GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.The Semi-annual Report 2022 August 2022I. Important Notice Table of Contents and Definitions The Board of Directors Supervisory Committee Directors Supervisors and Senior Executives of the Company hereby guarantees that there are no misstatement misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity accuracy and completeness of the contents hereof.Mr.Wang Jin The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this semi-annual report.Other directors attending the Meeting for annual report deliberation except for the followed: The name of director who did Position of absent Reason The name of director whonot attend the meeting in person director was authorized Li Fangje Director Due to business Wang Jin Li Baobing Director Due to business Zheng Yunpeng The Company is mainly engaged in thermal power generation. The business of thermal power generation is greatly affected by factors including electric power demand and fuel price. Refer to Section 10 of Chapter III of this annual report-situation faced and countermeasures for relevant information.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 Definitions II. Company Profile & Financial Highlights.III. Management Discussion &Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change of share capital and shareholding of Principal Shareholders VIII. Situation of the Preferred Shares IX. Corporate Bond X. Financial ReportGuangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Documents available for inspection 1.Financial statements bearing the seal and signature of legal representative financial controller and the person in charge of the accounting organ; 2..All original copies of official documents and notices which were disclosed in Securities Times China Securities 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). 4Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Definition Terms to be defined Refers to Definition Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Sha A Power plant Refers to Guangdong Electric Power Development Co. Ltd. Sha A Power plant Xinjiang Branch Refers to Guangdong Electric Power Development Co. Ltd.Xinjiang Branch Qinghai Branch Refers to Guangdong Electric Power Development Co. Ltd. Qinghai Branch Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co. Ltd.Yuejia Company Refers to Guangdong Yuejia Electric Power Co. Ltd.Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co. Ltd.Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co. Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Humen Power Company Refers to Guangdong Yudean Humen Power Co. Ltd.Anxin Company Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co. Ltd Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co. Ltd.Bohe Company Refers to Guangdong Yudean Energy Co. Ltd.Huadu Company Refers to Guangdong Huadu Natural Gas Thermal Power Co. Ltd.Dapu Power Plant Refers to Guangdong Dapu Power Generation Co. Ltd.Wind Power Company Refers to Guangdong Wind Power Co. Ltd.Guangqian Company Refers to Shenzhen Guangqian Electric Power Co. Ltd.Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co. Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co. Ltd.Lincang Company Refers to Lincang Yudean Energy Co. Ltd.Yongan Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co. Ltd.Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co. Ltd.Dayawan Energy Refers to Guangdong Yudean Dayawan Integrated Energy Co. Ltd.Qiming Energy Refers to Guangdong Yudean Qiming Energy Co. Ltd.Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co. Ltd.Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co. Ltd.Yudean Baihua Refers to Guangdong Yudean Baihua Integrated Energy Co. Ltd.Bijie Energy Refers to Guangdong Bijie New Energy Co. Ltd.Shaoguan Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co. Ltd.Henan Energy Refers to Henan Yudean New Energy Co. Ltd.Sha C Company Refers to Guangdong Shajiao( plant C) Power Generation Co. Ltd.Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co. Ltd.Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co. Ltd.Tumu Thermal Power Refers to Tumushuke Thermal Power Co.Ltd.Hanhai Energy Refers to Tumushuke Yudean Hanhai New Energy Co. Ltd.Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co. Ltd.Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co. Ltd.Huilai Wind Power Company Refers to Huilai Wind Power Generation Co. Ltd.Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co. Ltd.Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co. Ltd.Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co. Ltd.Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co. Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co. Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd.Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co. Ltd.Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co. Ltd.Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co. Ltd.Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co. Ltd. 5Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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.Yueqian Company Refers to Guizhou Yueqian Electric Power Co. Ltd.Energy Group Finance Company Refers to Guangdong Energy Group Finance Co. Ltd.Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co. Ltd.Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co. Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co. Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.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. 6Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 II. Company Profile & Financial Highlights.I. Company Profile Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539200539 Stock exchange for listing Shenzhen Stock Exchange Name in Chinese 广东电力发展股份有限公司 Abbreviation of Registered Company Name in Chinese( 粤电力 English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.LTD English abbreviation (If any) GED Legal Representative Wang Jin Ⅱ. Contact person and contact manner Board secretary Securities affairs Representative Name Liu Wei Huang XiaoWen 35F South Tower Yudean Plaza No.2 35F South Tower Yudean Plaza No.2 Contact address Tianhe Road East Tianhe Road East GuangzhouGuangdong Province GuangzhouGuangdong Province Tel (020)87570251 (020)87570251 Fax (020)85138084 (020)85138084 E-mail liuw@ged.com.cn Huangxiaowen@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 in reporting period found more details in annual report 2021. 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 details please find the Annual Report 2021. 3. Other relevant information Did any change occur to other relevant information during the reporting period? □ Applicable √ Not applicable IV. Summary of Accounting data and Financial index Whether it has retroactive adjustment or re-statement on previous accounting data √Yes □ No Retroactive adjustment or restatement of causes 7Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Merger of enterprises under the same control Changes of this period Reporting Same period of last year over same period of Last period year(%) Before adjustment After adjustment After adjustment Operating income（Yuan） 22611239733 17781521221 20594038804 9.80% Net profit attributable to the shareholders of the listed -1375739165 109028853 326629275 -521.19% company（Yuan） Net profit after deducting of non-recurring gain/loss attributable to the shareholders -1399609834 90377204 267001900 -624.19% of listed company（Yuan） Cash flow generated by business operation net -208358510 3096857643 3786846816 -105.50%（Yuan） Basic earning per share(Yuan/Share) -0.2620 0.0208 0.0622 -521.19% Diluted gains per share(Yuan/Share) -0.2620 0.0208 0.0622 -521.19% Weighted average ROE(%) -6.23% 0.40% 1.02% -7.25% As at the end Changed over last yearAs at the end of last year of the reporting （％） period Before adjustment After adjustment After adjustment Gross assets Yuan 11747316202（ ） 5 114271451479 114491142111 2.60% Net assets attributable to shareholders of the listed 21910644854 23185079805 23402720821 -6.38% company（Yuan） Reasons of accounting policy change and correction of accounting errors According to the relevant provisions of the Interpretation No.15 of Accounting Standards for Business Enterprises (CK [2021] No.35) the income and cost related to the trial run sales are included in the current profits and losses. The Company has calculated the trial run sales from January 1 2022 according to the requirements of this Interpretation and made retrospective adjustments to the trial run sales that occurred from January 1 2021 to January 1 2022. 1. Differences between accounting data under domestic and overseas accounting standards 1).Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable None 2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.□ Applicable √Not applicable None 8Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 2.Items and amount of non-current gains and losses √Applicable □Not applicable In RMB Items Amount Note Non-current asset disposal gain/loss(including the write-off part for Mainly due to Yuejia Company shut- which assets impairment provision is 31707133 down and liquidation of assets to obtain made) income.Government subsidies recognized in current gain and loss(excluding those Mainly due to power sales economic closely related to the Company’s 15402657 policy incentives and subsidies for business and granted under the state’s various power plant projects.policies) Other non-business income and expenditures other than the above 8080287 It is mainly due to the fine for land Fines and overdue payment fees -5470272 reclamation of Pinghai Power Plant andthe tax delay charge of Guangqian Power Plant.Non-current assets scrap income 2242304 It is mainly the income of JinghaiCompany's scrapped fixed assets.It is mainly the loss of scrapped fixed Loss of Non-current assets scrapped -5145026 assets of Jinghai Company Zhongyue Energy and Yuehua Company.Less: Amount of influence of income tax 13059777 Influenced amount of minor shareholders’ equity (after tax) 9886637 Total 23870669 Details of other profit and loss items that meet the non-recurring profit and loss definition □ Applicable√ Not applicable None For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses it is necessary to explain the reason.√ Applicable □ Not applicable Items Amount involved(RMB) Reason Value-added tax will be refunded 19790415 Comply with national policies andimmediately regulations and continue to occur Carbon emission quota used to fulfill the emission reduction obligation -8000000 Comply with national policies and regulations and continue to occur 9Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 III. Management Discussion &Analysis Ⅰ.Main Business the Company is Engaged in During the Report Period The Company mainly engages in the investment construction and operation management of power projects and the production and sales of electric power. It belongs to the power heat production and supply industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission. Since its foundation the Company has always adhered to the business tenet of “Capital from the people using it for electricity and benefiting the public” and adheres to the business policy of “Centering on the main business of electricity with diversified development” focusing on the main business of power and making the power structure go diversified. In addition to the development construction and operation of large-scale coal-fired power plants it also has clean energy projects such as LNG power generation wind power generation and hydropower generation which provides reliable and clean energy to users through the grid company. As of June 302022 the company has controllable installed capacity of 30.433 million kilowatts and 71.68% including holding installed capacity of 28.6852 million kilowatts and equity participation installed capacity of 1.7478 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 20.55 million kilowatts and 71.64%; the holding installed capacity for gas and electricity of 5.932 million kilowatts and20.68% and renewable energy generation like wind power and hydropower of 2.2032 million kilowatts and 7.68%.in addition The entrusted installed capacity of the Company for management is 8.854 million kilowatts accounting for 7.68% of the total (including 6.65 million kilowatts of thermal power and 2.204 million kilowatts of hydropower). The above controllable installed capacity and entrusted installed capacity for management totaled 39.287 million kilowatts.Income source is primarily contributed by power production and sales and main business income is derived from Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price authority per relevant policies based on National Development and Reform Commission (NDRC) and the electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade Basic Rules and supporting files. In the reporting period the electricity sold is 46.349 billion kilowatt-hours a decrease of 6.46% YOY; average price stated in the consolidated statements is 542.74 Yuan/ thousands kilowatt-hours(tax included the same below ) YOY rise of 84.74 Yuan/ thousands kilowatt-hours an increase of18.5% YOY; the total operating income was RMB 22611.24 million an increase of RMB 2017.20 million or an increase of 9.8% YOY.Since the Company's main business is thermal power and the fuel cost accounts for a relatively large part of the operating cost the fluctuation of coal and natural gas prices has a significant impact on the Company's operating performance. During the reporting period affected by the increase in power generation and the continuous increase in coal prices the company’s fuel costs were 18183.28 million yuan which accounted for 78.72% of the main business costs; Affected by the rebound in power generation and the rising coal price the fuel cost for power generation increased by RMB 3152.92 million YOY an increase of 20.98%.During the reporting period due to the influence of COVID-19 and weather the demand for social electricity in Guangdong Province declined and the Company's on-grid power consumption decreased slightly by 6.46% year on year. Benefiting from the rising electricity price the Company's operating income increased slightly.However due to the high price of coal and other fuels the Company's subordinate thermal power plants 10Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 suffered large losses. In the first half of 2022 the company's thermal power business achieved net profit attributable to its parent of -1959.68 million yuan and the new energy business achieved net profit attributable to its parent of 322.77 million yuan a year-on-year increase of 39.49%. Although the profit contribution of the Company's new energy power business increased significantly year on year the proportion of such business was relatively small which made it difficult to make up for the loss of the Company's thermal power business resulting in a sharp decline in the gross profit margin of the Company's main business and the net profit attributable to its parent company. The net profit attributable to its parent company was-RMB 1375.74 million with a year-on-year decrease of 521.19%.The Company shall comply with the disclosure requirements of "power supply industries" in the Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure The Company's new energy development is based in Guangdong facing the whole country showing the "4+N" regional layout with Guangdong Xinjiang Qinghai and Guizhou provinces as key development and other domestic regions as active expansion. By the end of the reporting period the Company had put into production 21 new energy projects with a holding installed capacity of 1970400 kilowatts; It has 14 new energy projects under construction including 1.04 million kilowatts of wind power and 1.006 million kilowatts of photovoltaic power with a total holding installed capacity of 2.046 million kilowatts. During the Tenth Five-Year Plan period the Company will actively grasp the development trend of accelerating energy transformation under the goal of "emission peak" and "carbon neutrality" implement the strategy of "1+2+3+X" actively expand the resources of new energy projects through self-construction and acquisition fully promote the leap-forward development of new energy and build an ecological and civilized power enterprise. 1. As of June 30 2022 the holding new energy power generation projects that the Company has put into production are as follows: Project type Project name Installed capacity (10000kilowatts) Shareholding ratio Wind Power Zhanjiang Xuwen Yangqian 4.95 70% Wind Power Zhanjiang Xuwen Yongshi 4.95 70% Wind Power Jieyang Huilai Shibeishan 10.0 70% Wind Power Jieyang Huilai Haiwanshi 1.4 90% Wind Power Maoming Dianbai Reshui 4.95 100% Wind Power Zhanjiang Leizhou Hongxinlou 4.95 94% Wind Power Zhanjiang Xuwen Shibanling 4.95 100% Wind Power Zhanjiang Xuwen Qujie 4.95 100% Wind Power Wailluo Offshore wind power 19.8 100% Wind Power Xuwen Wutushan Wind Power 4.95 51% Wind Power Xuwen Dengjiao Wind Power 4.95 51% Wind Power Pingyuan Maoping 4.8 100% Wind Power Zhuhai Jinwan Offshore wind 30 74.49%power Wind Power Zhangjiang Xuwen Wailuo II 20 100%Offshore wind power Wind Power Zhanjiang Xuwen Wailuo 20.35 100%Offshore wind power Wind Power Yangjiang Shapa offshore Wind 30 91.41% 11Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 power Wind Power Guangxi Wuxuan 5 100% Wind Power Hunan Xupu Taiyangshan 5 100% Wind Power Hunan Tongdao Dagaoshan 5 100% Wind Power Shanwei Power Plant 1.08 65%Decentralized Wind Power Wind Power Nanxiong Zhuan Village 4.99 100% Total 197.04 2. As of June 30 2022 the new energy project under construction by the Company are as follows: Project type Project name Installed capacity (10000kilowatts) Shareholding ratio Wind Power Pingyuan Sishui 4 100% Wind Power Yangjiang Qingzhou I 40 100% Wind Power Yangjiang Qingzhou II 60 100% Photovoltaic Zhanjiang Potou Qiantang 10 100% Photovoltaic Zhangjian Potou 12 90% Photovoltaic Xinjiang Hanhai Photovoltaic project 40 100% Photovoltaic Mujing Xipo Photovoltaic project 10 100% Photovoltaic Muhong Xipu Photovoltaic project 10 100% Photovoltaic Xinhui Photovoltaic project 0.92 100% Photovoltaic Dapu Photovoltaic project 0.18 100% Photovoltaic Yunhe Bojia Photovoltaic project 0.12 100% Photovoltaic Jinxiu Rooftop Photovoltaic project I 0.339 100% Photovoltaic Meizhou Wuhua Huangnizhai Project 7 100% Photovoltaic Shanxi Hongdong Project 10 100% Total 204.6 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 more than 117.473 billion. It is the largest listed company of power in Guangdong Province. It is the only listed company with over 100 billion assets controlled by state-owned holdings in Guangdong province. As of June 302022 The company's controllable installed capacity and entrusted managed installed capacity totaled 39.287 million kilowatts accounting for 24% 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 has been actively supporting listed companies to become better and stronger by using the advantages of its resources technology and asset scale. As the only listed company and main force of Guangdong Energy Group the company has always been subordinated to serving the overall situation of the reform and development of Guangdong Province and Guangdong Yudean Group. It has deeply cultivated the main power industry actively played the value discovery function and resource allocation function of the capital market and assisted the reform and development of Guangdong Province's energy resources. 3. Comprehensive advantages of main business Guided by the national energy development strategy the Company is implementing the "1+2+3+X" strategy - to 12Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 build a first-class green and low-carbon power listed company coordinate safety and development optimize and strengthen coal gas and biomass power generation services and vigorously develop new energy energy storage hydrogen energy and land park development. The Company has abundant project reserves and broad development prospects; With clear main business reasonable structure outstanding industrial position and market share it has strong comprehensive strength and broad development prospects. 4. Competitive advantage in electricity market The company's generator set has high parameters large capacity high operation efficiency low coal consumption stable operation superior environmental protection performance and strong market competitive advantage. In the first half of 2021 the company completed a total of 46.349 billion kilowatt-hours of electricity in the market and the scale of electricity sales continued to rank first in the province with electricity sales prices superior to the province's average. The company gives full play to its three advantages of scale brand and service. With its marketing service network all over the province and its technical accumulation and comprehensive resources in the power industry the company provides auxiliary value-added services such as peak regulation frequency modulation and backup for the power grid and provides high-quality value-added services such as comprehensive energy saving and power consumption consultation for users thus realizing the transformation from a power generation enterprise to an energy comprehensive service enterprise. 5. Advantage of financial resources The Company's total assets reach 100 billion and the cash flow of its stock business is abundant which provides a good support for the Company's sustainable development. The Company has a good asset-liability ratio and rich financing channels and it can make full use of internal and external financial resources thus providing a strong financial guarantee for its production and operation key project construction and the rapid development of new energy industry. 6. Regional development advantages As the main energy source in Guangdong Province the company shoulders the important task of helping Guangdong Province to build a clean low-carbon safe and efficient modern energy system. The company will actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area Shenzhen's advanced demonstration zone and the development of Guangdong's "one core one belt and one area". It will steadily push forward the construction of key energy projects and the development of new energy resources in the province and actively seek to expand into regions with better resource conditions and higher power demand Help the "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 YOY year change Cause change （%） Operating income 22611239733 20594038804 9.80% Operating cost 23114184606 19228178330 20.21% Sale expenses 30460050 35594988 -14.43% Administrative expenses 477955874 413435343 15.61% It is mainly due to the large demand for new Financial expenses 1081057844 624202906 73.19% energy development funds and the impact ofhigh coal prices on cash flow causing increase of the Company's external financing. 13Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 It is mainly due to the year-on-year loss of the Income tax Company the year-on-year decrease in income expenses -146480556 160600093 -191.21% tax expenses in the first half of the year and therecognition of deferred income tax assets by some power plants.It is mainly because that the affiliated power plants of the Company increase R&D R & D Investment 754240473 124873808 504% investment and meanwhile strengthen thecollection and management of R&D expenses causing substantial increase of the R&D expenses year on year.Cash flow generated by It is mainly because of the obvious increase of business operation -208358510 3786846816 -105.50% capital expenditure related to coal purchase due net to high coal price.It is mainly because Bohe Company received Net cash flow the terminal disposal payment this year generated by -2908067376 -4246922377 -31.53% resulting in a large year-on-year increase in the investment net cash recovered from the disposal of fixedassets intangible assets and other long-term assets.Net cash flow It is mainly due to the large demand for new generated by 5861027285 578363307 913.38% energy development funds and the impact of financing high coal prices on cash flow causing increaseof the Company's external financing.Net increasing of cash and cash 2744601884 118287624 2220.28% Affected by above three reasons..equivalents 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 22611239733 100% 20594038804 100% 9.80% On Industry Electric power Steam sales and 22423023603 99.17% 20336788241 98.75% 10.26% labor income Other 188216130 0.83% 257250563 1.25% -26.84% On products Sales Electric Power 22263672844 98.46% 20226322357 98.21% 10.07% Flyash sales 171920045 0.76% 241216389 1.17% -28.73% Thermal sales 102972035 0.46% 71811712 0.35% 43.39% Other 72674809 0.32% 54688346 0.27% 32.89% Area Guangdong 22117126665 97.81% 20568341641 99.88% 7.53% Xinjiang 400459803 1.77% 0 0% 0% Hunan 39790974 0.18% 0 0% 0% Yunnan 29159946 0.13% 25697163 0.12% 13.48% Guangxi 24702345 0.11% 0 0% 0% 14Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (2)Situation of Industry Product and District Occupying the Company’s Business Income and Operating Profit with Profit over 10% √ Applicable □Not applicable In RMB Increase/decrea Increase/decrea Increase/decrea Gross se of revenue in se of business se of gross Turnover Operation cost profit the same period cost over the profit rate over rate(%) of the previous same period of the same period year(%) previous year of the previous(%) year (%) On Industry Electric power Steam sales and 22423023603 23089561766 -2.97% 10.26% 20.13% -8.38% labor income On Products Sales Electric Power 22263672844 22945031969 -3.06% 10.17% 20.14% -8.64% Including： Fire coal Generation 17169530056 18730511707 -9.09% 12.63% 25.45% -11.15% Power Gas Generation 3461327463 3436132473 0.73% -16.60% -7.74% -9.53% Power Wind Generation 1394395581 572124201 58.97% 145.85% 147.64% -0.30% Power Boomass Generation 209260940 177800516 15.03% -12.34% -2.97% -8.21% Power Hydroelectric 29158804 28463072 2.39% 13.56% -2.23% 15.76% Generation Area Guangdong 22117126665 22594635431 -2.16% 7.53% 10.10% -2.38% Under circumstances of adjustment in reporting period for statistic scope of main business data adjusted main business 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 As the second-phase wind power projects of Yangjiang Zhuhai Pingyuan Xinliao and Wailuo were completed and put into operation the electricity sales income and cost of wind power business increased year on year.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 Reason for percentage( significant Amount As a percentage As a percentageof total assets(%) Amount of total %) change 15Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 assets(%) Monetary fund 10854693285 9.24% 8105320953 7.08% 2.16% Accounts receivable 7068283704 6.02% 7030685357 6.14% -0.12% Contract assets 1044260 0% 4754820 0% 0% Inventories 3135765795 2.67% 2998894539 2.62% 0.05% Real estate Investment 374128161 0.32% 378796932 0.33% -0.01% Long-term equity 8426522587 7.17% 8072208350 7.05% 0.12% investment Fixed assets 60916046309 51.86% 57145099423 49.91% 1.95% Construction in process 5744786187 4.89% 8710691765 7.61% -2.72% Usage right assets 5172621990 4.40% 5256124979 4.59% -0.19% Short -term loans 15702140981 13.37% 12360296429 10.80% 2.57% Contract liabilities 17160884 0.01% 5864811 0.01% 0% Long-term loans 31647408640 26.94% 28940577856 25.28% 1.66% Lease liabilities 5038032075 4.29% 4728167142 4.13% 0.16% 2.Main assets overseas □ Applicable √Not applicable 3.Asset and Liabilities Measured by Fair Value √ Applicable □Not applicable In RMB Impairme Gain/Loss on Cumulative fair nt Purchased Sold Items Opening fair value value change provision amount in amount in Closing amount change in the recorded into s in the the the End of term reporting period equity reporting reporting reporting mount period period period Financial assets 1. Other equity instrument 3232028682 -125090302 2166775764 2000000 3108938380 investments Subtotal 3232028682 -125090302 2166775764 2000000 3108938380 Total 3232028682 -125090302 2166775764 2000000 3108938380 Financial Liability 0 0 Other change On May 31 2022 the Company invested in the establishment of Xinjiang Yuejianeng New Energy Equipment Co. Ltd. and held 10% equity which did not have a significant impact on Xinjiang Yuejianeng New Energy Equipment Co. Ltd. so it was counted as other equity instruments.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 On June 30 2022 individual subsidiaries of the Group pledged the right to impose electricity charges to banks to obtain long-term loans of RMB6003749532of which: the balance of long-term loans due within one year was 16Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 371037089 yuan (as of December 31 2021: 6002119898 yuan). including: the long-term borrowings due within one year amounted to RMB386056214 . 17Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 VI. Investment situation 1. General √ Applicable □ Not applicable Investment of the period Investment of same period of last year Scale of change 4475718001254358100-64.32% 2.Condition of Acquiring Significant Share Right Investment during the Report Period √Applicable □ Not applicable In RMB Invest Share Capit Inves Progress Anti Whethe Name of the Company Main ment Investment Propor al Partne tment Product up to cipat Gain or Less r to Date of Invested Business Way Amount tion % Sour r Horiz Type Balance ed or the Current InvolveSheet Investment in Disclosure(if any) Disclosure Index(if any) ce on Date Income Lawsuit Tumushuke Yudean solar New In AnnouncementNo.:2022-11.Published in Hanhai New Energy power establgeneratio ishme 276050000 100% Self Long Electric normal Co. Ltd. funds No -term Power operatio -71600 No March 262022 China Securities Daily Securities n nt n Times and http//.www.cninfo.com.cn Wind Capit In AnnouncementNo.:2021-78.Published in Guangdong Wind Poer Poer al Self Long Electric normal Generation Co. Ltd. Generatio increa 110000000 100% funds No -term Power operatio 322770621 No November 92021 China Securities Daily Securities n se n Times and http//.www.cninfo.com.cn Guangdong Yudean Natural Capit In AnnouncementNo.:2022-16)Published in Dananhai Intelligence Gas al 25900000 100% Self No Long Electric normal Energy Co. Ltd. Generatio increa funds -term Power operatio -726895 No April 222022 China Securities Daily Securities n se n Times and http//.www.cninfo.com.cn Guangdong Yudean Natural Capit In AnnouncementNo.:2010-58.Published in Qiming Energy Co. Gas al 12000000 100% Self No Long Electric normal November Ltd. Generatio increa funds -term Power operatio -7239523 No 292019 China Securities Daily Securities n se n Times and http//.www.cninfo.com.cn Guangdong Yudean Thermal Capit In AnnouncementNo.:2020-52.Published in Dapu Power power alGeneratio increa 10000000 100% Self funds No Long Electric normal -224818186 No October 132020 China Securities Daily Securities Generation Co. Ltd. -term Power operation se n Times and http//.www.cninfo.com.cn Guangdong Yudean Natural Capit In AnnouncementNo.:2020-13.Published in Binhaiwan Energy Co. Gas alGeneratio increa 9000000 100% Self No Long Electric normal Ltd. funds -term Power operatio -9974561 No April 112020 China Securities Daily Securities n se n Times and http//.www.cninfo.com.cn Yudean Jinxiu Energy solar Capit Jinxiu In Co. Ltd. power al 2621800 90% Self Long Electric generatio increa funds Jinhen g New -term Power normal 0 No Not applicable Not applicable operatio 18Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 n se Energ n y Techn ology Co.Ltd.Guangdong Shaoguan solar New In Yudean New Energy power establ Self Long Electric normal Co. Ltd. generatio ishme 2000000 100% funds No -term Power operatio 1339 No Not applicable Not applicable n nt n Total -- -- 447571800 -- -- -- -- -- -- 0 79941195 -- -- -- 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period □ Applicable √ Not applicable 4.Investment of Financial Asset （1）Securities investment √ Applicable □ Not applicable In RMB Book value Purchas Sale Book value Security Security Stock Initial Mode of e accounting balance at the Changes in Cumulative fair amount Gain/los balance at the category code Abbreviatio investment measureme beginning of fair value of value changes in amount in the s of thein the reportin end of the Accountin Source of n: cost the reporting the this period equity this reporting g items the sharesnt period this g periodperiod period period Domestic Other and foreign 000027 ShenzhenEnergy 15890628 FVM 122472000 -25552800 81028572 96919200 equity Self funds stocks instrumentInvestment Domestic Other and foreign 600642 Shenergy 235837988 FVM 409272682 -93849502 79585192 315423180 equity stocks instrument Self funds Investment Domestic and foreign 831039 NEEQ 3600000 FVM 15984000 -5688000 6696000 10296000 Other equity Self funds 19Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 stocks instrument Investment Total 255328616 -- 547728682 -125090302 167309764 0 0 0 422638380 -- -- Disclosure date for the notice of approval by the Board (If any) October 312019 （2）Investment in Derivatives □ Applicable √ Not applicable The Company had no investment in derivatives in the reporting period. 5.Application of the raised capital □ Applicable √ Not applicable The Company had no application of the raised capital in the reporting period.VII. Sales of major assets and equity 1. Sales of major assets □ Applicable √ Not applicable The Company had no sales of major assets in the reporting period. 2.Sales of major equity □ Applicable √ Not applicable 20Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 Registered business capital Total assets Net assets Turnover Operating profit Net Profit Power Guangdong generation Wind Power Subsidiar and power Generation y station 3623202870 31130054654 7396821131 1394395581 377393582 359686605 Co. Ltd. construction.Guangdong Power Yudean generation Jinghai Power Subsidiar and powery station 2919272000 8097329142 2802934584 2964790103 -240897944 -179991581Generation Co. Ltd. construction.Guangdong Power Huizhou generation Natural gas Subsidiar and power Power y station 1499347500 3409179604 1910312113 1414352530 14606695 11075874 Generation construction Co. Ltd. .Shenzhen Power Guangqian generation Electric Subsidiar and powery station 1030292500 2016331469 1811350341 779138067 232284582 174741317Power Co.Ltd. construction.Guangdong Huizhou Power Pinghai generation Power Subsidiar and powery station 1370000000 4678430065 1796987389 2432384327 -83773800 -94006025Generation Plant Co. construction Ltd. .Guangdong Electric Power SharingCompany Fuel Trade 1190000000 11357046528 1751925945 17314930225 66759505 74147449Industry Fuel Co. Ltd.Guangdong Guohua Power Yudean generation Taishan Sharing and power Power Company station 46695000001205957305691958523205220268344424647161318537101 Generation construction Co. Ltd. .Shanxi Yudean Sharing Mining and Energy Co. Company power 1000000000 8479231085 6674976496 72490741 696802990 696793898 Ltd. generation Guangdong Yudean Sharing Transportati Shipping Co. Company on and port 2465800000 2018500961 731751168 661785270 -4341757 16813118 Ltd. operation Guangdong Energy Group Sharing Finance Co. Company Finance 3000000000 25555386786 4028724301 377919901 256911522 203699560 Ltd. 21Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Acquirement and disposal of subsidiaries in the Reporting period √ Applicable □ Not applicable Way of acquiring and disposing of Company name subsidiary corporations within the Impact on the whole producing operation reporting period and performance Tumushuke Yudean Hanhai New Energy Invested During the reporting period Hanhai NewCo. Ltd. Energy Project progressed normally.During the reporting period Jinxiu Yudean Jinxiu Integrated Energy Co. Invested Comprehensive Energy Project was in theLtd. preliminary stage and the construction was not commenced.Guangdong Shaoguan Yudean New During the reporting period Shaoguan New Energy Co. Ltd. Invested Energy Project was in the preliminary stageand the construction was not commenced.Note 1. During the reporting period due to the high price of coal and gas the cost of power generation increased substantially and the Company's thermal power business suffered a loss compared with the same period of last year; 2. As the second-phase wind power projects of Yangjiang Zhuhai Pingyuan Xinliao and Wailuo were completed and put into operation the profit of wind power business increased year on year; 3. As coal prices continue to rise the operating performance of Shanxi Energy and other associated companies is improving and the Company's investment income has increased substantially year on year.IX．Structured vehicle controlled by the Company □ Applicable √ Not applicable X. Risks facing the Company and countermeasures 1. Work safety risk As extreme weather events are becoming increasingly frequent which causes certain adverse effects to the normal production and operation of enterprises the Company needs to further strengthen the prevention of natural disasters; some thermal power units in the Company have been running for a long time with problems such as decline of efficiency level aging of equipment and decline of operation safety and reliability and some contractors have insufficient safety awareness and inadequate safety management.Countermeasures: First pay close attention to rain and flood and well ensure flood control and typhoon prevention; Second strengthen equipment maintenance and operation management earnestly carry out overhaul & maintenance operation management and technical supervision improve the equipment management system well ensure elimination of equipment defects and improve the reliability of unit equipment; Third strictly manage contractors well control the "access" resolutely put an end to illegitimate subcontracting and illegal subcontracting encourage appraisal activities to reward outstanding contractors strengthen the safety education and training of contractors and continuously improve the safety management of contractors. 2. Fuel cost risk In 2022 the domestic coal production capacity continues to be released under the policy of ensuring supply and stabilizing prices but the domestic coal fundamentals still shows tight supply and increased demand and coal prices remain at a high level. Meanwhile as the geopolitical game in the international energy market intensifies the global coal supply expectation is uncertain and the uncertainty of the future trend of overseas coal prices increases. The cost of coal accounts for a large proportion of the Company's main business cost and the fluctuation of coal price has a significant impact on the Company's operating performance. If the coal price remains high the Company's operating efficiency will continue to be under serious pressure. 22Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Countermeasures: First optimize fuel procurement and reduce costs through "precise inventory" strategy increasing economic coal blending optimizing unit energy consumption etc.; Second improve the market operation level and increase generation of efficient electricity; Third actively strive for full implementation of national regulatory policies and improve the performance rate of long-term cooperative contracts; Fourth increase budget control and strengthen other cost management. 3. Adjustment risk of power supply structure Under the background of "30*60" goal of emission peak and carbon neutrality the central government has clearly built a new power system with new energy as the mainstay to accelerate the transformation of China's energy production and consumption to green and low-carbon and increase the installed capacity and power growth of wind power photovoltaic power and other new energy which will further decrease the living space of coal-fired generating units. At present the Company's coal-fired power business accounts for a relatively high proportion and the transformation pressure of clean and low-carbon power supply is high.Countermeasures: First the Company will actively increase investment in new energy projects and accelerate the progress of new energy projects according to the national double-carbon goal and the relevant requirements of new energy development planning. Second continue to increase investment and development of clean energy and project reserves steadily and orderly promote the construction of Dayawan Comprehensive Energy Station Zhaoqing Yongan Natural Gas Thermal Power Project Yunfu Natural Gas Cogeneration Project and Yangjiang Qingzhou Offshore Wind Power Project actively explore new energy development space in other provinces and regions in China increase new energy development efforts in Xinjiang Guizhou Hebei Qinghai Guangxi and other regions and enrich the reserves of new energy projects. Third deeply explore the distributed energy supply of cold heat electricity and gas as well as the infrastructure construction such as electricity exchange charging piles and energy storage as well as the development and utilization of hydrogen energy. Fourthly continuously optimize the management of carbon assets make full use of internal and external resources utilize the advantages of group operations strengthen the management of carbon emission data and management of carbon asset operation enhance internal coordination promote energy conservation and carbon reduction and realize the increment and profit of carbon assets. 23Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 IV. Corporate Governance I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period 1.Annual General Meeting Investor Meeting Type participation Convened date Disclosure date Index to disclosed information ratio First Provisional Provisional Announcement No.:2022-10).Shareholders’ Shareholders’ Published in China Securities D general meeting general 78.75% February 222022 February 232022 aily Securities Times and http// of 2022 meeting .www.cninfo.com.cn 2021 Annual Announcement No.:2022-29).. Shareholders’ Shareholders’ Published in China Securities D general meeting General 72.68% May 202022 May 212022 aily Securities Times and http// Meeting .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 Name Positions Types Date Reason Elected as the director of the tenth board of di Li Xiaoqing Director Elected May 202022 rectors of the company by the company's 2021 annual general meeting 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 into share capital in half year.IV. Implementation of any equity incentive plan employee stock ownership plan or other incentive measures for employees □ Applicable √ Not applicable None. 24Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 V. Environmental & Social Responsibility I. Significant environmental issues Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities √ Yes □No Main Emis Excess Company pollutant Emissi Emission sion Total Verified ive or and Emission on port port conce Implemented emissio total emissi subsidiary specific way numbe distribution ntrati pollutant emission n emission( on name pollutant r condition on standards(mg/ (Tons) Tons) conditiname Nm3) on Concentra Emission Standard Shajao A ted of Air Pollutants for Power Smoke emission 1 Within the Thermal Power Plant through factory 1.12 Plants (GB13223- 6.92 6.92 No chimney 2011) specialemission limit Concentra Emission Standard Shajao A ted of Air Pollutants for Power SO emission 1 Within the 15.97 Thermal Power2 factory Plants (GB13223- 98.33 98.33 NoPlant through chimney 2011) specialemission limit Concentra Emission Standard Shajao A ted of Air Pollutants for Power NO Within the Thermal PowerX emission 1 factory 29.89 Plants (GB13223- 184.01 184.01 NoPlant through chimney 2011) specialemission limit Guangdo Concentra Emission Standardng of Air Pollutants for Yudean ted Bohe Smoke emission 2 Within the factory 1.78 Thermal Power Plants (GB13223- 16.29 72 No Energy throughchimney 2011) specialCo. Ltd. emission limit Guangdo Emission Standard ng Concentra of Air Pollutants for Yudean tedSO Within the Thermal PowerBohe 2 emission 2 factory 13.89 Plants (GB13223- 127.27 974 No Energy throughchimney 2011) specialCo. Ltd. emission limit Guangdo Emission Standard ng Concentrated of Air Pollutants forYudean NO emission 2 Within the Thermal PowerBohe X through factory 37.45 Plants (GB13223- 351.28 1195 No Energy chimney 2011) specialCo. Ltd. emission limit Guangdo Emission Standard ng Concentrated of Air Pollutants forYudean Dapu Smoke emission 2 Within the 2 Thermal Powerfactory Plants (GB13223- 20.73 593 No Power throughchimney 2011) specialPlant emission limit Guangdo Concentra Emission Standardng Yudean ted of Air Pollutants for SO emission 2 Within the 13.63 Thermal PowerDapu 2 through factory Plants (GB13223- 141.39 1447 No Power chimney 2011) specialPlant emission limit Guangdo Concentra Emission Standardng ted of Air Pollutants forYudean Dapu NOX emission 2 Within the 38.73 Thermal Power through factory Plants (GB13223- 401.82 1502 No Power chimney 2011) specialPlant emission limit 25Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Guangdo Concentra Emission Standardng Red ted of Air Pollutants forBay Smoke emission 4 Within the 2.2 Thermal Power 36.42 UnapprovPower No General through factory Plants (GB13223- ed chimney 2011) specialCo. ltd. emission limit Guangdo ng Red Concentra Emission Standard of Air Pollutants for Bay tedSO emission 4 Within the 9.21 Thermal Power UnapprovPower 2 through factory Plants (GB13223- 177.46 ed No General chimney 2011) specialCo. ltd. emission limit Guangdo Concentra Emission Standardng Red ted of Air Pollutants forBay Power NOX emission 4 Within the 32.5 Thermal Power 579.48 Unapprov through factory Plants (GB13223- ed No General chimney 2011) specialCo. ltd. emission limit Guangdo ng Concentra Emission Standard Yudean ted of Air Pollutants for Jinghai Smoke emission 4 Within the Thermal Powerfactory 2.17 Plants (GB13223- 61.36 1770 NoPower through General chimney 2011) special Co. Ltd. emission limit广 Guangdo Concentra Emission Standardng of Air Pollutants for Yudean tedSO emission 4 Within the 16.89 Thermal PowerJinghai 2 factory Plants (GB13223- 477.83 6502 No Power throughchimney 2011) specialGeneral emission limit Co. Ltd.Guangdo ng Concentra Emission Standard Yudean ted of Air Pollutants for Jinghai NOX emission 4 Within the 32.24 Thermal Power Power through factory Plants (GB13223- 912.23 4687 No General chimney 2011) special Co. Ltd. emission limit Guangdo ng Energy Concentra Emission Standard Maoming ted of Air Pollutants for Thermal Smoke emission 2 Within the 1.26 Thermal Power 11.52 168.12 No Power through factory Plants (GB13223- Plant Co. chimney 2011) special Ltd. emission limit Guangdo ng Energy Concentra Emission Standard Maoming ted of Air Pollutants for Thermal SO Within the Thermal Power2 emission 2 factory 14.9 Plants (GB13223- 145.51 385.51 NoPower through Plant Co. chimney 2011) special Ltd. emission limit Guangdo ng Energy Concentra Emission Standard Maoming ted of Air Pollutants for Thermal NOX emission 2 Within the 24.42 Thermal Power Power through factory Plants (GB13223- 234.24 689.58 No Plant Co. chimney 2011) special Ltd. emission limit Guangdo ng Concentra Emission Standard ted of Air Pollutants forHuizhou Natural Smoke emission 6 Within the factory 0.19 Thermal Power through Plants (GB13223- 3.33 232.11 No Gas chimney 2011) specialPower emission limit 26Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Generatio n Co. Ltd Guangdo ng Concentra Emission StandardHuizhou ted of Air Pollutants forNatural NO emission 6 Within the Thermal PowerGas X factory 27.04 Plants (GB13223- 429.50 2033.1 No Power throughchimney 2011) specialGeneratio emission limit n Co. Ltd Guangdo ng Concentra Emission StandardShaoguan ted of Air Pollutants forYuejiang Within the Power Smoke emission 2 factory 1.57 Thermal Power Plants (GB13223- 14.26 717.78 No Generatio throughchimney 2011) specialn Co. emission limit Ltd.Guangdo ng Shaoguan Concentra Emission Standard ted of Air Pollutants forYuejiang Power SO2 emission 2 Within the Thermal Power through factory 18.16 Plants (GB13223- 165.15 2303.55 No Generatio chimney 2011) specialn Co. emission limit Ltd.Guangdo ng Shaoguan Concentra Emission Standard of Air Pollutants for Yuejiang ted Power NOX emission 2 Within the factory 36.74 Thermal Power Plants (GB13223- 333.99 2809.07 No Generatio throughchimney 2011) specialn Co. emission limit Ltd.Guangdo ng Yudean Concentra Emission Standard ted of Air Pollutants forYunhe Smoke emission 1 Within thePower factory 1.6 Thermal Power Plants (GB13223- 6.65 6.65 No Generatio through n Co. chimney 2011) special emission limit Ltd.Guangdo ng Emission Standard Yudean Concentra of Air Pollutants for Yunhe ted Power SO2 emission 1 Within the factory 6.89 Thermal Power through Plants (GB13223- 29.04 29.04 No Generatio chimney 2011) specialn Co. emission limit Ltd.Guangdo ng Yudean Concentra Emission Standard of Air Pollutants for Yunhe ted Power NOX emission 1 Within the factory 34.83 Thermal Power Plants (GB13223- 140.27 140.27 No Generatio throughchimney 2011) specialn Co. emission limit Ltd.Emission Standard Zhanjiang Concentrated of Air Pollutants forElectric Smoke emission 2 Within the Thermal PowerPower factory 1 Plants (GB13223- 17 17 No Co. Ltd. throughchimney 2011) specialemission limit Zhanjiang Concentra Emission Standard Electric SO ted 2 Within the2 factory 15 of Air Pollutants for 187 187 NoPower emission Thermal Power 27Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Co. Ltd. through Plants (GB13223- chimney 2011) special emission limit Zhanjiang Concentra Emission Standard Electric ted of Air Pollutants for NO emission 2 Within the 36 Thermal PowerPower X factory Plants (GB13223- 441 441 No Co. Ltd. throughchimney 2011) specialemission limit Emission Standard Zhanjiang Concentra of Air Pollutants for Zhongyue ted Within the Thermal Power Energy Smoke emission 2 0.95 7.42 480 No Co. Ltd. through factory Plants (GB13223- chimney 2011) specialemission limit Emission Standard Zhanjiang Concentra of Air Pollutants for Zhongyue tedSO Within the Thermal PowerEnergy 2 emission 2through factory 13.33 Plants (GB13223- 104.17 1200 No Co. Ltd. chimney 2011) specialemission limit Emission Standard Zhanjiang Concentra Zhongyue ted of Air Pollutants for NO emission 2 Within the Thermal PowerEnergy X through factory 25.54 Plants (GB13223- 199.6 1078 No Co. Ltd. chimney 2011) specialemission limit Shenzhen Concentra Emission Standard Guangqia ted of Air Pollutants for n Electric NO emission 3 Within the 10.97 Thermal PowerX Power through factory Plants (GB13223- 77.69 1312.5 No Co. Ltd. chimney 2011) specialemission limit Guangdo ng Concentra Emission Standard Huizhou ted of Air Pollutants for Pinghai Smoke emission 2 Within the 3.26 Thermal Power Power through factory Plants (GB13223- 52.39 700 No Plant Co. chimney 2011) special Ltd. emission limit Guangdo ng Concentra Emission Standard Huizhou ted of Air Pollutants for Pinghai SO emission 2 Within the 22.31 Thermal Power2 factory Plants (GB13223- 353.81 1670 NoPower through Plant Co. chimney 2011) special Ltd. emission limit Guangdo ng Concentra Emission Standard Huizhou ted of Air Pollutants for Pinghai NO emission 2 Within the 38 Thermal PowerX 591.84 2423 No Power through factory Plants (GB13223- Plant Co. chimney 2011) special Ltd. emission limit Guangdo ng Concentra Emission Standard Yuehua ted of Air Pollutants for Power SO emission 2 Within the 0.101 Thermal Power2 Generatio through factory Plants (GB13223- 0.664 27.54 No n Co. chimney 2011) special Ltd. emission limit Guangdo ng Concentra Emission Standard of Air Pollutants for Yuehua ted Power NOX emission 2 Within the 38.97 Thermal Powerfactory Plants (GB13223- 254.75 1367.55 No Generatio through n Co. chimney 2011) special emission limit 28Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Ltd.Guangdo ng Guangdong Emission StandardYudean Huizhou of Air Pollutants forXinhui Power Pinghai Smoke 2 Within the Thermal Power Power factory 0.057 Plants (GB13223- 0.23 0.23 No Generatio Plant Co. 2011) specialn Co. Ltd. emission limitLtd.Guangdo ng Guangdo Emission Standard Yudean ngHuizhou of Air Pollutants forXinhui Within the Thermal Power Power Pinghai SO2 2 0.213 0.87 0.87 No Generatio Power factory Plants (GB13223- Plant Co. 2011) specialn Co. Ltd. emission limitLtd.Guangdo ng Guangdong Emission StandardYudean Huizhou of Air Pollutants forXinhui Pinghai NO 2 Within thePower X factory 36.02 Thermal Power Power Plants (GB13223- 147.73 147.73 No Generatio Plant Co. 2011) specialn Co. Ltd. emission limitLtd.Tumushu Concentra Emission Standard ke ted of Air Pollutants for Thermo Smoke emission 1 Within the 2.04 Thermal Power 12.13 135 No electric through factory Plants (GB13223- Co. Ltd. chimney 2011) specialemission limit Tumushu Concentra Emission Standard ke ted of Air Pollutants for Thermo SO2 emission 1 Within thefactory 14.35 Thermal Power electric through Plants (GB13223- 88.81 474 No Co. Ltd chimney 2011) specialemission limit Tumushu Concentra Emission Standard ke ted of Air Pollutants for Thermo NOX emission 1 Within thefactory 27.61 Thermal Power 165 675 No electric through Plants (GB13223- Co. Ltd chimney 2011) specialemission limit Concentra Emission Standard ted of Air Pollutants for Shajia C Smoke emission 3 Within the 2.17 Thermal Powerfactory Plants (GB13223- 26.3 277.8 Nothrough chimney 2011) specialemission limit Concentra Emission Standard Shajiao C ted of Air Pollutants for power SO2 emission 3 Within the 11.7 Thermal Powerfactory Plants (GB13223- 141.89 972.3 Noplant through chimney 2011) specialemission limit Concentra Emission Standard Shajiao C ted of Air Pollutants for power NO emission 3 Within the 30.2 Thermal PowerX factory Plants (GB13223- 366.03 1389 Noplant through chimney 2011) specialemission limit Huadu Concentra Emission Standard Thermoel ted of Air Pollutants for ectric Smoke emission 3 Within the factory 2.6 Thermal Power 1.8 Not No Company through Plants (GB13223- approved chimney 2011) special 29Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 emission limit Huadu Concentra Emission Standard Thermoel ted of Air Pollutants for SO emission 3 Within the Thermal Powerectric 2 18.5through factory Plants (GB13223- 12.6 13.4 No Company chimney 2011) specialemission limit Concentra Emission StandardHuadu ted of Air Pollutants forThermoel NO emission 3 Within the Thermal Powerectric X through factory 29.2 Plants (GB13223- 19.2 1173.2 No Company chimney 2011) specialemission limit Prevention and control of pollution facilities construction and operation In the first half of 2022 the Company took the great development of new energy and energy saving and carbon reduction as an important step to accelerate the construction of ecological civilization and pollution prevention and control and constantly improved the energy security and clean and low-carbon level. All emission indicators were better than the industry average. The Company adhered to the goal of building a resource-saving and environment-friendly enterprise and actively promoted the upgrading and transformation of existing coal-fired generating units in a planned and step-by-step manner by formulating and implementing various measures such as energy consumption management improvement operation optimization equipment management overhaul and technical transformation and strove to reduce the emission intensity of coal-fired generating units.Conditions of environmental impact assessment and other environmental protection administrative licensing of construction projects The company's construction projects that have been approved by government agencies have all undergone environmental impact assessments and have obtained other necessary environmental protection administrative Emergency plan for emergency environmental incidents Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other laws and regulations on the monitoring of environmental risks the company’s subordinate power generation enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual conditions which has standardized and improved the handling of emergent environmental events from the aspects of environmental accident risk analysis emergency command organization and responsibilities disposal procedures and disposal measures improved the ability to respond to unexpected environmental events and ensured that after an outbreak of an environmental incident the company can organize emergency rescue work in a timely orderly and efficient manner to prevent pollution of the surrounding environment minimize the damage and social harm caused by the incident maintain social stability and protect public health and property safety.During the reporting period the affiliated power generation enterprises of the Company disclosed environmental information and their supervision and management activities in accordance with the requirements of laws and regulations such as the China's Administrative Measures for Legal Disclosure of Enterprise Environmental Information (Order No.24 of Ministry of Ecology and Environment) prepared annual 30Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 environmental information disclosure reports and uploaded them to the enterprise environmental information disclosure system with the publication rate reaching 100%.Administrative penalties for environmental problems during the reporting period None Other environmental information that should be disclosed None Measures and effects taken to reduce its carbon emissions during the reporting period √Applicable □Not applicable In 2022 according to the requirements of the national double-carbon target and energy development plan the Company actively increased investment in new energy with 14 new energy projects under construction and a total installed capacity of 2.046 million kilowatts. After all the above-mentioned projects under construction are completed and put into operation it is estimated that they can contribute about 4.358 billion kilowatts of clean energy every year saving about 1.3728 million tons of standard coal every year and reducing carbon dioxide emissions by about 3.6172 million tons equivalent to rebuilding 9144.26 hectares of forest. In the meantime the Company has made every effort to promote the transformation project of replacing liquid ammonia with urea in the ammonia station of coal-fired power plants actively participated in the national carbon market and made overall plans for carbon asset management and performance transactions.Other environmental protection related information None The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business 1. The Company has strictly abode by the Environmental Protection Law of People's Republic of China the Law of the People's Republic of China on the Prevention and Control of Atmospheric Pollution the Law of the People's Republic of China on the Prevention and Control of Water Pollution and the Law of the People's Republic of China on Prevention and Control of Environmental Pollution by Solid Waste to carry out production and business activities. In the first half of 2022 the Company's thermal power plant's operating expenses for implementing environmental protection policies and regulations were mainly due to the purchase of limestone and denitration materials totaling about RMB 128.31 million. 2. In the first half of 2022 the standard coal consumption of the Company's thermal power plant was 304.86g/kWh the sulfur dioxide emission performance value was 0.045g/kWh the nitrogen oxide emission performance value was 0.120g/kWh and the soot emission performance value was 0.006g/kWh. Including: the operation rate of desulfurization device of 100% with an average desulfurization efficiency of 99.25%; the average operation rate of denitration device of 97.12% with an average denitration efficiency of 89.67%; and the operation rate of dry dedusting device of 100% with an average dedusting efficiency of 99.81%.II. Social responsibilities In 2022 the Company continued to implement the spirit of the Opinions of the Central Committee of CCP and the State Council on Realizing the Limited Connection between Consolidating and Expanding the 31Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Achievements of Poverty Alleviation and Rural Revitalization. According to the decision-making arrangements and work requirements of the Guangdong Provincial Party Committee and the Provincial Government the Company actively invested resources in consolidating the achievements of poverty alleviation actively carried out poverty alleviation by consumption and adopted multiple measures to promote the comprehensive rural revitalization. 1. Yuejiang Company's assistance counterpart: Ruyuan Dongping Town In the first half of 2022 Yuejiang Company vigorously promoted consumption assistance strictly adhered to the bottom line of not returning to poverty on a large scale strengthened the dynamic monitoring of preventing returning to poverty rationally formulated assistance project plans and effectively connected the achievements of consolidating poverty alleviation with rural revitalization. The Company's trade unions actively carried out consumption assistance procurement activities expanded consumption assistance channels broadened the sales of local agricultural and sideline products and increased farmers' income. Up to now the total expenses on assistance consolation and other expenses have reached more than RMB 160000 effectively solving the problem of increasing farmers' income and laying a solid foundation for the industrial revitalization of Dongping Town. 2. Zhanjiang Electric Power Company's assistance counterpart: Xuwen Xilian Town Zhanjiang Electric Power Company has resolutely implemented the national rural revitalization strategy helped the rural revitalization of Xilian Town as always and practiced the due role of a state-owned enterprise.The Company's staff in helping villages in Xilian Town dared to take responsibility planned measures according to local conditions fully implemented all aspects of rural revitalization and took charge of and participated in the overall planning of Xilian Town from 2021 to 2026. The work results were selected as excellent planning by Xuwen County and Zhanjiang Agriculture and Rural Bureau and sent to Guangdong Province for appraisal. 3. Dabu Power Generation Company's assistance counterpart: Huilai Jinghai Town In order to well ensure assisting villages and towns Dapu Power Generation Company selected Mr. Guo Jie the Deputy General Manager of the Company as the first secretary in village and a member of the assistance work team in town to assist rural revitalization in Jinghai Town Huilai County Jieyang City. On Guangdong Poverty Alleviation Day in 2022 the Company actively carried out a poverty alleviation activity and raised a total of RMB 63200 to support rural revitalization. 4. Zhongyue Energy Company's assistance counterpart: Leizhou Jijia Town In the first half of 2022 Zhanjiang Zhongyue Energy Company's rural revitalization work team stationed in Leizhou Jijia Town Zhanjiang conducted a special investigation with the theme of rural revitalization industry assistance mainly focusing on how to integrate land resources and solve existing problems and held discussions and exchanges with village committee cadres and villagers. It was suggested that according to the local conditions and on the basis of respecting the popular will the form of land cooperatives should be established farmers should buy shares in scattered land select accurate and excellent projects and actively explore the development modes of "land shares+large-scale planting" "decentralized production+unified management" and "small households supported by large households and scattered households supported by specialized households" so as to continuously enhance the vitality and strength of collective economic development. 5. Guangdong New Energy's assistance counterpart: Nanxiong Baishun Town 32Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 In order to actively promote the integration and development of new energy development and rural revitalization Nanxiong Yuefeng New Energy a subsidiary of provincial wind power company in Shaoguan City signed a new energy cooperative development framework agreement with Nanxiong People's Government in June 2022 and assisted local rural revitalization by developing local rooftop photovoltaic ground distributed photovoltaic and ground distributed wind power projects. Currently the preliminary work for the Pilot Project of Rural Revitalization Distributed Wind Power in Baishun Town Nanxiong Shaoguan has started. 33Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 VI. Important Events I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company shareholder actual controller acquirer director supervisor senior management personnel and other related parities.□ Applicable √Not applicable There is no commitment that has not been fulfilled by actual controller shareholders related parties acquirers of the Company II. Particulars about the non-operating occupation of funds by the controlling shareholder □ Applicable √ Not applicable None III. Illegal provision of guarantees for external parties □ Applicable √ Not applicable None IV. Engagement and disengagement of CPAs firm Whether the semi-annual financial report has been audited □ Yes √ No The semi-annual financial report of the Company has not been audited V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors and supervisory board □ Applicable √ Not applicable VI. 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. 34Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 VIII. Litigations and arbitrations Significant litigations and arbitrations □ Applicable √ Not applicable No such cases in the reporting period.Other lawsuits □ Applicable √ Not applicable IX. Punishments and rectifications □ Applicable √ Not applicable 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 Please refer to "7. Other significant related party transactions" for the related transactions related to the daily operation of the Company during the reporting period. 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 Relationsh Maximum Deposit interest Beginning The amount incurred Ending 35Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 ip daily deposit rate range balance Total deposit Total amount balancelimitd（Ten （Ten amount of withdrawn in （Tenthousand thousand yuan yuan the current the current thousand） ） yuan）period（Ten period（Tenthousand thousandyuan） yuan） Controlled Guangdong by Energy Group Guangdon 1100000 0.35% 647482 4385964 4127759 905687 Co. Ltd. g Energy Group Loan business Related party Relationsh Beginning The amount incurred ip balance （Ten TotalLoan limit Total loan Endingthousand repayment （Ten Loant interest yuan amount forbalance ） amount ofthousand rate range the current （Tenthis periodyuan period（Ten thousand） （Tenthousand yuan） thousandyuan） yuan） Controlled Guangdong by Energy Group Guangdon 3500000 2.70%-4.26% 934417 1058703 990724 1002396 Co. Ltd. g Energy Group Credit extension or other financial servicesRelated party Relationship Business Total amount（Ten Actual amount incurredtype thousand yuan） （Ten thousandyuan） Guangdong Energy Group Controlled by Guangdong Co. Ltd. Energy Group Credit 3500000 1002396 6. Transactions with related finance company controlled by the Company □ Applicable √ Not applicable The company does not have a controlling financial company. 7. Other significant related-party transactions √ Applicable □Not applicable （1）2022 daily related transactions were carried out after examination and approval by 2022 first provisional shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and the transactions between them of the Financial Report of this report for details. （2）On January 20 2022 the first meeting of the tenth 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 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 2022.Website for temporary disclosure of the connected transaction 36Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Announcement Date of disclosure Website for disclosure Estimates announcement of the Daily Related Party Transactions of 2022 January 202022 http//www.cninfo.com.cn.Announcement of Related Transactions on Signing of the Financial Services Framework Agreement Framework Agreement on Financing Leasing Cooperation and January 202022 http//www.cninfo.com.cn.Framework Agreement on Cooperation in Insurance and Risk Management Services 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 horizontal competition and fulfill the relevant commitment of the horizontal competition the Company signed Stock Trusteeship Agreement with Guangdong Energy Group wherein the shareholder's rights within the trusteeship range except the ownership right of earning and right of disposition will be trusted to the Company which is predicted to charge 245000 yuan as trustee fee per year. See details at the " Related Transaction Announcement on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co. Ltd." published by the Company in China Securities Daily Securities Times and http://www.cninfo.com.cn on January 13 2018(Announcement No.2018-04); In the first half of 2022 the Company confirmed a custody income of RMB 900000.Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting period □Applicable √ Not applicable No gains or losses to the Company from projects that reached over 10% in total profit of the Company in reporting period (2) Contract □ Applicable √ Not applicable No any contract for the Company in the reporting period. (3) Lease √ Applicable □Not applicable Note: The Company as the lessee incurred a lease fee of RMB 14137813 this year.Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting Period □ Applicable √ Not applicable There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period. 37Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 2.Significant Guarantees √Applicable □ Not applicable In RMB 10000 Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries) Relevant disclosure Date of Guarantee Name of the date/No. of Amount of happening Actual Counter- Complete for Company the Guarantee (Date of mount of Guarantee type Guaranty If any guarantee If Guarantee （signing guarantee （ ） any term implementation associatedguaranteed ） or not parties amount agreement) (Yes or no) Yunnan Baoshan Binglangjiang Yunnan Baoshan Hydropower Binlangjiang Development Hydroelectricity December 4350 November 580 Guaranteeing of Co. Ltd. 15 years No No Development Co. 192007 302007 joint liabilities. provides joint Ltd. and severalliability guarantee counter- guarantee.Yunnan Baoshan Binglangjiang Yunnan Baoshan Hydropower Binlangjiang Development Hydroelectricity May 272009 9367 June 222009 3567 Guaranteeing of Co. Ltd.joint liabilities. provides joint 18 years No NoDevelopment Co.Ltd. and severalliability guarantee counter- guarantee.Guangdong Yudean Guangdong Yangjiang Energy Group October 292020 200000 November192020 167285 Guaranteeing of Offshore wind Co. Ltd. joint liabilities. power Co. 23.9 years No Yes Ltd. provides joint and several liability 38Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 guarantee counter- guarantee Xinjiang Jintai Electric Power 3775 December Guaranteeing of Co. Ltd. 112021 0 joint liabilities. 3 years Yes No Total amount of approved external Total actually amount of guarantee in the report period(A1) external guarantee in the 1039report period(A2) Total amount of approved external Total actually amount of guarantee at the end of the report 425459 external guarantee at the end 171432 period(A3) of the report period(A4) Guarantee of the company for its subsidiaries Relevant disclosure Date of Guarantee Name of the date/No. of Amount of happening Actual(Date of mount of Guarantee type Guaranty Counter- Guarantee Complete forCompany the Guarantee If any guarantee（If term implementation associatedguaranteed signing guarantee（ ） any） or not parties amount agreement) (Yes or no) Zhanjiang Wind Power Generation April 292009 18572 October 92010 5022 Guaranteeing of Co. Ltd. joint liabilities. 18 years No No Total of guarantee for subsidiaries Total of actual guarantee for approved in the period(B1) 0 subsidiaries in the period (B2) -60 Total of guarantee for subsidiaries 141536 Total of actual guarantee forapproved at period-end(B3) subsidiaries at period-end(B4) 5022 Guarantee of the subsidiaries for the controlling subsidiaries Relevant disclosure Date of Guarantee Name of the date/No. of Amount of happening Actual Counter- Complete for Company the Guarantee (Date of mount of Guarantee typeGuaranty guarantee If Guarantee（ implementation associatedguaranteed signing guarantee（If any） any term） or not parties amount agreement) (Yes or no) The Company’s total guarantee(i.e.total of the first three main items) Total amount of guarantee Total guarantee quota approved in the actually incurred in the reporting period（A1+B1+C1 0 979） reporting period （A2+B2+C2） Total guarantee quota already Total balance of the actual 566995176454 approved at the end of the reporting guarantee at the end of the 39Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 period（A3+B3+C3） reporting period （A4+B4+C4） The proportion of the total amount of actually guarantee in the net assetsof the Company (that is A4+B4+C4 % 8.05%） Including： Amount of guarantees provided for shareholders the actual controller and their related parties (D) 167285 Amount of debt guarantees provided directly or indirectly for entities with a liability-to-asset ratio over 70% (E) 4147 Proportion of total amount of guarantee in net assets of the company exceed 50% 0（F） Total amount of the three kinds of guarantees above (D+E+F) 171432 Note: As for the joint liability guarantee of Xinjiang Jintai Electric Power Co. Ltd. undertaken by the Company due to the acquisition of Toumchouq Thermal Power Company the actual date is the date when Toumchouq Thermal Power Company completes the industrial and commercial change registration. 40Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 Website Date of disclosure for disclosure In order to implement the deployment of aid to Xinjiang deepen Astrnantoeuncement of Resolutions ofMarch 262022 http//ww gic cooperation with key regions further optimize the power suppthlye sStercond Meeting of the TenthBoard of Directors by w.cninfo.ucture and increase the proportion of clean energy the CompanyC'sobroreaspondence of 2022 com.cn.rd of directors agreed to the Company's wholly- owned establishment of Tumusuke Yudean Hanhai New Energy Co. Ltd (hereinafter referred to as "Hanhai New Energy Company”) to invest in the construction of a 400000- kilowatt photovoltaic power generation project in the 45th Regiment of the Third Division of the Xinjiang Production and Construction Corps.The total investment of the project is 2226851400 yuan and the capi tal is set at 445370000 yuan according to 20% of the total project inve stment which will be solved by the Company's capital increase to Han hai New Energy Company in batches.In order to meet the heat load demand of Yunfu Industrial Announcement of Resolutions ofApril 222022 http//ww Park and peripheral enterprises further optimize the Company's the Sixth Meeting of the Tenth w.cninfo.power supply structure and promote the Company's sustainable Board of Directors com.cn.development the board of directors agrees to invest in the construction of Yunhe Power Generation Company Natural Gas Cogeneration Project (2×460MW) and Guangdong YudeanYunhe Co. Ltd. is responsible for the specific construction and operation of the project. The total investment of the project is 2809.70 million yuan (including the heating network project) and the project capital is calculated as 561.94 million yuan according to 20% of the total project investment.The Company invests 505.75 million yuan according to the proportion of 90% equity ratio. The capital required for the 41Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 project will be solved by the Company's capital increase to Yunhe Power Generation Company in batches according to the actual construction progress and capital needs of the project.In order to meet the electricity load growth in Jieyang City Announcement of Resolutions ofApril 22 http//ww and the heat load demand of Dananhai Petrochemical Industrial the Sixth Meeting of the Tenth w.cninfo.Zone and further increase the proportion of clean energy of the Board of Directors com.cn.Company the board of directors agrees to invest in the construction of the Jieyang Dananhai Natural Gas Cogeneration Project (2×480MW) and Guangdong Yudean Dananhai Smart Energy Co. Ltd.-a wholly-owned subsidiary-is responsible for the specific construction and operation of the project. The total investment of the project is 2855.45 million yuan (including the heating network project) and the project capital is calculated as 571.09 million yuan according to 20% of the total project investment. The capital required by the project will be solved by the Company's capital increase to Dananhai Smart Energy Company in batches according to the actual construction progress and capital needs of the project.XIV. Significant event of subsidiary of the Company □ Applicable √ Not applicable 42Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 VII. Change of share capital and shareholding of Principal Shareholders I. Changes in share capital 1. Changes in share capital In shares Before the change Increase/decrease（+，-） After the ChangeAmount Proporti Capitali on Share Bon zation allot us of commo Other Subtot Quantity Proportio ment shar n al nes reserve fund I. Share with conditional 1897966117 36.15% -2830 1897963287 36.15% subscription 1. State-owned shares 2. State-owned legal person shares 1893342621 36.06% 1893342621 36.06% 3.Other domestic shares 4623496 0.09% -2830 4620666 0.09% Of which：Domestic legal person shares 4620666 0.09% 4620666 0.09% Domestic natural person shares 2830 0% -2830 0 0% 4.Foreign shares Of which：Foreign legal person shares Foreign natural person shares II. Shares with unconditional 3352317869 63.85% 2830 3352320699 63.85% subscription 1.Common shares in RMB 2553909869 48.64% 2830 2553912699 48.64% 2.Foreign shares in domestic market 798408000 15.21% 798408000 15.21% 3.Foreign shares in foreign market 4.Other III. Total of capital shares 5250283986 100% 5250283986 100% Reasons for share changed √ Applicable □ Not applicable On February 2 2022 the lock-up period of the 2830 restricted shares held by Mr.Wen Lianhe aformer director of the company has expired it has been converted into tradable shares whthout restiiction .therefore the number of restricted shares of the company has also increased accordingly.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 43Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period □ Applicable √ Not applicable Other information necessary to disclose for the company or need to disclosed under requirement from security regulators □ Applicable √Not applicable 2. Change of shares with limited sales condition √ Applicable □ Not applicable In RMB Number of Number of Number of restricted restricted Number of restricted Reasons for Shareholder shares in restricted shares at the sales Release date ofshares at the beginning increased this shares released in this period end of the restriction sales restriction period period Wen Lianhe 2830 2830 0 0 Directorchange February 22022 Total 2830 2830 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 Total number of preferred shareholders at the end of the 94373 shareholders that had restored the voting right at the end of the 0 reporting period reporting period (if any) (note 8) Particulars about shares held above 5% by shareholders or top ten shareholders Number of Proporti share Nature of on of Number of Changes in Amount of Amount of un- pledged/froze Shareholders sharehold shares shares held at reporting restricted restricted n er held period -end period shares held shares held State （%） of Amo share unt Guangdong State- Energy Group ownedlegal 67.39% 3538005285 0 1893342621 1644662664Co. Ltd. person Guangzhou State- Development ownedlegal 2.22% 116693602 0 0 116693602Group Co. Ltd. person Guangdong State- Electric Power owned Development legal 1.80% 94367341 0 0 94367341 Corporation person ICBC－First Seafront fund New Economy flexible allocation Other 0.82% 43245455 -1472463 0 43245455 of hybrid securities investment fund 44Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 The National Social Security Fund 102 Other 0.70% 36986590 32098900 0 36986590 portfolio Domestic Zheng Jianxiang Natural 0.49% 25514900 0 0 25514900 person Ningbo Bank－ Boshi Growth advantage hybrid Other 0.36% 18915500 0 0 18915500 securities investment fund State- China Securities owned Finance Co. Ltd. legal 0.35% 18246045 -33781100 0 18246045 person VANGUARD TOTAL Overseas INTERNATIONA Legal 0.30% 15855512 0 0 15855512 L STOCK INDEX person FUND CHINA INTERNATIONA L CAPITAL Overseas CORPORATION Legal 0.29% 15216066 0 0 15216066 HONG KONG person SECURITIES LTD Strategy investors or general legal person becomes top 10 shareholders due to rights Not applicable issued (if applicable)（See Notes 3） The Third largest shareholder Guangdong Electric Power Development Explanation on associated relationship Corporation is the wholly-owned subsidiaries of the largest shareholder Energy among the aforesaid shareholders Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown Above shareholders entrusting or entrusted with voting rights or waiving voting rights Not applicable Top 10 shareholders including the special account for repurchase (if any) (see note Not applicable 10) Shareholding of top 10 shareholders of unrestricted shares Quantity of unrestricted Share type Name of the shareholder shares held at the end of the reporting period Share type Quantity Guangdong Energy Group Co. Ltd. 1644662664 RMB Commonshares 1644662664 Guangzhou Development Group Co. Ltd. 116693602 RMB Commonshares 116693602 Guangdong Electric Power Development Corporation 94367341 RMB Commonshares 94367341 ICBC－First Seafront fund New Economy flexible allocation RMB Common of hybrid securities investment fund 43245455 shares 43245455 The National Social Security Fund 102 portfolio 36986590 RMB Commonshares 36986590 Foreign shares Zheng Jianxiang 25514900 placed indomestic 25514900 exchange Ningbo Bank－Boshi Growth advantage hybrid securities RMB Common investment fund 18915500 shares 18915500 China Securities Finance Co. Ltd. 18246045 RMB Commonshares 18246045 Foreign shares VANGUARD TOTAL INTERNATIONAL STOCK INDEX 15855512 placed inFUND domestic 15855512 exchange 45Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Foreign shares CHINA INTERNATIONAL CAPITAL CORPORATION placed in HONG KONG SECURITIES LTD 15216066 domestic 15216066 exchange Explanation on associated relationship or consistent action The Third largest shareholder Guangdong Electric Power among the top 10 shareholders of non-restricted negotiable Development Corporation is the wholly-owned subsidiaries of shares and that between the top 10 shareholders of non- the largest shareholder Energy Group. These two companies have restricted negotiable shares and top 10 shareholders relationships; whether the other shareholders have relationshipsor unanimous acting was unknown.Explanation on shareholders participating in the margin trading business(if any )(See Notes 4) Not applicable Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy- back agreement dealing in reporting period.□ Yes √ No The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have 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 specific information please refer to the 2021 Annual Report V. Change of the controlling shareholder or the actual controller Change 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. 46Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 VIII. Situation of the Preferred Shares □Applicable √Not applicable The Company had no preferred shares in the reporting period 47Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 I. Basic information of corporate bonds In RMB Bond balance Bond name Bond shortname Bond code Issue day Value date Due day (Ten thousand Interest Servicing way Trading yuan ) rate Using simple interest rate Public Issuance of on a yearly basis Corporate Bonds to regardless of compound Qualified Investors in interest. Due payments 2020 (Phase I) of 20 Yudean 01 149113.SZ April 292020 April 292020 April 292025 1500000000 2.45% once a year maturing debt Shenzhen Stock Guandong Electric Power at a time. In the final Exchange Development Co.Ltd. phase interest is paid together with the principal redemption.Using simple interest rate Public Issuance of on a yearly basis Corporate Bonds to regardless of compound Qualified Investors in interest. Due payments 2021 (Phase I) of 21 Yudean 01 149369.SZ January 272021 January 272021 January 272024 1000000000 3.57% once a year maturing debt Shenzhen Stock Guandong Electric Power at a time. In the final Exchange Development Co.Ltd. phase interest is paid together with the principal redemption. 48Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Public Issuance of Corporate Bonds to Qualified Investors in In the final phase interests 2021 (Phase II) of 21Yudean02 149418.SZ April 282021 April 282021 April 282026 1500000000 3.50% are paid together with the Shenzhen Stock Guandong Electric Power principal redemption. Exchange Development Co.Ltd.Public Issuance of Corporate Bonds to Professional Investors in In the final phase interests 2021 (Phase I) of 21Yedean 03 149711.SZ November 242021 November 242021 November 242026 800000000 3.41% are paid together with the Shenzhen Stock Exchange Guandong Electric Power principal redemption.Development Co.Ltd.Using simple interest rate Public Issuance of on a yearly basis Corporate Bonds to regardless of compound Professional Investors in interest. Due payments 2021 (Phase I) of 21Pinghai 01 188197.SH June 42021 June 42021 June 42023 200000000 3.57% once a year maturing debt Shanghai Stock Guandong Huizhou Ping at a time. In the final exchange Power Generation phase interest is paid Co.Ltd. together with the principal redemption.During the reporting period interest payment situation 20 Yudean 01 21 Yudean 01 and 21 Yudean 02 are bonds for qualified investors 21 Yudean 03 and 21 Pinghai 01 are bonds for of the company bonds（If any） professional investors.Applicable trading mechanism Bidding quotation inquiry and agreement transaction.Whether there are risks and countermeasures for terminating listing transactions No（If any)Overdue and unpaid bonds □ Applicable √ Not applicable 49Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor √ Applicable □ Not applicable 21Yudean03 is attached with the "Commitment of the Issuer on Debt Repayment Guarantee Measures". According to the agreement the net cash flow from operating activities generated every six months during the duration of the bonds of the current period according to the Issuer's consolidated financial statements shall not be less than RMB 200 million or the cash flow ratio from operating activities (net cash flow from operating activities/interest-bearing liabilities) shall not be less than 0.5%. The Issuer regularly tracks and monitors the stability of the sources of debt repayment funds every six months. If the source of debt repayment funds is lower than that in the commitment requirements the Issuer will take timely measures such as realizing assets collecting overdue receivables and improving business performance and ensure that the relevant indicators of debt repayment funds in the next monitoring period meet the commitment requirements. If the Issuer fails to meet the commitment requirements during two consecutive monitoring periods the Issuer shall collect funds in advance before the latest interest payment or redemption date. The Issuer shall collect 20% of the debt repayment funds within 1 month before the latest interest payment or redemption date and collect 50% of the debt repayment funds within 5 trading days before the latest interest payment or redemption date.At the expiration of the first half year of the existence period of 21Yudean03 the net cash flow from operating activities of the Company was RMB -208 million and the cash flow ratio from operating activities was -0.32%. The Company will take timely measures to improve its business performance and strive for the relevant indicators of the source of debt repayment funds in the next monitoring period to meet the commitment requirements. Up to now the Company has not triggered the need to collect debt repayment funds in advance. 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 guarantee measures during the reporting period and their impact on the rights and interests of bond investors √ Applicable □ Not applicable (1). Credit enhancement mechanism: 20 Yudean 01 21 Yudean 01 21 Yudean 02 21 Yudean 03 and 21 Pinghai Company 01 bonds are not guaranteed. (2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01 21 Yudean 01 21 Yudean 02 21 Yudean 03 and 21 Pinghai 01 debt repayment plans and other debt repayment guarantee measures have not changed during the reporting period and the payment of their principal and interest will be handled by the bond registration institution and relevant institutions. The specific matters of payment will be elaborated in the announcement disclosed by the issuer in the media specified by China Securities Regulatory Commission Shenzhen Stock Exchange Shanghai Stock Exchange and China Securities Industry Association in accordance with relevant regulations. 50Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 III. Debt financing instruments of non-financial enterprises √ Applicable □ Not applicable 1. Debt financing instruments of non-financial enterprises In RMB Bond name Bond shortname Bond code Issue day Value date Due day Bond balance Interest rate Servicing way Trading Using simple interest rate on a yearly basis 2021 MTN regardless of (Phase I) of compound interest.Guangdong 21Yudean Due payments once102101339.IB July 192021 July 212021 July 212024 1200000000 3.17% a year maturing InterbankElectric Power Fa MTN001 debt at a time. In marketDevelopment Co. Ltd. the final phaseinterest is paid together with the principal redemption.Using simple interest rate on a yearly basis 2021 MTN regardless of (Phase II) of compound interest.Guangdong 21Yudean Due payments once Electric Power Fa MTN002 102102318.IB November 152021 November 172021 November 172024 2200000000 3.13% a year maturing Interbank Development debt at a time. In market Co. Ltd. the final phaseinterest is paid together with the principal redemption.Guangdong Electric Power Development One time Co. Ltd. Co. 22Yudean Ltd.2022 first Fa SCP001 012280516.IB February 142022 February 152022 August 122022 1200000000 2.01% repayment of Interbank principal and market phase Ultra- interest due short term financing bills 51Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Guangdong Electric Power Development One time Co. Ltd. Co. 22 Yudean 012282169.IB June 162022 June 202022 November 152022 1500000000 2% repayment of InterbankLtd.2022 FaSCP002 principal and market Second phase interest due Ultra-short term financing bills MTN (Phase I) (Sustainable lingged)of One time Guangdong 21Pinghai 102102049.IB October 152021 October 152021 October 152024 300000000 3.72% repayment of Interbank Pinghai Power Fa MTN001 principal and market Generation interest due Plant Co. Ltd.Applicable trading mechanism Circulation and transfer in the national inter-bank bond market its listing and circ ulation will be carried out in accordance with therelevant regulations promulgate d by the National Interbank Funding Center 52Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 guarantee measures during the reporting period and their impact on the rights and interests of bond investors √ Applicable □ Not applicable 1. 21Yudeanfa MTN001 21 21Yudeanfa MTN002 21Yudeanfa SCP002 22Yudeanfa SCP001 and 21Pinghaifadian MTN001 are not guaranteed. 2. The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment guarantee measures of the Company have not changed during the reporting period.IV. Convertible bond □ Applicable √ Not applicable No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net assets 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 the reporting period In RMB10000 At the end of the reporting period At the end of last year At the same time rate of change Current ratio 0.61 0.61 0% Debt ratio 73.72% 71.34% 2.38% Quick ratio 0.47 0.47 0% Amount of this period Amount of last period At the same time rate ofchange Net profit after deducting non-recurring profit and loss -215681 39148 -650.94% EBITDA total debt ratio 1.3% 5.39% -4.09% Time interest earned ratio -1.02 1.67 -161.08% Cash interest guarantee times 1.43 6.95 -79.42% EBITDATime interest earned ratio 1.01 4.25 -76.24% Repayment of debt (%) 100% 100% 0% Payment of interest (%) 100% 100% 0% 53Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 X. Financial Report I. Audit report Has this semi-annual report been audited? □ Yes √ No The semi-annual financial report has not been audited.II. Financial statements Currency 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 302022 January 12022 Current asset： Monetary fund 10854693285 8105320953 Settlement provision Outgoing call loan Transactional financial assets Derivative financial assets Notes receivable 0 165603 Account receivable 7068283704 7030685357 Financing of receivables Prepayments 1481378318 892771238 Insurance receivable Reinsurance receivable Provisions of Reinsurance contracts receivable Other account receivable 955052963 2429475558 Including：Interest receivable 2581384 0 Dividend receivable 0 5633417 Repurchasing of financial assets Inventories 3135765795 2998894539 Contract assets 1044260 4754820 Assets held for sales Non-current asset due within 1 year Other current asset 877369564 1417985608 Total of current assets 24373587889 22880053676 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 8426522587 8072208350 Other equity instruments investment 3108938380 3232028682 Other non-current financial assets Property investment 374128161 378796932 Fixed assets 60916046309 57145099423 54Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Construction in progress 5744786187 8710691765 Production physical assets Oil & gas assets Use right assets 5172621990 5256124979 Intangible assets 2718331332 2658726346 Development expenses 0 0 Goodwill 139983037 139983037 Long-germ expenses to be amortized 29323564 30335301 Deferred income tax asset 1483508097 1176841986 Other non-current asset 4985384492 4810251634 Total of non-current assets 93099574136 91611088435 Total of assets 117473162025 114491142111 Current liabilities Short-term loans 15702140981 12360296429 Loan from Central Bank Borrowing funds Transactional financial liabilities Derivative financial liabilities Notes payable 1881546000 1908780000 Account payable 4805853502 6626567064 Advance receipts 0 0 Contract liabilities 17160884 5864811 Selling of repurchased financial assets Deposit taking and interbank deposit Entrusted trading of securities Entrusted selling of securities Employees’ wage payable 581990907 422013230 Tax payable 190273788 502303075 Other account payable 9953740901 10569763778 Including：Interest payable 0 0 Dividend payable 9771322 9771322 Fees and commissions payable Reinsurance fee payable Liabilities held for sales Non-current liability due within 1 year 3421306639 3697619753 Other current liability 3360484485 1658449006 Total of current liability 39914498087 37751657146 Non-current liabilities： Reserve fund for insurance contracts Long-term loan 31647408640 28940577856 Bond payable 8694513314 8693083422 Including：preferred stock 0 0 Sustainable debt 0 0 Lease liability 5038032075 4728167142 Long-term payable 124372257 121779223 Long-term remuneration payable to staff 381795957 415480262 Expected liabilities Deferred income 157765939 163611515 Deferred income tax liability 597076519 635754761 Other non-current liabilities 50985667 75469729 Total non-current liabilities 46691950368 43773923910 Total of liability 86606448455 81525581056 Owners’ equity Share capital 5250283986 5250283986 Other equity instruments Including：preferred stock 55Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Sustainable debt Capital reserves 4272909979 4295429055 Less：Shares in stock Other comprehensive income 1656193845 1750011571 Special reserve Surplus reserves 8903515135 8903515135 Common risk provision Retained profit 1827741909 3203481074 Total of owner’s equity belong to the parent company 21910644854 23402720821 Minority shareholders’ equity 8956068716 9562840234 Total of owners’ equity 30866713570 32965561055 Total of liabilities and owners’ equity 117473162025 114491142111 Legal representative ：Wang Jin Person-in-charge of the accounting work：Liu Wei Person-in -charge of the accounting organ：Meng Fei 2.Parent Company Balance Sheet In RMB Items June 302022 January 12022 Current asset： Monetary fund 1651534569 708028634 Transactional financial assets Derivative financial assets Notes receivable Account receivable 146436654 192707778 Financing of receivables Prepayments 26893925 26368250 Other account receivable 321165984 415990566 Including：Interest receivable 859926 887856 Dividend receivable Inventories 145544894 216808997 Contract assets Assets held for sales Non-current asset due within 1 year Other current asset 12702412 21453621 Total of current assets 2304278438 1581357846 Non-current assets： Debt investment Other investment on bonds Long-term receivable 677000000 627000000 Long term share equity investment 37339653831 36539978077 Other equity instruments investment 3108138380 3231228683 Other non-current financial assets Property investment 5436448 5754247 Fixed assets 386257719 436327041 Construction in progress 2163857 1201126 Production physical assets Oil & gas assets Use right assets 6094058 8125410 Intangible assets 78289281 80670784 Development expenses Goodwill 56Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Long-germ expenses to be amortized 686114 0 Deferred income tax asset 0 0 Other non-current asset 136500000 136500000 Total of non-current assets 41740219688 41066785368 Total of assets 44044498126 42648143214 Current liabilities Short-term loans 2482315472 2442508111 Transactional financial liabilities Derivative financial liabilities Notes payable Account payable 95082678 214080378 Advance receipts Contract Liabilities 11315924 1083950 Employees’ wage payable 120027300 105045040 Tax payable 410739 8288884 Other account payable 2269794500 2535329957 Including：Interest payable Dividend payable Liabilities held for sales Non-current liability due within 1 year 129038626 125174953 Other current liability 2726736951 1030040123 Total of current liability 7834722190 6461551396 Non-current liabilities： Long-term loan Bond payable 8195204720 8193949060 Including：preferred stock Sustainable debt Lease liability 2403629 4251838 Long-term payable Long-term remuneration payable to staff 63599445 68648773 Expected liabilities Deferred income 19992404 19992404 Deferred income tax liability 530839778 562112354 Other non-current liabilities Total non-current liabilities 8812039976 8848954429 Total of liability 16646762166 15310505825 Owners’ equity Share capital 5250283986 5250283986 Other equity instruments Including：preferred stock Sustainable debt Capital reserves 4834039575 4834039575 Less：Shares in stock Other comprehensive income 1670603582 1764421309 Special reserve Surplus reserves 8903515135 8903515135 Retained profit 6739293682 6585377384 Total of owners’ equity 27397735960 27337637389 Total of liabilities and owners’ equity 44044498126 42648143214 3.Consolidated Income statement In RMB Items The first half year of 2022 The first half year of 2021 I. Income from the key business 22611239733 20594038804 57Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Incl：Business income 22611239733 20594038804 Interest income Insurance fee earned Fee and commission received II. Total business cost 25527998725 20546194534 Incl：Business cost 23114184606 19228178330 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 72015381 125033155 Sales expense 30460050 35594988 Administrative expense 477955874 413435343 R & D costs 752324970 119749812 Financial expenses 1081057844 624202906 Including：Interest expense 1140777896 693307586 Interest income 66359894 69736114 Add: Other income 35193072 23426921 Investment gain（“-”for loss） 589691504 458465127 Incl: investment gains from affiliates 498927895 429715965 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 1728699 -417309 Impairment loss of assets Assets disposal income 31707133 117901195 III. Operational profit（“-”for loss） -2258438584 647220204 Add：Non-operational income 8866265 16517954 Less: Non-operating expense 19957360 15237962 IV. Total profit(“-”for loss) -2269529679 648500196 Less：Income tax expenses -146480556 160600093 V. Net profit -2123049123 487900103 (I) Classification by business continuity 1.Net continuing operating profit -2123049123 487900103 2.Termination of operating net profit 0 0 (II) Classification by ownership 1.Net profit attributable to the owners of parent company -1375739165 326629275 2.Minority shareholders’ equity -747309958 161270828 VI. Net after-tax of other comprehensive income -93817727 84349552 Net of profit of other comprehensive income attributable to owners -93817727 84349552 of the parent company.（I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting period -93817727 84349552 1.Re- measurement of defined benefit plans of changes in net debt or net assets 2.Other comprehensive income under the equity method investee c an not be reclassified into profit or loss. 3. Changes in the fair value of investments in other equity instruments -93817727 84349552 4. Changes in the fair value of the company’s credit risks 5.Other 58Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022（II） Other comprehensive income that will be reclassified into profit or loss. 1.Other comprehensive income under the equity method investee c an 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 Minori ty shareholders’ equity VII. Total comprehensive income -2216866850 572249655 Total comprehensive income attributable to the owner of the parent company -1469556892 410978827 Total comprehensive income attributable minority shareholders -747309958 161270828 VIII. Earnings per share （I）Basic earnings per share -0.2620 0.0622 (II)Diluted earnings per share -0.2620 0.0622 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 Jin Person-in-charge of the accounting work：Liu Wei Person-in -charge of the accounting organ：Meng Fei 4. Income statement of the Parent Company In RMB Items The first half year of 2022 The first half year of 2021 I. Income from the key business 549224797 665551244 Incl：Business cost 798118470 705513618 Business tax and surcharge 1314970 3788180 Sales expense 1181738 1107630 Administrative expense 54984849 46656602 R & D expense 13572929 0 Financial expenses 180748898 123235844 Including：Interest expenses 182898115 123796443 Interest income 3986671 2267082 Add：Other income 496298 61144 Investment gain（“-”for loss） 652477745 2007008902 Including: investment gains from affiliates 450257095 392738688 Financial assets measured at amortized cost cease to be recognized as income Net exposure hedging income Changing income of fair value Credit impairment loss -59342 -1866 Impairment loss of assets Assets disposal income II. Operational profit（“-”for loss） 152217644 1792317550 Add：Non-operational income 1763961 1034325 Less：Non -operational expenses 65307 624872 59Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 III. Total profit(“-”for loss) 153916298 1792727003 Less：Income tax expenses 0 0 IV. Net profit 153916298 1792727003 1.Net continuing operating profit 153916298 1792727003 2.Termination of operating net profit V. Net after-tax of other comprehensive income -93817727 84349552 （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting -93817727 84349552 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 reclas sified into profit or loss. 3. Changes in the fair value of investments in other equity instruments -93817727 84349552 4. Changes in the fair value of the company’s credit risks 5.Other (II)Other comprehensive income that wil l be reclassified into profit or loss 1.Other comprehensive income under the equity method investee can be reclassifi ed 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 fina ncial statements 7.Other VI. Total comprehensive income 60098571 1877076555 VII. Earnings per share （I）Basic earnings per share 0.0293 0.3415 (II)Diluted earnings per share 0.0293 0.3415 60Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 5. Consolidated Cash flow statement In RMB Items The first half year of 2022 The first half year of 2021 I.Cash flows from operating activities Cash received from sales of goods or rending of services 25418678331 24080579726 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 1779253397 19925513 Other cash received from business operation 264049592 180056035 Sub-total of cash inflow 27461981320 24280561274 Cash paid for purchasing of merchandise and services 25271904394 18008458333 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 1089329670 1019053606 Taxes paid 692608470 990676735 Other cash paid for business activities 616497296 475525784 Sub-total of cash outflow from business activities 27670339830 20493714458 Net cash generated from /used in operating activities -208358510 3786846816 II. Cash flow generated by investing Cash received from investment retrieving 623034 Cash received as investment gains 240403213 227688525 Net cash retrieved from disposal of fixed assets intangible assets and other long- 1643618096 123146842 term assets Net cash received from disposal of subsidiaries or other operational units -7173212 Other investment-related cash received 300000 0 Sub-total of cash inflow due to investment activities 1884944343 343662155 Cash paid for construction of fixed assets intangible assets and other 4446188809 4148574448 long-term assets Cash paid as investment 346822910 338850126 Net increase of loan against pledge 61Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Net cash received from subsidiaries and other operational units 103159958 Other cash paid for investment activities 0 Sub-total of cash outflow due to investment activities 4793011719 4590584532 Net cash flow generated by investment -2908067376 -4246922377 III.Cash flow generated by financing Cash received as investment 133484514 126187000 Including: Cash received as investment from minor shareholders 133484514 126187000 Cash received as loans 18884583500 15122805723 Other financing –related cash received Sub-total of cash inflow from financing activities 19018068014 15248992723 Cash to repay debts 12110573262 12657634723 Cash paid as dividend profit or interests 1025673784 1970950322 Including: Dividend and profit paid by subsidiaries to minor shareholders 25174599 606874009 Other cash paid for financing activities 20793683 42044371 Sub-total of cash outflow due to financing activities 13157040729 14670629416 Net cash flow generated by financing 5861027285 578363307 IV. Influence of exchange rate alternation on cash and cash equivalents 485 -122 V.Net increase of cash and cash equivalents 2744601884 118287624 Add: balance of cash and cash equivalents at the beginning of term 8023116939 9405082609 VI ..Balance of cash and cash equivalents at the end of term 10767718823 9523370233 6. Cash Flow Statement of the Parent Company In RMB Items The first half year of 2022 The first half year of 2021 I.Cash flows from operating activities Cash received from sales of goods or rending of services 664254583 783452071 Tax returned 25152420 63577 Other cash received from business operation 566054241 20188753 Sub-total of cash inflow 1255461244 803704401 Cash paid for purchasing of merchandise and services 799187397 581204165 Cash paid to staffs or paid for staffs 133850000 133944525 Taxes paid 8275389 26292457 Other cash paid for business activities 318144283 22417628 Sub-total of cash outflow from business activities 1259457069 763858775 Net cash generated from /used in operating activities -3995825 39845626 II. Cash flow generated by investing Cash received from investment retrieving Cash received as investment gains 301487457 1767052502 Net cash retrieved from disposal of fixed assets intangible assets and other long- 11796295 532467 term assets Net cash received from disposal of subsidiaries or other operational units Other investment-related cash received Sub-total of cash inflow due to 313283752 1767584969 62Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 investment activities Cash paid for construction of fixed assets intangible assets and other 3607272 11365569 long-term assets Cash paid as investment 925694710 1254689794 Net cash received from subsidiaries and other operational units Other cash paid for investment activities Sub-total of cash outflow due to investment activities 929301982 1266055363 Net cash flow generated by investment -616018230 501529606 III. Cash flow generated by financing Cash received as investment Cash received as loans 3539536458 4399822000 Other financing –related ash received 0 1104829 Sub-total of cash inflow from financing activities 3539536458 4400926829 Cash to repay debts 1800000000 3900000000 Cash paid as dividend profit or interests 176305840 738484034 Other cash paid for financing activities 6248 2188825 Sub-total of cash outflow due to financing activities 1976312088 4640672859 Net cash flow generated by financing 1563224370 -239746030 IV. Influence of exchange rate alternation on cash and cash equivalents 485 -122 V.Net increase of cash and cash equivalents 943210800 301629080 Add: balance of cash and cash equivalents at the beginning of term 707707282 338045631 VI ..Balance of cash and cash equivalents at the end of term 1650918082 639674711 63Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 7. Consolidated Statement on Change in Owners’ Equity Amount in this period In RMB The first half year of 2022 Owner’s equity Attributable to the Parent Company Other Equity Items instrument Less: Other Specializ Comm Minor Total of Share Preferr Capital Shar Comprehen ed Surplus on risk Retained Oth shareholde owners’ Capital reserves es in reserves provisi profit er Subtotal rs’ equity equityed Sustaina Oth stock sive Income reservestock onble debt er I.Balance at the end of last year 5250283 4295429 17500115 8903515 2985840 23185079 9560790 32745870986 055 71 135 058 805 618 423 21764101 Add: Change of accounting policy 6 217641016 2049616 219690632 Correcting of previous errors 0 Merger of entities under common control 0 Other 0 II.Balance at the beginning of current 5250283 4295429 17500115 8903515 3203481 23402720 9562840 32965561 year 986 055 71 135 074 821 234 055 ---- III.Changed in the current year -22519076 -93817726 1375739 14920759 60677151 20988474165 67 8 85 ---- （1）Total comprehensive income -93817726 1375739 14695568 74730995 22168668 16591849（II）Investment or decreasing of - 16567260 capital by owners 22519076 0 0 0 0 0 0 0 -22519076 9 143153533 1．Ordinary Shares invested by sharehol 0 14502631ders 1 145026311 2．Holders of other equity instruments i nvested capital 0 3．Amount of shares paid and accounted as owners’ equity 0 4 Other -． 22519076 -22519076 20646298 -1872778（III）Profit allotment -25134169 -25134169 1.Providing of surplus reserves 0 2.Providing of common risk provisions 0 3．Allotment to the owners (or - shareholders) 0 25134169 -25134169 64Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 4．Other (IV) Internal transferring of owners’ equity 0 1. Capitalizing of capital reserves (or to capital shares) 0 2. Capitalizing of surplus reserves (or to capital shares) 0 3．Making up losses by surplus reserves. 0 4.Change amount of defined benefit plans that carry forward 0 Retained earnings 5．Other comprehensive income carry- over retained earnings 0 6．Other 0 (V). Special reserves 0 1. Provided this year 0 2．Used this term 0（VI）Other 0 IV. Balance at the end of this term 5250283 4272909 16561938 8903515 1827741 21910644 8956068 30866713986 979 45 135 909 854 716 570 Amount in last year In RMB The first half year of 2021 Owner’s equity Attributable to the Parent Company Other Equity Items Less: Comm Minor Total ofinstrument Share Other SpecializPreferr Capital Shar Comprehen ed Surplus on risk Retained Oth shareholder owners’ Capital reserves es in reserves provisi profit er Subtotal s’ equity equityed Sustaina Oth stock sive Income reservestock onble debt er I.Balance at the end of last year 5250283 8014211 19571754 8515360 8083048 31820079 11808648 43628727986 278 81 638 238 621 219 840 Add: Change of accounting policy 0 Correcting of previous errors 0 Merger of entities under common control 0 Other 0 II.Balance at the beginning of current 5250283 8014211 19571754 8515360 8083048 31820079 11808648 43628727 year 986 278 81 638 238 621 219 840 III.Changed in the current year 0 11033133 84349552 38815449 - - - -7 73835020 25481302 18819781 44301083 65Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 7505 （1）Total comprehensive income 84349552 32662927 41097882 16127082 572249655 7 9 6（II）Investment or decreasing of 11033133 11033133 26404817 27508130capital by owners 1 4 1．Ordinary Shares invested by shareho 0 25344143 25344143lders 1 1 2．Holders of other equity instruments i nvested capital 3．Amount of shares paid and accounted as owners’ equity 4．Other 11033133 11033133 10606740 21639873 ----（III）Profit allotment 388154497 1064979 67682498 61351681 12903417482 5 0 95 - 1.Providing of surplus reserves 388154497 388154497 2.Providing of common risk provisions 3．Allotment to the owners (or - - - - shareholders) 67588603 67588603 61260840 128849442 2 4 36 4．Other -938953 -938953 -908406 -1847359 (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 5250283 8025244 20415250 8903515 7344698 31565266 11620450 43185717986 411 33 135 031 596 409 005 66Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 8.Statement of change in owner’s Equity of the Parent Company Amount in this period In RMB The first half year of 2022 Other Equity instrument Less: Items Capital Share OtherShare capital Comprehensiv Specialize Surplus Retained Total ofPreferre Sustainabl Othe reserves s in e Income d reserve reserves profit Other owners’ equity d stock e debt r stock 525028398 483403957 1764421309 890351513 65853773 2733763738I.Balance at the end of last year 6 5 5 84 9 Add: Change of accounting policy Correcting of previous errors Other 525028398 483403957 1764421309 890351513 65853773 2733763738II.Balance at the beginning of current year 6 5 5 84 9 III.Changed in the current year 0 0 0 0 0 0 -93817727 0 0 15391629 8060098571 （I）Total comprehensive income -93817727 153916298 60098571 (II) Investment or decreasing of capital by owners 1．Ordinary Shares invested by shareholders 2．Holders of other equity instruments invested capi tal 3.Amount of shares paid and accounted as owners’ equity 4．Other（III）Profit allotment 1.Providing of surplus reserves 2．Allotment to the owners (or shareholders) 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 67Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 525028398 0 0 0 4834039576 5 0 1670603582 0 89035151367392936027397735965820 Amount in last year In RMB The first half year of 2021 Other Equity instrument Less: Items Share Capital Capital Share Other Specialize Surplus Retained Othe Total of Preferre Sustainabl Othe reserves s in Comprehensiv e Income d reserve reserves profit r owners’ equityd stock e debt r stock 5250283985405326648515360634724248212584152507 I.Balance at the end of last year 6 3 1946305595 8 1 3 Add: Change of accounting policy Correcting of previous errors Other 525028398540532664 II.Balance at the beginning of current year 6 3 1946305595 8515360634724248212584152507 813 III.Changed in the current year 0 0 0 0 0 0 84349552 0 388154497 774538428 0 1247042477 I Total comprehensive income 84349552 179272700（ ） 3 1877076555 (II) Investment or decreasing of capital by owners 1．Ordinary Shares invested by shareholders 2．Holders of other equity instruments invested c apital 3.Amount of shares paid and accounted as owners’ equity 4．Other -571287069 -（III）Profit allotment 0 0 0 0 0 0 0 388154497 101818857 0 -630034078 5 1.Providing of surplus reserves 388154497 -388154497 2．Allotment to the owners (or shareholders) -630034078 -630034078 3．Other (IV) Internal transferring of owners’ equity 68Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 525028398 0 0 0 540532664 0 2030655147 0 890351513 549878663 0 27088567556 3 5 9 0 69Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 III．Basic Information of the Company Guangdong Electric Power Development Co. Ltd. (“the Company”) is a limited liability company jointly established by Guangdong Electric Power Holding Company China Construction Bank Guangdong Province Trust Investment Company Guangdong Power Development Co. Ltd. Guangdong International Trust and China Guangfa Bank (currently named as Guangdong Guangkong Group Co. Ltd.). The address of the Company’s registered 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 company is Guangdong Energy Group Co. Ltd. (“GEGC” previously Guangdong Province Yudean Group Co. Ltd.) and its ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of the People’s Government of Guangdong Province.The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30 June 2022 the total share capital of the Company is RMB 5250283986 with par value of RMB 1 each.The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the businesses of developing and operating electric power plants in Guangdong ， Xingjiang Yunnan HunanProvince and Guangxi the PRC.The financial statement has been approved for issue by the Company’s Board of Directors on August 262021.The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the businesses 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 292022.For the Consolidation scope changed of the Group please refer to VIII and IX(Equity in other entities IV.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 Regulatory Commission. 2. Continuous operation. On June 30 2022 the Group's net current liabilities were RMB 15.541 billion the capital expenditure commitment was RMB 22.704 billion and the foreign investment commitment was RMB 1.2 billion of which the total capital expenditure commitment and foreign investment commitment expected to be paid within one year was RMB 8.788 billion which posed a certain liquidity risk. The net current liabilities are mainly due to the fact that some capital expenditures of the Group are supported by short-term loans.In view of the above the Board of Directors of the Company has carefully considered the future working capital operating conditions and available financing sources of the Group when evaluating the Group's going concern capability. The Group has formulated the following plans and measures to reduce the pressure on working capital and improve its financial position: 70Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (i) (i) The Group has maintained a long-term and good cooperative relationship with various financial institutions (including Guangdong Energy Group Finance Co. Ltd. ("Energy Group Finance Company") an associate of the Company and Guangdong Energy Finance Leasing Co. Ltd. ("Energy Group Finance Leasing Company") thus enabling the Group to obtain sufficient financing credit lines from these financial institutions.On June 30 2022 the credit lines of the Group's contracted available financial institutions and the approved bond issuance lines totaled about RMB 43.582 billion of which the credit line provided by Energy Group Finance Company was about RMB 13.759 billion the financing line provided by Energy Group Finance Leasing Company was about RMB 6.188 billion and the credit line provided by other commercial banks was about RMB 22.835 billion; and the financing amount of medium-term notes registered in China's interbank market was RMB 800 million. Among the credit lines of the above-mentioned contracted available financial institutions about RMB 10.931 billion will expire before June 30 2023. According to the communication results between the management and relevant financial institutions it is expected that these credit lines can be extended for 12 months upon expiration.(ii) (ii) The Board of Directors of the Company has reviewed the cash flow forecast of the Group prepared by the management which covers a period of not less than 12 months from June 30 2022. The cash flow forecast is based on the management's judgments and assumptions on certain future items and its realization will depend on the achievement of the Group's plans and a series of plans and measures under implementation including: (1) The Group will continuously monitor the financial indicators of its affiliated companies and improve the operation and financing structure of its subsidiaries through various measures including but not limited to measures such as providing financing support and capital increase so that its subsidiaries can continuously meet the requirements stipulated in the loan agreement in the foreseeable future;(2) The Group can continuously meet the financing conditions of existing banks and obtain necessary loan renewal and new loans including the financing from the Energy Group Finance Company and Finance Leasing Company. When necessary it can successfully conduct external financing by issuing corporate bonds medium-term notes and ultra-short-term financing bonds; On the basis of fully considering the above-mentioned measures that the Group is implementing or planning to implement the management is convinced that the Group will be able to obtain sufficient funds to pay its operating expenses capital expenditure commitment within one year and repay its due debts in the next 12 months from June 30 2022. Therefore the management considers it appropriate to prepare the financial statements on the basis of going concern.V. Significant accounting policies and accounting estimates Specific accounting policies and accounting estimates tips: The Group determines specific accounting policies and accounting estimates based on the characteristics of production 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 (Notes 5(24)(30，（ 29） ) impairment of long-term assets (Note 5(31)) timing of revenue recognition (Note 5(43)) 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 in Note 5(44). 71Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 1.Complying with the statements in Accounting Standards for Business Enterprises The financial Report and statements are prepared with compliance to the requirement of the Enterprise Accounting Standard. They reflect the financial position as of June 30 2022 as well as the business performance and cash flow situation in the first half of 2022 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 2022 to 6 months ended June 302022. 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 assets obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained and 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 to retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current period when occurred. The transaction costs of issuing equity or debt securities for business combinations. (2) Business combinations not involving enterprises under common control The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date the difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at the acquisition date the difference is recognized in profit or loss for the current period. The direct acquisition- related costs arising from the business combination are recognized as expenses in the periods in which the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for the 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 the date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises under common control it is included in the consolidated financial statements from the date when it together with the Company comes under common control of the ultimate controlling party. The portion of the net profits realised 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 the Company and subsidiaries are inconsistent the financial statements of subsidiaries have been adjusted to conform to the Company’s policies and accounting period. For business combination not obtained under common control 72Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition date.All significant intra-group balances transactions and unrealised profits are eliminated in the consolidated financial statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and 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 and presented separately in the consolidated financial statements under owners’ equity net profits and total comprehensive income respectively. When the Company sells assets to subsidiaries the unrealised gains and losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell assets to the Company the unrealised gains and losses should be assigned and offset between the net profit attributed to shareholders of the parent company and minority interests according to the Company’s distribution ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset between 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 the Company and subsidiaries are inconsistent the financial statements of the subsidiaries are adjusted in accordance with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business combinations involving enterprises not under common control the individual financial statements of the subsidiaries 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 in value. 9.Foreign currency transactions Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the dates of the transactions. At the balance sheet date monetary items denominated in foreign currencies are translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from these translations are recognised in profit or loss for the current period except for those attributable to foreign currency 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 currencies that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow statement. 10. Financial instruments Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity instruments of other parties. When the Group becomes a party to a financial instrument contract the relevant financial assets or financial liabilities are recognized. 73Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (a) Financial assets (i) Classification and measurement According to the business model for managing financial assets and the contractual cash flow characteristics of financial 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) Financial assets 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 fair value whose changes are included in current profits and losses relevant transaction costs are directly included in current profits and losses; For other types of financial assets relevant transaction costs are included in the initial recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of labor services that do not include or take into account significant financing components are initially recognized by the 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 the perspective 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 the contractual 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 the amount of outstanding principal. The Group recognizes interest income for such financial assets according to the effective interest rate method. Such financial assets mainly include monetary funds accounts receivable other receivables and long-term receivables. The Group lists long-term receivables due within one year (including one year) from the balance sheet date as non-current assets due within one year.Equity instruments The Group will measure the equity instrument investments that it has no control joint control and significant influence on at fair value and their changes are included in the current profits and losses and listed as trading financial assets.In addition the Group designated some non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income and listed them as other equity instrument investments. Dividend income related to such financial assets is included in current profits and losses.(ii) Impairment For financial assets measured in amortized cost the Group recognizes loss reserves on the basis of expected credit losses.The Group takes into account reasonable and reliable information on historical events current situation and future economic situation forecasts and uses the risk of default as the weight to calculate the probability weighted amount of the present value of the difference between the cash flow receivable from the contract and the cash flow expected 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 at different stages. If the credit risk of financial instruments has not increased significantly since the initial confirmation it is in the first stage. The Group measures the loss reserve according to the expected credit loss in the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial recognition but no credit impairment has occurred it is in the second stage. The Group measures the loss reserve according to the expected credit loss of the instrument throughout the duration; If a financial instrument has suffered credit impairment since its initial recognition it is in the third stage. The Group measures the loss reserve 74Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 according 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 risk has not increased significantly since the initial confirmation and measures the loss reserve according to the expected credit loss in the next 12 months.For financial instruments in the first and second stages and with low credit risk the Group calculates interest income based on the book balance before deducting impairment provisions and the actual interest rate. For financial instruments in the third stage the interest income shall be calculated according to their book balance minus 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 measures the 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 Group divides the receivables into several combinations according to the credit risk characteristics calculates the expected credit loss on the basis of the combinations and determines the combination on the following basis: Account receivable portfolio 1: Accounts receivable from electricity sales Account receivable portfolio 2: Related party receivable Account receivable portfolio 3:Other account receivable Other Account receivable portfolio 1:Advance payments receivable petty cash and other receivable For 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 of overdue days of accounts receivable and the expected credit loss rate for the whole duration and calculates the expected credit loss.For other receivables divided into portfolios the Group refers to the historical credit loss experience combines the current situation with the forecast of future economic situation and calculates the expected credit loss through default 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 assets A 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 of ownership of the financial asset to the transferee or (iii) the financial asset has been transferred and the Group has not retained control of the financial asset although the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized the difference between the book value and the consideration received and the accumulated amount of the changes in fair value originally included in other comprehensive income shall be included in the retained income; On derecognition of a financial asset the difference between the carrying amount and the sum of the consideration received and the cumulative changes in fair value that had been recognised directly in owners’ equity is recognised in profit or loss.(b) Financial liabilities Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair value through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities including payables borrowings and debentures payable. This kind of financial liabilities are initially measured according to their fair value after deducting transaction costs and are subsequently measured using the effective interest rate method. If the term is less than one year (including one year) it shall be listed as current liabilities; If the term is more than one year but expires within one year (including one year) from the balance sheet date it shall be listed as non-current liabilities 75Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 due 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 terminates the recognition of the part of the financial liability or obligation that has been discharged. The difference between the book value of the termination recognition and the consideration paid shall be included in the profit and loss of the current period.(c) Determination of the fair value of the financial instruments The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the active market. The fair value of a financial instrument that is not traded in an active market is determined by using a valuation technique. Valuation techniques include using prices of recent market transactions between knowledgeable and willing parties reference to the current fair value of another financial asset that is substantially the same with this instrument and discounted cash flow analysis etc. When a valuation technique is used to establish 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 to obtained unobservable inputs shall be used 11.Note receivable See Note V (10) Financial Instruments for details. 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 method See Note V (10) Financial Instruments for details. 15. Inventories (a) Classification Inventories 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 full when received for use.(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of inventories Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of business 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 consumables Low-value consumables are amortized in full amount. 76Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 the Group’s long-term equity investments in its associates.Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees over 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 are adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are accounted for using the equity method.(a) Determination of investment cost For long-term equity investments acquired through a business combination: for long-term equity investments acquired through a business combination involving enterprises under common control the investment cost shall be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the combination date; for long-term equity investment acquired through a business combination involving enterprises not under common control the investment cost shall be the combination cost. For long-term equity investments acquired not through a business combination: if the long-term equity investments are acquired in cash the initial investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by issuing 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 investment costs and cash dividends or profit distribution declared by the investees are recognised as investment income in profit or loss.For long-term equity investments accounted for using the equity method where the initial investment cost exceeds the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the investment is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the difference is included in profit or loss for 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 investment income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its 77Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 share of net losses of an investee after the carrying amount of the long-term equity investment together with any long-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 the investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment for other changes in shareholders’ equity of the investee (other than net profits or losses) and include the corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the Group’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 investees Control is the power to govern the investee so as to obtain variable returns by participating in the related business activities 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 only when the strategic financial and operating decisions relating to the activities require the unanimous consent of the Group and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.(d) Impairment of long-term equity invest The 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 property The measurement by the cost method Depreciation or amortization method Investment properties including land use rights that have already been leased out and buildings that are held for the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment properties are included in the cost of the investment property when it is probable that the associated economic benefits will flow to the Group and their costs can be reliably measured; otherwise the expenditures are recognised 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 use rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The estimated useful lives the estimated net residual values that are expressed as a percentage of cost and the annual depreciation (amortization) rates of investment properties are as follows: Annual depreciation rates Estimated useful lives Estimated net residual value House and Building 20 - 40 years 0% to 5% 2.38% to 4.75% Land use right 60 years 0% 1.67% The investment property’s estimated useful life net residual value and depreciation (amortisation) method applied are reviewed and adjusted as appropriate at each year-end.When an investment property is transferred to owner-occupied properties it is reclassified as fixed asset at the 78Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the investment property.An investment property is derecognised on disposal or when the investment property is permanently withdrawn from 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 expenses is recognised in profit or loss for the current period.The carrying amount of an investment property is reduced to the recoverable amount if the recoverable amount is below the carrying amount (Note V(31)). 24. Fixed assets （1）Recognition of fixed assets Fixed assets comprise plant and building power generator equipment motor vehicles and other equipment.Fixed asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation were 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 probable that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent expenditures are recognised in income statement when they are incurred. （2）Depreciation of fixed assets The method for Expected useful life Estimated residual Category Depreciation depreciation （Year） value House and building Straight-line method 10 to 50 years 0% to 5% 1.90% to 9.50% Generation equipment Straight-line method 5-35 years 0% to 5% 2.71% to 20% Transportation Straight-line method equipment 5- 15 years 0% to 5% 6.33% to 20% Other equipment Straight-line method 5- 22 years 0% to5% 4.32% to 20% Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated useful lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method applied to the asset are reviewed and adjusted as appropriate at each year-end.(a) The carrying amounts of fixed assets are reduced to the recoverable amounts when the recoverable amounts are below their carrying amounts (Note V(31)).(b)Disposals of fixed assets A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or disposal. The amount of proceeds from disposals on sale transfer retirement or damage of a fixed asset net of its carrying amount and related taxes and expenses is recognised in profit or loss for the current period. 79Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (3)Cognizance evidence and pricing method of financial leasing fixed assets 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 to working condition for its intended use. When the construction in progress is ready for its intended use it is transferred to fixed assets and starts depreciation the following month. When recoverable amount of the construction in progress is lower than its carrying value its carrying value is then reduced to the recoverableamount（Note V(31)). 26.Borrowing costs The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a substantially long period of time of acquisition and construction for its intended use commence to be capitalised and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use the borrowing costs incurred thereafter are recognised in income statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or construction is resumed.For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalisation the amount of borrowing costs eligible for capitalisation is determined by deducting any interest income earned from depositing the unused specific borrowings in the banks or any investment income arising on the temporary investment of those borrowings during the capitalisation period.For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalisation the amount of borrowing costs eligible for capitalisation is determined by applying the weighted average effective interest rate of general borrowings to the weighted average of the excess amount of cumulative expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter period are discounted to the initial amount of the borrowings. 27.Biological Assets 28.Oil & Gas assets 29. Right to use assets The Group recognizes the right-to-use assets on the start date of the lease term and recognizes the lease liabilities according to the present value of the unpaid lease payments. The lease payment amount includes the fixed payment amount and the amount to be paid when it is reasonably determined to exercise or terminate the call option. The variable rent determined according to a certain percentage of the sales amount is not included in the lease payment amount but is included in the current profits and losses when it actually occurs. The Group 80Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 lists the lease liabilities paid within one year (including one year) from the balance sheet date as non-current liabilities due within one year.The right-to-use assets of the Group include rented houses and buildings machinery equipment and means of transport etc. The right-to-use assets are initially measured according to the cost which includes the initial measured amount of the lease liabilities the lease payment amount and the initial direct expenses paid on or before the start date of the lease term etc. with the received lease incentives deducted. If the Group can reasonably determine that the ownership of the leased asset is acquired at the expiration of the lease term depreciation shall be accrued within the remaining service life of the leased asset; If it is impossible to reasonably determine whether the ownership of the leased asset can be acquired at the expiration of the lease term depreciation shall be accrued within the lease term or the remaining service life of the leased asset whichever is shorter. When the recoverable amount is lower than the book value of the right-to-use assets the Group will write down its book value to the recoverable amount.For short-term leases with a lease term of no more than 12 months and low-value asset leases with low value when a single asset is brand new the Group chooses not to recognize the right-to-use assets and lease liabilities and include the related rental expenses in the current profits and losses or related asset costs by the straight-line method in each period of the lease term.When the lease changes and the following conditions are met the Group will treat it as a separate lease for accounting: (1) The lease change expands the lease scope by increasing the right to use one or more leased assets; (2) The increased consideration is equivalent to the amount of the separate price of the expanded part of the lease scope adjusted according to the contract.When the lease change is not treated for accounting as a separate lease except for simplified method adopted for contract change directly caused by the COVID-19 the Group redetermines the lease term on the effective date of the lease change and uses the revised discount rate to discount the changed lease payment and re- measure the lease liabilities. If the lease scope is reduced or the lease term is shortened due to lease change the Group shall correspondingly reduce the book value of the right-to-use assets and include the related gains or losses of partial or full termination of lease in the current profits and losses. If other lease changes lead to the re- measurement of lease liabilities the Group will adjust the book value of the right-to-use assets accordingly. 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 electricity transmission 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 are initially recorded at the valuation amount recognised by the state-owned assets supervision and administration department.(a) Land use right and sea use right Land use rights are amortized on a straight-line basis over their approved period of 20 to 70 years. If the purchase costs 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 assets Besides 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-line basis over their expected life of 2 years to 60 years. 81Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (c) Periodic review on useful life and method of amortization For intangible assets with finite useful life their expected life and amortization method are reviewed and adjusted at the end of every year.(d) Impairment of intangible assets The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is less than the carrying amount (Note V (31)). （2） Research and development The expenditure on an internal research and development project is classified into expenditure on the research phase and expenditure on the development phase based on its nature and whether there is material uncertainty that the 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. Expenditure on 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 application of intangible assets or the intangible assets themselves can prove to have market value intangible assets for internal 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 or sell 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 the period in which they are incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Capitalised expenditure on the development phase is presented as development costs in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use. 31. Impairment of long-term assets Fixed assets construction in progress intangible assets with finite useful lives investment property measured at cost and long-term equity investments in subsidiaries joint venture and associates are tested for impairment if there is any indication that an asset may be impaired at the balance date. If the result of the impairment test indicates that the recoverable amount of the asset is less than its carrying 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 fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset. A provision for asset impairment is determined and recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual asset the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is the 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 the synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset group or a group of asset groups including the allocated goodwill is lower than its carrying amount the corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of goodwill that is allocated to the asset group or group of asset groups and then deducted from the carrying amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of 82Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 assets other than goodwill.Once the asset impairment loss mentioned above is recognised it is not allowed to be reversed for the value recovered 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 in the current and subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the expected 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 employee education funds short-term paid absence. Short-term remunerations are recognised as current liabilities in the accounting period in which the service has been rendered by the employees and as costs of assets or expenses to whichever 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 Defined Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a pension plan that is not a defined contribution plan. During the periods of reporting the Company’s post- employment benefits scheme mainly includes basic pension insurance and unemployment insurances both of which are DCP.Basic pension insurance Employees of the Group have entered into the social pension insurance scheme organised by local labour and social security department. The Group pays basic pension insurances to local labour and social security department monthly according to local insurance base and corresponding rate. Local labour and social security department is obligated to pay basic pensions to retired employees.Supplementary pension insurance The company purchases supplementary pension insurance on behalf of employees and pays pension insurances according 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 corresponding charge to the profit or loss for the current period or the cost of relevant assets.Defined benefit plan For defined benefit plan the Group used the projected unit credit method and includes the obligation of the defined benefit plan in the accounting period in which the service has been rendered by the employees with a corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined benefit plans are classified into the following parts: 83Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 — 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 of the defined benefit plan); and — Changes arising from remeasurement on net liabilities of defined benefit plans Service cost and net interest expenses on net liabilities of defined benefit plans are included in profit or loss for the current period. Changes arising from remeasurement on net liabilities of defined benefit plans (including actuarial 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 of the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of the employment contracts. The Group recognises a liability arising from compensation for termination of the employment relationship with employees with a corresponding charge to profit or loss at the earlier of the following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to the restructuring that involves the payment of termination benefits. (4) Other long-term employee benefits Early retirement benefits The 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 have not 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 early retirement 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 benefits comply with relevant conditions proposed payment of early retirement wages. and social security from the start date of termination of services to the date of statutory retirement age are recognised as liability and recorded into profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare standard is recorded into current profit or loss. 35.Lease liabilities 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 the obligation 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 are taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of money is material the best estimate is determined by discounting the related future cash outflows. The increase in the 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 best estimate.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 current 84Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 liabilities. 37. Share payment 38. Other financial instruments such as preferred stocks and perpetual bonds 39. Revenue Accounting policies adopted for income recognition and measurement When the customer obtains the control of the relevant goods or services the Group recognizes the income according to the expected amount of consideration that it is entitled to receive.(a) Revenue from sales of electricity and heat energy Revenue is recognised when electricity and heat energy are supplied to grid companies or customers and grid companies or customers obtain control over electricity.(b) Revenue from sales of by-products Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced by electricity generations to the designated delivery place pursuant to the contract or agreement the recipient resource 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 the Group to external parties upon the receiving of the service revenue is recognised based on the difference between the purchase price and the selling price of electricity.(d) Rendering of services The Group provides maintenance services to external parties. The related revenue is recognised based on the stage of completion within a certain period which is determined based on proportion of costs incurred to date to the estimated total costs. On the balance sheet date the Group re-estimates the stage of completion to reflect the actual status of contract performance.When the Group recognises revenue based on the stage of completion the amount with unconditional collection right 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 (Note V(10)). If the contract price received or receivable exceeds the amount for the completed service the excess portion will be recognised as contract liabilities.Contract assets and contract liabilities under the same contract are presented on a net basis. Contract costs include contract performance costs and contract acquisition costs. The costs incurred by the Group for the rendering of maintenance services are recognised as contract performance costs and are carried forward to the cost of 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 completion method determined by percentage of the total cost incurred.The adoption of different business models in similar businesses leads to differences in accounting policies for income recognition 85Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 received and the Group can comply with all attached conditions. If a government grant is a monetary asset it will be measured at the amount received or receivable. If a government grant is a non-monetary asset it will be measured at 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 purposes of purchase construction or acquisition of the long-term assets. Government grants related to income refer to the government grants other than those related to assets. Government grants related to assets are recorded as deferred income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants related 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 deferred income and recognised in profit or loss in reporting the related costs expenses or losses; government grants related to income that compensate incurred costs expenses or losses are recognised in profit or loss directly in the current period. 41. Deferred income tax assets/Deferred income tax liability Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a transaction other than a business combination which affects neither accounting profit nor taxable profit (or deductible loss). At the balance sheet date deferred tax assets and deferred tax liabilities are measured at the tax rates 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 to the extent that it is probable that taxable profit will be available in the future against which the deductible temporary differences deductible losses and tax credits can be utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries joint venture and associates except where the Group is able to control the timing of reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. When it is probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in the foreseeable future and that the taxable profit will be available in the future against which the temporary differences 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 When the Group operates leased buildings machinery equipment and means of transport the rental income from operating lease is recognized on a straight-line basis during the lease period. The variable rent determined 86Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 according 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 2022 the Group chose to adopt a simplified method taking the relief rent as variable rent and recording the relief amount in the current profits and losses during the relief period.Except for the contract changes directly caused by the above-mentioned COVID-19 epidemic when the lease changes the Group takes it as a new lease from the effective date of the change and takes the lease receipts received in advance or receivable related to the lease before the change as the new lease receipts. （2）Accounting treatment of financing leasing See Note V (39 43. Other significant accounting policies and estimates Segment information: The Group identifies operating segments based on the internal organization structure management requirements and internal reporting system and discloses segment information of reportable segments which are determined on the basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (1) the component is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the segment and to assess its performance and (3) for which the information on financial position operating results and cash flows is available to the Group. If two or more operating segments have similar economic characteristics and satisfy certain conditions they are aggregated into one single operating segment.Critical accounting estimates and judgements The Group continually evaluates the critical accounting estimates and key judgements applied based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.(a) Key judgement in critical accounting policy Critical accounting estimates and key assumptions listed bellow contain significant risks to major changes on the carrying amount of assests and liabilities in the following accouting year: (i) Classfication of financial assets The Group determines the classification of financial assets based on the significant judgement of analysis of business 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 the performance of the financial assets the risks that hinders the performance assets and the managing style and the means of payment to its own management personnel.The major judgment in determining whether the contractual cash flow characteristics of the financial assets is in consistency of the borrowing arrangement includes: whether there is a change in the amount of principal or the timing of the duration when repayment in advance and etc. occurs; whether the mere considerations of interest are time 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 the unpaid principle the interest that is calculated based on the unpaid principle and the reasonable compensation for terminating the contract in advance.(ii) Assessment of significant increase in credit risk The assessment of the Group on whether the increase of credit risk is significant includes changes in one or more 87Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 than one indicators: the conditions of the debtor’s business the internal and external credit rating the significant change in the actual or expected operation result the value of collateral asset or the significant decrease in the credit rating of the guarantor.The assessment of the Group on whether a credit loss occurs includes the debtors are in financial difficulties in the restructure of debts or possibly subject to bankruptcy (b) Critical accounting estimates and key assumptions (i) Estimates on impairment of long-term assets As 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 ventures and associates are tested for impairment if there are indications that the assets may be impaired at the balance sheet date.When assessing whether the above assets are impaired management mainly evaluates and analyses: (i) whether events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant assumptions 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 discount rate and growth rate used to calculate the present value of future cash flows may have material impact on the present value used in the impairment test and cause impairment in the above-mentioned long-term assets of the Group.(ii) Measurement of expected credit losses The Group calculates expected credit losses through default risk exposure and expected credit loss rate and determines the expected credit loss rate based on default probability and default loss rate. In determining the expected credit loss rate the Group uses data such as internal historical credit loss experience etc. and adjusts historical data based on current conditions and forward-looking information. When considering forward-looking information the indicators used by the Group include the risk of economic downturn the external market environment the technological environment and changes in customer conditions. The Group regularly monitors and reviews assumptions related to the calculation of expected credit losses.(iii）Point of revenue recognition With regard to sales of electricity to grid companies the Group supplies electricity to grid companies in accordance with the contract. Then grid companies have the right to sell electricity and set price at its sole discretion and take the risks of any price fluctuation and damages or losses of the products. The Group believes that the grid companies obtain control over electric power upon receiving the electric. Therefore revenue is recognised accordingly.(b) Critical accounting estimates and key assumptions The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below: (i) Accounting estimates on impairment of long-term assets As 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 ventures and associates are tested for impairment if there is any indication that an asset may be impaired at the balance sheet date. If the result of the impairment test indicates that the recoverable amount of an asset is less than its carrying 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 fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset. These 88Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 calculations require use of accounting estimates.When assessing whether the above assets are impaired management mainly evaluates and analyses: (i) whether events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant assumptions 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 discount rate growth rate and gross margins used to calculate the present value of future cash flows may have material impact on the present value used in the impairment test and cause impairment in the above-mentioned long-term assets of the Group.(ii) Measurement of ECLs The Group calculates ECLs through default risk exposure and ECL rate and determines the ECL rate based on default probability and default loss rate. In determining the ECL rate the Group uses data such as internal historical credit loss experience etc. and adjusts historical data based on current conditions and forward-looking information. When considering forward-looking information the Group considered different macroeconomic scenarios. Significant macroeconomic assumptions related to the estimation of ECLs include the risk of economic downturn the external market environment the technological environment changes in customer conditions gross domestic product consumer price index etc. The Group regularly monitors and reviews assumptions related to the calculation of ECLs. In 2022 the Group updated values of forward-looking parameters used in ECL model to reflect the impact of COVID-19 on ECLs of financial instrument in a timely manner.(iii) Income tax and deferred income tax The Group is subject to enterprise income tax in numerous jurisdictions. There are some transactions and events for which the ultimate tax determination is uncertain during the ordinary course of business. Significant judgement 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 such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.As stated in Note VI some subsidiaries of the Group are high-tech enterprises. The high-tech enterprise certificate is effective for three years. Upon expiration application for high-tech enterprise identification should be submitted again to the relevant government authorities. Based on the historical experience of reassessment for high-tech enterprise upon expiration and the actual condition of the subsidiaries the Group considers that the subsidiaries are able to obtain the qualification for high-tech enterprises in future years and therefore a preferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some subsidiaries cannot obtain the qualification for high-tech enterprise upon expiration then the subsidiaries are subject to a statutory tax rate of 25% for the calculation of the income tax which further influences the recognised deferred tax assets deferred tax liabilities and income tax expenses.Deferred tax assets are recognised for the deductible tax losses that can be carried forward to subsequent years to the extent that it is probable that taxable profit will be available in the future against which the deductible tax losses can be utilised. Taxable profit that will be available in the future includes the taxable profit that will be realised through normal operations and the taxable profit that will be increased upon the reversal of taxable temporary differences incurred in prior periods. Judgments and estimates are required to determine the time and amounts of taxable profit in the future. Any difference between the reality and the estimate may result in adjustment to the carrying amount of deferred tax assets. 89Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 Group and the Company implemented this notice for the first time on January 1 2022. According to relevant regulations if an enterprise sells the products or by-products produced before the fixed assets reach the intended usable state or during the R&D process (hereinafter referred to as trial run sales) it shall separately treat the income and cost related to trial run sales for In 2021 the Ministry of Finance issued accounting according to the provisions of the Notice on Printing and Distributing Accounting Standards for Business the Accounting Standards for Business (CK [2021] No.35) and the Group has Enterprises No.1–Inventory etc. and adopted the above notice and Q&A to record them in the current profits and prepare the semi-annual financial losses and shall not write down the net statements for 2022 amount of the related revenue from trialrun sales deducted related costs by the fixed asset cost or R&D expenditure. The Group and the Company shall make retrospective adjustment according to the provisions of this interpretation for the trial run sales that occurred between the beginning of the earliest period of presentation of the financial statements in which this interpretation is first implemented and the implementation date of this interpretation.In RMB Project December 31 2021(before adjustment) Adjusted numbers January 1 2022 (After adjustment) Works in Progress 8634727069 75964696 8710691765 Fixed assets 56943126256 201973167 57145099423 Consolidated balance Deferred tax assets 1235089217 -58247231 1176841986 sheet Undistributed profits 2985840058 217641016 3203481074 Minority shareholders' equity 9560790618 2049616 9562840234 (2) Change of main accounting estimations □Applicable√ Not applicable 90Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 45.Other VI. Taxation 1. Main categories and rates of taxes Class of tax Tax basis Tax rate Taxable value-added amount (Tax payable is calculated using the taxable VAT sales amount multiplied by the applicable 3%5%6%9% and13% Hydropowertax rate less deductible VAT input of the sales revenue applies to 3%.current period) Revenue from hydropower sales City maintenance and construction tax Amount of VAT paid 5% to7% Corporate income tax Taxable income 12.5%15%20% and 25% Education surcharges Amount of VAT paid 3% Local education surcharges Amount of VAT paid 2% Property’s rental income or the residual House property tax value from original value less the 12% and1.2% deducting proportion Calculated and paid based on the pollution equivalent values or the Calculated and paid based on theEnvironmental protection tax(b) discharge of taxable pollutants multiplied applicable tax amounts of different by the applicable tax amounts pollutants In case there exist any taxpayer paying corporate income tax at different tax rates disclose the information Name of taxpayer Income tax rates Guangdong Yudean Leizhou Wind Power Generation Co. Ltd. 12.5% Guangdong Guangye Nanhua New Energy Co. Ltd. 12.5% Yudean Pingyuan Wind Power 0% Yudean Zhuhai Offshore wind power 0% Hunan Xupu Yuefeng New Energy Co. Ltd. 0% Guangxi Wuxuan Yuefeng New Energy Co. Ltd. 0% Guangdong Yudean Yangjiang Offshore wind power 0% Shaoguan Nanxiong Yuefeng New Energy Co. Ltd. 0% Yudean Jinxiu Interated Energy Co. Ltd. 20% Zhangjiang Electric Power Co. Ltd. 15% Guangdong Yudean Zhangjiang Biomass Power Generation Co. Ltd. 15% Shenzhen Huaguoquan Electric Industry Service Co. Ltd. 20% Zhanjiang Wanhaowei New Energy Co. Ltd. 20% 2.Tax preferences (a) Pursuant to the approval of No. 46[2008]Caishui and No. 80[2009]Guoshuifa documents Guangdong Yudean Leizhou Wind Power Co. Ltd(“Leizhou Wind Power”) Guangdong Guangye Nanhua New Energy Co.Ltd (“Nanhua New Energy”) ") Guangdong Yuden Pingyuan Wind Power Co. Ltd("Pingyuan Wind Power") Guangdong Yudean Zhuhai Offshore Wind Power Co. Ltd ("Zhuhai Wind Power") Hunan Xupu Yuefeng New Energy Co. Ltd ("Xupu Yuefeng") ) Guangxi Wuxuan Yuefeng New Energy Co. Ltd("Wuxuan Yuefeng") Guangdong Yudean Yangjiang Offshore Wind Power Co. Ltd("Yangjiang Wind Power") and Shaoguan Nanxiong Yuefeng New Energy Co. Ltd ("Nanxiong New Energy") ) shall be exempted of the enterprise income tax from the first year to the third year and shall be halved of the enterprise income tax from the fourth year to the sixth year since from the tax year in which the first production and operation income is obtained. The first profitable year of Leizhou Wind Power was 2017 the first profitable year of Nanhua New Energy was 2019 the first profitable year of Pingyuan Wind Power and Zhuhai Wind Power was 2020 and the first profitable year for Xupu Yuefeng Wuxuan Yuefeng Yangjiang Wind Power and Nanxiong New Energy 91Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 was 2021. Therefore the applicable corporate income tax rate of Leizhou Wind Power and Nanhua New Energy in 2022 is 12.5% ? ? (In 2021: 12.5% ? ? and 0% respectively) the applicable corporate income tax rate ofPingyuan Wind Power Zhuhai Wind Power Xupu Yuefeng Wuxuan Yuefeng Yangjiang Wind Power and Nanxiong New Energy in 2022 is 0% (In 2021: 0% for all aforesaid).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for Public Infrastructure Projects (Cai Shui [2014] No. 55) enterprises invest and operate public infrastructure projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income Tax Preferential those which adopt one-off approval and are subject to construction in batches (such as terminals berths airport terminals runways sections generator units etc.) are subject to income tax calculated in units of each batch and enjoy the tax preferential policy of “three-year exemptions and three-year halves” when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own revenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually while the period expenses are allocated rationally. In 2022 the Group’s subsidiary Guangdong Yudean Qujie Wind Power Co. Ltd. (“Qujie Wind Power”) met the above conditions. Therefore Qujie wailuo wind power project (the first time for which profits were posted was 2017) Qujie Wailuo offshore wind power project (Phase I) (the first time for which profits were posted was 2019) Qujie Wailuo offshore wind power project (Phase II) (the first time for which profits were posted was 2021) and Xinliao offshore wind power project (the first time for which profits were posted was 2021) of Qujie Wind Power System are entitled to the tax preferential policy of “three-year exemptions and three-year halves” respectively according to each wind power project.According to the No. 74 [2015] Caishui-"Notice on the Value-Added Tax Policy for Wind Power Generation” Guangdong Yudean Shibeishan Wind Energy Development Co. Ltd Guangdong Yudean Zhanjiang Wind Power Co. Ltd Guangdong Yudean Xuwen Wind Power Co. Ltd Dianbai Wind Power Huilai Wind Power Co. Ltd and Guangdong Yudean Wind Power Co. Ltd shall be subject tothe policy of refunding 50% of the value-added tax on the sale of self-produced power products produced by wind power.Furthermore in accordance with the No. 40[2021]Caishui "Announcement on Improving the Value-Added Tax Policy for Comprehensive Utilization of Resources" Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd is applied to the policy of 100% VAT refund immediately after collectiondue tothe taxpayer’s comprehensive utilization of kitchen waste livestock and poultry manure rice husks peanuts husks corncobs camellia husks cottonseed husks three residuals secondary fuelwood crop straws bagasse and so forth to produce electricity.(b) In 2019 Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd a subsidiary of the Group obtained the "High-tech Enterprise Certificate" (The certificate number is GR201944000926) jointly issued by the Guangdong Provincial Department of Science and Technology the Guangdong Provincial Department of Finance and the Guangdong Provincial Taxation Bureau of the State Administration of Taxation and the certificate is valid for 3 years with the date of issuance is December 2 2019. According to the relevant provisions of Article 28 of the "Enterprise Income Tax Law of the People's Republic of China" the applicable enterprise income tax rate for Zhanjiang Biomass during the reporting period is 15%.In 2020 Zhanjiang Electric Power Co. Ltd. a subsidiary of the Group obtained the "High-tech Enterprise Certificate" (certificate number: GR202044010003) jointly issued by the Guangdong Provincial Department of Science and Technology the Guangdong Provincial Department of Finance and the Guangdong Provincial Taxation Bureau of the State Administration of Taxation with the validity period is 3 years and the issuance date is December 9 2020. According to the relevant provisions of Article 28 of the "Enterprise Income Tax Law of the People's Republic of China" the applicable enterprise income tax rate of Zhanjiang Power in 2022 is 15%. 92Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (c) According to the approval by the regulation of No. 13[2019]Caishui"Notice on Implementing Inclusive Tax Reduction and Exemption Policy for Small and Micro Enterprises" and theNo. 8 [2021] SAT Announcement- Announcement of the State Administration of Taxation on Matters Concerning the Implementation of Preferential Income Tax Policies for Supporting the Development of Small and Low-Profit Enterprises and Individual Industrial and Commercial Households for the portion of annual taxable income not exceeding 1 million for the small and low-profit enterprises it shall be deducted to 12.5% ? ? to be included in the taxable income and the enterprise income tax shall be paid at the rate of 20%; For the part of the annual taxable income exceeding 1 million yuan but not exceeding 3 million yuan a 50% reduction is included in the taxable income and the corporate income tax is paid at the tax rate of 20%. The above-mentioned small and low-profit enterprises refer to enterprises that engage in industries that are not restricted or prohibited by the state and meet the three conditions of annual taxable income not exceeding 3 million yuan employees not exceeding 300 and total assets not exceeding 50 million yuan. Shenzhen Huaguoquan Electric Service Co. Ltd ("Huaguoquan Company") Zhanjiang Wanhaowei New Energy Co. Ltd ("Haanhaowei New Energy") and Yudean JinxiuComprehensive Energy Co. Ltd ("Yudean Jinxiu") ”) in 2022 meet the conditions for small and low-profit enterprises. Therefore in 2022 the applicable corporate income tax rate of Huaguoquan Company Wanhaowei New Energy and Yudean Jinxiu is 20% respectively. (In 2021: Both Huaguoquan Company and Wanhaowei New Energy’s corporate income tax rate was 20%).(d) According to No. 47[2008]Caishui "Notice on Issues Concerning the Implementation of the Corporate Income Tax Preferential Catalogues for Enterprises with Comprehensive Utilization of Resources" for the income obtained by the enterprise from the production of the products that meet the relevant national or industry standards in the afore-said catalogue using the resources listed in the Catalogueof Income Tax Preferential Catalogue for Enterprises withComprehensive Utilization of Resources (2008 Edition) as the main raw materials since January 1 2008 the incomeshall be reduced to be 90% to be included in the total revenueof the company for the year.Zhanjiang Power and Guangdong Huizhou Pinghai Power Plant Co. Ltd (“PinghaiPower Plant”) the subsidiaries of the Group use fly ash to produce commercial fly ash which meets the above- mentioned preferential income tax conditions for comprehensive utilization of resources. Therefore the income generated from the sale of fly ash by Zhanjiang Power and Pinghai Power Plant in 2022 can be reduced to be 90% to be included in the total income for the year. 3.Other VII. Notes on major items in consolidated financial statements 1. Monetary funds In RMB Items Closing balance Opening balance Cash on hand 61000 83108 Cash at bank 10805854122 8062567451 Other cash balance 48778163 42670394 Total 10854693285 8105320953 Including：Total amount of money deposited abroad 0 0 Total of money limited to use by mortgage pledge or freeze 48778163 42670394 Other note 93Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （ a).As of June 302022The company’s deposit in Energy Group Finance company is 9056865954 yuan (6468820757 yuan before December 31 2021).The deposit in Energy Finance means that deposited in Guangdong Energy Finance Co. Ltd. (“Energy Finance”). Energy Finance is one financial institution approved by People's Bank of China and is a subsidiary of Energy Group Co. Ltd. Energy Group Finance Company and the Company are both controlled by Guangdong Energy Group Company.（b）As of June 30 2022 the Group had no funds deposited overseas (December 31 2020: None).（ c） As of June 30 2022 Other monetary funds amounted to RMB 48778163 (On December 31 2021: RMB 42670394) which mainly are deposits such as ecological protection deposits and performance guarantee deposits. 2. Transactional financial assets Not applicable 3. Derivative financial assets Not applicable 4. Notes receivable (1) Notes receivable listed by category In RMB Items Year-end balance Year-beginning balance Trade acceptance 165603 Total 0 165603 In RMB Amount in year-end Balance Year-beginning Book Balance Bad debt provision Book Balance Bad debt provision Category Amo Propor Amoun Proporti Book Amount Proporti Amount Proporti Book unt tion(% t on(%) value on(%) on(%) value ) Of which Notes receivable for bad debt 165603 100% 165603 provision by portfolio Of which Trade note receivable 165603 100% 165603 Total 165603 100% 165603 Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss: □ Applicable √ Not applicable (2) Accounts receivable withdraw reversed or collected during the reporting period The withdrawal amount of the bad debt provision： In RMB Category Opening balance Amount of change in the current periodAccrual Reversed or Write-off Other Closing balance 94Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 collected amount Of which the significant amount of the reversed or collected part during the reporting period □ Applicable √ Not applicable （3）The current accounts receivable write-offs situation Not applicable （4）Accounts receivable financing endorsed or discounted by the Company at the end of the period and not expired yet on the date of balance sheet Not applicable （5）Accounts receivable financing transferred to accounts receivable by the Company at the end of the period due to failure of the drawer to perform Not applicable （6）The Company had no accounts receivable financing actually written off in the period Not applicable 95Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 5. Accounts receivable (1) Accounts receivable disclosed by category In RMB Closing balance Opening balance Category Book balance Bad debt provision Book balance Bad debt provision Book value Book value Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion % Accrual of bad debt provision by 0 0% 0 0% 0 0 0% 0 0% 0 single Of which Accrual of bad debt provision by 7068997560 100% 713856 0.01% 7068283704 7030948863 100% 263506 0.01% 7030685357 portfolio Of which Electricity sales 6974918389 98.67% 0 0% 6974918389 6974790832 99.20% 0 0% 6974790832 receivable Related party receivable 22693557 0.32% 0 0% 22693557 32237080 0.46% 0 0% 32237080 Other 71385614 1.01% 713856 1% 70671758 23920951 0.34% 263506 1.10% 23657445 Total 7068997560 100% 713856 0.01% 7068283704 7030948863 100% 263506 0.01% 7030685357 96Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Electricity sales receivable 6974918389 0 0% Total 6974918389 0 Note： Portfolio 1- Electricity sales receivable，As at 30 June 2022 the amount of receivables from sales of electricityof the Group was RMB6974918389(December 312021：RMB6974790832 ) 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 Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity and the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0% （December 312021:0%).Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Related party receivable 22693557 0 0% Total 22693557 0 Note： Portfolio 2- Related party receivable：As at 30 June 2022 the amount of receivables from related parties of theGroup was RMB22693557（December 312021:RMB32237080) and the historical loss rate was extremelylow. Therefore The Group believes that there is no significant credit risk in the receivables from related parties and the possibility of significant losses due to their default is extremely low. The Group's expected credit loss ratefor receivables from related parties is 0%.（December 312021:0%).Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Other account receivable 71385614 713856 1% Total 71385614 713856 Note： For other fund receivable except Portfolio 1 and Portfolio 2 Bad provision according to the expected credit loss mode Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss: For other fund receivable except Portfolio 1 and Portfolio 2 The amount of bad debt provision for accounts receivable in 2022 is RMB 713856 (In 2021: RMB 263506) and the amount of bad debt provision for accounts receivable reversed this year is RMB 263506 (In 2021: RMB 292314) the corresponding book balance is RMB 71385614 (In 2021: RMB 23920951) and there is no bad debt provision for accounts receivable written off this year (In 2021: none).In RMB 97Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Aging Closing balance Within 1 year（Including 1 year） 6044943339 1-2 years 619045640 2-3 years 304464301 Over 3 years 100544280 3-4 years 99003796 4-5 years 1540484 Total 7068997560 (2) Accounts receivable withdraw reversed or collected during the reporting period The withdrawal amount of the bad debt provision： In RMB Amount of change in the current period Category Opening Reversed orbalance Closing balanceAccrual collected Write-off Other amount Accounts receivable 263506 713856 263506 713856 Total 263506 713856 263506 713856 (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 6179062978 87.41% 0 GPGCZhanjiang Power supply Bureau 415947131 5.88% 0 Shenzhen Power supply Bureau 148580674 2.10% 0 State Grid Xinjiang Electric Power Co. Ltd. 60277367 0.85% 0 Maoming Power supply Bureau 43771030 0.62% 0 Total 6847639180 96.86% （5）Account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable Not applicable 7.Prepayments (1) List by aging analysis: In RMB Closing balance Opening balance Aging Amount Proportion % Amount Proportion % Within 1 year 1451614259 98% 890361044 99.73% 1-2 years 28190654 1.90% 1256263 0.14% 2-3 years 501647 0.03% 563276 0.06% Over 3 years 1071758 0.07% 590655 0.07% 98Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Total 1481378318 892771238 Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time As at June 302022 advances to suppliers aged more than 1 year were RMB29764059( December 312021 RMB2410194) mainly including prepayments for spare parts and materials. （2）The ending balance of Prepayments owed by the imputation of the top five parties Name Relationship with Amount Proportion % the company Related party Guangdong Power Industry Fuel Co. Ltd. 816149016 55.09% Guangdong Zhutou Electric Power fuel Co. Ltd. Third party 322747179 21.79% Guangdong Energy Group Natural gas Co. Ltd. Related party 102600000 6.93% Shanghai Boiler Plant Co. Ltd. Third party 60617880 4.09% Guangdong Energy Insurance Related party 24557339 1.66% Total 1326671414 89.56% Other note： 8. Other accounts receivable In RMB Items Closing balance Opening balance Interest receivable 2581384 0 Dividend receivable 0 5633417 Other accounts receivable 952471579 2423842141 Total 955052963 2429475558 （1）Interest receivable 1) Category of interest receivable In RMB Items Closing balance Opening balance Other 2581384 Total 2581384 0 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 Huaneng Shantou Nanao Wind Power Generation Co. Ltd. 0 5633417 Total 0 5633417 99Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 2）Dividend receivable of important account age over 1 year Applicable 3）Bad-debt provision □ Applicable √ Not applicable Other note： （3） Other accounts receivable 1) Other accounts receivable classified by the nature of accounts In RMB Nature Closing book balance Opening book balance Land receivable deposit 302341244 302530718 Current account 209084626 127046011 Supplementary medical insurance fund receivable 63143818 98784664 Sales of by-products receivable 44609887 95418898 Land receivable deposit 23446000 23446000 Compensation receivable for electricity charges during the demolition and 15729600 15824336 construction period Receivable petty cash 4519419 2646600 Government subsidy receivable 4190566 3646053 Terminal assets disposal payment 1347362 1732123164 Other 316790401 60123674 Less：Bad-debt provision -32731344 -37747977 Total 952471579 2423842141 2）Bad-debt provision In RMB Stage 1 Stage 2 Stage 3 Expected credit losses Bad Debt Reserves Expected credit losses Expected credit loss Total over the next 12 over life (no credit for the entire duration months impairment) (credit impairmentoccurred) Balance as at January 120221813149701961648037747977 Balance as at January 1 2022 in current --Transfer to Stage 3 -1124353 1124353 0 Provision in the current period 0 10119177 10119177 Turn back in the current period -15135810 -15135810 Balance as at June 30202218713343086001032731344 Loss provision changes in current period change in book balance with significant amount □ Applicable √Not applicable Disclosure by aging In RMB Aging Closing balanceWithin 1 year(Including 1 year） 733772881 1-2 years 53769876 2-3 years 153422383 Over 3 years 44237783 3-4 years 25958484 100Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 4-5 years 13579558 Over 5 years 4699741 Total 985202923 3) Accounts receivable withdraw reversed or collected during the reporting period The withdrawal amount of the bad debt provision： In RMB Amount of change in the current period Category Opening Reversed orbalance Closing balanceAccrual collected Write-off Other amount Other receivable 37747977 10119177 15135810 0 0 32731344 Total 37747977 10119177 15135810 32731344 （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 Bad debt Name Nature Year-end Aging Portion in total other provisionbalance receivables(%) of year-end balance Meixian Chengjiangzhen Land withdrawal 2-3 yearsPeople's Government receivable 146885400 （Including 3 years) 14.91% 0of Meizhou City Guangdong Energy Within 1 year Finance leasing Co. Receivable of Unitcurrent 141953119 （Including 1 14.41% 0Ltd. year） The People's Within 1 year Government of Yamen Land withdrawalTown Xinhui District receivable 109094018 （Including 1 11.07% 0Jiangmen City year） Guangdong Electric Within 1 year Power Industry Fuel Current payments ofthe receivable unit 96734943 （Including 1 9.82% 0Co. Ltd. year） Within 1 year Hunan Fourth Receivable of Unit Engineering Co. Ltd current 82830000 （Including 1 8.41% 0year） Total 577497480 58.62% 0 （6）Account receivables with government subsidies involved In RMB Name Project name Amount in year-end At the end of aging Estimated timeamount and basis Withn 1 yearHuilai State Taxation VAT is refunded 3988580 （including 1 yearExpected to be fully ） Bureau immediately and 1-2 years recovered by June Including 2 years 2023（ ） Yunfu City Yuncheng Expected to be fully District Local Taxation VAT is refunded Withn 1 year Bureau immediately 201986（including 1 year recovered by June） 2023 101Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 9. Inventories Whether the company need to comply with the disclosure requirements of the real estate industry No （1）Category of Inventory In RMB Closing book balance Opening book balance Provision for Provision for Items Book balance inventory Book value Book balance inventory Book value impairment impairment Raw materials 2232672860 0 2232672860 2189710739 0 2189710739 Parts 882980813 34044608 848936205 817710542 34044608 783665934 Other 54156730 0 54156730 25517866 0 25517866 Total 3169810403 34044608 3135765795 3032939147 34044608 2998894539 (2) Inventory depreciation reserve In RMB Items Beginning of Increased in current period Decreased in current period Year-end term Provision Other Transferredback Other balance Raw materials 0 0 Parts 34044608 0 0 0 0 34044608 Total 34044608 34044608 (3) Explanation on inventories with capitalization of borrowing costs included at ending balance Not applicable (4) Assets unsettled formed by construction contract which has completed at period-end Not applicable 10.Contract assets In RMB Year-end balance Opening balance Items Book balance Bad debtprovision Book value Book balance Bad debt provision Book value Contract assets of third parties 1040486 11042 1029444 1588425 21889 1566536 Contract assets of related 14816 0 14816 3188284 0 3188284 parties Total 1055302 11042 1044260 4776709 21889 4754820 102Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 11. Assets divided as held-to-sold Not applicable 12. Non-current assets due within 1 year Not applicable 13. Other current assets In RMB Items Year-end balance Year-beginning balance VAT to be deducted 811168428 1238295329 Advance payment of income tax 48714741 174867263 Carbon emission rights assets 360998 295315 Other 17125397 4527701 Total 877369564 1417985608 Other note： 14.Creditor's right investment Not applicable 15.Other creditor's rights investment Not applicable 16. Long-term accounts receivable Not applicable 103Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 17. Long-term equity investment In RMB Increase /decrease Profits and losses on Closing Investees Opening investments Other Changes Cash bonus Withdrawal Closing balance of balance Additional Decrease in investment investment Recognized comprehensive in other or profits of Other balance impairment under the income equity announced impairment provision equity to issue provision method I. Joint ventures Guangdong Electric Industrial Fuel 645470514 37073725 682544239 0 Co. Ltd.Zhanjiang Yuexin Energy Technology 9350000 -613360 8736640 0 Co.Ltd.Subtotal 654820514 36460365 691280879 0 II. Associates Shanxi Yudean Energy Co. 2363177253 278866588 2642043841 Ltd.Guangdong Guohua Yudean Taishan Power 1784468086 54702379 1839170465 Generation Co. Ltd.Energy Group Finance 1666774664 81479824 123894709 1624359779 Company Guangdong Energy Financing 532306787 15729399 18292179 529744007 Leasing Co.Ltd. 104Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Yudean Captive 276532777 7432402 2426770 281538409 Yudean Shipping 247954895 5884591 253839486 South Offshore Wind Power Joint 167812207 16177560 183989767 Development Co. Ltd.Guizhou Yueqian Electric Power 161325870 21836633 183162503 Co. Ltd.Yunnan Nengtou Weixin Energy 138810051 -22193510 116616541 96327854 Co. Ltd.Huaneng Shantou Wind Generation 54182291 7556737 61739028 Co. Ltd.Funfu Power GenerationPlant（B 9596285 -4931388 4664897 20819280Plant） Co.Ltd.Other 14446670 -73685 14372985 Subtotal 7417387836 462467530 144613658 7735241708 117147134 Total 8072208350 498927895 144613658 8426522587 117147134 105Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 18. Other equity instruments investment In RMB Items Closing balance Opening balance Shenzhen Energy Co. Ltd. 96919200 122472000 Shanghai Shenergy Group 315423180 409272682 GMG International Tendering Co. Ltd. 10296000 15984000 Shenzhen Capital Group Co. Ltd. 1030000000 1030000000 Sunshine Insurance Group Co. Ltd. 1653500000 1653500000 Gaozhou Yawu Hydropower Co. Ltd 800000 800000 Xinjiang Yuejian Nengxin Energy Equipment Co. Ltd. 2000000 0 Total 3108938380 3232028682 Itemized disclosure of the current non - trading equity instrument investment In RMB Amount of Reasons forbeing measured Reasons forother at fair value and otherRecognized Name dividend Accumulating Accumula comprehensiv whose changes comprehensive income gains ting losses e income income transferred to are included inother transferred toretained retained earning comprehensiveincome earnings Shenzhen Energy Co. Consideration of Ltd. 2646000 81028572 strategic Not applicableinvestments Shanghai Shenergy Consideration of Group 0 79585192 strategic Not applicableinvestments GMG International Consideration of Tendering Co. Ltd. 594000 6696000 strategic Not applicableinvestments Shenzhen Capital Group Consideration of Co. Ltd. 34416139 701966000 strategic Not applicableinvestments Sunshine Insurance Consideration of Group Co. Ltd. 52500000 1297500000 strategic Not applicableinvestments Gaozhou Yawu Consideration of Hydropower Co. Ltd 0 0 strategic Not applicableinvestments Xinjiang Yuejian Nengxin Consideration of Energy Equipment Co. 0 0 strategic Not applicable Ltd. investments Other note： (a) As at 31 June 2022 the Company held 15120000 tradable A shares in Shenzhen Energy with fair value of RMB96919200 and the investment cost was RMB15890628. The investment was stated at fair value with reference to the market price. During the year gains at fair value amounted to RMB25552800 (2021:income of RMB3039120) and other comprehensive income was adjusted upwards accordingly.(b) As at 30 June 2022 the Company held 55532250 tradable A shares in Shanghai Shenergy with fair value of RMB315423180 and the investment cost was RMB 235837988. The investment was stated at fair value with reference to the market price. During the year gains at fair value amounted to RMB93849502 (2021:income of RMB 119394337) and other comprehensive income was adjusted upwards accordingly.(c) As at 30 June 2022 the Company held 1800000 shares of GMG International Tendering Co. Ltd. traded at the National Equities Exchange and Quotations system with fair value of RMB 10296000 and the investment cost was RMB 3600000. The investment was stated at fair value with reference to the market price. During the year gains at fair value amounted to RMB3600000 (2021:income of RMB4356000) and other comprehensive 106Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 income was adjusted upwards accordingly.(d) As at 30 June 2022 the Company held A shares in Shenzhen Capital Group Co. Ltd. with fair value of RMB1030000000 and the investment cost was RMB 328034000. In this year there was no change in the fair value of the equity investment (in 2021 the income from fair value measurement was RMB 328034000).(e) As at 30 June 2022 the Company held A shares in Sunshine Insurance Company. with fair value of RMB1653500000 and the investment cost was RMB 356000000. In this year there was no change in the fair value of the equity investment (in 2021 the income from fair value measurement was RMB328034000).In 2021 (f) On May 31 2022 The Group participated in the investment and establishment of Xinjiang Yuejianeng New Energy Equipment Co. Ltd and held 10% of its equity which did not have a significant impact on Xinjiang Yuejianeng New Energy Equipment Co. Ltd and it’s accounted for as an investment in other equity instruments. 19.Other non-current assets Not applicable 20. Investment property (1) Investment property adopted the cost measurement mode √Applicable □ Not applicable In RMB House Construction in Items Building Land use right process Total I. Original price 1. Balance at period-beginning 508730777 46042801 554773578 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 508730777 46042801 554773578 II.Accumulated amortization 1.Opening balance 164834616 11142030 175976646 2.Increased amount of the period 4216942 451829 4668771 (1) Withdrawal 4216942 451829 4668771 3.Decreased amount of the period （1）Dispose （2）Other out 4. Balance at period-end 169051558 11593859 180645417 III. Impairment provision 1. Balance at period-beginning 2.Increased amount of the period (1) Withdrawal 107Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 339679219 34448942 374128161 2.Book value at period-beginning 343896161 34900771 378796932 (2) Investment property adopted fair value measurement mode □ Applicable √Not applicable (3) Investment real estate without certificate of ownership In RMB Items Book balance Reason Land use right 837089 Temporarily in the government approvedstage Other note On June 30 2022 after consulting the Group's legal advisers the management believed that there would be no substantive legal obstacles to the handling of these property certificates and would not have a significant adverse impact on the normal operation of the Group. 21. Fixed assets In RMB Items Closing balance Opening balance Fixed assets 60797454340 57047122802 Disposal of fixed assets 118591969 97976621 Total 60916046309 57145099423 (1) List of Fixed assets In RMB Items House and Generation Otherbuilding equipment Transportations equipment Total I. Original price 1. Balance at period-beginning 30461761423 89377001367 662435852 1477718227 121978916869 2.Increase in the current period 2251029307 5904867627 26431074 54235303 8236563311 (1) Purchase 27731401 8678103 4513367 15266527 56189398 （2） Transferred from constr 406208693 5896189524 16478984 26599948 6345477149 uction in progress (3)Increased of Enterprise Combination Other 1817089213 5438723 12368828 1834896764 3.Decreased amount of the period 40236243 2358728826 7628513 22557544 2429151126 （1）Dispose 35308385 189625053 7628513 22557544 255119495 Other 4927858 2169103773 2174031631 4. Balance at period-end 32672554487 92923140168 681238413 1509395986 127786329054 II. Accumulated depreciation 1.Opening balance 11937538940 50281958185 477541422 1064855631 63761894178 2.Increased amount of the period 402193227 1852140591 13889964 70125347 2338349129 (1) Withdrawal 402193227 1852140591 13889964 70125347 2338349129 108Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 3.Decreased amount of the period 30083911 197691749 7271057 18973686 254020403 （1）Dispose 30083911 197691749 7271057 18973686 254020403 4.Closing balance 12309648256 51936407027 484160329 1116007292 65846222904 III. Impairment provision 1.Opening balance 236527567 932674173 422918 275233 1169899891 2.Increase in the reporting period （1）Withdrawal 3.Decreased amount of the period 27172184 75897 27248081 （1）Dispose 27172184 75897 27248081 4. Closing balance 236527567 905501989 422918 199336 1142651810 IV. Book value 1.Book value of the period-end 20126378664 40081231152 196655166 393189358 60797454340 2.Book value of the period- begin 18287694916 38162369009 184471512 412587363 57047122800 (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 23234030 (4) Fixed assets without certificate of title completed In RMB Items Book value Reason House and Building 880935932 Temporarily in the government approvedstage Other note On June 30 2022 after consulting the Group's legal advisers the management believed that there would be no substantive legal obstacles to the handling of these property certificates and would not have a significant adverse impact 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 96103927 93602122 Other equipment 20506124 4374501 House and Building 1981918 0 Total 118591969 97976623 22. Construction in progress In RMB Items Closing balance Opening balance Construction in progress 5744084734 8707685035 Engineering Material 701453 3006730 109Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Total 5744786187 8710691765 (1) List of construction in progress In RMB Closing balance Opening balance Items Book balance Provision forimpairment Book value Book balance Provision for impairment Book value Huadu thermal and power cogeneration 754058757 754058757 1054889800 1054889800 project Yangjiang Qingzhou first and second offshore 619216851 619216851 27475458 27475458 wind power project Xinjiang 45 regiment 400000 kw photovoltaic 578682830 578682830 project Wuxuan Hequn Plant Project 418971546 418971546 413866414 413866414 Xupu Wind Power Plant Project 416526856 416526856 402999870 402999870 Shajiao Ningzhou gas power project 385500115 385500115 253652368 253652368 Hunan Tongdao Dagaoshan wind power plant 365892846 365892846 320622385 320622385 project Nanxiong Zhu’an Village Project 250857650 250857650 206297283 206297283 Zhaoqing Dinghu Natural Gas Thermal Power 214239029 214239029 120337569 120337569 Cogeneration Project Pingyuan Sishui Wind Power 177796416 177796416 90553055 90553055 Project Yangjiang Shapa offshore wind 4417942531 4417942531 power project Zhuhai Jinwan Electric offshore wind power 46919720 46919720 project Other infrastructure construction 1036289812 272760362 763529450 767062565 272760362 494302203 projects Other technology improvement 807442698 8630310 798812388 866456689 8630310 857826379 projects Total 6025475406 281390672 5744084734 8989075707 281390672 8707685035 110Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (2) Changes of significant construction in progress In RMB Including： Amount at Capitalisatio Name Budget year Increase at Transferred to fixed Other Balance in Proportion( Progres n of interest Current Capitalisatio this period decrease year-end %) s of accumulated amount of n of interest Source beginning assets work balance capitalizatio ratio of funds （%)n of interest Huadu thermal and power 359316000 105488980 Financial 0 0 118115491 418946534 754058757 99.55% 32.69% 38456114 17667366 3.94% institutiocogeneratio n loan n project Yangjiang Qingzhou first and second 171072500 Financial 00 27475458 591741393 619216851 3.62% 3.05% 4828488 4797322 3.33% institutiooffshore n loan wind power project Xinjiang 45 regiment 400000 kw 202216300 Financial 0 578682830 578682830 28.62% 28.62% 162361 162361 3.20% institutiophotovoltai n loan c project Wuxuan Hequn Financial Plant 482580000 413866414 5105132 418971546 86.82% 99.50% 12018832 institutio Project n loan Xupu Wind Financial Power Plant 464185841 402999870 13526986 416526856 89.73% 99% 12289713 institutio Project n loan Shajiao Ningzhou 592760000 Financial gas power 0 253652368 131847747 385500115 6.52% 27.75% 23183810 15532218 3.36% institutio project n loan Hunan Tongdao Dagaoshan Financial wind power 531740000 320622385 45270461 365892846 68.58% 98% 9716266 institutio plant n loan project Nanxiong Financial Zhu’an 451810000 206297283 44560367 250857650 55.52% 55.52% 2719293 institutio Village n loan 111Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Project Zhaoqing Dinghu Natural Gas Financial Thermal 299818000 120337569 93901460 214239029 7.15% 15.72% 11824287 7113966 3.85% institutio Power 0 n loan Cogeneratio n Project Pingyuan Sishui Wind Financial Power 338470000 90553055 87243361 177796416 52.53% 52.53% 7079097 institutio Project n loan Yangjiang Shapa offshore 596327000 441794253 114980141 556774394 Financial 0 1 6 7 93.37% 99% 192996300 36934127 3.79% institutiowind power n loan project Zhuhai Jinwan Electric 564317000 Financial offshore 0 46919720 46919720 74.47% 100% 120150149 institutio wind power n loan project Other infrastructu 3383672 Financialre 494302203 310765561 7701585 9 763529450 29309349 9204453 institutioconstructio n loan n projects Other technology 2116713 Financial improveme 857826379 266318502 304165363 0 798812388 1335162 institutio nt projects n loan Total 455235788 870768503 343688070 634547714 5500385 57440847341 5 7 9 9 4 466069221 91411813 112Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (3) List of the withdrawal of the impairment provision of the construction in progress Not applicable （4）Engineering material In RMB End of term Beginning of term Items Book balance Provision forimpairment Book value Book balance Provision for impairment Book value Special Material 671117 671117 18162 18162 Special equipment 30336 30336 2988568 0 2988568 Total 701453 701453 3006730 3006730 Other note 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 Transportationequipment Total I. Original price 1.Opening balance 59726188 5800549982 8434545 5868710715 2.Increased amount of the period 4725713 45680916 0 50406629 （1）New lease contracts 4725713 45680916 0 50406629 3. Decreased amount of the period 359953 0 2121343 2481296 Early termination of the lease contract 359953 0 2121343 2481296 4.Closing balance 64091948 5846230898 6313202 5921598640 II. Accumulated depreciation 1.Opening balance 17358410 593074160 2153166 612585736 2.Increased amount of the period 10185749 120996849 341818 131524416 （1）Withdrawal 10185749 120996849 341818 131524416 3.Decreased amount 96094 0 0 96094 of the period (1)Disposal 96094 0 0 96094 113Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 4.Closing balance 27448065 714071009 2494984 744206246 III. Impairment provision 1.Opening balance 2.Increased amount of the period （1）Withdrawal 3.Decreased amount of the period (1)Disposal 4.Closing balance IV. Book value 1.Closing book value 36643883 5132159889 3818218 5172621990 2.Opening book 42367778 5207475822 6281379 5256124979 114Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 26. Intangible assets (1) Information In RMB Transmission Items Land use right Patent Non-patent and Non-patent Technology Software Sea use right Transformatio Favorable technology Total n Supporting contract and others Project I. Original price 1. Balance at period-beginning 3066424473 214052599 89256779 260331315 52211380 39503199 3721779745 2.Increase in the current period 29486784 24927832 57851340 0 0 825908 113091864 (1) Purchase 240673 7396928 0 0 0 3900 7641501 （2）Internal R & D 0 2662089 0 0 0 822008 3484097 （3）Increased of Enterprise Combination 0 0 0 0 0 0 0 （4）Transfer of projects under construction 0 86792 0 0 0 0 86792 （5）Other 29246111 14782023 57851340 0 0 0 101879474 3.Decreased amount of the period 9445665 9445665 3622305 0 0 418044 13486014 （1）Dispose 9445665 9445665 3622305 0 0 418044 13486014 4. Balance at period-end 3086465592 235358126 147108119 260331315 52211380 39911063 3821385595 II.Accumulated amortization 1. Balance at period-beginning 550473973 138064496 25163983 260331315 3085641 29431618 1006551026 2. Increase in the current period 31641289 8956466 829849 0 2130766 855459 44413829 (1) Withdrawal 31641289 8956466 829849 0 2130766 855459 44413829 3.Decreased amount of the period 363303 3631618 0 0 0 418044 4412965 （1）Dispose 363303 3631618 0 0 0 418044 4412965 4. Balance at period-end 581751959 143389344 25993832 260331315 5216407 29869033 1046551890 III. Impairment provision 1. Balance at period-beginning 56502373 0 0 0 0 0 56502373 2. Increase in the current 0 0 0 0 0 0 0 115Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 period (1) Withdrawal 0 0 0 0 0 0 0 3.Decreased amount of the period 0 0 0 0 0 0 0 （1）Dispose 0 0 0 0 0 0 0 4. Balance at period-end 56502373 0 0 0 0 0 56502373 4. Book value 1.Book value at period -end 2448211260 91968782 121114287 0 46994973 10042030 2718331332 2.Book value at period- beginning 2459448127 75988103 64092796 0 49125739 10071581 2658726346 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 116Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （2）Details of Land use right failed to accomplish certification of property In RMB Items Book value Reason Land use right 23253800 The procedures have not been completed On June 30 2022 after consulting the Group's legal advisers the management believed that there would be no substantive legal obstacles to the handling of these property certificates and would not have a significant adverse impact on the normal operation of the Group. 27. Development expenditure Not applicable 28. Goodwill (1) Original book value of goodwill In RMB Name of the investees or Opening the events formed goodwill balance Increase Decrease Closing balance Name of the investees or Opening The merger of the events formed goodwill balance enterprises disposition Closing balance Guangdong Wind Power Generation Co. Ltd. 2449886 2449886 Lincang Company 25036894 25036894 Tumushuke Thermal Power Co. Ltd. 119488672 119488672 Guangdong Guangye Nanhua New Energy 6158995 0 6158995 Guangdong Yueneng Datang New Energy 11885484 0 11885484 Total 165019931 0 165019931 （2）Impairment provision of goodwill In RMB Name of the investees or the Increase Decrease events formed goodwill Opening balance Provisio Closing balance n disposition Lincang Yudean New Energy -25036894 -25036894 Total -25036894 -25036894 Relevant information about the asset group or asset group combination in which goodwill resides Describe the goodwill impairment test process key parameters (e.g. forecast period growth rate stable period growth rate profit margin discount rate and forecast period when forecasting the present value future cash flow) and the recognition method of goodwill impairment loss Impact of goodwill impairment test 29.Long-term amortization expenses In RMB Items Balance in year- Increase at this Amortization Balance in year-begin period balance Other decrease end 117Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Improvement of use right assets 7965121 9536573 1690795 52161 15758738 Other 22370180 682575 1597572 7890357 13564826 Total 30335301 10219148 3288367 7942518 29323564 Other note 30.Deferred income tax assets/deferred income tax liabilities (1)Details of the un-recognized deferred income tax assets In RMB Balance in year-end Balance in year-begin Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax difference assets difference assets Provision for asset impairments 444970447 109844598 444961087 109842258 Intra-group transactions 788087796 197021947 685896928 171474232 Deductible losses 4519387165 1042629291 3189847440 758900259 Net income from test run included in construction in 221802480 55312142 221802480 55312140 progress Employee benefits payable 281069135 67066144 305163061 73089625 Depreciation of fixed assets 74112288 18528072 74881083 18720271 Government grants 73836482 17900898 95459260 23306593 Amortization of intangible assets 7078023 1769506 4028407 1007101 Total 6410343816 1510072598 5022039746 1211652479 (2)Details of the un-recognized deferred income tax liabilities In RMB Balance in year-end Balance in year-begin Items Temporarily Temporarily Deductable or Taxable Deferred Income Taxliabilities Deductable or Taxable Deferred Income Tax Difference Difference liabilities Non-same control enterprise merger assets evaluation and 253339530 63334882 272521240 68130309 appreciation Changes in fair value of other equity instruments included in 2123359112 530839778 2291866066 572966517 other comprehensive income Net expenses in trial operation included in construction in 78859322 19714830 89727430 22431857 progress Amortization of land use rights 26553547 6638387 15685439 3921360 Interest receivable 10063591 2515896 10071856 2517964 Depreciation of fixed assets 2388981 597247 2388981 597247 Total 2494564083 623641020 2682261012 670565254 118Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (3) Deferred income tax assets or liabilities listed by net amount after off-set In RMB Trade-off between the End balance of Trade-off between the Opening balance of Items deferred income tax deferred income tax deferred income tax deferred income tax assets and liabilities assets or liabilities after assets and liabilities at assets or liabilities afteroff-set period-begin off-set Deferred income tax assets 26564501 1483508097 34810493 1176841986 Deferred income liabilities 26564501 597076519 34810493 635754761 (4)Details of income tax assets not recognized In RMB Items Balance in year-end Balance in year-begin Deductible temporary difference 1873007383 1839401194 Deductible loss 7468766931 5808689992 Total 9341774314 7648091186 (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 20220679470193 2023801754681810630290 2024161611109173024661 2025588155609598674880 202635468899683546889968 20272370355564 Total 7468766931 5808689992 31. Other non-current assets In RMB Balance in year-end Balance in year-begin Items Book balance Provision for Book value Book balance Provision for Book value devaluation devaluation Prepayments for equipment 1437684782 1437684782 479516879 479516879 fund Prepayments for construction 1706557290 1706557290 1619048497 1619048497 fund Input VAT to be deducted 1280759980 1280759980 2207784437 2207784437 Prepayment for land use rights 177544721 177544721 166211424 166211424 Unrealised losses on sale 196168230 196168230 196168230 196168230 and lease back Prepayment for equity 80000000 80000000 80000000 80000000 acquisition Prepayments for purchase of 58318764 58318764 58318764 58318764 buildings 119Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Other 48350725 48350725 3203403 3203403 Total 4985384492 4985384492 4810251634 4810251634 32. Short-term borrowings (1) Category of short-term borrowings In RMB Items Closing balance Opening balance Guarantee loans 108457861 297347896 Credit loans 15593683120 12062948533 Total 15702140981 12360296429 (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 301300000 180000000 Bank acceptance bills 1580246000 1728780000 Total 1881546000 1908780000 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 3022286040 4847384749 Materials and spare parts payable 504338824 501756882 Management fees payable for frequency modulation and energy storage 0 319986 Other 1279228638 1277105447 Total 4805853502 6626567064 （2）Significant accounts payable that aged over one year In RMB Items Closing balance Opening balance Fuel payable and freight payable 48461795 Not yet settled Total 48461795 Other note： 120Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 As at 30 June 2022 accounts payable with ageing over one year amounted RMB48461795 ( December 31， 2021: RMB51399876) mainly unsettled fuel payable 37. Advance from customers Not applicable 38.Contract Liabilities In RMB Items Closing balance Opening balance Advances from services 16111584 5146636 Advances from others 1049300 718175 Total 17160884 5864811 39.Payable Employee wage (1) List of Payroll payable In RMB Items Balance in year-begin Increase in this period decrease in this period Balance in year-end 1.Short-term 348069102 1082065412 918141778 511992736 compensation 2.Post-employment benefits - defined 3092268 161508024 157711765 6888527 contribution plans 3.Dismissal welfare 62450865 18765861 21413641 59803085 4. Other benefits due within one year 8400995 74391 5559274 2916112 5.Other 1877896 1487449 390447 Total 422013230 1264291584 1104313907 581990907 （2）Short-term remuneration In RMB Items Balance in year- Increase in this decrease in this Balance in year-endbegin period period 1.Wages bonuses allowances and subsidies 11143810 771421234 608742621 173822423 2.Employee welfare 5035644 71028662 61201030 14863276 3. Social insurance premiums 184406723 84550988 115388269 153569442 Including：Medical insurance 184406603 81562912 112437459 153532056 Work injury insurance 120 1632910 1615886 17144 Maternity insurance 0 1355166 1334924 20242 4. Public reserves for housing 4800 88258232 84300838 3962194 5.Union funds and staff education fee 140396647 30586153 27020016 143962784 Other short-term remuneration 7081478 36220143 21489004 21812617 Total 348069102 1082065412 918141778 511992736 （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 4800 102030843 101466579 569064 2.Unemployment insurance 150 2353869 2326899 27120 121Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 3. Annuity payment 3087318 57123312 53918287 6292343 Total 3092268 161508024 157711765 6888527 Other note： 40.Tax Payable In RMB Items Closing balance Opening balance VAT 22649535 145874436 Consumption tax 0 0 Enterprise Income tax 31567592 91420743 Individual Income tax 1255925 29777458 City Construction tax 2014520 16340357 House property Tax 33556849 77307640 Land use tax 9284683 21588871 Education surcharges 1554497 12684138 Environmental protection tax payable 1266837 8946714 Water resource fee 2080803 3837196 Other 85042547 94525522 Total 190273788 502303075 41.Other payable In RMB Items Closing balance Opening balance Interest payable 0 0 Dividend payable 9771322 9771322 Other payable 9943969579 10559992456 Total 9953740901 10569763778 （1） Interest payable Not applicable （2）Dividends payable In RMB Items Closing balance Opening balance Common stock dividends 9771322 9771322 Preferred stock \ perpetual debt dividend divided into equity instruments 0 0 Other 0 0 Total 9771322 9771322 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 the formalities of share-trading reform. This part of dividends will be paid after the formalities are completed. 122Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （3）Other payable （1）Disclosure by nature In RMB Items Closing balance Opening balance Construction and equipment expenses payable 6900313767 7210562333 Equity acquisition payable 2240000000 2501436910 Engineering quality guarantee payable 83482425 228942252 State Oceanic and Fisheries Administration penalty payable 11531700 11531700 Other 708641687 607519261 Total 9943969579 10559992456 (2) Other payables with large amount and aging of over one year In RMB Items Closing balance Reason Other payable 682258828 Failure to meet payment terms Total 682258828 Other note Mainly used to cope with project funds and retention money. Since the project has not finished the project and acceptance and final settlement or in the warranty period of acceptance the project funds and retention money has not 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 2480232011 2705229515 Bond payable due in 1 year 134538212 121526171 Long-term Account payable due in 1 year 0 Lease liabilities due in 1 year 806536416 870864067 Total 3421306639 3697619753 44. Other current-liabilities In RMB Items Closing balance Opening balance Short-term bond payable 2709891288 1007871233 Output VAT to be written off 650593197 650577773 Total 3360484485 1658449006 Changes in short-term debentures payable： In RMB IssuanceMaturity Issuance Balance at the Issuance Interest at Amortizatio Repayment BalanceName Face value date period amounts beginning of during thethe year year face value n of discounts or for the period at the end of the 123Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 premium year Second batch of super short-term financing notes issued by 10000000002021-8- 178Guangdong 23 days 10000000001007871233 0 2906301 01010777534 0 Electric Power Development Co. Ltd. 2021 First batch of super short- term 12000000002022-2- 178 120898financing 14 days 1200000000 01200000000 8987178 0 0 7178 notes issued 2022 Second batch of super short-term financing 1500000000 2022-6-178 16 days 1500000000 01500000000 904110 0 0 150090 4110 notes issued 2022 Total 37000000001007871233270000000012797589 01010777534 2709891288 45.Long-term borrowings （1）Long-term term borrowings In RMB Items Closing balance Opening balance Pledged borrowings 5632712443 5616063684 Mortgage borrowings 0 Guarantee loan 1631472114 1599700000 Credit loans 24383224083 21724814172 Total 31647408640 28940577856 46.Bond payable （1）Bond payable In RMB Items Closing balance Openingbalance Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong Electric Power Development Co. Ltd. 1499701402 1499648572 Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Electric Power Development Co. Ltd. 999943396 999924528 Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong Electric Power Development Co. Ltd. 1499872642 1499855660 Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Huizhou Pinghai Power Generation Co. Ltd. 799672956 799635220 2021 MTN (Phase I) of Guangdong Electric Power Development Co. Ltd. 1198834594 1198296858 2021 MTN (Phase II) of Guangdong Electric Power Development Co. Ltd. 2197179730 2196588222 Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Huizhou Pinghai Power Generation plant Co. Ltd. 199951059 199921484 124Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 299357535299212878 2021 MTN (Phase I)of Guangdong Huizhou Pinghai Power Generation plant Co. Ltd Total 8694513314 8693083422 125Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （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 The Name of the bond Face value Issue date Period Issue amount Opening current Withdraw interest Overflow Pay in balance at par discount current Closing issue amount period balance Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong 1500000000 2020-4-29 3+2 years 1500000000 1499648572 0 18375000 -52830 0 1499701402 Electric Power Development Co. Ltd.Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong 1000000000 2021-1-27 3 years 1000000000 999924528 0 17850000 -18868 0 999943396 Electric Power Development Co. Ltd.Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong 1500000000 2021-4-28 3+2 years 1500000000 1499855660 0 26250000 -16982 0 1499872642 Electric Power Development Co. Ltd.Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong 800000000 2021-11-24 5 years 800000000 799635220 0 13640000 -37736 0 799672956 Huizhou Pinghai Power Generation Co. Ltd. 2021 MTN (Phase I) of Guangdong Electric Power 1200000000 2021-7-19 3 years 1200000000 1198296858 0 19020000 -537736 0 1198834594 Development Co. Ltd. 2021 MTN (Phase II) of Guangdong Electric Power 2200000000 2021-11-15 3 years 2200000000 2196588222 0 34430000 -591508 0 2197179730 Development Co. Ltd.Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong 200000000 2021-6-4 2 years 200000000 199921484 0 3570000 -29575 0 199951059 Huizhou Pinghai Power Generation plant Co. Ltd. 300000000 2021-10-15 3 years 300000000 299212878 0 5580000 -144657 0 299357535 2021 MTN (Phase I)of 126Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Guangdong Huizhou Pinghai Power Generation plant Co. Ltd Total —— 8700000000 8693083422 0 138715000 -1429892 0 8694513314 127Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (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 5038032075 4728167142 Total 5038032075 4728167142 Other note 48. Long-term payable In RMB Items Closing balance Opening balance Long-term payable 99412257 96819223 Special payable 24960000 24960000 Total 124372257 121779223 (1) Long-term payable listed by nature of the account In RMB Items Closing balance Opening balance Payment for desulfurization works 99412257 96819223 （2）Specific payable In RMB Items Opening balance Increase Decrease Closing balance Cause Supporting funds for expansion 24960000 24960000 Total 24960000 24960000 Other note： (i) The payables for specific projects represent the fund granted for benefits improvement and capacity expansion by governments at provincial and central level to Lincang Energy subsidiary of the Company. According to the document 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. The corresponding 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 I. Short-term compensation 97367659 91696972 II.Post-employment benefits - defined contribution plans 246020763 280626572 128Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 III. Dismissal benefits 38407535 43156718 Total 381795957 415480262 (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 thisterm End of term Reason Government Asset-related Subsidy 163611515 500000 6345576 157765939 government grantsreceived Total 163611515 500000 6345576 157765939 -- Details of government subsidies： In RMB New Amount Other Amount oftransferred income cost Asset- Items Beginning subsidy inof term current to non- recorded in deducted in Other End of term related or operational the current the current changes income-period income period period related Compensat ion for relocation and renovation 11122717 0 0 0 0 0 11122717 Related to of Shajiao assets A Zhenkou pump house Special funds for #1-#3 generators’ 15107198 0 0 651784 0 0 14455414 Related to assets desulfurizat ion project Energy saving 12407220 0 0 821456 0 0 11585764 Related to grants assets Tax refund for PRC- 8036728 0 0 0 0 0 8036728 Related tomade assets equipment Environme ntal grants for SCR 7559528 0 0 882308 0 0 6677220 Related to denigration assets project Provincial special funds for enterprises’ 7707105 0 0 1140618 0 0 6566487 Related to technology assets improveme nt 129Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 1&2# generator units 6923077 0 0 0 0 0 6923077 Related toturbine by assets Zhongyue Energy Second incentives for comprehen sive and typical demonstrati 6300000 0 0 450000 0 0 5850000 Related to on projects assets under financial policies of energy saving Developme nt and competitive Related to ness funds 6000000 0 0 0 0 0 6000000 assets from SASAC Post rewarding subsidies for ultra- low 5012766 0 0 0 0 0 5012766 Related to assets emissions of 1&2# generators Grants for energy saving and consumptio n reduction of 6# 4698723 0 0 239094 0 0 4459629 Related to assets generator flow reconstructi on Grants for comprehen sive technical transformat ion project 4200416 0 0 263192 0 0 3937224 Related to for assets generator transformat ion and upgrading Special treasury bond-based governmen 12079169 0 0 325000 0 0 11754169 Related to t grants for assets desulfurizat ion projects Other 56456868 500000 0 1572124 0 0 55384744 Related toassets Total 163611515 500000 6345576 157765939 Other note 130Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 52. Other non-current liabilities In RMB Items Closing balance Opening balance Capital injection 50000000 74499700 Housing revolving fund 985667 970029 Total 50985667 75469729 Other note： In 2018 Yangjiang Wind Power and Qujie Wind Power-the Company's subsidiaries-received capital injections of RMB 100000000 and RMB 50000000 respectively from Guangdong Energy Group which would be used for the Yangjiang Shapa Offshore Wind Farm Project and the Qujie Wailuo Offshore Wind Power Project. In 2021 Yangjiang Wind Power had completed the industrial and commercial change registration. As of June 30 2022 Qujie Wind Power was recorded as other non-current liabilities due to the failure to complete the industrial and commercial change registration.In 2019 Zhuhai Wind Power a subsidiary of the Group received a capital injection of RMB 50000000 from Guangdong Energy Group Co. Ltd which would be used for the Zhuhai Jinwan Offshore Wind Power Project.As of December 31 2021 the industrial and commercial change registration tothe equity share corresponding to the balance of RMB 24499700 had not been completed. As of June 30 2022 Zhuhai Wind Power has completed the industrial and commercial change registration and converted the capital increase originally included in other non-current liabilities into paid-in capital. 53.Stock capital In RMB Changed（+，-）Year- beginning Balance inIssuance of Capitalizatio balance year-endnew share Bonus shares n of public Other Subtotal reserve Total of capital shares 5250283986 5250283986 54. Other equity instruments Not applicable 55. Capital reserves In RMB Items Year-beginning Increase in the current Decrease in the Year-end balance balance period current period Share premium 4010311902 22519076 3987792826 Other capital reserves -75652004 -75652004 Estimate Increase 119593718 119593718 Investment from Energy Group 395000000 395000000 Share of interests in the investee in proportion to the -174299153 -174299153 shareholding 131Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Transfer of capital surplus recognised under the 20474592 20474592 previous accounting system Total 4295429055 22519076 4272909979 Other notes including the note to its increase/decrease and the cause(s) of its movement in the reporting period: In 2022 Dayawan Company a subsidiary of the Company received a total capital increase of RMB 20800000 from Huizhou Port Investment Group Co. Ltd and Huizhou Dayawan Petrochemical Industrial Zone Investment Co. Ltd thus the Company's shareholding ratio changed from 80% to 70%.The capital reserve shall be adjusted according to the change in the share of the subsidiary's net assets enjoyed before and after the capital increase.In 2022 Zhuhai Wind Power Company a subsidiary of Provincial Wind Power received a total capital increase of RMB 118735000 from Zhuhai Special Economic Zone Power Development Group Co. Ltd and Guangdong Energy Group Co. Ltd thus the shareholding ratio of Provincial Wind Power was changed from 85.91% to 74.49%. The capital reserve of Provincial Wind Power is adjusted according to the change in the share of net assets of the subsidiary enjoyed before and after the capital increase and the Company recognizes the change in the capital reserve according to the shareholding ratio. 56.Treasury stock Not applicable 132Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 57. Other comprehensive income In RMB Amount of current period Less：Amount transferred into Less：Prior Year- profit and loss in period included Items beginning Amount the current period in other After-tax After-tax Closing incurred before that recognied composite Less：Income attribute to the attribute tobalance balance income tax into other income transfer tax expenses parent minority comprehensive to retained company shareholder income in prior income in the period current period I. Other comprehensive income that will not be subsequently reclassified 1750524607 -125090302 -31272576 -93817726 1656706881 to profit or loss Including: Changes arising from remeasurement of defined benefit -37296993 0 0 0 0 0 -37296993 plans Other comprehensive income that cannot be transferred to profit or loss 69199467 0 0 0 0 0 69199467 under equity method Changes in fair value of investments in other equity 1718622133 -125090302 0 -31272576 -93817726 0 1624804407 instruments II. Other comprehensive income that will be subsequently reclassified to -513036 0 0 0 0 0 -513036 profit or loss Including：Share of other comprehensive income of the investee that cannot be transferred to profit or -513036 0 0 0 0 0 -513036 loss accounted for using the equity method Total of other comprehensive income 1750011571 -125090302 -31272576 -93817726 1656193845 Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitraged items for adjustment: 133Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 58. Special reserves Not applicable 59. Surplus reserves In RMB Items Year-beginning balance Increase in the current Decrease in the current Year-end balance period period Statutory surplus reserve 3016893870 3016893870 Discretionary surplus reserve 5886621265 5886621265 Total 8903515135 8903515135 Other note including changes and reason of change 60. Retained profits In RMB Items Amount of this period Amount of last period Before adjustments: Retained profits in last period end 2985840058 8083048238 Adjust the total undistributed profits at the beginning of the period 217641016 After adjustments: Retained profits at the period beginning 3203481075 8083048238 Add：Net profit belonging to the owner of the parent company -1375739165 326629275 Less: Statutory surplus reserve 0 110901285 Drawing discretionary surplus reserve 0 277253212 Drawing the general risk reserve 0 Common stock dividend payable 0 675886032 Common stock dividends converted to share capital 0 Other 0 -938953 Retained profit at the end of this term 1827741909 7344698031 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 affected beginning undistributed profits are RMB 0.00. 61. Business income Business cost In RMB Amount of current period Amount of previous period Items Income Cost Income Cost Main business 22423023603 23089561766 20336788241 19220551564 Other business 188216130 24622840 257250563 7626766 Total 22611239733 23114184606 20594038804 19228178330 Income related information: In RMB Contract classification Division 1 Division 2 Total Commodity type 134Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Including Electric power 22263672844 22263672844 Generation by-product 171920045 171920045 Thermal Energy 102972035 102972035 Labor service 56378724 56378724 Rent 16296085 16296085 Area Including Guangdong 22117126665 22117126665 Xinjiang 400459803 400459803 Hunan 39790974 39790974 Yunnan 29159946 29159946 Guangxi 24702345 24702345 Market type Including Power market 22263672844 22263672844 Other market 347566889 347566889 Contract type Including Sell goods 22538564924 22538564924 Service 56378724 56378724 Assets use rights 16296085 16296085 By the time of commodity transfer Including Recognize at a certain time point 22538564924 22538564924 Recognize in a certain period of time 72674809 72674809 Constrict term Including Sales channel Including Total 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 Electric power settlement Heat energy When heat energy is supplied to customers who buy Cash settlement/monthly Heat energy heat settlement Power generation When by-products such as fly ash generated by power Cash settlement/monthly Power generation by- by-products generation are transported to the agreed delivery place settlement products Labor service Service provision period Cash settlement/monthly Labor service settlement 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 performed incompletely but the contract has been signed at the end of the reporting period is RMB 136506091 of which RMB 61823851 is expected to be recognized as income in 2022 RMB 61130779 is expected to be recognized as income in 2023 RMB13551461 is expected to be recognized as income in 2024. 135Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 62. Business tax and subjoin In RMB Items Amount of current period Amount of previous period Consumption tax 0 0 Urban construction tax 3856511 37772612 Education surcharge 2168420 30420349 Resource tax 0 0 Property tax 31305276 30312138 Land use tax 7940925 7998527 vehicle and vessel usage tax 85951 100204 Stamp tax 18448026 10751775 Environmental protection tax 5504435 7677550 Other 2705837 0 Total 72015381 125033155 Other note 63.Selling expenses In RMB Items Amount of current period Amount of previous period Employee’s remuneration 25269233 28210400 Depreciation expenses 1660382 1720627 Business expense 1255893 1345254 Publicity Expenses 159485 234761 Other 2115057 4083946 Total 30460050 35594988 Other note 64.Administrative expenses In RMB Items Amount of current period Amount of previous period Employee’s remuneration 283189854 222584846 Amortization of intangible assets 33707412 36972060 Depreciation expenses 38783816 34608134 Fire safety expenses 17730695 20591925 Property management expenses 18911954 17675282 Agency fee 9501922 8921215 Rental expenses 6065423 5607002 A forestation fee 5882034 5425685 Office expenses 5698458 5233459 Travel expenses 2889500 3672795 Entertainment expenses 2366481 2555273 Consulting fee 2185778 2029583 Insurance expenses 1265954 1336755 Low consumables amortization 1117419 959910 Expenses on board meetings 150590 317228 Other 48508584 44944191 Total 477955874 413435343 65. R&D Expense 136Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 In RMB Items Amount of current period Amount of previous period Direct input fee 535940368 63370274 Employee’s remuneration 114635359 44738097 Other 92283264 10152796 Outsourced research and development expenses 9465979 1488645 Total 752324970 119749812 66.Financial Expenses In RMB Items Amount of current period Amount of previous period 1135329167693307586 Interest expenses -66355499-69736114 Interest income Bank charges and others 12084176 631434 Total 1081057844 624202906 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 19790415 16646733 Amortization of the deferred income related to the assets 6345576 2410954 Other 9057081 4369234 68. Investment income In RMB Items Amount of this period Amount of last period Long-term equity investment income by equity method 498927895 429715965 Disposal of the investment income generated from the long-term equity investment 607470 -1433216 Dividends earned during the holding period on investments in other equity instrument 90156139 30182378 Total 589691504 458465127 137Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 2201102 -305132 Impairment loss of the contract assets -14832 Loss of bad accounts receivable -472403 -97345 Total 1728699 -417309 72. Losses from asset impairment In RMB Items Amount of this period Amount of last period I.Bad debt losses 0 0 II. Loss of inventory price and Impairment of contract performance 0 0 costs III.Long-term equity investment impairment loss 0 0 IV. Investment real estate impairment loss 0 0 V. Impairment loss of fixed assets 0 0 VI.Impairment loss of engineering materials 0 0 VII.Impairment loss of the construction in process 0 0 VIII.Impairment loss of productive biological assets 0 0 IX. Oil and gas assets impairment loss 0 0 X. Impairment loss of intangible assets 0 0 XI. Goodwill impairment loss 0 0 XII. Impairment loss of the contract assets 0 0 XIII.Other 0 0 73.Assets disposal income In RMB Source Amount of this period Amount of last period Income from disposal of Fixed assets 31707133 43236290 Income from land disposal 0 74664905 138Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 2242304 7507022 2242304 A fine net income 1198829 0 1198829 liquidated damages income 176008 0 176008 Inventory scrap 416655 0 416655 Claims and Compensation Income 62263 4304093 62263 Other 4770206 4706839 4770206 Total 8866265 16517954 8866265 75.Non-current expenses In RMB Items The amount of non- Amount of current period Amount of previous period operating gains & losses Foreign donations 104416 109792 104416 Loss on obsolescence of non-current assets 5145026 4448428 5145026 Carbon emission rights assets used for performance 8000000 2831978 0 Fine for delaying payment 5470272 219689 5470272 Other 1237646 7628075 1237646 Total 19957360 15237962 11957360 Other note： In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon Emissions Right Trading 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 carbon emission quotas used in 2021 as non-operating expenses on an accrual basis and included relate provision for carbon 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 88354741 242736676 Deferred income tax expense -234835297 -82136583 Total -146480556 160600093 （2）Adjustment on accounting profit and income tax expenses In RMB Items Amount of current period Total profits -2269529679 Income tax expenses calculated on legal / applicable tax rate -567382420 139Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Effect of different tax rate applicable to the subsidiary Company -74740793 Influence of non taxable income -147535799 Impact of non-deductible costs expenses and losses 1519902 Transfer-out of deductible losses for which deferred tax asset was recognised -7702108 Deductible temporary differences for which no deferred tax asset was recognised in the current period 638429238 Utilisation of deductible losses for which no deferred tax asset was recognised in previous periods 23165582 Utilisation of deductible temporary differences for which no deferred tax asset was recognised in previous periods -12234158 Income tax expenses -146480556 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 Items Amount of current period Amount of previous period Interest income 60744913 54888486 Government Subsidy 12106261 11653675 Claims and compensation income 4120923 1395046 Rental fee 16274284 14813018 Other 170803211 97305810 Total 264049592 180056035 (2)Other cash paid related to operating activities In RMB Items Amount of current period Amount of previous period Insurance expenses 59805167 58482782 Equipment cleaning and sanitation and greening fee 11179627 11998258 Transportation fee 1944107 12384777 Fire guard fee 14894750 16191209 Business fee 3708958 3809406 Agency Charge 6212870 8691612 Office expenses 5643624 6465894 Travel expenses 4542242 5414452 Rental fee 14137813 10241795 Enterprise publicity expenses 2671933 2759897 Information system maintenance 69173691 5368490 Water and electricity 38633864 27181912 R&D 13560305 4313829 Property management 20865234 16750741 Vehicle 15702294 13518787 Labour union 8708932 6537373 Other 325111885 265414570 Total 616497296 475525784 140Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (3)Cash received related to other investment activities In RMB Items Amount of current period Amount of previous period Received returned land deposit 300000 Total 300000 0 (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 20793683 42044371 Total 20793683 42044371 79. Supplement Information for cash flow statement （1）Supplement Information for cash flow statement In RMB Supplement Information Amount of current Amount ofperiod previous period I. Adjusting net profit to cash flow from operating activities Net profit -2123049123 487900103 Add: Impairment loss provision of assets -1728699 417310 Depreciation of fixed assets oil and gas assets and consumable biological assets 2343017900 1948652392 Depreciation of Use right assets 131524416 69288735 Amortization of intangible assets 44413829 38645842 Amortization of Long-term deferred expenses 3288367 2576853 Loss on disposal of fixed assets intangible assets and other long-term deferred assets -31707133 -117901195 Fixed assets scrap loss 2902722 437564 Loss on fair value changes 0 0 Financial cost 1081057844 624202906 Loss on investment -589691504 -458465127 Decrease of deferred income tax assets -306666111 -70238669 Increased of deferred income tax liabilities -38678242 65459153 Decrease of inventories -136871256 -846247635 Decease of operating receivables 848217168 -755958394.Increased of operating Payable -1434388688 2798076978 Other 0 0 Net cash flows arising from operating activities -208358510 3786846816 II. Significant investment and financing activities that without cash flows: 141Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 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 10767718823 9523370233 Less: Beginning balance of cash equivalents 8023116939 9405082609 Add：End balance of cash equivalents Less: Beginning balance of cash equivalents Net increase of cash and cash equivalent 2744601884 118287624 (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 10767718823 8023116939 Including：Cash at hand 61000 83108 Demand bank deposit 10767657823 8023033831 III. Balance of cash and cash equivalents at the period end 10767718823 8023116939 80. Note of statement of changes in the owner's equity Not applicable 81. The assets with the ownership or use right restricted In RMB Items Closing book value Causation of limitation Ecological security land reclamation Monetary funds 48778163 bond project performance bond and special project deposit Using right assets 5132159889 Assets to use rights formed by financinglease Total 5180938052 82. Foreign currency monetary items (1) Foreign currency monetary items In RMB Items Closing foreign currencybalance Exchange rate Closing convert to RMB balance Monetary capital 1900 Including：USD 191 6.7114 1282 Euro 0 0 0 HKD 724 0.8532 618 Account receivable Including：USD Euro 142Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 HKD Long –term borrowings Including：USD 7483611 6.7114 50225507 Euro HKD Other note (2) Note to overseas operating entities including important overseas operating entities which should be disclosed about its principal business place function currency for bookkeeping and basis for the choice. In case of any change in function currency the cause should be disclosed.□ Applicable √ Not applicable 83. Hedging Not applicable 84. Government subsidies （1）Government subsidies confirmed in current period In RMB Items Amount Project Amount included in currentprofit and loss Revenue from timely levy and refund of VAT 19790416 Other income 19790416 Amortization of the deferred income related to the assets 6345575 Other income 6345575 Other 9057081 Other income 9057081 （2）Government subsidy return □ Applicable √ Not applicable Other note： 143Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 85.Other VIII. Changes of merge scope 1. Business merger not under same control (1) Business merger not under same control in reporting period Not applicable (2)Business combination under the same control Not applicable (3) Counter purchase Not applicable (4) The disposal of subsidiary Whether there is a single disposal of the investment to subsidiary and lost control □ Yes √No Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reporting period □ Yes √ No （5）. Other reasons for the changes in combination scope Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation) and relevant information: Name of Main Places of Nature of Shareholding Ratio (%) Registration Place Obtaining Method Subsidiary Operation Business direct indirect Shaoguan New Shaoguan Shaoguan Electric PowerEnergy 100% Establish Hanhai New Electric Power Establish Energy Tumushuke Tumushuke 100% Jinxiu Company Laibin Guangxi Laibin Guangxi Electric Power 90% Establish In addition this year SVA Petroleum Storage and Transportation (formerly indirectly held 51%) Huangdian T raining Center (formerly indirectly held 51%) and Suishen Company (formerly indirectly held 35.70%) were ca ncelled. 144Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (6).Other IX. Equity in other entity 1. Equity in subsidiary （1）Constitute of enterprise group Subsidiary Main operation Registered Business Share-holding ratio place nature Acquired wayDirectly Indirectly Maoming Termal power Maoming Maoming ElectricPower 46.54% EstablishPlant Jinghai Powr Electric Generation Jieyang Jieyang power 65% Establish Zhangjiang Wind Power Zhanjiang Zhanjiang Electric power 70% Establish Anxin Electric Power Dongguan Dongguan Electric 100% Establish Maintenance power Humen Power Dongguan Dongguan ElectricGeneration power 60% Establish Bohe Company Maoming Maoming Electricpower 67% Establish Xuwen Wind Zhanjiang Zhanjiang ElectricPower power 70% Establish Huadu Natural gas Guangzhou Guangzhou Electric power 65% Establish Dapu Company Meizhou Meizhou Electricpower 100% Establish Leizhou Wind Power Leizhou Leizhou Electric power 94% Establish Dianbai Wind Power Maoming Maoming Electric power 100% Establish Zhanjiang Electric Business combinations Company Zhanjiang Zhanjiang power 76% involving enterprises undercommon control Yuejia Business combinations Company Meizhou Meizhou Electric power 58% involving enterprises undercommon control Yuejiang Electric Business combinations Company Shaoguan Shaoguan power 90% involving enterprises undercommon control Zhongyue Electric Business combinations Company Zhanjiang Zhanjiang power 90% involving enterprises undercommon control Electric sales Guangzhou Guangzhou Electricpower 100% Establish Qujie Wind Power Zhanjiang Zhanjiang Electric power 100% Establish Yangjiang Yangjiang Yangjiang ElectricWind Power power 91.41% Establish Lincang Business combinations Company Lincang Lincang Electric power 100% involving enterprises not undercommon control Guangqian Electric Business combinations Company Shenzhen Shenzhen power 100% involving enterprises undercommon control Huizhou Electric Business combinations Natural gas Huizhou Huizhou power 67% involving enterprises undercommon control Pinghai Power Huizhou Huizhou Electric 45% Business combinationsGeneration power involving enterprises under 145Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 common control Shibeishan Business combinations Wind Power Jieyang Jieyang Electric power 70% involving enterprises undercommon control Red Bay Electric Business combinations Company Shanwei Shanwei power 65% involving enterprises undercommon control Guangdong Business combinations Wind Power Guangzhou Guangzhou Electric power 100% involving enterprises not undercommon control Tongdao Wind Huaihua Huaihua ElectricPower power 100% Establish Pingyuan Wind Power Meizhou Meizhou Electric power 100% Establish Heping Wind Heyuan Heyuan ElectricPower power 100% Establish Huilai Wind Electric Business combinations Power Jieyang Jieyang power 89.83% involving enterprises not undercommon control Hongrui Shaoguan Shaoguan ElectricTechnology Power 90% Establish Yongan Natural gas Zhaoqing Zhaoqing Electric power 90% Establish Xupu Wind Power Huaihua Huaihua Electric power 100% Establish Wuxuan Wind Guangzi Guangxi ElectricPower power 100% Establish Pingdian Integrated Energy Huizhou Huizhou Electric power 45% Establish Company Zhuhai Wind Power Zhuhai Zhuhai Electric power 74.49% Establish Binhai Bay Dongguan Dongguan Electricpower 100% Establish Dayawan Huizhou Huizhou ElectricCompany power 70% Establish Qiming Electric Company Shenzhen Shenzhen power 100% Establish Huaguoquan Business combinations Company Shenzhen Shenzhen Rent 100% involving enterprises not undercommon control Dananhai Electric Company Jieyang Jieyang power 100% Establish Baihua Energy Huizhou Huizhou Electricpower 100% Establish Nanxiong New Energy Shaoguan Shaoguan Electric power 100% Establish Bijie New Energy Bijie Bijie Electric power 100% Establish Qinghai Wind Electric Power Yangjiang Yangjiang power 100% Establish Wanhaowei Zhanjiang Zhanjiang ElectricNew Energy power 100% Establish Wanchuang Hengwei New Zhanjiang Zhanjiang Electric 100% Establish Energy power Nanhua New Zhanjiang Zhanjiang Electric Business combinations Energy power 51% involving enterprises not undercommon control Datang New Business combinations Energy Guangzhou Guangzxhou Electric power 51% involving enterprises not undercommon control Yueneng Wind Business combinations Power Zhanjiang Zhanjiang Electric power 51% involving enterprises not undercommon control 146Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Tumu ermal Business combinations power Xinjiang Xingjiang Electricpower 79.48% involving enterprises not underCompany common control Sha C Electric Business combinations Company Guangzhou Guangzhou power 51% involving enterprises undercommon control Guanghe Electric Business combinations Electric Power Guangzhou Guangzhou power 51% involving enterprises undercommon control Biomass power Electric Business combinations generation Zhangjiang Zhangjiang power 51% involving enterprises undercommon control Xinhui power Business combinations generation Jiangmen Jiangmen Electric power 45.90% involving enterprises undercommon control Huaqing power Electric Business combinations generation Jiangmen Jiangmen power 33.15% involving enterprises undercommon control Yunhe power Electric Business combinations generation Yunfu Yunfu power 90% involving enterprises undercommon control Yundian Yunfu Yunfu Electric Business combinations Energy power 56.25% involving enterprises undercommon control Yuehua power Guangzhou Guangzhou Electric Business combinations generation power 51% involving enterprises undercommon control Yunhua ntegrated Business combinations Energy Guangzhou Guangzhou Electric power 51% involving enterprises under Company common control Guangzhou Huangpu Petroleum storage（cancelled） Huangpu Electric Business combinationsElectric Power Guangzhou Guangzhou power 51% involving enterprises underEngineering common control Huangdian Training center（cancelled） Suishen Comapny（cancelled） Shaoguan New Energy Shaoguan Shaoguan Electric power 100% Establish Hanhai New Energy Xingjiang Xingjiang Electric power 100% Establish Jinxiu Energy Laibin Laibin Electricpower 90% Establish 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 the agreement 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 their voting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding of Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also maintain consensus 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 returns through involving in its relevant activities and has the ability to make use of its power to influence the amount of returns. Therefore the Company owns the control power over Pinghai Power. 147Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 On 30 November 2018 Maoming Termal power merged Maoming Termal power wholly-owned by GEGC.After the merger GEGC held 30.12% equity of Maoming Termal power . According to the agreement between the Company and GEGC the delegated shareholder and director from GEGC maintain consensus with those of the Company while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at Maoming Termal power . Therefore the Company owns control power over Maoming Termal power . In addition pursuant to the consent agreement entered into between the Company and GEGC the Company holds 61.33% voting rights in Maoming Comprehensive a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore the Company owns control power over Maoming Termal power Comprehensive （2）Significant not wholly-owned subsidiaries In RMB Holding proportion of Profit or lossName non-controlling interest attributable to non- Dividend declared to Closing balance of controlling interest non-controlling interest non-controlling interest Bohe Company Zhanjiang Company 24% -35199481 853992823 Jinghai Company 35% -62997054 981027105 Red Bay Company 35% -78461652 873812068 Huizhou Natural gas 33% 3655038 25174599 630402997 Pinghai Power Generation 55% -51703314 988343064 Sha C Company 49% -196455496 1254004127 148Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （3）Main financial information of significant not wholly-owned subsidiaries In RMB Closing balance Beginning balance Subsidiaries Current assets Non-currentassets Total assets Current Non-current liabilities Liabilities Total liabilities Current assets Non-current assets Total assets Current Non-current Total liabilities Liabilities liabilities Bohe Company 2458586385 6490943049 8949529434 2098507523 2704208491 4802716014 2609681761 6892655462 9502337223 3008450314 2359263315 5367713629 Zhanjiang Company 2638198041 1212189105 3850387146 265407038 26676677 292083715 2650321842 1266988373 3917310215 183009639 29332641 212342280 Jinghai Company 1462511357 6634817785 8097329142 4081070987 1213323571 5294394558 1526571272 6829232837 8355804109 4033650563 1339227380 5372877943 Red Bay Company 1342407090 4969804802 6312211892 3330283557 485322428 3815605985 1409063788 5053935838 6462999626 3167753333 574464236 3742217569 Huizhou Natural gas 603320187 2805859417 3409179604 1037291784 461575707 1498867491 339090166 2930623382 3269713548 726965377 567225268 1294190645 Pinghai Power 1713549436 2964880629 4678430065 982376986 1899065690 2881442676 1588057850 3411190163 4999248013 1230761702 1877492900 3108254602 Generation Sha C Company 2456100467 3900169926 6356270393 2454231929 1336056629 3790288558 2916866925 3999456043 6916322968 2657111340 1273188755 3930300095 In RMB Amount of current period Amount of previous period Subsidiaries Total Cash flow from Total Operating revenue Net profit comprehensive operating Operating revenue Net profit comprehensive Cash flow from operating income activities income activities Bohe Company 1600129810 12189826 12189826 212145168 1190006156 -163273077 -163273077 179163841 Zhanjiang Company 1101789798 -146664504 -146664504 16138167 1071291598 24432411 24432411 84360764 Jinghai Company 2964790103 -179991581 -179991581 -233268195 2095200102 230709943 230709943 661661302 Red Bay Company 2321105097 -224176150 -224176150 -157836532 1630674910 152599944 152599944 639189177 Huizhou Natural gas 1414352530 11075874 11075874 -81615392 1870326110 334746205 334746205 412544115 Pinghai Power Generation 2432384327 -94006025 -94006025 41046024 1443009856 242186835 242186835 326530144 Sha C Company 2368494724 -423529603 -423529603 -901521160 2534236245 256458029 253663059 484084927 149Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (4) Significant restrictions of using enterprise group assets and pay off enterprise group debt Not applicable (5) Provide financial support or other support for structure entities incorporate into the scope of consolidated financial statements Not applicable 2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary Not applicable 3. Equity in joint venture arrangement or associated enterprise (1) Significant joint venture arrangement or associated enterprise The accounting Name of Main Places Registration Shareholding Ratio (%) treatment of Nature of Business Subsidiary of Operation Place direct indirect investment in associates Joint ventures：- Industry Fuel Guangzhou Guangzhou Fuel trade 50% Associates： Coal Shanxi Yudean Enerty Taiyuan Taiyuan Transportation and port operations 40% investment Yudean Shipping Zhenzhen Shenzhen Transportationport operations 35% Energy Finance Guangzhou Guangzhou Financial 40% 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 7355609387 8607437424 Including: Balance of cash and cash equivalents Non-current assets 4001437141 3981342190 Total of assets 11357046528 12588779614 Current liabilities 7369728718 9741803372 Non current liabilities 2235391865 1169197748 Total liabilities 9605120583 10911001120 Minority shareholder Equity 67010551 67010551 Attributable to shareholders of the parent company 1684915394 1610767943 Share of net assets calculated by stake 842457697 805383972 Adjustment item --Goodwill -- Internal transactions did not achieve profit -159913458 -159913458 --Other Book value of equity investment in joint venture 682544239 645470514 The fair value of the equity investment of 150Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 a joint venture with a public quotation Business income 17314930225 15512366825 Financial expenses 87691402 12439451 Income tax 24130311 53178987 Net profit 74174449 160175934 Net profit from terminated operation 0 Other comprehensive income 0 Total comprehensive income 74174449 160175934 0 Dividends received from the joint venture this year 29649898 Other note Share of asset is calculated in proportion to the shareholding based on the amount attributable to the parent company in the consolidated financial statements of associates. The amount in the consolidated financial statements of associates considers the impacts of fair value of identifiable assets and liabilities of associates at the time of acquisition and the unification of accounting policies. 151Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (3) Main financial information of significant associated enterprise In RMB Closing balance/This period Opening balance/Last period Energy Energy Shanxi Yudean Energy Taishan Power Financing Shanxi Yudean Energy Taishan Power Financing Energy Shipping Finance Generation Leasing Energy Shipping Finance Generation Leasing Company Company Current assets 1040969674 641571286 7371307527 3071328769 890239041 1074073055 829650386 7694411383 2930161081 632968295 Non-current assets 7438261411 1376929675 18184079259 8988244287 7516343275 6627921355 1421743662 17101010480 9406287125 7281003242 Total of assets 8479231085 2018500961 25555386786 12059573056 8406582316 7701994410 2251394048 24795421863 12336448206 7913971537 Current liabilities 522403515 1258834496 21490053127 2863720736 1711486785 493070520 1535089658 20630423850 3414107776 1840650722 Non-current liabilities 1281851074 27915297 36609358 4576937235 1230741592 7861833 31373853 3944093673 Total liabilities 1804254589 1286749793 21526662485 2863720736 6288424020 1723812112 1542951491 20661797703 3414107776 5784744395 Minority shareholder 69866595 70239165 Equity Attributable to shareholders of the parent 6605109901 731751168 4028724301 9195852320 2118158296 5907943133 708442557 4133624160 8922340430 2129227142 company Share of net assets calculated by 2642043841 253839486 1611489720 -1839170464 529744007 2363177253 247954895 1653449664 1784468086 532306787 stake Adjustment item --Goodwill 13325000 13325000 -- Internal transactions did not achieve profit --Other -454941 - Book value of equity investment in 2642043841 253839486 1624359779 1839170465 529744007 2363177253 247954895 1666774664 1784468086 532306787 joint venture The fair value 152Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 of the equity investment of a joint venture with a public quotation Business income 72490741 661785270 377919901 4165296856 150431274 40369217 975357361 361371694 2700661824 119226458 Net profit 696793898 16813118 203699560 234815986 62917590 420775891 62555903 212021766 223754761 41841369 Net profit from terminated operation Other comprehensive income Total comprehensive 696793898 16813118 207121927 234815986 62917590 420775891 62555903 212021766 223754761 41841369 income Dividends received from the associated 123894709 18292179 76421226 12576669 enterprise this year 153Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (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 8736640 9350000 Share of net assets calculated by stake ----Net Profit -613359.54 -- Total comprehensive income -613359.54 Associated enterprise： Total investment book value 846084130.54 1070661046 The total number of the following --Net Profit 25804751.54 20498038 - Total comprehensive income 25804751.54 20498038 (5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the Company Not 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 investment Not applicable 4. Significant common operation Not applicable 5. Equity of structure entity not including in the scope of consolidated financial statements Not applicable 6.Other X. The risk related financial instruments XI. 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 Fair value Fair value measurement items measurement items at measurement items at Total at level 1 level 2 level 3 I. Consistent fair value measurement -- -- -- -- （3）Other equity instrument investment 422638380 2686300000 3108938380 II Inconsistent fair value measurement -- -- -- -- 154Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order For financial instruments that are not traded in active markets the Group adopts valuation techniques to determine their fair value. 3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure sustaining and non-persistent on second-order 4. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure sustaining and non-persistent on third -order For financial instruments that are not traded in active markets the Group adopts valuation techniques to determine their fair value. The valuation models used are mainly cash flow discount model and market comparable company model. 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 so on. 5.Continuous third- level fair value measurement project adjustment information between the opening and closing book value and s ensitivity analysis of unobservable parameters 6.The reasons for the conversions and the policies for determining the timing of the conversions for continuous fair value measurement items where conversions between various levels occurred during the current period The Group takes the occurrence date of the event that leads to the transition between different levels as the time to confirm the transition between different levels. This year there is no transition among the first level the second level 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 and closing book value of consistent fair value measurement items at level 3 The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable other receivables long-term receivables short-term loans fund payable long-term loans bonds payable and long-term payables.There is no significant difference between the book value and fair value of the Group's financial assets and financial 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 Share ratio of Vote right ratio of name Registration place Nature Registered capital parent company parent companyagainst the against the 155Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 company(%) company(%) Operation and management of power generation Guangdong enterprises capital Energy Group Guangzhou management of 23 billion 67.39% 67.39%electricity assets construction of power plant and sales of electricity Explanation on parent company of the enterprise On August 8 2001 Guangdong Provincial Government had taken the lead in the implementation of the reform of electric power system. Guangdong Electric power Group was established by inheriting the electricity generation business 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 14300 staff now and the company is the strongest On February 18 2019 With the approval of the state-owned assets supervision and administration commission of the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision administration the former Guangdong Energy group Co. Ltd. was renamed as Guangdong Energy Group Co. Ltd Ultimate controller of the Company is Guangdong Provincial People’s Government state owned assets supervision and Administration Commission. 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 or occurred in previous 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 Yunfu Power Generation ( B plant) Co. Ltd. Associate 4.Other related party Other related party Relationship with the Enterprise Guangdong Energy Zhuhai Power Generation Plant Controlled by Energy Group Guangdong Energy Shajiao Power plant Controlled by Energy Group Guangdong Yudean Property Management Co. Ltd. Controlled by Energy Group Yudean Infornation Technology Controlled by Energy Group Yudean Real estate Investment Co. Ltd. Controlled by Energy Group Yudean Environmental protection Co. Ltd. Controlled by Energy Group Yudean Zhongshan Thermal power plant Controlled by Energy Group Yangjiang Port Co. Ltd. Controlled by Energy Group Guangzhou Development Zone Yudean New Energy Co. Ltd. Controlled by Energy Group Yudean Huizhou New Energy Co. Ltd. Controlled by Energy Group 156Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Shaoguan Qujiang Yudean New Energy Co. Ltd. Controlled by Energy Group Guangdong Energy Group Natural gas Co. Ltd. Controlled by Energy Group Controlled by Energy Group Dongguan Mingyuan Hotel Co. Ltd. Controlled by Energy Group Guangdong Shaoguan Port Co. Ltd. Controlled by Energy Group Inner Mongolia Yudean Menghua New Energy Co. Ltd. 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 Whether over thelimit trading limit(Y/N) Last amount Fuel Company Fuel purchase 12665241377 No 11474680573 Energy Group Natural gas Fuel purchase 2160279170 No 2306754224 Yudean Environment Material purchase 116123991 No 110877667 Protection Zhuhai Special Economic Zone Guangzhu Power Electric purchase 89988153 No 59973500 Generation Co.Ltd.Guangdong Zhuhai Jinwan Power Generation Electric purchase 52914799 No 56010529 Co. Ltd.Guangdong Yuelong Power Generation Co. Electric purchase 16297566 No 14351040 Ltd.Zhongshan Thermal power Electric purchase 5024466 No 44818875 plant Yudean Insurance Acceptance of Captive Company insurance services 40039372 No 24347588 Yudean Shipping Acceptance oftugboat services 12430189 No 12113208 Yudean Property Management Management services 12058164 No 14400407 Yangjiang Port Acceptance oftugboat services 3774201 No 12695230 Yudean Acceptance of Information management 2648984 No 2861901services Guangdong Energy Group Science and Acceptance of R & Technology D Services 339623 No 59973500 Research Institute Co. Ltd Sales of goods and services In RMB Related parties Content Occurred current term Occurred in previous term Yudean Environment Protection Sale of Material 104738860 160373232 Shajiao C plant Providing maintenance 23637465 22011907 157Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 services Zhongshan Thermal power Providing maintenance plant services 6953621 5303421 Guangdong Energy Zhuhai Providing maintenance Power Generation Co. Ltd. services 2284679 1758858 Shaoguan Qujiang Yudean Providing maintenance New Energy Co. Ltd. services 1514255 1531789 Guangzhou Development Zone Yudean New Energy Providing maintenance 97262 753322 Co. Ltd. services Guangdong Yudean Huizhou Providing maintenance New Energy Co. Ltd. services 34821 138813 Guangdong Energy Group Providing emergency rescueservices 0 4716981 （2）Related trusteeship or contracting Related trusteeship or contracting in which the Company is the undertake In RMB Name of the Name of the Asset Gains from employer undertaker situation of Start date Terminatin the undertaker g date Pricing basis the deal in report period The custody fee charged to each first-class target company directly controlled by Guangdong Energy Group is 100000 yuan/year and the custody fee charged to each second-class target company indirectly controlled by Guangdong Yudean Group is 50000 yuan/year. If the custody period is less than one Shareholders' complete fiscal year the rights except calculation formula of the Guangdong Guangdong ownership custody fee of each target Energy Group Electric Power income right January company is calculated Development and 12018 according to the custody days. 900000Co. Ltd. Co. Ltd. disposition During the current period right there are 16 first-level subjectcompanies that have been in custody for half a year 4 second-level subject companies that have been in custody for half a year The annual custody fee of the first- level subject companies is 1.6 million yuan 800000 yuan the second-level subject companies is 200000 yuan and 100000 yuan totaling 900000 yuan. Note According to the instructions of Guangdong Energy Group on undertaking to perform related matters in order to avoid horizontal competition and fulfill the commitments of related horizontal competition the Company and Guangdong Energy Group have signed the Equity Trust Agreement which entrusts the rights of shareholders of the Company within the trust scope of Guangdong Energy Group to the Company except for the rights of ownership income and disposition. Charge RMB 100000/year custody fees for each Guangdong Energy Group's direct holding primary target company; charge each indirectly controlling secondary target company 50000/year custody fee. For details please refer to the " Announcement on Related Party Transaction of the Signing of the 158Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 “Equity Custody Agreement” by Guangdong 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/contracted Not applicable (3) Information of related lease The company as lessor: In RMB Name of lessee Category of leased assets The lease income confirmed The lease income confirmedin this year in last year Dongguan Mingyuan Hotal Co. Ltd. Property Leas 1935106 1904760 Property Company Property Leas 326832 2633503 Shaoguan Port Property Leas 0 330400 Qujiang New Energy Property Leas 0 701 - The company was lessee： In RMB Variable lease payments not Rental charges for Interest expenses included in lease Increased use right short-term and low- Rent paid on lease liabilities liabilities assets value assets (if any) assumed measurement (if Categ any) ory Lessor oflease Amount Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun d assets of current t of t of t of t of t of t of t of t of t of period previou current previou current previou current previou current previou s period period s period period s period period s period period s period Yudean Finan Finance cing 0 0 0 0 117062 42494 108205 65813 45680 246482 lease leasin 870 333 269 168 915 205g Yudean Leasi Real ng 68592 52272servi 0 0 0 0 67 55 277385 217275 29940 13021 Estate 699ce （4）Status of related party guarantee As a guarantor for the company In RMB Guarantor Guarantee amount Start date End date Executionaccomplished Guangdong Energy Group 1672845423 December 32019 September 152043 No As a secured party for the company Not applicable (5) Inter-bank lending of capital of related parties： In RMB 159Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Related party Amount borrowed andloaned Initial date Due date Notes Borrowed Guangdong Energy Group Finance Co. Ltd. 100000000 March 282022 March 272023 Guangdong Energy Group Finance Co. Ltd. 50000000 June 102022 June 92023 Guangdong Energy Group Finance Co. Ltd. 121846154.08 September 22015 May 262030 Guangdong Energy Group Finance Co. Ltd. 121846153.80 December 172015 May 262030 Guangdong Energy Group Finance Co. Ltd. 8529230.72 January 252017 May 262030 Guangdong Energy Group Finance Co. Ltd. 6188102.08 October 272017 May 262030 Guangdong Energy Group Finance Co. Ltd. 27227240.48 December 112017 May 262030 Guangdong Energy Group Finance Co. Ltd. 12060961.92 January 312018 May 262030 Guangdong Energy Group Finance Co. Ltd. 4608409.44 April 282018 May 262030 Guangdong Energy Group Finance Co. Ltd. 15169281.28 July 42018 May 262030 Guangdong Energy Group Finance Co. Ltd. 3460692 August 12018 May 262030 Guangdong Energy Group Finance Co. Ltd. 5551691.36 November 222018 May 262030 Guangdong Energy Group Finance Co. Ltd. 4118124.42 January 242019 May 262030 Guangdong Energy Group Finance Co. Ltd. 4910157.54 April 122019 May 262030 Guangdong Energy Group Finance Co. Ltd. 7630428 January 172020 May 262030 Guangdong Energy Group Finance Co. Ltd. 5994747.20 March 252020 May 262030 Guangdong Energy Group Finance Co. Ltd. 12816109.20 April 82020 May 262030 Guangdong Energy Group Finance Co. Ltd. 17281721.36 April 302020 May 262030 Guangdong Energy Group Finance Co. Ltd. 50000000 July 292021 July 202022 Guangdong Energy Group Finance Co. Ltd. 50000000 August 302021 August 292022 Guangdong Energy Group Finance Co. Ltd. 30000000 October 292021 October 282022 Guangdong Energy Group Finance Co. Ltd. 50000000 February 252022 February 242023 Guangdong Energy Group Finance Co. Ltd. 50000000 March 182022 March 172023 Guangdong Energy Group Finance Co. Ltd. 50000000 March 292022 March 282023 Guangdong Energy Group Finance Co. Ltd. 50000000 April 142022 April 132023 Guangdong Energy Group Finance Co. Ltd. 100000000 April 272022 April 262023 Guangdong Energy Group Finance Co. Ltd. 50000000 May 272022 May 262023 Guangdong Energy Group Finance Co. Ltd. 50000000 June 82022 June 72023 Guangdong Energy Group Finance Co. Ltd. 40000000 October 162014 October 132029 Guangdong Energy Group Finance Co. Ltd. 50000000 March 152022 March 142023 Guangdong Energy Group Finance Co. Ltd. 200000000 April 272022 April 262023 Guangdong Energy Group 200000000 May 302022 May 292023 160Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 80000000 June 172022 June 162023 Guangdong Energy Group Finance Co. Ltd. 215000000 June 52011 December 52024 Guangdong Energy Group Finance Co. Ltd. 100000000 September 292021 September 232022 Guangdong Energy Group Finance Co. Ltd. 100000000 July 292021 July 282022 Guangdong Energy Group Finance Co. Ltd. 21210000 January 152021 December 242035 Guangdong Energy Group Finance Co. Ltd. 55000000 January 192022 December 242035 Guangdong Energy Group Finance Co. Ltd. 100000000 February 42015 October 272029 Guangdong Energy Group Finance Co. Ltd. 45000000 June 172015 October 272029 Guangdong Energy Group Finance Co. Ltd. 25000000 July 232015 October 272029 Guangdong Energy Group Finance Co. Ltd. 24000000 September 152015 October 272029 Guangdong Energy Group Finance Co. Ltd. 30000000 September 282015 October 272029 Guangdong Energy Group Finance Co. Ltd. 19000000 October 132015 October 272029 Guangdong Energy Group Finance Co. Ltd. 144500000 December 162015 October 272029 Guangdong Energy Group Finance Co. Ltd. 12000000 June 202018 October 272029 Guangdong Energy Group Finance Co. Ltd. 17000000 September 202018 October 272029 Guangdong Energy Group Finance Co. Ltd. 46360000 December 102014 October 272029 Guangdong Energy Group Finance Co. Ltd. 1790000 December 102014 October 272029 Guangdong Energy Group Finance Co. Ltd. 1790000 December 102014 October 272029 Guangdong Energy Group Finance Co. Ltd. 120000000 February 92022 February 82023 Guangdong Energy Group Finance Co. Ltd. 130000000 February 142022 February 132023 Guangdong Energy Group Finance Co. Ltd. 100000000 February 112022 February 102023 Guangdong Energy Group Finance Co. Ltd. 30000000 April192022 October 192022 Guangdong Energy Group Finance Co. Ltd. 30000000 April 192022 October 192022 Guangdong Energy Group Finance Co. Ltd. 30000000 April 192022 October 192022 Guangdong Energy Group Finance Co. Ltd. 30000000 April 192022 October 192022 Guangdong Energy Group Finance Co. Ltd. 30000000 April 192022 October 192022 Guangdong Energy Group Finance Co. Ltd. 10000000 July 22021 July 12022 Guangdong Energy Group Finance Co. Ltd. 10000000 July 282021 July 272022 Guangdong Energy Group Finance Co. Ltd. 10000000 August 42021 August 32022 Guangdong Energy Group Finance Co. Ltd. 10000000 August 122021 August 112022 Guangdong Energy Group Finance Co. Ltd. 10000000 August 202021 August 192022 Guangdong Energy Group Finance Co. Ltd. 10000000 September 22021 September 12022 Guangdong Energy Group 10000000 September 82021 September 72022 161Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 10000000 September 142021 September 132022 Guangdong Energy Group Finance Co. Ltd. 5000000 September 152021 September 142022 Guangdong Energy Group Finance Co. Ltd. 10000000 September 172021 September 162022 Guangdong Energy Group Finance Co. Ltd. 10000000 December 172021 December 162022 Guangdong Energy Group Finance Co. Ltd. 5000000 December 222021 December 212022 Guangdong Energy Group Finance Co. Ltd. 10000000 May 202022 May 192023 Guangdong Energy Group Finance Co. Ltd. 10000000 May 272022 May 262023 Guangdong Energy Group Finance Co. Ltd. 10000000 June 72022 June 62023 Guangdong Energy Group Finance Co. Ltd. 10000000 June 172022 June 162023 Guangdong Energy Group Finance Co. Ltd. 10000000 June 282022 June 272023 Guangdong Energy Group Finance Co. Ltd. 11503169.20 February 242022 November 112041 Guangdong Energy Group Finance Co. Ltd. 28604889.75 April 202022 November 112041 Guangdong Energy Group Finance Co. Ltd. 10200000 June 232022 November 112041 Guangdong Energy Group Finance Co. Ltd. 200000000 March 82022 March 72023 Guangdong Energy Group Finance Co. Ltd. 190000000 March 102022 March 92023 Guangdong Energy Group Finance Co. Ltd. 100000000 April 122022 April 112023 Guangdong Energy Group Finance Co. Ltd. 80000000 April 142022 April 132023 Guangdong Energy Group Finance Co. Ltd. 20000000 April 202022 April 192023 Guangdong Energy Group Finance Co. Ltd. 40000000 April 292022 April 282023 Guangdong Energy Group Finance Co. Ltd. 40000000 May 122022 May 112023 Guangdong Energy Group Finance Co. Ltd. 50000000 May 242022 May 232023 Guangdong Energy Group Finance Co. Ltd. 30000000 June 12022 May 312023 Guangdong Energy Group Finance Co. Ltd. 60000000 June 142022 June 132023 Guangdong Energy Group Finance Co. Ltd. 50000000 June 222022 June 232023 Guangdong Energy Group Finance Co. Ltd. 20000000 June 222022 June 232023 Guangdong Energy Group Finance Co. Ltd. 65000000 May 112022 May 102023 Guangdong Energy Group Finance Co. Ltd. 45000000 May 172022 May 162023 Guangdong Energy Group Finance Co. Ltd. 96000000 June 102022 June 92023 Guangdong Energy Group Finance Co. Ltd. 70000000 June 272022 June 262023 Guangdong Energy Group Finance Co. Ltd. 11100000 May 102018 June 222032 Guangdong Energy Group Finance Co. Ltd. 13600000 May 292018 June 222032 Guangdong Energy Group Finance Co. Ltd. 17300000 June 132018 June 222032 Guangdong Energy Group 69600000 May 202018 June 222032 162Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 3600000 July 252018 June 222032 Guangdong Energy Group Finance Co. Ltd. 7140000 September 132018 June 222032 Guangdong Energy Group Finance Co. Ltd. 5360000 October 102018 June 222032 Guangdong Energy Group Finance Co. Ltd. 2680000 October 232018 June 222032 Guangdong Energy Group Finance Co. Ltd. 4110000 October 292018 June 222032 Guangdong Energy Group Finance Co. Ltd. 12500000 November 202018 June 222032 Guangdong Energy Group Finance Co. Ltd. 2550000 November 112021 November 102022 Guangdong Energy Group Finance Co. Ltd. 13221100.30 November 182021 November 102022 Guangdong Energy Group Finance Co. Ltd. 180785689.48 November 252021 November 102022 Guangdong Energy Group Finance Co. Ltd. 112087730.40 December 92021 November 102022 Guangdong Energy Group Finance Co. Ltd. 32992208.44 December 272021 November 102022 Guangdong Energy Group Finance Co. Ltd. 57741800.04 February 162022 November 102022 Guangdong Energy Group Finance Co. Ltd. 26310486.97 March 72022 March 72023 Guangdong Energy Group Finance Co. Ltd. 80000000 April 252022 March 162042 Guangdong Energy Group Finance Co. Ltd. 10000000 June 282022 March 162042 Guangdong Energy Group Finance Co. Ltd. 23000000 June 302022 March 162042 Guangdong Energy Group Finance Co. Ltd. 200000000 October 262022 October 252023 Guangdong Energy Group Finance Co. Ltd. 50500000 June 272022 June 272023 Guangdong Energy Group Finance Co. Ltd. 100000000 July 292021 July 282022 Guangdong Energy Group Finance Co. Ltd. 40000000 March 312022 March 302023 Guangdong Energy Group Finance Co. Ltd. 50000000 March 232022 March 222023 Guangdong Energy Group Finance Co. Ltd. 30000000 June 212022 June 202023 Guangdong Energy Group Finance Co. Ltd. 100000000 July 292021 July 282022 Guangdong Energy Group Finance Co. Ltd. 21175000 May 172016 May 162031 Guangdong Energy Group Finance Co. Ltd. 49273911 March 72017 May 162031 Guangdong Energy Group Finance Co. Ltd. 9075000 May 192017 May 162031 Guangdong Energy Group Finance Co. Ltd. 32655000 June 142017 May 162031 Guangdong Energy Group Finance Co. Ltd. 30000000 June 212017 May 162031 Guangdong Energy Group Finance Co. Ltd. 16456000 August 102017 May 162031 Guangdong Energy Group Finance Co. Ltd. 223496 January 102018 May 162031 Guangdong Energy Group Finance Co. Ltd. 16553381 May 112018 May 162031 Guangdong Energy Group Finance Co. Ltd. 50000000 September 12021 August 302022 Guangdong Energy Group 30000000 March 232022 March 222023 163Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 10000000 November 42020 November 22035 Guangdong Energy Group Finance Co. Ltd. 9000000 November 192020 November 22035 Guangdong Energy Group Finance Co. Ltd. 3000000 January 222021 November 22035 Guangdong Energy Group Finance Co. Ltd. 26000000 July 262021 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 October 202021 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 December 102021 November 22035 Guangdong Energy Group Finance Co. Ltd. 15000000 December 272021 November 22035 Guangdong Energy Group Finance Co. Ltd. 15000000 January 192022 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 May 302022 November 22035 Guangdong Energy Group Finance Co. Ltd. 632991.90 June 262019 June 252039 Guangdong Energy Group Finance Co. Ltd. 570000 July 152019 June 252039 Guangdong Energy Group Finance Co. Ltd. 297042.21 August 262019 June 252039 Guangdong Energy Group Finance Co. Ltd. 1297700 September 122019 June 252039 Guangdong Energy Group Finance Co. Ltd. 180000 September 292019 June 252039 Guangdong Energy Group Finance Co. Ltd. 210000 October 292019 June 252039 Guangdong Energy Group Finance Co. Ltd. 3000000 November 212019 June 252039 Guangdong Energy Group Finance Co. Ltd. 2000000 December 52019 June 252039 Guangdong Energy Group Finance Co. Ltd. 1100000 December 182019 June 252039 Guangdong Energy Group Finance Co. Ltd. 1800000 January 142020 June 252039 Guangdong Energy Group Finance Co. Ltd. 1500000 February 252020 June 252039 Guangdong Energy Group Finance Co. Ltd. 47400000 April 162020 June 252039 Guangdong Energy Group Finance Co. Ltd. 54000000 April 292020 June 252039 Guangdong Energy Group Finance Co. Ltd. 8500000 May 182020 June 252039 Guangdong Energy Group Finance Co. Ltd. 6700000 June 172020 June 252039 Guangdong Energy Group Finance Co. Ltd. 11200000 July 92020 June 252039 Guangdong Energy Group Finance Co. Ltd. 19500000 August 102020 June 252039 Guangdong Energy Group Finance Co. Ltd. 7700000 August 202020 June 252039 Guangdong Energy Group Finance Co. Ltd. 36000000 September 102020 June 252039 Guangdong Energy Group Finance Co. Ltd. 5700000 September 152020 June 252039 Guangdong Energy Group Finance Co. Ltd. 11600000 October 152020 June 252039 Guangdong Energy Group Finance Co. Ltd. 7100000 November 192020 June 252039 Guangdong Energy Group Finance Co. Ltd. 5000000 March 162021 June 252039 Guangdong Energy Group 10000000 April 62021 June 252039 164Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 8121853.80 April 222021 June 252039 Guangdong Energy Group Finance Co. Ltd. 5000000 May 202021 June 252039 Guangdong Energy Group Finance Co. Ltd. 20000000 August 122021 June 252039 Guangdong Energy Group Finance Co. Ltd. 13700000 May 212020 June 252039 Guangdong Energy Group Finance Co. Ltd. 3000000 June 122020 May 182035 Guangdong Energy Group Finance Co. Ltd. 1500000 June 302020 May 182035 Guangdong Energy Group Finance Co. Ltd. 8000000 July 282020 May 182035 Guangdong Energy Group Finance Co. Ltd. 12000000 September 212020 May 182035 Guangdong Energy Group Finance Co. Ltd. 8000000 November 232020 May 182035 Guangdong Energy Group Finance Co. Ltd. 8500000 February 32021 May 182035 Guangdong Energy Group Finance Co. Ltd. 5000000 May 132021 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 November 112021 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 December 162021 May 182035 Guangdong Energy Group Finance Co. Ltd. 17000000 December 232021 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 January 42022 May 182035 Guangdong Energy Group Finance Co. Ltd. 3300000 January 172022 May 182035 Guangdong Energy Group Finance Co. Ltd. 15000000 May 192022 May 182035 Guangdong Energy Financing Leasing Co. Ltd. 47731250 July 202020 July 202035 Guangdong Energy Financing Leasing Co. Ltd. 2863875 March 312021 July 202035 Guangdong Energy Financing Leasing Co. Ltd. 9319375 May 132021 July 202035 Guangdong Energy Financing Leasing Co. Ltd. 5000000 May 202021 July 202035 Guangdong Energy Financing Leasing Co. Ltd. 11455500 June 242021 July 202035 Guangdong Energy Group Finance Co. Ltd. 2800000 May 282020 May 252035 Guangdong Energy Group Finance Co. Ltd. 2200000 June 222020 May 252035 Guangdong Energy Group Finance Co. Ltd. 4550000 June 282020 May 252035 Guangdong Energy Group Finance Co. Ltd. 6000000 July 222020 May 252035 Guangdong Energy Group Finance Co. Ltd. 2700000 August 142020 May 252035 Guangdong Energy Group Finance Co. Ltd. 6800000 September 142020 May 252035 Guangdong Energy Group Finance Co. Ltd. 12000000 October 232020 May 252035 Guangdong Energy Group Finance Co. Ltd. 31000000 November 122021 May 252035 Guangdong Energy Group Finance Co. Ltd. 5000000 January 252022 May 252035 Guangdong Energy Group Finance Co. Ltd. 36000000 June 102022 May 252035 Guangdong Energy Group 51000000 July 232018 July 222033 165Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 30000000 March 302021 March 302036 Guangdong Energy Group Finance Co. Ltd. 18597140 December 172021 March 282036 Guangdong Energy Group Finance Co. Ltd. 3000000 December 272019 December 262034 Guangdong Energy Group Finance Co. Ltd. 20000000 June 242020 December 262034 Guangdong Energy Group Finance Co. Ltd. 20000000 October 92020 December 262034 Guangdong Energy Group Finance Co. Ltd. 13000000 November 172020 December 262034 Guangdong Energy Group Finance Co. Ltd. 24000000 December 112020 December 262034 Guangdong Energy Group Finance Co. Ltd. 4500000 February 52021 December 262034 Guangdong Energy Group Finance Co. Ltd. 3528114.28 June 242022 December 262034 Guangdong Energy Group Finance Co. Ltd. 30000000 December 282018 December 272036 Guangdong Energy Group Finance Co. Ltd. 30000000 January 162019 December 272036 Guangdong Energy Group Finance Co. Ltd. 38000000 May 312019 December 272036 Guangdong Energy Group Finance Co. Ltd. 23000000 June 212019 December 272036 Guangdong Energy Group Finance Co. Ltd. 26000000 July 292019 December 272036 Guangdong Energy Group Finance Co. Ltd. 21000000 September 292019 December 272036 Guangdong Energy Group Finance Co. Ltd. 18000000 October 302019 December 272036 Guangdong Energy Group Finance Co. Ltd. 18000000 November 272019 December 272036 Guangdong Energy Group Finance Co. Ltd. 9000000 \December 252019 December 272036 Guangdong Energy Group Finance Co. Ltd. 10000000 February 212020 December 272036 Guangdong Energy Group Finance Co. Ltd. 24000000 November 262020 December 272036 Guangdong Energy Group Finance Co. Ltd. 69030000 May 292020 May 282040 Guangdong Energy Group Finance Co. Ltd. 46020000 June 162020 May 282040 Guangdong Energy Group Finance Co. Ltd. 28000000 November 42020 May 282040 Guangdong Energy Group Finance Co. Ltd. 60000000 January 42021 May 282040 Guangdong Energy Group Finance Co. Ltd. 19000000 March 262021 May 282040 Guangdong Energy Group Finance Co. Ltd. 20000000 July 162021 May 282040 Guangdong Energy Group Finance Co. Ltd. 25000000 January 42021 December 292040 Guangdong Energy Group Finance Co. Ltd. 8500000 February 262021 December 292040 Guangdong Energy Group Finance Co. Ltd. 16000000 April 222021 December 292040 Guangdong Energy Group Finance Co. Ltd. 7890000 July 162021 December 292040 Guangdong Energy Group Finance Co. Ltd. 43000000 December 32021 December 292040 Guangdong Energy Group Finance Co. Ltd. 350000000 August 302021 April 252024 Guangdong Energy Group 32158951.93 February 262020 January 22040 166Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Finance Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 20000000 April 92020 January 22040 Guangdong Energy Group Finance Co. Ltd. 43481594.40 May 142020 January 22040 Guangdong Energy Group Finance Co. Ltd. 43850008.20 May 272020 January 22040 Guangdong Energy Group Finance Co. Ltd. 15400000 June 172020 January 22040 Guangdong Energy Group Finance Co. Ltd. 48350000 July 162020 January 22040 Guangdong Energy Group Finance Co. Ltd. 83613861.21 August 202020 January 22040 Guangdong Energy Group Finance Co. Ltd. 21281009.76 August 272020 January 22040 Guangdong Energy Group Finance Co. Ltd. 12188757.10 September 162020 January 22040 Guangdong Energy Group Finance Co. Ltd. 30000000 October 162020 January 22040 Guangdong Energy Group Finance Co. Ltd. 16530202.23 November 192020 January 22040 Guangdong Energy Group Finance Co. Ltd. 6290000 December 102020 January 22040 Guangdong Energy Group Finance Co. Ltd. 11000000 January 212021 January 22040 Guangdong Energy Group Finance Co. Ltd. 13084525.72 March 112021 January 22040 Guangdong Energy Group Finance Co. Ltd. 86135247.60 April 142021 January 22040 Guangdong Energy Group Finance Co. Ltd. 31500000 May 182021 January 22040 Guangdong Energy Group Finance Co. Ltd. 60000000 December 162021 January 22040 Guangdong Energy Group Finance Co. Ltd. 3000000 March 32016 February 102033 Guangdong Energy Group Finance Co. Ltd. 1000000 March 32016 February 102033 Guangdong Energy Group Finance Co. Ltd. 3288300 December 162015 February 102033 Guangdong Energy Group Finance Co. Ltd. 46351200 January 272022 January 262025 Guangdong Energy Group Finance Co. Ltd. 121731878.66 June 302022 January 262025 Guangdong Energy Group Finance Co. Ltd. 5000000 March 52022 March 32024 Guangdong Energy Group Finance Co. Ltd. 5000000 June 62022 June 52023 Guangdong Energy Group Finance Co. Ltd. 14000000 June 272022 June 262023 Guangdong Energy Group Finance Co. Ltd. 300000000 December 62021 December 52022 Guangdong Energy Group Finance Co. Ltd. 200000000 December 62021 December 52022 Guangdong Energy Group Finance Co. Ltd. 200000000 May 242022 May 232023 Loaned (6) Related party asset transfer and debt restructuring Not applicable (7) Rewards for the key management personnel In RMB 167Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Items Amount of current period Amount of previous period Annual salary of the operator 3623100 3199040 （8）Other related transactions (a)Allocation of common expenses In the first half of 2022 the common expenses received by the Group from Shajiao C was RMB2476840( In the first half of 2021 the common expenses received by the Group from Shajiao C was RMB2453346 ) (b) Interest income Items Amount of current period Amount of previous period Deposit interest of Energy Group Finance 55824047.09 67166135 Proportion % 85.18% 95.54% (c)Interest expense Items Amount of current period Amount of previous period Interest of borrowing of Guangdong Energy Finance Company 151009743 145356412 Discount interest of Guangdong Energy Finance Company 7765365 8175698 Proportion 13.92% 22.14% （d）Interest payable Items Amount of current period Amount of previous period Yudean Finance Lease interest 108205269 74190579 (e)Joint Investment Name Energy Group Maoming Thermal power plant 30.12% Bohe Company 33% Sha C Company 49% Guanghe Electric Power 49% Biomass Power Generation 49% Xinhui Power Generation 44.10% Huaqing Power Generation 31.85% Energy Group Finance Company 60% Industry Fuel 50% Shanxi Energy Company 60% Capital Company 51% 168Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Energy Financing Leasing 50% Yudean Shipping 45% Yueqian Electric power 17.48% 6. Payables and receivables of the related party （1）Receivables In RMB At end of term At beginning of term Project Related parties Book balance Bad debt provision Book balance Bad debt provision Monetary funds- Energy Group Deposit Finance Company 9056865954 6468820757 Monetary funds- Energy Group Interest receivable Finance Company 38196299 39533620 Monetary funds- Other Monetary Energy Group funds Finance Company 120000006000000 Account receivable Shajiao C Plant 8458800 8500800 Zhuhai Power Generation 2669171 6820689 Yudean New Energy 103098 5272364 Other 11462488 11643227 Contract assets Shajiao C plant 0 3132201 Other 14816 56083 Other account receivable Fuel Company 96734943 1602258185 Financing Leasing 141953119 129864979 Yudean Environmental 52822596 76772719 protection Other 7331023 8113032 Advance payment Industry Fuel 816149016 481701342 Other 127157339 3707618 Other non-current Technology assets Company 250000 250000 （2）Payables In RMB Name Related party Amount at year end Amount at year beginning Note payable Finance Company 480000000 866000000 Natural Gas 121000000 Account payable Fuel Company 2620505425 4251347098 Group 871552735 2501436910 Energy Group natural gas 224798049 390755352 Yudean Environmental Protection 44582143 35115820 Yudean Environmental Protection Material 22896036 24316381 Other 2394404 3511517 Contract liabilities Group 2606132 2606132 Other payable Group 2314499700 2501436910 Financing Leasing 149891611 42722792 Menghua New Energy 11417296 5276682 Other 4441367 6780239 Lease liabilities Financing Leasing 4757785995 3801408039 169Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Yudean Property 12216717 16521739 Short-term loans Finance Company 5749415370 4980279137 -principal 5746189016 4977136729 -Interest 3226354 3142408 Non-current liability due in 1 Energy Group Finance year Company 106213090 198523901 -principal 93294578 191911238 -Interest 12918512 6612663 Group 6315417 82368958 -principal 0 82000000 -Interest 143750 368958 Energy Financing Leasing 15903054 33630163 Long-term loans Finance Company-Principal 4184481303 4175122351 Group-Principal 500000000 268000000 7. Related party commitment 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 do not need to be listed on the balance sheet: June 302022 December 31 2021 House Building and Generation equipment 22596050631 23518696981 Intangible assets 107816147 Total 22703866778 23518696981 170Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (2) Performance of previous commitments (a) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Dongguan Ningzhou Site Alternative Power Project during its 3rd communication meeting on 10 April 2020. The Board gave permission to Binhai Bay Company (the main part of investment) for investment in and construction of Dongguan Ningzhou 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 RMB 5927600000 including a capital fund of RMB 1185520000. As at 30 June 2022 the Company had made a capital contribution of RMB 620000000 to Binhai Bay Company including a contribution of9000000 made in the current year.(b) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhuhai Jinwan Offshore Wind Power Project during its 7th meeting on 25 January 2019. For the purpose of scaling up the Company’s offshore wind power in Guangdong Province and the southeast coast the Board approved the Company’s investment in Zhuhai Jinwan Offshore Wind Power Project with a total dynamic investment of RMB 5643170000 including a capital fund of RMB 1128634000.On April 27 2021In order to smoothly promote the construction of new energy projects and ease the financial pressure the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Indirect Subsidiaries Introducing Investors 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 in which 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 Wind Power Company. After the completion of capital increase and share expansion the shareholding ratio of Guangdong Wind Power Company in Zhuhai Wind Power Company decreased to 74.2816%. As at 30 June 2022 the Company had made a capital contribution of RMB665000000 to Zhuhai Jinwan Offshore Wind Power Project and in the current year the Company did not increase capital.(c) The Ninth Session of the Board approved the Proposal of Investment in and Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase I) during its 1st communication meeting on 23 March 2018. The Board gave permission to its wholly-owned subsidiary Qujie Wind Power for the construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase I). The installation capacity of the project reached at 198 MW and the total investments hit RMB 3739450000. The capital fund was recorded as RMB 747890000 at a proportion of 20%. As at 31 June 30 2022 the Company made a total capital contribution of RMB 600000000 to the project and in the current year the Company did not increase capital.(d) The Ninth Session of the Board approved the Proposal of Investment in Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase II) during its 1st communication meeting on 23 March 2018 and the Proposal of Investment in Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase II) during its 9th meeting on 29 August 2019. The Board gave permission to the Company’s wholly-owned subsidiary Qujie Wind Power for the investment of Wailuo Phase II which was deemed as the main part of investment. The total dynamic investment for the project amounted to RMB 3789120000 including a capital fund of RMB 757824000. As at 30 June 2022 the Company had made a capital contribution of RMB478000000 to The Project and in the current year the Company did not increase capital.（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’s wholly-owned subsidiary Guangdong Wind Power for the establishment of Yangjiang Wind Power in Yangjiang 171Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 which was deemed as the main part of investment in Yangjiang Shapa offshore wind power project. The total dynamic investment was RMB 5963270000 and the capital fund was calculated as RMB 1192660000 at a proportion 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 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. with Guangdong Energy Group contributing RMB 58.1053 million and holding 10.9594% equity of Yangjiang Wind Power Company. After the capital increase and share expansion the shareholding ratio of Guangdong Wind Power Company in Yangjiang Wind Power Company decreased to 89.0406% and the final shareholding ratio of each shareholder shall be subject to the asset appraisal record results. As at 30 June 2022 the Company had made a capital contribution of RMB1055000000 to The Project and in the current year the Company did not increase capital.(f) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhanjiang Xinliao Offshore Wind Power Project during its 6th communication meeting on 28 November 2019. The Board agreed Qujie Wind Power’s investment (as the main part of the investment in the project) in construction and operation of Zhanjiang Xinliao Offshore Wind Power Project with a total dynamic investment of RMB 3698880000. The capital fund was recorded as RMB 739776000 at a proportion of 20%. As at 30 June 2022 the Company had made a capital contribution of RMB520000000 to The Project and in the current year the Company did not increase capital.(g) The Ninth Session of the Board approved the Proposal on Accelerating Guangdong Yudean Dapu Power Plant Project (Phrase II) during its 15th meeting on 12 October 2020. The Board gave permission to the subsidiary Dapu Electric for part of substantive work of the project. The project investment in 2020 was limited to RMB 317100000 which was provided to Dapu Electric by the Company through capital increase based on actual construction progress. As at 30 June 2022 the Company had made a capital contribution of RMB10000000.(h) The Eighth Session of the Board approved the Proposal on the Establishment of Hunan Tongdao Dong Autonomous County Dagaoshan Wind Power Project Company during its 14th meeting on 25 October 2016 and the Proposal on the Construction of Hunan Tongdao Dagaoshan Wind Power Plant Project during its 3rd communication meeting on 10 April 2020. The Board gave permission to the Company’s subsidiary Tongdao Company for the investment in and construction of the Tongdao Dagaoshan wind power project and the installation capacity of the project was 50MW. The total dynamic investment was RMB 531740000 including a capital fund of RMB 106348000 (accounting for 20% of the total dynamic investment). As at 30 June 2022 the Company had made a capital contribution of RMB100000000 to The Project and in the current year the Company did not increase capital.(i) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Guangxi Wuxuan Wind Power Plant Project (Phrase I) during its 6th communication meeting on 28 November 2019. The total investments of the project hit RMB 482580000 (including investment in self-construction of outgoing circuit) including a capital fund of RMB 96516000. As at 30 June 2022 the Company had made a capital contribution of RMB92000000 to The Project and in the current year the Company did not increase capital.(j) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Hunan Xupu Sun Mountain Wind Power Plant Project during its 3rd communication meeting on 10 April 2020. The Board gave permission to Guangdong Wind Power for the investment in and construction of the project. The installation capacity of the project was 50MW and the total dynamic investment was RMB 524532900 (including investment in self-construction of outgoing circuit) including a capital fund of RMB 104906580 172Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (accounting for 20% of the total dynamic investment). As at 30 June 2022 the Company had made a capital contribution of RMB102000000 to The Project and in the current year the Company did not increase capital.(k) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Zhaoqing Dinghu Natural Gas Thermal Power Cogeneration Project during its 15th meeting on 12 October 2020. The Board gave permission to the Company’s holding subsidiary Yongan Natural Gas (as the main part of the investment in the project) for the investment in and construction of Zhaoqing Dinghu natural gas thermal power cogeneration project. The capital fund of the project was calculated as RMB 600000000 at 20% of the project’s total investments. The initial registered capital of Yongan Natural Gas was RMB 100000000 and the Company contributed RMB 90000000 based on its shareholding proportion of 90% in 2016. The remaining capital fund of RMB 500000000 for the project would be provided by the Company according to its shareholding proportion of 90% in batches based on actual construction progress and capital demand. As at 30 June 2022 the Company had made a capital contribution of RMB180000000 to The Project and in the current year the Company did not increase capital.(l) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Guangdong Yudean Nanxiong Zhu’an Village Wind Power Plant Project during its 17th meeting on 4 December 2020. The Board gave permission to the Company’s wholly-owned subsidiary Guangdong Wind Power for the investment in Guangdong Yudean Nanxiong Zhu’an Village wind power plant project (49900 KW) as a shareholder. The total dynamic investment of the project was RMB 451810000 including a capital fund of RMB 90362000 and the remaining capital fund would be provided through bank loan financing etc. As at 30 June 2022 the Company had made a capital contribution of RMB75000000 to The Project and in the current year the Company did not increase capital.(m) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Guangdong Yudean Pingyuan Sishui Wind Power Plant Project during its 17th meeting on 4 December 2020. The Board gave permission to the Company’s wholly-owned subsidiary Guangdong Wind Power for the investment in Guangdong Yudean Pingyuan Sishui wind power plant project (40000 KW) as a shareholder. The total dynamic investment of the project was RMB 339480000 including a capital fund of RMB 67900000. As at 30 June 2022 the Company had made a capital contribution of RMB40000000 to The Project and in the current year the Company did not increase capital.(n) 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 Thermal Power Co. Ltd. and it was agreed that Huadu Thermal Power a holding subsidiary would invest in the 2×400MW Gas-steam Cogeneration Project of Guangdong Yudean Huadu Natural Gas Thermal Power Co. Ltd. The total investment of the project was RMB 3593160000 and the capital was RMB 718632000. According to the 65% share ratio the total capital to be injected into Huadu Company by the Company was RMB 467110800. On June 30 2022 the Company has injected a total capital of RMB97500000 into the project and in the current year the Company did not increase capital.(o) On February 14 2021The Second Meeting of the Ninth board of Directors examined and adopted the Proposal on Establishing the Huizhou Dayawan Petrochemical District Western Comprehensive Energy Station Project Company and Carrying out the Upfront Work In order to promote the implementation and speed up the progress of the Western Comprehensive Energy Station Project of Huizhou Dayawan Petrochemical District the board of directors agrees: The Company and Huizhou Dayawan Petrochemical Industrial Zone Investment Co.Ltd establish the Huizhou Dayawan Petrochemical District Western Comprehensive Energy Station Project Company in Dayawan District by the share structure ratio of 80%:20% with the initial registered capital of RMB 22 million-of which the Company contributes RMB17.6 million according to the share ratio. The 2nd 173Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Meeting of the 9th Board of director by correspon dence examined and adopted the Proposal on Capital Increase to Guangdong Yudean Dayawan Comprehensive Energy Co. Ltd.， the Company’s board of directorsagreed that the Company and Huizhou Dayawan Petrochemical Industrial Zone Investment Co. Ltd shall simultaneously increase capital by amount 160 million yuan to Guangdong Yudean Dayawan Comprehensive Energy Co. Ltd (hereinafter referred to as "Dayawan Thermal Power Company") for the Dayawan Thermal Power Company to purchase the project construction land of which the Company shall invest 128 million yuan according to the equity ratio of 80%. On June 30 2022 the Company has injected a total capital of RMB145600000 into the project and in the current year the Company did not increase capital.(p) On January 282021 The Third Meeting of the Ninth Board of Director by Correspondence examined and adopted the Proposal on the establishment of Guangdong Dananhai Intelligence Energy Co. Ltd. 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. 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. On June 30 2022 the Company has injected a total capital of RMB40900000 into Dananhai Company. of which RMB25900000 was injected this year.(q) On June 82021 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 Huizhou New Material Industrial Park，The board of directors of the Company agreed that Baihua EnergyCompany 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. Baihua Energy Company was registered and established on February 25 2021. It is a wholly-owned subsidiary to the Company with a registered capital of 5 million yuan. On June 30 2022 the Company has injected a total capital of RMB3，000，000 into Baihua Energy Company.(r) The Tenth Session of the Board approved the Proposal on the Participation in the Initiation and Establishment of A Provincial Futures Company during its meeting on 2 August 2021. The Board gave permission to the Company’s participation in the initiation and establishment of Guangdong Utrust Futures Co.Ltd. with self-owned fund of RMB 400 million at the shareholding proportion of 20% and signing of the Initiator Agreement and Articles of Association of the provincial futures company. It also agreed the Company’s first capital contribution of RMB 10 million at the shareholding proportion of 20% with one month after the reply on preparation of the provincial futures company was issued by the China Securities Regulatory Commission and the Company’s contribution of the remaining capital of RMB 390 million within the term as required by the China Securities Regulatory Commission which would depend on the notice from the provincial futures company’s preparation team or the announcement of the China Securities Regulatory Commission.(s) On September 7 2021 the Company and the Dafang County People's Government signed the "Wind and Solar Hybrid Power Generation Project Investment and Development Agreement" in Guangzhou further reaching an agreement on the development and utilization of photovoltaic wind resources in Dafang County.The planned photovoltaic and wind power project has an installed capacity of 3123MW with a total investment of 18.01 billion yuan. The specific development capacity and investment amount shall be determined according to the file-record and approval of the relevant competent authorities of the project and the approved capacity actual construction and operation situation. 174Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (t) The "Proposal on Investment and Construction of YudeanYangjiangQingzhouI (400000 kW) Offshore Wind Power Project" and the "Proposal on Investment and Construction of YudeanYangjiang QingzhouII (600000 kilowatts) Offshore Wind Power Project Proposal”were reviewed and approved in the tenth board meeting of the Company held on November 8 2021 agreed that Guangdong Provincial Wind Power Co. Ltd-a wholly-owned subsidiary to the Company-will be a shareholder for investing in the construction of YudeanYangjiang QingzhouI Offshore Wind Farm Project and YudeanYangjiang QingzhouII Offshore Wind Farm Project The total project construction scale is 1 million kilowatts the total dynamic investment is 17107250000 yuan and the capital is set at 3421450000 yuan according to 20% of the dynamic total investment. Guangdong Energy Qingzhou Offshore Wind Power Co. Ltd-which is wholly-owned by Guangdong Wind Power Company-acts as the main investor of the project and is responsible for the investment construction operation and so forth work for the project. The capital required for the project will be increased by the Company in batches to Guangdong Wind Power Company according to the actual construction progress and capital demand of the project. On June 30 2022 the Company injected a total of RMB 310000000 of capital into the project of which RMB 110000000 was newly injected in this year.(u) The "Proposal on the Acquisition of Equity of Guangdong Shajiao (Plant C) Power Generation Co. Ltd andother companies” was reviewed and approved in the third meeting of the tenth session of the board of directors of the Company held on September 30 2021 agreed that the Company would in cashacquire the shares of 51% stake of Guangdong Shajiao (Plant C) Power Generation Co. Ltd the 90% stake of Guangdong YudeanYunhe Power Generation Co. Ltd and the 51% stake of Guangdong Yuehua Power Generation Co. Ltd held by Guangdong Energy Group. The total transaction price was RMB 4140549100 which should be finally adjusted and determined based on the recorded appraisal price and the change in the net assets corresponding to the equity during the transition period. During the current year the transaction price was determined to be RMB 3743601600 after adjusting for the profit and loss during the transition period. As of June 30 2022 the remaining unpaid consideration was RMB 2240000000.(v) On January 14 2022 Guangdong Yuehua Power Generation Co. Ltd (hereinafter referred to as "Yuehua Power Generation Company") a holding subsidiary by the Company received the "Approval on the Gas- Substitutes-Coal Power Generation Project by Guangdong Yuehua Power Generation Company (HuangpuPower Plant")” issued by the Guangzhou Development and Reform Commission. According to the document the gas-substitutes-coal power generation project of Guangdong Yuehua Power Generation Company (Huangpu Power Plant) was approved. The project mainly builds a 600-megawatt (H-class) gas-steam combined cycle peak shaving unit and its supporting equipment. The total investment of the project is 1532190000 yuan of which the project capital is 310 million yuan-accounting for 20.2% of the total project investment-and the rest will be solved through bank loans.(w) On March 25 2022 the Company held the second communication meeting of the tenth board of directors in 2022 and reviewed and approved the "Proposal on Investing in the 400MW Photovoltaic Power Generation Project of the 45th Regiment of Tumusuke City the Third Division of the Construction Corps" ". In order to implement the deployment of aid to Xinjiang deepen strategic cooperation with key regions further optimize the power supply structure and increase the proportion of clean energy the Company's board of directors agreed to the Company to wholly set upTumusuke Yuedean Hanhai New Energy Co. Ltd for investing in the construction of the 400000-kilowatt photovoltaic power generation project of the 45th Regiment of the Third Division of the Xinjiang Production and Construction Corps with the total investment of the project is 2226851400 yuan and the capital is set at 445370000 yuan according to 20% of the total project investment- which will be solved by the Company's capital increase to Hanhai New Energy Company in batches. As of June 30 2022 the Company has invested RMB 276.05 million to Hanhai New Energy Company. 175Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 2.Contingency （1）Significant contingency at balance sheet date（ a）As at 30 June 2022 the Company provided joint guarantee for bank borrowings amounting to RMB 41470000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co. Ltd. of which the liability relief procedure is being handled. （2）The Company have no significant contingency to disclose also should be stated The was no significant contingency in the Company. 3.Other XIV. Post-balance-sheet events Not applicable 4. Note to other matters after the balance sheet date XVI.. 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 of electricity and related products the management of the Group takes the electricity business as a whole and regularly obtains and evaluates its financial status operating results and cash flow and other relevant accounting information. Therefore the Group has only the power business segment so it has not prepared the report segment information.From January to June 2022 the income of the Group's power plants from China Southern Power Grid Corporation was RMB 22263672844 (January to June 2021: RMB 20207747740) accounting for 98.46% of 176Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 the Group's operating income (January to June 2020: 98.19%) (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 reportable segment shall disclose the reason.As the Group's operating income expenses assets and liabilities are mainly related to the production and sale of electricity and related products the management of the Group takes the electricity business as a whole and regularly obtains and evaluates its financial status operating results and cash flow and other relevant accounting information. Therefore the Group has only the power business segment so it has not prepared the report segment information. (4) Other notes 7. Other important transactions and events have an impact on investors’ decision-making Not applicable 8. Other 177Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 XVII. Notes s of main items in financial reports of parent company （1）Account receivable 1.Classification account receivables. In RMB Closing balance Opening balance Category Book balance Bad debt provision Book balance Bad debt provision Book value Book value Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion % Accrual of bad debt provision by 0 0% 0 0% 0 0 0% 0 0% 0 single Of which Accrual of bad debt provision by 146436654 100% 0 0% 146436654 192707778 100% 0 0% 192707778 portfolio Of which Electricity sales 146436654 100% 0 0% 146436654 192707778 100% 0 0% 192707778 receivable Total 146436654 100% 0% 146436654 192707778 100% 0% 192707778 Accrual of bad debt provision by portfolio:0 178Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 In RMB Closing balance Name Book balance Bad debt provision Proportion% Electricity sales receivable 146436654 0 0% Total 146436654 0 Note： Portfolio 1- Electricity sales receivable， As at 30 June 2022 the amount of receivables from sales of electricityof the Group was RMB146436654) 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 Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity and the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0% Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss: □ Applicable √ Not applicable Disclosure by aging In RMB Aging Closing balance Within 1 year（Including 1 year） 146436654 Total 146436654 (2) Accounts receivable withdraw reversed or collected during the reporting period Not 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 146436654 100% 0 Total 146436654 100% 179Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (5) Account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable Not applicable 2. Other accounts receivable In RMB Items Closing balance Opening balance Interest receivable 859926 887856 Dividends receivable 0 0 Other accounts receivable 320306058 415102710 Total 321165984 415990566 （1）Interest receivable 1) Category of interest receivable Items Closing balance Opening balance Demand deposits 0 0 Entrusted loans 859926 887856 Bond investment 0 0 Total 859926 887856 2) Significant overdue interest Not applicable 3）Bad-debt provision □ Applicable √ Not applicable （2）Dividend receivable 1）Category of dividend receivable Not applicable 2) Significant dividend receivable aged over 1 year Not applicable 3）Bad-debt provision □ Applicable √ Not applicable Other note： （3） Other accounts receivable 1) Other accounts receivable classified by the nature of accounts In RMB Nature Closing book balance Opening book balance 180Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Entrust loans receivable 100000000 100000000 Supplementary medical insurance fund receivable 39346861 39346861 Sales of by-products receivable 6586465 13723340 Alternative money receivable 4146520 2250884 Capacity receivable 0 252000000 Other 170436992 7933062 Less: Allowance for doubtful accounts -210780 -151437 Total 320306058 415102710 2）Bad-debt provision In RMB Stage 1 Stage 2 Stage 3 Expected credit losses Bad Debt Reserves Expected credit losses Expected credit loss Total over the next 12 over life (no credit for the entire duration months impairment) (credit impairmentoccurred) Balance as at January 12022151437151437 Balance as at January 1 2022 in current Provision in the current period 61214 61214 Turn back in the current period -1871 -1871 Balance as at June 302022210780210780 Loss provision changes in current period change in book balance with significant amount □ Applicable √Not applicable Disclosure by aging In RMB Aging Closing balanceWithin 1 year(Including 1 year） 319233701 1-2 years 897895 2-3 years 924602 Over 3 years 320566 3-4 years 229313 4-5 years 91253 Over 5 years 0 Total 321376764 3) Accounts receivable withdraw reversed or collected during the reporting period The withdrawal amount of the bad debt provision： Amount of change in the current period Category Opening Reversed orbalance Closing balanceAccrual collected Write-off Other amount Deposit 145342 58888 -1871 202359 Other 6095 2326 8421 Total 151437 61214 -1871 210780 181Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 (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 Proportion of the total year end Name Nature Closing balance Aging balance of the Closing balance of accounts bad debt provision receivable Hunan Fourth Engineering Co. Receivable currentaccount 82830000 Within 1 year 26% 0Ltd Yuehua Power Receivable current Generation account 81600000 Within 1 year 25% 0 Lincang Yudean Entrusted loan due Energy within one year 50000000 Within 1 year 16% 0 Shaoguan Yuejiang Entrusted loan due Power Generation within one year 50000000 Within 1 year 16% 0 Taikang Endowment Supplementary Insurance Co. Ltd. medical insurance 39346860 Within 1 year 12% 0 Guangdong fund receivable Branch Total 303776860 95% 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 assets Not applicable (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 3. Long-term equity investment In RMB Closing balance Opening balance Items Book balance Provision forimpairment Book value Book balance Provision for impairment Book value Investments in 30967286850 1348124079 29619162771 30519715049 1348124079 29171590970 subsidiaries Investments in associates and 7816818914 96327854 7720491060 7464714961 96327854 7368387107 joint ventures Total 38784105764 1444451933 37339653831 37984430010 1444451933 36539978077 （1） Investments in subsidiaries In RMB Investees Opening Increase /decrease Closing Closing 182Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 balance Add balance balance of investment Other impairmentprovision Huizhou Natural gas 1205199446 1205199446 Guangqian Company 1353153223 1353153223 Red Bay Company 2220023386 2220023386 Lincang Comapny 281000000 281000000 209989439 Zhanjiang Electric 2185334400 2185334400 Company Yuejia Company 0 0 455584267 Yuejiang Company 1101203999 1101204000 408494674 Maoming Company 687458978 687458977 Jinghai Company 1930395668 1930395668 Anxin Company 20000000 20000000 Humen Company 3192416 3192416 86807584 Zhongyue Company 963000000 963000000 187248115 Bohe Company 3167000000 3167000000 Pinghai Company 720311347 720311347 Dapu Company 1040000000 10000000 1050000000 Hudu Company 186550000 186550000 Guangdong Wind Power 6872556260 110000000 6982556260 Yudean Electric Sale 230000000 230000000 Yongan Company 180000000 180000000 Binhaiwan Company 620000000 9000000 629000000 Dayawan Company 145600000 145600000 Qiming Company 20000000 12000000 32000000 Guaguoquan Company 49680900 49680900 Dananhai Company 15000000 25900000 40900000 Baihua Company 3000000 3000000 Sha C Company 1559120782 1559120783 Yunhe Company 1066562327 1066562327 Yuhua Company 541247838 541247838 Bijie Company 5000000 5000000 Tudian Company 800000000 800000000 Shaoguan New Energy 0 2000000 2000000 183Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Jinxiu Company 2621800 2621800 Hanhai Company 0 276050000 276050000 Total 29171590970 447571800 0 0 0 29619162771 1348124079 184Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （2）Investment in joint ventures and associates In RMB Increase/decrease in this period Announced Balance of Name of Beginning of Investment for the provision investee term Increase in Decrease in income Other Other comprehensive changes distributing Provision for End of term on for investment investment under equity income in equity cash impairment Other impairment method dividend or profit I.Joint venture Industry Fuel 804769245 0 0 37073725 0 0 0 0 0 841842970 0 Subtotal 804769245 0 0 37073725 0 0 0 0 0 841842970 0 II. Associated Yueqian Electric Power Co. 161325870 0 0 21836633 0 0 0 0 0 183162503 0 Ltd.Yudean Shipping 247954895 0 0 5884591 0 0 0 0 0 253839486 0 Company Yunnan Nengtou Weixin 138810051 0 0 -22193510 0 0 0 0 0 116616541 96327854 Energy Co. Ltd.Shanxi Yudean Energy 2363177253 0 0 278866588 0 0 0 0 0 2642043841 0 Co. Ltd.Energy Group Finance 1046702914 0 0 50924888 0 0 77434193 0 0 1020193609 0 Company Yudean Captive 276532777 0 0 7432402 0 0 2426770 0 0 281538409 0 Guangdong Guohua Yudean Taishan 1784468086 0 0 54702379 0 0 0 0 0 1839170465 0 Power Generation 185Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Co. Ltd.Energy Financing Leasing 532306787 0 0 15729399 0 0 18292179 0 0 529744007 0 Company Other 12339229 0 0 0 0 0 0 0 0 12339229 0 Subtotal 6563617862 0 0 413183372 0 0 98153142 0 0 6878648090 96327854 Total 7368387107 0 0 450257096 0 0 98153142 0 0 7720491060 96327854 186Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 （3）Other note 4. Business income Business cost In RMB Amount of current period Amount of previous period Items Income Cost Income Cost Main business 534678382 797337480 631179660 705008533 Other business 14546415 780990 34371584 505085 Total 549224797 798118470 665551244 705513618 Income related information: In RMB Contract classification Division 1 Division 2 Total Commodity type 549224797 549224797 Including Electric 535578382 535578382 Power generation by- produc 6586465 6586465 Rent 6046829 6046829 Labour 1013121 1013121 Area 549224797 549224797 Including Guangdong 549224797 549224797 Market type 549224797 549224797 Power Market Other market 534678382 534678382 Other 14546415 14546415 Contract type 549224797 549224797 Including Selling goods 542164847 542164847 Provide access to the assets 6046829 6046829 Provided Labour 1013121 1013121 Time 549224797 549224797 Including Recognize at a certain time point 542164847 542164847 Recognize in a certain period of time 7059950 7059950 Term Including Selling Including Total 549224797 549224797 Information related to performance obligations: Commodity type Usual performance time of performance obligation Important payment Commodity nature terms Electric power When power is supplied to the grid company Cash Electric power settlement/monthly settlement 187Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 Power generation Cash by-product When by-products such as fly ash generated by power settlement/monthly Power generation by-product commodity generation are transported to the agreed delivery place settlement commodity 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 performed incompletely but the contract has been signed at the end of the reporting period is RMB 0 of which RMB 0 is expected to be recognized as income RMB 0 is expected to be recognized as income in the year and RMB0 is expected to be recognized as income in the year.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 98293539 1570167398 Long-term equity investment income accounted by equity method 450257096 392738688 Dividend income from investments in other equity instruments during the 90156139 30182378 holding period Creditor's right from investments in other equity instruments during the holding 13770971 13920438 period Total 652477745 2007008902 XVII. Supplement information 1. Particulars about current non-recurring gains and loss √ Applicable □ Not applicable In RMB Items Amount Notes Mainly due to Yuejia Company shut- Non-current asset disposal gain/loss 31707133 down and liquidation of assets to obtain income.Govemment subsidy recognized in current gain and loss(excluding those Mainly due to power sales economic closely related to the Company’s 15402657 policy incentives and subsidies for business and granted under the state’s various power plant projects.policies) Other non-business income and expenditures other than the above 8080287 It is mainly due to the fine for land Fines and overdue payment fees -5470272 reclamation of Pinghai Power Plant andthe tax delay charge of Guangqian Power Plant.Non-current assets scrap income 2242304 It is mainly the income of JinghaiCompany's scrapped fixed assets.It is mainly the loss of scrapped fixed Loss of Non-current assets scrapped -5145026 assets of Jinghai Company Zhongyue Energy and Yuehua Company.Less: Amount of influence of income tax 13059777 Influenced amount of minor shareholders’ equity (after tax) 9886637 Total 23870669 -- Details of other profit and loss items that meet the non-recurring profit and loss definition 188Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2022 □ Applicable√ Not applicable None For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses it is necessary to explain the reason.√Applicable□Not applicable Items Amount involved(RMB) Reason Value-added tax will be refunded 19790415 Comply with national policies andimmediately regulations and continue to occur Carbon emission quota used to fulfill the Comply with national policies and emission reduction obligation -8000000 regulations and continue to occur 2. Return on net asset and earnings per share Earnings per share Profit of report period Weighted average return onequity(%) Basic earnings per Diluted earnings pershare(yuan/share） share(yuan/share) Net profit attributable to the Common stock shareholders -6.23% -0.2620 -0.2620 of Company.Net profit attributable to the Common stock shareholders of Company after deducting -6.34% -0.2666 -0.2666 of non-recurring gain/loss. 3. Differences between accounting data under domestic and overseas accounting standards （1）．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable（ 2） . Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.□ Applicable□√ Not applicable (3) .Explanation of the reasons for the differences in accounting data under domestic and foreign accounting sta ndards. If the data that has been audited by an overseas audit institution is adjusted for differences the name of t he overseas institution should be indicated 4.Other 189