粤电力Ｂ：2020年年度报告（英文版）

Guangdong Electric Power Development Co. Ltd.2020 Annual Report

April 2021

I. Important Notice Table of Contents and Definitions

The Board of Directors Supervisory Committee Directors Supervisors and Senior Executives of the Company

hereby guarantees that there are no misstatement misleading representation or important omissions in this report

and shall assume joint and several liability for the authenticity accuracy and completeness of the contents hereof.Mr.Wang Jin The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the person in

charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and

completeness of the financial report enclosed in this Annual report.Other directors attending the Meeting for annual report deliberation except for the followed:

The name of director who did not

attend the meeting in person

Positions Reason

The name of director who was

authorized

Wen Lianhe Director Due to business Wang Jin

Chen Ze Director Due to business Wang Jin

Li Fangje Director Due to business Zheng Yunpeng

Li Baobing Director Due to business Zheng Yunpeng

Yan Ming Director Due to business Rao Subo

Shen Hongtao Independent director Due to business Sha Qilin

This annual report involves the forecasting description such as the future plans and does not constitute the actual

commitments of the company to the investors. Investors and stakeholders should all maintain sufficient awareness of risks for

this and understand the differences between plans forecasts and commitments.The Company is mainly engaged in thermal power generation. The business of thermal power generation is

greatly affected by factors including electric power demand and fuel price. Refer to Section IX-9 of Chapter 4 of

this annual report-situation faced and countermeasures for relevant information.The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of of

5250283986 for Base on the Company‘s total share capital the Company would distribute cash dividend to all t

he shareholders at the rate of CNY 1.2 for every 10 shares (with tax inclusive) ， with 0 bonus shares（including tax） and not converting capital reserve into share capital.Table of Contents

I.Important Notice Table of contents and Definitions

II. Basic Information of the Company and Financial index

III. Outline of Company Business

IV. Management’s Discussion and Analysis

V. Important Events

VI. Change of share capital and shareholding of Principal Shareholders

VII. Situation of the Preferred Shares

VIII. Information about convertible corporate bonds

IX. Information about Directors Supervisors and Senior Executives

X. Administrative structure

XI. Corporate Bond

XII. Financial Report

XIII. Documents available for inspection

Definition

Terms to be defined Refers to Definition

Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Guangqian Company Refers to Shenzhen Guangqian Electric Power Co. Ltd.

Bohe Company Refers to

Guangdong Yudean Energy Co. Ltd. (formerly " Guangdong Yudean

Bohe Coal & Electricity Co. Ltd." renamed on February 25 2021)

Dapu Company Refers to Guangdong Dapu Power Generation Co. Ltd.

Wind Power Company Refers to Guangdong Wind Power Co. Ltd.Lincang Company Refers to Lincang Yudean Energy Co. Ltd.Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co. Ltd.

Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.

Anxin Electric Inspection & Installation

Company

Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co. Ltd

Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co. Ltd.Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co. Ltd.Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co. Ltd.Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co. Ltd.Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co. Ltd.Zhanjiang Company Refers to Zhanjiang Electric Power Co. Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co. Ltd.Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co. Ltd.Maoming Thermal Power Plant Refers toGuangdong Energy Maoming Thermal Power Co. Ltd.（formerly "Maoming Zhenneng Thermal Power Co. Ltd. " renamed on November 3

2020)

Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co. Ltd.Huadu Natural Gas Company Refers to Guangdong Huadu Natural Gas Thermal Power Co. Ltd.Humen Power Company Refers to Guangdong Yudean Humen Power Co. Ltd.Yuejia Company Refers to Guangdong Yuejia Electric Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co. Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Zhencheng Integrated Energy Company Refers to Guangdong Yudean Zhencheng Integrated Energy Co. Ltd.

Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co. Ltd.

Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co. Ltd.

Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co. Ltd.Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co. Ltd.Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co. Ltd.Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co. Ltd.Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co. Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co. Ltd.Huilai Wind Power Company Refers to Huilai Wind Power Generation Co. Ltd.Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co. Ltd.Yudean Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co. Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co. Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co. Ltd.Yudean Western Investment Company Refers to Guangdong Yudeann Holdings Western Investment Co. Ltd.

Energy Group Finance Company Refers to Guangdong Energy Group Finance Co. Ltd.

Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co. Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station

Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co. Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Company Limited

Environmental Protection Company Refers to Guangdong Yudean Environmental Protection Co. Ltd

II. Basic Information of the Company and Financial index

I.Company information

Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539200539

Stock exchange for listing Shenzhen Stock Exchange

Name in Chinese 广东电力发展股份有限公司

Abbreviation of Registered

Company Name in Chinese(If

any)粤电力

English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.LTD

English abbreviation (If any) GED

Legal Representative Wang Jin

Registered address 33-36/F South Tower Yudean Plaza No.2 Tianhe Road East GuangzhouGuangdong Province

Postal code of the Registered

Address

510630

Internet Web Site http://www.ged.com.cn

E-mail ged@ged.com.cn

Ⅱ.Contact person and contact manner

Board secretary Securities affairs Representative

Name Liu Wei Qin Xiao

Contact address

35/F South Tower Yudean Plaza No.2

Tianhe Road East GuangzhouGuangdong

Province

36/F South Tower Yudean Plaza No.2

Tianhe Road East GuangzhouGuangdong

Province

Tel (020)87570251 (020)87570251

Fax (020)85138084 (020)85138084

E-mail liuw@ged.com.cn qinxiao@ged.com.cn

Ⅲ. Information disclosure and placed

Newspapers selected by the Company for information

disclosure

China Securities Daily Securities Times and Hong Kong Commercial

Daily(overseas newspaper for English version)

Internet website designated by CSRC for publishing

the Annual report of the Company

http://www.cninfo.com.cn

The place where the Annual report is prepared and

placed

Affair Dept. Of the Board of directors of the Company

Ⅳ.Changes i n Registration

Organization Code 91440000617419493W

Changes in principal business activities

since listing (if any)

No change

Changes is the controlling shareholder in

the past (is any)

No change

Ⅴ. Other Relevant Information

CPAs engaged

Name of the CPAs PWC Certified Public Accountants (special general partnership)

Office address

11/FPricewaterhouseCoopers Center2 Corporate Avenue 202 Hu Bin Road Huangpu

District Shanghai

Names of the Certified Public

Accountants as the signatories

Wang Bin Li Yanhua

The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.

□Applicable √Not Applicable

The Financial advisor performing persist ant supervision duties engaged by the Company in the reporting period

□Applicable √Not Applicable

Ⅵ.Summary of Accounting data and Financial index

Indicate by tick mark whether there is any retrospectively restated datum in the table below.□ Yes √ No

2020 2019

Changed over last year

（％）

2018

Operating income（RMB） 28329065391 29360155150 -3.51% 27408514178

Net profit attributable to the

shareholders of the listed company

（RMB）

1746280132 1146767033 52.28% 474461997

Net profit after deducting of

non-recurring gain/loss attributable to

the shareholders of listed company

（RMB）

1530448193 1069396196 43.11% 412062957

Cash flow generated by business

operation net（RMB）

6280781169 8272683112 -24.08% 5999936356

Basic earning per share(RMB/Share) 0.3326 0.2184 52.28% 0.09

Diluted gains per share(RMB/Share) 0.3326 0.2184 52.28% 0.09

Net asset earning ratio（%） 6.54% 4.77% 1.77% 2.02%

End of 2020 End of 2019

Changed over last year

（％）

End of 2018

Gross assets（RMB） 85970818168 75472027123 13.91% 73329662306

Net assets attributable to shareholders

of the listed company（RMB）

27369995422 26178241077 4.55% 24227302288

The lower one of net profit before and after deducting the non-recurring gains/losses in the last three fiscal years

is negative and the audit report of last year shows that the ability to continue operating is uncertain

□Yes √No

The lower one of net profit before and after deducting the non-recurring gains/loses is negative

□Yes √No

Ⅶ.The differences between domestic and international accounting standards

1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed

in the financial reports of differences in net income and net assets.

√ Applicable □Not applicable

In RMB

Net profit attributable to the shareholders of the

listed company

Net Assets attributable to the shareholders of

the listed company

Amount in the

reporting period

Amount in the previous

period

End of the reporting

period

Beginning of the

reporting period

According to CAS 1746280132 1146767033 27369995422 26178241077

Items and amount adjusted according to IAS

The difference arising from

recognition of goodwill after

merger of enterprises under

the same control

-25984223 38638777 38638777

Difference arising from

recognition of land use value

after enterprise merger

-630000 -630000 16340000 16970000

Influence on minority interests 54120 54120 4918459 4864339

According to IAS 1745704252 1120206930 27429892658 26238714193

2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese

accounting standards.

□ Applicable √Not applicable

The Company had no difference of the net profit or net assets disclosed in financial report under either foreign

accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.

3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.

√ Applicable □ Not applicable

(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and

recognition of land value after enterprise merger.

As required by new Chinese accounting standards the goodwill formed by the merger of enterprises under

the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS the golldwill

formed by the merger of enterprises under the same control shall be recognized and equal to the difference

between merger cost and share of fair value of recognizable net assets of the purchased party obtained in

merger. Meanwhile all assets of the purchased party obtained in merger shall be accounted for according to

their fair value while such assets shall be accounted for according to their book value according to original

Chinese accounting standards for business enterprises. Therefore this difference will continue to exist.

(b) Influence on minority interests

Housing reform loss occurred to the Company and some holding subsidiaries. Therefore there’s some

influence on minority interests.Ⅷ.Main Financial Index by Quarters

In RMB

First quarter Second quarter Third quarter Fourth quarter

Operating income 4703863816 7836054007 8313722282 7475425286

Net profit attributable to the

shareholders of the listed company

7373105 806311390 755703910 176891727

Net profit after deducting of

non-recurring gain/loss attributable

to the shareholders of listed

company

-372094 784914803 753661026 -7755542

Net Cash flow generated by

business operation

1170574344 2847647553 2470190633 -207631361

Whether significant variances exist between the above financial index or the index with its sum and the financial

index of the quarterly report as well as semi-annual report index disclosed by the Company.□ Yes √No

Ⅸ.Items and amount of non-current gains and losses

√Applicable □Not applicable

In RMB

Items Amount (2020) Amount (2019) Amount (2018) Notes

Non-current asset disposal

gain/loss(including the write-off part for

which assets impairment provision is made)

340976361 20503424 1572097

It was mainly because

Yuejia received

compensation of RMB

293.77 million for

land recovery and

RMB 51.03 million

for disposal of fixed

assets this year.Government subsidy recognized in current

gain and loss(excluding those closely related

to the Company’s business and granted

under the state’s policies)

30457198 33284069 43530965

Various government

subsidies received by

branch companies and

subsidiaries.Gain equal to the amount by which

investment costs for the Company to acquire

subsidiaries associates and joint ventures

are lower than the Company’s enjoyable fair

value of identifiable net assets of investees

when making investments

9784791

It was mainly due to

the income generated

by the acquisition of

Huaguoquan

Company and the

acquisition of the

environmental

protection company

by the fuel company.Switch back of provision for depreciation of

account receivable which was singly taken

depreciation test.

48647647

According to tax accounting and other laws

regulations the requirements of the current

Gain/loss for a one-time adjustment of the

impact of the current Gain/loss;

-4449214 -12679505

Net amount of non-operating income and

expense except the aforesaid items

41325478 5674806 62976212

It was mainly due to

the asset scrapping

loss of branch

companies and

subsidiaries.Less: .Amount of influence of income tax 106618392 26385663 25191469

Less: Amount of influence of minority

interests

100093497 -95768 7809260

Total 215831939 77370837 62399040 --

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on

information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and

its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure

for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as

recurring gains and losses it is necessary to explain the reason.

√Applicable □ Not applicable

Items Amount involved Reason

Value-added tax will be

refunded immediately

9240948 Comply with national policies and regulations and continue to occur

Carbon emission quota used

to fulfil the emission

reduction obligation

-57470471 Comply with national policies and regulations and continue to occur

III. Outline of Company Business

Ⅰ.Main Business the Company is Engaged in During the Report Period

The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information

Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business

The Company mainly engages in the investment construction and operation management of power projects and the

production and sales of electric power. It belongs to the power heat production and supply industry classified in the

“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.Since its foundation the Company has always adhered to the business tenet of “Capital from the people using it forelectricity and benefiting the public” and adheres to the business policy of “Centering on the main business ofelectricity with diversified development” focusing on the main business of power and making the power structure

go diversified. In addition to the development construction and operation of large-scale coal-fired power plants it

also has clean energy projects such as LNG power generation wind power generation and hydropower generation

which provides reliable and clean energy to users through the grid company. As of the end of the reporting period

the company has controllable installed capacity of 23.273 million kilowatts including holding installed capacity

of 21.612 million kilowatts and equity participation installed capacity of 1.661 million kilowatts. Including: the

holding installed capacity for coal-fired power generation of 17.15 million kilowatts; the holding installed

capacity for gas and electricity of 3.72 million kilowatts and renewable energy generation like wind power and

hydropower of 742000 kilowatts. Clean energy installation accounted for 20.65%.In addition the company is entrusted

with managing the installed capacity of 13.286 million kilowatts .Income source is primarily contributed by power production and sales and main business income is derived from

Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price

authority per relevant policies based on National Development and Reform Commission (NDRC) and the

electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade

Basic Rules and supporting files. In the reporting period the electricity sold is 69.859 billion kilowatt-hours

a decrease of 1.85% YOY; average price stated in the consolidated statements is 447.27 Yuan/ thousands

kilowatt-hours(tax included the same below ) YOY drop of 16.22 Yuan/ thousands kilowatt-hours; the total

operating income was RMB 28329.0654 million a decrease of RMB 1031.0898 million or a decrease of 3.51%

YOY.The company's business is dominated by thermal power generation and the fuel costs account for a large portion of

operating costs thus the fluctuations in coal prices and gas prices have a significant impact on the company's

operating performance. During the reporting period affected by the increase in power generation and the continuous

increase in coal prices the company’s fuel costs were 15978.6732 million yuan which accounted for 71.10% of

the main business costs; Affected by the fall in electricity and coal prices a decrease of 1624.1609 million yuan or

a decrease of 9.23% over the same period of last year.

During the reporting period affected by the steady recovery of the macro economy continuous stability of the

company's power production and the effective cost control the Company's gross profit of power generation and

net profit attributable to its parent company increased significantly year-on-year. the Company achieved a net

profit of 1746.2801 million yuan attributable to the parent company for the whole year a YOY increase of 52.28%.Ⅱ.Major Changes in Main Assets

1.Major Changes in Main Assets

Main assets Major changes

Equity assets No major changes

Fixed assets No major changes

Intangible assets No major changes

Construction in process No major changes

2. Main Conditions of Overseas Assets

□ Applicable √Not applicable

III.Analysis On core Competitiveness

1. The largest listed company of power in Guangdong

The Company's main power generation assets are located in Guangdong Province with a total asset size of more

than 85.9 billion. It is the largest listed company of power in Guangdong Province. By the end of 2020 The

company's controllable installed capacity and entrusted managed installed capacity totaled 36.216 million

kilowatts accounting for 25% of the total installed capacity of Guangdong Province.

2. Strong background and resource advantages

As a provincial key energy enterprise Guangdong Energy Group the controlling shareholder of the company has

been actively supporting the development and expansion of the company by taking advantage of its resources

technology and asset scale. As the only listed company and the main force of Guangdong's energy resources the

company has always been subordinated to serving the overall situation of the reform and development of

Guangdong Province and Guangdong Energy Group. It has deeply cultivated the main power industry fully

played the value discovery function and resource allocation function of the capital market and assisted the reform

and development of Guangdong Province's energy resources.

3. Comprehensive advantages of main business

Guided by the national energy development strategy the Company is preparing the "14th Five-Year Plan" in

combination with its own condition and will implement the "1+2+3+X" strategy in the future - to build a

first-class green and low-carbon power listed company coordinate safety and development optimize and

strengthen coal gas and biomass power generation services and vigorously develop new energy energy storage

hydrogen energy and land park development. The Company has abundant project reserves and great development

potential. The Company has clear main business reasonable structure outstanding industrial position and market

share strong comprehensive strength and great development potential.

4. Competitive advantage in electricity market

The company's generator set has high parameters large capacity high operation efficiency low coal consumption

stable operation superior environmental protection performance and strong market competitive advantage. In

2020 the company completed a total of 58.649 billion kilowatt-hours of electricity in the market and the scale of

electricity sales continued to rank first in the province with electricity sales prices superior to the province's

average. The company gives full play to its three advantages of scale brand and service. With its marketing

service network all over the province and its technical accumulation and comprehensive resources in the power

industry the company provides auxiliary value-added services such as peak regulation frequency modulation and

backup for the power grid and provides high-quality value-added services such as comprehensive energy saving

and power consumption consultation for users.

5. Advantage of financial resources

By the end of 2020 the company's total assets were 85.971 billion yuan net assets were 35.743 billion yuan net

assets attributable to the parent were 27.370 billion yuan and net profits attributable to the parent were 1.746

billion yuan; Net cash inflow from operating activities was 6.281 billion yuan net cash outflow from investment

activities was 8.114 billion yuan and net cash outflow from financing activities was 2.517 billion yuan. The

company has large assets stable operating results abundant cash flow and strong financial resources.

6. Regional development advantages

As the main energy source in Guangdong Province the company shoulders the important task of helping

Guangdong Province to build a clean low-carbon safe and efficient modern energy system. The company will

actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area Shenzhen's advanced

demonstration zone and the development of Guangdong's "one core one belt and one area". Company will

steadily push forward the construction of key energy projects and the development of new energy resources in the

province actively seek to expand into regions with better resource conditions and higher power demand and

contribute to the implementation of the "30.60" goal.IV. Management’s Discussion and Analysis

Ⅰ.General

At the beginning of 2020 affected by the COVID-19 the demand for industrial electricity in the whole society

declined. However with the solid advancement of work resumption production resumption business resumption

and market resumption the electricity consumption of the whole society in Guangdong Province rose against the

trend after going through the bottom reaching 692.612 billion kWh with a year-on-year increase of 3.44% and

the growth rate slowed down by 2.5 percentage points. In 2020 Guangdong received 205.7 billion kWh of XD

with a year-on-year increase of 1.76% and the output of XD exceeded the planned transmission of 35.6 billion

kWh; In terms of installed capacity a total of 14.27 million kilowatts of nuclear power and thermal power units

were newly put into operation in the province and the newly added installed capacity under unified

commissioning accounts for 9.67% of the capacity under unified commissioning. Affected by the continuous

increase of power transmission from XD the year-on-year increase of unit capacity in the province and the

substantial increase of renewable energy such as wind power in the province the utilization hours of coal-fired

units in the province were 3882 hours the on-grid power of coal-fired units was 56.473 billion kWh with a

year-on-year decrease of 3.76% the on-grid power of air machines was 11.687 billion kWh with a year-on-year

increase of 2.71% and the on-grid power of wind power was 1.279 billion kWh with a year-on-year increase of

4.24%.

In 2020 the Company's market-oriented transaction scale expanded and the discount rate increased. The average

on-grid price of consolidated statements was RMB 447.27/thousand kWh (including tax the same below) down

RMB 16.22/thousand kWh year-on-year with a decrease of 3.50%. However due to the year-on-year decline in

fuel prices the dividends from the implementation of tax reduction and fee reduction policies and the Company's

effective control over all costs and expenses the profit of the Company's power generation business increased

significantly year on year.

By the end of 2020 the company's consolidated statement had total assets of 85.971 billion yuan with a

year-on-year increase of 13.91%; The equity attributable to the shareholders of the parent company was 27.370

billion yuan with a year-on-year increase of 4.55%. The company's consolidated operating income reached

28.329 billion yuan with a year-on-year decrease of 3.51; Net profit attributable to shareholders of the parent

company was 1.746billion yuan with a year-on-year increase of 52.28; Earnings per share were 0.33yuan (0.22

yuan in the same period last year). According to the consolidated statement the company's liabilities totaled

50.227 billion yuan with an asset-liability ratio of 58.42%.

In 2020 the Company resolutely implemented the requirements of supply-side structural reform in the power

industry adhered to the clean low-carbon safe and efficient energy development strategy and continuously

optimized the power supply structure and asset structure. All offshore wind turbines in Wailuo Zhanjiang were

officially put into operation and Units 1 and 2 (2 million kilowatts) of Bohe Project were officially put into

operation after 168-hour trial run. The gas and power projects in Huadu and Dongguan Ningzhou were accelerated

and the power supply structure was continuously optimized. By the end of 2020 the Company had controllable

installed capacity of 23.273 million kilowatts with a year-on-year increase of 10.80% of which the proportion of

clean energy increased to 20.65%. In the future the Company will also adhere to the new development concept

continue to promote the optimization and adjustment of power supply structure actively integrate into the

construction of Guangdong-Hong Kong-Macao Greater Bay Area and Shenzhen pioneering demonstration zones

and the development of Guangdong's "One Core One Belt and One Area" actively respond to the "30?60" goal of

carbon peaking and carbon neutrality in China and vigorously promote the Company's clean and low-carbon

transformation for energy.

In 2020 the company implemented the Guidelines for the Governance of Listed Companies and the related

requirement of the CSRC on improving the quality of listed companies earnestly implemented prudent

management abode by laws and regulations emphasize its core business respected investors continuously

improved the level of corporate governance and enhanced the development quality of listed companies. The board

of directors organized 9 on-site meetings and 3 communication meetings and completed the examination and

approval of 55 proposals by the board of directors. The topics covered include regular reports internal control

evaluation comprehensive risk management profit distribution plan major investment and financing major

related transactions and important personnel appointment and removal. All proposals were adopted and

effectively implemented. The board of directors also convened 4 shareholders' meetings and all 17 proposals

submitted to the shareholders' meeting for deliberation were adopted and effectively implemented. The company

successfully completed the preparation and disclosure of periodic reports and temporary announcements and

issued 107 announcements throughout the year. The information disclosure has been evaluated as "A" by

Shenzhen Stock Exchange for Seven consecutive years.The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information

Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business

In 2020 the scale of market-oriented transactions in Guangdong Province continued to expand and the annual

transaction and monthly centralized competitive transaction reached 248.85 billion kWh with a year-on-year

increase of 27.60% and the average transaction price difference was RMB -0.04543/kWh. Including the annual

trading power of 216.208 billion kWh and the average transaction price difference of RMB -0.04712/kWh; The

accumulated monthly centralized bidding power was 32.645 billion kWh and the average transaction price

difference was RMB -0.03423/kWh. In 2020 the Company's on-grid electricity was 69.859 billion kWh of which

the total market trading electricity was 58.649 billion kWh accounting for 83.95% with a year-on-year increase

of 23.557 billion kWh.

In 2020 the electricity trading scale in Guangdong market was 248.85 billion kWh accounting for 76.27% of the

province's thermal power generation of 326.263 billion kWh. In 2021 the total transaction scale of Guangdong

power market is expected to reach 270 billion kWh and the proportion of electricity in the Company's market is

expected to further increase from 80% in 2020.Main Production and Operation Information

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 2327.29 2103.5

Installed capacity of units that are newly

put into production ('0000 kW)

220.4 46

Planned installed capacity of approved

projects ('0000 kW)

706.1 468

Planned installed capacity of projects

under construction ('0000 kW)

566.1 468

Power generation ('00000000 kWh) 737.51 752.83

On-grid electricity or electricity sales

('00000000 kWh)

698.59 711.75

Average on-grid price or selling price

(RMB/ kWh including tax)

0.447 0.463

Average power consumption rate of power

plant (%)

5.43% 5.59%

Power plant utilization hours (h) 3712 3811

（1）Operation Information of thermal power in Guangdong Province

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 2249.58 2046.58

Installed capacity of units that are newly put

into production ('0000 kW)

200 46

Planned installed capacity of approved projects

('0000 kW)

435.5 338

Planned installed capacity of projects under

construction ('0000 kW)

435.5 338

Power generation ('00000000 kWh) 719.92 741.25

On-grid electricity or electricity sales

('00000000 kWh)

681.60 700.58

Average on-grid price or selling price (RMB/

kWh including tax)

0.442 0.460

Average power consumption rate of power

plant (%)

5.32 5.62

Power plant utilization hours (h) 3749 3903

（2）Operation Information of wind power in Guangdong Province

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 64.11 43.32

Installed capacity of units that are newly put

into production ('0000 kW)

20.4 0

Planned installed capacity of approved projects

('0000 kW)

270.6 130

Planned installed capacity of projects under

construction ('0000 kW)

130.6 130

Power generation ('00000000 kWh) 12.79 7.56

On-grid electricity or electricity sales

('00000000 kWh)

12.27 7.22

Average on-grid price or selling price (RMB/

kWh including tax)

0.657 0.566

Average power consumption rate of power

plant (%)

4.33 4.77

Power plant utilization hours (h) 2033 2021

（3）Operation Information of water power in Yunnan Province

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 13.60 13.60

Installed capacity of units that are newly put

into production ('0000 kW)

0 0

Planned installed capacity of approved projects

('0000 kW)

0 0

Planned installed capacity of projects under

construction ('0000 kW)

0 0

Power generation ('00000000 kWh) 4.80 4.02

On-grid electricity or electricity sales

('00000000 kWh)

4.72 3.95

Average on-grid price or selling price (RMB/

kWh including tax)

0.169 0.168

Average power consumption rate of power

plant (%)

1.81 1.79

Power plant utilization hours (h) 3617 3030

Electricity sales of the Company

√ Applicable □Not applicable

Established in July 2015 Guangdong Yudean Electric Power Marketing Co. Ltd. a wholly-owned company of

the Company is one of the first power sales companies with market access with a number of "SD01". Based on

the business of purchasing and selling electricity and focusing on improving the efficiency of electricity

consumption Yudean Electric Power Marketing provides customers with demand response strategy energy

saving transformation energy consumption strategy consultation contract energy management electric energy

storage and other services and carries out comprehensive energy service projects (smart energy management

carbon asset management energy trusteeship energy audit) in vertical (industry) fields large group enterprises

and large parks (etc.).

In 2020 the electricity consumption of the agent users of Yudean Electric Power Marketing was 49.244 billion

kWh with a year-on-year increase of 37.72%. Among them the agent power of Company’s holding subsidiary is

30.342 billion kwh accounting for 43.43% of the company's on-grid power.

Reasons for significant changes in relevant data

√ Applicable□ Not applicable

In 2020 the electricity consumption of the agent users of Yudean Electric Power Marketing increased by 37.72%

year on year mainly due to the further expansion of the transaction scale of Guangdong power market in 2020 and

the synchronous growth of the electricity consumption of the agent users.Ⅱ.Main business analysis

1. General

Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.

2. Revenue and cost

(1)Component of Business Income

In RMB

2020 2019 Increase

/decrease Amount Proportion Amount Proportion

Total operating revenue 28329065391 100% 29360155150 100% -3.51%

On Industry

Electric power Steam sales and

labor income

27882220303 98.42% 29018275346 98.84% -3.91%

Other 446845088 1.58% 341879804 1.16% 30.70%

On products

Sales Electric Power 27651253496 97.61% 28811365634 98.13% -4.03%

Labor income 102026259 0.36% 69773643 0.24% 46.22%

Steam income 128940548 0.46% 137136069 0.47% -5.98%

Comprehensive utilization of fly

ash

363312318 1.28% 270692961 0.92% 34.22%

Sales material income 2283546 0.01% 2246472 0.01% 1.65%

Lease revenue 26513095 0.09% 25092388 0.08% 5.66%

Other 54736129 0.19% 43847983 0.15% 24.83%

Area

Guangdong 28256809636 99.74% 29299674022 99.79% -3.56%

Yunnan 72255755 0.26% 60481128 0.21% 19.47%

(2)Situation of Industry Product and District Occupying the Company’s Business Income and Operating Profit

with Profit over 10%

√ Applicable □Not applicable

The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information

Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business

In RMB

Turnover Operation cost

Gross profit

rate(%)

Increase/decrease

of revenue in the

same period of

the previous

year(%)

Increase/decrease

of business cost

over the same

period of

previous year (%)

Increase/decrease

of gross profit

rate over the same

period of the

previous year (%)

On Industry

Sales Electric

Power

27651253496 22282338006 19.42% -4.03% -8.32% 3.77%

Area

Guangdong 28256809636 22410370492 20.69% -3.56% -8.23% 4.04%

Reasons for great changes in related financial indicators

□ Applicable √Not applicable

(3)Whether the Company’s Physical Sales Income Exceeded Service Income

√ Yes □ No

Classification Items Unit 2020 2019 Changes

Electric power

thermal production

and supply

Sales volume Billion kwh 698.59 711.75 -1.85%

Production Billion kwh 737.51 752.83 -2.03%

Explanation for a year-on –year change of over 30%

□ Applicable √Not applicable

(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period

√ Applicable □Not applicable

In the reporting period China Southern Power Grid was our No.1 client Its sales of 27.651 billion yuan

taking up approximately 97.61% of annual sales. Company and company’s holding subsidiaries had signed a

Power Purchase Agreement with China Southern Power Grid and its holding subsidiaries in accordance to related

provisions. By the end of the reporting period the agreement had been executed rightfully.

(5)Component of business cost

Industry classification

In RMB

Industry Items 2020 2019 Increase/Decrease

Amount

Proportion in the

operating costs

(%)

Amount

Proportion in the

operating costs

(%)

Electric power

thermal

production and

supply

Fuel cost 15978673234 71.10% 17602834155 71.90% -9.23%

Electric power

thermal

production and

supply

Depreciation

expense

3298603378 14.68% 3676925686 15.02% -10.29%

Electric power

thermal

production and

supply

Labor cost 1301310447 5.79% 1445633763 5.91% -9.98%

Electric power

thermal

production and

supply

Other 1893689442 8.43% 1755310268 7.17% 7.88%

Note

The Company is in power sector and mainly engaged in power generation at present. The cost is composed of

fuel cost depreciation expenses labour cost and other expenses. Fuel cost accounts for about 71.10% of total cost.Mainly affected by the fall of fuel prices the fuel cost decreased year on year. Due to accelerated depreciation

caused by the decommissioning of Sha Jiao A unit full depreciation of Huizhou natural gas phase I and 1#

Generator Unit of Guangqian company in 2019 and the production of Huizhou Natural Gas Phase II Qujie Wind

Power and Leizhou Wind Power In 2020the depreciation expenses decreased by 10.29% year on year.

(6)Whether Changes Occurred in Consolidation Scope in the Report Period

√Yes □No

Name Business place Registered address Nature Registered

capital

Proportion

(%)

Acquired

Guangdong Yudean

Dayawan

Comprehensive Energy

Co. Ltd.

HuizhouGuangdo

HuizhouGuangdong Electric Power 22000000 80 % Invested

Guangdong Yudean

Qiming Energy Co. Ltd.Shenzhen

Guangdong

Shenzhen

Guangdong

Electric Power 20000000 100 % Invested

Shenzhen Huaguoquan

Electric Service Co. Ltd.

Shenzhen

Guangdong

Shenzhen

Guangdong

Rent 2650000 100 % Merger of

non-identical

enterprises

Shaoguan Nanxiong

Yuefeng New Energy

Co. Ltd.

Shaoguan

Guangdong

Shaoguan

Guangdong

Electric Power 5000000 100 % Invested

(7)Relevant Situation of Significant Changes or Adjustment of the Business Product or Service in the Company’s

Report Period

□ Applicable √Not applicable

(8)Situation of Main Customers and Main Supplier

Information of the Company’s top 5 sales customers

Total sales amount to top 5 customers (RMB) 28172626485

Proportion of sales to top 5 customers in the annual

sales(%)

99.45%

Proportion of the sales volume to the top five customers

in the total sales to the related parties in the year

1.41%

Information of the Company’s top 5 customers

No Name Amount（RMB） Proportion

1 GPGC 27651253496 97.61%

2 Guangdong Energy Group Co. Ltd. 399973128 1.41%

3 Huizhou Yuxin Chemical Co. Ltd. 50330006 0.18%

4 Huizhou Huiling Chemical Co. Ltd. 44709815 0.16%

Huizhou Dayawan Petrochemical Power

Thermal Co. Ltd.

26360040 0.09%

Total -- 28172626485 99.45%

Other explanation :

√Applicable □Not applicable

Guangdong Energy Group Co. Ltd is the controlling shareholder of the Company which is a connected

relationship with the Company.Principal suppliers

Total purchase of top 5 Suppliers（RMB） 21078521309

Percentage of total purchase of top 5 suppliers In total

annual purchase(%)

77.13%

Proportion of purchase amount from the top 5 suppliers in

the total purchase amount from the related parties in the

year

49.92%

Information about the top 5 suppliers

No Name Amount（RMB） Proportion

1 Guangdong Energy Group Co. Ltd. 13451651893 46.46%

China Energy Engineering Group

Guangdong Electric Power Design

Institute Co. Ltd.

3970242390 14.53%

3 Guangdong Dapeng ING Co. Ltd 1884561252 6.51%

Guangdong Zhujiang Investment Electric

Fuel Co. Ltd.

934683800 3.23%

China Energy Construction Group

Guangdong Thermal Power Engineering

Co. Ltd.

765296478 2.64%

Total -- 17555549430 60.63%

Other explanation :

√ Applicable □Not applicable

Guangdong Energy Group Co. Ltd is the controlling shareholder of the Company which is a connected

relationship with the Company.

3.Expenses

In RMB

2020 2019

Increase/Decrease(

Notes

Sale expenses

49214514 43788762 12.39%

Mainly due to the company's added

full-time sales staff and increased

business costs caused by the deepening

of electricity market.

Administration expenses 835927395 874640868 -4.43%

Financial expenses 1108522064 1230315841 -9.90%

R & Development

expenses

274579716 9703602 2729.67%

It is mainly caused by the increase of

R&D investment and improvement of

R&D cost collection management of

the company and its subordinate units.

4.R& D Expenses

√ Applicable □Not applicable

No Project

company name

Main Project name

Project

progress

Target and influence

1 Guangdong Research on Completed Judge the explosion probability of coal pulverizing system by

Red Bay

Power

Generation

Co. Ltd.

explosion-proof

technology and

engineering

demonstration of

direct-blown coal

pulverizing system

based on the need of

increasing high volatile

coal blending

operating conditions study the operation control technology of

steam inerting system and develop the automatic operation control

system including the operation control strategy of steam inerting

system under the working conditions of starting and stopping

grinding coal feeder cut-off abnormal increase of outlet

temperature of coal mill spontaneous combustion of powder pipe

etc. Research on the control technology of coal mill operation

parameters after installing steam inerting system including the

high and low limits of safe coal mill outlet temperature control

optimization of air-coal ratio of coal mill etc. to prevent powder

accumulation in powder pipe and spontaneous combustion of

pulverized coal.The above research and renovation can effectively prevent the

deflagration of the pulverizing system and improve the safety of

the coal pulverizing system.

2 Guangdong

Red Bay

Power

Generation

Co. Ltd.

Application and

research of advanced

control technology

based on predictive

control theory in

coordinated control

system of large thermal

power generating units

Completed

There are some difficult problems in No.3 unit of our factory such

as poor load regulation performance poor operation stability large

fluctuation of main steam temperature and reheat steam

temperature under variable load conditions and deviation of main

steam pressure up to 1MPa-1.8MPa which sometimes leads to

more AGC assessment of units. No. 3 unit cannot meet the

requirements of two detailed rules: Implementation Rules for

Grid-connected Operation Management of Southern Power Plants

(2017 Edition) and Implementation Rules for Auxiliary Service

Management of Southern Power Plants (2017 Edition). After the

implementation of advanced control system the performance index

of the units has been improved obviously and it has strong

competitiveness in the secondary modulation market

3 Guangdong

Yudean Jinghai

Power

Generation

Co. Ltd.

Research on AGC

control optimization of

Jinghai Power

Generation Company

based on auxiliary

modulation market of

Southern Power Grid

Completed On the premise of meeting the assessment indexes of "Two Rules"

in 2017 edition improve the response characteristics of the unit

and the comprehensive modulation performance index K of the

unit under the modulation auxiliary market environment.

4 Guangdong

Yudean Jinghai

Power

Generation

Co. Ltd.

Development of

frequency converter

decoupling control

technology for

condensate pump of

MW units in Jinghai

Power Generation

Completed Improve the safety and stability of the frequency converter and

reduce the equipment fault caused by auxiliary equipment failure.Company

5 Guangdong

Energy

Maoming

Thermal

Power Plant

Co. Ltd

Research and

application of vacuum

system and high

capacity heating

technology of unit

Completed 1. Renovation of vacuum system: improve vacuum degree of

condenser by using the characteristics of low limit pressure and

strong suction capacity of Roots water ring vacuum pump unit.Meanwhile using the energy saving advantage that the energy

consumption of Roots water ring vacuum pump unit is only 35% of

that of water ring vacuum pump unit under the same pumping

condition the auxiliary power is greatly saved by using Roots

vacuum pump unit instead of water ring vacuum pump thus

achieving the purpose of energy saving. 2. High-capacity heating

technology research and application research: Low-pressure

heating is changed into direct desuperheating and decompression

heating with main steam under low load conditions specifically a

desuperheating and decompression device is installed in front of

the mixer to supply heat to the outside in parallel with the existing

mixer. Medium-pressure heating is changed to direct

desuperheating and decompression of main steam under low load

condition specifically a desuperheating and decompression device

is installed in front of the mixer to supply heat to the outside in

parallel with the existing mixer. The heating pipes after

temperature and pressure reduction can still be the existing heating

pipes. After the implementation of the scheme the heating capacity

is not affected by electric load and the flexibility reliability and

safety of heating are greatly improved.

6 Shajiao A

Power Plant

Research and

application of shore

power system

technology for Shajiao

A Power Plant Wharf

In process After research formulate the construction plan which meets the

requirements of Guangdong Energy Group Wharf Shore Power

Reconstruction Plan Review Opinions on Research Report of

Feasibility Study Project of Shore Power Construction Planning of

Guangdong Energy Group Wharf and Dongguan Port and Shipping

Bureau build the ship shore power system and put it into use.

7 Shajiao A

Power Plant

Research on raising

reheat steam

temperature of 300MW

unit under low nitrogen

combustion condition

In process The reheat steam temperature of 300MW unit boiler increases by

about 8-15°C and the corresponding coal consumption for power

supply decreases by 0.4-0.8 g/kwh; Combustibles in fly ash are

reduced by 1%-2% and the corresponding coal consumption for

power supply is reduced by 0.3-0.6g/kwh; With an annual power

generation of 1.2 billion kWh of a 300MW unit it can save about

1200t of standard coal annually and the unit price of standard coal

is calculated as RMB 700/t so the annual economic benefit is

about RMB 840000. After optimization and adjustment the

concentration of NOx and SO2 is reduced by about 10% which

can save the cost of denitration and desulfurization by about RMB

600000 per year and reduce the emission of pollutants and the

impact on the environment.8 Guangdong

Huizhou

Pinghai Power

Generation

Plant Co. Ltd.

Development and

application of network

security reinforcement

technology for

distributed control

system (DCS) of

1000MW units

Completed Combined with the characteristics of OVATION system establish

an industrial firewall in DCS system to block the safety; Realize

the deep protection of the system from the host to the system

boundary; Adopt domestic independent design for safety

equipment and establish "white environment" system.

9 Zhanjiang

Zhongyue

Energy Co.

Ltd.

Development and

application of

multi-system joint

defense intelligent

management and

control system in the

whole region

(non-production area)

In process By integrating the production management system and the

personnel management system reduce the repetitive work of each

management system make the personnel management orderly and

improve the management level; Through the real-time monitoring

and recording of the activity route of the factory personnel realize

the effective management and control of the factory personnel and

improve the Company's security management level; Effectively

control the access of important prevention and control areas

improve the level of work safety and reduce the overall probability

of personal casualty accidents.

10 Zhanjiang

Zhongyue

Energy Co.

Ltd.Research and

application of

intelligent patrol

inspection for coal

transportation trestle

In process Realize all-line omni-directional and fully autonomous intelligent

inspection management of coal transportation trestle realize

unmanned inspection and visual management of production site

improve the safety of coal transportation system operation and

avoid all safety accidents and losses caused by incomplete and

unquantified manual inspection and strong dependence on

personnel quality. The intelligent operation and maintenance mode

of production site based on robot can effectively promote the

intelligent management and operation of power plants.

11 Guangdong

Dapu Power

Generation

Co. Ltd.

Research and

application of

wastewater recycling

and zero emission

process in power plant

In process Achieve zero discharge of wastewater and save water resources.

12 Shenzhen

Guangqian

Electric Power

Co. Ltd.

Improvement research

and application of

compressor rotor of

M701F3 heavy-duty

gas turbine

Completed Ensure the safe and reliable operation of the unit and

fundamentally improve its corrosion resistance; Upgrade the size

of the screw thread of the pull rod bolt and reduce the stress of the

key parts; Perform sand blasting on the threaded part of the pull

rod bolt to improve its strength.

13 Shenzhen

Guangqian

Electric Power

Co. Ltd.

Research and

application of on-line

monitoring of

denitration CEMS and

ammonia escape

system for waste heat

Completed A denitration CEMS monitoring and operating room with

containers as carriers is built which is conducive to the

maintenance of daily work facilitates the maintenance and

overhaul of existing heat tracing pipelines and instruments and

conforms to relevant environmental protection specifications.boiler of gas-steam

combined cycle unit

14 Guangdong

Huizhou

Natural Gas

Power

Generation

Co. Ltd.

Structural strength

analysis and life

evaluation of key

components of M701F

gas turbine compressor

circumferential tie rod

rotor

Completed Achieve structural strength analysis and life assessment of key

components of M701F gas turbine compressor circumferential tie

rod rotor.

15 Guangdong

Shaoguan

Yuejiang

Power

Generation

Co. Ltd.

Research and

application of vortex

steam seal technology

for high and medium

pressure bridge of

steam turbine

Completed Renovate and replace the steam seal at the bridge part of No.11

steam turbine to effectively reduce the bridge leakage and improve

the unit economy.

16 Guangdong

Yudean

Zhanjiang

Wind Power

Generation

Co. Ltd.

Phase II Development

and Implementation

Contract of Zhanjiang

Wind Power Integrated

Management System

(TIMSS)

Completed The implementation of TIMSS includes: home page procurement

management inventory management maintenance management

safety management operation management asset ledger

administration management and supplier management function

modules which are combined with mobile office to further

improve office work efficiency.

17 Zhanjiang

Electric Power

Co. Ltd.

Research and

application of steam

turbine cold end state

performance and

operation optimization

technology

In process Realize the on-line monitoring and diagnosis of the performance of

the cold end system of steam turbine and the application of the

operation optimization device monitor the working state of the

cold end system of steam turbine on line optimize the operation

modes such as circulating water pump inlet and outlet water gate

of condenser circulating water condenser cleanliness etc. and

optimize the equipment maintenance plan according to the

deterioration of parameters.

After the on-line monitoring diagnosis and operation optimization

devices for the cold end performance of steam turbine are applied

the coal consumption of power supply of the unit can be effectively

reduced by more than 0.5g/kWh.

18 Guangdong

Yudean Qujie

Wind Power

Generation

Co. Ltd.

Science and technology

service of wind farm

intelligent O&M

system based on

SCADA data analysis

in Qujie Wind Farm

Completed Perform intelligent management and evaluation of fan efficiency

intelligent fault pre-diagnosis of key subsystems of fan and early

intervention to realize health management.

19 Guangdong

Wind Power

Generation

Research and

application of

centralized control

In process It has realized the comprehensive real-time monitoring of wind

farms fully grasped the working status equipment safety and

production of wind farm equipment by plates and possessed the

Co. Ltd. management platform

and early warning

model for intelligent

wind farm

basic conditions for preventive maintenance through the

establishment of early warning model.

20 Guangdong

Yudean

Yangjiang

Offshore Wind

Power Co.Ltd.Research on key

application

technologies of

intensive offshore wind

power flexible DC

delivery system

In process Perform research on key application technologies of intensive

offshore wind power flexible DC transmission system based on

the purpose of optimizing the overall project investment put

forward a topology scheme suitable for offshore wind power

flexible DC transmission system in deep sea and far sea and verify

the scheme by PSCAD simulation platform. Based on the topology

scheme of the system aiming at the characteristics of high

coupling of the system study the resonance of the system and put

forward the corresponding resonance suppression measures.Situation of Research and Development Input by the Company

2020 2019 Increase/Decrease(%)

Number of Research and

Development persons (persons)

799 357 123.81%

Proportion of Research and

Development persons

10.79% 4.83% 5.96%

Amount of Research and

Development Investment

( Yuan)

299498628 31216857 859.41%

Proportion of Research and

Development Investment of

Operation Revenue

1.06% 0.11% 0.95%

Amount of Research and

Development Investment

Capitalization ( Yuan)

24918912 21513254 15.83%

Proportion of Capitalization

Research and Development

Investment of Research and

Development Investment

8.32% 68.92% -60.60%

The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the

Business Income Year on Year

√Applicable □ Not applicable

In 2020 the company and its subordinate units actively carried out independent R&D therefore the number of

R&D projects and the R&D investment increased significantly. At the same time the company improved the

collection management of R&D expenses and the amount of R&D investment increased significantly by 859.41%

year on year.

Explanation of the Reason for Substantial Changes in the Research and Development Input’s Capitalization Rate

and Its Reasonableness

√Applicable □ Not applicable

In 2020 the company and its subordinate units actively carried out independent R&D the number of R&D

projects and the R&D investment increased significantly. At the same time the company improved the collection

management of R&D expenses. Therefore the capitalization rate of R&D investment decreased from 68.92% to

8.32% when the capitalization amount of R&D investment increased steadily by 15.83% and increased

significantly by 859.41% year on year.

5.Cash Flow

In RMB

Items 2020 2019 Increase/Decrease(%)

Subtotal of cash inflow received

from operation activities

31137993363 33659185010 -7.49%

Subtotal of cash outflow

received from operation

activities

24857212194 25386501898 -2.08%

Net cash flow arising from

operating activities

6280781169 8272683112 -24.08%

Subtotal of cash inflow received

from investing activities

843016762 360804825 133.65%

Subtotal of cash outflow for

investment activities

8957199800 5146772301 74.04%

Net cash flow arising from

investment activities

-8114183038 -4785967476 69.54%

Subtotal cash inflow received

from financing activities

25044386337 15153940487 65.27%

Subtotal cash outflow for

financing activities

22527006534 19131397299 17.75%

Net cash flow arising from

financing activities

2517379803 -3977456812 163.29%

Net increase in cash and cash

equivalents

683977907 -490740923 239.38%

Notes to the year-on-year change of the relevant data

√Applicable □ Not applicable

(1) Cash inflow from investment activities increased by 133.65% mainly due to the liquidation and disposal of

assets by Yuejia this year.

(2) Cash outflow from investment activities increased by 74.04% mainly due to the year-on-year increase of

fixed assets and intangible assets purchased by provincial wind power and marina bay company.

(3) The net cash flow from investment activities increased by 69.54% mainly due to the increase of cash outflow

from investment activities.(4) The cash inflow from fund-raising activities increased by 65.27% mainly due to the issuance of 1.5 billion

corporate bonds this year which resulted in more cash received for borrowing.

(5) The net cash flow from fund-raising activities increased by 163.29% mainly due to the increased impact of

cash inflow from fund-raising activities.

(6) The net increase of cash and cash equivalents increased by 239.38% mainly due to the large cash inflow

from fund-raising activities this year.Notes to the big difference between cash flow from operating activities and net profit in the reporting year

□Applicable √Not applicable

Ⅲ.Analysis of Non-core Business

□Applicable √Not applicable

Ⅳ.Condition of Asset and Liabilities

1.Condition of Asset Causing Significant Change

Indicate whether the Company has adopted the new accounting standards governing revenue and leases since

2020 and restated the beginning amounts of relevant financial statement line items in the year.

Applicable.

In RMB

End of 2020 End of 2019 Proportio

increase/d

ecrease

Notes to the significant

change Amount

Proportion in the

total assets(%)

Amount

Proportion in the

total assets(%)

Monetary fund 5790946117 6.74% 5081641969 6.73% 0.01%

Accounts receivable 4332149033 5.04% 3197690464 4.24% 0.80%

Inventories 1589882029 1.85% 1817059269 2.41% -0.56%

Investment real

estate

49732668 0.06% 52093631 0.07% -0.01%

Long-term equity

investment

6687257614 7.78% 6455784562 8.55% -0.77%

Fixed assets

4719523307

54.90% 38555718718 51.09% 3.81%

Construction in

process

9153637100 10.65% 10882003846 14.42% -3.77%

Short-term loans 7622427916 8.87% 5904132791 7.82% 1.05%

Long-term loans

1899855556

22.10% 16587103380 21.98% 0.12%

2.Asset and Liabilities Measured by Fair Value

√ Applicable □Not applicable

In RMB

Items

Amount at

year

beginning

Gain/loss on

fair value

change in the

reporting

period

Cumulative fair

value change

recorded into

equity

Impairmen

provisions

in the

reporting

period

Purchased

amount in the

reporting

period

Sold

amount in

the

reporting

period

Other

changes

Amount at year

end

Financial

assets

4.Other equity

instrument

Investment

3142371373 335980082 2538725399 69736560 3548088015

Available-for-

sale financial

assets

3142371373 335980082 2538725399 69736560 3548088015

Total 3142371373 335980082 2538725399 69736560 3548088015

Financial

Liability

0 0

Content of other changes

Did great change take place in measurement of the principal assets in the reporting period ?

□ Yes √ No

3. Restricted asset rights as of the end of this Reporting Period

（1）Pledge of assets

As of December 31 2020 the power charge rights of several power generation subsidiaries were pledged to the

bank to obtain long-term loans of 4193207913 yuan of which: the balance of long-term loans due within one

year was 298558767 (as of December 31 2019: 4231292593 yuan were pledged to the bank to obtain

long-term loans of240907909 yuan). The borrowings are detailed as follows:

1.As at December 31 2020 the long-term pledge borrowings of the following subsidiaries were based on their

power fee charging rights and accounts receivable as pledges:

In RMB

Name

December 312020 December 312019

Guangdong Shaoguan Yuejiang Power

Generation Co. Ltd.

1840351082 1976685804

Guangdong Yudean Leizhou Power

Generation Co. Ltd.

224052692 232038267

Guangdong Yudean Qujie Wind Power 1310860000 1155920000

Generation Co. Ltd.Guangdong Yudean Zhanjiang Wind Power

Generation Co. Ltd.

98565000 121425000

Lincang Yudean Energy Co. Ltd. 661000000 676000000

Guangdong Yudean Xuwen Wind Power

Generation Co. Ltd.

58379139 69223522

Total 4193207913 4231292593

In RMB

Name

December 312020 December 312019

Guangdong Shaoguan Yuejiang Power

Generation Co. Ltd.

193721167 188255791

Guangdong Yudean Zhanjiang Wind Power

Generation Co. Ltd.

28200000 22860000

Lincang Yudean Energy Co. Ltd. 20000000 15000000

Guangdong Yudean Xuwen Wind Power

Generation Co. Ltd.

6366219 6806543

Guangdong Yudean Leizhou Power

Generation Co. Ltd.

7985575 7985575

Guangdong Yudean Qujie Wind Power

Generation Co. Ltd.

42285806 -

Total 298558767 240907909

2.As at December 31 2020 the long-term pledge borrowings of the following subsidiaries due within

one year were based on their power fee charging rights and accounts receivable as pledges:

V.Investment situation

1. General

√ Applicable □ Not applicable

Investment Amount in 2020(RMB) Investment Amount in 2019(RMB) Change rate

2337157612 2084276740 12.13%

2.Condition of Acquiring Significant Share Right Investment during the Report Period

√ Applicable □ Not applicable

In RMB

Name of

the

Company

Invested

Main

Busin

ess

Invest

ment

Way

Investment

Amount

Propor

tion %

Capita

Source

Partner

Invest

ment

Horiz

Produ

Type

Progress up to Balance

Sheet Date

Reve

nue

proje

ction

Gain or Less

or the

Current

Investment

Whether to

Involve in

Lawsuit

Date of

Disclosure(If any)

Disclosure Index

Guangdong

Wind

Generation

Co. Ltd.

Wind

Gener

ation

Capita

increas

793881870 100%

Self

Funds

Long-t

erm

Electri

power

During the reporting

period the preliminary

work or project

construction of Zhuhai

Jinwan Offshore Wind

Power Project

Pingyuan Wind Power

Project and Nanxiong

Wind Power Project

was progressing as

planned.

3857075 No

January

262019Novembe

r 292019 April

112020 August

282020 and

December 52020

Announcement No.:2019-05

2019-58 ， 2020-13 ，

2020-45 and 2020-63

Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Guangdo

Finan

cial

Capita

512958282 25%

Self

Funds

Guangdong

Energy Group

Long-t

erm

Finan

cial

In normal operation 976185 No August 282020 Announcement No.:2020-48 ，Energy

Financial

Leasing

Co. Ltd .

Leasi

increas

（ShareProportion：

50%）

Chaokang

Company

（ShareProportion：25

%）

Leasi

Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Guangdong

Yudean

Qujie Wind

Power

Generation

Co. Ltd.

Wind

Power

Gener

ation

Capita

increas

360000000 100%

Self

Funds

Long-t

erm

Electri

power

During the reporting

period the construction

of Zhanjiang Wailuo

Offshore Wind Power

Project Phase II and

Zhanjiang Xinliao

Offshore Wind Power

Project was

progressing normally.

193500299 No

August

312019N9ovemb

292019October

312018

Announcement No.:2018-54

2019-40 and 2019-59

Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Guangdong

Yudean

Binhaiwan

Energy

Co. Ltd.

Natura

l Gas

Gener

ation

Capita

increas

300000000 100%

Self

Funds

Long-t

erm

Electri

power

During the reporting

period the construction

of the replacement

power supply project at

the Ningzhou site in

Dongguan was

progressing normally.

-12518863 No April 112020

Announcement

No.:2020-13.Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Guangdong

Electric

Industry

Fuel Co.

Ltd.

Coal

sales

Capita

increas

100000000 50%

Self

Funds

Guangdong

Energy Group

（ShareProportion：

50%）

Long-t

erm

Coal

sales

In normal operation 74496407 No December 52020

Announcement

No.:2020-64.Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Shenzhen

Capital

Group Co.Ltd.Invest

ment

Capita

increas

69736560 3.67%

Self

Funds

State-owned

assets

Supervision

and

Administratio

n Commission

of Shenzhen

Municipal

people's

Government

（shareholding ratio：

28.1952%）

Long-t

erm

Ventur

Capita

In normal operation 20290444 No

September

202018

Announcement

No.:2018-50.Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Lincang

Yudean

Energy

Co. Ltd.

Hydro

electri

Gener

ation

Capita

increas

63300000 100%

Self

Funds

Long-t

erm

Electri

power

During the reporting

period the construction

of the Lincang

Dayakou Hydropower

Station was

progressing as planned.

159602623 No October 132020

Announcement

No.:2020-52.Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Tongdao

Yuexin

Wind

Power

Generation

Co. Ltd.

Wind

Power

Gener

ation

Capita

increas

50000000 100%

Self

Funds

Long-t

erm

Electri

power

During the reporting

period the construction

of Gaoshan Wind

Power Project was

progressing as planned.

-696160 No April 112020

Announcement

No.:2020-13.Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Shenzhen

Huaguoqua

n Electric

Electri

cal

Servic

Purcha

49680900 100%

Self

Funds

Long-t

erm

Electri

cal

Servic

In normal operation -1017465 No May 212020

Announcement

No.:2020-38.Published in

Service

Co. Ltd.

es es China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Guangdong

Yudean

Qiming

Energy

Co. Ltd.

Natura

l Gas

Gener

ation

New

establi

shmen

20000000 100%

Self

Funds

Long-t

erm

Electri

power

During the reporting

period the preliminary

work of the alternative

power supply project at

Shenzhen Guangming

Plant was progressing

as planned.

-3416166 No

November

292019

Announcement

No.:2019-58Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Guangdong

Yudean

Dayawan

Integrated

Energy

Co. Ltd.

Natura

l Gas

Gener

ation

New

establi

shmen

17600000 80%

Self

Funds

Huizhou

Dayawan

Petrochemical

Industry Zone

Investment

Co. Ltd.

（shareholding ratio：20%）

Long-t

erm

Electri

power

During the reporting

period the preliminary

work of the western

comprehensive energy

station project in Daya

Bay Petrochemical

Zone was progressing

as planned.

-3732705 No February 152020

Announcement

No.:2020-13.Published in

China Securities Daily

Securities Times and

http//.www.cninfo.com.cn

Total -- -- 2337157612 -- -- -- -- -- -- 0 112136428 -- -- --

3.Situation of the Significant Non-equity Investment Undergoing in the Report Period

□ Applicable √ Not applicable

4.Investment of Financial Asset

（1）Securities investment

√ Applicable □Not applicable

In RMB

Security

行情