Stock code: 000539,200539 Stock Abbreviation: Yue Dian Li A, Yue Dian Li BAnnouncement No.: 2020-47
Guangdong Electric power Development Co., Ltd.Summary of the Semi-Annual Report 2020I. Important notesThe summary is abstract from full-text of summary of the semi-annual report, for more details information ,investors should found in the full-text of summary of the semi-annual report that published on website ofShenzhen Stock Exchange and other website appointed by CSRC.Directors other than the following ones have attended the Board meeting to review the interim report.
| Name of director absent | Title for absent director | Reasons for absent | Attorney |
| Wang Jin | Director | Due to business | Zheng Yunpeng |
| Li Fangji | Director | Due to business | Zheng Yunpeng |
| Chen Ze | Director | Due to business | Rao Subo |
| Yan Ming | Director | Due to business | Wen Lianhe |
| Liang Peilu | Director | Due to business | Sha Qilin |
| Mao Qinghan | Director | Due to business | Ma Xiaoqian |
Non-standard auditor’s opinion
□ Applicable √Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share
capital for the reporting period, which has been reviewed and approved at the board meeting
□ Applicable √Not applicable
The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan.The preference share profit distribution pre-plan approved by the Board of Directors
□ Applicable √Not applicable
II. Basic information about the company
1. Company profile
| Stock abbreviation | Yue Dian Li A, Yue Dian Li B | Stock code | 000539、200539 | |
| Stock exchange for listing | Shenzhen Stock Exchange | |||
| Contact person and contact manner | Board secretary | Securities affairs Representative | ||
| Name | Liu Wei | Qin Xiao | ||
| Address | 35/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | 36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | ||
| Tel | (020)87570251 | (020)87570251 | ||
| liuw@ged.com.cn | qinxiao@ged.com.cn | |||
2. Major accounting data and financial indicators
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes√ No
| Reporting period | Same period of last year | YoY+/-（%） | |
| Operating income（RMB） | 12,539,917,823 | 12,874,181,250 | -2.60% |
| Net profit attributable to the shareholders of the listed company（RMB） | 813,684,495 | 581,569,383 | 39.91% |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（RMB） | 784,542,709 | 588,588,917 | 33.29% |
| Cash flow generated by business operation, net（RMB） | 4,018,221,897 | 3,803,441,801 | 5.65% |
| Basic earning per share(RMB/Share) | 0.1550 | 0.1108 | 39.89% |
| Diluted gains per share(RMB/Share)(RMB/Share) | 0.1550 | 0.1108 | 39.89% |
| Weighted average ROE(%) | 3.03% | 2.37% | 0.66% |
| As at the end of the reporting period | As at the end of last year | YoY+/-（%） | |
| Gross assets (RMB) | 79,265,582,617 | 75,472,027,123 | 5.03% |
| Net assets attributable to shareholders of the listed company （RMB） | 26,356,282,412 | 26,178,241,077 | 0.68% |
III. Shareholders and shareholding
In shares
| Total Number of common shareholders at the end of the reporting period | 94,823 | Number of shareholders of preferred stocks of which voting rights recovered in the report period(If any) | 0 | ||||||
| Shareholdings of Top 10 shareholders | |||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Amount of restricted shares held | Number or share pledged/frozen | ||||
| State of share | Amount | ||||||||
| Guangdong Energy Group Co., Ltd. | State-owned legal person | 67.39% | 3,538,005,285 | 1,893,342,621 | |||||
| China Securities Finance Co., Ltd. | State-owned legal person | 2.84% | 148,862,420 | ||||||
| Guangzhou Development Group Co., Ltd. | State-owned legal person | 2.22% | 116,693,602 | ||||||
| Guangdong Electric Power Development Corporation | State-owned legal person | 1.80% | 94,367,341 | ||||||
| Li Zhuo | Domestic Natural person | 0.60% | 31,756,823 | ||||||
| Zheng Jianxiang | Domestic Natural person | 0.45% | 23,372,798 | ||||||
| Harbin Hali Industry Co., Ltd. | Domestic Non-State owned legal person | 0.40% | 20,942,945 | ||||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas Legal person | 0.34% | 17,697,397 | ||||||
| CHINA INT'L CAPITAL CORP | Overseas Legal | 0.29% | 15,216,066 | ||||||
| HONG KONG SECURITIES LTD | person | |||||
| Harbin Daoli District Charity Foundation | Domestic Non-State owned legal person | 0.26% | 13,667,406 | |||
| Explanation on associated relationship among the aforesaid shareholders | The fourth largest shareholder Guangdong Electric Power Development Corporation is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown | |||||
| Explanation on shareholders participating in the margin trading business(if any )(See Notes 4) | The Fifth largest shareholder Li Zhuo holds 249,500 A shares of the Company through A shares ordinary stock account, and holds 31,756,823A shares of the Company through stock account with credit transaction and guarantee. The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of the Company through A shares ordinary stock account, and holds 20,942,645 6A shares of the Company through stock account with credit transaction and guarantee, hold 20,942,945 shares of the Company's stock totally. The Tenth largest shareholder Harbin Daoli District Charity Foundation holds16,800 A shares of the Company through A shares ordinary stock account, and holds 13,650,606A shares of the Company through stock account with credit transaction and guarantee, hold 13,667,406 shares of the Company's stock totally. | |||||
IV. Change of the controlling shareholder or the actual controllerChange of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
5.Number of preference shareholders and shareholdings of top 10 of them
□ Applicable √ Not applicable
No preference shareholders in the reporting period
6.Corporate bonds
Are there any corporate bonds publicly offered and listed on the stock exchange, which were undue before the
approval date of this report or were due but could not be redeemed in full?Yes
1.Basic information of corporate bonds
| Bond name | Bond short name | Bond code | Issue day | Due day | Bond balance (Ten thousand ) | Interest rate |
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) | 20 Yudean 01 | 149113.SZ | April 29,2020 | April 29,2025 | 150,000 | 2.45% |
(2) As at the end of the reporting period , the company's major financial indicators
In RMB 10,000s
| Items | As at the end of the reporting period | As at the end of last year | YoY+/-（%） |
| Asset liabilities ratio | 56.62% | 55.92% | 0.70% |
| Items | Reporting period | Same period of last year | YoY+/-（%） |
| EBITDA interest coverage ratio | 3.25 | 2.41 | 34.85% |
III. Performance discussion & analysis1．Performance Review for Reporting periodIs the company subject to any disclosure requirements for special industries?NoIn the first half of 2020, affected by the COVID-19, the demand for industrial electricity in the whole societydeclined. However, with the solid resumption of production and business, the total electricity consumption inGuangdong Province reached 296.484 billion kWh, which was close to the same level last year, and the declinecontinued to narrow. From January to June, 2020, Guangdong Province's power generation and purchasedecreased by 1.93% year-on-year, nuclear power and wind power in Guangdong Province increased by 19.54%and 23.1% year-on-year, and the power purchase of XD Group decreased by 20.36% year-on-year. The companycompleted 31.284 billion kWh of on-grid power, down by 0.76% year-on-year, and the average utilization hoursof holding coal-fired units were 1764 hours, down by 60 hours year-on-year.
In 2020, the scale of marketization transaction in Guangdong Province continued to expand, with the total volumereached 260 billion kWh (an increase of 30% over 2019). According to the data released by the GuangdongElectric Power Trading Center, the 2020 annual bilateral negotiation transaction volume organized by theGuangdong Electric Power Trading Center was 211.713 billion kWh, and the average transaction price differencewas -47.1 Cent(RMB)/kWh. In the first half of 2020, the monthly concentrated bidding transaction power was
9.837 billion kWh, and the average clearing spread was -33.4 Cent(RMB)/kWh. In 2020, the Company'sbudgetary on-grid electricity was 72.867 billion kWh, of which the base electricity was 6.054 billion kWh,accounting for about 10%; the annual long-term contracted was 50.317 billion kWh, accounting for about 70%;the rest was monthly bidding volume, accounting for about 20%. In the first half of 2020, the average selling priceof the Company's consolidated statements was 442.46 yuan / thousand kWh (excluding tax), a decrease of 17.28yuan / thousand kWh.In the first half of 2020, under the positive effects of normalization of epidemic prevention and control and overallplanning of economic and social development, the company's power production was generally stable, the maincost control effect was good, and the profit rate of main business was improved, which made the company'soperating performance achieve a certain growth year-on-year. As of June 2020, the total assets according to thecompany's consolidated statements were 79.266 billion yuan, with an increase of 5.03% over the beginning of theyear, and the equity attributable to shareholders of the parent company was 26.356 billion yuan, with an increaseof 0.68% over the beginning of the year. The company's revenue according to the consolidated statement was
12.54 billion yuan, with a year-on-year decrease of 2.60%; The net profit attributable to shareholders of the parentcompany was 814 million yuan, with a year-on-year increase of 39.91%; Earnings per share is 0.1550 yuan.According to the consolidated statement of the company, the total liabilities are 44.877 billion yuan, and theasset-liability ratio is 56.62%.In the first half of 2020, all 36 wind turbines of the Wailuo offshore wind power project (36×0.55 millionkilowatts), which was controlled by the company, were put into operation in parallel, and 34 of them passed the250h trial operation and were officially put into production, increasing the controllable installed capacity by187,000 kilowatts. As of June 2020, the company has controllable installed capacity of 21.192 million kilowatts,including holding installed capacity of 19.536 million kilowatts and equity participation installed capacity of
1.657 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 15.09 millionkilowatts, accounting for 77.2%; The holding installed capacity for gas and electricity of 3.72 million kilowatts,accounting for 19.0%; The holding installed capacity for renewable energy power generation such as wind powerand hydropower of 726,000 kilowatts, accounting for 3.7%. In addition, the company's installed capacity undermanagement is 13.273 million kilowatts (11.069 million kilowatts for thermal power and 2.204 million kilowattsfor hydropower), with the above-mentioned controllable installed capacity and the installed capacity underentrusted management totaling 34.465 million kilowatts.
2.Maters related to financial report
(1) Reason for changes in accounting policies, accounting estimates and accounting methods as compared to thefinancial report for the prior year
√Applicable □ Not applicable
The Ministry of Finance promulgated the revised Accounting Standards for Business Enterprises No.14-Incomein 2017 (hereinafter referred to as the "New Income Standards"), and the Group has adopted the above standardsand notices to prepare the financial statements for 2020.
(2) Reason for retrospective restatement to correct major accounting errors during the reporting period
□ Applicable √ Not applicable
No such cases in the reporting period.
(3) Reason for changes in scope of the consolidated financial statements as compared to the financial report forthe prior year
√ Applicable □Not applicable
New Subsidiary Establishment of the Year
| Name | Business place | Registered address | Nature | Registered capital | Proportion (%) | Acquired |
| Guangdong Yudean Daya Bay Integrated Energy Co., Ltd. | Huizhou | Huizhou | Electric Power | 22,000,000 | 80% | Establish |
| Guangdong Yudean Qiming Energy Co., Ltd. | Shenzhen | Shenzhen | Electric Power | 20,000,000 | 100% | Establish |
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang JinAugust 28, 2020