Auditor’s Report
Guangdong Electric Power Development Co. Ltd.For the year ended 31 December 2025
[English translation for reference only. Should there be any inconsistency between the Chinese
and English versions the Chinese version shall prevail.]
Grant Thornton Zhitong
Certified Public Accountants LLPCONTENTS
Auditor’s Report 1-7
Consolidated and company balance sheets 1-2
Consolidated and company income statements 3-4
Consolidated and company cash flow statements 5
Consolidated and company statements of changes in shareholders’ equity 6-9
Notes to the financial statements 10-147Grant Thornton Zhitong Certified Public
Accountants LLP
5/F Scitech Place
22 Jianguomen Wai Avenue
Beijing 100004 China
T +86 10 8566 5588
F +86 10 8566 5120
www.grantthornton.cn
(English Translation for Reference Only)
Auditor's Report
GTCNSZ (2026) NO. 440A004592
To the shareholders of Guangdong Electric Power Development Co. Ltd.I. Opinion
We have audited the financial statements of Guangdong Electric Power Development Co. Ltd.(hereinafter “Guangdong Electric Power” “the Company”) which comprise the consolidated and
company balance sheets as at 31 December 2025 the consolidated and company income
statements the consolidated and company cash flow statements the consolidated and company
statements of changes in shareholders’ equity for the year then ended and notes to the financial
statements.In our opinion the accompanying financial statements present fairly in all material respects the
consolidated and company’s financial position of Guangdong Electric Power as at 31 December
2025 as well as the financial performance and cash flows for the year then ended in accordance
with the requirements of Accounting Standards for Business Enterprises (CASs).II. Basis for Opinion
We conduct our audit in accordance with China Standards on Auditing (CSAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements Section of our report. We are independent of the Company in accordance with
the Code of Ethics for Chinese Certified Public Accountant (the Ethics Code) and the Independence
Standards for Certified Public Accountants regarding independence requirements for public interest
entities. We fulfill our other ethical responsibilities in accordance with these requirements and the
Ethics Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
1III. Key Audit Matter
Key audit matters are the matters in our professional judgement of the most significance in our
audit of the financial statements of the current period. These matters are addressed in the context
of our audit of the financial statements as a whole and forming our opinion thereon and we do not
provide a separate opinion on these matters.(I) Impairment of power related property plant and equipment
Refer to Note III.21 Note III.32 (2) and Note V. 10 in the Notes to the Financial Statements.
1. Description
As of 31 December 2025 the carrying amount of property plant and equipment (PPE) in
Guangdong Electric Power’s consolidated balance sheet amounted to RMB 85.9 billion. For the
year ended 31 December 2025 the Company recorded an impairment loss on PPE of RMB 229
million in its consolidated income statement.The Company assesses on the balance sheet date whether there is any indication of impairment for
PPE. For those with impairment indicators an impairment test is performed. If the results of the
impairment test show that the recoverable amount of the asset or cash-generating unit (CGU) is
lower than its carrying amount an impairment loss is recognized for the difference.In 2025 certain subsidiaries of Guangdong Electric Power were in a state of continuous operating
losses indicating impairment for the PPE of these subsidiaries. In accordance with the asset
utilization plan the management team (the Management) determined the recoverable amount of an
asset or CGU as the higher of its fair value less costs of disposal and the present value of the
expected future cash inflows from it. The calculation of the present value of the future net cash
flows involved the Management’s significant judgements and estimates for the discount rate the
on-grid electricity price the electricity sale volume and the fuel price for power generation.Because the carrying amount of PPE with indication of impairment was significant to the
consolidated financial statements of the Company and the impairment testing of electricity
generating CGUs involved the Management’s significant estimates and judgements the impairment
of PPE related to power generation is identified as a key audit matter.
22. How our audit addressed the Key Audit Matter
Our audit procedures for the impairment of power generation related PPE mainly included：
(1) Understanding assessing and testing the internal control procedure relevant to the
impairment test of PPE and its effectiveness in operation;
(2) Involving internal valuation specialists to review the reasonableness of the method
applied by management for the impairment test;
(3) Evaluating the reasonableness of the estimates of discount rate on-grid electricity
price electricity sale volume and fuel price for power generation applied in calculating
the present value of future net cash flows of power generation related PPE considering
the historical operating results of the assets the subsidiaries as well as the industry:
-For the estimation of the discount rate we involved the work of internal valuation
specialists to evaluate its appropriateness;
-For the estimation of the on-grid electricity price and the fuel price for power
generation we referred to the historical and industry data as well as market trends;
-For the estimation of the electricity sale volume we referred to the historical data
approved budgets and business plans as well as the corresponding supporting
documents;
(4) Obtain the impairment test schedules prepared by management relating to PPE with
impairment indicators verifying the input data and formulas used in the calculation of
the present value of future cash flows as well as the accuracy of the results;
(5) Comparing the key estimates used by management as to the present value of future
cash flows in actual operation of the current year with the predicted values in the prior
year assessing whether there is any indication of management bias;
(6) Conducting sensitivity analysis on the discount rate and other key estimates used by
management assessing whether changes in key estimates would lead to different
conclusions and thereby assessing if there was any indication of management bias in
the selecting estimates.
3(II) Recognition of deferred tax assets related to deductible losses
Refer to Note V.16 in the Notes to the Financial Statements.
1. Description
As at 31 December 2025 Guangdong Electric Power recognized RMB 340 million in the deferred
tax assets accounting from the deductible losses incurred by certain subsidiaries. The management
recognized these deferred tax assets within the limits of the future taxable income these
subsidiaries were likely to obtain from the deductible losses basing on the financial forecast. The
financial forecast of these subsidiaries in future periods involved the Management's significant
judgements and estimates for the discount rate the on-grid electricity price the electricity sale
volume and the fuel price for power generation.Because the deferred tax assets related to deductible losses were significant to the consolidated
financial statements of Guangdong Electric Power and the financial forecast for future periods
involved management’s significant judgements and estimates the deferred tax assets related to
deductible losses are identified as a key audit matter.
2. How our audit addressed the Key Audit Matter
Our audit procedures for recognition of deferred tax assets related to deductible losses mainly
included:
(1) Understanding assessing and testing the internal control procedure relevant to
the deferred tax assets related to deductible losses and its effectiveness in
operation;
(2) Inquiring with management about the approved financial forecast for future
periods verifying the input data and formulas used in the calculation of the
present value of future net cash flows as well as the accuracy of the results;
(3) Inquiring with management about the annual income tax return files related to the
deductible losses and verifying the accuracy of the deductible losses amount and
its period;
(4) Evaluating the reasonableness of the estimates of discount rate on-grid
electricity price electricity sale volume and fuel price for power generation
applied in calculating the expected taxable income for future periods considering
4the historical operating results of the assets the subsidiaries as well as the
industry;
(5) Comparing the predicted taxable incomes of 2025 made in 2024 and the actual
taxable income of 2025 examining the accuracy of the prediction and reviewing
for any indication of management bias;
(6) Reviewing whether the deferred tax assets were recognized within the limits of
the estimated future taxable income expected to be realized during the deductible
period.IV. Other Information
The Management of Guangdong Electric Power is responsible for the other information. The other
information comprises all the information excluding the financial statements and our auditor’s report
in 2025 annual report of Guangdong Electric Power.Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility includes reviewing the
other information for any material inconsistency with the financial statements or our knowledge
obtained in the audit or if there is any material misstatement.We are required to report any material misstatement of the other information. Although we have
nothing to report in this regard based on the work we have performed.V. Responsibilities of Management and Those Charged with the Audit and Compliance Committee for
the Financial Statements
Management of Guangdong Electric Power is responsible for the preparation and fair presentation
of these financial statements in accordance with the CASs and for the design performance and
maintenance of such internal control enabling that the financial statements are free from material
misstatement whether due to fraud or error.In preparing these financial statements management is responsible for assessing Guangdong
Electric Power’s ability to continue as a going concern and disclosing (if applicable) the matters
related to going concern. The management is compulsory to imply the going concern basis of
accounting unless they intend to liquidate Guangdong Electric Power or to cease operations or has
no realistic alternative but to do so.
5The Audit and Compliance Committee is responsible for overseeing Guangdong Electric Power’s
financial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether these financial statements as a
whole are free from material misstatement whether due to fraud or error and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with CSAs will always detect an existing material
misstatement. Misstatements can arise from fraud or error. They are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgement and maintain
professional skepticism throughout the audit including:
(1) Identifying and assessing the risks of material misstatement of the financial statements
whether due to fraud or error designing and performing audit procedures responsive to those
risks and obtaining audit evidence that is sufficient and appropriate to provide a basis for our
opinion; the risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control;
(2) Obtaining an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances;
(3) Evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Management;
(4) Concluding on the appropriateness of the Management's use of the going concern basis of
accounting and determining based on the audit evidence obtained whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern; if we conclude that a material uncertainty
exists we are required to draw attention in our auditor’s report to the related disclosures in
these financial statements or if such disclosures are inadequate to modify our opinion; our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report
though future events or conditions may cause the Company to cease to continue as a going
concern;
6(5) Evaluating the overall presentation structure and content of the financial statements and
whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation;
(6) Obtaining sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within Guangdong Electric Power to express an opinion on the
financial statements; we are responsible for the direction supervision and performance of the
group audit; We remain solely responsible for our audit opinion.We communicate with those charged with the Audit and Compliance Committee regarding among
other matters the planned scope and timing of the audit and significant audit findings including any
significant deficiency in internal control that we identified during our audit.We also provide those charged with the Audit and Compliance Committee with a statement that we
have complied with relevant ethical requirements regarding independence and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our
independence and where applicable related safeguards.From the matters communicated with those charged with the Audit and Compliance Committee we
determine those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when in extremely
rare circumstances we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.Grant Thornton Zhitong Chinese Certified Public Accountant Bitao Deng
Certified Public Accountants LLP (Engagement Partner)
Chinese Certified Public Accountant Zeyu Li
7Beijing China 27 March 2026
8Consolidated and Company Balance Sheet
31 December 2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
As at 31/12/2025 As at 31/12/2024
Item Note V.Consolidated Company Consolidated Company
Current assets：
Cash and bank balances 1 14839620180 764421673 15361820831 265985600
Financial assets held-for-trading
Notes receivable
Trade receivables 2 9583184905 9101797841
Financing of receivables
Advances to suppliers 3 974124953 33136661 1440632187 29801383
Other receivables 4 527513970 70195880 533352169 837741316
Including: dividends receivable
Inventories 5 2293819795 4371073 2577119489 1923411
Contract assets 899846 1378872
Other current assets 6 2428213159 2183422 1971269586 2704808
Total current assets 30647376808 874308709 30987370975 1138156518
Non-current assets：
Long-term receivables 195555835 930000000
Long-term equity investments 7 11543456219 50908455350 10812658939 46167289906
Investments in other equity instruments 8 3009689888 3009428066 2650289873 2649489873
Other non-current financial assets 1000000
Investment properties 9 323777484 3211856 336493586 3847454
Property plant and equipment 10 85896557515 155838530 73628798655 179180382
Construction in progress 11 31582478170 9517518 31382850765
Right-of-use assets 12 11196458460 16988825 11700419075 1402273
Intangible assets 13 3699548596 65316066 3786635293 68528585
Goodwill 14 2449886 2449886
Long-term prepaid expenses 15 62228755 859478 55505161 844193
Deferred tax assets 16 959061443 1099214779
Other non-current assets 17 7111168050 615758 8711545949 616089
Total non-current assets 155386874466 54366787282 144166861961 50001198755
Total assets 186034251274 55241095991 175154232936 51139355273
1Consolidated and Company Balance Sheet (Continued)
31 December 2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
As at 31/12/2025 As at 31/12/2024
Item Note V.Consolidated Company Consolidated Company
Current liabilities:
Short-term borrowings 19 9741011157 1400905972 14108930833 1986468042
Notes payable 20 1519972657 2102292195
Trade payable 21 4294766903 1695429 4279045681 1643506
Advances from customers 67892003
Contract liabilities 22 77103302 104963 38459828 33846
Employee benefits payable 23 592492474 146613413 556291188 157194609
Taxes payable 24 311343314 9202636 303440015 3979960
Other payables 25 18806427609 41736245 15825876579 40238685
Current portion of non-current liabilities 26 9886200377 4293530164 6606678336 852771938
Other current liabilities 27 520439919 528095817
Total current liabilities 45817649715 5893788822 44349110472 3042330586
Non-current liabilities:
Long-term borrowings 28 71609414544 9818725300 69541559406 10853100000
Debentures payable 29 12382296595 11782624637 11107429258 10507849644
Lease liabilities 30 12394114636 9970350 12376312142
Long-term payables 31 1109330338 696347824
Long-term employee benefits payable 32 592113141 245701966 537138216 227553678
Deferred income 33 141794312 1310410 113262526
Deferred tax liabilities 16 523854149 510428489 470213543 420501470
Other non-current liabilities 34 1028167 1028167
Total non-current liabilities 98753945882 22368761152 94843291082 22009004792
Total liabilities 144571595597 28262549974 139192401554 25051335378
Shareholders’ equity:
Share capital 35 5250283986 5250283986 5250283986 5250283986
Capital surplus 36 5028330125 4861549687 5203250383 4849472205
Other comprehensive income 37 1533837247 1576172968 1331876093 1345335533
Specific reserve 38 90467033 48826625 62769166 38111254
Surplus reserve 39 8903515135 8903515135 8903515135 8903515135
Undistributed profits 40 2637923692 6338197616 2142987033 5701301782
Total equity attributable to shareholders
of the Company 23444357218 26978546017 22894681796 26088019895
Non-controlling interests 18018298459 13067149586
Total shareholders’ equity 41462655677 26978546017 35961831382 26088019895
Total liabilities and shareholders' equity 186034251274 55241095991 175154232936 51139355273
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
2Consolidated and Company Income Statement
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Year ended 31/12/2025 Year ended 31/12/2024
Item Note V.Consolidated Company Consolidated Company
I. Revenue 41 51541178630 56107489 57159067233 36422477
Less: Cost of sales 41 45713513995 34193846 49520897046 44175640
Taxes and surcharges 42 383910501 8340424 375186682 8500625
Selling expenses 43 100752930 101150886
General and administrative expenses 44 1653359835 203121478 1626351993 344574290
Research and development expenses 45 567198811 2327637 1286783600 1995667
Financial expenses 46 2185982384 646825972 2285029760 644118641
Including: Interest expenses 46 2247806946 643679859 2430228046 648656512
Interest income 46 89069206 974320 162430466 8442173
Add: Other income 47 49513576 916380 77958729 400411
Investment income ("-" for losses) 48 791678742 1589202375 810226883 1802593102
Including: Share of profit of
associates and joint ventures 48 675523147 600202060 697637165 626894645
Gains from changes in fair value ("-" for
losses)
Credit impairment ("-" for losses) 49 -17411129 -18627 -33253676 6972
Asset impairment losses ("-" for losses) 50 -371789173 -78629601 -356430968 -260107096
Gains on disposals of assets ("-" for losses) 51 20344472 -24892 98655
II. Operating profit ("-" for losses) 1408796662 672743767 2462266889 535951003
Add: Non-operating income 52 255499453 69129852 418066514 31954863
Less: Non-operating expenses 23 152889860 29634 425704912 212422
III. Profit before income tax ("-" for losses) 1511406255 741843985 2454628491 567693444
Less: Income tax expenses 54 479752990 -57529 699795265 -308500
IV. Net profit for the year ("-" for losses) 1031653265 741901514 1754833226 568001944
(I) Classified by continuity of operations
Including: Net profit from continuing
operations ("-" for net loss) 1031653265 741901514 1754833226 568001944
Net profit from discontinued
operations ("-" for net loss)
(II) Classified by ownership of the equity
Including: Shareholders of the Company ("-"
for net loss) 599942339 741901514 964242757 568001944
non-controlling interests (“-” for net
loss) 431710926 790590469
V. Other comprehensive income net of tax 195631220 230837435 -162606661 -162818822
Attributable to shareholders of the Company 201961154 230837435 -163361597 -162818822
(I) Other comprehensive income that will not
be reclassified to profit or loss 202607477 231483758 -163894627 -163351852
1. Changes arising from remeasurement of
defined benefit plans -7990631 -2296510 2339452 854690
2. Share of other comprehensive income of
the investee accounted for using equity
method that will not be reclassified to profit -59081066 -36173377 -4191199 -2163662
or loss
3. Changes in fair value of investments in
other equity instruments 269679174 269953645 -162042880 -162042880
(II) Other comprehensive income that will be
reclassified to profit or loss -646323 -646323 533030 533030
1. Share of other comprehensive income of
the investee accounted for using equity -646323 -646323 533030 533030
3Consolidated and Company Income Statement
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Year ended 31/12/2025 Year ended 31/12/2024
Item Note V.Consolidated Company Consolidated Company
method that will be reclassified to profit or
loss
Attributable to non-controlling interests -6329934 754936
VI. Total comprehensive income for the year 1227284485 972738949 1592226565 405183122
Attributable to shareholders of the Company 801903493 972738949 800881160 405183122
Attributable to non-controlling interests 425380992 791345405
VII. Earnings per share
(I) Basic earnings per share 0.11 0.18
(II) Diluted earnings per share 0.11 0.18
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
4Consolidated and Company Cash Flow Statement
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Item Note Year ended 31/12/2025 Year ended 31/12/2024V. Consolidated Company Consolidated Company
I. Cash flows from operating activities
Cash received from sales of goods or rendering of
services 58028650269 45439733 64370307829 39635455
Refund of taxes and surcharges 359576131 2082018 447914732
Cash received relating to other operating activities 55 417901929 64973881 389409354 120839379
Sub-total of cash inflows 58806128329 112495632 65207631915 160474834
Cash paid for goods and services 41560276405 9686873 46258982941 9776689
Cash paid to and on behalf of employees 3390100824 160944792 3216385328 268273419
Payments of taxes and surcharges 2149439720 8561051 3013049926 14669205
Cash paid relating to other operating activities 55 1473091992 86549078 1744029797 128337916
Sub-total of cash outflows 48572908941 265741794 54232447992 421057229
Net cash inflows from operating activities 10233219388 -153246162 10975183923 -260582395
II. Cash flows from investing activities
Cash received from disposals of investments 3072438925 1286750000
Cash received from returns on investments 344118042 1379281404 369217899 1398587081
Net cash received from disposals of PPE
intangible assets and other long-term assets 185426006 43697500 269393921 731415
Net proceeds from disposals of subsidiaries
Cash received relating to other investing activities 55 3170717600 44002685 4000000000 5747705
Sub-total of cash inflows 3700261648 4539420514 4638611820 2691816201
Cash paid to acquire PPE intangible assets and
other long-term assets 12355060130 8619829 15161861723 26261422
Cash paid to acquire investments 327000000 6210248800 436802500 2976736406
Net proceeds from disposal of subsidiaries 159949367
Cash received from other investing activities 55 1902000000 3137400000
Sub-total of cash outflows 14584060130 6218868629 18896013590 3002997828
Net cash flows used in investing activities -10883798482 -1679448115 -14257401770 -311181627
III. Cash flows from financing activities
Cash received from investors 4876841600 988015495
Including: Proceeds from non-controlling
interests of subsidiaries 4876841600 988015495
Cash received from borrowings 32080732233 4989625300 33607130695 6885000000
Cash received from issuance of debentures 3499747917 3499747917 8399704415 8399704415
Cash received from other financing activities 55
Sub-total of cash inflows 40457321750 8489373217 42994850605 15284704415
Cash repayments of borrowings 33349142543 5414202540 35368302890 14285350000
Cash payments for distribution of dividends
profits or interest expenses 3394046310 733088356 3349754074 799943022
Including: dividends and profits distributed to
non-controlling interests of subsidiaries 446617376 544111743
Cash paid for other financing activities 55 2552655369 10958945 1117158870 2047722
Sub-total of cash outflows 39295844222 6158249841 39835215834 15087340744
Net cash inflows from financing activities 1161477528 2331123376 3159634771 197363671
IV. Effect of foreign exchange rate changes on
cash and cash equivalents 11589 11605 -79156 -79188
V. Net (decrease)/increase in cash and cash
equivalents 510910023 498440704 -122662232 -374479539
Add: cash and cash equivalents at the beginning
of the year 11831504924 265969222 11954167156 640448761
VI. Cash and cash equivalents at the end of the
year 12342414947 764409926 11831504924 265969222
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
5Consolidated Statement of Changes in Shareholders' Equity
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Year ended 31/12/2025
Attributable to shareholders of the Company
Item Other non-controlling Total shareholders’
Share capital Capital surplus comprehensive Specificreserve Surplus reserve
Undistributed
profits interests equityincome
I. Balance at the end of last year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382
Add: changes in accounting policies
Correction of prior period errors
Effects of business combination under common control
Others
II. Balance at the beginning of the year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382
III. Changes in equity during the year ( "- " for decrease) -174920258 201961154 27697867 494936659 4951148873 5500824295
(I) Total comprehensive income 201961154 599942339 425380992 1227284485
(II) Shareholders' contributions and decrease of capital -174920258 4971612980 4796692722
1. Ordinary shares invested by shareholders 4788400247 4788400247
2.Others -174920265 183212733 8292468
(III) Profit distribution -105005680 -448271906 -553277586
1. Appropriation to surplus reserve
2. Distribution to shareholders -105005680 -448271906 -553277586
3. Others
(IV) Transfer within equity
1. Capital reserve converted into share capital
2. Surplus reserve converted into share capital
3. Surplus reserve for making up losses
4. Others
(V) Specific reserve 27697867 2426807 30124674
1. Appropriation in the current year 448235305 183313887 631549192
2. Utilization in the current year -420537438 -180887080 -601424518
(VI) Others
IV. Balance at the end of the year 5250283986 5028330125 1533837247 90467033 8903515135 2637923692 18018298459 41462655677
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
6Consolidated Statement of Changes in Shareholders' Equity
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Year ended 31/12/2024
Attributable to shareholders of the Company
Item Other Minority Total
Share capital Capitalsurplus comprehensive
Specific Surplus Undistributed shareholders’
income reserve reserve profits
interests equity
I. Balance at the end of last year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702
Add: Changes in accounting policies
Correction of prior period errors
Effects of business combination under common control
Others
II. Balance at the beginning of the year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702
III. Changes in equity during the year ( "- " for decrease) 677579 -163361597 56393277 859237077 1298027344 2050973680
(I) Total comprehensive income -163361597 964242757 791345405 1592226565
(II) Shareholders' contributions and decrease of capital 677579 1044042125 1044719704
1. Ordinary shares invested by shareholders 1038015495 1038015495
2.Others 677579 6026630 6704209
(III) Profit distribution -105005680 -547580179 -652585859
1. Appropriation to surplus reserve
2. Distribution to shareholders -105005680 -547580179 -652585859
3. Others
(IV) Transfer within equity
1. Capital reserve converted into share capital
2. Surplus reserve converted into share capital
3. Surplus reserve for making up losses
4. Others
(V) Specific reserve 56393277 10219993 66613270
1. Appropriation in the current year 460118200 187722287 647840487
2. Utilization in the current year -403724923 -177502294 -581227217
(VI) Others
IV. Balance at the end of the year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
7Statement of Changes in Shareholders' Equity
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Year ended 31/12/2025
Item OtherShare capital Capital surplus comprehensive Specific Surplus Undistributed
Total
income reserve reserve profits
shareholders’
equity
I. Balance at the end of last year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895
Add: Changes in accounting policies
Correction of prior period errors
Effects of business combination under common control
Others
II. Balance at the beginning of the year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895
III. Changes in equity during the year ( "- " for decrease) 12077482 230837435 10715371 636895834 890526122
(I) Total comprehensive income 230837435 741901514 972738949
(II) Shareholders' contributions and decrease of capital 12077482 12077482
1. Ordinary shares invested by shareholders
2. Others 12077482 12077482
(III) Profit distribution -105005680 -105005680
1. Appropriation to surplus reserve
2. Distribution to shareholders -105005680 -105005680
3. Others
(IV) Transfer within equity
1. Capital reserve converted into share capital
2. Surplus reserve converted into share capital
3. Surplus reserve for making up losses
4.Others
(V) Specific reserve 10715371 10715371
1. Appropriation in the current year 1025418 1025418
2. Utilization in the current year -1025418 -1025418
3. Collection from subsidiaries 10715371 10715371
(VI) Others
IV. Balance at the end of the year 5250283986 4861549687 1576172968 48826625 8903515135 6338197616 26978546017
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
8Statement of Changes in Shareholders' Equity
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB
Year ended 31/12/2024
Item OtherShare capital Capital surplus comprehensive Specific Surplus Undistributed
Total
income reserve reserve profits
shareholders’
equity
I. Balance at the end of last year 5250283986 4842767997 1508154355 8903515135 5238305518 25743026991
Add: Changes in accounting policies
Correction of prior period errors
Effects of business combination under common control -
Others
II. Balance at the beginning of the year 5250283986 4842767997 1508154355 8903515135 5238305518 25743026991
III. Changes in equity during the year ( "- " for decrease) 6704208 -162818822 38111254 462996264 344992904
(I) Total comprehensive income -162818822 568001944 405183122
(II) Shareholders' contributions and decrease of capital 6704208 6704208
1. Ordinary shares invested by shareholders
2. Others 6704208 6704208
(III) Profit distribution -105005680 -105005680
1. Appropriation to surplus reserve
2. Distribution to shareholders -105005680 -105005680
3. Others
(IV) Transfer within equity
1. Capital reserve converted into share capital
2. Surplus reserve converted into share capital
3. Surplus reserve for making up losses
4. Others
(V) Specific reserve 38111254 38111254
1. Appropriation in the current year 3170867 3170867
2. Utilization in the current year -3170867 -3170867
3. Collection from subsidiaries 38111254 38111254
(VI) Others
IV. Balance at the end of the year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
9Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Notes to the financial statements
I. Basic information of the Company
Guangdong Electric Power Development Co. Ltd. (hereinafter “Guangdong Electric Power” “theCompany”) 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 Yuedian Square on 2nd Tianhe East Road
Guangzhou Guangdong Province the People's Republic of China (PRC). The Company's parent
company is Guangdong Energy Group Co. Ltd. (GEGC) 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 RMB ordinary shares (A-share) and domestic listed foreign shares (B-share) issued
were listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28
June 1995. As at 31 December 2025 the total share capital of the Company was RMB 5250283986
with face value of RMB 1 per share.The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power projects in Guangdong Province Yunnan
Province Xinjiang Uygur Autonomous Region Hunan Province Guangxi Zhuang Autonomous Region
and Inner Mongolia Autonomous Region of the PRC. For the details of the Company's major
subsidiaries included in the consolidation scope in the current year please refer to Note VI. 1.These financial statements were authorized for issue by the 10rd meeting of the 11th Company's Board
of Directors on 27 March 2026.II. Basis for preparing financial statements
The financial statements are prepared in accordance with the Accounting Standards for Business
Enterprises and corresponding application guidance interpretations and other related provisions issued
by the Ministry of Finance (collectively Accounting Standards for Business Enterprises). In addition the
Company also disclosed the relevant financial information in accordance with the Explanatory
Announcement No. 15 on Information Disclosure for Companies Offering Their Securities to the Public
—General Requirements for Financial Reporting (2023 version) issued by the China Securities
Regulatory Commission.The financial statements are prepared on a going concern basis.The Company adopts the accrual basis of accounting. Except for certain financial instruments the
financial statements are prepared under the historical cost. In the event that impairment of assets
occurs a loss allowance is made accordingly in accordance with the relevant regulations.III. Significant accounting policies and accounting estimates
The Company 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 (ECL) of receivables and contract assets costing of inventory depreciation of PPE
10Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
amortization of intangible assets and right-of-use assets impairment of long-term assets timing of
revenue recognition and deferred tax assets and deferred tax liabilities. Specific accounting policies are
detailed in Notes III.11 Notes III.13 Notes III.16 Notes III.20 Notes III.21 Notes III.25 Notes III.28
and Notes III.30.Details of the Group’s critical judgements critical accounting estimates and key assumptions used in
determining significant accounting policies are set forth in Note III.32.
1. Statement of compliance with the Accounting Standard for Business Enterprises
The financial statements of the Company for the year ended 31 December 2025 are in compliance with
the Accounting Standards for Business Enterprises and truly and completely present the consolidated
and the Company’s financial position of the Group and the Company as at 31 December 2025 and their
financial performance cash flows and other information for the year then ended.
2. Accounting year
The Company’s accounting year starts on 1 January and ends on 31 December.
3. Business Cycle
The business cycle of the Company is 12 months.
4. Recording currency
The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency
used by the Company in preparing these financial statements is RMB.
5. Method for determining importance criteria and basis for selection
Item Importance criteria
The Company determines significant long-term equity investments based on a
Significant long-term comprehensive consideration of factors such as the book value of joint ventures and
equity investment associated enterprises and the proportion of long-term equity investment income
accounted for by the equity method in the Company's consolidated net profit.Significant property plant The Company recognizes PPE projects with signs of impairment and asset balances
and equipment (PPE) exceeding RMB 500 million as significant PPE projects.Significant construction in The Company determines significant projects construction in progress based on the
progress proportion of projects construction in progress in the Company's total projects underconstruction.Subsidiaries with The Company determines subsidiaries with significant non-controlling interests
significant minority based on the proportion of the non-controlling interests of these subsidiaries to the
shareholders' interests total non-controlling interests of the Company.Basic information of The Company determines significant joint ventures and associated enterprises
significant joint ventures based on a comprehensive consideration of factors such as the book value of these
and associated enterprises the proportion of long-term equity investment income accounted for by
enterprises the equity method in the Company's consolidated net profit and other relevantfactors.
11Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
6. Accounting treatment methods for business combinations under common control and not under
common control
(1) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Company in a business combination are
measured at the carrying amount. If the acquiree is acquired from a third party by the ultimate
controlling party in a prior year the consideration paid and net assets obtained by the Company are
measured based on the carrying amounts of the acquiree’s assets and liabilities (including the goodwill
arising from the acquisition of the acquiree by the ultimate controlling party) presented in the
consolidated financial statements of the ultimate controlling party. The difference between the carrying
amount of the net assets obtained from the combination and the carrying amount of the consideration
paid for the combination is treated as an adjustment to capital surplus (share premium). If the capital
surplus (share premium) is not sufficient to absorb the difference the remaining balance is adjusted
against retained earnings
Realize business combinations under the same control through multiple transactions in stages
The assets and liabilities acquired by the acquirer from the acquiree in the merger are measured at the
book value in the consolidated financial statements of the ultimate controlling party on the merger date.The difference between the sum of the book value of the investments held before the merger and the
book value of the newly paid consideration on the merger date and the book value of the net assets
acquired in the merger is adjusted to the capital reserves. If the capital reserves are insufficient to offset
the retained earnings are adjusted. For long-term equity investments held by the acquirer before
obtaining control of the acquiree the related profits and losses other comprehensive income and other
changes in owner's equity recognized between the date of acquiring the original equity and the later of
the dates when both the acquirer and the acquiree are under the same ultimate control and up to the
merger date should be offset against the beginning retained earnings or current profits and losses
during the comparative reporting period.
(2) Business combinations involving enterprises not under common control
For business combinations involving enterprises not under common control the Company adopts
concentration test to judge whether the acquired production and operation activities or asset groups
constitute a business. If the concentration test is passed the Company conducts accounting treatment
according to the relevant asset purchase principle; if the concentration test fails the Company will
further judge whether it constitutes a business based on whether the relevant groups obtained in the
merger have at least one input and one substantive processing process and the combination of the two
has a significant contribution to the output capacity.The cost of combination and identifiable net assets obtained by the Group in a business combination
are measured at fair value at the acquisition date. Where the cost of the combination exceeds the
Group’s interest in the fair value of the acquiree’s identifiable net assets the difference is recognized as
goodwill; where the cost of combination is lower than the Group’s interest in the fair value of the
acquiree’s identifiable net assets the difference is recognized in profit or loss for the current period.Realize business combinations not under common control through multiple transactions and steps
The cost of combination is the sum of the consideration paid on the acquisition date and the fair value of
the equity already held by the acquirer in the acquiree on the acquisition date. For the equity already
held by the acquirer in the acquiree before the acquisition date it is remeasured at its fair value on the
12Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
acquisition date and the difference between the fair value and its book value is recognized in the
current investment income. The equity already held by the acquirer in the acquiree before the
acquisition date involving other comprehensive income and other changes in owner's equity is
transferred to the current income on the acquisition date except for other comprehensive income
arising from the remeasurement of net liabilities or net assets of the defined benefit plan by the investee
and other comprehensive income related to non-trading equity instrument investments originally
designated to be measured at fair value with changes recognized in other comprehensive income.
(3) Handling of transaction costs in business combinations
The intermediary fees incurred for auditing legal services evaluation and consultation as well as other
related management expenses for the purpose of corporate mergers are recorded profit or loss profit or
loss for the current period. When they are incurred. The transaction costs of equity securities or debt
securities issued as merger consideration are included in the initial recognition amount of the equity
securities or debt securities.
7. Judgment criteria for control and method for preparing consolidated financial statements
(1) Judgment criteria for control
The scope of consolidation for consolidated financial statements is determined on a control basis.Control refers to the power that the Company has over the invested entity the variable returns it enjoys
through participating in the relevant activities of the invested entity and the ability to use its power over
the invested entity to affect its return amount. When changes in relevant facts and circumstances lead
to changes in the relevant elements involved in the definition of control the Company will conduct a
reassessment.
(2) Preparation of consolidated financial statements
The consolidated financial statements are prepared by the Company based on the financial statements
of the Company and its subsidiaries and other relevant information. When preparing the consolidated
financial statements the accounting policies and accounting periods of the subsidiaries shall be
consistent with those established by the Company. All significant intra-company balances and
transactions shall be eliminated.Where a subsidiary or business was acquired during the reporting period through a business
combination involving entities under common control the financial performance and the cash flows of
the subsidiary are included in the consolidated income statement and consolidated cash flow statement
of the Company as if the combination had occurred at the date that the ultimate controlling party first
obtained control.Where a subsidiary or business was acquired during the reporting period through a business
combination involving entities not under common control its revenue expenses and profit from the
acquisition date to the end of the reporting period are included in the consolidated income statement
and its cash flows are included in the consolidated cash flow statement.non-controlling interests of the subsidiary that is not attributable to the Company are presented
separately in the shareholders’ equity section within the consolidated balance sheet. Net profit or loss
attributable to non-controlling shareholders is presented separately as non-controlling interests below
the net profit within the consolidated income statement. When the amount of loss for the current period
attributable to the non-controlling shareholders of a subsidiary exceeds the non-controlling shareholders’
13Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
share of the opening owners’ equity of the subsidiary the excess is adjusted to non-controlling interests.
(3) Acquire the subsidiaries’ non-controlling interests
Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders
or disposes of a portion of an interest in a subsidiary without a change in control the difference between
the proportion interests of the subsidiary’s net assets being acquired or disposed and the amount of the
consideration paid or received is adjusted to the capital reserve in the consolidated balance sheet with
any excess adjusted to retained earnings.
(4) Handling of losing control over a subsidiary
When the Company loses control over a subsidiary due to partial disposal of equity investment or other
reasons the remaining equity interests is re-measured at its fair value at the date when the control is
lost. The resulting gain or loss is the total of consideration received from the disposal of equity
investment and the remaining equity investment at its fair value deducted the total of proportion
interests of the subsidiary’s net asset and goodwill calculated based on the original shareholding ratio
since the acquisition date. Any resulting gain or loss is recognized as investment income for the current
period.Other comprehensive income related to the equity investment in the original subsidiary is accounted for
on the same basis as the direct disposal of related assets or liabilities by the original subsidiary upon
the loss of control. All other changes in owner's equity related to the original subsidiary and accounted
for using the equity method are transferred to the current period profit or loss upon the loss of control.
8. Classification and Accounting Treatment for Joint Arrangement
A joint arrangement is an arrangement of which two or more parties have joint control. The Company
classifies joint arrangements into joint operations and joint ventures.
(1) Joint operation
A joint operation is a joint arrangement whereby the Company has rights to the assets and obligations
for the liabilities relating to the arrangement. The Company is not involved in joint operations.
(2) Joint venture
A joint venture is a joint arrangement whereby the Company has rights to the net assets of the
arrangement.The Company adopts equity method of long-term equity investment to account for its investment in joint
venture.
9. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand deposits that can be readily drawn on demand and
short-term and highly liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
10.Foreign currency transactions
Foreign currency transactions are translated to the functional currency of the Company at the spot
exchange rates on the dates of the transactions.
14Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Monetary items denominated in foreign currencies are translated at the spot exchange rate at the
balance sheet date. The resulting exchange differences between the spot exchange rate at balance
sheet date and the spot exchange rate at initial recognition or at the previous balance sheet date are
recognized in profit or loss. Non-monetary items that are measured at historical cost in foreign
currencies are translated to functional currency using the spot exchange rate at the transaction date.Non-monetary items that are measured at fair value in foreign currencies are translated using the spot
exchange rate at the date when the fair value is determined. The resulting exchange differences are
recognized in profit or loss or other comprehensive income according to the nature of the non-monetary
items.
11.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or an equity instrument of another entity.
(1) Recognition and derecognition of financial instruments
A financial asset or a financial liability is recognized when the Company becomes a party to the
contractual provisions of a financial instrument.A financial asset is derecognized when one of the following criteria is met:
1 The contractual rights to the cash flows from the financial asset expire; or
2 The financial asset has been transferred and met the following conditions for derecognition.
A financial liability (or partially) is derecognized when its contractual obligation (or partially) is ceased.When the Company (debtor) enters into an agreement with the creditor to replace the existing financial
liability with a new assumed financial liability and contractual terms are different in substance the
existing financial liability is derecognized while a new financial liability is recognized.Conventionally traded financial assets are recognized and derecognized at the transaction date.
(2) Classification and measurement of financial assets
Based on the Company’s business model for managing the financial assets and the contractual cash
flow characteristics of the financial assets financial assets are classified as: financial assets measured
at amortized cost financial assets measured at fair value through other comprehensive income and
financial assets measured at fair value through profit or loss.At initial recognition the financial assets are measured at fair value. For financial assets measured at
fair value through profit or loss the transaction costs are expensed in profit or loss for the current period.For other types of financial assets the transaction costs are included in the initially recognized amounts.Trade receivables arising from sale of products or rendering of services (excluding or without regard to
significant financing components) the Company recognizes the amount of consideration that it is
expected to be entitled to receive as the initially recognized amounts.Financial assets measured at amortized cost
The Company classifies financial assets that meet all of the following conditions and are not designated
as financial assets at fair value through profit or loss as financial assets measured at amortized cost:
15Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
* The objective of the Company’s business model is to hold the financial assets to collect the
contractual cash flows;
* The contractual terms of the financial asset stipulate that the cash flows generated on specific
dates are solely payments on the principal and interest based on the outstanding principal amount.After initial recognition such financial assets are measured at amortized cost using the effective interest
method. Gains or losses arising from financial assets measured at amortized cost that are not part of
any hedging relationship are recognized in the current period profit or loss when they are derecognized
amortized using the effective interest method or recognized as impaired.Financial assets measured at fair value through other comprehensive income
The Company classifies financial assets that meet all of the following conditions and are not designated
as financial assets measured at fair value through profit or loss as financial assets measured at fair
value through in other comprehensive income:
* The business model of our company for managing this financial asset aims both at collecting
contractual cash flows and at selling the financial asset;
* The contractual terms of the financial asset stipulate that the cash flows generated on specific
dates are solely payments on the principal and interest based on the outstanding principal amount.After initial recognition subsequent measurements of such financial assets are measured at fair value.Interests calculated using the effective interest method impairment losses or gains and exchange
gains or losses are recognized in the current period profit or loss while other gains or losses are
recorded in other comprehensive income. Upon derecognition the cumulative gains or losses
previously recorded in other comprehensive income are transferred out of other comprehensive income
and recognized in the current period profit or loss.Financial assets measured at fair value through profit or loss
In addition to the financial assets at amortized cost and those measured at fair value through other
comprehensive income as mentioned above the Company categorizes all other financial assets as
those measured at fair value through profit or loss. Upon initial recognition in order to eliminate or
significantly reduce accounting mismatches the Company irrevocably designates some financial assets
that should be measured at amortized cost or at fair value through in other comprehensive income as
financial assets measured at fair value through profit or loss.After initial recognition subsequent measurements of such financial assets are measured at fair value
and any gains or losses (including interest and dividend income) arising therefrom are recorded in the
current period profit or loss unless the financial asset is part of a hedging relationship.However for non-trading equity instrument investments the Company irrevocably designates them as
financial assets measured at fair value through other comprehensive income upon initial recognition.This designation is made on an individual investment basis and the relevant investments meet the
definition of equity instruments from the perspective of the issuer.After initial recognition subsequent measurements of such financial assets are measured at fair value.Dividend income that meets the criteria is recorded in profit or loss while other gains or losses and
changes in fair value are recorded in other comprehensive income. Upon derecognition the cumulative
gains or losses previously recorded in other comprehensive income are transferred out of other
16Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
comprehensive income and recorded in retained earnings.The business model for managing financial assets refers to how the Company manages its financial
assets to generate cash flows. The business model determines whether the source of cash flows from
the financial assets managed by the Company is from the collection of contractual cash flows the sale
of financial assets or a combination of both. The Company determines its business model for managing
financial assets based on objective facts and the specific business objectives for managing financial
assets determined by key management personnel.The Company evaluates the contractual cash flow characteristics of financial assets to determine
whether the contractual cash flows generated by the relevant financial assets on a specific date are
solely payments of principal and interest based on the outstanding principal amount. The principal refers
to the fair value of the financial asset at initial recognition; interest includes consideration for the time
value of money credit risk associated with the outstanding principal amount during a specific period as
well as other basic borrowing risks costs and profits. In addition the Company evaluates contract
terms that may lead to changes in the time distribution or amount of contractual cash flows of financial
assets to determine whether they meet the requirements of the aforementioned contractual cash flow
characteristics.Only when the Company changes its business model for managing financial assets all affected relevant
financial assets will be reclassified on the first day of the first reporting period following the change in
business model. Otherwise financial assets shall not be reclassified after initial recognition.
(3) Classification and measurement of financial liabilities
The financial liabilities of the Company are classified at initial recognition as either financial liabilities
measured at fair value through profit or loss or financial liabilities measured at amortized cost. For
financial liabilities not classified as measured at fair value through profit or loss the transaction costs
are included in their initially recognized amounts.Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities and
financial liabilities designated at initial recognition as measured at fair value through profit or loss. For
such financial liabilities subsequently measured at fair value and gains or losses arising from changes
in fair value as well as dividend and interest expenses related to these financial liabilities are
recognized in current profit or loss.Financial liabilities measured at amortized cost
Other financial liabilities are subsequently measured at amortized cost using the effective interest
method and gains or losses arising from derecognition or amortization are recognized in the current
period profit or loss.Distinction between financial liabilities and equity instruments
A financial liability is recognized if one of the following conditions is satisfied::
1 A contractual obligation to deliver cash or another financial asset to another entity;
2 A contractual obligation to exchange financial assets or financial liabilities with another entity under
potentially unfavorable conditions;
17Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
3 A non-derivative instrument contract that will or may be settled in the Company’s own equity
instruments and the Company is obliged to deliver a variable number of the Company’s own equity
instruments;
4 A derivative instrument contract that will or may be settled in the Company’s own equity
instruments in the future except for a derivative instrument contract that is settled by the exchange
of a fixed number of the Company’s own equity instruments for a fixed amount of cash or other
financial assets.An equity instrument is a contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities.If the Company does not have an unconditional right to avoid delivering cash or another financial asset
to settle a contractual obligation the obligation meets the definition of a financial liability.If a financial instrument will or may be settled by the Company’s own equity instruments classification of
the instrument depends on whether the Company’s own equity instruments work as the replacement of
cash or other financial instrument or represent the investor’s residual interest in the Company’s assets
after deducting all its liabilities. In the former case the instrument is classified as a financial liability; in
the latter case the instrument is classified as an equity instrument.
(4) Fair value of financial instruments
For the determination of fair value of financial assets and financial liabilities please refer to Note III.12.
(5) Impairment of financial assets
Based on ECL the Company performs impairment accounting treatment on the following items and
recognizes loss provisions:
Financial assets measured at amortized cost;
Receivables and debt instrument investments measured at fair value through other comprehensive
income;
Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
Lease receivables;
Financial guarantee contract (except for those measured at fair value through profit and loss the
transfer of financial assets does not meet the conditions for derecognition or continue to involve in the
transferred financial assets)
Measurement of expected credit losses
Expected credit losses (ECL) refers to the weighted average of credit losses for financial instruments
calculated by weighting the risk of default occurring. Credit loss is defined as the difference between all
contractual cash flows receivable by the entity under the agreement and all expected cash flows to be
collected discounted at the original effective interest rate. This represents the present value of all cash
shortfalls.The Company measures the ECL of financial instruments at different stages separately. The financial
instrument is at the first stage when there is no significant increase in credit risk since initial recognition.
18Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company measures the loss allowance according to the ECL in the next 12 months. The financial
instrument is at the second stage when there is significant increase in credit risk since initial recognition
and credit loss is not yet occurred. The Company then measures the loss allowance according to ECL
over the lifetime of a financial instrument. The financial instrument is at the third stage when there is
significant increase in credit risk since initial recognition and credit loss occurred. The Company then
measures the loss allowance according to ECL over the lifetime of a financial instrument.For financial instrument that has low credit risk at the balance sheet date the Company assumes there
is no significant increase in its credit risk since initial recognition. The Company measures the loss
allowance according to the ECL in the next 12 months.Lifetime ECL are the ECL that result from all possible default events over the expected life of a financial
instrument. The ECL in the next 12 months are the portion of expected losses that result from default
events that are possible within the 12 months after the balance sheet date (or a shorter period if the
expected life of the instrument is less than 12 months).The maximum period considered when estimating ECL is the maximum contractual period (including
extension options) over which the Company is exposed to credit risk.For the financial instruments at the first and second stage as well as financial instruments that have low
credit risk the Company calculates the interest income based on the book value without loss allowance
deducted and effective interest rate. While for the financial instruments at the third stage the Company
calculates the interest income based on the amortized cost of the book value less loss allowance and
effective interest rate.For total receivables such as notes receivable trade receivables financing of receivables other
receivables and contract assets if the credit risk characteristics of a particular customer are
significantly different from those of other customers in the group or if there is a significant change in the
credit risk characteristics of that customer the Company will individually accrue bad debt reserves for
that t receivable. Apart from the trade receivables for which bad debt reserves are individually accrued
the Company divides receivables into groups based on credit risk characteristics and calculates bad
debt reserves on a group basis.Notes receivable trade receivables contract assets and other receivables
For notes receivable trade receivables and contract assets regardless of whether there is a significant
financing component the Company consistently measures their loss provisions at an amount equivalent
to the ECL over the entire duration.For various financial assets whose ECL are calculated on an individual basis their credit risk
characteristics are significantly different from those of other financial assets within the same category.When it is not possible to assess the ECL of an individual financial asset at a reasonable cost the
Company categorizes total receivables into several groups based on credit risk characteristics. The ECL
are calculated on a group basis and the basis and method for determining the group are as follows:
Combination Combination name
Group 1 of notes receivable Notes receivable
Group 1 of trade receivables Receivables from sale of electricity
Group 2 of trade receivables Receivable for renewable energy subsidies
Group 3 of trade receivables Receivables from related parties
19Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Combination Combination name
Group 4 of trade receivables Receivables from steam sales and others
Group 1 of contract assets Receivables from related parties
Group 2 of contract assets Other contract assets
Group 1 of other receivables Receivables from business units reserves receivable and other receivables
For notes receivable and contract assets classified as groups the Company calculates ECL by
referencing historical credit loss experience considering current conditions and forecasting future
economic conditions based on the exposure to default risk and the expected credit loss rate over the
entire duration.For trade receivables classified into groups the Company calculates ECL by referring to historical credit
loss experience combining current conditions with predictions of future economic conditions and using
default risk exposure and expected credit loss rate over the entire duration. For other receivables
classified into portfolios the Company calculates ECL by referring to historical credit loss experience
combining current conditions with predictions of future economic conditions and using default risk
exposure and expected credit loss rate within the next 12 months or over the entire duration.The Company recognizes the loss provision made or reversed into profit or loss for the current period.Debt investment other debt investments
For debt investments and other debt investments the Company calculates ECL based on the nature of
the investment various types of counterparties and risk exposures through default risk exposures and
expected credit loss rates within the next 12 months or throughout the entire duration.Assessment of significant increase in credit risk
In assessing whether the credit risk of a financial instrument has increased significantly since initial
recognition the Company compares the risk of default occurring on the financial instrument assessed at
the balance sheet date with that assessed at the date of initial recognition.When determining whether the credit risk has increased significantly since initial recognition the
Company considers the reasonable and supportable information that is available without undue cost or
effort including forward-looking information. In particular the following information is taken into account:
* Debtors fail to make payments of principal or interest on their contractually due dates;
* An actual or expected significant deterioration in a financial instrument’s external or internal credit
rating (if available);
* An actual or expected significant deterioration in the operating results of the debtor; and
* Existing or anticipated changes in the technological market economic or legal environment that
have a significant adverse effect on the debtor’s ability to meet its obligation to the Company.Depending on the nature of the financial instruments the Company assesses whether there is a
significant increase in credit risk on either an individual basis or a collective basis. When the
assessment is performed on a collective basis the financial instruments are classified into groups
based on shared credit risk characteristics such as past due status and credit risk ratings.
20Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
If the overdue period exceeds 30 days the Company determines that the credit risk of the financial
instrument has significantly increased.Credit-impaired financial assets
At each balance sheet date the Company assesses whether financial assets measured at amortized
cost and debt investments measured at fair value through other comprehensive income are
credit-impaired. A financial asset is credit-impaired when one or more events that have adverse impact
on the expected future cash flows of financial asset have occurred. Evidence that a financial asset is
credit-impaired includes the following observable information:
* Significant financial difficulty of the debtor or issuer;
* A breach of contract by the debtor such as default or overdue in interest or principal payments;
* For economic or contractual reasons relating to the debtor’s financial difficulty the Company having
granted to the debtor a concessions that would not otherwise consider;
* It is probable that the debtor will enter into bankruptcy or other financial restructuring;
* The disappearance of an active market for that financial asset because of issuer’s or debtor’s
financial difficulties.Presentation of allowance for expected credit losses
In order to reflect the change of the credit risk of financial instruments since the initial recognition the
Company re-measures the ECL at each balance sheet date. Any increase or recovered amount of the
loss allowance which generated shall be recognized as loss allowance or gain in the profit or loss for the
current period. For financial asset measured at amortized cost the loss allowance shall offset against
the carrying amount of the financial asset as stated in the balance sheet; for the debt investment
measured at fair value through other comprehensive income the Company recognizes its loss
allowance in other comprehensive income and does not offset against the carrying amount of the
financial asset.Write-off
The gross carrying amount of a financial asset is written off (either partially or entirely) to the extent that
there is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes a
derecognition event. This is generally the case when the Company determines that the debtor does not
have assets or sources of income that could generate sufficient cash flows to repay the amounts subject
to the write-off. However financial assets that are written off could still be subject to enforcement
activities in order to comply with the Company’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognized as a reversal of
impairment in profit or loss in the period when the recovery occurs.
(6) Transfer of financial assets
Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee)
other than the issuer of financial assets.A financial asset is derecognized if the Company transfers substantially all the risks and rewards of
ownership of the financial asset to the transferee. A financial asset is not derecognized if the Company
21Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
retains substantially all the risks and rewards of ownership of the financial asset.The Company neither transfers nor retains substantially all the risks and rewards of ownership of the
financial asset the accounting treatments are as following: if control over the financial assets is
surrendered the Company derecognizes the financial assets and recognizes any assets and liabilities
arose; if the Company retains the control of the financial assets financial assets to the extent of the
continuing involvement in the transferred financial assets by the Company as well as any relating
liability.
(7) Offset between financial assets and financial liabilities
When the Company has an enforceable legal right to offset the recognized financial assets against the
financial liabilities and the Company plans to settle by net amount or realize the financial assets and
settle the financial liabilities the amount after being offset will be presented in the balance sheet.Otherwise financial assets and financial liabilities are presented separately in the balance sheet and not
allowed to offset against each other.
12.Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.The Company measures related assets or liabilities at fair value assuming the assets or liabilities are
transferred in an orderly transaction in their principal market. In the absence of a principal market the
Company assumes that the transaction is occurred in the most advantageous market for the underlying
asset or liability. Principal market (or the most advantageous market) is the trading market that the
Company can normally enter into a transaction at the measurement date. The Company adopts the
assumptions that would be used by market participants in achieving the maximized economic benefit
when pricing the assets or liabilities.For financial assets or financial liabilities that have an active market the Company uses the quoted
prices in the active market as their fair value. Otherwise the Company uses the valuation technique to
determine their fair value.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
The Company uses valuation techniques that are appropriate in the current circumstances and there
are sufficient data and other information are available for measuring the fair value. The Company uses
the relevant observable inputs for measurement and only use unobservable input when the observable
inputs are unavailable or impractical to obtain.For assets and liabilities measured or disclosed at fair value in the financial statements the level of fair
value is determined by the significant lowest level input to the entire fair value measurement: Level 1
inputs are the unadjusted quoted prices in the active markets for identical assets or liabilities that can be
obtained at the measurement date; Level 2 inputs are the direct or indirect observable inputs of related
assets or liabilities other than quoted prices in Level 1; Level 3 inputs are the unobservable inputs for
the assets or liabilities.At each balance sheet date the Company revalues assets and liabilities being measured at fair value
continuously in the financial statements to determine whether any change between the levels of fair
22Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
value measurement.
13.Inventories
(1) Classification of inventories
Inventories in the Company mainly comprise fuel and spare parts
(2) Valuation of inventories
The inventory of the Company is priced at actual cost upon acquisition. Cost of fuel is calculated using
the weighted average method. Spare parts are amortized in full amount when issued for use.
(3) Basis for determining and method of calculating inventory reserves
On the balance sheet date inventory is measured at the lower of cost and net realizable value. When
the net realizable value is lower than the cost an inventory reserve is accrued.Net realizable value is determined based on the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale and related taxes. When determining the
net realizable value of inventory it is based on conclusive evidence obtained while considering the
purpose of holding inventory and the impact of events after the balance sheet date. Among them spare
parts are recognized provision for decline in the value of inventories based on factors such as inventory
age and storage status
For inventories with a large quantity and low unit price the Company accrues inventory reserves based
on inventory categories.On the balance sheet date if the factors that previously caused the write-down of inventory value have
disappeared the inventory reserves shall be reversed within the originally accrued amount.
(4) Inventory system
The inventory system of the Company adopts the perpetual inventory system.
(5) Amortization method of low-value consumables
Low value consumables are amortized in full amount
14.Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries
and the Company’s long-term equity investments in its joint ventures and associates. If the Company is
able to exert significant influence over the invested entity it is considered as the Company's associated
enterprise.
(1) Determination of initial investment cost
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 in the consolidated financial statements of the ultimate
controlling party at the combination date; for long-term equity investments acquired through a business
combination involving enterprises not under common control the investment cost shall be the
23Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
combination cost.For long-term equity investments acquired not through a business combination: for long-term equity
investments acquired by payment in cash the initial investment cost shall be the purchase price actually
paid; for long-term equity investments acquired by issuing equity securities the initial investment cost
shall be the fair value of the equity securities issued.
(2) Subsequent measurement and recognition of profit or loss
Investments in subsidiaries are accounted for using the cost method unless the investment meets the
conditions for held-for-sale; investments in associates and joint ventures are accounted for using the
equity method.For long-term equity investments accounted for using the cost method except for the actual payment
made at the time of investment or the cash dividends or profits included in the consideration that have
been declared but not yet distributed the cash dividends or profits declared and distributed by the
investee are recognized as investment income in profit or loss for the current period.For long-term equity investments accounted for using the equity method where the initial investment
cost exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the time
of acquisition the investments is initially measured at that cost; where the initial investment cost is less
than the Company’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 upwards accordingly
When accounting using the equity method investment income and other comprehensive income are
recognized based on the share of net profit or loss and other comprehensive income realized by the
invested entity that should be enjoyed or shared and the book value of the long-term equity
investments is adjusted accordingly. The portion of profits or cash dividends declared and distributed by
the invested entity that should be enjoyed is calculated and the book value of the long-term equity
investments is correspondingly reduced. For other changes in the owner's equity of the invested entity
other than net profit or loss other comprehensive income and profit distribution the book value of the
long-term equity investment is adjusted and included in capital reserves (other capital reserves). When
recognizing the share of net profit or loss of the invested entity that should be enjoyed the fair value of
the identifiable assets and other items of the invested entity at the time of investment acquisition is used
as the basis and the net profit of the invested entity is adjusted according to the accounting policies and
accounting periods of the Company before recognition.If due to reasons such as additional investments the investor is able to exert significant influence or
joint control over the investee but does not constitute control on the transition date the sum of the fair
value of the original equity and the newly added investment cost shall be regarded as the initial
investment cost accounted for using the equity method. If the original equity is classified as a
non-trading equity instrument investment measured at fair value with changes recognized in other
comprehensive income the cumulative fair value changes previously recognized in other
comprehensive income related to it shall be transferred to retained earnings when accounting for it
using the equity method.If joint control or significant influence over the investee is lost due to reasons such as the disposal of a
portion of equity investment the remaining equity after disposal shall be accounted for in accordance
with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial
Instruments on the date when joint control or significant influence is lost. The difference between fair
24Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
value and book value shall be recorded in the profit or loss for the current period. For other
comprehensive income recognized from the original equity investment accounted for using the equity
method accounting treatment shall be conducted on the same basis as the direct disposal of related
assets or liabilities by the investee when the equity method is no longer used for accounting. All other
changes in owner's equity related to the original equity investment shall be transferred to the profit or
loss for the current period.If control over the invested entity is lost due to reasons such as the disposal of a portion of equity
investment and the remaining equity after disposal can jointly control or exert significant influence over
the invested entity the equity method shall be adopted for accounting and the remaining equity shall be
adjusted as if it had been accounted for using the equity method from the time of acquisition. If the
remaining equity after disposal cannot jointly control or exert significant influence over the invested
entity accounting treatment shall be conducted in accordance with the relevant provisions of Accounting
Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments
and the difference between its fair value and book value at the date of loss of control shall be
recognized in profit or loss for the current period..If the Company's shareholding ratio decreases due to capital increases by other investors resulting in
the loss of control but still enabling joint control or significant influence over the invested entity the
Company shall recognize its share of the net assets increased by the invested entity due to the capital
increase based on the new shareholding ratio. The difference between this share and the original book
value of the long-term equity investment corresponding to the decreased shareholding ratio shall be
recorded in profit or loss for the current period. Subsequently adjustments shall be made using the
equity method as if the new shareholding ratio had been applied from the time of investment acquisition.The unrealized internal transaction losses and gains between the Company and its associated
enterprises and joint ventures are calculated based on the shareholding ratio and attributed to the
Company. The investment losses and gains are recognized on an offset basis. Any losses resulting from
transactions between the Company and its investees which are attributable to asset impairment losses
are not eliminated.
(3) Basis for determining existence of control joint control or significant influence over investees
Joint control is the agreed sharing of control over an arrangement and the decision of activities relating
to such arrangement requires the unanimous consent of the Company and other parties sharing control.In determining whether joint control exists the first step is to assess whether all participating parties or a
combination of participating parties collectively control the arrangement. The second step is to
determine whether decisions regarding the relevant activities of the arrangement must be unanimously
agreed upon by these collectively controlling parties. If all participating parties or a group of participating
parties must act in unison to decide on the relevant activities of an arrangement it is considered that all
participating parties or a group of participating parties collectively control the arrangement. If there are
two or more combinations of participating parties capable of collectively controlling an arrangement it
does not constitute joint control. When determining whether joint control exists protective rights enjoyed
are not considered.Significant influence is the power to participate in making the decisions on financial and operating
policies of the investee but is not control or joint control over making those policies. When determining
whether the investor can exert significant influence on the invested entity the consideration includes the
voting shares directly or indirectly held by the investor in the invested entity as well as the impact of the
current executable potential voting rights held by the investor and other parties after assuming that they
are converted into equity in the invested entity including the impact of the current convertible warrants
25Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
share options and convertible corporate bonds issued by the invested entity.When the Company directly or indirectly through its subsidiaries holds more than 20% (inclusive) but
less than 50% of the voting shares of the invested entity it is generally considered to have significant
influence over the invested entity unless there is clear evidence indicating that it cannot participate in
the production and operation decisions of the invested entity in such circumstances and does not exert
significant influence. When the Company holds less than 20% (exclusive) of the voting shares of the
invested entity it is generally not considered to have significant influence over the invested entity unless
there is clear evidence indicating that it can participate in the production and operation decisions of the
invested entity in such circumstances and exert significant influence.
(4) Impairment testing method and impairment provision method
The method for calculating asset impairment for investments in subsidiaries associates and joint
ventures is provided in the Note III. 21.
15.Investment properties
Investment property refers to real estate held for the purpose of generating rentals or capital
appreciation or both. The investment properties of the Company include land use rights that have been
leased out land use rights held for transfer after appreciation and buildings that have been leased out.The investment properties of the Company are initially measured at their acquisition costs and are
subject to depreciation or amortization on a regular basis in accordance with the relevant provisions for
property plant and equipment or intangible assets. The estimated useful lives the net residual values
that are expressed as a percentage of cost and the annual depreciation (amortization) rates of
investment properties are as follows:
Category Estimated useful lives Estimated net Annual depreciationresidual values (%) (amortization) rates (%)
Buildings 20 to 40 years 5 4.75 to 2.38
Land-use rights 50 to 60 years 0 2.00 to 1.67
The investment property’s estimated useful life estimated net residual value and depreciation
(amortization) method applied are reviewed and adjusted as appropriate at each year-end.When an investment property is transferred to owner-occupied property it is reclassified to PPE and
intangible assets with the carrying amounts determined at the carrying amounts of the investment
property at the date of the transfer. An investment property is derecognized 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 recognized in profit or
loss for the current period.For investment properties measured using the cost model the method for calculating asset impairment
is provided in Notes III.21.
16.Property plant and equipment (PPE)
(1) Recognition and initial measurement of PPE
The PPE of the Company refer to tangible assets held for the purpose of producing goods providing
26Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
services leasing or business management with a service life exceeding one accounting year including
buildings power generation equipment motor vehicles and other equipment.PPE are recognized when it is probable that the related economic benefits will flow into the Group and
the costs can be reliably measured.PPE purchased or constructed by the Group are initially measured at cost at the time of acquisition. The
PPE contributed by the State shareholders at the reorganization of the Company into a corporation
entity are recognized based on the evaluated amounts approved by the state-owned assets
administration department.Subsequent expenditures incurred for a PPE are included in the cost of the PPE when it is probable that
the associated economic benefits will flow to the Group and the related cost can be reliably measured.The carrying amount of the replaced part is derecognized. All the other subsequent expenditures are
recognized in profit or loss for the period in which they are incurred.
(2) Depreciation methods for PPE
The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for PPE
from the time they reach their intended usable condition and ceases when they are derecognized or
classified as non-current assets held for sale. Without considering impairment provision the Company
determines the annual depreciation rate for various types of PPE based on their category estimated
useful lives and expected net residual value as follows:
Category Estimated useful lives Estimated net residual value Annual depreciation rate
Buildings 10 to 50 years 5% 9.50% to 1.90 %
Power generation
equipment 5 to 30 years 0% to 5 % 20.00% to 3.17%
Motor vehicles 5 to 10 years 0% to 5% 20:00 % to 9:50%
Other equipment 5 to 22 years 0% to 5% 20.00% to 4.32%
Except for PPE purchased using work safety funds other PPE 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 PPE 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.
(3) The impairment test method and impairment provision method for PPE are described in Note III.21.
(4) At the end of each year the Company reviews the useful life estimated net residual value and
depreciation method of its PPE.If there is a discrepancy between the estimated useful lives and the original estimate the useful lives of
the PPE should be adjusted; if there is a discrepancy between the estimated net residual value and the
original estimate the estimated net residual value should be adjusted.
(5) Disposals of PPE
A PPE is derecognized 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 PPE net
of its carrying amount and related taxes and expenses is recognized in profit or loss for the current
period.
27Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
17.Construction in progress
Construction in progress is measured at actual cost including various necessary engineering
expenditures incurred during the construction period borrowing costs that should be capitalized before
the project reaches its intended usable state and other related expenses.Construction in progress is transferred to PPE when the asset is ready for its intended use and
depreciation is charged starting from the following month. When the construction in progress completes
its trial operation period and meets the contract design objectives and comprehensive quality indicators
that comply with industry technical standards the Company deems it to have reached its intended
operational condition.The method for calculating asset impairment for construction in progress is provided in Note III.21.
18.Construction materials
The engineering materials of the Company refer to various materials prepared for ongoing projects
including engineering materials equipment not yet installed and tools and instruments prepared for
production.Engineering materials purchased are measured at cost. When engineering materials are requisitioned
they are transferred to projects in progress. Upon completion of the project any remaining engineering
materials are transferred to inventory.The method for calculating asset impairment for construction material is provided in Note III.21.In the balance sheet the ending balance of construction material is presented under the item
Construction in Progress.
19.Borrowing costs
(1) Recognition principle for capitalization of borrowing costs
The borrowing costs incurred by the Company which can be directly attributed to the acquisition
construction or production of assets eligible for capitalization shall be capitalized and included in the
cost of the relevant assets. Other borrowing costs shall be recognized as expenses based on their
actual amount at the time of occurrence and included in profit or loss for the current period. Borrowing
costs that meet the following conditions shall commence capitalization:
1 Asset expenditure has already occurred which includes expenditure incurred in the form of cash
payments transfers of non-cash assets or the assumption of interest-bearing debts for the
acquisition construction or production of assets eligible for capitalization;
2 The borrowing costs have already been incurred;
3 The acquisition construction or production activities necessary to prepare the asset for its
intended use or sale have commenced.
(2) Capitalization period of borrowing costs
When the assets eligible for capitalization acquired constructed or produced by the Company reach
the expected usable or marketable state the capitalization of borrowing costs ceases. Borrowing costs
28Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
incurred after the assets eligible for capitalization reach the expected usable or marketable state are
recognized as expenses based on their actual amount at the time of occurrence and recorded profit or
loss for the current period.Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of
an asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition
or construction is resumed; borrowing costs incurred during normal interruptions shall continue to be
capitalized.
(3) Calculation method for capitalization rate and capitalization amount of borrowing costs
The amount of interest expenses actually incurred on special borrowings in the current period after
deducting the interest income earned on the unused borrowing funds deposited in the bank or the
investment income earned from temporary investments shall be capitalized. For general borrowings
the capitalization amount shall be determined by multiplying the weighted average of asset expenditures
exceeding the special borrowings by the capitalization rate of the general borrowings used. The
capitalization rate shall be calculated and determined based on the weighted average interest rate of
the general borrowings.During the capitalization period the exchange differences on foreign currency specific borrowings are
fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or
loss for the current period.During the capitalization period the exchange differences on foreign currency specific borrowings are
fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or
loss for the current period.
20. Intangible assets
The intangible assets of the Company primarily comprise land use rights sea area use rights rights to
use supporting power transmission and transformation projects software non-patented technology and
others.Intangible assets are initially measured at cost and their useful lives are assessed upon acquisition. If
the useful life is finite an amortization method that reflects the expected realization of economic benefits
related to the asset is adopted starting from the point when the intangible asset is ready for use and
amortization is carried out over the expected useful life. If the expected realization method cannot be
reliably determined the straight-line method is used for amortization. Intangible assets with an uncertain
useful life are not amortized.The amortization method for intangible assets with limited service life is as follows:
Category Expected useful Amortizationlives (years) method Notes
If the cost of purchasing land and buildings cannot
be reasonably allocated between the land use rights
Land-use rights 20 to 70 Straight line method and the buildings the entire amount shall be treated
as PPE. For allocated land with an uncertain useful
life no amortization shall be accrued.Sea use rights 25 to 50 Straight line method
Other intangible
assets 2 to 60 Straight line method
29Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
At the end of each year the Company reviews the useful life and amortization method of intangible
assets with a limited useful life. If the review results in a difference from previous estimates the original
estimates are adjusted and treated as a change in accounting estimates.If it is estimated on the balance sheet date that an intangible asset can no longer bring future economic
benefits to the enterprise the entire book value of the intangible asset shall be transferred to profit or
loss for the current period.The method for calculating asset impairment for intangible assets is provided in Note III.21.
21. Impairment of assets
The impairment of assets such as long-term equity investments in subsidiaries associates and joint
ventures investment properties measured using the cost model PPE construction in progress
right-of-use assets intangible assets goodwill etc. (excluding inventories deferred tax assets and
financial assets) shall be determined according to the following methods:
On the balance sheet date we assess whether there are any indications that assets may be impaired. If
there are such indications the Company will estimate their recoverable amounts and conduct an
impairment test. Impairment tests are conducted annually for goodwill formed through business
combinations intangible assets with uncertain useful lives and intangible assets that have not yet
reached their intended use regardless of whether there are any indications of impairment.The recoverable amount is determined based on the higher of the net amount after deducting disposal
expenses from the fair value of the asset and the present value of the expected future cash flows of the
asset. The Company estimates the recoverable amount of an individual asset; if it is difficult to estimate
the recoverable amount of an individual asset the recoverable amount of the asset group to which the
asset belongs is determined. The identification of an asset group is based on whether the main cash
inflows generated by the asset group are independent of the cash inflows of other assets or asset
groups.When the recoverable amount of an asset or asset group is lower than its carrying amount the
Company will reduce its carrying amount to the recoverable amount and the reduced amount will be
recorded profit or loss for the current period. At the same time a corresponding provision for asset
impairment will be made.Regarding the impairment test of goodwill the carrying value of goodwill formed through business
combinations is amortized to the relevant asset groups using a reasonable method from the acquisition
date. If it is difficult to allocate to the relevant asset groups it is amortized to the relevant combinations
of asset groups. The relevant asset groups or combinations of asset groups are those that can benefit
from the synergistic effects of business combinations and are not larger than the reporting segments
determined by the Company.During impairment testing if there are signs of impairment in the asset group or combination of asset
groups related to goodwill the impairment test is first conducted on the asset group or combination of
asset groups excluding goodwill. The recoverable amount is calculated and the corresponding
impairment loss is recognized. Then the impairment test is conducted on the asset group or
combination of asset groups including goodwill. The book value is compared with the recoverable
amount. If the recoverable amount is lower than the book value the impairment loss of goodwill is
recognized.
30Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Once the asset impairment loss is recognized it will not be reversed in subsequent accounting periods.
22. Long-term prepaid expenses
The long-term deferred expenses incurred by the Company are priced at actual cost and amortized
evenly over the expected benefit period. For long-term deferred expense items that do not benefit future
accounting periods their amortized value is fully recorded in profit or loss for the current period.
23. Employee benefits
(1) Scope of employee benefits
Employee benefits refers to various forms of remuneration or compensation given by enterprises to
obtain services provided by employees or terminate labor relations. Employee benefits refer to all forms
of consideration or compensation given by the Company in exchange for service rendered by
employees or for termination of employment relationship which include short-term employee benefits
post-employment benefits termination benefits and other long-term employee benefits. The benefits
provided by enterprises to employees' spouses children dependents survivors of deceased employees
and other beneficiaries also belong to employee benefits.Based on liquidity employee benefits is separately presented in the Employee benefits payable and
Long-term employee benefits payable items on the balance sheet.
(2) Short-term employee benefits
Short-term employee benefits include wages or salaries bonus allowances and subsidies staff welfare
premiums or contributions on medical insurance work injury insurance and maternity insurance
housing funds union running costs and employee education costs and short-term paid absences. The
short-term employee benefits actually occurred are recognized as a liability in the accounting period in
which the service is rendered by the employees with a corresponding charge to the profit or loss for the
current period or the cost of relevant assets.
(3) Post-employment benefits
The Company classifies post-employment benefit plans as either defined contribution plans or defined
benefit plans. Defined contribution plans are post-employment benefit plans under which the Company
pays fixed contributions into a separate fund and will have no obligation to pay further contributions; and
defined benefit plans are post-employment benefit plans other than defined contribution plans. During
the reporting period the Company’s post-employment benefits mainly include basic pensions
unemployment insurance and supplementary pensions and all of them belong to the defined
contribution plans; non-planned expenses provided to retired employees fall under defined benefit
plans.Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by local
authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on the
basic pensions are calculated according to the bases and percentage prescribed by the relevant local
authorities. When employees retire the relevant local authorities are obliged to pay the basic pensions
to them
Supplementary pensions
31Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company purchases supplementary pensions for employees and pays insurance premium
according to the policies of the parent company Guangdong Energy Group.The amounts based on the above calculations are recognized 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 Company uses 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:
Service costs (including current service costs and settlement gains and losses);
Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit plan
obligations); as well as remeasure the changes arising from the net liability of the defined benefit plan.Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss for
the current period. Changes arising from the remeasurement of net liabilities of defined benefit plans
including actuarial gains or losses are recorded in other comprehensive income.
(4) Termination benefits
The Company recognizes a liability arising from compensation for termination of the employment
relationship with employees with a corresponding charge to profit or loss for the current period at the
earlier of the following dates: when the Company cannot unilaterally withdraw an employment
termination plan or a curtailment proposal; or when the Company recognizes costs or expenses for a
restructuring that involves the payment of termination benefits.For the implementation of internal employee retirement plans the economic compensation before the
official retirement date is considered as a dismissal benefit. From the date when the employee ceases
to provide services until the normal retirement date the proposed payment of wages for early retired
employees and social insurance premiums are included in profit or loss for the current period on a
one-time basis. The economic compensation after the official retirement date (such as normal pension
benefits) is treated as post-employment benefits.
(5) Other long-term benefits
Early retirement benefits:
The Company offers early retirement benefits to those employees who accept early retirement
arrangements. The early retirement benefits refer to the salaries and social security contributions to be
paid to and for the employees who accept voluntary retirement before the normal retirement date
prescribed by the State as approved by the Management. The Group pays early retirement benefits
to those early retired employees from the early retirement date until the normal retirement date. The
Group accounts for the early retirement benefits in accordance with the treatment for termination
benefits in which the salaries and social security contributions to be paid to and for the early retired
employees from the off-duty date to the normal retirement date are recognized as liabilities with a
corresponding charge to the profit or loss for the current period. The differences arising from the
changes in the respective actuarial assumptions of the early retirement benefits and the adjustments of
32Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
benefit standards are recognized in profit or loss in the period in which they occur.The termination benefits expected to be paid within one year from the balance sheet date are presented
as Employee benefits payable.
24．Provisions
If the obligations related to contingencies simultaneously meet the following conditions the Company
will recognize them as provisions：
(1) This obligation is a present obligation undertaken by the Company;
(2) It is probable that an outflow of economic benefits will be required to settle the obligation;
(3) The amount of the obligation can be reliably measured.
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 carrying amount of provisions is reviewed at each balance sheet date
and adjusted to reflect the current best estimate.If the expenditure required to settle the confirmed provisions is expected to be fully or partially
compensated by a third party or other parties the compensation amount can only be separately
recognized as an asset when it is virtually certain that it will be received. The recognized compensation
amount shall not exceed the book value of the confirmed liability.
25. Revenue
(1) General principles
The Company recognizes revenue when it has fulfilled its performance obligations under the contract
that is when the customer obtains control over the relevant goods or services.If a contract contains two or more performance obligations the Company on the contract start date
allocates the transaction price to each individual performance obligation based on the relative proportion
of the separate selling prices of the goods or services promised under each individual performance
obligation and measures revenue based on the transaction price allocated to each individual
performance obligation.When one of the following conditions is met it is considered fulfilling the performance obligation within a
certain time period; otherwise it is considered fulfilling the performance obligation at a certain point in
time:
1 Customers obtain and consume the economic benefits brought by the Company's performance
while the Company is fulfilling its contract.
2 Customers have the ability to control the goods that are in progress during the Company's
fulfillment process.
3 The goods produced by the Company during the performance of the contract have irreplaceable
33Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
uses and the Company has the right to collect payments for the accumulated performance
completed to date throughout the contract period.For performance obligations that are fulfilled within a certain period the Company recognizes revenue
based on the progress of fulfillment during that period. When the progress of fulfillment cannot be
reasonably determined if the costs already incurred by the Company are expected to be compensated
revenue is recognized at the amount of the costs already incurred until the progress of fulfillment can be
reasonably determined.For performance obligations that are fulfilled at a certain point in time the Company recognizes revenue
at the point when the customer obtains control over the relevant goods or services. In determining
whether the customer has obtained control over the goods or services the Company considers the
following indicators:
1 The Company has a current right to receive payment for the goods or services which means the
customer has a current obligation to pay for the goods.
2 The Company has transferred the legal ownership of the product to the customer meaning that the
customer now holds the legal ownership of the product.
3 The Company has transferred the physical possession of the product to the customer meaning
that the customer has physically taken possession of the product.
4 The Company has transferred the significant risks and rewards of ownership of the goods to the
customer meaning that the customer has assumed the significant risks and rewards of ownership
of the goods.
5 The customer has accepted the product or service.
6 Other signs indicating that the customer has obtained control over the goods.
(2) Specific methods
When the customer obtains control over the relevant goods or services the Company recognizes
revenue based on the expected amount of consideration it is entitled to receive.
1 Revenue from sale of electricity and heat energy
Revenue is recognized when electricity and heat energy are supplied to grid companies or customers
and they obtain control over electricity.
2 Revenue from sale of by-products
Revenue from the sale of goods is recognized when the Company transfers by-products (such as coal
ash) produced by power generations to the designated delivery place pursuant to the contract or
agreement the resource utilization enterprise confirms receipt and obtains control over the by-products.
3 Provision of electric power transaction service
For the electric power transaction service provided by the Company to external parties upon the receipt
of the service revenue is recognized based on the difference between the purchase price and the
selling price of electricity
34Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
4 Rendering of services
The Company provides maintenance services to external clients and recognizes revenue over a period
of time based on the progress of the services completed. The progress of the completed services is
determined by the proportion of incurred costs to the estimated total costs. On the balance sheet date
the Company re-estimates the progress of the completed services to reflect changes in performance.When recognizing revenue based on the progress of completed labor services the Company
recognizes the portion for which it has obtained unconditional rights to receive payment as trade
receivables and the remaining portion as contract assets. Loss provisions are recognized for trade
receivables and contract assets based on ECL for details please refer to(Note V5 (11)). If the contract
price received or receivable by the Company exceeds the labor services completed the excess is
recognized as contract liabilities. The Company presents contract assets and contract liabilities under
the same contract on a net basis.Contract costs include contract performance costs and contract acquisition costs. The costs incurred by
the Company for providing maintenance services are recognized as contract performance costs and
are carried forward and included in the main business costs based on the progress of the completed
services when revenue is recognized.
26. Contract Costs
Contract costs include incremental costs incurred for obtaining the contract and contract performance
costs.Incremental costs incurred to obtain a contract refer to costs that would not have been incurred if the
Company did not obtain the contract (such as sales commissions). If such costs are expected to be
recoverable the Company recognizes them as contract acquisition costs and recognizes them as an
asset. Other expenses incurred by the Company to obtain a contract other than the incremental costs
expected to be recoverable are recognized in profit or loss for the period when they are incurred.For costs incurred in the performance of a contract if they do not fall within the scope of other
enterprise accounting standards such as inventories and simultaneously meet the following conditions
the Company recognizes them as contract performance costs and recognizes them as an asset:
1 The costs are directly attributable to a contract or an anticipated contract including direct labor
direct materials overheads (or similar expenses) costs that are explicitly chargeable to the
customer and other costs that are incurred solely in connection with the contract;
2 The costs enhance the Company's future resources for fulfilling its performance obligations;
3 The costs are expected to be recovered.
Assets recognized for costs of obtaining a contract or costs to fulfil a contract (hereinafter referred to as
assets related to contract cost) shall be amortized on the same basis as revenue recognition of goods
or services related to such assets and recognized into profit or loss for the current period when incurred.When the carrying amount of an asset related to contract costs exceeds the difference between the
following two items the Company makes an impairment provision for the excess and recognizes it as
an asset impairment loss:
1 The remaining consideration that the Company expects to receive in exchange for the goods or
35Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
services to which the asset relates;
2 The costs to be incurred for the transfer of the relevant goods or services.
27. Government grants
Government subsidies are recognized when the conditions attached to the subsidies are met and the
subsidies can be received.For government subsidies for monetary assets they are measured at the received or receivable amount.For government subsidies for non-monetary assets they are measured at fair value; if the fair value
cannot be reliably obtained they are measured at a nominal amount of 1 yuan.Government subsidies related to assets refer to those obtained by the Company and used for the
acquisition construction or formation of long-term assets through other means; otherwise they are
considered government subsidies related to income.For government documents that do not explicitly specify the recipients of subsidies if the subsidy can
form long-term assets the portion of the government subsidy corresponding to the asset value shall be
regarded as government subsidies related to assets and the remaining portion shall be regarded as
government subsidies related to income; if it is difficult to distinguish the entire government subsidy
shall be regarded as government subsidies related to income.Government subsidies related to assets are recognized as deferred income and are recorded in profit or
loss over the useful life of the relevant assets using a reasonable and systematic method. Government
subsidies related to income which are used to compensate for related costs or losses already incurred
are recorded in the current profit or loss. Those used to compensate for related costs or losses in future
periods are recorded in deferred income and are recorded in the current profit or loss during the period
when the related costs or losses are recognized. Government subsidies measured at their nominal
amounts are directly recorded in the current profit or loss. The Company adopts a consistent approach
to handling the same or similar government subsidy transactions.Government subsidies related to daily activities are recorded in other income based on the substance of
the economic transaction. Government subsidies unrelated to daily activities are recorded in
non-operating income.When confirmed government subsidies need to be returned if the book value of the relevant assets was
offset during initial recognition the book value of the assets should be adjusted. If there is a balance of
related deferred income the book balance of the related deferred income should be offset and the
excess should be recorded in profit or loss for the current period. In other cases it should be directly
recorded in t profit or loss for the current period.
28. Deferred tax assets and deferred tax liabilities
Income tax comprises current income tax and deferred income tax. Except for the adjusted goodwill
arising from business combinations or the deferred income tax related to transactions or events directly
recognized in owner's equity which is recorded in owner's equity all other income taxes are recognized
as income tax expenses and recorded in profit or loss for the current period.The Company recognizes deferred income tax using the balance sheet liability method based on the
temporary differences between the carrying amount of assets and liabilities at the balance sheet date
and their tax bases.
36Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The deferred income tax liabilities are recognized for all taxable temporary differences unless the
taxable temporary difference arises from the following transactions:
(1) Initial recognition of goodwill or initial recognition of assets or liabilities arising from transactions that
meet the following criteria: the transaction is not a business combination and at the time of occurrence
it neither affects accounting profit nor affects taxable income (except for individual transactions where
the initially recognized assets and liabilities result in equal amounts of taxable temporary differences
and deductible temporary differences);
(2) For taxable temporary differences related to investments in subsidiaries joint ventures and
associated enterprises the timing of the reversal of such temporary differences can be controlled and it
is likely that such temporary differences will not reverse in the foreseeable future.For deductible temporary differences deductible losses that can be carried forward to future years and
tax credits the Company recognizes the resulting deferred tax assets to the extent that it is likely to
obtain future taxable income that can be used to offset the deductible temporary differences deductible
losses and tax credits unless the deductible temporary differences arise from the following
transactions:
(1) The transaction is not a business combination and at the time of transaction it neither affects
accounting profit nor affects taxable income (except for individual transactions where the initial
recognition of assets and liabilities results in equal amounts of taxable temporary differences and
deductible temporary differences);
(2) For deductible temporary differences related to investments in subsidiaries joint ventures and
associated enterprises corresponding deferred tax assets are recognized when both of the following
conditions are met: the temporary differences are likely to be reversed in the foreseeable future and it is
likely that future taxable income will be available to offset the deductible temporary differences.On the balance sheet date the Company measures deferred tax assets and deferred tax liabilities at
the tax rate applicable during the expected period of asset recovery or liability settlement and reflects
the income tax impact of the expected asset recovery or liability settlement method on the balance
sheet date.On the balance sheet date the Company reviews the carrying amount of deferred tax assets. If it is
likely that sufficient taxable income will not be available in future periods to offset the benefit of the
deferred tax asset the carrying amount of the deferred tax asset is reduced. When sufficient taxable
income is likely to be available the reduced amount is reversed.On the balance sheet date deferred tax assets and deferred tax liabilities are presented at the net
amount after offsetting when both of the following conditions are met:
(1) The taxable entity within the Company has the statutory right to settle current income tax assets and
current income tax liabilities on a net basis;
(2) Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same tax
authority on the same taxable entity within the Company.
37Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
29. Leases
(1) Identification of leases
On the commencement date of the contract the Company as the lessee or lessor evaluates whether
the customer in the contract is entitled to almost all economic benefits arising from the use of the
identified asset during the usage period and has the right to dominate the use of the identified asset
during that period. If one party in the contract relinquishes the right to control the use of one or more
identified assets for a certain period in exchange for consideration the Company deems the contract as
a lease or contains a lease.
(2) The Group as the lessee
At the lease commencement date the Company recognizes the right-of-use asset and measures the
lease liability at the present value of the lease payments that are not paid at that date. Lease payments
include fixed payments the exercise price of a purchase option or termination penalty if the lessee is
reasonably certain to exercise that option etc. Variable lease payments in proportion to sales are
excluded from lease payments and recognized in profit or loss as incurred. Lease liabilities that are due
within one year (inclusive) as from the balance sheet date are included in the current portion of
non-current liabilities.Right-of-use assets of the Group comprise leased land use rights buildings machinery and equipment
and motor vehicles. Right-of-use assets are measured initially at cost which comprises the amount of
the initial measurement of lease liabilities any lease payments made at or before the commencement
date and any initial direct costs less any lease incentives received. If there is reasonable certainty that
the Group will obtain ownership of the underlying asset by the end of the lease term the asset is
depreciated over its remaining useful life; otherwise the asset is depreciated over the shorter of the
lease term and its remaining useful life. The carrying amount of the right-of-use asset is reduced to the
recoverable amount when the recoverable amount is below the carrying amount. .For details，pleaserefer to NoteIII.30.For short-term leases with a term of 12 months or less and leases of an individual asset (when new) of
low value the Company chooses to include the lease payments in the cost of the underlying assets or
in the profit or loss for the current period on a straight-line basis over the lease term instead of
recognizing right-of-use assets and lease liabilities.The Group accounts for a lease modification as a separate lease if both:
1 The modification increases the scope of the lease by adding the right to use one or more
underlying assets;
2 The consideration for the lease increases by an amount commensurate with the stand-alone price
for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the
circumstances of the contract.When lease modifications are not accounted for as a separate lease except for contract modifications
that can adopt a simplified method as stipulated by the Ministry of Finance the Company redetermines
the lease term on the effective date of the lease modification and uses the revised discount rate to
discount the lease payment amount after modification thereby remeasuring the lease liability. If the
lease modification results in a reduction in the scope of the lease or a shortened lease term the
Company correspondingly reduces the book value of the right-to-use asset and includes the related
38Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
gains or losses from partial or complete termination of the lease in profit or loss for the current period.For other lease modifications that result in a remeasurement of the lease liability the Company
correspondingly adjusts the book value of the right-to-use asset.For eligible rent reductions agreed upon in existing lease contracts the Company opts to adopt a
simplified approach. Upon reaching an agreement to terminate the original payment obligation the
undiscounted amount of the reduction is recorded in profit or loss for the current period and the lease
liability is adjusted accordingly.
(3) The Group as the lessor
Leases that have essentially transferred almost all risks and rewards related to the ownership of the
leased asset are classified as financial leases. Other leases are classified as operating leases.Operating leases
Where the Company leases out self-owned buildings and land use rights under operating leases rental
income therefrom is recognized on a straight-line basis over the lease term. Variable rental that is linked
to a certain percentage of sales is recognized in rental income as incurred.For the qualified rent concessions agreed on existing lease contracts the Company applies the practical
expedient to account for the concessions as variable lease payments and record the concessions in
profit or loss during the waiving period
Except that the above changes in qualified contract which are accounted for by applying the practical
expedient for a lease modification the Company accounts for it as a new lease from the effective date
of the modification and considers any lease payments received in advance and receivable relating to
the lease before modification as receivables of the new lease.
30. Right-of-use assets
(1) Criteria for the recognition of right-of-use assets
The Company's right-of-use assets refer to the Company's right to use the leased assets during the
lease term as the lessee.On the commencement date the right-of-use assets shall be initially measured at cost. The cost
includes: the initial measurement of the lease liability; the amount of lease payments paid on or before
the commencement date of the lease term the relevant benefited amount of lease incentive is deducted
if there is a lease incentive; initial direct costs incurred by the Company as the lessee; the costs which
the Company as the lessee expects to incur in dismantling and removing the leased assets restoring
the premises on which the leased assets are located or restoring the leased assets to the agreed lease
terms. The Company as the lessee shall recognize and measure the costs of demolition and
restoration in accordance with the Accounting Standards for Business Enterprises No.13 –
Contingencies. Subsequent adjustments for any remeasurement of lease liabilities are recorded.
(2) Depreciation method for right-of-use assets
The Company adopts the straight-line method for depreciation. If the Company as the lessee can
reasonably determine that it will obtain ownership of the leased asset upon the expiration of the lease
term depreciation will be accrued over the remaining useful life of the leased asset. If it is not
reasonably certain that ownership of the leased asset will be obtained upon the expiration of the lease
39Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
term depreciation will be accrued over the shorter of the lease term or the remaining useful life of the
leased asset.
(3) The impairment test method and impairment provision method for right-to-use assets are described
in Notes III.21.
31. Work safety funds
In accordance with relevant regulations the Company allocates work safety funds in accordance with
the Administrative Measures for the Allocation and Use of Work Safety Expenses in Enterprises (Cai Zi
[2022] No. 136). Subsidiaries engaged in power generation business shall appropriate work safety
funds based on the actual revenue in the previous year and at the following percentages:
* 3% for the proportion of revenue up to RMB10 million in the previous year;
* 1.5% for the proportion of revenue between RMB10 million and RMB100 million in the previous year;
* 1% for the proportion of revenue between RMB100 million and RMB1 billion in the previous year;
* 0.8% for the proportion of revenue between RMB1 billion and RMB5 billion in the previous year;
* 0.6% for the proportion of revenue between RMB5 billion and RMB10 billion in the previous year;
* 0.2% for the proportion of revenue exceeding RMB10 billion in the previous year.Work safety funds are recognized in profit or loss as the Specific reserve item for the current period
when appropriated.When using the special reserve if the expenditures are expenses in nature the expenses incurred are
offset against the specific reserve directly when incurred. If they result in the formation of PPE the
incurred expenditures shall first be collected under the Construction in Progress account. Once the
safety project is completed and reaches its intended usable state the PPE shall be recognized.Simultaneously the special reserves shall be offset against the cost of forming the PPE and the
accumulated depreciation of the same amount shall be recognized. No further depreciation shall be
accrued for this PPE in subsequent periods.
32. Critical accounting estimates and judgements
The Company 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.
(1) Critical judgements in applying the accounting policies
* Classification of financial assets
Significant judgements made by the Company in the classification of financial assets include analysis on
business models and contractual cash flow characteristics.The Company determines the business model for managing financial assets at the portfolio level taking
into account factors such as the methods for evaluating and reporting financial asset performance to
key management personnel the risks affecting financial asset performance and their management
methods as well as the methods for compensating relevant business management personnel.
40Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
When assessing whether the contractual cash flows of financial assets are consistent with the
underlying borrowing arrangements the Company makes the following key judgments: whether the time
distribution or amount of principal may change during the term due to reasons such as early repayment;
whether the interest solely comprises the time value of money credit risk other fundamental borrowing
risks as well as the consideration for costs and profits. For instance whether the amount of early
repayment solely reflects the principal that has not yet been paid and the interest based on the
outstanding principal as well as reasonable compensation paid due to early termination of the contract.* Determination of significant increase in credit risk
When distinguishing the different stages of financial instruments the Company's judgment on significant
increase in credit risk and credit impairment that has occurred is as follows:
The main criteria for the Company to determine a significant increase in credit risk are significant
changes in one or more of the following indicators: the debtor's operating environment internal and
external credit ratings significant changes in actual or expected operating results significant decline in
the value of collateral or the credit rating of the guarantor etc.The main criteria for the Company to determine whether credit impairment has occurred are meeting
one or more of the following conditions: the debtor experiences significant financial difficulties engages
in other debt restructurings or is likely to go bankrupt.* Timing of revenue recognition
With regard to sale of electricity to grid companies the Group supplies electricity to grid companies in
accordance with the contract. Thereafter the grid companies have the right to sell electricity and the
discretion in pricing and take the risks of any price fluctuation or loss of the products. The Group
believes that the grid companies obtain control over electric power upon the receiving of the electric
power. Therefore revenue is recognized upon the receiving of the electric power of grid companies.
(2) 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:
1 Accounting estimates on impairment of PPE
Property plant and equipment are tested for impairment by the Group if there is any indication that they
may be impaired at the balance sheet date by calculating and comparing the recoverable amounts of
the PPE with their carrying amount to check the difference. If the result of the impairment test indicates
that the recoverable amount of the relevant asset is less than its carrying amount a provision for
impairment and an asset impairment loss are recognized 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.The determination of the recoverable amount involves accounting estimates.When assessing whether the aforementioned assets are impaired the Management primarily
evaluates and analyzes from the following aspects: (i) whether events affecting asset impairment have
occurred; (ii) whether the expected present value of cash flows from the continued use or disposal of
the asset is lower than its carrying amount; and (iii) whether the assumptions used in estimating the
41Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
present value of future cash flows are appropriate.The calculation of the present value of future cash flows involves significant estimates and judgments by
management including the discount rate expected on-grid electricity prices expected electricity sale
volume and expected fuel prices for power generation. Changes in these assumptions may have a
significant impact on the present value used in impairment testing and result in the impairment of the
Company's aforementioned long-term assets.
2 Measurement of ECL
The Group calculates ECL through exposure at default and ECL rates and determines the ECL rates
based on probability of default and loss given default or ageing matrix. In determining the ECL rates 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 and parameters related to the estimation of ECL
include the risk of economic downturn external market environment technological environment
changes in customer conditions Gross Domestic Product (GDP) and Consumer Price Index (CPI). The
Group regularly monitors and reviews assumptions and parameters related to the calculation of ECL. In
2023 the Group considered the uncertainty under different macroeconomic scenarios and updated the
relevant assumptions and parameters.
3 Accounting estimates on impairment of goodwill
The Group tests whether goodwill has suffered any impairment at least annually. The recoverable
amount of asset group or group of asset groups is the higher of fair value less the cost of disposal and
the present value of the future cash flows expected to be derived from them. These calculations require
the use of estimates.
4 Income tax and deferred income taxes
The Company is subject to income taxes 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 Company in determining the provision for income tax in each
of these jurisdictions. Where the final tax outcomes of these matters are different from the amounts that
were initially recorded such differences will impact the income tax and deferred income tax provisions
in the period in which such determination is made.As stated in Note IV certain subsidiaries of the Company are high-tech enterprises. The qualification of
high-tech enterprises is valid for three years and upon expiration a new application for high-tech
enterprise recognition must be submitted to the relevant government departments. Based on historical
experience of re-recognition of high-tech enterprises upon expiration in previous years and the actual
situation of these subsidiaries the Company believes that these subsidiaries will continue to obtain
high-tech enterprise recognition in future years and thus calculate their corresponding deferred income
tax at a preferential tax rate of 15%. If certain subsidiaries fail to obtain re-recognition upon expiration of
their high-tech enterprise qualification in the future income tax will need to be calculated at the statutory
tax rate of 25% which will affect the recognized deferred income tax assets deferred income tax
liabilities and income tax expenses.For deductible losses that can be carried forward to future years the Company recognizes
42Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
corresponding deferred tax assets to the extent that it is likely to obtain taxable income in future periods
that can be used to offset the deductible losses. The taxable income obtained in future periods includes
the taxable income that the Company can achieve through normal production and operation activities
as well as the taxable income that will increase when the taxable temporary differences arising in
previous periods are reversed in future periods. The Company determines the taxable income in future
periods based on financial forecasts which involve significant estimates and judgments by management
including expected electricity sale volume expected on-grid electricity prices expected fuel prices for
power generation and other operating expenses. Any discrepancies between actual conditions and
estimates may result in adjustments to the carrying amount of the deferred tax assets.
33. Significant changes in accounting policies and accounting estimates
(1) Significant changes in accounting policies
There was no change in significant accounting policies during the reporting period.
(2) Significant changes in accounting estimates
There was no change in significant accounting estimates during the reporting period.IV. Taxation
1. Main type of taxes and corresponding tax rates
Tax type Tax basis Tax rate
Taxable value-added amount (Tax payable is
calculated using the taxable sale amount
Value-added tax (VAT) multiplied by the applicable tax rate less 3% 5% 6% 9% and 13%
deductible input VAT of the current period) and taxable
value-added amount of hydroelectric generation
City maintenance and
construction tax Amount of VAT paid From 5% to 7%
Corporate income tax Taxable income 12.5% 15% 20% and 25%
Educational surcharge Amount of VAT paid 3%
Local educational
surcharge Amount of VAT paid 2%
Property tax Real estate’s rental income or the residual value fromoriginal value less the deducting proportion 12% and 1.2%
Environmental protection Calculated and paid based on the pollution equivalent
The tax shall be calculated
tax values or the discharge of taxable pollutants multiplied by
and paid according to the
the applicable tax amounts specific tax rates applicableto different pollutants
Subject of taxation Income tax rate
Guangdong Yuedian Zhanjiang Biomass Power Generation Co. Ltd. (Biomass Power
Generation) 15%
Guangdong Wind Power Generation Co. Ltd. (Guangdong Wind Power) 15%
Except for Biomass Power Generation and Guangdong Wind Power which are high-tech enterprises
and are subject to a statutory tax rate of 15% certain subsidiaries experienced a reduction or exemption
in their income tax rates due to other tax preference. For details refer to Note IV. 2. Apart from these
43Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
companies all other entities of the Company are subject to a statutory income tax rate of 25%.
2. Tax preference
(1) Corporate income tax incentives
Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80) the
Company and several subsidiaries are approved to engage in wind power projects and photovoltaic
projects from 1 January 2008 and are exempted from enterprise income tax in the first three years from
the year when the Company generates revenue from operations of those projects and can enjoy 50%
discount in tax rate in the following three years (Three-year Exemptions and Three-year Halves 3E3H).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 “3E3H” 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.The subsidiaries which enjoy this tax preference as listed as below.Corporate name Project name The first year of generatingoperating income
Guangdong Yuedian Qujie Wind Qujie Wailuo Offshore Wind Power Project
Power Co. Ltd. Phase II 2021
Guangdong Yuedian Qujie Wind
Power Co. Ltd. Xinliao Offshore Wind Power Project 2021
Guangdong Yuedian Pingyuan
Wind Power Co. Ltd. Pingyuan Maoping Project 2020
Guangdong Yuedian Pingyuan
Wind Power Co. Ltd. Pingyuan Sishui Project 2021
Guangdong Yuedian Zhanjiang
Wind Power Co. Ltd. Zhanjiang Linfen Hongdong Photovoltaic Project 2023
Laishui Lineng New Energy
Technology Co. Ltd. Laishui 80MW Photovoltaic Power Project 2024
Lanshan Yuefeng New Energy Lanshannan Agricultural-Photovoltaic
Co. Ltd. Complementary Photovoltaic Project 2024
Xiangzhou Yunjiang New Energy Xiangzhou Yunjiang Wind-Solar-Storage
Co. Ltd. Integrated Project Phase III 2025
Xiangzhou Hangjing New Energy Xiangzhou Hangjing Photovoltaic Integrated
Co. Ltd. Project Phase Il 2025
Guangneng Toksun New Energy Guangdong Energy Toksun County 1000 MW
Power Co. Ltd. Wind Power Project 2025
In 2022 the Group's subsidiaries Biomass Power Generation obtained the High-tech Enterprise
Certificate (certificate numbers GR202244008597) issued by the Guangdong Provincial Department of
Science and Technology the Guangdong Provincial Department of Finance and the Guangdong Tax
Service under the State Taxation Administration. The certificate is valid for 3 years and was issued on
December 22 2022. On December 19 2025 Biomass Power Generation renewed its High-tech
Enterprise Certificate (certificate numbers GR202544009668) which was valid for three years from the
date of issue. According to Article 28 of the Enterprise Income Tax Law of the People's Republic of
44Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
China the applicable enterprise income tax rate for Biomass Power Generation in 2025 is 15%.In 2024 the Group's subsidiary Guangdong Wind Power obtained the High-tech Enterprise Certificate
(Certificate No. GR202444008116) jointly issued by the Guangdong Provincial Department of Science
and Technology the Guangdong Provincial Department of Finance and the Guangdong Provincial Tax
Service of the State Taxation Administration. The certificate is valid for 3 years and was issued on
December 11 2024. According to Article 28 of the Enterprise Income Tax Law of the People's Republic
of China the applicable enterprise income tax rate for Guangdong Wind Power in 2025 is 15%.According to the Notice of the State Taxation Administration Guangxi Zhuang Autonomous Region Tax
Bureau on Clarifying the Exemption Policy for the Local Sharing Part of Enterprise Income Tax under
Certain Circumstances (Cai Shui [2023] No. 5) for enterprises newly established in the Beibu Gulf
Economic Zone from 2014 to 2020 and those newly established in the Pearl River-Xijiang Economic
Belt (Guangxi) from 2016 to 2020 which have not previously applied for the exemption of the local
sharing part of enterprise income tax the following exemption policy for the local sharing part of
enterprise income tax shall be implemented: For enterprises that meet the conditions for the preferential
tax policy for enterprise income tax under the national western development program during the period
from 2021 to 2025 they shall be exempt from the local sharing part of enterprise income tax for five
consecutive years starting from the tax year in which they first meet the conditions for the preferential
tax policy for enterprise income tax under the western development program. The subsidiaries of our
company Guangxi Wuxuan Yuefeng New Energy Co. Ltd. Guangxi Hangneng New Energy Co. Ltd.Xiangzhou Yunjiang New Energy Co. Ltd.enjoy the above tax benefits in 2025. 删除[Cedric Li]: and Hainanzhou Longyue New Energy Co. Ltd.According to the approval provided in Announcement No. 6 of 2023 by the State Taxation Administration
Announcement of the Ministry of Finance and the State Taxation Administration on Preferential Income
Tax Policies for Small and Micro Enterprises and Self-Employed Individuals for small and micro-profit
enterprises with annual taxable income not exceeding 1 million yuan the taxable income shall be
calculated at a reduced rate of 25% and the enterprise income tax shall be paid at a rate of 20%. The
aforementioned small and micro enterprises refer to those engaged in industries not restricted or
prohibited by the state and simultaneously meeting three conditions: (1) annual taxable amount do not
exceed RMB 3 million (2) number of employees do not exceed 300 staffs and (3) total assets do not
exceed RMB50 million. Certain subsidiaries of the Company enjoy the above tax benefits in 2025.According to the Notice on Issues Concerning the Implementation of the Preferential Income Tax
Catalogue for Enterprises Engaged in Comprehensive Resource Utilization (Cai Shui [2008] No. 47)
from January 1 2008 enterprises that use resources listed in the Preferential Income Tax Catalogue for
Enterprises Engaged in Comprehensive Resource Utilization (2008 Edition) as their main raw materials
to produce products that meet relevant national or industry standards within the aforementioned
catalogue will have their income calculated at a reduced rate of 90% for the total income of the
enterprise for the current year. The subsidiaries of our group Zhanjiang Electric Power Co. Ltd. and
Guangdong Huizhou Pinghai Power Generation Co. Ltd. use fly ash to produce commercial fly ash
which meets the aforementioned preferential income tax conditions for comprehensive resource
utilization and will enjoy the aforementioned tax benefits in 2025.According to the Notice of the Ministry of Finance and the State Administration of Taxation on Issues
Concerning the Implementation of the Preferential Income Tax Catalogue for Enterprises Using
Specialized Equipment for Environmental Protection the Preferential Income Tax Catalogue for
Enterprises Using Specialized Equipment for Energy and Water Conservation and the Preferential
Income Tax Catalogue for Enterprises Using Specialized Equipment for Safe Production (Cai Shui [2008]
No. 48) enterprises that purchase and actually use specialized equipment for environmental protection
45Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
energy and water conservation and safe production within the scope of the Preferential Income Tax
Catalogue for Enterprises Using Special Equipment for Environmental Protection the Preferential
Income Tax Catalogue for Enterprises Using Special Equipment for Energy and Water Conservation
and the Preferential Income Tax Catalogue for Enterprises Using Specialized Equipment for Safe
Production from January 1 2008 can offset 10% of the investment amount in specialized equipment
against the current year's enterprise income tax payable. If the current year's enterprise income tax
payable is less than 10% of the investment amount it can be carried forward to future years but the
carry-forward period shall not exceed five taxable years. Certain subsidiaries of the group enjoy the
above tax benefits in 2025.
(2) Value-added tax (VAT) incentives
According to the Notice on the Catalogue of Products and Services for Comprehensive Resource
Utilization Eligible for Value-Added Tax Preferences (Cai Shui [2015] No. 78) taxpayers who sell
self-produced products for comprehensive resource utilization and provide services for comprehensive
resource utilization can enjoy the immediate refund policy for VAT. In 2025 the subsidiaries of the Group
includes Guangdong Huizhou Pinghai Power Co. Ltd. Guangdong Yuedian Yunhe Power Co. Ltd.Guangdong Energy Maoming Thermal Power Plant Co. Ltd. Guangdong Yuedian Zhanjiang Biomass
Power Generation Co. Ltd. and Guangdong Yuedian Technology Engineering Management Co. Ltd.enjoyed the immediate tax refund policy for VAT.According to the VAT Policy for Wind Power Generation (Cai Shui [2015] No. 74) a policy of immediate
refund of 50% of the VAT levied on the sale of self-produced electricity products generated by wind
power by taxpayers is implemented. The subsidiaries of the Group including Guangdong Yueneng
Wind Power Co. Ltd. Guangdong Yuedian Dianbai Wind Power Co. Ltd. Huilai Wind Power Co. Ltd.Guangdong Yuedian Shibeishan Wind Power Co. Ltd. Guangdong Yuedian Zhanjiang Wind Power
Generation Co. Ltd. Guangdong Yuedian Xuwen Wind Power Electricity Co. Ltd. and Guangdong
Yuedian Leizhou Wind Power Co. Ltd. enjoy the aforementioned tax benefits in 2025.V. Notes to the consolidated financial statements
1. Cash and bank balances
Item 31/12/2025 31/12/2024
Cash on hand 36244 34030
Cash at bank 1537957020 1041257330
Energy Group Finance Company 13275888592 14286603574
- Deposits 13254660382 14240813564
- Interest receivable 21228210 45790010
Other cash balances 25738324 33925897
Total 14839620180 15361820831
Including: total overseas deposits
Note 1: As at 31 December 2025 there’s no fund that were mortgaged pledged frozen or deposited
offshore with restricted repatriation.Note 2: Information on time deposits in Energy Group Finance Company as at 31 December 2025 is as
follows:
46Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Time deposits 2450238699 3450600000
Note 3: Deposits in Energy Group Finance Company refer to the deposits in Energy Group Finance
Company. Energy Group Finance Company is a financial institution established with the approval of the
People’s Bank of China. Both the Company and Energy Group Finance Company are controlled by
Guangdong Energy Group Co. Ltd. (Guangdong Energy Group GEGC).Note 4: As at 31 December 2025 other cash balances of RMB 25783324 (December 31 2024: RMB
33925897) mainly represented special funds for power trading ecological protection and guarantees.
There were no other cash balances deposited in Energy Group Finance Company. (December 31 2024:
RMB 0).
2. Trade receivables
(1) Disclosed by aging
Aging of accounts 31/12/2025 31/12/2024
Within 1 year 7369698391 7592777022
1 to 2 years 1457893486 1107402430
2 to 3 years 570345518 327271840
Over 3 years 228531999 110384075
Subtotal 9626469394 9137835367
Less: Provision for loss allowance 43284489 36037526
Total 9583184905 9101797841
Note 1: Of the total balanceThe trade receivables for over three years are receivables from renewable
energy subsidies and the Group accrued the provision for estimated credit loss over the entire life
cycle.
(2) Disclosed by method of loss allowance
31/12/2025
Book balance Loss allowance
Category
Proportion Expected Book valueAmount (%) Amount credit lossrate (%)
Provision for loss allowance on an
individual basis
Provision for loss allowance on a
collective basis 9626469394 100.00 43284489 0.45 9583184905
Including:
Trade receivables from sale of electricity 5891319582 61.20 5891319582
Trade receivables from renewable
energy subsidies 3590328183 37.30 35903282 1.00 3554424901
Trade receivables from related parties 48322028 0.50 48322028
Trade receivables from sale of steam
and others 96499601 1.00 7381207 7.65 89118394
Total 9626469394 100.00 43284489 0.45 9583184905
47Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Continued:
31/12/2024
Book balance Loss allowance
Category
Proportion Expected Book valueAmount (%) Amount credit lossrate (%)
Provide for loss allowance on an
individual basis -
Provision for loss allowance on a
collective basis 9137835367 100.00 36037526 0.39 9101797841
Including:
Trade receivables from sale of
electricity 5900005438 64.57 5900005438
Trade receivables from renewable
energy subsidies 3098637451 33.91 30986374 1.00 3067651077
Trade receivables from related parties 37889672 0.41 37889672
Trade receivables from sale of steam
and others 101302806 1.11 5051152 4.99 96251654
Total 9137835367 100.00 36037526 0.39 9101797841
Provision for loss allowance on a collective basis
Group 1: Receivables from sale of electricity
As at 31 December 2025 the Group’s receivables from sale of electricity other than receivables from
renewable energy subsidies are as follows.Item 31/12/2025 31/12/2024
China Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as
Southern Grid) 5701848452 5720572959
State Grid Corporation of China and its subsidiaries (collectively referred to as
State Grid ) 181865979 179432479
Inner Mongolia Electric Power (Group) Co. Ltd (IM Grid). 7605151
Total 5891319582 5900005438
Note 1: Considering the favorable credibility of Southern Grid State Grid and IM Grid there was no
significant credit risk arising from receivable from sale of electricity. Since the possibility of material
losses due to the default by Southern Grid State Grid and IM Grid was extremely low the
corresponding expected credit loss amount is very small and has a minimal impact on the Company's
financial position and operating results. Therefore the Company did not provide estimated credit loss
for the receivables from sale of electricity.
48Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Group 2: Receivables from renewable energy subsidies
As at 31 December 2025 the Group’s receivables from renewable energy subsidies are as follows:
31/12/202531/12/2024
Item Loss Expected Loss ExpectedBook balance allowance credit loss Book balancerate (%) allowance
credit loss
rate (%)
Renewable
energy subsidies 3590328183 35903282 1.00 3098637451 30986374 1.00
receivable
As at 31 December 2025 the Company uses an external evaluation method (referring to data from peer
companies) in determining the expected credit loss rate for receivables of renewable energy subsidies.The expected credit loss rate of Group 2 is 1%.Group 3: Receivables from related parties
As at 31 December 2025 the Group’s receivables from related parties are RMB 48322028 (December
31 2024: RMB 37889672) and the historical loss rate is extremely low .Therefore there was no
significant credit risk arising from receivables from related parties. Since the possibility of material
losses due to the default by related parties was extremely low the Group did not provide estimated
credit loss for the receivables from related parties (December 31 2024: nil).Group 4: Receivables from sale of steam and others
31/12/202531/12/2024
Item Loss Expected ExpectedBook balance allowance credit loss
Book Loss
rate (%) balance allowance
credit loss rate
(%)
Within 1 year 79445355 602998 0.76 93120216 1240536 1.33
1 to 2 years 9765806 2687295 27.52 8182590 3810616 46.57
2 to 3 years 7288440 4090914 56.13
More than 3 years
Total 96499601 7381207 7.65 101302806 5051152 4.99
Note: As of 31 December 2025 the right to collect electric charges of the Group’s certain subsidiaries
was pledged to banks to obtain long-term borrowings with a principal of RMB 3935009425 including
current portion of long-term borrowings with a principal of RMB 456142964 (December 31 2024:
long-term borrowings with a principal of RMB 5171411604 including current portion of long-term
borrowings with a principal of RMB 451067263).
(3) Addition recoveries or reversals of loss allowance in current period
Item Loss allowance
As at 1/1/2025 36037526
Addition in the current period 7248897
Recoveries or reversals in the current period
Written-off in the current period 1934
As at 31/12/2025 43284489
49Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(4) Trade receivabless that were written off in the current period
Item Amount
Written off in the current period 1934
(5) As at 31 December 2025 the top five largest trade receivabless and contract assets by debtors are
as follows:
Item Trade Contract Provision for loss Proportion of totalreceivables_31/12/2025 asset_31/12/2025 allowance balance(%)
Total amount of the
top five largest trade 9447731926 36250749 98.20%
receivables
3. Advances to suppliers
(1) Disclosed by aging
31/12/202531/12/2024
Aging Book balance Loss Book balance Loss
Amount Proportion allowance Amount Proportion allowance(%) (%)
Within 1 year 938091782 96.29 1433330668 99.48
1 to 2 years 32732201 3.36 3926780 0.27
2 to 3 years 1864092 0.19 2833371 0.20
More than 3 years 1551878 0.16 115000 656368 0.05 115000
Total 974239953 100.00 115000 1440747187 100.00 115000
As at 31 December 2025 advances to suppliers with aging over one year amounted to RMB
36148171 (December 31 2024: RMB 7416519) mainly including prepayments for fuels.
(2) Provision for impairment in the current period
Item 2025 2024
As at 1/1/2025 115000 115000
Provision for the current year
Write-off in the current period
Reversal in the current period
As at 31/12/2025 115000 115000
(3) As at 31 December 2025 the five largest advances to suppliers by debtors are as follows:
The total amount of advances to five largest debtors is RMB 846704788 accounting for 86.91% of
total balance.
4. Other receivables
Item 31/12/2025 31/12/2024
Interest receivables
50Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Dividends receivable
Other receivables 527513970 533352169
Total 527513970 533352169
(1) Other receivables
1 Disclosed by aging
Aging 31/12/2025 31/12/2024
Within 1 year 208124629 218929350
1 to 2 years 72391679 50821608
2 to 3 years 34402258 31300019
More than 3 years 277700980 287319585
Subtotals 592619546 588370562
Less: Provision for loss allowance 65105576 55018393
Total 527513970 533352169
Note: Other receivables with aging for more than three years mainly include RMB 59898988 of
supplementary medical insurance receivable from Taikang Pension Insurance Co. Ltd. Guangdong
Branch (Taikang Pension). Taikang Pension mainly provides custody services for the Company’s
supplementary medical insurance fund. The historical loss rate is 0% and the risk of estimated credit
loss is extremely low. On the other hands there is RMB 126885400 of land withdrawal receivable from
the People's Government of Chengjiang Town Meixian District Meizhou City. As the counterparty is a
government unit the risk of estimated credit loss is extremely low.
2 Disclosed by nature of receivable
Item 31/12/2025 31/12/2024
Land withdrawal receivable 129994352 143994333
Supplementary medical insurance fund receivable 107422266 104146571
Receivables from sale of by-products 37218739 50166012
Including : Receivables from related parties 36357610 44546617
Receivables from business units 72689023 86772626
Current trade receivabless from related parties 113189274 60257839
Land deposits receivable 27178680 24007176
Compensation receivable for electricity charges during the demolition and construction
period 14198400 14198400
Others 90728812 104827605
Subtotal 592619546 588370562
Less: Provision for loss allowance 65105576 55018393
Total 527513970 533352169
51Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
3 Provision for loss allowance
31/12/2025
Category Book balance Provision for loss allowance
Proportion Estimated Book valueAmount (%) Amount credit loss rate (%)
Provision for loss allowance on an
individual basis 487881382 82.33 40803734 8.36 447077648
Provision for loss allowance on a
collective basis 104738164 17.67 24301842 23.20 80436322
Total 592619546 100.00 65105576 10.99 527513970
Continued:
31/12/2024
Book balance Provision for loss allowance
Category Estimated Book value
Amount Proportion (%) Amount credit loss rate
(%)
Provision for loss allowances on
an individual basis 420615810 71.49 28597585 6.80 392018225
Provision for loss allowance on a
collective basis 167754752 28.51 26420808 15.75 141333944
Total 588370562 100.00 55018393 9.35 533352169
As at 31 December 2025 provision for loss allowances in Stage 1 are analyzed as follows:
Book Estimated creditCategory balance loss rate (%) over
Provision for
the next 12 months loss allowance
Book value Reason
Provide for loss allowances on
an individual basis
The counterparty is a
Land withdrawal receivable 129994352 129994352 government unit and the risk of
ECL is extremely low.The counterparty is a related
Receivables from related 149546884 149546884 party with a historical loss rate ofparties 0; therefore the risk of ECL is
extremely low.The counterparty is Taikang
Pension which mainly provides
Supplementary medical custody services for the Group’s
insurance fund 107422266 107422266 supplementary medical
receivable insurance fund. The historical
loss rate is 0 and the risk of ECL
is extremely low.The counterparty is a
Land deposits receivable 27178680 27178680 government unit with a historicalloss rate of 0; therefore the risk
of ECL is extremely low.The demolition and construction
Compensation receivable for project is initiated by the
electricity charges during the
demolition and construction 14198400 14198400
government-owned industrial
park which pays compensation
period expenses and the risk of ECL is
extremely low.The counterparty is a
Others 18737066 18737066 government unit with a historical
loss rate of 0; therefore the risk
52Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Book Estimated creditCategory balance loss rate (%) over
Provision for
the next 12 months loss allowance
Book value Reason
of ECL is extremely low
Provision for loss allowances
on a collective basis
Other receivables on a
collective basis 104738164 23.20 24301842 80436322
Total 551815812 4.40 24301842 527513970
As at 31 December 2025 provision for loss allowances in Stage 2 are analyzed as follows:
The Company did not have interest receivable dividends receivable or other receivables that were in
Stage 2.As at 31 December 2025 provision for loss allowances in Stage 3 are analyzed as follows:
Book Estimated credit lossCategory balance rate (%) over the
Provision for Book
entire duration loss allowance value
Reason
Provide for loss
allowances on an
individual basis
Unrecoverable by
Receivables from 20181784 100.00 20181784 estimation since thebusiness units counterparty is financially
difficult.Unrecoverable by
Others 20621950 100.00 20621950 estimation since thecounterparty is financially
difficult.Total 40803734 100.00 40803734
As at 31 December 2025 provision for loss allowances in Stage 1 are analyzed as follows:
Estimated credit Provision for
Category Book loss rate (%)balance within the next loss Book value Reason
12 months allowance
Provide for loss
allowances on an
individual basis
Land withdrawal 143994333 143994333 The counterparty is a government unit andreceivable the risk of ECL is extremely low.Receivables from The counterparty is a related party with a
related parties 104804456 104804456 historical loss rate of 0; therefore the riskof ECL is extremely low.The counterparty is Taikang Pension
Supplementary medical which mainly provides custody services for
insurance fund 104146571 104146571 the Group’s supplementary medical
receivable insurance fund. The historical loss rate is
0 and the risk of ECL is extremely low.
Land deposits The counterparty is a government unit
receivable 24007176 24007176 with a historical loss rate of 0; thereforethe risk of ECL is extremely low.Insurance
compensation
receivable
Compensation The demolition and construction project is
receivable for electricity 14198400 14198400 initiated by the government-owned
53Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Estimated credit
Category Book loss rate (%)
Provision for
balance within the next loss Book value Reason
12 months allowance
charges during the industrial park which pays compensation
demolition and expenses and the risk of ECL is extremely
construction period low.The counterparty is a government unit
Others 867289 867289 with a historical loss rate of 0; therefore
the risk of ECL is extremely low
Provision for loss
allowances on a
collective basis
Other receivables on a
collective basis 167754752 15.75 26420808 141333944
Total 559772977 4.72 26420808 533352169
As at 31 December 2025 provision for loss allowances in Stage 2 are analyzed as follows:
The Company did not have interest receivable dividends receivable or other receivables that were in
Stage 2.As at 31 December 2025 provision for loss allowances in Stage 3 are analyzed as follows:
Book estimated credit loss rateCategory (%) over the entire Provision for loss Bookbalance duration allowance value
Reason
Provision for loss
allowances on an
individual basis
Receivables from Unrecoverable by estimation
business units 24247040 100.00 24247040 since the counterparty isfinancially difficult.Unrecoverable by estimation
Others 4350545 100.00 4350545 since the counterparty is
financially difficult.Total 28597585 100.00 28597585
4 Recognitions or recoveries or reversals of loss allowance in current period
Stage 1 Stage 2 Stage 3
Provision for loss allowance Estimated credit loss Estimated credit loss over the Estimated credit loss over the Amount
over the next 12 entire duration (no credit entire duration (credit
months impairment has occurred) impairment has occurred)
As at 1/1/2025 26420808 28597585 55018393
Movement in the current
period
- Transfer to the second
stage
- Transfer to the third stage -1804881 1804881
- Reversed to the second
stage
- Reversed to the first stage
Additions 770984 10401268 11172252
Addition due to
consolidation
Reversals -1010020 -1010020
Written-off -75049 -75049
54Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Stage 1 Stage 2 Stage 3
Provision for loss allowance Estimated credit loss Estimated credit loss over the Estimated credit loss over the Amount
over the next 12 entire duration (no credit entire duration (credit
months impairment has occurred) impairment has occurred)
As at 31/12/2025 24301842 40803734 65105576
5 Other receivables that were written off in the current period
Item Amount
Written off in the current period 75049
6 As at 31 December 2025 top five largest other receivables by debtors are as follows:
Debtor Nature Other receivables Aging Proportion (%) of Provision foras at 31/12/2025 Total Balance loss allowance
People’s Government of
Chengjiang Town Meixian Land withdrawal
More
receivable 126885400 than 3 21.41District Meizhou City years
Supplementary
Taikang Pension medical insurance fund 104699135 Within 5
receivable years
17.67
Guangdong Electric Power
Industry Fuel Co. Ltd. (Industry Receivables for coal 54738075 Within 3 9.24
Fuel) settlement years
Guangdong Energy Financial
Leasing Co. Ltd. (Financial Receivables from related Within 1
Leasing) party transactions
33507710 year 5.65
Guangdong Yuedian Receivables from related
Environmental Protection Co. parties for sale of 26637552 Within 1 4.49
Ltd. (Yuedian Environmental) by-products year
Total 346467872 -- 58.46
5. Inventories
(1) Inventories by categories
31/12/202531/12/2024
Item
Book balance Provision Book value Book balance Provision Book value
Fuel 1511472004 1511472004 1805708131 1805708131
Spare parts 850474442 69179186 781295256 816618983 47494841 769124142
Others 1052535 1052535 2287216 2287216
Total 2362998981 69179186 2293819795 2624614330 47494841 2577119489
(2) Provision for inventories
Item 31/12/2024 Increase Written off 31/12/2025
Spare parts 47494841 21698425 14080 69179186
Provision for inventories (Continued)
Item Basis for determining net realizable value/remaining Reasons for reversal or write-offconsideration and the costs that will be incurred in the current period
Spare parts The carrying amount is higher than the amount of net realizablevalue of the disposal proceeds less costs to sell. Disposal/Use/Scrap
55Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
6. Other current assets
Item 31/12/2025 31/12/2024
Input VAT to be deducted/to be certified 2354384466 1817634077
Prepayment of income tax 71607948 128279470
Carbon emission rights assets 2218624 17781065
Others 2121 7574974
Total 2428213159 1971269586
7. Long-term equity investments
Item 31/12/2025 31/12/2024
Joint ventures 1580711135 1211503389
Associates 10106178517 9744588983
Subtotal 11686889652 10956092372
Less: Provision for impairment of long-term equity investments 143433433 143433433
Total 11543456219 10812658939
56Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
31/12/2024 Changes in increase or decrease in the current period 31/12/2025
Investment Declared
Invested entity
Book value Provision for Addition in
Reduction
in income
Other Other cash Provision for Provision for
impairment investment investment recognized by
comprehensive movements dividends or impairment Others Book value impairment
equity method income profits
* Joint ventures
Guangdong Electric
Power Industry Fuel
Co. Ltd. (Industrial 1040305944 300000000 85682458 2015435 1873717 23282400 1406595154
Fuel)
China Aviation
Shenxin Wind
Power Co. Ltd. 168647135 4161732 172808867
(China Aviation
Shenxin)
Zhanjiang Yuexin
Distributed Energy
and Technique Co. 2550310 -1243196 1307114
Ltd. (Yuexin
Energy)
Subtotals 1211503389 300000000 88600994 2015435 1873717 23282400 1580711135
* Associates
Shanxi Yuedian
Energy Co. Ltd.(Shanxi Yuedian 3932626743 267323639 81882 17134720 4182897544
Energy)
Guoneng Yuedian
Taishan Power
Generation Co. 2064860619 89704315 -17207 5115535 86021794 2073641468
Ltd.Guangdong Energy
Group Finance Co.Ltd. (Energy Group 1791874724 158010247 -61087170 10363962 92152103 1807009660
Finance Company)
Guangdong Energy
Finance Leasing
Company (Energy 823842858 21124420 844967278
Finance Leasing
Company)
57Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
31/12/2024 Changes in increase or decrease in the current period 31/12/2025
Reduction Investment DeclaredInvested entity
Book value Provision for Addition in
Other
impairment investment in
income Other cash Provision for Provision for
investment recognized by
comprehensive
income movements dividends or impairment
Others Book value impairment
equity method profits
Guangdong Energy
Property Insurance 309986789 13515269 2291873 321210185
Captive Co. Ltd.Guangdong
Yuedian Shipping
Co. Ltd. (Yuedian 126436319 21467919 -629116 -643515 146631607
Shipping)
Guizhou Yueqian
Power Co. Ltd. 272287737 5391285 -9331 -827613 276842078
(Yueqian Power)
Yunnan Energy
Investment Weixin
Co. Ltd. (Weixin 122614153 122614153
Yuntou)
Southern Offshore
wind power Union
Development Co.Ltd.(Southern 214625049 1750788 1823110 214552727
Offshore Wind
Power)
Guangdong Energy
Group Corporate
Services Co. Ltd. 27000000 32824 27032824
(Energy Corporate
Services)
Others 64614712 20819280 8601447 5256446 67959713 20819280
Subtotals 9601155550 143433433 27000000 586922153 -61742824 14090251 204680046 9962745084 143433433
Total 10812658939 143433433 327000000 675523147 -59727389 15963968 227962446 11543456219 143433433
58Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Note 1: As at 31 December 2025 the Company’s subsidiary Guangdong Wind Power Company
(Guangdong Wind Power) held 51% shares of China Aviation Shenxin. According to the articles of
association of China Aviation Shenxin the resolution of the shareholders ’ meeting must be
unanimously adopted by shareholders representing more than 2/3 of the voting rights. Therefore China
Aviation Shenxin is jointly controlled by the Company’s subsidiary Provincial Wind Power and Inner
Mongolia Electric Power Survey & Design Institute Co. Ltd. which holds 49% shares of China Aviation
Shenxin.Note 2: The Company determines significant long-term equity investments based on a comprehensive
consideration of factors such as the book value of joint ventures and associated enterprises and the
proportion of long-term equity investment income accounted for by the equity method in the Company's
consolidated net profit. In 2025 the Company had no significant impairment of long-term equity
investments.In the current year the change in other equity of long-term equity investments in joint ventures
amounted to RMB 1873717 (2024: RMB 549222) which was recorded in capital reserves.In the current year the change in other equity of long-term equity investments in associated enterprises
recorded in capital reserves amounted to RMB 14090251 (2024: RMB 6154986).
8. Investments in other equity instruments
Item 31/12/2025 31/12/2024
Shenergy Company Limited (Shenergy) 432040906 527001051
Sunshine Insurance Group Company Limited (Sunshine Insurance) 1226572760 884831222
Shenzhen Capital Group Co. Ltd. (SCG) 1232000000 1124000000
Others 119076222 114457600
Total 3009689888 2650289873
Note: The Company does not participate in or influence the financial and operating decisions of the
above investees in any ways. Therefore the Company has no significant influence on the above
investees and accordingly they are accounted for as investments in other equity instruments.As at 31 December 2025 the Company held 55532250 tradable A shares in Shenergy with fair value
of RMB 432040906 and the investment cost was RMB 235837988. The investment was stated at fair
value with reference to the market price. During the year losses at fair value amounted to RMB
94960145 (2024: Gains of RMB 170484007) and other comprehensive income was adjusted
downwards accordingly.As at 31 December 2025 the Company held 350000000 shares in Sunshine Insurance including
238000000 domestic shares and 112000000 tradable HK shares. The fair value was RMB
1226572760 and the investment cost was RMB 356000000. The investment was stated at fair value
with reference to the market price. During the year gains at fair value amounted to RMB 341741538
(2024: Loss of RMB 494168780) and other comprehensive income was adjusted upwards
accordingly.As at 31 December 2025 the fair value of the equity that the Company held in Shenzhen Capital Group
(SCG) amounted to RMB 1232000000 and the investment cost was RMB 328034000. The
Company used the discounted cash flow model and the market comparable company model to estimate
the value of this investment. During the current year gains at fair value amounted to RMB 108000000
59Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2024: Gains of RMB 110000000) and other comprehensive income was adjusted upwards
accordingly.Gains and losses Gains and losses Accumulated gains and
Item recognized in other accumulated in other
Dividend
comprehensive income in comprehensive income at income for the
losses transferred to Reason for
current period retained earnings due to derecognitionthe current period the end of the period derecognition
Shenergy
Company -94960145 196202918 24989512
Limited
Sunshine
Insurance
Group 341741538 870572760 66500000
Company
Limited
Shenzhen
Capital Group 108000000 903966000 22038083
Co. Ltd.Others 4618622 96785594 2628000
9. Investment properties
(1) Investment property measured at cost
Item Buildings Land use rights Total
I.Original book value
1. As at 1/1/2025 489485969 46042801 535528770
2. Additions in the current period 169488 169488
(1) Outsourcing
(2) PPE transfers in 169488 169488
3. Reduction in the current period 12249358 12249358
(1) Disposal
(2) Other transfers out 12249358 12249358
4. As at 31/12/2025 477406099 46042801 523448900
II. Accumulated depreciation and accumulated amortization
1. As at 1/1/2025 185181820 13853364 199035184
2. Additions in the current period 7572111 904136 8476247
(1) Accrual or amortization 7411097 904136 8315233
(2) PPE transfers in 161014 161014
3. Reduction in the current period 7840015 7840015
(1) Disposal
(2) Other transfers out 7840015 7840015
4. As at 31/12/2025 184913916 14757500 199671416
III. Impairment provision
1. As at 1/1/2025
2. Additions in the current period
3. Reduction in the current period
4. As at 31/12/2025
IV. Book value
1. As at 31/12/2025 292492183 31285301 323777484
60Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Buildings Land use rights Total
2. As at 1/1/2025 304304149 32189437 336493586
In 2025 depreciation expense of investment properties was RMB 8315233 (2024: RMB 8650211)
among which depreciation expenses recorded in cost of sale and general and administrative expenses
were RMB 7679635 and RMB 635598 respectively (2024: RMB 8014613 and RMB 635598).
10. Property plant and equipment (PPE)
Item 31/12/2025 31/12/2024
PPE 85751864102 73507162717
Disposals of PPE 144693413 121635938
Total 85896557515 73628798655
(1) PPE
1 PPE
Power
Item Buildings generation Motor
equipment vehicles
Other equipment Total
I. Original book value:
1. As at 1/1/2025 38950432707 110378016870 729602285 1630744434 151688796296
2. Additions in the current
period 2464358815 15583294673 112595317 708221246 18868470051
(1) Acquisition 79481593 327516571 38047876 634785046 1079831086
(2) Transfer-in of
construction in progress (CIP) 2372627864 13853997743 74547441 73436200 16374609248
(3) Consolidated increase 1401780359 1401780359
(4) Transfer-in of
investment properties 12249358 12249358
3. Reduction in the current
period 159222480 1962747747 24217606 52371350 2198559183
(1) Disposal or scrapping 159052992 1962747747 24217606 52371350 2198389695
(2) Transfer-out of
investment properties 169488 169488
4. As at 31/12/2025 41255569042 123998563796 817979996 2286594330 168358707164
II. Accumulated depreciation
1. As at 1/1/2025 14372472485 59561296584 515563167 1311268875 75760601111
2. Additions in the current
period 985522186 4827760962 38040589 92241872 5943565609
(1) Accrual 977682171 4570806533 38040589 92241872 5678771165
(2) Transfer-in of
right-of-use assets 256954429 256954429
(3) Transfer-in of
investment properties 7840015 7840015
3. Reduction in the current
period 50618386 1308031772 22750866 47964356 1429365380
(1) Disposal or scrapping 50457372 1308031772 22750866 47964356 1429204366
(2) Transfer-out of
investment properties 161014 161014
4. As at 31/12/2025 15307376285 63081025774 530852890 1355546391 80274801340
61Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Power
Item Buildings generation Motor Other equipment Total
equipment vehicles
III. Impairment provision
1. As at 1/1/2025 1014348663 1401265401 1212465 4205939 2421032468
2. Additions in the current
period 16019730 221344852 3571 237368153
(1) Accrual 16019730 212738874 3571 228762175
(2) Transfer-in of CIP - 8605978 - 8605978
3. Reduction in the current
period 85118355 241070952 169592 326358899
(1) Disposal or scrapping 85118355 241070952 169592 326358899
4. As at 31/12/2025 945250038 1381539301 1212465 4039918 2332041722
IV. Book value
1. As at 31/12/2025 25002942719 59535998721 285914641 927008021 85751864102
2. As at 1/1/2025 23563611559 49415454885 212826653 315269620 73507162717
Note 1: As at 31 December 2025 there were no power generation equipment or buildings used as
collateral for long-term borrowings. (December 31 2024: None).In 2025 depreciation expense of PPE recorded in cost of sale General and administrative expenses
construction in progress research and development expenses and selling expenses are set out as
follows:
Item 2025 2024
Construction in progress 12580925 8045170
Cost of sale 5515082581 5026021242
Research and development expenses 70657480 80994510
Selling expenses 2454504 2336060
Administrative expenses 77995675 74235433
Total 5678771165 5191632415
2 Impairment of PPE
Increased in the c
Item 31/12/2024 urrent Decreased in the
year current year
31/12/2025
Lincang Yuedian Energy Co. Ltd. (Lincang Energy) 758537917 2039246 756498671
Guangdong Yuedian Zhanjiang Biomass Power
Generation Co. Ltd. (Biomass Power Generation) 299252214 5746907 293505307
Guangdong Yuedian Bohe Energy Co. Ltd. (Bohe
Energy) 242581683 31389974 211191709
Tumushuke Thermal Power Co.Ltd. 190878282 190878282
Guangdong Yuedian Jinghai Power Generation Co.Ltd. (Jinghai Power) 166809633 35864555 14645256 188028932
Guangdong Yuehua Power Generation Co. Ltd. 135139793 135139793
Guangdong Yuedian Shaoguan Power Plant Co.Ltd. (Shaoguan Power Plant) 111457396 23917198 12418790 122955804
Guangdong Electric Power Development Co. Ltd.Shajiao A Power Plant (Shajiao A Power Plant) 154706578 38245760 116460818
Guangdong Yuedian Shibeishan Wind Power Co. 52827600 52827600
62Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increased in the c
Item 31/12/2024 urrent Decreased in the
year current year
31/12/2025
Ltd. (Shibeishan Wind Power)
Gaotang Shihui New Energy Co. Ltd. (Gaotang New
Energy) 52693659 52693659
Guangdong Guangye Nanhua New Energy Co. Ltd.(Nanhua New Energy) 6686632 42635132 49321764
Guangdong Yueneng Wind Power Co. Ltd.(Yueneng Wind Power) 11738926 30476491 42215417
Guangdong YueDian YunHe Power Generation Co.Ltd. (Yunhe Power) 10288701 28232492 2073745 36447448
Guangdong Energy Maoming Thermal Power Plant
Co. Ltd. (Maoming Thermal Power) 29751684 13670954 16080730
Guangdong Red Bay Power Co. Ltd. (Red Bay
Power) 122445557 108414437 14031120
Guoyang County Herun New Energy Technology
Co. Ltd. (Herun New Energy) 12065834 12065834
Shenzhen Guangqian Electric Co. Ltd. 8912678 2876814 619759 11169733
Qinglong Manchu Autonomous County Jianhao
Photovoltaic Technology Co. Ltd. (Jianhao PV). 999963 8605978 9605941
Zhanjiang Zhongyue Energy Co. Ltd. (Zhongyue
Energy) 10416562 1036029 9380533
Zhanjiang Electric Power Co. Ltd. 18822875 10392229 8430646
Guangdong Huizhou Natural Gas Power Co. Ltd. 3113647 1666 3111981
Guangdong Yuedian Yangjiang Offshore Wind
Power Co. Ltd. (Yangjiang Wind Power) 80459184 80459184
Guangdong Yuedian Pingyuan Wind Power Co. Ltd.(Pingyuan Wind Power) 5204963 5204963
Total 2421032468 237368153 326358899 2332041722
For the Company's significant PPE for which there are impairment indications and the asset balances
exceed RMB 500 million the relevant impairment assumptions are presented as follows:
Note 1: In 2025 some power generation equipment of the Company’s subsidiaries —Shihui New
Energy Jinghai Power Yunhe Power Shaoguan Power Plant Herun New Energy and Shenzhen
Guangqian Electric Power Co. Ltd.— was subject to technical renovation and other improvement
activities. The equipment parts which were to be removed or replaced were terminated or disposed of in
advance.. As a result relevant assets showed indicators of impairment and an impairment provision of
RMB 155650552 was recognized. In addition Jianhao PV recognized PPE impairment transferred
from CIP impairment amounting to RMB 8605978.Note 2: The Company’s subsidiary Nanhua New Energy is principally engaged in wind power
generation with its generating units located in Zhanjiang Guangdong. In 2025 due to changes in
market electricity prices and other factors the Company incurred operating losses and the long-term
assets of Nanhua New Energy exhibited indicators of impairment. Nanhua New Energy was treated as
a cash-generating unit (CGU including goodwill) and was subjected to an impairment test. The
recoverable amount of the CGU was determined based on the present value of expected future net
cash flows amounting to RMB 275905137. Accordingly an impairment provision of RMB 42635132
was recognized. The carrying value of goodwill attributable to Nanhua New Energy has been reduced to
zero and the PPE impairment provision for the year amounted to RMB 42635132.The Company determines the on-grid electricity price electricity sale and fuel price on the basis of
historical experience and forecasts of market development. The key estimates in the forecast period are
projected based on the Group's five-year profitability forecasts and the discount rate is a pre-tax
63Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating
discounted future cash flows are as follows:
Item Key parameter
Prediction period year 5 years
On-grid electricity price during the forecast period (RMB/MWh) 408.65
On-grid electricity price during the stable period (RMB/MWh) 408.65
Subsidized electricity price during the forecast period (RMB/MWh) 157.00
Subsidized electricity price during the stable period (RMB/MWh) 157.00
Electricity sale during the forecast period (MWh) 82665.00
Electricity sale during the stable period (MWh) 82665.00
Pre-tax discount rates 6.54%
Note 3: The Company’s subsidiary Yueneng Wind Power is principally engaged in wind power
generation with its generating units located in Zhanjiang Guangdong. In 2025 due to changes in
market electricity prices and other factors the Company incurred operating losses and the long-term
assets of Yueneng Wind Power exhibited indicators of impairment. Yueneng Wind Power was treated as
a cash-generating unit (CGU including goodwill) and was subjected to an impairment test. The
recoverable amount of the CGU was determined based on the present value of expected future net
cash flows amounting to RMB 231328122. Accordingly an impairment provision of RMB 64151567
was recognized. The carrying value of goodwill attributable to Yueneng Wind Power has been reduced
to zero and the PPE impairment provision for the year amounted to RMB 30476491 while the
intangible assets impairment provision amounted to RMB 33675076.The Company determines the on-grid electricity price electricity sale and fuel price on the basis of
historical experience and forecasts of market development. The key estimates in the forecast period are
projected based on the Group's five-year profitability forecasts and the discount rate is a pre-tax
discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating
discounted future cash flows are as follows:
Item Key parameter
Prediction period year 5 years
On-grid electricity price during the forecast period (RMB/MWh) 552.20
On-grid electricity price during the stable period (RMB/MWh) 552.20
Subsidized electricity price during the forecast period (RMB/MWh) 208.80
Subsidized electricity price during the stable period (RMB/MWh) 208.80
Electricity sale during the forecast period (MWh) 77220.00 to 88357.50
Electricity sale during the stable period (MWh) 88357.50
Pre-tax discount rates 6.63%
3 PPE without property certificates
Item Book value as at 31/12/2025 Reasons for not obtaining certificates of ownership
Buildings 3549551057 Pending to government approval
As at 31 December 2025 management believed that there were neither substantial legal obstacles in
obtaining the certificates nor material adverse impact on the normal operation of the Company.
64Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
65Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2) Disposals of PPE
Item 31/12/2025 31/12/2024 Reason for transfer to disposals of PPE
Parts of power generation equipment 132906108 103795315 Scrapped but not yet disposed
Other equipment 11787305 17840623 Scrapped but not yet disposed
Total 144693413 121635938
11. Construction in progress (CIP)
Item 31/12/2025 31/12/2024
CIP 31568774393 31341212969
Engineering materials 13703777 41637796
Total 31582478170 31382850765
(1) CIP
1 Details of CIP
31/12/202531/12/2024
Project
Book balance Provision for Book value Book balance Provision forimpairment impairment Book value
Qingzhou Offshore Wind Power Project 13075502556 13075502556 12691249231 12691249231
Shache Integrated Energy Photovoltaic Project 1874628732 1874628732
Phase II expansion project of Dapu 3646167763 3646167763
Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 34569691 34569691
Zhaoqing Dinghu Natural Gas Cogeneration Project 37676940 37676940
100MW Photovoltaic Power Generation Project on Xipo Muhong Jinchang
District Jinchang 90453 90453
Phase II project of Bohe Power Plant 2485625431 2485625431 2446503296 2446503296
66Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
31/12/202531/12/2024
Project
Book balance Provision forimpairment Book value Book balance
Provision for
impairment Book value
Hongdong County 200MW Centralized Photovoltaic Power Generation Project 473434501 473434501 382657376 382657376
Guizhou Power Grid's 150MW Photovoltaic Project 270692386 270692386 265354845 265354845
120MW Fishery-Photovoltaic Complementary Project in Qiantang Potou
Zhanjiang City 257852660 257852660 231647619 231647619
Dananhai Cogeneration Project 1256758863 1256758863 894037106 894037106
Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power
Generation Project at Parity Price 331106308 331106308 227916733 227916733
Yunhe Natural Gas Thermal Power Cogeneration Project 1471413559 1471413559 1226670911 1226670911
Jincheng Yuefeng 170MW Photovoltaic Project 418032508 418032508
Yahua New Energy's 50MW Agricultural-Photovoltaic Complementary Renewable
Energy Photovoltaic Power Station Project 330564240 330564240 323164342 323164342
Wuhua Huangni Village Project 211131019 211131019 154681906 154681906
Agrivoltaic Power Generation Project at Changshan Farm Lianjiang Zhanjiang 5390253 5390253
Expansion project of Unit 5 and Unit 6 at Jinghai Power Plant 6339282461 55389093 6283893368 807408490 55389093 752019397
Huadu Cogeneration Project 91404023 91404023 84234472 84234472
Xiangzhou Hangjing Photovoltaic Integration Phase II Project 866380742 866380742
350000 kW Photovoltaic Project of the 45th Regiment of the Third Division of the
Corps 670388068 670388068
1 million kilowatts wind power project in Tuokexun County 831706906 831706906 502897416 502897416
Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 452572118 452572118
Infrastructure construction project for units 5 and 6 at Honghai Bay 919562602 26446447 893116155 401157015 26446447 374710568
Huibo 100MW Photovoltaic Hybrid Project 292040745 292040745 282720095 282720095
Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan
City 203345924 203345924
100MW Wind Power Project in Wangxian Township Wanrong County 304064809 304064809 175444019 175444019
Jingyuan 100000 kW Wind Power Project 379930366 379930366 153864133 153864133
67Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
31/12/202531/12/2024
Project
Book balance Provision for Provision forimpairment Book value Book balance impairment Book value
Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 165354925 165354925 132273480 132273480
Yehai Yuefeng Lingao Bohou Town 100MW Agrivoltaic Power Generation Project 132801599 132801599 23956736 23956736
Huizhou Advanced Materials Industrial Park Cogeneration and Cooling Project 320071710 320071710 13438368 13438368
Karamay Silk Road New Cloud Intelligent Computing Center Supporting
Renewable Energy Project 377365229 377365229 3562784 3562784
Other infrastructure projects 1034070419 284948812 749121607 1026078305 215605096 810473209
Technical transformation and other projects 594205162 10383734 583821428 988875469 10383734 978491735
Total 31945942479 377168086 31568774393 31649037339 307824370 31341212969
2 Changes in significant CIP
Increase in the Other Accumulated Including: Capitalized Ratio of capitalizedProject 1/1/2025 current period Transferred to PPE changes capitalized interest for the current interest for the current 31/12/2025interest period period
Qingzhou Offshore Wind Power Project 12691249231 384253325 648729199 212357271 2.24 13075502556
Shache Integrated Energy Photovoltaic Project 1874628732 149246229 2023874961 65898719 30274949 2.43
Phase II expansion project of Dapu 3646167763 2503519464 6149687227 123801488 66228610 2.71
Inner Mongolia Yuefeng 300MW Photovoltaic
Park Project 34569691 75472 34645163 31154397 not applicable
Zhaoqing Dinghu Natural Gas Cogeneration
Project 37676940 3398986 41075926 93550365 not applicable
100MW Photovoltaic Power Generation Project
at Xipo Muhongjinchang District Jinchang 90453 1770785 1861238 10079140 not applicable
Phase II project of Bohe Power Plant 2446503296 2897789751 2858667616 92771327 55912171 2.00 2485625431
200MW centralized photovoltaic power
generation project in Hongdong County 382657376 90777125 23246524 7153605 2.43 473434501
Guizhou Power Grid's 150MW Photovoltaic
Project 265354845 5337541 11032406 4543312 3.45 270692386
120MW Fishery-Photovoltaic Complementary
Project in Qiantang Potou Zhanjiang City 231647619 26205041 13975781 4528311 2.52 257852660
68Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increase in the Accumulated Including: Capitalized Ratio of capitalizedProject 1/1/2025 current period Transferred to PPE
Other
changes capitalized interest for the current interest for the current 31/12/2025interest period period
Dananhai Cogeneration Project 894037106 362721757 51923917 28394188 2.07 1256758863
Laishui Lieneng Laishui County 80MW
Grid-connected Photovoltaic Power Generation 227916733 103189575 15865409 6650324 2.65 331106308
Project at Parity Pricing
Yunhe Natural Gas Thermal Power Cogeneration
Project 1226670911 244908899 166251 40334445 24877971 2.72 1471413559
Jincheng Yuefeng 170MW Photovoltaic Project 418032508 359988834 778021342 13320200 7539972 2.19
Yahua New Energy 50MW Agrivoltaic Renewable
Energy Photovoltaic Power Station Project 323164342 7399898 10537129 5830478 2.58 330564240
Wuhua Huangni Village Project 154681906 56449113 10368552 2787020 3.38 211131019
Agrivoltaic Power Generation Project at
Changshan Farm Lianjiang Zhanjiang 5390253 5390253 7554912
Expansion project of Units 5 and 6 at Jinghai
Power Plant 807408490 5531873971 119190076 82130884 2.50 6339282461
Huadu Combined Heat and Power Generation
Project 84234472 12519172 5349621 77118516 91404023
Xiangzhou Hangjing Photovoltaic Integration
Phase II Project 866380742 22094838 888475580 16282115 16282115 2.76
350000 kW Photovoltaic Project of the 45th
Regiment of the Third Division of the Corps 670388068 317778654 988166722 5159523 5172 2.32 0
1000000 kW Wind Power Project in Tuokexun
County 502897416 328809490 14154149 13096211 2.33 831706906
Xiangzhou Yunjiang Wind-Solar-Storage
Integrated Project 452572118 25638237 478210355 5918149 5918149 2.71 0
Infrastructure construction project for units 5 and
6 at Honghai Bay 401157015 518405587 45722105 31284305 2.35 919562602
Huibo 100MW Photovoltaic Hybrid Project 282720095 9320650 13733055 6253445 2.00 292040745
Agricultural-Photovoltaic Complementary
Photovoltaic Project in Lanshannan City 203345924 374564644 577910568 13284083 8425960 2.82 0
100MW Wind Power Project in Wangxian
Township Wanrong County 175444019 128620790 7297172 5866508 2.31 304064809
Jingyuan 100000 kW Wind Power Project 153864133 226066233 7931025 7061452 2.60 379930366
Flow passage renovation project for Jinghai No. 3
and No. 4 steam turbines 132273480 33081445 506985 458252 2.15 165354925
Yehai Yuefeng Lingao Bohou Town 100MW
Agrivoltaic Power Generation Project 23956736 108844863 1212660 1212660 2.85 132801599
69Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increase in the Other Accumulated Including: Capitalized Ratio of capitalizedProject 1/1/2025 current period Transferred to PPE changes capitalized interest for the current interest for the current 31/12/2025interest period period
Huizhou Advanced Materials Industrial Park
Cogeneration and Cooling Project 13438368 306633342 1610080 1610080 2.14 320071710
Karamay Silk Road New Cloud Intelligent
Computing Center Supporting Renewable Energy 3562784 462273726 88471281 5663754 5663754 2.32 377365229
Project
Other infrastructure projects 1026078305 830332835 822340721 402530136 120147568 not applicable 1034070419
Technical transformation and other projects 988875469 265736422 632294423 28112306 5453991 not applicable 594205162
Total 31649037339 16699626694 16374609248 28112306 2006911484 762494697 31945942479
Changes in significant CIP (Continued)
Proportion of
Project name Budget Investment to the Project Source of Funds
budget (%) progress %
Qingzhou Offshore Wind Power Project 17107250000 81.27 99.45 Borrowing and self-financing
Shache Integrated Energy Photovoltaic Project 12917064600 91.64 100.00 Borrowing and self-financing
Phase II expansion project of Dapu 8134220000 85.60 100.00 Borrowing and self-financing
Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 1572760000 88.99 100.00 Borrowing and self-financing
Zhaoqing Dinghu Natural Gas Cogeneration Project 2998180000 83.65 100.00 Borrowing and self-financing
100MW Photovoltaic Power Generation Project on Xipo Muhong Jinchang District Jinchang 598705600 97.51 100.00 Borrowing and self-financing
Phase II project of Bohe Power Plant 7483510000 83.89 97.52 Borrowing and self-financing
Hongdong County 200MW Centralized Photovoltaic Power Generation Project 516560000 93.22 99.00 Borrowing and self-financing
Guizhou Power Grid's 150MW Photovoltaic Project 589200000 50.57 49.00 Borrowing and self-financing
120MW Fishery-Photovoltaic Complementary Project in Qiantang Potou Zhanjiang City 500232000 50.35 54.00 Borrowing and self-financing
Dananhai Cogeneration Project 2855450000 44.31 44.01 Borrowing and self-financing
Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power Generation Project
at Parity Price 376000000 91.07 95.00 Borrowing and self-financing
Yunhe Natural Gas Cogeneration Project 2809700000 65.65 90.60 Borrowing and self-financing
70Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Proportion of
Project name Budget Investment to the Project
budget (%) progress %
Source of Funds
Jincheng Yuefeng 170MW Photovoltaic Project 884703700 75.62 100.00 Borrowing and self-financing
Yahua New Energy 50MW Agricultural-Photovoltaic Complementary Renewable Energy
Photovoltaic Power Station Project 667970944 66.79 48.42 Borrowing and self-financing
Wuhua Huangni Village Project 336020000 64.54 64.21 Borrowing and self-financing
Agrivoltaic Power Generation Project at Changshan Farm Lianjiang Zhanjiang 294690000 82.89 100.00 Borrowing and self-financing
Expansion project of Units 5 and 6 at Jinghai Power Plant 8049770000 79.82 79.30 Borrowing and self-financing
Huadu Combined Heat and Power Generation Project 3536710000 71.38 88.96 Borrowing and self-financing
Xiangzhou Hangjing Photovoltaic Integration Phase II Project 991800000 89.59 100.00 Borrowing and self-financing
350000 kW photovoltaic project of the 45th Regiment of the Third Division of the Corps 1156680800 85.43 100.00 Borrowing and self-financing
1 million kilowatts wind power project in Tuokexun County 1460000000 56.97 85.00 Borrowing and self-financing
Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 522000000 91.61 100.00 Borrowing and self-financing
Infrastructure construction project for Units 5 and 6 at Honghai Bay 7820820000 10.71 44.58 Borrowing and self-financing
Huibo 100MW Photovoltaic Hybrid Project 651393000 36.39 40.10 Borrowing and self-financing
Agricultural-Photovoltaic Complementary Project in Lanshan Nan City 990870000 57.43 100.00 Borrowing and self-financing
100MW Wind Power Project in Wangxian Township Wanrong County 610594600 50.04 70.00 Borrowing and self-financing
Jingyuan 100000 kW Wind Power Project 681220000 55.53 93.60 Borrowing and self-financing
Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 373000000 44.33 44.30 Borrowing and self-financing
Yehai Yuefeng Lingao Bohou Town 100MW Agrivoltaic Power Generation Project 560030000 23.89 35.67 Borrowing and self-financing
Huizhou Advanced Materials Industrial Park Cogeneration and Cooling Project 2626090000 12.19 13.60 Borrowing and self-financing
Karamay Silk Road New Cloud Intelligent Computing Center Supporting Renewable Energy
Project 970000000 48.02 85.00 Borrowing and self-financing
Other infrastructure projects not applicable not applicable not applicable Borrowing and self-financing
Technical renovation and other projects not applicable not applicable not applicable Borrowing and self-financing
Total 91643195244 -- -- --
71Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
72Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
3 Provision for impairment of CIP
Provision for loss Increase due to Decrease in Reason for
Project 1/1/2025 allowance in the consolidation the current 31/12/2025 provision
current period period
Humen Power Plant Cease
2*1000MW Unit Project 137373040 137373040 construction
Impairment of projects
under construction in the 55389093 55389093 Project
early stage of Jinghai unit stagnation
Impairment of projects
under construction in the Project
early stage of Guangqian 46630454 46630454 stagnation
Power Phase II
Impairment of early-stage
wind power projects under 9421025 8228591 1192434 Project
construction in the province stagnation
Impairment of the Shibei
Mountain Wind Turbine 13927888 13927888 reconstruction of
Project wind turbines
Qinglong Jianhao
Tumenzi 215MW and
Liangshuihe 25MW 8605978 8605978 Asset acquisition
Photovoltaic Power
Generation Projects
Shaoguan Nanxiong
Distributed Wind Power 2725732 2725732 Project
Project stagnation
The relocation
and loss of
surrounding
enterprises near
Yuehua Natural Gas the plant area
Cogeneration Project – led to a reduction
Supporting Heat Network 71428838 71428838 in heat supply
Engineering customers
resulting in the
suspension of
project
construction
Xinhui Taishan Guanghai
Bay Gas-Fired Power 403302 403302 Project
Project stagnation
Bijie City Dafang County Project
New Energy Project 1435952 1435952 stagnation
Dafang County Changshi
Town Shanba 80MW
Agrivoltaic Power Station 523447 523447
Project
stagnation
Project
Qiming Natural Gas Power Cease
Generation Project 10513227 10513227 construction
Other engineering projects 36476892 852213 35624679 Projectstagnation
Total: 307824370 87030498 17686782 377168086 -
73Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
12. Right-of-use assets
Item Land use rights Buildings Machinery and Motorequipment Vehicles Total
I. Original book value:
1. As at 1/1/2025 828311424 98231470 12912058960 18659094 13857260948
2. Increase in the current period 144555687 37105680 1266646172 13812801 1462120340
(1) Add new lease contract 144555687 37105680 1266646172 13812801 1462120340
3. Decrease in the current period 107509358 27086052 1325362381 8167904 1468125695
(1) Lease modification 28969323 7712687 36682010
(2) Lease transfer-out 78540035 27086052 1317649694 8167904 1431443685
4. As at 31/12/2025 865357753 108251098 12853342751 24303991 13851255593
II. Accumulated depreciation
1. As at 1/1/2025 64527355 48696978 2031826849 11790691 2156841873
2. Increase in the current period 41064310 26624124 718671609 7490931 793850974
(1) Accrual 41064310 26624124 718671609 7490931 793850974
(2) Consolidation increase
3. Decrease in the current period 4433252 25581773 257754692 8125997 295895714
(1) Lease modification 915584 800263 1715847
(2) Lease transfer-out 3517668 25581773 256954429 8125997 294179867
4. As at 31/12/2025 101158413 49739329 2492743766 11155625 2654797133
III. Impairment provision
1. As at 1/1/2025
2. Increase in the current period
(1) Accrual
3. Decrease in the current period
(1) Transfer out upon lease expiration
4. As at 31/12/2025
IV. Book value
1. As at 31/12/2025 764199340 58511769 10360598985 13148366 11196458460
2. As at 1/1/2025 763784069 49534492 10880232111 6868403 11700419075
The depreciation expense in the current period recorded in operating costs general and administrative
expenses construction in progress research and development expenses and selling expenses:
Item 2025 2024
Construction in progress 199307719 188908969
Cost of sale 568241717 557751857
Research and development expenses 734833
Selling expenses 415063 400132
General and administrative expenses 25151642 14045007
Total 793850974 761105965
74Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
13. Intangible assets
(1) Intangible assets
Land use rights Use rights of associated
Item and use right of projects for electricity
Non-patente
sea area transmission and
Software d technology Total
transformation and others
I. Original book value
1. As at 1/1/2025 4525739374 260331315 321440501 107523189 5215034379
2. Increase in the current period 109505574 21115142 8604153 139224869
(1) Purchase 99949410 9603805 7012032 116565247
(2) Transfers from CIP 9556164 11511337 1592121 22659622
(3) Consolidated increase
3. Decrease in the current
period 60996410 19062114 424529 80483053
(1) Disposal 60996410 19062114 424529 80483053
4. As at 31/12/2025 4574248538 260331315 323493529 115702813 5273776195
II. Accumulated amortization
1. As at 1/1/2025 852982870 260331315 199323363 56350663 1368988211
2. Increase in the current period 108512211 25423020 15057854 148993085
(1) Accrual 108512211 25423020 15057854 148993085
(2) Consolidated increase
3. Decrease in the current
period 18586096 18168646 84906 36839648
(1) Disposal 18586096 18168646 84906 36839648
4. As at 31/12/2025 942908985 260331315 206577737 71323611 1481141648
III. Provision for impairment
1. As at 1/1/2025 56502373 448341 2460161 59410875
2. Increase in the current period 33675076 33675076
3. Decrease in the current
period
4. As at 31/12/2025 56502373 448341 36135237 93085951
IV. Book value
1. As at 31/12/2025 3574837180 116467451 8243965 3699548596
2. As at 1/1/2025 3616254131 121668797 48712365 3786635293
Note: As at 31 December 2025 there was no intangible assets arising from internal research and
development of the Company.
(2) The depreciation expense in the current period recorded in operating costs general and
administrative expenses construction in progress research and development expenses and
selling expenses:
Item 2025 2024
Construction in progress 15414879 19208496
Cost of sale 29914170 22451611
Research and development expenses 992914 1327668
General and administrative expenses 102671122 102208295
75Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Total 148993085 145196070
(3) Land use rights without property certificates
Item Book value as at Reasons for not having31/12/2025 obtained the property certificate
Land use rights 22176972 Filing documents are in preparation
14. Goodwill
(1) Original value
Name of the invested entities 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Tumushuke Thermal Power 119488672 119488672
Nanhua New Energy 6158995 6158995
Others 39372264 39372264
Total 165019931 165019931
(2) Provision for impairment
Name of the invested entities 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Tumushuke Thermal Power 119488672 119488672
Nanhua New Energy 6158995 6158995
Others 36922378 36922378
Total 162570045 162570045
Note: All goodwill had been allocated by the Company to the relevant CGU or CGU groups at the
acquisition date. In 2025 the allocation of goodwill remained unchanged. In test for impairment of
goodwill the Company compares the carrying amount of relevant CGU (including goodwill) with its
recoverable amount. If the recoverable amount is lower than the carrying amount the difference is
recorded in profit or loss for the current period. The Company determines the on-grid electricity price
electricity sale and fuel price on the basis of historical experience and forecasts of market development.The key estimates applied in the forecast period are projected based on the Group’s five-year
profitability forecasts and the discount rate is the pre-tax discount rate that reflects specific risks of
relevant assets.
15. Long-term prepaid expenses
Increase in the Decrease in the current period
Item 1/1/2025 current 31/12/2025
period Amortization
Other
decreases
Improvement to right-of-use assets 6984262 1184679 5134337 486040 2548564
Road use rights 30392941 1689225 28703716
Capacity usage fee for step-up
substation 14307988 14307988
Others 18127958 1973377 3432848 16668487
Total 55505161 17466044 10256410 486040 62228755
76Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
16. Deferred tax assets (DTA) and deferred tax liabilities (DTL)
(1) DTA and DTL before offsetting
31/12/202531/12/2024
Item Deductible/taxable Deferred tax Deductible/taxabletemporary temporary Deferred tax
differences assets/liabilities differences assets/liabilities
Deferred tax assets:
Deductible loss 1359766199 339941550 1835121929 458780482
Lease liabilities 2223936509 555984127 1441792757 357536654
Provision for assets
impairment 808442956 202110739 919919108 226760522
Unrealized profits from
intra-group transactions 469222255 117305564 512732957 128183239
Employee benefits payable 244159148 61039787 288549129 72137283
Depreciation of PPE 283862484 70965621 267052329 65313187
Others 108242483 27060621 102268681 25567170
Subtotals 5497632034 1374408009 5367436890 1334278537
Deferred tax liabilities:
Changes in fair value of
investments in other equity
instruments included in 2067397639 516849410 1708127258 427031815
other comprehensive
income
Right-of-use assets 1622538486 405634622 927757509 223639538
Revaluation reserve of
business combinations
involving enterprises not 119632889 29908222
under common control
Depreciation of PPE 52543951 13135988 71982420 17995605
Amortization of land use
rights 14152663 3538166 14535857 3633964
Interest receivable 170118 42530 12272627 3068157
Subtotals 3756802857 939200716 2854308560 705277301
Expected recovery period of DTA and DTL:
31/12/202531/12/2024
Expected to be Expected to be Expected to beItem recovered recovered recovered
Expected to be
within 1 year after 1 year within 1 year
recovered
(inclusive) (inclusive) after 1 year
DTA 183338026 1191069983 107379274 1226899263
DTL 48708245 890492471 26887618 678389683
(2) The net balances of DTA and DTL after offsetting
Item 31/12/2025 31/12/2024
77Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Offsetting Balance after Offsetting Balance after
amount offsetting amount offsetting
DTA 415346566 959061443 235063758 1099214779
DTL 415346566 523854149 235063758 470213543
(3) Details of deductible temporary differences and deductible losses for unrecognized DTA
Item 31/12/2025 31/12/2024
Deductible temporary difference 4980694234 3308593716
Deductible loss 12018511952 11916108217
Total 16999206186 15224701933
(4) Deductible tax losses that are not recognized as DTA which will expire in following years
Year 31/12/2025 31/12/2024 Notes
2025——948443650
202628447420643667099962
202745807172534248817127
202810701793461125934980
202915643698651925812498
20301958503424——
Total 12018511952 11916108217
Management considers that as at the maturity date for the above deductible losses the relevant subject
of tax payment has no sufficient taxable profits to deduct the above deductible losses. Therefore no
related DTA was recognized.
17. Other non-current assets
31/12/202531/12/2024
Item
Book balance Provision forimpairment Book value Book balance
Provision for
impairment Book value
Advances for
engineering and 3261450679 3261450679 4684276206 4684276206
equipment
Input VAT to be
deducted 3574552047 3574552047 3561994466 3561994466
Deposits prepaid
for equity 124200000 124200000 392026000 392026000
acquisition
Prepayment for
land use rights 126611629 126611629 66634754 66634754
Others 24353695 24353695 6614523 6614523
Total 7111168050 7111168050 8711545949 8711545949
Note 1: In August 2022 Guangdong Wind Power and Shanxi Hengyang New Energy Co. Ltd.(Hengyang New Energy) signed the Framework Agreement for Acquiring Equity of Wuxiang Lvheng
100MW Photovoltaic Power Generation Project and Guangdong Wind Power paid a deposit of RMB
52200000 as agreed in the agreement in 2022
78Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Note 2: In May 2024 Guangdong Energy Group Xinjiang Co. Ltd. (GEGC Xinjiang) a subsidiary of our
company signed a framework agreement with Jiangsu Saifapower Electric Power Development Co. Ltd.(Saifapower Electric Power) to acquire 100% of the equity held by Saifapower Electric Power in
Kekedala Zhongfu New Energy Co. Ltd. As of 31 December 2025 GEGC Xinjiang had paid a
transaction deposit of RMB 72000000 to Saifapower Electric Power.
18. Assets with restricted ownership or use rights
Item Book value Reason for restriction
Cash and cash equivalents 25738324 Deposits
Trade receivables 958517625 Pledge of collecting electricity fee rights
19. Short-term borrowings
(1) Classification of short-term loans
Item 31/12/2025 31/12/2024
Fiduciary loan 9741011157 14108930833
Note 1: As at 31 December 2025 the Company had no overdue short-term loans.As at 31 December 2025 the short-tem borrowings provided by the related party Energy Group Finance
Company were as follows:
Loans provided by Energy Group Finance Company 31/12/2025 31/12/2024
Principal 4441738486 4533991823
Interest payable 2759966 3651215
20. Notes payable
Types 31/12/2025 31/12/2024
Commercial acceptance bill 160000000
Bank acceptance bill 650000000 570000000
Supply chain financing letter of
credit 869972657 1372292195
Total 1519972657 2102292195
Note 1: As at 31 December 2025 the Company had no notes payables that were due but unpaid
(December 31 2024: nil).
Note 2: In 2025 the Company entered into supply chain financing agreements with banking financial
institutions under which the banking institutions advanced payment to fuel suppliers. The Company
accounted for the payment obligations related to supply chain financing in notes payable and reported
the repayments to the financial institutions as cash paid for goods purchased and services received.
21. Trade payable
Item 31/12/2025 31/12/2024
Fuel payable 3030399013 3109496277
Materials and spare parts payable 387842726 581559457
79Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Repair expenses payable 234655323 229642687
Desulfurization and denitrification expenses payable 54374084 28790799
Contracted operation expenses payable 314416207 71348385
Management fees payable for frequency modulation and energy storage 18984762 23319353
Others 254094788 234888723
Total 4294766903 4279045681
Note 1: As at 31 December 2025 trade payables with ageing over one year amounted to RMB
159059062 (December 31 2024: RMB 63727791) including mainly unsettled trade payable for
materials and spare parts as well as pipeline transportation fees.Note 2: Other trade payables primarily consist of coal transportation fees payable amounting to RMB
112609019 and pipeline transportation fees payable amounting to RMB 51991577.
22. Advances from customers
Item 31/12/2025 31/12/2024
Rental income 67892003
Note: The advances from customers primarily related to the prepaid rental income received by the
Company’s subsidiary GEGC Xinjiang for granting the right to use the step-up collection substation to
Huaneng Turpan Wind Power Co. Ltd.
23. Contract liabilities
Item 31/12/2025 31/12/2024
Advance receipts for goods and services 76228858 32643110
Others 874444 5816718
Subtotal 77103302 38459828
Less: Contractual liabilities included in other non-current liabilities
Total 77103302 38459828
24. Employee benefits payable
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Short-term employee benefits payable 427772873 2985235606 2948715374 464293105
Post-employment benefits - defined
contribution plans 3091283 444849435 444855556 3085162
Termination benefits 116916244 130751876 131003936 116664184
Other benefits maturing within one year 8510788 42179575 42240340 8450023
Total 556291188 3603016492 3566815206 592492474
(1) Short-term employee benefits payable
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
80Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Wages salaries bonus allowances
and subsidies 2399430 2145296201 2145009187 2686444
Employee welfare expenses 3885406 235000306 235732563 3153149
Social insurance contributions 260286559 220208853 183971527 296523885
Including: 1. Medical insurance and
maternity insurance 260286559 206945744 170708418 296523885
2. Industrial injury
insurance premium 13263109 13263109
Housing fund 86760 215164485 215160453 90792
Labour union funds and employee
education funds 150760307 95983417 95627528 151116196
Other short-term employee benefits 10354411 73582344 73214116 10722639
Total 427772873 2985235606 2948715374 464293105
(2) Defined contribution plan
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Post-employment benefits
Including: Basic pensions 55311 288648070 288654046 49335
Unemployment insurance 7390 14326664 14326808 7246
Enterprise annuity contribution 3028582 141874701 141874702 3028581
Total 3091283 444849435 444855556 3085162
(3) Early retirement benefits payable and employee resettlement compensation
Item 31/12/2025 31/12/2024
Early retirement benefits payable 116664184 116916244
Note: The retirement expenses outside the basic pension pool that are expected to be paid within one
year from the date of the balance sheet are listed as the defined contribution plan. For details please
refer to Note V. 34.
25. Taxes payable
Taxation 31/12/2025 31/12/2024
Enterprise income tax payable 79849719 116285242
Unpaid value added tax ? 123386012 111421392
Individual income tax payable 40194293 42378114
Property tax payable 35697145 11355848
City maintenance and construction tax payable 6574977 3500301
Educational surcharge payable 5326932 2760974
Land use tax payable 6091965 2059907
Others 14222271 13678237
Total 311343314 303440015
81Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
26. Other payables
Item 31/12/2025 31/12/2024
Construction and equipment expenses payable 17625958012 14794509103
Project warranty payable 395767744 327109608
Carbon emission allowances payable 256889119 246618393
Advances payable to third parties 4969109 6804566
Environmental restoration costs 111415825
Land compensation 15958335
Others 411427800 434876574
Total 18806427609 15825876579
Note 1: As at 31 December 2025 other payables of RMB 7831706993 (December 31 2024: RMB
3830441329) ) with aging over one year mainly represented construction and equipment expenses
payable and warranty payable yet to be settled since the comprehensive acceptance and settlement of
relevant projects were yet to be completed or projects were still within their warranty periods.Note 2: In 2025 the Company’s subsidiaries Guangdong Huizhou Natural Gas Power Co. Ltd. and Red
Bay Power provided for environmental restoration costs amounting to RMB 111415825.Note 3: In 2024 Yuehua Power Generation received land compensation of RMB 15958335 from
Guangzhou Development District Key Projects Promotion Center. In 2025 the compensation met the
recognition criteria and was recognized in profit or loss for the period.
27. Current portion of non-current liabilities
Item 31/12/2025 31/12/2024
Current portion of long-term borrowings 7971497778 5906727792
Current portion of long-term payables 358639833 44542852
Current portion of debentures payable 1064288075 124279404
Current portion of lease liabilities 491774691 531128288
Total 9886200377 6606678336
(1) Current portion of long-term borrowings
Item 31/12/2025 31/12/2024
Pledged loan 362302615 525709397
Guaranteed loan 141954575 134038051
Fiduciary loan 7467240588 5246980344
Total 7971497778 5906727792
28. Other current liabilities
Item 31/12/2025 31/12/2024
Short-term debentures payable
Output VAT to be written off 520439919 528095817
82Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Total 520439919 528095817
(1) Short-term debentures payable
Bond Name Face value Coupon rate Issuance Maturitydate period Issue Amount
First batch of super short-term
financing notes issued by
Guangdong Electric Power 1300000000 1.50% 2025-8-22 60 days 1300000000
2025 (25 Yuedianfa SCP001)
Short-term debentures payable (continued)
Issued in the Interest at Amortization of Repayment in
Bond Name 1/1/2025 current face premium or the current 31/12/2025 Default
period value discount period or not
25 Yuedianfa
SCP001 1300000000 3205479 1303205479 No
29. Long-term borrowings
Item 31/12/2025 Interest rate 31/12/2024 Interest raterange range
Fiduciary loan 74411197080 1.50%-3.45% 68928106497 1.55%-4.06%
Pledged loan 3951645946 1.96%-3.00% 5173278170 2.26%-3.56%
Guaranteed loan 1218069296 2.65%-3.60% 1346902531 3.10%-4.30%
Subtotal 79580912322 75448287198
Less: current portion of long-term borrowings 7971497778 5906727792
Total 71609414544 69541559406
Note 1: As at 31 December 2025 the right for collecting electricity of certain subsidiaries was treated as
pledge for long-term pledged loan.Note 2: The Company has no overdue long-term borrowings.Note 3: As of 31 December 2025 the principal balance of long-term borrowings borrowed by the
Company’s subsidiary Dacheng County Dun'An New Energy Co. Ltd. (Dun'An New Energy) from
Industrial Bank Co. Ltd. Hohhot Branch amounted to RMB 513638084 including current portion of
long-term borrowings amounting to RMB 30106673 which was secured by Beijing Guangdun New
Energy Technology Co. Ltd. (2024: RMB 542391920 including current portion of long-term borrowings
amounting to RMB 28753836). The annual interest rate of the loan is 2.80% (2024: 3.40%) and the
remaining principal will mature in installments by December 11 2037.As of 31 December 2025 the principal balance of long-term borrowings borrowed by the Company’s
subsidiary Guangdong Yuedian Xuwen Wind Power Electricity Co. Ltd. (Xuwen Wind Power) from the
Energy Group Finance Company amounted to RMB 3826625 including current portion of long-term
borrowings amounting to RMB 588235 which was secured by Zhanjiang Wind Power (2024: RMB
4411765 including current portion of long-term borrowings amounting to RMB 588235). The annual
interest rate of the loan is 2.65% (2024: 3.1%). The remaining principal will mature in installments by
November 28 2031.
83Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
As of 31 December 2025 the principal balance of long-term borrowings borrowed by Tumushuke
Thermal Power a subsidiary of the Company from Shanghai Pudong Development Bank and Urumqi
Bank amounted to RMB 664650000 including current portion of long-term borrowings amounting to
RMB 103050000. The borrowings were guaranteed by the Third Division of Xinjiang Production and
Construction Corps (2024: RMB 760750000 including current portion of long-term borrowings of RMB
96100000) with an annual interest rate of 2.95% (2024: 3.90%). The remaining principal will mature in
installments by June 27 2032.As of 31 December 2025 the principal balance of long-term borrowings borrowed by Tumushuke
Thermal Power a subsidiary of the Company from Bank of China amounted to RMB 31283652
including current portion of long-term borrowings amounting to RMB 5872652. The borrowings were
guaranteed by Thermoelectric Branch of Xinjiang Jintai Electric Power Co. Ltd (2024: RMB 37252866
with no current portion of long-term borrowings) with a loan interest rate of 3.60% (2024: 4.20% to
4.30%). The remaining principal will mature in installments by December 15 2031.
30. Debentures payable
Item 31/12/2025 31/12/2024
21 Yuedian 02 126998416 126964454
21 Yuedian 03 802733618 802658147
22 Yuedianfa MTN001 605575178 605252536
23 Yuedianfa MTN001 1641650539 1641303369
24 Yuedianfa MTN001 1013812118 1013579788
24 Yuedianfa MTN002 1514923106 1514602351
24 Yuedianfa MTN003 603169625 603064342
24 Yuedianfa MTN004A 1004509926 1004289973
24 Yuedianfa MTN004B 501386519 501275303
24 Yuedianfa MTN005 1002065904 1001880113
24 Yuedianfa MTN006A 801874743 801718882
24 Yuedianfa MTN006B 1000981240 1000796146
25 Yuedianfa MTN001 505093156
25 Yuedianfa MTN002 804541947
25 Yuedianfa MTN003 902853033
G23 Yuefeng 2 614415602 614323258
Subtotal 13446584670 11231708662
Less: Current portion of debentures payable 1064288075 124279404
Total 12382296595 11107429258
84Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Changes in debentures payable
Bond Name Face value Coupon rate Issuance date Maturity period Issue Amount
21 Yuedian 02 1500000000 2.45% 2021/4/27 5 years 1500000000
21 Yuedian 03 800000000 3.41% 2021/11/23 5 years 800000000
22 Yuedianfa MTN001 600000000 2.90% 2022/8/24 5 years 600000000
23 Yuedianfa MTN001 1600000000 3.35% 2023/3/15 5 years 1600000000
24 Yuedianfa MTN001 1000000000 2.41% 2024/5/22 5 years 1000000000
24 Yuedianfa MTN002 1500000000 2.54% 2024/7/11 10 Years 1500000000
24 Yuedianfa MTN003 600000000 2.52% 2024/9/9 15 years 600000000
24 Yuedianfa MTN004A 1000000000 2.47% 2024/10/11 5 years 1000000000
24 Yuedianfa MTN004B 500000000 2.70% 2024/10/11 15 years 500000000
24 Yuedianfa MTN005 1000000000 2.70% 2024/10/22 15 years 1000000000
24 Yuedianfa MTN006A 800000000 2.37% 2024/11/11 5 years 800000000
24 Yuedianfa MTN006B 1000000000 2.67% 2024/11/11 15 years 1000000000
25 Yuedianfa MTN001 500000000 2.18% 2025/6/9 10 Years 500000000
25 Yuedianfa MTN002 800000000 2.20% 2025/9/11 5 years 800000000
25 Yuedianfa MTN003 900000000 2.18% 2025/10/17 5 years 900000000
G23 Yuefeng 2 600000000 3.15% 2023/3/20 5 years 600000000
Subtotals 14700000000 14700000000
85Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Changes in debentures payable (continued)
Bond Name 1/1/2025 Issued in the Interest at Amortization of Repayment in thecurrent period face value premium or discount current period 31/12/2025 Default or not
21 Yuedian 02 126964454 3062500 33962 3062500 126998416 No
21 Yuedian 03 802658147 27280000 75471 27280000 802733618 No
22 Yuedianfa MTN001 605252536 17400000 322642 17400000 605575178 No
23 Yuedianfa MTN001 1641303369 53600000 347170 53600000 1641650539 No
24 Yuedianfa MTN001 1013579788 24100000 232330 24100000 1013812118 No
24 Yuedianfa MTN002 1514602351 38100000 320755 38100000 1514923106 No
24 Yuedianfa MTN003 603064342 15120000 105283 15120000 603169625 No
24 Yuedianfa MTN004A 1004289973 24700000 219953 24700000 1004509926 No
24 Yuedianfa MTN004B 501275303 13500000 111216 13500000 501386519 No
24 Yuedianfa MTN005 1001880113 27000000 185791 27000000 1002065904 No
24 Yuedianfa MTN006A 801718882 18960000 155861 18960000 801874743 No
24 Yuedianfa MTN006B 1000796146 26700000 185094 26700000 1000981240 No
25 Yuedianfa MTN001 500000000 6047260 -954104 505093156 No
25 Yuedianfa MTN002 800000000 5171507 -629560 804541947 No
25 Yuedianfa MTN003 900000000 3861288 -1008255 902853033 No
G23 Yuefeng 2 614323258 18900000 92344 18900000 614415602 No
Subtotal 11231708662 2200000000 323502555 -204047 308422500 13446584670
Less: Current portion of debentures payable 124279404 1064288075
Total 11107429258 -- -- -- -- 12382296595
86Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The details of debentures payable of the Company are as follows:
As approved by CSRC Circular SFC License [2019] No. 2477 the Company issued 5-year book-entry
corporate debentures in real-name system with face value of RMB 1500000000 (21 Yuedian 02) to
the public on April 27 2021. The Company altogether raised RMB 1499791783 after deducting an
issue expense of was RMB208217. The debenture’s annual interest rate was 3.50% starting from April
28 2021 and was changed to 2.45% from March 25 2024. It was payable annually on simple interest.
As of 31 December 2025 debentures payable were measured at amortized cost using effective interest
method with the effective interest rate of 2.45% (December 31 2024: 2.45%).As approved by CSRC Circular SFC License [2021] No. 3142 the Company issued 5-year book-entry
corporate debentures in real-name system with face value of RMB 800000000 (21 Yuedian 03) to the
public on November 23 2021. The Company altogether raised RMB 799565033 after deducting an
issue expense of was RMB 434967. The debenture is subject to an annual interest rate of 3.41%
starting from November 24 2021 and should be payable annually on simple interest. As of 31
December 2025 debentures payable were measured at amortized cost using effective interest method
with the effective interest rate of 3.42% (December 31 2024: 3.42%).The Company’s application for registration of middle-term notes has been accepted by the National
Association of Financial Market Institutional Investors (NAFMII) at its 61st meeting in 2022. The
registration would be valid for 2 years starting from 23 May 2022. On 24 August 2022 the Company
issued 5-year middle-term notes with face value of RMB 600000000 in the inter-bank market (22
Yuedianfa MTN001). The Company altogether raised RMB 598290000 after deducting an issue
expense of RMB 1710000 which should be paid in five years. As at 31 December 2025 the issue
expense of RMB 1368000 had been paid. The debenture is subject to an annual interest rate of 2.90%
starting from 26 August 2022 and should be payable annually on simple interest. As at 31 December
2025 debentures payable were measured at amortized cost using effective interest method with the
effective interest rate of 2.96% (31 December 2024: 2.96%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its
154th meeting in 2022. The registered amount of RMB 9000000000 would be valid for 2 years starting
from 7 December 2022. On 15 March 2023 the Company issued 5-year middle-term notes with face
value of RMB 1600000000 in the inter-bank market (23 Yuedianfa MTN001). The Company altogether
raised RMB 1599632000 after deducting an issue expense of RMB368000 which should be paid in
installments over a five-year period. As at 31 December 2025 the issue expense of RMB 220800 had
been paid. The debenture is subject to an annual interest rate of 3.35% starting from 17 March 2023
and should be payable annually on simple interest. As at 31 December 2025 debentures payable were
measured at amortized cost using effective interest method with the effective interest rate of 3.36%(31
December 2024: 3.37%).The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 22 May 2024 the Company issued 5-year middle-term notes with
face value of RMB 1000000000 in the inter-bank market (24 Yuedianfa MTN001). The Company
altogether raised RMB 998768650 after deducting an issue expense of RMB 1231350 which should
be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB
492540 had been paid. The debenture is subject to an annual interest rate of 2.41% starting from 24
May 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures
payable were measured at amortized cost using effective interest method with the effective interest rate
of 2.42%.
87Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 11 July 2024 the Company issued 5-year middle-term notes with
face value of RMB 1500000000 in the inter-bank market (24 Yuedianfa MTN002). The Company
altogether raised RMB 1496600000 after deducting an issue expense of RMB 3400000 which
should be paid in installments over a ten-year period. As at 31 December 2025 the issue expense of
RMB 680000 had been paid. The debenture is subject to an annual interest rate of 2.54% starting from
15 July 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures
payable were measured at amortized cost using effective interest method with the effective interest rate
of 2.54%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 9 September 2024 the Company issued 15-year middle-term notes
with face value of RMB 600000000 in the inter-bank market (24 Yuedianfa MTN003). The Company
altogether raised RMB 598326000 after deducting an issue expense of RMB 1674000 which should
be paid in installments over a fifteen-year period. As at 31 December 2025 the issue expense of RMB
223200 had been paid. The debenture is subject to an annual interest rate of 2.52% starting from 11
September 2024 and should be payable annually on simple interest. As at 31 December 2025
debentures payable were measured at amortized cost using effective interest method with the effective
interest rate of 2.54%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 11 October 2024 the Company issued 5-year middle-term notes
with face value of RMB 1000000000 in the inter-bank market (24 Yuedianfa MTN004A). The Company
altogether raised RMB 998834250 after deducting an issue expense of RMB 1165750 which should
be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB
466300 had been paid. The debenture is subject to an annual interest rate of 2.47% starting from 14
October 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures
payable were measured at amortized cost using effective interest method with the effective interest rate
of 2.50%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 11 October 2024 the Company issued 15-year middle-term notes
with face value of RMB 500000000 in the inter-bank market (24 Yuedianfa MTN004B). The Company
altogether raised RMB 498231650 after deducting an issue expense of RMB1768350 which should
be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB
235780 had been paid. The debenture is subject to an annual interest rate of 2.70% starting from 14
October 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures
payable were measured at amortized cost using effective interest method with the effective interest rate
of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 22 October 2024 the Company issued 15-year middle-term notes
with face value of RMB 1000000000 in the inter-bank market (24 Yuedianfa MTN005). The Company
altogether raised RMB 996537931 after deducting an issue expense of RMB 3462069 which should
be paid in installments over a fifteen-year period. As at 31 December 2025 the issue expense of RMB
88Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
461609 had been paid. The debenture is subject to an annual interest rate of 2.70% starting from 24
October 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures
payable were measured at amortized cost using effective interest method with the effective interest rate
of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 11 November 2024 the Company issued 5-year middle-term notes
with face value of RMB 800000000 in the interbank market (24 Yuedianfa MTN006A ). The Company
altogether raised RMB 799127000 after deducting an issue expense of RMB 873000 which should be
paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB
349200 had been paid. The debenture is subject to an annual interest rate of 2.37% starting from 13
November 2024 and should be payable annually on simple interest. As at 31 December 2025
debentures payable were measured at amortized cost using effective interest method with the effective
interest rate of 2.39%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years
starting from 7 December 2022. On 11 November 2024 the Company issued 15-year middle-term notes
with face value of RMB 1000000000 in the interbank market (24 Yuedianfa MTN006B ). The Company
altogether raised RMB 997507000 after deducting an issue expense of RMB 2493000 which should
be paid in installments over a fifteen-year period. As at 31 December 2025 the issue expense of RMB
332400 had been paid. The debenture is subject to an annual interest rate of 2.67% starting from 13
November 2024 and should be payable annually on simple interest. As at 31 December 2025
debentures payable were measured at amortized cost using effective interest method with the effective
interest rate of 2.69%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2024) No. DFI65. On 9 June 2025 the Company issued 10-year middle-term notes with face
value of RMB 500000000 in the inter-bank market (25 Yuedianfa MTN001 ). The Company altogether
raised RMB 498926000 after deducting an issue expense of RMB 1074000 which should be paid in
installments over a ten-year period. As at 31 December 2025 the issue expense of RMB 107400 had
been paid. The debenture is subject to an annual interest rate of 2.18% starting from 11 June 2025 and
should be payable annually on simple interest. As at 31 December 2025 debentures payable were
measured at amortized cost using effective interest method with the effective interest rate of 2.20%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2024) No. DFI65. On 11 September 2025 the Company issued 5-year middle-term notes with
face value of RMB 800000000 in the inter-bank market (25 Yuedianfa MTN002 ). The Company
altogether raised RMB 799285000 after deducting an issue expense of RMB 715000 which should be
paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB
143000 had been paid. The debenture is subject to an annual interest rate of 2.20% starting from 15
September 2025 and should be payable annually on simple interest. As at 31 December 2025
debentures payable were measured at amortized cost using effective interest method with the effective
interest rate of 2.22%.The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2024) No. DFI65. On 17 October 2025 the Company issued 5-year middle-term notes with
face value of RMB 900000000 in the inter-bank market (25 Yuedianfa MTN003 ). The Company
altogether raised RMB 898750000 after deducting an issue expense of RMB 1250000 which should
89Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB
250000 had been paid. The debenture is subject to an annual interest rate of 2.18% starting from 21
October 2025 and should be payable annually on simple interest. As at 31 December 2025 debentures
payable were measured at amortized cost using effective interest method with the effective interest rate
of 2.21%.As approved by Shanghai Stock Exchange Announcement [2023] No. 13343 the Group’s subsidiary
Guangdong Wind Power issued 5-year book-entry corporate debentures in real-name system with face
value of RMB 600000000 (G23 Yuefeng 2) to the public on 20 March 2023. Guangdong Wind Power
altogether raised RMB 599421962 after deducting an issue expense of RMB 578038 which should be
paid at one time. As at 31 December 2023 the issue expense of RMB 578038 had been paid. The
debenture is subject to an annual interest rate of 3.15% starting from 21 March 2023 and should be
payable annually on simple interest. As at 31 December 2025 debentures payable were measured at
amortized cost using effective interest method with the effective interest rate of 3.17% (31 December
2024:3.17%).
31. Lease liabilities
Item 31/12/2025 31/12/2024
Lease liabilities 12885889327 12907440430
Less: Current portion of lease liabilities 491774691 531128288
Total 12394114636 12376312142
32. Long-term payables
Item 31/12/2025 31/12/2024
Long-term payables 1084370338 671387824
Special payable 24960000 24960000
Total 1109330338 696347824
(1) Long-term payables
Item 31/12/2025 31/12/2024
Equipment and construction expenses payable 1030843602 295079986
Sea area use fee payables 412166569 420850690
Subtotal 1443010171 715930676
Less: Current portion of long-term payables 358639833 44542852
Total 1084370338 671387824
(2) Special payable
Increase in Decrease
Item 1/1/2025 the current in the 31/12/2025
period currentperiod
Supporting funds for efficiency improvement and capacity
expansion of Guanlanzihe Hydropower Station and Nanrongtian 24960000 24960000
Hydropower Station
Note: The special payables of the Company are the expansion supporting funds allocated by the central
90Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
and provincial governments according to the Notice on Printing and Distributing the Implementation
Rules for the Construction and Management of Rural Hydropower Efficiency Expansion and Renovation
Projects in Yunnan Province (Yunshui Dian [2013] No. 46) issued by the Yunnan Provincial Water
Resources Department and the Yunnan Provincial Finance Department. There is no specific repayment
deadline and the state-owned administrative asset income shall be levied at an annual interest rate of
4% and handed over to Yunnan Provincial Water Conservancy and Hydropower Investment Co. Ltd.
Our company will include the corresponding interest in this part in the financial expenses.
33. Long-term Employee benefits payable
Item 31/12/2025 31/12/2024
Early retirement benefits payable (Note 2) 606006956 554892032
Defined benefit plans payable (Note 3) 102208759 94908914
Other long-term employee benefits payable (Note 4) 13968342 18525563
Subtotal 722184057 668326509
Less: long-term employee benefits payable due within one year 130070916 131188293
Total 592113141 537138216
Note 1: The long-term employee benefits payable due within one year was included in the employee
benefits payable
Note 2: Early retirement benefits payable: according to the Company’s regulations for early retirement of
employees the employees whose early retirement requests are approved by the Group could have
early retirement before statutory retirement age. Employees can obtain salary on a monthly basis by a
certain ratio of the original salary until they reach the statutory retirement age. Management expects the
termination benefits to be paid in the future are determined by the present value of cash flow when
accrued the above termination benefits. As at 31 December 2025 the Company calculated the
expected expense for each employee eligible for early retirement in each year before the statutory
retirement age in accordance with the related regulations for early retirement taking into account local
salary growth rate and estimated the present value of future termination benefits by treasury bond
interest rate of 1.70% (2024: 2%) of the same period. As at 31 December 2025 the Company accrued
termination benefits of RMB 489342772 (31 December 2024: RMB 437975788) and recognized them
in long-term employee benefits payable. The termination benefits due within one year totaling RMB
116664184 (31 December 2024: RMB 116916244) were recognized in employee benefits payable.
Note 3: In accordance with the FAQ on Social Management of Retired Employees in State-owned
Enterprises (Document No. 36 [2020]) issued by the Reform Office of the State-owned Assets
Supervision and Administration Commission (SASAC) of the State Council the Group made a one-time
provision for the expected payments to retired employees eligible for the Group’s special retirement
pensions in 2020 and made the payment on a monthly basis. The expected present values of cash
flows of the Group’s special retirement pensions during the expected remaining life of the retired
employees are recognized as long-term employee benefits payable and recorded in profit or loss for the
current period. The Group’s special retirement pensions mainly include retirement subsidies military
transfer subsidies and living allowances for retired primary and secondary school teachers. As at 31
December 2025 the Group calculated the expected special retirement pensions each year during
retirees’ expected remaining life and estimated the present value of special retirement pensions in the
future by treasury bond interest rate of 1.70% (2024: 2%) of the same period. As at 31 December 2025
the Group accrued defined benefit plans of RMB 93758736 and recognized them in long-term
employee benefits payable (31 December 2024: RMB 86398126). The actual defined benefit plans
91Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
due within one year totaling RMB 8450023 are recognized in employee benefits payable (31
December 2024: RMB 8510788). Other comprehensive income of RMB -8265102 (2024: RMB
2339452) was adjusted due to actuarial differences in 2025.
Note 4: According to relevant regulations on social medical insurance in places where the subsidiaries
of the Company and the Group locate if individual employees participating basic medical insurance for
urban residents are under their statutory ages of retirement but their estimated contribution years fail to
meet the local standards the Group needs to make continuous contribution for the employees per
annum till the standards are met even after their retirement. The expected present values of cash flows
that shall be paid for medical insurance for the remaining contribution years of retired employees are
recognized as long-term employee benefits payable and recorded in profit or loss for the current period.As at 31 December 2025 the balance of the Group’s other long-term employee benefits payable was
mainly the additional payment of medical insurance made for retired employees. The Group calculated
the expected expenses for each year from the end of the current year to regulated contribution years
based on the local monthly average salary of the year and estimated the present value of cash
expenses made by retired employees for medical insurance in the future with a treasury bond interest
rate of 1.70% (2024: 2%) as discount rate. As at 31 December 2025 the Group accrued other long-term
employee benefits payable of RMB 9011633 (31 December 2024: RMB 12764302) with actual
payment of other long-term employee benefits payable due within one year of RMB 4956709 (31
December 2024: RMB 5761261) recognized in employee benefits payable.
34. Deferred income
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025 Formation reasons
Government 113262526 41386281 12854495 141794312 Government grantsgrants related to assets
35. Other non-current liabilities
Item 31/12/2025 31/12/2024
Housing working Funds 985667 985667
Others 42500 42500
Total 1028167 1028167
36. Share capital
Item 31/12/2025 31/12/2024
Shares subject to trading restriction
- Shares held by domestic state-owned legal person 1893342621 1893454257
- Other domestic shares 3146466 4525080
Including: Shares held by domestic non-state-owned legal person 3146466 3535770
Shares held by domestic natural person 989310
Shares not subject to trading restriction
- RMB-denominated ordinary shares 2555386899 2553896649
- Domestically-listed foreign shares 798408000 798408000
Total 5250283986 5250283986
92Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
37. Capital surplus
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Capital premium (Note 1) 4909978015 190884226 4719093789
Revaluation reserve 119593718 119593718
Investment from GEGC 388976355 388976355
Share of interests in the investee in
proportion to the shareholding (Note 2) -158866523 15963968 -142902555
Transfer of capital surplus recognized
under the previous accounting system 20474592 20474592
Others -76905774 -76905774
Total 5203250383 15963968 190884226 5028330125
Note 1: In 2025 the capital surplus of the Company decreased by RMB 190884226 due to the
disproportionate capital investment between the Company and minority shareholders in certain
subsidiaries.Note 2: In 2025 capital surplus of joint ventures and associates calculated based on proportion of
equity acquired increased by by RMB 15963968 .
38. Other comprehensive income
Other comprehensive income attributable to the parent company in the balance sheet:
Amount incurred in the current
period
1/1/2025 Attributable Transfer of otherItem (1) to the comprehensive
31/12/2025
parent income to retained (4)=(1)+(2)+(3)
company earnings in the
after tax (2) current period (3)
I. Other comprehensive income that will not be
reclassified to profit or loss 1329658738 202607477 1532266215
1. Share of other comprehensive income of the
investee accounted for using equity method that 96233166 -59081066 37152100
will not be reclassified to profit or loss
2. Changes in fair value of investments in other
equity instruments 1280818026 269679174 1550497200
3.Changes arising from remeasurement of defined
benefit plans -47392454 -7990631 -55383085
II. Other comprehensive income that will be
reclassified to profit or 2217355 -646323 1571032
loss
1. Share of other comprehensive income of the
investee
accounted for using equity method that will be 2217355 -646323 1571032
reclassified
to profit or loss
Total 1331876093 201961154 1533837247
Other comprehensive income attributable to the parent company in the income statement:
Item Amount incurred in the current period
93Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Transfer of
other
Amount incurred comprehensive Attributable to
Attributable to the
parent company after
before tax in the income to Income tax minority
current period (1) current expenses (3) shareholders
tax
(5)=(1)+(2)+(3)+
transfer-in profit after tax (4) (4)
and loss (2)
I. Other comprehensive income
that will not be reclassified to 286262091 -89984548 6329934 202607477
profit or loss
1.Share of other comprehensive
income of the investee
accounted for using equity -59081066 -59081066
method that will not be
reclassified to profit or loss
2. Changes in fair value of other
equity instrument investments 359400015 -89984548 263707 269679174
3. Changes arising from
remeasurement of defined -14056858 6066227 -7990631
benefit plans
II. Other comprehensive income
that will be reclassified to profit
or -646323 -646323
loss
1.Share of other comprehensive
income of the investee
accounted for using equity -646323 -646323
method that will be reclassified
to profit or loss
Total 285615768 -89984548 6329934 201961154
39. Specific reserve
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Safety production fee 62769166 448235305 420537438 90467033
40. Surplus reserve
Item 1/1/2025 Increase in the Decrease in thecurrent period current period 31/12/2025
Statutory surplus reserve 3016893870 3016893870
Discretionary surplus reserve 5886621265 5886621265
Total 8903515135 8903515135
Note: In accordance with the Company Law of the People's Republic of China and the Company’s
Articles of Association the Company should appropriate 10% of net profit for the year to the statutory
surplus reserve and the Company can cease appropriation when the statutory surplus reserve
accumulates to more than 50% of the registered capital. The Company appropriates for the
discretionary surplus reserve after the shareholders’ meeting approves the proposal from the Board of
Directors. The surplus reserve can be used to make up for the loss or increase the share capital after
approval from the appropriate authorities. As at 31 December 2025 the accumulated statutory surplus
reserve of the Company had exceeded 50% of the registered capital.According to the resolution of the shareholders’ meeting on 28 May 2025 no statutory surplus reserve
or discretionary surplus reserve should be accrued (same as in 2024).
94Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
41. Undistributed profits
Item 2025 2024
Undistributed profit at the end of the previous period before adjustment 2142987033 1283749956
Adjusted total of undistributed profits at the beginning of the period (increase +
decrease -)
Adjusted beginning undistributed profit 2142987033 1283749956
Add: net profit attributable to equity owners
of the Company 599942339 964242757
Less: dividends payable on ordinary shares 105005680 105005680
Undistributed profits at the end of the year 2637923692 2142987033
42. Revenue and cost of sale
(1) Revenue and cost of sale
20252024
Item
Revenue Cost of sale Revenue Cost of sale
Main business 51267794729 45644699921 56860158480 49437424682
Other business 273383901 68814074 298908753 83472364
Total 51541178630 45713513995 57159067233 49520897046
(2) Revenue and cost of sale categorized by type
20252024
Item
Revenue Cost of sale Revenue Cost of sale
Main business
Revenue from sale of electricity 50555016115 45050475805 56312348835 49008250157
Revenue from sale of steam 561291129 469115927 403680647 297428193
Rendering of service 151487485 125108189 144128998 131746332
Subtotal 51267794729 45644699921 56860158480 49437424682
Other businesses
Revenue from utilization of coal
and ashes 159397986 3764548 183757839 9692028
Rental income 30484661 12118919 45418339 9442030
Others 83501254 52930607 69732575 64338306
Subtotal 273383901 68814074 298908753 83472364
Total 51541178630 45713513995 57159067233 49520897046
(3) Revenue and cost of sale categorized by sales recognition method
Details of revenue
2025
Item Sale of electricity
steam and coal Services Leases Others Total
ashes
95Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
2025
Item Sale of electricity
steam and coal Services Leases Others Total
ashes
Revenue from main operations 51116307244 51116307244
Including: recognized at a time
point 151487485 151487485
recognized over a time
period -
revenue from other
operations 159397986 61241604 220639590
Including:recognized at a time
point 22259650 22259650
recognized over a time
period 30484661 30484661
Rental income 51275705230 15148748 3048466 8350125 51541178635 1 4 0
Total
Details of cost of sales
2025
Item Sale of electricity
steam and coal Services Leases Others Total
ashes
Cost of sale from main
operations
Including:recognized at a
time point 45519591732 45519591732
recognized over a
time period 125108189 125108189
Cost of sale from other
operations
Including:recognized at a
time point 3764548 34008265 37772813
recognized over a
time period 18922342 18922342
Rental income 12118919 12118919
Total 45523356280 125108189 12118919 52930607 45713513995
Details of revenue (continued)
2024
Item Sale of electricity
steam and coal Services Leases Others Total
ashes
Revenue from main
operations
Including:recognized at a time
point 56716029482 41997239 56758026721
recognized over a time
period 102131759 102131759
Revenue from other
operations
96Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
2024
Item Sale of electricity
steam and coal Services Leases Others Total
ashes
Including:recognized at a time
point 183757839 56663190 240421029
recognized over a time
period 13069385 13069385
Rental income 45418339 45418339
Total 56899787321 144128998 45418339 69732575 57159067233
Details of cost of sale (continued)
2024
Item Sale of electricity
steam and coal Services Leases Others Total
ashes
Cost of sale from main
operations
Including:recognized at a time
point 49305678350 39475949 49345154299
recognized over a time
period 92270383 92270383
Cost of sale from other
operations
Including:recognized at a time
point 9692028 53406723 63098751
recognized over a time
period 10931583 10931583
Rental income 9442030 9442030
Total 49315370378 131746332 9442030 64338306 49520897046
(4) Information related to remaining performance obligations
Item Amount
Revenue corresponding to the obligations under contracts not yet fully performed 199239465
Revenue which will be recognized in 2026 45099926
(5) Sales revenue from trial operation
Item 2025 2024Revenue Cost of sale Revenue Cost of sale
Trial operation and sales 768703478 446784229 1083458544 1074494209
43. Taxes and surcharges
Item 2025 2024
Property tax 132042670 125192325
City maintenance and construction tax 75991477 86167659
Education surcharges 58534989 68238371
Land use tax 39182829 38191260
97Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 2025 2024
Stamp tax 35202336 32385842
Environmental protection tax 25484959 24167539
Others 17471241 843686
Total 383910501 375186682
For details on the calculation standards for various taxes and surcharges please refer to the Note IV.
44. Selling expenses
Item 2025 2024
Employee compensation 68201335 64092476
Labour insurance 16594110 14761949
Business entertainment 1820079 3256031
Depreciation 2869567 2736192
Travelling 3230188 2523492
Others 8037651 13780746
Total 100752930 101150886
45. General and administrative expenses
Item 2025 2024
Employee compensation 864433880 792756435
Labour insurance 143146067 130705849
Agency service 66736229 104329398
Amortization of intangible assets 102671122 102208295
Depreciation 103782915 88916038
Fire safety 70612461 65897257
Property management 50474167 50007488
Office 69917567 45963009
Publicity 6690138 22379440
Rental 12870325 19479426
Travelling 17970186 19372323
Afforestation 14136940 16744318
Labour 14919501 12887967
Traffic 10983136 12115006
Maintenance 9710325 9842446
Business entertainment 2758968 7104997
Insurance 5568079 4400400
Others 85977829 121241901
Total 1653359835 1626351993
46. Research and development expenses
Item 2025 2024
98Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 2025 2024
Material 262077521 984868135
Employee compensation 165697320 150098888
Depreciation and amortization 71650394 82322178
Outsourced research and development 51565934 59853693
Others 16207642 9640706
Total 567198811 1286783600
47. Financial expenses
Item 2025 2024
Interest costs 2721483015 2784728456
Add: Interest costs on lease liabilities 288818628 344267568
Less: Amounts capitalized on qualifying assets 762494697 698767978
Subtotal of interest expenses 2247806946 2430228046
Less: Interest income 89069206 162430466
Amortization of discounts or premium of debentures payable 2586974 2783450
Exchange losses/(gains) - net -10417 78415
Service charge and others 24668087 14370315
Total 2185982384 2285029760
48. Other income
Item 2025 2024
Government grants
- Related to assets 12854495 34531250
- Related to income 36659081 43427479
Total 49513576 77958729
49. Investment income
Item 2025 2024
Investment income from long-term equity investments under equity method 675523147 697637165
Dividend income earned during the holding period of investments in other
equity instruments 116155595 112589718
Total 791678742 810226883
Note: There was no significant restriction on remittance of investment income of the Group.
99Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
50. Losses on/ (Reversal of) credit impairment (losses are indicated by "-")
Item 2025 2024
Losses on bad debts of trade receivables -7248897 -9687050
Reversal of bad debts of other receivables -10162232 -23566626
Total -17411129 -33253676
51. Asset impairment losses (losses are indicated by "-")
Item 2025 2024
Impairment of PPE -228762175 -321598218
Impairment of CIP -87030498 -28686283
Impairment of intangible assets -33675076
Impairment of inventories -21698425
Impairment of loss on contract fulfillment costs -621732
Impairment of contract assets -1267 12529
Impairment of goodwill -6158996
Total -371789173 -356430968
52. Gains on disposals of assets (losses are indicated by "-")
Item 2025 2024
Gains on disposals of intangible assets (losses are indicated by "-") 20319925
Gains on disposals of PPE (losses are indicated by "-") -170799 5479
Others 195346 93176
Total 20344472 98655
53. Non-operating income
Amount recognized in
Item 2025 2024 non-recurring profit or
loss in 2025
Gains on scrap of non-current assets 72198570 83721465 72198570
Claims and compensation income 46757108 77932584 46757108
Compensation under the natural gas contract 47563813 47563813
Compensation for sea area use rights mountain excavation
and land reclamation projects 44085993 44085993
Compensation income from the Huizhou LNG receiving
terminal project 23744100 177384900 23744100
Income from penalties and fines 13169760 24077139 13169760
Income from sale of carbon emission allowances 2725356 13189163 2725356
Waived payables 2135538 31827530 2135538
Compensation for electricity charges during the demolition and
construction period 6513028
Others 3119215 3420705 3119215
Total 255499453 418066514 255499453
100Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
54. Non-operating expenses
Amount recognized in
Item 2025 2024 non-recurring profit or
loss in 2025
Losses on scrap of non-current assets 65094390 85124076 65094390
Carbon emission allowances used to fulfil the emission
reduction obligation 62242301 318227152
Penalties and overdue fines 15806134 9621477 15806134
Others 9747035 12732207 9747035
Total 152889860 425704912 90647559
Note: In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon
Emissions Rights Trading (Cai Kuai [2019] No. 22) the Interim Measures for the Administration of
Carbon Emission Rights Trading and the Total Quota and Allocation Plan for the National Carbon
Emission Trading in the Power Generation Industry for the Years 2023 and 2024 subsidiaries within the
Group that were identified as key emission units recognized the expected performance obligations of
carbon emission in 2025 as non-operating expenses on an accrual basis，and included related provisionfor carbon emission allowances payable in other payables.
55. Income tax expense
(1) Details of income tax expenses
Item 2025 2024
Current income tax calculated based on tax law and related regulations 375776642 468464776
Deferred income tax 103976348 231330489
Total 479752990 699795265
(2) The relationship between income tax expenses and total profit
Item 2025 2024
Total profit 1511406255 2454628491
Income tax calculated at applicable tax rates 377851564 613657122
Effect of preferential tax rates of subsidiaries 11940494 -87378135
Adjustment to current income tax for previous periods 11100896 19446011
Income not subject to tax (expressed with "-") -532716891 -211826795
Costs expenses and losses not deductible for tax purposes 31951274 22329468
Deductible losses of unrecognized deferred tax assets in the
current period 413428609 397784917
Transfer-out of deductible losses for which deferred tax asset was
recognized 36899014 82268367
Deductible temporary differences for which no deferred tax asset
was recognized 135928719 96005255
Utilization of previously unrecognized deductible losses or
temporary differences (expressed with "-") -4986323 -230207917
Others -1644366 -2283028
Income tax expense 479752990 699795265
101Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
56. Notes to the cash flow statement
(1) Cash received relating to other operating activities
Item 2025 2024
Interest income 104069884 147943742
Rental income 29585866 31649892
Revenue from sale of carbon emission allowances 41985802 51902388
Income from leased labour services 477210 16996935
Government grants 78097539 30039735
Income from claims and fines 127324929 99157788
Others 36360699 11718874
Total 417901929 389409354
(2) Cash paid relating to other operating activities
Item 2025 2024
Carbon emission right allowances 111851457 376937529
Insurance expenses 272866401 247229280
Agency service fees 258079726 296502844
Utility fees 143069871 148708671
Research and development expenses 69734542 59081411
Fire safety expenses 55173840 55953927
Sewage and sanitary charges 11794269 15887006
Property management expenses 88913609 87651497
Office expenses 23678024 26262777
Rental expenses 31472381 45574654
Traffic expenses 21944689 19361888
Testing and inspection fees 27260856 16052239
Travelling expenses 34893720 30307790
Others 322358607 318518284
Total 1473091992 1744029797
(3) Cash received relating to other investing activities
Item 2025 2024
Recovery of principal from fixed deposit 2900000000 4000000000
Recovery of prepaid equity earnest money 270717600
Total 3170717600 4000000000
102Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(4) Cash paid relating to other investing activities
Item 2025 2024
Transfer to fixed deposits 1902000000 2900000000
Prepaid equity earnest money 237400000
Total 1902000000 3137400000
(5) Cash paid relating to other financing activities
Item 2025 2024
Refunds to minority shareholders 144000000
Repayments of lease liabilities and long-term payables 2406783636 1115122755
Agency fee for debenture issuance 1871733 2036115
Total 2552655369 1117158870
(6) Movements of liabilities arising from financing activities (including those to be paid within one year)
Item Bank borrowings Debentures payable Lease liabilities Long-termpayables Total
As at 31/12/2024 89557218031 11231708662 12907440430 715930676 114412297799
Cash inflows from
financing activities 31492764654 3499747917 587967579 35580480150
Cash outflows from
financing activities -34725857587 -1611579943 -2239184651 -167598985 -38744221166
Interest accrued in the
current year 2366032009 326708034 288818628 28742972 3010301643
Movements that do not
involve cash receipts and 1462120340 250315987 1712436327
payments
Others 631766372 411334019 27651942 1070752333
As at 31/12/2025 89321923479 13446584670 12830528766 1443010171 117042047086
57. Supplementary information to the cash flow statement
(1) Supplementary information to the cash flow statement
Supplementary information 2025 2024
1. Reconciliation of net profit to cash flows from operating activities：
Net profit 1031653265 1754833226
Add: Provision for asset impairment 371789173 356430968
Provision for/(Reversal of) credit impairment loss 17411129 33253676
Depreciation of PPE 5678771165 5183587245
Depreciation of investment properties 8315233 8650211
Depreciation of right-to-use assets 793850974 572196996
Amortization of intangible assets 148993085 125987574
Amortization of long-term prepaid expenses 10256410 10432684
Amortization of deferred income -12854495 -34531250
Gains on disposals of PPE intangible assets and other long-term
assets (gains are indicated by "-" ) -20344472 -98655
103Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Supplementary information 2025 2024
Net losses on scrap of non-current assets (gains are indicated by
"-")-71041801402611
Loss from fair value change (gains are indicated by "-")
Financial expenses (income is indicated by "-" ) 2250393920 2433011497
Investment losses (gains are indicated by "-" ) -791678742 -810226883
Increase in deferred income tax (decrease is indicated by "-" ) 103976348 231330490
Decrease in inventories (increase is indicated by a"-" ) 261615349 78385222
Decrease in operating receivables (increase is indicated by "-" ) -542559322 -456264238
Increase in operating payables (decrease is indicated by "-") 922546975 1496940300
Decrease in operating restricted cash (increase is indicated by "-" ) 8187573 -10137751
Net cash flow from operating activities 10233219388 10975183923
2. Significant operating investing and financing activities that do not
involve cash receipts and payments:
Right-of-use assets and sea use rights increased in the current period 1462120339 3213034501
3. Net increase/(decrease) in cash and cash equivalents:
Cash at the end of the year 12342414947 11831504924
Less: cash at the beginning of the year 11831504924 11954167156
Add: cash equivalents at the end of the year
Less: cash equivalents at the beginning of the year
Net increase in cash and cash equivalents 510910023 -122662232
(2) Net cash paid for acquisition of subsidiaries in the current period
The Company had no net cash outflow for the acquisition of subsidiaries during the current period.
(3) Composition of cash and cash equivalents
Item 31/12/2025 31/12/2024
I. Cash 12342414947 11831504924
Including: cash on hand 36244 34030
Cash at bank that can be readily drawn on demand 12342378703 11831470894
Other monetary funds that can be readily drawn on demand
II. Cash equivalents
III. Cash and cash equivalents at the end of the year 12342414947 11831504924
Including: restricted cash and cash equivalents
104Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(4) Cash and bank balances which are not classified as cash and cash equivalents
Item 31/12/2025 31/12/2024 Reasons for not being classifiedas cash and cash equivalents
Time deposit in finance 2450238699 3450600000 The liquidity does not meet the definition ofcompany cash and cash equivalents
Other cash balances 25738324 33925897 The liquidity does not meet the definition ofcash and cash equivalents
Interest receivable 21228210 45790010 Accrued balance is not actual balance
Total 2497205233 3530315907
58. Monetary items denominated in foreign currency
(1) Monetary items denominated in foreign currency
Item Balance in foreign currency as Balance translated to RMBat 31/12/2025 Exchange rate as at 31/12/2025
Cash and bank balances 13640
Including：US dollars 191 7.0288 1342
HK dollars 13616 0.9032 12298
59. Lease
(1) As the lessee
Item 2025
Short-term rental fee 27763129
Low-value rental fee 1054551
Total 28817680
(2) As the lessor
As the lessor the Group’s undiscounted lease proceeds receivable after the balance sheet date are as
follows:
After the balance sheet date 31/12/2025 31/12/2024
Within 1 year 29620766 26017606
1 to 2 years 18568807 22919546
2 to 3 years 13437312 15358994
3 to 4 years 10094145 11728648
4 to 5 years 8355791 10239307
More than 5 years 7527218 8745000
Total 87604039 95009101
105Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
60. Provision for asset impairment and losses
Balance of Increase in the current year Decrease in the current year Balance of
Item impairment Accrual Increase Increase Asset Reduction impairmentprovision at amount in from due to Total value due to
Reduction provision at
1/1/2025 current consolidati other recovery Resale consolidatio due to other Total 31/12/2025
period on reasons reversal n reasons
1. Bad debt provision 91170919 18421149 18421149 1010020 76983 1087003 108505065
Including: provision for trade
receivables 36037526 7248897 7248897 1934 1934 43284489
2. Provision for impairment of
inventories 47494841 21698425 21698425 14080 14080 69179186
3. Provision for impairment of contract
assets 1267 1267 1267
4. Provision for impairment of contract
acquisition costs
5. Provision for impairment of contract
performance costs 621732 621732 621732
6. Provision for impairment of assets
held for sale
7. Provision for impairment of debt
investment
☆8. Provision for impairment of
available-for-sale financial assets
☆9. Provision for impairment of
held-to-maturity investments
10. Provision for impairment of
long-term equity investments 143433433 143433433
11. Provision for impairment of
investment properties
12. Provision for impairment of PPE 2421032468 228762175 8605978 237368153 326358899 326358899 2332041722
13. Provision for impairment of CIP 307824370 87030498 87030498 9080804 8605978 17686782 377168086
14. Provision for impairment of
productive biological assets
15. Provision for impairment of oil and
gas assets
16. Provision for impairment of
right-of-use assets
106Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Balance of Balance of
Item impairment Increase in the current year Decrease in the current year impairment
17. Provision for impairment of provision at provision at
intangible assets 59410875 33675076 33675076 93085951
18. Provision for impairment of goodwill 162570045 162570045
19. Provision for others
Total 3232936951 390210322 8605978 398816300 1010020 335530766 8605978 345146764 3286606487
VI. Interests in other entities
1. Interests in subsidiaries
(1) Constitution of the Group
Name of subsidiary Registered Main business Place of Nature of
Shareholding (%) Acquisition
capital location Registration business Direct Indirect method
Guangdong Yuedian Maoming Natural Gas Thermal Electricity
Power Co. Ltd. (Maoming Natural Gas) 1437985100 Maoming Maoming generation 46.54 Investment
Guangdong Yuedian Jinghai Power Co. Ltd. Electricity
(Jinghai Power) 4174107540 Jieyang Jieyang generation 65.00 Investment
Guangdong Yuedian Zhanjiang Wind Power Electricity
Generation Co. Ltd. (Zhanjiang Wind Power) 449420000 Zhanjiang Zhanjiang generation 53.51 Investment
Guangdong Yuedian Technology Engineering
Management Co. Ltd. (Technology Engineering 200000000 Guangzhou Guangzhou Maintenanceservice 100.00 InvestmentCompany)
Guangdong Yuedian Humen Power Co. Ltd.(Humen
Electric) 150000000 Dongguan Dongguan
Electricity
generation 60.00 Investment
Guangdong Yuedian Bohe Energy Co. Ltd. (Bohe Electricity
Energy) 3118000000 Maoming Maoming generation 67.00 Investment
Guangdong Yuedian Xuwen Wind Power Electricity Electricity
Co. Ltd.(Xuwen Wind Power) 173190000 Zhanjiang Zhanjiang generation 53.51 Investment
Guangdong Yuedian Huadu Natural Gas Thermal Electricity
Power Co. Ltd.(Huadu Natural Gas) 497000000 Guangzhou Guangzhou generation 65.00 Investment
Guangdong Yuedian Dapu Power Generation Co. Electricity
Ltd.(Dapu Power Generation) 1907100000 Meizhou Meizhou generation 100.00 Investment
Guangdong Yuedian Leizhou Wind Power Co. Ltd. Electricity
(Leizhou Wind Power) 109803900 Zhanjiang Zhanjiang generation 62.52 Investment
107Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Guangdong Yuedian Dianbai Wind Power Co. Ltd.
(Dianbai Wind Power) 171872900 Maoming Maoming
Electricity
generation 76.44 Investment
Zhanjiang Electric Power Co. Ltd.(Zhanjiang
Electric) 2275440000 Zhanjiang Zhanjiang
Electricity Business combinations involving
generation 76.00 enterprises under common control
Guangdong Yuejia Electric Co. Ltd. (Yuejia Electric) 756000000 Meizhou Meizhou Electricity Business combinations involvinggeneration 58.00 enterprises under common control
Guangdong Yuedian Shaoguan Power Plant Co. Electricity Business combinations involving
Ltd. (Shaoguan Power Plant) 1070000000 Shaoguan Shaoguan generation 95.36 enterprises under common control
Zhanjiang Zhongyue Energy Co. Ltd. (Zhongyue 2021300000 Zhanjiang Zhanjiang Electricity 92.81 Business combinations involvingEnergy) generation enterprises under common control
Guangdong Yuedian Electricity Sales Co. Ltd.("Power Sales") 500000000 Guangzhou Guangzhou
Electricity
generation 100.00 Investment
Guangdong Yuedian Qujie Wind Power Generation 2519567500 Zhanjiang Zhanjiang ElectricityCo. Ltd.(Qujie Wind Power Company ) generation 75.16 Investment
Guangdong Yuedian Yangjiang Offshore Wind Electricity
Power Co. Ltd. (Yangjiang Wind Power) 1192660000 Yangjiang Yangjiang generation 69.87 Investment
Business combinations involving
Lincang Yuedian Energy Co. Ltd. (Lincang Energy) 1119790000 Lincang Lincang Electricitygeneration 100.00 enterprises not under commoncontrol
Shenzhen Guangqian Electric Power Co. Electricity Business combinations involving
Ltd.(Guangqian Company) 1030292500 Shenzhen Shenzhen generation 100.00 enterprises under common control
Guangdong Huizhou Natural Gas Power Co. Ltd.(Huizhou Natural Gas) 1499347500 Huizhou Huizhou
Electricity 67.00 Business combinations involvinggeneration enterprises under common control
Guangdong Huizhou Pinghai Power Co.Ltd.(Pinghai Power) 1370000000 Huizhou Huizhou
Electricity Business combinations involving
generation 45.00 enterprises under common control
Guangdong Yuedian Shibeishan Wind Power Co. 231700000 Jieyang Jieyang Electricity 53.51 Business combinations involvingLtd. (Shibeishan Wind Power generation enterprises under common control
Guangdong Red Bay Power Co. Ltd.(Red Bay
Power) 2749750000 Shanwei Shanwei
Electricity
generation 65.00
Business combinations involving
enterprises under common control
Guangdong Wind Power Co. Ltd.(Guangdong Wind 12690914600 Guangzhou Guangzhou Electricity
Business combinations involving
Power) generation 76.44 enterprises not under commoncontrol
Tongdao Yuexin Wind Power Generation Co. Ltd.(Tongdao Company) 106500000 Huaihua Huaihua
Electricity
generation 76.44 Investment
Electricity Business combinations involvingHuilai Wind Power Co. Ltd. (Huilai Wind Power) 59000000 Jieyang Jieyang generation 68.67 enterprises not under commoncontrol
Guangdong Yuejiang Hongrui Power Technology
Development Co. Ltd. (Hongrui Technology) 20000000 Shaoguan Shaoguan
Electricity
generation 95.36 Investment
Guangdong Yuedian Yongan Natural Gas Thermal 550000000 Zhaoqing Zhaoqing Electricity 90.00 Investment
108Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Power Co. Ltd. (Yongan Natural Gas) generation
Hunan Xupu Yuefeng New Energy Co. Ltd. (Xupu 104910000 Huaihua Huaihua ElectricityYuefeng) generation 76.44 Investment
Guangxi Wuxuan Yuefeng New Energy Co. Ltd. Electricity
(Wuxuan Yuefeng) 96520000 Laibin Laibin generation 76.44 Investment
Guangdong Huizhou Pinghai Power Co.Ltd.(Pinghai Power Plant) 20000000 Huizhou Huizhou
Electricity
generation 45.00 Investment
Guangdong Yuedian Zhuhai Offshore Wind Power
Co. Ltd. (Zhuhai Wind Power) 1128634000 Zhuhai Zhuhai
Electricity
generation 56.78 Investment
Guangdong Yuedian Binhai Bay Energy Co. Ltd.
(Binhai Bay Company) 1040000000 Dongguan Dongguan
Electricity
generation 100.00 Investment
Guangdong Yuedian Daya Bay Integrated Energy
Co. Ltd. (Daya Bay Company) 764000000 Huizhou Huizhou
Electricity
generation 70.00 Investment
Guangdong Yuedian Qiming Energy Co. Ltd.(Qiming Company) 83000000 Guangzhou Guangzhou
Electricity
generation 100.00 Investment
Shenzhen Huaguoquan Electric Power Service Co. Business combinations involving
Ltd. (Huaguoquan Company) 2650000 Shenzhen Shenzhen Lease 100.00 enterprises not under commoncontrol
Shaoguan Nanxiong Yuefeng New Energy Co. Ltd.(Nanxiong New Energy) 108053600 Shaoguan Shaoguan
Electricity
generation 76.44 Investment
Guangdong Yuedian Dananhai Smart Energy Co.Ltd. (Dananhai Company) 431000000 Jieyang Jieyang
Electricity
generation 100.00 Investment
Guangdong Energy Qingzhou Offshore Wind Power
Co. Ltd. (Qingzhou Offshore Wind Power) 3293270000 Yangjiang Yangjiang
Electricity
generation 76.44 Investment
Zhanjiang Wanhaowei New Energy Co. Ltd.(Wanhaowei New Energy) 100046000 Zhanjiang Zhanjiang
Electricity
generation 76.44 Investment
Zhanjiang Wanchuang Hengwei New Energy Co. Electricity
Ltd. (Wanchuang Hengwei New Energy) 100046000 Zhanjiang Zhanjiang generation 76.44 Investment
Guangdong Guangye Nanhua New Energy Co. Ltd. 135234900 Zhanjiang Zhanjiang Electricity
Business combinations involving
(Nanhua New Energy) generation 38.98 enterprises not under commoncontrol
Guangdong Yueneng Datang New Energy Co. Ltd. 145938900 Guangzhou Guangzhou Electricity
Business combinations involving
(Datang New Energy) generation 38.98 enterprises not under commoncontrol
Guangdong Yueneng Wind Power Co. Ltd. Business combinations involving
(Yueneng Wind Power) 130000000 Zhanjiang Zhanjiang
Electricity
generation 38.98 enterprises not under commoncontrol
Tumushuke Thermal Power Co.Ltd. (Tumushuke 1006523900 Tumxuk Tumxuk Electricity
Business combinations involving
Thermal Power) generation 79.48 enterprises not under commoncontrol
109Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Guangdong Province Shajiao C Company Electricity Business combinations involving
Generation Corporation (Shajiao C Company) 2500000000 Guangzhou Guangzhou generation 51.00 enterprises under common control
Guangdong Guanghe Power Co. Ltd. (Guanghe 1763816893 Guangzhou Guangzhou Electricity 51.00 Business combinations involvingPower) generation enterprises under common control
Guangdong Yuedian Zhanjiang Biomass Power 871040000 Zhanjiang Zhanjiang Electricity 51.00 Business combinations involvingGeneration Co. Ltd. (Biomass Power Generation) generation enterprises under common control
Guangdong Yuedian Xinhui Power Generation Co. 1092773533 Jiangmen Jiangmen Electricity 45.90 Business combinations involvingLtd. (Xinhui Power) generation enterprises under common control
Guangdong Yuedian Yunhe Power Co. Ltd. (Yunhe 1086689318 Yunfu Yunfu ElectricityPower) generation 90.00
Business combinations involving
enterprises under common control
Yunfu Yundian Energy Co. Ltd. (Yundian Energy) 40000000 Yunfu Yunfu Electricity 56.25 Business combinations involvinggeneration enterprises under common control
Guangdong Yuehua Power Generation Co. Ltd. Electricity Business combinations involving
(Yuehua Power) 1314714000 Guangzhou Guangzhou generation 51.00 enterprises under common control
Guangdong Yuedian Yuehua Integrated Energy Co.Ltd. (Yuehua Integrated Energy) 60500000 Guangzhou Guangzhou
Electricity 51.00 Business combinations involvinggeneration enterprises under common control
Guangdong Yuedian Bijie New Energy Co. Ltd. (Bijie
New Energy) 10000000 Bijie Bijie
Electricity
generation 100.00 Investment
Zhanjiang Shangyang Energy Technology Co. Ltd.(Shangyang Energy) 120820000 Zhanjiang Zhanjiang
Electricity
generation 92.81 Acquisition of assets
Zhanjiang Potou District Guidian Energy Technology
Co. Ltd. (Guidian Energy) 120820000 Zhanjiang Zhanjiang
Electricity
generation 92.81 Acquisition of assets
Xihua County Shunfeng New Energy Co. Ltd. Electricity
(Shunfeng New Energy) 22293880 Zhoukou Zhoukou generation 76.44 Acquisition of assets
Wuzhi Jindian New Energy Technology Co. Ltd.(Jindian New Energy) 31350000 Jiaozuo Jiaozuo
Electricity
generation 76.44 Acquisition of assets
Lianjiang Yuefeng New Energy Co. Ltd. (Lianjiang 140070000 Zhanjiang Zhanjiang ElectricityNew Energy) generation 76.44 Investment
Linfen Zhaocheng Yuefeng New Energy Co. Ltd. Electricity
(Zhaocheng Yuefeng) 100000 Linfen Linfen generation 76.44 Investment
Meizhou Wuhua Yuefeng New Energy Co. Ltd. 38590000 Meizhou Meizhou Electricity(Wuhua New Energy generation 76.44 Investment
Laishui Lineng New Energy Technology Co. Ltd. 77050000 Baoding Baoding Electricity(Lineng New Energy) generation 76.44 Acquisition of assets
Inner Mongolia Yuefeng New Energy Co. Ltd. (Inner 314550000 Hohhot Hohhot ElectricityMongolia New Energy) generation 76.44 Investment
Zhuhai Yuefeng New Energy Co. Ltd. (Zhuhai New 285297600 Zhuhai Zhuhai ElectricityEnergy) generation 76.44 Investment
Dacheng County Dun'An New Energy Co. Ltd.
(Dun'An New Energy 160000000 Langfang Langfang
Electricity
generation 61.15 Acquisition of assets
110Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Gaotang Shihui New Energy Co. Ltd. (Gaotang New Electricity
Energy) 36096000 Liaocheng Liaocheng generation 76.44 Acquisition of assets
Guangdong Shaoguan Guangdong Electric Power 48317720 Shaoguan Shaoguan ElectricityNew Energy Co. Ltd. (Shaoguan New Energy) generation 100.00 Investment
Tumxuk Yuedian Hanhai New Energy Co. Ltd. 644050000 Tumxuk Tumxuk Electricity(Hanhai New Energy generation 100.00 Investment
Yuedian Jinxiu Integrated Energy Co. Ltd. (Jinxiu Electricity
Integrated Energy) 2913100 Laibin Laibin generation 90.00 Investment
Jinchang Muhong New Energy Co. Ltd. (Muhong
New Energy) 1000000 Jinchang Jinchang
Electricity
generation 100.00 Acquisition of assets
Jinchang Jieyuan Mujin New Energy Co. Ltd. (Mujin
New Energy) 120495920 Jinchang Jinchang
Electricity
generation 100.00 Acquisition of assets
Guangdong Yuedian Huibo New Energy Co. Ltd. Electricity
(Huibo New Energy) 99923134 Huizhou Huizhou generation 100.00 Investment
Taishan Dongrun Qingneng New Energy Co. Ltd. Electricity
(Dongrun Qingneng New Energy) 22304520 Jiangmen Jiangmen generation 100.00 Acquisition of assets
Taishan Runze Jieyuan New Energy Co. Ltd. Electricity
(Runze Jieyuan New Energy) 22758500 Jiangmen Jiangmen generation 100.00 Acquisition of assets
Guangdong Yuedian Maoming Natural Gas Thermal Electricity
Power Co. Ltd. (Maoming Natural Gas) 135700000 Maoming Maoming generation 85.00 Investment
Meizhou Xingyue New Energy Co. Ltd. (Xingyue Electricity
New Energy) 9977500 Meizhou Meizhou generation 100.00 Investment
Guangdong Yuedian Huixin Thermal Power Co. Ltd.(Huixin Thermal Power) 525218000 Huizhou Huizhou
Electricity
generation 85.00 Investment
Yuedian Shache Integrated Energy Co. Ltd.(Shache Integrated Energy) 1256610470 KASHGAR KASHGAR
Electricity
generation 100.00 Acquisition of assets
Laixi Xinguangyao New Energy Technology Co. Ltd.(Xinguangyao New Energy) 46522828 Qingdao Qingdao
Electricity
generation 99.00 Acquisition of assets
Laixi Telian New Energy Technology Co. Ltd.(Telian New Energy) 45774873 Qingdao Qingdao
Electricity
generation 99.00 Acquisition of assets
Jiuzhou New Energy (Zhaoqing) Co. Ltd. (Jiuzhou
New Energy) 40680000 Zhaoqing Zhaoqing
Electricity
generation 100.00 Acquisition of assets
Xiangtan XEMC Changshan Wind Power Co. Ltd.
(Changshan Wind Power) 110740000 Xiangtan Xiangtan
Electricity
generation 100.00 Acquisition of assets
Yunfu Luoding Yuedian New Energy Co. Ltd. 1844520 Yunfu Yunfu Electricity(Luoding New Energy) generation 100.00 Investment
Zhuhai Yuedian New Energy Co. Ltd. (Zhuhai Electricity
Yuedian New Energy) 5000000 Zhuhai Zhuhai generation 100.00 Investment
Yunfu Yuedian Zhenneng New Energy Co. Ltd.(Zhenneng New Energy) 10000000 Yunfu Yunfu
Electricity
generation 100.00 Investment
111Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Zhonggong Energy Technology (Maoming) Co. Ltd.(Zhonggong Energy) 152969360 Maoming Maoming
Electricity
generation 100.00 Acquisition of assets
Yahua New Energy Technology (Gaozhou) Co. Ltd.(Yahua New Energy) 152969360 Maoming Maoming
Electricity
generation 100.00 Acquisition of assets
GEGC Xinjiang Co. Ltd. (GEGC Xinjiang) 1300000000 Urumqi Urumqi Electricitygeneration 100.00 Investment
Yuedian Xinjiang Integrated Energy Co. Ltd. 20000000 Urumqi Urumqi Electricity(Xinjiang Integrated Energy) generation 100.00 Investment
Gaozhou Yuedian Smart New Energy Co. Ltd. Electricity
(Gaozhou New Energy) 1476800 Maoming Maoming generation 100.00 Investment
Xintian Yuefeng New Energy Co. Ltd. (Xintian
Yuefeng) 2000000 yongzhou yongzhou
Electricity
generation 76.44 Investment
Lanshan Yuefeng New Energy Co. Ltd. (Lanshan 198174000 yongzhou yongzhou ElectricityYuefeng) generation 76.44 Investment
Lianjiang Hangneng New Energy Co. Ltd. (Lianjiang Electricity
Hangneng) 84400000 Zhanjiang Zhanjiang generation 76.44 Acquisition of assets
Guangxi Hangneng New Energy Co. Ltd. (Guangxi Electricity
Hangneng) 179000000 Laibin Laibin generation 76.44 Acquisition of assets
Jincheng Yuefeng New Energy Co. Ltd. (Jincheng Electricity
Yuefeng) 176940000 Jincheng Jincheng generation 68.80 Investment
Baiyin Yuefeng New Energy Co. Ltd. (Baiyin
Yuefeng) 128187900 Baiyin Baiyin
Electricity
generation 76.44 Investment
Yuncheng Wanquan Yuefeng New Energy Co. Ltd.(Yuncheng Wanquan Yuefeng) 122118900 Yuncheng Yuncheng
Electricity
generation 72.62 Investment
Guangneng Toksun New Energy Power Generation
Co. Ltd. (Toksun Energy) 20000000 Turpan Turpan
Electricity
generation 100.00 Investment
Lingao County Yehai Yuefeng New Energy Co. Ltd. 112010000 Hainan Hainan Electricity(Yehai Yuefeng) generation 76.44 Investment
Zhuhai Yuefeng New Energy Co. Ltd. (Zhuhai New
Energy) 50000000 Zhuhai Zhuhai
Electricity
generation 38.98 Investment
Zhanjiang Yuefengbao New Energy Co. Ltd. Electricity
(Zhanjiang Yuefengbao New Energy) 50000000 Zhanjiang Zhanjiang generation 38.98 Investment
Zhuhai Yuefeng New Energy Co. Ltd. (Zhuhai New
Energy) 10000000 Zhuhai Zhuhai
Electricity
generation 76.44 Investment
Shantou Yuefeng New Energy Investment
Partnership (Limited Partnership) (Shantou Yuefeng 1110750000 Shantou Shantou Electricitygeneration 15.40 InvestmentNew Energy)
Guoyang County Herun New Energy Technology Electricity
Co. Ltd. (Herun New Energy) 136533400 Bozhou Bozhou generation 15.40 Acquisition of assets
Guangdong Yuedian Pingyuan Wind Power Co. Ltd. 221074300 Meizhou Meizhou Electricity 15.40 Investment
112Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
(Pingyuan Wind Power) generation
Guangzhou Yuefeng Ruisi New Energy Co. Ltd. Electricity
(Ruisi New Energy) 300000 Guangzhou Guangzhou generation 76.44 Investment
Xiangzhou Yunjiang New Energy Co. Ltd 105420000 Laibin Zhuang Autonomous Laibin Zhuang Autonomous Electricity(Xiangzhou Yunjiang) Region Region generation 76.44 Acquisition of assets
Xiangzhou Hangjign New Energy Co. Ltd 199980000 Laibin Zhuang Autonomous Laibin Zhuang Autonomous Electricity(Xiangzhou Hangjing) Region Region generation 76.44 Acquisition of assets
Qinglong Manchu Autonomous County Jianhao Electricity
Photovoltaic Technology Co. Ltd. (Jianhao PV). 237600000 Qinhuangdao Qinhuangdao generation 76.44 Acquisition of assets
Guangneng Karamay Integrated Energy Co. Ltd. Karamay Uygur Karamay Uygur Electricity
(Karamay Integrated Energy) 20000000 Autonomous Region Autonomous Region generation 100.00 Investment
Hainan Prefecture Longyue New Energy Co. Ltd. 90000000 Qinghai of Hainan Tibetan Qinghai of Hainan Tibetan Electricity(Hainan Longyue) Autonomous Prefecture Autonomous Prefecture generation 100.00 Acquisition of assets
Guangdong Yuedian Zhongshan Thermal Power Electricity
Plant (Zhongshan Thermal) 15000000 Zhongshan Zhongshan generation 100.00 Investment
Guangdong Yuedian New Energy Development Co. 100000000 Guangzhou Guangzhou ElectricityLtd. (Yuedian New Energy Development) generation 100.00 Investment
Dongguan Ningzhou Energy Investment Partnership Electricity
(Limited Partnership) (Dongguan Ningzhou) 4745908400 Dongguan Dongguan generation 19.99 0.03 Investment
Guangdong Beibu Gulf Offshore Wind Power
Development Co. Ltd. (Beibu Gulf Offshore Wind 1000000000 Zhanjiang Zhanjiang Electricity 38.22 Investment
Power) generation
Guangdong Yuedian Testing Co. Ltd. (Yuedian
Testing) 5000000 Guangzhou Guangzhou
Maintenance
service 100.00 Investment
Guangzhou Yuedian Navigation Power Co. Ltd.(Yuedian Navigation) 300000 Guangzhou Guangzhou
Electricity
generation 100.00 Investment
Yuedian Turpan New Energy Power Generation Co. Turpan Xinjiang Uygur Turpan Xinjiang Uygur Electricity
Ltd. (Turpan New Energy) 10000000 Autonomous Region Autonomous Region generation 100.00 Investment
On 30 November 2018 Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co. Ltd. which was wholly-owned by GEGC. After the merger
GEGC held 30.12% equity of Maoming Thermal and its subsidiary Guangdong Power Development Co. Ltd. Held 15.02% equity of Maoming Thermal. 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 Thermal. Therefore the Company owns control over Maoming
Thermal.Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and Guangdong
Huaxia Electric Power Development Co. Ltd. (Huaxia Electric) which holds 40% equity in Pinghai Power the delegated shareholder and director from Huaxia Electric
113Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
maintain consensus with those of GEGC when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power;
besides after GEGC transfers its 45% equity in Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also reach consensus with
those of the Company when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power. Therefore the Company
owns control over Pinghai Power.The Beibu Gulf Offshore Wind Power project was established in 2025 through investment by the Company’ s subsidiary Guangdong Wind Power. According to the
Investment Agreement on Jointly Establishing Guangdong Beibu Gulf Offshore Wind Power Development Co. Ltd. signed by Guangdong Wind Power Zhanjiang
Urban Development Group Co. Ltd. (Zhanjiang Urban Development) Yunda Energy Technology Group Co. Ltd. and Guangzhou Industrial Investment Holdings Park
Development Group Co. Ltd. Zhanjiang Urban Development agreed to entrust its 1% voting right to Guangdong Wind Power. As a result Guangdong Wind Power is
able to exercise a total voting right of 51% and therefore the Company has control over Beibu Gulf Offshore Wind Power.GF Securities Asset Management (Guangdong) Co. Ltd. (GF Securities) issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green
Carbon Neutrality Asset-Backed Special Plan in 2024 using the wind power projects held by the Group’s subsidiaries Pingyuan Wind Power and Herun New Energy
as the underlying assets. In accordance with the agreement of the Shantou Yuefeng New Energy Partnership the Company has control over Shantou Yuefeng New
Energy and the underlying assets. Therefore our company includes Shantou Yuefeng New Energy Herun New Energy and Pingyuan Wind Power in the scope of
consolidation.In 2025 CITIC Securities Co. Ltd. (“CITIC Securities” ) issued the Yuedian-Binhai Bay Energy Infrastructure Investment Asset-Backed Special Plan with the
underlying assets being the alternative power project located at the Dongguan Ningzhou site held by the Company’s subsidiary Binhai Bay Company. According to the
partnership agreement governing Dongguan Ningzhou the Company has control over both Dongguan Ningzhou and the underlying assets. Therefore the Company
includes Dongguan Ningzhou and Binhai Bay Company within its consolidated scope.
(2) Information on structured entities included in the consolidation scope
GF Securities Asset Management (Guangdong) Co. Ltd. (GF Securities) issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green
Carbon Neutrality Asset-Backed Special Plan in 2024 using the wind power projects held by the Group’s subsidiaries Dianping Yuanfeng and Herun New Energy as
the underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business Enterprises - Consolidation the Company included 2
structured entities that meets the definition of control in the scope of consolidated statements (December 31 2024: 1). As of 31 December 2025 the equity of the
aforementioned structured entity attributable to the Group was RMB 1234284365 and the equity attributable to other equity holders was presented as non-controlling
interests in the consolidated statements which the total amount was RMB 4739312244.
114Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(3) Change in scope of consolidation for the current period
Addition of subsidiaries in 2025
Shareholding (%)
Name Registered capital Major business location Place of registration Nature of business Acquisition
Direct Indirect method
Dongguan Ningzhou 4745908400 Dongguan Dongguan Electricity generation 19.99 0.03 Investment
Beibu Gulf Offshore Wind Power 1000000000 Zhanjiang Zhanjiang Electricity generation 38.22 Investment
Yuedian Testing 5000000 Guangzhou Guangzhou Maintenance service 100.00 Investment
Yuedian Navigation 300000 Guangzhou Guangzhou Electricity generation 100.00 Investment
Turpan New Energy 10000000 Turpan Xinjiang Uygur Turpan Xinjiang UygurAutonomous Region Autonomous Region Electricity generation 100.00 Investment
Note: The companies acquired through asset acquisition mentioned above are subsidiaries that our company and its subsidiaries acquired from third parties through
asset purchases. As of the acquisition date these companies had no other operations or assets except for projects under construction PPE and right-to-use assets.The acquisition did not involve employees and did not constitute a business acquisition.Reduction of subsidiaries in this year
In this current year our subsidiariesGuangdong Yuedian Heping Wind Power Co. Ltd. Laishui Yingyang New Energy Technology Co. Ltd. Nanjing Senhong New
Energy Co. Ltd. Nanjing Linyuan Senhai New Energy Co. Ltd. Taishan Dongrun Zhongneng New Energy Co. Ltd. Pingdu Lianyao New Energy Technology Co. Ltd.and Tumushuke Yuedian Changhe New Energy Co. Ltd. were liquidated. The liquidation of these subsidiaries had impact on the scope of the Company's consolidation
but it did not have a significant impact on the Company's business and performance and did not harm the interests of the Company and its shareholders.
(4) Significant non-wholly-owned subsidiaries
Subsidiaries Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minorityshareholders (%) minority shareholders in 2025 minority shareholders in 2025 shareholders' equity
Guangdong Wind Power 23.56 47791272 41512585 3644741695
Pinghai Power 55.00 222691477 221234094 1301396822
Jinghai Power 35.00 44460664 1750364582
115Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Subsidiaries Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minorityshareholders (%) minority shareholders in 2025 minority shareholders in 2025 shareholders' equity
Red Bay Power 35.00 66685935 1170095301
Zhanjiang Electric 24.00 -4314778 4948184 714318109
Huizhou Natural Gas 33.00 33290204 114580006 696349279
Bohe Energy 33.00 3881568 60322 857299155
(5) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale)
Balance at 31/12/2025
Name of subsidiary
Current Assets Non-Current Non-CurrentAssets Total Assets Current Liabilities Liabilities Total Liabilities
Guangdong Wind Power 9587839589 51145809255 60733648844 8851512551 34241942213 43093454764
Pinghai Power 1325685147 2044083185 3369768332 568431350 435160942 1003592292
Jinghai Power 1785011932 12949768706 14734780638 7715483163 2018255813 9733738976
Red Bay Power 1194433147 6759318444 7953751591 2472180952 2138441209 4610622161
Zhanjiang Electric 2270033896 1150073078 3420106974 399425137 44356381 443781518
Huizhou Natural Gas 446097044 2251325689 2697422733 582248258 5025144 587273402
Bohe Energy 1418060787 11228805008 12646865795 3321748125 6727241443 10048989568
Continued:
Balance at 31/12/2024
Name of subsidiary
Current Assets Non-CurrentAssets Total Assets Current Liabilities
Non-Current
Liabilities Total Liabilities
Guangdong Wind Power 10147737294 50182786247 60330523541 9116738970 33831030437 42947769407
Pinghai Power 1418525113 2230480194 3649005307 736053942 543759151 1279813093
Jinghai Power 1454845167 8503498575 9958343742 4584797040 2109482916 6694279956
Red Bay Power 1505311564 5682848428 7188159992 3095285356 1090609059 4185894415
116Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Balance at 31/12/2024
Name of subsidiary
Current Assets Non-CurrentAssets Total Assets Current Liabilities
Non-Current
Liabilities Total Liabilities
Zhanjiang Electric 2713098699 1205638041 3918736740 270528423 35233444 305761867
Huizhou Natural Gas 571235393 2399357467 2970592860 510351612 103320234 613671846
Bohe Energy 1330215572 9205933689 10536149261 1843767824 6586084742 8429852566
(6) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) (Continued)
20252024
Name of subsidiary Operating Total Cash flow from Operating Total Cash flow from
income Net profit comprehensive operating income Net profit comprehensive operatingincome activities income activities
Guangdong Wind
Power 3249586267 228132789 228132789 2261459128 3284898650 412451617 412451617 2019626628
Pinghai Power 3701512112 404893595 404893595 555690601 4210021014 416802156 416802156 1153368687
Jinghai Power 5382612412 127030469 127030469 686457044 6474374567 287503430 287503430 1324461463
Red Bay Power 4680929335 190531243 190531243 874587578 4986810554 163411389 163411389 883776955
Zhanjiang Electric 2000234230 -17978240 -16031982 215913195 2385029791 22908261 26687348 118869439
Huizhou Natural Gas 3191070062 100879407 100879407 660587184 4063477988 385791266 385791266 536597090
Bohe Energy 2878765173 11762326 11762326 844260939 3621697933 70832340 70832340 961475403
2. Interest in joint ventures or associates
(1) Significant joint ventures and associates
Shareholding (%)
Joint venture or associates Major Place of Accounting methods for investmentsOperating location registration Nature of business Direct Indirect in joint ventures or associates
1. Joint venture
Industry Fuel Guangzhou Guangdong Guangzhou Guangdong Fuel trade 50.00 Equity method
117Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Shareholding (%)
Joint venture or associates Major Place of Nature of business Accounting methods for investmentsOperating location registration Direct Indirect in joint ventures or associates
II. Joint ventures
Taishan Power Taishan Guangdong Taishan Guangdong Power generation 20.00 Equity method
Shanxi Yuedian Energy Taiyuan Shanxi Taiyuan Shanxi Mining Power generation 40.00 Equity method
Energy Group Finance Company Guangzhou Guangdong Guangzhou Guangdong Financing 25.00 15.00 Equity method
Energy Group Finance Leasing Company Guangzhou Guangdong Guangzhou Guangdong Finance lease 25.00 Equity method
118Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2) Major financial information of significant joint ventures (excluding those classified as held for sale)
Industry Fuel
Item
31/12/202531/12/2024
Current assets 5928805453 7032124596
Non-current assets 11595751390 11266048972
Total Assets 17524556843 18298173568
Current liabilities 4708000422 8887142789
Non-current liabilities 7790617390 6030157091
Total liabilities 12498617812 14917299880
Net assets 5025939031 3380873688
Including: attributable to non-controlling interests 1925893095 1005163350
attributable to parent company 3100045936 2375710338
Shares of net assets based on shareholding 1550022968 1187855169
Adjustment - unrealized profits from internal transactions -143427814 -147549225
Book value of investment in joint ventures 1406595154 1040305944
Fair value of equity investments with public quotations
Continued:
Industry Fuel
Item
20252024
Operating revenue 27684386809 31249741685
Financial expenses 220403181 243570625
Income tax expense 51253927 29412089
Net profit 163122093 21884285
Net profit from discontinued operations
Other comprehensive income 4030870 2466172
Total comprehensive income 167152963 24350457
Dividends received from joint ventures for the current year 23282400 22340550
(3) Major financial information of significant associates (excluding those classified as held for sale)
Taishan Power Shanxi Yuedian Energy
Item
31/12/202531/12/202431/12/202531/12/2024
Current assets 4183081214 5064141651 3384275807 3181028055
Non-current assets 7579403501 7962143671 10524523250 9892646067
Total Assets 11762484715 13026285322 13908799057 13073674122
Current liabilities 1320559475 2700702426 517333084 469491364
Non-current liabilities 72191992 1279800 2909525820 2751338737
Total liabilities 1392751467 2701982226 3426858904 3220830101
Net assets 10369733248 10324303096 10481940153 9852844021
119Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Taishan Power Shanxi Yuedian Energy
Item
31/12/202531/12/202431/12/202531/12/2024
Including: attributable to non-controlling
interests 1525908 24696290 21277161
attributable to parent
company 10368207340 10324303096 10457243863 9831566860
Shares of net assets based on
shareholding 2073641468 2064860619 4182897544 3932626743
Adjustment - unrealized profits from
internal transactions
Book value of investment in joint ventures 2073641468 2064860619 4182897544 3932626743
Fair value of equity investments with public
quotations
Continued:
Taishan Power Shanxi Yuedian Energy
Item Amount incurred in Amount incurred in the Amount incurred in Amount incurred in the
the current period previous period the current period previous period
Operating revenue 9036830631 10561311141 378278681 305634415
Net profit 448521576 356524108 669728226 984920410
Net profit from discontinued
operations
Other comprehensive income -122909
Total comprehensive income 448398667 356524108 669728226 984920410
Dividends received from
associates in the current period 86021794 134959219 17134720
Continued:
Energy Group Finance Company Energy Group Finance Leasing Company
Item
31/12/202531/12/202431/12/202531/12/2024
Current assets 19537225630 18442992152 1145499414 842915301
Non-current assets 19204331097 17838514637 14934349985 14223428947
Total Assets 38741556727 36281506789 16079849399 15066344248
Current liabilities 34245116035 31754463659 2336437884 1914624822
Non-current liabilities 12229042 80781319 10613499811 10106347993
Total liabilities 34257345077 31835244978 12949937695 12020972815
Net assets 4484211650 4446261811 3129911704 3045371433
Including: attributable to non-controlling
interests
attributable to parent company 4484211650 4446261811 3129911704 3045371433
Shares of net assets based on shareholding 1793684660 1778549724 782477926 761353506
Adjustment - unrealized profits from internal
transactions 13325000 13325000 62489352 62489352
Book value of investment in joint ventures 1807009660 1791874724 844967278 823842858
Fair value of equity investments with public
quotations
120Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Note: In 2025 the Company increased invested capital in Guangdong Energy Finance Leasing
Company (Energy Group Finance Leasing Company) by RMB 2.5 million. As at 31 December 2025 one
of the shareholders who holds 25% shares did not make additional capital investment resulting in a
difference of RMB 62489352 between the book value of the Company's equity investments in its
associates and amount of shares of net assets based on shareholding.Energy Group Finance Company Energy Group Finance
Item Leasing Company
2025202420252024
Operating revenue 722928701 773766678 349361822 392604085
Net profit 395025618 374602045 84497679 115903379
Net profit from discontinued operations
Other comprehensive income -152717925 -13516913
Total comprehensive income 242307693 361085132 84497679 115903379
Dividends received from associates in the
current period 92152103 92569944
(4) Major financial information of other insignificant joint ventures and associates
Item 31/12/2025 31/12/2024
Joint venture
Book value of investments 174115981 171197445
The total amount calculated based on the shareholding ratio of each item as below
Net profit 5995234 424563
Other comprehensive income
Total comprehensive income 5995234 424563
Associates
Book value of investments 1054229134 987950606
The total amount calculated based on the shareholding ratio of each item as below
Net profit 54582689 -73112329
Other comprehensive income -638447 -3294845
Total comprehensive income 53944242 -76407174
VII. Government grants
1. Government grants accounted in deferred income
Grant projects 1/1/2025 Increase in the Decrease in thecurrent year current year 31/12/2025
Government grants
related to assets 113262526 41386281 12854495 141794312
VIII. Risk management of financial instruments
The main financial instruments of the Company include monetary funds notes receivable trade
receivables other receivables non-current assets due within one year other current assets
investments in other equity instruments long-term receivables notes payable trade payable other
payables short-term borrowings current portion of non-current liabilities long-term borrowings
121Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
debentures payable lease liabilities and long-term payables. The detailed information of each financial
instrument has been disclosed in the relevant notes.The risks associated with these financial instruments as well as the risk management policies adopted
by the Company to reduce these risks are described below. The management of the Company
manages and monitors these risk exposures to ensure that the aforementioned risks are controlled
within a limited scope.
1. Risk management objectives and policies
The Company's operating activities are subject to various financial risks: market risk (primarily foreign
exchange risk and interest rate risk) credit risk and liquidity risk. Our overall risk management plan
addresses the unpredictability of financial markets striving to minimize potential adverse impacts on our
financial performance.
(1) Market risk
Foreign exchange risk
The Group's major operational activities are carried out in the Chinese mainland and a majority of the
transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising from the
recognized assets and liabilities and future transactions denominated in foreign currencies primarily
with respect to USD. The Group is exposed to foreign exchange risk arising from the recognized assets
and liabilities and future transactions denominated in foreign currencies primarily with respect to USD.The Group's finance department at its headquarters is responsible for monitoring the amount of assets
and liabilities and transactions denominated in foreign currencies to minimize the foreign exchange risk.Therefore the Group may consider taking proper measures to mitigate the foreign exchange risk as
appropriate. During 2025 and 2024 the Group did not enter into any forward exchange contracts or
currency swap contracts.As at 31 December 2025 and December 31 2024 the Company did not hold any financial liabilities
dominated in foreign currency.Interest rate risk
The Group's interest rate risk mainly arises from interest bearing borrowings including bank borrowings
debentures payable lease liabilities and long-term payables. Financial liabilities issued at floating rates
expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates expose the
Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and
floating rate contracts depending on the prevailing market conditions.The Group continuously monitors its interest rate position. Increases in interest rates will increase the
cost of new borrowing and the interest expenses with respect to the Group's outstanding floating rate
borrowings and therefore could have a material adverse effect on the Group's financial performance.The Group makes adjustments timely with reference to the latest market conditions and may enter into
interest rate swap agreements to mitigate its exposure to interest rate risk. During 2025 and 2024 the
Group did not enter into any interest rate swap agreements.The Group's interest bearing borrowings were mainly bank borrowings debentures payable lease
liabilities and long-term payables with fixed and floating interest rates and the amounts of respective
interest are as follows:
122Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Short-term borrowings
-- Fixed interest rate 4184822957 10141662928
-- Floating interest rate 5548374004 3942291347
Subtotal 9733196961 14083954275
Long-term borrowings and long-term borrowings due within one year
-- Fixed interest rate 11030088175 1199600000
-- Floating interest rate 68542911753 74023691196
Subtotal 79572999928 75223291196
Debentures payable and Debentures payable due within one year
-- Fixed interest rate 13446584670 11231708662
-- Floating interest rate
Subtotal 13446584670 11231708662
Long-term payables and long-term payables due within one year
-- Fixed interest rate 649438826 615321190
-- Floating interest rate 793571344 125569487
Subtotal 1443010170 740890677
Lease liabilities and lease liabilities due within one year
-- Fixed interest rate 548920603 960891014
-- Floating interest rate 11065037163 11135372333
Subtotal 11613957766 12096263347
Total 115809749495 113376108157
As of 31 December 2025 the Company's debt with fixed interest rate amounted to RMB 29859855231
and that of floating interest rate was RMB 85949894264 (as of December 31 2024: fixed-interest-rate:
RMB 24149183795 and floating-interest-rate debt was RMB 89226924363).As of 31 December 2025 if the floating rates increases or decreases by 10 basis points while other
factors remain unchanged the Company's interest expenses will increase or decrease by approximately
RMB 85949894 (as of December 31 2024: an increase or decrease of 10 basis points will result in an
increase or decrease of approximately RMB 89226924).
(2) Credit risks
The credit risk of the Company primarily arises from monetary funds notes receivable trade
receivables contract assets other receivables and long-term receivables. As of 31 December 2025
the carrying amount of our financial assets represents its maximum credit risk exposure.The Company's monetary funds primarily are consist of bank deposits in Energy Group Finance
Company reputable state-owned banks with high credit ratings and other large and medium-sized
listed banks. The Company believes that there is no significant credit risk associated with these
deposits and they will not incur any significant losses due to default by the counterparty.In addition the Company establishes policies to control credit risk exposure for trade receivables trade
payable contract assets other receivables and long-term receivables. Based on assessments of
customers' financial status the possibility of obtaining guarantees from third parties credit records and
123Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
other factors such as current market conditions the Company evaluates customers' creditworthiness
and sets corresponding credit periods. The Company regularly monitors customers' credit records. For
customers with poor credit records the Company adopts measures such as written reminders
shortening credit periods or canceling credit periods to ensure that the Company's overall credit risk
remains within a controllable range.As of 31 December 2025 the Company did not held significant collateral due to debtors' mortgages or
other credit enhancements (as of December 31 2024: none).
(3) Liquidity risk
Each subsidiary within the Company is responsible for its own cash flow forecast. As the Company had
net current liabilities there was a certain degree of liquidity risk. In view of the above situation the
Company had formulated certain plans and measures to alleviate the pressure on working capital and
improve financial conditions.As of 31 December 2025 the financial liabilities and off-balance sheet guarantee items held by the
Company are analyzed based on the maturity of undiscounted remaining contractual cash flows as
follows:
31/12/2025
Item Book value as at
Within one year One to two years Two to five years More than fiveyears Total
31/12/2025
Financial liabilities
Short-term borrowings 9839421691 9839421691 9741011157
Notes payable 1519972657 1519972657 1519972657
Trade payable 4294766903 4294766903 4294766903
Other payables 18806427609 18806427609 18806427609
Other current liabilities 520439919 520439919 520439919
Non-current liabilities due
within one year 9941727687 9941727687 9886200377
long-term borrowings 1986101107 10427838508 20332210694 53730142429 86476292738 71609414544
Debentures payable 230070563 922435862 7345817152 6015720617 14514044194 12382296595
Lease liabilities 889906772 3148208568 9395043080 13433158420 12394114636
Long-term payables 350535065 453266126 524243564 1328044755 1109330338
Continued:
31/12/2024
Item Book value as at
Within one year One to two Two to five More than five total 31/12/2024years years years
Financial
liabilities
Short-term
borrowings 14372345811 14372345811 14108930833
Notes payable 2102292195 2102292195 2102292195
Trade payable 4279045681 4279045681 4279045681
Other payables 15825876579 15825876579 15825876579
Other current
liabilities 528095817 528095817 528095817
Non-current 6985821004 6985821004 6606678336
124Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
31/12/2024
Item Book value as at
Within one year One to two Two to five More than five 31/12/2024years years years total
liabilities due
within one year
long-term
borrowings 2383844518 10356555596 22081496998 45656929479 80478826591 69541559406
Debentures
payable 355789480 2617529743 6237200154 5572283566 14782802943 11107429258
Lease liabilities 850060148 2798617305 10015643629 13664321082 12376312142
Long-term
payables 76591643 257842819 765781903 1100216365 696347824
As at 31/12/2025 the credit limits available to the Company from financial institutions are presented as
follows:
Item 31/12/2025 31/12/2024
Available credit limit from financial institutions 106589071457 112116120762
2. Capital management
The objective of the Company's capital management policy is to ensure the sustainable operation to
provide returns for shareholders and other stakeholders while maintaining an optimal capital structure
to reduce capital costs.The total capital of the Company is the shareholders' equity listed in the consolidated balance sheet.The Company is not subject to external mandatory capital requirements and monitors its capital using
the debt ratio.The debt ratio of the Company is presented as follows:
Item 31/12/2025 31/12/2024
Asset-liability ratio 77.71% 79.47%
IX. Fair value
Fair value measurements are categorized into a hierarchy based on the lowest level of input that is
significant to the measurement as a whole:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability either directly or indirectly.Level 3: if any unobservable input is used for the asset or liability.
1. Assets measured at fair value on a recurring basis
As at 31 December 2025 the assets measured at fair value on a recurring basis by the above three
levels are analyzed below.
125Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Level 1 Level 2 Level 3 Total
1. Fair value on a recurring basis
Investments in other equity instruments 1777428066 1232261822 3009689888
2. Information of important unobservable input values used in the level 3 fair value measurement
Item Fair value at31/12/2025 Valuation method
Unobservable input
value
Investments in other equity
instruments
Unlisted equity investment 1232261822 Comparable company method and Average price-to-bookdiscounted cash flow method ratio liquidity discount
For financial instruments traded in active market the Company determines their fair value based on the
quoted prices in active market. For financial instruments which were not traded in an active market the
Company uses valuation methods to determine their fair value. The Company used valuation models
such as the discounted cash flow model and the market comparable company model to assess the fair
value of investments in other equity instruments in level 3 in 2025. The main unobservable inputs used
by the Company for its investments in Shenzhen Capital Group were average price-to-book ratio and
liquidity discount.
3. Movement of fair value measurement of investments in other equity instruments in level 3
Total gain or losses
Item 1/1/2025 Accounted in profit Accounted in other 31/12/2025
or loss comprehensive income
Investments in other
equity instruments 1126800000 105461822 1232261822
4. Items not measured at fair value but disclosed at fair values
The financial assets and financial liabilities measured at amortized cost of the Company mainly include
notes receivable trade receivables other receivables long-term receivables short-term borrowings
trade payable lease liabilities long-term borrowings debentures payable and long-term payables.There was no significant difference between the book value and fair value of the financial assets and
financial liabilities of the Company that are not measured at fair value.X. Related parties and related party transactions
1. Parent company
Voting
Parent company Place of Registered ShareholdingRegistration Scope of business capital (%) rights(%)
Guangdong Energy Operating management of power
Group Co. Ltd. generation enterprises capital
(Guangdong Energy Guangzhou management of power generation 23300000000 67.39% 67.39%
Group or GEGC) assets construction of electricity plantsand power sales
The ultimate controlling party of the Company is the State-owned Assets Supervision & Management
Commission of Guangzhou Municipal People’s Government.
126Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
In 2025 movement of registered capital of the parent company as follows:
1/1/2025 Increase Decrease 31/12/2025
2330000000023300000000
2. Subsidiaries of the Company
For details of the subsidiaries please refer to Note VI. 1.
3. Joint ventures and associates
For details of significant joint ventures and associates please refer to Note VI. 2.Joint ventures or associates Relationship
Industrial Fuel Joint venture
China Aviation Shenxin Joint venture
Yuexin Energy Joint venture
Shanxi Yuedian Energy Associates
Taishan Power Associates
Energy Group Finance Company Associates
Energy Finance Leasing Company Associates
Energy Property Insurance Captive Insurance Associates
Yuedian Shipping Associates
Yueqian Power Associates
Weixin Yuntou Associates
Jiangkeng Hydropower Station Associates
Zhongshankeng Electric Power Associates
Shantou Huaneng Wind Power Associates
Southern Offshore Wind Power Associates
Yunfu B Associates
Guangdong Energy Group Corporate Services Co. Ltd. (Energy Corporate Services) Associates
4. Other related parties
Related parties Relationship
Zhuhai Special Economic Zone Guangzhu Power Generation Co. Ltd. Both are controlled by Guangdong
(Guangzhu Power) Energy Group
Guangdong Yuedian Environmental Protection Materials Co. Ltd. Both are controlled by Guangdong
(Environmental Protection Materials) Energy Group
Guangdong Zhuhai Gaolan Port Environmental Protection Technology Both are controlled by Guangdong
Co. Ltd. (Gaolan Port Environmental Protection) Energy Group
Inner Mongolia Yuedian Menghua New Energy Co. Ltd. (Menghua New Both are controlled by Guangdong
Energy) Energy Group
Bayan Obo Guangdong-Mongolia New Energy Co. Ltd. (Bayan Obo) Both are controlled by GuangdongEnergy Group
Shaoguan Qujiang Yuedian New Energy Co. Ltd. (Shaoguan Qujiang) Both are controlled by GuangdongEnergy Group
127Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Related parties Relationship
Guangdong Zhuhai Jinwan Power Generation Co. Ltd. (Zhuhai Jinwan) Both are controlled by GuangdongEnergy Group
Guangdong Yuedian Zhongshan Thermal Power Plant Co. Ltd. Both are controlled by Guangdong
(Yuedian Zhongshan Thermal Power Plant) Energy Group
Guangdong Yuedian Real Estate Investment Co. Ltd. (Yuedian Real Both are controlled by Guangdong
Estate Investment) Energy Group
Guangdong Yuedian Shipping Co. Ltd. (Yuedian Shipping) Both are controlled by GuangdongEnergy Group
Guangdong Yuedian Information Technology Co. Ltd. (Yuedian Both are controlled by Guangdong
Information Technology) Energy Group
Guangdong Yuedian Xinfengjiang Power Generation Co. Ltd. (Yuedian Both are controlled by Guangdong
Xinfengjiang) Energy Group
Guangdong Yuedian Property Management Co. Ltd. (Yuedian PM) Both are controlled by GuangdongEnergy Group
Guangdong Yuedian Environmental Protection Co. Ltd. (Yuedian Both are controlled by Guangdong
Environmental Protection) Energy Group
Guangdong Yangjiang Port Co. Ltd. (Yangjiang Port) Both are controlled by GuangdongEnergy Group
Guangdong Yuelong Power Generation Co. Ltd. (Yuelong Power) Both are controlled by GuangdongEnergy Group
Guangdong Energy Group Co. Ltd. Zhuhai Power Plant (Zhuhai Both are controlled by Guangdong
Power) Energy Group
Guangdong Energy Group Co. Ltd. Shajiao C Power Plant (Energy Both are controlled by Guangdong
Group Shajiao C Power Plant) Energy Group
Guangdong Shaoguan Port Co. Ltd. (Shaoguan Port) Both are controlled by GuangdongEnergy Group
Guangdong Energy Group Natural Gas Co. Ltd. (Guangdong Energy Both are controlled by Guangdong
Natural Gas) Energy Group
Guangdong Energy Group Science and Technology Research Institute Both are controlled by Guangdong
Co. Ltd. (Energy Group Science and Technology Research Institute) Energy Group
Guangdong Huizhou Natural Gas Power Co. Ltd. (Huizhou Natural Both are controlled by Guangdong
Gas) Energy Group
Guangdong Energy Group (Yunfu) Energy Storage Power Generation Both are controlled by Guangdong
Co. Ltd. (Guangdong Energy Group (Yunfu) Energy Storage) Energy Group
Dongguan Mingyuan Hotel Co. Ltd. (Dongguan Mingyuan Hotel) Both are controlled by GuangdongEnergy Group
Guangdong Huizhou Liquefied Natural Gas Co. Ltd. (Huizhou LNG) Both are controlled by GuangdongEnergy Group
Guangdong Energy Bohe Fuel Supply Chain Co. Ltd. (Guangdong Both are controlled by Guangdong
Energy Bohe Fuel Supply Chain) Energy Group
Guangdong Energy Group Energy Conservation and Carbon Reduction
Co. Ltd. (Guangdong Energy Group Energy Conservation and Carbon Both are controlled by Guangdong
Reduction) Energy Group
Guangdong Energy Group Corporate Services Co. Ltd. (Energy Both are controlled by Guangdong
Corporate Services) Energy Group
128Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
5. Related party transactions
(1) Purchases and sales
1 Purchase of goods and receiving of services:
Related parties Type of related Pricing policy forparty transaction related-party transactions 2025 2024
Industrial Fuel Purchase of fuel Agreement price 20020041729 23522405049
Guangdong Energy Natural Gas Purchase of fuel Agreement price 9310756743 9455829151
Guangdong Energy Bohe Fuel
Supply Chain Purchase of fuel Agreement price 59679110
Guangdong Energy Group Co. Receipt of operational
Ltd. services Agreement price 520628563 573102250
Purchase of
Yuedian Environmental materials/Receipt ofconsulting services / Carbon Agreement price 129041310 169702574
emission allowances trading
Environmental Protection
Materials Purchase of materials Agreement price 81005986 96406939
Energy Group Science and Purchase equipment/receive
Technology Research Institute R&D services Agreement price 49986839 102765353
Energy Property Insurance Receipt of insuranceservices Agreement price 26471944 15704247
Yuedian PM Receipt of property services Agreement price 49091841 48063107
Yuedian Shipping Receipt of tug services Agreement price 41152397 28262170
Energy Corporate Services Receipt of other services Agreement price 23937317
Guangzhu Power Carbon emission allowancestrading Agreement price 13911712
Guangdong Energy Group Receipt of consulting/other
Energy Conservation and services/Carbon emission Agreement price 12632642
Carbon Reduction allowances trading
Others Purchase of goods/Receiptof services Agreement price 42954835 41786988
2 Sale of goods and rendering of services:
Pricing policy for
Related parties Type of related party transaction related party 2025 2024
transactions
Environmental Protection Revenue from sale of by-products
Materials /other services Agreement price 95744621 100380187
Gaolan Port Environmental Revenue from sale of by-products
Protection /other services Agreement price 19745764 37120087
Guangdong Energy Group Provision of maintenance repairand other labour services Agreement price 34185140 50525121
Yuedian Zhongshan Provision of maintenance and
Thermal Power Plant repair services Agreement price 21105683 21413945
Guangzhu Power Provision of maintenance andrepair services Agreement price 29923204 20024593
Yunfu B Provision of maintenance repairand other labour services Agreement price 1737167 2345313
Bayun Ebo Provision of management services Agreement price 7724793 7253092
Huizhou LNG Transfer of land use rights forreclaimed land/other services Agreement price 26917203 177393862
Yuedian PM Provision of management services Agreement price 15027976 440901
129Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Pricing policy for
Related parties Type of related party transaction related party 2025 2024
transactions
Others Provision of services Agreement price 10347933 11312524
Note: In the current year Pinghai Power Plant a subsidiary of the Company entered into an agreement
with Huizhou LNG. Under the agreement Huizhou LNG was obligated to pay compensation for
reclamation costs to Pinghai Power Plant. Additionally Pinghai Power Plant provided paid usage
services for the breakwater to Huizhou LNG.
(2) Purchase of electricity
Related parties 2025 2024
Guangzhu Power 12356539 34533526
Zhuhai Jinwan 19986513 5165045
Yuedian Zhongshan Thermal Power Plant 11735370 21685670
Yuelong Power 4627778 2493552
(3) Leases
Increase of right-of-use assets in the current year as the lessee
Name of the lessor Type of the leased asset 2025 2024
Energy Finance Leasing Company Lease of machinery and equipment 1296438673 2191682984
Others Housing rental 29762997
Interest expenses on lease liabilities in the current year as the lessee
Name of the lessor Type of the leased asset 2025 2024
Energy Finance Leasing Company Lease of machinery and equipment 278869520 297797859
Others Housing rental 1310650
The short-term or low-value lease expenses paid as the lessee
Name of the lessor Type of the leased asset 2025 2024
Yuedian Real Estate Investment Lease of houses 19517 15148051
The rental income obtained by the Company as the lessor
Name of the lessee Type of the leased asset 2025 2024
Dongguan Mingyuan Hotel Tenancy of PPE 3986319 3870213
Yuedian PM Tenancy of PPE 595336 283746
Yuedian Environmental Protection Tenancy of PPE 163810 161905
Yuedian Shipping Tenancy of PPE 48440 48440
Yunfu B Tenancy of PPE 730521 8637532
Energy Group Science and Technology
Research Institute Tenancy of PPE 1158658 149799
Guangdong Energy Natural Gas Tenancy of PPE 9981 9981
130Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of the lessee Type of the leased asset 2025 2024
Huizhou Natural Gas Tenancy of PPE 1921309
Shanwei YueDian Shipping Tenancy of PPE 16294 16294
China Aviation Shenxin Tenancy of PPE 71560 71560
Red Bay Industrial Fuel Co. Ltd. (Industrial
Fuel) Tenancy of PPE 32587
Guangdong Energy Group (Yunfu) Energy
Storage Tenancy of PPE 12186
Energy Group Shajiao C Power Plant Tenancy of PPE 262857
Huizhou LNG Tenancy of PPE 1339158
(4) Guarantees
1 The Company as the guarantor
Whether the
Guaranteed party Guaranteed Guaranteed guaranteeamount interest Starting date Maturity date has been
fulfilled
Guangdong Energy
Group Corporation 1684160000 9789304 2019/12/3 2043/9/15 No
In order to perform the Loan Agreement for the Guangdong Yuedian Yangjiang Shapa offshore wind
power project signed between the People's Republic of China (PRC) and New Development Bank (NDB)
(Loan Agreement with NDB) on 3 December 2019 Project Agreement signed between NDB and the
People's Government of Guangdong Province (provincial government) (Project Agreement with NDB)
Loan Transfer Agreement signed between the Ministry of Finance and the provincial government (Loan
Transfer Agreement with the Ministry of Finance) and Loan Transfer Agreement signed between the
Department of Finance of Guangdong Province and GEGC (Loan Transfer Agreement with the
Department of Finance of Guangdong Province) Yangjiang Wind Power signed Loan Transfer
Agreement with GEGC (Loan Transfer Agreement with GEGC) in 2020 specifying that GEGC shall
transfer loans of RMB 2000000000 (Project Loan) to Yangjiang Wind Power; meanwhile the
Company signed a joint liability guarantee contract with GEGC specifying that the Company provides
joint liability guarantee for all liabilities of Yangjiang Wind Power under the Loan Transfer Agreement
with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3 December
2019 to 15 September 2043 and the guarantee scope includes but not limited to principal and interest.
As at 31 December 2025 Yangjiang Wind Power borrowed pledged loan of RMB 1684160000 from
NDB and the interest payable was RMB 9789304. The right to collect electric charges was pledged for
such borrowings.The Project Loan above was transferred to the provincial government by the Ministry of Finance under
the country's authorization according to the same loan conditions then transferred to GEGC by the
Department of Finance of Guangdong Province under the provincial government's authorization and
finally transferred to Yangjiang Wind Power by GEGC. The above Project Loan was actually provided in
entrusted payment. The cash would not flow through the bank accounts of the Ministry of Finance
Department of Finance of Guangdong Province and GEGC and Yangjiang Wind Power the actual
debtor of the Project Loan directly withdrew and repaid the loan through its account of NDB. The
Project Loan was guaranteed by the Company for GEGC and actually the Company provided
guarantee for the Project Loan obtained by Yangjiang Wind Power from NDB. Therefore after
131Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
consulting the Company's legal adviser management considered that joint liability guarantee provided
by the Group for GEGC would not constitute GEGC's occupation of the Group's funds.
(5) Lending among related parties
According to the 2025 Framework Agreement on Financial Services between the Company and Energy
Group Finance Company Energy Group Finance Company is committed to offering the Group a credit
line of no more than RMB 39 billion in 2025. In 2025 the Group borrowed a total of RMB 9563857859
(2024: RMB 10109224870) from Energy Group Finance Company based on actual capital
requirement. The Group paid an interest of RMB 266313323 (2024: RMB 319243449) for such
borrowings.In 2025 the net decrease of the Group's deposits in Energy Group Finance Company was RMB
986153182 (2024: a net increase of RMB 69109167) and there was no other cash balances
deposited in Energy Group Finance Company in 2025 or 2024. Interest due from Energy Group Finance
Company amounted to RMB 80861477 (2024: RMB 147987728). In light of the frequent deposits and
withdrawals the Group only disclosed the amount of net change in deposits.According to the three-party agreement signed among the Group Energy Group Finance Company and
Industry Fuel the notes opened by the Group in Energy Group Finance Company and issued to
Industry Fuel represented the amount payable to Energy Group Finance Company if such notes were
discounted with Energy Group Finance Company by Industry Fuel. Given the frequent transactions only
the net change of the balance of commercial acceptance notes discounted with Energy Group Finance
Company as at 31 December is disclosed. As at 31 December 2025 the net amount of Energy Group
Finance Company's discounting of acceptance notes issued by the Group to Industry Fuel decreased by
RMB 40000000 (2024: RMB 25000000). In 2025 the discounting interest charged by Energy Group
Finance Company and borne by the Group which was included in the discounting interest expenses in
the current year amounted to RMB 2435740 (2024: RMB5595178).Based on the Framework Agreement on Financial Lease between the Company and Energy Finance
Leasing Company in 2025 Energy Finance Leasing Company is committed to offering the Group a
credit line of no more than RMB 18 billion which is reusable during the one-year agreement period. In
2025 the new lease liabilities incurred in the transaction between the Group and Energy Finance
Leasing Company were RMB 1307642676 (2024: RMB 2191682984) the finance lease payment
was RMB 746151863 (2024: RMB 723763205). and no advance payment was received (2024: nil).The Company entered into new sale and leaseback transactions with Energy Finance Leasing
Company resulting in an increase in long-term payables (including current portion) of RMB 662445430
(2024: nil).
(6) Interest income
Related parties Type of related party transaction 2025 2024
Energy Group Finance Company Interest on deposits 80861477 147987728
(7) Interest costs
Related parties Content of related-party transactions 2025 2024
Energy Group Finance Company Interest on borrowings 266313323 319243449
Energy Group Finance Company Discount charges for notes 2435740 5595178
In 2025 the annual interest rate for loans issued by Energy Group Finance Company to our company
132Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
ranged from 1.70% to 3.45% (2024: 2.00% to 3.45% ).
(8) Joint investment
As of 31 December 2025 the subsidiaries joint ventures and associates jointly invested by the
Company Guangdong Energy Group Co. Ltd. and its subsidiaries include:
Invested enterprise Percentage of equity attributable to GEGC
Energy Property Insurance 51.00%
Energy Group Finance Company 60.00%
Energy Group Finance Leasing Company 75.00%
Yuedian Shipping 65.00%
Yueqian Power 68.70%
Shanxi Yuedian Energy 60.00%
Industry Fuel 50.00%
Shajiao C Company 49.00%
Guanghe Power 49.00%
Biomass Power Generation 49.00%
Xinhui Power 44.10%
Maoming Thermal Power 45.14%
Yangjiang Wind Power 10.96%
Shibeishan Wind Power 30.00%
Zhanjiang Wind Power 30.00%
Qujie Wind Power Company 1.68%
Bohe Energy 33.00%
Yuejia Electric 25.00%
Zhuhai Wind Power 5.72%
(9) Remuneration of key management
The Company has 5 key management personnel in 2025 compared to 7 in 2024. The payment of
salaries is shown in the table below:
Item 2025 2024
Remuneration of key management 5837927 7526869
6. Amount due to/from related parties
(1) Amount due from related parties
31/12/202531/12/2024
Item Related parties
Book balance Bad debt Bad debtreserves Book balance reserves
Cash and bank Energy Group Finance
balances Company 13275888592 14286603574
Trade receivables Energy GroupCompany 6469246 13162597
133Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
31/12/202531/12/2024
Item Related parties
Book balance Bad debtreserves Book balance
Bad debt
reserves
Trade receivables Guangzhu Power 15598390 16519487
Trade receivables Yuedian ZhongshanThermal Power Plant 22782309 7669412
Trade receivables other 3472083 538176
Contract assets Yuedian ZhongshanThermal Power Plant 103206 1269872
Contract assets Others 771563 96470
Other receivables Yuedian EnvironmentalProtection 26495186 37861479
Other receivables Industry Fuel 54738075 24677849
Other receivables Energy Finance LeasingCompany 33507710 13533280
Other receivables Others 34805913 28731848
Advances to
suppliers Industry Fuel 636106229 929673076
Advances to Guangdong Energy
suppliers Natural Gas 21489959
Advances to
suppliers Tianxin Insurance 23760250 30223522
Advances to
suppliers Others 7261439 5329456
Guangdong Energy
Other non-current Group Energy
assets Conservation and Carbon 4323000
Reduction
Other non-current
assets Tianxin Insurance 23837472
Other non-current Energy Group Finance
assets Company 507222
(2) Amount due to related parties
Item Related parties 31/12/2025 31/12/2024
Notes payable Energy Group Finance Company 150000000 350000000
Trade payables Industry Fuel 2255235465 1971547170
Trade payables Guangdong Energy Natural Gas 656143143 72412482
Trade payables Energy Group Company 314416207 71348385
Trade payables Yuedian Environmental 33840243 25726993
Trade payables Environmental Protection Materials 21771155 6470206
Trade payables Others 18114415 12307887
Other payables Yuedian Environmental 762414 21449528
Other payables Menghua New Energy 7640523 9222282
Other payables Yuedian PM 7395846 7168316
Other payables Yuedian Information Technology 7152456 3875757
Other payables Energy Corporate Services 9505945
134Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Related parties 31/12/2025 31/12/2024
Other payables Energy Group Science andTechnology Research Institute 35827012 5624000
Other payables Others 25807630 22167217
Advance from customers Huizhou Natural Gas 1425115
Contract liabilities Huizhou LNG 34983686
Lease liabilities Energy Finance Leasing Company 8120455932 10257056614
Lease liabilities Others 19646041
Long-term trade payables Energy Finance Leasing Company 420971128
Short-term borrowings Energy Group Finance Company 4444498452 4537643038
Current portion of non-current liabilities Energy Group Finance Company 286611981 212355144
Current portion of non-current liabilities Energy Finance Leasing Company 772997883 237719635
Current portion of non-current liabilities Yuedian Real Estate Investment 12612258
Current portion of non-current liabilities Yunfu B 1002858
Current portion of non-current liabilities Yuelong Power 7025
long-term borrowings Energy Finance Leasing Company 6707954288 5806465747
XI. Commitments
1. Important commitment items
(1) Capital commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognized on
the balance sheet as at the balance sheet date are as follows:
Capital commitments that have been contracted but not yet
recognized in the financial statements 31/12/2025 31/12/2024
Houses buildings and power generation equipment 6439124335 15655912347
The above capital commitments will be primarily used for the construction of new electric plants and the
purchase of new generator units.
(2) Investment commitments
Note 1: In August 2022 Provincial Wind Power signed the Equity Acquisition Framework Agreement for
the Wuxiang Lvheng 100MW Photovoltaic Power Generation Project with Shanxi Hengyang New
Energy Co. Ltd. (Hengyang New Energy). According to the agreement Provincial Wind Power paid a
deposit of RMB 52200000 for the equity acquisition in 2022.Note 2: In May 2024 GEGC Xinjiang a subsidiary of our company signed a framework agreement with
Jiangsu Saifapower Electric Power Development Co. Ltd. (Saifapower Electric Power) to acquire 100%
of the equity held by Seraphim Power in Kekedala Zhongfu New Energy Co. Ltd. As of 31 December
2025 GEGC Xinjiang had paid a transaction deposit of RMB 72000000 to Saifapower Electric Power.
2. Contingent matter
As of 31 December 2025 the Company has no unsettled lawsuit external guarantees or other
135Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
contingent matters that need to be disclosed.XII. Events after the balance sheet date
1. Profit distribution
In accordance with the proposal at the Board of Directors’ meeting in March 2026 the Company
proposed to distribute a cash dividend of RMB 0.2 per 10 shares to all shareholders based on total
share capital of 5250283986 shares as at 31 December 2025. Such proposal is pending for approval
at the meeting of Board of Shareholders and not recognized as a liability in the financial statements for
the current year
As of March 27 2026 (the date of approval of the report by the board of directors) the Company has no
other events after the balance sheet date that should be disclosed.XIII. Other important matters
1. Division report
As the Group's revenue and expenses assets and liabilities are primarily associated with sale of electric
power and other related products the Group's management taking the sale of electric power as a
whole business periodically obtains accounting information relating to its financial status operating
results and cash flow for assessment. Therefore the electric power segment is the only division in the
Group.The Group’s revenue from main operations derives from the development and operation of electric
plants in China and all assets are within China.In 2025 the revenue earned by our power plants from Southern Grid Company and State Grid
Corporation of China amounted to RMB 50399904363 (2024: RMB 56225050620) accounting for
97.79% of the Group’s revenue (2024: 98.37%).
As of 31 December 2025 the Company had no other significant matters that should be disclosed.XIV. Notes to major items in the parent company's financial statements
1. Other receivables
Item 31/12/2025 31/12/2024
Interest receivable
Dividend receivable
Other receivables 70195880 837741316
Total 70195880 837741316
(1) Other receivables
1 Disclosure by aging
Aging of accounts 31/12/2025 31/12/2024
Within 1 year 3842103 791766134
1 to 2 years 25210806 6660864
136Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Aging of accounts 31/12/2025 31/12/2024
2 to 3 years 6548058 5103479
Over 3 years 34716841 34314140
Subtotals 70317808 837844617
Less: provision for bad debts 121928 103301
Total 70195880 837741316
2 Disclosure by nature of payment
Items 31/12/2025 31/12/2024
Receivables from supplementary medical insurance funds 40048672 44370483
Receivables from related parties 27279842 788286071
Others 2989294 5188063
Subtotals 70317808 837844617
Less: bad debt provision 121928 103301
Total 70195880 837741316
3 Provision for bad debts
31/12/2025
Category Book balance Provision for bad debts
% of total Provision book valueAmount balance Amount ratio
Provision for bad debts on
an individual basis 67328514 95.75 67328514
Provision for bad debts on a
collective basis 2989294 4.25 121928 4.08 2867366
Total 70317808 100.00 121928 0.17 70195880
(Continued):
31/12/2024
Category book balance Provision for bad debts
book value
Amount % of totalbalance Amount
Provision
ratio
Provision for bad debts on
an individual basis 835172773 99.68 835172773
Provision for bad debts on a
collective basis 2671844 0.32 103301 3.87 2568543
Total 837844617 100.00 103301 0.01 837741316
As at 31 December 2025 other receivables at Stage 1 for which the related provision for bad debts was
provided on the individual basis are analyzed as follows:
Book 12-month ProvisionCategory ECL for bad Bookbalance Reasonrates% debts balance
Provision for bad debts on
an individual basis -
137Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Category Book
12-month Provision
ECL for bad Bookbalance balance Reasonrates% debts
The counterparty is a related
Receivables from related
parties 27279842 27279842
party with a historical loss rate
of 0% ; therefore the risk of ECL
is extremely low.The counterparty is Taikang
Pension which mainly provides
Supplementary medical
insurance fund receivable 40048672 40048672
custody services for the Group’s
supplementary medical
insurance fund. and the risk of
ECL is extremely low.Provision for bad debts on
a collective basis
Other receivables portfolio 2989294 4.08 121928 2867366
Total 70317808 0.17 121928 70195880
Bad debt provision at Stage 2 at the end of the period
At the end of the period the Company had no interest receivable dividends receivable or other
receivables that were in Stage 2.Bad debt provision at Stage 3 at the end of the period
At the end of the period the Company had no interest receivable dividends receivable or other
receivables that were in Stage 2.As at 31 December 2024 other receivables at Stage 1 for which the related provision for bad debts was
provided on the collective basis are analyzed as follows:
12-month Provision
Category Book balance ECL for bad Book value Reason
rates% debts
Provision for bad debts
on an individual basis
The counterparty is a related
Receivables from related party with a historical loss rate
parties 788286071 788286071 of 0% ;therefore the risk of ECL is
extremely low.The counterparty is Taikang
Pension which mainly
Supplementary medical provides custody services for
insurance fund 44370483 44370483 the Group’s supplementary
receivable medical insurance fund. and
the risk of ECL is extremely
low.Trade receivables from
sales of auxiliary -
products
Others 2516219 2516219 -
Provision for bad debts
on a collective basis
Other receivables 2671844 3.87 103301 2568543
138Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
12-month Provision
Category Book balance ECL for bad Book value Reason
rates% debts
portfolio
Total 837844617 0.01 103301 837741316
Bad debt provision at Stage 2 at the end of the previous year
At the end of last year the Company had no interest receivable dividends receivable or other
receivables that were in the second stage.Bad debt provision at the third stage at the end of last year
At the end of last year the Company had no interest receivable dividends receivable or other
receivables in the third stage.
7 Bad debt provision accrued recovered or reversed in the current period
Stage 1 Stage 2 Stage 2
Bad debt reserves 12-month Lifetime ECL (credit Lifetime ECL (credit Total
ECL not impaired) impaired)
As at 31/12/2024 103301 103301
Opening balance in the current period
-- Move to stage 2
-- Move to stage 3
-- Switch back to stage 2
--Return to stage 1
Provision for this period 18627 18627
Reversal in this period
Verification in this period
As at 31/12/2025 121928 121928
8 The actual write-off of other receivables in the current period: none
9 Top five units with the highest ending balances of other receivables collected by debtors
Unit Name Nature Book Aging % of total
Provision
balance balance for baddebts
Supplementary
Taikang Pension Co. Ltd. medical Within 1 year 1-2 years (inclusive) 2-3
Guangdong Branch insurance fund 40048672 years (inclusive) 3-4 years (inclusive) 56.95
receivable 4-5 years (inclusive)
Guangdong Electric Power Receivables from
Industry Fuel Co. Ltd. related 22804207 1-2 years (inclusive) 32.43parties
Guangdong Yuedian Real Receivables from
Estate Investment Co. Ltd. related 1045274 4-5 years (inclusive) beyond 5 years 1.49parties
Guangdong Yuedian Binhai Receivables from
Bay Energy Co. Ltd. related 1002560 Within 1 year 1-2 years (inclusive) 1.43parties
Guangdong Yuedian New Receivables from
Energy Development Co. related 569333 Within 1 year 1-2 years (inclusive) 0.81
139Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Book ProvisionUnit Name Nature balance Aging
% of total
balance for baddebts
Ltd. parties
Total 65470046 93.11
140Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
2. Long-term equity investments
31/12/202531/12/2024
Item
Book balance Impairment provision Book value Book balance Impairment provision Book value
Subsidiaries 44332871157 3994357453 40338513704 40225622357 3915727852 36309894505
Joint ventures 1549408238 1549408238 1187240439 1187240439
Associates 9143147561 122614153 9020533408 8792769115 122614153 8670154962
Total 55025426956 4116971606 50908455350 50205631911 4038342005 46167289906
(1) Subsidiaries
Invested entity 31/12/2024 31/12/2024
Movements in the current year 31/12/2025 31/12/2025
(book value) (impairment provision) Increase in Decrease in Provision for (book value) (impairment provision)
investments investments impairment Others
Huizhou Natural Gas 1205199446 1205199446
Guangqian Company 1353153223 1353153223
Red Bay Power 2389023386 130000000 2519023386
Lincang Energy 490989439 660000000 660000000 490989439
Zhanjiang Electric 2185334400 456000000 1729334400
Yuejia Electric 455584267 455584267
Shaoguan Power Plant 1509698674 1596000000 1596000000 1509698674
Maoming Thermal Power 687458978 687458978
Jinghai Power 2450395668 526470100 2976865768
Technology Engineering
Company 200000000 200000000
Humen Power Company 3192416 86807584 3192416 86807584
Zhongyue Energy 963000000 187248115 567000000 1530000000 187248115
Bohe Energy 1409581041 321600000 1731181041
141Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Invested entity 31/12/2024 31/12/2024 Movements in the current year 31/12/2025 31/12/2025
(book value) (impairment provision) (book value) (impairment provision)
Pinghai Power Plant 720311347 720311347
Dapu Power Generation 1957100000 410000000 2367100000
Huadu Natural Gas 323050000 323050000
Wind Power Company 10519096881 10519096881
Power Sales 230000000 230000000
Yongan Natural Gas 495000000 495000000
Binhai Bay Company 1040000000 1040000000
Huaguoquan Company 49680900 49680900
Qiming Company 68000000 15000000 78629601 4370399 78629601
Daya Bay Company 423955001 49070000 473025001
Dananhai Company 331000000 100000000 431000000
Shajiao C Company 1169434134 389686648 1169434134 389686648
Yunhe Power 1319933927 17540000 1337473927
Yuehua Power 699347838 699347838
Bijie New Energy 17500000 17500000
Tumushuke Thermal Power 4286875 795713125 4286875 795713125
Shaoguan New Energy 46473000 46473000
Hanhai New Energy 644050000 644050000
Jinxiu Integrated Energy 2621800 2621800
Mujin New Energy 120495920 120495920
Muhong New Energy 120495920 120495920
Huibo New Energy 99923134 99923134
Xingyue New Energy 9977500 9977500
Maoming Natural Gas 115345000 115345000
142Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Invested entity 31/12/2024 31/12/2024 Movements in the current year 31/12/2025 31/12/2025
(book value) (impairment provision) (book value) (impairment provision)
Huixin Thermal Power 181475000 264960300 446435300
Dongrun Zhongneng New Energy 45063020 45063020
Shache Integrated Energy 1256610470 1256610470
Xinguangyao New Energy 46057600 46057600
Luoding New Energy 1844520 1844520
Jiuzhou New Energy 39000000 39000000
Changshan Wind Power 110740000 110740000
Tumxuk Changhe 3500000 3500000
Zhonggong Energy 152969360 152969360
Zhuhai Yuedian New Energy 2740000 2740000
Zhenneng New Energy 10000000 10000000
GEGC Xinjiang 1000000000 1000000000
Gaozhou New Energy 1476800 1476800
Yuedian New Energy
Development 85000000 286054860 371054860
Yuedian Navigation 300000 300000
Dongguan Ningzhou 948808400 948808400
Total 36309894505 3915727852 5892803660 1785554860 78629601 40338513704 3994357453
143Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2) Joint ventures and associates
Movements in the current year
31/12/2024 31/12/2024 Share of net Share of Announce the 31/12/2025Invested entity 31/12/2025(book value) (impairment Increase in Decrease in profit/(loss)
Share of other other distribution of Provision for (impairment
provision) (book value)investments investments under equity comprehensiveincome changes in cash dividends impairment
Others provision)
method equity or profits
Associates:
Taishan Power 2064860619 89704315 -17207 5115535 86021794 2073641468
Shanxi Yuedian
Energy 3932626743 267323639 81882 17134720 4182897544
Energy Group
Finance 1124890453 98756404 -38179481 6477476 57595064 1134349788
Company
Energy Finance
Leasing 823842858 21124420 844967278
Company
Yuedian
Shipping 126436319 21467919 -629116 -643515 146631607
Yueqian Power 272287737 5391285 -9331 -827613 276842078
Weixin Yuntou 122614153 122614153
Energy Property
Insurance
Captive 309986789 13515269 2291873 321210185
Insurance
Energy
Corporate 27000000 32824 27032824
Services
Other 15223444 1324938 3587746 12960636
Subtotals 8670154962 122614153 27000000 518641013 -38835135 10203765 166631197 9020533408 122614153
Joint venture:
Industry Fuel 1187240439 300000000 81561047 2015435 1873717 23282400 1549408238
Subtotals 1187240439 300000000 81561047 2015435 1873717 23282400 1549408238
Total 9857395401 122614153 327000000 600202060 -36819700 12077482 189913597 10569941646 122614153
144Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
3. Revenue and cost of sale
(1) Revenue and cost of sale
20252024
Items
Income Expenses Income Expenses
Main business
Other business 56107489 34193846 36422477 44175640
Total 56107489 34193846 36422477 44175640
(2) Revenue and cost of sale are categorized by type
20252024
Items
Revenue Cost of sale Revenue Cost of sale
Main business:
Subtotals
Other businesses:
Rental income 11513960 617597 11606363 85025
Others 44593529 33576249 24816114 44090615
Subtotals 56107489 34193846 36422477 44175640
Total 56107489 34193846 36422477 44175640
(3) Revenue and cost of sale are classified based on the time of goods transfer
The Group's revenue is broken down as follows:
2025
Items Sale of electricity
steam and coal ash Services Leases Others Total
Revenue from main operations
Including: recognized at a time point
recognized over a time period
Revenue from other operations
Including: recognized at a time point 44593529 44593529
recognized over a time period 11513960 11513960
Total 11513960 44593529 56107489
The Group's cost of sale is broken down as follows: (continued)
2025
Items Sale of electricity
steam and coal Services Leases Others Total
ash
Cost of sale from main operations
Including: recognized at a time point
recognized over a time period
145Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
2025
Items Sale of electricity
steam and coal Services Leases Others Total
ash
Cost of sale from other operations
Including: recognized at a time point 33576249 33576249
recognized over a time period 617597 617597
Total 617597 33576249 34193846
The Group's revenue in last period is broken down as follows (continued):
2024
Items Sale of
electricity steam Services Leases Others Total
and coal ash
Revenue from main operations
Including: recognized at a time point
recognized over a time period
Revenue from other operations
Including: recognized at a time point 24816114 24816114
recognized over a time period
Rental income 11606363 11606363
Total 11606363 24816114 36422477
The Group's cost of sale is broken down as follows: (Cont’d)
2024
Items Sale of electricity
steam and coal Services Leases Others Total
ash
Cost of sale from main operations
Including: recognized at a time point
recognized over a time period
Cost of sale from other operations
Including: recognized at a time point 44090615 44090615
recognized over a time period
Rental income 85025 85025
Total 85025 44090615 44175640
(4) Information related to remaining performance obligations
As of 31 December 2025 the Company has no outstanding performance obligations under contracts
that have been signed.
4. Investment income
Items 2025 2024
146Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Items 2025 2024
Income from long-term equity investments under cost method 1040144111 1013878951
Income from long-term equity investments under equity method 600202060 626894645
Income generated from disposal of long-term equity
investments -197061075
Interest income during the holding period of debt investment 29761684 49229786
Dividend income from other equity instrument investments 116155595 112589720
Total 1589202375 1802593102
XV. Additional information
1. Statement of non-recurring gains and losses
Items 2025 2024 Description
Income from sale of carbon emission allowances 2725356 13189163
Penalties and overdue fines -7799745 -9621477
Gains on scrap of non-current assets 72198570 83721465 Note 1
Losses on scrap of non-current assets -66409257 -85124076 Note 2
Gains on disposals of non-current assets 20344472 98655
Gains on land transfer of Huizhou LNG Receiving Terminal 23744100 177384900 Note 3
Government grants recognized in profit or loss for the
current period 25263860 52020222
Compensation for natural gas contract 47563813 Note 4
Compensation for sea area use rights mountain excavation
and land reclamation projects 44085993 Note 5
Waived payables 2135538 31827530
Losses arising from force majeure events including natural
disasters -2936502 -11738926 Note 6
Compensation for electricity costs during demolition and
reconstruction 6513028
One-time costs arising from the discontinuance of relevant
operating activities -155298107
Other non-recurring gains and losses 49544029 92698221
Total non-recurring gains and losses 210460227 195670598
Less: effect of income tax 43032157 30445394
Net non-recurring gains and losses 167428070 165225204
Less: attribution to non-controlling interests (after tax) 42505849 132446539
Non-recurring gains and losses attributable to ordinary
shareholders 124922221 32778665
Note 1: Gains on non-current asset scrap mainly arose from the disposal of residual PPE and spare
parts by the Shajiao A Branch the disposal of the off-site coal conveying trestle by the subsidiary
Yuehua and the disposal of No.1 gas turbine by the subsidiary Xinhui Power in 2025 amounting to a
total scrap gain of RMB 61234857.Note 2: In February 2025 the subsidiary Red Bay Power signed an agreement with the Red Bay
Economic Development Zone Management Committee for the staged recovery of reclaimed land. For
the first batch of recovered land the Committee repurchased the land at a consideration of RMB
147Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
57791570. After offsetting the asset's carrying amount of RMB 32368012 and land VAT of RMB
5103632 the transaction resulted in a net disposal gain of RMB 20319926 satisfying the recognition
conditions for non-current asset disposal gains.Note 3: In 2025 Pinghai Power Plant a subsidiary of the Company entered into an agreement with
Huizhou LNG whereby Huizhou LNG agreed to compensate Pinghai Power Plant for its reclamation
project costs at a price of RMB 36651767. In May 2025 Pinghai Power Plant received the
compensation of RMB 36651767 from Huizhou LNG. Correspondingly the carrying amount of the
assets related to the reclamation project totaling RMB 12907667 was transferred to disposal costs.This resulted in a net disposal gain of RMB 23744100 which satisfies the recognition conditions for
compensation gains.Note 4: In 2025 two of the Company's subsidiaries Guangqian Electric and Huizhou Natural Gas
received compensation for natural gas contract of RMB 47563813 from Guangdong Dapeng Liquefied
Natural Gas Co. Ltd.Note 5: In December 2025 the Company's subsidiary Guangqian Electric signed a compensation
agreement with the West-East Gas Pipeline Branch of State Grid for its sea area use rights as well as
the mountain excavation and land reclamation project costs. The compensation received amounted to
RMB 58360486 (or RMB 54128150 net of tax). After offsetting the use rights and the project’s
carrying amount of RMB 10042157 a net gain of RMB 44085993 was recognized satisfying the
recognition conditions for compensation gains.Note 6: In 2025 Gaotang New Energy a subsidiary of the Company compensated local farmers for
losses to livestock and roof repairs totaling RMB 2936502. These damages were caused by
photovoltaic panels blown off by gales onto farmers' properties.Basis for preparation of statement of non-recurring profit or loss for the Current Year
China Security Regulatory Commission (CSRC) issued Explanatory Announcement for Information
Disclosure of Companies Offering Securities to the Public No. 1 — Non-recurring Gains and Losses
(revised in 2023] (2023 Explanatory Announcement No. 1) which was required to be implemented since
the date of issuance. The Group prepared the statement of non-recurring gains and losses for the year
ended 31 December 2023 in accordance with requirements in 2023 Explanatory Announcement No. 1.Pursuant to 2023 Explanatory Announcement No. 1 non-recurring gains and losses refers to those
arising from transactions and events those are not directly related to the Company’s normal course of
business also from transactions and events those even are related to the Company’s normal course of
business but will interfere with the right judgement of users of the financial statements on the
Company’s operation performance and profitability due to their special nature and occasional
occurrence.Non-recurring gains and losses items defined according to the definition above and non-recurring gains
and losses items listed which are defined as recurring gains and losses items are as follows:
Items 2025 2024 Reasons for regarding as recurring profitor loss
VAT refund upon collection 24249716 25938507 Constant occurrence conforming tonational policies and regulations
Carbon emission allowances used to
fulfil the emission reduction -62242301 -318227152 Constant occurrence conforming to
obligation national policies and regulations
148Guangdong Electric Power Development Co. Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
2. Return on equity (ROE) and earnings per share (EPS)
Profit during 2025 Weighted average ROE
EPS (RMB/share)
(%) Basic Diluted
Net profit attributable to ordinary shareholders 2.59 0.1143 0.1143
Net profit attributable to ordinary shareholders less the effect of
non-recurring gains and losses 2.05 0.0905 0.0905
Guangdong Electric Power Development Co. Ltd.
27 March 2026
149
沪公网安备31011802005267号
