GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2021
August 2021
I. Important Notice, Table of Contents and DefinitionsThe Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Companyhereby guarantees that there are no misstatement, misleading representation or important omissions in this reportand 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 incharge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity andcompleteness of the financial report enclosed in this semi-annual report.Directors other than the following ones have attended the Board meeting to review the Semi-annual report.
| Name of absent director | Position of absent director | Reason | Name of proxy |
| Mao Qinghan | Director | Due to business | Wang Xi |
| Shen Hongtao | Independent director | Due to business | Wang Xi |
| Li Fangje | Director | Due to business | Li Baobing |
The Company is mainly engaged in thermal power generation. The business of thermal power generation isgreatly affected by factors including electric power demand and fuel price. For details, please refer to the possiblerisk factors that the company may face in the X "Risks facing the Company and countermeasures " in the SectionIII "Management Discussion & Analysis".The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
Table of Contents
I.Important Notice, Table of contents and DefinitionsII. Company Profile & Financial Highlights.III. Management Discussion & AnalysisIV. Corporate GovernanceV. Environmental & Social ResponsibilityVI. Important EventsVII. Change of share capital and shareholding of Principal ShareholdersVIII. Situation of the Preferred SharesIX. Corporate BondX. Financial Report
Documents available for inspection
1.Financial statements bearing the seal and signature of legal representative, financial controller and the person incharge of the accounting organ;
2. All original copies of official documents and notices, which were disclosed in Securities Times, ChinaSecurities and Hong Kong Commercial Daily (Both English and Chinese version);
3. Chinese version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays,Saturday and Sunday).
Definition
| Terms to be defined | Refers to | Definition |
| Guangdong Energy Group | Refers to | Guangdong Energy Group Co., Ltd. |
| Guangqian Company | Refers to | Shenzhen Guangqian Electric Power Co., Ltd. |
| Bohe Company | Refers to | Guangdong Yudean Bohe Energy Co., Ltd. (formerly " Guangdong Yudean Bohe Coal & Electricity Co., Ltd." renamed on February 25, 2021) |
| Dapu Company | Refers to | Guangdong Dapu Power Generation Co., Ltd. |
| Wind Power Company | Refers to | Guangdong Wind Power Co., Ltd. |
| Lincang Company | Refers to | Lincang Yudean Energy Co., Ltd. |
| Qujie Wind Power Company | Refers to | Guangdong Yudean Qujie Wind Power Generation Co., Ltd. |
| Electric Power Sales Company | Refers to | Guangdong Yudean Electric Power Sales Co., Ltd. |
| Anxin Electric Inspection & Installation Company | Refers to | Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd |
| Tongdao Wind Power Company | Refers to | Tongdao Yuexin Wind Power Generation Co., Ltd. |
| Zhongyue Compamy | Refers to | Zhanjiang Zhongyue Energy Co., Ltd. |
| Yuejiang Company | Refers to | Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. |
| Yongan Natural Gas Company | Refers to | Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd. |
| Leizhou Wind Power Company | Refers to | Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. |
| Zhanjiang Company | Refers to | Zhanjiang Electric Power Co., Ltd. |
| Zhanjiang Wind Power Company | Refers to | Guangdong Yudean Zhanjiang Wind Power Co., Ltd. |
| Huizhou Natural Gas Company | Refers to | Guangdong Huizhou Natural Gas Power Co., Ltd. |
| Maoming Thermal Power Plant | Refers to | Guangdong Energy Maoming Thermal Power Co., Ltd. |
| Jinghai Company | Refers to | Guangdong Yudean Jinghai Power Co., Ltd. |
| Red Bay Company | Refers to | Guangdong Red Bay Power Co., Ltd. |
| Huadu Natural Gas Company | Refers to | Guangdong Huadu Natural Gas Thermal Power Co., Ltd. |
| Humen Power Company | Refers to | Guangdong Yudean Humen Power Co., Ltd. |
| Yuejia Company | Refers to | Guangdong Yuejia Electric Power Co., Ltd. |
| Pinghai Power Plant | Refers to | Guangdong Hluizhou Pinghai Power Co., Ltd. |
| Pingdian Integrated Energy Company | Refers to | Huizhou Pingdian Integrated Energy Co., Ltd. |
| Zhencheng Integrated Energy Company | Refers to | Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. |
| Binhaiwan Energy Company | Refers to | Guangdong Yudean Binhaiwan Energy Co., Ltd. |
| Dianbai Wind Power Company | Refers to | Guangdong Yudean Dianbai Wind Power 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. |
| Zhuhai Wind Power Company | Refers to | Guangdong Yudean Zhuhai Offshore 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. |
| Shibeishan Wind Power | Refers to | Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd. |
| Huilai Wind Power Company | Refers to | Huilai 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 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. |
| 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. |
II. Company Profile & Financial Highlights.I.Company information
| 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 Company Name in Chinese(If any) | 粤电力 | ||
| English name (If any) | GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD | ||
| English abbreviation (If any) | GED | ||
| Legal Representative | Wang Jin | ||
Ⅱ.Contact person and contact manner
| Board secretary | Securities affairs Representative | |
| Name | Liu Wei | Qin Xiao |
| Contact address | 35F, 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 |
| Fax | (020)85138084 | (020)85138084 |
| liuw@ged.com.cn | qinxiao@ged.com.cn |
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change inreporting period, found more details in annual report 2020.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For detailsplease find the Annual Report 2020.IV.Summary of Accounting data and Financial indexMay 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（yuan） | 17,781,521,221 | 12,539,917,823 | 41.80% |
| Net profit attributable to the shareholders of the listed company（yuan） | 109,028,853 | 813,684,495 | -86.60% |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（yuan） | 90,377,204 | 784,542,709 | -88.48% |
| Cash flow generated by business operation, net（yuan） | 3,096,857,643 | 4,018,221,897 | -22.93% |
| Basic earning per share(yuan/Share) | 0.0208 | 0.1550 | -86.60% |
| Diluted gains per share(yuan/Share) | 0.0208 | 0.1550 | -86.60% |
| Weighted average income/asset ratio（%） | 0.40% | 3.03% | -2.63% |
| As at the end of the reporting period | As at the end of last year | YoY+/-（%） | |
| Gross assets（yuan） | 92,331,563,629 | 85,970,818,168 | 7.40% |
| Shareholders’ equity attributable to shareholders of the listed company（yuan） | 26,933,339,749 | 27,369,995,422 | -1.60% |
V.The differences between domestic and international accounting standards1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosedin the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
| Net profit attributable to the shareholders of the listed company | Net Assets attributable to the shareholders of the listed company | |||
| Amount in the reporting period | Amount in the previous period | End of the reporting period | Beginning of the reporting period | |
| According to CAS | 109,028,853 | 813,684,495 | 26,933,339,749 | 27,369,995,422 |
| Items and amount adjusted according to IAS | ||||
| The difference arising from recognition of goodwill after merger of enterprises under the same control(a) | 38,638,777 | 38,638,777 | ||
| Difference arising from recognition of land use value after enterprise merger | -315,000 | -315,000 | 16,025,000 | 16,340,000 |
| Influence on minority interests(b) | 27,060 | 27,060 | 4,945,519 | 4,918,459 |
| According to IAS | 108,740,913 | 813,396,555 | 26,992,949,045 | 27,429,892,658 |
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chineseaccounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreignaccounting 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
| (a) | The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. |
| As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. | |
| (b) | Influence on minority interests |
| Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. |
VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
| Items | Amount | Notes |
| Non-current asset disposal gain/loss(including the write-off part | 23,852,682 | Mainly due to Yuejia Company |
| for which assets impairment provision is made) | shut-down and liquidation of assets to obtain income. | |
| Government subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) | 6,433,278 | Mainly due to power sales economic policy incentives and subsidies for various power plant projects. |
| Other non-business income and expenditures other than the above | 595,487 | |
| Fines and overdue payment fees | -209,860 | |
| Non-current assets scrap income | 7,507,022 | Mainly due to the income from scrapped fixed assets of Guangdong wind power and Pinghai Power Plant. |
| Loss of Non-current assets scrapped | -4,006,514 | |
| Less: Amount of influence of income tax | 8,588,045 | |
| Influenced amount of minor shareholders’ equity (after tax) | 6,932,401 | |
| Total | 18,651,649 | -- |
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses andits non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosurefor Companies offering their securities to the public-non-recurring Gains and losses which have been defined asrecurring gains and losses, it is necessary to explain the reason.
√Applicable □ Not applicable
| Items | Amount involved | Reason |
| Value-added tax will be refunded immediately | 4,141,947 | Comply with national policies and regulations, and continue to occur |
| Carbon emission quota used to fulfil the emission reduction obligation | -2,750,000 | Comply with national policies and regulations, and continue to occur |
III. Management Discussion & AnalysisⅠ.Main Business the Company is Engaged in During the Report PeriodThe Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry InformationDisclosure Guidelines No.15-Listed Companies Engaged in Power-related BusinessThe Company mainly engages in the investment, construction and operation management of power projects, and theproduction 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 forelectricity, and benefiting the public” and adheres to the business policy of “Centering on the main business ofelectricity, with diversified development”, focusing on the main business of power and making the power structurego diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, italso 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 23.473 million kilowatts, including holding installed capacityof 21.759 million kilowatts and equity participation installed capacity of 1.714 million kilowatts. Including: theholding installed capacity for coal-fired power generation of 17.15 million kilowatts; the holding installedcapacity for gas and electricity of 3.72 million kilowatts and renewable energy generation like wind power andhydropower of 889,000 kilowatts. Clean energy installation accounted for 21.2%.In addition, the company is entrustedwith managing the installed capacity of 13.286 million kilowatts .Income source is primarily contributed by power production and sales, and main business income is derived fromGuangdong Province. The company electricity sales price is subject to the benchmark price verified by the priceauthority per relevant policies based on National Development and Reform Commission (NDRC) and theelectricity transaction price through the market trade implementation per Guangdong Electricity Market TradeBasic Rules and supporting files. In the reporting period, the electricity sold is 44.757 billion kilowatt-hours,an increase of 43.07% YOY; average price stated in the consolidated statements is 440.05 Yuan/ thousandskilowatt-hours(tax included ,the same below ), YOY drop of 2.41 Yuan/ thousands kilowatt-hours, a decreaseof0.54% YOY; the total operating income was RMB 17,781.52 million, an increase of RMB 5,241.6 million or anincrease of 41.8% YOY.The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portionof operating costs, thus the fluctuations in coal prices have a significant impact on the company's operatingperformance. During the reporting period, affected by the increase in power generation and the continuous increasein coal prices, the company’s fuel costs were 13,218.15 million yuan, which accounted for 78.77% of the mainbusiness costs; Affected by the rebound in power generation and the rising coal price, the fuel cost for powergeneration increased by RMB 6,175.19 million YOY, an increase of 87.68%.During the reporting period, benefiting from the gradual recovery of the domestic macro-economy and theincrease in total social electricity demand, the Company's on-grid electricity increased by 43% YOY in the firsthalf of the year. However, due to the increase in bulk commodity prices, the cost of coal and gas power generationfuels increased significantly YOY, plus the influence of factors such as the lowering of the benchmark on-gridprice of natural gas, the increase in market transaction electricity and the power spot trial operation, theCompany's power generation gross profit and the net profit attributable to the parent company decreased YOY,and it achieved a net profit attributable to the parent company of RMB 109,028,900-a YOY decrease of 86.60%.
The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry InformationDisclosure Guidelines No.15-Listed Companies Engaged in Power-related BusinessIn the first half of 2021, the Company resolutely implemented the requirements of the supply-side structuralreform of the power industry, adhered to a clean, low-carbon, safe and efficient energy development strategy, andcontinued to optimize the power supply structure and asset structure. As of the end of the reporting period, theCompany has put into production of a total of 12 new energy power generation projects with a holding installedcapacity of 757,500 kilowatts; there are 10 wind power projects under construction, with a holding installedcapacity of 1,261,800 kilowatts. In addition, the Company had respectively signed cooperation frameworkagreements with local governments of Tumshuk City of the Third Division of Xinjiang Production andConstruction Corps, Dafang County, Hezhou City and other local governments. In the future, it will make full useof the existing resource advantages of local solar and wind energy to cooperate in the development of centralizedand decentralized photovoltaic power generation and wind power projects, industrial integration, carbon neutrality,etc., which will help transform resource advantages into industrial advantages, economic advantages, and promotethe development of green energy and green economy, thus promoting the Company's clean and low-carbon energytransformation.
1. As of June 30, 2021, the holding new energy power generation projects that the Company has put into productionare as follows:
| Project type | Project name | Installed capacity (10,000 kilowatts) | Shareholding ratio | Investment amount |
| Wind Power | Zhanjiang Xuwen Yangqian | 4.95 | 70% | 48,300 |
| Wind Power | Zhanjiang Xuwen Yongshi | 4.95 | 70% | 38,348 |
| Wind Power | Jieyang Huilai Shibeishan | 10.0 | 70% | 67,797 |
| Wind Power | Jieyang Huilai Haiwanshi | 1.4 | 90% | 13,119 |
| Wind Power | Maoming Dianbai Reshui | 4.95 | 100% | 48,255 |
| Wind Power | Zhanjiang Leizhou Hongxinlou | 4.95 | 80% | 38,069 |
| Wind Power | Zhanjiang Xuwen Shibanling | 4.95 | 100% | 92,699 |
| Wind Power | Zhanjiang Xuwen Qujie | 4.95 | 100% | 373,945 |
| Wind Power | Wailluo Offshore wind power | 19.8 | 100% | 44,852 |
| Wind Power | Xuwen Wutushan Wind Power | 4.95 | 100% | 44,800 |
| Wind Power | Xuwen Dengjiao Wind Power | 4.95 | 51% | 49,396 |
| Wind Power | Pingyuan Maoping | 4.95 | 100% | 151,000 |
| Total | 75.75 | 1,010,580 |
2. As of June 30, 2021, the new energy project under construction by the Company are as follows:
| Project type | Project name | Installed capacity (10,000 kilowatts) | Shareholding ratio | Planned production time |
| Wind Power | Zhuhai Jinwan Offshore wind power | 30.25 | 74% | September 2021 |
| Wind Power | Zhanjiang Xuwen Wailuo Offshore wind power | 20 | 100% | December 2021 |
| Wind Power | Zhanjiang Xuwen Xinliao offshore wind power | 20.64 | 100% | December 2021 |
| Wind Power | Yangjiang Shapa offshore Wind power | 30.22 | 89% | December 2021 |
| Wind Power | Guangxi Wuxuan | 5 | 100% | December 2021 |
| Wind Power | Hunan Xupu Taiyangshan | 5 | 100% | December 2021 |
| Wind Power | Hunan Tongdao Dagaoshan | 5 | 100% | December 2021 |
| Wind Power | Shanwei Power Plant Decentralized Wind Power | 1.08 | 65% | December 2021 |
| Wind Power | Nanxiong Zhuan Village | 4.99 | 100% | June 2022 |
| Wind Power | Pingyuan Sishui | 4 | 100% | June 2022 |
| Total | 126.18 |
II.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 morethan 92.3 billion. It is the largest listed company of power in Guangdong Province. As of June 30,2021, Thecompany's controllable installed capacity and entrusted managed installed capacity totaled 36.416 millionkilowatts , accounting for 25.3% of the total installed capacity of Guangdong Province.
2. Strong background and resource advantages
Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise, hasbeen 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 companyhas always been subordinated to serving the overall situation of the reform and development of GuangdongProvince and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively played thevalue discovery function and resource allocation function of the capital market, and assisted the reform anddevelopment of Guangdong Province's energy resources.
3. Comprehensive advantages of main business
Guided by the national energy development strategy, the Company is implementing the "1+2+3+X" strategy - tobuild a first-class green and low-carbon power listed company, coordinate safety and development, optimize andstrengthen 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 developmentprospects; With clear main business, reasonable structure, outstanding industrial position and market share, it hasstrong 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 thefirst half of 2021, the company completed a total of 44.757 billion kilowatt-hours of electricity in the market, andthe scale of electricity sales continued to rank first in the province, with electricity sales prices superior to theprovince's average. The company gives full play to its three advantages of scale, brand and service. With itsmarketing service network all over the province and its technical accumulation and comprehensive resources inthe power industry, the company provides auxiliary value-added services such as peak regulation, frequencymodulation and backup for the power grid, and provides high-quality value-added services such as comprehensiveenergy saving and power consumption consultation for users, thus realizing the transformation from a powergeneration enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
As of June 30,2021, the company's total assets were 92.331 billion yuan, net assets were 35.04 billion yuan, netassets attributable to the parent were 26.933 billion yuan; Net cash inflow from operating activities was 3.097billion yuan, net cash outflow from investment activities was 4.191 billion yuan, and net cash outflow fromfinancing activities was 87 million yuan. The company has large assets, abundant cash flow and strong financialresources.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helpingGuangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company willactively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanceddemonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily pushforward the construction of key energy projects and the development of new energy resources in the province andactively seek to expand into regions with better resource conditions and higher power demand, Help the "30·60"target to be implemented.III.Main business analysisFound more in”I. Main businesses of the Company in the reporting period”Changes in the financial data
In RMB
| This report period | Same period last year | YOY change（%） | Cause change | |
| Operating income | 17,781,521,221 | 12,539,917,823 | 41.80% | Benefiting from the gradual |
| recovery of the domestic macro economy and the increase of the total demand for electricity in the society, the on-grid electricity increased YOY and the operating income increased in the first half of the year. | ||||
| Operating cost | 16,786,719,665 | 10,150,973,022 | 65.37% | Affected by the increase in bulk commodity prices and a high level coal prices in the first half of the year, plus the impact of increased on-grid electricity, the cost of power generation fuel increased YOY. |
| Sale expenses | 30,495,119 | 22,894,557 | 33.20% | The Company strengthened its investment in power marketing and actively competed for market share of electricity, thus the sales expenses increased YOY. |
| Administrative expenses | 348,713,784 | 301,675,673 | 15.59% | |
| Financial expenses | 576,650,599 | 561,314,905 | 2.73% | |
| Income tax expenses | 106,678,961 | 472,879,412 | -77.44% | Affected by the substantial increase in fuel costs for power generation, the Company’s profit fell YOY and the income tax expenses decreased. |
| R & D Investment | 96,674,773 | 831,109 | 11,532.02% | Mainly due to the increase in R&D investment in the affiliated power plants this year and the strengthening of the concentration management of R&D expenses at the same time, the R&D expenses increased significantly YOY. |
| Cash flow generated by business operation, net | 3,096,857,643 | 4,018,221,897 | -22.93% | |
| Net cash flow generated by investment | -4,190,865,039 | -3,327,095,659 | 25.96% | |
| Net cash flow generated by financing | 869,529,862 | -46,707,153 | -1,961.66% | Mainly due to the wind power companies and new power plants are in the infrastructure construction period, a large amount of funds need to be raised for the purchase of power generation equipment and the construction of plants. |
| Net increasing of cash and cash equivalents | -224,477,656 | 644,419,313 | -134.83% | Mainly due to the Company is in a stage of rapid development, the investment in power plants especially new power plants has increased. |
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.Component of Business Income
In RMB
| This report period | Same period last year | Increase /decrease | |||
| Amount | Proportion | Amount | Proportion | ||
| Total operating revenue | 17,781,521,221 | 100% | 12,539,917,823 | 100% | 41.80% |
| On Industry | |||||
| Electric power , Steam sales and labor income | 17,535,862,514 | 98.62% | 12,359,160,846 | 98.56% | 41.89% |
| Other | 245,658,707 | 1.38% | 180,756,977 | 1.44% | 35.91% |
| On products | |||||
| Sales Electric Power | 17,429,546,654 | 98.02% | 12,249,310,829 | 97.68% | 42.29% |
| Thermal sales | 62,652,754 | 0.35% | 68,698,614 | 0.55% | -8.80% |
| Comprehensive utilization of fly ash | 232,388,965 | 1.31% | 145,845,255 | 1.16% | 59.34% |
| Other | 56,932,848 | 0.32% | 76,063,125 | 0.61% | -25.15% |
| Area | |||||
| Guangdong | 17,755,824,058 | 99.86% | 12,517,016,866 | 99.82% | 41.85% |
| Yunnan | 25,697,163 | 0.14% | 22,900,957 | 0.18% | 12.21% |
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profitwith Profit over 10%
√ Applicable □Not applicable
In RMB
| Turnover | Operation cost | Gross profit rate(%) | Increase/decrease of revenue in the same period of the previous year(%) | Increase/decrease of business cost over the same period of previous year (%) | Increase/decrease of gross profit rate over the same period of the previous year (%) | |
| On Industry | ||||||
| Electric power , Steam sales and labor income | 17,535,862,514 | 16,780,408,772 | 4.31% | 41.89% | 65.52% | -13.66% |
| On Products | ||||||
| Sales Electric Power | 17,429,546,654 | 16,669,365,676 | 4.36% | 42.29% | 65.94% | -13.63% |
| Thermal sales | 62,652,754 | 50,523,078 | 19.36% | -8.80% | 16.02% | -17.25% |
| Area | ||||||
| Guangdong | 17,755,824,058 | 16,757,608,850 | 5.62% | 41.85% | 65.51% | -13.49% |
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted mainbusiness based on latest on year’s scope of period-end.
□ Applicable √Not applicable
Explanation for a year-on –year change of over 30%
√ Applicable □ Not applicable
The company's operating income, operating costs, sales expenses, etc. have changed by over 30% year on year,and the reasons for the changes are shown in "Year-on-year Changes of Major Financial Data" in the above table.IV. Analysis of Non-core Business
□ Applicable √Not applicable
V. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
| End of Reporting period | End of same period of last year | Change in percentage(%) | Reason for significant change | |||
| Amount | As a percentage of total assets(%) | Amount | As a percentage of total assets(%) | |||
| Monetary fund | 5,566,527,909 | 6.03% | 5,790,946,117 | 6.74% | -0.71% | |
| Accounts receivable | 4,533,682,583 | 4.91% | 4,332,149,033 | 5.04% | -0.13% | |
| Contract assets | 4,276,992 | 0% | 3,870,497 | 0% | 0% | |
| Inventories | 2,329,827,695 | 2.52% | 1,589,882,029 | 1.85% | 0.67% | |
| Real estate Investment | 48,457,262 | 0.05% | 49,732,668 | 0.06% | -0.01% | |
| Long-term equity investment | 7,369,368,592 | 7.98% | 6,687,257,614 | 7.78% | 0.20% | |
| Fixed assets | 48,296,881,750 | 52.31% | 47,195,233,079 | 54.90% | -2.59% | |
| Construction in process | 6,961,952,641 | 7.54% | 9,153,637,100 | 10.65% | -3.11% | The Company applies the new lease standard in 2021, and the constructions in progress are reclassified to right-of-use assets. |
| Usage right assets | 4,399,305,885 | 4.76% | 0% | 4.76% | The Company applies the new lease standard in 2021, Recognize the right-of-use assets | |
| Short -term loans | 8,112,048,863 | 8.79% | 7,622,427,916 | 8.87% | -0.08% | |
| Contract | 586,470 | 0% | 6,573,912 | 0.01% | -0.01% | |
| liabilities | ||||||
| Long-term loans | 21,969,981,365 | 23.79% | 18,998,555,568 | 22.10% | 1.69% | |
| Lease liabilities | 4,136,908,238 | 4.48% | 0% | 4.48% | The Company applies the new lease standard in 2021, Recognize the lease liabilities |
2.Main assets overseas
□ Applicable √Not applicable
3.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
| Items | Opening amount | Gain/Loss on fair value change in the reporting period | Cumulative fair value change recorded into equity | Impairment provisions in the reporting period | Purchased amount in the reporting period | Sold amount in the reporting period | Closing mount | End of term |
| Financial assets | ||||||||
| 4．Investment in other equity instruments | 3,548,088,015 | 112,466,070 | 2,651,191,469 | -70,500,870 | 3,590,053,215 | |||
| Subtotal | 3,548,088,015 | 112,466,070 | 2,651,191,469 | -70,500,870 | 3,590,053,215 | |||
| Total | 3,548,088,015 | 112,466,070 | 2,651,191,469 | -70,500,870 | 3,590,053,215 | |||
| Financial Liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other changeOn January 14, 2021, Guangdong Wind Power Generation Co., Ltd., a wholly-owned subsidiary of the Company,acquired 10% equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, thatis, the Company holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has asignificant impact on its business decision, and its accounting method has been changed from other equityinstruments investment to long-term equity investment equity method（Note VII(170).Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
4. Restricted asset rights as of the end of this Reporting Period
（1）Asset pledge situation
On June 30, 2021, individual subsidiaries of the Group pledged the right to impose electricity charges to banks toobtain long-term loans of RMB4,013,469,662,of which: the balance of long-term loans due within one year was290,559,745 yuan (as of December 31, 2020: 4,193,207,913 yuan). including: the long-term borrowings duewithin one year amounted to RMB298,558,767 . The borrowings are detailed as follows:
1. On June 30, 2021, the long-term pledge borrowings of the following subsidiaries were based on their powerfee charging rights and accounts receivable as pledges:
In RMB
| Name | June 30,2021 | December 31,2020 |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | 1,723,480,897 | 1,840,351,082 |
| Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. | 1,279,237,340 | 1,310,860,000 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | 651,000,000 | 661,000,000 |
| Guangdong Yudean Zhanjiang Wind Power Co., Ltd. | 220,059,905 | 224,052,692 |
| Lincang Yudean Energy Co., Ltd. | 84,465,000 | 98,565,000 |
| Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. | 55,226,519 | 58,379,139 |
| Total | 4,013,469,662 | 4,193,207,913 |
In RMB
| Name | June 30,2021 | December 31,2020 |
| Guangdong Shaoguan Yuejiang Power Generation Co., ltd. | 193,711,564 | 193,721,167 |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. | 61,549,006 | 42,285,806 |
| Lincang Yudean Energy Co., Ltd. | 10,000,000 | 20,000,000 |
| Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. | 7,985,575 | 7,985,575 |
| Guangdong Yudean Leizhou Power Generation Co., Ltd. | 14,100,000 | 28,200,000 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | 3,213,600 | 6,366,219 |
| Total | 290,559,745 | 298,558,767 |
VI. Investment situation
1. General
√ Applicable □ Not applicable
| Investment of the period | Investment of same period of last year | Scale of change |
| 1,254,358,100 | 447,600,000 | 180.24% |
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
| Name of the Company Invested | Main Business | Investment Way | Investment Amount | Share Proportion % | Capital Source | Partner | Investment Horizon | Product Type | Progress up to Balance Sheet Date | Anticipated Income | Gain or Less or the Current Investment | Whether to Involve in Lawsuit | Date of Disclosure(if any) | Disclosure Index(if any) |
| Guangdong Yudean Binhaiwan Energy Co.,Ltd. | Natural Gas Generation | Capital increase | 50,000,000 | 100% | Self Funds | No | Long-term | Electric Power | -8,850,553 | No | April 10,2020 | Announcement No.:2020-13)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | ||
| Guangdong Huadu Natural Gas Thermal Power Co., Ltd. | Natural Gas Generation | Capital increase | 97,500,000 | 65% | Self Funds | Guangdong Guokun New Energy Co., Ltd.：35% | Long-term | Electric Power | During the reporting period, the construction of Huadu Thermoelectricity Project was progressing normally. | -3,041,456 | No | April 26,2017 | Announcement No.:2017-14)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong | Wind | Capital | 100,000,000 | 100% | Self | No | Long-term | Electric | During the | 351,866 | No | August | Announcement |
| Yudean Qujie Wind Power Generation Co., Ltd. | power generation | increase | funds | power | reporting period, the construction of Zhanjiang Wailuo Offshore Wind Power Project Phase II was progressing normally. | 31,2019 | No.:2019-40)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |||||||
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | Wind power generation | Capital increase | 100,000,000 | 100% | Self funds | No | Long-term | Electric power | During the reporting period, the construction of Zhanjiang Xinliao Offshore Wind Power Project was progressing normally. | 354,113 | No | November 29,2019 | Announcement No.:2019-59)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind power generation | Capital increase | 160,000,000 | 100% | Self funds | No | Long-term | Electric power | During the reporting period, the construction of Yangjiang Shapa Offshore wind power Project was progressing normally. | -1,383,351 | No | August 31,2018 | Announcement No.:2018-45)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind power generation | Capital increase | 50,000,000 | 100% | Self funds | No | Long -term | Electric Power | During the reporting period, the construction of Zhuhai | 10,892,619 | No | January 26,2019 | Announcement No.:2019-05)Published in China Securities Daily, Securities Times and |
| Jinwan Offshore wind power Project was progressing normally. | http//.www.cninfo.com.cn | |||||||||||||
| Guangdong Wind Power Generation Co., Ltd. | Wind power generation | Capital increase | 30,000,000 | 100% | Self funds | No | Long-term | Electric Power | During the reporting period, the construction of Guangxi Wuxuan Wind Farm Phase I project was progressing normally. | -128,049 | No | November 29,2019 | Announcement No.:2019-58)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Tongdao Yuexin Wind Power Generation Co., Ltd. | Wind power generation | Capital increase | 40,000,000 | 100% | Self funds | No | Long-term | Electric Power | During the reporting period, the construction of Dagaoshan Wind Power Project in Tongdao Dong Autonomous County of Hunan Province was progressing normally. | -15,141 | No | April 11,2020 | Announcement No.:2020-13)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind power generation | Capital increase | 30,000,000 | 100% | Self funds | No | Long-term | Elecrric Power | During the reporting period, the construction of Taiyangshan | -46,108 | No | April 11,2020 | Announcement No.:2020-13)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| Wind Farm Project in Xupu, Hunan Province was progressing normally. | ||||||||||||||
| Southern Offshore wind power Union Development Co., Ltd. | Wind power generation | Capital increase | 10,000,000 | 100% | Self funds | No | Long-term | Electric Power | In normal operation | 8,563,328 | No | December 5,2020 | Announcement No.:2020-63)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Daya Bay Energy Co., Ltd. | Natural Gas Generation | Capital increase | 128,000,000 | 80% | Self funds | Huizhou Daya Bay Petrification Industrial Zone Investment Co., Ltd.：20% | Long-term | Electric power | During the reporting period, the preliminary work of the Western Comprehensive Energy Station Project of Daya Bay Petrochemical Zone in Huizhou was progressing normally. | -2,400,948 | No | February 15,2020,May 21,2021 | Announcement No.:2020-10 and 2020-34)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind Power generation | Capital increase | 166,858,100 | 100% | Self funds | No | Long-term | Electric power | During the reporting period, the construction of Pingyuan Sishui Zhuhai Jinwan Wind farm Project was progressing | 25,906,046 | No | December 5,2020 | Announcement No.:2020-63)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| normally. | ||||||||||||||
| Guangdong Wind Power Generation Co., Ltd. | Wind power geneation | Capital increase | 30,000,000 | 100% | Self funds | No | Long-term | Electric power | During the reporting period, the construction of Guangdong Yudean Nanxiong ZhuanVillage Wind farm Project was progressing normally. | -202,386 | No | December 5,2020 | Announcement No.:2020-63)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Coal sales | Capital increase | 180,000,000 | 50% | Self funds | Guangdong Energy Group Co., Ltd.:50% | Long-term | Coal sales | In normal operation | 82,773,307 | No | December 23,2020 | Announcement No.:2020-69)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Shanxi Yudean Energy Co., Ltd. | Coal mining | Capital increase | 64,000,000 | 40% | Self funds | Guangdong Energy Group Co., Ltd.:60% | Long-term | Coal mining | In normal operation | 168,305,759 | No | April 28,2021 | Announcement Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Dananhai Intelligence Energy Co., Ltd. | Natural Gas Generation | New establishment | 15,000,000 | 100% | Self funds | No | Long-term | Electric Power | During the reporting period, the construction of Jieyang Dananhai Petrochemical comprehensive energy | 788 | No | January 29,2021 | Announcement No.:2021-01)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| project was progressing normally. | ||||||||||||||
| Guangdong Yudean Baihua Integrated Energy Co., Ltd. | Natural Gas Generation | New establishment | 3,000,000 | 100% | Self fduns | No | Long-term | Electric power | The preliminary work of the source network lotus and storage integration project of Huizhou New Material Industrial Park is progressing normally | 1,250 | No | August 10,2021 | Announcement No.:2021-36)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Total | -- | -- | 1,254,358,100 | -- | -- | -- | -- | -- | -- | 0 | 281,081,084 | -- | -- | -- |
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
| Security category | Security code | Stock Abbreviation: | Initial investment cost | Mode of accounting measurement | Book value balance at the beginning of the reporting period | Changes in fair value of the this period | Cumulative fair value changes in equity | Purchase amount in the this period | Sale amount in the this period | Gain/loss of the reporting period | Book value balance at the end of the reporting period | Accounting items | Source of the shares |
| Domestic | 000027 | Shenzhen | 15,890,628 | FVM | 92,080,800 | 61,916,400 | 138,106,572 | 153,997,200 | Other | Self funds |
| and foreign stocks | Energy | equity instrument Investment | |||||||||||
| Domestic and foreign stocks | 600642 | Shenergy | 235,837,988 | FVM | 289,878,345 | 51,089,670 | 105,130,027 | 340,968,015 | Other equity instrument Investment | Self funds | |||
| Domestic and foreign stocks | 831039 | NEEQ | 3,600,000 | FVM | 11,628,000 | -540,000 | 7,488,000 | 11,088,000 | Other equity instrument Investment | Self funds | |||
| Total | 255,328,616 | -- | 393,587,145 | 112,466,070 | 250,724,599 | 0 | 0 | 0 | 506,053,215 | -- | -- | ||
| Disclosure date for the notice of approval by the Board (If any) | October 31,2019 | ||||||||||||
| Disclosure date for the notice of approval by shareholders’ Meeting (If any) | |||||||||||||
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.VII. Sales of major assets and equityI. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.II. Sales of major equity
□ Applicable √ Not applicable
VIII.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 name | Type | Main business | Registered capital | Total assets | Net assets | Turnover | Operating profit | Net Profit |
| Guangdong Yudean Jinghai Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,919,272,000 | 7,997,777,091 | 3,557,332,208 | 2,825,023,205 | 86,997,783 | 65,049,865 |
| Guangdong Huizhou Natural gas Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,499,347,500 | 3,759,515,960 | 2,099,003,894 | 1,996,292,606 | 267,439,226 | 208,243,950 |
| Shenzhen Guangqian Electric Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,030,292,500 | 1,648,152,649 | 1,462,765,262 | 619,922,588 | 105,654,585 | 80,613,094 |
| Guangdong Huizhou Pinghai Power Generation Plant Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,370,000,000 | 4,975,546,191 | 2,123,552,234 | 2,196,837,720 | 190,548,407 | 139,810,863 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,479,750,000 | 7,844,728,468 | 1,535,653,436 | 203,124,990 | 27,491,741 | 27,087,204 |
| Guangdong Energy Maoming Thermal Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,437,985,100 | 2,761,333,958 | 1,312,921,194 | 957,316,941 | -71,296,508 | -53,402,223 |
| Zhanjiang Zhongyue Energy Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,454,300,000 | 3,580,699,535 | 913,859,441 | 959,628,170 | -62,483,053 | -48,384,003 |
| Guangdong Yudean Bohe Energy Co., Ltd. | Subsidiary | Power generation and power station construction. | 4,724,013,372 | 10,399,297,794 | 3,992,273,151 | 1,190,006,156 | -163,549,065 | -163,273,077 |
| Guangdong Red Bay Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,749,750,000 | 5,852,870,398 | 3,228,790,940 | 2,197,125,947 | 16,821,053 | 19,513,157 |
| Guangdong Yudean Electric Power Sales Co., Ltd. | Subsidiary | Sales of electric power | 230,000,000 | 313,361,605 | 207,489,970 | 7,664,541 | -110,421,992 | -82,816,494 |
| Guangdong Dapu Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,040,000,000 | 4,130,884,045 | 803,644,684 | 1,139,690,207 | -92,006,304 | -69,805,099 |
| Guangdong Wind Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,801,252,870 | 12,150,583,176 | 3,082,222,908 | 109,142,383 | 7,936,864 | 6,264,742 |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,564,055,690 | 5,843,126,551 | 354,373,100 | 1,514,986,939 | -150,008,429 | -157,176,602 |
| Guangdong Electric Power Industry Fuel Co., Ltd. | Sharing Company | Fuel Trade | 1,190,000,000 | 7,546,904,335 | 1,434,860,455 | 15,512,366,825 | 210,332,261 | 165,546,614 |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | Sharing Company | Power generation and power station construction. | 4,669,500,000 | 10,044,606,934 | 7,947,414,616 | 4,199,718,332 | 273,024,568 | 195,349,373 |
| Shanxi Yudean Energy Co., Ltd. | Sharing Company | Mining and power generation | 1,160,000,000 | 6,544,093,925 | 5,134,942,174 | 40,369,217 | 420,795,807 | 420,775,891 |
| Guangdong Yudean Shipping Co., Ltd. | Sharing Company | Transportation and port operation | 2,465,800,000 | 2,133,357,614 | 756,130,810 | 975,357,361 | 65,889,265 | 62,555,903 |
| Guangdong Energy Group Finance Co., Ltd. | Sharing Company | Finance | 3,000,000,000 | 24,953,958,935 | 3,962,163,511 | 361,371,694 | 265,102,812 | 212,021,766 |
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
| Company name | Way of acquiring and disposing of subsidiary corporations within the reporting period | Impact on the whole producing operation and performance |
| Guangdong Yudean Dananhai Intelligence Energy Co., Ltd. | Invested | During the reporting period, the Dananhai Smart Project is in the early stage of upfront work and the construction has not yet started. |
| Guangdong Yudean Baihua Integrated Energy Co., Ltd. | Invested | During the reporting period, the Yudean Baihua Project is in the early stage of upfront work and the construction has not yet started. |
| Guangdong Guangye Nanhua New Energy Co., Ltd. | M & A | No significant impact. |
| Guangdong Yueneng Datang New Energy Co., Ltd. | M & A | No significant impact. |
| Guangdong Yueneng Wind Power Co., Ltd. | M & A | No significant impact. |
NoteIX．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasuresUnder the background of "30?60" goal on carbon emission peak and carbon neutrality, and accelerated thetransition of energy production and consumption to low carbon. According to the requirements of optimizing theenergy structure of the country, thermal power will gradually change from the main power supply to the basicpower supply of peak shaving and frequency modulation. As of June 2021, the installed capacity of the company'scoal-fired power holdings accounted for 78.8%, with a high proportion; The main power assets are mainly inGuangdong Province, where there are many other power generators, which are greatly affected by theWest-to-East Power Transmission Project. The Company shall continuously promote the optimization andadjustment of power supply structure, vigorously develop the construction of new energy projects, and promotethe clean and low-carbon energy transformation of the Company.(I) Power supply structure is facing adjustmentCountermeasures: Firstly, accelerate the progress of key energy projects, solidly promote the construction ofNingzhou Alternative Power Project, Huadu Thermal Power Project, Yangjiang Shaba, Wailuo Phase II, XinliaoOffshore Wind Power Project, Guangxi Wuxuan, Tongdao Daodashan, Xupu Taiyangshan Onshore Wind PowerProject, and ensure that the annual project investment and construction plan are completed on schedule; Secondly,increase the investment and development of clean energy and project reserves, and accelerate the preliminarywork of Daya Bay Comprehensive Energy Station, Zhaoqing Yong'an Natural Gas Thermal Power Project,Yangjiang Qingzhou Offshore Wind Power Project, etc.; Thirdly, explore distributed energy sources of cold, heat,electricity and gas multi-generation, as well as infrastructure construction such as electricity exchange, chargingpiles and energy storage, and hydrogen energy development and utilization; Fourthly, through the establishmentand improvement of carbon emission management system, realize the increment and benefit of carbon assets.(II) The situation of work safety is complicatedSome of the Company’s thermal power units have been in operation for a long time, and the deep peak shavingand the unplanned outages of the units have been prominent, which have caused adverse consequences for the safeoperation and economic profit of the Company. The on-site personnel of some units operated in violation ofregulations and failed to implement safety measures sometimes, and the phenomenon of inadequate investigationand rectification of hidden dangers was prominent. With the formal implementation of the amendment to the"Safety Production Law", higher requirements have been put forward on the ability and strength of enterprisesafety production management.Countermeasures: Firstly, further strengthen the safety risk classification control and hidden danger investigationand elimination, strengthen the safety education and training of employees, strengthen emergency rescue and firedrills, and fully implement the main responsibility of enterprise work safety; Secondly, accelerate the constructionof work safety standardization, improve the level of work safety, and ensure work safety; Thirdly, continuouslyenhance risk identification and risk management and control capabilities, focus on preventing and resolving majorrisks, and improve and implement safety risk management and control measures.(III) The reform of the power system continues to deepenAt present, China has clearly defined the independent operation schedule of power trading institutions, andrequires that a unified national power trading organization system be basically established during the "14thFive-Year Plan" period. In May 2021, the Guangdong power market launched a spot settlement trial run. Based onthat the existing base planned power, annual price difference, long-term contract power and retail agencyrelationship remain unchanged, the settlement trial run of "price difference monthly trading+absolute price weeklytrading+spot" will be continuously organized, and the competition in Guangdong power market will becomeincreasingly fierce. Meanwhile, in 2021, the trading scale of Guangdong power market will be expanded to 270
billion kWh, which puts forward higher requirements for power marketing.Countermeasures: Firstly, continuously strengthen the construction of power marketing system, optimize thepower spot trading mechanism, improve the ability to participate in the power spot market competition, andrealize the integration linkage of power production, marketing and service. Secondly, continuously promoteall-round refined management of all employees, and focus on strengthening the control of fuel costs, productioncosts, financial expenses and other costs and expenses. Thirdly, steadily push forward the reform and innovationof the system and mechanism, improve the system and mechanism suitable for the high-quality development oflisted companies, stimulate the endogenous motivation and vitality of enterprises, and study and build anassessment and distribution incentive mechanism integrating incremental incentive, bottom line constraint andfault-tolerant mechanism.
IV. Corporate GovernanceI. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
| Meeting | Type | Investor participation ratio | Convened date | Disclosure date | Index to disclosed information |
| First Provisional Shareholders’ general meeting of 2021 | Provisional Shareholders’ general meeting | 72.57% | February 25,2021 | February 26,2021 | Announcement No.:2021-09).. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| 2020 Shareholders’ general meeting | Annual Shareholders’ General Meeting | 72.58% | May 20,2021 | May 21,2021 | Announcement No.:2021-33).. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn. |
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable √ Not applicable
II. Changes in directors, supervisors and senior management staffs
□Applicable √Not applicable
No change has taken place in directors, supervisors and senior executives of the Company during the reportingperiod. For the detail, refer to 2020 Annual Report.III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period
□ Applicable √ Not applicable
The Company planned not to distribute cash dividend and bonus share, and not to convert capital reserves intoshare capital in half year.IV. Implementation of any equity incentive plan, employee stock ownership plan or other incentivemeasures for employees
□ Applicable √ Not applicable
None.
V. Environmental & Social ResponsibilityI. Significant environmental issuesWhether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities
√ Yes □No
| Company or subsidiary name | Main pollutant and specific pollutant name | Emission way | Emission port number | Emission port distribution condition | Emission concentration (mg/Nm3) | Implemented pollutant emission standards | Total emission (Tons) | Verified total emission(Tons) | Excessive emission condition |
| Shajao A Power Plant | Smoke | Concentrated emission through chimney | 1 | Within the factory | 1.38 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 9.41 | 9.41 | No |
| Shajao A Power Plant | SO2 | Concentrated emission through chimney | 1 | Within the factory | 17.38 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 118.46 | 118.46 | No |
| Shajao A Power Plant | NOX | Concentrated emission through chimney | 1 | Within the factory | 28.99 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 197.62 | 197.62 | No |
| Guangdong Yudean Dapu Power Plant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 0.96 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 13.87 | 593 | No |
| Guangdong Yudean Dapu Power Plant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 12.33 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 177.90 | 1447 | No |
| Guangdong Yudean Dapu Power Plant | NOX | Concentrated emission through chimney | 2 | Within the factory | 33.36 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 481.53 | 1502 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.19 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 12.39 | 480 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 16.11 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 168.24 | 1200 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 26.19 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 273.52 | 1587 | No |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.98 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 25.42 | 717.78 | No |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 21.46 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 275.52 | 2303.55 | No |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 42.03 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 539.73 | 2809.07 | No |
| Zhanjiang Electric Power Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 12 | 12 | No |
| Zhanjiang Electric Power Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 15 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 211 | 211 | No |
| Zhanjiang Electric Power Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 32 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 446 | 446 | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | Smoke | Concentrated emission through chimney | 4 | Within the factory | 2.84 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 85.62 | 1770 | No |
| 广Guangdong Yudean Jinghai Power General Co., Ltd. | SO2 | Concentrated emission through chimney | 4 | Within the factory | 19.99 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 603.36 | 6502 | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | NOX | Concentrated emission through chimney | 4 | Within the factory | 36.51 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 1101.6 | 4687 | No |
| Guangdong Red Bay Power General Co., ltd. | Smoke | Concentrated emission through chimney | 4 | Within the factory | 2.03 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 42.89 | Not approved | No |
| Guangdong Red Bay Power General Co., ltd. | SO2 | Concentrated emission through chimney | 4 | Within the factory | 9.24 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 223.8 | Not approved | No |
| Guangdong Red Bay Power General | NOX | Concentrated | 4 | Within the factory | 32.73 | Emission Standard of Air Pollutants for Thermal | 743.64 | Not approved | No |
| Co., ltd. | emission through chimney | Power Plants (GB13223-2011) special emission limit | |||||||
| Guangdong Energy Maoming Thermal Power Plant Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.13 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 15.71 | 168.12 | No |
| Guangdong Energy Maoming Thermal Power Plant Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 12.9 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 146.2 | 385.51 | No |
| Guangdong Energy Maoming Thermal Power Plant Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 24.57 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 274.5 | 689.58 | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 2.38 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 43.06 | 700 | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 22.34 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 391.09 | 1670 | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 36.86 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 644.46 | 2423 | No |
| Qianwan LNG Power Plant | NOX | Concentrated emission through chimney | 5 | Within the factory | 12.05 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit） | 71.49 | 180.37 | No |
| Huizhou LNG power plant | Smoke | Concentrated emission through chimney | 6 | Within the factory | 0.22 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 4.15 | 232.11 | No |
| Huizhou LNG power plant | NOX | Concentrated emission through chimney | 6 | Within the factory | 25.79 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit） | 672.32 | 2033.1 | No |
| Bohe Company | Smoke | Concentrated emission through chimney | 3 | Within the factory | 1.89 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 8.612 | 72 | No |
| Bohe Company | SO2 | Concentrated emission through | 3 | Within the factory | 7.02 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special | 171 | 974 | No |
| chimney | emission limit | ||||||||
| Bohe Company | NOX | Concentrated emission through chimney | 3 | Within the factory | 30.58 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit） | 558.67 | 1195 | No |
Prevention and control of pollution facilities construction and operationDuring the reporting period, the Company actively responded to the latest environmental protection policyrequirements, strengthened the operation adjustment and equipment maintenance management of dust removal,desulfurization and denitrification systems, vigorously promoted the improvement of energy-saving technologiesand the transformation of urea instead of liquid ammonia, improved the equipment operation efficiency, reducedthe smoke and dust emission concentration, and ensured that the emission of various pollutants met the nationaland territorial environmental protection management requirements.According to the national environmental protection plan, the power plants under the Company actively respondedto the the policy documents such as Notice of the Comprehensive Division of the National Energy Administrationon Decomposing and Implementing the Objectives and Tasks of Upgrading and Renovating Coal-fired PowerEnergy Saving and Emission Reduction, continued to implement the Action Plan for Upgrading and RenovatingCoal-fired Power Energy Saving and Emission Reduction (2014-2020) and other energy saving and emissionreduction requirements, and actively promoted the transformation of urea instead of liquid ammonia andthrough-flow transformation projects.
Conditions of environmental impact assessment and other environmental protection administrative licensing ofconstruction projectsThe company's construction projects that have been approved by government agencies have all undergoneenvironmental impact assessments and have obtained other necessary environmental protection administrative建
Emergency plan for emergency environmental incidentsCombining with the Environmental Protection Law of the People's Republic of China and the Opinions of theMinistry of Environmental Protection on Strengthening Environmental Emergency Management Work and otherlaws and regulations on the monitoring of environmental risks, the company’s subordinate power generationenterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actualconditions, which has standardized and improved the handling of emergent environmental events from the aspectsof environmental accident risk analysis, emergency command organization and responsibilities, disposalprocedures, and disposal measures, improved the ability to respond to unexpected environmental events, andensured that after an outbreak of an environmental incident, the company can organize emergency rescue work ina timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damageand social harm caused by the incident, maintain social stability, and protect public health and property safety.Environmental self-monitoring programDuring the reporting period, the company’s subordinate power generation companies organized annualenvironmental self-monitoring programs in accordance with the national Administrative Measures on AutomaticMonitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other lawsand 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.Other environmental information that should be disclosedNoneOther environmental protection related informationNoneThe Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry InformationDisclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China, AirPollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People'sRepublic of China and Law of the People's Republic of China on Prevention and Control of EnvironmentalPollution by Solid Waste, and the current environmental protection policies and regulations have no impact on theCompany. In 2020, the operating expenses required by the Company's thermal power plants to implementenvironmental protection policies and regulations are mainly to purchase limestone and denitration materials,totaling about RMB 175 million.
2. In 2020, according to the standard, the coal consumption for comprehensive power supply of the Company'sthermal power plants is 301.59 g/kWh of coal, the sulfur dioxide emission performance value is 0.055g/kWh,nitrogen oxide emission performance value is 0.125g/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
99.15%; The average operation rate of denitration device is 99.79%, and the average denitration efficiency is
84.42%; The operation rate of dry dust removal device is 100%, and the average dust removal efficiency is
99.88%; The average operation rate of wet electric dust removal is 99.79%, and the average dust removalefficiency is 73.36%.II. Social responsibilitiesDuring the reporting period, the Company earnestly implemented the overall arrangement and arrangement of"targeted poverty relief and targeted poverty alleviation" in Guangdong Province, and continuously organizedmanpower, material resources and financial resources to consolidate the poverty alleviation achievements. Fivesubsidiaries, including Yuejiang Company, Maoming Power Plant, Zhanjiang Company, Dapu Company andZhanjiang Wind Power Company, actively consolidated and expanded the poverty alleviation achievements andmade efforts to advance the rural revitalization plan.I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City2021 is the first year to promote the effective connection between poverty alleviation and rural revitalization. Thepoverty relief work thoroughly implements the internship of General Secretary Jin Ping's poverty relief anddevelopment strategy in the new period, and fully implements the relevant work arrangements of the centralgovernment, provinces and cities on poverty alleviation. Yuejiang Power Generation Company closely follows the2021 work objectives and carries out its work in a solid and orderly manner. Firstly, consolidate the effectivenessof poverty alleviation. In 2020, Mixiashui Village has lifted 39 households with 97 relatively poor people out ofpoverty, with an exit rate of poverty alleviation of 100%, on the basis of relatively poor villages getting rid ofpoverty. According to the working principle of "poverty alleviation according to policies and responsibilities",continue to understand and track the production and living conditions of poverty-stricken households in MixiashuiVillage, implement the basic requirements of "one household, one policy", and consolidate the effectiveness ofpoverty alleviation. Meanwhile, start the early warning mechanism for people with relative difficulties in ruralareas, timely understand and report the production and living conditions of people with relative difficulties, andformulate targeted assistance measures to implement the effectiveness of assistance. Secondly, well ensure filing
poverty relief archives. According to the requirements, sort out and improve the household files, documents,construction and other information, and accept and file them in early June 2021 through the archives center.Thirdly, well ensure linking poverty alleviation and rural revitalization. According to the requirements, sort outand improve the relevant ledgers of poverty relief funds, poverty relief assets, industrial poverty relief and assetincome projects, and complete the handover work to ensure the effective connection between poverty alleviationand rural revitalization.II.Assistance provided by Maoming Power Plant to Xinbei Village, Shalang Town, Dianbai District,Maoming CityIn 2020, the per capita disposable income of 16 households of poverty alleviation under targeted assistance ofMaoming Power Plant was RMB 16,200, which exceeded the annual per capita disposable income standard ofRMB 8,951 for poor households with labor in poverty-stricken villages in 2020, achieving poverty alleviation. Inthe first half of 2021, the annual income of the above 16 households of poverty alleviation has reached the povertyalleviation standards, with no sign of returning to poverty, which has continuously consolidated the workachievements in 2020. In addition, Maoming Power Plant sent personnel to participate in the poverty relief teamin 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 CitySince the poverty relief team of Zhanjiang Company went to Waiyuan Village Committee for poverty relief inMay 2016, the poverty relief team has carried out five poverty relief projects for poor households, so that poorhouseholds will have a certain stable income in the next 20 years. Currently, all the five poverty relief projectshave 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 householdsof 219 people, including 34 households with labor ability of 153 people and 44 households without labor ability of66 people) increased from RMB 3,200 in 2015 to RMB 12,818 in 2020. Now, 100% of all poor households inWaiyuan 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, XuwenCounty to carry out rural revitalization work.
IV. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, MeizhouCityIn the first half of 2021, Dapu Power Generation Company continued to send party building instructors to helpXiamu Village, Fenglang Town, Dapu County, Meizhou City. Party building instructors played the role of "HeadGoose 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 theproduction 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 learningatmosphere for party members, always reminded the majority of party members and cadres to devote themselvesto the construction of new countryside with full work enthusiasm, and contributed to the development of partybuilding to boost rural revitalization, win the tough fight of poverty alleviation and achieve the well-off goal. ByJune 30, 2021, there were 67 poor households (including 41 low-income poor households, 15 poor householdswith five guarantees and 11 general poor households), and 138 poor people, all of whom had been lifted out ofpoverty stably.V. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen
CountyZhanjiang Wind Power Company has successfully completed the task of poverty alleviation. On June 23, at thesummary and commendation meeting of poverty alleviation in Guangdong Province, the poverty relief team ofZhanjiang Wind Power Company in Houhai Village, Xinliao Town, Xuwen County won the advanced collectivehonor of poverty alleviation in Guangdong Province. According to the relevant arrangements of governmentdepartments for rural revitalization, Zhanjiang Wind Power Company will send two cadres to Jinhe Town, XuwenCounty in July 2021 to carry out assistance work in the town, continue to shoulder corporate social responsibilityand help rural revitalization.
VI. Important EventsI. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of thereporting 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 ofthe Company
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
NoneIII. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
NoneIV. Engagement and disengagement of CPAs firmWhether the semi-annual financial report has been audited
□ Yes √ No
The semi-annual financial report of the Company has not been auditedV. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directorsand supervisory board
□ Applicable √ Not applicable
VI. Notes for the related information of “non-standard audit reports” last year by board of directors
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
VIII. Litigations and arbitrationsSignificant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.Other litigation matters
√Applicable □ Not applicable
| Basic situation of litigation(arbitration) | Amount involved (Ten thousand yuan) | Whether to form estimated liabilities | Litigation(arbitration)progress | Litigation(arbitration)trial results and impact | Implementation of litigation(arbitration)judgments | Disclosure date | Disclosure index |
| On June 1, 2021, the Dapu County People’s Court accepted the Dapu County Natural Resources Bureau’s claim to Guangdong Yuedian Dapu Power Generation Co., Ltd for a contract dispute. The Dapu County Natural Resources Bureau’s petitions include: 1. Order the defendant to hand over the remaining funds for the new construction project of “developing large units and suppressing small ones” of Guangdong Yudean Dapu Power Plant to fulfill the paddy field quota, which totaled in RMB 10.679362 million; 2. All litigation costs in this case shall be borne by the defendant. | 1,067.94 | No | The case was held for the first time on July 29, 2021, yet the two sides are still negotiating on the matter currently. | None | None |
IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the Reporting Period.X. Credit conditions of the Company as well as its controlling shareholder and actual controller
□ Applicable √ Not applicable
XI.Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□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 daily deposit limit（Ten thousand yuan) | Deposit interest rate range | Beginning balance（Ten thousand yuan) | The amount incurred（Ten thousand yuan) | Ending balance（Ten thousand yuan) |
| Guangdong Energy Group Finance Co., Ltd. | Controlled by Guangdong Energy Group Co., Ltd. | 800,000 | 0.35% | 477,628 | 6,804 | 484,431 |
Loan business
| Related party | Relationship | Loan limit（Ten thousand yuan) | Loant interest rate range | Beginning balance（Ten thousand yuan) | The amount incurred（Ten thousand yuan) | Ending balance（Ten thousand yuan) |
| Guangdong Energy Group Finance Co., Ltd. | Controlled by Guangdong Energy Group Co., Ltd. | ,300,000 | 3.05% to 4.41% | 815,572 | 164,474 | 980,046 |
Credit extension or other financial services
| Related party | Relationship | Business type | Total amount（Ten thousand yuan) | Actual amount incurred（Ten thousand yuan) |
| Guangdong Energy Group Finance Co., Ltd. | Controlled by Guangdong Energy Group Co., Ltd. | Credit | 2,785,778 | 731,191 |
6. Other significant related-party transactions
√ Applicable □Not applicable
（1）2021 daily related transactions were carried out after examination and approval by 2021 first provisionalshareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties andthe transactions between them of the Financial Report of this report for details.
（2）On January 28, 2021, the 19th meeting of the ninth board of directors reviewed and approved the Proposal on
Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Proposalon Signing the Financial Services Framework Agreement between the Guangdong Yudean Finance Co., Ltd., theProposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company andGuangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement onCooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean PropertyInsurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after beingreviewed and approved by the first provisional general meeting of shareholders in 2021.
（3）On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease thefinancial pressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed andapproved the Proposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai SpecialEconomic Zone Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors ofGuangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, inwhich Zhuhai Power contributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company,while Guangdong Energy Group contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai WindPower Company. After the completion of capital increase and share expansion, the shareholding ratio ofGuangdong Wind Power Company in Zhuhai Wind Power Company decreased to 74.2816%, and the finalshareholding ratio of each shareholder shall be subject to the asset appraisal record results. It is agreed toimplement the capital increase of special funds for promoting economic development in 2018 by means of capitalincrease and share expansion proposed by the State-owned Assets Supervision and Administration Commission ofthe People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder ofGuangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., with Guangdong Energy Group contributing RMB
58.1053 million and holding 10.9594% equity of Yangjiang Wind Power Company. After the capital increase andshare expansion, the shareholding ratio of Guangdong Wind Power Company in Yangjiang Wind Power Companydecreased to 89.0406%, and the final shareholding ratio of each shareholder shall be subject to the asset appraisalrecord results.
（4）On April 27, 2021，In order to smoothly promote the development and construction of new energyprojects and ease the financial pressure of Shanxi Yudean Energy Co., Ltd., the First meeting of the ninth boardof directors by Correspondence of 2021 reviewed and approved the Proposal on Capital Increase to ShanxiYudean Energy Co., Ltd., the Company's board of directors agreed that the Company and Guangdong EnergyGroup Co., Ltd will simultaneously increase the capital to Shanxi Energy Company by 160 million yuan inaccordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’anPhase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increasedthe capital by RMB 64 million according to a 40% equity ratio.
（5）June 8,2021,In order to secure project construction funds and reduce financing costs, the Third meetingof the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on SomeSubsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the board of directorsagreed to the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie Wind Power Co., Ltd.and
Guangdong Yudean Binhaiwan Energy Co., Ltd. applying for the entrusted loan from Guangdong Energy Group,of which Qujie Wind Power Company’s applying loan amount does not exceed 1 billion yuan, and BinhaiwanCompany’s loan amount does not exceed 1 billion yuan; with the loan term does not exceed 15 years; the interestrate is determined in accordance with the same interest rate as the green bonds issued by Guangdong EnergyGroup in the current period. and the above related party transactions will be implemented after being reviewedand approved by the Second provisional general meeting of shareholders in 2021.
（6）On June 8,2021, In order to secure project construction funds and reduce financing costs, the Thirdmeeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on SomeSubsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the Company’s board ofdirectors agreed that Bohe Energy would respectively acquire the shutdown capacity of 660,000 kilowatts ofGuangdong Yuehua Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group Co., Ltd and theshutdown capacity of 250,000 kilowatts of Guangdong Yudean Yunhe Power Generation Co., Ltd in accordancewith the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Energy Companyand Huangpu Power Plant and Yunfu Power Plant respectively sign the small thermal power unit capacityindicator transfer agreements, and the transfer unit price does not exceed 400 yuan/kW. The total value of thecorresponding transfer agreement including tax does not exceed RMB 264 million and RMB 100 millionrespectively. and the above related party transactions will be implemented after being reviewed and approved bythe Second provisional 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 Related Party Transactions of 2021 | January 29,2021 | http//www.cninfo.com.cn. |
| Announcement of Related Transactions on Signing of the Financial Services Framework Agreement, Framework Agreement on Financing Leasing Cooperation and Framework Agreement on Cooperation in Insurance and Risk Management Services | January 29,2021 | http//www.cninfo.com.cn. |
| Announcement on Related Transactions of Indirect Investors Introduced by Subsidiaries | April 28,2021 | http//www.cninfo.com.cn. |
| Announcement on Related Transactions of Capital Increase to Shanxi Yudean Energy Co., Ltd. | April 28,2021 | http//www.cninfo.com.cn. |
| Announcement on Related Transaction of Some Subsidiaries Applying Entrusted Loans from Guangdong Energy Group | June 10,2021 | http//www.cninfo.com.cn. |
| Announcement on related transaction concerning the acquisition of capacity indicators for small thermal power units of Huangpu Power Plant and Yunfu Power Plant | June 10,2021 | http//www.cninfo.com.cn. |
XII. 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 horizontalcompetition and fulfill the relevant commitment of the horizontal competition, the Company signed StockTrusteeship 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, which ispredicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcementon Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." published by the Company inChina Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(AnnouncementNo.2018-04).Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reportingperiod
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company inreporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√ Applicable □Not applicable
Note:
As a lessee, the Company rented houses and billboards from Yudean Real Estate Company Yudean PropertyCompany and Yangjiang Port , and the rental fee incurred this year was RMB6,135,667;The parent company of the Company, as a leassor, leases the houses as Guangdong Yudean Porperty Companyand ,Shaoguan Port and Qujiang New Energy. The rental income for this year was confirmed to be RMB1,059,844.The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individualssuch as Guangdong Electric Power Communication and Information Company and Guangdong Electric PowerDispatching Center. The rental income for this year was confirmed to be RMB 369,008.Project which generates profit or loss reaching over 10% of total profits of the Company during the ReportingPeriod
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Significant Guarantees
√Applicable □ Not applicable
In RMB 10,000
| Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries) | ||||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guaranty（If any） | Counter-guarantee（If any） | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) |
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | December 19,2007 | 4,350 | November 30,2007 | 1,160 | Guaranteeing of joint liabilities. | 15 years | No | No | ||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 27,2009 | 9,367 | June 22,2009 | 4,147 | Guaranteeing of joint liabilities. | 18 years | No | No | ||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 27,2009 | 7,250 | May 27,2009 | 0 | Guaranteeing of joint liabilities. | 15 | No | No | ||
| Guangdong Energy Group Co., Ltd. | October 29,2020 | 200,000 | November 19,2020 | 60,023 | Guaranteeing of joint liabilities. | 23 years,9 months | No | Yes | ||
| Total amount of approved external guarantee in the report period(A1) | 0 | Total actually amount of external guarantee in the report period(A2) | 26,992 | |||||||
| Total amount of approved external guarantee at the end of the report period(A3) | 425,459 | Total actually amount of external guarantee at the end of the report period(A4) | 65,330 | |||||||
| Guarantee of the company for its subsidiaries | ||||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guaranty（If any） | Counter-guarantee（If any） | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) |
| Zhanjiang Wind Power Generation Co., Ltd. | April 29,2009 | 18,572 | October 9,2010 | 5,523 | Guaranteeing of joint liabilities. | 18 years | No | No | ||
| Total of guarantee for subsidiaries approved in the period(B1) | 0 | Total of actual guarantee for subsidiaries in the period (B2) | -315 | |||||||
| Total of guarantee for subsidiaries approved at period-end(B3) | 141,536 | Total of actual guarantee for subsidiaries at period-end(B4) | 5,523 | |||||||
| Guarantee of the subsidiaries for the controlling subsidiaries | ||||||||||
| Name of the Company | Relevant disclosure date/No. of | Amount of Guarantee | Date of happening (Date of | Actual mount of guarantee | Guarantee type | Guaranty（If any） | Counter-guarantee（If any） | Guarantee term | Complete implementation | Guarantee for associated |
| the guaranteed amount | signing agreement) | or not | parties (Yes or no) | |||||
| The Company’s total guarantee(i.e.total of the first three main items) | ||||||||
| Total guarantee quota approved in the reporting period（A1+B1+C1） | 0 | Total amount of guarantee actually incurred in the reporting period（A2+B2+C2） | 26,677 | |||||
| Total guarantee quota already approved at the end of the reporting period（A3+B3+C3） | 566,995 | Total balance of the actual guarantee at the end of the reporting period（A4+B4+C4） | 70,853 | |||||
| The proportion of the total amount of actually guarantee in the net assets of the Company (that is A4+B4+C4）% | 2.63% | |||||||
| Including： | ||||||||
| Amount of guarantees provided for shareholders, the actual controller and their related parties (D) | 60,023 | |||||||
| Amount of debt guarantees provided directly or indirectly for entities with a liability-to-asset ratio over 70% (E) | 5,307 | |||||||
| Total amount of the three kinds of guarantees above (D+E+F) | 65,330 | |||||||
Description of the guarantee with complex method
3. Finance management on commission
□Applicable √ Not applicable
No such cases in the reporting period.
4.Major contracts for daily operations
□ Applicable √ Not applicable
5. Other significant contract
□ Applicable √ Not applicable
No such cases in the reporting period.XIII. Explanation on other significant events
√ Applicable □Not applicable
| Summary of important matters | Name | Date of disclosure | Website for disclosure |
| On January 28, 2021, the 19th meeting of the ninth board of directors reviewed and approved the Proposal on Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Proposal on Signing the Financial Services Framework Agreement | Announcement of Related Transactions on Signing of the Financial Services Framework Agreement, | January 29, 2021 | http//www.cninfo.com.cn. |
| between the Guangdong Yudean Finance Co., Ltd., the Proposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company and Guangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement on Cooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean Property Insurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after being reviewed and approved by the first provisional general meeting of shareholders in 2021. | Framework Agreement on Financing Leasing Cooperation and Framework Agreement on Cooperation in Insurance and Risk Management Services |
| The Company's 2021 daily related party transactions are approved and implemented by the 2021 first provisional General Meeting of Shareholders held on February 25, 2021. | Estimates announcement of the Daily Related Party Transactions of 2021 | January 29,2021 | http//www.cninfo.com.cn. |
| In order to supplement working capital, expanding financing channels and reducing financing costs, after reviewed at the 19th meeting of the Ninth Board of directors held on January 18,2021，the Board of Directors agrees that the Company shall apply for registration and issuance of RMB 4 billion of ultra-short-term financing bills in National Association of Financial Market Institutional Investors. The specific work shall be handled by the Company's management team authorized. and the Matter will be implemented after being reviewed and approved by the first provisional general meeting of shareholders in 2021 on February 25,2021. | Announcement of Resolutions of the 19th Meeting of the Ninth Board of Directors | January 29,2021 | http//www.cninfo.com.cn. |
| In order to further accelerate the development of major energy projects and accelerate the optimization and upgrading of the energy structure, after reviewed at the 19th meeting of the Ninth Board of directors held on January 18,2021，the board of directors agreed to the Company’s sole proprietorship to establish a project company for the Jieyang Da’nanhai Petrochemical Integrated Energy Project. The project registration place is Jieyang Da’nanhai Petrochemical Industrial Zone, with the first phase of registered capital is 15 million yuan. It’s agreed that the project company will carry out the upfront work of Jieyang Da’nanhai petrochemical integrated energy project (2~3 400MW/9F or 600MW gas-fired combined heat and power units, which will be determined according to the heat load and heating characteristics of the project), with the work expenses are controlled at no more than 12.5 million yuan. Currently, the Company is carrying out the preliminary work of the project according to the relevant requirements of project approval. | Announcement of Resolutions of the 19th Meeting of the Ninth Board of Directors | January 29,2021 | http//www.cninfo.com.cn. |
| On February 23, 2021, the Company and the third division of Xinjiang Production and Construction Corps Tumshuk at Dongguan City signed the "Cooperation Framework Agreement on Investment in 1.5 Million kW Photovoltaic Power Projects" and " Cooperation Framework Agreement on Investment in 500,000 kW Wind Power Projects". The Company is currently actively promoting the investment and development of 1.5 million kilowatts of photovoltaic and 500,000 kilowatts of wind power projects of Tumshuk City of the third division of Xinjiang Corps. | "Announcement on the signing of the "Cooperation Framework Agreement" with the Third Division of the Xinjiang Production and Construction Corps Tumushuk City" | February 24,2021 | http//www.cninfo.com.cn. |
| Approved by the China Securities Regulatory Commission (No. 2477-[2019] China Securities Regulatory Commission), the Company publicly issued 1.5 billion yuan of corporate bonds to qualified investors on April 28, 2021. The bond issuance interest rate is 3.5% and the issuance period is 5 years. Attached is the option of investors to sell back at the end of the third year and the option of adjusting the issuer's coupon rate. | "Announcement on Public Issuance of Corporate Bonds(Phase II) to Qualified Investors in 2021" | April 22,2021 | http//www.cninfo.com.cn. |
| During the reporting period, the interest payment for the corporate bond of "20 Yudean 01" was completed on April 29, 2021. | `Announcement on Interest Payment in 2021 for the Corporate Bonds by the Public Issuance of Corporate | April 23,2021 | http//www.cninfo.com.cn. |
Bonds(Phase1) to QualifiedInvestors in 2020 ''
In order to smoothly promote the construction of Offshore wind powerprojects, after reviewed at the First meeting of the Ninth Board ofdirectors by Correspondence held on April 27,2021，It is agreed tointroduce Zhuhai Special Economic Zone Power Development GroupCo., Ltd. and Guangdong Energy Group Co., Ltd. as investors ofGuangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means ofcapital increase and share expansion; It is agreed to implement thecapital increase of special funds for promoting economic developmentin 2018 by means of capital increase and share expansion proposed bythe State-owned Assets Supervision and Administration Commission ofthe People's Government of Guangdong Province, and introduceGuangdong Energy Group as the shareholder of Guangdong YudeanYangjiang Offshore Wind Power Co., Ltd.
| In order to smoothly promote the construction of Offshore wind power projects, after reviewed at the First meeting of the Ninth Board of directors by Correspondence held on April 27,2021，It is agreed to introduce Zhuhai Special Economic Zone Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion; It is agreed to implement the capital increase of special funds for promoting economic development in 2018 by means of capital increase and share expansion proposed by the State-owned Assets Supervision and Administration Commission of the People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. | Announcement on Related Transactions of Indirect Investors Introduced by Subsidiaries | April 28,2021 | http//www.cninfo.com.cn. |
| In order to smoothly promote the development and construction of new energy projects and ease the financial pressure of Shanxi Yudean Energy Co., Ltd., after reviewed at the First meeting of the Ninth Board of directors by Correspondence held on April 27,2021，the Company's board of directors agreed that the Company and Guangdong Energy Group Co., Ltd will simultaneously increase the capital to Shanxi Energy Company by 160 million yuan in accordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increased the capital by RMB 64 million according to a 40% equity ratio. | Announcement on Related Transactions of Capital Increase to Shanxi Yudean Energy Co., Ltd. | April 28,2021 | http//www.cninfo.com.cn. |
| On April 29, 2021, the Company and Dafang County People's Government signed the "Strategic Cooperation Framework Agreement" in Guangzhou. According to the agreement, the Company and the Dafang County People’s Government will make full use of the new energy and existing resource advantages of Dafang County to actively promote cooperation in the energy industry, energy conservation and environmental protection industry, productive service industry, talent training and rural revitalization in Dafang County. The planned investment is 15 billion yuan. The Company is currently actively promoting the upfront work of the investment projects. | "Announcement on the signing of the "Strategic Cooperation Framework Agreement" with the People's Government of Dafang County" | April 30,2021 | http//www.cninfo.com.cn. |
| On May 12, 2021, the Company signed the "Investment Cooperation Agreement on the Construction of 2 Million Kilowatt Photovoltaic Power Generation Projects" in Dongguan City with the third division of the Xinjiang Production and Construction Corps Tumushuk City. According to the agreement, the Company intends to increase the investment of 2 million kilowatts of photovoltaic power generation projects in the territory of Tumshuk City, with an estimated total investment of about 10 billion yuan. The Company is currently actively promoting the investment and development of 2 million kilowatts of photovoltaic power in Tumshuk City of the third division of Xinjiang Corps. | "Announcement on the signing of an additional 2 million kilowatt photovoltaic power generation project investment cooperation agreement with Tumushuk of the third division of the Xinjiang Production and Construction Corps" | May 13,2021 | http//www.cninfo.com.cn. |
| In order to promote the development of the Company’s clean energy projects and speed up the implementation of the Daya Bay Integrated Energy Station Project，after reviewed at the Second meeting of the Ninth Board of directors by Correspondence held on May 20,2021，the Company’s board of directors agreed that the Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd shall simultaneously increase capital by amount 160 million yuan to Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd. for the Daya Bay Thermal Power Company to purchase the project construction land, of which the Company shall | Announcement of Resolutions of the Second meeting of the Ninth Board of directors by Correspondence of 2021 | May 21,2021 | http//www.cninfo.com.cn. |
| invest 128 million yuan according to the equity ratio of 80%. | |||
| On June 4, 2021, the Company and the Hezhou Municipal People's Government signed the "Strategic Cooperation Framework Agreement" in Hezhou. According to the agreement, the Company and the Hezhou Municipal People’s Government will make full use of Hezhou’s existing solar resource advantages and actively promote cooperation in the energy industry in Hezhou. The project plans to invest 10 billion yuan. The Company is currently actively promoting the upfront work of the investment project. | "Announcement on the signing of the Cooperation Framework Agreement with Hezhou Municipal People's Government and Haifeng County People's Government" | June 8,2021 | http//www.cninfo.com.cn. |
| On June 4, 2021, the Company and Haifeng County People's Government of Shanwei City signed the Investment Cooperation Framework Agreement for Shanwei Haifeng Natural Gas Cogeneration Power Supply Project. According to the agreement, the Company will invest in the construction of Shanwei Haifeng Natural Gas Cogeneration Power Supply Project, and initially plan to build two 460,000 kW gas-steam combined cycle units in the first phase, with a total investment of about RMB 3 billion; In the second phase, 2 new natural gas cogeneration units will be built after full demonstration according to the growth of local electricity and steam demand. Currently, the Company is actively promoting the preliminary work of investment projects. | "Announcement on the signing of the Cooperation Framework Agreement with Hezhou Municipal People's Government and Haifeng county People's Government" | June 8,2021 | http//www.cninfo.com.cn. |
| As Guangdong Yudean Baihua Integrated Energy Co., Ltd.basically has the conditions to carry out the CCHP project of the new technology industrial park, the implementation of the upfront work will be conducive to the implementation and rapid progress of the project，after reviewed at the Third meeting of the Ninth Board of directors by Correspondence held on June 8,2021，The board of directors of the Company agreed that Baihua Energy Company will first build a 9F gas-fired unit supporting a 100t/h gas boiler (finally determined according to the feasibility study of the project) to carry out the upfront work. The upfront work cost of the project shall be controlled at 12 million yuan, which shall be solved by the Company's capital increase. At present, Baihua Energy Company is actively coordinating and promoting the preliminary work of the project. | Announcement of Resolutions of the Third meeting of the Ninth Board of directors by Correspondence of 2021 | June 10,2021 | http//www.cninfo.com.cn. |
| In order to meet the requirements for the approval of the Bohe Power Plant project, after reviewed at the Third meeting of the Ninth Board of directors by Correspondence held on June 8,2021，he Company’s board of directors agreed to Guangdong Yudean Bohe Energy Co., Ltd. purchasing 1.29 million kilowatts capacity of shut-down small thermal power units of Shajiao A Power Plant-a subsidiary of the Company in accordance with the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Power Plant Project and Shajiao A Power Plant sign the transfer agreement of capacity indicators of small thermal power units, with the transfer unit price does not exceed 400 yuan/kW and the total price of the transfer agreement including tax does not exceed 516 million yuan. | Announcement of Resolutions of the Third meeting of the Ninth Board of directors by Correspondence of 2021 | June 10,2021 | http//www.cninfo.com.cn. |
| In order to meet the requirements for the approval of the Bohe Power Plant project, after reviewed at the Third meeting of the Ninth Board of directors by Correspondence held on June 8,2021，the Company’s board of directors agreed that Bohe Energy would respectively acquire the shutdown capacity of 660,000 kilowatts of Guangdong Yuehua Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group Co., Ltd and the shutdown capacity of 250,000 kilowatts of Guangdong Yudean Yunhe Power Generation Co., Ltd in accordance with the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Energy Company and Huangpu Power Plant and Yunfu Power Plant respectively sign the small thermal power unit capacity | Announcement of Resolutions of the Third meeting of the Ninth Board of directors by Correspondence of 2021 | June 10,2021 | http//www.cninfo.com.cn. |
| indicator transfer agreements, and the transfer unit price does not exceed 400 yuan/kW. The total value of the corresponding transfer agreement including tax does not exceed RMB 264 million and RMB 100 million respectively. and the above related party transactions will be implemented after being reviewed and approved by the Second provisional general meeting of shareholders in 2021. | |||
| In order to secure project construction funds and reduce financing costs, after reviewed at the Third meeting of the Ninth Board of directors by Correspondence held on June 8,2021，the board of directors agreed to the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie Wind Power Co., Ltd(here referred to as "Qujie Wind Power Company") and Guangdong Yudean Binhaiwan Energy Co., Ltd (here referred to as "Binhaiwan Company") applying for the entrusted loan from Guangdong Energy Group, of which Qujie Wind Power Company’s applying loan amount does not exceed 1 billion yuan, and Binhaiwan Company’s loan amount does not exceed 1 billion yuan; with the loan term does not exceed 15 years; the interest rate is determined in accordance with the same interest rate as the green bonds issued by Guangdong Energy Group in the current period. and the above related party transactions will be implemented after being reviewed and approved by the Second provisional general meeting of shareholders in 2021. | Announcement of Resolutions of the Third meeting of the Ninth Board of directors by Correspondence of 2021 | June 10,2021 | http//www.cninfo.com.cn. |
XIV. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
VII. Change of share capital and shareholding of Principal ShareholdersI. Changes in share capital
1. Changes in share capital
In shares
| Before the change | Increase/decrease（+，-） | After the Change | |||||||
| Amount | Proportion | Share allotment | Bonus shares | Capitalization of common reserve fund | Other | Subtotal | Quantity | Proportion | |
| I. Share with conditional subscription | 1,897,970,125 | 36.15% | -4,716 | 1,897,965,409 | 36.15% | ||||
| 1. State-owned shares | |||||||||
| 2. State-owned legal person shares | 1,893,342,621 | 36.06% | 1,893,342,621 | 36.06% | |||||
| 3.Other domestic shares | 4,627,504 | 0.09% | -4,716 | 4,622,788 | 0.09% | ||||
| Of which：Domestic legal person shares | 4,620,666 | 0.09% | 4,620,666 | 0.09% | |||||
| Domestic natural person shares | 6,838 | 0% | -4,716 | 2,122 | 0% | ||||
| 4.Foreign shares | |||||||||
| Of which：Foreign legal person shares | |||||||||
| Foreign natural person shares | |||||||||
| II. Shares with unconditional subscription | 3,352,313,861 | 63.85% | 4,716 | 3,352,318,577 | 63.85% | ||||
| 1.Common shares in RMB | 2,553,905,861 | 48.64% | 4,716 | 2,553,910,577 | 48.64% | ||||
| 2.Foreign shares in domestic market | 798,408,000 | 15.21% | 798,408,000 | 15.21% | |||||
| 3.Foreign shares in foreign market | |||||||||
| 4.Other | |||||||||
| III. Total of capital shares | 5,250,283,986 | 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 employeesupervisor of the company, expired and such shares became unrestricted shares, so the number of unrestrictedshares of the Company also increased correspondingly.
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable tocommon shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from securityregulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
√ Applicable □ Not applicable
In RMB
| Shareholder | Number of restricted shares at the beginning | Number of restricted shares in increased this period | Number of restricted shares released in this period | Number of restricted shares at the end of the period | Reasons for sales restriction | Release date of sales restriction |
| Lin Weifeng | 4,716 | 4,716 | 0 | 0 | Change of employee supervisor | February 10,2021 |
| Total | 4,716 | 4,716 | 0 | 0 | -- | -- |
II. Securities issue and listing
□ Applicable √Not applicable
III. Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Shares
| Total number of common shareholders at the end of the reporting period | 90,117 | Total number of preferred shareholders that had restored the voting right at the end of the reporting period (if any) (note 8) | 0 |
| Particulars about shares held above 5% by shareholders or top ten shareholders | ||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Changes in reporting period | Amount of restricted shares held | Amount of un-restricted shares held | Number of share pledged/frozen | |
| State of share | Amount | |||||||
| Guangdong Energy Group Co., Ltd. | State-owned legal person | 67.39% | 3,538,005,285 | 1,893,342,621 | 1,644,662,664 | |||
| Guangzhou Development Group Co., Ltd. | State-owned legal person | 2.22% | 116,693,602 | 116,693,602 | ||||
| China Securities Finance Co., Ltd. | State-owned legal person | 1.93% | 101,323,877 | -29,559,025 | 101,323,877 | |||
| Guangdong Electric Power Development Corporation | State-owned legal person | 1.80% | 94,367,341 | 94,367,341 | ||||
| Li Zhuo | Domestic Natural person | 1.32% | 69,463,211 | 8,790,800 | 69,463,211 | |||
| Zheng Jianxiang | Domestic Natural person | 0.48% | 25,128,874 | 323,988 | 25,128,874 | |||
| Harbin Hali Industry Co., Ltd. | Domestic Non-State owned legal person | 0.48% | 25,030,385 | 4,087,440 | 25,030,385 | |||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas Legal person | 0.30% | 15,855,512 | 15,855,512 | ||||
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | Overseas Legal person | 0.29% | 15,216,066 | 15,216,066 | ||||
| Harbin Daoli District Charity Foundation | Domestic Non-State owned legal person | 0.26% | 13,659,108 | -8,298 | 13,659,108 | |||
| Strategic investor or general legal person becoming top-10 ordinary | None | |||||||
| shareholder due to rights issue | ||||
| 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 | |||
| Above shareholders entrusting or entrusted with voting rights, or waiving voting rights | Not applicable | |||
| Top 10 shareholders including the special account for repurchase | Not applicable | |||
| Shareholding of top 10 shareholders of unrestricted shares | ||||
| Name of the shareholder | Quantity of unrestricted shares held at the end of the reporting period | Share type | ||
| Share type | Quantity | |||
| Guangdong Energy Group Co., Ltd. | 1,644,662,664 | RMB Common shares | 1,644,662,664 | |
| Guangzhou Development Group Co., Ltd. | 116,693,602 | RMB Common shares | 116,693,602 | |
| China Securities Finance Co., Ltd. | 101,323,877 | RMB Common shares | 101,323,877 | |
| Guangdong Electric Power Development Corporation | 94,367,341 | RMB Common shares | 94,367,341 | |
| Li Zhuo | 69,463,211 | RMB Common shares | 69,463,211 | |
| Zheng Jianxiang | 25,128,874 | Foreign shares placed in domestic exchange | 25,128,874 | |
| Harbin Hali Industry Co., Ltd. | 25,030,385 | RMB Common shares | 25,030,385 | |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 15,855,512 | Foreign shares placed in domestic exchange | 15,855,512 | |
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | 15,216,066 | Foreign shares placed in domestic exchange | 15,216,066 | |
| Harbin Daoli District Charity Foundation | 13,659,108 | RMB Common shares | 13,659,108 | |
| Explanation on associated relationship or consistent action among the top 10 shareholders of non-restricted negotiable | 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 | |||
| shares and that between the top 10 shareholders of non-restricted negotiable shares and top 10 shareholders | 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 1,307,620 A shares of the Company through A shares ordinary stock account, and holds68,155,591A shares of the Company through stock account with credit transaction and guarantee. hold 69,463,211 shares of the Company's stock totally. The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of the Company through A shares ordinary stock account, and holds25,030,085A shares of the Company through stock account with credit transaction and guarantee, hold 25,030,385 shares of the Company's stock totally. |
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have abuy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Companyhave no buy –back agreement dealing in reporting period.IV. Changes in shareholdings of directors, supervisors and executive officers
□ Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specificinformation please refer to the 2020 Annual ReportV. 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.
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
IX. Corporate Bond
√ Applicable □ Not applicable
I. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.II. Corporate bond
√ Applicable □ Not applicable
1. Basic information of corporate bonds
| Bond name | Bond short name | Bond code | Issue day | Value date | Due day | Bond balance (Ten thousand yuan ) | Interest rate | Servicing way | Trading |
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) of Guandong Electric Power Development Co.,Ltd. | 20 Yudean 01 | 149113.SZ | April 29,2020 | April 29,2020 | April 29,2025 | 1,500,000,000 | 2.45% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Shenzhen Stock Exchange |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power Development Co.,Ltd. | 21 Yudean 01 | 149369.SZ | January 27,2021 | January 27,2021 | January 27,2024 | 1,000,000,000 | 3.57% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Shenzhen Stock Exchange |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | 21Yudean 02 | 149418.SZ | April 28,2021 | April 28,2021 | April 28,2026 | 1,500,000,000 | 3.50% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | Shenzhen Stock Exchange |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of | 21 Pinghai 01 | 188197.SH | June 4,2021 | June 4,2021 | June 4,2023 | 200,000,000 | 3.57% | Using simple interest rate on a yearly basis, regardless of compound interest. | Shanghai Stock Exchange |
| Guangdong Pinghai Power Generation Plant Co., Ltd. | Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. | |||
| Bonds traded for qualified investors | Bonds traded for qualified investors | |||
| Applicable trading mechanism | Bidding, quotation, inquiry and agreement transaction | |||
| Whether there are risks and countermeasures for terminating listing transactions（If any) | Not applicable | |||
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.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guaranteemeasures during the reporting period and their impact on the rights and interests of bond investors
□ Applicable √ Not applicable
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
| Bond name | Bond short name | Bond code | Issue day | Value date | Due day | Bond balance | Interest rate | Servicing way | Trading |
| Guangdong Provincial Expressway Development Co., Ltd.2021 first phase Ultra-short term financing bills | 21 Yeduan FA SCP001 | 012100376 | January 26,2021 | January 26,2021 | July 23,2021 | 800,000,000 | 2.65% | Repayment of principal and interest once due | Interbank market |
| Guangdong Provincial Expressway Development Co., Ltd. 2018 first phase medium-ter | 18 Yeduan FA MTN001 | 101800948 | August 27,2018 | August 27,2018 | August 27,2021 | 800,000,000 | 4.19% | Due payments once a year,，Repay | Interbank market |
| m notes | ment of principal and interest once due | |||
| During the reporting period, interest payment situation of the company bonds（If any） | None | |||
| Applicable trading mechanism | Circulation and transfer in the national inter-bank bond market, its listing and circulation will be carried out in accordance with the relevant regulations promulgated by the National Interbank Funding Center. | |||
| Whether there are risks and countermeasures for terminating listing transactions（If any) | No | |||
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guaranteemeasures during the reporting period and their impact on the rights and interests of bond investors
□ Applicable √ Not applicable
IV.Convertible bond
□ Applicable √ Not applicable
V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the netassets at the end of the previous year
□ Applicable √ Not applicable
VI. Main accounting data and financial indicators of the Company in recent two years by the end of thereporting period
In RMB10,000
| Items | At the end of the reporting period | At the end of last year | At the same time rate of change |
| Current ratio | 57.72% | 58.89% | -1.17% |
| Debt ratio | 62.05% | 56.62% | 5.43% |
| Quick ratio | 41.49% | 45.11% | -3.62% |
| Amount of this period | Amount of last period | At the same time rate of change | |
| Net profit after deducting non-recurring profit and loss | 92,233,454 | 784,542,709 | -88.24% |
| EBITDA total debt ratio | 19.62% | 11.34% | 8.28% |
| Time interest earned ratio | 1.21 | 3.25 | -62.77% |
| Cash interest guarantee times | 6.23 | 7.94 | -21.54% |
| EBITDATime interest earned ratio | 3.85 | 5.62 | -31.49% |
| Repayment of debt (%) | 100% | 100% | 0% |
| Payment of interest (%) | 100% | 100% | 0% |
X. Financial ReportI. Audit reportHas this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.II. Financial statementsCurrency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
| Items | June 30,2021 | December 31,2020 |
| Current asset： | ||
| Monetary fund | 5,566,527,909 | 5,790,946,117 |
| Settlement provision | ||
| Outgoing call loan | ||
| Transactional financial assets | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Account receivable | 4,533,682,583 | 4,332,149,033 |
| Financing of receivables | ||
| Prepayments | 917,813,487 | 766,871,830 |
| Insurance receivable | ||
| Reinsurance receivable | ||
| Provisions of Reinsurance contracts receivable | ||
| Other account receivable | 525,976,003 | 459,266,554 |
| Including：Interest receivable | 34,258,847 | 27,301,568 |
| Dividend receivable | 31,500,000 | |
| Repurchasing of financial assets | ||
| Inventories | 2,329,827,695 | 1,589,882,029 |
| Contract assets | 4,276,992 | 3,870,497 |
| Assets held for sales | ||
| Non-current asset due within 1 year | 49,785,734 | |
| Other current asset | 912,303,817 | 546,685,636 |
| Total of current assets | 14,790,408,486 | 13,539,457,430 |
| Non-current assets： | ||
| Loans and payment on other’s behalf disbursed | ||
| Creditor's right investment | ||
| Other investment on bonds | ||
| Long-term receivable | ||
| Long term share equity investment | 7,369,368,592 | 6,687,257,614 |
| Other equity instruments investment | 3,590,053,215 | 3,548,088,015 |
| Other non-current financial assets | ||
| Property investment | 48,457,262 | 49,732,668 |
| Fixed assets | 48,296,881,750 | 47,195,233,079 |
| Construction in progress | 6,961,952,641 | 9,153,637,100 |
| Production physical assets | ||
| Oil & gas assets | ||
| Use right assets | 4,399,305,885 | |
| Intangible assets | 2,147,486,225 | 2,141,625,383 |
| Development expenses | ||
| Goodwill | 27,209,147 | 2,449,886 |
| Long-germ expenses to be amortized | 26,112,427 | 26,409,305 |
| Deferred income tax asset | 520,513,509 | 446,587,650 |
| Other non-current asset | 4,153,814,490 | 3,180,340,038 |
| Total of non-current assets | 77,541,155,143 | 72,431,360,738 |
| Total of assets | 92,331,563,629 | 85,970,818,168 |
| Current liabilities | ||
| Short-term loans | 8,112,048,863 | 7,622,427,916 |
| Loan from Central Bank | ||
| Borrowing funds | ||
| Transactional financial liabilities | ||
| Derivative financial liabilities |
| Notes payable | 923,000,000 | 1,092,292,546 |
| Account payable | 4,362,279,518 | 2,666,180,513 |
| Advance receipts | ||
| Contract liabilities | 586,470 | 6,573,912 |
| Selling of repurchased financial assets | ||
| Deposit taking and interbank deposit | ||
| Entrusted trading of securities | ||
| Entrusted selling of securities | ||
| Employees’ wage payable | 452,118,517 | 304,548,373 |
| Tax payable | 437,552,411 | 498,801,080 |
| Other account payable | 7,461,304,204 | 6,775,700,584 |
| Including：Interest payable | ||
| Dividend payable | 9,771,322 | 9,771,322 |
| Fees and commissions payable | ||
| Reinsurance fee payable | ||
| Liabilities held for sales | ||
| Non-current liability due within 1 year | 3,066,253,723 | 3,180,551,951 |
| Other current liability | 809,060,822 | 3,217,523,576 |
| Total of current liability | 25,624,204,528 | 25,364,600,451 |
| Non-current liabilities： | ||
| Reserve fund for insurance contracts | ||
| Long-term loan | 21,969,981,365 | 18,998,555,568 |
| Bond payable | 4,199,373,854 | 1,499,542,911 |
| Including：preferred stock | ||
| Sustainable debt | ||
| Lease liability | 4,136,908,238 | |
| Long-term payable | 24,960,000 | 3,171,971,127 |
| Long-term remuneration payable to staff | 206,313,777 | 218,543,743 |
| Expected liabilities | ||
| Deferred income | 135,266,636 | 134,647,590 |
| Deferred income tax liability | 704,031,063 | 638,571,910 |
| Other non-current liabilities | 290,157,029 | 200,970,029 |
| Total non-current liabilities | 31,666,991,962 | 24,862,802,878 |
| Total of liability | 57,291,196,490 | 50,227,403,329 |
| Owners’ equity | ||
| Share capital | 5,250,283,986 | 5,250,283,986 |
| Other equity instruments | ||
| Including：preferred stock | ||
| Sustainable debt | ||
| Capital reserves | 4,902,263,914 | 4,902,263,914 |
| Less：Shares in stock | ||
| Other comprehensive income | 2,030,655,147 | 1,946,305,595 |
| Special reserve | ||
| Surplus reserves | 8,903,515,135 | 8,515,360,638 |
| Common risk provision | ||
| Retained profit | 5,846,621,567 | 6,755,781,289 |
| Total of owner’s equity belong to the parent company | 26,933,339,749 | 27,369,995,422 |
| Minority shareholders’ equity | 8,107,027,390 | 8,373,419,417 |
| Total of owners’ equity | 35,040,367,139 | 35,743,414,839 |
| Total of liabilities and owners’ equity | 92,331,563,629 | 85,970,818,168 |
Legal representative ：Wang JinPerson-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
| Items | June 30,2021 | December 31,2020 |
| Current asset： | ||
| Monetary fund | 639,674,711 | 338,045,631 |
| Transactional financial assets | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Account receivable | 121,419,472 | 173,029,247 |
| Financing of receivables | ||
| Prepayments | 27,649,966 | 26,680,500 |
| Other account receivable | 298,564,358 | 328,224,857 |
| Including：Interest receivable | 1,116,857 | 1,038,206 |
| Dividend receivable | 31,500,000 | |
| Inventories | 164,383,988 | 118,530,205 |
| Contract assets | ||
| Assets held for sales | ||
| Non-current asset due within 1 year | ||
| Other current asset | 895,008 | 1,209,217 |
| Total of current assets | 1,252,587,503 | 985,719,657 |
| Non-current assets： | ||
| Debt investment | ||
| Other investment on bonds | ||
| Long-term receivable | 467,000,000 | 467,000,000 |
| Long term share equity investment | 29,872,486,231 | 28,453,042,855 |
| Other equity instruments investment | 3,670,554,085 | 3,548,088,015 |
| Other non-current financial assets | ||
| Property investment | 6,072,046 | 6,389,845 |
| Fixed assets | 511,066,141 | 559,635,880 |
| Construction in progress | 3,082,960 | 200,574 |
| Production physical assets | ||
| Oil & gas assets | ||
| Use right assets | ||
| Intangible assets | 79,887,603 | 81,954,649 |
| Development expenses | ||
| Goodwill | ||
| Long-germ expenses to be amortized | ||
| Deferred income tax asset | ||
| Other non-current asset | 305,853,879 | 208,353,879 |
| Total of non-current assets | 34,916,002,945 | 33,324,665,697 |
| Total of assets | 36,168,590,448 | 34,310,385,354 |
| Current liabilities | ||
| Short-term loans | 2,302,429,806 | 1,902,013,125 |
| Transactional financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Account payable | 213,018,637 | 136,723,162 |
| Advance receipts | ||
| Contract Liabilities | 258,000 | 6,343,773 |
| Employees’ wage payable | 102,242,247 | 93,479,997 |
| Tax payable | 24,306,819 | 28,112,055 |
| Other account payable | 37,437,900 | 40,872,386 |
| Including：Interest payable | ||
| Dividend payable | 9,771,322 | 9,771,322 |
| Liabilities held for sales | ||
| Non-current liability due within 1 year | 859,359,167 | 836,189,634 |
| Other current liability | 809,060,822 | 3,217,281,173 |
| Total of current liability | 4,348,113,398 | 6,261,015,305 |
| Non-current liabilities： | ||
| Long-term loan | ||
| Bond payable | 3,999,493,854 | 1,499,542,911 |
| Including：preferred stock | ||
| Sustainable debt | ||
| Lease liability | ||
| Long-term payable | ||
| Long-term remuneration payable to staff | 52,802,577 | 56,805,513 |
| Expected liabilities | ||
| Deferred income | 29,988,606 | 29,988,606 |
| Deferred income tax liability | 649,624,463 | 621,507,946 |
| Other non-current liabilities | ||
| Total non-current liabilities | 4,731,909,500 | 2,207,844,976 |
| Total of liability | 9,080,022,898 | 8,468,860,281 |
| Owners’ equity | ||
| Share capital | 5,250,283,986 | 5,250,283,986 |
| Other equity instruments | ||
| Including：preferred stock |
| Sustainable debt | ||
| Capital reserves | 5,405,326,643 | 5,405,326,643 |
| Less：Shares in stock | ||
| Other comprehensive income | 2,030,655,147 | 1,946,305,595 |
| Special reserve | ||
| Surplus reserves | 8,903,515,135 | 8,515,360,638 |
| Retained profit | 5,498,786,639 | 4,724,248,211 |
| Total of owners’ equity | 27,088,567,550 | 25,841,525,073 |
| Total of liabilities and owners’ equity | 36,168,590,448 | 34,310,385,354 |
3.Consolidated Income statement
In RMB
| Items | The first half year of 2021 | The first half year of 2020 |
| I. Income from the key business | 17,781,521,221 | 12,539,917,823 |
| Incl：Business income | 17,781,521,221 | 12,539,917,823 |
| Interest income | ||
| Insurance fee earned | ||
| Fee and commission received | ||
| II. Total business cost | 17,943,454,838 | 11,135,841,343 |
| Incl：Business cost | 16,786,719,665 | 10,150,973,022 |
| Interest expense | ||
| Fee and commission paid | ||
| Insurance discharge payment | ||
| Net claim amount paid | ||
| Net amount of withdrawal of insurance contract reserve | ||
| Insurance policy dividend paid | ||
| Reinsurance expenses | ||
| Business tax and surcharge | 107,013,832 | 98,152,077 |
| Sales expense | 30,495,119 | 22,894,557 |
| Administrative expense | 348,713,784 | 301,675,673 |
| R & D costs | 93,861,839 | 831,109 |
| Financial expenses | 576,650,599 | 561,314,905 |
| Including：Interest expense | 618,003,887 | 594,291,506 |
| Interest income | 41,832,597 | 35,840,406 |
| Add: Other income | 10,575,225 | 13,488,715 |
| Investment gain（“-”for loss） | 428,095,078 | 236,069,065 |
| Incl: investment gains from affiliates | 397,912,700 | 214,698,621 |
| Financial assets measured at amortized cost cease to be recognized as income | ||
| Gains from currency exchange | ||
| Net exposure hedging income | ||
| Changing income of fair value | ||
| Credit impairment loss | -238,645 | 20,911 |
| Impairment loss of assets | -16,743,630 | |
| Assets disposal income | 23,852,682 | 51,176,776 |
| III. Operational profit（“-”for loss） | 300,350,723 | 1,688,088,317 |
| Add ：Non-operational income | 15,761,876 | 16,867,922 |
| Less: Non-operating expense | 14,626,058 | 13,027,594 |
| IV. Total profit(“-”for loss) | 301,486,541 | 1,691,928,645 |
| Less：Income tax expenses | 106,678,961 | 472,879,412 |
| V. Net profit | 194,807,580 | 1,219,049,233 |
| (I) Classification by business continuity | ||
| 1.Net continuing operating profit | 194,807,580 | 1,219,049,233 |
| 2.Termination of operating net profit | ||
| (II) Classification by ownership | ||
| 1.Net profit attributable to the owners of parent company | 109,028,853 | 813,684,495 |
| 2.Minority shareholders’ equity | 85,778,727 | 405,364,738 |
| VI. Net after-tax of other comprehensive income | 84,349,552 | -5,609,082 |
| Net of profit of other comprehensive income attributable to owners of the parent company. | 84,349,552 | -5,609,082 |
| （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent | 84,349,552 | -5,609,082 |
| accounting period | ||
| 1.Re-measurement of defined benefit plans of changes in net debt or net assets | ||
| 2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss. | ||
| 3. Changes in the fair value of investments in other equity instruments | 84,349,552 | -5,609,082 |
| 4. Changes in the fair value of the company’s credit risks | ||
| 5.Other | ||
| （II） Other comprehensive income that will be reclassified into profit or loss. | ||
| 1.Other comprehensive income under the equity method investee can be reclassified into profit or loss. | ||
| 2. Changes in the fair value of investments in other debt obligations | ||
| 3. Other comprehensive income arising from the reclassification of financial assets | ||
| 4.Allowance for credit impairments in investments in other debt obligations | ||
| 5. Reserve for cash flow hedges | ||
| 6.Translation differences in currency financial statements | ||
| 7.Other | ||
| Net of profit of other comprehensive income attributable to Minority shareholders’ equity | ||
| VII. Total comprehensive income | 279,157,132 | 1,213,440,151 |
| Total comprehensive income attributable to the owner of the parent company | 193,378,405 | 808,075,413 |
| Total comprehensive income attributable minority shareholders | 85,778,727 | 405,364,738 |
| VIII. Earnings per share |
| （I）Basic earnings per share | 0.0208 | 0.1550 |
| (II)Diluted earnings per share | 0.0208 | 0.1550 |
The current business combination under common control, the net profits of the combined party before achieved net profit of RMB 0.00, last period the combined party realized RMB0.00.Legal representative ：Wang JinPerson-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
| Items | The first half year of 2021 | The first half year of 2020 |
| I. Income from the key business | 665,551,244 | 469,554,164 |
| Incl：Business cost | 705,513,618 | 501,798,888 |
| Business tax and surcharge | 3,788,180 | 3,804,965 |
| Sales expense | 1,107,630 | 1,264,698 |
| Administrative expense | 46,656,602 | 54,085,038 |
| R & D expense | ||
| Financial expenses | 123,235,844 | 111,084,805 |
| Including：Interest expenses | 123,796,443 | 112,921,626 |
| Interest income | 2,267,082 | 2,323,189 |
| Add：Other income | 61,144 | 44,061 |
| Investment gain（“-”for loss） | 2,007,008,902 | 1,335,585,326 |
| Including: investment gains from affiliates | 392,738,688 | 211,523,852 |
| Financial assets measured at amortized cost cease to be recognized as income | ||
| Net exposure hedging income | ||
| Changing income of fair value | ||
| Credit impairment loss | -1,866 | 20,911 |
| Impairment loss of assets | -16,743,630 | |
| Assets disposal income | 157,963 | |
| II. Operational profit（“-”for loss） | 1,792,317,550 | 1,116,418,492 |
| Add ：Non-operational income | 1,034,325 | 9,787,936 |
| Less：Non -operational expenses | 624,872 | 1,374,084 |
| III. Total profit(“-”for loss) | 1,792,727,003 | 1,124,832,344 |
| Less：Income tax expenses | 2,056,715 | |
| IV. Net profit | 1,792,727,003 | 1,122,775,629 |
| 1.Net continuing operating profit | 1,792,727,003 | 1,122,775,629 |
| 2.Termination of operating net profit | ||
| V. Net after-tax of other comprehensive income | 84,349,552 | -5,609,080 |
| （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting period | 84,349,552 | -5,609,080 |
| 1.Re-measurement of defined benefit plans of changes in net debt or net assets | ||
| 2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss. | ||
| 3. Changes in the fair value of investments in other equity instruments | 84,349,552 | -5,609,080 |
| 4. Changes in the fair value of the company’s credit risks | ||
| 5.Other | ||
| (II)Other comprehensive income that will be reclassified into profit or loss | ||
| 1.Other comprehensive income under the equity method investee can be reclassified into profit or loss. | ||
| 2. Changes in the fair value of investments in other debt obligations | ||
| 3. Other comprehensive income arising from the reclassification of financial assets | ||
| 4.Allowance for credit impairments in investments in other debt obligations |
| 5. Reserve for cash flow hedges | ||
| 6.Translation differences in currency financial statements | ||
| 7.Other | ||
| VI. Total comprehensive income | 1,877,076,555 | 1,117,166,549 |
| VII. Earnings per share | ||
| （I）Basic earnings per share | 0.3415 | 0.2139 |
| (II)Diluted earnings per share | 0.3415 | 0.2139 |
5. Consolidated Cash flow statement
In RMB
| Items | The first half year of 2021 | The first half year of 2020 |
| I.Cash flows from operating activities | ||
| Cash received from sales of goods or rending of services | 19,776,330,714 | 13,888,627,580 |
| Net increase of customer deposits and capital kept for brother company | ||
| Net increase of loans from central bank | ||
| Net increase of inter-bank loans from other financial bodies | ||
| Cash received against original insurance contract | ||
| Net cash received from reinsurance business | ||
| Net increase of client deposit and investment | ||
| Cash received from interest, commission charge and commission | ||
| Net increase of inter-bank fund received | ||
| Net increase of repurchasing business | ||
| Net cash received by agent in securities trading | ||
| Tax returned | 19,779,329 | 118,191,168 |
| Other cash received from business operation | 128,303,455 | 180,127,664 |
| Sub-total of cash inflow | 19,924,413,498 | 14,186,946,412 |
| Cash paid for purchasing of merchandise and services | 14,761,223,364 | 8,244,133,716 |
| Net increase of client trade and advance | ||
| Net increase of savings in central bank and brother company | ||
| Cash paid for original contract claim | ||
| Net increase in financial assets held for trading purposes | ||
| Net increase for Outgoing call loan | ||
| Cash paid for interest, processing fee and commission | ||
| Cash paid to staffs or paid for staffs | 848,669,695 | 703,279,072 |
| Taxes paid | 872,091,806 | 871,954,680 |
| Other cash paid for business activities | 345,570,990 | 349,357,047 |
| Sub-total of cash outflow from business activities | 16,827,555,855 | 10,168,724,515 |
| Net cash generated from /used in operating activities | 3,096,857,643 | 4,018,221,897 |
| II. Cash flow generated by investing | ||
| Cash received from investment retrieving | ||
| Cash received as investment gains | 181,835,789 | 331,332,300 |
| Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets | 55,491,644 | 127,909,560 |
| Net cash received from disposal of subsidiaries or other operational units | ||
| Other investment-related cash received | 83,767,669 | |
| Sub-total of cash inflow due to investment activities | 321,095,102 | 459,241,860 |
| Cash paid for construction of fixed assets, intangible assets and other long-term assets | 4,069,950,057 | 3,786,337,519 |
| Cash paid as investment | 338,850,126 |
| Net increase of loan against pledge | ||
| Net cash received from subsidiaries and other operational units | 103,159,958 | |
| Other cash paid for investment activities | ||
| Sub-total of cash outflow due to investment activities | 4,511,960,141 | 3,786,337,519 |
| Net cash flow generated by investment | -4,190,865,039 | -3,327,095,659 |
| III.Cash flow generated by financing | ||
| Cash received as investment | 126,187,000 | 4,400,000 |
| Including: Cash received as investment from minor shareholders | 4,400,000 | |
| Cash received as loans | 14,573,805,723 | 11,920,106,727 |
| Other financing –related cash received | ||
| Sub-total of cash inflow from financing activities | 14,699,992,723 | 11,924,506,727 |
| Cash to repay debts | 11,881,467,765 | 10,243,656,584 |
| Cash paid as dividend, profit, or interests | 1,908,378,220 | 1,727,557,296 |
| Including: Dividend and profit paid by subsidiaries to minor shareholders | 605,612,185 | 405,101,369 |
| Other cash paid for financing activities | 40,616,876 | |
| Sub-total of cash outflow due to financing activities | 13,830,462,861 | 11,971,213,880 |
| Net cash flow generated by financing | 869,529,862 | -46,707,153 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | -122 | 228 |
| V.Net increase of cash and cash equivalents | -224,477,656 | 644,419,313 |
| Add: balance of cash and cash equivalents at the beginning of term | 5,763,619,876 | 5,079,641,969 |
| VI ..Balance of cash and cash equivalents at the end of term | 5,539,142,220 | 5,724,061,282 |
6. Cash Flow Statement of the Parent Company
In RMB
| Items | The first half year of 2021 | The first half year of 2020 |
| I.Cash flows from operating activities | ||
| Cash received from sales of goods or rending of services | 783,452,071 | 583,190,697 |
| Tax returned | 63,577 | 1,797,630 |
| Other cash received from business operation | 20,188,753 | 52,625,737 |
| Sub-total of cash inflow | 803,704,401 | 637,614,064 |
| Cash paid for purchasing of merchandise and services | 581,204,165 | 379,318,233 |
| Cash paid to staffs or paid for staffs | 133,944,525 | 138,572,849 |
| Taxes paid | 26,292,457 | 38,922,537 |
| Other cash paid for business activities | 22,417,628 | 28,960,467 |
| Sub-total of cash outflow from business activities | 763,858,775 | 585,774,086 |
| Net cash generated from /used in operating activities | 39,845,626 | 51,839,978 |
| II. Cash flow generated by investing | ||
| Cash received from investment retrieving | 16,460,000 | |
| Cash received as investment gains | 1,767,052,502 | 1,437,319,191 |
| Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets | 532,467 | 855,007 |
| Net cash received from disposal of subsidiaries or other operational units | ||
| Other investment-related cash received | ||
| Sub-total of cash inflow due to investment activities | 1,767,584,969 | 1,454,634,198 |
| Cash paid for construction of fixed assets, intangible assets and other long-term assets | 11,365,569 | 7,829,959 |
| Cash paid as investment | 1,254,689,794 | 653,932,389 |
| Net cash received from subsidiaries |
| and other operational units | ||
| Other cash paid for investment activities | ||
| Sub-total of cash outflow due to investment activities | 1,266,055,363 | 661,762,348 |
| Net cash flow generated by investment | 501,529,606 | 792,871,850 |
| III. Cash flow generated by financing | ||
| Cash received as investment | ||
| Cash received as loans | 4,399,822,000 | 3,800,505,296 |
| Other financing –related ash received | 1,104,829 | |
| Sub-total of cash inflow from financing activities | 4,400,926,829 | 3,800,505,296 |
| Cash to repay debts | 3,900,000,000 | 3,201,205,812 |
| Cash paid as dividend, profit, or interests | 738,484,034 | 765,486,917 |
| Other cash paid for financing activities | 2,188,825 | |
| Sub-total of cash outflow due to financing activities | 4,640,672,859 | 3,966,692,729 |
| Net cash flow generated by financing | -239,746,030 | -166,187,433 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | -122 | 228 |
| V.Net increase of cash and cash equivalents | 301,629,080 | 678,524,623 |
| Add: balance of cash and cash equivalents at the beginning of term | 338,045,631 | 224,504,289 |
| VI ..Balance of cash and cash equivalents at the end of term | 639,674,711 | 903,028,912 |
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
| Items | The first half year of 2021 | ||||||||||||||
| Owner’s equity Attributable to the Parent Company | Minor shareholders’equity | Total of owners’ equity | |||||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Common risk provision | Retained profit | Other | Subtotal | |||||
| Preferred stock | Sustainable debt | Other | |||||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 4,902,263,914 | 1,946,305,595 | 8,515,360,638 | 6,755,781,289 | 27,369,995,422 | 8,373,419,417 | 35,743,414,839 | |||||||
| Add: Change of accounting policy | |||||||||||||||
| Correcting of previous errors | |||||||||||||||
| Merger of entities under common control | |||||||||||||||
| Other | |||||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 4,902,263,914 | 1,946,305,595 | 8,515,360,638 | 6,755,781,289 | 27,369,995,422 | 8,373,419,417 | 35,743,414,839 | |||||||
| III.Changed in the current year | 84,349,552 | 388,154,497 | -909,159,722 | -436,655,673 | -266,392,027 | -703,047,700 | |||||||||
| （1）Total comprehensive income | 84,349,552 | 109,028,853 | 193,378,405 | 85,778,727 | 279,157,132 | ||||||||||
| （II）Investment or decreasing of capital by owners | 253,441,431 | 253,441,431 | |||||||||||||
| 1．Ordinary Shares invested by shareholders | 253,441,431 | 253,441,431 | |||||||||||||
| 2．Holders of other equity instruments invested capital | |||||||||||||||
| 3．Amount of shares paid and accounted as owners’ equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profit allotment | 388,154,497 | -1,018,188,575 | -630,034,078 | -605,612,185 | -1,235,646,263 | ||||||||||
| 1.Providing of surplus reserves | 388,154,497 | -388,154,497 | |||||||||||||
| 2.Providing of common risk provisions | |||||||||||||||
| 3．Allotment to the owners (or shareholders) | -630,034,078 | -630,034,078 | -605,612,185 | -1,235,646,263 | |||||||||||
| 4．Other | |||||||||||||||
| (IV) Internal transferring of owners’ equity | |||||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | |||||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | |||||||||||||||
| 3．Making up losses by surplus reserves. | |||||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | |||||||||||||||
| 5．Other comprehensive income carry-over retained earnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V). Special reserves | |||||||||||||||
| 1. Provided this year | |||||||||||||||
| 2．Used this term | |||||||||||||||
| （VI）Other | |||||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 4,902,263,914 | 2,030,655,147 | 8,903,515,135 | 5,846,621,567 | 26,933,339,749 | 8,107,027,390 | 35,040,367,139 |
Amount in last year
In RMB
| Items | The first half year of 2020 | ||||||||||||||
| Owner’s equity Attributable to the Parent Company | Minor shareholders’ equity | Total of owners’ equity | |||||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Common risk provision | Retained profit | Other | Subtotal | |||||
| Preferred stock | Sustainable debt | Other | |||||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,096,918,174 | 1,676,143,044 | 8,245,767,593 | 5,909,128,280 | 26,178,241,077 | 8,011,444,289 | 34,189,685,366 | |||||||
| Add: Change of accounting policy | |||||||||||||||
| Correcting of previous errors | |||||||||||||||
| Merger of entities under common control | |||||||||||||||
| Other | |||||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,096,918,174 | 1,676,143,044 | 8,245,767,593 | 5,909,128,280 | 26,178,241,077 | 8,011,444,289 | 34,189,685,366 | |||||||
| III.Changed in the current year | -5,609,082 | 269,593,045 | -85,942,628 | 178,041,335 | 21,068,938 | 199,110,273 | |||||||||
| （1）Total comprehensive income | -5,609,082 | 813,684,495 | 808,075,413 | 405,364,738 | 1,213,440,151 | ||||||||||
| （II）Investment or decreasing of capital by owners | 20,805,569 | 20,805,569 | |||||||||||||
| 1．Ordinary Shares invested by shareholders | 20,805,569 | 20,805,569 | |||||||||||||
| 2．Holders of other equity instruments invested capital | |||||||||||||||
| 3．Amount of shares paid and accounted as owners’ equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profit allotment | 269,593,045 | -899,627,123 | -630,034,078 | -405,101,369 | -1,035,135,447 | ||||||||||
| 1.Providing of surplus reserves | 269,593,045 | -269,593,045 | |||||||||||||
| 2.Providing of common risk provisions | |||||||||||||||
| 3．Allotment to the owners (or shareholders) | -630,034,078 | -630,034,078 | -405,101,369 | -1,035,135,447 | |||||||||||
| 4．Other | |||||||||||||||
| (IV) Internal transferring of owners’ equity | |||||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | |||||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | |||||||||||||||
| 3．Making up losses by surplus reserves. | |||||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | |||||||||||||||
| 5．Other comprehensive income |
| carry-over retained earnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V). Special reserves | |||||||||||||||
| 1. Provided this year | |||||||||||||||
| 2．Used this term | |||||||||||||||
| （VI）Other | |||||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,096,918,174 | 1,670,533,962 | 8,515,360,638 | 5,823,185,652 | 26,356,282,412 | 8,032,513,227 | 34,388,795,639 |
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
| Items | The first half year of 2021 | |||||||||||
| Share capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Retained profit | Other | Total of owners’ equity | |||
| Preferred stock | Sustainable debt | Other | ||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,405,326,643 | 1,946,305,595 | 8,515,360,638 | 4,724,248,211 | 25,841,525,073 | ||||||
| Add: Change of accounting policy | ||||||||||||
| Correcting of previous errors | ||||||||||||
| Other | ||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,405,326,643 | 1,946,305,595 | 8,515,360,638 | 4,724,248,211 | 25,841,525,073 | ||||||
| III.Changed in the current year | 84,349,552 | 388,154,497 | 774,538,428 | 1,247,042,477 | ||||||||
| （I）Total comprehensive income | 84,349,552 | 1,792,727,003 | 1,877,076,555 | |||||||||
| (II) Investment or decreasing of capital by owners | ||||||||||||
| 1．Ordinary Shares invested by shareholders | ||||||||||||
| 2．Holders of other equity instruments invested capital | ||||||||||||
| 3.Amount of shares paid and accounted as owners’ equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profit allotment | 388,154,497 | -1,018,188,575 | -630,034,078 | |||||||||
| 1.Providing of surplus reserves | 388,154,497 | -388,154,497 | ||||||||||
| 2．Allotment to the owners (or shareholders) | -630,034,078 | -630,034,078 | ||||||||||
| 3．Other | ||||||||||||
| (IV) Internal transferring of owners’ equity | ||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | ||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | ||||||||||||
| 3．Making up losses by surplus reserves. | ||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | ||||||||||||
| 5．Other comprehensive income carry-over retained earnings | ||||||||||||
| 6．Other | ||||||||||||
| (V) Special reserves | ||||||||||||
| 1. Provided this year | ||||||||||||
| 2．Used this term | ||||||||||||
| （VI）Other | ||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,405,326,643 | 2,030,655,147 | 8,903,515,135 | 5,498,786,639 | 27,088,567,550 |
Amount in last year
In RMB
| Items | The first half year of 2020 | |||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Retained profit | Other | Total of owners’ equity | |||
| Preferred stock | Sustainable debt | Other | ||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,599,980,903 | 1,676,143,044 | 8,245,767,593 | 4,514,862,488 | 25,287,038,014 | ||||||
| Add: Change of accounting policy | ||||||||||||
| Correcting of previous errors | ||||||||||||
| Other | ||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,599,980,903 | 1,676,143,044 | 8,245,767,593 | 4,514,862,488 | 25,287,038,014 | ||||||
| III.Changed in the current year | -5,609,082 | 269,593,045 | 223,148,506 | 487,132,469 | ||||||||
| （I）Total comprehensive income | -5,609,082 | 1,122,775,629 | 1,117,166,547 | |||||||||
| (II) Investment or decreasing of capital by owners | ||||||||||||
| 1．Ordinary Shares invested by shareholders | ||||||||||||
| 2．Holders of other equity instruments invested capital | ||||||||||||
| 3.Amount of shares paid and accounted as owners’ equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profit allotment | 269,593,045 | -899,627,123 | -630,034,078 | |||||||||
| 1.Providing of surplus reserves | 269,593,045 | -269,593,045 | ||||||||||
| 2．Allotment to the owners (or shareholders) | -630,034,078 | -630,034,078 | ||||||||||
| 3．Other | ||||||||||||
| (IV) Internal transferring of owners’ equity | ||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | ||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | ||||||||||||
| 3．Making up losses by surplus reserves. | ||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | ||||||||||||
| 5．Other comprehensive income carry-over retained earnings | ||||||||||||
| 6．Other | ||||||||||||
| (V) Special reserves | ||||||||||||
| 1. Provided this year | ||||||||||||
| 2．Used this term | ||||||||||||
| （VI）Other |
| IV. Balance at the end of this term | 5,250,283,986 | 5,599,980,903 | 1,670,533,962 | 8,515,360,638 | 4,738,010,994 | 25,774,170,483 |
III．Basic Information of the CompanyGuangdong Electric Power Development Co., Ltd. (“the Company”) is a limited liability company jointlyestablished by Guangdong Electric Power Holding Company, China Construction Bank, Guangdong ProvinceTrust Investment Company, Guangdong Power Development Co., Ltd., Guangdong International Trust and ChinaGuangfa Bank (currently named as Guangdong Guangkong Group Co., Ltd.). The address of the Company’sregistered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,Guangzhou, Guangdong Province, the People’s Republic of China (“the PRC”). The Company’s parent companyis Guangdong Energy Group Co., Ltd. (“GEGC”, previously Guangdong Province Yudean Group Co., Ltd.) andits ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of thePeople’s Government of Guangdong Province.The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) arelisted for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30June 2021, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in thebusinesses of developing and operating electric power plants in Guangdong Province ， Yunnan Province, HunanProvince and Guangxi, the PRC.The financial statement has been approved for issue by the Company’s Board of Directors on August 26,2021.The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in thebusinesses of developing and operating electric power plants in Guangdong Province ， Yunnan Province, HunanProvince and Guangxi, the PRC.The financial statement has been approved for issue by the Company’s Board of Directors on August 2020.
For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entitiesIV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry ofFinance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security RegulatoryCommission.
2. Continuous operation.
As at 30 June 2021,the Group’s net current liabilities amounted to RMB 10.834 billion, capital commitmentscontracted for by the Group amounted to RMB 18.381 billion, and capital commitments amounted to RMB 160million, among which the capital expenditure due within one year amounted to RMB 9.477 billion. Therefore, theGroup is to some extent exposed to liquidity risk.The reason for net current liabilities is that a portion of the Group’s capital expenditure is backed by short-termborrowings and funds in hand. Management of the Company plans to take the following measures to ensure that
the Group can continuously obtain sufficient working capital to liquidate debts due within 12 months starting from30 June 2021, therefore, the financial statements are prepared on a going concern basis(a) The Group continuously generates profit after its generator sets have successively been put into production inrecent years. Management expects stable cash inflows from operating activities in the future; and(b) The Group maintains good relations of long-term cooperation with financial institutions (including theCompany’s associate Guangdong Energy Group Finance Co., Ltd. (“Energy Group Finance Company”), formerlyknown as Guangdong Yudean Finance Co., Ltd.) in order to obtain sufficient financing credit lines. As at 30 June2021 , the Group’s available credit line from financial institutions amounted to approximately RMB 46.699billion, with RMB20.546 billion from Energy Group Finance Company, RMB 24.153 billion from othercommercial banks and financial institutions, RMB 1.2 billion from issuance of corporate bonds approved by theChina Securities Regulatory Commission, and RMB 800 million of quota of medium-term notes financingobtained after the registration in the Interbank Market in China. Among the Group’s available credit line fromfinancial institutions, approximately RMB 16.57 billion million is due before 30 June 2021. Management hascommunicated with the financial institutions and hence expected the credit line due before 30 June 2021 to renewthe term for another 12 months.
V. Significant accounting policies and accounting estimatesSpecific accounting policies and accounting estimates tips:
The Group determines specific accounting policies and accounting estimates based on the characteristics ofproduction and operation, which are mainly reflected in the measurement of expected credit losses of receivables(Note 5(10)), costing of inventory (Note 5(15)), fixed asset depreciation and intangible asset amortisation (Notes5(24),(30，（29）), impairment of long-term assets (Note 5(20)), timing of revenue recognition (Note 5(31)),deferred tax assets and deferred tax liabilities (Note 5(41)), etc.Details of the Group's critical judgements used in determining significant accounting policies are set forth inNote 5(44).
1.Complying with the statements in Accounting Standards for Business EnterprisesThe financial Report and statements are prepared with compliance to the requirement of the EnterpriseAccounting Standard. They reflect the financial position as of June 30, 2021 as well as the business performanceand cash flow situation in the first half of 2021 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31.The accounting of the financial statements during the period starts from January 1, 2021 to 6 months ended June 30,2021.
3.Operating cycle
The business cycles for principal activities are usually less than 12 months.
4.Standard currency for bookkeeping
The Company adopts CNY to prepare its functional statements.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assetsobtained are measured at carrying amount. The difference between the carrying amount of the net assets obtainedand the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted toretained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the currentperiod when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common controlThe acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fairvalue. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, thedifference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets atthe acquisition date, the difference is recognized in profit or loss for the current period. The directacquisition-related costs arising from the business combination are recognized as expenses in the periods in whichthe costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid forthe acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from thedate that such control ceases. For a subsidiary that is acquired in a business combination involving enterprisesunder common control, it is included in the consolidated financial statements from the date when it, together withthe Company, comes under common control of the ultimate controlling party. The portion of the net profitsrealised before the combination date is presented separately in the consolidated income statement.In the preparation of consolidated financial statements, if the accounting policies or accounting period among theCompany and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conformto the Company’s policies and accounting period. For business combination not obtained under common control,the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisitiondate.All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financialstatements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and lossesand comprehensive incomes for the period not attributable to the Company are recognised as minority interests,net profit attributed to minority interests and total comprehensive incomes attributed to minority interests andpresented separately in the consolidated financial statements under owners’ equity, net profits and totalcomprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains andlosses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sellassets to the Company, the unrealised gains and losses should be assigned and offset between the net profitattributed to shareholders of the parent company and minority interests according to the Company’s distributionratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offsetbetween the net profit attributed to shareholders of the parent company and minority interests according to the
parent company’s distribution ratio of the subsidiary.In preparing the consolidated financial statements, where the accounting policies and the accounting periods of theCompany and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordancewith the accounting policies and the accounting period of the Company. For subsidiaries acquired from businesscombinations involving enterprises not under common control, the individual financial statements of thesubsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7.Classification of joint venture arrangement and accounting treatment methods for joint operation
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,which are readily convertible into known amounts of cash and are subject to an insignificant risk of change invalue.
9.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at thedates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies aretranslated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising fromthese translations are recognised in profit or loss for the current period, except for those attributable to foreigncurrency borrowings that have been taken out specifically for acquisition or construction of qualifying assets,which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currenciesthat are measured at historical costs are translated at the balance sheet date using the spot exchange rates at thedate of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flowstatement.
10. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equityinstruments of other parties. When the Group becomes a party to a financial instrument contract, the relevantfinancial assets or financial liabilities are recognized.(a) Financial assets(i) Classification and measurementAccording to the business model for managing financial assets and the contractual cash flow characteristics offinancial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financialassets measured at fair value and whose changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fairvalue, whose changes are included in current profits and losses, relevant transaction costs are directly included incurrent profits and losses; For other types of financial assets, relevant transaction costs are included in the initialrecognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision oflabor services that do not include or take into account significant financing components are initially recognized bythe Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.Debt instrument
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from theperspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and thecontractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,that is, the cash flow generated on a specific date is only the payment of principal and interest based on theamount of outstanding principal. The Group recognizes interest income for such financial assets according to theeffective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, otherreceivables and long-term receivables. The Group lists long-term receivables due within one year (including oneyear) from the balance sheet date as non-current assets due within one year.Equity instrumentsThe Group will measure the equity instrument investments that it has no control, joint control and significantinfluence on at fair value, and their changes are included in the current profits and losses, and listed as tradingfinancial assets.In addition, the Group designated some non-trading equity instrument investments as financial assets measured atfair value with changes included in other comprehensive income and listed them as other equity instrumentinvestments. Dividend income related to such financial assets is included in current profits and losses.(ii) ImpairmentFor financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected creditlosses.The Group takes into account reasonable and reliable information on historical events, current situation and futureeconomic situation forecasts, and uses the risk of default as the weight to calculate the probability weightedamount of the present value of the difference between the cash flow receivable from the contract and the cash flowexpected to be received to confirm the expected credit loss.On each balance sheet date, the Group separately measures the expected credit losses of financial instruments atdifferent stages. If the credit risk of financial instruments has not increased significantly since the initialconfirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss inthe next 12 months; If the credit risk of a financial instrument has increased significantly since its initialrecognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration; If a financial instrument hassuffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration.For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit riskhas not increased significantly since the initial confirmation, and measures the loss reserve according to theexpected credit loss in the next 12 months.For financial instruments in the first and second stages and with low credit risk, the Group calculates interestincome based on the book balance before deducting impairment provisions and the actual interest rate. Forfinancial instruments in the third stage, the interest income shall be calculated according to their book balanceminus the amortized cost after impairment provision and the actual interest rate.For accounts receivable, regardless of whether there is any significant financing component, the Group measuresthe loss reserve according to the expected credit loss throughout the duration.When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Groupdivides the receivables into several combinations according to the credit risk characteristics, calculates theexpected credit loss on the basis of the combinations, and determines the combination on the following basis:
Account receivable portfolio 1: Accounts receivable from electricity salesAccount receivable portfolio 2: Related party receivableAccount receivable portfolio 3:Other account receivableOther Account receivable portfolio 1:Advance payments receivable petty cash and other receivableFor accounts receivable divided into combinations, the Group refers to the historical credit loss experience,combines the current situation with the forecast of future economic situation, compiles a comparison table ofoverdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates theexpected credit loss.For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines thecurrent situation with the forecast of future economic situation, and calculates the expected credit loss throughdefault risk exposure and the expected credit loss rate within the next 12 months or the whole duration.The Group includes the accrued or reversed loss reserves into the current profits and losses.
（iii） Derecognition of financial assetsA financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire,(ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards ofownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group hasnot retained control of the financial asset, although the Group neither transfers nor retains substantially all therisks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized, the difference between the book value and theconsideration received and the accumulated amount of the changes in fair value originally included in othercomprehensive income shall be included in the retained income; On derecognition of a financial asset, thedifference between the carrying amount and the sum of the consideration received and the cumulative changes infair value that had been recognised directly in owners’ equity, is recognised in profit or loss.(b) Financial liabilitiesFinancial liabilities are classified into the following categories at initial recognition: financial liabilities at fairvalue through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings anddebentures payable. This kind of financial liabilities are initially measured according to their fair value afterdeducting transaction costs, and are subsequently measured using the effective interest rate method. If the term isless than one year (including one year), it shall be listed as current liabilities; If the term is more than one year butexpires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilitiesdue within one year; The rest is listed as non-current liabilities.When the current obligation of the financial liability has been discharged in whole or in part, the Group terminatesthe recognition of the part of the financial liability or obligation that has been discharged. The difference betweenthe book value of the termination recognition and the consideration paid shall be included in the profit and loss ofthe current period.(c) Determination of the fair value of the financial instrumentsThe fair value of a financial instrument that is traded in an active market is determined at the quoted price in theactive market. The fair value of a financial instrument that is not traded in an active market is determined by usinga valuation technique. Valuation techniques include using prices of recent market transactions betweenknowledgeable and willing parties, reference to the current fair value of another financial asset that is substantiallythe same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used toestablish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic toobtained, unobservable inputs shall be used
11.Note receivable
12.Account receivable
See Note V (10) Financial Instruments for details.
13.Financing receivable
14.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment methodSee Note V (10) Financial Instruments for details.
15. Inventories
(a) ClassificationInventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in fullwhen received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value ofinventoriesAny excess of the cost over the net realisable value of inventories is recognised as a provision for diminution inthe value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course ofbusiness less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system..(e) Amortization methods of low-value consumablesLow-value consumables are amortized in full amount.
16.Contract assets
See Note V (10) Financial Instruments for details.
17.Contract costs
18.Held-for-sale assets
19.Creditor's rights investment
20.Other Creditor's rights investment
21.Long-term account receivable
See Note V (10) Financial Instruments for details.
22. Long-term equity investment
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and theGroup’s long-term equity investments in its associates.Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investeesover which the Group has significant influence, but not control, on their financial and operating policies.Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and areadjusted to the equity method when preparing the consolidated financial statements. Investments in associates areaccounted for using the equity method.(a) Determination of investment costFor long-term equity investments acquired through a business combination: for long-term equity investmentsacquired through a business combination involving enterprises under common control, the investment cost shallbe the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at thecombination date; for long-term equity investment acquired through a business combination involving enterprisesnot under common control, the investment cost shall be the combination cost. For long-term equity investmentsacquired not through a business combination: if the long-term equity investments are acquired in cash, the initialinvestment cost shall be the purchase price actually paid; if the long-term equity investments are acquired byissuing equity securities, the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investmentcosts, and cash dividends or profit distribution declared by the investees are recognised as investment income inprofit or loss.For long-term equity investments accounted for using the equity method, where the initial investment cost exceedsthe Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, theinvestment is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fairvalue of the investee’s identifiable net assets at the time of acquisition, the difference is included in profit or lossfor the current period and the cost of the long-term equity investment is adjusted accordingly.For long-term equity investments accounted for using the equity method, the Group recognises the investmentincome or losses according to its share of net profit or loss of the investee. The Group discontinues recognising itsshare of net losses of an investee after the carrying amount of the long-term equity investment together with anylong-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.However, if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied, the Group continues recognising theinvestment losses and the provisions. The Company shall adjust the carrying amount of the long term investmentfor other changes in shareholders’ equity of the investee (other than net profits or losses), and include thecorresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by theGroup’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or lossesarising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to theGroup’s equity interest in the investees, and then based on which the investment gains or losses are recognised.For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investeesControl is the power to govern the investee so as to obtain variable returns by participating in the related businessactivities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists onlywhen the strategic financial and operating decisions relating to the activities require the unanimous consent of theGroup and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee, butis not control or joint control over those policies.(d) Impairment of long-term equity investThe carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced tothe recoverable amount when the recoverable amount is less than the carrying amount（Note 5(31).
23. Investment properties
The measurement mode of investment propertyThe measurement by the cost methodDepreciation or amortization methodInvestment properties, including land use rights that have already been leased out and buildings that are held forthe purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investmentproperties are included in the cost of the investment property when it is probable that the associated economicbenefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures arerecognised in profit or loss in the period in which they are incurred.The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land userights are depreciated or amortised to their estimated net residual values over their estimated useful lives. Theestimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annualdepreciation (amortization) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation ratesBuilding 20-40years 0%- 5% 2.38%-4.75%When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at thedate of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of theinvestment property.The investment property’s estimated useful life, net residual value and depreciation (amortisation) method appliedare reviewed and adjusted as appropriate at each year-end.An investment property is derecognised on disposal or when the investment property is permanently withdrawnfrom use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,
transfer, retirement or damage of an investment property after its carrying amount and related taxes and expensesis recognised in profit or loss for the current period.
24. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixedasset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can bereliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at theacquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporationwere initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probablethat the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliablymeasured. The carrying amount of those parts that are replaced is derecognised and all the other subsequentexpenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
| Category | The method for depreciation | Expected useful life（Year） | Estimated residual value | Depreciation |
| House and building | Straight-line method | 10 -50 years | 5% | 1.90% to9.50% |
| Generation equipment | Straight-line method | 5-25 years | 0% to 5% | 3.80% to20% |
| Transportation equipment | Straight-line method | 5-15 years | 0% to5% | 6.33% to20% |
| Other equipment | Straight-line method | 5-25 years | 0% to5% | 3.80% to20% |
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method appliedto the asset are reviewed, and adjusted as appropriate at each year-end.
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The Group applied the new lease standards in 2021，See Note V (42) Lease for details.
25.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset toworking condition for its intended use. When the construction in progress is ready for its intended use, it istransferred to fixed assets and starts depreciation the following month. When recoverable amount of theconstruction in progress is lower than its carrying value, its carrying value is then reduced to the recoverableamount（NoteV(31)).
26.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs asubstantially long period of time of acquisition and construction for its intended use commence to be capitalisedand recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have beenincurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for itsintended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition orconstruction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in incomestatement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset isinterrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction isresumed.For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interestincome earned from depositing the unused specific borrowings in the banks or any investment income arising onthe temporary investment of those borrowings during the capitalisation period.For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weightedaverage effective interest rate of general borrowings, to the weighted average of the excess amount of cumulativeexpenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at whichthe estimated future cash flows during the period of expected duration of the borrowings or applicable shorterperiod are discounted to the initial amount of the borrowings.
27.Biological Assets
28.Oil & Gas assets
29. Right to use assets
The Group applied the new lease standards in 2021，See Note V (42) Lease for details.
30. Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricitytransmission and transformation, microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company areinitially recorded at the valuation amount recognised by the state-owned assets supervision and administrationdepartment.(a) Land use right and sea use rightLand use rights are amortized on a straight-line basis over their approved period of 20 to 70 years. If the purchasecosts of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,the purchase costs are recognised as fixed assets.(b) Other intangible assetsBesides land use right, sea use right, associated projects for electricity transmission and transformation,
microwave engineering and transportation engineering, other intangible assets are amortized on a straight-linebasis over their expected life of 2 years to 25 years.(c) Periodic review on useful life and method of amortizationFor intangible assets with finite useful life, their expected life and amortization method are reviewed and adjustedat the end of every year.
(d)Research and developmentThe expenditure on an internal research and development project is classified into expenditure on the researchphase and expenditure on the development phase based on its nature and whether there is material uncertainty thatthe research and development activities can form an intangible asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditureon the development phase is capitalised only if all of the following conditions are satisfied:
? management intends to complete the intangible asset, and use or sell it;? it can be demonstrated how the intangible asset will generate economic benefits: products with? the applicationof intangible assets or the intangible assets themselves can prove to have market value, intangible assets forinternal use application can prove to be of usefulness;?there are adequate technical, financial and other resources to complete the development and? the ability to use orsell the intangible asset;?it is technically feasible to complete the intangible asset so that it will be available for use or? sale; and?the expenditure attributable to the intangible asset during its development phase can be reliably? measured.Other development expenditures that do not meet the conditions above are recognised in profit or loss in theperiod in which they are incurred. Development costs previously recognised as expenses are not recognised as anasset in a subsequent period. Capitalised expenditure on the development phase is presented as development costsin the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.(e) Impairment of intangible assetsThe carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount isless than the carrying amount.
2.Accounting policies for the internal research and development expenditure
31. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured atcost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment ifthere is any indication that an asset may be impaired at the balance date. If the result of the impairment testindicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment andan impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverableamount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of thefuture cash flows expected to be derived from the asset. A provision for asset impairment is determined andrecognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individualasset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets isthe smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment,irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from thesynergies of the business combination. If the result of the test indicates that the recoverable amount of an assetgroup or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, thecorresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount ofgoodwill that is allocated to the asset group or group of asset groups, and then deducted from the carryingamounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts ofassets other than goodwill.Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the valuerecovered in the subsequent periods.
32.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,and other expenditures that have been incurred but should be recognised as expenses over more than one year inthe current and subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over theexpected beneficial period and are presented at actual expenditure net of accumulated amortisation.
33.Constract Liabilities
See Note V (39) Revenue for details.
34. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employeeeducation funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in theaccounting period in which the service has been rendered by the employees, and as costs of assets or expenses towhichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and DefinedBenefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separateentity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficientassets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is apension plan that is not a defined contribution plan. During the periods of reporting, the Company’spost-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both ofwhich are DCP.Basic pension insuranceEmployees of the Group have entered into the social pension insurance scheme organised by local labour andsocial security department. The Group pays basic pension insurances to local labour and social securitydepartment monthly according to local insurance base and corresponding rate. Local labour and social securitydepartment is obligated to pay basic pensions to retired employees.Supplementary pension insuranceThe company purchases supplementary pension insurance on behalf of employees, and pays pension insurancesaccording to the policies of Energy Group. The amounts based on the above calculations are recognised as
liabilities in the accounting period in which the service has been rendered by the employees, with a correspondingcharge to the profit or loss for the current period or the cost of relevant assets.Defined benefit planFor defined benefit plan, the Group used the projected unit credit method and includes the obligation of thedefined benefit plan in the accounting period in which the service has been rendered by the employees, with acorresponding charge to the profit or loss for the period. The cost of employee benefits arising from definedbenefit plans are classified into the following parts:
— service cost (including current service cost as well as gains and losses on curtailments and settlements);— net interest expenses on net liabilities of the defined benefit plan (including interest expenses for obligations ofthe defined benefit plan); and— Changes arising from remeasurement on net liabilities of defined benefit plansService cost and net interest expenses on net liabilities of defined benefit plans are included in profit or loss forthe current period. Changes arising from remeasurement on net liabilities of defined benefit plans (includingactuarial gains or losses) are included in other comprehensive income.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end ofthe employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end ofthe employment contracts. The Group recognises a liability arising from compensation for termination of theemployment relationship with employees, with a corresponding charge to profit or loss at the earlier of thefollowing dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of anemployment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related tothe restructuring that involves the payment of termination benefits.
(4) Other long-term employee benefits
Early retirement benefitsThe Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who havenot meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their earlyretirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,the Group adopts the same method as termination benefits, that is, upon confirming the termination benefitscomply with relevant conditions, proposed payment of early retirement wages. and social security from the startdate of termination of services to the date of statutory retirement age are recognised as liability and recorded intoprofit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfarestandard is recorded into current profit or loss.
35.Lease liabilities
The Group applied the new lease standards in 2021，See Note V (42) Lease for details.
36. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation,it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of theobligation can be measured reliably.A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, aretaken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value ofmoney is material, the best estimate is determined by discounting the related future cash outflows. The increase inthe discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current bestestimate.The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.The provisions expected to be settled within one year since the balance sheet date are classified as currentliabilities.
37. Share payment
38. Other financial instruments such as preferred stocks and perpetual bonds
39. Revenue
Accounting policies adopted for income recognition and measurementWhen the customer obtains the control of the relevant goods or services, the Group recognizes the incomeaccording to the expected amount of consideration that it is entitled to receive.(a) Revenue from sales of electricity and heat energyRevenue is recognised when electricity and heat energy are supplied to grid companies or customers, and gridcompanies or customers obtain control over electricity.(b) Revenue from sales of by-productsRevenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) producedby electricity generations to the designated delivery place pursuant to the contract or agreement, the recipientresource utilisation confirms receipt and they obtain control over the by-products.(c) Provision of electric power transaction service For the electric power transaction service provided by theGroup to external parties, upon the receiving of the service, revenue is recognised based on the difference betweenthe purchase price and the selling price of electricity.(d) Rendering of servicesThe Group provides maintenance services to external parties. The related revenue is recognised based on the stageof completion within a certain period, which is determined based on proportion of costs incurred to date to theestimated total costs. On the balance sheet date, the Group re-estimates the stage of completion to reflect theactual status of contract performance.When the Group recognises revenue based on the stage of completion, the amount with unconditional collectionright obtained by the Group is recognised as accounts receivable, and the rest is recognised as contract assets.Meanwhile, loss provision for accounts receivable and contract assets are recognised on the basis of ECLs (NoteV(10)). If the contract price received or receivable exceeds the amount for the completed service, the excessportion will be recognised as contract liabilities.Contract assets and contract liabilities under the same contract are presented on a net basis. Contract costsinclude contract performance costs and contract acquisition costs. The costs incurred by the Group for therendering of maintenance services are recognised as contract performance costs and are carried forward to the costof main operations based on the stage of completion when associated revenue is recognised.The Group provides external maintenance service, revenue is recognised according to the percentage completionmethod, determined by percentage of the total cost incurred.
The adoption of different business models in similar businesses leads to differences in accounting policies forincome recognitionNot applicable
40.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government,including tax return, financial subsidy and etc. Government grants are recognised when the grants can be receivedand the Group can comply with all attached conditions. If a government grant is a monetary asset, it will bemeasured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measuredat its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.Government grants related to assets refer to government grants which are obtained by the Group for the purposesof purchase, construction or acquisition of the long-term assets. Government grants related to income refer to thegovernment grants other than those related to assets. Government grants related to assets are recorded as deferredincome and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grantsrelated to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.Government grants related to income that compensate future costs, expenses or losses are recorded as deferredincome and recognised in profit or loss in reporting the related costs, expenses or losses; government grantsrelated to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in thecurrent period. The Group applies the presentation method consistently to the similar government grants in thefinancial statements.
41. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arisingbetween the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred taxasset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of thetaxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporarydifferences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability isrecognised for the temporary differences resulting from the initial recognition of assets or liabilities due to atransaction other than a business combination, which affects neither accounting profit nor taxable profit (ordeductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the taxrates that are expected to apply to the period when the asset is realised or the liability is settled.Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits tothe extent that it is probable that taxable profit will be available in the future against which the deductibletemporary differences, deductible losses and tax credits can be utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, jointventure, and associates, except where the Group is able to control the timing of reversal of the temporarydifference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it isprobable that the temporary differences arising from investments in subsidiaries and associates will be reversed inthe foreseeable future and that the taxable profit will be available in the future against which the temporarydifferences can be utilised, the corresponding deferred tax assets are recognised.Deferred tax assets and liabilities are offset when:
?the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;?
? that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
42. Leases
（1）Accounting of operational leasing
The Group as the lessorLeases that substantially transfer almost all risks and rewards related to the ownership of leased assets arefinancial leases. Other leases are operating leases.When the Group operates leased buildings, machinery, equipment and means of transport, the rental income fromoperating lease is recognized on a straight-line basis during the lease period. The variable rent determinedaccording to a certain proportion of the sales amount is included in the rental income when it actually occurs.For rent relief directly due to the COVID-19 epidemic and only before June 30, 2021, the Group chose to adopt asimplified method, taking the relief rent as variable rent, and recording the relief amount in the current profits andlosses during the relief period.Except for the contract changes directly caused by the above-mentioned COVID-19 epidemic, when the leasechanges, the Group takes it as a new lease from the effective date of the change, and takes the lease receiptsreceived in advance or receivable related to the lease before the change as the new lease receipts.
（2）Accounting treatment of financing leasing
The Group as the lesseeThe Group recognizes the right to use assets on the start date of the lease term, and recognizes the lease liabilitiesaccording to the present value of the unpaid lease payments. Lease payments include fixed payments, andpayments to be made when it is reasonably determined that the option to purchase or terminate the lease will beexercised. The variable rent determined according to a certain proportion of the sales amount is not included in thelease payment amount, and is included in the current profits and losses when it actually occurs. The Group liststhe lease liabilities paid within one year (including one year) from the balance sheet date as non-current liabilitiesdue within one year.The Group's right-to-use assets include rented houses and buildings, machinery, equipment and means of transport.The right-to-use assets are initially measured according to the cost, which includes the initial measurementamount of the lease liabilities, the lease payment amount paid on or before the start date of the lease term, theinitial direct expenses, etc., and the received lease incentives are deducted. If the Group can reasonably determinethat the ownership of the leased asset is acquired at the expiration of the lease term, depreciation shall be accruedwithin the remaining service life of the leased asset; If it is impossible to reasonably determine whether theownership of the leased asset can be acquired at the expiration of the lease term, depreciation shall be accruedwithin the lease term and the remaining service life of the leased asset, whichever is shorter. When the recoverableamount is lower than the book value of the right-to-use assets, the Group will write down its book value to therecoverable amount.For short-term leases with a lease term of no more than 12 months and low-value asset leases with low valuewhen individual assets are brand new, the Group chooses not to recognize the right-to-use assets and leaseliabilities, and records the relevant rental expenses into the current profits and losses or related asset costsaccording to the straight-line method in each period of the lease term.When the lease changes and meets the following conditions, the Group will treat it as a separate lease: (1) Thelease scope expands by increasing the right to use one or more leased assets; (2) The increased consideration isequivalent to the individual price of the expanded part of the lease scope adjusted according to the contractconditions. When the lease change is not accounted for as a separate lease, except for the contract change directly
caused by the COVID-19 epidemic which adopts simplified method, the Group redetermines the lease term on theeffective date of the lease change, discounts the changed lease payment amount with the revised discount rate, andre-measures the lease liabilities. If the lease scope is reduced or the lease term is shortened as a result of the leasechange, the Group will reduce the book value of the right-to-use assets accordingly, and include the related gainsor losses related to partial or complete termination of the lease in the current profits and losses. If other leasechanges lead to re-measurement of lease liabilities, the Group will adjust the book value of the right-to-use assetsaccordingly.For rent reduction and exemption directly caused by the COVID-19 epidemic and only before June 30, 2021, theGroup chose to adopt a simplified method. When an agreement was reached to cancel the original paymentobligation, the undiscounted reduction and exemption amount was included in the current profits and losses, andthe lease liabilities were adjusted accordingly.
43. Other significant accounting policies and estimates
Segment information:
The Group identifies operating segments based on the internal organization structure, management requirementsand internal reporting system, and discloses segment information of reportable segments which are determined onthe basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (1) thecomponent is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results areregularly reviewed by the Group’s management to make decisions about resources to be allocated to the segmentand to assess its performance, and (3) for which the information on financial position, operating results and cashflows is available to the Group. If two or more operating segments have similar economic characteristics andsatisfy certain conditions, they are aggregated into one single operating segment.
Critical accounting estimates and judgementsThe Group continually evaluates the critical accounting estimates and key judgements applied based on historicalexperience and other factors, including expectations of future events that are believed to be reasonable under thecircumstances.(a) Key judgement in critical accounting policyCritical accounting estimates and key assumptions listed bellow contain significant risks to major changes on thecarrying amount of assests and liabilities in the following accouting year:
(i) Classfication of financial assetsThe Group determines the classification of financial assets based on the significant judgement of analysis ofbusiness model and cash flow characteristics.The Group determines the business model of managing financial assets based on the level of financial assets’group. The consideration factors include the means of assessing and reporting to the key management theperformance of the financial assets, the risks that hinders the performance assets and the managing style, and themeans of payment to its own management personnel.The major judgment in determining whether the contractual cash flow characteristics of the financial assets is inconsistency of the borrowing arrangement includes: whether there is a change in the amount of principal or thetiming of the duration when repayment in advance and etc. occurs; whether the mere considerations of interest aretime value of the money, credit risk, other basic risks of debt and consideration for cost and profit. For example,the judgment on the amount of repayment in advance should be whether or not the amount only reflects theunpaid principle, the interest that is calculated based on the unpaid principle and the reasonable compensation forterminating the contract in advance.
(ii) Assessment of significant increase in credit riskThe assessment of the Group on whether the increase of credit risk is significant includes changes in one or morethan one indicators: the conditions of the debtor’s business, the internal and external credit rating, the significantchange in the actual or expected operation result, the value of collateral asset or the significant decrease in thecredit rating of the guarantor.The assessment of the Group on whether a credit loss occurs includes the debtors are in financial difficulties, inthe restructure of debts or possibly subject to bankruptcy(b) Critical accounting estimates and key assumptions(i) Estimates on impairment of long-term assetsAs described in Note 5(20), fixed assets, construction in progress, intangible assets with finite useful lives,investment properties that are measured at cost and long-term equity investments in subsidiaries, joint venturesand associates are tested for impairment if there are indications that the assets may be impaired at the balancesheet date.When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whetherevents affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from thecontinuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significantassumptions used in the calculation of the present value of the estimated cash flows are appropriate.Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discountrate and growth rate used to calculate the present value of future cash flows, may have material impact on thepresent value used in the impairment test, and cause impairment in the above-mentioned long-term assets of theGroup.(ii) Measurement of expected credit lossesThe Group calculates expected credit losses through default risk exposure and expected credit loss rate, anddetermines the expected credit loss rate based on default probability and default loss rate. In determining theexpected credit loss rate, the Group uses data such as internal historical credit loss experience, etc., and adjustshistorical data based on current conditions and forward-looking information. When considering forward-lookinginformation, the indicators used by the Group include the risk of economic downturn, the external marketenvironment, the technological environment and changes in customer conditions. The Group regularly monitorsand reviews assumptions related to the calculation of expected credit losses.(iii）Point of revenue recognitionWith regard to sales of electricity to grid companies, the Group supplies electricity to grid companies inaccordance with the contract. Then grid companies have the right to sell electricity and set price at its solediscretion, and take the risks of any price fluctuation and damages or losses of the products. The Group believesthat the grid companies obtain control over electric power upon receiving the electric. Therefore, revenue isrecognised accordingly.(b) Critical accounting estimates and key assumptions The critical accounting estimates and key assumptions thathave a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within thenext accounting year are outlined below:
(i) Accounting estimates on impairment of long-term assetsAs described in Note v(31), fixed assets, construction in progress, intangible assets with finite useful lives,investment properties that are measured at cost and long-term equity investments in subsidiaries, joint venturesand associates are tested for impairment if there is any indication that an asset may be impaired at the balancesheet date. If the result of the impairment test indicates that the recoverable amount of an asset is less than itscarrying amount, a provision for impairment and an impairment loss are recognised for the amount by which the
asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fairvalue less costs to sell and the present value of the future cash flows expected to be derived from the asset. Thesecalculations require use of accounting estimates.When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whetherevents affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from thecontinuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significantassumptions used in the calculation of the present value of the estimated cash flows are appropriate.Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discountrate, growth rate and gross margins used to calculate the present value of future cash flows, may have materialimpact on the present value used in the impairment test, and cause impairment in the above-mentioned long-termassets of the Group.(ii) Measurement of ECLsThe Group calculates ECLs through default risk exposure and ECL rate, and determines the ECL rate based ondefault probability and default loss rate. In determining the ECL rate, the Group uses data such as internalhistorical credit loss experience, etc., and adjusts historical data based on current conditions and forward-lookinginformation. When considering forward-looking information, the Group considered different macroeconomicscenarios. Significant macroeconomic assumptions related to the estimation of ECLs include the risk of economicdownturn, the external market environment, the technological environment, changes in customer conditions, grossdomestic product, consumer price index, etc. The Group regularly monitors and reviews assumptions related tothe calculation of ECLs. In 2021, the Group updated values of forward-looking parameters used in ECL model toreflect the impact of COVID-19 on ECLs of financial instrument in a timely manner.(iii) Depreciation period and residual values of fixed assetsThe depreciation period and residual values of fixed assets are determined by management after taking intoaccount their durability and past maintenance records based on the industry practice, and are reviewed at eachyear-end with appropriate adjustments made accordingly.Any changes in the depreciation period and residual values of fixed assets may have significant impact on theGroup’s net profit.(iv) Income tax and deferred income taxThe Group is subject to enterprise income tax in numerous jurisdictions. There are some transactions and eventsfor which the ultimate tax determination is uncertain during the ordinary course of business. Significantjudgement is required from the Group in determining the provision for income taxes in each of these jurisdictions.Where the final tax outcome of these matters is different from the amounts that were initially recorded, suchdifferences will impact the income tax and deferred tax provisions in the period in which such determination ismade.Deferred tax assets are recognised for the deductible tax losses that can be carried forward to subsequent years tothe extent that it is probable that taxable profit will be available in the future against which the deductible taxlosses can be utilised. Taxable profit that will be available in the future includes the taxable profit that will berealised through normal operations and the taxable profit that will be increased upon the reversal of taxabletemporary differences incurred in prior periods. Judgments and estimates are required to determine the time andamounts of taxable profit in the future. Any difference between the reality and the estimate may result inadjustment to the carrying amount of deferred tax assets.
44.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable □ Not applicable
| The content and reason for change of accounting policy | Approval process | Remark |
| The Ministry of Finance promulgated the revised Accounting Standards for Business Enterprises No.21-Leasing in 2018 (hereinafter referred to as the "New Leasing Standards"), and the Group has adopted the above standards and notices to prepare the financial statements for 2020. | The Group and the Company implemented the new leasing standards for the first time on January 1, 2021. According to relevant regulations, the Group and the Company will not re-evaluate the existing contract options before the first implementation date. As for the cumulative impact of the standard, the Group and the Company adjusted the amount of related items in the financial statements at the beginning of 2021, but the comparative financial statements for 2020 were not restated |
(2) Change of main accounting estimations
□Applicable√ Not applicable
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New StandardsGoverning Financial Instruments, Revenue or Leases from year 2021ApplicableWhether need to adjust the balance sheet account at the beginning of the year
√ Yes □No
Consolidated balance sheet
In RMB
| Items | December 31,2020 | January 1,2021 | Amount involved in the adjustment |
| Current asset： | |||
| Monetary fund | 5,790,946,117 | 5,790,946,117 | |
| Settlement provision | |||
| Outgoing call loan | |||
| Transactional financial assets |
| Derivative financial assets | |||
| Notes receivable | |||
| Account receivable | 4,332,149,033 | 4,332,149,033 | |
| Financing of receivables | |||
| Prepayments | 766,871,830 | 766,871,830 | |
| Insurance receivable | |||
| Reinsurance receivable | |||
| Provisions of Reinsurance contracts receivable | |||
| Other account receivable | 459,266,554 | 459,266,554 | |
| Including：Interest receivable | 27,301,568 | 27,301,568 | |
| Dividend receivable | 31,500,000 | 31,500,000 | |
| Repurchasing of financial assets | |||
| Inventories | 1,589,882,029 | 1,589,882,029 | |
| Contract assets | 3,870,497 | 3,870,497 | |
| Assets held for sales | |||
| Non-current asset due within 1 year | 49,785,734 | 49,785,734 | |
| Other current asset | 546,685,636 | 546,685,636 | |
| Total of current assets | 13,539,457,430 | 13,539,457,430 | |
| Non-current assets | |||
| Loans and payment on other’s behalf disbursed | |||
| Creditor's right investment | |||
| Other creditor's right investment | |||
| Long-term receivable | |||
| Long term share equity investment | 6,687,257,614 | 6,687,257,614 | |
| Other equity instruments investment | 3,548,088,015 | 3,548,088,015 | |
| Other non-current financial assets | |||
| Property investment | 49,732,668 | 49,732,668 | |
| Fixed assets | 47,195,233,079 | 44,554,049,443 | -2,641,183,636 |
| Construction in progress | 9,153,637,100 | 8,108,720,319 | -1,044,916,781 |
| Production physical assets | |||
| Oil & gas assets | |||
| Use right assets | 3,712,120,546 | 3,712,120,546 | |
| Intangible assets | 2,141,625,383 | 2,141,625,383 | |
| Development expenses | |||
| Goodwill | 2,449,886 | 2,449,886 | |
| Long-germ expenses to be amortized | 26,409,305 | 26,409,305 | |
| Deferred income tax asset | 446,587,650 | 446,587,650 | |
| Other non-current asset | 3,180,340,038 | 3,180,340,038 | |
| Total of non-current assets | 72,431,360,738 | 72,457,380,867 | 26,020,129 |
| Total of assets | 85,970,818,168 | 85,996,838,297 | 26,020,129 |
| Current liabilities | |||
| Short-term loans | 7,622,427,916 | 7,622,427,916 | |
| Loan from Central Bank | |||
| Borrowing funds | |||
| Transactional financial liabilities | |||
| Derivative financial liabilities | |||
| Notes payable | 1,092,292,546 | 1,092,292,546 | |
| Account payable | 2,666,180,513 | 2,666,180,513 | |
| Advance receipts | |||
| Contract liabilities | 6,573,912 | 6,573,912 | |
| Selling of repurchased financial assets | |||
| Deposit taking and interbank deposit | |||
| Entrusted trading of securities | |||
| Entrusted selling of securities | |||
| Employees’ wage payable | 304,548,373 | 304,548,373 | |
| Tax payable | 498,801,080 | 498,801,080 | |
| Other account payable | 6,775,700,584 | 6,775,700,584 |
| Including：Interest payable | |||
| Dividend payable | 9,771,322 | 9,771,322 | |
| Fees and commissions payable | |||
| Reinsurance fee payable | |||
| Liabilities held for sales | |||
| Non-current liability due within 1 year | 3,180,551,951 | 3,188,843,619 | 8,291,668 |
| Other current liability | 3,217,523,576 | 3,217,523,576 | |
| Total of current liability | 25,364,600,451 | 25,372,892,119 | 8,291,668 |
| Non-current liabilities： | |||
| Reserve fund for insurance contracts | |||
| Long-term loan | 18,998,555,568 | 18,998,555,568 | |
| Bond payable | 1,499,542,911 | 1,499,542,911 | |
| Including：preferred stock | |||
| Sustainable debt | |||
| Lease liability | 3,164,739,588 | 3,164,739,588 | |
| Long-term payable | 3,171,971,127 | 24,960,000 | -3,147,011,127 |
| Long-term remuneration payable to staff | 218,543,743 | 218,543,743 | |
| Expected liabilities | |||
| Deferred income | 134,647,590 | 134,647,590 | |
| Deferred income tax liability | 638,571,910 | 638,571,910 | |
| Other non-current liabilities | 200,970,029 | 200,970,029 | |
| Total non-current liabilities | 24,862,802,878 | 24,880,531,339 | 17,728,461 |
| Total of liability | 50,227,403,329 | 50,253,423,458 | 26,020,129 |
| Owners’ equity | |||
| Share capital | 5,250,283,986 | 5,250,283,986 | |
| Other equity instruments | |||
| Including：preferred stock | |||
| Sustainable debt | |||
| Capital reserves | 4,902,263,914 | 4,902,263,914 | |
| Less：Shares in stock |
| Other comprehensive income | 1,946,305,595 | 1,946,305,595 | |
| Special reserve | |||
| Surplus reserves | 8,515,360,638 | 8,515,360,638 | |
| Common risk provision | |||
| Retained profit | 6,755,781,289 | 6,755,781,289 | |
| Total of owner’s equity belong to the parent company | 27,369,995,422 | 27,369,995,422 | |
| Minority shareholders’ equity | 8,373,419,417 | 8,373,419,417 | |
| Total of owners’ equity | 35,743,414,839 | 35,743,414,839 | |
| Total of liabilities and owners’ equity | 85,970,818,168 | 85,970,818,168 |
Adjustment statementParent Company Balance Sheet
In RMB
| Items | December 31,2020 | January 1,2021 | Amount involved in the adjustment |
| Current asset： | |||
| Monetary fund | 338,045,631 | 338,045,631 | |
| Transactional financial assets | |||
| Derivative financial assets | |||
| Notes receivable | |||
| Account receivable | 173,029,247 | 173,029,247 | |
| Financing of receivables | |||
| Prepayments | 26,680,500 | 26,680,500 | |
| Other account receivable | 328,224,857 | 328,224,857 | |
| Including：Interest receivable | 1,038,206 | 1,038,206 | |
| Dividend receivable | 31,500,000 | 31,500,000 | |
| Inventories | 118,530,205 | 118,530,205 | |
| Contract assets |
| Assets held for sales | |||
| Non-current asset due within 1 year | |||
| Other current asset | 1,209,217 | 1,209,217 | |
| Total of current assets | 985,719,657 | 985,719,657 | |
| Non-current assets： | |||
| Creditor's right investment | |||
| Other Creditor's right investment | |||
| Long-term receivable | 467,000,000 | 467,000,000 | |
| Long term share equity investment | 28,453,042,855 | 28,453,042,855 | |
| Other equity instruments investment | 3,548,088,015 | 3,548,088,015 | |
| Other non-current financial assets | |||
| Property investment | 6,389,845 | 6,389,845 | |
| Fixed assets | 559,635,880 | 559,635,880 | |
| Construction in progress | 200,574 | 200,574 | |
| Production physical assets | |||
| Oil & gas assets | |||
| Use right assets | |||
| Intangible assets | 81,954,649 | 81,954,649 | |
| Development expenses | |||
| Goodwill | |||
| Long-germ expenses to be amortized | |||
| Deferred income tax asset | |||
| Other non-current asset | 208,353,879 | 208,353,879 | |
| Total of non-current assets | 33,324,665,697 | 33,324,665,697 | |
| Total of assets | 34,310,385,354 | 34,310,385,354 | |
| Current liabilities | |||
| Short-term loans | 1,902,013,125 | 1,902,013,125 | |
| Transactional financial liabilities | |||
| Derivative financial liabilities |
| Notes payable | |||
| Account payable | 136,723,162 | 136,723,162 | |
| Advance receipts | |||
| Contract Liabilities | 6,343,773 | 6,343,773 | |
| Employees’ wage payable | 93,479,997 | 93,479,997 | |
| Tax payable | 28,112,055 | 28,112,055 | |
| Other account payable | 40,872,386 | 40,872,386 | |
| Including：Interest payable | |||
| Dividend payable | 9,771,322 | 9,771,322 | |
| Liabilities held for sales | |||
| Non-current liability due within 1 year | 836,189,634 | 836,189,634 | |
| Other current liability | 3,217,281,173 | 3,217,281,173 | |
| Total of current liability | 6,261,015,305 | 6,261,015,305 | |
| Non-current liabilities： | |||
| Long-term loan | |||
| Bond payable | 1,499,542,911 | 1,499,542,911 | |
| Including：preferred stock | |||
| Sustainable debt | |||
| Lease liability | |||
| Long-term payable | |||
| Long-term remuneration payable to staff | 56,805,513 | 56,805,513 | |
| Expected liabilities | |||
| Deferred income | 29,988,606 | 29,988,606 | |
| Deferred income tax liability | 621,507,946 | 621,507,946 | |
| Other non-current liabilities | |||
| Total non-current liabilities | 2,207,844,976 | 2,207,844,976 | |
| Total of liability | 8,468,860,281 | 8,468,860,281 | |
| Owners’ equity | |||
| Share capital | 5,250,283,986 | 5,250,283,986 | |
| Other equity instruments | |||
| Including：preferred stock |
| Sustainable debt | |||
| Capital reserves | 5,405,326,643 | 5,405,326,643 | |
| Less：Shares in stock | |||
| Other comprehensive income | 1,946,305,595 | 1,946,305,595 | |
| Special reserve | |||
| Surplus reserves | 8,515,360,638 | 8,515,360,638 | |
| Retained profit | 4,724,248,211 | 4,724,248,211 | |
| Total of owners’ equity | 25,841,525,073 | 25,841,525,073 | |
| Total of liabilities and owners’ equity | 34,310,385,354 | 34,310,385,354 |
Note
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New StandardsGoverning Financial Instruments or Leases from year 2021
√ Applicable □ Not applicable
| Contents and causes of changes in accounting policies | Affected report items | Affected amount | |
| January 1,2021 | |||
| The Group | The Company | ||
| For the operating lease contracts that existed before the first implementation of the new leasing standards, the Group and the Company distinguish different connection methods according to the remaining lease term: If the remaining lease term exceeds 12 months, the Group and the Company shall confirm the lease liabilities according to the remaining lease payment amount and incremental borrowing rate on January 1, 2021, and determine the book value of the right-to-use assets according to the amount equal to the lease liabilities for each lease option and the necessary adjustment according to the prepaid rent. If the remaining lease term does not exceed 12 months, the Group and the Company adopt a simplified method and do not recognize the right-to-use assets and lease liabilities, which has no significant impact on the financial statements. For the operating lease contracts of low-value assets that existed before the first implementation of the new leasing standards, the Group and the Company adopted a simplified method and did not recognize the right-to-use assets and lease liabilities, which had no significant impact on the financial statements. | Right to use assets | 26,020,129 | - |
| Lease liabilities | (17,728,461) | - | |
| Non current liabilities due within one year | (8,291,668) | - | |
| Due to the implementation of the new leasing standards, the Group and the Company reclassified the fixed assets | Right to use assets | 3,686,100 ,417 | - |
| Fixed assets | (2,641,183,636) | - | |
| originally included in the fixed assets as the right-to-use assets, and reclassified the payable financial lease payments originally included in the long-term payables as the lease liabilities. | Construction in process | (1,044,916,781) | - |
| Long-term payable | 3,147,011,127 | - | |
| Lease liabilities | (3,147,011,127) | - |
| On January 1, 2021, when measuring the lease liabilities, the Group and the Company adopted the same discount rate for lease contracts with similar characteristics, and the weighted average of the incremental borrowing rates adopted was 4.27%. |
| The implementation of the above revised standards has no impact on the shareholders' equity attributable to the parent company and minority shareholders' equity in the consolidated financial statements of the Group. |
45.Other
VI. Taxation
1. Main categories and rates of taxes
| Class of tax | Tax basis | Tax rate |
| VAT |
| 3%,5%,6%,9% and13% | ||
| City maintenance and construction tax | Amount of VAT paid | 5% to7% |
| Corporate income tax | Taxable income | 20% and25% |
| Education surcharges | Amount of VAT paid | 3% |
| Local education surcharges | Amount of VAT paid | 2% |
| House property tax | Property’s rental income or the residual value from original value less the deducting proportion | 12% and1.2% |
| Environmental protection tax | Calculated and paid based on the pollution equivalent values or the discharge of taxable pollutants multiplied by the applicable tax amounts | Calculated and paid based on the applicable tax amounts of different pollutants |
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
| Name of taxpayer | Income tax rates |
| Dianbai Wind power | 12.50% |
| Leizhou Wind Power | 12.50% |
| Yudean Zhuhai Offshore wind power | 0% |
| Yudean Pingyuan Wind Power | 0% |
| Zhanjiang Yuheng Electric Power Maintenance and Installation Co., Ltd. | 20% |
| Tongdao Yuexin Wind Power Generation | 20% |
| Zhencheng Integrated Energy Company | 20% |
| Shenzhen Huaguoquan Electric Industry Service Co., Ltd. | 20% |
2.Tax preferences
Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Dianbai WindPower, Leizhou Wind Power, Pingyuan Wind Power and Zhuhai Wind Power are exempted from enterpriseincome tax in the first three years counting from the year when revenue from production and operations isrecorded for the first time, and can enjoy half rate reduction in the following three years. As the local taxationbureau considered that Dianbai Wind Power posted profits for the first time in 2016, Leizhou Wind Power postedprofits for the first time in 2017, Pingyuan Wind Power posted profits for the first time in 2020, the applicableenterprise income tax rates for Dianbai Wind Power, Leizhou Wind Power, Pingyuan Wind Power and ZhuhaiWind Power were 12.5%, and 0% in 2021 respectively.
Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies forPublic Infrastructure Projects (Cai Shui [2014] No. 55), enterprises invest and operate public infrastructureprojects in compliance with the Catalog of Public Infrastructure Projects Eligible for Preferential EnterpriseIncome Tax Treatment, those which adopt one-off approval and are subject to construction in batches (such asterminals, berths, airport terminals, runways, sections, generator units, etc.) are subject to income tax calculated inunits of each batch and enjoy the tax preferential policy of “three-year exemption and three-year 50% reduction”when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its ownfunction to generate revenue; (iii) they are accounted for in units of each batch and are subject to income taxindividually, while the period expenses are allocated rationally. In 2020, the Group’s subsidiary Qujie WindPower met the above conditions. Therefore, Qujie Youhao wind power project (profits posted for the first timewas in 2017), Xuwen Shibanling wind power project (profits posted for the first time was in 2016), Qujie Wailuooffshore wind power project (Phase I) (profits posted for the first time was in 2019), Qujie Wailuo offshore windpower project (Phase II) and Xinliao offshore wind power project of Qujie Wind Power are entitled to the taxpreferential policy of “three-year exemption and three-year 50% reduction”respectivelyIn addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan WindPower Co., Ltd. (“Shibeishan Wind Power”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.(“Zhanjiang Wind Power”), Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd. (“Xuwen WindPower”), Dianbai Wind Power and Huilai Wind Power Co., Ltd. (“Huilai Wind Power”) will be refundedimmediately in accordance with the Notice Concerning Value-added Tax Policies on Wind Power Generation (CaiShui [2015] No. 74).
In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and ExemptionPolicies for Micro and Small Enterprises (Cai Shui [2019] No. 13), for a small enterprise with low profits, for thepart of the annual taxable income not exceeding RMB 1 million, the amount of taxable income is reduced to 25%of income and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1 million and
RMB 3 million, the amount of taxable income is reduced to 50% of income and is subject to the enterprise incomeat the tax rate of 20%. The above small enterprises with low profits refer to enterprises that are engaged innon-restricted and prohibited industries of the country, which meet three conditions of annual taxable income notexceeding RMB 3 million, the number of employees not exceeding 300, and the amount of total assets notexceeding RMB 50 million. In 2021, Yuheng Electric, Tongdao Company, Zhencheng Comprehensive andHuaguoquan Company met the conditions for small low-profit enterprises, and their amount of taxable incomewere reduced to 25% of income and were subject to the enterprise income tax at the tax rate of 20%. Therefore, in2021, the applicable enterprise income tax rate for Yuheng Electric, Tongdao Company, ZhenchengComprehensive and Huaguoquan Company was 20%.
Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of Enterprise IncomeTax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47), since 1 January 2008, enterprises use theresources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of Resources(2008 Edition) as the main raw materials to produce products in the above catalogue that meet national or industryrelated standards, and the income from above products is reduced to 90% of the total income of the enterprises forthe year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co., Ltd.(“Pinghai Power Plant”) use coal ash to produce commercial coal ash, which meets the above-mentionedpreferential tax conditions for integrated utilisation of resources. Therefore, in 2021, revenue from sales of coalash from Zhanjiang Electric and Pinghai Power Plant was reduced to 90% of the total income for the year.
3.Other
(a) Pursuant to the Announcement on Relevant Policies for Deepening Value-added Tax Reform ([2019] No. 39)issued by the Ministry of Finance, the State Administration of Taxation and the General Administration ofCustoms and relevant regulations, the applicable tax rates of revenue arising from sales of electricity, sales ofby-products and maintenance and repair services and revenue arising from sales of heat energy of the Group, are13% and 9% respectively from 1 April 2019, while the VAT rates were 16% and 10% respectively before then.The Group’s revenue from entrusted loans between companies and training service is subject to VAT at the rate of6%. The Group's real estate operating leases taxed by the simple taxation method are subject to the VAT rate of5%.Pursuant to Notice on the Policy of Streamlining and Combination of Value-added Tax Levy Rates jointly issuedby the Ministry of Finance and the State Administration of Taxation, revenue from sales of electricity generatedfrom small hydropower units at the county level or below is subject to VAT at the rate of 3%. Three smallhydropower plants of Lincang Yudean Energy Co., Ltd. (“Lincang Energy”), a subsidiary of the Company, aresubject to VAT at the rate of 3%.According to the Notice on Deducting Relevant Enterprise Income Tax Policies for Equipment and Appliancesissued by State Taxation Administration of The People's Republic of China (CS [2018] No.54) and relevantregulations, the newly purchased equipment less than RMB 5 million of Guangdong Yudean Electric PowerMarketing Co., Ltd. ("Power Marketing Company"), a subsidiary of the Group, during the period from January 1,2018 to June 30, 2021 can be included in the current cost at one time in the next month after the assets are put intouse, deducted when the taxable income is calculated, and no depreciation will be calculated by year.Apart from the Group's subsidiaries, Guangdong Yudean Dianbai Wind Power Co., Ltd. ("Dianbai Wind Power"),Guangdong Yudean Qujie Wind Power Co., Ltd. ("Qujie Wind Power"), Guangdong Yudean Leizhou Wind PowerCo., Ltd. ("Leizhou Wind Power"), Guangdong Yudean Pingyuan Wind Power Co., Ltd. ("Pingyuan Wind
Power"), Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. ("Zhuhai Wind Power") and ZhanjiangYuheng Power Maintenance and Installation Co., Ltd.v("Yuheng Power"), Tongdao Yuexin Wind Power Co., Ltd.("Tongdao Company"), Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. ("Zhencheng Integrated") andShenzhen Huaguoquan Electric Service Co., Ltd. ("Huaguoquan Company"), the applicable enterprise income taxrate of the Company and its subsidiaries is 25%.According to the Environmental Protection Tax Law of the People's Republic of China, the Group has applied theenvironmental protection tax since 1 January 2018. The taxation objects include air pollutants, water pollutants,solid waste and noise. Taxation is based on the amount of pollutants’ emissions.VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
| Items | Closing balance | Opening balance |
| Cash on hand | 27,829 | 26,993 |
| Cash at bank | 5,539,114,391 | 5,763,592,883 |
| Other cash balance | 27,385,689 | 27,326,241 |
| Total | 5,566,527,909 | 5,790,946,117 |
| Total of money limited to use by mortgage, pledge or freeze | 27,385,689 | 27,326,241 |
Other note
（a).As of June 30,2021,The company’s deposit in Energy Group Finance company is 4,843,720,679 yuan(4,775,686,722 yuan before December 31, 2020).The deposit in Energy Finance means that deposited inGuangdong Energy Finance Co., Ltd. (“Energy Finance”). Energy Finance is one financial institution approved byPeople's Bank of China and is a subsidiary of Energy Group Co., Ltd.（b）As of June 30, 2021, the Group had no funds deposited overseas (December 31, 2020: None).（c） As of June 30, 2021, other cash balances amounted to RMB27,385,689 (31 December 2020: 27,326,241) ，Of which :
(i) Huizhou Pingdian Integrated Energy Co., Ltd-a subsidiary to the Company Group-applied to the bank for aguarantee deposit for the issuance of a performance guarantee letter in order to participate in the electricity salesbusiness at the Guangdong Power Exchange Center, the amount of which was RMB 7,500,000(December31,2020:RMB7,500,000）;(ii) Guangdong Yudean Anxin Electric Inspection & Installation Company -a subsidiary to the CompanyGroup-applied to the bank for a guarantee deposit of RMB 593,730 for the issuance of a performance guaranteedue to the signing of an overhaul service contract（December 31,2021: RMB592,681）;(iii) Guangdong Yudean Pingyuan Wind Power Co., Ltd. ("Pingyuan Wind Power"), a subsidiary of the Group,deposited a special fund for ecological protection with the bank at the request of Pingyuan County Science andIndustry Bureau when building the wind farm project, amounting to RMB 10,101,559 (December 31, 2020: RMB10,043,160);(iv) Tongdao Yuexin Wind Power Co., Ltd. ("Tongdao Yuefeng"), a subsidiary of the Group, deposited a specialmargin deposit with the bank for the reclamation of temporary land for the Dagaoshan Wind Farm Project in
Tongdao, amounting to RMB 3,481,900 (December 31, 2020: RMB 3,481,900);(v) Hunan Xupu Yuefeng New Energy Co., Ltd. ("Xupu Yuefeng"), a subsidiary of the Group, deposited a specialmargin deposit with the bank for the reclamation of the temporary land for the first phase of Taiyangshan WindFarm in Xupu County, with an amount of RMB 3,608,500 (December 31, 2020: RMB 3,608,500).
2. Transactional financial assets
Not applicable
3. Derivative financial assets
Not applicable
4. Notes receivable
Not applicable
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
| Category | Closing balance | Opening balance | ||||||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |||||
| Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | |||
| Of which： | ||||||||||
| Accrual of bad debt provision by portfolio | 4,533,973,255 | 100% | 290,672 | 0.01% | 4,533,682,583 | 4,332,342,360 | 100% | 193,327 | 0.01% | 4,332,149,033 |
| Of which： | ||||||||||
| Electricity sales receivable | 4,474,920,203 | 98.70% | 4,474,920,203 | 4,289,945,688 | 99.02% | 4,289,945,688 | ||||
| Related party receivable | 29,985,808 | 0.66% | 29,985,808 | 23,063,968 | 0.53% | 23,063,968 | ||||
| Other | 29,067,244 | 0.64% | 290,672 | 1% | 28,776,572 | 19,332,704 | 0.45% | 193,327 | 1% | 19,139,377 |
| Total | 4,533,973,255 | 100% | 290,672 | 1% | 4,533,682,583 | 4,332,342,360 | 100% | 193,327 | 1% | 4,332,149,033 |
Accrual of bad debt provision by single item:
In RMB
| Name | Closing balance | |||
| Book balance | Bad debt provision | Proportion% | Reason | |
Accrual of bad debt provision by portfolio:
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Electricity sales receivable | 4,474,920,203 | 0 | 0% |
| Total | 4,474,920,203 | -- | |
Note：
Portfolio 1- Electricity sales receivable， As at 30 June 2021, the amount of receivables from sales of electricity ofthe Group was RMB4,474,920,203, which was mainly from China Southern Power Grid Co., Ltd. and itssubsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, andthe possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group'sexpected credit loss rate for sales proceeds of electricity is 0%（December 31,2020:0%).2020.Accrual of bad debt provision by portfolio:0
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Related party receivable | 29,985,808 | 0 | 0% |
| Total | 29,985,808 | -- | |
Note：
Portfolio 2- Related party receivable：As at 30 June 2021, the amount of receivables from related parties of theGroup was RMB 29,985,808（December 31,2020:RMB23,063,968) , and the historical loss rate was extremely low.Therefore, The Group believes that there is no significant credit risk in the receivables from related parties, andthe possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate forreceivables from related parties is 0%.Accrual of bad debt provision by portfolio:0
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Other account receivable | 29,067,244 | 290,672 | 1% |
| Total | 29,067,244 | 290,672 | -- |
Portfolio 3- Other fund receivable: For other fund receivable except Portfolio 1 and Portfolio 2, Bad provisionaccording to the expected credit loss modeProvision for bad debt by portfolio：
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
Note：
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:
√ Applicable □Not applicable
Portfolio 1- Electricity sales receivable， As at 30 June 2021, the amount of receivables from sales of electricity ofthe Group was RMB4,474,920,203( December 31, 2020: RMB4,289,945,688) , which was mainly from China SouthernPower Grid Co., Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”). Taking intoconsideration its good credit, the Group believes that there is no significant credit risk in the receivables fromsales proceeds of electricity, and the possibility of significant losses due to China Southern Power Grid's default isextremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0%(December 31,2020:
0%).Portfolio 3- Fund receivable other than Portfolio 1 and Portfolio 2
In 2021, the amount of bad debt provision of accounts receivable reversed by the Group was RMB 290,672（In2020: 193,327） , The bad debt provision amount of accounts receivable transferred back this year is RMB193,327（In 2020：155,421），and the corresponding book balance was RMB19,332,704 （In 2020：15,542,140），There was no bad debt provision for accounts receivable written off this year（In 2020:None).Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year（Including 1 year） | 4,090,344,674 |
| 1-2 years | 333,176,591 |
| 2-3 years | 105,959,092 |
| Over 3 years | 4,492,898 |
| 3-4 years | 4,492,898 |
| Total | 4,533,973,255 |
| Aging | June 30,2021 | ||
| Within 1 year | Book balance | Bad debt provision | |
| Amount | Expected credit loss rate for the entire duration | Amount | |
| 29,067,244 | 1% | 290,672 | |
(2) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | |||
| Accrual | Reversed or collected amount | Write-off | Other | |||
| Accounts receivable | 193,327 | 290,672 | 193,327 | 290,672 | ||
| Total | 193,327 | 290,672 | 193,327 | 0 | 0 | 290,672 |
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
| Name | Reversed or collected amount | Method |
| Huizhou Huiling Huacheng Co., Ltd. | 45,182 | Cash recovery |
| Shenzhen Energy Group Co., Ltd. Eartern Power plant | 37,275 | Cash recovery |
| Total | 82,457 | -- |
(3) The actual write-off accounts receivable
Not applicable
（4） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
| Name | Closing balance | Proportion% | Bad debt provision |
| GPGC | 3,788,492,546 | 83.56% | 0 |
| GPGC,Zhanjiang Power supply Bureau | 480,302,154 | 10.59% | 0 |
| Shenzhen Power supply Bureau | 121,019,475 | 2.67% | 0 |
| GPGC,Maoming Power supply Bureau | 38,167,780 | 0.84% | 0 |
| GPGC,Jieyang Power supply Bureau | 29,126,744 | 0.64% | 0 |
| Total | 4,457,108,699 | 98.30% |
（5）Account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable
(6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accountsreceivableNot applicable
6.Financing receivable
Not applicable
7.Prepayments
(1) List by aging analysis:
In RMB
| Aging | Closing balance | Opening balance | ||
| Amount | Proportion % | Amount | Proportion % | |
| Within 1 year | 914,452,277 | 99.63% | 763,808,199 | 99.59% |
| 1-2 years | 2,091,487 | 0.23% | 2,226,260 | 0.29% |
| 2-3 years | 660,177 | 0.07% | 779,606 | 0.10% |
| Over 3 years | 609,546 | 0.07% | 57,765 | 0.02% |
| Total | 917,813,487 | -- | 766,871,830 | -- |
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in timeAs at June 30,2021, advances to suppliers aged more than 1 year were RMB3,361,210, mainly includingprepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
| Name | Relationship with the company | Amount | Proportion % |
| Guangdong Power Industry Fuel Co., Ltd. | Related party | 610,775,532 | 66.55% |
| Guangdong Zhutou Electric Power fuel Co., Ltd. | Third party | 169,134,857 | 18.43% |
| Zhuhai Gaolangang Railway Co., Ltd. | Third party | 24,324,111 | 2.65% |
| Guangzhu Railway Co., Ltd. | Third party | 17,780,196 | 1.94% |
| Carbon emissions trading Center | Third party | 17,000,000 | 1.85% |
| Total | 839,014,696 | 91.41% |
Other note：
8. Other accounts receivable
In RMB
| Items | Closing balance | Opening balance |
| Interest receivable | 34,258,847 | 27,301,568 |
| Dividend receivable | 31,500,000 | |
| Other accounts receivable | 491,717,156 | 400,464,986 |
| Total | 525,976,003 | 459,266,554 |
（1）Interest receivable
1) Category of interest receivable
In RMB
| Items | Closing balance | Opening balance |
| Fixed deposit | 34,258,847 | 27,301,568 |
| Other | ||
| Total | 34,258,847 | 27,301,568 |
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
(2)Dividend receivable
1) Category of Dividend receivable
In RMB
| Items | Closing balance | Opening balance |
| Sunshine Insurance Holding Co., Ltd | 0 | 31,500,000 |
| Total | 31,500,000 |
2）Dividend receivable of important account age over 1 yearNot applicable
3）Bad-debt provision
□ Applicable √ Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
| Nature | Closing book balance | Opening book balance |
| Sales of by-products receivable | 155,433,670 | 91,564,007 |
| Land receivable deposit | 146,885,400 | 146,885,400 |
| Supplementary medical insurance fund receivable | 92,978,883 | 92,191,270 |
| Land receivable deposit | 23,446,000 | 23,446,000 |
| Receivable petty cash | 16,882,213 | 8,561,629 |
| Compensation receivable for electricity charges during the demolition and construction period | 15,094,736 | 11,881,442 |
| Standard funds receivable | 9,192,439 | 3,692,394 |
| Government subsidy receivable | 4,295,513 | 712,256 |
| Other | 36,827,271 | 30,723,089 |
| Less：Bad-debt provision | -9,318,969 | -9,192,501 |
| Total | 491,717,156 | 400,464,986 |
2）Bad-debt provision
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2021 | 3,517,194 | 0 | 5,675,307 | 9,192,501 |
| Balance as at January 1, 2021 in current | —— | —— | —— | —— |
| --Transfer to Stage 3 | -117,865 | 117,865 | 0 | |
| Provision in the current period | 0 | 1,060,781 | 1,060,781 | |
| Turn back in the current period | -934,313 | -934,313 | ||
| Balance as at June 30,2021 | 2,465,016 | 6,853,953 | 9,318,969 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year(Including 1 year） | 396,539,739 |
| 1-2 years | 42,374,878 |
| 2-3 years | 16,124,235 |
| Over 3 years | 45,997,273 |
| 3-4 years | 40,260,263 |
| 4-5 years | 464,098 |
| Over 5 years | 5,272,912 |
| Total | 501,036,125 |
3) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | |||
| Accrual | Reversed or collected amount | Write-off | Other | |||
| Other receivable | 9,192,501 | 1,060,781 | 934,313 | 9,318,969 | ||
| Total | 9,192,501 | 1,060,781 | 934,313 | 9,318,969 | ||
Where the current bad debts back or recover significant amounts:
In RMB
| Name | Amount | Mode |
(4) Other account receivables actually cancel after write-off
Not applicable
(5)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
| Name | Nature | Year-end balance | Age | Portion in total other receivables(%) | Bad debt provision of year-end balance |
| Meixian Chengjiangzhen People's Government of Meizhou City | Land withdrawal receivable | 146,885,400 | Within 1 year(Including 1 year） | 29.32% | 0 |
| Guangdong Yudean Environmental | Receivables from | 145,961,541 | Within 1 | 29.13% | 0 |
| Protection Co., Ltd. | sales of by-products | year(Including 1 year） | |||
| Taikang Pension | Supplementary medical insurance fund receivable | 92,978,883 | Within 4 years | 18.56% | 0 |
| Maoming Port Bohe New Port Construction Headquarters Office | Land receivable deposit | 23,446,000 | Over 3 \years | 4.68% | 0 |
| Jieyang Dananhai Petrochemical Industrial Zone Management Committee (compensation for power loss) | Compensation for electricity charges payable during the demolition and construction period | 15,094,736 | 1-2 year（Including 2 years） | 3.01% | 0 |
| Total | -- | 424,366,560 | -- | 84.70% | 0 |
6) Account receivables with government subsidies involved
In RMB
| Name | Project name | Amount in year-end | At the end of aging | Estimated time, amount and basis |
| Union State Taxation Bureau | VAT is refunded immediately | 2,914,373 | Within 1 year（Including 1 year）and1-2 years（Including 2 years） | Expected to be fully recovered by June 2023 |
| Xuwen State Taxation Bureau | VAT is refunded immediately | 1,381,140 | Within 1 year（Including1 year） | Expected to be fully recovered by June 2022 |
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of otheraccounts receivableNot applicable
9. Inventories
Whether the company need to comply with the disclosure requirements of the real estate industryNo
（1）Category of Inventory
In RMB
| Items | Closing book balance | Opening book balance | ||||
| Book balance | Provision for inventory impairment | Book value | Book balance | Provision for inventory impairment | Book value | |
| Raw materials | 1,541,278,813 | 219,427 | 1,541,059,386 | 873,215,395 | 219,427 | 872,995,968 |
| Parts | 789,316,402 | 27,848,496 | 761,467,906 | 726,029,502 | 28,775,273 | 697,254,229 |
| Other | 27,300,403 | 0 | 27,300,403 | 19,631,832 | 0 | 19,631,832 |
| Total | 2,357,895,618 | 28,067,923 | 2,329,827,695 | 1,618,876,729 | 28,994,700 | 1,589,882,029 |
(2) Inventory depreciation reserve
In RMB
| Items | Beginning of term | Increased in current period | Decreased in current period | Year-end balance | ||
| Provision | Other | Transferred back | Other | |||
| Raw materials | 219,427 | 0 | 0 | 0 | 0 | 219,427 |
| Parts | 28,775,273 | 0 | 0 | 926,777 | 0 | 27,848,496 |
| Total | 28,994,700 | 0 | 0 | 926,777 | 0 | 28,067,923 |
(3) Explanation on inventories with capitalization of borrowing costs included at ending balanceNot applicable
(4) Assets unsettled formed by construction contract which has completed at period-endNot applicable
10.Contract assets
In RMB
| Items | Year-end balance | Opening balance | ||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |
| Contract assets of third parties | 3,211,174 | 27,344 | 3,183,830 | 1,696,522 | 12,512 | 1,684,010 |
| Contract assets of related parties | 1,093,162 | 1,093,162 | 2,186,487 | 2,186,487 | ||
| Total | 4,304,336 | 27,344 | 4,276,992 | 3,883,009 | 12,512 | 3,870,497 |
Amount and reason of material change of book value of contract assets in the current period:
In RMB
| Items | Amount | Reason |
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of contract assets is accrued according to the general model ofexpected credit loss:
□ Applicable √Not applicable
Provision for impairment of contract assets in the current period
In RMB
| Items | Accrual | Reversed or collected amount | Write-off | Reason |
| Contract assets of third parties | 27,344 | 12,512 | Increase in third-party contract assets | |
| Total | 27,344 | 12,512 | -- |
11. Assets divided as held-to-soldNot applicable
Not applicable
12. Non-current assets due within 1 year
In RMB
| Items | Year-end balance | Opening balance |
| Deposit for finance lease due within one year | 49,785,734 | |
| Total | 49,785,734 |
13. Other current assets
In RMB
| Items | Year-end balance | Year-beginning balance |
| Contract acquisition cost | 0 | 0 |
| Return cost receivable | 0 | 0 |
| VAT to be deducted | 889,120,954 | 541,660,352 |
| Advance payment of income tax | 3,926,517 | 4,286,044 |
| Carbon emission rights assets | 18,517,106 | 0 |
| Other | 739,240 | 739,240 |
| Total | 912,303,817 | 546,685,636 |
Other note：
14.Creditor's right investment
Not applicable
15.Other creditor's rights investment
Not applicable
16. Long-term accounts receivable
Not applicable
17. Long-term equity investment
In RMB
| Investees | Opening balance | Increase /decrease | |||||||||
| Additional investment | Decrease in investment | Profits and losses on investments Recognized under the equity method | Other comprehensive income | Changes in other equity | Cash bonus or profits announced to issue | Withdrawal of impairment provision | |||||
| I. Joint ventures | |||||||||||
| Industrial Fuel | 531,313,393 | 180,000,000 | 82,773,307 | 29,649,898 | |||||||
| Subtotal | 531,313,393 | 180,000,000 | 82,773,307 | 29,649,898 | |||||||
| II. Associates | |||||||||||
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | 1,889,026,588 | 39,058,150 | |||||||||
| Shanxi Yudean Energy Co., Ltd. | 1,819,132,396 | 64,000,000 | 168,305,759 | ||||||||
| Energy Group Finance Company | 1,027,206,662 | 53,005,442 | 76,421,226 | ||||||||
| Guangdong Energy Financng Leasing Co., Ltd. | 522,483,539 | 10,664,772 | 12,576,669 | ||||||||
| Yudean Captive | 268,468,953 | 8,183,639 | 1,505,619 | ||||||||
| Yudean Shipping | 241,738,113 | 21,894,566 | |||||||||
| Wenxin Yuntou | 175,592,218 | -4,642,692 | |||||||||
| West Investment | 144,018,912 | 144,018,912 | |||||||||
| Guizhou Yueqian Electric Power Co., Ltd. | 144,018,912 | 13,495,745 | |||||||||
| Huaneng Shantou Wind Power Generation Co., Ltd. | 55,092,902 | 3,461,346 | |||||||||
| Yangshan Zhongxinkeng | 7,593,292 | ||||||||||
| Yangshan Jiangkeng | 5,590,646 | ||||||||||
| Southern Offshore Wind Power | 80,500,820 | 1,712,666 | |||||||||
| Zhanjiang Yuexin | 9,350,000 | ||||||||||
| Subtotal | 6,155,944,221 | 297,869,732 | 144,018,912 | 315,139,393 | 90,503,514 | ||||||
| Total | 6,687,257,614 | 477,869,732 | 144,018,912 | 397,912,700 | 120,153,412 | ||||||
Other note
（a）On January 14, 2021,Guangdong Wind Power Generation Co., Ltd., a subsidiary of the Company, acquired 10%
equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, that is, theCompany holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has asignificant impact on its business decision, and its accounting method has been changed from other equityinstruments investment to long-term equity investment equity method.
18. Other equity instruments investment
In RMB
| Items | Closing balance | Opening balance |
| Shenzhen Energy Co., Ltd. | 153,997,200 | 92,080,800 |
| Shanghai Shenergy Group | 340,968,015 | 289,878,345 |
| GMG International Tendering Co., Ltd. | 11,088,000 | 11,628,000 |
| Shenzhen Capital Group Co., Ltd. | 1,048,000,000 | 1,048,000,000 |
| Sunshine Insurance Group Co., Ltd. | 2,036,000,000 | 2,036,000,000 |
| Southern Offshore wind power Union Development Co., Ltd | 0 | 70,500,870 |
| Total | 3,590,053,215 | 3,548,088,015 |
Itemized disclosure of the current non - trading equity instrument investment
In RMBOther note：
(a) As at 31 June 2021, the Company held 15,120,000 tradable A shares in Shenzhen Energy with fair value ofRMB153,997,200, and the investment cost was RMB 15,890,628. The investment was stated at fair value withreference to the market price. During the year, gains at fair value amounted to RMB61,916,400 (2020:income ofRMB13,834,800), and other comprehensive income was adjusted upwards accordingly.(b) As at 30 June 2021, the Company held 55,532,250 tradable A shares in Shanghai Shenergy with fair value ofRMB340,968,015, and the investment cost was RMB 235,837,988. The investment was stated at fair value withreference to the market price. During the year, gains at fair value amounted to RMB51,089,670 (2020:income of
| Name | Recognized dividend income | Accumulating gains | Accumulating losses | Amount of other comprehensive income transferred to retained earning | Reasons for being measured at fair value and whose changes are included in other comprehensive income | Reasons for other comprehensive income transferred to retained earnings |
| Shenzhen Energy Co., Ltd. | 3,931,200 | 138,106,572 | Consideration of strategic investments | Not applicable | ||
| Shanghai Shenergy Group | 105,130,027 | Consideration of strategic investments | Not applicable | |||
| GMG International Tendering Co., Ltd. | 540,000 | 7,488,000 | Consideration of strategic investments | Not applicable | ||
| Shenzhen Capital Group Co., Ltd. | 25,711,178 | 719,966,000 | Consideration of strategic investments | Not applicable | ||
| Sunshine Insurance Group Co., Ltd. | 1,680,000,000 | Consideration of strategic investments | Not applicable |
RMB 51,644,993), and other comprehensive income was adjusted upwards accordingly.(c) As at 30 June 2021, the Company held 1,800,000 shares of GMG International Tendering Co., Ltd. traded atthe National Equities Exchange and Quotations system with fair value of RMB 11,088,000, and the investment costwas RMB 3,600,000. The investment was stated at fair value with reference to the market price. During the year,gains at fair value amounted to RMB 540,000 (2020:income of RMB446,000), and other comprehensive income wasadjusted upwards accordingly.(d) As at 30 June 2021, the Company held A shares in Shenzhen Cptital Group Co., Ltd. with fair value ofRMB1,048,000,000, and the investment cost was RMB 328,034,000. In this year, there was no change in the fairvalue of the equity investment (in 2020, the income from fair value measurement was RMB82,263,440).(e) As at 30 June 2021, the Company held A shares in Sunshine Insurance Company. with fair value of
RMB2,036,000,000, and the investment cost was RMB 356,000,000. In this year, there was no change in the fairvalue of the equity investment (in 2020, the income from fair value measurement was RMB268,000,000).In 2021,(f) On June 30, 2021, as the shareholding ratio of Southern Offshore Wind Power Company held by the Company
increased from 10% to 20%, which could have a significant impact on its business decision-making, its equityaccounting method was changed to the long-term equity investment method (Note VII (17)).
19.Other non-current assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
| Items | House, Building | Land use right | Construction in process | Total |
| I. Original price | ||||
| 1. Balance at period-beginning | 68,765,763 | 68,765,763 | ||
| 2.Increase in the current period | ||||
| (1) Purchase | ||||
| (2)Inventory\Fixed assets\ Transferred from construction in progress | ||||
| (3)Increased of Enterprise Combination | ||||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | 68,765,763 | 68,765,763 | ||
| II.Accumulated amortization | ||||
| 1.Opening balance | 19,033,095 | 19,033,095 | ||
| 2.Increased amount of the period | 1,275,406 | 1,275,406 |
| (1) Withdrawal | 1,275,406 | 1,275,406 | ||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | 20,308,501 | 20,308,501 | ||
| III. Impairment provision | ||||
| 1. Balance at period-beginning | ||||
| 2.Increased amount of the period | ||||
| (1) Withdrawal | ||||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | ||||
| IV.Book value | ||||
| 1.Book value at period -end | 48,457,262 | 48,457,262 | ||
| 2.Book value at period-beginning | 49,732,668 | 49,732,668 |
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
(3) Investment real estate without certificate of ownership
Not applicable
21. Fixed assets
In RMB
| Items | Closing balance | Opening balance |
| Fixed assets | 48,227,173,624 | 44,473,573,052 |
| Disposal of fixed assets | 69,708,126 | 80,476,391 |
| Total | 48,296,881,750 | 44,554,049,443 |
(1) List of long-term accounts receivable
In RMB
| Items | House, building | Machinery equipment | Transportations | Other equipment | Total |
| I. Original price | |||||
| 1. Balance at period-beginning | 22,288,247,274 | 60,521,334,525 | 1,176,889,879 | 1,374,529,626 | 85,361,001,304 |
| 2.Increase in the current period | 311,661,769 | 6,115,146,447 | 5,701,040 | 27,729,767 | 6,460,239,023 |
| (1) Purchase | 0 | 23,547,404 | 4,477,109 | 15,565,824 | 43,590,337 |
| （2） Transferred | 13,665,113 | 4,443,162,159 | 663,717 | 11,387,043 | 4,468,878,032 |
| from construction in progress | |||||
| (3)Increased of Enterprise Combination | 297,996,656 | 648,436,884 | 560,214 | 776,900 | 947,770,654 |
| （4）The lease maturity is divided into fixed assets | 0 | 1,000,000,000 | 0 | 0 | 1,000,000,000 |
| 3.Decreased amount of the period | 9,818,705 | 137,907,908 | 14,883,350 | 8,364,356 | 170,974,319 |
| （1）Dispose | 9,818,705 | 137,907,908 | 14,883,350 | 8,364,356 | 170,974,319 |
| 4. Balance at period-end | 22,590,090,338 | 66,498,573,064 | 1,167,707,569 | 1,393,895,037 | 91,650,266,008 |
| II. Accumulated depreciation | |||||
| 1.Opening balance | 7,191,153,717 | 31,673,834,641 | 442,851,631 | 980,856,206 | 40,288,696,195 |
| 2.Increased amount of the period | 292,972,533 | 2,285,716,834 | 26,985,202 | 57,376,175 | 2,663,050,744 |
| (1) Withdrawal | 274,929,497 | 1,417,876,164 | 26,858,044 | 57,199,079 | 1,776,862,784 |
| (2)Increased of Enterprise Combination | 18,043,036 | 138,162,872 | 127,158 | 177,096 | 156,510,162 |
| （3）The lease maturity is divided into fixed assets | 0 | 729,677,798 | 0 | 0 | 729,677,798 |
| 3.Decreased amount of the period | 281,638 | 95,191,386 | 9,066,623 | 16,184,328 | 120,723,975 |
| （1）Dispose | 281,638 | 95,191,386 | 9,066,623 | 16,184,328 | 120,723,975 |
| 4.Closing balance | 7,483,844,612 | 33,864,360,089 | 460,770,210 | 1,022,048,053 | 42,831,022,964 |
| III. Impairment provision | |||||
| 1.Opening balance | 65,759,328 | 532,306,791 | 422,918 | 243,020 | 598,732,057 |
| 2.Increase in the reporting period | 0 | 0 | 0 | 0 | 0 |
| （1）Withdrawal | 0 | 0 | 0 | 0 | 0 |
| 3.Decreased amount of the period | 0 | 6,662,637 | 0 | 0 | 6,662,637 |
| （1）Dispose | 0 | 6,662,637 | 0 | 0 | 6,662,637 |
| 4. Closing balance | 65,759,328 | 525,644,154 | 422,918 | 243,020 | 592,069,420 |
| IV. Book value | |||||
| 1.Book value of the period-end | 15,040,486,398 | 32,108,568,821 | 706,514,441 | 371,603,964 | 48,227,173,624 |
| 2.Book value of the period-begin | 15,031,334,229 | 28,315,193,093 | 733,615,330 | 393,430,400 | 44,473,573,052 |
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in the operating leases
In RMB
| Items | End book value |
| House and Building | 45,874,212 |
(4) Fixed assets without certificate of title completed
In RMB
| Items | Book value | Reason |
| House and Building | 531,784,609 | Temporarily in the government approved stage |
On June 30, 2021, after consulting the Group's legal advisers, the management believed that there would be nosubstantive legal obstacles to the handling of these property certificates and would not have a significant adverseimpact on the normal operation of the Group.
（5）Liquidation of fixed assets
In RMB
| Items | Closing balance | Opening balance |
| Parts of power generation equipment have been scrapped | 65,607,768 | 75,549,913 |
| Other equipment | 4,100,358 | 4,926,478 |
| Total | 69,708,126 | 80,476,391 |
22. Construction in progress
In RMB
| Items | Closing balance | Opening balance |
| Construction in progress | 6,961,681,002 | 8,106,445,342 |
| Engineering Material | 271,639 | 2,274,977 |
| Total | 6,961,952,641 | 8,108,720,319 |
(1) List of construction in progress
In RMB
| Items | Closing balance | Opening balance |
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Yangjiang Shapa offshore wind power project | 2,589,204,980 | 0 | 2,589,204,980 | 1,256,161,549 | 0 | 1,256,161,549 |
| Qujie Wailuo offshore wind power project II | 917,834,843 | 0 | 917,834,843 | 881,078,251 | 0 | 881,078,251 |
| Xinliao offshore wind power project | 618,604,950 | 0 | 618,604,950 | 353,175,641 | 0 | 353,175,641 |
| Huadu thermal and power cogeneration project | 584,444,624 | 0 | 584,444,624 | 410,951,764 | 0 | 410,951,764 |
| Hunan Tongdao Dagaoshan wind power plant project | 195,457,395 | 0 | 195,457,395 | 72,566,121 | 0 | 72,566,121 |
| Bohe Energy integration project | 134,763,347 | 0 | 134,763,347 | 97,519,981 | 0 | 97,519,981 |
| Shajiao Ningzhou gas power project | 91,021,229 | 0 | 91,021,229 | 89,785,770 | 0 | 89,785,770 |
| Zhuhai Jinwan Electric offshore wind power project | 0 | 0 | 0 | 3,146,316,681 | 3,146,316,681 | |
| Pingyuan Maoping wind power project | 0 | 0 | 0 | 338,524,935 | 338,524,935 | |
| Other infrastructure construction projects | 1,144,268,933 | 283,142,471 | 861,126,462 | 802,352,687 | 283,142,471 | 519,210,216 |
| Other technology improvement projects | 969,223,172 | 0 | 969,223,172 | 941,154,433 | 0 | 941,154,433 |
| Total | 7,244,823,473 | 283,142,471 | 6,961,681,002 | 8,389,587,813 | 283,142,471 | 8,106,445,342 |
(2) Changes of significant construction in progress
| Name | Budget | Amount at year beginning | Increase at this period | Transferred to fixed assets | Other decrease | Balance in year-end | Proportion(%) | Progress of work | Capitalisation of interest accumulated balance | Including：Current amount of capitalization of interest | Capitalisation of interest ratio（%) | Source of funds |
| Yangjiang Shapa offshore wind power project | 5,963,270,000 | 1,256,161,549 | 1,333,043,431 | 0 | 0 | 2,589,204,980 | 43.78% | 43.78% | 87,240,831 | 45,055,584 | 3.98% | Financial institution loan |
| Qujie Wailuo offshore wind power project II | 3,789,120,000 | 881,078,251 | 36,756,592 | 0 | 917,834,843 | 31.70% | 35.30% | 36,928,728 | 19,991,999 | 4.26% | Financial institution loan | |
| Xinliao offshore wind power project | 3,698,880,000 | 353,175,641 | 265,429,309 | 0 | 618,604,950 | 36.50% | 32.50% | 34,710,076 | 18,047,920 | 4.26% | Financial institution loan | |
| Huadu thermal and power cogeneration project | 3,593,160,000 | 410,951,764 | 173,492,860 | 0 | 0 | 584,444,624 | 16.53% | 16.53% | 32,527,914 | 19,240,340 | 3.84% | Financial institution loan |
| Hunan Tongdao Dagaoshan wind power plant project | 531,740,000 | 72,566,121 | 122,891,274 | 0 | 0 | 195,457,395 | 44.93% | 44.93% | 7,220,283 | 4,166,991 | 4.19% | Financial institution loan |
| Bohe Energy integration project | 11,037,075,900 | 97,519,981 | 37,243,366 | 0 | 0 | 134,763,347 | 88.50% | 96.90% | 334,552,815 | 500,522 | 4.30% | Financial institution loan |
| Shajiao Ningzhou gas power project | 5,927,600,000 | 89,785,770 | 1,235,459 | 0 | 0 | 91,021,229 | 1.54% | 1.54% | 2,219,815 | 2,219,815 | 2.85% | Financial |
In RMB
| institution loan | ||||||||||||
| Zhuhai Jinwan Electric offshore wind power project | 5,643,170,000 | 3,146,316,681 | 778,656,135 | 3,924,972,816 | 0 | 100% | 100% | 69,473,159 | 14,397,867 | 4.26% | Financial institution loan | |
| Pingyuan Maoping wind power project | 450,818,900 | 338,524,935 | 22,854,265 | 361,379,200 | 0 | 100% | 100% | 10,975,783 | 5,176,723 | 3.43% | Financial institution loan | |
| Other infrastructure construction projects | 519,210,216 | 404,018,453 | 60,901,450 | 1,200,757 | 861,126,462 | Not applicable | 259,693,622 | 12,017,086 | Financial institution loan | |||
| Other technology improvement projects | 941,154,433 | 152,402,870 | 121,624,566 | 2,709,565 | 969,223,172 | Not applicable | 5,870,261 | 0 | Financial institution loan | |||
| Total | 40,634,834,800 | 8,106,445,342 | 3,328,024,014 | 4,468,878,032 | 3,910,322 | 6,961,681,002 | -- | -- | 881,413,287 | 140,814,847 | -- |
(3) List of the withdrawal of the impairment provision of the construction in progressNot applicable
（4）Engineering material
In RMB
| Items | End of term | Beginning of term | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Special Material | 271,639 | 271,639 | 937,407 | 937,407 | ||
| Special equipment | 1,337,570 | 1,337,570 | ||||
| Total | 271,639 | 0 | 271,639 | 2,274,977 | 0 | 2,274,977 |
23. Productive biological assets
(1) Productive biological assets measured at cost methods
□ Applicable √ Not applicable
(2) Productive biological assets measured at fair value
□ Applicable √ Not applicable
24. Oil and gas assets
□ Applicable √ Inapplicable
25. Right to use assets
In RMB
| Items | House and buildings | Machinery equipment | Transportation equipment | Computer and electronic equipment. | Other | Total |
| 1.Opening balance | 16,281,302 | 4,748,889,791 | 56,243 | 9,682,584 | 4,774,909,920 | |
| 2.Increased amount of the period | 7,712,057 | 1,007,003,206 | 2,157,494 | 9,923,519 | 1,026,796,276 | |
| New lease contract | 7,712,057 | 1,007,003,206 | 2,157,494 | 9,923,519 | 1,026,796,276 | |
| 3.Decreased amount of the period | -1,000,000,000 | -1,000,000,000 | ||||
| The lease maturity is divided into fixed assets | -1,000,000,000 | -1,000,000,000 | ||||
| 4.Closing balance | 23,993,359 | 4,755,892,997 | 2,213,737 | 19,606,103 | 4,801,706,196 |
| 1.Opening balance | -1,062,789,374 | -1,062,789,374 | ||||
| 2.Increased amount of the period | -4,846,182 | -63,923,614 | -247,459 | -271,480 | -69,288,735 | |
| (1) Withdrawal | -4,846,182 | -63,923,614 | -247,459 | -271,480 | -69,288,735 | |
| 3.Decreased amount of the period | 729,677,798 | 729,677,798 | ||||
| The lease maturity is divided into fixed assets | 729,677,798 | 729,677,798 | ||||
| 4.Closing balance | -4,846,182 | -397,035,190 | -247,459 | -271,480 | -402,400,311 | |
| 1.Closing book value | 19,147,177 | 4,358,857,807 | 1,966,278 | 19,334,623 | 4,399,305,885 | |
| 2.Opening book value | 16,281,302 | 3,686,100,417 | 56,243 | 9,682,584 | 3,712,120,546 |
Other note：
Except for short-term leases and low-value leases, the lessee will no longer distinguish between operating leasesand financial leases, and will recognize the right-to-use assets and lease liabilities, and accrue depreciation for theright-to-use assets.The short-term lease means that the lease term does not exceed one year, and low-value lease means that the totallease cost does not exceed RMB 40,000.
26. Intangible assets
(1) Information
In RMB
| Items | Land use right | Patent | Non-patent Technology | Software | Franchise right | Sea use right | Transportation project | Transmission and Transformation Supporting Project | Carbon emission trading rights | Total |
| I. Original price | ||||||||||
| 1. Balance at period-beginning | 2,465,901,227 | 8,461,203 | 152,461,615 | 14,795,352 | 129,906,544 | 15,170,000 | 251,739,268 | 3,038,435,209 | ||
| 2.Increase in the current period | 41,534,960 | 137,865 | 7,040,995 | 48,713,820 | ||||||
| (1) Purchase | 11,391,783 | 3,325,641 | 14,717,424 | |||||||
| （2）Internal R & D | 137,865 | 2,675,069 | 2,812,934 | |||||||
| （3）Increased of Enterprise Combination | 30,143,177 | 30,143,177 | ||||||||
| （4）Transfer of projects under construction | 1,040,286 | 1,040,286 | ||||||||
| 3.Decreased amount of the period | 3,509,034 | 679,245 | 134,513 | 4,322,792 | ||||||
| （1）Dispose | 3,509,034 | 679,245 | 134,513 | 4,322,792 | ||||||
| 4. Balance at period-end | 2,503,927,153 | 7,919,823 | 159,368,097 | 14,795,352 | 129,906,544 | 15,170,000 | 251,739,268 | 3,082,826,237 | ||
| II.Accumulated amortization | ||||||||||
| 1. Balance at period-beginning | 427,975,917 | 1,772,260 | 104,488,485 | 10,981,010 | 28,180,513 | 15,170,000 | 251,739,268 | 840,307,453 | ||
| 2. Increase in the current period | 31,377,628 | 487,633 | 6,206,100 | 194,802 | 1,235,594 | 39,501,757 | ||||
| (1) Withdrawal | 26,397,851 | 487,633 | 6,206,100 | 194,802 | 1,235,594 | 34,521,980 | ||||
| (2)Increased of Enterprise | 4,979,777 | 4,979,777 |
| Combination | ||||||||||
| 3.Decreased amount of the period | 924,046 | 45,283 | 2,242 | 971,571 | ||||||
| （1）Dispose | 924,046 | 45,283 | 2,242 | 971,571 | ||||||
| 4. Balance at period-end | 458,429,499 | 2,214,610 | 110,692,343 | 11,175,812 | 29,416,107 | 15,170,000 | 251,739,268 | 878,837,639 | ||
| III. Impairment provision | ||||||||||
| 1. Balance at period-beginning | 56,502,373 | 56,502,373 | ||||||||
| 2. Increase in the current period | ||||||||||
| (1) Withdrawal | ||||||||||
| 3.Decreased amount of the period | ||||||||||
| （1）Dispose | ||||||||||
| 4. Balance at period-end | 56,502,373 | |||||||||
| 4. Book value | ||||||||||
| 1.Book value at period -end | 1,988,995,281 | 5,705,213 | 48,675,754 | 3,619,540 | 100,490,437 | 0 | 0 | 2,147,486,225 | ||
| 2.Book value at period-beginning | 1,981,422,937 | 6,688,943 | 47,973,130 | 3,814,342 | 101,726,031 | 0 | 0 | 2,141,625,383 |
The intangible assets by the end of the formation of the company's internal R & D accounted 0.13% of the proportion of the balance of intangible assets
（2）Details of Land use right failed to accomplish certification of property
In RMB
| Items | Book value | Reason |
| Land use right | 32,527,564 | The procedures have not been completed |
27. Development expenditure
In RMB
| Items | Balance in year-begin | Increase | Decrease | Closing balance | ||||
| Internal development expenditure | Other | Recognition of intangible assets | Transfers to current gains | |||||
| Expenditure on research, transformation & development of engineering system | 0 | 96,674,773 | 2,812,934 | 93,861,839 | 0 | |||
| Total | 0 | 96,674,773 | 2,812,934 | 93,861,839 | 0 | |||
28. Goodwill
(1) Original book value of goodwill
In RMB
| Name of the investees or the events formed goodwill | Opening balance | Increase | Decrease | Closing balance |
| The merger of enterprises | disposition | |||
| Guangdong Wind Power Generation Co., Ltd. | 2,449,886 | 2,449,886 | ||
| Lincang Company | 25,036,894 | 25,036,894 | ||
| Guangdong Guangye Nanhua New Energy | 6,158,996 | 6,158,995 | ||
| Guangdong Yueneng Datang New Energy | 18,600,266 | 18,600,266 | ||
| Total | 27,486,780 | 24,759,262 | 52,246,041 |
（2）Impairment provision of goodwill
In RMB
| Name of the investees or the events formed goodwill | Opening balance | Increase | Decrease | Closing balance |
| Provision | disposition | |||
| Lincang Yudean New Energy | -25,036,894 | -25,036,894 | ||
| Total | -25,036,894 | -25,036,894 |
29.Long-term amortization expenses
In RMB
| Items | Balance in year-begin | Increase at this period | Amortization balance | Other decrease | Balance in year-end |
| Long-term lease charges | 13,259,296 | 1,005,400 | 12,253,896 | ||
| Improvement of use right assets | 8,555,616 | 2,279,975 | 1,569,331 | 9,266,260 | |
| Other | 4,594,393 | 2,122 | 4,592,271 | ||
| Total | 26,409,305 | 2,279,975 | 2,576,853 | 0 | 26,112,427 |
30.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
| Items | Balance in year-end | Balance in year-begin | ||
| Deductible temporary difference | Deferred income tax assets | Deductible temporary difference | Deferred income tax assets | |
| Provision for asset impairments | 442,161,096 | 110,384,714 | 442,188,855 | 110,391,655 |
| Intra-group transactions | 139,795,441 | 34,948,860 | 148,814,504 | 37,203,626 |
| Deductible losses | 1,202,033,119 | 300,508,279 | 866,934,091 | 216,733,521 |
| Net income from test run included in construction in progress | 196,913,405 | 50,755,502 | 234,870,149 | 54,608,985 |
| Employee benefits payable | 116,540,826 | 29,135,206 | 117,216,096 | 29,304,023 |
| Depreciation of fixed assets | 91,157,476 | 22,478,651 | 74,700,511 | 18,675,127 |
| Government grants | 76,619,379 | 19,154,845 | 76,619,379 | 19,154,845 |
| Amortization of intangible assets | 4,726,073 | 1,181,519 | 4,526,232 | 1,131,558 |
| Total | 2,269,946,815 | 568,547,576 | 1,965,869,817 | 487,203,340 |
(2)Details of the un-recognized deferred income tax liabilities
In RMB
| Items | Balance in year-end | Balance in year-begin | ||
| Temporarily Deductable or Taxable Difference | Deferred Income Tax liabilities | Temporarily Deductable or Taxable Difference | Deferred Income Tax liabilities | |
| Non-same control enterprise merger assets evaluation and appreciation | 235,334,618 | 58,833,655 | 56,290,560 | 14,072,640 |
| Changes in fair value of other equity instruments included in other comprehensive income | 2,651,191,471 | 662,797,865 | 2,538,725,399 | 634,681,350 |
| Net expenses in trial operation included in construction in progress | 96,051,849 | 24,012,962 | 96,051,849 | 24,012,962 |
| Amortization of land use rights | 16,068,632 | 4,017,158 | 16,068,632 | 4,017,158 |
| Interest receivable | 6,620,900 | 1,655,226 | 6,620,900 | 1,655,226 |
| Depreciation of fixed assets | 2,993,057 | 748,264 | 2,993,057 | 748,264 |
| Total | 3,008,260,527 | 752,065,130 | 2,716,750,397 | 679,187,600 |
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
| Items | Trade-off between the deferred income tax assets and liabilities | End balance of deferred income tax assets or liabilities after off-set | Trade-off between the deferred income tax assets and liabilities at period-begin | Opening balance of deferred income tax assets or liabilities after off-set |
| Deferred income tax assets | 48,034,067 | 520,513,509 | 40,615,690 | 446,587,650 |
| Deferred income liabilities | 48,034,067 | 704,031,063 | 40,615,690 | 638,571,910 |
(4)Details of income tax assets not recognized
In RMB
| Items | Balance in year-end | Balance in year-begin |
| Deductible temporary difference | 1,329,998,214 | 1,179,347,248 |
| Deductible loss | 2,288,448,367 | 2,074,970,324 |
| Total | 3,618,446,581 | 3,254,317,572 |
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
| Year | Balance in year-end | Balance in year-begin | Remark |
| 2021 | 0 | 134,978,486 | |
| 2022 | 627,942,773 | 628,529,972 | |
| 2023 | 670,390,708 | 670,390,708 | |
| 2024 | 153,029,742 | 153,029,742 | |
| 2025 | 488,041,416 | 488,041,416 | |
| 2026 | 349,043,728 | 0 | |
| Total | 2,288,448,367 | 2,074,970,324 | -- |
31. Other non-current assets
In RMB
| Items | Balance in year-end | Balance in year-begin | ||||
| Book balance | Provision for devaluation | Book value | Book balance | Provision for devaluation | Book value | |
| Prepayments for equipment fund | 1,400,545,902 | 1,400,545,902 | 1,421,038,893 | 1,421,038,893 | ||
| Prepayments for construction fund | 1,332,568,308 | 1,332,568,308 | 394,556,021 | 394,556,021 | ||
| Input VAT to be deducted | 918,577,935 | 918,577,935 | 886,196,509 | 886,196,509 | ||
| Prepayment for land use rights | 209,800,841 | 209,800,841 | 73,532,955 | 73,532,955 | ||
| Unrealised losses on sale and lease back | 206,654,427 | 206,654,427 | 209,580,144 | 209,580,144 | ||
| Prepayment for equity acquisition | 80,000,000 | 80,000,000 | 80,000,000 | 80,000,000 | ||
| Prepayment for income tax | 888 | 888 | 12,164 | 12,164 | ||
| Deposits prepaid for equity acquisition | 0 | 0 | 113,381,000 | 113,381,000 | ||
| Other | 5,666,189 | 5,666,189 | 2,042,352 | 2,042,352 | ||
| Total | 4,153,814,490 | 4,153,814,490 | 3,180,340,038 | 3,180,340,038 | ||
Other note：
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
| Items | Closing balance | Opening balance |
| Credit borrowings | 8,112,048,863 | 7,622,427,916 |
| Total | 8,112,048,863 | 7,622,427,916 |
(2) List of the short-term borrowings overdue but not return
Not applicable
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
Not applicable
35.Notes payable
In RMB
| Items | Closing balance | Opening balance |
| Commercial acceptance | 220,000,000 | 120,000,000 |
| Bank acceptance bills | 703,000,000 | 972,292,546 |
| Total | 923,000,000 | 1,092,292,546 |
Amount due in next fiscal period is RMB0.00.
36. Accounts payable
(1) List of accounts payable
In RMB
| Items | Closing balance | Opening balance |
| Fuel payable and freight payable | 3,863,389,738 | 2,152,485,461 |
| Materials and spare parts payable | 387,865,495 | 396,420,019 |
| Settlement payable for power transactions | 68,712,874 | 41,580,819 |
| Management fees payable for frequency modulation and energy storage | 12,987,129 | 11,686,819 |
| Other | 29,324,282 | 64,007,395 |
| Total | 4,362,279,518 | 2,666,180,513 |
（2）Significant accounts payable that aged over one year
In RMB
| Items | Closing balance | Opening balance |
| Fuel payable and freight payable | 33,459,078 | Not yet settled |
| Total | 33,459,078 | -- |
Other note：
As at 30 June 2021, accounts payable with ageing over one year amounted RMB33,459,07 ( December 31，2020:
RMB36,173,534), mainly unsettled fuel payable
37. Advance from customers
Not applicable
38.Contract Liabilities
In RMB
| Items | Closing balance | Opening balance |
| Advances from services | 434,507 | 6,344,293 |
| Advances from others | 151,963 | 229,619 |
| Total | 586,470 | 6,573,912 |
The amount and reasons of significant changes in book value during the reporting period
In RMB
| Items | Change amount | Reason for change |
39.Payable Employee wage
(1) List of Payroll payable
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance |
| 1.Short-term compensation | 261,426,210 | 838,039,236 | 687,279,627 | 412,185,819 |
| 2.Post-employment benefits - defined contribution plans | 3,087,318 | 121,986,060 | 117,384,901 | 7,688,477 |
| 3.Dismissal welfare | 32,292,293 | 1,197,769 | 5,290,213 | 28,199,849 |
| 4. Other benefits due within one year | 7,742,552 | 49,440 | 3,747,620 | 4,044,372 |
| 5.Other | 1,264,170 | 1,264,170 | ||
| Total | 304,548,373 | 962,536,675 | 814,966,531 | 452,118,517 |
（2）Short-term remuneration
In RMB
| Items | Balance in year-begin | Increase in this period | decrease in this period | Balance in year-end |
| 1.Wages, bonuses, allowances and subsidies | 198,851 | 589,148,910 | 471,197,553 | 118,150,208 |
| 2.Employee welfare | 3,089,748 | 56,023,549 | 44,876,167 | 14,237,130 |
| 3. Social insurance premiums | 148,100,870 | 66,578,634 | 60,339,577 | 154,339,927 |
| Including：Medical insurance | 148,100,870 | 62,480,316 | 56,241,259 | 154,339,927 |
| Work injury insurance | 792,349 | 792,349 | 0 | |
| Maternity insurance | 3,305,969 | 3,305,969 | 0 | |
| 4. Public reserves for housing | 69,225,130 | 69,225,130 | 0 | |
| 5.Union funds and staff education fee | 102,198,051 | 25,216,624 | 21,316,174 | 106,098,501 |
| Other short-term remuneration | ||||
| Total | 261,426,210 | 838,039,236 | 687,279,627 | 412,185,819 |
（3）Defined contribution plans listed
In RMB
| Items | Balance in year-begin | Increase in this period | Payable in this period | Balance in year-end |
| 1. Basic old-age insurance premiums | 74,034,229 | 74,034,229 | 0 | |
| 2.Unemployment insurance | 2,085,141 | 2,085,141 | 0 | |
| 3. Annuity payment | 3,087,318 | 45,866,690 | 41,265,531 | 7,688,477 |
| Total | 3,087,318 | 121,986,060 | 117,384,901 | 7,688,477 |
40.Tax Payable
In RMB
| Items | Closing balance | Opening balance |
| VAT | 280,624,860 | 315,452,032 |
| Enterprise Income tax | 116,984,702 | 147,823,950 |
| Individual Income tax | 1,210,409 | 18,973,674 |
| City Construction tax | 6,124,485 | 4,710,210 |
| House property Tax | 17,480,457 | 0 |
| Education surcharges | 5,179,861 | 3,895,809 |
| Land use tax | 4,607,638 | 0 |
| Water resource fee | 2,485,261 | 4,690,504 |
| Environmental protection tax payable | 1,426,669 | 2,227,048 |
| Other | 1,428,069 | 1,027,853 |
| Total | 437,552,411 | 498,801,080 |
41.Other payable
In RMB
| Items | Closing balance | Opening balance |
| Dividend payable | 9,771,322 | 9,771,322 |
| Other payable | 7,451,532,882 | 6,765,929,262 |
| Total | 7,461,304,204 | 6,775,700,584 |
（1）Dividends payable
Not applicable
(2) Dividends payable
In RMB
| Items | Closing balance | Opening balance |
| Shareholders of non-tradable shares payable to the Company | 9,771,322 | 9,771,322 |
| Total | 9,771,322 | 9,771,322 |
Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through theformalities of share-trading reform. This part of dividends will be paid after the formalities are completed.
（3）Other payable
（1）Disclosure by nature
In RMB
| Items | Closing balance | Opening balance |
| Construction and equipment expenses payable | 6,237,328,791 | 5,539,541,169 |
| Generator unit capacity payable | 830,188,680 | 830,188,680 |
| Engineering quality guarantee payable | 93,470,674 | 124,770,917 |
| Advances from land reserve | 39,253,600 | 39,253,600 |
| Carbon emission allowances payable | 31,847,471 | 36,011,871 |
| Advances from compensations for demolition | 14,373,126 | 14,373,126 |
| State Oceanic and Fisheries Administration penalty payable | 11,531,700 | 11,531,700 |
| Other | 193,538,840 | 170,258,199 |
| Total | 7,451,532,882 | 6,765,929,262 |
(2) Other payables with large amount and aging of over one year
In RMB
| Items | Closing balance | Reason |
| Other payable | 1,456,966,128 | Failure to meet payment terms |
| Total | 1,456,966,128 | -- |
Other noteMainly used to cope with project funds and retention money. Since the project has not finished the project andacceptance and final settlement or in the warranty period of acceptance, the project funds and retention money hasnot been settled.
42. Liabilities classified as holding for sale
Not applicable
43.Non-current liabilities due within 1 year
In RMB
| Items | Closing balance | Opening balance |
| Long-term loans due in 1 year | 1,289,471,734 | 1,391,129,374 |
| Bond payable due in 1 year | 1,583,304,666 | 1,544,367,074 |
| Long-term Account payable due in 1 year | 90,000,000 | 90,566,666 |
| Lease liabilities due in 1 year | 103,477,323 | 162,780,505 |
| Total | 3,066,253,723 | 3,188,843,619 |
44. Other current-liabilities
In RMB
| Items | Closing balance | Opening balance |
| Short-term bond payable | 809,060,822 | 3,216,900,546 |
| Output VAT to be written off | 623,030 | |
| Total | 809,060,822 | 3,217,523,576 |
Changes in short-term debentures payable：
In RMB
Other note：
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
| Items | Closing balance | Opening balance |
| Pledged borrowings | 3,722,909,917 | 3,894,649,146 |
| Guarantee loan | 811,214,638 | 76,100,000 |
| Credit loans | 17,435,856,810 | 15,027,806,422 |
| Total | 21,969,981,365 | 18,998,555,568 |
| Name | Face value | Issuance date | Maturity period | Issuance amounts | Balance at the beginning of the year | Issuance during the year | Interest at face value | Amortisation of discounts or premium | Repayment for the period | Balance at the end of the year |
| Second batch of short-term financing bonds issued of 2020 | 1,600,000,000 | 2020/8/10 | 172days | 1,600,000,000 | 1,611,440,000 | 2,240,359 | 1,613,680,359 | |||
| Third batch of short-term financing bonds issued of 2020 | 1,600,000,000 | 2020/11/10 | 178days | 1,600,000,000 | 1,605,460,546 | 13,547,313 | 1,619,007,859 | |||
| First batch of short-term financing bonds issued of 2021 | 800,000,000 | 2021/1/26 | 178days | 800,000,000 | 800,000,000 | 9,060,822 | 809,060,822 |
46.Bond payable
（1）Bond payable
In RMB
| Items | Closing balance | Opening balance |
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong Electric Power Development Co., Ltd. | 1,499,595,741 | 1,499,542,911 |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Electric Power Development Co., Ltd. | 999,898,113 | |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong Electric Power Development Co., Ltd. | 1,500,000,000 | |
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Huizhou Pinghai Power Generation Co., Ltd. | 199,880,000 | |
| Total | 4,199,373,854 | 1,499,542,911 |
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial liability
In RMB
| Name of the bond | Face value | Issue date | Period | Issue amount | Opening balance | The current issue | Withdraw interest at par | Overflow discount amount | Pay in current period | Closing balance | |
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) of Guandong Electric Power Development Co.,Ltd. | 1,500,000,000 | 2020/4/29 | 3+2 years | 1,500,000,000 | 1,499,542,911 | 6,326,370 | 52,830 | 1,499,595,741 | |||
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong Electric Power Development Co.,Ltd. | 1,000,000,000 | 2021/1/26 | 3 years | 1,000,000,000 | 1,000,000,000 | 14,875,000 | -101,887 | 999,898,113 | |||
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) of Guandong Electric Power Development Co.,Ltd. | 1,500,000,000 | 2021/4/27 | 3+2 years | 1,500,000,000 | 1,500,000,000 | 9,181,507 | 1,500,000,000 | ||||
| Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guangdong Pinghai Power Generation Plant Co., Ltd. | 200,000,000 | 2021/6/4 | 2 years | 200,000,000 | 200,000,000 | -120,000 | 199,880,000 | ||||
| Total | -- | -- | -- | 4,200,000,000 | 1,499,542,911 | 2,700,000,000 | 30,382,877 | -169,057 | 4,199,373,854 |
(3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
47. Lease liability
In RMB
| Items | Closing balance | Opening balance |
| Net lease liabilities | 4,136,908,238 | 3,164,739,588 |
| Total | 4,136,908,238 | 3,164,739,588 |
48. Long-term payable
In RMB
| Items | Closing balance | Opening balance |
| Special payable | 24,960,000 | 24,960,000 |
| Total | 24,960,000 | 24,960,000 |
(1) Long-term payable listed by nature of the account
Not applicable
（2）Specific payable
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance | Cause |
| Supporting funds for expansion | 24,960,000 | 24,960,000 | |||
| Total | 24,960,000 | 0 | 0 | 24,960,000 | -- |
Other note：
(i) The payables for specific projects represent the fund granted for benefits improvement and capacity expansionby governments at provincial and central level to Lincang Energy, subsidiary of the Company. According to thedocument issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun Shui Tou Fa [2015] No.
16), such payables for specific project were subject to an interest rate of 4% from 1 January 2015. Thecorresponding interest was recorded in the financial expenses by the Company.
49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
| Items | Closing balance | Opening balance |
| II. Termination benefits | 122,601,354 | 134,831,320 |
| III. Other Long-term benefits | 83,712,423 | 83,712,423 |
| Total | 206,313,777 | 218,543,743 |
(2) Changes of defined benefit plans
Not applicable
50.Predicted liabilities
Not applicable
51.Deferred income
In RMB
| Items | Beginning of term | Increased this term | Decreased this term | End of term | Reason |
| Government Subsidy | 134,647,590 | 3,030,000 | 2,410,954 | 135,266,636 | Asset-related government grants received |
| Total | 134,647,590 | 3,030,000 | 2,410,954 | 135,266,636 | -- |
Details of government subsidies：
In RMB
| Items | Beginning of term | New subsidy in current period | Amount transferred to non-operational income | Other income recorded in the current period | Amount of cost deducted in the current period | Other changes | End of term | Asset-related or income-related |
| Compensation for relocation and renovation of Shajiao A Zhenkou pump house | 16,684,075 | 16,684,075 | Related to assets | |||||
| Special funds for #1-#3 generators’ desulfurisation project | 16,410,766 | 16,410,766 | Related to assets | |||||
| Energy saving grants | 13,790,787 | 82,355 | 13,708,432 | Related to assets | ||||
| Tax refund for PRC-made equipment | 10,332,934 | 10,332,934 | Related to assets | |||||
| Comprehensive technology upgrading for the energy saving of 1&2# generator units turbine by Zhongyue Energy | 7,692,307 | 7,692,307 | Related to assets | |||||
| Development and competitiveness funds from SASAC | 6,666,666 | 6,666,666 | Related to assets | |||||
| Second incentives for comprehensive and typical demonstration projects under financial policies of energy saving | 6,750,000 | 450,000 | 6,300,000 | Related to assets | ||||
| Incentives for energy efficiency of power plant by Dongguan | 4,943,063 | 4,943,063 | Related to assets | |||||
| Post rewarding subsidies for ultra-low emissions of 1&2# generators | 5,645,957 | 5,645,957 | Related to assets | |||||
| Incentives for energy efficiency of power plant by Zhongyue Energy | 4,159,433 | 4,159,433 | Related to assets | |||||
| Post rewarding subsidies for ultra-low emissions of designated account of special fund in Maonan District of Maoming in 2018 | 3,388,462 | 3,388,462 | Related to assets | |||||
| Incentives for energy efficiency of power plant by Zhanjiang | 2,755,964 | 515,770 | 2,240,194 | Related to assets | ||||
| Dianbai Reshui wind power plant project | 3,000,000 | 3,000,000 | Related to assets |
| Expansion on flow reconstruction project | 2,175,028 | 2,175,028 | Related to assets | |||||
| Shajiao A - 2016 central finance energy saving funds | 2,116,875 | 2,116,875 | Related to assets | |||||
| Government subsidies from the financial treasury payment centre of Qujiang District, Shaoguan | 2,375,062 | 75,632 | 2,299,430 | Related to assets | ||||
| Special prize funds of recycle economy and energy saving by Shenzhen | 2,004,821 | 2,004,821 | Related to assets | |||||
| Energy saving funds | 1,638,785 | 1,638,785 | Related to assets | |||||
| Provincial special funds for enterprises’ technology improvement | 8,674,936 | 152,356 | 8,522,580 | Related to assets | ||||
| Special fund for the project of no wastewater discharge | 3,710,000 | 557,303 | 3,152,697 | Related to assets | ||||
| Development and application project for the operation and maintenance of offshore wind power | 2,550,000 | 2,550,000 | Related to assets | |||||
| Provincial technical transformation fund for special enterprises promoting high-quality economic development in 2021 | 2,030,000 | 304,939 | 1,725,061 | Related to assets | ||||
| Guangdong Red Bay Power Generation Co., Ltd. -Waste water zero emission subsidy | 1,000,000 | 1,000,000 | Related to assets | |||||
| Other | 7,181,669 | 272,599 | 6,909,070 | Related to assets | ||||
| Total | 134,647,590 | 3,030,000 | 2,410,954 | 135,266,636 |
52. Other non-current liabilities
In RMB
| Items | Closing balance | Opening balance |
| Capital injection | 289,187,000 | 200,000,000 |
| Housing revolving fund | 970,029 | 970,029 |
| Total | 290,157,029 | 200,970,029 |
Other note：
In 2018, the Company’s subsidiaries Yangjiang Wind Power and Qujie Wind Power respectively received capital
injection of RMB 100,000,000 and RMB 50,000,000 from GEGC. The capital will be used for Yangjiang Shapaoffshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 30 June 2021, suchcapital injection was recorded in other non-current liabilities as the registration for changes of business license hadnot been completed.
In 2019, the Group’s subsidiary Zhuhai Wind Power received a capital injection of RMB 50,000,000 andRMB89,187,000 from GEGC. The capital will be used for Zhuhai Jinwan Electric offshore wind power project. Asat 30 June 2021, such capital injection was recorded in other non-current liabilities as the registration for changesof business license had not been completed.
53.Stock capital
In RMB
| Balance in year-begin | Changed（+，-） | Balance in year-end | |||||
| Issuance of new share | Bonus shares | Capitalization of public reserve | Other | Subtotal | |||
| Total of capital shares | 5,250,283,986 | 5,250,283,986 | |||||
54. Other equity instruments
Not applicable
55. Capital reserves
In RMB
| Items | Year-beginning balance | Increase in the current period | Decrease in the current period | Year-end balance |
| Share premium | 4,543,959,053 | 4,543,959,053 | ||
| Other capital reserves | 2,919,327 | 2,919,327 | ||
| Estimate Increase | 119,593,718 | 119,593,718 | ||
| Investment from Energy Group | 395,000,000 | 395,000,000 | ||
| Share of interests in the investee in proportion to the shareholding | -179,682,776 | -179,682,776 | ||
| Transfer of capital surplus recognised under the previous accounting system | 20,474,592 | 20,474,592 |
| Total | 4,902,263,914 | 4,902,263,914 |
56.Treasury stock
Not applicable
57. Other comprehensive income
In RMB
| Items | Year-beginning balance | Amount of current period | Closing balance | |||||
| Amount incurred before income tax | Less：Amount transferred into profit and loss in the current period that recognied into other comprehensive income in prior period | Less：Prior period included in other composite income transfer to retained income in the current period | Less：Income tax expenses | After-tax attribute to the parent company | After-tax attribute to minority shareholder | |||
| I. Other comprehensive income that will not be subsequently reclassified to profit or loss | 1,946,486,479 | 112,466,070 | 28,116,518 | 84,349,552 | 2,030,836,031 | |||
| Other comprehensive income that cannot be transferred to profit or loss under equity method | 42,442,427 | 42,442,427 | ||||||
| Changes in fair value of investments in other equity instruments | 1,904,044,052 | 112,466,070 | 28,116,518 | 84,349,552 | 1,988,393,604 | |||
| II. Other comprehensive | -180,884 | -180,884 | ||||||
| income that will be subsequently reclassified to profit or loss | ||||||||
| Including：Share of other comprehensive income of the investee that cannot be transferred to profit or loss accounted for using the equity method | -180,884 | -180,884 | ||||||
| Total of other comprehensive income | 1,946,305,595 | 112,466,070 | 28,116,518 | 84,349,552 | 2,030,655,147 |
Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitrageditems for adjustment:
58. Special reserves
Not applicable
59. Surplus reserves
In RMB
| Items | Year-beginning balance | Increase in the current period | Decrease in the current period | Year-end balance |
| Statutory surplus reserve | 2,905,992,585 | 110,901,285 | 3,016,893,870 | |
| Discretionary surplus reserve | 5,609,368,053 | 277,253,212 | 5,886,621,265 | |
| Total | 8,515,360,638 | 388,154,497 | 8,903,515,135 |
60. Retained profits
In RMB
| Items | Amount of this period | Amount of last period |
| Before adjustments: Retained profits in last period end | 6,755,781,289 | 5,909,128,280 |
| After adjustments: Retained profits at the period beginning | 6,755,781,289 | 5,909,128,280 |
| Add: Net profit attributable to owners of the Company for the period | 109,028,853 | 813,684,495 |
| Less: Appropriation to statutory surplus reserve | 110,901,285 | 77,026,584 |
| Drawing discretionary surplus reserve | 277,253,212 | 192,566,461 |
| Dividends payable on ordinary shares | 630,034,078 | 630,034,078 |
| Retained profits at the period end | 5,846,621,567 | 5,823,185,652 |
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affectedbeginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profitsare RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
| Items | Amount of current period | Amount of previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 17,535,862,514 | 16,780,408,772 | 12,359,160,846 | 10,137,771,229 |
| Other business | 245,658,707 | 6,310,893 | 180,756,977 | 13,201,793 |
| Total | 17,781,521,221 | 16,786,719,665 | 12,539,917,823 | 10,150,973,022 |
Income related information:
In RMB
| Contract classification | Division 1 | Division 2 | Total | |
| Including： | ||||
| Electric power | 17,429,546,654 | 17,429,546,654 | ||
| Generation by-product | 232,388,965 | 232,388,965 | ||
| Thermal Energy | 62,652,754 | 62,652,754 | ||
| Labor service | 43,663,106 | 43,663,106 | ||
| Rent | 13,269,742 | 13,269,742 | ||
| Including： | ||||
| Guangdong | 17,755,824,058 | 17,755,824,058 |
| Yunnan | 25,697,163 | 25,697,163 | ||
| Including： | ||||
| Power market | 17,429,546,654 | 17,429,546,654 | ||
| Other market | 351,974,567 | 351,974,567 | ||
| Including： | ||||
| Sell goods | 17,724,588,373 | 17,724,588,373 | ||
| Service | 43,663,106 | 43,663,106 | ||
| Assets use rights | 13,269,742 | 13,269,742 | ||
| Including： | ||||
| Recognize at a certain time point | 17,724,588,373 | 17,724,588,373 | ||
| Recognize in a certain period of tim | 56,932,848 | 56,932,848 | ||
| Including： | ||||
| Including： |
Information related to performance obligations:
| Commodity type | Usual performance time of performance obligation | Important payment terms | Commodity nature |
| Electric power | When power is supplied to the grid company | Cash settlement/monthly settlement | Electric power |
| Heat energy | When heat energy is supplied to customers who buy heat, | Cash settlement/monthly settlement | Heat energy |
| Power generation by-products | When by-products such as fly ash generated by power generation are transported to the agreed delivery place, | Cash settlement/monthly settlement | Power generation by-products |
| Labor service | Service provision period | Cash settlement/monthly settlement | Labor service |
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performedincompletely but the contract has been signed at the end of the reporting period is RMB 586,471, of which RMB
586,471 is expected to be recognized as income in 2021.
62. Business tax and subjoin
In RMB
| Items | Amount of current period | Amount of previous period |
| Urban construction tax | 34,711,861 | 29,825,058 |
| Education surcharge | 27,657,092 | 22,897,084 |
| Property tax | 23,538,501 | 23,444,528 |
| Land use tax | 5,258,950 | 5,061,833 |
| vehicle and vessel usage tax | 72,842 | 412,002 |
| Stamp tax | 9,107,495 | 11,158,662 |
| Environmental protection tax | 6,667,091 | 5,352,910 |
| Total | 107,013,832 | 98,152,077 |
63.Selling expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Employee’s remuneration | 25,648,205 | 19,851,760 |
| Depreciation expenses | 1,720,627 | 371,964 |
| Business expense | 1,234,823 | 634,957 |
| Publicity Expenses | 160,596 | 289,093 |
| Other | 1,730,868 | 1,746,783 |
| Total | 30,495,119 | 22,894,557 |
64.Administrative expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Employee’s remuneration | 186,562,425 | 161,938,884 |
| Amortization of intangible assets | 32,200,186 | 29,226,650 |
| Depreciation expenses | 27,102,873 | 23,540,759 |
| Fire safety expenses | 15,965,657 | 17,401,896 |
| Property management expenses | 14,769,806 | 12,697,371 |
| Agency fee | 8,186,076 | 4,683,784 |
| Rental expenses | 5,392,398 | 3,923,000 |
| A forestation fee | 4,637,517 | 3,518,796 |
| Office expenses | 4,592,733 | 3,727,413 |
| Travel expenses | 3,391,471 | 1,210,024 |
| Entertainment expenses | 2,097,568 | 1,089,133 |
| Consulting fee | 1,785,530 | 1,339,055 |
| Insurance expenses | 1,224,748 | 5,030,478 |
| Low consumables amortization | 790,556 | 1,015,180 |
| Expenses on board meetings | 316,595 | 387,661 |
| Other | 39,697,645 | 30,945,589 |
| Total | 348,713,784 | 301,675,673 |
65. R&D Expense
In RMB
| Items | Amount of current period | Amount of previous period |
| Direct input fee | 52,318,810 | |
| Employee’s remuneration | 35,352,927 | |
| Outsourced research and development expenses | 1,182,183 | 9,434 |
| Other | 5,007,919 | 821,675 |
| Total | 93,861,839 | 831,109 |
66.Financial Expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Interest expenses | 618,003,887 | 594,291,506 |
| Interest income | -41,832,597 | -35,840,406 |
| Bank charges and others | 479,309 | 2,863,805 |
| Total | 576,650,599 | 561,314,905 |
67.Other income
In RMB
| Other sources of revenue | Amount of the Current Term | Amount of the Previous Term |
| Revenue from timely levy and refund of VAT | 4,141,947 | 4,513,774 |
| Government subsidies related to assets | 2,410,954 | 1,615,884 |
| Other | 4,022,324 | 7,359,057 |
| Total | 10,575,225 | 13,488,715 |
68. Investment income
In RMB
| Items | Amount of this period | Amount of last period |
| Long-term equity investment income by equity method | 397,912,700 | 214,698,621 |
| Dividends earned during the holding period on investments in other equity instrument | 30,182,378 | 21,370,444 |
| Total | 428,095,078 | 236,069,065 |
69.Net exposure hedging income
Not applicable
70. Gains on the changes in the fair value
Not applicable
71. Credit impairment loss
In RMB
| Items | Amount of this period | Amount of last period |
| Loss of bad debts in other receivables | -126,468 | 0 |
| Impairment loss of debt investment | 0 | 0 |
| Loss of impairment of other debt investment | 0 | 0 |
| Long-term receivables and bad debt losses | 0 | 0 |
| Impairment loss of the contract assets | -14,832 | 0 |
| Loss of bad accounts receivable | -97,345 | 20,911 |
| Total | -238,645 | 20,911 |
72. Losses from asset impairment
In RMB
| Items | Amount of this period | Amount of last period |
| II. Loss of inventory price and Impairment of contract performance costs | -16,743,630 |
| Total | -16,743,630 |
Other note：
73.Assets disposal income
In RMB
| Source | Amount of this period | Amount of last period |
| Income from disposal of Fixed assets | 17,388,533 | 51,176,776 |
| Income from land disposal | 6,464,149 | 0 |
74. Non-Operation income
In RMB
| Items | Amount of current period | Amount of previous period | Recorded in the amount of the non-recurring gains and losses |
| Gain on disposal of non-current assets | 7,507,022 | 8,035,492 | 7,507,022 |
| Carbon emissions quota disposal proceeds | 0 | 2,720,755 | 0 |
| Claims and Compensation Income | 4,115,168 | 2,843,081 | 4,115,168 |
| Other | 4,139,686 | 3,268,594 | 4,139,685 |
| Total | 15,761,876 | 16,867,922 | 15,761,875 |
75.Non-current expenses
In RMB
| Items | Amount of current period | Amount of previous period | The amount of non-operating gains & losses |
| Foreign donations | 109,792 | 138,137 | 109,792 |
| Loss on obsolescence of non-current assets | 4,006,514 | 1,124,738 | 4,006,514 |
| Carbon emission rights assets used for performance | 2,750,000 | 6,601,136 | 0 |
| Fine for delaying payment | 209,860 | 2,784,751 | 209,860 |
| Other | 7,549,892 | 2,378,832 | 7,549,892 |
| Total | 14,626,058 | 13,027,594 | 11,775,990 |
Other note：
In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon Emissions RightTrading and the Interim Measures for the Administration of Trading of Carbon Emission Rights (Cai Kuai [2019]No. 22), companies within the Group that were identified as key emission units recognised the purchase of carbonemission quotas used in 2021 as non-operating expenses on an accrual basis, and included relate provision forcarbon emission quota payable in other payables.
76. Income tax expenses
（1）Income tax expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Current income tax expense | 188,815,544 | 421,812,657 |
| Deferred income tax expense | -82,136,583 | 51,066,755 |
| Total | 106,678,961 | 472,879,412 |
（2）Adjustment on accounting profit and income tax expenses
In RMB
| Items | Amount of current period |
| Total profits | 301,486,541 |
| Income tax expenses calculated on legal / applicable tax rate | 75,371,635 |
| Effect of different tax rate applicable to the subsidiary Company | -9,278,187 |
| Influence of non taxable income | -109,210,376 |
| Impact of non-deductible costs, expenses and losses | 4,526,589 |
| Transfer-out of deductible losses for which deferred tax asset was recognised | -50,418 |
| Deductible temporary differences for which no deferred tax asset was recognised in the current period | 154,803,878 |
| Utilisation of deductible losses for which no deferred tax asset was recognised in previous periods | -7,853,747 |
| Utilisation of deductible temporary differences for which no deferred tax asset was recognised in previous periods | -1,630,413 |
| Income tax expenses | 106,678,961 |
Other note
77. Other comprehensive income
Refer to the notes VII(57)
78.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
| Interest income | Amount of current period | Amount of previous period |
| Interest income | 34,335,537 | 30,094,472 |
| Rent income | 11,608,886 | 7,443,726 |
| Government Subsidy | 6,451,965 | 7,080,364 |
| Insurance indemnity | 1,362,282 | 6,406,134 |
| Other | 74,544,785 | 129,102,968 |
| Total | 128,303,455 | 180,127,664 |
(2)Other cash paid related to operating activities
In RMB
| Items | Amount of current period | Amount of previous period |
| Insurance expenses | 45,138,120 | 60,766,847 |
| Electricity transaction expenses | 15,173,967 | 16,514,263 |
| Property management expenses | 14,459,312 | 10,267,042 |
| Fire guard fee | 14,334,205 | 15,519,230 |
| Transportation fee | 12,384,777 | 9,854,130 |
| Automobile fee | 11,589,600 | 8,143,840 |
| Equipment cleaning and hygiene green fee | 10,228,571 | 11,827,265 |
| Rental fee | 10,157,296 | 8,116,972 |
| Agency Charge | 7,818,278 | 5,244,325 |
| Union expenses | 6,289,070 | 3,416,782 |
| Office Expense | 5,503,905 | 4,230,271 |
| Information system maintenance | 4,790,630 | 2,987,286 |
| Travel expenses | 4,760,924 | 1,855,526 |
| R&D | 4,313,829 | 546,572 |
| Business fee | 3,241,854 | 1,335,015 |
| Enterprise publicity expenses | 2,665,366 | 2,220,034 |
| Other | 172,721,286 | 186,511,647 |
| Total | 345,570,990 | 349,357,047 |
(3)Cash received related to other investment activities
In RMB
| Items | Amount of current period | Amount of previous period |
| Net revenue from commissioning | 83,767,669 | |
| Total | 83,767,669 |
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
In RMB
| Items | Amount of current period | Amount of previous period |
| Rent paid by the financial lease | 40,616,876 | |
| Total | 40,616,876 |
79. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
| Supplement Information | Amount of current period | Amount of previous period |
| I. Adjusting net profit to cash flow from operating activities | -- | -- |
| Net profit | 194,807,580 | 1,219,049,233 |
| Add: Impairment loss provision of assets | -238,645 | 16,743,630 |
| Depreciation of fixed assets, oil and gas assets and consumable biological assets | 1,778,138,190 | 1,634,111,347 |
| Depreciation of Use right assets | 69,288,735 |
| Amortization of intangible assets | 34,521,980 | 32,553,092 |
| Amortization of Long-term deferred expenses | 2,576,853 | 1,630,976 |
| Loss on disposal of fixed assets, intangible assets and other long-term deferred assets | -27,353,190 | -61,836,734 |
| Fixed assets scrap loss | ||
| Loss on fair value changes | ||
| Financial cost | 618,003,887 | 594,291,506 |
| Loss on investment | -428,095,078 | -236,069,065 |
| Decrease of deferred income tax assets | -73,925,859 | 52,054,377 |
| Increased of deferred income tax liabilities | 65,459,153 | |
| Decrease of inventories | -739,945,667 | -489,301 |
| Decease of operating receivables | -477,018,607 | 285,504,917 |
| Increased of operating Payable | 2,080,638,311 | 480,677,919 |
| Other | ||
| Net cash flows arising from operating activities | 3,096,857,643 | 4,018,221,897 |
| II. Significant investment and financing activities that without cash flows: | -- | -- |
| Conversion of debt into capital | ||
| Convertible corporate bonds maturing within one year | ||
| Financing of fixed assets leased | ||
| 3．Movement of cash and cash equivalents： | -- | -- |
| Ending balance of cash | 5,539,142,220 | 5,724,061,282 |
| Less: Beginning balance of cash equivalents | 5,763,619,876 | 5,079,641,969 |
| Add：End balance of cash equivalents | ||
| Less: Beginning balance of cash equivalents | ||
| Net increase of cash and cash equivalent | -224,477,656 | 644,419,313 |
(2) Net Cash paid of obtaining the subsidiary
Not applicable
(3) Net Cash receive of disposal of the subsidiary
Not applicable
(4) Component of cash and cash equivalents
In RMB
| Items | Year-end balance | Year-beginning balance |
| I. Cash | 5,539,142,220 | 5,763,619,876 |
| Including：Cash at hand | 27,829 | 26,993 |
| Demand bank deposit | 5,539,114,391 | 5,763,592,883 |
| III. Balance of cash and cash equivalents at the period end | 5,539,142,220 | 5,763,619,876 |
80. Note of statement of changes in the owner's equity
Specify the description of the item "others" and the adjusted amount of the balance at the end of last year:
81. The assets with the ownership or use right restricted
In RMB
| Items | Closing book value | Causation of limitation |
| Monetary funds | 27,385,689 | Ecological security, land reclamation bond, project performance bond and special project deposit |
| Using right assets | 4,358,857,807 | Assets to use rights formed by financing lease |
| Total | 4,386,243,496 | -- |
82. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
| Items | Closing foreign currency balance | Exchange rate | Closing convert to RMB balance |
| Monetary capital | -- | -- | |
| Including：USD | 190 | 6.46010 | 1,227 |
| Euro |
| HKD | 12,886 | 0.83208 | 10,722 |
| Account receivable | -- | -- | |
| Including：USD | |||
| Euro | |||
| HKD | |||
| Long –term borrowings | -- | -- | |
| Including：USD | 22,098,462 | 6.46010 | 142,758,274 |
| Euro | |||
| HKD | |||
(2) Note to overseas operating entities, including important overseas operating entities, which should be disclosedabout its principal business place, function currency for bookkeeping and basis for the choice. In case of anychange in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
83. Hedging
Arbitrage According to arbitrage category to disclose arbitrage item, relevant arbitrage tools and the arbitragedrisk qualitative and quantitative information:
84. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
| Items | Amount | Project | Amount included in current profit and loss |
| Value-added tax will be refunded immediately | 4,141,947 | Other income | 4,141,947 |
| Government subsidies relating to assers | 2,410,954 | Other income | 2,410,954 |
| other | 4,022,324 | Other income | 4,022,324 |
（2）Government subsidy return
□ Applicable √ Not applicable
85.Other
VIII. Changes of merge scope
1. Business merger not under same control
Not applicable
2. Business combination under the same control
Not applicable
3. Counter purchase
Not applicable
4. The disposal of subsidiary
Not applicable
5. Other reasons for the changes in combination scope
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary ofliquidation) and relevant information:
Subsidiaries established during the year：
| Subsidiaries | Major business location | Place of registration | Nature of business | Shareholding% | Acquisition method |
| Guangdong Yudean Dananhai Intelligence Energy Co., Ltd. | Jieyang | Jieyang | Electric Power | 100% | Establish |
| Guangdong Yudean Baihua Integrated Energy Company | Huizhou | Huizhou | Electric Power | 100% | Establish |
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
| Subsidiary | Main operation | Registered place | Business nature | Share-holding ratio | Acquired way | |
| Directly | Indirectly | |||||
| Energy Termal Power Plant | Maoming | Maoming | Electric Power | 46.54% | Establish | |
| Jinghai Company | Jieyang | Jieyang | Electric | 65% | Establish | |
| power | ||||||
| Zhangjiang Wind Power | Zhanjiang | Zhanjiang | Electric power | 70% | Establish | |
| Anxin Electric Power Maintenance | Dongguan | Dongguan | Electric power | 100% | Establish | |
| Humen Power Generation | Dongguan | Dongguan | Electric power | 60% | Establish | |
| Bohe Company | Maoming | Maoming | Electric power | 67% | Establish | |
| Yuheng Company | Zhanjiang | Zhanjiang | Electric power | 76% | Business combinations involving enterprises under common control | |
| Xuwen Wind Power | Zhanjiang | Zhanjiang | Electric power | 70% | Establish | |
| Huadu Natural gas | Guangzhou | Guangzhou | Electric power | 65% | Establish | |
| Dapu Company | Meizhou | Meizhou | Electric power | 100% | Establish | |
| Leizhou Wind Power | Leizhou | Leizhou | Electric power | 80% | 14% | Establish |
| Dianbai Wind Power | Maoming | Maoming | Electric power | 100% | Establish | |
| Zhanjiang Company | Zhanjiang | Zhanjiang | Electric power | 76% | Business combinations involving enterprises under common control | |
| Yuejia Company | Meizhou | Meizhou | Electric power | 58% | Business combinations involving enterprises not under common control | |
| Yuejiang Company | Shaoguan | Shaoguan | Electric power | 90% | Business combinations involving enterprises under common control | |
| Zhongyue Company | Zhanjiang | Zhanjiang | Electric power | 90% | Business combinations involving enterprises under common control | |
| Electric sales | Guangzhou | Guangzhou | Electric power | 100% | Establish | |
| Qujie Wind Power | Zhanjiang | Zhanjiang | Electric power | 100% | Establish | |
| Yangjiang Wind Power | Yangjiang | Yangjiang | Electric power | 100% | Establish | |
| Lincang Company | Lincang | Lincang | Electric power | 100% | Business combinations involving enterprises not under common control | |
| Guangqian Company | Shenzhen | Shenzhen | Electric power | 100% | Business combinations involving enterprises under common control | |
| Huizhou Natural gas | Huizhou | Huizhou | Electric power | 67% | Business combinations involving enterprises under common control | |
| Pinghai Power Generation | Huizhou | Huizhou | Electric power | 45% | Business combinations involving enterprisest under common control | |
| Shibeishan Wind Power | Jieyang | Jieyang | Electric power | 70% | Business combinations involving enterprises under common control | |
| Red Bay Company | Shanwei | Shanwei | Electric power | 65% | Business combinations involving enterprises |
| under common control | ||||||
| Guangdong Wind Power | Guangzhou | Guangzhou | Electric power | 100% | Business combinations involving enterprises not under common control | |
| Tongdao Wind Power | Huaihua | Huaihua | Electric power | 100% | Establish | |
| Pingyuan Wind Power | Meizhou | Meizhou | Electric power | 100% | Establish | |
| Heping Wind Power | Heyuan | Heyuan | Electric power | 100% | Establish | |
| Huilai Wind Power | Jieyang | Jieyang | Electric power | 89.83% | Business combinations involving enterprises not under common control | |
| Yuejiang Hongrui | Shaoguan | Shaoguan | Electric power | 90% | Establish | |
| Yongan Natural gas | Zhaoqing | Zhaoqing | Electric power | 90% | Establish | |
| Xupu Wind Power | Huaihua | Huaihua | Electric power | 100% | Establish | |
| Wuxuan Wind Power | Guangzi | Guangxi | Electric power | 100% | Establish | |
| Pingdian Integrated Energy Company | Huizhou | Huizhou | Electric power | 45% | Establish | |
| Zhencheng Integrated Energy Company | Maoming | Maoming | Electric power | 37.23% | Establish | |
| Zhuhai Wind Power | Zhuhai | Zhuhai | Electric power | 100% | Establish | |
| Binhai Bay | Dongguan | Dongguan | Electric power | 100% | Establish | |
| Daya Bay Company | Huizhou | Huizhou | Electric power | 80% | Establish | |
| Qiming Company | Shenzhen | Shenzhen | Electric power | 100% | Establish | |
| Huaguoquan Company | Shenzhen | Shenzhen | Rent | 100% | Business combinations involving enterprises not under common control | |
| Nanxiong New Energy | Shaoguan | Shaoguan | Electric power | 100% | Establish | |
| Dananhai Company | Jieyang | Jieyang | Electric power | 100% | Establish | |
| Yudean Baihua | Huizhou | Huizhou | Electric power | 100% | Establish | |
| Nanhua New Energy | Zhanjiang | Zhanjiang | Electric power | 51% | Business combinations involving enterprises not under common control | |
| Datang New Energy | Guangzhou | Guangzxhou | Electric power | 51% | Business combinations involving enterprises not under common control | |
| Yueneng Wind Power | Zhanjiang | Zhanjiang | Electric power | 51% | Business combinations involving enterprises not under common control |
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to theagreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai Power, the delegated
shareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising theirvoting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding ofPinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also maintainconsensus with those of the Company when exercising their voting rights during shareholder and board meeting.On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable returnsthrough involving in its relevant activities and has the ability to make use of its power to influence the amount ofreturns. Therefore, the Company owns the control power over Pinghai Power.On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After themerger, GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Companyand GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Companywhile exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting atMaoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuantto the consent agreement entered into between the Company and GEGC, the Company holds 61.33% voting rightsin Zhencheng Comprehensive, a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore,the Company owns control power over Zhencheng Comprehensive
（2）Significant not wholly-owned subsidiaries
In RMB
| Name | Holding proportion of non-controlling interest | Profit or loss attributable to non-controlling interest | Dividend declared to non-controlling interest | Closing balance of non-controlling interest |
| Bohe Company | 33% | -53,880,115 | 0 | 1,317,450,140 |
| Zhanjiang Company | 24% | 5,863,779 | 23,197,930 | 969,651,803 |
| Jinghai Company | 35% | 22,767,453 | 151,318,844 | 1,245,066,273 |
| Red Bay Company | 35% | 6,829,605 | 96,734,416 | 1,130,076,829 |
| Huizhou Natural gas | 33% | 68,720,504 | 211,037,669 | 692,671,285 |
| Pinghai Power Generation | 55% | 76,895,975 | 106,235,578 | 1,167,953,729 |
| Energy Thermal power Plant | 53.46% | -28,548,828 | 0 | 699,712,524 |
| Zhongyue Company | 10% | -4,838,400.29 | 0 | 91,385,944.06 |
| Yuejiang Company | 10% | -15,717,660.22 | 0 | 35,437,310.02 |
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
| Subsidiaries | Closing balance | Beginning balance | ||||||||||
| Current assets | Non-current assets | Total assets | Current liabilities | Non-current Liabilities | Total liabilities | Current assets | Non-current assets | Total assets | Current liabilities | Non-current Liabilities | Total liabilities | |
| Bohe Company | 996,163,042 | 9,403,134,752 | 10,399,297,794 | 3,403,576,506 | 3,003,448,137 | 6,407,024,643 | 767,050,262 | 9,643,376,566 | 10,410,426,828 | 3,764,791,895 | 2,490,088,705 | 6,254,880,600 |
| Zhanjiang Company | 3,169,849,923 | 1,216,184,060 | 4,386,033,983 | 325,114,099 | 20,704,040 | 345,818,139 | 3,046,263,179 | 1,262,920,735 | 4,309,183,914 | 175,539,000 | 21,203,440 | 196,742,440 |
| Jinghai Company | 1,227,254,211 | 6,770,522,879 | 7,997,777,091 | 2,879,267,668 | 1,561,177,215 | 4,440,444,882 | 1,169,487,442 | 6,990,897,776 | 8,160,385,218 | 2,449,512,187 | 1,786,251,133 | 4,235,763,320 |
| Red Bay Company | 966,546,751 | 4,886,323,647 | 5,852,870,398 | 1,959,993,892 | 664,085,567 | 2,624,079,459 | 972,859,321 | 5,062,032,390 | 6,034,891,711 | 1,796,971,724 | 752,258,158 | 2,549,229,882 |
| Huizhou Natural gas | 771,065,829 | 2,988,450,131 | 3,759,515,960 | 1,092,875,695 | 567,636,372 | 1,660,512,067 | 710,651,111 | 3,115,192,544 | 3,825,843,655 | 635,175,623 | 660,400,000 | 1,295,575,623 |
| Pinghai Power Generation | 1,384,073,549 | 3,591,472,642 | 4,975,546,191 | 1,682,216,957 | 1,169,777,000 | 2,851,993,957 | 1,254,897,337 | 3,768,541,657 | 5,023,438,994 | 1,570,145,027 | 1,276,397,000 | 2,846,542,027 |
| Energy Thermal power Plant | 553,599,600 | 2,207,734,357 | 2,761,333,958 | 1,124,304,402 | 324,108,362 | 1,448,412,764 | 549,240,963 | 2,288,389,730 | 2,837,630,693 | 1,124,331,591 | 346,975,685 | 1,471,307,276 |
| Zhongyue Company | 618,707,875 | 2,961,991,660 | 3,580,699,535 | 2,013,223,903 | 653,616,192 | 2,666,840,094 | 476,912,616 | 3,095,012,573 | 3,571,925,189 | 2,106,065,554 | 503,616,192 | 2,609,681,745 |
| Yuejiang Company | 1,154,897,192 | 4,688,229,359 | 5,843,126,551 | 2,642,274,135 | 2,846,479,316 | 5,488,753,450 | 857,228,782 | 4,837,598,797 | 5,694,827,579 | 2,098,618,875 | 3,084,659,002 | 5,183,277,877 |
In RMB
| Subsidiaries | Amount of current period | Amount of previous period | ||||||
| Operating revenue | Net profit | Total comprehensive income | Cash flow from operating activities | Operating revenue | Net profit | Total comprehensive income | Cash flow from operating activities | |
| Bohe Company | 1,190,006,156 | -163,273,077 | -163,273,077 | 179,163,841 | 0 | -8,721,657 | -8,721,657 | 13,629,614 |
| Zhanjiang Company | 1,071,291,598 | 24,432,411 | 24,432,411 | 84,360,764 | 770,671,060 | 94,510,548 | 94,510,548 | 209,297,596 |
| Jinghai Company | 2,825,023,204 | 65,049,865 | 65,049,865 | 474,585,529 | 2,095,200,102 | 230,709,943 | 230,709,943 | 661,661,302 |
| Red Bay Company | 2,197,125,947 | 19,513,157 | 19,513,157 | 168,777,355 | 1,630,674,910 | 152,599,944 | 152,599,944 | 639,189,177 |
| Huizhou Natural gas | 1,996,292,606 | 208,243,950 | 208,243,950 | 490,350,045 | 1,870,326,110 | 334,746,205 | 334,746,205 | 412,544,115 |
| Pinghai Power Generation | 2,196,837,720 | 139,810,863 | 139,810,863 | 238,260,223 | 1,443,009,856 | 242,186,835 | 242,186,835 | 326,530,144 |
| Energy Thermal power Plant | 957,316,941 | -53,402,223 | -53,402,223 | 384,086,022 | 727,648,226 | 15,189,745 | 15,189,745 | 438,551,052 |
| Zhongyue Company | 959,628,170 | -48,384,003 | -48,384,003 | 208,055,333 | 598,088,942 | 1,152,621 | 1,152,621 | 221,798,430 |
| Yuejiang Company | 1,514,986,939 | -157,176,602 | -157,176,602 | 572,702,666 | 937,419,499 | -51,659,034 | -51,659,034 | 384,073,079 |
Other note：
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debtNot applicable
(5) Provide financial support or other support for structure entities incorporate into the scope ofconsolidated financial statementsNot applicable
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiaryNot applicable
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
| Name of Subsidiary | Main Places of Operation | Registration Place | Nature of Business | Shareholding Ratio (%) | The accounting treatment of investment in associates | |
| direct | indirect | |||||
| - Joint ventures： | ||||||
| Industry Fuel | Guangzhou | Guangzhou | Fuel trade | 50% | ||
| Associates ： | ||||||
| Shanxi Yudean Enerty | Taiyuan | Taiyuan | Coal Transportation and port operations investment | 40% | ||
| Yudean Shipping | Zhenzhen | Shenzhen | 35% | |||
| Energy Finance | Guangzhou | Guangzhou | Financial | 25% | ||
| Taishan Power Generation | Taishan | Taishan | Power Generation | 20% | ||
| Energy Financing Leasing Company | Guangzhou | Guangzhou | Financing Leasing | 25% | ||
（2）Main financial information of Significant joint venture
In RMB
| Amount of current period | Amount of previous period | |
| Industry Fuel | Industry Fuel | |
| Current assets | 6,780,910,522 | 3,394,974,695 |
| Non-current assets | 922,876,289 | 919,752,240 |
| Total of assets | 7,703,786,811 | 4,314,726,935 |
| Current liabilities | 5,805,985,154 | 2,677,965,708 |
| Non current liabilities | 306,058,725 | 505,894,435 |
| Total liabilities | 6,112,043,879 | 3,183,860,143 |
| Minority shareholder Equity | 67,010,551 | 67,010,550 |
| Attributable to shareholders of the parent company | 1,524,732,381 | 1,063,856,242 |
| Share of net assets calculated by stake | 765,051,530 | 531,928,121 |
| --Other | -614,728 | -614,728 |
| Book value of equity investment in joint venture | 764,436,802 | 531,313,393 |
| Business income | 15,512,366,825 | 6,784,253,886 |
| Financial expenses | 12,439,451 | |
| Income tax | 53,178,987 | 22,088,703 |
| Net profit | 160,175,934 | 57,819,131 |
| Total comprehensive income | 160,175,934 | 57,819,131 |
| Dividends received from the joint venture this year | 29,649,898 | 69,090,435 |
Other noteShare of asset is calculated in proportion to the shareholding based on the amount attributable to the parentcompany in the consolidated financial statements of associates. The amount in the consolidated financialstatements of associates considers the impacts of fair value of identifiable assets and liabilities of associates at thetime of acquisition and the unification of accounting policies.
(3) Main financial information of significant associated enterprise
In RMB
| Closing balance/This period | Opening balance/Last period | |||||||||
| Shanxi Energy | Yudean Shipping | Energy Finance | Taishan Power Generation | Energy Financing Leasing Company | Shanxi Energy | Yudean Shipping | Energy Finance | Taishan Power Generation | Energy Financing Leasing Company | |
| Current assets | 455,128,400 | 663,148,623 | 8,127,000,300 | 2,049,580,991 | 1,156,853,457 | 359,511,675 | 610,941,062 | 4,029,448,613 | 1,394,060,235 | 913,688,722 |
| Non-current assets | 6,088,965,525 | 1,470,208,991 | 16,826,658,632 | 9,605,611,270 | 5,499,653,915 | 4,862,121,461 | 1,526,832,468 | 16,236,897,512 | 10,151,763,274 | 4,333,088,521 |
| Total of assets | 6,544,093,925 | 2,133,357,614 | 24,953,658,932 | 11,655,192,261 | 6,656,507,372 | 5,221,633,136 | 2,137,773,530 | 20,266,346,125 | 11,545,823,509 | 5,246,777,243 |
| Current liabilities | 367,030,212 | 1,375,208,726 | 20,967,023,636 | 2,097,192,318 | 1,727,456,519 | 272,974,916 | 1,447,093,206 | 16,186,047,689 | 2,099,513,156 | 1,457,308,158 |
| Non-current liabilities | 1,042,121,539 | 2,018,078 | 24,771,788 | 2,847,582,009 | 394,482,950 | 24,771,788 | 1,699,534,931 | |||
| Total liabilities | 1,409,151,751 | 1,377,226,804 | 20,991,795,424 | 2,097,192,318 | 4,575,038,528 | 667,457,866 | 1,447,093,206 | 16,210,819,477 | 2,099,513,156 | 3,156,843,089 |
| Minority shareholder Equity | 6,281,278 | 1,226,302 | 6,344,280 | 1,177,413 | ||||||
| Attributable to shareholders of the parent company | 5,128,660,896 | 756,130,810 | 3,961,863,508 | 9,556,773,641 | 2,081,468,844 | 4,547,830,990 | 690,680,324 | 4,055,526,648 | 9,445,132,940 | 2,089,934,154 |
| Share of net assets calculated by stake | 2,051,438,155 | 263,632,679 | 990,465,878 | 1,928,084,738 | 520,571,642 | 1,819,132,396 | 241,738,113 | 1,013,881,662 | 1,889,026,588 | 522,483,539 |
| --Goodwill | 13,325,000 | 13,325,000 | ||||||||
| Book value of equity investment in associates | 2,051,438,155 | 263,632,679 | 1,003,790,878 | 1,928,084,738 | 520,571,642 | 1,819,132,396 | 241,738,113 | 1,027,206,662 | 1,889,026,588 | 522,483,539 |
| Business income | 40,369,217 | 975,357,361 | 361,371,694 | 2,700,661,824 | 119,226,458 | 4,992,410 | 435,612,954 | 343,612,965 | 2,700,661,824 | |
| Net profit | 420,775,891 | 62,555,903 | 212,021,766 | 223,754,761 | 41,841,369 | 269,234,121 | -53,831,002 | 209,453,720 | 201,189,473 | |
| Total comprehensive income | 420,775,891 | 62,555,903 | 212,021,766 | 223,754,761 | 41,841,369 | 269,234,121 | -53,831,002 | 209,453,720 | 201,189,473 | |
| Dividends received from the associated enterprise this year | 76,421,226 | 12,576,669 | 20,000,000 | 73,161,903 | 146,136,255 |
Other noteGuangdong Energy Group Finance Leasing Co., Ltd became an associate company to Guangdong Electric Power in November 2020, and the income statement hasno comparable data in the previous period.
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
| Amount of current period | Amount of previous period | |
| Joint venture: | -- | -- |
| The total number of the following | -- | -- |
| Associated enterprise： | -- | -- |
| Total investment book value | 675,349,344 | 656,356,923 |
| The total number of the following | -- | -- |
| --Net Profit | 20,498,038 | -1,816,145 |
| --Other comprehensive income | -1,269,641 | |
| - Total comprehensive income | 20,498,038 | -3,085,786 |
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer fundsto the CompanyNot applicable
(6) The excess loss of joint venture or associated enterprise
Not applicable
(7)The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investmentNot applicable
4. Significant common operation
Not applicable
5. Equity of structure entity not including in the scope of consolidated financial statementsNot applicable
6.Other
X. The risk related financial instrumentsXI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
| Items | Closing fair value | |||
| Fair value measurement items at level 1 | Fair value measurement items at level 2 | Fair value measurement items at level 3 | Total | |
| I. Consistent fair value measurement | -- | -- | -- | -- |
| （3）Other equity instrument investment | 506,053,215 | 3,164,500,870 | 3,670,554,085 | |
| II Inconsistent fair value measurement | -- | -- | -- | -- |
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-orderFor financial instruments that are not traded in active markets, the Group adopts valuation techniques to determinetheir fair value.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measuresustaining and non-persistent on second-order
4. Valuation technique and qualitative and quantitative information on major parameters for the fair value measuresustaining and non-persistent on third -orderFor financial instruments that are not traded in active markets, the Group adopts valuation techniques to determinetheir fair value. The valuation models used are mainly cash flow discount model and market comparable companymodel. The input values of valuation techniques mainly include risk-free interest rate, benchmark interest rate,exchange rate, credit spread, liquidity premium, dividend model, EBITDA multiplier, illiquidity discount and soon.
5.Continuous third-level fair value measurement project, adjustment information between the opening and closingbook value and sensitivity analysis of unobservable parameters
6.The reasons for the conversions and the policies for determining the timing of the conversions for continuousfair value measurement items where conversions between various levels occurred during the current periodThe Group takes the occurrence date of the event that leads to the transition between different levels as the time toconfirm the transition between different levels. This year, there is no transition among the first level, the secondlevel and the third level.
7. Changes in valuation technology during the current period and the reasons for the changes
8. Sensitiveness analysis on unobservable parameters and adjustment information between opening andclosing book value of consistent fair value measurement items at level 3The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable, otherreceivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds payable and long-termpayables.There is no significant difference between the book value and fair value of the Group's financial assets andfinancial liabilities that are not measured at fair value.
9.Other
XII. Related parties and related-party transactions
1. Parent company information of the enterprise
| Parent company name | Registration place | Nature | Registered capital | Share ratio of parent company against the company(%) | Vote right ratio of parent company against the company(%) |
| Guangdong Energy Group | Guangzhou | Operation and management of power generation enterprises, capital management of electricity assets, construction of power plant and sales of electricity | 23 billion | 67.39% | 67.39% |
Explanation on parent company of the enterpriseOn August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform ofelectric power system. Guangdong Electric power Group was established by inheriting the electricity generationbusiness of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76%stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,owning more than 13,000 staff now, and the company is the strongestOn February 18, 2019, With the approval of the state-owned assets supervision and administration commission ofthe Guangdong provincial people's government and the approval of the Guangdong provincial market supervisionadministration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co., LtdUltimate controller of the Company is Guangdong Provincial People’s Government state owned assetssupervision and Administration Commission.Other note：
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.3.Other cooperative enterprise and joint venture that have related transaction with the Company in the Period oroccurred in pervious period：
| Name | Relationship |
| Yudean Fuel Company | Joint venture |
| Yudean Shipping Comany | Associate |
| Energy Group Finance Cmpany | Associate |
| Yudean Insurance Captive Company | Associate |
| Guangdong Energy Financing Leasing Co., Ltd. | Associate |
Other note
4.Other related party
| Other related party | Relationship with the Enterprise |
| Yudean Environmental protection | Controlled by Energy Group |
| Guanghe Electric Power | Controlled by Energy Group |
| Yuelong Power Generation | Controlled by Energy Group |
| Xinhui Power Plant | Controlled by Energy Group |
| Yunhe Power Generation | Controlled by Energy Group |
| Zhongshan Thermal power plant | Controlled by Energy Group |
| Yuehua Power Generation | Controlled by Energy Group |
| Zhuhai Jinwan | Controlled by Energy Group |
| Guangzhu Company | Controlled by Energy Group |
| Yudean Infornation Technology | Controlled by Energy Group |
| Huangpu Power Engineering | Controlled by Energy Group |
| Yudean Property | Controlled by Energy Group |
| Yangjiang Port | Controlled by Energy Group |
| Yudean Changtan Power Generation | Controlled by Energy Group |
| Yudean Real Estate | Controlled by Energy Group |
| Shajiao C Power Plant | Controlled by Energy Group |
| Energy Group | Controlled by Energy Group |
| Huizhou New Energy | Controlled by Energy Group |
| Deqing New Energy | Controlled by Energy Group |
| Shaoguan Port | Controlled by Energy Group |
| Yudean New Energy | Controlled by Energy Group |
| Qujiang New Energy | Controlled by Energy Group |
| Yudean Environmental protection material | Controlled by Energy Group |
| Huizhou Natural gas | Controlled by Energy Group |
| Shenzhen Tianxin | Controlled by Energy Group |
| Energy Group Natural gas | Controlled by Energy Group |
| Energy Group Research | Controlled by Energy Group |
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
| Related party | Content | Current amount | Approval trading limit | Whether over the trading limit(Y/N) | Last amount |
| Fuel Company | Fuel purchase | 10,988,461,951 | No | 4,902,865,249 | |
| Energy Group Natural gas | Fuel purchase | 1,011,394,168 | No | 742,626,273 | |
| Yudean Environment Protection | Material purchase | 108,295,352 | No | 68,533,438 | |
| Yudean Property Management | Management services | 14,070,665 | No | 15,521,486 | |
| Yangjiang Port | Acceptance of tugboat services | 12,695,230 | No | 1,479,405 | |
| Yudean Shipping | Acceptance of tugboat services | 12,113,208 | No | 13,097,736 | |
| Huangpu Power Engineering | Maintenance services | 5,524,654 | No | 5,364,513 | |
| Yudean Information | Acceptance of management services | 2,145,269 | No | 1,057,265 | |
| Yudean Changtan Power Generation | Acceptance of management services | 0 | No | 113,208 | |
| Yuehua Power Generation | Acceptance of management services | 0 | No | 37,800 | |
| Guanghe Electric Power | Electric purchase | 71,683,747 | No | 78,863,402 | |
| Guangzhu Company | Electric purchase | 59,973,500 | No | 65,652,082 | |
| Zhuhai Jinwan | Electric purchase | 56,010,529 | No | 60,817,812 | |
| Zhongshan Thermal power plant | Electric purchase | 44,818,875 | No | 44,099,821 | |
| Yunhe Power Generation | Electric purchase | 33,829,900 | No | 28,300,770 | |
| Yuehua Power Generation | Electric purchase | 30,209,169 | No | 29,358,941 | |
| Xinhui Power Generation | Electric purchase | 21,348,324 | No | 28,026,682 | |
| Yuelong Power Generation | Electric purchase | 14,351,040 | No | 14,217,210 |
Sales of goods and services
In RMB
| Related parties | Content | Occurred current term | Occurred in previous term |
| Yudean Environment | Sale of Material | 158,811,106 | 110,603,961 |
| Protection | |||
| Shajiao C plant | Providing maintenance services | 22,011,907 | 19,703,681 |
| Xinhui Power Generation | Service | 5,008,934 | 5,782,041 |
| Energy Group | Provide emergency rescue services | 4,716,981 | 0 |
| Yunhe Power Generation | Providing maintenance services | 4,251,461 | 12,313,194 |
| Zhongshan Thermal power plant | Providing maintenance services | 3,663,982 | 2,445,092 |
| Qujiang New Energy | Providing maintenance services | 1,531,789 | 2,307,500 |
| Yudean New Energy | Service | 512,078 | 312,004 |
| Huizhou New Energy | Providing maintenance services | 138,813 | 19,749 |
| Deqing New Energy | Service | 0 | 557,677 |
| Yudean Environment Protection | Providing maintenance services | 0 | 188,522 |
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
| Name of the employer | Name of the undertaker | Asset situation of the undertaker | Start date | Terminating date | Pricing basis | Gains from the deal in report period |
| Guangdong Energy Group Co., Ltd. | Guangdong Electric Power Development Co., Ltd. | Shareholders' rights except ownership, income right and disposition right | January 1,2018 | The custody fee charged to each first-class target company directly controlled by Guangdong Energy Group is 100,000 yuan/year, and the custody fee charged to each second-class target company indirectly controlled by Guangdong Yudean Group is 50,000 yuan/year. If the custody period is less than one complete fiscal year, the calculation formula of the custody fee of each target company is calculated according to the custody days. During the current period, there are 19 first-level subject companiesthat have been in custody for half a year , 8 second-level subject companiesthat have been in custody for half a year, and two other subject companies have been changed: (1) Xitou Company-the first-level subjectcompany-was cancelled on February 25, 2021, with the number of custody days was 56 days and the custody fee was RMB 15,342; (2) Zhuhai Power Generation Company-a second-level subject company-was cancelled on May 20, 2021, with the number of custody days was 140 daysand the custody fee was | 1,117,472 |
NoteAccording to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order toavoid horizontal competition and fulfill the commitments of related horizontal competition, the Company andGuangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders ofthe Company within the trust scope of Guangdong Energy Group to the Company except for the rights ofownership, income and disposition. The expected trust fee is RMB 2.45 million/year.Charge RMB 100,000/year custody fees for each Guangdong Energy Group's direct holding primary targetcompany; charge each indirectly controlling secondary target company 50,000/year custody fee. For details, pleaserefer to the " Announcement on Related Party Transaction of the Signing of the “Equity Custody Agreement” byGuangdong Electric Power Development Co., Ltd with Guangdong Yudean Group Co., Ltd " (Announcement No.:
2018-04) disclosed in China Securities Journal, Securities Times, and Cninfo.com on January 13, 2018.
Lists of entrust/contractedNot applicable
(3) Information of related lease
The company as lessor:
In RMB
| Name of lessee | Category of leased assets | The lease income confirmed in this year | The lease income confirmed in last year |
| Shipping Company | Property Leas | 0 | 528,807 |
| Shajiao C Power plant | Property Leas | 0 | 42,857 |
| Shaoguan Port | Property Leas | 330,400 | 12,465 |
| Property Company | Property Leas | 728,743 | 0 |
| Qujiang New Energy | Property Leas | 701 | 0 |
The Company was lessee：
In RMB
| Lessor | Category of leased assets | The lease income confirmed in this year | Category of leased assets |
| Yudean Real Estate | Leasing service | 6,135,668 | 4,909,655 |
| Yudean Finance lease | Financing leasing | 71,857,044 | 43,685,957 |
NoteOn March 2021,Based on the Framework Agreement on Financial Lease between the Company and YudeanLeasing, Yudean Leasing is committed to offering the Group a credit line of less than RMB 10 billion, which isreusable during the one-year agreement period.As at 30 June 2021, the balance of Bohe Coal’s long-term payables of finance lease through leaseback wasRMB 1,006,959,137 (December 31, 2020: 1,007,089,705 ), and its interest expenses recorded in construction inprogress was RMB 20,907,626 (December 31, 2020: RMB47,836,846);Qujie Wind's balance of lease liabilities formed by financial leases is RMB 1,680,811,246 (as of December 31, 2020,the balance of long-term payables formed by financial leases is RMB: 1,106,364,504), and the interest expensesincluded in the right-of-use assets this year are RMB 31,468,242 yuan（December 31, 2020:RMB34,701,756）;
On June 30,2021,the balance of Qujie Wind Power’s long-term payables of finance lease was RMB 1,680,811,246(December 31, 2020: 1,106,364,504), and the interest expenses recorded in construction in progress amounted toRMB31,468,242 ((December 31, 2020: 34,701,756 ）.On June 30,2021,the balance of Zhuhai Wind Power’s long-term payables of finance lease was RMB 275,639,325(December 31, 2020: 275,227,648), and the interest expenses recorded in construction in progress amounted toRMB5,741,900(December 31, 2020:RMB 8,543,651) ）.On June 30,2021,the balance of Yangjiang Wind Power’s long-term payables of finance lease was RMB
223,556,472 (December 31, 2020: 138,294,539), and the interest expenses recorded in construction in progress
amounted to RMB3,518,395 ((December 31, 2020:RMB 6,354,198 ）.On June 30,2021,the balance of Nanxiong Yuefeng New Energy’s long-term payables of finance lease was RMB
20,830,088, and the interest expenses recorded in construction in progress amounted to RMB389,126.On June 30,2021,the balance of Huadu Natural Gasr’s long-term payables of finance lease was RMB 393,702,735(December 31, 2020: 76,214,109), and the interest expenses recorded in construction in progress amounted toRMB8,725,389 ((December 31, 2020: RMB149,836 ）.On June 30,2021,the balance of Tongdao Wind Power’s long-term payables of finance lease was RMB 67,914,839(December 31, 2020: 40,577,991), and the interest expenses recorded in construction in progress amounted toRMB1,106,366 ((December 31, 2020:RMB 904,804 ）.
（4）Status of related party guarantee
As a guarantor for the company
In RMB
| Guarantor | Guarantee amount | Start date | End date | Execution accomplished |
| Guangdong Energy Group | 600,225,631 | December 3,2019 | September 15,2043 | No |
As a secured party for the company
In RMB
| Guarantor | Guarantee amount | Start date | End date | Execution accomplished or not |
| Energy Group | 0 | August 14,2013 | August 13,2022 | Yes |
(5) Inter-bank lending of capital of related parties：
In RMB
| Related party | Amount borrowed and loaned | Initial date | Due date | Notes |
| Borrowed | ||||
| Guangdong Energy Group Finance Co., Ltd. | 140,000,000 | December 6,2007 | December 5,2025 | |
| Guangdong Energy Group Finance Co., Ltd. | 295,040,000 | March 11,2013 | March 10,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 232,110,651 | December 25,2013 | December 24,2028 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | October 16,2014 | October 13,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 51,740,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,790,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,780,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 49,950,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,790,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,780,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | February 4,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | February 4,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | February 11,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,000,000 | June 9,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 45,000,000 | June 17,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 45,000,000 | June 17,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | July 2,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 25,000,000 | July 23,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 25,000,000 | July 23,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 11,500,000 | August 12,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | September 2,2015 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 24,000,000 | September 15,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 24,000,000 | September 15,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | September 28,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | September 28,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 4,000,000 | September 29,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 19,000,000 | October 13,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 19,000,000 | October 13,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 144,500,000 | December 16,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 144,500,000 | December 16,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 4,000,000 | December 16,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | December 17,2015 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 3,000,000 | January 27,2016 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,000,000 | March 3,2016 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 78,000,000 | November 30,2016 | November 28,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 14,000,000 | January 25,2017 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 4,000,000 | May 15,2017 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,055,666.05 | October 27,2017 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 42,542,563.40 | December 11,2017 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 8,800,000 | December 18,2017 | August 15,2032 | |
| Guangdong Energy Group Finance Co., Ltd. | 18,845,253.12 | January 31,2018 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,200,639.87 | April 28,2018 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,000,000 | June 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,000,000 | June 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 22,753,922 | July 4,2018 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 26,000,000 | July 31,2018 | July 22,2033 |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | August 17,2018 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 800,000 | August 17,2018 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,191,038.20 | September 11,2018 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 17,000,000 | September 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 17,000,000 | September 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 8,327,537.21 | November 22,2018 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | December 28,2018 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | January 15,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,919,804 | January 24,2019 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | February 25,2019 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | February 25,2019 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,250,000 | March 11,2019 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,058,352 | April 12,2019 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 38,000,000 | May 31,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 23,000,000 | June 21,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 632,991.90 | June 26,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 570,000 | July 15,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 26,000,000 | July 29,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 297,042.21 | August 26,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,297,700 | September 12,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 180,000 | September 29,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 21,000,000 | September 29,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 210,000 | October 29,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 18,000,000 | October 30,2019 | Decemer ,27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 3,000,000 | November 21,2019 | June 22,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 18,000,000 | November 27,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 2,000,000 | December 5,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,100,000 | December 18,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 9,000,000 | December 25,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 3,000,000 | December 27,2019 | December 26,2034 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,800,000 | January 14,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,014,937.25 | January 17,2020 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | February 21,2020 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,500,000 | February 25,2020 | June 25,2039 |
| Guangdong Energy Group Finance Co., Ltd. | 32,158,951.93 | February 26,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,868,106.45 | March 25,2020 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | April 3,2020 | March 31,2023 | |
| Guangdong Energy Group Finance Co., Ltd. | 16,821,144.20 | April 8,2020 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | April 9,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 47,400,000 | April 16,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 54,000,000 | April 20,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 22,682,257.62 | April 30,2020 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 43,481,594.40 | May 14,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 8,500,000 | May 18,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 43,850,008.20 | May 27,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 2,800,000 | May 28,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 69,030,000 | May 29,2020 | May 28,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 46,020,000 | June 15,2020 | May 28,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 6,700,000 | June 17,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 15,400,000 | June 17,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 2,200,000 | June 22,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | June 24,2020 | December 26,2034 | |
| Guangdong Energy Group Finance Co., Ltd. | 4,550,000 | June 28,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | July 6,2020 | July 5,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 11,200,000 | July 9,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | July 13,2020 | July 12,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 48,350,000 | July 16,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | July 21,2020 | July 20,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 6,000,000 | July 22,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | July 29,2020 | July 28,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 80,000,000 | July 30,2020 | July 29,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | August 6,2020 | August 5,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 400,000,000 | August 10,2020 | August 9,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 19,500,000 | August 10,2020 | July 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | August 13,2020 | August 12,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 2,700,000 | August 14,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | August 19,2020 | August 18,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,700,000 | August 20,2020 | June 25,2039 |
| Guangdong Energy Group Finance Co., Ltd. | 83,613,861.21 | August 20,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | August 24,2020 | August 23,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 21,281,009.76 | August 27,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 36,000,000 | September 10,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | September 10,2020 | September 9,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 6,800,000 | September 14,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,700,000 | September 15,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,188,757.10 | September 16,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | September 16,2020 | September 15,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | September 17,2020 | September 16,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | September 28,2020 | September 27,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | October 9,2020 | December 26,2034 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | October 12,2020 | October 11,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | October 14,2020 | October 13,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 11,600,000 | October 15,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | October 16,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,000,000 | October 23,2020 | May 25,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | October 28,2020 | October 27,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | October 29,2020 | October 28,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | November 4,2020 | November 2,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 28,000,000 | November 4,2020 | May 28,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | November 16,2020 | November 16,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 13,000,000 | November 17,2020 | December 26,2034 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,100,000 | November 19,2020 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 16,530,202.23 | November 19,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 9,000,000 | November 19,2020 | November 2,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 150,000,000 | November 24,2020 | November 23,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | November 26,2020 | November 25,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 24,000,000 | November 26,2020 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 6,290,000 | December 10,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | December 11,2020 | December 10,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 24,000,000 | December 11,2020 | December 26,2034 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | December 16,2020 | December 15,2121 | |
| Guangdong Energy Group Finance Co., Ltd. | 150,000,000 | December 17,2020 | December 16,2021 |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | December 22,2020 | December 21,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | January 4,2021 | May 28,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 25,000,000 | January 4,2021 | December 29,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 300,000,000 | January 14,2021 | January 13,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 21,210,000 | January 15,2021 | January 14,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | January 15,2021 | January 14,2041 | |
| Guangdong Energy Group Finance Co., Ltd. | 11,000,000 | January 21,2021 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | January 22,2021 | January 21,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 3,000,000 | January 22,2021 | November 2,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 4,500,000 | February 5,2021 | December 26,2034 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | February 25,2021 | February 24,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | February 26,2021 | February 25,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 8,500,000 | February 26,2021 | December 29,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 13,084,525.72 | March 11,2021 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | March 16,2021 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | March 17,2021 | March 16,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | March 24,2021 | March 23,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 40,000,000 | March 25,2021 | March 24,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 19,000,000 | March 26,2021 | May 28,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | March 29,2021 | March 28,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | March 30,2021 | March 28,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | March 30,2021 | September 29,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | April 1,2021 | March 31,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | April 6,2021 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | April 13,2021 | April 12,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | April 13,2021 | June 23,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 86,135,247.60 | April 14,2021 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | April 15,2021 | April 14,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | April 19,2021 | April 18,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 8,121,853.80 | April 22,2021 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 16,000,000 | April 22,2021 | December 29,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 7,500,000 | April 23,2021 | July 22,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 300,000,000 | April 25,2021 | April 24,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | April 25,2021 | October 24,2021 |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | April 29,2021 | April 28,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | May 12,2021 | May 11,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | May 14,2021 | May 13,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 29,000,000 | May 17,2021 | November 16,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | May 17,2021 | May 16,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 31,500,000 | May 18,2021 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | May 20,2021 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 2,000,000 | May 20,2021 | November 19,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | May 21,2021 | May 20,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | May 25,2021 | May 24,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | June 2,2021 | June 1,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 15,000,000 | June 8,2021 | June 7,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 10,2021 | June 9,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 160,000,000 | June 10,2021 | June 9,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 11,2021 | June 15,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 250,000,000 | June 15,2021 | June 14,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | June 15,2021 | December 14,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | June 15,2021 | June 14,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 16,2021 | June 15,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 70,000,000 | June 16,2021 | June 10,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | June 16,2021 | June 15,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | June 18,2021 | June 17,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 23,2021 | June 23,2022 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 29,2021 | June 28,2022 | |
| Loaned | ||||
(6)Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
| Items | Amount of current period | Amount of previous period |
| Annual salary of the operator | 3,199,040 | 3,053,040 |
（8）Other related transactions
(a)Allocation of common expensesIn the first half of 2021,, the common expenses received by the Group from Shajiao C was RMB2,453,346.( In thefirst half of 2020, the common expenses received by the Group from Shajiao C was RMB1,711,963 )(b) Interest incomeIn RMB
| Items | Amount of current period | Amount of previous period |
| Deposit interest of Energy Group Finance | 39,045,277 | 32,889,591 |
| Proportion % | 92.79% | 91.77% |
(c)Interest expense
| Items | Amount of current period | Amount of previous period |
| Interest of borrowing of Guangdong Energy Finance Company | 131,455,460 | 135,226,054 |
| Discount interest of Guangdong Energy Finance Company | 6,589,373 | 12,277,995 |
| Proportion | 22.33% | 24.82% |
（d）Interest payable
| Items | Amount of current period | Amount of previous period |
| Yudean Finance Lease interest | 71,857,044 | 43,685,957 |
(e)Joint Investment
| Name | Energy Group |
| Enerty Thermal power Plant | 30.12% |
| Bohe Company | 33% |
| Energy Group Finance Company | 65% |
| Industry Fuel | 50% |
| Shanxi Energy Company | 60% |
| Capital Company | 51% |
| Yueqian Company | 17.48% |
| Yudean Shipping | 65% |
| Energy Financing Leasing | 50% |
6. Payables and receivables of the related party
（1）Receivables
In RMB
| Project | Related parties | At end of term | At beginning of term | ||
| Book balance | Bad debt provision | Book balance | Bad debt provision | ||
| Monetary funds | Energy Group Finance Company | 4,844,314,409 | 4,776,279,403 | ||
| Account receivable | Xinhui Power Generation | 7,921,910 | 6,361,157 | ||
| Shajiao C plant | 6,280,995 | 8,344,661 | |||
| Energy Group | 5,000,000 | ||||
| Yunhe Power Generation | 4,935,972 | 3,282,711 | |||
| Yudean Environmental protection | 2,370,749 | ||||
| Qujiang New Energy | 1,489,952 | 1,282,820 | |||
| Zhongshan Thermal Power | 1,323,383 | 2,036,029 | |||
| Yudean Environmental | 633,153 | ||||
| Huizhou New Energy | 29,694 | 438,382 | |||
| Yudean New Energy | 1,316,666 | ||||
| Shaoguan Port | 1,542 | ||||
| Contract assets | Zhongshan Thermal Power | 553,570 | 482,939 | ||
| Shajiao C plant | 476,800 | 331,627 | |||
| Xinhui Power Plant | 62,792 | 549,950 | |||
| Qujiang New Energy | 566,660 | ||||
| Yudean New Energy | 255,311 | ||||
| Other account receivable | Yudean Environmental protection | 145,961,541 | 76,071,143 | ||
| Energy Group Finance Company | 34,258,847 | 27,301,568 | |||
| Shajiao C plant | 4,327,901 | 1,580,829 | |||
| Yudean Real Estate | 1,995,522 | 1,715,273 | |||
| The Group | 1,117,472 | 2,311,321 | |||
| Yudean Property | 525,708 | 1,006,188 | |||
| Capital Company | 251,769 | ||||
| Zhongshan Thermal Power | 69,842 | 46,045 | |||
| Research | 7,177 | ||||
| Yudean Shipping | 110,400 | ||||
| Advance payment | Industry Fuel | 610,775,532 | 555,574,836 | ||
| Shenzhen Tianxin | 6,164,093 | 45,487 | |||
| Capital Company | 1,698,503 | ||||
| Yudean Infornation Technology | 250,000 | ||||
| Zhuhai Port | 4,118,339 |
（2）Payables
In RMB
| Name | Related party | Amount at year end | Amount at year beginning |
| Note Payable | Energy Group Finance Company | 320,000,000 | 612,992,546 |
| Account Payable | Industry fuel | 3,368,617,262 | 2,003,569,440 |
| Energy Group natural gas | 172,195,427 | 63,883,147 | |
| Yudean Environmental Protection | 56,260,724 | 43,445,926 | |
| Yudean Environmental Protection Material | 16,511,363 | ||
| Huangpu Electric Engineering | 3,043,598 | ||
| Yudean Shipping Company | 1,150,000 | 2,300,000 | |
| Yudean Property | 607,894 | 1,675,376 | |
| Yudean Infornation Technology | 245,900 | ||
| Xinhui Power Plant | 128,964 | ||
| Other account payable | Yangjiang Port | 3,115,810 | 372,400 |
| Yudean Environmental Protection Material | 433,536 | ||
| Yudean Information Technology | 301,497 | 433,460 | |
| Yudean Shipping Company | 200,000 | 200,000 | |
| Yuemeng New Energy | 183,773 | ||
| Huangpu Electric Engineering | 122,846 | 5,696,988 | |
| Yudean Property | 90,086 | 757,262 | |
| Shenzhen Tianxin | 70,000 | 70,000 | |
| Yudean Real Estate | 47,371 | 2,305 | |
| Qujiang New Energy | 9,000 | 9,000 | |
| Zhongshan Thermal Power | 345,486 | ||
| Yudean Environmental Protection | 132,864 | ||
| Changtan Power Generation | 120,000 | ||
| Short-term loan | Energy Group Finance Company | 5,817,794,653 | 4,587,920,173 |
| -Principal | 5,814,000,000 | 4,583,000,000 | |
| -Interest | 3,794,653 | 4,920,173 | |
| Non-current liability due in 1 year | Energy Group Finance Company | 140,315,586 | 185,952,653 |
| -Principal | 132,347,725 | 181,449,280 | |
| -Interest | 7,967,861 | 4,503,373 | |
| Enerty Financing Leasing | 11,337,912 | 11,337,912 |
| Long-term loan | Energy Group Finance Company | 3,842,354,431 | 3,381,849,374 |
| Lease liabilities | Enerty Financing Leasing | 3,669,413,842 | 2,643,768,496 |
7. Related party commitment
Not applicable
8.Other
XIII. Stock payment
1. The Stock payment overall situation
□ Applicable √ Not applicable
2. The Stock payment settled by equity
□ Applicable √ Not applicable
3. The Stock payment settled by cash
□ Applicable √ Not applicable
4. Modification and termination of the stock payment
5.Other
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(1) Commitments of capital expenditure
The following are the capital expenditure commitments signed by the Group on the balance sheet date, which donot need to be listed on the balance sheet:
| June 30,2021 | December 31,2020 | |
| House ,Building and Generation equipment | 18,360,865,379 | 15,285,913,171 |
| Intangible assets | 19,733,104 | 0 |
| Total | 18,380,598,483 | 15,285,913,171 |
(2) Performance of previous commitments
(a) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of DongguanNingzhou Site Alternative Power Project during its 3rd communication meeting on 10 April 2020. The Board gavepermission to Binhai Bay Company (the main part of investment) for investment in and construction of DongguanNingzhou Site Alternative Power Project, and the installation capacity of the project was gas-steam cooling
thermal and power cogeneration unit of 3×700MW. The dynamic investment for the project amounted to RMB5,927,600,000, including a capital fund of RMB 1,185,520,000. As at 30 June 2021, the Company had made acapital contribution of RMB 620,000,000 to Binhai Bay Company, including a contribution of50,000,000 made inthe current year.
(b) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhuhai JinwanOffshore Wind Power Project during its 7th meeting on 25 January 2019. For the purpose of scaling up theCompany’s offshore wind power in Guangdong Province and the southeast coast, the Board approved theCompany’s investment in Zhuhai Jinwan Offshore Wind Power Project with a total dynamic investment of RMB5,643,170,000, including a capital fund of RMB 1,128,634,000.On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease the financialpressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved theProposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai Special Economic ZonePower Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of Guangdong YudeanZhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, in which Zhuhai Powercontributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company, while Guangdong EnergyGroup contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai Wind Power Company. After thecompletion of capital increase and share expansion, the shareholding ratio of Guangdong Wind Power Companyin Zhuhai Wind Power Company decreased to 74.2816%. As at 30 June 2021, the Company had made a capitalcontribution of RMB665,000,000 to Zhuhai Jinwan Offshore Wind Power Project, including a contributionof50,000,000 made in the current year.
(c) The Ninth Session of the Board approved the Proposal of Investment in and Construction of ZhanjiangWailuo Offshore Wind Power Project (Phase I) during its 1st communication meeting on 23 March 2018. TheBoard gave permission to its wholly-owned subsidiary Qujie Wind Power for the construction of ZhanjiangWailuo Offshore Wind Power Project (Phase I). The installation capacity of the project reached at 198 MW, andthe total investments hit RMB 3,739,450,000. The capital fund was recorded as RMB 747,890,000 at a proportionof 20%. As at 31 December 2020, the Company made a total capital contribution of RMB 600,000,000 to theproject and in 2020 the Company did not increase capital.
(d) The Ninth Session of the Board approved the Proposal of Investment in Construction of Zhanjiang WailuoOffshore Wind Power Project (Phase II) during its 1st communication meeting on 23 March 2018 and theProposal of Investment in Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase II) during its9th meeting on 29 August 2019. The Board gave permission to the Company’s wholly-owned subsidiary QujieWind Power for the investment of Wailuo Phase II, which was deemed as the main part of investment. The totaldynamic investment for the project amounted to RMB 3,789,120,000, including a capital fund of RMB757,824,000. As at 30 June 2021, the Company had made a capital contribution of RMB278,000,000 to TheProject, including a contribution of100,000,000 made in the current year.（e) The Eighth Session of the Board approved the Proposal of Establishment of Yudean Yangjiang OffshoreWind Power Co., Ltd. during its 6th meeting on 27 April 2015. The Board gave permission to the Company’swholly-owned subsidiary Guangdong Wind Power for the establishment of Yangjiang Wind Power in Yangjiang,which was deemed as the main part of investment in Yangjiang Shapa offshore wind power project. The totaldynamic investment was RMB 5,963,270,000, and the capital fund was calculated as RMB 1,192,660,000 at aproportion of 20%. It is agreed to implement the capital increase of special funds for promoting economic
development in 2018 by means of capital increase and share expansion proposed by the State-owned AssetsSupervision and Administration Commission of the People's Government of Guangdong Province, and introduceGuangdong Energy Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.,with Guangdong Energy Group contributing RMB 58.1053 million and holding 10.9594% equity of YangjiangWind Power Company. After the capital increase and share expansion, the shareholding ratio of Guangdong WindPower Company in Yangjiang Wind Power Company decreased to 89.0406%, and the final shareholding ratio ofeach shareholder shall be subject to the asset appraisal record results. As at 30 June 2021, the Company had madea capital contribution of RMB665,000,000 to The Project, including a contribution of160,000,000 made in thecurrent year.(f) The Ninth Session of the Board approved the Proposal on Investment in and Construction of ZhanjiangXinliao Offshore Wind Power Project during its 6th communication meeting on 28 November 2019. The Boardagreed Qujie Wind Power’s investment (as the main part of the investment in the project) in construction andoperation of Zhanjiang Xinliao Offshore Wind Power Project with a total dynamic investment of RMB3,698,880,000. The capital fund was recorded as RMB 739,776,000 at a proportion of 20%.As at 30 June 2021, the Company had made a capital contribution of RMB370,000,000 to The Project, including acontribution of100,000,000 made in the current year.(g) The Ninth Session of the Board approved the Proposal on Accelerating Guangdong Yudean Dapu PowerPlant Project (Phrase II) during its 15th meeting on 12 October 2020. The Board gave permission to the subsidiaryDapu Electric for part of substantive work of the project. The project investment in 2020 was limited to RMB317,100,000, which was provided to Dapu Electric by the Company through capital increase based on actualconstruction progress. As at 30 June 2021, no contribution was made to Dapu Electric.
(h) The Eighth Session of the Board approved the Proposal on the Establishment of Hunan Tongdao DongAutonomous County Dagaoshan Wind Power Project Company during its 14th meeting on 25 October 2016 andthe Proposal on the Construction of Hunan Tongdao Dagaoshan Wind Power Plant Project during its 3rdcommunication meeting on 10 April 2020. The Board gave permission to the Company’s subsidiary TongdaoCompany for the investment in and construction of the Tongdao Dagaoshan wind power project and theinstallation capacity of the project was 50MW. The total dynamic investment was RMB 531,740,000, including acapital fund of RMB 106,348,000 (accounting for 20% of the total dynamic investment). As at 30 June 2021, theCompany had made a capital contribution of RMB100,000,000 to The Project, including a contributionof40,000,000 made in the current year.
(i) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of GuangxiWuxuan Wind Power Plant Project (Phrase I) during its 6th communication meeting on 28 November 2019. Thetotal investments of the project hit RMB 482,580,000 (including investment in self-construction of outgoingcircuit), including a capital fund of RMB 96,516,000. As at 30 June 2021, the Company had made a capitalcontribution of RMB80,000,000 to The Project, including a contribution of30,000,000 made in the current year.
(j) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Hunan Xupu SunMountain Wind Power Plant Project during its 3rd communication meeting on 10 April 2020. The Board gavepermission to Guangdong Wind Power for the investment in and construction of the project. The installationcapacity of the project was 50MW, and the total dynamic investment was RMB 524,532,900 (includinginvestment in self-construction of outgoing circuit), including a capital fund of RMB 104,906,580 (accounting for20% of the total dynamic investment). As at 30 June 2021, the Company had made a capital contribution of
RMB80,000,000 to The Project, including a contribution of30,000,000 made in the current year.
(k) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of ZhaoqingDinghu Natural Gas Thermal Power Cogeneration Project during its 15th meeting on 12 October 2020. The Boardgave permission to the Company’s holding subsidiary Yongan Natural Gas (as the main part of the investment inthe project) for the investment in and construction of Zhaoqing Dinghu natural gas thermal power cogenerationproject. The capital fund of the project was calculated as RMB 600,000,000 at 20% of the project’s totalinvestments. The initial registered capital of Yongan Natural Gas was RMB 100,000,000, and the Companycontributed RMB 90,000,000 based on its shareholding proportion of 90% in 2016. The remaining capital fund ofRMB 500,000,000 for the project would be provided by the Company according to its shareholding proportion of90% in batches based on actual construction progress and capital demand. As at 30 June 2021, the Company hadmade a capital contribution of RMB100,000,000 to The Project, In 2021,the Company didn’t increase registeredcapital.(l) The Ninth Session of the Board approved the Proposal on Acquisition of Equity of Guangdong GuangyeNanhua New Energy Co., Ltd. and Other Companies by Guangdong Wind Power during its 17th meeting on 4December 2020. The Board gave permission to the Company’s subsidiary Guangdong Wind Power foracquisition of 10% equity of South Sea Wind Electricity with a transfer payment of RMB 70,500,870, 51% equityof Nanhua New Energy with a transfer payment of RMB 93,381,000, and 51% equity of Datang RenewablePower not exceeding the limit granted by the Board of the Company with a transfer payment of RMB 161,858,100,which would be provided to Guangdong Wind Power by the Company through capital increase. As at 30 June2021, The Company has increased its capital by RMB 330,739,970 to Guangdong Wind Power. GuangdongWind Power has paid RMB 93,381,000 for the acquisition of 51% equity of Nan’hua New Energy, paid RMB161,858,100 for the acquisition of 51% equity of Datang New Energy, and paid RMB 70,500,820 for an equitytransfer for the acquisition of 10% of the equity ofSouthern Offshore Wind Power Company.
(m) The Ninth Session of the Board approved the Proposal on Investment in and Construction of GuangdongYudean Nanxiong Zhu’an Village Wind Power Plant Project during its 17th meeting on 4 December 2020. TheBoard gave permission to the Company’s wholly-owned subsidiary Guangdong Wind Power for the investment inGuangdong Yudean Nanxiong Zhu’an Village wind power plant project (49,900 KW) as a shareholder. The totaldynamic investment of the project was RMB 451,810,000, including a capital fund of RMB 90,362,000, and theremaining capital fund would be provided through bank loan financing etc. As at 30 June 2021, the Company hadmade a capital contribution of RMB40,000,000 to The Project, including a contribution of30,000,000 made in thecurrent year.(n) The Ninth Session of the Board approved the Proposal on Investment in and Construction of GuangdongYudean Pingyuan Sishui Wind Power Plant Project during its 17th meeting on 4 December 2020. The Board gavepermission to the Company’s wholly-owned subsidiary Guangdong Wind Power for the investment inGuangdong Yudean Pingyuan Sishui wind power plant project (40,000 KW) as a shareholder. The total dynamicinvestment of the project was RMB 339,480,000, including a capital fund of RMB 67,900,000. As at 30 June 2021,the Company had made a capital contribution of RMB40,000,000 to The Project, In 2021,the Company didn’tincrease registered capital.
(o) The Ninth Session of the Board approved the Proposal on Involvement in Capital of Guangdong ElectricPower Industry Fuel Co., Ltd. during its 18th meeting on 21 December 2020. The Company and GEGC wereallowed to increase capital of RMB 360,000,000 to Industry Fuel at the shareholding proportion for the
subscription of the new registered capital of Guangdong Yudean Faneng Investment Co., Ltd. at the correspondingshareholding proportion of 20%, and the remaining capital would be raised through self-finance by Industry Fuel.The Company needed to make a capital injection of RMB 180,000,000 based on the shareholding proportion of50%, As at 30 June 2021, the Company made a capital injection of RMB180,000,000.(p) The 15th Meeting of the 8th Board of director approved the Proposal about Investment in the Construction of 2×400MW Gas-steam Thermoelectricity Cogeneration Project of Guangdong Yudean Huadu Natural Gas ThermalPower Co., Ltd. and it was agreed that Huadu Thermal Power, a holding subsidiary, would invest in the2×400MW Gas-steam Cogeneration Project of Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd.The total investment of the project was RMB 3,593,160,000, and the capital was RMB 718,632,000. According tothe 65% share ratio, the total capital to be injected into Huadu Company by the Company was RMB 467,110,800.On June 30, 2021, the Company has injected a total capital of RMB 284,050,000 into the project, of which RMB97,500,000 was injected this year.(q) On February 14, 2021,The Second Meeting of the Ninth board of Directors examined and adopted theProposal on Establishing the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy StationProject Company and Carrying out the Upfront Work, In order to promote the implementation and speed up theprogress of the Western Comprehensive Energy Station Project of Huizhou Daya Bay Petrochemical District, theboard of directors agrees: The Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co.,Ltd establish the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station ProjectCompany in Daya Bay District by the share structure ratio of 80%:20%, with the initial registered capital of RMB22 million-of which the Company contributes RMB17.6 million according to the share ratio. The 2nd Meeting ofthe 9th Board of director by correspon dence examined and adopted the Proposal on Capital Increase toGuangdong Yudean Daya Bay Comprehensive Energy Co., Ltd.， the Company’s board of directors agreed thatthe Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd shall simultaneouslyincrease capital by amount 160 million yuan to Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd(hereinafter referred to as "Daya Bay Thermal Power Company") for the Daya Bay Thermal Power Company topurchase the project construction land, of which the Company shall invest 128 million yuan according to theequity ratio of 80%. On June 30, 2021, the Company has injected a total capital of RMB145,600,000 into theproject, of which RMB 128,000,000 was injected this year.
（r) On April 27,2021, The Second Meeting of the Ninth Board of Director by Correspondence examined andadopted the Proposal on Capital Increase to Shanxi Yudean Energy Co., Ltd.，the Company's board of directorsagreed that the Company and Guangdong Energy Group Co., Ltd will simultaneously increase the capital toShanxi Energy Company by 160 million yuan in accordance with the equity ratio, which shall be used by ShanxiEnergy Company to invest in Jilin Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan 100MWPhotovoltaic Project. Our Company increased the capital by RMB 64 million according to a 40% equity ratio. OnJune 30, 2021, the Company has injected a total capital of RMB64,000,000 into Shanxi Energy.(s) On January 28,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined andadopted the Proposal on the establishment of Guangdong Dananhai Intelligence Energy Co., Ltd., the board ofdirectors agreed to the Company’s sole proprietorship to establish a project company for the Jieyang Da’nanhaiPetrochemical Integrated Energy Project. with the first phase of registered capital is 15 million yuan. It’s agreedthat the project company will carry out the upfront work of Jieyang Da’nanhai petrochemical integrated energyproject (2~3 400MW/9F or 600MW gas-fired combined heat and power units. On June 30, 2021, the Companyhas injected a total capital of RMB15,000,000 into Dananhai Company.(t) On June 8,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined and adopted
the Proposal on Carrying out the Upfront Work of the "Integrated Source, Network and Load" Project in HuizhouNew Material Industrial Park，The board of directors of the Company agreed that Baihua Energy Company willfirst build a 9F gas-fired unit supporting a 100t/h gas boiler (finally determined according to the feasibility studyof the project) to carry out the upfront work. The upfront work cost of the project shall be controlled at 12 millionyuan, which shall be solved by the Company's capital increase. Baihua Energy Company was registered andestablished on February 25, 2021. It is a wholly-owned subsidiary to the Company with a registered capital of 5million yuan. On June 30, 2021, the Company has injected a total capital of RMB3，000，000 into Baihua EnergyCompany.
2.Contingency
（1）Significant contingency at balance sheet date
（a）As at 30 June 2021, the Company provided joint guarantee for bank borrowings amounting to RMB53,070,000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd., of which the liabilityrelief procedure is being handled.(b) On 31 December 2014, in response to the occupation of 15.0202 hectares of paddy fields during theconstruction of Dapu Electric’s engineering project (Phrase I), Dapu Power Plant had paid paddy fields cultivationfund of RMB 3,965,332 in full as required by the Ministry of Land and Resources and Guangdong ProvincialDepartment of Natural Resources. However, on 29 June 2020, the Department of Natural Resources of DapuCounty issued a letter to Dapu Electric, requiring Dapu Electric to pay additional fields cultivation fund of RMB10,679,362 according to relevant regulations of paddy fields cultivation in 2016. However, according to thesuggestion of legal adviser, Dapu Electric considered that the above relevant regulations were not applicable.The Natural Resources Bureau of Dapu County has filed a lawsuit with the People's Court of Dapu County on thismatter. On June 1, 2021, the People's Court of Dapu County formally filed a case, and the case was first heard onJuly 29, 2021. As of the issuance date of this report, both parties are still negotiating on this matter. Afterconsulting the legal adviser, the management of the Group cannot predict the negotiation result of this matter atpresent, so the expenses related to the occupation of paddy fields have not been accrued in the semi-annualfinancial statements of 2021.
（2）The Company have no significant contingency to disclose, also should be statedThe was no significant contingency in the Company.
3.Other
XIV. Post-balance-sheet eventsNot applicableXVI.. Other significant events
1. The accounting errors correction in previous period
Not applicable
2. Debt restructuring
Not applicable
3. Replacement of assets
Not applicable
4.Pension plan
Not applicable
5. Discontinuing operation
Not applicable
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale ofelectricity and related products, the management of the Group takes the electricity business as a whole, andregularly obtains and evaluates its financial status, operating results and cash flow and other relevant accountinginformation. Therefore, the Group has only the power business segment, so it has not prepared the report segmentinformation.From January to June, 2021, the income of the Group's power plants from China Southern Power GridCorporation was RMB 17,429,546,654 (January to June, 2020: RMB 12,227,202,300), accounting for 98.2% of theGroup's operating income (January to June, 2020: 97.52%)
(2) The financial information of reportable segment
Not applicable
(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportablesegment, shall disclose the reason.As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale ofelectricity and related products, the management of the Group takes the electricity business as a whole, andregularly obtains and evaluates its financial status, operating results and cash flow and other relevant accountinginformation. Therefore, the Group has only the power business segment, so it has not prepared the report segmentinformation.
(4) Other notes
7. Other important transactions and events have an impact on investors’ decision-making
8. Other
XVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
| Category | Closing balance | Opening balance | ||||||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |||||
| Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | |||
| Of which： | ||||||||||
| Accrual of bad debt provision by portfolio | 121,419,472 | 121,419,472 | 173,029,247 | 173,029,247 | ||||||
| Of which： | ||||||||||
| Total | 121,419,472 | 100% | 121,419,472 | 173,029,247 | 100% | 173,029,247 | ||||
Accrual of bad debt provision by single item:
In RMB
| Name | Closing balance | |||
| Book balance | Bad debt provision | Proportion% | Reason | |
Accrual of bad debt provision by portfolio:
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Electricity sales receivable | 121,419,472 | 0 | 100% |
| Total | 121,419,472 | 0 | -- |
Note：
Portfolio 1- Electricity sales receivable， As at 30 June 2021, the amount of receivables from sales of electricity ofthe Group was RMB121,419,472, which was mainly from China Southern Power Grid Co., Ltd. and its subsidiaries(collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit, the Groupbelieves that there is no significant credit risk in the receivables from sales proceeds of electricity, and thepossibility of significant losses due to China Southern Power Grid's default is extremely low. The Group'sexpected credit loss rate for sales proceeds of electricity is 0%.Accrual of bad debt provision by portfolio:
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion | |
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:
□ Applicable √ Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year（Including 1 year） | 121,419,472 |
| Total | 121,419,472 |
(2) Accounts receivable withdraw, reversed or collected during the reporting periodNot applicable
(3) The actual write-off accounts receivable
Not applicable
（4）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
| Name | Amount | Proportion(%) | Bad debt provision |
| GPGC | 121,419,472 | 100% | 0 |
| Total | 121,419,472 | 100% |
(5) Account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accountsreceivableNot applicable
2. Other accounts receivable
In RMB
| Items | Closing balance | Opening balance |
| Interest receivable | 1,116,857 | 1,038,206 |
| Dividend receivable | 31,500,000 | |
| Other accounts receivable | 297,447,501 | 295,686,651 |
| Total | 298,564,358 | 328,224,857 |
（1）Interest receivable
1) Category of interest receivable
In RMB
| Items | Closing balance | Opening balance |
| Fixed deposit | 224,492 | 130,098 |
| Entrust loans | 892,365 | 908,108 |
| Bond investment | 0 | 0 |
| Total | 1,116,857 | 1,038,206 |
(2) Significant overdue interest
Not applicable3）Bad-debt provision
□ Applicable √ Not applicable
（2）Dividend receivable
1）Category of dividend receivable
In RMB
| Items | Closing balance | Opening balance |
| Sunshine Insurance Holding Co., Ltd | 0 | 31,500,000 |
| Total | 31,500,000 |
(2) Significant dividend receivable aged over 1 year
Not applicable3）Bad-debt provision
□ Applicable √ Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
| Nature | Closing book balance | Opening book balance |
| Entrust loans receivable | 240,000,000 | 240,000,000 |
| Supplementary medical insurance fund receivable | 34,393,478 | 34,393,478 |
| Sales of by-products receivable | 10,491,364 | 9,318,678 |
| Advances receivable | 5,482,068 | 3,136,509 |
| Other | 7,291,996 | 9,047,525 |
| Total | 297,658,906 | 295,896,190 |
2）Bad-debt provision
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2021 | 209,539 | |||
| Balance as at January 1, 2021 in current | —— | —— | —— | —— |
| Withvision for this period | 6,637 | |||
| Turn it back | 4,771 | |||
| Balance as at June 30,2021 | 211,405 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year(Including 1 year） | 262,428,025 |
| 1-2 years | 18,113,142 |
| 2-3 years | 254,355 |
| Over 3 years | 16,863,384 |
| 3-4 years | 16,743,677 |
| 4-5 years | 0 |
| Over 5 years | 119,707 |
| Total | 297,658,906 |
3) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | |||
| Accrual | Reversed or collected amount | Write-off | Other | |||
| Other aging portfolio | 176,364 | 6,637 | 183,001 | |||
| Advance payment portfolio | 4,771 | 4,771 | 0 | |||
| Petty Cach portfolio | 28,404 | 28,404 | ||||
| Total | 209,539 | 6,637 | 4,771 | 211,405 | ||
(4) The actual write-off accounts receivable
Not applicable
(5) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
| Name | Nature | Closing balance | Aging | Proportion of the total year end balance of the accounts receivable | Closing balance of bad debt provision |
| Guangdong Shaoguan Yuejiang Power Generation | Entrusted loan due within one year | 200,000,000 | Within 1 year | 67% | 0 |
| Lincang Company | Entrusted loan due within one year | 40,000,000 | Within 1 year | 13% | 0 |
| Taikang Endowment Insurance Co., Ltd. Guangdong Branch | Supplementary medical insurance fund receivable | 34,393,478 | Within 1 year | 12% | 0 |
| Guangdong Yudean Environmental Protection Co., Ltd. | Sales of by-products receivable | 10,491,364 | Within 1 year | 4% | 0 |
| Guangdong Energy Group Shajiao C Plant | Advances receivable | 4,327,901 | Within 1 year | 1% | 0 |
| Total | -- | 289,212,743 | -- | 97% | 0 |
（6）Accounts receivable involved with government subsidies
Not applicable
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accountsreceivableNot applicable
3. Long-term equity investment
In RMB
| Items | Closing balance | Opening balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Investments in subsidiaries | 24,071,860,322 | 1,348,124,079 | 22,723,736,243 | 23,169,002,222 | 1,348,124,079 | 21,820,878,143 |
| Investments in associates and joint ventures | 7,245,077,842 | 96,327,854 | 7,148,749,988 | 6,728,492,566 | 96,327,854 | 6,632,164,712 |
| Total | 31,316,938,164 | 1,444,451,933 | 29,872,486,231 | 29,897,494,788 | 1,444,451,933 | 28,453,042,855 |
（1） Investments in subsidiaries
In RMB
| Investees | Opening balance | Increase /decrease | Closing balance | Closing balance of impairment provision | |||
| Add investment | Decreased investment | Withdrawn impairment provision | Other | ||||
| Zhanjiang Power | 2,185,334,400 | 2,185,334,400 | |||||
| Yuejia Company | 0 | 0 | 455,584,267 | ||||
| Energy Thermal Power | 687,458,978 | 687,458,978 | |||||
| Jinghai Company | 1,930,395,668 | 1,930,395,668 | |||||
| Zhanjiang Wind Power | 242,277,000 | 242,277,000 | |||||
| Zhongyue Energy | 963,000,000 | 963,000,000 | 187,248,115 | ||||
| Humen Power Generation | 3,192,416 | 3,192,416 | 86,807,584 | ||||
| Anxin Company | 20,000,000 | 20,000,000 | |||||
| Bohe Energy | 3,167,000,000 | 3,167,000,000 | |||||
| Pinghai Power Generation | 720,311,347 | 720,311,347 | |||||
| Red By Power Generation | 2,220,023,386 | 2,220,023,386 | |||||
| Huizhou Natural gas Company | 1,205,199,446 | 1,205,199,446 | |||||
| Guangqian Company | 1,353,153,223 | 1,353,153,223 | |||||
| Yuejiang Power Generation | 892,850,119 | 892,850,119 | 408,494,674 | ||||
| Huadu Natural Gas | 186,550,000 | 186,550,000 | |||||
| Dapu Power Generation | 1,040,000,000 | 1,040,000,000 | |||||
| Guangdong Wind Power | 2,325,301,260 | 466,858,100 | 2,792,159,360 | ||||
| Leizhou Wind Power | 80,800,000 | 80,800,000 | |||||
| Qujie Wind Power | 1,279,750,000 | 200,000,000 | 1,479,750,000 | ||||
| Yudean Electric Sale | 230,000,000 | 230,000,000 | |||||
| Lincang Company | 281,000,000 | 281,000,000 | 209,989,439 | ||||
| Yongan Natural Gas Company | 90,000,000 | 90,000,000 | |||||
| Tongdao Wind Power Company | 60,000,000 | 40,000,000 | 100,000,000 | ||||
| Binhaiwan Comapny | 570,000,000 | 50,000,000 | 620,000,000 | ||||
| Daya Bay Company | 17,600,000 | 128,000,000 | 145,600,000 | ||||
| Qiming Comapny | 20,000,000 | 20,000,000 | |||||
| Guaguoquan Company | 49,680,900 | 49,680,900 | |||||
| Dananhai Company | 0 | 15,000,000 | 15,000,000 | ||||
| Baihua Energy | 0 | 3,000,000 | 3,000,000 | ||||
| Total | 21,820,878,143 | 902,858,100 | 22,723,736,243 | 1,348,124,079 |
（2）Investment in joint ventures and associates
In RMB
| Name of investee | Beginning of term | Increase/decrease in this period | End of term | Balance of the provision on for impairment | |||||||
| Increase in investment | Decrease in investment | Investment income under equity method | Other comprehensive income | Other changes in equity | Announced for distributing cash dividend or profit | Provision for impairment | Other | ||||
| I.Joint venture | |||||||||||
| Industry Fuel | 531,313,393 | 180,000,000 | 82,773,307 | 29,649,898 | 764,436,802 | ||||||
| Subtotal | 531,313,393 | 180,000,000 | 82,773,307 | 29,649,898 | 764,436,802 | ||||||
| II. Associated | |||||||||||
| Guohua Taishan Company | 1,889,026,588 | 39,058,150 | 1,928,084,738 | ||||||||
| Shanxi Energy Company | 1,819,132,396 | 64,000,000 | 168,305,759 | 2,051,438,155 | |||||||
| Energy Group Finance Company | 1,027,206,662 | 53,005,442 | 76,421,226 | 1,003,790,878 | |||||||
| Yudean Shipping Company | 241,738,113 | 21,894,566 | 263,632,679 | ||||||||
| Yudean Captive | 268,468,953 | 8,183,639 | 1,505,619 | 275,146,973 | |||||||
| Yueqian Power | 0 | 13,495,745 | 144,018,912 | 157,514,657 | |||||||
| West Investment Company | 144,018,912 | 144,018,912 | 0 | ||||||||
| Yangshan Zhongxinkeng | 7,593,292 | 7,593,292 | |||||||||
| Yangshan Jiangkeng | 5,590,646 | 5,590,646 | |||||||||
| Weixin Yuntou | 175,592,218 | -4,642,692 | 170,949,526 | 96,327,854 | |||||||
| Energy | 522,483,539 | 10,664,772 | 12,576,669 | 520,571,642 | |||||||
| Financing Leasing Company | |||||||||||
| Subtotal | 6,100,851,319 | 64,000,000 | 309,965,381 | 90,503,514 | 6,384,313,186 | 96,327,854 | |||||
| Total | 6,632,164,712 | 244,000,000 | 392,738,688 | 120,153,412 | 7,148,749,988 | 96,327,854 |
（3）Other note
4. Business income, Business cost
In RMB
| Items | Amount of current period | Amount of previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 631,179,660 | 705,008,533 | 433,972,161 | 501,292,187 |
| Other business | 34,371,584 | 505,085 | 35,582,003 | 506,701 |
| Total | 665,551,244 | 705,513,618 | 469,554,164 | 501,798,888 |
Income related information:
In RMB
| Contract classification | Division 1 | Total |
| Including： | ||
| Power Selling | 631,179,660 | 631,179,660 |
| Income from fly ash sales | 14,754,526 | 14,754,526 |
| Rent | 6,884,992 | 6,884,992 |
| Other income | 12,732,066 | 12,732,066 |
| Including： | ||
| Guangdong | 665,551,244 | 665,551,244 |
| Including： | ||
| Power Market | 631,179,660 | 631,179,660 |
| Other market | 34,371,584 | 34,371,584 |
| Including： | ||
| Physical delivery | 645,934,186 | 645,934,186 |
| Provide labour | 12,732,066 | 12,732,066 |
| Provide use right | 6,884,992 | 6,884,992 |
| Including： | ||
| Recognize at a certain time point | 645,934,186 | 645,934,186 |
| Recognize in a certain period of time | 19,617,058 | 19,617,058 |
| Including： | ||
| Including： | ||
| Total | 665,551,244 | 665,551,244 |
Information related to performance obligations:
| Commodity type | Usual performance time of performance obligation | Important payment terms | Commodity nature |
| Electric power | When power is supplied to the grid company | Cash settlement/monthly settlement | Electric power |
| Power generation products | When heat energy is supplied to customers who buy heat, | Power generation by-product commodity |
| Labor service | When by-products such as fly ash generated by power generation are transported to the agreed delivery place, | Labor service |
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performedincompletely but the contract has been signed at the end of the reporting period is RMB 258,000, of which RMB258,000 is expected to be recognized as income in 2021, RMB 0 is expected to be recognized as income in the year,
and RMB0 is expected to be recognized as income in the year.It is the margin deposit that Huizhou Pingdian Integrated Energy Co., Ltd. ("Pingdian Integrated"), a subsidiary ofthe Group, applied to the bank to issue a performance guarantee for participating in the electricity sales businessin Guangdong Electric Power Trading Center.Other note：
5. Investment income
In RMB
| Items | Amount of current period | Amount of previous period |
| Long-term equity investment income accounted by cost method | 1,570,167,398 | 1,092,290,730 |
| Long-term equity investment income accounted by equity method | 392,738,688 | 211,523,852 |
| Dividend income from investments in other equity instruments during the holding period | 30,182,378 | 21,370,444 |
| Other | 13,920,438 | 10,400,300 |
| Total | 2,007,008,902 | 1,335,585,326 |
6.Other
XVII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
| Items | Amount | Notes |
| Non-current asset disposal gain/loss | 23,852,682 | Mainly due to Yuejia Company |
| shut-down and liquidation of assets to obtain income. | ||
| Govemment subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) | 6,433,278 | Mainly due to power sales economic policy incentives and subsidies for various power plant projects. |
| Other non-business income and expenditures other than the above | 595,487 | |
| Fines and overdue payment fees | -209,860 | |
| Non-current assets scrap income | 7,507,022 | Mainly due to the income from scrapped fixed assets of provincial wind power and Pinghai Power Plant. |
| Loss of Non-current assets scrapped | -4,006,514 | |
| Less: Amount of influence of income tax | 8,588,045 | |
| Influenced amount of minor shareholders’ equity (after tax) | 6,932,401 | |
| Total | 18,651,649 | -- |
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition inthe Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to thePublic-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the saidexplanatory announcement as a recurrent gain/loss item.
√Applicable □ Not applicable
| Items | Amount involved | Reason |
| Value-added tax will be refunded immediately | 4,141,947 | Comply with national policies and regulations, and continue to occur |
| Carbon emission quota used to fulfil the emission reduction obligation | -2,750,000 | Comply with national policies and regulations, and continue to occur |
2. Return on net asset and earnings per share
| Profit of report period | Weighted average return on equity(%) | Earnings per share | |
| Basic earnings per share(yuan/share） | Diluted earnings per share(yuan/share) | ||
| Net profit attributable to the Common stock shareholders of Company. | 0.40% | 0.0208 | 0.0208 |
| Net profit attributable to the Common stock shareholders of Company after deducting of non-recurring gain/loss. | 0.33% | 0.0172 | 0.0172 |
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standardsdisclosed in the financial reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
| Net profit | Net assets | |||
| Amount in the | Amount in the | End of the reporting | Beginning of the | |
| reporting period | previous period | period | reporting period | |
| According to CAS | 109,028,853 | 813,684,495 | 26,933,339,749 | 27,369,995,422 |
| Items and amount adjusted according to IAS | ||||
| The difference arising from recognition of goodwill after merger of enterprises under the same control | 0 | 0 | 38,638,777 | 38,638,777 |
| Difference arising from recognition of land use value after enterprise merger | -315,000 | -315,000 | 16,025,000 | 16,340,000 |
| Influence on minority interests | 27,060 | 27,060 | 4,945,519 | 4,918,459 |
| According to IAS | 108,740,913 | 813,396,555 | 26,992,949,045 | 27,429,892,658 |
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to theaccounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case thediscrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify thename of the overseas auditing agent.
| (a) | The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. |
| As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. | |
| (b) | Influence on minority interests |
| Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. |
4.Other