including : Receivables from related parties | 44,546,617 | 77,083,510 |
| Receivables from business units | 86,772,626 | 74,097,420 |
| Current accounts receivables from related parties | 60,257,839 | 36,811,179 |
| Land deposits receivable | 24,007,176 | 23,447,300 |
| Insurance compensation receivable | 16,241,973 | |
| Compensation receivable for electricity charges during the demolition and construction period | 14,198,400 | 7,099,200 |
| Others | 104,827,605 | 64,866,825 |
| Subtotal | 588,370,562 | 695,839,643 |
| Less: Provision for loss allowance | 55,018,393 | 32,009,027 |
| Total | 533,352,169 | 663,830,616 |
③ Provision for loss allowance
| Category | 31/12/2024 | ||||
| Book balance | Provision for loss allowance | Book value | |||
| Amount | Proportion (%) | Amount | Estimated credit loss rate (%) | ||
| Provision for loss allowance on an individual basis | 420,615,810 | 71.49 | 28,597,585 | 6.80 | 392,018,225 |
| Provision for loss allowance on a collective basis | 167,754,752 | 28.51 | 26,420,808 | 15.75 | 141,333,944 |
| Total | 588,370,562 | 100.00 | 55,018,393 | 9.35 | 533,352,169 |
Continued:
| Category | 31/12/2023 | ||
| Book balance | Provision for loss allowance | Book value | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Amount | Proportion (%) | Amount | Estimated credit loss rate (%) | ||
| Provision for loss allowances on an individual basis | 549,775,218 | 79.01 | 19,374,584 | 3.52 | 530,400,634 |
| Provision for loss allowance on a collective basis | 146,064,425 | 20.99 | 12,634,443 | 8.65 | 133,429,982 |
| Total | 695,839,643 | 100.00 | 32,009,027 | 4.60 | 663,830,616 |
As at 31 December 2024, provision for loss allowances in Stage 1 are analyzed as follows:
| Category | Book balance | Estimated credit loss rate (%) over the next 12 months | Provision for loss allowance | Book value | Reason |
| Provide for loss allowances on an individual basis | |||||
| Land withdrawal receivable | 143,994,333 | 143,994,333 | The counterparty is a government unit and the risk of ECL is extremely low. | ||
| Receivables from related parties | 104,804,456 | 104,804,456 | The counterparty is a related party, with a historical loss rate of 0; therefore, the risk of ECL is extremely low. | ||
| Supplementary medical insurance fund receivable | 104,146,571 | 104,146,571 | The counterparty is Taikang Pension, which mainly provides custody services for the Group’s supplementary medical insurance fund. The historical loss rate is 0, and the risk of ECL is extremely low. | ||
| Land deposits receivable | 24,007,176 | 24,007,176 | The counterparty is a government unit, with a historical loss rate of 0; therefore, the risk of ECL is extremely low. | ||
| Compensation receivable for electricity charges during the demolition and construction period | 14,198,400 | 14,198,400 | The demolition and construction project is initiated by the government-owned industrial park, which pays compensation expenses, and the risk of ECL is extremely low. | ||
| Others | 867,289 | 867,289 | The counterparty is a government unit, with a historical loss rate of 0; therefore, the risk of ECL is extremely low | ||
| Provision for loss allowances on a collective basis | |||||
| Other receivables on a collective basis | 167,754,752 | 15.75 | 26,420,808 | 141,333,944 | |
| Total | 559,772,977 | 4.72 | 26,420,808 | 533,352,169 |
As at 31 December 2024, provision for loss allowances in Stage 2 are analyzed as follows:
The Company did not have interest receivable, dividends receivable, or other receivables that were inStage 2.As at 31 December 2024, provision for loss allowances in Stage 3 are analyzed as follows:
| Category | Book balance | Estimated credit loss rate (%) over the entire duration | Provision for loss allowance | Book value | Reason |
| Provide for loss allowances on an individual basis | |||||
| Receivables from business units | 24,247,040 | 100.00 | 24,247,040 | Unrecoverable by estimation since the counterparty is financially difficult. |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Category | Book balance | Estimated credit loss rate (%) over the entire duration | Provision for loss allowance | Book value | Reason |
| Others | 4,350,545 | 100.00 | 4,350,545 | Unrecoverable by estimation since the counterparty is financially difficult. | |
| Total | 28,597,585 | 100.00 | 28,597,585 |
As at 31 December 2023, provision for loss allowances in Stage 1 are analyzed as follows:
| Category | Book balance | Estimated credit loss rate (%) within the next 12 months | Provision for loss allowance | Book value | Reason |
| Provide for loss allowances on an individual basis | |||||
| Land withdrawal receivable | 261,058,758 | 261,058,758 | The counterparty is a government unit, with a historical loss rate of 0; therefore, the risk of ECL is extremely low. | ||
| Receivables from related parties | 113,894,689 | 113,894,689 | The counterparty is a related party, with a historical loss rate of 0; therefore, the risk of ECL is extremely low. | ||
| Supplementary medical insurance fund receivable | 108,018,187 | 108,018,187 | The counterparty is Taikang Pension, which mainly provides custody services for the Group’s supplementary medical insurance fund. The historical loss rate is 0%, and the risk of ECL is extremely low. | ||
| Land deposits receivable | 23,447,300 | 23,447,300 | The counterparty is a government unit, with a historical loss rate of 0; therefore, the risk of ECL is extremely low. | ||
| Insurance compensation receivable | 14,996,854 | 14,996,854 | The counterparty, Guangdong Energy Property Insurance Captive Co., Ltd. (“Guangdong Energy Property Insurance”), is a related party, with a historical loss rate of 0; therefore, the risk of ECL is extremely low | ||
| Compensation receivable for electricity charges during the demolition and construction period | 7,099,200 | 7,099,200 | The demolition and construction project is initiated by the government-owned industrial park, which pays compensation expenses, and the risk of ECL is extremely low. | ||
| Others | 1,885,646 | 1,885,646 | The counterparty is a government unit, with a historical loss rate of 0; therefore, the risk of ECL is extremely low. | ||
| Provision for loss allowances on a collective basis | |||||
| Other receivables on a collective basis | 146,064,425 | 8.65 | 12,634,443 | 133,429,982 | |
| Total | 676,465,059 | 1.87 | 12,634,443 | 663,830,616 |
As at 31 December 2023, provision for loss allowances in Stage 2 are analyzed as follows:
The Company did not have interest receivable, dividends receivable, or other receivables that were inStage 2.As at 31 December 2023, provision for loss allowances in Stage 3 are analyzed as follows:
| Category | Book balance | estimated credit loss rate (%) over the entire duration | Provision for loss allowance | Book value | Reason |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Category | Book balance | estimated credit loss rate (%) over the entire duration | Provision for loss allowance | Book value | Reason |
| Provision for loss allowances on an individual basis | |||||
| Receivables from business units | 14,317,355 | 100.00 | 14,317,355 | Unrecoverable by estimation since the counterparty is financially difficult. | |
| Others | 5,057,229 | 100.00 | 5,057,229 | Unrecoverable by estimation since the counterparty is financially difficult. | |
| Total | 19,374,584 | 100.00 | 19,374,584 |
④ Recognitions or recoveries or reversals of loss allowance in current period
| Provision for loss allowance | Stage 1 | Stage 2 | Stage 3 | Amount |
| Estimated credit loss over the next 12 months | Estimated credit loss over the entire duration (no credit impairment has occurred) | Estimated credit loss over the entire duration (credit impairment has occurred) | ||
| As at 1/1/2024 | 12,634,443 | 19,374,584 | 32,009,027 | |
| Movement in the current period | 12,634,443 | 19,374,584 | 32,009,027 | |
| - Transfer to the second stage | ||||
| - Transfer to the third stage | -532,140 | 532,140 | ||
| - Reversed to the second stage | ||||
| - Reversed to the first stage | ||||
| Additions | 14,561,894 | 9,210,861 | 23,772,755 | |
| Addition due to consolidation | 95,487 | 95,487 | ||
| Reversals | -206,129 | -206,129 | ||
| Written-off | -132,747 | -520,000 | -652,747 | |
| As at 31/12/2024 | 26,420,808 | 28,597,585 | 55,018,393 |
⑤ Other receivables that were written off in the current period
| Item | Amount |
| Written off in the current period | 652,747 |
⑥ As at 31 December 2024, top five largest other receivables by debtors are as follows:
| Debtor | Nature | Other receivables as at 31/12/2024 | Aging | Proportion (%) of Total Balance | Provision for loss allowance |
| People’s Government of Chengjiang Town, Meixian District, Meizhou City | Land withdrawal receivable | 126,885,400 | More than 3 years | 21.57 | |
| Taikang Pension | Supplementary medical insurance fund receivable | 104,146,571 | Within 5 years | 17.70 | |
| Guangdong Yudean Environmental Protection Co., Ltd. (“Yudean Environmental”) | Receivables from related parties for sale of by-products | 37,861,479 | Within 2 years | 6.43 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Debtor | Nature | Other receivables as at 31/12/2024 | Aging | Proportion (%) of Total Balance | Provision for loss allowance |
| Thermoelectric Branch of Xinjiang Jintai Electric Power Co., Ltd | Receivables from business units | 25,401,004 | Within 4 years | 4.32 | |
| Guangdong Electric Power Industry Fuel Co., Ltd. (“Industry Fuel”) | Receivables for coal settlement | 24,677,849 | Within 3 years | 4.19 | |
| Total | 318,972,303 | -- | 54.21 |
5. Inventories
(1) Inventories by categories
| Item | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Provision | Book value | Book balance | Provision | Book value | |
| Fuel | 1,805,708,131 | 1,805,708,131 | 1,757,647,048 | 1,757,647,048 | ||
| Spare parts | 816,618,983 | 47,494,841 | 769,124,142 | 971,015,858 | 92,178,375 | 878,837,483 |
| Others | 2,287,216 | 2,287,216 | 19,020,180 | 19,020,180 | ||
| Total | 2,624,614,330 | 47,494,841 | 2,577,119,489 | 2,747,683,086 | 92,178,375 | 2,655,504,711 |
(2) Provision for inventories
| Item | 31/12/2023 | Increase | Written off | 31/12/2024 |
| Spare parts | 92,178,375 | 44,683,534 | 47,494,841 |
Provision for inventories (Continued)
| Item | Basis for determining net realizable value/remaining consideration and the costs that will be incurred | Reasons for reversal or write-off in the current period |
| Spare parts | The carrying amount is higher than the amount of net realizable value of the disposal proceeds less costs to sell. | Disposal/Use/Scrap |
6. Other current assets
| Item | 31/12/2024 | 31/12/2023 |
| Input VAT to be deducted/to be certified | 1,817,634,077 | 1,435,442,817 |
| Prepayment of income tax | 128,279,470 | 40,660,024 |
| Carbon emission rights assets | 17,781,065 | 7,106,032 |
| Others | 7,574,974 | 12,869,121 |
| Total | 1,971,269,586 | 1,496,077,994 |
7. Long-term equity investments
| Item | 31/12/2024 | 31/12/2023 |
| Joint ventures | 1,211,503,389 | 1,044,627,976 |
| Associates | 9,744,588,983 | 8,895,647,654 |
| Subtotal | 10,956,092,372 | 9,940,275,630 |
| Less: Provision for impairment of long-term equity investments | 143,433,433 | 143,433,433 |
| Total | 10,812,658,939 | 9,796,842,197 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Invested entity | 31/12/2023 | Changes in increase or decrease in the current period | 31/12/2024 | |||||||||
| Book value | Provision for impairment | Addition in investment | Reduction in investment | Investment income recognized by equity method | Other comprehensive income | Other movements | Declared cash dividends or profits | Provision for impairment | Others | Book value | Provision for impairment | |
| ① Joint ventures | ||||||||||||
| Guangdong Electric Power Industry Fuel Co., Ltd. ("Industrial Fuel") | 867,236,779 | 186,802,500 | 6,824,907 | 1,233,086 | 549,222 | 22,340,550 | 1,040,305,944 | |||||
| China Aviation Shenxin Wind Power Co., Ltd. (“China Aviation Shenxin”) | 172,615,216 | -3,968,081 | 168,647,135 | |||||||||
| Zhanjiang Yuexin Distributed Energy and Technique Co., Ltd. (“Yuexin Energy”) | 4,775,981 | -2,225,671 | 2,550,310 | |||||||||
| Subtotals | 1,044,627,976 | 186,802,500 | 631,155 | 1,233,086 | 549,222 | 22,340,550 | 1,211,503,389 | |||||
| ② Associates | ||||||||||||
| Shanxi Yudean Energy Co., Ltd. (“Shanxi Yudean Energy”) | 3,538,873,765 | 393,410,381 | 342,597 | 3,932,626,743 | ||||||||
| Guoneng Yudean Taishan Power Generation Co., Ltd. | 1,989,886,708 | 70,355,623 | 4,618,288 | 2,064,860,619 | ||||||||
| Guangdong Energy Group Finance Co., Ltd. ("Energy Group Finance Company") | 1,740,860,463 | 148,990,970 | -5,406,765 | 92,569,944 | 1,791,874,724 | |||||||
| Guangdong | 544,877,662 | 250,000,000 | 28,965,196 | 823,842,858 | ||||||||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Invested entity | 31/12/2023 | Changes in increase or decrease in the current period | 31/12/2024 | |||||||||
| Book value | Provision for impairment | Addition in investment | Reduction in investment | Investment income recognized by equity method | Other comprehensive income | Other movements | Declared cash dividends or profits | Provision for impairment | Others | Book value | Provision for impairment | |
| Energy Finance Leasing Company (“Energy Finance Leasing Company”) | ||||||||||||
| Guangdong Energy Property Insurance Captive Co., Ltd. | 297,884,356 | 14,432,602 | 2,330,169 | 309,986,789 | ||||||||
| Guangdong Yuedian Shipping Co., Ltd. ("Yuedian Shipping") | 111,441,021 | 14,064,533 | 533,030 | 397,735 | 126,436,319 | |||||||
| Guizhou Yueqian Power Co., Ltd. (“Yueqian Power”) | 265,948,816 | 5,631,964 | -17,520 | 724,477 | 272,287,737 | |||||||
| Yunnan Energy Investment Weixin Co., Ltd. (“Weixin Yuntou”) | 122,614,153 | 122,614,153 | ||||||||||
| Southern Offshore wind power Union Development Co., Ltd.("Southern Offshore Wind Power") | 199,664,740 | 15,860,009 | 899,700 | 214,625,049 | ||||||||
| Others | 62,776,690 | 20,819,280 | 5,294,732 | 71,889 | 3,528,599 | 64,614,712 | 20,819,280 | |||||
| Subtotals | 8,752,214,221 | 143,433,433 | 250,000,000 | 697,006,010 | -4,891,255 | 6,154,986 | 99,328,412 | 9,601,155,550 | 143,433,433 | |||
| Total | 9,796,842,197 | 143,433,433 | 436,802,500 | 697,637,165 | -3,658,169 | 6,704,208 | 121,668,962 | 10,812,658,939 | 143,433,433 | |||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Note 1: As at 31 December 2024, the Company’s subsidiary Guangdong Wind Power Company("Guangdong Wind Power"), held 51% shares of China Aviation Shenxin. According to the articles ofassociation of China Aviation Shenxin, the resolution of the shareholders’ meeting must be unanimouslyadopted by shareholders representing more than 2/3 of the voting rights. Therefore, China AviationShenxin is jointly controlled by the Company’s subsidiary Provincial Wind Power and Inner MongoliaElectric Power Survey & Design Institute Co., Ltd., which holds 49% shares of China Aviation Shenxin.Note 2: The Company determines significant long-term equity investments based on a comprehensiveconsideration of factors such as the book value of joint ventures and associated enterprises, and theproportion of long-term equity investment income accounted for by the equity method in the Company'sconsolidated net profit. In 2024, the Company had no significant impairment of long-term equityinvestments.In the current year, the change in other equity of long-term equity investments in joint venturesamounted to RMB549,222 (2023: RMB763,364), which was recorded in capital reserves.In the current year, the change in other equity of long-term equity investments in associated enterprisesrecorded in capital reserves amounted to RMB6,154,986 (2023: RMB7,328,861).
8. Investments in other equity instruments
| Item | 31/12/2024 | 31/12/2023 |
| Shenergy Company Limited (“Shenergy”) | 527,001,051 | 356,517,044 |
| Sunshine Insurance Group Company Limited (“Sunshine Insurance”) | 884,831,222 | 1,379,000,002 |
| Shenzhen Capital Group Co., Ltd. (“SCG”) | 1,124,000,000 | 1,014,000,000 |
| Others | 114,457,600 | 116,830,000 |
| Total | 2,650,289,873 | 2,866,347,046 |
Note: The Company does not participate in or influence the financial and operating decisions of theabove investees in any ways. Therefore, the Company has no significant influence on the aboveinvestees, and accordingly they are accounted for as investments in other equity instruments.As at 31 December 2024, the company held 55,532,250 tradable A shares in Shenergy with fair value ofRMB527,001,051 and the investment cost was RMB235,837,988. The investment was stated at fairvalue with reference to the market price. During the year, gains at fair value amounted toRMB170,484,007 (2023: Gains of RMB51,644,992), and other comprehensive income was adjustedupwards accordingly.As at 31 December 2024, the Company held 350,000,000 shares in Sunshine Insurance, including238,000,000 domestic shares and 112,000,000 tradable HK shares. The fair value wasRMB884,831,222, and the investment cost was RMB356,000,000. The investment was stated at fairvalue with reference to the market price. During the year, losses at fair value amounted toRMB494,168,780 (2023: Loss of RMB316,703,800), and other comprehensive income was adjusteddownwards accordingly.As at 31 December 2024, the fair value of the equity that the Company held in Shenzhen Capital Group(“SCG”) amounted to RMB1,124,000,000, and the investment cost was RMB328,034,000. TheCompany used the discounted cash flow model and the market comparable company model to estimatethe value of this investment. During the current year, gains at fair value amounted to RMB110,000,000(2023: Gains of RMB64,000,000), and other comprehensive income was adjusted upwards accordingly.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Gains and losses recognized in other comprehensive income in the current period | Gains and losses accumulated in other comprehensive income at the end of the period | Dividend income for the current period | Accumulated gains and losses transferred to retained earnings due to derecognition | Reason for derecognition |
| Shenergy Company Limited | 170,484,007 | 291,163,063 | 22,212,900 | ||
| Sunshine Insurance Group Company Limited | -494,168,780 | 528,831,222 | 63,000,000 | ||
| Shenzhen Capital Group Co., Ltd. | 110,000,000 | 795,966,000 | 24,756,018 | ||
| Others | -2,372,400 | 92,166,972 | 2,620,800 |
9. Investment properties
(1) Investment property measured at cost
| Item | Buildings | Land use rights | Total |
| I.Original book value | |||
| 1. As at 1/1/2024 | 492,035,313 | 46,042,801 | 538,078,114 |
| 2. Additions in the current period | 164,692 | 164,692 | |
| (1) Outsourcing | 164,692 | 164,692 | |
| 3. Reduction in the current period | 2,714,036 | 2,714,036 | |
| (1) Disposal | |||
| (2) Other transfers out | 2,714,036 | 2,714,036 | |
| 4. As at 31/12/2024 | 489,485,969 | 46,042,801 | 535,528,770 |
| II. Accumulated depreciation and accumulated amortization | |||
| 1. As at 1/1/2024 | 177,936,007 | 12,949,348 | 190,885,355 |
| 2. Additions in the current period | 7,746,195 | 904,016 | 8,650,211 |
| (1) Accrual or amortization | 7,746,195 | 904,016 | 8,650,211 |
| 3. Reduction in the current period | 500,382 | 500,382 | |
| (1) Disposal | |||
| (2) Other transfers out | 500,382 | 500,382 | |
| 4. As at 31/12/2024 | 185,181,820 | 13,853,364 | 199,035,184 |
| III. Impairment provision | |||
| 1. As at 1/1/2024 | |||
| 2. Additions in the current period | |||
| 3. Reduction in the current period | |||
| 4. As at 31/12/2024 | |||
| IV. Book value | |||
| 1. As at 31/12/2024 | 304,304,149 | 32,189,437 | 336,493,586 |
| 2. As at 1/1/2024 | 314,099,306 | 33,093,453 | 347,192,759 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
In 2024, depreciation expense of investment properties was RMB8,650,211 (2023: RMB9,097,496),among which depreciation expenses recorded in cost of sale, and general and administrative expenseswere RMB8,014,613 and RMB635,598 respectively (2023: RMB8,461,898 and RMB635,598).
10. Fixed assets
| Item | 31/12/2024 | 31/12/2023 |
| Fixed assets | 73,507,162,717 | 62,883,737,810 |
| Disposals of fixed assets | 121,635,938 | 133,584,481 |
| Total | 73,628,798,655 | 63,017,322,291 |
(1) Fixed assets
① Fixed assets
| Item | Buildings | Power generation equipment | Motor vehicles | Other equipment | Total |
| I. Original book value: | |||||
| 1. As at 1/1/2024 | 35,316,925,523 | 98,703,039,376 | 745,336,241 | 1,553,660,977 | 136,318,962,117 |
| 2. Additions in the current period | 3,694,290,989 | 12,391,190,075 | 19,019,302 | 103,730,056 | 16,208,230,422 |
| (1) Acquisition | 108,502,363 | 112,199,214 | 16,974,405 | 42,913,925 | 280,589,907 |
| (2) Transfers from construction in progress | 3,546,698,712 | 11,830,210,360 | 2,044,897 | 60,816,131 | 15,439,770,100 |
| (3) Consolidated increase | 36,375,878 | 448,780,501 | 485,156,379 | ||
| (4) Transfer-in of investment properties in the current period | 2,714,036 | 2,714,036 | |||
| 3. Reduction in the current period | 60,783,805 | 716,212,581 | 34,753,258 | 26,646,599 | 838,396,243 |
| (1) Disposal or scrapping | 60,783,805 | 716,212,581 | 34,753,258 | 26,646,599 | 838,396,243 |
| 4. As at 31/12/2024 | 38,950,432,707 | 110,378,016,870 | 729,602,285 | 1,630,744,434 | 151,688,796,296 |
| II. Accumulated depreciation | |||||
| 1. As at 1/1/2024 | 13,536,220,178 | 55,886,196,564 | 509,766,307 | 1,227,990,804 | 71,160,173,853 |
| 2. Additions in the current period | 877,765,737 | 4,212,974,427 | 33,823,872 | 107,852,480 | 5,232,416,516 |
| (1) Accrual | 876,809,262 | 4,173,146,801 | 33,823,872 | 107,852,480 | 5,191,632,415 |
| (2) Consolidated increase | 456,093 | 39,827,626 | 40,283,719 | ||
| (3) Transfer-in of investment properties in the current period | 500,382 | 500,382 | |||
| 3. Reduction in the current period | 41,513,430 | 537,874,407 | 28,027,012 | 24,574,409 | 631,989,258 |
| (1) Disposal or scrapping | 41,513,430 | 537,874,407 | 28,027,012 | 24,574,409 | 631,989,258 |
| 4. As at 31/12/2024 | 14,372,472,485 | 59,561,296,584 | 515,563,167 | 1,311,268,875 | 75,760,601,111 |
| III. Impairment provision | |||||
| 1. As at 1/1/2024 | 1,022,628,479 | 1,246,337,575 | 833,801 | 5,250,599 | 2,275,050,454 |
| 2. Additions in the current period | 5,091,242 | 317,108,747 | 387,442 | 10,750 | 322,598,181 |
| (1) Accrual | 5,091,242 | 316,108,784 | 387,442 | 10,750 | 321,598,218 |
| (2) Consolidated increase | 999,963 | 999,963 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Buildings | Power generation equipment | Motor vehicles | Other equipment | Total |
| 3. Reduction in the current period | 13,371,058 | 162,180,921 | 8,778 | 1,055,410 | 176,616,167 |
| (1) Disposal or scrapping | 13,371,058 | 162,180,921 | 8,778 | 1,055,410 | 176,616,167 |
| 4. As at 31/12/2024 | 1,014,348,663 | 1,401,265,401 | 1,212,465 | 4,205,939 | 2,421,032,468 |
| IV. Book value | |||||
| 1. As at 31/12/2024 | 23,563,611,559 | 49,415,454,885 | 212,826,653 | 315,269,620 | 73,507,162,717 |
| 2. As at 1/1/2024 | 20,758,076,866 | 41,570,505,237 | 234,736,133 | 320,419,574 | 62,883,737,810 |
Note 1: As at 31 December 2024, there were no power generation equipment or buildings used ascollateral for long-term borrowings. (December 31, 2023: None).In 2024, depreciation expense of fixed assets recorded in cost of sale, General and administrativeexpenses, construction in progress, research and development expenses and selling expenses are setout as follows:
| Item | 2024 | 2023 |
| Construction in progress | 8,045,170 | 2,857,358 |
| Cost of sale | 5,026,021,242 | 4,700,938,963 |
| Research and development expenses | 80,994,510 | 85,540,310 |
| Selling expenses | 2,336,060 | 693,261 |
| Administrative expenses | 74,235,433 | 74,919,475 |
| Total | 5,191,632,415 | 4,864,949,367 |
② Impairment of fixed asset
| Item | 31/12/2023 | Increased in the current year | Decreased in the current year | 31/12/2024 |
| Lincang Yudean Energy Co., Ltd. (“Lincang Energy”) | 758,537,917 | 758,537,917 | ||
| Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd. (“Biomass Power Generation”) | 306,528,103 | 7,275,889 | 299,252,214 | |
| Guangdong Yudean Bohe Energy Co., Ltd. | 208,000,000 | 34,581,683 | 242,581,683 | |
| Tumushuke Thermal Power Co.,Ltd. | 20,784,945 | 170,093,337 | 190,878,282 | |
| Guangdong Yudean Jinghai Power Generation Co., Ltd. | 228,002,512 | 10,653,119 | 71,845,998 | 166,809,633 |
| Guangdong Electric Power Development Co., Ltd. Shajiao A Power Plant (“Shajiao A Power Plant”) | 154,830,232 | 123,654 | 154,706,578 | |
| Guangdong Yuehua Power Generation Co., Ltd. | 148,398,825 | 13,259,032 | 135,139,793 | |
| Guangdong Red Bay Power Co., Ltd. | 158,142,406 | 11,251,751 | 46,948,600 | 122,445,557 |
| Guangdong Yudean Shaoguan Power Plant Co., Ltd. (“Shaoguan Power Plant”) | 135,467,921 | 24,010,525 | 111,457,396 | |
| Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. (“Yangjiang Wind Power”) | 80,459,184 | 80,459,184 | ||
| Guangdong Yudean Shibeishan Wind Power Co., Ltd. (“Shibeishan Wind Power” | 52,827,600 | 52,827,600 | ||
| Guangdong Energy Maoming Thermal Power Plant Co., Ltd. | 29,751,684 | 29,751,684 | ||
| Zhanjiang Electric Power Co., Ltd. | 31,107,879 | 12,285,004 | 18,822,875 | |
| Guangdong Yueneng Wind Power Co., Ltd. | 11,738,926 | 11,738,926 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 31/12/2023 | Increased in the current year | Decreased in the current year | 31/12/2024 |
| (“Yueneng Wind Power”) | ||||
| Zhanjiang Zhongyue Energy Co., Ltd. | 1,419,839 | 9,647,529 | 650,806 | 10,416,562 |
| Guangdong YueDian YunHe Power Generation Co., Ltd. | 10,388,437 | 99,736 | 10,288,701 | |
| Shenzhen Guangqian Electric Co., Ltd. | 8,912,678 | 8,912,678 | ||
| Guangdong Guangye Nanhua New Energy Co., Ltd. (“Nanhua New Energy”) | 6,686,632 | 6,686,632 | ||
| Guangdong Yudean Pingyuan Wind Power Co., Ltd. | 5,204,963 | 5,204,963 | ||
| Guangdong Huizhou Natural Gas Power Co., Ltd. | 3,230,570 | 116,923 | 3,113,647 | |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. (“Jianhao PV”). | 999,963 | 999,963 | ||
| Total | 2,275,050,454 | 322,598,181 | 176,616,167 | 2,421,032,468 |
For the Company's significant fixed assets for which there are impairment indications and the assetbalances exceed RMB500 million, the relevant impairment assumptions are presented as follows:
Note 1: The Company's subsidiary Tumushuke Thermal Power Co.,Ltd., operates coal-fired power unitslocated in the Xinjiang Uygur Autonomous Region. In 2024, due to the cancellation of the electricityprice subsidy policy and carbon emission costs, the operation suffered losses, indicating signs ofimpairment of long-term assets at Tumxuk Thermoelectric Power Plant. Our company regardsTumushuke Thermal Power Co.,Ltd. as an asset group (including goodwill) and conducts an impairmenttest on this asset group. The recoverable amount of the relevant asset group is determined using thepresent value of estimated future cash flows, which amounts to RMB1,864,922,200. A Total impairmentprovision of RMB170,093,337 has been made. The book value of the goodwill of Tumushuke ThermalPower Co.,Ltd., has been reduced to zero in 2023, and an impairment provision of RMB170,093,337has been made for fixed assets in the current period.The Company determines the on-grid electricity price, electricity sale and fuel price on the basis ofhistorical experience and forecasts of market developments. The key parameters in the forecast periodare projected based on the Group's five-year profitability forecasts, and the discount rate is a pre-taxdiscount rate that reflects specific risks of relevant assets. The key assumptions applied in calculatingdiscounted future cash flows are as follows:
| Item | Key parameter |
| Prediction period year | 5 years |
| On-grid electricity price during the forecast period (RMB/kWh) | 259.98 to 270.59 |
| On-grid electricity price during stable period (RMB /kWh) | 270.59 |
| Electricity sale during the forecast period (1,000 kWh) | 3,211,935.73 |
| Electricity sale during the stable period (1,000 kWh) | 3,211,935.73 |
| Fuel price during the forecast period (RMB /ton) | 516.00 to 498.00 |
| Fuel price during the stable period (RMB /ton) | 498.00 |
| Pre-tax discount rates | 8.55% |
Note 2: In 2024, the Company’s subsidiaries, including Guangdong Yudean Shibeishan Wind Power Co.,Ltd., Guangdong Yudean Bohe Energy Co., Ltd., Shenzhen Guangqian Electric Co., Ltd., GuangdongRed Bay Power Co., Ltd., Guangdong Yudean Jinghai Power Generation Co., Ltd., Zhanjiang Zhongyue
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Energy Co., Ltd., and Guangdong Yudean Pingyuan Wind Power Co., Ltd., implemented technicalrenovations on some of their production-use power generation equipment. Equipment parts that shouldbe removed or replaced will be terminated or disposed of in advance. Since there is impairment sign inthese assets, the Company recorded an impairment provision of RMB133,079,323.Note 3: In 2024, the Company’s subsidiary Guangdong Yudean Pingyuan Wind Power Co., Ltd.,suffered damage to some wind turbine blades due to the strong typhoon "Jupiter". The loss incurredbefore deducting insurance compensation amounted to RMB11,738,926, and an impairment provisionof RMB11,738,926 was provided.
③ Fixed assets without property certificates
| Item | Book value as at 31/12/2024 | Reasons for not obtaining certificates of ownership |
| Buildings | 2,135,697,403 | Pending to government approval |
As at 31 December 2024, management believed that there were no substantial legal obstacles inobtaining the certificates and no material adverse impact on normal operation of the Company wouldoccur.
(2) Disposals of fixed assets
| Item | 31/12/2024 | 31/12/2023 | Reason for transfer to disposals of fixed assets |
| Parts of power generation equipment | 103,795,315 | 128,940,662 | Scrapped but not yet disposed |
| Other equipment | 17,840,623 | 4,643,819 | Scrapped but not yet disposed |
| Total | 121,635,938 | 133,584,481 |
11. Construction in progress
| Item | 31/12/2024 | 31/12/2023 |
| Construction in progress | 31,341,212,969 | 29,988,793,254 |
| Engineering materials | 41,637,796 | 1,784,424 |
| Total | 31,382,850,765 | 29,990,577,678 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(1) Construction in progress
① Details of construction in progress
| Project | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Qingzhou Offshore Wind Power Project | 12,691,249,231 | 12,691,249,231 | 12,207,889,877 | 12,207,889,877 | ||
| Shajiao Ningzhou Gas and Electricity Project | 3,253,906,357 | 3,253,906,357 | ||||
| Shache Integrated Energy Photovoltaic Project | 1,874,628,732 | 1,874,628,732 | 2,411,312,391 | 2,411,312,391 | ||
| Daya Bay Petrochemical West Cogeneration Project | 1,579,779,970 | 1,579,779,970 | ||||
| Phase II expansion project of Dapu | 3,646,167,763 | 3,646,167,763 | 1,292,869,254 | 1,292,869,254 | ||
| Inner Mongolia Yuefeng 300MW Photovoltaic Park Project | 34,569,691 | 34,569,691 | 1,246,934,241 | 1,246,934,241 | ||
| Zhaoqing Dinghu Natural Gas Cogeneration Project | 37,676,940 | 37,676,940 | 1,144,305,554 | 1,144,305,554 | ||
| Zhuhai Yuefeng Photovoltaic Hybrid Project | 794,545,773 | 794,545,773 | ||||
| Guangxi Hangneng Integrated Wind, Solar, and Energy Storage Project | - | - | 753,624,574 | 753,624,574 | ||
| 100MW Photovoltaic Power Generation Project on Xipo, Muhong, Jinchang District, Jinchang | 90,453 | 90,453 | 533,883,780 | 533,883,780 | ||
| Phase II project of Bohe Power Plant | 2,446,503,296 | 2,446,503,296 | 497,328,891 | 497,328,891 | ||
| Hongdong County 200MW Centralized Photovoltaic Power Generation Project | 382,657,376 | 382,657,376 | 335,673,686 | 335,673,686 | ||
| Guizhou Power Grid's 150MW Photovoltaic Project | 265,354,845 | 265,354,845 | 259,802,374 | 259,802,374 | ||
| 120MW Fishery-Photovoltaic Complementary Project in Qiantang, Potou, Zhanjiang City | 231,647,619 | 231,647,619 | 226,234,335 | 226,234,335 | ||
| Dananhai Cogeneration Project | 894,037,106 | 894,037,106 | 205,809,532 | 205,809,532 | ||
| Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power Generation Project at Parity Price | 227,916,733 | 227,916,733 | 197,876,965 | 197,876,965 | ||
| Yunhe Natural Gas Cogeneration Project | 1,226,670,911 | 1,226,670,911 | 195,403,201 | 195,403,201 | ||
| Jincheng Yuefeng 170MW Photovoltaic Project | 418,032,508 | 418,032,508 | 194,542,558 | 194,542,558 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Project | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Yahua New Energy's 50MW Agricultural-Photovoltaic Complementary Renewable Energy Photovoltaic Power Station Project | 323,164,342 | 323,164,342 | 145,867,700 | 145,867,700 | ||
| Wuhua Huangni Village Project | 154,681,906 | 154,681,906 | 143,328,232 | 143,328,232 | ||
| Phase I Agricultural Photovoltaic Power Generation Project at Dongsheng Farm, Lianjiang, Zhanjiang | 136,728,168 | 136,728,168 | ||||
| Agricultural Photovoltaic Power Generation Project at Changshan Farm, Lianjiang, Zhanjiang | 5,390,253 | 5,390,253 | 135,138,247 | 135,138,247 | ||
| Lianjiang Hangneng 90MW Fishery-Photovoltaic Complementary Power Station Project | 129,832,379 | 129,832,379 | ||||
| Expansion project of Unit 5 and Unit 6 at Jinghai Power Plant | 807,408,490 | 55,389,093 | 752,019,397 | 177,754,660 | 55,389,093 | 122,365,567 |
| Huadu Cogeneration Project | 84,234,472 | 84,234,472 | 113,130,945 | 113,130,945 | ||
| Xiangzhou Hangjing Photovoltaic Integration Phase II Project | 866,380,742 | 866,380,742 | ||||
| 350,000 kW Photovoltaic Project of the 45th Regiment of the Third Division of the Corps | 670,388,068 | 670,388,068 | ||||
| 1 million kilowatts wind power project in Tuokexun County | 502,897,416 | 502,897,416 | ||||
| Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project | 452,572,118 | 452,572,118 | ||||
| Infrastructure construction project for units 5 and 6 at Honghai Bay | 401,157,015 | 26,446,447 | 374,710,568 | 81,655,818 | 26,446,447 | 55,209,371 |
| Huibo 100MW Photovoltaic Hybrid Project | 282,720,095 | 282,720,095 | 55,014,518 | 55,014,518 | ||
| Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan City | 203,345,924 | 203,345,924 | 8,897,544 | 8,897,544 | ||
| 100MW Wind Power Project in Wangxian Township, Wanrong County | 175,444,019 | 175,444,019 | ||||
| Jingyuan 100,000 kW Wind Power Project | 153,864,133 | 153,864,133 | 2,042,593 | 2,042,593 | ||
| Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines | 132,273,480 | 132,273,480 | ||||
| Other infrastructure projects | 1,067,036,193 | 215,605,096 | 851,431,097 | 864,345,763 | 231,415,926 | 632,929,837 |
| Technical transformation and other projects | 988,875,469 | 10,383,734 | 978,491,735 | 986,968,578 | 10,383,738 | 976,584,840 |
| Total | 31,649,037,339 | 307,824,370 | 31,341,212,969 | 30,312,428,458 | 323,635,204 | 29,988,793,254 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
② Changes in significant construction in progress
| Project | 1/1/2024 | Increase in the current period | Transferred to fixed assets | Other changes | Accumulated capitalized interest | Including: Capitalized interest for the current period | Ratio of capitalized interest for the current period | 31/12/2024 |
| Qingzhou Offshore Wind Power Project | 12,207,889,877 | 565,835,410 | 82,476,056 | 436,371,928 | 246,811,409 | 2.24 | 12,691,249,231 | |
| Shajiao Ningzhou Gas-Electricity Project | 3,253,906,357 | 347,704,219 | 3,601,610,576 | 203,599,450 | 57,386,973 | 3.11 | ||
| Shache Integrated Energy Photovoltaic Project | 2,411,312,391 | 1,890,038,585 | 2,426,722,244 | 35,623,770 | 30,129,898 | 2.13 | 1,874,628,732 | |
| Daya Bay Petrochemical West Cogeneration Project | 1,579,779,970 | 446,243,495 | 2,026,023,465 | 60,316,980 | 22,079,826 | 2.77 | ||
| Phase II expansion project of Dapu | 1,292,869,254 | 2,353,298,509 | 57,572,878 | 44,633,890 | 2.71 | 3,646,167,763 | ||
| Inner Mongolia Yuefeng 300MW Photovoltaic Park Project | 1,246,934,241 | 155,744,138 | 1,368,108,688 | 31,154,397 | 12,388,900 | 2.55 | 34,569,691 | |
| Zhaoqing Dinghu Natural Gas Cogeneration Project | 1,144,305,554 | 183,172,965 | 1,289,801,579 | 100,000,000 | 10,374,941 | 3.18 | 37,676,940 | |
| Zhuhai Yuefeng Photovoltaic Hybrid Project | 794,545,773 | 101,157,415 | 895,703,188 | 21,738,997 | 21,738,997 | 2.71 | ||
| Guangxi Hangneng Integrated Wind, Solar, and Energy Storage Project | 753,624,574 | - | 753,624,574 | 15,452,283 | 3,846,459 | 2.44 | - | |
| 100MW Photovoltaic Power Generation Project at Xipo, Muhongjinchang District, Jinchang | 533,883,780 | 840,013 | 534,633,340 | 10,079,140 | 944,574 | 2.48 | 90,453 | |
| Phase II project of Bohe Power Plant | 497,328,891 | 1,949,174,405 | 36,859,156 | 35,805,312 | 3.07 | 2,446,503,296 | ||
| 200MW centralized photovoltaic power generation project in Hongdong County | 335,673,686 | 46,983,690 | 16,092,919 | 7,707,500 | 3.10 | 382,657,376 | ||
| Guizhou Power Grid's 150MW Photovoltaic Project | 259,802,374 | 5,552,471 | 6,489,094 | 4,648,173 | 2.36 | 265,354,845 | ||
| 120MW Fishery-Photovoltaic Complementary Project in Qiantang, Potou, Zhanjiang City | 226,234,335 | 5,413,284 | 9,447,470 | 4,374,390 | 2.88 | 231,647,619 | ||
| Dananhai Cogeneration Project | 205,809,532 | 688,227,574 | 23,529,729 | 19,266,357 | 2.50 | 894,037,106 | ||
| Laishui Lieneng Laishui County 80MW Grid-connected Photovoltaic Power Generation Project at Parity Pricing | 197,876,965 | 30,039,768 | 9,215,085 | 5,044,357 | 2.65 | 227,916,733 | ||
| Yunhe Natural Gas Cogeneration Project | 195,403,201 | 1,031,267,710 | 15,456,474 | 10,567,734 | 2.10 | 1,226,670,911 | ||
| Jincheng Yuefeng 170MW Photovoltaic Project | 194,542,558 | 223,489,950 | 5,780,228 | 5,716,684 | 2.65 | 418,032,508 | ||
| Yahua New Energy 50MW Agricultural-Photovoltaic Complementary Renewable Energy Photovoltaic Power Station Project | 145,867,700 | 177,296,642 | 4,706,651 | 4,403,426 | 3.22 | 323,164,342 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Project | 1/1/2024 | Increase in the current period | Transferred to fixed assets | Other changes | Accumulated capitalized interest | Including: Capitalized interest for the current period | Ratio of capitalized interest for the current period | 31/12/2024 |
| Wuhua Huangni Village Project | 143,328,232 | 11,353,674 | 7,581,532 | 3,253,573 | 3.38 | 154,681,906 | ||
| Phase I Agricultural Photovoltaic Power Generation Project at Dongsheng Farm, Lianjiang, Zhanjiang | 136,728,168 | 16,755,971 | 153,484,139 | 10,927,073 | 2,906,222 | 2.75 | ||
| Agricultural Photovoltaic Power Generation Project at Changshan Farm, Lianjiang, Zhanjiang | 135,138,247 | 13,190,101 | 142,938,095 | 7,554,912 | 2,477,910 | 2.75 | 5,390,253 | |
| Lianjiang Hangneng 90MW Fishery-Photovoltaic Complementary Power Station Project | 129,832,379 | 25,539,573 | 155,371,952 | 9,578,089 | ||||
| Expansion project of Units 5 and 6 at Jinghai Power Plant | 177,754,660 | 674,879,104 | 45,225,274 | 37,059,192 | 28,317,820 | 2.50 | 807,408,490 | |
| Huadu Combined Heat and Power Generation Project | 113,130,945 | 18,800,982 | 47,697,455 | 77,118,516 | 84,234,472 | |||
| Xiangzhou Hangjing Photovoltaic Integration Phase II Project | 866,380,742 | 866,380,742 | ||||||
| 350,000 kW Photovoltaic Project of the 45th Regiment of the Third Division of the Corps | 670,388,068 | 5,154,351 | 5,154,351 | 2.78 | 670,388,068 | |||
| 1,000,000 kW Wind Power Project in Tuokexun County | 502,897,416 | 1,057,938 | 1,057,938 | 2.29 | 502,897,416 | |||
| Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project | 452,572,118 | 452,572,118 | ||||||
| Infrastructure construction project for units 5 and 6 at Honghai Bay | 81,655,818 | 319,501,197 | 14,437,800 | 10,998,145 | 2.62 | 401,157,015 | ||
| Huibo 100MW Photovoltaic Hybrid Project | 55,014,518 | 227,705,577 | 7,479,610 | 6,153,879 | 2.56 | 282,720,095 | ||
| Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan City | 8,897,544 | 194,448,380 | 4,858,123 | 4,858,123 | 2.70 | 203,345,924 | ||
| 100MW Wind Power Project in Wangxian Township, Wanrong County | 175,444,019 | 1,430,664 | 1,430,664 | 2.76 | 175,444,019 | |||
| Jingyuan 100,000 kW Wind Power Project | 2,042,593 | 151,821,540 | 869,573 | 869,573 | 2.54 | 153,864,133 | ||
| Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines | 132,273,480 | 48,733 | 48,733 | 2.15 | 132,273,480 | |||
| Other infrastructure projects | 864,345,763 | 914,459,025 | 711,768,595 | 282,382,568 | 81,823,183 | Not Applicable | 1,067,036,193 | |
| Technical transformation and other projects | 986,968,578 | 1,221,000,830 | 1,204,580,880 | 14,513,059 | 5,453,991 | 1,548,064 | Not Applicable | 988,875,469 |
| Total | 30,312,428,458 | 16,790,892,040 | 15,439,770,100 | 14,513,059 | 1,572,479,294 | 698,767,978 | -- | 31,649,037,339 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Changes in significant construction in progress (Continued)
| Project name | Budget | Proportion of Investment to the budget (%) | Project progress % | Source of Funds |
| Qingzhou Offshore Wind Power Project | 17,107,250,000 | 79.02 | 82.17 | Borrowing and self-financing |
| Shajiao Ningzhou Gas and Electricity Project | 5,927,600,000 | 75.87 | 100.00 | Borrowing and |
| Shache Integrated Energy Photovoltaic Project | 12,917,064,600 | 90.48 | 99.00 | self-financing |
| Daya Bay Petrochemical West Cogeneration Project | 3,820,000,000 | 96.79 | 100.00 | Borrowing and |
| Phase II expansion project of Dapu | 8,134,220,000 | 54.82 | 44.84 | self-financing |
| Inner Mongolia Yuefeng 300MW Photovoltaic Park Project | 1,572,760,000 | 88.98 | 95.00 | Borrowing and |
| Zhaoqing Dinghu Natural Gas Cogeneration Project | 2,998,180,000 | 83.54 | 99.10 | self-financing |
| Zhuhai Yuefeng Photovoltaic Hybrid Project | 1,426,466,900 | 93.39 | 100.00 | Borrowing and |
| Guangxi Hangneng Integrated Wind, Solar, and Energy Storage Project | 864,000,000 | 93.72 | 100.00 | self-financing |
| 100MW Photovoltaic Power Generation Project on Xipo, Muhong, Jinchang District, Jinchang | 598,705,600 | 97.21 | 97.21 | Borrowing and self-financing |
| Phase II project of Bohe Power Plant | 7,483,510,000 | 45.17 | 47.02 | Borrowing and self-financing |
| Hongdong County 200MW Centralized Photovoltaic Power Generation Project | 516,560,000 | 76.00 | 79.85 | Borrowing and self-financing |
| Guizhou Power Grid's 150MW Photovoltaic Project | 589,200,000 | 49.66 | 48.80 | Borrowing and self-financing |
| 120MW Fishery-Photovoltaic Complementary Project in Qiantang, Potou, Zhanjiang City | 500,232,000 | 45.11 | 51.08 | Borrowing and self-financing |
| Dananhai Cogeneration Project | 2,855,450,000 | 31.60 | 31.31 | Borrowing and self-financing |
| Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power Generation Project at Parity Price | 376,000,000 | 63.36 | 65.00 | Borrowing and self-financing |
| Yunhe Natural Gas Cogeneration Project | 2,809,700,000 | 56.93 | 56.00 | Borrowing and self-financing |
| Jincheng Yuefeng 170MW Photovoltaic Project | 884,703,700 | 34.87 | 56.26 | Borrowing and self-financing |
| Yahua New Energy 50MW Agricultural-Photovoltaic Complementary Renewable Energy Photovoltaic Power Station Project | 667,970,944 | 65.68 | 48.41 | Borrowing and self-financing |
| Wuhua Huangni Village Project | 336,020,000 | 49.74 | 49.36 | Borrowing and self-financing |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Project name | Budget | Proportion of Investment to the budget (%) | Project progress % | Source of Funds |
| Phase I Agricultural Photovoltaic Power Generation Project at Dongsheng Farm, Lianjiang, Zhanjiang | 299,020,000 | 89.09 | 100.00 | Borrowing and self-financing |
| Agricultural Photovoltaic Power Generation Project at Changshan Farm, Lianjiang, Zhanjiang | 294,690,000 | 82.89 | 82.89 | Borrowing and self-financing |
| Lianjiang Hangneng 90MW Fishery-Photovoltaic Complementary Power Station Project | 432,013,100 | 93.53 | 100.00 | Borrowing and self-financing |
| Expansion project of Units 5 and 6 at Jinghai Power Plant | 8,049,770,000 | 10.55 | 10.03 | Borrowing and self-financing |
| Huadu Combined Heat and Power Generation Project | 3,536,710,000 | 71.02 | 98.35 | Borrowing and self-financing |
| Xiangzhou Hangjing Photovoltaic Integration Phase II Project | 991,800,000 | 87.35 | 91.00 | Borrowing and self-financing |
| 350,000 kW photovoltaic project of the 45th Regiment of the Third Division of the Corps | 1,156,680,800 | 57.96 | 90.00 | Borrowing and self-financing |
| 1 million kilowatts wind power project in Tuokexun County | 1,460,000,000 | 34.45 | 50.00 | Borrowing and self-financing |
| Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project | 522,000,000 | 86.70 | 96.00 | Borrowing and self-financing |
| Infrastructure construction project for Units 5 and 6 at Honghai Bay | 7,820,820,000 | 4.09 | 7.37 | Borrowing and self-financing |
| Huibo 100MW Photovoltaic Hybrid Project | 651,393,000 | 34.96 | 40.00 | Borrowing and self-financing |
| Agricultural-Photovoltaic Complementary Project in Lanshan Nan City | 990,870,000 | 19.62 | 20.64 | Borrowing and self-financing |
| 100MW Wind Power Project in Wangxian Township, Wanrong County | 610,594,600 | 28.73 | 51.00 | Borrowing and self-financing |
| Jingyuan 100,000 kW Wind Power Project | 681,220,000 | 22.29 | 30.00 | Borrowing and self-financing |
| Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines | 373,000,000 | 35.46 | 35.46 | Borrowing and self-financing |
| Other infrastructure projects | Not Applicable | Not Applicable | Not Applicable | Borrowing and self-financing |
| Technical renovation and other projects | Not Applicable | Not Applicable | Not Applicable | Borrowing and self-financing |
| Total | 100,256,175,244 | -- | -- | -- |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
③ Provision for impairment of Construction in progress
| Project | 1/1/2024 | Provision for loss allowance in the current period | Increase due to consolidation | Decrease in the current period | 31/12/2024 | Reason for provision |
| Humen Power Plant 2*1000MW Unit Project | 137,373,040 | 137,373,040 | Cease construction | |||
| Impairment of projects under construction in the early stage of Jinghai unit | 55,389,093 | 55,389,093 | Project stagnation | |||
| Impairment of projects under construction in the early stage of Guangqian Power Phase II | 43,237,733 | 3,392,721 | 46,630,454 | Project stagnation | ||
| Impairment of early-stage wind power projects under construction in the province | 43,138,231 | 11,365,674 | 45,082,880 | 9,421,025 | Project stagnation | |
| Impairment of the Shibei Mountain Wind Turbine Project | 13,927,888 | 13,927,888 | reconstruction of wind turbines | |||
| Qinglong Jianhao Tumenzi 215MW and Liangshuihe 25MW Photovoltaic Power Generation Projects | 8,605,978 | 8,605,978 | Asset acquisition | |||
| Other engineering projects | 44,497,107 | 8,020,215 | 36,476,892 | Project stagnation | ||
| Total: | 323,635,204 | 28,686,283 | 8,605,978 | 53,103,095 | 307,824,370 | - |
12. Right-of-use assets
| Item | Land use rights | Buildings | Machinery and equipment | Motor Vehicles | Total |
| I. Original book value: | |||||
| 1. As at 1/1/2024 | 613,120,192 | 85,475,096 | 10,206,241,674 | 10,176,117 | 10,915,013,079 |
| 2. Increase in the current period | 326,731,491 | 32,367,952 | 2,800,532,542 | 8,482,977 | 3,168,114,962 |
| (1) Add new lease contract | 189,494,908 | 32,367,952 | 2,191,682,984 | 8,482,977 | 2,422,028,821 |
| (2) Consolidated increase | 137,236,583 | 608,849,558 | 746,086,141 | ||
| 3. Decrease in the current period | 111,540,259 | 19,611,578 | 94,715,256 | 225,867,093 | |
| (1) Lease modification | 23,981,877 | 857,283 | 85,023,322 | 109,862,482 | |
| (2) Lease transfer-out | 87,558,382 | 18,754,295 | 9,691,934 | 116,004,611 | |
| 4. As at 31/12/2024 | 828,311,424 | 98,231,470 | 12,912,058,960 | 18,659,094 | 13,857,260,948 |
| II. Accumulated depreciation | |||||
| 1. As at 1/1/2024 | 28,016,921 | 47,027,035 | 1,302,084,192 | 5,375,009 | 1,382,503,157 |
| 2. Increase in the current period | 45,665,623 | 20,666,910 | 746,494,027 | 6,415,682 | 819,242,242 |
| (1) Accrual | 36,430,526 | 20,666,910 | 697,592,847 | 6,415,682 | 761,105,965 |
| (2) Consolidation increase | 9,235,097 | 48,901,180 | 58,136,277 | ||
| 3. Decrease in the current period | 9,155,189 | 18,996,967 | 16,751,370 | 44,903,526 | |
| (1) Lease modification | 1,839,294 | 327,505 | 7,059,436 | 9,226,235 | |
| (2) Lease transfer-out | 7,315,895 | 18,669,462 | 9,691,934 | 35,677,291 | |
| 4. As at 31/12/2024 | 64,527,355 | 48,696,978 | 2,031,826,849 | 11,790,691 | 2,156,841,873 |
| III. Impairment provision |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Land use rights | Buildings | Machinery and equipment | Motor Vehicles | Total |
| 1. As at 1/1/2024 | 2,899,510 | 2,899,510 | |||
| 2. Increase in the current period | |||||
| (1) Accrual | |||||
| 3. Decrease in the current period | 2,899,510 | 2,899,510 | |||
| (1) Transfer out upon lease expiration | 2,899,510 | 2,899,510 | |||
| 4. As at 31/12/2024 | |||||
| IV. Book value | |||||
| 1. As at 31/12/2024 | 763,784,069 | 49,534,492 | 10,880,232,111 | 6,868,403 | 11,700,419,075 |
| 2. As at 1/1/2024 | 585,103,271 | 38,448,061 | 8,901,257,972 | 4,801,108 | 9,529,610,412 |
The depreciation expense in the current period recorded in operating costs, general and administrativeexpenses, construction in progress, research and development expenses, and selling expenses:
| Item | 2024 | 2023 |
| Construction in progress | 188,908,969 | 194,362,856 |
| Cost of sale | 557,751,857 | 362,018,385 |
| Research and development expenses | 2,189,651 | |
| Selling expenses | 400,132 | 2,537,609 |
| General and administrative expenses | 14,045,007 | 21,355,712 |
| Total | 761,105,965 | 582,464,213 |
13. Intangible assets
(1) Intangible assets
| Item | Land use rights and use right of sea area | Use rights of associated projects for electricity transmission and transformation | Software | Non-patented technology and others | Total |
| I. Original book value | |||||
| 1. As at 1/12024 | 4,114,501,230 | 260,331,315 | 287,222,269 | 103,228,926 | 4,765,283,740 |
| 2. Increase in the current period | 411,238,144 | 36,832,135 | 4,829,495 | 452,899,774 | |
| (1) Purchase | 391,271,089 | 22,908,699 | 4,829,495 | 419,009,283 | |
| (2) Transfers from construction in progress | 589,623 | 13,923,436 | 14,513,059 | ||
| (3) Consolidated increase | 19,377,432 | 19,377,432 | |||
| 3. Decrease in the current period | 2,613,903 | 535,232 | 3,149,135 | ||
| (1) Disposal | 2,613,903 | 535,232 | 3,149,135 | ||
| 4. As at 31/12/2024 | 4,525,739,374 | 260,331,315 | 321,440,501 | 107,523,189 | 5,215,034,379 |
| II. Accumulated amortization | |||||
| 1. As at 1/12024 | 743,772,804 | 260,331,315 | 174,990,691 | 46,578,496 | 1,225,673,306 |
| 2. Increase in the current period | 109,210,066 | 26,912,029 | 10,307,399 | 146,429,494 | |
| (1) Accrual | 107,976,642 | 26,912,029 | 10,307,399 | 145,196,070 | |
| (2) Merger increase | 1,233,424 | 1,233,424 | |||
| 3. Decrease in the current period | 2,579,357 | 535,232 | 3,114,589 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Land use rights and use right of sea area | Use rights of associated projects for electricity transmission and transformation | Software | Non-patented technology and others | Total |
| (1) Disposal | 2,579,357 | 535,232 | 3,114,589 | ||
| 4. As at 31/12/2024 | 852,982,870 | 260,331,315 | 199,323,363 | 56,350,663 | 1,368,988,211 |
| III. Provision for impairment | |||||
| 1. As at 1/12024 | 56,502,373 | 448,341 | 2,460,161 | 59,410,875 | |
| 2. Increase in the current period | |||||
| 3. Decrease in the current period | |||||
| 4. As at 31/12/2024 | 56,502,373 | 448,341 | 2,460,161 | 59,410,875 | |
| IV. Book value | |||||
| 1. As at 31/12/2024 | 3,616,254,131 | 121,668,797 | 48,712,365 | 3,786,635,293 | |
| 2. As at 1/12024 | 3,314,226,053 | 111,783,237 | 54,190,269 | 3,480,199,559 |
Note: As at 31 December 2024, there was no intangible assets arising from internal research anddevelopment of the Company.
(2) The depreciation expense in the current period recorded in operating costs, general andadministrative expenses, construction in progress, research and development expenses, andselling expenses:
| Item | 2024 | 2023 |
| Construction in progress | 19,208,496 | 23,044,850 |
| Cost of sale | 22,451,611 | 15,633,481 |
| Research and development expenses | 1,327,668 | 1,039,850 |
| General and administrative expenses | 102,208,295 | 80,852,812 |
| Total | 145,196,070 | 120,570,993 |
(3) Land use rights without property certificates
| Item | Book value as at 31/12/2024 | Reasons for not having obtained the property certificate |
| Land use rights | 125,760,622 | Filing documents are in preparation |
14. Goodwill
(1) Original value
| Name of the invested entities | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Tumushuke Thermal Power | 119,488,672 | 119,488,672 | ||
| Guangdong Guangye Nanhua New Energy Co., Ltd. (“Nanhua New Energy”) | 6,158,995 | 6,158,995 | ||
| Others | 39,372,264 | 39,372,264 | ||
| Total | 165,019,931 | 165,019,931 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(2) Provision for impairment
| Name of the invested entities | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Tumushuke Thermal Power | 119,488,672 | 119,488,672 | ||
| Nanhua New Energy | 6,158,995 | 6,158,995 | ||
| Others | 36,922,378 | 36,922,378 | ||
| Total | 156,411,050 | 6,158,995 | 162,570,045 |
Note: All goodwill had been allocated by the Company to the relevant asset group or group of assetgroups at the acquisition date. In 2024, the allocation of goodwill remains unchanged. In test forimpairment of goodwill, the Company compares the carrying amount of relevant asset group with itsrecoverable amount. If the recoverable amount is lower than the carrying amount, the difference isrecorded in profit or loss for the current period. The Company determines the on-grid electricity price,electricity sale and fuel price on the basis of historical experience and forecasts of market development.The key parameters applied in the forecast period are projected based on the Group’s five-yearprofitability forecasts, and the discount rate is the pre-tax discount rate that reflects specific risks ofrelevant assets.In 2024, there were indications of impairment of long-term assets of Nanhua New Energy, a subsidiaryof the Company, due to the below-expectation revenue resulting from insufficient capacity utilization.The Company performed an impairment test on Nanhua New Energy as an asset group (includinggoodwill) and determined the recoverable amount of the asset group based on the present value of theestimated future cash flows, and made a provision for impairment of goodwill of RMB6,158,995.
15. Long-term prepaid expenses
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 | |
| Amortization | Other decreases | ||||
| Improvement to right-of-use assets | 12,174,883 | 479,473 | 5,670,094 | 6,984,262 | |
| Insurance expenses | 18,241,146 | 14,950,825 | 33,191,971 | ||
| Road use rights | 32,004,077 | 108,237 | 1,719,373 | 30,392,941 | |
| Others | 18,662,028 | 2,509,147 | 3,043,217 | 18,127,958 | |
| Total | 81,082,134 | 18,047,682 | 43,624,655 | 55,505,161 | |
16. Deferred tax assets and deferred tax liabilities
(1) Deferred tax assets and deferred tax liabilities before offsetting
| Item | 31/12/2024 | 31/12/2023 | ||
| Deductible/taxable temporary differences | Deferred tax assets/liabilities | Deductible/taxable temporary differences | Deferred tax assets/liabilities | |
| Deferred tax assets: | ||||
| Deductible loss | 1,835,121,929 | 458,780,482 | 2,632,357,788 | 658,089,447 |
| Lease liabilities | 1,441,792,757 | 357,536,654 | 1,947,504,521 | 472,585,605 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 31/12/2024 | 31/12/2023 | ||
| Deductible/taxable temporary differences | Deferred tax assets/liabilities | Deductible/taxable temporary differences | Deferred tax assets/liabilities | |
| Provision for assets impairment | 919,919,108 | 226,760,522 | 845,364,196 | 209,714,804 |
| Unrealized profits from intra-group transactions | 512,732,957 | 128,183,239 | 609,736,237 | 152,434,059 |
| Employee benefits payable | 288,549,129 | 72,137,283 | 327,611,848 | 81,902,962 |
| Depreciation of fixed assets | 267,052,329 | 65,313,187 | 272,188,031 | 67,127,977 |
| Others | 102,268,681 | 25,567,170 | 300,291,680 | 75,072,919 |
| Subtotals | 5,367,436,890 | 1,334,278,537 | 6,935,054,301 | 1,716,927,773 |
| Deferred tax liabilities: | ||||
| Changes in fair value of investments in other equity instruments included in other comprehensive income | 1,708,127,258 | 427,031,815 | 1,924,184,430 | 481,046,108 |
| Right-of-use assets | 927,757,509 | 223,639,538 | 1,599,047,127 | 350,867,012 |
| Revaluation reserve of business combinations involving enterprises not under common control | 119,632,889 | 29,908,222 | 212,157,077 | 53,039,268 |
| Depreciation of fixed assets | 71,982,420 | 17,995,605 | 78,376,256 | 19,594,064 |
| Amortization of land use rights | 14,535,857 | 3,633,964 | 14,919,052 | 3,729,763 |
| Interest receivable | 12,272,627 | 3,068,157 | 9,336,500 | 2,334,125 |
| Subtotals | 2,854,308,560 | 705,277,301 | 3,838,020,442 | 910,610,340 |
Expected recovery period of deferred tax assets and deferred tax liabilities:
| Item | 31/12/2024 | 31/12/2023 | ||
| Expected to be recovered within 1 year (inclusive) | Expected to be recovered after 1 year | Expected to be recovered within 1 year (inclusive) | Expected to be recovered after 1 year | |
| Deferred tax assets | 107,379,274 | 1,226,899,263 | 120,157,028 | 1,596,770,745 |
| Deferred Tax Liability | 26,887,618 | 678,389,683 | 36,747,595 | 873,862,745 |
(2) The net balances of deferred tax assets and deferred tax liabilities after offsetting
| Item | 31/12/2024 | 31/12/2023 | ||
| Offsetting amount | Balance after offsetting | Offsetting amount | Balance after offsetting | |
| Deferred tax assets | 235,063,758 | 1,099,214,779 | 383,616,949 | 1,333,310,824 |
| Deferred tax liability | 235,063,758 | 470,213,543 | 383,616,949 | 526,993,391 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(3) Details of deductible temporary differences and deductible losses for unrecognized deferred taxassets
| Item | 31/12/2024 | 31/12/2023 |
| Deductible temporary difference | 3,308,593,716 | 3,261,717,610 |
| Deductible loss | 11,916,108,217 | 11,025,236,426 |
| Total | 15,224,701,933 | 14,286,954,036 |
(4) Deductible tax losses that are not recognised as deferred tax assets which will expire in followingyears
| Year | 31/12/2024 | 31/12/2023 | Notes |
| 2024 | —— | 173,024,661 | |
| 2025 | 948,443,650 | 760,600,486 | |
| 2026 | 3,667,099,962 | 3,861,702,218 | |
| 2027 | 4,248,817,127 | 4,654,713,210 | |
| 2028 | 1,125,934,980 | 1,575,195,851 | |
| 2029 | 1,925,812,498 | —— | |
| Total | 11,916,108,217 | 11,025,236,426 |
Management considers that as at the maturity date for the above deductible losses, the relevant subjectof tax payment has no sufficient taxable profits to deduct the above deductible losses. Therefore, norelated deferred tax asset was recognised.
17. Other non-current assets
| Item | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Advances for engineering and equipment | 4,684,276,206 | 4,684,276,206 | 4,859,350,910 | 4,859,350,910 | ||
| Input VAT to be deducted | 3,561,994,466 | 3,561,994,466 | 3,518,523,428 | 3,518,523,428 | ||
| Deposits prepaid for equity acquisition | 392,026,000 | 392,026,000 | 274,626,000 | 274,626,000 | ||
| Prepayment for land use rights | 66,634,754 | 66,634,754 | 165,746,353 | 165,746,353 | ||
| Others | 6,614,523 | 6,614,523 | 6,576,357 | 6,576,357 | ||
| Total | 8,711,545,949 | 8,711,545,949 | 8,824,823,048 | 8,824,823,048 | ||
Note 1: In August 2022, Guangdong Wind Power and Shanxi Hengyang New Energy Co., Ltd.("Hengyang New Energy") signed the Framework Agreement for Acquiring Equity of Wuxiang Lvheng100MW Photovoltaic Power Generation Project, and Guangdong Wind Power paid a deposit ofRMB52,200,000 as agreed in the agreement in 2022Note 2: In September 2022, Guangdong Wind Power and Shandong Fengxu New Energy Co., Ltd.("Shandong Fengxu") signed the Framework Agreement for Acquiring 100% Equity of Gaotang FengxuNew Energy Co., Ltd., and Guangdong Wind Power paid a deposit of RMB41,226,000 as agreed in theagreement in 2022.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Note 3: In February 2023, Provincial Wind Power signed the "Framework Agreement for EquityAcquisition of the 80MW Fishery-Photovoltaic Complementary Photovoltaic Project in Liangdong,Lianjiang" with Tanxin Machinery Equipment Rental Co., Ltd. ("Tanxin Machinery"). According to theagreement, Provincial Wind Power paid a deposit of RMB61,200,000 for the equity acquisition in 2023.Note 4: In May 2024, Guangdong Energy Group Xinjiang Co., Ltd., a subsidiary of our company, signeda framework agreement with Jiangsu Saifapower Electric Power Development Co., Ltd. ("SaifapowerElectric Power") to acquire 100% of the equity held by Saifapower Electric Power in Kekedala ZhongfuNew Energy Co., Ltd. As of December 31, 2024, Guangdong Energy Group Xinjiang Co., Ltd. had paida transaction deposit of RMB72,000,000 to Saifapower Electric Power.Note 5: In September 2024, Guangdong Energy Group Xinjiang Co., Ltd., a subsidiary of our company,signed a framework agreement with Mulei Jiasheng Energy Technology Co., Ltd. ("Mulei JiashengEnergy") to acquire 100% of the equity held by Mulei Jiasheng Energy in Mulei Jinxiu Electric PowerDevelopment Co., Ltd. As of December 31, 2024, Guangdong Energy Group Xinjiang Co., Ltd. had paida transaction deposit of RMB85,400,000 to Mulei Jiasheng Energy.Note 6: In August 2024, Guangdong Yudean New Energy Development Co., Ltd. ("Yudean New EnergyDevelopment") signed the "Pre-acquisition Agreement for 95% Equity of Qinzhou Xinguanglian NewEnergy Technology Co., Ltd." with PowerChina Jiangxi Hydropower Engineering Bureau Co., Ltd.,Nanning Xinguanglian New Energy Technology Co., Ltd., and Qinzhou Xinguanglian New EnergyTechnology Co., Ltd. According to the agreement, Yudean New Energy Development will pay a depositof RMB30,000,000 for the equity acquisition in 2024.Note 7: In August 2024, Guangdong Electric Power New Energy Development signed the "Pre-acquisition Agreement for 100% Equity of Guangxi Runzhitong Energy Technology Co., Ltd." with ChinaPower Construction Group Jiangxi Hydropower Engineering Bureau Co., Ltd., Guangxi Xusen NewEnergy Technology Co., Ltd., and Guangxi Runzhitong Energy Technology Co., Ltd. According to theagreement, Guangdong Electric Power New Energy Development will pay a deposit of RMB50,000,000for the equity acquisition in 2024.
18. Assets with restricted ownership or use rights
| Item | Book value | Reason for restriction |
| Cash at bank and on hand | 33,925,897 | Deposits |
| Accounts receivable | 1,018,036,904 | Pledge of collecting electricity fee rights |
19. Short-term borrowings
(1) Classification of short-term loans
| Item | 31/12/2024 | 31/12/2023 |
| Fiduciary loan | 14,108,930,833 | 15,756,979,762 |
Note 1: As at 31 December 2024, the company had no overdue short-term loans.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
As at 31 December 2024, the short-tem borrowings provided by the Energy Group Finance Companyare as follows:
| Loans provided by Energy Group Finance Company | 31/12/2024 | 31/12/2023 |
| Principal | 4,533,991,823 | 4,989,897,653 |
| Interest payable | 3,651,215 | 3,972,710 |
20. Notes payable
| Types | 31/12/2024 | 31/12/2023 |
| Commercial acceptance bill | 160,000,000 | 60,000,000 |
| Bank acceptance bill | 570,000,000 | 695,000,000 |
| Supply chain financing letter of credit | 1,372,292,195 | |
| Total | 2,102,292,195 | 755,000,000 |
Note 1: As at 31 December 2024, the Company had no notes payables that were due but unpaid(December 31, 2023: Nil).Note 2: In 2024, the company entered into supply chain financing agreements with banking financialinstitutions, under which the banking institutions advance payment to fuel suppliers. The companyaccounts for the payment obligations related to supply chain financing in notes payable, and reports therepayments to the financial institutions as cash paid for goods purchased and services received.
21. Accounts payable
| Item | 31/12/2024 | 31/12/2023 |
| Fuel payables | 3,109,496,277 | 3,232,276,542 |
| Materials and spare parts payable | 581,559,457 | 635,035,016 |
| Repair expenses payable | 229,642,687 | 220,484,221 |
| Desulfurization and denitrification expenses payable | 28,790,799 | 104,174,355 |
| Contracted operation expenses payable | 71,348,385 | 118,816,771 |
| Management fees payable for frequency modulation and energy storage | 23,319,353 | 43,473,789 |
| Others | 234,888,723 | 75,775,621 |
| Total | 4,279,045,681 | 4,430,036,315 |
Note 1: As at 31 December 2024, accounts payables with ageing over one year amounted toRMB63,727,791 (December 31, 2023: RMB113,747,802), mainly including unsettled fuel payable andmaterials payable.Note 2: Other accounts payables primarily consist of electricity charges payable for net electricitypurchase and sale settlements between the Company's subsidiary, Guangdong Yudean Electricity SalesCo., Ltd., and Guangdong Power Grid Co., Ltd., as well as Shenzhen Power Supply Bureau, amountingto RMB84,569,244, and coal transportation fees payable of RMB82,580,897.
22. Contract liabilities
| Item | 31/12/2024 | 31/12/2023 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 31/12/2024 | 31/12/2023 |
| Advance receipts for goods and services | 32,643,110 | 38,458,272 |
| Others | 5,816,718 | 2,869,861 |
| Subtotal | 38,459,828 | 41,328,133 |
| Less: Contractual liabilities included in other non-current liabilities | ||
| Total | 38,459,828 | 41,328,133 |
23. Employee benefits payable
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Short-term employee benefits payable | 390,720,341 | 2,832,221,146 | 2,795,168,614 | 427,772,873 |
| Post-employment benefits - defined contribution plans | 3,085,162 | 396,943,408 | 396,937,287 | 3,091,283 |
| Dismiss welfare | 153,788,078 | 50,224,441 | 87,096,275 | 116,916,244 |
| Other benefits maturing within one year | 8,921,986 | 19,142,767 | 19,553,965 | 8,510,788 |
| Total | 556,515,567 | 3,298,531,762 | 3,298,756,141 | 556,291,188 |
(1) Short term employee benefits payable
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Wages and salaries, bonus, allowances and subsidies | 2,399,430 | 2,031,492,786 | 2,031,492,786 | 2,399,430 |
| Staff welfare | 3,985,148 | 228,594,760 | 228,694,502 | 3,885,406 |
| Social security contributions | 228,055,041 | 201,128,347 | 168,896,829 | 260,286,559 |
| Including: 1. Medical insurance and maternity insurance | 228,055,041 | 188,574,728 | 156,343,210 | 260,286,559 |
| 2. Industrial injury insurance premium | 12,553,619 | 12,553,619 | ||
| Housing fund | 83,844 | 200,672,740 | 200,669,824 | 86,760 |
| Labour union funds and employee education funds | 146,008,825 | 91,799,251 | 87,047,769 | 150,760,307 |
| Other short-term employee benefits | 10,188,053 | 78,533,262 | 78,366,904 | 10,354,411 |
| Total | 390,720,341 | 2,832,221,146 | 2,795,168,614 | 427,772,873 |
(2) Defined contribution plans
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Post-employment benefits | ||||
| Including: Basic pensions | 49,334 | 239,151,253 | 239,145,276 | 55,311 |
| Unemployment insurance | 7,246 | 12,859,045 | 12,858,901 | 7,390 |
| Enterprise annuity contribution | 3,028,582 | 144,933,110 | 144,933,110 | 3,028,582 |
| Total | 3,085,162 | 396,943,408 | 396,937,287 | 3,091,283 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(3) Early retirement benefits payable and employee resettlement compensation
| Item | 31/12/2024 | 31/12/2023 |
| Early retirement benefits payable | 116,916,244 | 107,180,000 |
| Other termination benefits | 46,608,078 | |
| Total | 116,916,244 | 153,788,078 |
Note 1: In 2023, Shajiao A Power Plant, a subsidiary of the Company, officially shut down the remaininggenerator units on 31 October 2023 and formulated the employee resettlement plan, according to whichthe Company made a one-time provision for employee resettlement compensation amounting toRMB46,608,078. In 2024, all termination benefits have been paid.Note 2: The remuneration for the Group’s special retirement pensions that are expected to be paidwithin one year from the date of the balance sheet are listed as the defined benefit plan payable. Fordetails, please refer to Note V. 32.
24. Taxes payable
| Taxation | 31/12/2024 | 31/12/2023 |
| Enterprise income tax payable | 116,285,242 | 170,701,728 |
| Unpaid VAT | 111,421,392 | 100,339,967 |
| Individual income tax payable | 42,378,114 | 31,654,416 |
| Property tax payable | 11,355,848 | 12,232,259 |
| City maintenance and construction tax payable | 3,500,301 | 6,102,566 |
| Educational surcharge payable | 2,760,974 | 4,673,903 |
| Land use tax payable | 2,059,907 | 2,803,005 |
| Others | 13,678,237 | 14,925,036 |
| Total | 303,440,015 | 343,432,880 |
25. Other payables
| Item | 31/12/2024 | 31/12/2023 |
| Construction and equipment expenses payable | 14,794,509,103 | 11,925,594,043 |
| Project warranty payable | 327,109,608 | 445,866,489 |
| Carbon emission allowances payable | 246,618,393 | 357,696,647 |
| Advances payable to third parties | 6,804,566 | 30,759,086 |
| Land compensation | 15,958,335 | 177,384,900 |
| Others | 434,876,574 | 314,789,583 |
| Total | 15,825,876,579 | 13,252,090,748 |
Note 1: As at 31 December 2024 , other payables of RMB3,830,441,329 (December 31, 2023:
RMB3,536,804,485) ) with aging over one year mainly represented construction and equipmentexpenses payable and warranty payable not being settled because the comprehensive acceptance andsettlement of relevant projects were yet to be completed or projects were still within their warrantyperiods.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Note 2: In 2023, Guangdong Huizhou Pinghai Power Co., Ltd. received land compensation ofRMB177,384,900 from Guangdong Huizhou Liquefied Natural Gas Co., Ltd. ("Huizhou Liquefied NaturalGas"). As in August 2024, the land transfer procedures had been completed and the ownership transferhad been confirmed, which was recognized as current profit and loss.Note 3: In 2024, Yuehua Power Generation received land compensation of RMB15,958,335 fromGuangzhou Development District Key Projects Promotion Center.
26. Current portion of non-current liabilities
| Item | 31/12/2024 | 31/12/2023 |
| Current portion of long-term borrowings | 5,906,727,792 | 3,769,932,656 |
| Current portion of long-term payables | 44,542,852 | 26,861,057 |
| Current portion of debentures payable | 124,279,404 | 4,860,692,008 |
| Current portion of lease liabilities | 531,128,288 | 268,887,650 |
| Total | 6,606,678,336 | 8,926,373,371 |
(1) Current portion of long-term borrowings
| Item | 31/12/2024 | 31/12/2023 |
| Pledged loan | 525,709,397 | 518,826,390 |
| Guaranteed loan | 134,038,051 | 173,148,027 |
| Fiduciary loan | 5,246,980,344 | 3,077,958,239 |
| Total | 5,906,727,792 | 3,769,932,656 |
27. Other current liabilities
| Item | 31/12/2024 | 31/12/2023 |
| Short-term debentures payable | 2,011,102,192 | |
| Output VAT to be written off | 528,095,817 | 770,253,279 |
| Total | 528,095,817 | 2,781,355,471 |
(1) Short-term debentures payable (Continued)
| Bond Name | Face value | Coupon rate | Issuance date | Maturity period | Issue Amount |
| First batch of super short-term financing notes issued by Guangdong Electric Power Development Co., Ltd., 2024 | 1,000,000,000 | 1.84% | 2024-4-19 | 180 days | 1,000,000,000 |
| First batch of super short-term financing notes issued by Guangdong Electric Power Development Co., Ltd., 2023 | 1,000,000,000 | 2.13% | 2023-7-25 | 177 days | 1,000,000,000 |
| Second batch of super short-term financing notes issued by Guangdong Electric Power Development Co., Ltd., 2023 | 1,000,000,000 | 2.56% | 2023-12-5 | 177 days | 1,000,000,000 |
| Subtotals | 3,000,000,000 | 3,000,000,000 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Short-term debentures payable (Continued)
| Bond Name | 1/1/2024 | Issued in the current period | Interest at face value | Amortization of premium or discount | Repayment in the current period | 31/12/2024 | Default or not |
| First batch of super short-term financing notes issued by Guangdong Electric Power Development Co., Ltd., 2023 | 1,009,278,630 | 1,022,190 | 1,010,300,820 | No | |||
| Second batch of super short-term financing notes issued by Guangdong Electric Power Development Co., Ltd., 2023 | 1,001,823,562 | 10,556,766 | 1,012,380,328 | No | |||
| First batch of super short-term financing notes issued by Guangdong Electric Power Development Co., Ltd., 2024 | 1,000,000,000 | 9,073,973 | 1,009,073,973 | No | |||
| Total | 2,011,102,192 | 1,000,000,000 | 20,652,929 | 3,031,755,121 |
28. Long-term borrowings
| Item | 31/12/2024 | Interest rate range | 31/12/2023 | Interest rate range |
| Fiduciary loan | 68,928,106,497 | 1.55%-4.06% | 59,360,757,189 | 1.85%~4.06% |
| Pledged loan | 5,173,278,170 | 2.26%-3.56% | 5,419,743,723 | 2.95%~3.56% |
| Guaranteed loan | 1,346,902,531 | 3.10%-4.30% | 1,821,903,084 | 3.35%~4.30% |
| Subtotal | 75,448,287,198 | 66,602,403,996 | ||
| Less: Current portion of long-term borrowings | 5,906,727,792 | 3,769,932,656 | ||
| Total | 69,541,559,406 | 62,832,471,340 |
Note 1: As at 31 December 2024, the right for collecting electricity of some subsidiaries was treated aspledge for long-term pledged loan.Note 2: The Company has no overdue long-term borrowings.Note 3: As of December 31, 2024, the principal balance of long-term borrowings borrowed by theCompany’s subsidiary, Dacheng County Dun'An New Energy Co., Ltd. ("Dun'An New Energy"), fromIndustrial Bank Co., Ltd. Hohhot Branch, amounted to RMB542,391,920, including current portion oflong-term borrowings amounting to RMB28,753,836, which was secured by Beijing Guangdun NewEnergy Technology Co., Ltd. (2023: RMB522,489,812, including current portion of long-term borrowingsamounting to RMB25,119,703). The annual interest rate of the loan is 3.40% (2023: 4.30%), and theremaining principal will mature in installments by December 11, 2037.As of December 31, 2024, the principal balance of long-term borrowings borrowed by the Company’ssubsidiary, Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd. (“Xuwen Wind Power”), from theEnergy Group Finance Company, amounted to RMB4,411,765, including current portion of long-termborrowings amounting to RMB588,235, which was secured by Zhanjiang Wind Power (2023:
RMB5,000,000, including current portion of long-term borrowings amounting to RMB588,235). The
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
annual interest rate of the loan is 3.1% (2023: 3.35%). The remaining principal will mature ininstallments by November 28, 2031.As of December 31, 2024, the principal balance of long-term borrowings borrowed by the Group'ssubsidiary, Tumushuke Thermal Power, from Shanghai Pudong Development Bank, Guangfa Bank, andUrumqi amounted to RMB760,750,000, including current portion of long-term borrowings amounting toRMB 96,100,000, which was guaranteed by the Third Division of Xinjiang Production and ConstructionCorps amounted to RMB1,245,000,000 (including current portion of long-term borrowings amounting toRMB135,000,000), with an annual interest rate of 3.90% (2023: 3.90%). The remaining principal willmature in installments by June 27, 2032.As of December 31, 2024, the principal balance of long-term borrowings borrowed by the Group'ssubsidiary, Tumushuke Thermal Power, from Bank of China amounted to RMB37,252,866, with nocurrent portion of long-term borrowings. Secured by Thermoelectric Branch of Xinjiang Jintai ElectricPower Co., Ltd (2023: RMB46,273,183, including current portion of long-term borrowings amounting toRMB 9,300,000), the loan interest rate ranged from 4.20% to 4.30% (2023: 4.28%). The remainingprincipal will mature in installments by December 15, 2031.
29. Debentures payable
| Item | 31/12/2024 | 31/12/2023 | ||
| 21 Yudean Bond 01 | 1,033,220,834 | |||
| 21 Yudean Bond 02 | 126,964,454 | 1,535,355,092 | ||
| 21 Yudean Bond 03 | 802,658,147 | 802,582,675 | ||
| 21 Yudean Faneng MTN001 | 1,216,583,835 | |||
| 21 Yudean Faneng MTN002 | 2,207,333,798 | |||
| 22 Yudean Faneng MTN001 | 605,252,536 | 604,929,895 | ||
| 23 Yudean Faneng MTN001 | 1,641,303,369 | 1,640,956,199 | ||
| 24 Yudean Faneng MTN001 | 1,013,579,788 | |||
| 24 Yudean Faneng MTN002 | 1,514,602,351 | |||
| 24 Yudean Faneng MTN003 | 603,064,342 | |||
| 24 Yudean Faneng MTN004A | 1,004,289,973 | |||
| 24 Yudean Faneng MTN004B | 501,275,303 | |||
| 24 Yudean Faneng MTN005 | 1,001,880,113 | |||
| 24 Yudean Faneng MTN006A | 801,718,882 | |||
| 24 Yudean Faneng MTN006B | 1,000,796,146 | |||
| G23 Yuefeng 2 | 614,323,258 | 614,234,693 | ||
| 21 Pinghai Power MTN001 | 302,092,170 | |||
| Subtotal | 11,231,708,662 | 9,957,289,191 | ||
| Less: Current portion of debentures payable | 124,279,404 | 4,860,692,008 | ||
| Total | 11,107,429,258 | 5,096,597,183 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(1) Changes in debentures payable
| Bond Name | Face value | Coupon rate | Issuance date | Maturity period | Issue Amount |
| 21 Yudean Bond 01 | 1,000,000,000 | 3.57% | 2021/1/26 | 3 years | 1,000,000,000 |
| 21 Yudean Bond 02 | 1,500,000,000 | 2.45% | 2021/4/27 | 5 years | 1,500,000,000 |
| 21 Yudean Bond 03 | 800,000,000 | 3.41% | 2021/11/23 | 5 years | 800,000,000 |
| 21 Yudean Faneng MTN001 | 1,200,000,000 | 3.17% | 2021/7/19 | 3 years | 1,200,000,000 |
| 21 Yudean Faneng MTN002 | 2,200,000,000 | 3.13% | 2021/11/15 | 3 years | 2,200,000,000 |
| 22 Yudean Faneng MTN001 | 600,000,000 | 2.90% | 2022/8/24 | 5 years | 600,000,000 |
| 23 Yudean Faneng MTN001 | 1,600,000,000 | 3.35% | 2023/3/15 | 5 years | 1,600,000,000 |
| 24 Yudean Faneng MTN001 | 1,000,000,000 | 2.41% | 2024/5/22 | 5 years | 1,000,000,000 |
| 24 Yudean Faneng MTN002 | 1,500,000,000 | 2.54% | 2024/7/11 | 10 Years | 1,500,000,000 |
| 24 Yudean Faneng MTN003 | 600,000,000 | 2.52% | 2024/9/9 | 15 years | 600,000,000 |
| 24 Yudean Faneng MTN004A | 1,000,000,000 | 2.47% | 2024/10/11 | 5 years | 1,000,000,000 |
| 24 Yudean Faneng MTN004B | 500,000,000 | 2.70% | 2024/10/11 | 15 years | 500,000,000 |
| 24 Yudean Faneng MTN005 | 1,000,000,000 | 2.70% | 2024/10/22 | 15 years | 1,000,000,000 |
| 24 Yudean Faneng MTN006A | 800,000,000 | 2.37% | 2024/11/11 | 5 years | 800,000,000 |
| 24 Yudean Faneng MTN006B | 1,000,000,000 | 2.67% | 2024/11/11 | 15 years | 1,000,000,000 |
| G23 Yuefeng 2 | 600,000,000 | 3.15% | 2023/3/20 | 5 years | 600,000,000 |
| 21 Pinghai Power MTN001 | 300,000,000 | 3.72% | 2021/10/15 | 3 years | 300,000,000 |
| Subtotals | 17,200,000,000 | 17,200,000,000 |
Changes in debentures payable (continued)
| Bond Name | 1/1/2024 | Issued in the current period | Interest at face value | Amortization of premium or discount | Repayment in the current period | 31/12/2024 | Default or not |
| 21 YueDian 01 | 1,033,220,834 | 2,479,166 | 1,035,700,000 | No |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Bond Name | 1/1/2024 | Issued in the current period | Interest at face value | Amortization of premium or discount | Repayment in the current period | 31/12/2024 | Default or not |
| 21 YueDian 02 | 1,535,355,092 | 19,075,400 | 33,962 | 1,427,500,000 | 126,964,454 | No | |
| 21 YueDian 03 | 802,582,675 | 27,280,000 | 75,472 | 27,280,000 | 802,658,147 | No | |
| 21 Yudean Faneng MTN001 | 1,216,583,835 | 38,040,000 | 412,576 | 1,255,036,411 | No | ||
| 21 Yudean Faneng MTN002 | 2,207,333,798 | 68,860,000 | 1,045,741 | 2,277,239,539 | No | ||
| 22 Yudean Faneng MTN001 | 604,929,895 | 17,400,000 | 322,641 | 17,400,000 | 605,252,536 | No | |
| 23 Yudean Faneng MTN001 | 1,640,956,199 | 53,600,000 | 347,170 | 53,600,000 | 1,641,303,369 | No | |
| 24 Yudean Faneng MTN001 | 1,000,000,000 | 14,586,552 | -1,006,764 | 1,013,579,788 | No | ||
| 24 Yudean Faneng MTN002 | 1,500,000,000 | 17,649,521 | -3,047,170 | 1,514,602,351 | No | ||
| 24 Yudean Faneng MTN003 | 600,000,000 | 4,608,493 | -1,544,151 | 603,064,342 | No | ||
| 24 Yudean Faneng MTN004A | 1,000,000,000 | 5,334,749 | -1,044,776 | 1,004,289,973 | No | ||
| 24 Yudean Faneng MTN004B | 500,000,000 | 2,915,753 | -1,640,450 | 501,275,303 | No | ||
| 24 Yudean Faneng MTN005 | 1,000,000,000 | 5,091,781 | -3,211,668 | 1,001,880,113 | No | ||
| 24 Yudean Faneng MTN006A | 800,000,000 | 2,515,014 | -796,132 | 801,718,882 | No | ||
| 24 Yudean Faneng MTN006B | 1,000,000,000 | 3,541,712 | -2,745,566 | 1,000,796,146 | No | ||
| G23 Yuefeng 2 | 614,234,693 | 18,900,000 | 89,510 | 18,900,945 | 614,323,258 | No | |
| 21 Pinghai Power MTN001 | 302,092,170 | 11,160,100 | -183,885 | 313,068,385 | No | ||
| Subtotal | 9,957,289,191 | 7,400,000,000 | 313,038,241 | -12,893,490 | 6,425,725,280 | 11,231,708,662 | |
| Less: Current portion of debentures payable | 4,860,692,008 | 124,279,404 | |||||
| Total | 5,096,597,183 | 11,107,429,258 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
The details of debentures payable of the Company are as follows:
As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 3-year book-entrycorporate debentures in real-name system with face value of RMB1,000,000,000 ("21 Yudean Bond 01")to the public on January 26, 2021. The Company altogether raised RMB999,848,386, after deducting anissue expense of was RMB151,614. The debenture is subject to an annual interest rate of 3.57%starting from 27 January 2021 and should be payable annually on simple interest. As of December 31,2024, debentures payable were measured at amortised cost using effective interest method, with theeffective interest rate of 3.58% (December 31, 2023: 3.58%).As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 5-year book-entrycorporate debentures in real-name system with face value of RMB1,500,000,000 ("21 Yudean Bond 02")to the public on April 27, 2021. The Company altogether raised RMB1,499,791,783, after deducting anissue expense of was RMB208,217. The debenture is subject to an annual interest rate of 3.50%starting from April 28, 2021 and should be payable annually on simple interest. As of December 31,2024, debentures payable were measured at amortised cost using effective interest method, with theeffective interest rate of 2.45% (December 31, 2023: 3.50%).As approved by CSRC Circular SFC License [2021] No. 3142, the Company issued 5-year book-entrycorporate debentures in real-name system with face value of RMB 800,000,000 ("21 Yudean Bond 03")to the public on November 23, 2021. The Company altogether raised RMB799,565,033, after deductingan issue expense of was RMB434,967. The debenture is subject to an annual interest rate of 3.41%starting from November 24, 2021 and should be payable annually on simple interest. As of December31, 2024, debentures payable were measured at amortised cost using effective interest method, withthe effective interest rate of 3.42% (December 31, 2023: 3.42%).The Company’s application for registration of middle-term notes has been accepted by the NationalAssociation of Financial Market Institutional Investors (“NAFMII”) at its 51st meeting in 2021. Theregistered amount of RMB4,000,000,000 would be valid for 2 years starting from 29 June 2021. On 19July 2021, the Company issued 3-year middle-term notes with face value of RMB1,200,000,000 in theinterbank market ("21 Yudean Faneng MTN001"). The Company altogether raised RMB1,197,948,000after deducting an issue expense of RMB2,052,000, which should be paid in three years. As at 31December 2023, the issue expense of RMB2,052,000 was all paid. The debenture is subject to anannual interest rate of 3.17% starting from 21 July 2021 and should be payable annually on simpleinterest. As at 31 December 2024, debentures payable were measured at amortised cost using effectiveinterest method, with the effective interest rate of 3.23% (31 December 2023: 3.23%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its51st meeting in 2021. The registered amount of RMB4,000,000,000 would be valid for 2 years startingfrom 29 June 2021. On 15 November 2021, the Company issued 3-year middle-term notes with facevalue of RMB2,200,000,000 in the interbank market ("21 Yudean Faneng MTN002"). The Companyaltogether raised RMB2,196,238,000 after deducting an issue expense of RMB3,762,000, which shouldbe paid in three years. As at 31 December 2023, the issue expense of RMB3,762,000 was all paid. Thedebenture is subject to an annual interest rate of 3.13% starting from 17 November 2021 and should bepayable annually on simple interest. As at 31 December 2024, debentures payable were measured atamortised cost using effective interest method, with the effective interest rate of 3.19% (31 December2023: 3.19%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its61st meeting in 2022. The registration would be valid for 2 years starting from 23 May 2022. On 24August 2022, the Company issued 5-year middle-term notes with face value of RMB600,000,000 in the
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
interbank market ("22 Yudean Faneng MTN001"). The Company altogether raised RMB598,290,000after deducting an issue expense of RMB1,710,000, which should be paid in five years. As at 31December 2024, the issue expense of RMB1,026,000 had been paid. The debenture is subject to anannual interest rate of 2.90% starting from 26 August 2022 and should be payable annually on simpleinterest. As at 31 December 2024, debentures payable were measured at amortised cost using effectiveinterest method, with the effective interest rate of 2.96% (31 December 2023: 2.96%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its154th meeting in 2022. The registered amount of RMB9,000,000,000 would be valid for 2 years startingfrom 7 December 2022. On 15 March 2023, the Company issued 5-year middle-term notes with facevalue of RMB1,600,000,000 in the interbank market ("23 Yudean Faneng MTN001"). The Companyaltogether raised RMB1,599,632,000 after deducting an issue expense of RMB368,000, which shouldbe paid in installments over a five-year period. As at 31 December 2024, the issue expense ofRMB147,200 had been paid. The debenture is subject to an annual interest rate of 3.35% starting from17 March 2023 and should be payable annually on simple interest. As at 31 December 2024,debentures payable were measured at amortised cost using effective interest method, with the effectiveinterest rate of 3.37%(31 December 2023: 3.37%).The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 22 May, 2024, the Company issued 5-year middle-term notes withface value of RMB 1,000,000,000 in the interbank market ("24 Yudean Faneng MTN001"). TheCompany altogether raised RMB998,768,650 after deducting an issue expense of RMB1,231,350,which should be paid in installments over a five-year period. As at 31 December 2024, the issueexpense of RMB246,270 had been paid. The debenture is subject to an annual interest rate of 2.41%starting from 24 May, 2024 and should be payable annually on simple interest. As at 31 December 2024,debentures payable were measured at amortised cost using effective interest method, with the effectiveinterest rate of 2.42%.The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 11 July, 2024, the Company issued 5-year middle-term notes withface value of RMB1,500,000,000 in the interbank market ("24 Yudean Faneng MTN002"). The Companyaltogether raised RMB1,496,600,000 after deducting an issue expense of RMB3,400,000, which shouldbe paid in installments over a ten-year period. As at 31 December 2024, the issue expense ofRMB340,000 had been paid. The debenture is subject to an annual interest rate of 2.54% starting from15 July, 2024 and should be payable annually on simple interest. As at 31 December 2024, debenturespayable were measured at amortised cost using effective interest method, with the effective interest rateof 2.54%.The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 9 September 2024, the Company issued 15-year middle-term noteswith face value of RMB 600,000,000 in the interbank market ("24 Yudean Faneng MTN003"). TheCompany altogether raised RMB598,326,000 after deducting an issue expense of RMB 1,674,000,which should be paid in installments over a fifteen-year period. As at 31 December 2024, the issueexpense of RMB111,600 had been paid. The debenture is subject to an annual interest rate of 2.52%starting from 11 September, 2024 and should be payable annually on simple interest. As at 31December 2024, debentures payable were measured at amortised cost using effective interest method,with the effective interest rate of 2.54%.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 11 October 2024, the Company issued 5-year middle-term noteswith face value of RMB1,000,000,000 in the interbank market ("24 Yudean Faneng MTN004A"). TheCompany altogether raised RMB 998,834,250 after deducting an issue expense of RMB 1,165,750,which should be paid in installments over a five-year period. As at 31 December 2024, the issueexpense of RMB 233,150 had been paid. The debenture is subject to an annual interest rate of 2.47%starting from 14 October, 2024 and should be payable annually on simple interest. As at 31 December2024, debentures payable were measured at amortised cost using effective interest method, with theeffective interest rate of 2.50%.The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 11 October 2024, the Company issued 15-year middle-term noteswith face value of RMB500,000,000 in the interbank market ("24 Yudean Faneng MTN004B"). TheCompany altogether raised RMB498,231,650 after deducting an issue expense of RMB1,768,350,which should be paid in installments over a five-year period. As at 31 December 2024, the issueexpense of RMB117,890 had been paid. The debenture is subject to an annual interest rate of 2.70%starting from 14 October, 2024 and should be payable annually on simple interest. As at 31 December2024, debentures payable were measured at amortised cost using effective interest method, with theeffective interest rate of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 22 October 2024, the Company issued 15-year middle-term noteswith face value of RMB1,000,000,000 in the interbank market ("24 Yudean Faneng MTN005"). TheCompany altogether raised RMB996,537,931 after deducting an issue expense of RMB3,462,069,which should be paid in installments over a fifteen-year period. As at 31 December 2024, the issueexpense of RMB230,805 had been paid. The debenture is subject to an annual interest rate of 2.70%starting from 24 October, 2024 and should be payable annually on simple interest. As at 31 December2024, debentures payable were measured at amortised cost using effective interest method, with theeffective interest rate of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 11 November 2024, the Company issued 5-year middle-term noteswith face value of RMB800,000,000 in the interbank market ("24 Yudean Faneng MTN006A "). TheCompany altogether raised RMB799,127,000 after deducting an issue expense of RMB873,000 whichshould be paid in installments over a five-year period. As at 31 December 2024, the issue expense ofRMB174,600 had been paid. The debenture is subject to an annual interest rate of 2.37% starting from13 November, 2024 and should be payable annually on simple interest. As at 31 December 2024,debentures payable were measured at amortised cost using effective interest method, with the effectiveinterest rate of 2.39%.The Company’s application for registration of middle-term notes has been approved by the NAFMIILicense (2022) No.MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 yearsstarting from 7 December 2022. On 11 November 2024, the Company issued 15-year middle-term noteswith face value of RMB1,000,000,000 in the interbank market ("24 Yudean Faneng MTN006B "). TheCompany altogether raised RMB799,127,000 after deducting an issue expense of RMB2,493,000 whichshould be paid in installments over a fifteen-year period. As at 31 December 2024, the issue expense of
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
RMB196,200 had been paid. The debenture is subject to an annual interest rate of 2.67% starting from13 November, 2024 and should be payable annually on simple interest. As at 31 December 2024,debentures payable were measured at amortised cost using effective interest method, with the effectiveinterest rate of 2.69%.As approved by Shanghai Stock Exchange Announcement [2023] No. 13343, the Group’s subsidiaryGuangdong Wind Power issued 5-year book-entry corporate debentures in real-name system with facevalue of RMB600,000,000 (“G23 Yuefeng 2”) to the public on 20 March 2023. Guangdong Wind Poweraltogether raised RMB599,421,962 after deducting an issue expense of RMB578,038, which should bepaid at one time. As at 31 December 2023, the issue expense of RMB578,038 had been paid. Thedebenture is subject to an annual interest rate of 3.15% starting from 21 March 2023 and should bepayable annually on simple interest. As at 31 December 2024, debentures payable were measured atamortised cost using effective interest method, with the effective interest rate of 3.17%(31 December2023: 3.17%).The Group’s subsidiary Pinghai Power's application for registration of middle-term notes has beenaccepted by the NAFMII at its 118th meeting in 2020. The registered amount of RMB800,000,000 wouldbe valid for 2 years starting from 23 November 2020. On 15 October 2021, Pinghai Power issued 3-yearmiddle-term notes with face value of RMB300,000,000 in the interbank market ("21 Pinghai PowerMTN001"). Pinghai Power altogether raised RMB299,100,000 after deducting an issue expense ofRMB900,000. The debenture is subject to an annual interest rate of 3.72% starting from 15 October2021 and should be payable annually on simple interest. As at 31 December 2024, debentures payablewere measured at amortised cost using effective interest method, with the effective interest rate of 3.83%(December 31, 2023: 3.83%).
30. Lease liabilities
| Item | 31/12/2024 | 31/12/2023 |
| Lease liabilities | 12,907,440,430 | 10,721,553,778 |
| Less: Current portion of lease liabilities | 531,128,288 | 268,887,650 |
| Total | 12,376,312,142 | 10,452,666,128 |
31. Long-term payables
| Item | 31/12/2024 | 31/12/2023 |
| Long-term payables | 671,387,824 | 831,250,905 |
| Special payable | 24,960,000 | 24,960,000 |
| Total | 696,347,824 | 856,210,905 |
(1) Long-term payables
| Item | 31/12/2024 | 31/12/2023 |
| Equipment and construction expenses payable | 295,079,986 | 447,389,040 |
| Payables for usage of sea area | 420,850,690 | 410,722,922 |
| Subtotal | 715,930,676 | 858,111,962 |
| Less: Current portion of long-term payables | 44,542,852 | 26,861,057 |
| Total | 671,387,824 | 831,250,905 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(2) Special payable
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Supporting funds for efficiency improvement and capacity expansion of Guanlanzihe Hydropower Station and Nanrongtian Hydropower Station | 24,960,000 | 24,960,000 |
Note: The special payables of the Company are the expansion supporting funds allocated by the centraland provincial governments according to the "Notice on Printing and Distributing the ImplementationRules for the Construction and Management of Rural Hydropower Efficiency Expansion and RenovationProjects in Yunnan Province" (Yunshui Dian [2013] No. 46) issued by the Yunnan Provincial WaterResources Department and the Yunnan Provincial Finance Department. There is no specific repaymentdeadline, and the state-owned administrative asset income shall be levied at an annual interest rate of 4%and handed over to Yunnan Provincial Water Conservancy and Hydropower Investment Co., Ltd. Ourcompany will include the corresponding interest in this part in the financial expenses.
32. Long-term Employee benefits payable
| Item | 31/12/2024 | 31/12/2023 |
| Early retirement benefits payable (Note 2) | 554,892,032 | 503,398,521 |
| Defined benefit plans payable (Note 3) | 94,908,914 | 102,777,039 |
| Other long-term employee benefits payable (Note 4) | 18,525,563 | 27,105,147 |
| Subtotal | 668,326,509 | 633,280,707 |
| Less: Payable within one year | 131,188,293 | 124,230,908 |
| Total | 537,138,216 | 509,049,799 |
Note 1: The employee benefits payable within one year are included in the employee benefits payableNote 2: Early retirement benefits payable: According to the Company’s regulations for early retirementof employees, the employees whose early retirement requests are approved by the Group could haveearly retirement before statutory retirement age. Employees can obtain salary on a monthly basis by acertain ratio of the original salary until they reach the statutory retirement age. Management expects thetermination benefits to be paid in the future are determined by the present value of cash flow, whenaccrued the above termination benefits. As at 31 December 2024, the Company calculated theexpected expense for each employee eligible for early retirement in each year before the statutoryretirement age in accordance with the related regulations for early retirement, taking into account localsalary growth rate, and estimated the present value of future termination benefits by treasury bondinterest rate of 2% (2023: 2.75%) of the same period. As at 31 December 2024, the Company accruedtermination benefits of RMB290,529,882 (31 December 2023: RMB381,528,673) and recognised themin long-term employee benefits payable. The actual termination benefits due within one year totalingRMB58,968,377 (31 December 2023: RMB75,267,924) were recognised in employee benefits payable.Shajiao A Power Plant, a subsidiary of the Company, officially shut down the remaining generator unitson 31 October 2023 and formulated an employee resettlement plan. In accordance with the employeeresettlement plan and the relevant early retirement policy, the Company estimates that employees whoare resettled under the early retirement plan can obtain salary on a monthly basis by a certain ratio ofthe original salary until they reach the statutory retirement age. Management expects the termination
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
benefits to be paid in the future are determined by the present value of ash flows, when accrued theabove termination benefits. As at 31 December 2024, the Group calculated the expected expense foreach employee eligible for early retirement in each year before the statutory retirement age inaccordance with the related regulations for early retirement, taking into account local salary growth rate,and estimated the present value of future termination benefits by treasury bond interest rate of 2%(2023:
2.75%) of the same period. As at 31 December 2024, the Company accrued termination benefits ofRMB264,362,150 (31 December 2023: RMB121,869,848) according to the employee resettlement planand recognised them in long-term employee benefits payable. The actual termination benefits duewithin one year totaling RMB57,947,867 (31 December 2023: RMB31,912,076) were recognised inemployee benefits payable.Note 3: In accordance with the FAQ on Social Management of Retired Employees in State-ownedEnterprises (Guo Zi Ting Fa Gai Ge [2020] No. 36) issued by the State-owned Assets Supervision andAdministration Commission of the State Council, the Group made a one-time provision for the expectedpayments to retired employees eligible for the Group’s special retirement pensions in 2020, and madethe payment on a monthly basis. The expected present values of cash flows of the Group’s specialretirement pensions during the expected remaining life of the retired employees are recognised as long-term employee benefits payable and recorded in profit or loss for the current period. The Group’sspecial retirement pensions mainly include retirement subsidies, military transfer subsidies and livingallowances for retired primary and secondary school teachers. As at 31 December 2024, the Groupcalculated the expected special retirement pensions each year during retirees’ expected remaining life,and estimated the present value of special retirement pensions in the future by treasury bond interestrate of 2% (2023: 2.75%) of the same period. As at 31 December 2024, the Group accrued definedbenefit plans of RMB86,398,126 and recognised them in long-term employee benefits payable (31December 2023: RMB102,777,039). The actual defined benefit plans due within one year totaling RMB8,510,788 are recognised in employee benefits payable (31 December 2023: RMB8,921,986). Othercomprehensive income of RMB2,339,452 (2023: RMB14,194,805) was adjusted due to actuarialdifferences in 2024.Note 4: According to relevant regulations on social medical insurance in places where the subsidiariesof the Company and the Group locate, if individual employees participating basic medical insurance forurban residents are under their statutory ages of retirement, but their estimated contribution years fail tomeet the local standards, the Group needs to make continuous contribution for the employees perannum till the standards are met even after their retirement. The expected present values of cash flowsthat shall be paid for medical insurance for the remaining contribution years of retired employees arerecognised as long-term employee benefits payable and recorded in profit or loss for the current period.As at 31 December 2024, the balance of the Group’s other long-term employee benefits payable wasmainly the additional payment of medical insurance made for retired employees. The Group calculatedthe expected expenses for each year from the end of the current year to regulated contribution yearsbased on the local monthly average salary of the year, and estimated the present value of cashexpenses made by retired employees for medical insurance in the future, with a treasury bond interestrate of 2% (2023: 2.75%) as discount rate. As at 31 December 2024, the Group accrued other long-termemployee benefits payable of RMB12,764,302 (31 December 2023: RMB27,105,147), with actualpayment of other long-term employee benefits payable due within one year of RMB5,761,261 (31December 2023: RMB8,128,922) recognised in employee benefits payable.
33. Deferred income
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 | Formation reasons |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 | Formation reasons |
| Government grants | 128,296,225 | 19,497,551 | 34,531,250 | 113,262,526 | Government grants related to assets |
34. Other non-current liabilities
| Item | 31/12/2024 | 31/12/2023 |
| Housing working Funds | 985,667 | 1,028,167 |
| Capital injection | 50,000,000 | |
| Others | 42,500 | |
| Total | 1,028,167 | 51,028,167 |
Note: In 2018, the Group’s subsidiary Qujie Wind Power received a capital injection of RMB50,000,000from GEGC. The capital will be used for Qujie Wailuo offshore wind power plant project. In 2024, QujieWind Power completed the process of registration.
35. Share capital
| Item | 31/12/2024 | 31/12/2023 |
| Shares subject to trading restriction | ||
| - Shares held by domestic state-owned legal person | 1,893,454,257 | 1,893,342,621 |
| - Other domestic shares | 4,525,080 | 4,626,325 |
| Including: Shares held by domestic non-state-owned legal person | 3,535,770 | 4,620,666 |
| Shares held by domestic natural person | 989,310 | 5,659 |
| Shares not subject to trading restriction | ||
| - RMB-denominated ordinary shares | 2,553,896,649 | 2,553,907,040 |
| - Domestically-listed foreign shares | 798,408,000 | 798,408,000 |
| Total | 5,250,283,986 | 5,250,283,986 |
36. Capital surplus
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Capital premium (Note 1) | 4,909,980,999 | 2,984 | 4,909,978,015 | |
| Revaluation reserve | 119,593,718 | 119,593,718 | ||
| Investment from GEGC (Note 2) | 395,000,000 | 6,023,645 | 388,976,355 | |
| Share of interests in the investee in proportion to the shareholding (Note 3) | -165,570,731 | 6,704,208 | -158,866,523 | |
| Transfer of capital surplus recognised under the previous accounting system | 20,474,592 | 20,474,592 | ||
| Others | -76,905,774 | -76,905,774 | ||
| Total | 5,202,572,804 | 6,704,208 | 6,026,629 | 5,203,250,383 |
Note 1: In 2024, the capital surplus of the Company decreased by RMB2,984 due to thedisproportionate capital investment between the Company and minority shareholders.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Note 2: In 2018, the Company’s subsidiary, Qujie Wind Power, received a capital injection ofRMB50,000,000 from our parent company, GEGC. The funds were agreed to be used for the QujieWailuo Offshore Wind Power Project. This year, Qujie Wind Power has completed the capital injectionprocess. In 2024, the Company, Qujie Wind Power, and GEGC signed a tripartite capital increaseagreement, agreeing to allocate project revenues to GEGC at a ratio of 7.69%. Due to changes in equityand adjustments to revenues, the capital surplus was reduced by RMB6,023,645.Note 3: In 2024, capital surplus of joint ventures and associates calculated based on proportion ofequity acquired increased by by RMB6,704,208.
37. Other comprehensive income
Other comprehensive income attributable to the parent company in the balance sheet:
| Item | 1/1/2024 (1) | Amount incurred in the current period | 31/12/2024 (4)=(1)+(2)+(3) | |
| Attributable to the parent company after tax (2) | Transfer of other comprehensive income to retained earnings in the current period (3) | |||
| I. Other comprehensive income that will not be reclassified to profit or loss | 1,493,553,365 | -163,894,627 | 1,329,658,738 | |
| 1. Share of other comprehensive income of the investee accounted for using equity method that will not be reclassified to profit or loss | 100,424,365 | -4,191,199 | 96,233,166 | |
| 2. Changes in fair value of investments in other equity instruments | 1,442,860,906 | -162,042,880 | 1,280,818,026 | |
| 3.Changes arising from remeasurement of defined benefit plans | -49,731,906 | 2,339,452 | -47,392,454 | |
| II. Other comprehensive income that will be reclassified to profit or loss | 1,684,325 | 533,030 | 2,217,355 | |
| 1. Share of other comprehensive income of the investee accounted for using equity method that will be reclassified to profit or loss | 1,684,325 | 533,030 | 2,217,355 | |
| Total | 1,495,237,690 | -163,361,597 | 1,331,876,093 | |
Other comprehensive income attributable to the parent company in the income statement:
| Item | Amount incurred in the current period | ||||
| Amount incurred before tax in the current period (1) | Transfer of other comprehensive income to current transfer-in profit and loss (2) | Income tax expenses (3) | Attributable to minority shareholders after tax (4) | Attributable to the parent company after tax (5) = (1) + (2) + (3) + (4) | |
| I. Other comprehensive income that will not be reclassified to profit or loss | -217,153,984 | 54,014,293 | -754,936 | -163,894,627 | |
| 1.Share of other comprehensive income of the investee accounted for using equity method that will not be reclassified to profit or loss | -4,191,199 | -4,191,199 | |||
| 2. Changes in fair value of other equity instrument investments | -216,057,173 | 54,014,293 | -162,042,880 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Amount incurred in the current period | ||||
| Amount incurred before tax in the current period (1) | Transfer of other comprehensive income to current transfer-in profit and loss (2) | Income tax expenses (3) | Attributable to minority shareholders after tax (4) | Attributable to the parent company after tax (5) = (1) + (2) + (3) + (4) | |
| 3. Changes arising from remeasurement of defined benefit plans | 3,094,388 | -754,936 | 2,339,452 | ||
| II. Other comprehensive income that will be reclassified to profit or loss | 533,030 | 533,030 | |||
| 1.Share of other comprehensive income of the investee accounted for using equity method that will be reclassified to profit or loss | 533,030 | 533,030 | |||
| Total | -216,620,954 | 54,014,293 | -754,936 | -163,361,597 | |
38. Specific reserve
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Safety production fee | 6,375,889 | 460,118,200 | 403,724,923 | 62,769,166 |
39. Surplus reserve
| Item | 1/1/2024 | Increase in the current period | Decrease in the current period | 31/12/2024 |
| Statutory surplus reserve | 3,016,893,870 | 3,016,893,870 | ||
| Discretionary surplus reserve | 5,886,621,265 | 5,886,621,265 | ||
| Total | 8,903,515,135 | 8,903,515,135 |
Note: In accordance with the Company Law of the People's Republic of China and the Company’sArticles of Association, the Company should appropriate 10% of net profit for the year to the statutorysurplus reserve, and the Company can cease appropriation when the statutory surplus reserveaccumulates to more than 50% of the registered capital. The Company appropriates for thediscretionary surplus reserve after the shareholders’ meeting approves the proposal from the Board ofDirectors. The surplus reserve can be used to make up for the loss or increase the share capital afterapproval from the appropriate authorities. As at 31 December 2024, the accumulated statutory surplusreserve of the Company exceeded 50% of the registered capital.
40. Undistributed profits
| Item | 2024 | 2023 |
| Undistributed profit at the end of the previous period before adjustment | 1,283,749,956 | 309,089,657 |
| Adjusted total of undistributed profits at the beginning of the period (increase +, decrease -) | ||
| Adjusted beginning undistributed profit | 1,283,749,956 | 309,089,657 |
| Add: Net profit attributable to equity owners of the Company | 964,242,757 | 974,660,299 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 2024 | 2023 |
| Less: Dividends payable on ordinary shares | 105,005,680 | |
| Undistributed profits at the end of the year | 2,142,987,033 | 1,283,749,956 |
41. Revenue and cost of sale
(1) Revenue and cost of sale
| Item | 2024 | 2023 | ||
| Revenue | Cost of sale | Revenue | Cost of sale | |
| Main business | 56,860,158,480 | 49,437,424,682 | 59,296,174,696 | 50,885,838,808 |
| Other business | 298,908,753 | 83,472,364 | 412,223,042 | 85,158,870 |
| Total | 57,159,067,233 | 49,520,897,046 | 59,708,397,738 | 50,970,997,678 |
(2) Revenue and cost of sale categorized by type
| Item | 2024 | 2023 | ||
| Revenue | Cost of sale | Revenue | Cost of sale | |
| Main business | ||||
| Revenue from sale of electricity | 56,312,348,835 | 49,008,250,157 | 58,860,722,062 | 50,557,894,829 |
| Revenue from sale of steam | 403,680,647 | 297,428,193 | 303,847,319 | 203,192,592 |
| Rendering of service | 144,128,998 | 131,746,332 | 131,605,315 | 124,751,387 |
| Subtotal | 56,860,158,480 | 49,437,424,682 | 59,296,174,696 | 50,885,838,808 |
| Other businesses | ||||
| Revenue from utilization of coal and ashes | 183,757,839 | 9,692,028 | 278,575,922 | 5,155,145 |
| Rental income | 45,418,339 | 9,442,030 | 50,931,914 | 15,941,671 |
| Others | 69,732,575 | 64,338,306 | 82,715,206 | 64,062,054 |
| Subtotal | 298,908,753 | 83,472,364 | 412,223,042 | 85,158,870 |
| Total | 57,159,067,233 | 49,520,897,046 | 59,708,397,738 | 50,970,997,678 |
(3) Revenue and cost of sale categorized by sales recognition method
Details of revenue
| Item | 2024 | ||||
| Sale of electricity, steam and coal ashes | Services | Leases | Others | Total | |
| Revenue from main operations | |||||
| Including: Recognised at a point in time | 56,716,029,482 | 41,997,239 | 56,758,026,721 | ||
| Recognised over a period of time | 102,131,759 | 102,131,759 | |||
| Revenue from other operations | |||||
| Including: Recognised at a point in time | 183,757,839 | 56,663,190 | 240,421,029 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 2024 | ||||
| Sale of electricity, steam and coal ashes | Services | Leases | Others | Total | |
| Recognised over a period of time | 13,069,385 | 13,069,385 | |||
| Rental income | 45,418,339 | 45,418,339 | |||
| Total | 56,899,787,321 | 144,128,998 | 45,418,339 | 69,732,575 | 57,159,067,233 |
Details of cost of sales
| Item | 2024 | ||||
| Sale of electricity, steam and coal ashes | Services | Leases | Others | Total | |
| Cost of sale from main operations | |||||
| Including: Recognised at a point in time | 49,305,678,350 | 39,475,949 | 49,345,154,299 | ||
| Recognised over a period of time | 92,270,383 | 92,270,383 | |||
| Cost of sale from other operations | |||||
| Including: Recognised at a point in time | 9,692,028 | 53,406,723 | 63,098,751 | ||
| Recognised over a period of time | 10,931,583 | 10,931,583 | |||
| Rental income | 9,442,030 | 9,442,030 | |||
| Total | 49,315,370,378 | 131,746,332 | 9,442,030 | 64,338,306 | 49,520,897,046 |
Details of revenue
| Item | 2023 | ||||
| Sale of electricity, steam and coal ashes | Services | Leases | Others | Total | |
| Revenue from main operations | |||||
| Including: Recognised at a point in time | 59,164,569,381 | 5,029,265 | 59,169,598,646 | ||
| Recognised over a period of time | 126,576,050 | 126,576,050 | |||
| Revenue from other operations | |||||
| Including: Recognised at a point in time | 278,575,922 | 38,513,392 | 317,089,314 | ||
| Recognised over a period of time | 44,201,814 | 44,201,814 | |||
| Rental income | 50,931,914 | 50,931,914 | |||
| Total | 59,443,145,303 | 131,605,315 | 50,931,914 | 82,715,206 | 59,708,397,738 |
Details of cost of sale
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 2023 | ||||
| Sale of electricity, steam and coal ashes | Services | Leases | Others | Total | |
| Cost of sale from main operations | |||||
| Including: Recognised at a point in time | 50,761,087,421 | 4,767,344 | 50,765,854,765 | ||
| Recognised over a period of time | 119,984,043 | 119,984,043 | |||
| Cost of sale from other operations | |||||
| Including: Recognised at a point in time | 5,155,145 | 29,828,216 | 34,983,361 | ||
| Recognised over a period of time | 34,233,838 | 34,233,838 | |||
| Rental income | 15,941,671 | 15,941,671 | |||
| Total | 50,766,242,566 | 124,751,387 | 15,941,671 | 64,062,054 | 50,970,997,678 |
(4) Information related to remaining performance obligations
| Item | Amount |
| Revenue corresponding to the obligations under contracts not yet fully performed | 112,713,751 |
| Revenue which will be recognized in 2025 | 112,713,751 |
(5) Sales revenue from trial operation
| Item | 2024 | 2023 | ||
| Revenue | Cost of sale | Revenue | Cost of sale | |
| Trial operation and sales | 1,083,458,544 | 1,074,494,209 | 233,372,634 | 173,344,262 |
42. Taxes and surcharges
| Item | 2024 | 2023 |
| Property tax | 125,192,325 | 113,383,969 |
| City maintenance and construction tax | 86,167,659 | 68,054,989 |
| Education surcharges | 68,238,371 | 55,787,480 |
| Land use tax | 38,191,260 | 30,383,099 |
| Stamp tax | 32,385,842 | 42,258,840 |
| Environmental protection tax | 24,167,539 | 24,032,428 |
| Others | 843,686 | 330,319 |
| Total | 375,186,682 | 334,231,124 |
For details on the calculation standards for various taxes and surcharges, please refer to the Note IV.
43. Selling expenses
| Item | 2024 | 2023 |
| Employee benefits | 64,092,476 | 56,573,447 |
| Labour insurance | 14,761,949 | 12,380,260 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 2024 | 2023 |
| Entertainment expenses | 3,256,031 | 3,742,807 |
| Depreciation expenses | 2,736,192 | 3,652,105 |
| Travelling expenses | 2,523,492 | 2,267,011 |
| Others | 13,780,746 | 14,623,369 |
| Total | 101,150,886 | 93,238,999 |
44. General and administrative expenses
| Item | 2024 | 2023 |
| Employee benefits | 792,756,435 | 856,055,890 |
| Labour insurance | 130,705,849 | 131,002,258 |
| Agency service fees | 104,329,398 | 114,012,904 |
| Amortization of intangible assets | 102,208,295 | 88,959,541 |
| Depreciation expenses | 88,916,038 | 96,910,785 |
| Fire safety expenses | 65,897,257 | 57,366,542 |
| Property management expenses | 50,007,488 | 53,026,420 |
| Office expenses | 45,963,009 | 37,014,971 |
| Publicity expenses | 22,379,440 | 7,236,054 |
| Rental expenses | 19,479,426 | 18,012,568 |
| Travelling expenses | 19,372,323 | 16,317,908 |
| Afforestation fees | 16,744,318 | 15,912,481 |
| Labour costs | 12,887,967 | 10,553,437 |
| Traffic expenses | 12,115,006 | 11,257,045 |
| Maintenance costs | 9,842,446 | 11,219,173 |
| Entertainment expenses | 7,104,997 | 8,328,823 |
| Insurance expenses | 4,400,400 | 4,997,448 |
| Others | 121,241,901 | 53,872,904 |
| Total | 1,626,351,993 | 1,592,057,152 |
45. Research and development expenses
| Item | 2024 | 2023 |
| Material expenses | 984,868,135 | 778,092,251 |
| Employee benefits | 150,098,888 | 169,109,871 |
| Depreciation and amortization expenses | 82,322,178 | 88,769,811 |
| Outsourced research and development expenses | 59,853,693 | 79,478,311 |
| Others | 9,640,706 | 1,105,030 |
| Total | 1,286,783,600 | 1,116,555,274 |
46. Financial expenses
| Item | 2024 | 2023 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 2024 | 2023 |
| Interest costs | 2,784,728,456 | 2,673,660,820 |
| Add: Interest costs on lease liabilities | 344,267,568 | 332,958,953 |
| Less: Amounts capitalized on qualifying assets | 698,767,978 | 611,087,191 |
| Subtotal of interest expenses | 2,430,228,046 | 2,395,532,582 |
| Less: Interest income | 162,430,466 | 124,290,218 |
| Amortization of discounts or premium of debentures payable | 2,783,450 | 2,778,961 |
| Exchange losses/(gains) - net | 78,415 | 2,666,246 |
| Service charge and others | 14,370,315 | 11,182,245 |
| Total | 2,285,029,760 | 2,287,869,816 |
47. Other income
| Item | 2024 | 2023 |
| Government grants | ||
| -Related to assets | 34,531,250 | 30,937,000 |
| -Related to income | 43,427,479 | 37,128,355 |
| Total | 77,958,729 | 68,065,355 |
48. Investment income
| Item | 2024 | 2023 |
| Investment income from long-term equity investments under equity method | 697,637,165 | 866,186,173 |
| Dividend income earned during the holding period of investments in other equity instruments | 112,589,718 | 117,258,950 |
| Others | 467,255 | |
| Total | 810,226,883 | 983,912,378 |
Note: There was no significant restriction on remittance of investment income of the Group.
49. Losses on/ (Reversal of) credit impairment (losses are indicated by "-")
| Item | 2024 | 2023 |
| Losses on bad debts of accounts receivables | -9,687,050 | -25,783,617 |
| Reversal of bad debts of other receivables | -23,566,626 | 1,005,111 |
| Total | -33,253,676 | -24,778,506 |
50. Asset impairment losses (losses are indicated by "-")
| Item | 2024 | 2023 |
| Impairment of fixed assets | -321,598,218 | -1,422,468,240 |
| Impairment of construction in progress | -28,686,283 | -44,263,866 |
| Impairment of goodwill | -6,158,996 | -119,488,672 |
| Impairment of contract assets | 12,529 | |
| Impairment of inventories | -59,422,457 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 2024 | 2023 |
| Impairment of long-term equity investments | -26,286,299 | |
| Others | -2,908,502 | |
| Total | -356,430,968 | -1,674,838,036 |
51. Gains on disposals of assets (losses are indicated by "-")
| Item | 2024 | 2023 |
| Gains on disposals of fixed assets (losses are indicated by "-") | 5,479 | 9,058,764 |
| Others | 93,176 | 139,995 |
| Total | 98,655 | 9,198,759 |
52. Non-operating income
| Item | 2024 | 2023 | Amount recognised in non-recurring profit or loss in 2024 |
| Compensation income from the Huizhou LNG receiving terminal project | 177,384,900 | 177,384,900 | |
| Gains on scrap of non-current assets | 83,721,465 | 4,534,077 | 83,721,465 |
| Claims and compensation income | 77,932,584 | 21,543,280 | 77,932,584 |
| Waived payables | 31,827,530 | 3,848,883 | 31,827,530 |
| Income from penalties and fines | 24,077,139 | 3,048,456 | 24,077,139 |
| Income from sale of carbon emission allowances | 13,189,163 | 48,419,077 | 13,189,163 |
| Compensation for electricity charges during the demolition and construction period | 6,513,028 | 6,513,028 | 6,513,028 |
| Others | 3,420,705 | 10,059,319 | 3,420,705 |
| Total | 418,066,514 | 97,966,120 | 418,066,514 |
53. Non-operating expenses
| Item | 2024 | 2023 | Amount recognised in non-recurring profit or loss in 2024 |
| Carbon emission allowances used to fulfil the emission reduction obligation | 318,227,152 | 298,330,020 | |
| Losses on scrap of non-current assets | 85,124,076 | 45,085,199 | 85,124,076 |
| Penalties and overdue fines | 9,621,477 | 4,836,639 | 9,621,477 |
| Others | 12,732,207 | 8,908,951 | 12,732,208 |
| Total | 425,704,912 | 357,160,809 | 107,477,761 |
Note: In accordance with the Interim Provisions on the Accounting Treatment Regarding CarbonEmissions Rights Trading (Cai Kuai [2019] No. 22) , the Interim Measures for the Administration ofCarbon Emission Rights Trading, and the "Total Quota and Allocation Plan for the National CarbonEmission Trading in the Power Generation Industry for the Years 2023 and 2024", subsidiaries withinthe Group that were identified as key emission units recognized the expected performance obligations
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
of carbon emission in 2024 as non-operating expenses on an accrual basis，and included relatedprovision for carbon emission allowances payable in other payables.
54. Income tax expense
(1) Details of income tax expenses
| Item | 2024 | 2023 |
| Current income tax calculated based on tax law and related regulations | 468,464,776 | 654,289,316 |
| Deferred income tax | 231,330,489 | 135,579,905 |
| Total | 699,795,265 | 789,869,221 |
(2) The relationship between income tax expenses and total profit
| Item | 2024 | 2023 |
| Total profit | 2,454,628,491 | 2,415,812,956 |
| Income tax calculated at applicable tax rates | 613,657,122 | 603,953,239 |
| Effect of preferential tax rates of subsidiaries | -87,378,135 | -17,733,944 |
| Effect of the tax rate changes on the opening deferred income tax balance | -6,652,879 | |
| Adjustment to current income tax for previous periods | 19,446,011 | |
| Income not subject to tax (expressed with "-") | -211,826,795 | -237,324,804 |
| Costs, expenses and losses not deductible for tax purposes | 22,329,468 | 130,573,289 |
| Deductible losses of unrecognized deferred tax assets in the current period | 397,784,917 | 357,178,212 |
| Transfer-out of deductible losses for which deferred tax asset was recognised | 82,268,367 | - |
| Deductible temporary differences for which no deferred tax asset was recognised | 96,005,255 | 333,549,099 |
| Utilization of previously unrecognized deductible losses or temporary differences (expressed with "-") | -230,207,917 | -370,324,733 |
| Others | -2,283,028 | -3,348,258 |
| Income tax expense | 699,795,265 | 789,869,221 |
55. Notes to the cash flow statement
(1) Cash received relating to other operating activities
| Item | 2024 | 2023 |
| Interest income | 147,943,742 | 116,789,108 |
| Rental income | 31,649,892 | 50,931,914 |
| Revenue from sale of carbon emission allowances | 51,902,388 | 48,419,077 |
| Income from leased labour services | 16,996,935 | 29,535,000 |
| Government grants | 30,039,735 | 28,084,991 |
| Income from claims and fines | 99,157,788 | 24,591,736 |
| Others | 11,718,874 | 39,734,575 |
| Total | 389,409,354 | 338,086,401 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(2) Cash paid relating to other operating activities
| Item | 2024 | 2023 |
| Carbon emission right allowances | 376,937,529 | 315,246,781 |
| Insurance expenses | 247,229,280 | 222,495,750 |
| Agency service fees | 296,502,844 | 114,012,904 |
| Utility fees | 148,708,671 | 100,408,224 |
| Research and development expenses | 59,081,411 | 80,583,341 |
| Fire safety expenses | 55,953,927 | 69,164,914 |
| Sewage and sanitary charges | 15,887,006 | 68,135,836 |
| Property management expenses | 87,651,497 | 62,773,009 |
| Office expenses | 26,262,777 | 45,162,372 |
| Rental expenses | 45,574,654 | 37,590,576 |
| Traffic expenses | 19,361,888 | 35,200,130 |
| Testing and inspection fees | 16,052,239 | 27,865,166 |
| Travelling expenses | 30,307,790 | 26,002,264 |
| Others | 318,518,284 | 323,173,977 |
| Total | 1,744,029,797 | 1,527,815,244 |
(3) Cash received relating to other investing activities
| Item | 2024 | 2023 |
| Recovery of principal from fixed deposit | 4,000,000,000 | |
| Others | 1,322 | |
| Total | 4,000,000,000 | 1,322 |
(4) Cash paid relating to other investing activities
| Item | 2024 | 2023 |
| Transfer to fixed deposits | 2,900,000,000 | 4,400,000,000 |
| Deposits prepaid for equity acquisition Advances for business units | 237,400,000 | 181,200,000 |
| Total | 3,137,400,000 | 4,581,200,000 |
(5) Cash received relating to other financing activities
| Item | 2024 | 2023 |
| Recovery of advances for equipment | 240,453,119 |
(6) Cash paid relating to other financing activities
| Item | 2024 | 2023 |
| Refunds to minority shareholders | 1,023,994,413 | |
| Repayments of lease liabilities and long-term payables | 1,115,122,755 | 1,605,419,054 |
| Agency fee for debenture issuance | 2,036,115 | 2,700,953 |
| Total | 1,117,158,870 | 2,632,114,420 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(7) Movements of liabilities arising from financing activities
| Item | Bank borrowings (including those to be paid within one year) | Debentures payable (including those to be paid within one year) | Lease liabilities (including those to be paid within one year) | Long-term payables (including those to be paid within one year) | Total |
| As at 31/12/2023 | 82,359,383,758 | 11,968,391,383 | 10,721,553,778 | 858,111,962 | 105,907,440,881 |
| Cash inflows from financing activities | 33,607,130,695 | 8,399,704,415 | 42,006,835,110 | ||
| Cash outflows from financing activities | -28,901,085,233 | -9,169,890,423 | -1,094,071,852 | -21,050,903 | -39,186,098,411 |
| Interest accrued in the current year | 2,729,936,227 | 33,503,287 | 344,267,568 | 21,288,942 | 3,128,996,024 |
| Movements that do not involve cash receipts and payments | 3,168,114,962 | 44,919,539 | 3,213,034,501 | ||
| Others | -238,147,416 | -232,424,026 | -187,338,864 | -657,910,306 | |
| As at 31/12/2024 | 89,557,218,031 | 11,231,708,662 | 12,907,440,430 | 715,930,676 | 114,412,297,799 |
56. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
| Supplementary information | 2024 | 2023 |
| 1. Reconciliation from net profit to cash flows from operating activities： | ||
| Net profit | 1,754,833,226 | 1,625,943,735 |
| Add: Losses on provision for asset impairment | 356,430,968 | 1,674,838,036 |
| Provision for/(Reversal of) credit impairment loss | 33,253,676 | 24,778,506 |
| Depreciation of fixed assets | 5,183,587,245 | 4,871,989,109 |
| Depreciation of investment properties | 8,650,211 | 9,097,496 |
| Depreciation of right-to-use assets | 572,196,996 | 388,101,357 |
| Amortization of intangible assets | 125,987,574 | 97,526,143 |
| Amortization of long-term prepaid expenses | 10,432,684 | 9,714,188 |
| Amortization of deferred income | -34,531,250 | -30,937,000 |
| Gains on disposals of fixed assets, intangible assets and other long-term assets (gains are indicated by "-" ) | -98,655 | -9,198,759 |
| Net losses on scrap of non-current assets (gains are indicated by "-" ) | 1,402,611 | 40,551,122 |
| Loss from fair value change (gains are indicated by "-") | ||
| Financial expenses (income is indicated by "-" ) | 2,433,011,497 | 2,402,288,041 |
| Investment losses (gains are indicated by "-" ) | -810,226,883 | -983,912,378 |
| Increase in deferred income tax (decrease is indicated by "-" ) | -231,330,490 | 135,579,905 |
| Decrease in inventories (increase is indicated by a"-" ) | 78,385,222 | 661,940,932 |
| Decrease in operating receivables (increase is indicated by "-" ) | -456,264,238 | -1,411,804,833 |
| Increase in operating payables (decrease is indicated by "-") | 1,496,940,300 | -1,038,382,194 |
| Decrease in operating restricted cash (increase is indicated by "-" ) | -10,137,751 | -2,471,124 |
| Net cash flow from operating activities | 10,975,183,923 | 8,465,642,282 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Supplementary information | 2024 | 2023 |
| 2. Significant operating, investing and financing activities that do not involve cash receipts and payments: | ||
| Right-of-use assets and sea use rights increased in the current period | 3,213,034,501 | 3,458,514,568 |
| 3. Net increase/(decrease) in cash and cash equivalents: | ||
| Cash at the end of the year | 11,831,504,924 | 11,954,167,156 |
| Less: Cash at the beginning of the year | 11,954,167,156 | 11,433,808,500 |
| Add: cash equivalents at the end of the year | ||
| Less: cash equivalents at the beginning of the year | ||
| Net increase in cash and cash equivalents | -122,662,232 | 520,358,656 |
(2) Net cash paid for acquisition of subsidiaries in the current period
| Item | 2024 |
| Cash and cash equivalents paid in the current year for business combinations incurred in the current year | 204,600,000 |
| Including: Xiangzhou Yunjiang New Energy Co., Ltd | 105,420,000 |
| Xiangzhou Hangjing New Energy Co., Ltd | 99,180,000 |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. | |
| Hainan Longyue New Energy Co., Ltd | |
| Less: Cash and cash equivalents held by subsidiaries at the acquisition date | 44,650,633 |
| Including: Xiangzhou Yunjiang New Energy Co., Ltd | 22,044,048 |
| Xiangzhou Hangjing New Energy Co., Ltd | 14,479,911 |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. | 5,224,970 |
| Hainan Longyue New Energy Co., Ltd | 2,901,704 |
| Net cash paid to acquire the subsidiaries | 159,949,367 |
(3) Composition of cash and cash equivalents
| Item | 31/12/2024 | 31/12/2023 |
| I. Cash | 11,831,504,924 | 11,954,167,156 |
| Including: Cash on hand | 34,030 | 43,025 |
| Cash at bank that can be readily drawn on demand | 11,831,470,894 | 11,954,124,131 |
| Other monetary funds that can be readily drawn on demand | ||
| II. Cash equivalents | ||
| III. Cash and cash equivalents at the end of the year | 11,831,504,924 | 11,954,167,156 |
| Including: restricted cash and cash equivalents |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(4) Cash at bank and on hand are not classified as cash and cash equivalents
| Item | 31/12/2024 | 31/12/2023 | Reasons for not being classified as cash and cash equivalents |
| Time deposit in finance company | 3,450,600,000 | 4,400,000,000 | The liquidity does not meet the definition of cash and cash equivalents |
| Other cash balances | 33,925,897 | 35,788,146 | The liquidity does not meet the definition of cash and cash equivalents |
| Interest receivable | 45,790,010 | 41,474,591 | Accrued balance is not actual balance |
| Total | 3,530,315,907 | 4,477,262,737 |
57. Monetary items denominated in foreign currency
(1) Monetary items denominated in foreign currency
| Item | Balance in foreign currency as at 31/12/2024 | Exchange rate | Balance translated to RMB as at 31/12/2024 |
| Cash at bank and on hand | 13,729 | ||
| Including：US dollars | 191 | 7.1884 | 1,372 |
| HK dollars | 13,344 | 0.9260 | 12,357 |
58. Lease
(1) As the lessee
| Item | 2024 |
| Short-term rental fee | 22,325,307 |
| Low-value rental fee | 1,150,205 |
| Total | 23,475,512 |
(2) As the lessor
As the lessor, the Group’s undiscounted lease proceeds receivable after the balance sheet date are asfollows:
| After the balance sheet date | 31/12/2024 | 31/12/2023 |
| Within 1 year | 26,017,606 | 18,213,836 |
| 1 to 2 years | 22,919,546 | 11,893,771 |
| 2 to 3 years | 15,358,994 | 10,861,978 |
| 3 to 4 years | 11,728,648 | 2,452,909 |
| 4 to 5 years | 10,239,307 | 1,816,160 |
| More than 5 years | 8,745,000 | 500,000 |
| Total | 95,009,101 | 45,738,654 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
59. Provision for asset impairment and losses
| Item | Balance of impairment provision at 1/1/2024 | Increase in the current year | Decrease in the current year | Balance of impairment provision at 31/12/2024 | |||||||
| Accrual amount in current period | Increase from consolidation | Increase due to other reasons | Total | Asset value recovery reversal | Resale | Reduction due to consolidation | Reduction due to other reasons | Total | |||
| 1. Loss allowance | 58,474,503 | 34,612,649 | 95,487 | 34,708,136 | 1,358,973 | 652,747 | 2,011,720 | 91,170,919 | |||
| Including: provision for loss allowance of accounts receivables | 26,350,476 | 10,839,894 | 10,839,894 | 1,152,844 | 1,152,844 | 36,037,526 | |||||
| 2. Provision for decline in the value of inventories | 92,178,375 | 44,683,534 | 44,683,534 | 47,494,841 | |||||||
| 3. Provision for impairment of contract assets | 12,529 | 12,529 | - | 12,529 | |||||||
| 4. Provision for impairment of contract acquisition costs | |||||||||||
| 5. Provision for impairment of contract performance costs | |||||||||||
| 6. Provision for impairment of assets held for sale | |||||||||||
| 7. Provision for impairment of debt investment | |||||||||||
| ☆8. Provision for impairment of available-for-sale financial assets | |||||||||||
| ☆9. Provision for impairment of held-to-maturity investments | |||||||||||
| 10. Provision for impairment of long-term equity investments | 143,433,433 | 143,433,433 | |||||||||
| 11. Provision for impairment of investment properties | |||||||||||
| 12. Provision for impairment of fixed assets | 2,275,050,454 | 321,598,218 | 999,963 | 322,598,181 | 176,616,167 | 176,616,167 | 2,421,032,468 | ||||
| 13. Provision for impairment of construction in progress | 323,635,204 | 28,686,283 | 8,605,978 | 37,292,261 | 53,103,095 | 53,103,095 | 307,824,370 | ||||
| 14. Provision for impairment of productive biological assets | |||||||||||
| 15. Provision for impairment of oil and gas assets | |||||||||||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Balance of impairment provision at 1/1/2024 | Increase in the current year | Decrease in the current year | Balance of impairment provision at 31/12/2024 | |||||||
| 16. Provision for impairment of right-of-use assets | 2,899,510 | 2,899,510 | 2,899,510 | ||||||||
| 17. Provision for impairment of intangible assets | 59,410,875 | 59,410,875 | |||||||||
| 18. Provision for impairment of goodwill | 156,411,050 | 6,158,995 | 6,158,995 | 162,570,045 | |||||||
| 19. Provision for impairment of Others | |||||||||||
| Total | 3,111,505,933 | 391,056,145 | 9,701,428 | 400,757,573 | 1,371,502 | 277,955,053 | 279,326,555 | 3,232,936,951 | |||
Interests in other entities
1. Interests in subsidiaries
(1) Constitution of the Group
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| Direct | Indirect | ||||||
| Guangdong Yudean Maoming Natural Gas Thermal Power Co., Ltd. (“Maoming Thermal”) | 1,437,985,100 | Maoming | Maoming | Electricity generation | 46.54 | Investment | |
| Guangdong Yudean Jinghai Power Co., Ltd. (“Jinghai Power”) | 2,919,272,000 | Jieyang | Jieyang | Electricity generation | 65.00 | Investment | |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“Zhanjiang Wind Power”) | 449,420,000 | Zhanjiang | Zhanjiang | Electricity generation | 53.51 | Investment | |
| Guangdong Yudean Technology Engineering Management Co., Ltd. (“Technology Engineering Company”) | 200,000,000 | Guangzhou | Guangzhou | Repair service | 100.00 | Investment | |
| Guangdong Yudean Humen Power Co., Ltd.（“Humen Electric”） | 150,000,000 | Dongguan | Dongguan | Electricity generation | 60.00 | Investment | |
| Guangdong Yudean Bohe Energy Co., Ltd. （“Bohe Energy”） | 3,118,000,000 | Maoming | Maoming | Electricity generation | 67.00 | Investment | |
| Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd.(“Xuwen Wind Power) | 173,190,000 | Zhanjiang | Zhanjiang | Electricity generation | 53.51 | Investment | |
| Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd.（“Huadu Natural Gas”） | 497,000,000 | Guangzhou | Guangzhou | Electricity generation | 65.00 | Investment | |
| Guangdong Yudean Dapu Power Generation Co., Ltd.（Dapu Power Generation”） | 1,907,100,000 | Meizhou | Meizhou | Electricity generation | 100.00 | Investment | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| Guangdong Yudean Leizhou Wind Power Co., Ltd. (“Leizhou Wind Power”) | 109,803,900 | Zhanjiang | Zhanjiang | Electricity generation | 62.52 | Investment | |
| Guangdong Yudean Dianbai Wind Power Co., Ltd. (“Dianbai Wind Power”) | 171,872,900 | Maoming | Maoming | Electricity generation | 76.44 | Investment | |
| Zhanjiang Electric Power Co., Ltd.（“Zhanjiang Electric”） | 2,875,440,000 | Zhanjiang | Zhanjiang | Electricity generation | 76.00 | Business combinations involving enterprises under common control | |
| Guangdong Yuejia Electric Co., Ltd. (“Yuejia Electric”) | 756,000,000 | Meizhou | Meizhou | Electricity generation | 58.00 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Shaoguan Power Plant Co., Ltd. (“Shaoguan Power Plant”) | 1,070,000,000 | Shaoguan | Shaoguan | Electricity generation | 90.00 | Business combinations involving enterprises under common control | |
| Zhanjiang Zhongyue Energy Co., Ltd. (“Zhongyue Energy”) | 1,454,300,000 | Zhanjiang | Zhanjiang | Electricity generation | 90.00 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Electricity Sales Co., Ltd. ("Power Sales") | 500,000,000 | Guangzhou | Guangzhou | Electricity generation | 100.00 | Investment | |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd.("Qujie Wind Power Company ") | 2,519,567,500 | Zhanjiang | Zhanjiang | Electricity generation | 75.16 | Investment | |
| Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. (“Yangjiang Wind Power”) | 1,192,660,000 | Yangjiang | Yangjiang | Electricity generation | 69.87 | Investment | |
| Lincang Yudean Energy Co., Ltd. (“Lincang Energy”) | 459,790,000 | Lincang | Lincang | Electricity generation | 100.00 | Business combinations involving enterprises not under common control | |
| Shenzhen Guangqian Electric Power Co., Ltd.("Guangqian Company") | 1,030,292,500 | Shenzhen | Shenzhen | Electricity generation | 100.00 | Business combinations involving enterprises under common control | |
| Guangdong Huizhou Natural Gas Power Co., Ltd. (“Huizhou Natural Gas”) | 1,499,347,500 | Huizhou | Huizhou | Electricity generation | 67.00 | Business combinations involving enterprises under common control | |
| Guangdong Huizhou Pinghai Power Co., Ltd.("Pinghai Power") | 1,370,000,000 | Huizhou | Huizhou | Electricity generation | 45.00 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Shibeishan Wind Power Co., Ltd. (“Shibeishan Wind Power” | 231,700,000 | Jieyang | Jieyang | Electricity generation | 53.51 | Business combinations involving enterprises under common control | |
| Guangdong Red Bay Power Co., Ltd.（“Red Bay Power”） | 2,749,750,000 | Shanwei | Shanwei | Electricity generation | 65.00 | Business combinations involving enterprises under common control | |
| Guangdong Wind Power Co., Ltd.（“Guangdong Wind Power”） | 12,690,914,600 | Guangzhou | Guangzhou | Electricity generation | 76.44 | Business combinations involving enterprises not under common control | |
| Tongdao Yuexin Wind Power Generation Co., Ltd. ("Tongdao Company") | 106,500,000 | Huaihua | Huaihua | Electricity generation | 76.44 | Investment | |
| Guangdong Yudean Heping Wind Power Co., Ltd. (“Heping Wind Power”) | 137,000,000 | Heyuan | Heyuan | Electricity generation | 76.44 | Investment | |
| Huilai Wind Power Co., Ltd. (“Huilai Wind Power”) | 59,000,000 | Jieyang | Jieyang | Electricity | 68.67 | Business combinations involving | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| generation | enterprises not under common control | ||||||
| Guangdong Yuejiang Hongrui Power Technology Development Co., Ltd. (“Hongrui Technology”) | 20,000,000 | Shaoguan | Shaoguan | Electricity generation | 90.00 | Investment | |
| Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd. (“Yongan Natural Gas”) | 550,000,000 | Zhaoqing | Zhaoqing | Electricity generation | 90.00 | Investment | |
| Hunan Xupu Yuefeng New Energy Co., Ltd. ("Xupu Yuefeng") | 104,910,000 | Huaihua | Huaihua | Electricity generation | 76.44 | Investment | |
| Guangxi Wuxuan Yuefeng New Energy Co., Ltd. (“Wuxuan Yuefeng”) | 96,520,000 | Laibin | Laibin | Electricity generation | 76.44 | Investment | |
| Guangdong Huizhou Pinghai Power Co., Ltd.("Pinghai Power Plant") | 20,000,000 | Huizhou | Huizhou | Electricity generation | 45.00 | Investment | |
| Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. ("Zhuhai Wind Power") | 1,128,634,000 | Zhuhai | Zhuhai | Electricity generation | 56.78 | Investment | |
| Guangdong Yudean Binhai Bay Energy Co., Ltd. ("Binhai Bay Company") | 620,000,000 | Dongguan | Dongguan | Electricity generation | 100.00 | Investment | |
| Guangdong Yuedian Daya Bay Integrated Energy Co., Ltd. (“Daya Bay Company”) | 764,000,000 | Huizhou | Huizhou | Electricity generation | 70.00 | Investment | |
| Guangdong Yuedian Qiming Energy Co., Ltd. (“Qiming Company”) | 53,000,000 | Guangzhou | Guangzhou | Electricity generation | 100.00 | Investment | |
| Shenzhen Huaguoquan Electric Power Service Co., Ltd. (“Huaguoquan Company”) | 2,650,000 | Shenzhen | Shenzhen | Lease | 100.00 | Business combinations involving enterprises not under common control | |
| Shaoguan Nanxiong Yuefeng New Energy Co., Ltd. (“Nanxiong New Energy”) | 75,000,000 | Shaoguan | Shaoguan | Electricity generation | 76.44 | Investment | |
| Guangdong Yudean Dananhai Smart Energy Co., Ltd. ("Dananhai Company") | 291,000,000 | Jieyang | Jieyang | Electricity generation | 100.00 | Investment | |
| Guangdong Energy Qingzhou Offshore Wind Power Co., Ltd. (“Qingzhou Offshore Wind Power”) | 2,421,000,000 | Yangjiang | Yangjiang | Electricity generation | 76.44 | Investment | |
| Zhanjiang Wanhaowei New Energy Co., Ltd. (“Wanhaowei New Energy”) | 100,046,000 | Zhanjiang | Zhanjiang | Electricity generation | 76.44 | Investment | |
| Zhanjiang Wanchuang Hengwei New Energy Co., Ltd. (“Wanchuang Hengwei New Energy”) | 100,046,000 | Zhanjiang | Zhanjiang | Electricity generation | 76.44 | Investment | |
| Guangdong Guangye Nanhua New Energy Co., Ltd. (“Nanhua New Energy”) | 135,234,900 | Zhanjiang | Zhanjiang | Electricity generation | 38.98 | Business combinations involving enterprises not under common control | |
| Guangdong Yueneng Datang New Energy Co., Ltd. (“Datang New Energy”) | 145,938,900 | Guangzhou | Guangzhou | Electricity generation | 38.98 | Business combinations involving enterprises not under common control | |
| Guangdong Yueneng Wind Power Co., Ltd. ("Yueneng | 130,000,000 | Zhanjiang | Zhanjiang | Electricity | 38.98 | Business combinations involving | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| Wind Power") | generation | enterprises not under common control | |||||
| Tumushuke Thermal Power Co.,Ltd.（“Tumushuke Thermal Power”） | 1,006,523,900 | Tumxuk | Tumxuk | Electricity generation | 79.48 | Business combinations involving enterprises not under common control | |
| Guangdong Province Shajiao C Company Generation Corporation (“Shad C Company”) | 2,500,000,000 | Guangzhou | Guangzhou | Electricity generation | 51.00 | Business combinations involving enterprises under common control | |
| Guangdong Guanghe Power Co., Ltd. (“Guanghe Power”) | 2,240,816,893 | Guangzhou | Guangzhou | Electricity generation | 51.00 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd. (“Biomass Power Generation”), | 621,040,000 | Zhanjiang | Zhanjiang | Electricity generation | 51.00 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Xinhui Power Generation Co., Ltd. (“Xinhui Power”) | 613,902,063 | Jiangmen | Jiangmen | Electricity generation | 45.90 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Yunhe Power Co., Ltd. ("Yunhe Power") | 1,080,293,258 | Yunfu | Yunfu | Electricity generation | 90.00 | Business combinations involving enterprises under common control | |
| Yunfu Yundian Energy Co., Ltd. (“Yundian Energy”) | 40,000,000 | Yunfu | Yunfu | Electricity generation | 56.25 | Business combinations involving enterprises under common control | |
| Guangdong Yuehua Power Generation Co., Ltd.("Yuehua Power") | 1,314,714,000 | Guangzhou | Guangzhou | Electricity generation | 51.00 | Business combinations involving enterprises under common control | |
| Guangdong Yudean Yuehua Integrated Energy Co., Ltd. (“Yuehua Integrated Energy”) | 60,500,000 | Guangzhou | Guangzhou | Electricity generation | 51.00 | Business combinations involving enterprises under common control | |
| Guangdong Yuedian Bijie New Energy Co. Ltd. (“Bijie New Energy”) | 10,000,000 | Bijie | Bijie | Electricity generation | 100.00 | Investment | |
| Zhanjiang Shangyang Energy Technology Co., Ltd. (“Shangyang Energy”) | 120,820,000 | Zhanjiang | Zhanjiang | Electricity generation | 90.00 | Acquisition of assets | |
| Zhanjiang Potou District Guidian Energy Technology Co., Ltd. (“Guidian Energy”) | 120,820,000 | Zhanjiang | Zhanjiang | Electricity generation | 90.00 | Acquisition of assets | |
| Xihua County Shunfeng New Energy Co., Ltd. (“Shunfeng New Energy”) | 22,293,880 | Zhoukou | Zhoukou | Electricity generation | 76.44 | Acquisition of assets | |
| Wuzhi Jindian New Energy Technology Co., Ltd. (“Jindian New Energy”) | 31,350,000 | Jiaozuo | Jiaozuo | Electricity generation | 76.44 | Acquisition of assets | |
| Lianjiang Yuefeng New Energy Co., Ltd. (“Lianjiang New Energy”) | 140,070,000 | Zhanjiang | Zhanjiang | Electricity generation | 76.44 | Investment | |
| Linfen Zhaocheng Yuefeng New Energy Co., Ltd. (“Zhaocheng Yuefeng”) | 100,000 | Linfen | Linfen | Electricity generation | 76.44 | Investment | |
| Meizhou Wuhua Yuefeng New Energy Co., Ltd. (“Wuhua New Energy” | 30,800,000 | Meizhou | Meizhou | Electricity generation | 76.44 | Investment | |
| Laishui Yingyang New Energy Technology Co., Ltd. (“Yingyang New Energy”) | 77,050,000 | Baoding | Baoding | Electricity generation | 76.44 | Acquisition of assets | |
| Laishui Lineng New Energy Technology Co., Ltd. | 77,050,000 | Baoding | Baoding | Electricity | 76.44 | Acquisition of assets | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| (“Lineng New Energy”) | generation | ||||||
| Inner Mongolia Yuefeng New Energy Co., Ltd. ("Inner Mongolia New Energy") | 314,550,000 | Hohhot | Hohhot | Electricity generation | 76.44 | Investment | |
| Zhuhai Yuefeng New Energy Co., Ltd. (“Zhuhai New Energy”) | 285,297,600 | Zhuhai | Zhuhai | Electricity generation | 76.44 | Investment | |
| Dacheng County Dun'An New Energy Co., Ltd. ("Dun'An New Energy" | 160,000,000 | Langfang | Langfang | Electricity generation | 61.15 | Acquisition of assets | |
| Gaotang Shihui New Energy Co., Ltd. (“Gaotang New Energy”) | 36,096,000 | Liaocheng | Liaocheng | Electricity generation | 76.44 | Acquisition of assets | |
| Guangdong Shaoguan Guangdong Electric Power New Energy Co., Ltd. (“Shaoguan New Energy”) | 48,317,720 | Shaoguan | Shaoguan | Electricity generation | 100.00 | Investment | |
| Tumxuk Yudean Hanhai New Energy Co., Ltd. (“Hanhai New Energy” | 5,000,000 | Tumxuk, | Tumxuk, | Electricity generation | 100.00 | Investment | |
| Yudean Jinxiu Integrated Energy Co., Ltd. (“Jinxiu Integrated Energy”) | 2,913,100 | Laibin | Laibin | Electricity generation | 90.00 | Investment | |
| Nanjing Senhong New Energy Co., Ltd. (“Senhong New Energy”) | 10,000,000 | Nanjing | Nanjing | Electricity generation | 100.00 | Acquisition of assets | |
| Jinchang Muhong New Energy Co., Ltd. (“Muhong New Energy”) | 1,000,000 | Jinchang | Jinchang | Electricity generation | 100.00 | Acquisition of assets | |
| Nanjing Linyuan Senhai New Energy Co., Ltd. (“Senhai New Energy”) | 1,000,000 | Nanjing | Nanjing | Electricity generation | 100.00 | Acquisition of assets | |
| Jinchang Jieyuan Mujin New Energy Co., Ltd. (“Mujin New Energy”) | 120,495,920 | Jinchang | Jinchang | Electricity generation | 100.00 | Acquisition of assets | |
| Guangdong Yudean Huibo New Energy Co., Ltd. (“Huibo New Energy”) | 5,000,000 | Huizhou | Huizhou | Electricity generation | 100.00 | Investment | |
| Taishan Dongrun Zhongneng New Energy Co., Ltd. (“Dongrun Zhongneng New Energy”) | 1,000,000 | Jiangmen | Jiangmen | Electricity generation | 100.00 | Acquisition of assets | |
| Taishan Dongrun Qingneng New Energy Co., Ltd. (“Dongrun Qingneng New Energy”) | 22,304,520 | Jiangmen | Jiangmen | Electricity generation | 100.00 | Acquisition of assets | |
| Taishan Runze Jieyuan New Energy Co., Ltd. (“Runze Jieyuan New Energy”) | 22,758,500 | Jiangmen | Jiangmen | Electricity generation | 100.00 | Acquisition of assets | |
| Guangdong Yudean Maoming Natural Gas Thermal Power Co., Ltd. (“Maoming Natural Gas”) | 135,700,000 | Maoming | Maoming | Electricity generation | 85.00 | Investment | |
| Meizhou Xingyue New Energy Co., Ltd. (“Xingyue New Energy”) | 9,977,500 | Meizhou | Meizhou | Electricity generation | 100.00 | Investment | |
| Guangdong Yudean Huixin Thermal Power Co., Ltd. (“Huixin Thermal Power”) | 13,500,000 | Huizhou | Huizhou | Electricity generation | 85.00 | Investment | |
| Yudean Shache Integrated Energy Co., Ltd. (“Shache Integrated Energy”) | 1,206,110,470 | KASHGAR | KASHGAR | Electricity generation | 100.00 | Acquisition of assets | |
| Laixi Xinguangyao New Energy Technology Co., Ltd. | 46,522,828 | Qingdao | Qingdao | Electricity | 99.00 | Acquisition of assets | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| (“Xinguangyao New Energy”) | generation | ||||||
| Laixi Telian New Energy Technology Co., Ltd. (“Telian New Energy”) | 45,774,873 | Qingdao | Qingdao | Electricity generation | 99.00 | Acquisition of assets | |
| Pingdu Lianyao New Energy Technology Co., Ltd. (“Lianyao New Energy”) | 1,000,000 | Qingdao | Qingdao | Electricity generation | 99.00 | Acquisition of assets | |
| Jiuzhou New Energy (Zhaoqing) Co., Ltd. ("Jiuzhou New Energy") | 40,680,000 | Zhaoqing | Zhaoqing | Electricity generation | 100.00 | Acquisition of assets | |
| Xiangtan XEMC Changshan Wind Power Co., Ltd. (“Changshan Wind Power”) | 110,740,000 | Xiangtan | Xiangtan | Electricity generation | 100.00 | Acquisition of assets | |
| Yunfu Luoding Yudean New Energy Co., Ltd. (“Luoding New Energy”) | 500,000 | Yunfu | Yunfu | Electricity generation | 100.00 | Investment | |
| Zhuhai Yudean New Energy Co., Ltd. (“Zhuhai Yudean New Energy”) | 5,000,000 | Zhuhai | Zhuhai | Electricity generation | 100.00 | Investment | |
| Tumxuk Yudean Changhe New Energy Co., Ltd. (“Tumxuk Changhe”) | 500,000 | Tumxuk, | Tumxuk, | Electricity generation | 100.00 | Investment | |
| Yunfu Yudean Zhenneng New Energy Co., Ltd. (“Zhenneng New Energy”) | 1,000,000 | Yunfu | Yunfu | Electricity generation | 100.00 | Investment | |
| Zhonggong Energy Technology (Maoming) Co., Ltd. (“Zhonggong Energy”) | 1,000,000 | Maoming | Maoming | Electricity generation | 100.00 | Acquisition of assets | |
| Yahua New Energy Technology (Gaozhou) Co., Ltd. (“Yahua New Energy”) | 152,969,360 | Maoming | Maoming | Electricity generation | 100.00 | Acquisition of assets | |
| GEGC Xinjiang Co., Ltd. (“Xinjiang Co., Ltd.”) | 1,300,000,000 | Urumqi | Urumqi | Electricity generation | 100.00 | Investment | |
| Yudean Xinjiang Integrated Energy Co., Ltd. (“Xinjiang Integrated Energy”) | 20,000,000 | Urumqi | Urumqi | Electricity generation | 100.00 | Investment | |
| Gaozhou Yudean Smart New Energy Co., Ltd. (“Gaozhou New Energy”) | 1,476,800 | Maoming | Maoming | Electricity generation | 100.00 | Investment | |
| Xintian Yuefeng New Energy Co., Ltd. (“Xintian Yuefeng”) | 2,000,000 | yongzhou | yongzhou | Electricity generation | 76.44 | Investment | |
| Lanshan Yuefeng New Energy Co., Ltd. (“Lanshan Yuefeng”) | 2,000,000 | yongzhou | yongzhou | Electricity generation | 76.44 | Investment | |
| Lianjiang Hangneng New Energy Co., Ltd. (“Lianjiang Hangneng”) | 84,400,000 | Zhanjiang | Zhanjiang | Electricity generation | 76.44 | Acquisition of assets | |
| Guangxi Hangneng New Energy Co., Ltd. ("Guangxi Hangneng") | 179,000,000 | Laibin | Laibin | Electricity generation | 76.44 | Acquisition of assets | |
| Jincheng Yuefeng New Energy Co., Ltd. ("Jincheng Yuefeng") | 1,000,000 | Jincheng | Jincheng | Electricity generation | 68.80 | Investment | |
| Baiyin Yuefeng New Energy Co., Ltd. ("Baiyin Yuefeng") | 100,000 | Baiyin | Baiyin | Electricity generation | 76.44 | Investment | |
| Yuncheng Wanquan Yuefeng New Energy Co., Ltd. | 122,118,900 | Yuncheng | Yuncheng | Electricity | 72.62 | Investment | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of subsidiary | Registered capital | Main business location | Place of Registration | Nature of business | Shareholding (%) | Acquisition method | |
| ("Yuncheng Wanquan Yuefeng") | generation | ||||||
| Guangneng Tuokexun New Energy Power Generation Co., Ltd. ("Tuokexun Energy") | 20,000,000 | Turpan | Turpan | Electricity generation | 100.00 | Investment | |
| Lingao County Yehai Yuefeng New Energy Co., Ltd. ("Yehai Yuefeng") | 112,010,000 | Hainan | Hainan | Electricity generation | 76.44 | Investment | |
| Zhuhai Yuefeng New Energy Co., Ltd. (“Zhuhai New Energy”) | 50,000,000 | Zhuhai | Zhuhai | Electricity generation | 38.98 | Investment | |
| Zhanjiang Yuefengbao New Energy Co., Ltd. ("Zhanjiang Yuefengbao New Energy") | 50,000,000 | Zhanjiang | Zhanjiang | Electricity generation | 38.98 | Investment | |
| Zhuhai Yuefeng New Energy Co., Ltd. (“Zhuhai New Energy”) | 10,000,000 | Zhuhai | Zhuhai | Electricity generation | 76.44 | Investment | |
| Shantou Yuefeng New Energy Investment Partnership (Limited Partnership) ("Shantou Yuefeng New Energy") | 1,110,750,000 | Shantou | Shantou | Electricity generation | 15.40 | Investment | |
| Guoyang County Herun New Energy Technology Co., Ltd. ("Herun New Energy") | 75,170,000 | Bozhou | Bozhou | Electricity generation | 15.40 | Acquisition of assets | |
| Guangdong Yudean Pingyuan Wind Power Co., Ltd. (“Pingyuan Wind Power”) | 203,580,000 | Meizhou | Meizhou | Electricity generation | 15.40 | Investment | |
| Guangzhou Yuefeng Ruisi New Energy Co., Ltd. ("Ruisi New Energy") | 300,000 | Guangzhou | Guangzhou | Electricity generation | 76.44 | Investment | |
| Xiangzhou Yunjiang New Energy Co., Ltd ("Xiangzhou Yunjiang") | 105,420,000 | Laibin, Zhuang Autonomous Region | Laibin, Zhuang Autonomous Region | Electricity generation | 76.44 | Acquisition of assets | |
| Xiangzhou Hangjign New Energy Co., Ltd ("Xiangzhou Hangjing") | 199,980,000 | Laibin, Zhuang Autonomous Region | Laibin, Zhuang Autonomous Region | Electricity generation | 76.44 | Acquisition of assets | |
| Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co., Ltd. (“Jianhao PV”). | 237,600,000 | Qinhuangdao | Qinhuangdao | Electricity generation | 76.44 | Acquisition of assets | |
| Guangneng Karamay Integrated Energy Co., Ltd. ("Karamay Integrated Energy") | 20,000,000 | Karamay, Uygur Autonomous Region | Karamay, Uygur Autonomous Region | Electricity generation | 100.00 | Investment | |
| Hainan Prefecture Longyue New Energy Co., Ltd. ("Hainan Longyue") | 90,000,000 | Qinghai of Hainan, Tibetan Autonomous Prefecture | Qinghai of Hainan, Tibetan Autonomous Prefecture | Electricity generation | 100.00 | Acquisition of assets | |
| Guangdong Yudean Zhongshan Thermal Power Plant (“Zhongshan Thermal”) | 15,000,000 | Zhongshan | Zhongshan | Electricity generation | 100.00 | Investment | |
| Guangdong Yudean New Energy Development Co., Ltd. ("Yudean New Energy Development") | 100,000,000 | Guangzhou | Guangzhou | Electricity generation | 100.00 | Investment | |
On 30 November 2018, Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co., Ltd., which was wholly-owned by GEGC. After the merger,GEGC held 30.12% equity of Maoming Thermal. According to the agreement between the Company and GEGC, the delegated shareholder and director from GEGCmaintain consensus with those of the Company while exercising the voting rights during the shareholders' meeting and the Board of Directors' meeting at MaomingThermal. Therefore, the Company owns control over Maoming Thermal.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and GuangdongHuaxia Electric Power Development Co., Ltd. (“Huaxia Electric"), which holds 40% equity in Pinghai Power, the delegated shareholder and director from Huaxia Electricmaintain consensus with those of GEGC when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power;besides, after GEGC transfers its 45% equity in Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also reach consensus withthose of the Company when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power. Therefore, the Companyowns control over Pinghai Power.GF Securities Asset Management (Guangdong) Co., Ltd. ("GF Securities") issued the Guangdong Wind Power Company New Energy Infrastructure Investment GreenCarbon Neutrality Asset-Backed Special Plan in 2024, using the wind power projects held by the Group’s subsidiaries, Dianping Yuanfeng and Herun New Energy, asthe underlying assets. In accordance with the agreement of the Shantou Yuefeng New Energy Partnership, the company has control over Shantou Yuefeng NewEnergy and the underlying assets. Therefore, our company includes Shantou Yuefeng New Energy, Herun New Energy, and Dianping Yuanfeng in the scope ofconsolidation.
(2) Information on structured entities included in the consolidation scopeGF Securities Asset Management (Guangdong) Co., Ltd. ("GF Securities") issued the Guangdong Wind Power Company New Energy Infrastructure Investment GreenCarbon Neutrality Asset-Backed Special Plan in 2024, using the wind power projects held by the Group’s subsidiaries, Dianping Yuanfeng and Herun New Energy, asthe underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business Enterprises - Consolidation, the company included onestructured entity that meets the definition of "control" in the scope of consolidated statements (December 31, 2023: 0). As of December 31, 2024, the equity of theaforementioned structured entity attributable to the Group was RMB167,665,364, and the equity attributable to other equity holders was presented as minorityshareholders' equity in the consolidated statements, which the total amount was RMB940,414,122.
(3) Change in scope of consolidation for the current period
Addition of subsidiaries in 2024
| Name | Registered capital | Major business | Place of | Nature of | Shareholding (%) | Acquisition | |
| location | registration | business | Direct | Indirect | method | ||
| Yuncheng Wanquan Yuefeng | 122,118,900 | Yuncheng | Yuncheng | Electricity generation | 72.62 | Investment | |
| Tuokexun Energy | 20,000,000 | Turpan | Turpan | Electricity generation | 100.00 | Investment | |
| Yehai Yuefeng | 112,010,000 | Hainan | Hainan | Electricity | 76.44 | Investment | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name | Registered capital | Major business | Place of | Nature of | Shareholding (%) | Acquisition | |
| location | registration | business | Direct | Indirect | method | ||
| generation | |||||||
| Zhuhai New Energy | 50,000,000 | Zhuhai | Zhuhai | Electricity generation | 38.98 | Investment | |
| Zhanjiang Yuefengbao New Energy | 50,000,000 | Zhanjiang | Zhanjiang | Electricity generation | 38.98 | Investment | |
| Zhuhai Yuefeng Ocean | 10,000,000 | Zhuhai | Zhuhai | Electricity generation | 76.44 | Investment | |
| Shantou Yuefeng New Energy | 1,110,750,000 | Shantou | Shantou | Electricity generation | 15.40 | Investment | |
| Ruisi New Energy | 300,000 | Guangzhou | Guangzhou | Electricity generation | 76.44 | Investment | |
| Xiangzhou Yunjiang | 105,420,000 | Laibin, Zhuang Autonomous Region | Laibin, Zhuang Autonomous Region | Electricity generation | 76.44 | Acquisition of assets | |
| Xiangzhou Hangjing | 199,980,000 | Laibin, Zhuang Autonomous Region | Laibin, Zhuang Autonomous Region | Electricity generation | 76.44 | Acquisition of assets | |
| Jianhao PV | 237,600,000 | Qinhuangdao | Qinhuangdao | Electricity generation | 76.44 | Acquisition of assets | |
| Karamay Integrated Energy | 20,000,000 | Karamay, Uygur Autonomous Region | Karamay, Uygur Autonomous Region | Electricity generation | 100.00 | Investment | |
| Hainan Longyue | 90,000,000 | Qinghai, Hainan Tibetan Autonomous Prefecture | Qinghai, Hainan Tibetan Autonomous Prefecture | Electricity generation | 100.00 | Acquisition | |
| of assets | |||||||
| Zhongshan Thermal | 15,000,000 | Zhongshan | Zhongshan | Electricity generation | 100.00 | Investment | |
| Yudean New Energy Development | 100,000,000 | Guangzhou | Guangzhou | Electricity generation | 100.00 | Investment | |
Note: The companies acquired through asset acquisition mentioned above are subsidiaries that our company and its subsidiaries acquired from third parties throughasset purchases. As of the acquisition date, these companies had no other operations or assets except for projects under construction, fixed assets, and right-to-useassets. The acquisition did not involve employees and did not constitute a business acquisition.Reduction of subsidiaries in this yearIn this current year, our subsidiaries, Yunfu Yunan Yuexin Power Generation Co., Ltd. (“Yunan Yuexin Company”), Yunfu Luoding Yuefeng New Energy Co., Ltd.(“Luoding Yuefeng”), Huizhou Longmen Yuefeng New Energy Co., Ltd., and Guangzhou Huangpu Power Engineering Co., Ltd. were liquidated. The liquidation of these
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
subsidiaries had impact on the scope of the Company's consolidation, but it did not have a significant impact on the Company's business and performance, and did notharm the interests of the Company and its shareholders.
(4) Significant non-wholly-owned subsidiaries
| Subsidiaries | Shares held by minority shareholders (%) | Gains or losses attributable to minority shareholders in 2024 | Dividends distributed to minority shareholders in 2024 | Ending balance of minority shareholders' equity |
| Guangdong Wind Power | 23.56 | 133,691,495 | 30,712,342 | 5,408,375,578 |
| Pinghai Power | 55.00 | 326,802,881 | 364,065,633 | 1,303,055,717 |
| Jinghai Power | 35.00 | 100,626,201 | 1,142,422,325 | |
| Red Bay Company | 35.00 | 57,193,986 | 1,050,792,952 | |
| Zhanjiang Electric | 24.00 | 5,497,983 | 867,113,970 | |
| Huizhou Natural Gas | 33.00 | 127,311,118 | 150,853,026 | 777,783,935 |
| Bohe Energy | 33.00 | 23,374,672 | 695,077,910 |
(5) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale)
| Name of subsidiary | Balance at 31/12/2024 | |||||
| Current Assets | Non-Current Assets | Total Assets | Current Liabilities | Non-Current Liabilities | Total Liabilities | |
| Guangdong Wind Power | 10,147,737,294 | 50,182,786,247 | 60,330,523,541 | 9,116,738,970 | 33,831,030,437 | 42,947,769,407 |
| Pinghai Power | 1,418,525,113 | 2,230,480,194 | 3,649,005,307 | 736,053,942 | 543,759,151 | 1,279,813,093 |
| Jinghai Power | 1,454,845,167 | 8,503,498,575 | 9,958,343,742 | 4,584,797,040 | 2,109,482,916 | 6,694,279,956 |
| Red Bay Company | 1,505,311,564 | 5,682,848,428 | 7,188,159,992 | 3,095,285,356 | 1,090,609,059 | 4,185,894,415 |
| Zhanjiang Electric | 2,713,098,699 | 1,205,638,041 | 3,918,736,740 | 270,528,423 | 35,233,444 | 305,761,867 |
| Huizhou Natural Gas | 571,235,393 | 2,399,357,467 | 2,970,592,860 | 510,351,612 | 103,320,234 | 613,671,846 |
| Bohe Energy | 1,330,215,572 | 9,205,933,689 | 10,536,149,261 | 1,843,767,824 | 6,586,084,742 | 8,429,852,566 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Continued:
| Name of subsidiary | Balance at 31/12/2023 | |||||
| Current Assets | Non-Current Assets | Total Assets | Current Liabilities | Non-Current Liabilities | Total Liabilities | |
| Guangdong Wind Power | 11,232,266,730 | 47,293,819,352 | 58,526,086,082 | 9,299,390,874 | 33,197,787,783 | 42,497,178,657 |
| Pinghai Power | 1,939,030,964 | 2,289,508,505 | 4,228,539,469 | 1,000,271,724 | 804,885,496 | 1,805,157,220 |
| Jinghai Power | 1,813,538,355 | 7,183,942,867 | 8,997,481,222 | 3,931,004,172 | 2,089,923,287 | 6,020,927,459 |
| Red Bay Company | 1,191,880,563 | 5,071,759,933 | 6,263,640,496 | 3,245,379,396 | 218,836,079 | 3,464,215,475 |
| Zhanjiang Electric | 2,758,759,283 | 1,204,990,253 | 3,963,749,536 | 347,366,674 | 30,095,337 | 377,462,011 |
| Huizhou Natural Gas | 488,990,567 | 2,598,386,535 | 3,087,377,102 | 562,374,680 | 99,679,081 | 662,053,761 |
| Bohe Energy | 1,328,342,678 | 7,654,051,205 | 8,982,393,883 | 1,199,547,165 | 5,739,139,541 | 6,938,686,706 |
(6) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) (Continued)
| Name of subsidiary | 2024 | 2023 | ||||||
| Operating income | Net profit | Total comprehensive income | Cash flow from operating activities | Operating income | Net profit | Total comprehensive income | Cash flow from operating activities | |
| Guangdong Wind Power | 3,284,898,650 | 412,451,617 | 412,451,617 | 2,019,626,628 | 2,926,077,479 | 360,484,858 | 360,484,858 | 1,882,555,033 |
| Pinghai Power | 4,210,021,014 | 416,802,156 | 416,802,156 | 1,153,368,687 | 5,629,394,497 | 773,612,843 | 773,612,843 | 1,391,774,070 |
| Jinghai Power | 6,474,374,567 | 287,503,430 | 287,503,430 | 1,324,461,463 | 7,515,001,585 | 344,929,223 | 344,929,223 | 1,148,863,997 |
| Red Bay Company | 4,986,810,554 | 163,411,389 | 163,411,389 | 883,776,955 | 5,778,506,230 | 225,744,533 | 225,744,533 | 844,565,918 |
| Zhanjiang Electric | 2,385,029,791 | 22,908,261 | 26,687,348 | 118,869,439 | 2,632,129,542 | 200,754,158 | 200,754,158 | 346,042,495 |
| Huizhou Natural Gas | 4,063,477,988 | 385,791,266 | 385,791,266 | 536,597,090 | 4,819,681,306 | 507,919,146 | 507,919,146 | 895,932,452 |
| Bohe Energy | 3,621,697,933 | 70,832,340 | 70,832,340 | 961,475,403 | 4,341,202,832 | 515,000,223 | 515,000,223 | 678,906,610 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
2. Interest in joint ventures or associates
(1) Significant joint ventures and associates
| Joint venture or associates | Major operating location | Place of registration | Nature of business | Shareholding (%) | Accounting methods for investments in joint ventures or associates | |
| Direct | Indirect | |||||
| 1. Joint venture | ||||||
| Industry Fuel | Guangzhou Guangdong | Guangzhou Guangdong | Fuel trade | 50.00 | Equity method | |
| II. Joint ventures | ||||||
| Taishan Power | Taishan, Guangdong | Taishan, Guangdong | Electricity Generation | 20.00 | Equity method | |
| Shanxi Yudean Energy | Taiyuan, Shanxi | Taiyuan, Shanxi | Mining, Electricity generation | 40.00 | Equity method | |
| Energy Group Finance Company | Guangzhou Guangdong | Guangzhou Guangdong | Financing | 25.00 | 15.00 | Equity method |
| Energy Group Finance Leasing Company | Guangzhou Guangdong | Guangzhou Guangdong | Finance lease | 25.00 | Equity method | |
(2) Major financial information of significant joint ventures (excluding those classified as held for sale)
| Item | Industry Fuel | |
| 31/12/2024 | 31/12/2023 | |
| Current assets | 7,032,124,596 | 8,024,034,962 |
| Non-current assets | 11,266,048,972 | 9,370,464,679 |
| Total Assets | 18,298,173,568 | 17,394,499,641 |
| Current liabilities | 8,887,142,789 | 9,019,251,783 |
| Non-current liabilities | 6,030,157,091 | 6,255,984,762 |
| Total liabilities | 14,917,299,880 | 15,275,236,545 |
| Net assets | 3,380,873,688 | 2,119,263,096 |
| Including: Attributable to minority shareholders' equity | 1,005,163,350 | 81,448,266 |
| Attributable to parent company | 2,375,710,338 | 2,037,814,830 |
| Shares of net assets based on shareholding | 1,187,855,169 | 1,018,907,415 |
| Adjustment - unrealized profits from internal transactions | -147,549,225 | -151,670,636 |
| Book value of investment in joint ventures | 1,040,305,944 | 867,236,779 |
| Fair value of equity investments with public quotations | ||
Continued:
| Item | Industry Fuel | |
| 2024 | 2023 | |
| Operating revenue | 31,249,741,685 | 34,256,422,537 |
| Financial expenses | 243,570,625 | 228,382,855 |
| Income tax expense | 29,412,089 | 76,220,963 |
| Net profit | 21,884,285 | 309,769,596 |
| Net profit from discontinued operations | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Industry Fuel | |
| 2024 | 2023 | |
| Other comprehensive income | 2,466,172 | 2,379,228 |
| Total comprehensive income | 24,350,457 | 312,148,824 |
| Dividends received from joint ventures for the current year | 22,340,550 | |
(3) Major financial information of significant associates (excluding those classified as held for sale)
| Item | Taishan Power | Shanxi Yuedian Energy | ||
| 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2023 | |
| Current assets | 5,064,141,651 | 4,614,346,037 | 3,181,028,055 | 2,438,117,630 |
| Non-current assets | 7,962,143,671 | 8,310,428,670 | 9,892,646,067 | 9,042,003,417 |
| Total Assets | 13,026,285,322 | 12,924,774,707 | 13,073,674,122 | 11,480,121,047 |
| Current liabilities | 2,700,702,426 | 2,975,341,169 | 469,491,364 | 364,675,479 |
| Non-current liabilities | 1,279,800 | 2,751,338,737 | 2,254,750,421 | |
| Total liabilities | 2,701,982,226 | 2,975,341,169 | 3,220,830,101 | 2,619,425,900 |
| Net assets | 10,324,303,096 | 9,949,433,538 | 9,852,844,021 | 8,860,695,147 |
| Including: Attributable to minority shareholders' equity | - | 21,277,161 | 13,510,734 | |
| Attributable to parent company | 10,324,303,096 | 9,949,433,538 | 9,831,566,860 | 8,847,184,413 |
| Shares of net assets based on shareholding | 2,064,860,619 | 1,989,886,708 | 3,932,626,743 | 3,538,873,765 |
| Adjustment - unrealized profits from internal transactions | - | - | - | |
| Book value of investment in joint ventures | 2,064,860,619 | 1,989,886,708 | 3,932,626,743 | 3,538,873,765 |
| Fair value of equity investments with public quotations | ||||
Continued:
| Item | Taishan Power | Shanxi Yuedian Energy | ||
| Amount incurred in the current period | Amount incurred in the previous period | Amount incurred in the current period | Amount incurred in the previous period | |
| Operating revenue | 10,561,311,141 | 12,708,122,816 | 305,634,415 | 245,492,971 |
| Net profit | 356,524,108 | 1,220,438,041 | 984,920,410 | 1,163,153,949 |
| Net profit from discontinued operations | - | - | - | - |
| Other comprehensive income | - | - | ||
| Total comprehensive income | 356,524,108 | 1,220,438,041 | 984,920,410 | 1,163,153,949 |
| Dividends received from associates in the current period | 134,959,219 | 161,640,736 | - | - |
Continued:
| Item | Energy Group Finance Company | Energy Group Finance Leasing Company | ||
| 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2023 | |
| Current assets | 18,442,992,152 | 13,192,594,942 | 842,915,301 | 983,919,263 |
| Non-current assets | 17,838,514,637 | 18,430,616,356 | 14,223,428,947 | 12,423,147,050 |
| Total Assets | 36,281,506,789 | 31,623,211,298 | 15,066,344,248 | 13,407,066,313 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Energy Group Finance Company | Energy Group Finance Leasing Company | ||
| 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2023 | |
| Current liabilities | 31,754,463,659 | 27,220,413,342 | 1,914,624,822 | 2,049,832,959 |
| Non-current liabilities | 80,781,319 | 83,959,299 | 10,106,347,993 | 9,177,722,708 |
| Total liabilities | 31,835,244,978 | 27,304,372,641 | 12,020,972,815 | 11,227,555,667 |
| Net assets | 4,446,261,811 | 4,318,838,657 | 3,045,371,433 | 2,179,510,646 |
| Including: Attributable to minority shareholders' equity | - | - | ||
| Attributable to parent company | 4,446,261,811 | 4,318,838,657 | 3,045,371,433 | 2,179,510,646 |
| Shares of net assets based on shareholding | 1,778,549,724 | 1,727,535,463 | 761,353,506 | 544,877,662 |
| Adjustment - unrealized profits from internal transactions | 13,325,000 | 13,325,000 | 62,489,352 | - |
| Book value of investment in joint ventures | 1,791,874,724 | 1,740,860,463 | 823,842,858 | 544,877,662 |
| Fair value of equity investments with public quotations | ||||
Note: In 2024, the Company increased invested capital in Guangdong Energy Finance LeasingCompany (“Energy Group Finance Leasing Company”) by RMB250 million. As at December 31, 2024,one of the shareholders, who holds 25% shares, did not make additional capital investment, resulting ina difference of RMB62,489,352 between the book value of the company's equity investments in itsassociates and amount of shares of net assets based on shareholding.
| Item | Energy Group Finance Company | Energy Group Finance Leasing Company | ||
| 2024 | 2023 | 2024 | 2023 | |
| Operating revenue | 773,766,678 | 723,455,899 | 392,604,085 | 357,450,462 |
| Net profit | 374,602,045 | 362,971,495 | 115,903,379 | 112,767,410 |
| Net profit from discontinued operations | - | - | - | - |
| Other comprehensive income | -13,516,913 | 50,271,540 | - | - |
| Total comprehensive income | 361,085,132 | 413,243,035 | 115,903,379 | 112,767,410 |
| Dividends received from associates in the current period | 92,569,944 | 128,886,072 | - | 20,571,445 |
(4) Major financial information of other insignificant associates (excluding those classified as held for
sale)
| Item | 31/12/2024 | 31/12/2023 |
| Joint venture | ||
| Book value of investments | 171,197,445 | 177,391,197 |
| The total amount calculated based on the shareholding ratio of each item as below | ||
| Net profit | 424,563 | -3,780,723 |
| Other comprehensive income | ||
| Total comprehensive income | 424,563 | -3,780,723 |
| Associates | ||
| Book value of investments | 987,950,606 | 937,715,623 |
| The total amount calculated based on the shareholding ratio of each item as below | ||
| Net profit | -73,112,329 | -166,925,239 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 31/12/2024 | 31/12/2023 |
| Other comprehensive income | -3,294,845 | 329,422 |
| Total comprehensive income | -76,407,174 | -166,595,817 |
Government grants
1. Government grants accounted in deferred income
| Grant projects | 1/1/2024 | Increase in the current year | Decrease in the current year | 31/12/2024 |
| Government grants related to assets | 128,296,225 | 19,497,551 | 34,531,250 | 113,262,526 |
Risk management of financial instrumentsThe main financial instruments of the company include monetary funds, notes receivable, accountsreceivable, other receivables, non-current assets due within one year, other current assets, investmentsin other equity instruments, long-term receivables, notes payable, accounts payable, other payables,short-term borrowings, current portion of non-current liabilities, long-term borrowings, debenturespayable, lease liabilities, and long-term payables. The detailed information of each financial instrumenthas been disclosed in the relevant notes.The risks associated with these financial instruments, as well as the risk management policies adoptedby the company to reduce these risks, are described below. The management of the company managesand monitors these risk exposures to ensure that the aforementioned risks are controlled within a limitedscope.
1. Risk management objectives and policies
The company's operating activities are subject to various financial risks: market risk (primarily foreignexchange risk and interest rate risk), credit risk, and liquidity risk. Our overall risk management planaddresses the unpredictability of financial markets, striving to minimize potential adverse impacts on ourfinancial performance.
(1) Market risk
Foreign exchange riskThe Group's major operational activities are carried out in the Chinese mainland and a majority of thetransactions are denominated in RMB. The Group is exposed to foreign exchange risk arising from therecognised assets and liabilities, and future transactions denominated in foreign currencies, primarilywith respect to USD. The Group is exposed to foreign exchange risk arising from the recognised assetsand liabilities, and future transactions denominated in foreign currencies, primarily with respect to USD.The Group's finance department at its headquarters is responsible for monitoring the amount of assetsand liabilities, and transactions denominated in foreign currencies to minimize the foreign exchange risk.Therefore, the Group may consider taking proper measures to mitigate the foreign exchange risk asappropriate. During 2024 and 2023, the Group did not enter into any forward exchange contracts orcurrency swap contracts.As at December 31, 2024 and December 31, 2023, the Company did not hold any financial liabilitiesdominated in foreign currency.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Interest rate riskThe Group's interest rate risk mainly arises from interest bearing borrowings including bank borrowings,debentures payable, lease liabilities and long-term payables. Financial liabilities issued at floating ratesexpose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates expose theGroup to fair value interest rate risk. The Group determines the relative proportions of its fixed rate andfloating rate contracts depending on the prevailing market conditions.The Group continuously monitors its interest rate position. Increases in interest rates will increase thecost of new borrowing and the interest expenses with respect to the Group's outstanding floating rateborrowings, and therefore could have a material adverse effect on the Group's financial performance.The Group makes adjustments timely with reference to the latest market conditions and may enter intointerest rate swap agreements to mitigate its exposure to interest rate risk. During 2024 and 2023, theGroup did not enter into any interest rate swap agreements.The Group's interest bearing borrowings were mainly bank borrowings, debentures payable, leaseliabilities and long-term payables with fixed and floating interest rates, and the amounts of respectiveinterest are as follows:
| Item | 31/12/2024 | 31/12/2023 |
| Short-term borrowings | ||
| -- Fixed interest rate | 10,141,662,928 | 12,190,798,723 |
| -- Floating interest rate | 3,942,291,347 | 3,552,371,263 |
| Subtotal | 14,083,954,275 | 15,743,169,986 |
| Long-term borrowings and long-term borrowings due within one year | ||
| -- Fixed interest rate | 1,199,600,000 | 4,829,272,366 |
| -- Floating interest rate | 74,023,691,196 | 61,690,798,759 |
| Subtotal | 75,223,291,196 | 66,520,071,125 |
| Debentures payable and Debentures payable due within one year | ||
| -- Fixed interest rate | 11,231,708,662 | 9,796,597,183 |
| -- Floating interest rate | ||
| Subtotal | 11,231,708,662 | 9,796,597,183 |
| Long-term payables and long-term payables due within one year | ||
| -- Fixed interest rate | 615,321,190 | 542,832,003 |
| -- Floating interest rate | 125,569,487 | 340,239,959 |
| Subtotal | 740,890,677 | 883,071,962 |
| Lease liabilities and lease liabilities due within one year | ||
| -- Fixed interest rate | 960,891,014 | 520,281,685 |
| -- Floating interest rate | 11,135,372,333 | 9,481,589,183 |
| Subtotal | 12,096,263,347 | 10,001,870,868 |
| Total | 113,376,108,157 | 102,944,781,124 |
As of December 31, 2024, the Company's debt with fixed interest rate amounted to RMB24,149,183,795,and that of floating interest rate was RMB89,226,924,363 (as of December 31, 2023: fixed-interest-rate:
RMB27,879,781,960, and floating-interest-rate debt was RMB75,064,999,164).
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
As of December 31, 2024, if the floating rates increases or decreases by 10 basis points, while otherfactors remain unchanged, the Company's interest expenses will increase or decrease by approximatelyRMB89,226,924 (as of December 31, 2023: an increase or decrease of 10 basis points will result in anincrease or decrease of approximately RMB75,064,999).
(2) Credit risks
The credit risk of the company primarily arises from monetary funds, notes receivable, accountsreceivable, contract assets, other receivables, and long-term receivables. As of December 31, 2024, thecarrying amount of our financial assets represents its maximum credit risk exposure.The Company's monetary funds primarily are consist of bank deposits in Energy Group FinanceCompany, reputable state-owned banks with high credit ratings, and other large and medium-sizedlisted banks. The Company believes that there is no significant credit risk associated with thesedeposits, and they will not incur any significant losses due to default by the counterparty.In addition, the Company establishes policies to control credit risk exposure for accounts receivable,accounts payable, contract assets, other receivables, and long-term receivables. Based onassessments of customers' financial status, the possibility of obtaining guarantees from third parties,credit records, and other factors such as current market conditions, the Company evaluates customers'creditworthiness and sets corresponding credit periods. The Company regularly monitors customers'credit records. For customers with poor credit records, the Company adopts measures such as writtenreminders, shortening credit periods, or cancelling credit periods to ensure that the Company's overallcredit risk remains within a controllable range.As of December 31, 2024, the Company did not held significant collateral due to debtors' mortgages orother credit enhancements (as of December 31, 2023: none).
(3) Liquidity risk
Each subsidiary within the company is responsible for its own cash flow forecast. As the company hasnet current liabilities, there is a certain degree of liquidity risk. In view of the above situation, thecompany has formulated certain plans and measures to alleviate the pressure on working capital andimprove financial conditions.As of December 31, 2024, the financial liabilities and off-balance sheet guarantee items held by theCompany are analyzed based on the maturity of undiscounted remaining contractual cash flows asfollows:
| Item | 31/12/2024 | Book value as at 31/12/2024 | ||||
| Within one year | One to two years | Two to five years | More than five years | Total | ||
| Financial liabilities | ||||||
| Short-term borrowings | 14,372,345,811 | 14,372,345,811 | 14,108,930,833 | |||
| Notes payable | 2,102,292,195 | 2,102,292,195 | 2,102,292,195 | |||
| accounts payable | 4,279,045,681 | 4,279,045,681 | 4,279,045,681 | |||
| Other payables | 15,825,876,579 | 15,825,876,579 | 15,825,876,579 | |||
| Other current liabilities | 528,095,817 | 528,095,817 | 528,095,817 | |||
| Non-current | 6,985,821,004 | 6,985,821,004 | 6,606,678,336 | |||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | 31/12/2024 | Book value as at 31/12/2024 | ||||
| liabilities due within one year | ||||||
| long-term borrowings | 2,383,844,518 | 10,356,555,596 | 22,081,496,998 | 45,656,929,479 | 80,478,826,591 | 69,541,559,406 |
| Debentures payable | 355,789,480 | 2,617,529,743 | 6,237,200,154 | 5,572,283,566 | 14,782,802,943 | 11,107,429,258 |
| Lease liabilities | - | 850,060,148 | 2,798,617,305 | 10,015,643,629 | 13,664,321,082 | 12,376,312,142 |
| Long-term payables | - | 76,591,643 | 257,842,819 | 765,781,903 | 1,100,216,365 | 696,347,824 |
Continued:
| Item | 31/12/2023 | Book value as at 31/12/2023 | ||||
| Within one year | One to two years | Two to five years | More than five years | total | ||
| Financial liabilities | ||||||
| Short-term borrowings | 15,983,783,565 | 15,983,783,565 | 15,756,979,762 | |||
| Notes payable | 755,000,000 | 755,000,000 | 755,000,000 | |||
| accounts payable | 4,430,036,315 | 4,430,036,315 | 4,430,036,315 | |||
| Other payables | 13,252,090,748 | 13,252,090,748 | 13,252,090,748 | |||
| Other current liabilities | 2,793,125,060 | 2,793,125,060 | 2,781,355,471 | |||
| Non-current liabilities due within one year | 9,172,610,523 | 9,172,610,523 | 8,926,373,371 | |||
| long-term borrowings | 1,861,210,255 | 8,208,548,693 | 21,769,520,727 | 44,350,929,527 | 76,190,209,202 | 62,832,471,340 |
| Debentures payable | 199,497,990 | 1,706,430,000 | 5,432,080,000 | 7,338,007,990 | 5,096,597,183 | |
| Lease liabilities | 881,742,789 | 2,249,663,277 | 10,204,350,848 | 13,335,756,914 | 10,452,666,128 | |
| Long-term payables | 59,653,308 | 260,761,344 | 914,399,482 | 1,234,814,134 | 831,250,905 | |
As at 31/12/2024, the credit limits available to the Company from financial institutions are presented asfollows:
| Item | 31/12/2024 | 31/12/2023 |
| Available credit limit from financial institutions | 112,116,120,762 | 80,119,614,280 |
2. Capital management
The objective of the company's capital management policy is to ensure the sustainable operation toprovide returns for shareholders and other stakeholders, while maintaining an optimal capital structureto reduce capital costs.The total capital of the company is the shareholders' equity listed in the consolidated balance sheet. Thecompany is not subject to external mandatory capital requirements and monitors its capital using thedebt ratio.The debt ratio of the company is presented as follows:
| Item | 31/12/2024 | 31/12/2023 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Debt ratio | 79.47% | 78.96% |
Fair valueThe level in which fair value measurement is categorized is determined by the level of the fair value.hierarchy of the lowest level input that is significant to the entire fair value measurement:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset orliability, either directly or indirectly.Level 3: Unobservable inputs for the asset or liability.
1. Assets measured at fair value on a recurring basis
As at 31 December 2024, the assets measured at fair value on a recurring basis by the above threelevels are analyzed below.
| Item | Level 1 | Level 2 | Level 3 | Total |
| 1. Fair value on a recurring basis | ||||
| Investments in other equity instruments | 1,523,489,873 | 1,126,800,000 | 2,650,289,873 |
2. Information of important unobservable input values used in the level 3 fair value measurement
| Item | Fair value at 31/12/2024 | Valuation method | Unobservable input value |
| Investments in other equity instruments | |||
| Unlisted equity investment | 1,126,800,000 | Comparable company method and discounted cash flow method | Average price-to-book ratio |
| liquidity discount |
For financial instruments traded in active market, the Company determines their fair value based on thequoted prices in active market. For financial instruments which were not traded in an active market, theCompany uses valuation methods to determine their fair value. The Company used valuation modelssuch as the discounted cash flow model and the market comparable company model to assess the fairvalue of investments in other equity instruments in level 3 in 2024. The main unobservable inputs usedby the Company for its investments in Shenzhen Capital Group were average price-to-book ratio andliquidity discount.
3. Movement of fair value measurement of investments in other equity instruments in level 3
| Item | 1/1/2024 | Total gain or losses | 31/12/2024 | |
| Accounted in profit or loss | Accounted in other comprehensive income | |||
| Investments in other equity instruments | 1,016,800,000 | 110,000,000 | 1,126,800,000 | |
4. Items not measured at fair value but disclosed at fair values
The financial assets and financial liabilities measured at amortized cost of the Company mainly include
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
notes receivable, accounts receivable, other receivables, long-term receivables, short-term borrowings,accounts payable, lease liabilities, long-term borrowings, debentures payable, and long-term payables.There is no significant difference between the book value and fair value of the financial assets andfinancial liabilities of the Company that are not measured at fair value.Related parties and related party transactions
1. Parent company
| Parent company | Place of Registration | Scope of business | Registered capital | Shareholding (%) | Voting rights (%) |
| Guangdong Energy Group Co., Ltd. (“Guangdong Energy Group” or “GEGC”) | Guangzhou | Operating management of electricity generation enterprises, capital management of electricity generation assets, construction of electricity plants, and power sales | 23,300,000,000 | 67.39% | 67.39% |
The ultimate controlling party of the company is the State-owned Assets Supervision & ManagementCommission of Guangzhou Municipal People’s Government.In 2024, movement of registered capital of the parent company as follows:
| 1/1/2024 | Increase | Decrease | 31/12/2024 |
| 23,300,000,000 | 23,300,000,000 |
2. Subsidiaries of the company
For details of the subsidiaries, please refer to Note VI. 1.
3. Joint ventures and associates
For details of significant joint ventures and associates, please refer to Note VI. 2.
| Joint ventures or associates | Relationship |
| Industrial Fuel | Joint venture |
| China Aviation Shenxin | Joint venture |
| Yuexin Energy | Joint venture |
| Shanxi Yudean Energy | Associates |
| Taishan Power | Associates |
| Energy Group Finance Company | Associates |
| Energy Finance Leasing Company | Associates |
| Energy Property Insurance Captive Insurance | Associates |
| Yuedian Shipping | Associates |
| Yueqian Power | Associates |
| Weixin Yuntou | Associates |
| Jiangkeng hydropower station | Associates |
| Zhongshankeng Electric Power | Associates |
| Shantou Huaneng Wind Power | Associates |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Joint ventures or associates | Relationship |
| Southern Offshore Wind Power | Associates |
| Yunfu B | Associates |
4. Other related parties
| Related parties | Relationship |
| Zhuhai Special Economic Zone Guangzhu Power Generation Co., Ltd. (“Guangzhu Power”) | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Environmental Protection Materials Co., Ltd. (“Environmental Protection Materials”) | Both are controlled by Guangdong Energy Group |
| Guangdong Zhuhai Gaolan Port Environmental Protection Technology Co., Ltd. ("Gaolan Port Environmental Protection") | Both are controlled by Guangdong Energy Group |
| Inner Mongolia Yudean Menghua New Energy Co., Ltd. (“Menghua New Energy”) | Both are controlled by Guangdong Energy Group |
| Bayan Obo Guangdong-Mongolia New Energy Co., Ltd. ("Bayan Obo") | Both are controlled by Guangdong Energy Group |
| Shaoguan Qujiang Yuedian New Energy Co., Ltd. ("Shaoguan Qujiang") | Both are controlled by Guangdong Energy Group |
| Guangdong Zhuhai Jinwan Power Generation Co., Ltd. ("Zhuhai Jinwan") | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Zhongshan Thermal Power Plant Co., Ltd. ("Yudean Zhongshan Thermal Power Plant") | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Real Estate Investment Co., Ltd. ("Yuedian Real Estate Investment") | Both are controlled by Guangdong Energy Group |
| Guangdong Yuedian Shipping Co., Ltd. ("Yuedian Shipping") | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Information Technology Co., Ltd. (“Yudean Information Technology”) | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Xinfengjiang Power Generation Co., Ltd. ("Yudean Xinfengjiang") | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Property Management Co., Ltd. (“Yudean PM”) | Both are controlled by Guangdong Energy Group |
| Guangdong Yudean Environmental Protection Co., Ltd. ("Yudean Environmental Protection") | Both are controlled by Guangdong Energy Group |
| Guangdong Yangjiang Port Co., Ltd. ("Yangjiang Port") | Both are controlled by Guangdong Energy Group |
| Guangdong Yuelong Power Generation Co., Ltd. (“Yuelong Power”) | Both are controlled by Guangdong Energy Group |
| Guangdong Energy Group Co., Ltd., Zhuhai Power Plant (“Zhuhai Power”) | Both are controlled by Guangdong Energy Group |
| Guangdong Energy Group Co., Ltd. Shajiao C Power Plant ("Energy Group Shajiao C Power Plant") | Both are controlled by Guangdong Energy Group |
| Guangdong Shaoguan Port Co., Ltd. ("Shaoguan Port") | Both are controlled by Guangdong Energy Group |
| Guangdong Energy Group Natural Gas Co., Ltd. (“Guangdong Energy Natural Gas”) | Both are controlled by Guangdong Energy Group |
| Guangdong Energy Group Science and Technology Research Institute Co., Ltd. ("Energy Group Science and Technology Research Institute") | Both are controlled by Guangdong Energy Group |
| Guangdong Huizhou Natural Gas Power Co., Ltd. (“Huizhou Natural Gas”) | Both are controlled by Guangdong Energy Group |
| Guangdong Energy Group (Yunfu) Energy Storage Power Generation Co., Ltd. ("Guangdong Energy Group (Yunfu) Energy Storage") | Both are controlled by Guangdong Energy Group |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Related parties | Relationship |
| Dongguan Mingyuan Hotel Co., Ltd. ("Dongguan Mingyuan Hotel") | Both are controlled by Guangdong Energy Group |
| Guangdong Huizhou Liquefied Natural Gas Co., Ltd. ("Huizhou Liquefied Natural Gas") | Both are controlled by Guangdong Energy Group |
5. Related party transactions
(1) Purchases and sales
① Purchase of goods and receiving of services:
| Related parties | Type of related party transaction | Pricing policy for related-party transactions | 2024 | 2023 |
| Industrial Fuel | Purchase of fuel | Agreement price | 23,522,405,049 | 27,540,793,688 |
| Guangdong Energy Natural Gas | Purchase of fuel | Agreement price | 9,455,829,151 | 6,596,672,988 |
| Guangdong Energy Group Co., Ltd. | Receipt of operational services | Agreement price | 573,102,250 | 552,139,963 |
| Yudean Environmental | Purchase of materials/Receipt of consulting services / Carbon emission allowances trading | Agreement price | 169,702,574 | 191,390,066 |
| Environmental Protection Materials | Purchase of materials | Agreement price | 96,406,939 | 109,460,844 |
| Energy Group Science and Technology Research Institute | Purchase equipment/receive R&D services | Agreement price | 102,765,353 | |
| Energy Property Insurance | Receipt of insurance services | Agreement price | 15,704,247 | 52,033,474 |
| Yudean PM | Receipt of property services | Agreement price | 48,063,107 | 38,763,170 |
| Yuedian Shipping | Receipt of tug Services | Agreement price | 28,262,170 | 24,922,641 |
| Others | Purchase of goods/Receipt of services | Agreement price | 41,786,988 | 29,958,173 |
Note: Pinghai Power, a subsidiary of our company, entered into an agreement with Huizhou LiquefiedNatural Gas in 2023 to transfer the use right of the reclaimed land and related occupied by the HuizhouLiquefied Natural Gas Terminal and the related land development compensation at a price of RMB177,384,900. Pinghai Power completed the land use right registration procedures in August 2024, whichfulfilled the criteria of revenue recognition.
② Sale of goods and rendering of services:
| Related parties | Type of related party transaction | Pricing policy for related party transactions | 2024 | 2023 |
| Environmental Protection Materials | Revenue from sale of by-products /other services | Agreement price | 100,380,187 | 214,074,827 |
| Gaolan Port Environmental Protection | Revenue from sale of by-products /other services | Agreement price | 37,120,087 | |
| Guangdong Energy Group Co., Ltd. | Provision of maintenance, repair and other labour services | Agreement price | 50,525,121 | 32,798,238 |
| Yudean Zhongshan Thermal Power Plant | Provision of maintenance and repair services | Agreement price | 21,413,945 | 23,156,952 |
| Guangzhu Power | Provision of maintenance and repair services | Agreement price | 20,024,593 | 15,522,479 |
| Yunfu B | Provision of maintenance, repair and other labour services | Agreement price | 2,345,313 | 33,687,399 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Related parties | Type of related party transaction | Pricing policy for related party transactions | 2024 | 2023 |
| Bayan Obo | Provision of management services | Agreement price | 7,253,092 | |
| Zhuhai Jinwan | Carbon emission allowances trading | Agreement price | 11,446,934 | |
| Huizhou Liquefied Natural Gas | Transfer of land use rights for reclaimed land/other services | Agreement price | 177,393,862 | |
| Others | Provision of services | Agreement price | 11,312,524 | 19,709,876 |
(2) Purchase of electricity
| Related parties | 2024 | 2023 |
| Guangzhu Power | 34,533,526 | 261,748,980 |
| Zhuhai Jinwan | 5,165,045 | 247,530,701 |
| Yudean Zhongshan Thermal Power Plant | 21,685,670 | 61,256,035 |
| Yunfu B | 53,330,832 | |
| Yuelong Power | 2,493,552 | 48,843,285 |
Note: The amount of electricity purchased is determined based on the difference of floating price of on-grid electricity price and quantity of electricity purchased agreed upon by the power sales company andthe affiliated power plant.
(3) Leases
Increase of right-of-use assets in the current year as the lessee
| Name of the lessor | Type of the leased asset | 2024 | 2023 |
| Energy Finance Leasing Company | Lease of machinery and equipment | 2,191,682,984 | 3,130,332,097 |
| Others | Housing rental | 1,947,837 |
Interest expenses on lease liabilities in the current year as the lessee
| Name of the lessor | Type of the leased asset | 2024 | 2023 |
| Energy Finance Leasing Company | Lease of machinery and equipment | 297,797,859 | 290,713,763 |
| Others | Housing rental | 179,756 |
The short-term or low-value lease expenses paid as the lessee
| Name of the lessor | Type of the leased asset | 2024 | 2023 |
| Yuedian Real Estate Investment | lease of houses | 15,148,051 |
The rental income obtained by the company as the lessor
| Name of the lessee | Type of the leased asset | 2024 | 2023 |
| Dongguan Mingyuan Hotel | Tenancy of Fixed Assets | 3,870,213 | 4,057,005 |
| Yudean PM | Tenancy of Fixed Assets | 283,746 | 779,914 |
| Yudean Environmental Protection | Tenancy of Fixed Assets | 161,905 | 161,905 |
| Yuedian Shipping | Tenancy of Fixed Assets | 48,440 | 315,232 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Name of the lessee | Type of the leased asset | 2024 | 2023 |
| Yunfu B | Tenancy of Fixed Assets | 8,637,532 | 763,429 |
| Energy Group Science and Technology Research Institute | Tenancy of Fixed Assets | 149,799 | - |
| Guangdong Energy Natural Gas | Tenancy of Fixed Assets | 9,981 | - |
| Huizhou Natural Gas | Tenancy of Fixed Assets | 1,921,309 | - |
| Shanwei YueDian Shipping | Tenancy of Fixed Assets | 16,294 | |
| China Aviation Shenxin | Tenancy of Fixed Assets | 71,560 |
(4) Guarantees
① The Company as the guarantor
| Guaranteed party | Guaranteed amount | Guaranteed interest | Starting date | Maturity date | Whether the guarantee has been fulfilled |
| Guangdong Energy Group Corporation | 1,789,440,000 | 17,607,581 | 2019/12/3 | 2043/9/15 | No |
In order to perform the Loan Agreement for the Guangdong Yudean Yangjiang Shapa offshore windpower project signed between the People's Republic of China (“PRC") and New Development Bank(“NDB") ("Loan Agreement with NDB") on 3 December 2019, Project Agreement signed between NDBand the People's Government of Guangdong Province (“provincial government") (“Project Agreementwith NDB”), Loan Transfer Agreement signed between the Ministry of Finance and the provincialgovernment ("Loan Transfer Agreement with the Ministry of Finance") and Loan Transfer Agreementsigned between the Department of Finance of Guangdong Province and GEGC ("Loan TransferAgreement with the Department of Finance of Guangdong Province"), Yangjiang Wind Power signedLoan Transfer Agreement with GEGC (Loan Transfer Agreement with GEGC) in 2020, specifying thatGEGC shall transfer loans of RMB 2,000,000,000 (“Project Loan") to Yangjiang Wind Power; meanwhile,the Company signed a joint liability guarantee contract with GEGC, specifying that the Companyprovides joint liability guarantee for all liabilities of Yangjiang Wind Power under the Loan TransferAgreement with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3December 2019 to 15 September 2043, and the guarantee scope includes but not limited to principaland interest. As at 31 December 2024, Yangjiang Wind Power borrowed pledged loan ofRMB1,789,440,000 from NDB, and the interest payable was RMB17,607,581. The right to collectelectric charges was pledged for such borrowings.The Project Loan above was transferred to the provincial government by the Ministry of Finance underthe country's authorization according to the same loan conditions, then transferred to GEGC by theDepartment of Finance of Guangdong Province under the provincial government's authorization, andfinally transferred to Yangjiang Wind Power by GEGC. The above Project Loan was actually provided inentrusted payment. The cash would not flow through the bank accounts of the Ministry of Finance,Department of Finance of Guangdong Province and GEGC, and Yangjiang Wind Power, the actualdebtor of the Project Loan, directly withdrew and repaid the loan through its account of NDB. TheProject Loan was guaranteed by the Company for GEGC, and actually the Company providedguarantee for the Project Loan obtained by Yangjiang Wind Power from NDB. Therefore, afterconsulting the Company's legal adviser, management considered that joint liability guarantee providedby the Group for GEGC would not constitute GEGC's occupation of the Group's funds.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(5) Lending among related parties
According to the 2024 Framework Agreement on Financial Services between the Company and EnergyGroup Finance Company, Energy Group Finance Company is committed to offering the Group a creditline of no more than RMB39 billion in 2024. In 2024, the Group borrowed a total of RMB 10,109,224,870(2023: RMB 11,080,995,965) from Energy Group Finance Company based on actual capitalrequirement. The Group paid an interest of RMB319,243,449 (2023: RMB298,945,500) for suchborrowings.In 2024, the net increase of the Group's deposits in Energy Group Finance Company wasRMB69,109,167 (2023: a net increase of RMB5,443,079,144), and there was a decrease ofRMB12,000,000 of the Group's other cash balances deposited in Energy Group Finance Company(2023: None). Interest due from Energy Group Finance Company amounted to RMB147,987,728 (2023:
RMB113,133,224). In light of the frequent deposits and withdrawals, the Group only disclosed theamount of net change in deposits.According to the three-party agreement signed among the Group, Energy Group Finance Company andIndustry Fuel, the notes opened by the Group in Energy Group Finance Company and issued toIndustry Fuel represented the amount payable to Energy Group Finance Company if such notes werediscounted with Energy Group Finance Company by Industry Fuel. Given the frequent transactions, onlythe net change of the balance of commercial acceptance notes discounted with Energy Group FinanceCompany as at 31 December is disclosed. As at 31 December 2024, the net amount of Energy GroupFinance Company's discounting of acceptance notes issued by the Group to Industry Fuel decreased byRMB 25,000,000. In 2024, the discounting interest charged by Energy Group Finance Company andborne by the Group which was included in the discounting interest expenses in the current yearamounted to RMB 5,595,178 (2023: RMB6,617,722).Based on the Framework Agreement on Financial Lease between the Company and Energy FinanceLeasing Company in 2024, Energy Finance Leasing Company is committed to offering the Group acredit line of no more than RMB18 billion, which is reusable during the one-year agreement period. In2024, the new lease liabilities incurred in the transaction between the Group and Energy FinanceLeasing Company were RMB2,191,682,984 (2023: RMB3,130,332,097), the finance lease payment wasRMB 723,763,205 (2023: RMB1,104,099,818). and the advance payment received was RMB0 (2023:
240,453,119).
(6) Allocation of common expenses
The Company's subsidiary Shajiao A Power Plant and GEGC agreed to share common expenses basedon their agreed allocation percentage. In 2024, the common expenses received by the Group fromGEGC were RMB0 (2023: RMB5,876,947).
(7) Interest income
| Related parties | Type of related party transaction | 2024 | 2023 |
| Energy Group Finance Company | Interest on deposits | 147,987,728 | 113,133,224 |
(8) Interest costs
| Related parties | Content of related-party transactions | 2024 | 2023 |
| Energy Group Finance Company | Interest on borrowings | 319,243,449 | 298,945,500 |
| Energy Group Finance Company | Discount charges for notes | 5,595,178 | 6,617,722 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
In 2024, the annual interest rate for loans issued by Energy Group Finance Company to our companyranged from 2.00% to 3.45% (2023: 2.40% to 3.94%).
(9) Joint investment
As of December 31, 2024, the subsidiaries, joint ventures, and associates jointly invested by theCompany, Guangdong Energy Group Co., Ltd., and its subsidiaries include:
| Invested enterprise | Percentage of equity attributable to GEGC |
| Energy Property Insurance | 51.00% |
| Energy Group Finance Company | 60.00% |
| Energy Group Finance Leasing Company | 75.00% |
| Yuedian Shipping | 65.00% |
| Yueqian Power | 68.70% |
| Shanxi Yudean Energy | 60.00% |
| Industry Fuel | 50.00% |
| Shad C Company | 49.00% |
| Guanghe Power | 49.00% |
| Biomass Power Generation | 49.00% |
| Xinhui Power | 44.10% |
| Maoming Thermal Power Plant | 45.14% |
| Yangjiang Wind Power | 10.96% |
| Shibeishan Wind Power | 30.00% |
| Zhanjiang Wind Power | 30.00% |
| Qujie Wind Power Company | 1.68% |
| Bohe Energy company | 33.00% |
| Yuejia Electric | 25.00% |
| Zhuhai Wind Power | 5.72% |
(10) Remuneration of key management
The company has 7 key management personnel in 2024, compared to 5 in 2023. The payment ofsalaries is shown in the table below:
| Item | 2024 | 2023 |
| Remuneration of key management | 7,526,869 | 4,924,127 |
6. Amount due to/from related parties
(1) Amount due from related parties
| Item | Related parties | 31/12/2024 | 31/12/2023 | ||
| Book balance | Bad debt reserves | Book balance | Bad debt reserves | ||
| Cash at bank and on hand | Energy Group Finance Company | 14,286,603,574 | 14,225,178,988 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Related parties | 31/12/2024 | 31/12/2023 | ||
| Book balance | Bad debt reserves | Book balance | Bad debt reserves | ||
| Accounts receivable | Energy Group Company | 13,162,597 | 8,165,793 | ||
| Accounts receivable | Guangzhu Power | 16,519,487 | 12,098,549 | ||
| Accounts receivable | other | 8,207,588 | 11,172,231 | ||
| Contract assets | Zhuhai Power | 26,094 | |||
| Contract assets | Energy Group Company | 3,600 | |||
| Contract assets | Yudean Zhongshan Thermal Power Plant | 1,269,872 | 789,600 | ||
| Contract assets | Others | 96,470 | 171,501 | ||
| Other receivables | Yudean Environmental Protection | 37,861,479 | 77,083,510 | ||
| Other receivables | Industry Fuel | 24,677,849 | 21,525,622 | ||
| Other receivables | Energy Finance Leasing Company | 13,533,280 | - | ||
| Other receivables | Others | 28,731,848 | 15,285,557 | ||
| Advances to suppliers | Industry Fuel | 929,673,076 | 1,309,518,653 | ||
| Advances to suppliers | Guangdong Energy Natural Gas | 21,489,959 | |||
| Advances to suppliers | Tianxin Insurance | 30,223,522 | |||
| Advances to suppliers | Others | 5,329,456 | 897,183 | ||
(2) Amount due to related parties
| Item | Related parties | 31/12/2024 | 31/12/2023 |
| Notes payable | Energy Group Finance Company | 350,000,000 | 275,000,000 |
| Accounts payables | Industry Fuel | 1,971,547,170 | 2,810,463,766 |
| Accounts payables | Guangdong Energy Natural Gas | 72,412,482 | 224,060,788 |
| Accounts payables | Energy Group Company | 71,348,385 | 118,816,771 |
| Accounts payables | Yudean Environmental | 25,726,993 | 43,397,880 |
| Accounts payables | Environmental Protection Materials | 6,470,206 | 23,045,619 |
| Accounts payables | Others | 12,307,887 | 6,981,342 |
| Other payables | Huizhou Liquefied Natural Gas | - | 177,384,900 |
| Other payables | Yudean Environmental | 21,449,528 | 19,782,246 |
| Other payables | Menghua New Energy | 9,222,282 | 10,240,523 |
| Other payables | Yudean PM | 7,168,316 | 6,563,681 |
| Other payables | Others | 31,666,974 | 11,965,534 |
| Lease liabilities | Energy Finance Leasing Company | 10,257,056,614 | 9,376,928,040 |
| Short-term borrowings | Energy Group Finance Company | 4,537,643,038 | 4,993,870,363 |
| Current portion of non-current liabilities | Energy Finance Leasing Company | 212,355,144 | 299,173,285 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Item | Related parties | 31/12/2024 | 31/12/2023 |
| Current portion of non-current liabilities | Energy Finance Leasing Company | 237,719,635 | 102,595,561 |
| long-term borrowings | Energy Finance Leasing Company | 5,806,465,747 | 5,131,596,996 |
Commitments
1. Important commitment items
(1) Capital commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognised onthe balance sheet as at the balance sheet date are as follows:
| Capital commitments that have been contracted but not yet recognized in the financial statements | 31/12/2024 | 31/12/2023 |
| Houses, buildings, and power generation equipment | 15,655,912,347 | 17,532,539,313 |
The above capital commitments will be primarily used for the construction of new electric plants and thepurchase of new generator units.
(2) Investment commitments
In August 2022, Provincial Wind Power signed the "Equity Acquisition Framework Agreement for theWuxiang Lvheng 100MW Photovoltaic Power Generation Project" with Shanxi Hengyang New EnergyCo., Ltd. ("Hengyang New Energy"). According to the agreement, Provincial Wind Power paid a depositof RMB 52,200,000 for the equity acquisition in 2022. The consideration for this equity transaction hasnot yet been finalized.In September 2022, Provincial Wind Power signed the "Framework Agreement for the Acquisition of 100%Equity of Gaotang Fengxu New Energy Co., Ltd." with Shandong Fengxu New Energy Co., Ltd.("Shandong Fengxu"). According to the agreement, Provincial Wind Power paid a deposit of RMB41,226,000 for the equity acquisition in 2022. The consideration for this equity transaction has not yetbeen finalized.In February 2023, Provincial Wind Power and Tanxin Machinery and Equipment Leasing Co., Ltd.(“Tanxin Machinery”) signed the "Framework Agreement on Equity Acquisition for the 80 MW Fishery-Photovoltaic Complementary Photovoltaic Project in Liangdong, Lianjiang". Provincial Wind Power paida deposit of RMB 61,200,000 for the equity acquisition in 2023 as agreed in the agreement. Theconsideration for this equity transaction has not yet been finalized.In May 2024, Guangdong Energy Group Xinjiang Co., Ltd., a subsidiary of our company, signed aframework agreement with Jiangsu Saifapower Electric Power Development Co., Ltd. ("SaifapowerElectric Power") to acquire 100% of the equity held by Seraphim Power in Kekedala Zhongfu NewEnergy Co., Ltd.. As of December 31, 2024, Guangdong Energy Group Xinjiang Co., Ltd. had paid atransaction deposit of RMB 72,000,000 to Saifapower Electric Power. The consideration for this equitytransaction has not yet been finalized.In September 2024, Guangdong Energy Group Xinjiang Co., Ltd., a subsidiary of our company, signed aframework agreement with Mulei Jiasheng Energy Technology Co., Ltd. ("Mulei Jiasheng Energy") toacquire 100% of the equity held by Mulei Jiasheng Energy in Mulei Jinxiu Electric Power DevelopmentCo., Ltd. As of December 31, 2024, Guangdong Energy Group Xinjiang Co., Ltd. had paid a transaction
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
deposit of RMB 85,400,000 to Mulei Jiasheng Energy. The consideration for this equity transaction hasnot yet been finalized.In August 2024, Guangzhou New Energy signed the "Pre-acquisition Agreement for 95% Equity ofQinzhou Xinguanglian New Energy Technology Co., Ltd." with Power China Jiangxi HydropowerEngineering Bureau Co., Ltd., Nanning Xinguanglian New Energy Technology Co., Ltd., and QinzhouXinguanglian New Energy Technology Co., Ltd., Ltd. According to the agreement, Guangzhou NewEnergy will pay a deposit of RMB 30,000,000 for the equity acquisition in 2024. The consideration forthis equity transaction has not yet been finalized.In August 2024, Guangzhou New Energy signed the "Pre-acquisition Agreement for 100% Equity ofGuangxi Runzhitong Energy Technology Co., Ltd." with Power China Jiangxi Hydropower EngineeringBureau Co., Ltd., Guangxi Xusen New Energy Technology Co., Ltd., and Guangxi Runzhitong EnergyTechnology Co., Ltd.. According to the agreement, Guangdong Electric Power New EnergyDevelopment will pay a deposit of RMB 50,000,000 for the equity acquisition in 2024. The considerationfor this equity transaction has not yet been finalized.
2. Contingent matter
As of December 31, 2024, the Company has no unsettled lawsuit, external guarantees, or othercontingent matters that need to be disclosed.Events after the balance sheet date
1. Profit distribution
In accordance with the proposal at the Board of Directors’ meeting in March 2025, the Companyproposed to distribute a cash dividend of RMB 0.2 per 10 shares to all shareholders based on totalshare capital of 5,250,283,986 shares as at 31 December 2024.Such proposal is pending for approvalat the meeting of Board of Shareholders and not recognised as a liability in the financial statements forthe current yearAs of March 27, 2025 (the date of approval of the report by the board of directors), the company has noother events after the balance sheet date that should be disclosed.Other important matters
1. Division report
As the Group's revenue and expenses, assets and liabilities are primarily associated with sale of electricpower and other related products, the Group's management, taking the sale of electric power as awhole business, periodically obtains accounting information relating to financial status, operating resultsand cash flow for assessment. Therefore, there is only the electric power segment in the Group.The Group’s revenue from main operations derives from the development and operation of electricplants in China and all assets are within China. In 2024, the revenue earned by our power plants fromChina Southern Power Grid Company and State Grid Corporation of China amounted to RMB56,225,050,620 (2023: RMB 58,843,189,030), accounting for 98.37% of the Group’s revenue (2023:
98.55%).
As of December 31, 2024, the company has no other significant matters that should be disclosed.
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Notes to major items in the parent company's financial statements
1. Other receivables
| Item | 31/12/2024 | 31/12/2023 |
| Interest receivable | ||
| Dividend receivable | 134,959,219 | |
| Other receivables | 837,741,316 | 1,231,108,573 |
| Total | 837,741,316 | 1,366,067,792 |
(1) Dividend receivable
| Item | 31/12/2024 | 31/12/2023 |
| Guoneng Yudean Taishan Power Generation Co., Ltd. | 134,959,219 | |
| Less: provision for bad debts | ||
| Total | 134,959,219 |
(2) Other receivables
① Disclosure by aging
| Aging of accounts | 31/12/2024 | 31/12/2023 |
| Within 1 year | 791,766,134 | 1,186,521,304 |
| 1 to 2 years | 6,660,864 | 5,244,137 |
| 2 to 3 years | 5,103,479 | 38,377,456 |
| Over 3 years | 34,314,140 | 1,075,947 |
| Subtotals | 837,844,617 | 1,231,218,844 |
| Less: provision for bad debts | 103,301 | 110,271 |
| Total | 837,741,316 | 1,231,108,573 |
② Disclosure by nature of payment
| Items | 31/12/2024 | 31/12/2023 |
| Receivables from supplementary medical insurance funds | 44,370,483 | 49,625,876 |
| Receivables from the sale of auxiliary products | 1,320,333 | |
| Including: receivables from related parties | 1,320,333 | |
| Receivables from related parties | 788,286,071 | 1,142,288,737 |
| Others | 5,188,063 | 37,983,898 |
| Subtotals | 837,844,617 | 1,231,218,844 |
| Less: bad debt provision | 103,301 | 110,271 |
| Total | 837,741,316 | 1,231,108,573 |
③ Provision for bad debts
| Category | 31/12/2024 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Book balance | Provision for bad debts | book value | |||
| Amount | % of total balance | Amount | Provision ratio | ||
| Provision for bad debts on an individual basis | 835,172,773 | 99.68 | 835,172,773 | ||
| Provision for bad debts on a collective basis | 2,671,844 | 0.32 | 103,301 | 3.87 | 2,568,543 |
| Total | 837,844,617 | 100.00 | 103,301 | 0.01 | 837,741,316 |
(Continued:):
| Category | 31/12/2023 | ||||
| book balance | Provision for bad debts | book value | |||
| Amount | % of total balance | Amount | Provision ratio | ||
| Provision for bad debts on an individual basis | 1,226,026,621 | 99.58 | 1,226,026,621 | ||
| Provision for bad debts on a collective basis | 5,192,223 | 0.42 | 110,271 | 2.12 | 5,081,952 |
| Total | 1,231,218,844 | 100.00 | 110,271 | 0.01 | 1,231,108,573 |
As at 31 December 2024, other receivables at Stage 1 for which the related provision for bad debts wasprovided on the individual basis are analyzed as follows:
| Category | Book balance | 12-month ECL rates% | Provision for bad debts | Book balance | Reason |
| Provision for bad debts on an individual basis | - | ||||
| Receivables from related parties | 788,286,071 | 788,286,071 | The counterparty is a related party, with a historical loss rate of 0% ; therefore, the risk of ECL is extremely low. | ||
| Supplementary medical insurance fund receivable | 44,370,483 | 44,370,483 | The counterparty is Taikang Pension, which mainly provides custody services for the Group’s supplementary medical insurance fund. and the risk of ECL is extremely low. | ||
| Others | 2,516,219 | 2,516,219 | |||
| Provision for bad debts on a collective basis | |||||
| Other receivables portfolio | 2,671,844 | 3.87 | 103,301 | 2,568,543 | |
| Total | 837,844,617 | 0.01 | 103,301 | 837,741,316 |
Bad debt provision at Stage 2 at the end of the periodAt the end of the period, the Company had no interest receivable, dividends receivable, or otherreceivables that were in Stage 2.Bad debt provision at Stage 3 at the end of the periodAt the end of the period, the Company had no interest receivable, dividends receivable, or other
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
receivables that were in Stage 2.As at 31 December 2023, other receivables at Stage 1 for which the related provision for bad debts wasprovided on the collective basis are analyzed as follows:
| Category | Book balance | 12-month ECL rates% | Provision for bad debts | Book value | Reason |
| Provision for bad debts on an individual basis | |||||
| Receivables from related parties | 1,142,288,737 | 1,142,288,737 | The counterparty is a related party, with a historical loss rate of 0% ; therefore, the risk of ECL is extremely low. | ||
| Supplementary medical insurance fund receivable | 49,625,876 | 49,625,876 | The counterparty is Taikang Pension, which mainly provides custody services for the Group’s supplementary medical insurance fund. and the risk of ECL is extremely low. | ||
| Accounts receivable from sales of auxiliary products | 1,320,333 | 1,320,333 | - | ||
| Others | 32,791,675 | 32,791,675 | - | ||
| Provision for bad debts on a collective basis | |||||
| Other receivables portfolio | 5,192,223 | 2.12 | 110,271 | 5,081,952 | |
| Total | 1,231,218,844 | 0.01 | 110,271 | 1,231,108,573 |
Bad debt provision at Stage 2 at the end of the previous yearAt the end of last year, the Company had no interest receivable, dividends receivable, or otherreceivables that were in the second stage.Bad debt provision at the third stage at the end of last yearAt the end of last year, the Company had no interest receivable, dividends receivable, or otherreceivables in the third stage.
⑦ Bad debt provision accrued, recovered, or reversed in the current period
| Bad debt reserves | Stage 1 | Stage 2 | Stage 2 | Total |
| 12-month ECL | Lifetime ECL (credit not impaired) | Lifetime ECL (credit impaired) | ||
| As at 31/12/2023 | 110,271 | 110,271 | ||
| Opening balance in the current period | ||||
| -- Move to stage 2 | ||||
| -- Move to stage 3 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Bad debt reserves | Stage 1 | Stage 2 | Stage 2 | Total |
| 12-month ECL | Lifetime ECL (credit not impaired) | Lifetime ECL (credit impaired) | ||
| -- Switch back to stage 2 | ||||
| --Return to stage 1 | ||||
| Provision for this period | 12,116 | 12,116 | ||
| Reversal in this period | -19,086 | -19,086 | ||
| Verification in this period | ||||
| As at 31/12/2024 | 103,301 | 103,301 |
⑧ The actual write-off of other receivables in the current period: None
⑨ Top five units with the highest ending balances of other receivables collected by debtors
| Unit Name | Nature | Book balance | Aging | % of total balance | Provision for bad debts |
| Guangdong Yudean Shaoguan Power Plant Co., Ltd. | Receivables from related parties | 660,996,868 | Within 1 year (including 1 year) | 78.89 | - |
| Lincang Yudean Energy Co., Ltd. | Receivables from related parties | 100,377,361 | Within 1 year (including 1 year) | 11.98 | - |
| Taikang Pension Co., Ltd. Guangdong Branch | Supplementary medical insurance fund receivable | 44,370,483 | Within 1 year, 1-2 years (inclusive), 2-3 years (inclusive), 3-4 years (inclusive) | 5.30 | - |
| Guangdong Electric Power Industry Fuel Co., Ltd. | Receivables from related parties | 22,804,207 | Within 1 year (including 1 year) | 2.72 | - |
| Guangdong Energy Group Co., Ltd. | Receivables from related parties | 1,800,000 | Within 1 year (including 1 year) | 0.21 | - |
| Total | 830,348,919 | 99.10 | - |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
2. Long-term equity investments
| Item | 31/12/2024 | 31/12/2023 | ||||
| Book balance | Impairment provision | Book value | Book balance | Impairment provision | Book value | |
| Subsidiaries | 40,225,622,357 | 3,915,727,852 | 36,309,894,505 | 38,071,968,450 | 3,655,620,756 | 34,416,347,694 |
| Joint ventures | 1,187,240,439 | 1,187,240,439 | 1,018,292,688 | 1,018,292,688 | ||
| Associates | 8,792,769,115 | 122,614,153 | 8,670,154,962 | 7,977,948,519 | 122,614,153 | 7,855,334,366 |
| Total | 50,205,631,911 | 4,038,342,005 | 46,167,289,906 | 47,068,209,657 | 3,778,234,909 | 43,289,974,748 |
(1) Subsidiaries
| Invested entity | 31/12/2023 (book value) | 31/12/2023 (impairment provision) | Movements in the current year | 31/12/2024 (book value) | 31/12/2024 (impairment provision) | |||
| Increase in investments | Decrease in investments | Provision for impairment | Others | |||||
| Huizhou Natural Gas | 1,205,199,446 | 1,205,199,446 | ||||||
| Guangqian Company | 1,353,153,223 | 1,353,153,223 | ||||||
| Red Bay Company | 2,350,023,386 | 39,000,000 | 2,389,023,386 | |||||
| Lincang Energy | 490,989,439 | 490,989,439 | ||||||
| Zhanjiang Electric | 2,185,334,400 | 2,185,334,400 | ||||||
| Yuejia Electric | 455,584,267 | 455,584,267 | ||||||
| Shaoguan Power Plant | 1,509,698,674 | 1,509,698,674 | ||||||
| Maoming Thermal Power Plant | 687,458,978 | 687,458,978 | ||||||
| Jinghai Power | 2,450,395,668 | 2,450,395,668 | ||||||
| Technology Engineering Company | 100,000,000 | 100,000,000 | 200,000,000 | |||||
| Humen Power Company | 3,192,416 | 86,807,584 | 3,192,416 | 86,807,584 | ||||
| Zhongyue Energy | 963,000,000 | 187,248,115 | 963,000,000 | 187,248,115 | ||||
| Bohe Energy company | 1,409,581,041 | 1,409,581,041 | ||||||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Invested entity | 31/12/2023 (book value) | 31/12/2023 (impairment provision) | Movements in the current year | 31/12/2024 (book value) | 31/12/2024 (impairment provision) | |||
| Pinghai Power Plant | 720,311,347 | 720,311,347 | ||||||
| Dapu Power Generation | 1,907,100,000 | 50,000,000 | 1,957,100,000 | |||||
| Huadu Natural Gas | 323,050,000 | 323,050,000 | ||||||
| Wind Power Company | 10,519,096,881 | 10,519,096,881 | ||||||
| Power Sales | 230,000,000 | 230,000,000 | ||||||
| Yongan Natural Gas | 450,000,000 | 45,000,000 | 495,000,000 | |||||
| Binhai Bay Company | 890,000,000 | 150,000,000 | 1,040,000,000 | |||||
| Huaguoquan Company | 49,680,900 | 49,680,900 | ||||||
| Qiming Company | 53,000,000 | 15,000,000 | 68,000,000 | |||||
| Daya Bay Company | 335,908,068 | 88,046,933 | 423,955,001 | |||||
| Dananhai Company | 211,000,000 | 120,000,000 | 331,000,000 | |||||
| Shad C Company | 1,169,434,134 | 389,686,648 | 1,169,434,134 | 389,686,648 | ||||
| Yunhe Power | 1,164,392,327 | 155,541,600 | 1,319,933,927 | |||||
| Yuehua Power Generation | 699,347,838 | 699,347,838 | ||||||
| Bijie New Energy | 17,500,000 | 17,500,000 | ||||||
| Tumushuke Thermal Power | 264,393,971 | 535,606,029 | 260,107,096 | 4,286,875 | 795,713,125 | |||
| Shaoguan New Energy | 43,473,000 | 3,000,000 | 46,473,000 | |||||
| Hanhai New Energy | 384,050,000 | 260,000,000 | 644,050,000 | |||||
| Jinxiu Integrated Energy | 2,621,800 | 2,621,800 | ||||||
| Mujin New Energy | 120,495,920 | 120,495,920 | ||||||
| Muhong New Energy | 120,495,920 | 120,495,920 | ||||||
| Huibo New Energy | 67,492,360 | 32,430,774 | 99,923,134 | |||||
| Xingyue New Energy | 9,977,500 | 9,977,500 | ||||||
| Maoming Thermal | 115,345,000 | 115,345,000 | ||||||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Invested entity | 31/12/2023 (book value) | 31/12/2023 (impairment provision) | Movements in the current year | 31/12/2024 (book value) | 31/12/2024 (impairment provision) | |||
| Huixin Thermal Power | 104,975,000 | 76,500,000 | 181,475,000 | |||||
| Dongrun Zhongneng New Energy | 45,063,020 | 45,063,020 | ||||||
| Shache Integrated Energy | 1,235,610,470 | 21,000,000 | 1,256,610,470 | |||||
| Xinguangyao New Energy | 32,923,000 | 13,134,600 | 46,057,600 | |||||
| Luoding New Energy | 1,844,520 | 1,844,520 | ||||||
| Jiuzhou New Energy | 39,000,000 | 39,000,000 | ||||||
| Changshan Wind Power | 110,740,000 | 110,740,000 | ||||||
| Tumxuk Changhe | 3,500,000 | 3,500,000 | ||||||
| Zhonggong Energy | 152,969,360 | 152,969,360 | ||||||
| Zhuhai Yudean New Energy | 2,740,000 | 2,740,000 | ||||||
| Zhenneng New Energy | 10,000,000 | 10,000,000 | ||||||
| Xinjiang Co., Ltd. | 100,000,000 | 900,000,000 | 1,000,000,000 | |||||
| Gaozhou New Energy | 1,476,800 | - | 1,476,800 | |||||
| Yudean New Energy Development | 85,000,000 | 85,000,000 | ||||||
| Total | 34,416,347,694 | 3,655,620,756 | 2,153,653,907 | 260,107,096 | 36,309,894,505 | 3,915,727,852 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(2) Joint ventures and associates
| Invested entity | 31/12/2023 (book value) | 31/12/2023 (impairment provision) | Movements in the current year | 31/12/2024 (book value) | 31/12/2024 (impairment provision) | |||||||
| Increase in investments | Decrease in investments | Share of net profit/(loss) under equity method | Share of other comprehensive income | Share of other changes in equity | Announce the distribution of cash dividends or profits | Provision for impairment | Others | |||||
| Associated enterprises | ||||||||||||
| Taishan Power | 1,989,886,708 | 70,355,623 | 4,618,288 | 2,064,860,619 | ||||||||
| Shanxi Yudean Energy | 3,538,873,765 | 393,410,381 | 342,597 | 3,932,626,743 | ||||||||
| Energy Group Finance Company | 1,093,006,538 | 93,119,358 | -3,379,228 | 57,856,215 | 1,124,890,453 | |||||||
| Energy Finance Leasing Company | 544,877,662 | 250,000,000 | 28,965,196 | 823,842,858 | ||||||||
| Yuedian Shipping | 111,441,021 | 14,064,533 | 533,030 | 397,735 | 126,436,319 | |||||||
| Yueqian Power | 265,948,816 | 5,631,964 | -17,520 | 724,477 | 272,287,737 | |||||||
| Weixin Yuntou | 122,614,153 | 122,614,153 | ||||||||||
| Energy Property Insurance Captive Insurance | 297,884,356 | 14,432,602 | 2,330,169 | 309,986,789 | ||||||||
| other | 13,415,500 | 4,211,495 | 71,889 | 2,475,440 | 15,223,444 | |||||||
| Subtotals | 7,855,334,366 | 122,614,153 | 250,000,000 | - | 624,191,152 | -2,863,718 | 6,154,986 | 62,661,824 | 8,670,154,962 | 122,614,153 | ||
| Joint venture | ||||||||||||
| Industry Fuel | 1,018,292,688 | 186,802,500 | 2,703,493 | 1,233,086 | 549,222 | 22,340,550 | 1,187,240,439 | |||||
| Subtotals | 1,018,292,688 | 186,802,500 | 2,703,493 | 1,233,086 | 549,222 | 22,340,550 | 1,187,240,439 | |||||
| Total | 8,873,627,054 | 122,614,153 | 436,802,500 | 626,894,645 | -1,630,632 | 6,704,208 | 85,002,374 | 9,857,395,401 | 122,614,153 | |||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
3. Revenue and cost of sale
(1) Revenue and cost of sale
| Items | 2024 | 2023 | ||
| Income | Expenses | Income | Expenses | |
| Main business | 1,193,547,010 | 1,234,754,725 | ||
| Other business | 36,422,477 | 44,175,640 | 45,159,180 | 3,491,388 |
| Total | 36,422,477 | 44,175,640 | 1,238,706,190 | 1,238,246,113 |
(2) Revenue and cost of sale are categorized by type
| Items | 2024 | 2023 | ||
| Revenue | Cost of sale | Revenue | Cost of sale | |
| Main business: | ||||
| Revenue from sale of electricity | 1,193,547,010 | 1,234,754,725 | ||
| Revenue from steam | - | - | ||
| Rendering of service | - | - | ||
| Others | - | - | ||
| Subtotals | 1,193,547,010 | 1,234,754,725 | ||
| Other businesses: | ||||
| Revenue from integrated utilization of coal ash | 20,788,674 | 42,516 | ||
| Rental income | 11,606,363 | 85,025 | 14,278,847 | 1,024,503 |
| Others | 24,816,114 | 44,090,615 | 10,091,659 | 2,424,369 |
| Subtotals | 36,422,477 | 44,175,640 | 45,159,180 | 3,491,388 |
| Total | 36,422,477 | 44,175,640 | 1,238,706,190 | 1,238,246,113 |
(3) Revenue and cost of sale are classified based on the time of goods transferThe Group's revenue is broken down as follows:
| Items | 2024 | ||||
| Sale of electricity, steam and coal ash | Services | Leases | Others | Total | |
| Revenue from main operations | |||||
| Including: Recognised at a point in time | |||||
| Recognised over a period of time | |||||
| Revenue from other operations | |||||
| Including: Recognised at a point in time | 24,816,114 | 24,816,114 | |||
| Recognised over a period of time | |||||
| Rental Income | 11,606,363 | 11,606,363 | |||
| Total | 11,606,363 | 24,816,114 | 36,422,477 | ||
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
The Group's cost of sale is broken down as follows: (Cont’d)
| Items | 2024 | ||||
| Sale of electricity, steam and coal ash | Services | Leases | Others | Total | |
| Cost of sale from main operations | |||||
| Including: Recognised at a point in time | |||||
| Recognised over a period of time | |||||
| Cost of sale from other operations | |||||
| Including: Recognised at a point in time | 44,090,615 | 44,090,615 | |||
| Recognised over a period of time | |||||
| Rental Income | 85,025 | 85,025 | |||
| Total | 85,025 | 44,090,615 | 44,175,640 | ||
The Group's revenue is broken down as follows:( Cont’d)
| Items | 2023 | ||||
| Sale of electricity, steam and coal ash | Services | Leases | Others | Total | |
| Revenue from main operations | |||||
| Including: Recognised at a point in time | 1,193,547,010 | 1,193,547,010 | |||
| Recognised over a period of time | |||||
| Revenue from other operations | |||||
| Including: Recognised at a point in time | 20,788,674 | 10,091,659 | 30,880,333 | ||
| Recognised over a period of time | |||||
| Rental Income | 14,278,847 | 14,278,847 | |||
| Total | 1,214,335,684 | 14,278,847 | 10,091,659 | 1,238,706,190 | |
The Group's cost of sale is broken down as follows: (Cont’d)
| Items | 2023 | ||||
| Sale of electricity, steam and coal ash | Services | Leases | Others | Total | |
| Cost of sale from main operations | |||||
| Including: Recognised at a point in time | 1,234,754,725 | 1,234,754,725 | |||
| Recognised over a period of time | |||||
| Cost of sale from other operations | |||||
| Including: Recognised at a point in time | 42,516 | 2,424,369 | 2,466,885 | ||
| Recognised over a period of time | |||||
| Rental Income | 1,024,503 | 1,024,503 | |||
| Total | 1,234,797,241 | 1,024,503 | 2,424,369 | 1,238,246,113 | |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
(4) Information related to remaining performance obligations
As of December 31, 2024, the Company has no outstanding performance obligations under contractsthat have been signed.
4. Investment income
| Items | 2024 | 2023 |
| Income from long-term equity investments under cost method | 1,013,878,951 | 670,813,133 |
| Investment income from long-term equity investments under equity method | 626,894,645 | 801,817,879 |
| Investment income generated from disposal of long-term equity investments | 107,916,032 | |
| Interest income during the holding period of debt investment | 49,229,786 | 48,613,160 |
| Dividend income from other equity instrument investments | 112,589,720 | 117,258,950 |
| Total | 1,802,593,102 | 1,746,419,154 |
Additional information
1. Statement of non-recurring profit or loss
| Items | 2024 | 2023 | describe |
| Income from sale of carbon emission allowances | 13,189,163 | 48,419,077 | |
| Government grants recognised in profit or loss for the current period | 52,020,222 | 42,080,981 | |
| Gains on disposals of non-current assets | 98,655 | 9,198,759 | |
| Gains on scrap of non-current assets | 83,721,465 | 4,534,077 | Note 1 |
| Waived payables | 31,827,530 | 3,848,883 | Note 2 |
| Compensation for electricity charges during the demolition and construction period | 6,513,028 | 6,513,028 | |
| Reversal of provision for impairment of receivables tested for impairment on an individual basis | 29,440 | ||
| One-time costs incurred as a result of the discontinuation of a related business activity | -155,298,107 | -168,447,926 | Note 3 |
| Losses on scrap of non-current assets | -85,124,076 | -45,085,199 | |
| Penalties and overdue fines | -9,621,477 | -4,836,639 | |
| Proceeds from land transfer of Huizhou LNG Receiving Terminal | 177,384,900 | Note 4 | |
| Losses incurred due to natural disasters | -11,738,926 | Note 5 | |
| Other non-operating income and expenses other than aforesaid items | 92,698,221 | 25,742,104 | |
| Total non-recurring profit and loss | 195,670,598 | -78,003,415 | |
| Less: Effect of income tax | 30,445,394 | 18,264,521 | |
| Net non-recurring profit and loss | 165,225,204 | -96,267,936 | |
| Less: Impact on minority interests (after tax) | 132,446,539 | 23,114,044 | |
| Non-recurring profit and loss attributable to common shareholders of the company | 32,778,665 | -119,381,980 |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
Note 1: The disposal income from non-current assets mainly refers to the disposal income ofRMB72,387,867 generated by the scrapping of No. 5 and No. 6 generating units by Guangdong YuehuaPower Generation Co., Ltd., a subsidiary of our company, in 2024.Note 2: The accounts payable that do not need to be paid are mainly due to the fact that our subsidiary,Shajiao A Power Plant, officially shut down its remaining units on October 31, 2023. According to the"Notice on Doing a Good Job in the Allocation and Payment of National Carbon Emission TradingQuotas for the Power Generation Industry for the Years 2023 and 2024" (Guo Huan Gui Qi Mo [2024]No. 1) issued by the Ministry of Ecology and Environment of the People's Republic of China on October16, 2024, Shajiao A Power Plant does not need to pay the carbon emission performance obligations ofRMB 16,587,650 accrued in previous years. Our subsidiary, Shajiao A Power Plant, does not need topay the historical coal-fired accounts payable of RMB12,426,681 formed during the period from 1987 to1998 in 2024.Note 3: The subsidiary of our company, Shajiao A Power Plant, officially shut down its remaining unitson October 31, 2023. In 2024, due to one-time compensation for early retirement, one-timecompensation for contract termination agreements, and adjustments to expenses for early retirees, therelated expenses amounted to RMB155,298,107.Note 4: Pinghai Power Plant, a subsidiary of our company, signed an agreement with Huizhou LNG in2023 to transfer the use right of the reclaimed land occupied by the Huizhou Liquefied Natural Gas andthe related land development compensation at a price of RMB177,384,900. Pinghai Power Plantcompleted the land use right registration change procedures in August 2024, meeting the conditions forrecognizing the transfer income.Note 5: In 2024, Guangdong Yueneng Wind Power Co., Ltd., a subsidiary of our company, suffereddamage to some wind turbine blades due to the strong typhoon "Jupiter". The loss incurred beforededucting insurance compensation amounted to RMB11,738,926.Basis for preparation of statement of non-recurring profit or loss for the Current YearChina Security Regulatory Commission (“CSRC”) issued Explanatory Announcement for InformationDisclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss (revisedin 2023] (2023 Explanatory Announcement No. 1), which was required to be implemented since the dateof issuance The Group prepared the statement of non-recurring profit or loss for the year ended 31December 2023 in accordance with requirements in 2023 Explanatory Announcement No. 1.Pursuant to2023 Explanatory Announcement No. 1, non-recurring profit or loss refers to profit or loss arising fromtransactions and events those are not directly related to the Company’s normal course of business, alsofrom transactions and events those even are related to the Company’s normal course of business, butwill interfere with the right judgement of users of the financial statements on the Company’s operationperformance and profitability due to their special nature and occasional occurrence.Non-recurring profit or loss items defined according to the definition of non-recurring profit orloss and non-recurring profit or loss items listed which are defined as recurring profit and lossitems are as follows:
| Items | 2024 | 2023 | Reasons for regarding as recurring profit or loss |
| VAT refund upon collection | 25,938,507 | 25,984,374 | Constant occurrence, conforming to national policies and regulations |
Guangdong Electric Power Development Co., LtdNotes to the financial statementsFor the year ended 31 December 2024 (All amounts in RMB unless otherwise stated)[English translation for reference only]
| Items | 2024 | 2023 | Reasons for regarding as recurring profit or loss |
| Carbon emission allowances used to fulfil the emission reduction obligation | -318,227,152 | -298,330,020 | Constant occurrence, conforming to national policies and regulations |
2. Return on net assets and earnings per share
| Profit during 2024 | Rate of return on weighted average net assets (%) | Earnings per share | |
| Basic earnings per share | Diluted earnings per share | ||
| Net profit attributable to ordinary shareholders of the Company | 4.28 | 0.1837 | 0.1837 |
| Net profit attributable to ordinary shareholders of the Company | 4.14 | 0.1774 | 0.1774 |
Guangdong Electric Power Development Co., Ltd.
27 March 2025