First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.Stock code: 000037 200037 Stock abbreviation: Shen Nan Dian A Shen Nan Dian B Announcement No.: 2023-021

Shenzhen Nanshan Power Co. Ltd.First Quarter Report of 2023

The Company and all members of the Board of Directors guarantee that the Quarterly Report contains no

misrepresentations misleading statements or material omissions

Important notes:

1. The Board of Directors the Board of Supervisors all directors supervisors and senior officers of the Company

guarantee that the Quarterly Report contains no misrepresentations misleading statements or material omissions and

take all responsibilities individual and/or joint for the reality accuracy and completion of the whole contents.

2. The person in charge of the Company the principal in charge of accounting the CFO and the head of accounting

department (accounting supervisor) declare that they guarantee the authenticity accuracy and completeness of the

financial information in the quarterly report.

3. Whether the first quarter report is audited

□ Yes □No

1First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

I. Main financial data

(I) Main accounting data and financial indexes

Whether it has retroactive adjustment or re-statement on previous accounting data or not

□ Yes □No

Increase or decrease in the

The same period of Current period current reporting period

previous year

year on year (%)

Operating income (yuan) 111067616.64 75090604.86 47.91%

Net profit attributable to the

shareholders of the listed -31147959.30 -38834600.08 19.79%

company (yuan)

Net profit attributable to the

shareholders of the listed

company after deducting -41178992.24 -53403178.00 22.89%

non-recurring profit and

loss (yuan)

Net cash flows from

-36865225.55-34049453.61-8.27%

operating activities (yuan)

Basic earnings per share

-0.0517-0.064419.72%

(yuan/share)

Diluted earnings per share

-0.0517-0.064419.72%

(yuan/share)

Increase by 0.27

Weighted average ROE -2.16% -2.43%

percentage points

Increase or decrease at the

End of the reporting period End of previous year end of the current reporting

period year on year (%)

Total assets (yuan) 2441183249.46 2606216345.99 -6.33%

Owner's equity attributable

to the shareholders of the 1424692706.04 1455129894.84 -2.09%

listed company (yuan)

(II) Non-recurring profit and loss items and amounts

□Applicable □ Not applicable

Unit: Yuan

Amount in the current

Item Notes

reporting period

Gains/losses from the disposal of non-current asset

(including the write-off that accrued for impairment of -5685.97

assets)

Tax returns deduction and exemption approved beyond

the authority or without official approval documents

Governmental subsidy calculated into current gains and

losses (while closely related with the normal business of

It mainly apportioned

the Company the government subsidy that accord with

2002061.76 g overnment subsidies

the provision of national policies and are continuously

related to assets

enjoyed in line with a certain standard quota or quantity

are excluded)

Capital occupancy expense collected from non-financial

enterprises and recorded in current profits and losses

Income from the exceeding part between investment cost

2First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

of the Company paid for obtaining subsidiaries

associates and joint-ventures and recognizable net

assets fair value attributable to the Company when

acquiring the investment

Profits and losses from exchange of non-monetary assets

Profits and losses from assets under trusted investment

or management

Various provision for impairment of assets withdrew due

to force majeure such as natural disaster

Gains/losses on debt restructuring

Enterprise reorganizing expenses such as employee

accommodation costs and integration expenses etc.Profits and losses of the part arising from transaction in

which price is not fair and exceeding fair value

Current net profits and losses occurred from period-begin

to combination day by subsidiaries resulting from

business combination under same control

Gains/losses arising from contingency that is not related

to the normal operation business of the Company

Gains/losses of fair value changes arising from holding of

the trading financial asset trading financial liability and

investment earnings obtained from disposing the trading Mainly wealth management

4871044.52

financial asset trading financial liability and financial income

assets available for sale except for the effective hedging

business related to normal operation of the Company

Return of provision of impairment of account receivable

which are treated with separate depreciation test

Profits and losses obtained from external trusted loans

Profits and losses arising from change of fair value of

investment real estate whose follow-up measurement are

conducted according to fair value pattern

Impact on current profits and losses after an one-time

adjustment according to requirements of laws and

regulations regarding to taxation and accounting

Trust fee obtained from trust operation

Mainly for line relocation

Other non-operating income and expenses other than

3970353.10 a nd power outage

those mentioned above

compensation

Other profit and loss that meet the definition of non-

recurring profit and loss

Less: impact on income tax

Impact on minority shareholders’ equity (after-tax) 806740.47

Total 10031032.94

Details of other gains/losses items that meet the definition of non-recurring gains/losses

□ Applicable □Not applicable

There are no other gains/losses items that meet the definition of non-recurring gains/losses in the Company.Explain the items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A

Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary

Profit/loss

□ Applicable □Not applicable

There are no items defined as recurring profit (gain)/loss according to the lists of extraordinary profit (gain)/loss in Q&A

Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the Public --- Extraordinary

Profit/loss.(III) Situation and reasons for changes in key accounting data and financial indexes

□Applicable □ Not applicable

3First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

Percentage of

Item Reason for change

change

Items of the balance sheet

Mainly due to the return of bank borrowings and the

Cash and cash equivalents -52.06% purchase of structured deposits and certificates of deposit

reduced cash and cash equivalents

Mainly engineering service income quality guarantee fund

Contract assets -98.25%

recovery

Mainly due to the increase in the purchase of certificates

Other current assets 43.50%

of deposit

Mainly optimizing the debt structure and increase in the

Long-term borrowings 134.47%

bank's long-term borrowings.Mainly due to the payment of lease in installments under

Lease liabilities -63.79%

the lease contract.Item of the income statement

Operating income 47.91% Mainly due to the increase in electricity income.Mainly due to the increase in energy output and the

Operating costs 36.59% increase in fuel prices leading the increase in natural gas

cost

Selling and distribution expenses -30.88% Mainly due to the decrease in sales activity

R&D expenses -35.17% Mainly due to the decrease in R&D projects

Mainly due to the decline in the scale of financing and the

Financial expenses -38.73%

decrease in interest expenses on bank borrowings

Mainly due to the decrease in wealth management

Investment income -57.56%

income

II. Shareholder information

(I) Table of the total number of ordinary shares stockholders and the number of preferred

shares stockholders with restored voting rights as well as the shareholding status of the top

ten stockholders

Unit: shares

Total number of ordinary shares Total number of preferred shareholders whose

shareholders at the end of the 38525 voting rights were restored as at the end of the 0

reporting period reporting period (if any)

Shareholding by the top 10 shareholders

Number of Pledge marking or freezing

shares held

Name of Nature of Shareholding Number of

with restrictive

shareholders shareholders ratio (%) shares held Status of

conditions for Quantity shares

sales

HONG KONG

NAM HOI Overseas

15.28%92123248.00

(INTERNATIO legal person

NAL) LTD.Shenzhen

Guangju State-owned

12.22%73666824.00

Industrial Co. legal person

Ltd.Shenzhen

State-owned

Energy Group 10.80% 65106130.00

legal person

Co. Ltd.BOCI Overseas

2.34%14109038.00

SECURITIES legal person

4First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

LIMITED

Domestic

Zeng Ying natural 1.19% 7159600.00

persons

China

Merchants Overseas

0.90%5430728.00

Securities legal person

(HK) Co. Ltd.Meiyi

Domestic non-

Investment

state-owned 0.87% 5223200.00

Real Estate

legal person

Co. Ltd.Haitong

International

Securities Overseas

0.65%3908357.00

Company legal person

Limited-

Account Client

Domestic

Huang Yilong natural 0.64% 3866500.00

persons

Domestic

Li Baoqin natural 0.51% 3048150.00

persons

Shareholdings of the top 10 shareholders without sales restriction

Number of shares held without restrictive Type of shares

Name of shareholders

conditions for sales Type of shares Quantity

Foreign shares

HONG KONG NAM HOI

92123248.00 listed 92123248.00

(INTERNATIONAL) LTD.domestically

Shenzhen Guangju Industrial RMB ordinary

73666824.0073666824.00

Co. Ltd. shares

Shenzhen Energy Group Co. RMB ordinary

65106130.0065106130.00

Ltd. shares

Foreign shares

BOCI SECURITIES LIMITED 14109038.00 listed 14109038.00

domestically

Foreign shares

Zeng Ying 7159600.00 listed 7159600.00

domestically

Foreign shares

China Merchants Securities

5430728.00 listed 5430728.00

(HK) Co. Ltd.domestically

Meiyi Investment Real Estate RMB ordinary

5223200.005223200.00

Co. Ltd. shares

Haitong International Securities Foreign shares

Company Limited-Account 3908357.00 listed 3908357.00

Client domestically

RMB ordinary

Huang Yilong 3866500.00 3866500.00

shares

Foreign shares

Li Baoqin 3048150.00 listed 3048150.00

domestically

Explanation of the association of the 1. Shenzhen Energy Group Co. Ltd. holds 100% equity interest in HONG

above shareholders or concerted KONG NAM HOI (INTERNATIONAL) LTD.actions 2. The company does not know whether the above-mentioned other public

5First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

shareholders have any association or are persons acting in concert.Notes on the participation of the top

10 shareholders in margin trading (if N/A

any)

(II) Total preferred shareholders of the Company and shareholding statement of the top 10

preferred shareholders

□ Applicable □Not applicable

III. Other important matters

□ Applicable □Not applicable

IV. Quarterly financial statements

(I) Financial statements

1. Consolidated balance sheet

Prepared by: Shenzhen Nanshan Power Co. Ltd.Unit: Yuan

Item Ending balance Beginning balance

Current assets:

Cash and cash equivalents 323839061.47 675496266.40

Deposit reservation for balance

Lending funds

Financial assets held for trading 550013571.10 440013571.10

Derivative financial assets

Notes receivable

Accounts receivable 143001250.65 135833492.64

Receivables financing

Advances to suppliers 42043226.11 45448287.86

Premiums receivable

Reinsurance accounts receivable

Reinsurance contract reserves

receivable

Other receivables 16908506.32 18314003.84

Including: interest receivable

Dividends receivable

Financial assets purchased under

resale agreements

Inventories 85393556.75 85279298.35

Contract assets 3793.55 217009.58

6First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

Assets held for sale

Non-current assets due within one

year

Other current assets 270127878.58 188248840.44

Total current assets 1431330844.53 1588850770.21

Non-current assets:

Loans and advances to customers

Creditors' investments

Other creditors' investments

Long-term receivables

Long-term equity investments 83637860.92 83496098.24

Other investments in equity

300615000.00300615000.00

instruments

Other non-current financial assets

Investment properties 1791149.80 1833344.20

Fixed assets 585304276.33 591290204.31

Construction in progress 5075611.78 4861062.16

Productive biological assets

Oil and gas assets

Right-of-use assets 6347450.03 7707617.90

Intangible assets 19626892.11 19799355.12

Development expenses

Goodwill

Long-term deferred expenses 1094796.40 1219129.18

Deferred income tax assets 1172366.49 1172366.49

Other non-current assets 5187001.07 5371398.18

Total non-current assets 1009852404.93 1017365575.78

Total assets 2441183249.46 2606216345.99

Current liabilities:

Short-term borrowings 721303333.86 879957857.44

Borrowings from central bank

Borrowing funds

Transactional financial liabilities

Derivative financial liabilities

Notes payable 137298902.17 137298902.17

Accounts payable 4361871.56 5227836.22

Advances from customers

Contract liabilities

Financial assets sold under

repurchase agreements

Deposits from customers and

interbank

7First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

Receivings from vicariously traded

securities

Receivings from vicariously sold

securities

Employee compensation payable 26330484.20 29296815.07

Taxes payable 4135389.16 5107666.73

Other payables 19866018.27 22997466.80

Including: interests payable

Dividends payable

Handling charges and

commissions payable

Reinsurance accounts payable

Liabilities held for sale

Non-current liabilities due within

6087165.666014119.95

one year

Other current liabilities 21600.00 21600.00

Total current liabilities 919404764.88 1085922264.38

Non-current liabilities:

Reserves for insurance contracts

Long-term borrowings 65698977.57 28019758.68

Bonds payable

Including: preferred shares

Perpetual bond

Lease liabilities 819111.01 2262160.03

Long-term payables

Long-term employee

compensation payable

Estimated liabilities 15000000.00 15000000.00

Deferred income 80554725.80 82145596.60

Deferred income tax liabilities

Other non-current liabilities 47511.72 47511.72

Total non-current liabilities 162120326.10 127475027.03

Total liabilities 1081525090.98 1213397291.41

Owner's equity:

Share capital 602762596.00 602762596.00

Other equity instruments

Including: preferred shares

Perpetual bond

Capital reserves 362770922.10 362770922.10

Less: treasury stock

Other comprehensive income -2500000.00 -2500000.00

Special reserves 710770.50

Surplus reserves 332908397.60 332908397.60

8First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

General risk reserves

Undistributed profit 128040019.84 159187979.14

Total equity attributable to the owners

1424692706.041455129894.84

of the parent company

Minority equity -65034547.56 -62310840.26

Total owner's equity 1359658158.48 1392819054.58

Total liabilities and owner's equity 2441183249.46 2606216345.99

Legal representative: Kong Guoliang Principal in charge of accounting: Chen Yuhui CFO: Zhang Xiaoyin Head of

accounting department: Lin Xiaojia

2. Consolidated income statement

Unit: Yuan

Item Amount incurred in current period Amount incurred in current period

I. Total operating income 111067616.64 75090604.86

Including: operating income 111067616.64 75090604.86

Interest income

Premiums earned

Income from handling

charges and commissions

II. Total operating costs 155909683.28 132092392.82

Including: operating costs 126842855.91 92865406.58

Interest expense

Handling charges and

commissions expenses

Surrender value

Net amount of

compensation payout

Net amount of reserves for

reinsurance contract

Policy dividends

分保费用 Reinsurance costs

Taxes and surcharges 637958.75 749728.35

Selling and distribution

62973.9791107.81

expenses

G&A expenses 17524144.58 21201558.67

R&D expenses 5693516.08 8782597.51

Financial expenses 5148233.99 8401993.90

Including: interest

7293315.7810038591.90

expense

Interest income 2373844.43 1663629.52

Plus: other incomes 2002061.76 1961007.25

Investment income (loss

5012807.2011810186.35

indicated by “-”)

Including: investment 141762.68 -814037.41

9First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

income to associates and joint

ventures

Recognized gain of

financial assets calculated based on

amortized cost at end of period

Exchange gain (loss indicated

by "-")

Net exposure hedging gain

(loss indicated by "-")

Gains from changes in fair

value (loss indicated by "-")

Loss from credit impairment

(loss indicated by “-”)

Asset impairment loss (loss

indicated by “-”)

Profit from disposal of assets

(loss indicated by "－")

III. Operating profit (loss indicated by

-37827197.68-43230594.36

“-”)

Plus: non-operating income 3975125.39

Less: non-operating expenses 10458.26 12553.21

IV. Total profit (loss indicated by “-”) -33862530.55 -43243147.57

Less: income tax expenses 9136.05

V. Net profit (net loss indicated by “-”) -33871666.60 -43243147.57

(I) Classified as per business

continuity

1. Net profit from continuing

-33871666.60-43243147.57

operation (net loss indicated by “-”)

2. Net profit from discontinuing

operations (net loss indicated by “-”)

(II) Classified as per attribution of

ownership

1. Net profit attributable to the

-31147959.30-38834600.08

owners of the parent company

2. Profit and loss of minority

-2723707.30-4408547.49

shareholders

VI. After-tax net of other

comprehensive incomes

After-tax net of other

comprehensive incomes attributable

to owners of the parent company

(I) Other comprehensive

incomes which cannot be reclassified

into the profit and loss in future

1. Change due to re-

measurement of defined benefit

plans

2. Other comprehensive

incomes which cannot be reclassified

into the profit and loss under the

Equity Method

3. Changes in fair value

caused by other equity instrument

investments

10First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

4. Change in fair value of

enterprise credit risk

5. Miscellaneous

(II) Other comprehensive

incomes which will be reclassified

into the profit and loss in future

1. Other comprehensive

incomes that can be reclassified into

the profit and loss under the Equity

Method

2. Changes in fair value of

other debt investments

3. Amount included in other

comprehensive income after

reclassification of financial assets

4. Credit impairment reserve

of other debt investments

5. Cash flow hedge reserve

6. Translation differences in

foreign currency financial statements

7. Miscellaneous

After-tax net of other

comprehensive incomes attributable

to minority shareholders

VII. Total comprehensive income -33871666.60 -43243147.57

Total consolidated income

-31147959.30-38834600.08

attributable to the parent company

Total consolidated income

-2723707.30-4408547.49

attributable to minority shareholder

VIII. Earnings per share:

(I) Basic earnings per share -0.0517 -0.0644

(II) Diluted earnings per share -0.0517 -0.0644

In case of the business combination under the same control during the current period the net profit realized by the

combined party before the combination was 0.00 yuan and the net profit realized by the combined party in the

previous period was 0.00 yuan.Legal representative: Kong Guoliang Principal in charge of accounting: Chen Yuhui CFO: Zhang Xiaoyin Head of

accounting department: Lin Xiaojia

3. Consolidated statement of cash flows

Unit: Yuan

Item Amount incurred in current period Amount incurred in current period

I. Cash flows from operating

activities:

Net increase in deposits from

customers and due from banks and 118687636.19 77508218.24

other financial institutions

Net increase in customer bank

deposits and placement from banks

and other financial institutions

Net increase in borrowings from

the central bank

11First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

Net increase in loans from other

financial institutions

Cash received from premium of

original insurance contract

Net cash received from

reinsurance business

Net increase in deposits and

investments from policyholders

Cash received from interest

handling charges and commissions

Net increase in loans from banks

and other financial institutions

Net increase in capital from

repurchase business

Net cash received from vicariously

traded securities

Refunds of taxes and surcharges 258379.09

Cash received from other

7112925.067544718.92

operating activities

Sub-total of cash inflows from

125800561.2585311316.25

operating activities

Cash paid for goods purchased

114751562.5170023157.06

and services received

Net increase in loans and

advances to customers

Net increase in deposits in central

bank and other banks and financial

institutions

Cash paid for original insurance

contract claims

Net increase in loans to banks and

other financial institutions

Cash paid for interest handling

charges and commissions

Cash paid for policy dividends

Cash paid to and on behalf of

30874421.3033460965.27

employees

Cash paid for taxes and

8332669.155414686.30

surcharges

Cash paid for other operating

8707133.8410461961.23

activities

Sub-total of cash outflows from

162665786.80119360769.86

operating activities

Net cash flows from operating

-36865225.55-34049453.61

activities

II. Cash flows from investing

activities:

Cash received from disposal of

investments

Cash received from returns on

4871044.527002305.94

investments

Net cash received from disposal of

fixed assets intangible assets and 553380.00

other long-term assets

12First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

Net cash received from disposal of

subsidiaries and other business units

Cash received from other investing

activities

Sub-total of cash inflows from

5424424.527002305.94

investing activities

Cash paid to acquire and construct

fixed assets intangible assets and 2390879.00 1252945.73

other long-term assets

Cash paid for investments 110000000.00 352639408.31

Net increase in pledged loans

Net cash paid to acquire

subsidiaries and other business units

Cash paid for other investing

80000000.00

activities

Sub-total of cash outflows from

192390879.00353892354.04

investing activities

Net cash flows from investing

-186966454.48-346890048.10

activities

III. Cash flows from financing

activities:

Cash received from investors

Including: cash received by

subsidiaries from investments by

minority shareholders

Cash received from borrowings 51185377.44 369336296.23

Cash received from other financing

activities

Sub-total of cash inflows from

51185377.44369336296.23

financing activities

Cash paid for debt repayments 175373796.22 201492740.80

Cash paid for distribution of

dividends and profits or payment of 3520921.89 2897630.69

interests

Including: dividends and profits

paid to minority shareholders by

subsidiaries

Cash paid for other financing

activities

Sub-total of cash outflows from

178894718.11204390371.49

financing activities

Net cash flows from financing

-127709340.67164945924.74

activities

IV. Effect of fluctuation in exchange

-116184.23-25751.17

rate on cash and cash equivalents

V. Net increase in cash and cash

-351657204.93-216019328.14

equivalents

Plus: beginning balance of cash

675496266.40689604633.59

and cash equivalents

VI. Ending balance of cash and cash

323839061.47473585305.45

equivalents

Legal representative: Kong Guoliang Principal in charge of accounting: Chen Yuhui CFO: Zhang Xiaoyin Head of

accounting department: Lin Xiaojia

13First Quarter Report of 2023 of Shenzhen Nanshan Power Co. Ltd.

(II) Auditor's report

Whether the first quarter report is audited

□ Yes □No

The first quarter report has not been audited.Board of Directors of Shenzhen Nanshan Power Co. Ltd.April 26 2023

14