Guangdong Electric Power Development Co., Ltd.
2021 Annual Report
April 2022
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this Annual report.
Other directors attending the Meeting for annual report deliberation except for the followed:
The name of director who did not The name of director who was
Position of absent director Reason
attend the meeting in person authorized
Li Fangje Director Due to business Li Baobing
Mao Qinghan Director Due to business Wang Jin
Yin Zhongyu Independent director Due to business Ma Xiaoqian
This annual report involves the forecasting description such as the future plans, and does not constitute the actual
commitments of the company to the investors. Investors and stakeholders should all maintain sufficient awareness
of risks for this and understand the differences between plans, forecasts and commitments.
The Company's main business is the investment, construction and operation management of electric power
projects and new energy projects. Please refer to the section "XI. Outlook of the Company's Future Development"
in Section III Management Discussion & Analysis for possible risks and countermeasures of the Company's future
development.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Company Profile & Financial Highlights.
III. Management Discussion & Analysis
IV. Corporate Governance
V. Environmental & Social Responsibility
VI. Important Events
VII. Change of share capital and shareholding of Principal Shareholders
VIII. Situation of the Preferred Shares
IX. Corporate Bond
X. Financial Report
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Documents available for inspection
1.Financial statements bearing the seal and signature of legal representative, financial controller and the person 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 China Securities Daily, Shanghai
Securities News, Securities Times, Securities Daily and Hong Kong Commercial Daily(overseas newspaper for
English 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 public holidays, Saturday and
Sunday).
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Sha A Power plant Refers to Guangdong Electric Power Development Co., Ltd. Sha A Power plant
Tumu Branch Refers to Guangdong Electric Power Development Co., Ltd.Tumushuke Branch
Qinghai Branch Refers to Guangdong Electric Power Development Co., Ltd. Qinghai Branch
Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Anxin Company Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Energy Co., Ltd.
Huadu Company Refers to Guangdong Huadu Natural Gas Thermal Power Co., Ltd.
Dapu Power Plant Refers to Guangdong Dapu Power Generation Co., Ltd.
Wind Power Company Refers to Guangdong Wind Power Co., Ltd.
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co., Ltd.
Lincang Company Refers to Lincang Yudean Energy Co., Ltd.
Yongan Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Dayawan Energy Refers to Guangdong Yudean Dayawan Integrated Energy Co., Ltd.
Qiming Energy Refers to Guangdong Yudean Qiming Energy Co., Ltd.
Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co., Ltd.
Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co., Ltd.
Yudean Baihua Refers to Guangdong Yudean Baihua Integrated Energy Co., Ltd.
Bijie Energy Refers to Guangdong Bijie New Energy Co., Ltd.
Shaoguan Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Henan Energy Refers to Henan Yudean New Energy Co., Ltd.
Sha C Company Refers to Guangdong Shajiao( plant C) Power Generation Co., Ltd.
Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co., Ltd.
Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co., Ltd.
Tumu Thermal Power Refers to Tumushuke Thermal Power Co.,Ltd.
Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd.
Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd.
Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.
Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.
Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co., Ltd.
Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co., Ltd.
Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co., Ltd.
Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co., Ltd.
Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co., Ltd.
Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd.
Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.
Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co., Ltd.
Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Yudean Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co., Ltd.
Shanxi Energy Company Refers to Shanxi Yudean Energy Co., Ltd.
Yudean Shipping Company Refers to Guangdong Yudean Shipping Co., Ltd.
Yudean Western Investment Company Refers to Guangdong Yudeann Holdings Western Investment Co., Ltd.
Energy Group Finance Company Refers to Guangdong Energy Group Finance Co., Ltd.
Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co., Ltd.
Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
Weixin Energy Co., Ltd. Refers to Yunnan Yuntou Weixin Energy Co., Ltd.
Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co., Ltd.
Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station
Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co., Ltd.
Sunshine Insurance Refers to Sunshine Insurance Group Co., Ltd.
Shenzhen Capital Refers to Shenzhen Capital Group Co., Ltd.
GMG Refers to GMG International Tendering Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Shenzhen Energy Refers to Shenzhen Energy Group Co., Ltd.
Shenergy Company Refers to Shenergy Company Limited
Environmental Protection Company Refers to Guangdong Yudean Environmental Protection Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
II. Company Profile & Financial Highlights.
1.Company Profile
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code： 000539,200539
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
粤电力
Company Name in Chinese(
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If
GED
any)
Legal Representative Wang Jin
Registered address 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the
510630
Registered Address
Historical change of the
company's registered No
address
Office Address 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the office
510630
address
Internet Web Site http://www.ged.com.cn
E-mail ged@ged.com.cn
2. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
35/F, South Tower, Yudean Plaza, No.2 22/F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570251 020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn qinxiao@ged.com.cn
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
3. Information disclosure and placed
China Securities Daily, Shanghai Securities News, Securities Times,
Newspapers selected by the Company for information
Securities Dailyand Hong Kong Commercial Daily(overseas newspaper
disclosure
for English version) ,Juchao Website（http://www.cninfo.com.cn）
Internet website designated by CSRC for publishing
http://www.szse.cn/
the Annual report of the Company
The place where the Annual report is prepared and
Affair Dept. Of the Board of directors of the Company
placed
4.Changes i n Registration
Organization Code 91440000617419493W
On August 25,2021, The Company's main business consists of " 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
Changes in principal business activities
carried out after being approved by the relevant departments)” is changed to “investmen
since listing (if any)
t, construction and operation management of power projects and new energy projects; pr
oduction and sales of electric power; technical consulting and services in the power indu
stry; leasing of terminal facilities; general cargo storage, loading and unloading ,shipme
nt 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
No change
the past (is any)
5. Other Relevant Information
CPAs engaged
Name of the CPAs PWC Certified Public Accountants (special general partnership)
11/F,PricewaterhouseCoopers Center,2 Corporate Avenue 202 Hu Bin Road, Huangpu
Office address
District, Shanghai
Names of the Certified Public
Chen Junjun, Li Xiaolei
Accountants as the signatories
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 reporting period
□Applicable √Not Applicable
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
6.Summary of Accounting data and Financial index
Whether it has retroactive adjustment or re-statement on previous accounting data
√Yes □ No
Retroactive adjustment or restatement of causes
Merger of enterprises under the same control
Changes of
this period
2020 over same 2019
2021 period of
Last year(%)
After After
Before adjustment Before adjustment After adjustment
adjustment adjustment
Operating income（Yuan） 44,167,223,887 28,329,065,391 33,602,895,865 31.44% 29,360,155,150 35,832,090,286
Net profit attributable to the
shareholders of the listed -3,147,754,234 1,746,280,132 2,053,909,956 -253.26% 1,146,767,033 1,038,130,240
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
-2,905,313,714 1,530,448,193 1,551,209,648 -287.29% 1,069,396,196 1,150,486,132
attributable to the shareholders
of listed company（Yuan）
Cash flow generated by
-40,304,011 6,280,781,169 7,754,798,636 -100.52% 8,272,683,112 9,475,552,022
business operation, net（Yuan）
Basic earning per
-0.5995 0.3326 0.3912 -253.25% 0.2184 0.1977
share(Yuan/Share)
Diluted gains per
-0.5995 0.3326 0.3912 -253.25% 0.2184 0.1977
share(Yuan/Share)
Weighted average ROE(%) -10.72% 6.54% 6.95% -17.67% 4.77% 3.11%
Changed
End of 2020 over last year End of 2019
End of 2021 （％）
After After
Before adjustment Before adjustment After adjustment
adjustment adjustment
Gross assets（Yuan） 114,271,451,479 85,970,818,168 99,479,773,162 14.87% 75,472,027,123 88,690,163,330
Net assets attributable to
shareholders of the listed 23,185,079,805 27,369,995,422 31,820,079,621 -27.14% 26,178,241,077 33,392,176,103
company（Yuan）
The lower of the company’s net profit before and after the deduction of non-recurring gains and losses in the last
three fiscal years is negative, and the auditor's report of the previous year shows that the Company’s going
concern ability is uncertain.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
□ Yes √No
The lower of the net profit before and after the deduction of the non-recurring gains and losses is negative.
√ Yes □ No
Items 2021 2020 Remark
Including electricity sales
income, steam income, labor
service income and a few
Operating income (Yuan) 44,167,223,887 33,602,895,865
other business income
unrelated to the main
business.
It mainly refers to the income
from the beginning of the
period to the combination date
Operating income deduction of the subsidiaries of the
4,784,789,933 5,817,935,297
amount (Yuan) business combination under
the same control and other
business income unrelated to
the main business
Including electricity sales
Amount of operating income
39,382,433,954 27,784,960,568 income, steam income and
after deduction (Yuan)
labor service income
7.The differences between domestic and international accounting standards
1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.
□ Applicable √ Not applicable
During the reporting period, there is no difference between net profit and net assets in the financial reports
disclosed in accordance with international accounting standards and those disclosed in accordance with Chinese
accounting standards.
2）Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3）Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
□Applicable √Not applicable
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
8.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 8,846,102,827 11,180,158,938 12,320,101,729 11,820,860,393
Net profit attributable to the shareholders of the -45,317,768 202,270,769 -256,348,664 -3,048,358,571
listed company
Net profit after deducting of non-recurring gain/loss -75,788,974 187,572,768 -707,662,412 -2,314,970,584
attributable to the shareholders of listed company
Net Cash flow generated by business operation 697,961,911 2,715,988,228 763,374,449 -4,217,628,600
Whether significant variances exist between the above financial index or the index with its sum and the financial
index of the quarterly report as well as semi-annual report index disclosed by the Company.
√ Yes □ No
In November this year, under the same control, the Company merged Shajiao C Company, Yuehua Power
Generation Company and Yunhe Company, and restated the figures of the previous year and this year. As a result,
the above financial indicators are different from those in the disclosed quarterly reports and semi-annual reports.
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Amount Amount Amount
Items Notes
(2021) (2020) (2019)
This year, Shajiao C Company sold
Non-current asset disposal Mingyuan assets, Bohe Coal and Electricity
gain/loss(including the write-off part for stripped the wharf assets, and Yunhe
82,842,178 340,976,361 20,503,424
which assets impairment provision is Company sold Yundian Energy, which
made) along with Yuejia company Liquidation all
increased the project income.
Government subsidy recognized in
current gain and loss(excluding those
It refers to various government funds
closely related to the Company’s 37,606,578 30,457,198 33,284,069
received by branches and subsidies.
business and granted under the state’s
policies)
Gain equal to the amount by which
investment costs for the Company to
acquire subsidiaries, associates and joint
9,784,791
ventures are lower than the Company’s
enjoyable fair value of identifiable net
assets of investees when making
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
investments
Net gain and loss of the subsidiary
This year, three newly controlled
under the common control and
companies, Yunhe, Yuehua and Shajiao C,
produced from enterprise consolidation -658,714,842 559,324,501 -92,777,150
increased their net losses from the
from the beginning of the period to the
beginning to the merger date
consolidation date
Switch back of provision for
depreciation of account receivable
48,647,647
which was singly taken depreciation
test.
According to tax, accounting and other
laws, regulations, the requirements of
the current Gain/loss for a one-time -4,449,214
adjustment of the impact of the current
Gain/loss;
It is mainly the loss of asset retirement,
Net amount of non-operating income
16,979,172 36,323,955 5,674,806 claim settlement and compensation income
and expense except the aforesaid items
of branches and subsidiaries
Less :Influenced amount of income tax 5,001,523
Income tax impact 55,885,342 106,635,578 26,385,663
Influenced amount of minor
-252,056,993 372,532,443 96,853,811
shareholders’ equity (after tax)
Total -242,440,520 502,700,308 -112,355,892 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
None
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
√ Applicable □ Not applicable
Items Amount involved(RMB) Reason
According to the VAT refund policy, the company and its controlled subsi
Value-added tax will be
28,991,960 diaries are in compliance with relevant regulations and continue to enjoy
refunded immediately
the VAT refund immediately.
Comply with national policies and regulations, and continue to occur.
Carbon emission quota used
Meanwhile, this year, the Company's coal-fired on-grid electricity
to fulfill the emission -135,013,051
consumption increased greatly year on year, and the free carbon emission
reduction obligation
quota was insufficient, so it was necessary to purchase additional quota.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
III. Management Discussion & Analysis
I. Industry information of the Company during the reporting period
In 2021, due to the complicated and unstable global pandemic, China's economic development faced triple pressures
of demand contraction, supply shock and expected weakening, which had not been witnessed for many years, the
external environment became more complicated, severe and uncertain, the energy and power industry was faced
with the arduous test of balancing multiple objectives of ensuring supply, adjusting structure and stabilizing growth,
and company`s business development faced severe and complicated risk challenges.
In terms of power demand, according to the statistics of the national power industry in 2021 released by the National
Energy Administration, the electricity consumption of the whole society in China in 2021 was 8.31 trillion kWh,
with a year-on-year increase of 10.3%. The substantial increase in electricity consumption was mainly influenced by
factors such as the sustained recovery and development of the domestic economy, the low base in the same period of
the previous period, and the rapid growth of foreign trade exports. Including, the electricity consumption of the
primary industry was 102.3 billion kWh, with a year-on-year increase of 16.4%; The electricity consumption of the
secondary industry was 5.61 trillion kWh, with a year-on-year increase of 9.1%; The electricity consumption of the
tertiary industry was 1.42 trillion kWh, with a year-on-year increase of 17.8%; The domestic electricity
consumption of urban and rural residents was 1.17 trillion kWh, with a year-on-year increase of 7.3%.
In terms of power supply side, with the in-depth promotion of emission peak and carbon neutrality, China has
comprehensively promoted the large-scale and high-quality development of wind power and solar power generation,
accelerated the growth rate of new energy installed capacity, and continuously increased the proportion of total
installed capacity of power generation in China. By the end of 2021, the installed capacity of wind power in China
was 328 million kilowatts, with a year-on-year increase of 16.6%; The installed capacity of solar power generation
was 306 million kilowatts, with a year-on-year increase of 20.9%; The installed capacity of coal was 1.11 billion
kilowatts, with a year-on-year increase of 2.8%. In addition, the wind power generated 652.6 billion kWh, with a
year-on-year increase of 40.5%; The solar energy generated 325.9 billion kWh, with a year-on-year increase of
25.1%; The coal-fired power generation was 5.03 trillion kWh, with a year-on-year increase of 8.6%, accounting for
60.0% of full power generation, with a year-on-year decrease of 0.7%. Considering the installed capacity and power
generation, coal-fired power is still the most important power supply in China at present, and it is also the basic
power supply to ensure the safe and stable power supply in China.
In 2021, due to safety inspection, environmental protection supervision, limited quota of imported coal and other
factors, the supply and demand of coal were out of balance, and the coal supply continued to be tight, which led to
the price of thermal coal hitting record highs. Thermal power enterprises as a whole were affected by the rising fuel
cost, and their operating performance continued to be under pressure. Relevant national authorities have
successively issued policies to ease the operating pressure of power generation enterprises, ensure the coal supply
and stabilize the coal price. On October 11, 2021, the National Development and Reform Commission issued the
Notice on Further Deepening the Marketization Reform of On-grid Electricity Price of Coal-fired Power Generation,
according to which the floating range of coal-fired power generation market transaction price changed from no more
than 10% by increase and 15% by decrease to no more than 20% by both increase and decrease, and the trading price
of high-efficiency enterprise market was not subject to the restriction of 20%. In addition, the National
Development and Reform Commission has issued a series of policies, such as the Notice on Further Improving the
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Price Formation Mechanism of Coal Market, to strengthen the coal supply guarantee and reasonable price
intervention, and to improve the price transmission mechanism of electricity market.
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 Guideline No.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 power projects, and the
production and sales of electric power. It belongs to the power, heat production and supply industry classified in the
“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.
Since its foundation, the Company has always adhered to the business tenet of “Capital from the people, using it for
electricity, and benefiting the public” and adheres to the business policy of “Centering on the main business of
electricity, with diversified development”, focusing on the main business of power and making the power structure
go diversified. In addition to the development, construction and operation 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 through the grid company. As of the end of the reporting period,
the company has controllable installed capacity of 29.9426 million kilowatts, including holding installed capacity
of 28.2292 million kilowatts and equity participation installed capacity of 1.7134 million kilowatts. Including: The
holding installed capacity for coal-fired power generation was 20.55 million kilowatts, accounting for 72.8%; the
holding installed capacity for gas and electricity of 5.472 million kilowatts, accounting for 19.4%；and renewable
energy generation like wind power and hydropower of 2.2072 million kilowatts, accounting for 7.8%。.In addition,
the company is entrusted with managing the installed capacity of 8.854 million kilowatts . The above controllable
installed capacity and entrusted management installed capacity totaled 38,796,600 kilowatts.
Income source is primarily contributed by power production and sales, and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified 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 Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period, the electricity sold is 104.951 billion kilowatt-hours
,an increase of 32.49% YOY; average price stated in the consolidated statements is 465.70 Yuan/ thousands
kilowatt-hours(tax included ,the same below ), an increase of 18.43 yuan/ thousands kilowatt-hours or an increast
of 4.12% YOY;the total operating income was RMB 44,167.22million, an increase of RMB 10,564.33 million or an
increase of 31.44% YOY.
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portion
of operating costs, thus the fluctuations in coal prices have a significant impact on the company's operating
performance. During the reporting period, affected by the increase in power generation and the continuous increase
in coal prices, the company’s fuel costs were 38,663.70 million yuan, which accounted for 82.59% of the main
business costs; Affected by the sharp increase of power generation and coal price, the fuel cost increased by RMB
19,370,110 year on year. an increase of 100.4% .
During the reporting period, due to the stable and positive economic growth and other factors, the demand for social
electricity in Guangdong Province increased at a higher speed than expected, and the power supply continued to be
tight. The Company made every effort to ensure the safe production and stable supply of electricity, and the on-grid
electricity increased by 32.49% year on year. However, due to the high price of coal and gas, the on-grid electricity
price seriously dropped away from the power generation cost, and the power plant suffers a large loss. The gross
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
profit margin of the Company's main business and the net profit attributable to its parent company decreased year on
year, and the net profit attributable to its parent company was RMB -3,147.75 million, with a year-on-year decrease
of 253.26%.
Main Production and Operation Information
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 2,822.92 2604.8
Installed capacity of units that are newly put 218.12 220.4
into production ('0,000 kW)
Planned installed capacity of approved 778.8 706.1
projects ('0,000 kW)
Planned installed capacity of projects under 684.8 566.1
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 1,107.03 835.66
On-grid electricity or electricity sales 1,049.51 792.12
('00,000,000 kWh)
Average on-grid price or selling price (RMB/ 0.47 0.45
'00,000,000 kWh , including tax)
Average power consumption rate of power 5.23% 5.28%
plant (%)
Power plant utilization hours (h) 4,219 3,332
（1）Operation Information of thermal power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 2602.2 2520.2
Installed capacity of units that are newly put 82 200
into production ('0,000 kW)
Planned installed capacity of approved 664.8 435.5
projects ('0,000 kW)
Planned installed capacity of projects under 570.8 435.5
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 1077.46 810.76
On-grid electricity or electricity sales 1021.45 768.25
('00,000,000 kWh)
Average on-grid price or selling price (RMB/ 0.459 0.442
'00,000,000 kWh , including tax)
Average power consumption rate of power 5.23 5.24
plant (%)
Power plant utilization hours (h) 4606 3679
- 15 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
（2）Operation Information of wind power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 197.04 60.92
Installed capacity of units that are newly put 136.12 20.4
into production ('0,000 kW)
Planned installed capacity of approved 0 270.6
projects ('0,000 kW)
Planned installed capacity of projects under 104 130.6
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 18.32 12.79
On-grid electricity or electricity sales 17.42 12.27
('00,000,000 kWh)
Average on-grid price or selling price (RMB/ 0.682 0.657
'00,000,000 kWh , including tax)
Average power consumption rate of power 4.61 4.33
plant (%)
Power plant utilization hours (h) 2044 2033
（3）Operation Information of water power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 13.28 13.28
Installed capacity of units that are newly put 0 0
into production ('0,000 kW)
Planned installed capacity of approved 0 0
projects ('0,000 kW)
Planned installed capacity of projects under 0 0
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 3.44 4.80
On-grid electricity or electricity sales 3.39 4.72
('00,000,000 kWh)
Average on-grid price or selling price (RMB/ 0.210 0.169
'00,000,000 kWh , including tax)
Average power consumption rate of power 1.44 1.81
plant (%)
Power plant utilization hours (h) 2589 3617
（4）Operation Information of Biomass business
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 10 10
- 16 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Installed capacity of units that are newly put 0 0
into production ('0,000 kW)
Planned installed capacity of approved 0 0
projects ('0,000 kW)
Planned installed capacity of projects under 0 0
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 7.89 7.31
On-grid electricity or electricity sales 7.25 6.88
('00,000,000 kWh)
Average on-grid price or selling price (RMB/ 0.745 0.743
'00,000,000 kWh , including tax)
Average power consumption rate of power 8.11 5.88
plant (%)
Power plant utilization hours (h) 7890 7313
（5）Operation Information of photovoltaic business
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 0.4 0.4
Installed capacity of units that are newly put 0 0
into production ('0,000 kW)
Planned installed capacity of approved 260.428 30
projects ('0,000 kW)
Planned installed capacity of projects under 22 0
construction ('0,000 kW)
1. The total installed capacity is the holding installed capacity; 2. In 2021, under the same control, the Company
combined Yuehua Power Generation Company, Shajiao C Company and Yunhe Power Generation Company, so the
data of total installed capacity in the same period last year are restated. 3. During the reporting period, the
Company's photovoltaic power generation was only used in the factory.
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 sales qualification
code is SD01. Based on the business of purchasing and selling electricity, the company focuses on improving
electricity efficiency, provides customers with services such as demand response strategy, energy saving renovation,
energy consumption strategy consultation, contracted energy management, power energy storage, etc., and carries
out comprehensive energy service projects (smart energy management, carbon asset management, energy
trusteeship, energy audit, etc.) in vertical (industry) fields, large group enterprises and large parks.
In 2021, the electricity consumption of the Power Marketing Company was 45.302 billion kWh, with a year-on-year
decrease of 8.01%, in which the electricity of the holding subsidiary of the agency company is 14.823 billion kWh,
accounting for 14.12% of the Company's on-grid electricity.
- 17 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Reasons for the significant changes in the relevant data
□ Applicable √Not applicable
Related new energy power generation business
In 2021, guided by the "3060" double-carbon strategic goal, the Company adhered to the clean, low-carbon, safe
and efficient energy development strategy, and continuously optimized the power supply structure and asset
structure. By the end of the reporting period, the Company had put into operation a total of 22 new energy power
generation projects with a holding installed capacity of 1,974,400 kilowatts; There was 4 new energy projects under
construction, with a holding installed capacity of 1.26 million kilowatts. In addition, the Company has signed
cooperation framework agreements with Tumushuke City of the third division of Xinjiang Production and
Construction Corps, Dafang County, Hezhou City, Gangcha County and other local governments and in the future, it
will make full use of the existing resource advantages of local solar energy and wind energy, and cooperate in the
development of centralized and decentralized photovoltaic power generation and wind power projects, industrial
integration, carbon neutrality, etc., which is conducive to changing resource advantages into industrial advantages
and economic advantages, promoting the development of green energy and green economy, and promoting the clean
and low-carbon transformation of the Company's energy.
1. As of December 31, 2021, the new energy power generation projects controlled by the Company that have been
put into production are as follows:
Installed capacity ( '0,000
Project type Project name Shareholding ratio
kilowatts)
Wind Power Zhanjiang Xuwen Yangqian 4.95 70%
Wind Power Zhanjiang Xuwen Yongshi 4.95 70%
Wind Power Jieyang Huilai Shibeishan 10.0 70%
Wind Power Jieyang Huilai Haiwanshi 1.4 90%
Maoming Dianbai Hot 4.95 100%
Wind Power
Water
Zhanjiang Leizhou 4.95 94%
Wind Power
Hongxinlou
Zhanjiang Xuwen 4.95 100%
Wind Power
Shibanling
Wind Power Zhanjiang Xuwen Qujie 4.95 100%
Wailuo I offshore wind 19.8 100%
Wind Power
power
Xuwen Wutushan Wind 4.95 51%
Wind Power
Power
Xuwen Dengjiaolou Wind 4.95 51%
Wind Power
Power
Wind Power Pingyuan Maoping 4.8 100%
- 18 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Zhuhai Jinwan offshore 30 85.91%
Wind Power
Wind power
Zhanjiang Xuwen Wailuo II 20 100%
Wind Power
Offshore Wind Power
Zhanjiang Xuwen Xinliao 20.35 100%
Wind Power
offshore wind power
Yangjiang Shapa offshore 30 91.41%
Wind Power
wind power
Wind Power Guangxi Wuxuan 5 100%
Wind Power Hunan Xupu Taiyangshan 5 100%
Wind Power Hunan Tongdao Dagaoshan 5 100%
Decentralized Wind Power 1.08 65%
Wind Power
in Shanwei Power Plant
Wind Power Nanxiong Zhuan village 4.99 100%
Photovoltaic in Zhanjiang 0.4 51%
Biomass Power
Biomass Plant
Total 197.44
2. As of December 31, 2021, the new energy power generation projects under construction of the Company are as
follows:
Installed capacity Planned production
Project type Project name Shareholding ratio
('0,000 kilowatts) time
Wind Power Pingyuan Sishui 4 100% June 2022
Wind Power Yangjiang Qingzhou I 40 100% December 2023
Wind Power Yangjiang Qingzhou II 60 100% December 2024
Photovoltaic Zhanjiang Potou Qiantang 22 100% December 2022
Total 126
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 of more
than 114.271 billion. It is the largest listed company of power in Guangdong Province. It is the only listed company
with over 100 billion assets controlled by state-owned holdings in Guangdong province. As of December 31,2021,
The company's controllable installed capacity and entrusted managed installed capacity totaled 38.7966 million
kilowatts , accounting for 24.4% of the total installed capacity of Guangdong Province.
2. Strong background and resource advantages
- 19 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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 its resources,
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 of Guangdong
Province and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively played the
value discovery function and resource allocation function of the capital market, and assisted the reform and
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, the Company is
implementing the "1+2+3+X" strategy - to build a first-class green and low-carbon power listed company,
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 and broad development prospects; With clear main business, reasonable structure,
outstanding industrial position and market 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 coal consumption,
stable operation, superior environmental protection performance and strong market competitive advantage. In
2021, the company completed a total of 84.261 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 the province's
average. The company gives full play to its three advantages of scale, brand and service. With its marketing
service network all over the province and its technical accumulation and comprehensive resources in the power
industry, the company provides auxiliary value-added services such as peak regulation, frequency modulation and
backup for the power grid, and provides high-quality value-added services such as comprehensive energy saving
and power consumption consultation for users, thus realizing the transformation from a power generation
enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
As of December 31,2021, the company's total assets were 114.571 billion yuan, net assets were 32.746 billion
yuan, net assets attributable to the parent were 23.185 billion yuan,; Net cash inflow from operating activities was
89 million yuan, net cash outflow from investment activities was 10.263 billion yuan, and net cash outflow from
financing activities was 8.981 billion yuan. At present, the Company's total assets reach 100 billion, and the cash
flow of its stock business is abundant, which provides a good support for the Company's sustainable development.
The Company has a good asset-liability ratio and rich financing channels, and it can make full use of internal and
external financial resources, thus providing a strong financial guarantee for its production and operation, key project
construction and the 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 helping
Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will
actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push
forward the construction of key energy projects and the development of new energy resources in the province and
actively seek to expand into regions with better resource conditions and higher power demand, Help the "3060"
- 20 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
target to be implemented.
IV.Main business analysis
Ⅰ.General
In 2021, thanks to the sustained and steady recovery of China's economy, the demand for electricity in the whole
society of Guangdong Province increased at a higher speed than expected, reaching 786.663 billion kWh, a
year-on-year increase of 13.58%. In 2021, Guangdong received 189.385 billion kWh of electricity from the west
part of China, with a year-on-year decrease of 7.97%; In terms of installed capacity, the newly put-into-operation
nuclear power and thermal power units in the province had a capacity of 5.79 million kilowatts, and the newly added
installed capacity of unified regulation accounted for 3.65% of the unified regulation capacity. Affected by factors
such as the reduction of power transmission from the west, the shortage of steam turbine caused by the high price of
natural gas, and the synchronous increase of peak shaving demand caused by the substantial increase of renewable
energy in Guangdong Province, the utilization hours of coal-fired power generation in Guangdong Province have
increased significantly. During the reporting period, the power consumption of the Company's coal-fired units was
85.519 billion kWh, with a year-on-year increase of 51.43%; The electricity consumption of the steam turbines was
16.627 billion kWh, with a year-on-year increase of 42.27%; The wind power on-grid electricity consumption was
1.742 billion kWh, with a year-on-year increase of 41.97%.
In 2021, the Company's market-oriented transaction scale continued to expand, and the discount rate was further
increased. The average on-grid electricity price of the consolidated statement was RMB 465.70/thousand kWh
(including tax, the same below), with a year-on-year decrease of RMB 2.08/thousand kWh, or 0.44%. As the price
of coal and gas continues to rise, the on-grid electricity price is greatly dropped away from the cost of power
generation fuel, resulting in a loss in the Company's power generation business. By the end of 2021, according to the
consolidated statements, the total assets of the Company were RMB 114.271 billion, with a year-on-year increase of
14.87%; The equity attributable to shareholders of the parent company was RMB 23.185 billion, with a
year-on-year decrease of 27.14%. According to the consolidated statements, the Company's revenue was RMB
44.167 billion, with a year-on-year increase of 31.44%; The net profit attributable to shareholders of the parent
company was RMB -3.148 billion, with a year-on-year decrease of 253.26%; And the earnings per share was RMB
-0.6 (compared to RMB 0.39 in the same period last year). The total liabilities of the Company according to the
consolidated statements were 81.526 billion, and the asset-liability ratio was 71.34%.
In 2021, the Company actively implemented the decision-making and deployment of the national strategic
objectives of emission peak and carbon neutrality, closely focused on the clean, low-carbon, safe and efficient
energy development strategy, comprehensively promoted the Company's "1+2+3+X" strategic layout, and
continuously optimized the power supply structure and asset structure. In 2021, all new energy projects such as
Zhuhai Jinwan, Yangjiang Shaba, Wailuo Phase II and Xinliao Offshore Wind Power were officially put into
production. Meanwhile, the Company actively promoted Yongan Thermal Power, Dongguan Ningzhou Gas Power,
Pingyuan Sishui Wind Power, Zhanjiang Potou Photovoltaic, Yangjiang Qingzhou Offshore Wind Power and other
projects to accelerate the pace of green and low-carbon transformation. By the end of 2021, the Company had a
controllable installed capacity of 29,942,600 kilowatts, with a year-on-year increase of 28.66%, of which the
proportion of clean energy increased to 27.2%. In the future, the Company will continue to adhere to the concept of
green development, continuously promote the optimization and adjustment of the power supply structure, actively
integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area and the Shenzhen pilot
demonstration zone and the development of "one core, one belt and one area" in Guangdong, and make due
contributions to accelerating the construction of a clean, low-carbon, safe and efficient energy system and achieving
- 21 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
the goal of emission peak and carbon neutrality.
2. Revenue and cost
(1)Component of Business Income
In RMB
2021 2020
Increase /decrease
Amount Proportion Amount Proportion
Total operating
44,167,223,887 100% 33,602,895,865 100% 31.44%
revenue
On Industry
Electric power ,
Steam sales and 43,574,329,958 98.66% 33,115,496,875 98.55% 31.58%
labor income
Other 592,893,929 1.34% 487,398,990 1.45% 21.64%
On products
Sales Electric
43,278,023,920 97.99% 32,810,398,651 97.64% 31.90%
Power
Steam income 167,971,843 0.38% 138,114,070 0.41% 21.62%
Labor income 128,334,195 0.29% 166,984,154 0.50% -23.15%
Comprehensive
utilization of fly 495,095,811 1.12% 380,944,621 1.13% 29.97%
ash
Lease revenue 48,557,619 0.11% 44,103,472 0.13% 10.10%
Other 49,240,499 0.11% 62,350,897 0.19% -21.03%
Area
Guangdong 44,042,541,802 99.72% 33,530,640,110 99.78% 31.35%
Yunnan 64,581,623 0.15% 72,255,755 0.22% -10.62%
Xingjiang 60,100,462 0.14%
Sub-sale model
Direct selling 44,167,223,887 100% 33,602,895,865 100% 31.44%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for
Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
In RMB
- 22 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Increase/decrease Increase/decrease
Increase/decrease of
of revenue in the of business cost
Gross profit gross profit rate over
Turnover Operation cost same period of over the same
rate(%) the same period of
the previous period of
the previous year (%)
year(%) previous year (%)
On products
Electricity sales income 43,278,023,920 46,541,774,902 -7.54% 31.90% 7% -27.14%
Of which：
Coal-fired power
35,283,584,475 39,459,402,833 -11.84% 44% 92.84% -28.33%
generation
Gas power generation 6,373,234,192 6,083,234,210 4.55% -9.33% 17.72% -21.93%
Wind Power generation 1,078,426,815 570,951,289 47.06% 42.68% 73.98% -9.52%
Biomass power generation 478,196,815 372,045,928 22.20% 5.84% 3.50% 1.76%
Hydropower generation 64,581,623 56,140,642 13.07% -10.53% -8.95% -1.50%
Area
Guangdong 44,042,541,802 46,665,941,467 -5.96% 31.35% 75.55% -26.68%
Reasons for great changes in related financial indicators
√ Applicable □ Not applicable
As the overall epidemic prevention and control and economic and social development in Guangdong Province continued to show
results, combined with the influence of factors such as reduction of power transmission from the west and frequent hot weather,
the electricity consumption of the whole society in Guangdong Province showed a historically high increase, and the power
supply situation was tight. The Company actively implemented the requirements of the special meeting on ensuring power
supply in Guangdong Province, and successfully completed the power protection tasks of several important nodes, resulting in a
large year-on-year increase in electricity consumption and electricity sales revenue.
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
√ Yes □ No
Classification Items Unit 2021 2020 Changes
Electric power, Sales volume '00,000,000 kWh 1,049.51 792.12 32.49%
thermal production
Production '00,000,000 kWh 1,107.03 835.66 32.47%
and supply
Explanation for a year-on –year change of over 30%
√ Applicable □ Not applicable
In 2021, due to the stable and positive economic growth and other factors, the electricity demand of the whole
society in Guangdong Province increased at a higher speed than expected, and the electricity supply continued to be
tight. The Company made every effort to ensure the safe production and stable supply of electricity, and the
electricity generation capacity and the on-grid electricity according to the consolidated statements increased greatly
year on year.
- 23 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
(4) Performance of the major sales contract, major procurement contract signed by the Company till end of the
Period
√ Applicable □Not applicable
Implementation of Signed Major Sales Contracts as of this Reporting Period
√ Applicable □Not applicable
In '0,000RMB
Amount fulfilled Whether Description of the
Contract Total contract Total fulfilled Amount to
Counterparty during the fulfilled failure to fulfill the
object amount amount be fulfilled
reporting period properly contract properly
Quantity of CHINA SOUTHERN
4,297,109.71 Yes
electricity POWER GRID
Implementation of Signed Major Purchase Contracts as of this Reporting Period
□ Applicable √Not applicable
(5)Component of business cost
Industry classification
In RMB
2021 2020
Proportion in Proportion in Increase/De
Industry Items
Amount the operating Amount the operating crease
costs (%) costs (%)
Electric power,
thermal production Fuel cost 38,663,701,630 82.59% 19,293,583,315 72.41% 100.40%
and supply
Electric power,
Depreciation
thermal production 4,100,777,693 8.76% 3,784,024,124 14.20% 8.37%
expense
and supply
Electric power,
thermal production Labor cost 1,812,303,566 3.87% 1,621,796,477 6.09% 11.75%
and supply
Electric power,
thermal production Other 2,238,017,793 4.78% 1,945,478,686 7.30% 15.04%
and supply
Note
The Company is in power sector and mainly engaged in power generation at present. The cost is composed of
fuel cost, depreciation expenses, labour cost and other expenses. Fuel cost accounts for about 82.59% of total cost.，
Mainly affected by the continuous increase in fuel prices, due to the fuel costs risen sharply year on year.
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
√Yes □No
- 24 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
New investment amount Paid-in capital at the end Proportion Acquired
Name Nature
in this period (Yuan) of period(Yuan) (%)
Guangdong Shajiao (Plant C) Business merger
Electric
Power Generation Co., ltd. 1,559,120,782 2,500,000,000 51% under the same
Power
control
Guangdong Yudean Yunhe Power Business merger
Electric
Generation Co., Ltd 1,066,562,327 755,733,258 90% under the same
Power
control
Tumushuke Thermal Power Co., Business merger not
Electric
Ltd. 800,000,000 1,006,523,900 79.48% under the same
Power
control
Guangdong Yuehua Power Business merger
Electric
Generation Co., Ltd. 541,247,838 1,004,714,000 51% under the same
Power
control
Guangdong Yudean Dananhai Electric
15,000,000 15,000,000 100% Invested
Intelligence Energy Co., Ltd. Power
Guangdong Yudean Bijie New Electric
5,000,000 5,000,000 100% Invested
Energy Co., Ltd. Power
Guangdong Yudean Baihua Electric
3,000,000 3,000,000 100% Invested
Integrated Energy Co., Ltd. Power
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the Company’s
Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Information of the Company’s top 5 sales customers
Total sales amount to top 5 customers (Yuan) 43,545,115,382
Proportion of sales to top 5 customers in the annual sales(%) 98.60%
Proportion of the sales volume to the top five customers in the total sales to
0.87%
the related parties in the year
Information of the Company’s top 5 customers
No Name Amount（RMB） Proportion
1 GPGC 42,971,097,121 97.29%
Guangdong Yudean Environmental Protection Co.,
2 378,769,439 0.86%
Ltd
3 Zhuhai Bingxing Construction Materials Co., Ltd 79,138,402 0.18%
4 Yunnan Power Grid Co., Ltd. 64,581,623 0.15%
5 State Grid Xinjiang Electric Power Co., Ltd. 51,528,797 0.12%
Total -- 43,545,115,382 98.60%
- 25 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Other explanation :
√Applicable □Not applicable
Guangdong Yudean Environmental Protection Co., Ltd. is a wholly-owned subsidiary of Guangdong Electric Power
Industrial Fuel Co., Ltd., a joint venture company of the Company. Therefore, Guangdong Yudean Environmental
Protection Co., Ltd. is related to the Company.
Principal suppliers
Total purchase of top 5 Suppliers（Yuan） 40,109,894,524
Percentage of total purchase of top 5 suppliers In total annual purchase(%) 89.66%
Proportion of purchase amount from the top 5 suppliers in the total 75.63%
purchase amount from the related parties in the year
Information about the top 5 suppliers
No Name Amount（Yuan） Proportion
1 Guangdong Energy Group Co., Ltd 33,831,983,322 75.63%
2 Guangdong Zhujiang Investment Electric Fuel Co., Ltd. 2,010,234,422 4.49%
3 Guangdong Dapeng ING Co., Ltd 1,786,609,453 3.99%
4 Jiangsu Longyuan Zhenhua Marine Engineering Co., Ltd. 1,491,067,326 3.33%
5 Harbin Electric Corporation 990,000,000 2.21%
Total -- 40,109,894,524 89.66%
Other explanation :
√ Applicable □Not applicable
Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Energy Group") is the controlling shareholder of the
Company, and has an associated relationship with the Company. The amount of related suppliers between the
Company and Energy Group listed here covers all related transactions between the Company and Energy Group and
its subsidiaries.
3.Expenses
In RMB
Increase/Dec
2021 2020 Notes
rease(%)
Sale expenses Mainly due to the company's added full-time
sales staff and increased business costs
65,407,040 58,905,940 11.04%
caused by the deepening of electricity
market.
Administration expenses 1,101,123,287 1,019,221,183 8.04%
Financial expenses It is mainly affected by the expense of
interest of units newly put into production
1,371,365,945 1,240,992,920 10.51%
and the increase of capital demand for new
projects.
- 26 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
It was mainly due to the company's
collection and recognition of R&D expenses
R & Development expenses 584,714,979 324,923,064 79.95% in accordance with the new standards this
year, and the substantial increase in R&D
investment of subordinate units.
4.R& D Expenses
√ Applicable □Not applicable
Expected impact on the
Name of main R&D Project
Project purpose Goal to be achieved future development of the
project progress
Company
To design a coal type adaptive control
The adaptability of the coordinated function based on standard coal, which
control system, the amount of coal, the is suitable for the coordinated control It ensures the Company to
Study on adaptability
matching of primary air and secondary system of circulating fluidized bed implement the strategy of
of DCS coordinated
air with the steam turbine are studied unit. The sliding pressure control coal diversification, and
control system to Completed
when the 300MW fluidized bed unit principle is deeply studied, and the DCS can quickly adapt to the
multiple coal types
burns a number of coals with different control function is optimized. While combustion regulation of
for burning
calorific values and ash contents so as to ensuring the unit efficiency, the different coal types
realize the stable and rapid load change frequency of manual intervention by
operators is reduced.
R&D of stable and
Reduce powder pipe blockage and Improve the boiler combustion Improve unit safety and
efficient boiler Completed
uneven distribution economy economy
pulverizing system
Research and
Study the zero discharge treatment
application of zero Realize the recycling of production
process and application of waste based Improve the recycling level
discharge of and domestic water in island power
on the composition analysis of industrial Completed of production and domestic
wastewater in plants, and build green environmental
wastewater of gas-steam combined cycle water in power plants
gas-steam combined protection
unit
cycle power plant
The Project is based on the feasibility
Strengthen the start-up mode of the Realize the isolated island
Feasibility Study on study of Mitsubishi M701F single-shaft
unit, realize the isolated island operation ability of power
Black Start of gas-steam combined cycle unit, which
operation capability of the power plant, and improve the
Single-shaft M701F can recover the system operation Completed
plant, and improve the power plant power plant production and
Combined Cycle Gas independently when the system is not
production and the safe operation safe operation ability of
Unit powered by power grid in case of
capability of the power grid. power grid
large-scale outage in power grid.
Research and Energy storage system is a third-party The 20MW/9.953MWh grid-level Improve the FM
Completed
application of energy auxiliary service provider for energy storage system based on performance of the unit,
- 27 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
storage frequency Guangdong FM market access, which is lithium iron phosphate cell is built on increase the FM mileage and
modulation (FM) of characterized by quick adjustment and the side of #3 and #4 generator sets, compensation income, and
Unit 3 and Unit 4 in accurate response, and can greatly and the energy storage system adopts meanwhile reduce
Shanwei Power Plant improve the FM performance of the unit, the "one-for-two" mode, which is used equipment wear, reduce coal
increase the bid winning probability, FM for the combined units to participate in consumption, increase
mileage and revenue of the unit. AGC FM of power grid. operation safety, etc., so as
to strive for the priority of
generating electricity on grid
in the electricity market.
Analyze the problems still existing in the
Research and drainage system of the whole plant,
application of deep further optimize the water flow so as to
water saving realize the cascade utilization of
technology and wastewater, and solidify the terminal Achieve zero discharge of wastewater Reduce environmental
Completed
terminal wastewater wastewater, so as to eventually realize in the whole plant hazards.
solidification the zero discharge of wastewater in the
technology in whole plant and completely eliminate
thermal power plant the hidden dangers of environmental
protection.
Through advanced control technologies
(MPC adaptive, ADRC active
disturbance rejection, IFC internal
feedback, self-learning control, etc.), the
automatic control of the reheat flue gas
Research and
temperature, denitration and ammonia
application of
injection control of a unit (temporarily Improve the stability and
advanced control Improve the thermal automation level
No.4 unit) is optimized, and the reheater reliability of the unit control
technology in Completed of the corresponding control system of
desuperheating water and ammonia system, save energy and
ultra-low emission the unit.
injection amount are reduced by reduce emissions.
control and energy
accurately controlling the reheat steam
saving of units
temperature and NOx concentration, so
as to achieve the effect of energy saving
and consumption reduction of the unit,
and ensure the maximum economic
benefit of the unit.
Research and
application of control
Cooperate with the research institute Improve the company's
technology for
Cooperate with group research institute In to carry out fuel cell research and research ability and promote
210KW
to develop fuel cell research. operation implement the application of the company's new energy
high-temperature
technology. development business.
fuel cell power
generation system
Research on Through the application of new Completed By improving the construction Make the electric
- 28 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
high-voltage waterproof and anticorrosive materials technology, improve the service life of precipitator system run
insulation and processes, the service life of the top the top plate of the electric precipitator safely and stably, and the
technology of plate and the waterproof and moisture and the rain-proof and moisture-proof environmental protection
electric precipitator proof performance of the whole structure performance of the whole structure. indexes meet the
for generator sets of the electric precipitator can be Improve the internal environment of requirements.
prolonged, the internal environment of the electric precipitator, avoid the
the electric precipitator can be further breakdown of high-voltage insulators
improved, the insulation performance of due to the degradation of insulation
high-voltage insulators can be prevented performance, and improve the overall
from decreasing or even being broken safety, reliability and stability of the
down, and the safety, reliability and electric precipitator system.
stability of the electric precipitator
system can be effectively improved.
Research and
The realization of highly
application of Realize "one-key start-stop" at the
Realize automatic control of unit start intelligent control of the unit
one-key start-stop of thermal system level, which is the first
and stop, reduce manpower input and In provides important technical
intelligent control time in China to adopt the strategy of
achieve energy saving and emission operation support for the subsequent
system for gas-steam "self-intelligent and automatic
reduction construction of smart power
combined cycle equipment" as the basic logic.
plants.
cogeneration unit
Company's research and development personnel situation
2021 2020 Increase /decrease
Number of Research and
Development persons 1,097 1,027 6.82%
(persons)
Proportion of Research and
11.65% 11.08% 0.57%
Development persons
Academic structure of R&D
—— —— ——
personnel
Bachelor 755 717 5.30%
Master 104 83 25.30%
Doctor 2 0
Age composition of R&D
—— —— ——
personnel
Under 30 years old 84 81 3.70%
30-40 years old 371 337 10.09%
Over 40 years old 620 582 6.53%
The Company's R & D investment situation
2021 2020 Increase /decrease
- 29 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Amount of Research and
Development Investment 584,714,979 324,923,064 79.95%
(Yuan)
Proportion of Research and
Development Investment of 1.32% 0.97% 0.35%
Operation Revenue
Amount of Research and
Development Investment 27,538,100 24,918,912 10.51%
Capitalization (Yuan)
Proportion of Capitalization
Research and Development
4.71% 7.67% -2.96%
Investment of Research and
Development Investment
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 the
Business 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 2021 2020 Increase/Decrease(%)
Subtotal of cash inflow received from operation activities 48,771,834,057 37,258,352,141 30.90%
Subtotal of cash outflow received from operation activities 48,812,138,068 29,503,553,505 65.44%
Net cash flow arising from operating activities -40,304,011 7,754,798,636 -100.52%
Subtotal of cash inflow received from investing activities 2,210,405,687 897,824,041 146.20%
Subtotal of cash outflow for investment activities 11,341,567,109 9,334,014,914 21.51%
Net cash flow arising from investment activities -9,131,161,422 -8,436,190,873 7.48%
Subtotal cash inflow received from financing activities 39,504,863,355 25,608,186,337 54.27%
Subtotal cash outflow for financing activities 31,715,363,283 23,868,583,548 32.87%
Net cash flow arising from financing activities 7,789,500,072 1,739,602,789 347.77%
Net increase in cash and cash equivalents -1,381,965,670 1,058,210,525 -230.59%
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
(1) Cash inflow from operating activities increased by 30.9%, mainly due to the year-on-year increase in on-grid
electricity this year.
(2) Cash outflow from operating activities increased by 65.44%, mainly due to the increase in fuel cost caused by
- 30 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
the increase in on-grid electricity and the increase in coal and gas prices this year.
(3) Net cash flow from operating activities decreased by 100.52%, mainly due to the fact that the revenue growth
this year was much lower than the cost growth.
(4) Cash inflow from investment activities increased by 146.20%, mainly due to the sale of wharf assets by Bohe
Company this year.
(5) Cash outflow from investment activities increased by 21.51%, mainly due to the year-on-year increase in fixed
assets and intangible assets purchased and built by infrastructure units such as provincial wind power and marina
bay energy companies.
(6) Cash inflow from fund-raising activities increased by 54.27%, mainly due to the fact that more cash was
received for obtaining loans caused by ensuring the completion of the power supply guarantee task and development
this year.
(7) Net cash flow from financing activities increased by 347.77%, mainly due to the increase of cash inflow from
financing activities.
(8) Net increase of cash and cash equivalents decreased by 230.59%, mainly due to the large cash outflow from
operating activities this year.
Reasons for the significant difference between the net cash flow generated by the Company's operating activities
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 2021 End of 2020
Proportion Proportion Proportion Notes to the
Amount in the total Amount in the total increase/decrease significant change
assets(%) assets(%)
Monetary fund 8,105,320,953 7.09% 9,438,414,350 9.49% -2.40%
Accounts receivable 7,030,685,357 6.15% 5,287,149,592 5.31% 0.84%
Contract assets 4,754,820 0% 3,342,276 0.01% -0.01%
Inventories 2,998,894,539 2.62% 1,683,995,018 1.69% 0.93%
Investment real estate 378,796,932 0.33% 131,191,258 0.13% 0.20%
Long-term equity
8,072,208,350 7.06% 7,297,733,122 7.34% -0.28%
investment
Fixed assets 56,943,126,256 49.83% 51,695,843,548 51.97% -2.14%
Construction in process 8,634,727,069 7.56% 8,341,336,277 8.38% -0.82%
Use right assets 5,256,124,979 4.60% 3,710,066,727 3.73% 0.87%
- 31 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Short-term loans 12,360,296,429 10.82% 7,916,440,888 7.96% 2.86%
Contract liabilities 5,864,811 0.01% 8,424,399 0.01% 0%
Long-term borrowing 28,940,577,856 25.33% 21,922,680,540 22.04% 3.29%
Lease liabilities 4,728,167,142 4.14% 3,303,235,225 3.32% 0.82%
Overseas assets account for a relatively high proportion.
□ Applicable √ Not applicable
2.Asset and Liabilities Measured by Fair Value
√Applicable □ Not applicable
In RMB
Gain/Loss on Impairment Purchased Sold
Cumulative fair
fair value provisions amount in amount in
Opening value change Other
Items change in the in the the the Closing amount
amount recorded into changes
reporting reporting reporting reporting
equity
period period period period
Financial assets
Other equity
Instrument 3,548,888,015 -246,859,333 2,291,866,066 -70,000,000 3,232,028,682
Investment
Subtotal of
3,548,888,015 -246,859,333 2,291,866,066 -70,000,000 3,232,028,682
financial assets
Total 3,548,888,015 -246,859,333 2,291,866,066 -70,000,000 3,232,028,682
Financial
0 0
Liability
Other changes
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
Asset pledge situation
On December 31, 2021, individual subsidiaries of the Group pledged the right to impose electricity charges to
banks to obtain long-term loans of RMB 6,002,119,898,of which: the balance of long-term loans due within one
year was 386,056,214 yuan (as of December 31, 2020: 4,193,207,913 yuan). including: the long-term borrowings
due within one year amounted to RMB 298,558,767.
- 32 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
VII. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
4,542,474,730.60 2,337,157,612 138.46%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Whether
Progress
Name of the Share Gain or Less to Date of
Main Investment Investment Capital Investment Product up to
Company Proporti Partner Anticipated or the Current Involve Disclosure( Disclosure Index(if any)
Business Way Amount Source Horizon Type Balance
Invested on % Income Investment in if any)
Sheet Date
Lawsuit
January
26,2019,N
ovember Published in
29,
Guangdong Wind China Securities Daily,
2019, April
Wind Power Power Capital Self Electric In normal Securities Times and
1,828,810,000 100% No Long-term 196,412,857 No 11,
Generation Generati increase Funds Power operation http//.www.cninfo.com.cn(An
2020,
Co., Ltd. on nouncement No.:2019-40,
August 28,
2019-59,2018-45,2019-05,20
2020,Dece 19-58,2020-13.
mber 5,
2020
- 33 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Guangdo
Guangdong AnnouncementNo.:2021-64
ng
Shajiao
Energy
(Plant C) Thermal Self Electric In normal October 8, Published in
Purchase 658,475,586 51% Group Long-term -273,438,892 No
Power power Funds Power operation 2021 China Securities Daily,
（Share
Generation Securities Times and
Proportio
Co., Ltd. http//.www.cninfo.com.cn
n：49%）
Yunfu
Yunda
AnnouncementNo.:2021-64
Guangdong Investme
Yudean nt Published in
Thermal Self Electric In normal October
Yunhe Power Purchase 354,276,477 90% Holdings Long-term -102,742,252 No
power Funds Power operation 8,2021 China Securities Daily,
Generation Co., Ltd.
Securities Times and
Co., Ltd.. （Share
http//.www.cninfo.com.cn
Proportio
n：10%）
Xinjiang
Jintai
Electric
Tumushuke Published in
Power
Thermal Thermal Self Electric In normal November
Purchase 800,000,000 79.48% Co., Ltd. Long-term -182,091,355 No China Securities Daily,
Power Co., power Funds Power operation 9,2021
（Share Securities Times and
Ltd.
Proportio http//.www.cninfo.com.cn
n：
20.52%）
Guangdong China AnnouncementNo.:2021-64
Thermal Self Electric In normal October
Yuehua Purchase 229,412,667.60 51% Huaneng Long-term -189,201,075 No
power Funds Power operation 8,2021
Power Group Published in
- 34 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Generation Co., Ltd. China Securities Daily,
Co., Ltd. （Share Securities Times and
Proportio http//.www.cninfo.com.cn
n：49%）
Guangdo
AnnouncementNo.:2020-69
Guangdong ng
Electric Energy
Coal Capital Self In normal December Published in
Power 180,000,000 50% Group Long-term Coal sales 115,205,500 No
sales increase Funds operation 25,2020 China Securities Daily,
Industry Fuel （Share
Securities Times and
Co., Ltd. Proportio
http//.www.cninfo.com.cn
n：50%）
Guangdo
Gudngdong ng
AnnouncementNo.:2017-14
Yudean Guokun
Huadu New Published in
Cogener Capital Self Electric In normal April
Natural Gas 136,500,000 65% Energy Long-term -5,727,287 No
ation increase Funds Power operation 26,2017 China Securities Daily,
Thermal Co., Ltd.
Securities Times and
power Co., （Share
http//.www.cninfo.com.cn
Ltd. Proportio
n：35%）
Huizhou
Guangdong Dayawan AnnouncementNo.:2021-34
Yudean Petrifacti
Dananhai Cogener Capital Self Electric In normal May Published in
on
128,000,000 80% Long-term -5,508,146 No
Intelligence ation increase Funds Industry Power operation 21,2021 China Securities Daily,
Energy Co., Zone Securities Times and
Ltd. Investme http//.www.cninfo.com.cn
nt Co.,
- 35 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Ltd.
（Share
Proportio
n：20%）
Zhaoqin
g
Guangdong Hejiang
AnnouncementNo.:2016-07
Yudean Electric
Yongan Power Published in
Cogener Capital Self Electric In normal March
Natural Gas 90,000,000 90% Develop Long-term -6,740,613 No
ation increase Funds Power operation 26,2016 China Securities Daily,
Thermal ment
Securities Times and
power Co., Co., ltd.
http//.www.cninfo.com.cn
Ltd. （Share
Proportio
n：10%）
Guangdo
Announcement No.:2021-23
ng
Shanxi
Energy Published in
Yudean Coal Capital Self In normal April
64,000,000 40% Group Long-term Coal sales 480,044,857 No
Energy Co., sales increase Funds operation 28,2021 China Securities Daily,
（Share
Ltd. Securities Times and
Proportio
http//.www.cninfo.com.cn
n：60%）
AnnouncementNo.:2020-13
Guangdong
Yudean Published in
Cogener Capital Self Electric In normal April
Binhaiwan 50,000,000 100% No Long-term -10,928,770 No
ation increase Funds Power operation 10,2020 China Securities Daily,
Energy Co.,
Securities Times and
Ltd.
http//.www.cninfo.com.cn
- 36 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Guangdong AnnouncementNo.:2021-01
Yudean
New Published in
Dananhai Cogener Self Electric In normal January
establishme 15,000,000 100% No Long-term -495,320 No
Intelligence ation Funds Power operation 29,2021 China Securities Daily,
nt
Energy Co., Securities Times and
Ltd. http//.www.cninfo.com.cn
Guangdong Solar
New
Yudean Bijie power Self Electric In normal
establishme 5,000,000 100% No Long-term -93,023 No
New Energy generati Funds Power operation
nt
Co., Ltd. on
Guangdong AnnouncementNo.:2021-36
Yudean
New Published in
Baihua Cogener Self Electric In normal June
establishme 3,000,000 100% No Long-term -18,072 No
Intelligence ation Funds Power operation 10,2021 China Securities Daily,
nt
Energy Co., Securities Times and
Ltd. http//.www.cninfo.com.cn
Total -- -- 4,542,474,730.60 -- -- -- -- -- -- 0 14,678,409 -- -- --
- 37 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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
Book value Sale Book value
Cumulative Purchase Gain/loss
Initial Mode of balance at the Changes in amount balance at the
Security Security Stock fair value amount in of the Accounting Source of the
investment accounting beginning of fair value of in the end of the
category code Abbreviation: changes in the this reporting items shares
cost measurement the reporting the this period this reporting
equity period period
period period period
Domestic Other equity
Shenzhen
and foreign 000027 15,890,628 FVM 92,080,800 30,391,200 106,581,372 122,472,000 instrument Self funds
Energy
stocks Investment
Domestic Other equity
and foreign 600642 Shenergy 235,837,988 FVM 289,878,345 119,394,337 173,434,694 409,272,682 instrument Self funds
stocks Investment
Domestic Other equity
and foreign 831039 NEEQ 3,600,000 FVM 11,628,000 4,356,000 12,384,000 15,984,000 instrument Self funds
stocks Investment
Total 255,328,616 -- 393,587,145 154,141,537 292,400,066 0 0 0 547,728,682 -- --
Disclosure date for the notice of
October 31,2019
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting (If
any)
- 38 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
（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
Net profit
contribut
Ratio of
ed by this Whether Whether Whether it is
net profit Relationshi
asset to all the all the implemented
contribut p with the
the listed Whether property creditor's as planned, if
Impact of ed by the counterpart
company Pricing it is a rights of rights not, the
Sold Dat Transaction the sale on sale of y
Counterpar from the principle related the assets and debts reasons and Disclosu Disclosure
asset e of price (RMB the assets to (applicable
ty beginning for asset party involved involved measures re date index
s sale '0,000) Company the total to related
of this sales transacti have have taken by the
(Note 3) net profit party
period to on been been Company
of the transaction
the date transferre transferre shall be
listed s)
of sale d d elaborated.
company
(RMB
'0,000)
Guangdong Bohe Aug 280,032.7 5,888 This asset - According Yes The NO NO Yes August Announcement
- 39 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Electric Coal ust sale does to Company 14,2021 on Related
Power Whar 31,2 not affect evaluation is a Party
Industry f 021 the results of subsidiary Transactions of
Fuel Co., Company's state-owne with a Guangdong
Ltd. business d assets 67.39% Yudean Bohe
continuity filed by the shareholdin Energy Co., Ltd.
and competent g by Selling Terminal
manageme authority Guangdong Assets
nt stability, Energy (2021-53) was
and Group Co., published in
increases Ltd., and China Securities
the thus is Journal,
Company's company`s Securities Times
current net related and CNINF
profit by party.
about
RMB
58.88
million.
- 40 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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 the Company
In RMB
Company Sectors Registered
Company Name Total assets Net assets Turnover Operating profit Net Profit
type engaged in capital
Power
generation
Bohe Energy
Subsidiary and power 6,200,891,390 9,502,337,223 4,134,623,594 2,782,274,837 26,050,041 -20,922,634
Company
station
construction.
Power
Zhanjiang generation
Electric Power Subsidiary and power 2,875,440,000 3,917,310,215 3,704,967,935 2,244,415,610 373,119,711 -304,090,266
Company station
construction.
Power
Jinghai Power generation
Generation Subsidiary and power 2,919,272,000 8,355,804,109 2,982,926,166 6,657,485,630 -2,640,674,340 -509,356,177
Company station
construction.
Power
Red Bay Power generation
Generation Subsidiary and power 2,749,750,000 6,462,999,626 2,720,782,057 5,009,175,976 609,255,573 -488,495,726
Company station
construction.
Power
generation
Huizhou Natural
Subsidiary and power 1,499,347,500 3,269,713,548 1,975,522,903 3,639,314,264 -117,742,041 84,762,958
Gas Company
station
construction.
Power
Pinghai Power generation
Generation Subsidiary and power 1,370,000,000 4,999,248,013 1,890,993,411 4,877,581,551 30,763,423 30,499,657
Company station
construction.
Shajiao C Subsidiary Power 2,500,000,000 6,916,322,968 2,986,022,873 1,999,829,883 -652,537,414 -568,004,644
- 41 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Company generation
and power
station
construction.
Power
Maoming generation
Thermal power Subsidiary and power 1,437,985,100 2,799,651,949 814,047,099 2,072,867,826 -535,823,992 -534,404,739
Plant station
construction.
Power
generation
Zhongyue
Subsidiary and power 1,454,300,000 3,536,197,372 492,625,956 2,024,912,205 -454,273,396 -469,617,490
Energy Company
station
construction.
Power
Shaoguan generation
Yuejiang Subsidiary and power 1,564,055,690 5,526,129,604 -168,796,245 3,170,945,774 -862,937,835 -879,443,743
Company station
construction.
Power
Dapu Power generation
Generation Subsidiary and power 1,040,000,000 4,146,587,931 346,910,021 2,498,375,991 -512,302,579 -526,539,763
Company station
construction.
Power
Guangdong
generation
Wind Power
Subsidiary and power 3,513,202,870 28,103,342,894 6,807,899,651 1,080,046,636 171,931,312 224,225,625
Generation
station
Company
construction.
Investment in
electric
Shanxi Yudean Shareholding power,
1,160,000,000 6,627,921,355 5,978,182,597 100,199,753 1,200,176,191 1,200,222,313
Energy Company mining, new
energy and
other projects
Provide
Energy Financial
Shareholding financial
Leasing 2,000,000,000 7,913,153,817 2,128,409,423 259,494,775 119,312,905 89,599,668
Company leasing
Company
services
Energy Group Provide
Shareholding
Finance Finance 3,000,000,000 24,792,312,677 4,131,339,145 752,537,763 459,334,806 364,396,202
Company
Company services
- 42 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Power
generation
Taishan Power Shareholding
and power 4,669,500,000 7,844,207,002 7,363,770,542 6,349,201,814 746,088,411 544,447,583
Generation Company
station
construction
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Way of acquiring and disposing of subsidiary Impact on the whole producing operation and
Company name
corporations within the reporting period performance
During the reporting period, the Great South China Sea
Guangdong Yudean Dananhai
Invested Smart Energy Project was in the preliminary stage, and
Intelligence Energy Co., Ltd.
the construction was not commenced.
During the reporting period, Baihua Integrated Energy
Guangdong Yudean Baihua Integrated
Invested Project was in the preliminary stage, and the
Energy Co., Ltd.
construction was not commenced.
During the reporting period, Bijie New Energy Project
Guangdong Yudean Bijie New Energy
Invested was in the preliminary stage, and the construction was
Co., Ltd.
not commenced.
During the reporting period, Tumushuke Project had
suffered a net loss of RMB 39,677,914, with a net asset
Tumushuke Company Business merger not under the same control
of RMB 770,988,573 from the date of purchase to the
end of the year.
During the reporting period, Shajiao ( Plant C) Power
Shajiao(Plant C) Power Generation Generation Project Suffered a net loss of RMB
Business merger under the same control
Company 568,004,644 this year, with a net asset of RMB
2,986,022,873 .
During the reporting period, Yunhe Power Generation
Guangdong Yudean Yunhe Power
Business merger under the same control Project Suffered a net loss of RMB113,761,370 this
Generation Co.,Ltd.
year, with a net asset of RMB 1,167,270,828.
During the reporting period, Yuehua Power Generation
Guangdong Yuehua Power Generation
Business merger under the same control Project Suffered a net loss of RMB 366,848,863 this
Co., Ltd.
year, with a net asset of RMB 981,909,386.
Note
1. During the reporting period, due to the high price of coal and gas, the cost of power generation increased
substantially, and the Company's thermal power suffered a loss compared with the same period of last year;
2. In 2021, the Company's Zhuhai, Pingyuan, Xinliao and Wailuo Phase II projects were put into operation, and the
wind power revenue increased year on year. However, the Company's wind power profit was basically the same as
that of the previous year due to the year-on-year increase in depreciation and period expenses;
3. Investment income from affiliated companies of the Company increased year on year, mainly due to the rising
coal price, and investment income from Shanxi Energy and Fuel Company increased greatly year on year.
- 43 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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
Currently, China's power generation industry continues to present a diversified competition pattern. The main
generator sets of the Company are mainly in Guangdong Province, where there are many other power producers,
which are greatly affected by the power transmission from west to east. China's power supply structure is mainly
featured by thermal power generation. In recent years, with the proposal of "double carbon" goal and the deepening
of power supply reform, new and renewable energy sources such as wind power, photovoltaic power, nuclear power,
hydropower and biomass power generation have developed rapidly, and thermal power has gradually changed from
the main power source to the basic power source of peak regulation and frequency modulation. In 2021, the Central
Economic Work Conference proposed that the gradual withdrawal of traditional energy shall be based on the safe
and reliable substitution of new energy, and established in the basic national conditions of coal as the mainstay,
focusing on the clean and efficient utilization of coal, and promoting the optimal combination of coal and new
energy. With the further promotion of energy-saving and consumption-reducing transformation, flexibility
transformation and heating transformation of coal-fired units in the future, coal-fired generating units with large
capacity, high parameters and advanced energy saving will still be important power support. In addition, the clean
and efficient gas generator set is conducive to enhancing the peak-shaving capacity and safety reliability of the new
power system with new energy as the main body, and to building a clean, low-carbon, safe and efficient energy
system, with certain development space. To sum up, in the future, the thermal power industry will mainly rely on
developing coal power with large capacity, high parameters, advanced energy-saving, and accelerating the
development of gas power to optimize the power supply structure, promote the quality improvement and efficiency
increase by enhancing the technical R&D strength, strive for high electricity quantity and price by active marketing,
and reduce the cost by refined management; Meanwhile, the Company will actively grasp the development trend of
accelerating energy transformation under the goal of "emission peak" and "carbon neutrality", actively expand the
resources of new energy projects through multiple forms such as self-construction and acquisition, fully promote the
leap-forward development of new energy, and promote the clean and low-carbon transformation of the Company's
energy.
(II) Corporate development strategy
In the future, it will focus on energy production and supply, with consideration of comprehensive energy services,
centered by the goals of carbon peaking and carbon neutralization. Based on Guangdong and targeted at the whole
country, it will implement the "1+2+3+X" strategy- to build a first-class green low-carbon power listed company,
coordinate safety and development, optimize and strengthen the coal power, gas power and biomass power
generation business, and vigorously develop new energy, energy storage, hydrogen energy and land park
development. It will fully promote the leap-forward development of new energy; Grasp the window phase of
thermal power development and accelerate the development and construction of key projects; Explore the
distribution of multi-energy joint supply project of "integration of source network, load and storage", promote the
integrated development of "integration of wind, light and fire hydrogen storage", and build an ecological and
civilized power generation enterprise.
(III) Production and operation plans
- 44 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
In 2022, the company's consolidated statement has a budget target value of 109.212 billion kilowatt hours of
on-grid electricity, which is 4.06% higher than the actual on-grid power in 2021; The budgetary target value of the
main business revenue is RMB 50.889 billion, and an increase of 137 million yuan compared to the actual amount
of main business operating revenue of RMB 44.167 billion; The annual planned investment budget of the parent
company is RMB 6.473 billion, with an increase of RMB 5.209 billion compared with the actual investment of
RMB 4.542 billion in 2021.
(Note: The above operating plan does not represent the company's profit forecast for 2021, whether it can be
achieved depending on various factors such as changes in the electricity market and coal market conditions, thus
there is considerable uncertainty, and investors should pay special attention to it.)
（IV）Possible risks and countermeasures
1. Competition in electricity market is increasingly fierce. With the acceleration of the construction of the national
unified electricity market, all industrial and commercial users entering the electricity market, the cancellation of the
base electricity of coal-fired power plants, and the continuous settlement and trial operation of the electricity spot
market throughout the year, cross-regional multi-competition will not only create a broader market space for the
Company, but also bring a sharp increase in the number of market entities, an expansion of the floating range of coal
electricity prices, a continuous increase in the market transaction scale, and a more diversified trading mode, which
will further increase the competition intensity of power enterprises.
Countermeasures：First, fully expand the market. Strengthen the management of power generation process, optimize
the operation mode of units, ensure that all kinds of power contracts of thermal power units are implemented in
place, and new energy units are frequently and fully generated, and strive to achieve the Company's annual power
target. Second, strengthen the research and judgment of the electricity market, dynamically optimize the market
competition strategy, continuously improve and strengthen the construction of the electricity marketing system,
strive for the electricity price of market-oriented transactions to be higher than the market average level, further
improve the cooperative operation mechanism of the spot electricity market, and scientifically formulate trading
strategies. Third, focus on cost control. Firmly adhere to the principle of "frugality", strictly control general
management expenses and unproductive expenses, strive to control power generation costs and operating costs, and
improve the Company's market competitiveness.
2. Fuel prices are hovering at a high level. Affected by safety inspection, environmental protection supervision,
limited import quotas and other factors, the fuel supply continues to be tight, resulting in fuel prices hitting record
highs, plus geopolitical uncertainties and other factors, therefore, the uncertainty in the future trend of fuel prices
increases, and the Company's operating performance may continue to be under pressure.
Countermeasures ： First, continuously follow up the dynamic situation of the Company's coal supply and
consumption, strengthen cooperation with fuel companies, establish an analysis model of fuel supply and
consumption and an inventory structure model, scientifically optimize power generation and fuel procurement
strategies, control fuel procurement costs, reduce fuel capital occupation, and form an inventory strategy that takes
into account both supply guarantee tasks and economic benefits. Second, solidly promote new achievements in
benchmarking world-class work. By benchmarking the implementation plan and work list through dynamically
updating, learn from the valuable practical experience of industry and business benchmarking, promote the
improvement of management innovation, and promote the Company's cost reduction and efficiency increase with
more refined and advanced management.
3. The work safety situation is complicated. Some thermal power units in the Company have been running for many
years, and the aging problem of the unit is prominent. Some contractors' safety management is not in place, on-site
operators' safety awareness is insufficient, and illegal operations sometimes occur.
- 45 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Countermeasures：First, thoroughly implement the responsibility system for work safety, organize personnel at all
levels to sign the responsibility form for work safety, decompose and implement all work safety objectives level by
level. Second, strengthen the equipment O&M management, earnestly well ensure the inspection and defect
elimination of equipment points, strengthen the analysis and investigation of hidden defects, eliminate common
hidden dangers of power plant equipment, and properly guarantee the closed-loop rectification of safety inspection.
Third, strengthen the safety education and training of all employees and contractors, popularize the new Work Safety
Law in an all-round way, enhance employees' safety awareness, and meanwhile, strengthen emergency rescue and
fire drills, and strive to prevent and resolve the risk of heavy casualties and property losses.
4. The structural adjustment of power supply has been strengthened. With the gradual implementation of China's
dual-carbon goal, energy production and consumption are accelerating the transition to green and low-carbon, a new
power system with new energy as the core is accelerating, and thermal power will gradually change from the main
power source to the basic power source. By the end of 2021, the installed capacity of the Company's coal-fired
power accounted for 72.8%, which is a high proportion; The Company's main power generation assets are located in
Guangdong Province, and the competition among power units inside the province is intensifying. The newly
installed nuclear power and the growth of renewable energy will further squeeze the on-grid power of thermal power
units, plus the influence by factors such as "West-to-East Power Transmission", accelerated electricity market
reform and carbon emission, as a result, the Company needs to vigorously promote the investment and construction
of new energy projects, continuously optimize and adjust the power supply structure, and accelerate the clean and
low-carbon energy transformation.
Countermeasures; First, the Company will actively increase investment in new energy projects and accelerate the
progress of new energy projects according to the national double-carbon goal and the relevant requirements of new
energy development planning. Third, deeply explore the distributed energy supply of cold, heat, electricity and gas,
as well as the infrastructure construction such as electricity exchange, charging piles and energy storage as well as
the development and utilization of hydrogen energy. Fourthly, continuously optimize the management of carbon
assets, make full use of internal and external resources, utilize the advantages of group operations, strengthen the
management of carbon emission data and management of carbon asset operation, enhance internal coordination,
promote energy conservation and carbon reduction, and realize the increment and profit of carbon assets.
XII.Particulars about researches, visits and interviews received in this reporting period
1.Particulars about researches, visits and interviews received in this reporting period
√ Applicable □Not applicable
Main contents discussed
Way of Types of Visitors
Reception time Place of reception and information Basic index
reception visitors received
provided
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Haitong
investor activity record cord Form of Investor Relations A
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March 4,2021 the 36th floor of the Field research Organization Southern
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- 46 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
network participated in investor activity record cord Form of Investor Relations A
the Company's form for details of the ctivities of Guangdong Electric Po
performance discussion. No wer Development Co., Ltd."disclo
briefing information is provided sed by the interactive platform （
through the by the Company 2021002）
panoramic
network
platform
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the 36th floor of the Field research Organization
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- 47 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Management information is provided sed by the interactive platform （
Co., Ltd., by the Company 2021008）
Shenzhen
black stone
Asset
Management
Limited
- 48 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
IV. Corporate Governance
I. General situation
The company is strictly in accordance with “Company Law”, “Securities Law”, “Governance Standards of Listed
Company”, “Listing Rules of Stocks” and other laws and regulations requirements, constantly perfects the
corporate governance structure, standardizes corporate operations and further enhances the level of corporate
governance. The company has established the corporate “Articles of Association”, the rules of procedure of three
meetings’ operation, the working rules of the board of directors special committee, the working rules of the
general manager of company and working conditions and internal control system which basically covers all
aspects 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
reporting period, the company has amended part of the clauses in “Inside Information Management System” based
on the original systems and the requirements of the CSRC.
In 2021, the Company implemented the Guidelines for Corporate Governance of Listed Companies and the relevant
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 and refined its
main business, respected investors, and constantly improved the corporate governance level and the development
quality of listed companies. The Board of Directors organized 8 on-site meetings and 8 communication meetings,
and completed the examination and approval of 84 proposals of the Board of Directors, including regular reports,
internal control evaluation, comprehensive risk management, profit distribution plan, major investment and
financing, major related party transactions, etc., all of which were passed and effectively implemented. The Board
of Directors also convened 7 general meeting of shareholders, and all 31 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 temporary announcements, and issued 160 announcements throughout the year.
The information disclosure has been assessed 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 and the
relevant provisions of CSRC,
□ Yes √ No
There exist no difference in compliance with the corporate governance , the PRC Company Law and the relevant
provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
The company has implemented separation of operation, separation of human resource, separation of assets,
separat ion of organization and financial independence between controlling shareholder. And it has a complete
business and operations management ability. 1. Separation of operation: the Company is principally engaged in
the electricity generation and sales to Guangdong Electric Power Holding Co.(“GPHC”) directly. The Company
has subcontracted the subsidiary of Yudean, the holding company, to purchase the fuels, which is solely for the
purpose of better utilization of large-scale purchase and cost control. 2. Separation of human resource: the General
Manager and all his subordinates, Secretary to the Board of Directors, Financial Manager are paid by the
Company and take no position in the holding company. 3. Separation of assets: the Company has independent
production system, supporting system and other facilities. The Company owns its intangible assets such as
- 49 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
intellectual property rights, trademarks and non-patent technology; 4. Separation of organization: the Company
has established integrated operating institution of its own.5.. Financial independence: the Company has an
independent financial department and has established independent accounting system and financial management
system. It opened independent bank accounts for its own operation.
III. Competition situations of the industry
√Applicable □ Not Applicable
Types of Property of
Name of the Time Schedule of
relationship the
Problem Types Controlling Problems and Causes Countermeasures Works and
with listed Controlling
Shareholders Follow-up Program
companies Shareholders
Energy Group was On January 3, 2018, Our company will
established when the company actively fulfill the
Guangdong Provincial disclosed trusteeship and
Government took the lead Announcement on responsibilities
in the implementation of Controlling according to the
the “plant and network Shareholders' “Equity Custody
separation” power system Commitment to Agreement” and
reform in China, and was Perform Related participate in the
separated and formed Matters (public management and
from Guangdong notice No.: decision-making and
Provincial Power Group 2018-01); on inspection and
Corporation. It is the January 13, 2018, supervision of the
largest and most powerful the company custody target. The
power generation disclosed company will
enterprise in Guangdong Announcement of cooperate with
Guangdong
Horizontal Controlling Local Province. Yudean Power Related Energy Group to
Energy Group
competitions shareholder SASAC is the only listed company Transactions on the push forward the
Co., Ltd.
under the Energy Group "Equity Custody defect rectification of
and is engaged in power Agreement" signed the underlying
production business. At with Guangdong assets, study the
present, Energy Group Energy Group Co., rectification and
still has some remaining Ltd. (public notice solution to the
power generation assets No.: 2018-04). In defects and obstacles
that have not been order to avoid in the relevant assets
included in Yudean Power competition in the that do not meet the
temporarily. Considering same industry and listing conditions,
the situation of these to fulfill the promote relevant
power generation assets, relevant horizontal rectification work
it is temporarily not in competition from the aspects of
line with the listing commitments, improving project
conditions, and it is Energy Group has approval or approval
difficult to solve these signed the Entrusted procedures,
- 50 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
problems in the short Management clarifying land and
term. Therefore, there is a Agreement with the property ownership,
certain degree of company, and all enhancing asset
horizontal competition. the shareholders' profitability, and
rights other than the implementing legal
ownership, income, compliance. For
and disposal rights custody assets that
of the company that meet the listing
temporarily fails to conditions in the
meet the listing future, Energy Group
conditions in the will, in accordance
company's custody with the unified
area of the Energy deployment of the
Group are escrowed Guangdong
to our company. 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
Investor
Sessions Type Meeting Date Disclosure date Disclosure index
participation ratio
- 51 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Announcement of Resolution of
the first Provisional
shareholders’ general meeting in
The first provisional Provisional
2021，Announcement
shareholders’ General shareholders’ 72.57% February 25,2021 February 26,2021
No.:2021-09,
meeting in 2021 General Meeting
Published in China Securities D
aily, Securities Times and http//.
www.cninfo.com.cn
Announcement of Resolution of
2020 shareholders’ general
meeting ，Announcement
2020 Shareholders’ Annual General
72.58% May 20,2021 May 21,2021 No.:2021-33.
general meeting Meeting
Published in China Securities D
aily, Securities Times and http//.
www.cninfo.com.cn
Announcement of Resolution of
the Second Provisional
The Second shareholders’ general meeting in
Provisional
provisional 2021，Announcement
shareholders’ 72.60% August 2,2021 August 3,2021
shareholders’ General No.:2021-48,
General Meeting
meeting in 2021 Published in China Securities D
aily, Securities Times and http//.
www.cninfo.com.cn
Announcement of Resolution of
the Third Provisional
shareholders’ general meeting in
The Third provisional Provisional
2021，Announcement
shareholders’ General shareholders’ 73.25% August 30,2021 August 31,2021
No.:2021-59
meeting in 2021 General Meeting
Published in China Securities D
aily, Securities Times and http//.
www.cninfo.com.cn
Announcement of Resolution of
the Fourth Provisional
The Fourth shareholders’ general meeting in
Provisional
provisional 2021，Announcement
shareholders’ 73.72% October 25,2021 October 26,2021
shareholders’ General No.:2021-73
General Meeting
meeting in 2021 Published in China Securities D
aily, Securities Times and http//.
www.cninfo.com.cn
Announcement of Resolution of
The Fifth provisional Provisional
the Fifth Provisional
shareholders’ General shareholders’ 72.62% November 25,2021 November 26,2021
shareholders’ general meeting in
meeting in 2021 General Meeting
2021，Announcement
- 52 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
No.:2021-89
Published in China Securities D
aily, Securities Times and http//.
www.cninfo.com.cn
Announcement of Resolution of
the Sixth Provisional
shareholders’ general meeting in
The Sixth provisional Provisional
2021，Announcement
shareholders’ General shareholders’ 72.74% December 29,2021 December 30,2021
No.:2021-94
meeting in 2021 General Meeting
Published in China Securities D
aily, Securities Times 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
Shares Amount of Amount of Other
Number of Reasons for
Expiry held at shares shares chan
Office Starting date shares held at increase or
Name Positions Sex Age date of the increased at decreased at ges(s
status of tenure the end of the decrease of
tenure year-beg the reporting the reporting hares
period(shares) shares
in(share) period(share) period(share) )
Board August August
Wang Jin In office Male 58
chairman 2,2021 1,2024
August August
Wang Jin Director In office Male 58
2,2021 1,2024
Zheng Vice Board August August
In office Male 53
Yunpeng chairman 2,2021 1,2024
Zheng August August
Director In office Male 53
Yunpeng 2,2021 1,2024
Zheng General August August
In office Male 53
Yunpeng Manager 2,2021 1,2024
August August
Li Fangji Director In office Male 54
2,2021 1,2024
August August
Li Baobing Director In office Male 47
2,2021 1,2024
Chen August August
Director In office Male 46
Yanzhi 2,2021 1,2024
- 53 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Mao August August
Director In office Male 47
Qinghan 2,2021 1,2024
Shen Independent August August
In office Female 54
Hongtao director 2,2021 1,2024
Independent August August
Wang Xi In office Male 51
director 2,2021 1,2024
Ma Independent August August
In office Male 57
Xiaoqian director 2,2021 1,2024
Yin Independent August August
In office Male 52
Zhongyu director 2,2021 1,2024
Chairman of August August
Zhou the 2,2021 1,2024
In office Male 49
Zhijian Supervisory
Committee
Employee August August
Li Ruiming In office Male 58
supervisor 2,2021 1,2024
August August
Shi Yan Supervisor In office Female 44
2,2021 1,2024
Employee August August
Li Qing In office Male 44
supervisor 2,2021 1,2024
Independent August August
Sha Qilin In office Male 61
director 2,2021 1,2024
Tang August August
Deputy GM In office Male 59
Yongguang 2,2021 1,2024
Guo August August
Deputy GM In office Male 47
Yongxiong 2,2021 1,2024
Deputy GM, August August
Liu Wei Finance In office Male 42 2,2021 1,2024
manager
Board August August
Liu Wei In office Male 42
secretary 2,2021 1,2024
Dimissio September August
Rao Subo Director Male 57
n 18,2017 2,2021
Wen Dimissio September August
Director Male 53 2,830 2,830
Lianhe n 18,2017 2,2021
Dimissio September September
Chen Ze Director Male 52
n 18,2017 23,2021
Dimissio February August
Yan Ming Director Male 50
n 21,2019 2,2021
- 54 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Employee Dimissio AAugust August
Liang Peilu Male 57
supervisor n 2,2019 2,2021
Independent Dimissio August
Sha Qilin Male 60 May 20,2014
director n 2,2021
Chairman of
Zhang the Dimissio August August
Male 60
Dewei Supervisory n 14,2012 2,2021
Committee
Zhu Independent Dimissio August
Male 64 May 20,2014
Weiping Supervisor n 2,2021
Jiang Independent Dimissio August
Male 53 May 20,2014
Jinsou Supervisor n 2,2021
Employee Dimissio December August
Hu Jinpei Male 58
supervisor n 23,2020 2,2021
Total -- -- -- -- -- -- 2,830 0 0 0 2,830 --
1.Basic situation
Indicate whether any director, supervisor or senior management resigned before the expiry of their tenure during
the Reporting Period
□ Yes √ No
Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
Name Positions Types Date Reason
Rao Subo Director Left for term expiration August 2,2021
Wen Lianhe Director Left for term expiration August 2,2021
Chen Ze Director Dimission September 23,2021 Job change
Yan Ming Director Left for term expiration August 2,2021
Liang Peilu Employee director Left for term expiration August 2,2021
Sha Qilin Independent director Left for term expiration August 2,2021
Zhang Dewei Chairman of the Supervisory Committee Left for term expiration August 2,2021
Zhu Weiping Independent Supervisor Left for term expiration August 2,2021
Jiang Jinsuo Independent Supervisor Left for term expiration August 2,2021
Hu Jinpei Employee supervisor Dimission August 2,2021 Job change
- 55 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
2.Posts holding
Work Experience in the past five years of Directors, supervisors and senior Executives in Current office
Mr. Wang Jin, born in May 1963. He holds a Bachelor of Engineering from Nanjing Institute of Technology and a
Master of Business Administration from Jinan University. He is now a senior engineer,and currently serves as
chairman of Guangdong Electric Power Development Co., Ltd., He once served as director of boiler maintenance
workshop in Shaoguan Power Plant, director of Engineering Technology Department of Zhuhai Power Plant’s
Planning and Construction Department, deputy director of Zhuhai Power Plant, executive deputy general manager
of Guangzhu Power Generation Co., Ltd. and general manager of Zhuhai Power Plant Co., Ltd., general manager
and secretary of the Party Committee of Guangdong Zhuhai Jinwan Power Generation Co., Ltd., general manager
of Guangzhu Power Generation Co., Ltd., the deputy chief engineer and the manager of the Department of
Management and the secretary of the Party Branch of Guangdong Energy Group Co., Ltd., and concurrently
served as director of Guangdong Electric Power Development Co., Ltd.
Mr. Zheng Yunpeng, born in October 1968, Bachelor of South China University of Technology and MBA of Jinan
University, is a senior engineer. Currently, he is the general manager of Guangdong Electric Power Development
Co., Ltd. He had served as Deputy Minister of Strategy Development Department of Guangdong Yudean Asset
Management Co., Ltd., Deputy Minister of Strategy Development Department of Guangdong Energy 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 Environmental Protection Engineering
Management Company, Factory Director and Secretary of the Party Committee of Huangpu Power Plant, General
Manager of Yuehua Power Generation Company, General Manager and Secretary of the Party Branch of
Guangdong Yudean Natural Gas Co., Ltd.
Mr. Li Fangji, born in November 1967, is a senior engineer. He holds a bachelor degree from Beijing Institute of
Water Resources and Electric Power Economics and Management and a master degree in engineering from
Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong Energy Group Co., Ltd. and
concurrently serves as Minister of Strategy Development Department and Secretary of Party 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 Development Co., Ltd., Assistant to General
Manager, Chairman of the Labor Union, Deputy General Manager, General Manager, 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 of strategy 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 a
senior economist. Currently he is the Minister of Finance Department and Secretary of the Party Branch of
Guangdong Energy Group Co., Ltd.,He served as Assistant to General Manager of Budget and Finance
Department and Director of Asset Management Department of Guangzhou Lingnan International Enterprise
Group Co., Ltd., Manager of Investment Department and Deputy General Manager of Guangdong Yudean Finance
Co., Ltd., and had concurrently served as General Manager of Shenzhen Tianxin Insurance Brokers Co., Ltd.and
Vice Minister，Minister and Secretary of the Party Branch of Finance Department of Guangdong Energy Group
Co., Ltd.
Mr. Mao Qinghan, born in October 1974. Bachelor Degree of Engineering from Hunan University, Master Degree
of Engineering from South China University of Technology. Engineer He is currently the Assistant General
- 56 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Manager of Guangzhou Development Group Co., Ltd., the Party Secretary and Executive Director (Legal
Representative) of Guangzhou Development Electric Power Group Co., Ltd. He used to be the Secretary and
Director of the Party General Branch of Xicun Thermal Power Plant of Guangzhou Power Plant, the Deputy
General Manager of Guangzhou Power Plant, the Secretary of the Party General Branch of Guangzhou Power
Plant Co., Ltd., the Secretary and General Manager of the Party General Branch of Guangzhou Wanglong Thermal
Power Co., Ltd., the Safety Director of Guangzhou Development Group Co., Ltd. and the General Manager of
Safety, Health and Environmental Management Department, and the Party Secretary and General Manager of
Guangzhou Development Electric Power Group Co., Ltd.
Mr. Chen Yanzhi, born in July 1975, graduated from Guangdong University of Technology with a bachelor's degree,
Senior Political Engineer. He is currently the Deputy Secretary of the Party Committee and Chairman of the Trade
Union of Guangdong Electric Power Development Co., Ltd. He used to be the Assistant Engineer of the Technical
Improvement Company of Guangdong Electric Power Industry Bureau, the special person in charge of the Labor
and Wage Division, the special person in charge of the personnel of Tianshengqiao First-class Hydropower
Development Co., Ltd., the special person in charge of the Human Resources Department and the Manager and
Deputy Head of the Personnel Division of Guangdong Yudean Group Co., Ltd.
Ms. Shen Hongtao, born in August 1967, PhD of management of Xiamen University, professor, doctoral
supervisor. Currently, she is a professor in accounting department of Jinan University, and concurrently serves as
member of Accounting Society of China, Standing member of Accounting Association of Guangdong Province,
editorial board member of China Journal of Accounting Studies, editorial board member of Accounting Study,
She is also an Independent directors of Guangzhou Grandbuy Co ., Ltd., Guangzhou Yuexiu Financial Holdings
Group Co., Ltd., Rongjie Co., Ltd., Guangdong Electric Power Development Co., Ltd., and Guangxi Dongcheng
Hotel Management Group Co., Ltd., She had served as deputy section head of Guangdong Provincial People's
Government, consultant of PwC International and vice president of International College of Jinan University.
Mr. Wang Xi, born in April 1970, PhD of economics of Sun Yat-sen University, professor, doctoral supervisor,
Specially-appointed Professor of Pearl-river Scholar. Currently, he serves as professor of Lingnan College of
Yat-sen University and Director of Institute of Economic Research of Yat-sen University, He is also an
independent director of Guangdong Electric Power Development Co.,Ltd., Guangzhou Yuexiu Financial Holdings
Group Co., Ltd., Zhuhai Rural Commercial Bank,Cnfinance Holdings Limited and BYHEALTH Co., Ltd. and
External director of Guangzhou Public Transport Group Co., Ltd..
Mr. Ma Xiaoqian, born in March 1964, is Ph.D.of engineering thermophysics from South China University of
Technology. He is a professor and currently serving as the director of the Key Laboratory of the Electric Power
School of South China University of Technology and concurrently serving as the deputy director of teaching
guiding committee of energy and power professional of high education of the Ministry of Education, the chairman
of the Guangzhou Energy Institute, the outside director of Guangzhou Environmental Protection Investment
Group Co., Ltd., and the independent director of Guangzhou Development Group Co., Ltd. He used to be the dean
and vice president of Electric Power College of the South China University of Technology.
Mr. Yin Zhongyu, born in February 1969. He is Master of rural finance from Northwest Agricultural University.
He is currently the general manager of the Great Wall Securities M&A Department. He previously served as a
director of the Guotai Junan M&A business and an executive director of Shanghai Longrui Investment
Consultants Company，General Manager of M & A Dept of Great Wall Securities.
Mr. Zhou Zhijian, was born in October 1972, with bachelor of Economics from Zhongnan University of Finance
and Economics and Master of Business Administration from Jinan University, and he is senior accountant. He is
- 57 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
currently the Chief Auditor, General Manager and Secretary of the Party Branch of the Audit Department of
Guangdong Energy Group Co., Ltd. He served as Manager of the Asset Operation Division of the Strategic
Development Department of Guangdong Yudean Asset Management Co., Ltd, Deputy Minister of the Finance
Department of Guangdong Yudean Asset Management Co., Ltd, Deputy Minister and Minister of the Finance
Department of Guangdong Yudean Group Co., Ltd, and Deputy Secretary and General Manager of the General
Party Branch of Guangdong Energy Group Finance Co., Ltd.
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 Energy Group Co., Ltd.
Previously, she was the special manager, director and general manager of the Cost Accounting Division of the
Finance Department of Guangdong Energy Group Co., Ltd.
Mr. Sha Qilin, currently a partner of Guangdong Nanguo Desai Law Firm, and a warehousing expert of external
directors of enterprises supervised by Guangzhou SASAC; Member of the Ministry of Justice's "National Talent
Pool of 1,000 Lawyers Handling Foreign-related Maters" and Guangdong Province's Foreign-related Leading
Talent Pool; Arbitrator of Hainan International Arbitration Court and Zhaoqing Arbitration Commission; Member
of Foreign-related Legal Professional Committee of Guangzhou Lawyers Association, and concurrently an
Independent Director of Guangdong Electric Power Development Co., Ltd. He used to be a major administrative
decision-making expert of Guangzhou Municipal People's Government (financial group) and an associate
professor of Wuhan Institute of Technology (now Wuhan University of Technology). head of investment and
development department of China Huandao Group Company, deputy chief engineer of group and chief manager
of overseas listed leading group.
Mr. Li Ruiming, born in December 1963. Bachelor degree from Guangdong Administration College, Master of
Power Engineering from Zhejiang University, Professor-level Senior Engineer. He is currently the Deputy Secretary
of the Party Committee and Secretary of Committee for Discipline Inspection of Guangdong Electric Power
Development Co., Ltd. He used to be Operation Workshop Director and Branch Secretary, Assistant to Plant
Manager and Director of Coal Water Slurry Project Office of Maoming Thermal Power Plant, Deputy Secretary of
Party Committee, Secretary of Committee for Discipline Inspection, Chairman of Trade Union of Maoming
Thermal Power Plant, Plant Manager, Secretary of Party Committee, Secretary of Committee for Discipline
Inspection and Chairman of Trade Union of Maoming Thermal Power Plant, Head of Preparatory Group of Bohe
Coal and Electricity Company, Plant Manager and Secretary of Party Committee of Yunfu Power Plant, General
Manager and Secretary of Party Committee of Yunhe Power Plant, Secretary of Party Committee, Secretary of Party
Committee, Secretary of Committee for Discipline Inspection and Chairman of Trade Union of Shajiao C Power
Plant.
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 of the
audit room. Former Yunfu Power Plant Finance Department Accounting, Guangdong Yuelong Power Co., Ltd.
Mr. Tang Yongguang, born in December 1962. Bachelor of Engineering, Chongqing University. Senior engineer.
He is currently the Deputy General Manager of Guangdong Electric Power Development Co., Ltd. He used to be a
boiler technician in Huangpu power plant, a senior engineer in the biotechnology department of Guangdong
power industry bureau, a manager of the safety supervision division of the biotechnology safety supervision
department of Guangdong Energy Group Co., Ltd., a member of the party committee and deputy manager of
Shaoguan power plant, a member of the party committee and deputy manager of Shajiao C power plant, a deputy
director of the biotechnology safety supervision department of Guangdong Energy Group Co., Ltd., and a deputy
director of the safety supervision and Production Technology department of Guangdong Energy Group Co., Ltd.
- 58 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Mr. Guo Yongxiong, born in January 1974, Bachelor of Engineering from Hehai University, Master of
Engineering from South China University of Technology, is Senior Engineer. Currently, he is deputy general
manager of Guangdong Electric Power Development Co., Ltd. He used to be in charge for the production
preparation department of Zhuhai Guangzhu Power Generation Co., Ltd, specially in charge of Engineering
Department for steam turbines of Guangdong Zhuhai Power Generation Co., Ltd as a loaned staff borrowed by
Zhuhai Power Plant, and used to be team leader and planning supervisor of Zhuhai Power Plant Maintenance
Department, Engineer of Zhuhai Guangzhu Power Generation Co., Ltd, Planning Director of Planning and
Contract Department and Planning Director of Zhuhai Power Plant Unit 3 and 4 Extension Office, Deputy
Manager 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 General Manager 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, and concurrently as manager of the board affairs department. He used to be responsible for
the financial department of Guangdong Electric Power Development Co., Ltd., and be responsible and as the host
of the Board Affairs Department, and the representatives of the company's securities affairs and Manager.
Office taking in shareholder companies
√Applicable □Not applicable
Names of the Expiry date Does he /she receive
Titles engaged in the Sharing date of
persons in Names of the shareholders of office remuneration or allowance
shareholders office term
office term from the shareholder
Li Fangji Guangdong Energy Group Co., Ltd. Vice chief engineer April 1,2018 Yes
General Manager of
Operating Management
Li Fangji Guangdong Energy Group Co., Ltd. February 1,2021 Yes
Dept and Secretary of Party
Branch
Minister of Finance and
Li Baobing Guangdong Energy Group Co., Ltd. September 1,2019 Yes
secretary of Party Branch
General Manager of the
Audit Department, secretary
Zhou Zhijian Guangdong Energy Group Co., Ltd. January 11,2021 Yes
of Party Branch, General
Auditor
Shi Yan Guangdong Energy Group Co., Ltd. Deputy GM of Finance Dept June 1,2020 Yes
Guangzhou Development Group
Mao Qinghan Assistant general manager July 1,2021 No
Co., Ltd.
Where there are more than one post, the starting time of appointment shall be the
Notes to post-holding in shareholder’s unit
starting time of the main post.
Offices taken in other organizations
- 59 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
√Applicable □Not applicable
End date Drawing remuneration
Start date of office
Name Other unit Title of office and allowance from of
term
term other unit(Y/N)
Guangdong Energy Maoming Thermal Power
Wang Jin Board chairman April 1,2019 No
Plant Co., Ltd.
Wang Jin Guangdong Red Bay Power Generation Co., Ltd. Board chairman December 1,2020 No
Guangdong Yudean Jinghai Power Generation
Wang Jin Board chairman December 1,2021 No
Co., Ltd.
Guangdong Huizhou Natural Gas Power
Wang Jin Board chairman May 1,2021 No
Generation Co., Ltd.
Wang Jin Guizhou Yueqian Electric Power Co., Ltd. Board chairman March 1,2021 No
Zhuhai Special Economic Zone Guangzhu Power
Wang Jin Board chairman July 1,2020 No
Generation Co., Ltd.
Guangdong Huizhou Pinghai Power Generation
Wang Jin Board chairman April 1,2021 No
Co., Ltd.
Guangdong Zhuhai Jinwan Power Generation
Wang Jin Board chairman July 1,2020 No
Co., Ltd.
Zheng Guangdong Yudean Huadu Natural Gas Thermal
Board chairman June 1,2021 No
Yunpeng Power Co., Ltd.
Zheng
Guangdong Yudean Bohe Coal Power Co.,Ltd. Board chairman June 1,2021 No
Yunpeng
Zheng
Guangdong Yudean Binhaiwan Energy Co., Ltd. Executive director June 1,2019 No
Yunpeng
Zheng Guangdong Yudean Dayawan Integrated Energy
Board chairman February 1,2020 No
Yunpeng Co., Ltd
Zheng Guangdong Yudean Dananhai Intelligent Energy
Executive director January 1,2021 No
Yunpeng Co., Ltd.
Zheng Guangdong Yudean Baihua Integrated Energy
Executive director February 1,2021 No
Yunpeng Co., Ltd
Zheng
Guangdong Yudean Qiming Energy Co., Ltd. Executive director April 1,2021 No
Yunpeng
Li Baobing CSPG Energy Co., Ltd. Supervisor June 1,2018 No
Li Baobing Guangdong Yudean Finance Lease Co., Ltd. Board chairman September 1,2020 No
Li Baobing Guangdong Energy Group Finance Co., Ltd. Director April 1,2020 No
Vice Board
Chen Yanzhi Shanxi Yudean Energy Co., Ltd. April 1,2021 No
chairman
Chen Yanzhi Guangdong Yudean Shipping Co., Ltd. Director April 1,2021 No
- 60 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Chairman of the
Zhou Zhijian Yangjiang Nuclear Power Co., Ltd. Supervisory February 1,2020 No
Committee
Executive director
（legal
Mao Guangzhou Development Electric Power
representative）, December 1,2017 Yes
Qinghan Enterprise Co., Ltd.
secretary of the
party committee
Executive
director,Genearl
Mao Guangzhou Development Electric Power
Manager（legal April 1,2018 No
Qinghan Enterprise Co., Ltd.
representative）
Executive
director, Geneal
Mao
Guangzhou Guangneng Investment Co., Ltd. Manager（legal April 1,2018 No
Qinghan
representative）
Shen
Accounting dept , Jinan University Professor April 1,2012 Yes
Hongtao
Shen Guangzhou Yuexiu Finance Holding Group Co., Independent
November 1,2017 Yes
Hongtao Ltd. Director
Shen Independent
Guangzhou Store Co., Ltd. September 1,2016 Yes
Hongtao Director
Shen Independent
Rongjie Co., Ltd. October 1,2017 Yes
Hongtao Director
Shen Guangxi Dongcheng Hotel Management Group Independent
June 1,2021 Yes
Hongtao Co., Ltd. Director
Wang Xi Lingnan College, Sun Yat-sen University Professor July 1,2006 Yes
Independent
Wang Xi Cnfinance Holdings Limited March 1,2019 Yes
Director
Independent
Wang Xi BYHEALTH CO., lTD. September 1,2020 Yes
Director
Guangzhou Yuexiu Finance Holding Group Co., Independent
Wang xI January 1,2019 Yes
Ltd. Director
Independent
Wang Xi Zhuhai Rural Commercial Bank Co., Ltd. July 1,2014 Yes
Director
Wang Xi Guangzhou Public Traffic Group Co., Ltd. External director August 1,2018 Yes
Ma Xiaoqian Provincial Key Laboratory, School of Electric Director July 1,2014 Yes
- 61 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Power, South China University of Technology
Guangzhou Environmental protection Investment
Ma Xiaoqian External director September 1,2016 Yes
Group Co., Ltd.
Independent
Ma Xiaoqian Guangzhou Development Group Co., Ltd. June 1,2016 Yes
Director
Independent
Ma Xiaoqian Guangzhou Hengyun Enterprise Group Co., Ltd. March 1,2021 Yes
Director
Independent
Ma Xiaoqian Guangzhou Steel Gas Energy Co., Ltd July 1,2021 Yes
Director
Assistant
Yin Zhongyu LC Securities September 1,2019 Yes
president
Sha Qilin Guangdong Nanguo Desai Law firm A lawyer, Partner March 1,2007 Yes
Taishan Nuclear power Industry Investment Co.,
Zhou Zhijian Supervisor February 1,2021 No
Ltd.
Zhou Zhijian Guangdong Energy Group Finance Co., Ltd. Director January 1,2020 No
Chairman of the
Guangdong Electric Power Development
Shi Yan Supervisory February 1,2021 No
Corporation
Committee
Shi Yan Guangdong Energy Group Guizhou Co., Ltd. Director August 1,2020 No
Chairman of the
Li Qing Guangdong Yudean Bohe Coal Power Co.,Ltd. Supervisory June 1,2021 No
Committee
Chairman of the
Guangdong Yudean Yongan Natural Gas thermal
Li Qing Supervisory March 1,2022 No
Power Co., Ltd.
Committee
Convenor of the
Li Qing Yunnan Nengtou Weixin Energy Co., Ltd. Board of March 1,2019 No
Supervisors
Chairman of the
Li Qing Shenzhen Guangqian Electric Power Co., Ltd. Supervisory December 1,2018 No
Committee
Chairman of the
Li Qing Zhanjiang Zhongyue Energy Co., Ltd. Supervisory August 1,2019 No
Committee
Guangdong Yudean Baihua Integrated Energy
Li Qing Supervisor February 1,2021 No
Co., Ltd
Convenor of the
Li Qing Guangdong Yudean Shipping Co., Ltd. Board of April 1,2021 No
Supervisors
- 62 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Li Qing Guangdong Energy Finance lease Co., Ltd. Supervisor November 1,2020 No
Tang
Guangdong Electric Industry Fuel Co., Ltd. Director March 1,2020 No
Yongguang
Tang
Zhanjiang Electric Power Co., Ltd. Director December 1,2021 No
Yongguang
Tang
Zhanjiang Zhongyue Energy Co., Ltd. Board chairman December 1,2019 No
Yongguang
Tang Vice Board
Guangdong Red Way Power Generation Co., Ltd. December 1,2020 No
Yongguang chairman
Tang Guangdong Shaoguan Yuejiang Power Generation Vice Board
April 1,2021 No
Yongguang Co., ltd. chairman
Tang Guangdong Yudean Xinhui Power Generation
Board chairman December 1,2021 No
Yongguang Co., Ltd.
Tang Guangdong Yudean Huaqing Coal Gas Union
Board chairman July 1,2020 No
Yongguang cycle Power Generation Co., Ltd.
Guo Guoneng Yudean Taishan Power Generation Co.,
Director December 1,2021 No
Yongxiong Ltd.
Guo
Guangdong Yuelong Power Generation Co., Ltd. Board chairman January 1,2022 No
Yongxiong
Guo Guangdong Yudean Yongan Natural Gas thermal
Board chairman March 1,2022 No
Yongxiong Power Co., Ltd.
Liu Wei Guangdong Wind Power Generation Co., Ltd. Director December 1,2017 No
Liu Wei Guangdong Yudean Finance Co., Ltd. Director April 1,2019 No
Guangdong Yudean Electric Power Sales Co.,
Liu Wei Director April 1,2020 No
Ltd.
Liu Wei Shenzhen Capital Group Co., Ltd. Supervisor October 1,2019 No
Vice Board
Liu Wei Guangdong Yuejia Electric Power Co., Ltd. March 1,2019 No
chairman
Guangzhou Zhujiang Natural Gas Power Vice Board
Liu Wei July 1,2020 No
Generation Co., Ltd. chairman
Liu Wei Guangdong Energy Finance lease Co., Ltd. Director November 1,2020 No
Guangdong Yudean Zhongshan Thermal Power
Liu Wei Board chairman April 1,2021 No
Plant Co., Ltd.
Liu Wei Tumushuke Thermal Power Co.,Ltd. Director December 1,2021 No
Guangdong Yudean Humen Power Generation
Liu Wei Director April 1,2021 No
Co., Ltd.
Vice Board
Liu Wei Yunnan Nengtou Weixin Energy Co., Ltd. April 1,2021 No
chairman
- 63 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Punishments to the current and leaving board directors, supervisors and senior managers during the report period
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 enjoy
corresponding employee benefits according to their position and the Company's wage system. Except such
remuneration and benefits, no other remuneration and fringe benefits shall be additionally provided；The
allowance for the independent directors and independent supervisors of the Company shall be paid according to
the standards approved by the shareholders' general meeting.
At the end of the report period, the directors, supervisors and senior executives received the actual remuneration b
efore tax was total RMB 7.7595 million .
Remuneration to directors, supervisors and senior executives in the reporting period
In RMB10,000
Remuneration
Total actually
remuneration receives at the
Name Positions Sex Age Office status
received from end of the
the shareholder reporting
period
Board
Wang Jin Male 58 In office 94.93 No
chairman
Director,
Zheng Yunpeng General Male 53 In office 91.42 No
Manager
Li Fangji Director Male 54 In office 0 Yes
Li Baobing Director Male 47 In office 0 Yes
Chen Yanzhi Director Male 46 In office 82.04 No
Mao Qinghan Director Male 47 In office 0 Yes
Independent
Shen Hongtao Female 54 In office 10.16 No
director
Independent
Wang Xi Male 51 In office 9.09 No
director
Independent
Ma Xiaoqian Male 57 In office 10.22 No
director
Independent
Yin Zhongyu Male 52 In office 8.54 No
director
- 64 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Chairman of
Zhou Zhijian the Supervisory Male 49 In office 0 Yes
Committee
Employee
Li Ruiming Male 58 In office 87.32 No
supervisor
Shi Yan Supervisor Female 44 In office 0 Yes
Employee
Li Qing Male 44 In office 42.79 No
supervisor
Independent
Sha Qilin Male 61 In office 7.32 No
supervisor
Tang
Deputy GM Male 59 In office 83.73 No
Yongguang
Guo Yongxiong Deputy GM Male 47 In office 43.68 No
Deputy General
manager,
Liu Wei Finance Male 42 In office 84.47 No
Manager,
Board secretary
Rao Subo Director Male 57 Dimission 0 Yes
Wen Lianhe Director Male 53 Dimission 0 Yes
Chen Ze Director Male 52 Dimission 0 Yes
Yan Ming Director Male 50 Dimission 0 Yes
Employee
Liang Peilu Male 57 Dimission 87.37 No
Director
Chairman of
Zhang Dewei the Supervisory Male 60 Dimission 0 Yes
Committee
Independent
Zhu Weiping Male 64 Dimission 2.5 No
Supervisor
Independent
Jiang Jinsuo Male 53 Dimission 2.14 No
Supervisor
Employee
Hu Jinpei Male 58 Dimission 28.23 No
supervisor
Total -- -- -- -- 775.95 --
- 65 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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
AnnouncementNo.::2021-01,Published in
The 19th meeting of the Ninth Board of
January 28,2021 January 29,2021
Directors China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-10,Published in
The 20th meeting of the Ninth Board of
April 8,2021 April 10,2021
Directors China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-23,Published in
The First Meeting of the Ninth Board of
April 27,2021 April 28,2021
Directors by Correspondence of 2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-34,Published in
The Second Meeting of the Ninth Board of
May 20,2021 May 21,2021
Directors by Correspondence of 2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-36,Published in
The Third Meeting of the Ninth Board of
June 8,2021 June 10,2021
Directors by Correspondence of 2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-43,Published in
The 21st meeting of the Ninth Board of
July 16,2021 July 17,2021
Directors China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-49,Published in
The 1st meeting of the Tenth Board of
August 2,2021 August 3,2021
Directors China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-52,Published in
The 1st Meeting of the Tenth Board of
August 13,2021 August 14,2021
Directors by Correspondence of 2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-56,Published in
The 2nd meeting of the Tenth Board of
August 26,2021 August 28,2021
Directors China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-61,Published in
The 2nd Meeting of the Tenth Board of September September
Directors by Correspondence of 2021 14,2021 15,2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
- 66 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
AnnouncementNo.::2021-63,Published in
The 3rd meeting of the Tenth Board of September
October 8,2021
Directors 30,2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-74,Published in
The 3rd Meeting of the Tenth Board of
October 28,2021 October 30,2021
Directors by Correspondence of 2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-77,Published in
The 4th meeting of the Tenth Board of November November
Directors 8,2021 9,2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-81,Published in
The 4th Meeting of the Tenth Board of November November
Directors by Correspondence of 2021 19,2021 20,2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-91,Published in
The 5th Meeting of the Tenth Board of December December
Directors by Correspondence of 2021 13,2021 14,2021 China Securities Daily, Securities Times and
http//.www.cninfo.com.cn
AnnouncementNo.::2021-95,Published in
The5th meeting of the Tenth Board of December December
Directors 29,2021 30,2021 China Securities Daily, Securities Times 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
Number of Number of
Whether to
board Number of board Number of
Number of attend the General
meetings board meetings board
Name of board board meetings of
attended meetings attended by meetings
director meetings meeting in shareholders
during the attended in means of attended by
absent from person twice attended
reporting person communicati proxy
in a row
period on
Wang Jin 16 8 8 0 0 No 7
Zheng Yunpeng 16 8 8 0 0 No 7
Li Fangji 16 5 8 3 0 No 7
Li Baobing 16 6 8 2 0 No 7
Chen Yanzhi 10 5 5 0 0 No 5
Mao Qinghan 16 4 8 4 0 No 7
Shen Hongtao 16 6 8 2 0 No 7
- 67 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Wang Xi 16 8 8 0 0 No 7
Ma Xiaoqian 16 8 8 0 0 No 7
Yin Zhongyu 16 7 8 1 0 No 7
Rao Subo 6 2 3 1 0 No 2
Wen Lianhe 6 1 3 2 0 No 2
Chen Ze 10 3 5 2 0 No 4
Yan Ming 6 0 3 3 0 No 2
Liang Peilu 6 1 3 2 0 No 2
Sha Qilin 6 3 3 0 0 No 2
Explanation of failure to attend the board meeting in person twice in a row
Not applicable。
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 the Company.
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 2021, the directors of the Company faithfully and diligently performed their corresponding duties in strict
accordance with the Company Law, Securities Law, Listing Rules for Stocks of Shenzhen Stock Exchange and other
relevant laws and regulations, as well as the Articles of Association and the Rules of Procedure of the Board of
Directors, paid close attention to the Company's standardized operation, production and management, carefully
reviewed the reports and related documents submitted by the Company, actively attended the Company's board
meetings, special committee meetings and general meeting of shareholders, carefully considered all proposals,
made professional, independent, objective and fair judgments, and put forward constructive opinions and
suggestions on the Company's development strategy, corporate governance and business decisions, which played an
important role in the Company's scientific decision-making and steady development. During the reporting period,
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 the resolutions
of the Board of Directors, and earnestly protected the overall interests of the Company and the legitimate rights and
interests of minority shareholders.
VII. Situation of special committees under the Board of Directors during the reporting period
Number Put forward Other
Details of
Committee Member of Meeting important information
Convening date objections
name information meeting content opinions and of duty
(if any)
s suggestions performance
- 68 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
convene
d
The Audit
Committee
worked in strict
accordance with
the Company
Law, the
regulatory rules of
China Securities
Regulatory
1. It reviewed
Commission, the
the Proposal
Articles of
on the 2020
Association and
January 28,2021 Financial
other relevant
Final
regulations,
Accounts Work
performed its
Plan.
duties diligently
and
conscientiously,
and unanimously
Audit Sha Qilin,
passed all
Committee of Shen Hongtao,
proposals
the Ninth Wang Xi, Ma 2
according to the
Board of Xiaoqian, Yin
actual situation of
Directors Zhongyu
the Company.
1. It reviewed The Audit
the accounting Committee
statements and worked in strict
notes in the accordance with
2020 Annual the Company
Report and the Law, the
2020 regulatory rules of
Financial China Securities
Report; 2. It Regulatory
March 25,2021
reviewed the Commission, the
Proposal on Articles of
the 2020 Association and
Annual other relevant
Internal regulations,
Control performed its
Evaluation duties diligently
Report; 3. It and
reviewed the conscientiously,
- 69 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Proposal on and unanimously
2021 Internal passed all
Control proposals
Self-evaluatio according to the
n Work Plan; actual situation of
4. It reviewed the Company.
the Proposal
on 2020
Annual Risk
Management
Report; 5. It
reviewed the
Proposal on
Provision for
Impairment of
Assets; 6. It
reviewed the
Proposal on
Write-off of
Assets; 7. It
reviewed the
Proposal on
Changes of
Accounting
Policies; 8. It
reviewed the
Proposal on
Hiring the
Company's
Annual
Auditing
Organization.
1. It reviewed The Audit and
the Proposal Compliance
on <2021 Committee
Audit and Semi-annual worked in strict
Compliance Shen Hongtao, Financial accordance with
Committee of Li Baobing, Report>; 2. It the Company
3 August 20,2021
the Tenth Wang Xi, Yin reviewed the Law, the
Board of Zhongyu financial regulatory rules of
Directors statements and China Securities
notes in the Regulatory
2021 Commission, the
Semi-annual Articles of
- 70 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Report. Association and
other relevant
regulations,
performed its
duties diligently
and
conscientiously,
and unanimously
passed all
proposals
according to the
actual situation of
the Company.
The Audit and
1. It reviewed
Compliance
the Proposal
Committee
on ; 2. It
Law, the
reviewed the
regulatory rules of
financial
China Securities
statements in
Regulatory
the Third
Commission, the
Quarter
Articles of
Report in
October 21,2021 Association and
2021; 3. It
other relevant
reviewed the
regulations,
Proposal on
performed its
Amending the
duties diligently
.
the Company.
1. It reviewed The Audit and
the Proposal Compliance
on the Work Committee
December 29,2021
Plan of worked in strict
Financial accordance with
Final the Company
- 71 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Accounts in Law, the
2021; 2. It regulatory rules of
reviewed the China Securities
Proposal on Regulatory
; 3. and
It reviewed the conscientiously,
2021 Annual and unanimously
Audit Report. passed all
proposals
according to the
actual situation of
the Company.
The Budget
Committee
worked in strict
accordance with
the Company
Law, the
regulatory rules of
China Securities
1. It reviewed
Regulatory
Wang Jin, Rao the Company's
Commission, the
Budget Subo, Wen 2020 Budget
Articles of
Committee of Lianhe, Zheng Implementatio
Association and
the Ninth Yunpeng, Li 1 March 25,2021 n Report; 2. It
other relevant
Board of Baobing, Liang reviewed the
regulations,
Directors Peilu, Shen Company's
performed its
Hongtao 2021 Budget
duties diligently
Report.
and
conscientiously,
and unanimously
passed all
proposals
according to the
actual situation of
the Company.
- 72 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
The Nomination
Committee
worked in strict
accordance with
the Company
Law, the
regulatory rules of
1. It reviewed China Securities
the Proposal Regulatory
on Commission, the
Recommendin Articles of
g Guo Association and
April 20,2021
Yongxiong as other relevant
the Deputy regulations,
General performed its
Manager of duties diligently
the Company. and
conscientiously,
and unanimously
Sha Qilin, passed all
Nomination
Zheng proposals
Committee of
Yunpeng, according to the
the Ninth 2
Yanming, Ma actual situation of
Board of
Xiaoqian, Yin the Company.
Directors
Zhongyu 1. It reviewed The Nomination
the Proposal Committee
on worked in strict
Recommendin accordance with
g Candidates the Company
for Law, the
Non-independ regulatory rules of
ent Directors China Securities
of the Tenth Regulatory
Board of Commission, the
July 6,2021
Directors; 2. It Articles of
reviewed the Association and
Proposal on other relevant
Recommendin regulations,
g Candidates performed its
for duties diligently
Independent and
Directors of conscientiously,
the Tenth and unanimously
Board of passed all
- 73 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Directors; 3. It proposals
reviewed the according to the
Proposal on actual situation of
Recommendin the Company.
g the Tenth
Management
Team and
Other Senior
Managers.
1. It reviewed
the Proposal The
on and Regulatory
and Wang Xi, Li
Its Supporting Commission, the
Assessment Fangji, Mao
System; 2. It Articles of
Committee of Qinghan, Ma 1 December 29,2021
reviewed the Association and
the Tenth Xiaoqian, Yin
.
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 repo
rting period
□ Yes √ No
The Supervisory Committee has no objection to the supervision matters during the reporting period.
- 74 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
IX. Particulars about employees.
1.Number of staff, professional structure and educational background
Number of in-service staff of the parent company（person） 908
Number of in-service staff of the main subsidiaries（person） 7,833
Total number of the in-service staff（person） 8,741
Total number of staff receiving remuneration in the current
8,764
period（person）
The number of the parent company and the main subsidiary’s
3,151
retired staffs who need to bear the cost（person）
Professional
Classified according by Professions Number of persons（person）
Production 4,987
Sales 150
Technical 1,890
Financial 230
Administrative 1,484
Total 8,741
Education
Classified according by education background Number of persons（person）
Doctor 2
Master 249
Universities 4,230
Colleges 2,493
Technical secondary school 402
High school and Below 1,365
Total 8,741
2. Remuneration policies
The company’s staff received the salaries and enjoyed the benefits according to the relevant provisions stipulated
in the company’s Salary Management Approach. The salary of the company’s staff (Except the management staff
who categorized in the annual salary system) basically constituted by the basic salary, post salary, 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 and
- 75 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
stressing of practical effect, focused on the main contents of the post and the practical operation skills. The
training contents included the new staff orientation training, post training, continuing education, overseas training
and 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 dividend policy
during the reporting period
□ Applicable √Not applicable
During the reporting period, the Company made a profit and the profit available to shareholders of the parent
company was positive, but no cash dividend distribution plan was put forward.
□ Applicable √ Not applicable
Profit distribution and capitalization of capital reserve during the reporting period
□ Applicable √Not applicable
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
- 76 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
XI. Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan or
Other Employee Incentive Measures
□Applicable √ Not applicable
None
XII. 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 governance structure,
internal organization design and operation mechanism meet the requirements of modern enterprise system. The
Board of Directors of the Company shall bear the ultimate responsibility for the evaluation of internal control; The
Audit and Compliance Committee shall be responsible for organizing, leading and supervising the internal control
evaluation, reviewing the internal control evaluation report, and examining and approving the rectification opinions
of major and important defects in internal control. The management of the Company is responsible for organizing
the implementation of the internal control evaluation, proposing the business or matters that should be focused on in
the internal control evaluation, and examining and approving the internal control evaluation plan and the internal
control evaluation report.
As the centralized department of internal control management, the Board Affairs Department of the Company is
responsible for organizing the internal control self-inspection, testing and evaluation in the Company, proposing
rectification schemes and specific rectification plans for the design and operation defects found, supervising the
completion of rectification, and cooperating with the internal audit department and external auditors to carry out
internal control evaluation at the enterprise level.
The Board of Directors, the Audit and Compliance Committee, the management and functional departments of
the Company earnestly perform their duties of internal control and management. Every year, the Company conducts
a comprehensive self-evaluation on the effectiveness of the internal control system, timely corrects the internal
control defects, continuously optimizes the internal control system, and effectively improves the Company'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, Guideline
No.1 for Self-discipline Supervision of Listed Companies of Shenzhen Stock Exchange -Standardized Operation of
Listed Companies on Main Board, Listing Rules for Stocks of Shenzhen Stock Exchange and relevant laws and
regulations, 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 including
financial accounting system, procurement system, asset management system, engineering project management
system, human resource management system, administrative management system, internal audit system, guarantee
management system, related party transaction system, investment and financing management system, and
subsidiary management system, to make decisions and management on major issues of the Company.
(III) Overall evaluation
In 2021, the Company conscientiously implemented the national and industry laws and regulations, the latest
supervision standards and the regulatory standards and normative requirements of state-owned assets, constantly
improved the compliance of the standard system, and well ensured revising, improving and upgrading the internal
control system; strictly implemented the "three important and one major" system, standardized major
decision-making behaviors, effectively prevented decision-making risks, enhanced scientific decision-making and
avoided decision-making mistakes; carried out in-depth internal control self-evaluation, continuously strengthened
the rectification of internal control defects, formed an effective internal control management closed loop of
"control-evaluation-improvement-control", continuously and dynamically improved the internal control
management system, and ensured that the Company maintained effective internal control in all major aspects
according to the requirements of the enterprise internal control standard system and relevant regulations, and no
factors that affect the evaluation conclusion of internal control effectiveness would occur.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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
Problems Measures
Integration Solution Subsequent
Company name Integration plan encountered in taken for
progress progress planned solution
integration solution
Tumushuke Realized the holding of
Merge
Thermal Power Tumushuke Thermal Power Co., No Not applicable Not applicable Not applicable
completed
Co., Ltd. Ltd. through capital increase.
Guangdong Acquired 51% equity of
Shajiao ( Plant C) Guangdong Shajiao ( Plant C) Merge
No Not applicable Not applicable Not applicable
Power Generation Power Generation Co., Ltd. in completed
Co., Ltd. cash.
Guangdong Acquired 90% equity of
Yudean Yunhe Guangdong Yudean Yunhe Merge
No Not applicable Not applicable Not applicable
Power Generation Power Generation Co., Ltd. in completed
Co., Ltd. cash.
Guangdong
Acquired 51% equity of
Yuehua Power Merge
Guangdong Yuehua Power No Not applicable Not applicable Not applicable
Generation Co., completed
Generation Co., Ltd. in cash.
Ltd.
XIV.Internal control self-evaluation report or internal control audit report
1.Self-evaluation report on internal control
Disclosure date of appraisal report on
April 22,2022
internal control
Disclosure index of appraisal report on Juchao Website:（http://www.cninfo.com.cn）, Self-evaluation report of internal
internal control control in 2021
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 86%
company's consolidated financial
statements
The ratio of the operating income of
units included in the scope of evaluation
accounting for the operating income on 89.33%
the company's consolidated financial
statements
Standards of Defects Evaluation
Category Financial Report Non-financial Report
Qualitative criteria of evaluation towards Qualitative criteria of evaluation
inner control deficiency of financial report towards inner control deficiency of
made by company are as follows: Ⅰ, the non-financial report made by company
inner control of financial report should be are as follows: ① significant
considered as “significant deficiency” if deficiency means one or more
the following circumstances (including but combinations of control deficiency
not limited to) occurred: ① the which may result in seriously deviating
Qualitative criteria
ineffective environmental control; ② from control goals. ② serious
irregularities appearing between company deficiency means one or more
directors, supervisors and senior combinations of control deficiency
executives; ③ serious mistakes in the whose severity and financial result are
financial statements of the current period less than those of significant
found by external audit but not the inner deficiency with possibility of deviating
control in the process of operating; ④ company from its control goals. ③
- 78 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
ineffective supervision of inner control common deficiency means other
from directorate and inner audit control deficiencies apart from
institution. Ⅱ, the inner control of significant and serious deficiencies.
financial report should be considered as
“serious deficiency” if the following
circumstances occurred: 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; ④
one or more deficiencies exist in the
control process of final financial report
and the authenticity, accuracy and integrity
of establishment can not be assured
reasonably. Ⅲ common deficiency
means, apart from the above “significant
deficiency” and “serious deficiency”, other
deficiencies exist in the inner control
process.
A quantitative criterion regards operating
receipt and gross value of assets as its yard
stick. ① inner control deficiency may
lead to loss related to profit statement,
which is measured by operating receipt.
The amount of misstatement in financial
report resulted from the control deficiency
or its combination is less than 0.5 percent
of the operating receipt, which could be
considered as the common deficiency.
That would be considered as serious
deficiency if the amount of misstatement
in financial report resulted from the
control deficiency or its combination is ①the significant deficiency means that
more than 0.5 percent but less than 1 the direct property loss is between 50
percent of the operating receipt. And that million yuan .(2) the significant
Quantitative standard would be regarded as significant deficiency means hat the direct
deficiency if that is more than 1 percent of property loss is between 30 million
the operating receipt. ② inner control yuan (including 30 million yuan) ; the
deficiency may lead to loss related to serious deficiency means that the
assets management, which is measured by direct property loss is between 30
total assets. The amount of misstatement million.
in financial report resulted from the
control deficiency or its combination is
less than 0.5 percent of the total assets,
which could be considered as the common
deficiency. That would be considered as
serious deficiency if the amount of
misstatement in financial report resulted
from the control deficiency or its
combination is more than 0.5 percent but
less than 1 percent of the total assets. And
that would be regarded as significant
deficiency if that is more than 1 percent of
the total assets.
Number of major defects in financial
0
reporting（a）
Number of major defects in non
0
financial reporting (a)
Number of important defects in financial
0
reporting（a）
- 79 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Number of important defects in non
0
financial reporting（a）
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 2021 as per the Basic Rules for Enterprise Internal Control and relevant
regulations.
Disclosure date of audit report
Disclosure
of internal control (full-text)
Index of audit report of
April 22,2022
internal control (full-text)
Internal audit report’s opinion Juchao Website: （http://www.cninfo.com.cn）2021 Audit report of internal control
Type of audit report on internal
Unqualified auditor’s report
control
Whether there is significant
No
defect in non-financial report
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 the Board of
Directors
√Yes □No
- 80 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
XV. Rectification of self-examination problems in special governance actions of listed companies
During the reporting period, according to the spirit of the Notice on Launching Special Actions for Corporate
Governance of Listed Companies (ZJHGG [2020] No.69) issued by China Securities Regulatory Commission and
other documents, the Company completed the special self-examination in an all-round way according to the list of
special self-examination for corporate governance of listed companies. Through this self-examination, it is
considered that the corporate governance of the Company as a whole conforms to the requirements of the Company
Law, the Corporate Governance Standards for Listed Companies and other laws and regulations, and the corporate
governance structure is relatively complete, with a clear division of labor and standardized operation.
The existing problems and rectification of the Company are as follows:
1. The Board of Directors of the Company has not been changed.
Rectification: The Ninth Board of Directors of the Company expired on September 18, 2020. In view of the fact that
the nomination of candidates for the new Board of Directors had not been completed, and considering the stable
operation of the Board of Directors and the normal development of the Company's business activities during the
COVID-19, the change of the Board of Directors of the Company was postponed. The Board of Directors and the
Board of Supervisors of the Company have been re-elected on August 2, 2021.
2. The meeting of the Board of Supervisors was not recorded in writing.
Rectification: Since 2021, the Company has made written minutes of all on-site meetings of the Board of
Supervisors.
3. The number of times that individual directors have not attended the board meeting in person for twelve
consecutive months exceeded half of the total number of board meetings during the period.
Rectification: The Company has timely reported the problems found in self-examination to the directors, and further
strengthened the coordination arrangement of board meetings and other measures to improve the attendance rate of
directors in person. The attendance of Company directors at the meeting in 2021 met the relevant requirements of
the standard operation guidelines of listed companies.
4. Individual directors failed to attend the board meeting in person for two consecutive times.
Rectification: The Company has timely reported the problems found in self-examination to the directors, and further
strengthened the coordination arrangement of board meetings and other measures to improve the attendance rate of
directors in person. In 2021, the directors did not fail to attend the board meeting in person for two consecutive
times.
5. Individual independent directors have served continuously for more than six years.
Rectification: The Company has completed the general election of the Board of Directors and the Board of
Supervisors on August 2, 2021, and the continuous tenure of the new independent directors complies with relevant
regulations.
6. The on-site working time of independent directors was less than 10 working days.
Rectification: The Company has strengthened the coordination arrangement, actively planned the on-site work of
independent directors, and participated in the daily detailed management of the Company by inviting independent
directors to attend performance briefings, conducting training, going to subsidiaries for survey and other measures.
In 2021, the on-site working hours of independent directors of the Company have met the relevant requirements.
7. If the related party occupied or transferred the Company's funds, assets or other resources, causing losses or
- 81 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
possible losses to the listed company, there was no accountability mechanism for relevant personnel.
Rectification: The Company has revised the Management System for Related Party Transactions of Guangdong
Electric Power Development Co., Ltd., and established the accountability mechanism for relevant personnel, which
was approved and implemented by the Fourth Extraordinary General Meeting of Shareholders in 2021 held on
October 25, 2021.
V. Environmental & Social Responsibility
I. Significant environmental issues
Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities
√ Yes □ No
Main
Implement
Company pollutant Emission
Emission Emission ed Verified Excessive
or and Emission port Total
port concentrati pollutant total emission
subsidiary specific way distribution emission
number on emission emission condition
name pollutant condition
standards
name
Emission
Standard of
Air
Concentrat
Pollutants
Shajiao A ed
Within the for Not
power Smoke emission 1 1.14 17.84 No
factory Thermal approved
plant through
Power
chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Concentrat
Pollutants
Shajiao A ed
Within the for Not
power SO2 emission 1 17.8 278.54 No
factory Thermal approved
plant through
Power
chimney
Plants
(GB13223-
2011)
Emission
Concentrat Standard of
Shajiao A ed Air
Within the Not
power NOX emission 1 29.62 Pollutants 463.57 No
factory approved
plant through for
chimney Thermal
Power
- 82 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Yudean ed
Within the for
Bohe Smoke emission 2 2.07 42.69 72 No
factory Thermal
Energy through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Yudean ed
Within the for
Bohe SO2 emission 2 10.2 218.41 974 No
factory Thermal
Energy through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Yudean ed
Within the for
Bohe NOX emission 2 33.45 699.82 1195 No
factory Thermal
Energy through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Yudean Pollutants
ed
Dapu Within the for
Smoke emission 2 1.12 33.348 593 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
- 83 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Emission
Standard of
Guangdong Air
Concentrat
Yudean Pollutants
ed
Dapu Within the for
SO2 emission 2 13.47 400.825 1447 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Yudean Pollutants
ed
Dapu Within the for
NOX emission 2 36.53 1087.3 1502 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Red Bay ed
Within the for Not
Power Smoke emission 4 2.13 98.9 No
factory Thermal approved
General through
Power
Co., ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Red Bay ed
Within the for Not
Power SO2 emission 4 9.61 489.46 No
factory Thermal approved
General through
Power
Co., ltd. chimney
Plants
(GB13223-
2011)
Guangdong Concentrat Emission
Within the Not
Red Bay NOX ed 4 33.28 Standard of 1614.62 No
factory approved
Power emission Air
- 84 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
General through Pollutants
Co., ltd. chimney for
Thermal
Power
Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Yudean Pollutants
ed
Jinghai Within the for
Smoke emission 4 2.6 173.11 1770 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Yudean Pollutants
ed
Jinghai Within the for
SO2 emission 4 19.34 1289.35 6502 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Yudean Pollutants
ed
Jinghai Within the for
NOX emission 4 35.87 2392.14 4687 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Guangdong Emission
Concentrat
Energy Standard of
ed
Maoming Within the Air
Smoke emission 2 1.53 32.15 168.12 No
thermal factory Pollutants
through
power for
chimney
plant Co., Thermal
- 85 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Ltd. Power
Plants
(GB13223-
2011)
Emission
Standard of
Guangdong
Air
Energy Concentrat
Pollutants
Maoming ed
Within the for
thermal SO2 emission 2 13.16 303.19 385.51 No
factory Thermal
power through
Power
plant Co., chimney
Plants
Ltd.
(GB13223-
2011)
Emission
Standard of
Guangdong
Air
Energy Concentrat
Pollutants
Maoming ed
Within the for
thermal NOX emission 2 25.93 609.67 689.58 No
factory Thermal
power through
Power
plant Co., chimney
Plants
Ltd.
(GB13223-
2011)
Emission
Standard of
Guangdong
Air
Huizhou Concentrat
Pollutants
Pinghai ed
Within the for
Power Smoke emission 2 2.48 92.87 700 No
factory Thermal
Generation through
Power
Plant Co., chimney
Plants
Ltd.
(GB13223-
2011)
Emission
Guangdong Standard of
Huizhou Concentrat Air
Pinghai ed Pollutants
Within the
Power SO2 emission 2 22.26 for 824.5 1670 No
factory
Generation through Thermal
Plant Co., chimney Power
Ltd. Plants
(GB13223-
- 86 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
2011)
Emission
Standard of
Guangdong
Air
Huizhou Concentrat
Pollutants
Pinghai ed
Within the for
Power NOX emission 2 38.7 1375.85 2423 No
factory Thermal
Generation through
Power
Plant Co., chimney
Plants
Ltd.
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Shaoguan Pollutants
ed
Yuejiang Within the for
Smoke emission 2 1.89 61.58 717.78 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Shaoguan Pollutants
ed
Yuejiang Within the for
SO2 emission 2 18.66 607.84 2303.55 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Emission
Standard of
Guangdong Air
Concentrat
Shaoguan Pollutants
ed
Yuejiang Within the for
NOX emission 2 36.09 1175.65 2809.07 No
Power factory Thermal
through
Generation Power
chimney
Co., Ltd. Plants
(GB13223-
2011)
Guangdong Concentrat Within the Emission
Smoke 1 1.82 19.15 360 No
Yudean ed factory Standard of
- 87 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Power emission Air
Generation through Pollutants
Co., Ltd. chimney for
Thermal
Power
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Yudean ed
Within the for
Power SO2 emission 1 9.37 112.3 2400 No
factory Thermal
Generation through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Yudean ed
Within the for
Power NOX emission 1 35.31 419.93 2400 No
factory Thermal
Generation through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Concentrat
Zhanjiang Pollutants
ed
Electric Within the for
Smoke emission 2 1 28 28 No
Power Co., factory Thermal
through
Ltd. Power
chimney
Plants
(GB13223-
2011)
Concentrat Emission
Zhanjiang
ed Standard of
Electric Within the
SO2 emission 2 15 Air 427 427 No
Power Co., factory
through Pollutants
Ltd.
chimney for
- 88 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Thermal
Power
Plants
(GB13223-
2011)
Emission
Standard of
Air
Concentrat
Zhanjiang Pollutants
ed
Electric Within the for
NOX emission 2 35 997 997 No
Power Co., factory Thermal
through
Ltd. Power
chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Concentrat
Zhanjiang Pollutants
ed
Zhongyue Within the for
Smoke emission 2 1.2 16 480 No
Energy factory Thermal
through
Co., Ltd. Power
chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Concentrat
Zhanjiang Pollutants
ed
Zhongyue Within the for
SO2 emission 2 15.39 209.32 1200 No
Energy factory Thermal
through
Co., Ltd. Power
chimney
Plants
(GB13223-
2011)
Emission
Standard of
Concentrat
Zhanjiang Air
ed
Zhongyue Within the Pollutants
NOX emission 2 25.11 373.22 1587 No
Energy factory for
through
Co., Ltd. Thermal
chimney
Power
Plants
- 89 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
(GB13223-
2011)
Emission
Standard of
Air
Shenzhen Concentrat
Pollutants
Guangqian ed
Within the for
Electric NOX emission 3 11.28 167.77 1312.5 No
factory Thermal
Power Co., through
Power
Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Huizhou Concentrat
Pollutants
Natural ed
Within the for
Gas Power Smoke emission 6 0.28 9.619 242.61 No
factory Thermal
Generation through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Huizhou Concentrat
Pollutants
Natural ed
Within the for
Gas Power NOX emission 6 25.04 1091 1774.98 No
factory Thermal
Generation through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Emission
Standard of
Air
Guangdong Concentrat
Pollutants
Yuehua ed
Within the for
Power NOX emission 2 37.995 645.456 1367.55 No
factory Thermal
Generation through
Power
Co., Ltd. chimney
Plants
(GB13223-
2011)
Prevention and control of pollution facilities construction and operation
- 90 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
During the reporting period, firstly, the Company fulfilled its environmental responsibility according to laws and
regulations, established a sound environmental management system and mechanism and an emergency
management mechanism for environmental emergencies, and integrated the green and low-carbon concept into the
process of power plant design, construction and operation. All emission indicators were better than the industry
average. Secondly, it actively responded to the national call of "energy saving and emission reduction", actively
promoted energy-saving transformation such as steam turbine through-flow transformation, comprehensively
reduced energy consumption and carbon dioxide emissions, strived to fulfill the requirements of green and
low-carbon development, and contributed to the response to climate change. Thirdly, it completed the clear water
project in an all-round way. In 2021, the water consumption per unit of power generation decreased by 22%
compared with that in 2020, with significant water-saving effect.
According to the national environmental protection plan, all the power plants affiliated to the Company actively
responded to the policy documents such as the Notice on the General Division of the National Energy
Administration on Decomposition and Implementation of the Target and Task of Energy Saving and Emission
Reduction Upgrading and Renovation of Coal-fired Power, continued to implement the energy saving and emission
reduction requirements such as the Action Plan for Energy Saving and Emission Reduction Upgrading and
Renovation of Coal-fired Power (2014-2020), and actively promoted projects such as the renovation of replacing
liquid ammonia by urea, through-flow renovation and zero wastewater discharge.
Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects
The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative
licenses.
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks, the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions, which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis, emergency command organization and responsibilities, disposal
procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and
ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in
a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage
and social harm caused by the incident, maintain social stability, and protect public health and property safety.
Environmental self-monitoring program
During the reporting period, the company’s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and regulations, and conducted self-monitoring of the environment in accordance with the monitoring program,
and announced its own monitoring results in Guangdong Province's key pollution source regulatory information
platform and the national pollution source monitoring information and sharing platform. Both the announced rate
and completion rate had reached 100%.
- 91 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Administrative penalties for environmental problems during the reporting period
Impact on the
Company or Reason of Punishme production and Company's rectification
Violation of regulations
subsidiary name punishment nt result operation of listed measures
companies
Violation of the relevant
In September 2022, the
Dayakou Power provisions of the
A fine of Increase the risk of environmental protection
Lincang Yudean Plant "put into Management Regulations
RMB environmental acceptance of Dayakou
Energy Co., Ltd. operation before on Environmental
200,000 supervision Power Plant will
acceptance" Protection of
complete.
Construction Projects
Other environmental information that should be disclosed
None.
Other environmental protection related information
√ Applicable □ Not applicable
In 2021, the Company added 12 new wind power projects with a total installed capacity of 1,361,200 kilowatts,
which was expected to contribute about 3,334 million kilowatt-hours of clean energy every year, saving about
1,050,500 tons of standard coal and 2,768,000 tons of carbon dioxide emissions, which was equivalent to
rebuilding 7,000 hectares of forest, and was of great significance to optimize the regional energy structure and
layout and promote the Company to build a clean, low-carbon, safe and efficient energy system. Meanwhile, the
Company actively promoted the high-quality development of coal-fired power, actively carried out energy-saving
and carbon-reducing transformation, formulated an energy-saving and efficiency-enhancing action plan, planned
the through-flow transformation of 11 steam turbines of 600,000 kilowatts or above, and strove to reduce the coal
consumption of coal-fired power units. In 2021, the feasibility study of the through-flow transformation of four
steam turbines has been completed, and the transformation is planned to be completed by the end of 2023, and
other units will be completed by the end of 2025. After the transformation, each unit is expected to save 10 g/kWh
of coal.
The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.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, Air
Pollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People's
Republic of China and Law of the People's Republic of China on Prevention and Control of Environmental
Pollution by Solid Waste, and the current environmental protection policies and regulations have no impact on the
Company. In 2021, the operating expenses required by the Company's thermal power plants to implement
environmental protection policies and regulations are mainly to purchase limestone and denitration materials,
totaling about RMB 325.3219 million.
2. In 2021, according to the standard, the coal consumption for comprehensive power supply of the Company's
thermal power plants is 303.31 g/kWh of coal, the sulfur dioxide emission performance value is 0.049g/kWh,
nitrogen oxide emission performance value is 0.123g/kWh, and soot emission performance value is 0.006g/kWh.
Where, the commissioning rate of desulfurization device is 100%, and the average desulfurization efficiency is
- 92 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
99.15%; The average operation rate of denitration device is 99.87%, and the average denitration efficiency is
89.10%; The average operation rate of wet electric dust removal is 100%, and the average dust removal efficiency
is 99.83%.
II. Social responsibilities
For details of the Company's social responsibility report, please refer to the Social Responsibility Report 2021
published by the Company on CNINF (http://www.cninfo.com.cn)
III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
During the reporting period, the Company closely followed the spirit of Opinions of the CPC Central Committee
and the State Council on Consolidating and Expanding the Achievements of Poverty Alleviation and Limited
Linking with Rural Revitalization, thoroughly implemented the decision-making arrangements and work
requirements of the Guangdong Provincial Party Committee and Provincial Government, and actively organized
manpower, financial resources and material resources to invest in the consolidation and expansion of poverty
alleviation and rural revitalization. Its subsidiaries, such as Yuejiang Company, Maoming Power Plant, Zhanjiang
Company and Dabu Company, did a solid job in the linking poverty alleviation with rural revitalization, earnestly
implemented the Provincial Party Committee and the provincial government, and started a new journey of helping
the town and the village.
I) Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City
Yuejiang Power Generation Company closely adhered to the work target of 2021, and worked in a solid and orderly
manner. First, consolidate the effectiveness of poverty alleviation. In 2020, 97 people from 39 households were
lifted out of poverty in Mixiashui Village, and the withdrawal rate of poverty alleviation reached 100%, on the basis
that the relatively poor villages were lifted out of poverty. In accordance with the working principle of "poverty
alleviation based on policy and responsibilities", it continued to understand and track the production and living
conditions of poverty-stricken households in Mixiashui Village, implemented the basic requirements of "one
household, one policy", and consolidated the effect of poverty alleviation. Meanwhile, it started the early warning
mechanism for the rural people with relative difficulties, timely understood and reported the production and living
conditions of the people with relative difficulties, formulated targeted assistance measures, and implemented the
assistance effectiveness. Second, well ensure the archiving of poverty alleviation files. According to the
requirements, the household files, documents, construction and other data were sorted out and improved, which
were accepted and filed by the archives in early June 2021. Third, do a good job in linking poverty alleviation with
rural revitalization. According to the requirements, it sorted out and improved the relevant ledgers of poverty
alleviation funds, poverty alleviation assets, industrial poverty alleviation and asset income, completed the
handover and ensured effective linking of poverty alleviation with rural revitalization.
II).Assistance provided by Maoming Power Plant to Xinbei Village, Shalang Town, Dianbai District, Maoming
City
In 2020, the per capita disposable income of 16 households of poverty alleviation under targeted assistance of
Maoming Power Plant was RMB 16,200, which exceeded the annual per capita disposable income standard of
RMB 8,951 for poor households with labor in poverty-stricken villages in 2020, achieving poverty alleviation. In
the first half of 2021, the annual income of the above 16 households of poverty alleviation has reached the poverty
alleviation standards, with no sign of returning to poverty, which has continuously consolidated the work
- 93 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
achievements in 2020. In addition, Maoming Power Plant sent personnel to participate in the poverty relief team
in Xinbei Village and won the honor of "Guangdong Advanced Collective for Poverty Alleviation".
III). Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
Since the poverty relief team of Zhanjiang Company went to Waiyuan Village Committee for poverty relief in
May 2016, the poverty relief team has carried out five poverty relief projects for poor households, so that poor
households will have a certain stable income in the next 20 years. Currently, all the five poverty relief projects
have produced benefits, and all the benefits have been distributed to poor households.
After five years' efforts, by December 2020, the per capita income of the original poor households (78 households
of 219 people, including 34 households with labor ability of 153 people and 44 households without labor ability of
66 people) increased from RMB 3,200 in 2015 to RMB 12,818 in 2020. Now, 100% of all poor households in
Waiyuan Village Committee have reached the poverty alleviation standard, with no sign of returning to poverty.
The poverty relief team of Zhanjiang Company has left Waiyuan Village and rushed to Xilian Town, Xuwen
County to carry out rural revitalization work.
IV). Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou City
In the first half of 2021, Dapu Power Generation Company continued to send party building instructors to help
Xiamu Village, Fenglang Town, Dapu County, Meizhou City. Party building instructors played the role of "Head
Goose Project", focused on solving the hot and difficult issues such as policy propaganda for benefiting the people,
practical handling of people's livelihood, mediation of contradictions and disputes, effectively improved the
production and living conditions of poor people, and effectively boosted Xiamu Village in poverty alleviation.
They further innovated and created the characteristics of village party building, created a strong learning
atmosphere for party members, always reminded the majority of party members and cadres to devote themselves
to the construction of new countryside with full work enthusiasm, and contributed to the development of party
building to boost rural revitalization, win the tough fight of poverty alleviation and achieve the well-off goal. By
June 30, 2021, there were 67 poor households (including 41 low-income poor households, 15 poor households
with five guarantees and 11 general poor households), and 138 poor people, all of whom had been lifted out of
poverty stably.
V). Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen County
Zhanjiang Wind Power Company has successfully completed the task of poverty alleviation. On June 23, at the
summary and commendation meeting of poverty alleviation in Guangdong Province, the poverty relief team of
Zhanjiang Wind Power Company in Houhai Village, Xinliao Town, Xuwen County won the advanced collective
honor of poverty alleviation in Guangdong Province. According to the relevant arrangements of government
departments for rural revitalization, Zhanjiang Wind Power Company will send two cadres to Jinhe Town, Xuwen
County in July 2021 to carry out assistance work in the town, continue to shoulder corporate social responsibility
and help rural revitalization.
VI). Yunhe Power Generation Company's assistance counterpart: Hebang Village, Fulin Town
The overall work of poverty alleviation in Hebang Village was successfully handed over on May 25, 2021 (8
important handover accounts), which indicated that after the Company won a major victory in helping Hebang
Village resolutely win poverty alleviation battle at the end of last year, the "eight-owned" indicators of poverty
alleviation households in the whole village were further improved, industrial employment was stable, and the
income dividends of poverty alleviation projects were steadily increased. In 2021, all indicators rose steadily, and all
- 94 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
29 poverty alleviation households in the whole village achieved stable poverty alleviation, obtaining the final
overall victory in the fight against poverty.
VII). Zhanjiang Electric Power Company took measures to help rural revitalization
In 2021, Zhanjiang Electric Power Company raised a total of RMB 740,000 of rural revitalization assistance funds,
and purchased assistance products totaling RMB 398,000 on Guangdong Province Consumer Assistance Public
Service Platform (online) and in Zhanjiang Leizhou Shuxiang Planting and Breeding Professional Cooperative
(offline). Focusing on the four aspects of industrial prosperity, ecological livability, rural civilization and life
affluence, the first stage of rural revitalization was carried out and completed, including the appearance renovation
(renovation of the overall facade style, roads and lighting system, construction of rain and sewage separation
system), construction of public cultural facilities (renovation of the party-masses service center, cultural building
and fitness square), etc.
- 95 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
VI. Important Events
I. Commitments to fulfill the situation
1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of 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 period is still in the
forecast period, the company has assets or projects meet the original profit forecast made and 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 of directors
and supervisory board
□ Applicable √ Not applicable
VI. Explain change of the accounting policy, accounting estimate and measurement methods as compared
with the financial reporting of last year.
√ Applicable □ Not applicable
On December 14, 2018, the Ministry of Finance issued a notice on the revision and issuance of Accounting
Standards for Business Enterprises No.21-Leasing (hereinafter referred to as "New Leasing Standards"), which
would come into effect on January 1, 2019 for enterprises listed at home and abroad and those listed overseas and
using international financial reporting standards or accounting standards for business enterprises to prepare
financial statement, and on January 1, 2021 for other enterprises that implement accounting standards for business
- 96 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
enterprises.
On May 26, 2021, the Ministry of Finance issued the Notice on Adjusting the Scope of Application of the
(No.9 [2021] of the Ministry of Finance)
(hereinafter referred to as the "Regulations on Rent Concessions of the COVID-19"), which would come into effect
on May 26, 2021, and the applicable scope of rent concession related to the COVID-19, which was allowed to adopt
simplified method in Accounting Treatment Regulations for Rent Concessions Related to the COVID-19, was
adjusted from "concession only for rent payable before June 30, 2021" to "concession only for rent payable before
June 30, 2022", while other applicable conditions remain unchanged.
On January 26, 2021, the Ministry of Finance issued the Notice on Printing and Distributing the (CK [2021] No.1) and the Question and Answer on the
Implementation of Accounting Standards for Business Enterprises
According to the regulations, the Company implemented the above-mentioned new leasing standards, COVID-19
rent concession regulations and enterprise regulations. Except for the new leasing standards, other standards, notices
and implementation Q&As had no significant impact on the financial statements of the Group and the Company.
VII.Explain change of the consolidation scope as compared with the financial reporting of last year.
√ Applicable □ Not applicable
Name Main Registered Nature New investment Paid-in capital at Proportion Acquired
business address amount in this the end of (%)
place period (Yuan) period(Yuan)
Guangdong GuangzhouG GuangzhouGuang Business merger
Electric
Shajiao(Plant C) Power uangdong dong 1,559,120,782 2,500,000,000 51% under the same
Power
Generation Co., ltd. control
Guangdong Yudean Yunfu Yunfu Business merger
Electric
Yunhe Power Generation Guangdong Guangdong 1,066,562,327 755,733,258 90% under the same
Power
Co., Ltd. control
Tumushuke Thermal Tumushuke Business merger
Tumushuke Electric
Power Co., Ltd. Xinjiang 800,000,000 1,006,523,900 79.48% not under the same
Xinjiang Power
control
Guangdong Yuehua GuangzhouG GuangzhouGuang Business merger
Electric
Power Generation Co., uangdong dong 541,247,838 1,004,714,000 51% under the same
Power
Ltd control
Guangdong Yudean Jieyang Jieyang
Electric
Dahanhai Intelligence Guangdong Guangdong 15,000,000 15,000,000 100% Invested
Power
Energy Co., Ltd.
Guangdong Yudean Bijie Bijie Bijie Guizhou Electric
5,000,000 5,000,000 100% Invested
New Energy Co., Ltd. Guizhou Power
Guangdong Yudean Huizhou Huizhou
Electric
Baihua Integrated Guangdong Guangdong 3,000,000 3,000,000 100% Invested
Power
Energy Co., Ltd.
- 97 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
VIII. Engagement/Disengagement of CPAs
CPAs currently engaged
PWC Certified Public Accountants (special general
Name of the domestic CPAs
partnership)
Remuneration for domestic accounting firm (RMB 0',000) 556.5
Successive years of the domestic CPAs offering auditing
6
services
Name of CPA Chen Junjun, Li Xiaolei
Continuous years of audit services of certified public
Chen Junjun 5 years, Li Xiaolei 1 year
accountants of domestic public accounting firms
Has the CPAs been changed in the current period
□ Yes √ No
Description of the CPAs, financial advisers or sponsors engaged for internal control auditing
√ Applicable □Not applicable
In the report year, the Company engaged PWC Certified Public Accountants (special general partnership)as the
certified public accountants and internal control audit body in 2021. The audit remuneration was RMB 5.565
million
IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly
Report
□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
No such cases in the reporting period.
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
Please refer to "7. Other significant related party transactions" for the related transactions related to the daily
operation of the Company during the reporting period.
- 98 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
2. Related-party transactions arising from asset acquisition or sale
√ Applicable □ Not applicable
Please refer to "7. Other significant related transactions" for the related transactions of the acquisition and sale of
assets or equity of the Company during the reporting period
3. Related party transactions of joint outbound investment
□Applicable √ Not applicable
No such cases in the reporting period.
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 Deposit Beginning The amount of this period
daily deposit interest rate balance(RM Total amount
Total deposit Ending
limit(RMB range B '0,000) is withdrawn
amount balance(RM
'0,000) for this
(RMB B '0,000)
period(RMB
'0,000)
'0,000)
Guangdong Controlled
Energy by
Group Guangdong
1,100,000 0.35% 839,406 10,226,767 10,418,691 647,482
Finance Co., Energy
Ltd. Group Co.,
Ltd.
Loan business
Related party Relationship Beginnin The amount of this period
g
Total repayment
Loan Loant Total loan amount Ending
balance(
amount of the
limit(RMB interest rate of the current balance(RMB
RMB
current
'0,000) range period(RMB '0,000)
'0,000)
period(RMB
'0,000)
'0,000)
Guangdong Controlled by
Energy Group Guangdong
3,300,000 2.7%-4.41% 871,684 1,149,138 1,086,405 934,417
Finance Co., Ltd. Energy Group
Co., Ltd.
Credit extension or other financial services
- 99 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Related party Relationship Business type Total amount(RMB Actual amount
'0,000) incurred(RMB '0,000)
Guangdong Communications Group Controlled by the same
Credit extension 3,300,000 934,417
Finance Co., Ltd parent company
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 by the
Company and related parties.
7. Other significant related-party transactions
√ Applicable □Not applicable
（1）2021 daily related transactions were carried out after examination and approval by 2021 first provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
the transactions between them of the Financial Report of this report for details.
(2) On January 28, 2021, the 19th meeting of the Ninth Board of Directors of the Company reviewed and approved
the Proposal on Daily Related Party Transactions between the Company and Guangdong Energy Group Co., Ltd. in
2021, the Proposal on Signing the between the Company and
Guangdong Yudean Finance Co., Ltd., the Proposal on Signing the between the Company and Guangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing
the between Guangdong
Yudean Property Insurance Co., Ltd. The above related party transactions were reviewed and approved at the
Company's first extraordinary general meeting of shareholders in 2021.
(3) In order to smoothly promote the construction of wind power projects and ease the financial pressure, the Ninth
Board of Directors of the Company reviewed and approved the Proposal on Introducing Investors from Indirect
Subsidiaries at its first communication meeting in 2021 on April 27, 2021, and agreed to introduce Zhuhai Special
Economic Zone Electric Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors
of Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by way of capital increase and share expansion, of
which Zhuhai Electric Power invested RMB 89.187 million, holding 20% equity of Zhuhai Wind Power Company,
and Guangdong Energy Group invested RMB 25,500,300, holding 5.7184% equity of Zhuhai Wind Power
Company. After the capital increase and share expansion, the share ratio of Zhuhai Wind Power Company held by
Guangdong Wind Power Company decreased to 74.2816%, and the final share ratio of each shareholder shall be
subject to the results of asset appraisal and filing; It is agreed to implement the capital increase of special funds for
promoting economic development in 2018 by the State-owned Assets Supervision and Administration Commission
of Guangdong Province in the form of capital increase and share expansion, and introduce Guangdong Energy
Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., with Guangdong
Energy Group contributing RMB 58,105,300, and holding 10.9594% of the shares of Yangjiang Wind Power
Company. After the capital increase and share expansion, the shareholding ratio of Yangjiang Wind Power
Company held by Guangdong Wind Power Company decreased to 89.0406%, and the final shareholding ratio of
each shareholder shall be subject to the results of asset appraisal and filing.
(4) In order to smoothly promote the development and construction of new energy projects and ease the financial
pressure of Shanxi Yudean Energy Co., Ltd., the Ninth Board of Directors of the Company reviewed and approved
the Proposal on Capital Increase to Shanxi Yudean Energy Co., Ltd. at its first communication meeting in 2021 on
- 100 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
April 27, 2021, and agreed that the Company and Guangdong Energy Group Co., Ltd. would simultaneously
increase a total capital of RMB 160 million to Shanxi Energy Company according to the equity ratio, which would
be used for Shanxi Energy Company to invest in Jilin Qian'an Phase I 50MW Wind Power Project and Hebei
Pingshan 100MW Photovoltaic Project, in which the Company would increase the capital of RMB 64 million
according to the 40% equity ratio.
(5) In order to guarantee the project construction funds and reduce the financing cost, the Ninth Board of Directors
of the Company reviewed and approved the Proposal on Some Subsidiaries Applying for Entrusted Loans to
Guangdong Energy Group Corporation at its third communication meeting in 2021 on June 8, 2021, and agreed that
the wholly-owned subsidiaries of the Company, Guangdong Yudean Qujie Wind Power Co., Ltd. and Guangdong
Yudean Marina Bay Energy Co., Ltd., would apply for entrusted loans to Guangdong Energy Group, with the loan
amount of Qujie Wind Power Company not exceeding RMB 1 billion and that of Marina Bay Company not
exceeding RMB 1 billion; the loan term should not exceed 15 years; and the interest rate should be determined
according to the same interest rate of green bonds issued by Guangdong Energy Group in the current period. The
above-mentioned related party transactions are implemented after being reviewed and approved by the Company's
second extraordinary general meeting of shareholders in 2021.
(6) In order to meet the project approval requirements of Bohe Energy Company, the Ninth Board of Directors of the
Company reviewed and approved the Proposal on Some Subsidiaries Applying for Entrusted Loans to Guangdong
Energy Group Corporation at its third communication meeting in 2021 on June 8, 2021, and agreed that Bohe
Energy Company would purchase the shutdown capacity of Guangdong Yuehua Power Generation Co., Ltd. and
Guangdong Yudean Yunhe Power Generation Co., Ltd., the holding subsidiary of Guangdong Energy Group Co.,
Ltd., with the shutdown capacity of 660,000 kilowatts and 250,000 kilowatts, respectively, according to the
alternative shutdown capacity of Bohe Power Plant project approval document, with a transfer unit price of no more
than RMB 400/kilowatt, and the total tax-included prices of the corresponding transfer agreement of no more than
RMB 264 million and RMB 100 million respectively. The above-mentioned related party transactions are
implemented after being reviewed and approved by the Company's second extraordinary general meeting of
shareholders in 2021.
(7) In order to implement the arrangement of special governance of provincial key loss-making subsidiaries by the
State-owned Assets Supervision and Administration Commission of Guangdong Province, optimize Bohe's asset
structure, and promote the high-quality development of Bohe Energy Company, the Tenth Board of Directors of the
Company reviewed and approved the Proposal on Selling Wharf Assets of Guangdong Yudean Bohe Energy Co., Ltd.
at its first communication meeting in 2021 on August 13, 2021, and agreed that Bohe Energy Company would sell
the wharf assets which was included in this appraisal to Guangdong Electric Power Industry Fuel Co., Ltd. at a
transaction price of RMB 2,798,423,900. The above-mentioned related party transactions are implemented after
being reviewed and approved by the Company's third extraordinary general meeting of shareholders in 2021.
(8) On September 28, 2021, the Tenth Board of Directors of the Company reviewed and approved the Proposal on
Adjusting the Forecast of Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd.
at its third meeting in 2021, and agreed that the Company and its holding subsidiaries and the controlling
shareholder of the Company, Guangdong Energy Group Co., Ltd. and its subsidiaries and related parties would
continue to have daily related transactions such as fuel material procurement, labor/service acceptance, lease,
labor/service provision, commodity sales and public expense sharing in 2021, with the expected amount adjusted
from RMB 18,185.3 million to RMB 30,936.8 million. The above-mentioned related party transactions are
implemented after being reviewed and approved by the Company's fourth extraordinary general meeting of
shareholders in 2021.
- 101 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
(9) In order to further promote the concentration of the core business assets of Guangdong Energy Group Co., Ltd.
to listed companies and actively fulfill the commitment to avoid and solve horizontal competition, the Tenth Board
of Directors of the Company reviewed and approved the Proposal on Acquisition of the Equity of Shajiao (C Plant)
Power Generation Co., Ltd. and other Companies in Guangdong Province at its third meeting on September 28,
2021, and agreed that Guangdong Electric Power would acquire 51% equity of Guangdong Shajiao (C Plant) Power
Generation Co., Ltd., 90% equity of Guangdong Yudean Yunhe Power Generation Co., Ltd. and 51% equity of
Guangdong Yuehua Power Generation Co., Ltd. held by Guangdong Energy Group in cash, at a total transaction
price of RMB 4,139,927,700. The above-mentioned related party transactions are implemented after being reviewed
and approved by the Company's fourth extraordinary general meeting of shareholders in 2021.
(10) With the approval of the Fourth Extraordinary General Meeting of Shareholders in 2021 held on October 25,
2021, it was agreed that the Company would acquire 51% equity of Guangdong Shajiao (C Plant) Power Generation
Co., Ltd., 90% equity of Guangdong Yudean Yunhe Power Generation Co., Ltd. and 51% equity of Guangdong
Yuehua Power Generation Co., Ltd. (hereinafter collectively referred to as the "target companies") by cash. In order
to ensure the continuous and stable operation of the power generation assets of the target companies, the Tenth
Board of Directors of the Company reviewed and approved the Proposal on the Acquisition of Assets Involving
New Related Party Transactions at its fourth meeting on November 8, 2021, and agreed to add new subsidiaries of
listed companies to purchase fuel materials from Guangdong Energy Group, its subsidiaries and related parties,
deposit and loan from financial companies, and conduct entrusted operation and other related transactions after the
acquisition of assets. The above-mentioned related party transactions are implemented after being reviewed and
approved by the Company's fifth extraordinary general meeting of shareholders in 2021.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily
January 29,2021 http//www.cninfo.com.cn.
Related Party Transactions of 2021
Announcement of Related Transactions on
Signing of the Financial Services
Framework Agreement, Framework
Agreement on Financing Leasing January 29,2021 http//www.cninfo.com.cn.
Cooperation and Framework Agreement on
Cooperation in Insurance and Risk
Management Services
Announcement on Related Transactions of
April 28,2021 http//www.cninfo.com.cn.
Indirect Investors Introduced by Subsidiaries
Announcement on Related Transactions of
Capital Increase to Shanxi Yudean Energy April 28,2021 http//www.cninfo.com.cn.
Co., Ltd.
Announcement on Related Transaction of June 10,2021 http//www.cninfo.com.cn.
- 102 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Some Subsidiaries Applying Entrusted
Loans from Guangdong Energy Group
Announcement on related transaction
concerning the acquisition of capacity
indicators for small thermal power units of June 10,2021 http//www.cninfo.com.cn.
Huangpu Power Plant and Yunfu Power
Plant
Announcement on the related transaction of
the sale of terminal assets by Guangdong
August 14,2021 http//www.cninfo.com.cn.
Yudean Bohe Energy Co., Ltd.
Estimates announcement of the Adjustment
October 8,2021 http//www.cninfo.com.cn.
Daily Related Party Transactions of 2021
Announcement of related transaction for the
acquisition of shares of Guangdong Shajiao
October 8,2021 http//www.cninfo.com.cn.
( Plant C) Power Generation Co., Ltd and
other companies
Announcement on New Related Transactions
November 9,2021 http//www.cninfo.com.cn.
Involved in Assets Acquisition
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 the horizontal
competition and fulfill the relevant commitment of the horizontal competition, the Company signed Stock
Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the trusteeship
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 Group is RMB
100,000/year; The custody fee collected from each company indirectly holding the secondary target is RMB
50,000/year. published by the Company in China Securities Daily, Securities Times and http://www.cninfo.com.cn
- 103 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
on January 13, 2018(Announcement No.2018-04). the custody fee actually collected by the Company was RMB
2,284,200.
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting
period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√ Applicable □Not applicable
Note:
As a lessee, the Company rented houses and billboards from Yudean Real Estate Company Yudean Property
Company and Yangjiang Port , and the rental fee incurred this year was 3,673,203.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
- 104 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
2.Significant Guarantees
√Applicable □ Not applicable
In RMB 10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relevant
Date of Guarantee
disclosure
happening Actual Complete for
Name of the date/No. of Amount of Guaranty（If Counter-guarantee Guarantee
(Date of mount of Guarantee type implementation associated
Company the Guarantee any） （If any） term
signing guarantee or not parties
guaranteed
agreement) (Yes or no)
amount
Yunnan Baoshan
Yunnan Binglangjiang
Baoshan Hydropower
Guaranteeing
Binlangjiang December November Development Co.,
4,350 580 of joint 15 years No No
Hydroelectricity 19,2007 30,2007 Ltd. provides joint
liabilities.
Development and several
Co., Ltd. liability guarantee
counter-guarantee.
Yunnan Baoshan
Yunnan Binglangjiang
Baoshan Hydropower
Guaranteeing
Binlangjiang May Development Co.,
9,367 June 22,2009 3,567 of joint 18 years No No
Hydroelectricity 27,2009 Ltd. provides joint
liabilities.
Development and several
Co., Ltd. liability guarantee
counter-guarantee.
- 105 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Guangdong
Yudean Yangjiang
Offshore wind
Guangdong Guaranteeing
October November power Co., Ltd.
Energy Group 200,000 164,989 of joint 23.9 years No No
29,2020 19,2020 provides joint and
Co., Ltd. liabilities.
several liability
guarantee
counter-guarantee
Xinjiang Jintai Guaranteeing
December
Electric Power 3,775 1,257 of joint 3 years No No
11,2021
Co., Ltd. liabilities.
Total amount of approved Total actually amount of external
external guarantee in the report 0 guarantee in the report 132,055
period(A1) period(A2)
Total amount of approved Total actually amount of external
external guarantee at the end of 425,459 guarantee at the end of the report 170,393
the report period(A3) period(A4)
Guarantee of the company for its subsidiaries
Relevant
Date of Guarantee
disclosure
happening Actual Complete for
Name of the date/No. of Amount of Guaranty（If Counter-guarantee Guarantee
(Date of mount of Guarantee type implementation associated
Company the Guarantee any） （If any） term
signing guarantee or not parties
guaranteed
agreement) (Yes or no)
amount
Zhanjiang Wind
April October Guaranteeing
Power 18,572 5,082 18 years No No
29,2009 9,2010 of joint
Generation Co.,
- 106 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Ltd. liabilities.
Total of guarantee for
Total of actual guarantee for
subsidiaries approved in the 0 -756
subsidiaries in the period (B2)
period(B1)
Total of guarantee for
Total of actual guarantee for
subsidiaries approved at 141,536 5,082
subsidiaries at period-end(B4)
period-end(B3)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant
Date of Guarantee
disclosure
happening Actual Complete for
Name of the date/No. of Amount of Guarantee Guaranty（If Counter-guarantee Guarantee
(Date of mount of implementation associated
Company the Guarantee type any） （If any） term
signing guarantee or not parties
guaranteed
agreement) (Yes or no)
amount
The Company’s total guarantee(i.e.total of the first three main items)
Total amount of guarantee
Total guarantee quota approved in the
0 actually incurred in the reporting 131,299
reporting period（A1+B1+C1）
period（A2+B2+C2）
Total guarantee quota already approved at Total balance of the actual
the end of the reporting period 566,995 guarantee at the end of the 175,475
（A3+B3+C3） reporting period（A4+B4+C4）
The proportion of the total amount of actually guarantee in the net
7.62%
assets of the Company (that is A4+B4+C4）%
Including：
Amount of guarantees provided for shareholders, the actual 164,989
- 107 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
controller and their related parties (D)
Amount of debt guarantees provided directly or indirectly for
4,147
entities with a liability-to-asset ratio over 70% (E)
Proportion of total amount of guarantee in net assets of the company
0
exceed 50%（F）
Total amount of the three kinds of guarantees above (D+E+F) 169,136
Explanations on possibly bearing joint and several liquidating
responsibilities for undue guarantees ( If any)
As for the joint liability guarantee of Xinjiang Jintai Electric Power Co., Ltd. undertaken by the Company due to the acquisition of Tumushuke City Thermal Power Company, the actual date is the
date when Tumushuke City Thermal Power Company completes the industrial and commercial change registration.
- 108 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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 Website for
disclosure disclosure
In order to increase the Company's proportion of clean energy and further Announcement on the July 17,2021
optimize the power supply structure, the 21th meeting of the Ninth board investment and construction of
of directors agreed that the Company will invest in the construction of the the integrated energy station http//www.cninfo.co
integrated energy station project in Huizhou Dayawan Petrochemical project in Huizhou Dayawan m.cn.
District as a shareholder. The total investment of the project is 3.82 billion Petrochemical Zone
yuan, and the capital is set at 764 million yuan.
In order to actively integrate into the construction of Guangdong-Hong Announcement on August 3,2021
Kong-Macao Greater Bay Area and grasp the new opportunities of Participating in Initiating
financial development, On August 2,2021,the First meeting of the Tenth the Establishment of
Board of Directors agrees that the Company will participate in the Provincial Futures
http//www.cninfo.co
establishment of Guangdong Utrust Futures Co., Ltd. with its own capital Companies
m.cn.
of RMB 400 million and according to the equity ratio of 20% (finally
subject to industrial and commercial registration, hereinafter referred to as
"provincial futures company"), and sign the sponsor agreement and articles
of association of the provincial futures company;
In order to accelerate the Company's new energy project investment and Announcement of September
development, the Second Meeting of the Tenth Board of Directors by Resolutions of the Second 15,2021
Correspondence agreed to establish the Tumshuk Branch Company and th Meeting of the Tenth Board http//www.cninfo.co
e Qinghai Branch Company of Guangdong Electric Power Development C of Directors by m.cn.
o., Ltd for the overall promotion of the new energy resource development Correspondence of 2021
and investment project management in Xinjiang and Qinghai.
According to the Notice on Increasing the On-grid Electricity Price for Announcement on October http//www.cninfo.co
- 109 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Natural Gas Power Generation in Guangdong Province issued by Adjustment of On-grid 22,2021 m.cn.
Guangdong Development and Reform Commission (YFGJG [2021] Electricity Price of Gas
No.400), the on-grid electricity price of Qianwan LNG Power Plant and Power Plant
Huizhou LNG Phase I natural gas generator set controlled by the Company
remained unchanged, and the on-grid electricity price of Huizhou LNG
Phase II natural gas generator set uniformly increased by RMB 0.05
(including VAT) per kilowatt hour from October 1, 2021 on the current
basis, and the adjusted on-grid electricity price was RMB 0.6550 (including
tax).
In order to speed up the large-scale development of the Company's Announcement on November
new energy power generation projects, increase the installed roportion of Investment in Construction 9,2021
clean energy and optimize the power supply structure,，Upon the of Guangdong Yangjiang
deliberation at the Fourth Meeting of the Tenth Board of Directors of the Qingzhou I and Qingzhou II
Company on November 8, Guangdong Wind Power Co., Ltd., a (1 million kW) Offshore
wholly-owned subsidiary of the Company, was approved as a shareholder to Wind Power Project
invest in the construction of Yudean Yangjiang Qingzhou I and Qingzhou II
offshore wind farms, with a total construction scale of 1 million kilowatts, a
dynamic total investment of RMB 17,107,250,000, and a capital of RMB
http//www.cninfo.co
3,421,450,000 according to 20% of the dynamic total investment (the total
m.cn.
investment and capital amount shall be subject to the approved change
document finally)，Guangdong Energy Qingzhou Offshore Wind Power
Co., Ltd. (hereinafter referred to as "Qingzhou Wind Power Company"),
which is wholly-owned by Guangdong Wind Power Company, is the
investment subject of the project, responsible for the investment,
construction and operation of the project. The capital required for the
project will be increased by the Company in batches to Guangdong Wind
Power Company according to the actual construction progress and capital
needs of the project.
In order to support the deepening of Guangdong's assistance to Announcement of November
Xinjiang, help the reform of state-funded and state-owned enterprises in Resolutions of the Fourth 9,2021
Tumushuk City, the Third Division of Xinjiang Production and Meeting of the Tenth Board
Construction Corps, and promote the multi-energy complementary and of Directors
integrated development of Guangdong Power in Xinjiang, the Board of http//www.cninfo.co
Directors of the Company agreed that the Company would participate in m.cn.
the capital increase project of Tumushuk Thermal Power Co., Ltd.
(hereinafter referred to as "Tumushuk Thermal Power Company") by way
of public quotation, with a quotation amount of no higher than RMB 800
million, and a corresponding shareholding ratio of 79.50%.
In order to further promote the scale and professional development of Announcement on Capital December
Guangdong Wind Power Co., Ltd. (hereinafter referred to as "Guangdong Increase of Guangdong 31,2021
http//www.cninfo.co
Wind Power Company"), a wholly-owned subsidiary of the Company, Wind Power Generation
m.cn.
strengthen the synergy and agglomeration effect of resources, and enhance Co., Ltd. by Holding Equity
the comprehensive strength and market competitiveness of the Company's of Wind Power Company
- 110 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
wind power business, upon the deliberation at the Fifth Meeting of the Tenth
Board of Directors of the Company on December 29, it was agreed that the
Company would increase the capital of Guangdong Wind Power Company
with 70% equity of Guangdong Yudean Zhanjiang Wind Power Co., Ltd.,
81.79% equity of Guangdong Yudean Leizhou Wind Power Co., Ltd., 100%
equity of Guangdong Yudean Qujie Wind Power Co., Ltd., 100% equity of
Tongdao Yuexin Wind Power Co., Ltd. and 10% equity of Southern
Offshore Wind Power Joint Development Co., Ltd., with a total capital
increase of RMB 3,218,446,900.
XIV. Significant event of subsidiary of the Company
□ Applicable √Not applicable
- 111 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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 Proportio Capitaliz
n Share ation of
Bonus Proporti
allotm common Other Subtotal Quantity
shares on
ent reserve
fund
I. Share with conditional
1,897,970,125 36.15% -4,008 1,897,966,117 36.15%
subscription
1. State-owned shares
2. State-owned legal person
1,893,342,621 36.06% 1,893,342,621 36.06%
shares
3.Other domestic shares 4,627,504 0.09% -4,008 4,623,496 0.09%
Of which：Domestic legal
4,620,666 0.09% 4,620,666 0.09%
person shares
Domestic natural person
6,838 0% -4,008 2,830 0%
shares
4.Foreign shares
Of which：Foreign legal
person shares
Foreign natural person
shares
II. Shares with unconditional
3,352,313,861 63.85% 4,008 3,352,317,869 63.85%
subscription
1.Common shares in RMB 2,553,905,861 48.64% 4,008 2,553,909,869 48.64%
2.Foreign shares in domestic
798,408,000 15.21% 798,408,000 15.21%
market
3.Foreign shares in
foreign market
4.Other
III. Total of capital shares 5,250,283,986 100% 5,250,283,986
Reasons for share changed
√ Applicable □ Not applicable
On February 10, 2021, the lock-up period of 4,716 restricted shares held by Mr. Lin Weifeng, a former employee
supervisor of the company, expired and such shares became unrestricted shares；On August 2, 2021, Mr. Wen
- 112 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Lianhe, the director of the Company, ceased to serve as the director of the Company due to the expiration of his term
of office, nor did he hold other positions in the Company or its holding subsidiaries. As of the disclosure date of the
resignation announcement, Mr. Wen Lianhe holded 2,830 shares of the Company. According to the relevant
regulations of the Listing Rules for Stocks of Shenzhen Stock Exchange, the directors of listed companies are not
allowed to transfer their shares within six months after resignation. Therefore, the lock-up ratio of 2,830 shares held
by Mr. Wen Lianhe has increased from 75% to 100%, and the restricted shares have increased by 708 shares. In
summary, the number of restricted shares of the Company decreased by 4,008 shares.
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable
to 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 security
regulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
√ Applicable □ Not applicable
In RMB
Number of Number of
Number of Number of restricted
restricted shares restricted shares Reasons for sales Release date of
Shareholder restricted shares shares at the end of
in increased this released in this restriction sales restriction
at the beginning the period
period period
Change of employee
Lin Weifeng 4,716 0 4,716 0 February 10,2021
supervisor
Wen Lianhe 2,122 708 0 2,830 Change of director February 2,2022
Total 6,838 708 4,716 2,830 -- --
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
- 113 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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
Total shareholders at Total preferred shareholders at
common The total number of preferre
the end of the month the end of the month from the
shareholders at the 87,039 94,304 d shareholders voting rights ( 0 0
from the date of date of disclosing the annual
end of the if any)(See Notes 8)
disclosing report(if any)(See Notes 8)
reporting period
Particulars about shares held above 5% by shareholders or top ten shareholders
Proporti Number of share
on of Number of Changes in Amount of Amount of pledged/frozen
Shareholders Nature of
shares shares held at reporting restricted un-restricted
shareholder State of
held period -end period shares held shares held Amount
share
（%）
State-owne
Guangdong Energy
d legal 67.39% 3,538,005,285 0 1,893,342,621 1,644,662,664
Group Co., Ltd.
person
Guangzhou State-owne
Development Group d legal 2.22% 116,693,602 0 0 116,693,602
Co., Ltd. person
Guangdong Electric State-owne
Power Development d legal 1.80% 94,367,341 0 0 94,367,341
Corporation person
State-owne
China Securities
d legal 0.99% 52,027,145 -78,855,757 0 52,027,145
Finance Co., Ltd.
person
ICBC－First Seafront Domestic
fund New Economy Non-State
flexible allocation of owned 0.85% 44,717,918 44,717,918 0 44,717,918
hybrid securities legal
investment fund person
Domestic
Zheng Jianxiang Natural 0.49% 25,514,900 710,014 0 25,514,900
person
Ningbo Bank－Boshi Domestic 0.36% 18,915,500 18,915,500 0 18,915,500
- 114 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Growth advantage Non-State
hybrid securities owned
investment fund legal
person
Agricultural bank of Domestic
China－Boshi Yulon Non-State
flexible allocation of owned 0.31% 16,055,400 16,055,400 0 16,055,400
hybrid securities legal
investment fund person
VANGUARD TOTAL
Overseas
INTERNATIONAL
Legal 0.30% 15,855,512 0 0 15,855,512
STOCK INDEX
person
FUND
CHINA
INTERNATIONAL
Overseas
CAPITAL
Legal 0.29% 15,216,066 0 0 15,216,066
CORPORATION
person
HONG KONG
SECURITIES LTD
Strategy investors or general legal
person becomes top 10 shareholders
Not applicable
due to rights issued (if applicable)
（See Notes 3）
Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation is the
relationship among the aforesaid wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have
shareholders relationships; whether the other shareholders have relationships or unanimous acting was unknown
Above shareholders entrusting or
entrusted with voting rights, or Not applicable
waiving voting rights
Top 10 shareholders including the
special account for repurchase (if Not applicable
any) (see note 10)
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares Share type
Name of the shareholder held at the end of the reporting
Share type Quantity
period
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
China Securities Finance Co., Ltd. 52,027,145 RMB Common shares 52,027,145
- 115 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
ICBC－First Seafront fund New Economy flexible
44,717,918 RMB Common shares 44,717,918
allocation of hybrid securities investment fund
Foreign shares placed in
Zheng Jianxiang 25,514,900 25,514,900
domestic exchange
Ningbo Bank－Boshi Growth advantage hybrid
18,915,500 RMB Common shares 18,915,500
securities investment fund
Agricultural bank of China－Boshi Yulon flexible
16,055,400 RMB Common shares 16,055,400
allocation of hybrid securities investment fund
VANGUARD TOTAL INTERNATIONAL STOCK Foreign shares placed in
15,855,512 15,855,512
INDEX FUND domestic exchange
CHINA INTERNATIONAL CAPITAL Foreign shares placed in
15,216,066 15,216,066
CORPORATION HONG KONG SECURITIES LTD domestic exchange
Explanation on associated relationship or consistent
The Third largest shareholder Guangdong Electric Power Development
action among the top 10 shareholders of non-restricted
Corporation is the wholly-owned subsidiaries of the largest shareholder Energy
negotiable shares and that between the top 10
Group. These two companies have relationships; whether the other shareholders
shareholders of non-restricted negotiable shares and top
have relationships or unanimous acting was unknown.
10 shareholders
Explanation on shareholders participating in the margin
Not applicable
trading business(if any )(See Notes 4)
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 Company
have no buy –back agreement dealing in reporting period.
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holding
Type of Controlling Shareholders: Legal person
Legal
Name of the Controlling Date of
representative/Leade Organization code Principal business activities
shareholder incorporation
r
Management and sales of the electricity
investment construction operation
management，electricity power(Thermal
Power)，
Guangdong Energy Group
Li Zhuoxian August 3,2001 91440000730486022G The industry of transportation resources
Co., Ltd.
environmental protection，new source of energy
electricity investment; investment planning and
consulting ; information consulting service;
sales of production materials.
- 116 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
The equity of the controlling
shareholder in other domestic
and foreign listed companies Unknown
held or partly held by it in the
report period
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 Company
Actual controller nature：Local state owned assets management
Actual controller type：Legal person
Legal
Name of the controlling representativ
Date of establishment Organization code Principal business activities
shareholder e/person in
charge
State-owned Assets As the special institution directly
supervision and subordinate to Guangdong Provincial
administration Commission People's Government, performed the
Li Cheng June 26,2004 114400007583361658
of Guangdong obligation of provincial state-asset
Provincial People’s contributor entrusted by the provincial
Government government.
Equity of other
domestic/foreign listed
company with share
controlling and share Unknown
participation by
controlling shareholder in
reporting period
Changes of the actual controller in the reporting period
□Applicable √Not applicable
No Changes of the actual controller in the reporting period
Block Diagram of the ownership and control relations between the company and the actual controller
- 117 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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 of the
company and its person acting in concert accounts for 80% of the number of shares held by the company
□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, Restructuring Party
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
- 118 -
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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
Bond short Bond balance Interest
Bond name Bond code Issue day Value date Due day Servicing way Trading
name (RMB '0,000) rate
Using simple interest rate on
a yearly basis, regardless of
Public Issuance of Corporate Bonds to Qualified compound interest. Due
Investors in 2020 (Phase I) of Guandong Electric payments once a year, Shenzhen Stock
20 Yudean 01 149113.SZ April 29,2020 April 29,2020 April 29,2025 1,500,000,000 2.45%
Power Development Co.,Ltd. maturing debt at a time. In Exchange
the final phase, interest is
paid together with the
principal redemption.
Public Issuance of Corporate Bonds to Qualified January January Using simple interest rate on Shenzhen Stock
21 Yudean 01 149369.SZ January 27,2021 1,000,000,000 3.57%
Investors in 2021 (Phase I) of Guandong Electric 27,2021 27,2024 a yearly basis, regardless of Exchange
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Power Development Co.,Ltd. compound interest. Due
payments once a year,
maturing debt at a time. In
the final phase, interest is
paid together with the
principal redemption.
Using simple interest rate on
a yearly basis, regardless of
Public Issuance of Corporate Bonds to Qualified compound interest. Due
Investors in 2021 (Phase II) of Guandong Electric payments once a year, Shenzhen Stock
21Yudean 02 149418.SZ April 28,2021 April 28,2021 April 28,2026 1,500,000,000 3.50%
Power Development Co.,Ltd. maturing debt at a time. In Exchange
the final phase, interest is
paid together with the
principal redemption.
Using simple interest rate on
a yearly basis, regardless of
compound interest. Due
Public Issuance of Corporate Bonds to Professional
November November November payments once a year, Shenzhen Stock
Investors in 2021 (Phase I) of Guandong Electric 21Yedean 03 149711.SZ 800,000,000 3.41%
24,2021 24,2021 24,2026 maturing debt at a time. In Exchange
Power Development Co.,Ltd.
the final phase, interest is
paid together with the
principal redemption.
Using simple interest rate on
a yearly basis, regardless of
Public Issuance of Corporate Bonds to Professional
compound interest. Due Shanghai Stock
Investors in 2021 (Phase I) of Guandong Huizhou 21Pinghai 01 188197.SH June 4,2021 June 4,2021 June 4,2023 200,000,000 3.57%
payments once a year, exchange
Ping Power Generation Co.,Ltd.
maturing debt at a time. In
the final phase, interest is
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
paid together with the
principal redemption.
During the reporting period, interest payment situation of the company bonds（If 20 Yudean 01, 21 Yudean 01 and 21 Yudean 02 are bonds for qualified investors, 21 Yudean 03 and 21 Pinghai 01 are bonds
any） for professional investors.
Applicable trading mechanism Bidding, quotation, inquiry and agreement transaction.
Whether there are risks and countermeasures for terminating listing transactions
No
（If any)
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
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 Name of Name of signing Contact person of
Office Address Tel
project intermediary agency accountant intermediary agency
China Securities Co.,
Ltd. (lead principal 2/F, Block B, Kaiheng Center,
underwriter/bookkee No.2 Chaoyangmennei Street, Not applicable Liu Renshuo 010-86451370
ping Dongcheng District, Beijing
manager/trustee)
CITIC Securities 22/F, CITIC Securities Building,
Co., Ltd. (joint lead No.48 Liangmaqiao Road, Not applicable Song Yilan 010-60836755
Public Issuance of underwriter) Chaoyang District, Beijing
Corporate Bonds to
23/F, R&F Center, No.10
Qualified Investors
Beijing Zhong Lun Huaxia Road, Zhujiang New
in 2020 (Phase I) of Not applicable Ling Qinghua 020-28261689
Law Firm Town, Tianhe District,
Guandong Electric
Guangzhou
Power Development
Co.,Ltd. Wang Bin, Li
PricewaterhouseCoo 18/F, PricewaterhouseCoopers
Yanhua（2019）；
pers Zhongtian Center, No.10 Zhujiang West
Wang Bin, Guo
Certified Public Road, Zhujiang New Town, Wang Bin 020-38192000
Biyu（2018）；
Accountants (Special Tianhe District, Guangzhou,
Wang Bin, Chen
General Partnership) China
Junjun（2017）
China Cheng Xin Building 6, Yinhe SOHO, No.2
International Credit Nanzhugan Hutong, Dongcheng Not applicable Fang Zibin 010-66428877
Rating Co. Ltd. District, Beijing
China Securities Co.,
Public Issuance of Ltd. (lead principal 2/F, Block B, Kaiheng Center,
Corporate Bonds to underwriter/bookkee No.2 Chaoyangmennei Street, Not applicable Liu Renshuo 010-86451370
Qualified Investors ping Dongcheng District, Beijing
in 2021 (Phase I) of manager/trustee)
Guandong Electric CITIC Securities 22/F, CITIC Securities Building,
Power Development Co., Ltd. (joint lead No.48 Liangmaqiao Road, Not applicable Song Yilan 010-60836755
Co.,Ltd. underwriter) Chaoyang District, Beijing
Beijing Zhong Lun 23/F, R&F Center, No.10
Not applicable Liang Qinghua 020-28261689
Law Firm Huaxia Road, Zhujiang New
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Town, Tianhe District,
Guangzhou
Wamg Bin, Li
PricewaterhouseCoo 18/F, PricewaterhouseCoopers
Yanhua（2019）；
pers Zhongtian Center, No.10 Zhujiang West
Wang Bin, Guo
Certified Public Road, Zhujiang New Town, Wang Bin 020-38192000
Biyu（2018）；
Accountants (Special Tianhe District, Guangzhou,
Wang Bin, Chen
General Partnership) China
Junjun（2017）
China Cheng Xin Building 6, Yinhe SOHO, No.2
International Credit Nanzhugan Hutong, Dongcheng Not applicable Fang Zibin 010-66428877
Rating Co. Ltd. District, Beijing
China Securities Co.,
Ltd. (lead principal 2/F, Block B, Kaiheng Center,
underwriter/bookkee No.2 Chaoyangmennei Street, Not applicable Liu Renshuo 010-86451370
ping Dongcheng District, Beijing
manager/trustee)
CITIC Securities 22/F, CITIC Securities Building,
Co., Ltd. (joint lead No.48 Liangmaqiao Road, Not applicable Song Yilan 010-60836755
Public Issuance of
underwriter) Chaoyang District, Beijing
Corporate Bonds to
Professional 23/F, R&F Center, No.10
Investors in 2021 Beijing Zhong Lun Huaxia Road, Zhujiang New
Not applicable Liang Qinghua 020-28261689
(Phase II) of Law Firm Town, Tianhe District,
Guandong Electric Guangzhou
Power Development PricewaterhouseCoo 18/F, PricewaterhouseCoopers Wng Bin, Li
Co.,Ltd. pers Zhongtian Center, No.10 Zhujiang West Yanhua
Certified Public Road, Zhujiang New Town, （2019-2020）； Wang Bin 020-38192000
Accountants (Special Tianhe District, Guangzhou, Wang Bin, Guo
General Partnership) China Biyu（2018）
China Cheng Xin Building 6, Yinhe SOHO, No.2
International Credit Nanzhugan Hutong, Dongcheng Not applicable Fang Zibin 010-66428877
Rating Co. Ltd. District, Beijing
China Securities Co.,
Public Issuance of Ltd. (principal 2/F, Block B, Kaiheng Center,
Corporate Bonds to underwriter/bookkee No.2 Chaoyangmennei Street, Not applicable Liu Renshuo 010-86451370
Professional ping Dongcheng District, Beijing
Investors in 2021 manager/trustee)
(Phase I) of 29/F, 10/F and 11/F (01-04
Guandong Electric units), Chow Tai Fook Finance
Power Development ETR Law Firm Centre, NO.6 Zhujiang Dong Not applicable Wang Xing 020-37181333
Co.,Ltd. Road, Tianhe District
Guangzhou City, Guangdong
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Province
PricewaterhouseCoo 18/F, PricewaterhouseCoopers Wang Bin, Li
pers Zhongtian Center, No.10 Zhujiang West Yanhua
Certified Public Road, Zhujiang New Town, （2019-2020）； Chin Junjun 020-38192645
Accountants (Special Tianhe District, Guangzhou, Wang Bin, Guo
General Partnership) China Biyu（2018）
China Cheng Xin Building 5, Yinhe SOHO, No.2
International Credit Nanzhugan Hutong, Dongcheng Not applicable Sheng Lei 010-66428877
Rating Co. Ltd. District, Beijing
North Block, Times Square
Excellence (Phase II), No.8
CITIC Securities
Zhongxin Third Road, Futian Not applicable Jian Qiongwen 13539997160
Co., Ltd
District, Shenzhen City,
Guangdong Province
Public Issuance of
Zhongxi Certified 11/F, Block A, Xincheng Culture
Corporate Bonds to
Public Accountants Building, No.11 Wei Shuzhen,
Professional Fan Fengwei 18520643032
(Special General Chongwenmenwai Street, Fan Fengwei
Investors in 2021
Partnership) Beijing
(Phase I) of
Shanghai Brilliance
Guandong Huizhou 14/F, Huasheng Building,
Credit Rating &
Ping Power No.398, Hankou Road, Not applicable Yu Liping 13641825613
Investors Service
Generation Co.,Ltd. Shanghai
Co., Ltd.
7/F, Block D, Qiaofufang
Beijing Dentons Law Grassland, No.9 Dongdaqiao
Not applicable Lv Sihui 13692899924
Offices, LLP Road, Chaoyang District,
Beijing
Whether the above agency changes during the reporting period
□ Yes √No
4). Use of raised funds
In RMB
Rectification of Whether it is consistent with
Operation of special
Total amount Unused illegal use of the purpose, use plan and
Name of bond project Used amount account for raised
of raised funds amount raised funds (if other agreements stipulated
funds (if any)
any) in the prospectus
Public Issuance of Corporate
Bonds to Qualified Investors in The special
2020 (Phase I) of Guandong 1,500,000,000 1,500,000,000 0 fund-raising account No Yes
Electric Power Development operates properly
Co.,Ltd.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Public Issuance of Corporate
Bonds to Qualified Investors in The special
2021 (Phase I) of Guandong 1,000,000,000 1,000,000,000 0 fund-raising account No Yes
Electric Power Development operates properly
Co.,Ltd.
Public Issuance of Corporate
Bonds to Professional The special
Investors in 2021 (Phase II) of 1,500,000,000 1,500,000,000 0 fund-raising account No Yes
Guandong Electric Power operates properly
Development Co.,Ltd.
Public Issuance of Corporate
Bonds to Professional The special
Investors in 2021 (Phase I) of 800,000,000 800,000,000 0 fund-raising account No Yes
Guandong Electric Power operates properly
Development Co.,Ltd.
Public Issuance of Corporate
Bonds to Professional The special
Investors in 2021 (Phase I) of 200,000,000 200,000,000 0 fund-raising account No Yes
Guandong Huizhou Ping operates properly
Power Generation Co.,Ltd.
The raised funds are used for construction projects
□ Applicable √ Not applicable
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 repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors
√ Applicable □ Not applicable
(1). Credit enhancement mechanism: 20 Yudean 01, 21 Yudean 01, 21 Yudean 02, 21 Yudean 03 and 21 Pinghai
Company 01 bonds are not guaranteed.
(2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01, 21 Yudean 01, 21 Yudean 02,
21 Yudean 03 and 21 Pinghai 01 debt repayment plans and other debt repayment guarantee measures have not
changed during the reporting period, and the payment of their principal and interest will be handled by the bond
registration institution and relevant institutions. The specific matters of payment will be elaborated in the
announcement 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 accordance with
relevant regulations.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
In RMB
Interest
Bond name Bond short name Bond code Issue day Value date Due day Bond balance Servicing way Trading
rate
Using simple interest
rate on a yearly basis,
regardless of
compound interest.
2021 MTN (Phase I) of
Due payments once a Interbank
Guangdong Electric Power 21Yudean Fa MTN001 102101339.IB July 19,2021 July 21,2021 July 21,2024 1,200,000,000 3.17%
year, maturing debt at a market
Development Co., Ltd.
time. In the final phase,
interest is paid together
with the principal
redemption.
Using simple interest
rate on a yearly basis,
regardless of
compound interest.
2021 MTN (Phase II) of
November November November Due payments once a Interbank
Guangdong Electric Power 21Yudean Fa MTN002 102102318.IB 2,200,000,000 3.13%
15,2021 17,2021 17,2024 year, maturing debt at a market
Development Co., Ltd.
time. In the final phase,
interest is paid together
with the principal
redemption.
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Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
Guangdong Electric Power
Development Co., Ltd.
August, 23, August, 24, February One time repayment of Interbank
Co., Ltd.2021 second 21Yudean Fa SCP000 012280516.IB 1,000,000,000.00 2.21%
2021 2021 18,2022 principal and interest. market
phase Ultra-short term
financing bills
Guangdong Electric Power
Development Co., Ltd.
February February August One time repayment of Interbank
Co., Ltd.2022 first phase 22Yudean Fa SCP001 012280516.IB 1,200,000,000 2.01%
14,2022 15,2022 12,2022 principal and interest. market
Ultra-short term financing
bills
2021 MTN (Phase I) of Annual interest
21 Ping Power October, 15, October, 15, October, 15, Interbank
Guandong Huizhou Ping 102102049.IB 300,000,000.00 3.72% payment, one-time
MTN001 2021 2021 2024 market
Power Generation Co.,Ltd principal repayment
During the reporting period, interest payment situation of the company
No
bonds（If any）
Circulation and transfer in the national inter-bank bond market, its listing and circ ulation will be carried out in
Applicable trading mechanism
accordance with the relevant regulations promulgate d by the National Interbank Funding Center
Whether there are risks and countermeasures fo r terminating listing
No
transactions（If any)
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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 Contact person of
Name of bond Name of signing
intermediary Office Address intermediary Tel
project accountant
agency agency
Industry
Bank(lead No.154, Hudong
Zhao Xinle, Liu 010-89926570、
principal Road, Fuzhou, Not applicable
Jingyi 020-38160153
underwriter/bookk Fujian
eeping manager
No. 55,
ICBC(joint lead Fuxingmennei,
Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
District , Beijing
31,33, 36 and
37/F, SK Building,
2021 MTN
Beijing Zhong Lun A6,
(Phase I) of Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Guangdong
Street , Chaoyang
Electric Power
District, Beijing
Development
Co., Ltd. 11/F,
PricewaterhouseC PricewaterhouseC Wang Bin, Li
oopers Zhongtian oopers, No.2, Yanhua
Certified Public Enterprist
（2019-2020）； Wang Bin 021-23238888
Accountants Building, No.202,
Wang Bin, Guo
(Special General Hubin Road,
Partnership) Huangpu District Biyu（2018）
Shanghai
Shanghai 14/f, Huasheng
Brilliance Credit Building , No.398
Not applicable Zhang Jie 18600048666
Rating & Investors Hankou Road,
Service Co., Ltd. Shanghai
Industry Bank
No.154, Hudong
(lead principal Zhao Xinle, Ye 010-89926570、
Road, Not applicable
underwriter/bookk Huishan 020-38160153
Fuzhou ,Fujian
eeping manager
No. 55,
ICBC(joint lead Fuxingmennei,
Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
District , Beijing
2021 MTN 31,33, 36 and
(Phase II) of 37/F, SK Building,
Guangdong Beijing Zhong Lun A6,
Electric Power Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Street , Chaoyang
Co., Ltd. District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Wang Bin , Li
oopers Zhongtian oopers, No.2, Yanhua
Certified Public Enterprist
（2019-2020）； Wang Bin 021-23238888
Accountants Building, No.202,
Wang Bin, Guo
(Special General Hubin Road,
Partnership) Huangpu District Biyu（2018）
Shanghai
Guangdong Electric Power Development Co., Ltd. 2021 Annual Report
China CITIC Bank
1 Building, No.10
Co., Ltd(lead
Guanghua Road,
principal Not applicable Shen Xiangze 010-66635910
Changyang
underwriter/bookk
District , Beijing
eeping manager
No.22,
Jianguomenmei
Huaxia Bank(joint
Street , Not applicable Li Bailu 010-85237515
lead underwriter)
Dongcheng
Guangdong District , Beijing
Electric Power
Development 31,33, 36 and
Co., Ltd.2022 37/F, SK Building,
first phase Beijing Zhong Lun A6,
Not Applicable Liang Qinghua 020-28262689
Ultra-short term Law Firm Jianguomenwai
financing bills Street , Chaoyang
District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Wang Bin,Li
oopers Zhongtian oopers, No.2, Yanhua
Certified Public Enterprise
（2019-2020）； Wang Bin 021-23238888
Accountants Building, No.202,
Wang Bin, Guo
(Special General Hubin Road,
Partnership) Huangpu District
